ah ah ah ah, this is b w. news live it from berlin tonight you as president joe biden attempting to reassure jittery people and markets after the collapse of to us banked global stock market. took some big hits in monday, trading, but by telling his country that the financial system is south, americans can rest assured that our banking system is safe. your deposits are also

coming up tonight. china, the emerging military superpower leader, and she's been paying, says it's time to construct a great wall of steel, meaning a modern military for his 1st major speech, starting an unprecedented 3rd term. he also warned the u. s. and the west not to intervene in taiwan. and a surreal of sy fi movie, starring michelle. you know, wins big of the oscars. taking 7 awards and making history in more ways than one. the german anti war epic. all quiet on the western front was also a big went ah, i'm burned. gov to our viewers watching on tv ups in the united states and to all of you around the world. welcome. we begin this monday with jill re stock markets

and some words of reassurance today you as president joe biden vowed to do whatever is needed to sure up financial institutions after the collapse of both the signature bank based in new york and silicon valley bank in california. biden told americans that the country's banking system is safe as fears of another banking crisis grow. the 2 bank failures are now the 2nd and 3rd worst in u. s. history. on monday, european stock markets reacted with massive losses. the news, cent bank stocks tumbling in the us asia and europe with investors fearing the biggest us bank failures in 15 years might trigger a ripple effects around the world. e or 30 say they are monitoring the situation, but do not expect the us failures to cause long term problems in europe. we take note of the swift under size of reaction by the us authorities. within the u, there is a very limited presence of silicon valley bank. and of course we are in touch with

the relevant national competence authorities. that message was echoed by e. u. finance ministers, including germany's close john lindner harden herb yard, am i gonna auto? we have our own authorities in europe and parked in germany. for example. we have our own financial regulatory body, which is continuously monitoring the situation. these institutions have no doubts whatsoever about stability, things to, to chew on kinds, wife or gelato. let's take a 2nd for it. i have faith in general, brother in the us, the failures have brought back painful memories of the devastating meltdown of 2008 in a bid to lessen uncertainty and divert further. bank runs. you as president joe biden hurried to reassure the public. all customers who had deposited these bank can rest assured i will never rest assured they'll be protected and they'll have access to their money. as of today, no losses will be borne by the taxpayers. instead of the money will come from the

fees a bank pay, end of the deposit insurance fund. biden's stress that unlike in the past, irresponsible behavior by banking executives would not be tolerated. the management of these banks will be fired if the bank is taken over by f d. i see the people running the bank should not work there anymore. i'm going to ask congress the banking regulators to strengthen the rules for banks to make it less likely this kind of bank failure would happen. again. those rules were introduced off the us bank, sparked a global financial crisis in 2008 my aggressive mortgage lending. they were partially repealed in 2018 under then president donald trump. in the coming days that decision is likely to be in the spotlight. while i'm join l by william didn't, didn't associate professor at the mccoy college of business administration at texas state university professor. it's good to have you with us since last friday we have

seen the 2nd and 3rd largest bank failures and he was history. is this the start of a new financial crisis? i don't believe so. and the situation for both signature bank and silicon valley bank are actually very different. the silicon valley bank failed because it was just an old fashioned, bankrupt more customers wanted their cash and they had on hand. unfortunately, for silicon valley bank to meet those cash requirements, they had to sell out some security that they had bought o a year or 2 ago. unfortunately, because of the rapid increase of interest rates in the us over the last year, those investments were worth a significantly less so the $21000000000.00 that they sold in securities resulted in a 1.8 $1000000.00 loss for s b, b in the case of a signature bank and they were heavily involved in crypto,

in terms of lending to crypto related customers. and as many know, that's been an extremely volatile market. and so, although they are both relatively large failures compared to what we've seen in the past, relatively speaking, they're small parts of the whole us banking system. will professor, if i'm hearing you correctly, it sounds like you're saying then that the u. s. federal reserve precipitated or caused the collapse at silicon valley bank by increasing interest rates. well, some blame the fed reserve 1st for keeping interest rates artificially low for so long, and then raising those rates so quickly. on the other hand, bank management also responsible in that they should be managing that interest rate ris. unfortunately, when you have many bankers that have a history of say, the last 10 or 12 years of banking, all they know, excluding this last year are very low stable interest rates. and it had no

appreciation that interest rates could actually increase that quickly. and so i think there's plenty of ways to go around. you mentioned crypto currencies, you did, that is a new factor that was not a factor of 15 years ago in the u. s. banking system. we also have to deal with the speed of, of social media which can fuel panic. behavior is the u. s. government and regulators are, do they still have the tools they need to keep those guard rails up when possible? crises emerge. well, you make a good point in times of social media causing the panic. and that's particularly what happened with silicon valley bank in that, you know, they were very narrowly focused in terms of investing in our, sorry, lending to and having deposits from tech customers. and so some of the venture capitalists got nervous to advise their clients to pull their money out of silicon

valley bank. and that's what caused the bank bra. and without that social media, that probably wouldn't have happened. but again, i think these are isolated cases and the government stepping in and assuring that all depositors, even those that would typically be considered uninsured. and both s p b and signature bank are going to receive all of that to put to rest any fears. what about showing some tough love to these regional, obscure banks? maybe 15 years ago, banks were too big to fail. now it seems that size is not the only thing that matters. and yet we've got the government going in and saying that all the deposits at silicon valley bank, all those deposits will be guaranteed that's creating a moral hazard, isn't it? for other banks that may have managers that are just as incompetent as what they had in california in new york. well, i think we're different in terms of the moral hazard as compared to the financial crisis for with the financial crisis. a lot of the equity holders, the investors, came out pretty good because of the government a lot. in this case,

the investors have been completely wiped out and it's the depositors. and so we often think of the depositors, as you know, there are these big, successful companies, but a lot of them, although for you and i, $10000000.00 might seem like a lot for tech company to dollars. isn't that much? and they're the ones that, you know, they're using that money to make payroll for their, for their employees. and you may have grandma in there that's got, you know, 3 quarters of a 1000000 over retirement savings. they're drawing on. i see if we cut it off at $250.00, there's a lot of folks are going to get her in this case, as i said, no us taxpayer dollars are going to be used. it's the deposit insurance fund which is completely funded by the banks. and so the banks will have to pay the it's been announced a special assessment for any losses that are incurred with these $2.00 bank failures. but i believe that's going to be middle one. both banks are, are completely worked out. the professor appreciate you taking the time to talk

with this valuable insights, understanding what's going on in the united states tonight, professor william shit to thank you. my pleasure. thank you. chinese presidency shipping has wrapped up the countries annual rubber stamp parliament meeting with a valid to modernize the chinese military. this was, she's 1st major speech since securing an unprecedented 3rd term. he signaled an aggressive stance on relations with the united states while advancing policies to strengthen the world's 2nd largest economy. ah, his physician is not in china's most powerful leader now confirmed. she jin pink closed the annual national people's congress with a focus on military might. parliament is boosting the armies budget. she had clear words on taiwan too, as beijing faces off with washington over the self governing island, which china claims as part of its own territory on we should strengthen national

defense and army modernization. building the people's army into a great wall of steel that effectively safeguards, national security, sovereignty and development interests. june. we should actively promote the peaceful development of the relationship across the taiwan strait. resolutely opposed external interference and taiwan independence, separatist activities. this year's meeting saw the biggest government shake up since 2018 parliament approved a new financial regulation watchdog. and the ministry of science and technology will be reorganized, as beijing aims for self reliance in high tech sectors. many of she's closest allies have been handed topped government roles, including li chang, china's new premier leis task with reviving the economy after 3 years of cove, it locked downs, and he also sought to reassure a nervous private sector. he struck

a conciliatory tone on china's relations with the u. s, saying the 2 powers have benefited from each other's development to china and the united states can and must cooperate. and there is a lot that the 2 countries can achieve by working together to me and circumvent and suppression is in no one's interest sawyer. lucy, omaha. so ah, facing is yet to reveal the full extent of the government overhauled from these he is meeting. but with she, family, and control his aims of increasing china's political, military, and economic strength a clear or earlier i spoke with a vision, she covers chinese foreign policy for the political risk consultancy eurasia group . and i, after whether she's great wald still was a more talk than action. thank you for inviting me to the show again. so she is, words are in line with his goals to modernize to chinese mil mil,

military in particular, the 2035 goal of a fully modernized military and a 2049 goal of building a world class armed forces. and so these words should be also interpreted in context of cs. visits to the p l. a dela delegation during the national people's congress, where his rip remarks really emphasized the technological upgrading of the mill of the military rather than an expansion of the armed forces. thus, these, these words are not, are not indicative of china trying to expand its forces aggressively. men rather making these forces more optimal and more technologically advanced. and do you think the u. s. or the west should, should react or change any policy because of what has been said with this great wall of steel. you know, we've got us general saying that they think fit on the u. s. from china may be at

war by the year 2025. i think these, these remarks do reflect the alarm from you as officials that china is developing as military capability is quite, quite rapidly. but i do not believe that the u. s. and china will be at war as soon as 2025. both countries leaders are still intent on trying to stabilize the the relationship. although the relationship isn't a steady decline at this point. but this, a trend of chinese military development will run into more tensions with the u. s. as the u. s. is likely to place more sections on chinese entities that are involved in chinese mil, military and industrial complex efforts. lewis, good them for mores about war to possibilities for peace. there are reports that she's being, we'll meet with the russian president next week, and it's also been reported that he wants to speak with gradient president zalinski

as well. how credible is she's in pain when we're talking about a piece mediate or piece broker? i think these talks will be just a 1st step in a long process of trying to resolve the russians envision into ukraine. because china stands as of a pro russian utility. i think it's credibility in europe and from the perspective of the u. s. as a peacemaker, is pretty low. so china going to russia and then potentially having a call later with president. so lensky will not lead to any piece talks in the near near term, especially because china is 12 point piece plan on ukraine has never been completely or explicitly accepted by the russian or the you creating inside edition with the ranger group. and we appreciate your time and your insights tonight. thank you.

thank you. now to the war in ukraine, kiva and moscow are both suffering heavy losses as fighting intensifies in the eastern city of bock boot. the commander of the ukrainian forces says that the situation in buck boot remains difficult, but that his soldiers are repelling russian attack. so the fight for control over the city has reduced it to ruins. over the weekend, ukrainian, president zalinski said more than 1100 russian soldiers have been killed in the area of the head of the russian mercenary, wagner group insisting his troops are still advancing. even though he does admit that the situation is quote tough, very tough. i got an update from our corresponded in keith, nick connelly about the situation in boxes. i think there is a counter offensive in the off, at least that's what i was talking about here in kia. i think ukraine is desperate to show is western beckers that it can push the russians back further. those last big victories, were it last or to mean for song and how to give. and basically there's

a sense here that in the west is gonna force ukraine to negotiating table on some kind of russian terms. if they don't prove that they can win. but i don't think that count offensive is going to be anyone in the apartment right now. the ukranian forces are really at tightly surrounded by russians. that is just a very small bottleneck connecting the city with ukrainian health territory. so the question i think now is whether the ukrainians 1st have to leave by moot as it seems most to nato and us talk bras would want them to do. or if they can keep going about, we'll try and draw russian attention russian resources to their positions. and back while launching a conference of somewhere else and kind of do both the same tommy, that's the question right now. and that does seem to be a difference of opinion that between here and certainly the u. s. nic, russia has agreed to extend the ukraine grain export deal following talks with the when earlier today. uh, but only for another 60 days. has there been any reaction from the ukrainian

government? we've heard form the responsible minister, mr. of infrastructure saying that that is basically not the deal that was agreed when this whole thing was set up to prevent and to kind of, you know, add delays to grain exports to keep food coming out of ukraine and keep food prices affordable around the world. especially in africa and parts of south asia. and there's only a sense that this deal is for a russian perspective working too well. ukraine farmers are getting money, are able to sell their crops across the world. and that russia is trying to make this more difficult. we've seen really long wait for inspections of these ships as they tried to cross the boss for us to get into the mediterranean, ukraine's would say that the russians of pacific making an effort to kind of delay exports and basically up the price of shipping for ukrainian farmers, and you know that there is just a sense that it, russia is looking for any weight can to try and put pressure on the brain economy, which after all is still miraculously functioning over year into this war. their

attacks on energy system outworking. so trying to put pressure on shipping and specifically that crucial aggregate sector business sector also has so many connections to consumers across the world. that is, in the sense here that the rush is kind of trying to find any kind of technicality or any kind of way to make that difficult. you w me economy with the ladies tonight from keith nick, as always, thank you. ethnic said the war. it is raging but many ravaged ukrainian communities they've already started rebuilding and that includes butcher the town outside of the capital key. it hit the headlines after evidence of birds that russian forces had committed atrocities there. you may remember those images of corpses littering the streets. the w correspondent, army in essex, visited boucher and other places trying to start again after being destroy. if all this report the either welcome sounds on walks on the street in boucher,

devastated in the 1st days of the war. the houses here are being restored at remarkable speed residency they're surprised by the progress. yeah. you should, i hope it will be a new start. thought of something good on, on the street. and after that peen and then all of ukraine will be rebuilt and will be better than before the war. push up for the project is sponsored by the foundation of howard buffett, son of the american billionaire warren. for many, it's a symbol of ukrainian resilience, but it's an exceptional case. just 15 kilometers down the road. the village of more shewn lies and ruins almost exactly as it has since this time last year. this is all that's left of honest house, wrecked by russian artillery. she now lives in a modified container provided by the rotary foundation quite literally among the wreckage of her old home. and she doesn't live alone. would be

good enough to look at this beautiful girl. we have here she shares this one room dwelling with her daughter and her granddaughter. but all 3 of us, sometimes my son comes my younger son. he sleeps on the top bunk and the 3 of us sleep on the bottom, my daughter and my granddaughter, and me, what can we do? sort of they've been living this way since last summer on applied for help from the state to rebuild her house. but she hasn't heard back yet because we, we filled out all the forms. but there's been no decision on whether we'll get some sort of help or not. we don't know more than that. some in the motion neutral extra on a nose. her case is just one among many to the russian military destroyed hundreds of properties in her village alone, nationally that number is in the hundreds of thousands. the social policy expert

yvon rabinski, says the government has done a great job at finding temporary housing for almost everyone who need it. on the other hand, you're going staple access, long term vision. how to house, people can long term perspective. first of all, we have, we have some program to build in compensation to people who lost their homes. and that had to, it's not clear yet which bizarre kind of why are they to work on a home will have to be reconstructed from the ground up little else. but the foundation remains. know which is suppose we should, i want to live long enough to rebuild this house. so i know that if i die, my daughter and granddaughter will have a real house to live in. so that's the secret. she says her family will find a way to do it,

even if it means doing it alone. let's take a look now. some of the other stories that are making headlines around the world. the biden administration has approved a controversial oil drilling project on alaska north slope supporters of the willow project by the energy giant konica phillips say that it will be an economic lifeline for indigenous communities. but environmentalists have urged by not to approve such projects on public lands. cyclone freddy has killed nearly a 100 people in malawi area surrounding the countries. the 2nd biggest city have been hit worst heavy rains and strong winds have triggered floods and landslides. before the law. we, the cyclops swept across mozambique. ready is one of the strongest and longest lasting storms ever recorded in the southern hemisphere. the head of the bronze judiciary says more than 22000 people arrested in recent anti government protests have been pardoned by the country supreme leader thousands, 6 of the strengths in

a rear challenge to the regime following the death in custody of a young woman arrested for allegedly not wearing her veil property rubbish, trash has been piling up on the streets of paris as cleaners and trash collectors striped over changes to france's pension system. in northern france, police cleared like that a blockade of workers outside an oil refinery. the proposed reforms include raising the retirement age by 2 years to 64 final vote on the proposals is expected suit and unconventional science fiction film has taken home the top honors at this year's oscars. the comedy drama, everything everywhere, all at once, that a total of 7 academy awards, including that coveted gong for best picture. and the germans fell all quiet on the western front. it picked up for oscars. ah, one film dominated the shallow on hollywood. biggest night. the wacky and wonderful

sy fi flick, everything every we're all at once. swept stephen oscars to rapturous applause. ah, with michelle yo, who is malaysia making history as the 1st asian woman to win beast actress for all the little boys and girls who look like me watching to night. this is the beacon of hope and possibilities. this is proof that dreams dream big and dreams do come true. and ladies don't let anybody tell you. you are ever postulate. prime queue is co star key, white quan made a remarkable come back to claim. be supporting actor following a 20 year acting hiatus.

my mom is 84 years old and she's at home watching mob. ah, he is wild in our scott ah. includes dad, jamie lee curtis, when be supporting actress? it was brendan fraser who's awarded based accent for his role in the whale. he itching out oscar favorite. austin butler. this is watermark foot. elsewhere the were one, in fact, all quiet on the western front took for a woods. the most prizes a german film had ever one at the oscars. got this means so much to us. a year on from the infamous osgood slap and which will smith hit present to chris rock on stage host. jimmy kimmel poked fun at the incident. but this year,

the show was remarkably drama free. with the attention back on the glimmer and golden statues are before we go. here is a reminder that top story we're following for you as procedure by has told americans that they're breaking system is safe for the statement. just moments before us start markets opened. he was trying to con fears the financial crisis after the collapse of both signature bank of the york and silicon valley bank. the 2 bank failures are now the 2nd and 3rd worst in u. s. history. this is the w news official break. i'll be back to take you through the day. stick around. we will be right back with ah

ah ah ah ah. and charlie on martin with gender race, car driver and record break and what's the next?

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your dining companion says to you, actually that hamburger is not made from kaos. it's made from golden retrievers. i. 2 2 2 2 2 2 2 in meeting cultures around the world, people learn to classify small handful of animals as edible and all the rest they classify as disgusting. a duck you series about our complex relationship with animals. the great meat debate. this week on d. w. with. how much do you trust your bank? 15 years ago during the financial crisis, you had every right to respond, what trust, massive public bailouts, regulation reform stress test. they barely saved us from banks that were too big to fail. of the past 4 days have shown is that size is not all that matters fridays and shut down of silicon valley.