taking greedy bank of party the dow traders are standing there watching relays replied oh boy you are the worst day on wall street where america are forty three percent of what's happening on wall street yes that was the catastrophic reaction to the destruction of the lehman brothers the biggest financial blow since the great depression but a decade on how the leave in lessons been learnt what it seems the risk taking habits are hard to shake just last year will see its biggest bank j.p. morgan chase lost at a six billion dollars on dodgy credit default swaps which the bank tried to cover up it's also been accusations of improper and it is trading reports that the bank children of chinese officials to help with business and several cases of misleading customers on identity theft products and mortgages as well all together these legal disputes will cost the bank just under seven billion dollars a teeny tiny paid out for

a bank with assets of two point four trillion dollars so now i'm joined by young from t.v. advisors so patrick tell me have the lessons been learnt fundamentally when it comes to lehman's i think we can safely say that nobody's learned the lessons from this escapade whatsoever government overall has simply missed the object they've ended up actually in the back pockets of the banks fundamentally the banks themselves haven't realised the fact that they have to change indeed if we're going to look at this from a big picture in history standpoint the thing that the collapse of lehman to marks is the absolute peak power from now on it's the power of networks intermediating the banks that will challenge the financial monopoly government doesn't understand this the bankers don't want to accept it what have we learned our lessons sadly not so is it the government's fault that the bankers have too

much power. oh fundamentally i think banks have ended up in an incredibly toxic alliance with governments and that's a fundamental problem for society it's not that we don't need money we need money we need capitalism but we don't and we should not have a situation where any industry is fundamentally subsidized by the government and when it makes mistakes the government rushes in to help it the fundamental flaw of lehman and what came after it was this sudden massive industry whether in the usa or whether in the european union of bailing out the banks suicidal socialist politicians such as gordon brown in the united kingdom collectivize the u.k. banking system in a manner that was not on the jefferson to stalin the only difference was at least under comrade stalin he would have shot a few bankers made these terrible mistakes in the first place the fact is nobody

has brought the banking industry to him and the politicians noid are completely pliant uncommon pliant in the law in the banks to continue making the mistakes they've made for multiple generations and starving small entrepreneurs small business of the funds they need and if back five years to the lehman situation do you think it was handled appropriately it should talk about governments but the government didn't actually bailouts lehman's did a lehman marked a very very interesting and beneficial moment in so far as it was a lot to fester on the vine that was the one moment the governments were acting successfully the tragedy was as the domino effect started to take place governments panicked very quickly how much money are we talking about then because it is quite mind boggling really how much money these governments have put into the banks how much are we talking and will they realistically ever get it back is that just not going to happen i think it's impossible to put

a sum on the whole amount of money but what. we're talking about is molten pools of the g.d.p. of a major european nation has ultimately gone into the world banking system if not more before we start looking at this funny money quirk of quantitative easing the governments of the world have spent hundreds and hundreds of trillions of dollars bailing out addict k.-n. to kensi an outmoded system called banking when the solutions to the future of finance is peer to peer it's alternative currency it's like bitcoin and it's not actually going to be a banking system as we hard before two thousand and eight that lead to some to our next story here on venture capital city thank you very much indeed patrick down from t.v. advisors always a pleasure you're welcome now a consequence of the financial crisis is the growing popularity of cyber current says basically the big question because they're free from central bank manipulation and government control and now become an a.t.m.

czar to be installed in cities around canada that's vegas based cohen is the company behind the scenes this move is being seen as a huge step to taking a virtual currency to mainstream status and breaking some of the misconceptions or even suspicions that surround the alternative koya said to help me understand how the machines actually what i'm now joined by the c.e.o. of robotically now jordan kelly so do it again explain to me just in simple terms how do they what do you know the unfortunate thing about korea now is the problem not customers to acquire it's what we've spent the last year trying to solve and we believe we've solved it very well is by giving people the ability to instantaneously acquire bit or in their purchase with cash and simultaneously they can sell bitcoin for cash as well as i understand it you have to already have

a coin account and then you go into the missing. it's not if we try to really simplify this right from the buying side of things you can go up to a machine without having a wallet and it will generate a wallet for you on the fly or if you already have a wallet it's as simple as scamming your mobile phone to send a big one that you purchased to your to your personal wallet from the sell side you actually do have to own bitcoin in order so basically an obviously so was the feet of bitcoin and you're in you'll have that how do you envisage big going to be in ten years are we going to be going to machines getting out shopping how's it going to walk. that's a great question and you know from where we look at where we look at the market right we look at we look at what we can do to truly impact and benefit the country the world for that matter and we chuckle a few simple problems the first is to make the acquisition and storage of bitcoin

super easy and then the second is to make bitcoin easier than spending money where i see it i see so much value in but just because it is a truly decentralized no money truly decentralized programmable money that you know is authority agnostic effectively it's the people's currency so you can't get behind that it's. now time for some corporate news them again to get stuck in and talk about the relationship between russia and cyprus always been a close bond so much so that the bank of cyprus is getting a most sky make a buck six russians were elected to the sixteen member of the board of directors. abu dhabi is planning to invest five billion dollars in russian infrastructure projects at the next seven years the move comes three months after another abu dhabi fund will but dull a pledge to invest one billion dollars in the country alongside russia's direct

investment fund. and u.s. stock exchange the dow jones is having a reshuffle alcoa bank of america and hewlett packard not all to be removed from the down arm replaced by goldman sachs these are a nike the decision is based on struggling stock prices and the desire to diversify the mix of companies represented alright let's now take aim with mr shawn thomas saw in house investor and see what you've been up to this week i was away last week in some pieces but i'm back now i want to know what you've been out well first of all when you left the weather got really cold and rainy you came back and it has been. but warmer so thanks for coming back to moscow for us china is increasing its crude output which negatively affects oil here in russia or at least that's what i would say however china is increasing their overall production which means it's good for the stock market so oil probably going to remain volatile for a while but i'm going to stay in and just kind of ride this one out because

sometimes you've got to gamble right i'm figure i'm going to go for rough spots which is russia's agriculture company they're up one percent it's not a lot but i'm thinking looking ahead everybody needs to eat right oh yeah right and in fact is looking at me i love to eat since i love to eat i love food i can do my own part in raising the stakes well you said it and i'm going to doing it as well because i like to eat indeed perfect. this week engine lovers get out for the frank. car companies data out to win the race for the most impressive concept car and that was the reynolds offering a vehicle with a map of paris ruth would disco style the interior as well citron the sea cactus with minimal modernization and air pump those designed to protect from common scuffs and bashes that could be simply wipes away a thought in the first hit wills and shiny bonnets the issue of ongoing stored in demand was far less glamorous job cuts whole to shed and increased

manufacturing costs have plagued the car market the six years now i will be able to see how the european market has. been affected i mean you can see just hey you got it absolutely plummeting right there from two thousand and ten to twenty thirteen s last inhofe the car sales now europe for the full year as well as expected to be below last year as well so that trend will continue the rocky road so to speak as a result russia has come off has now overtaken germany as the biggest come market in europe you can see it's a bigger car than the spine that demonstrates twenty six thousand cars now i spoke to the c.e.o. of the frankfurt motor show earlier in the week to ask about the road ahead. we're still forecasting the european markets which will be down for their all year

this year by about smiles five persons having said that i believe that's where you've probably hit at the bottom. we can see the green shoots all recovery and progress at least for us russia is one of priorities owens of development as you said a it's the largest markets in europe and so then you're off . the market has been extremely difficult since the beginning of the year extremely competitive as you know and rather in the recession situation especially in the segments where we all know which is the medium car selling calls having said that the most recent we had in russia which is the ok i would rickles see four said i'm . doing very well and we believe that it gives us an opportunity of growth i t's in terms of market share i that fateful today's event to capture all the back same place same time the heightened can tell you that.

the main competitor on the market is mother nature. may customers struggle with to. fight for each drop from an old turkey supply. let people think i hear prices pure water. life. they use it up there and wash their hands. and flush their toilets with the same. mystery. this is selling spring water.

dramas that can't be ignored. stories others refuse to notice. places change the world writes no. full picture of the day. from around the globe. broke to. welcome back to the weekly or not edward snowden has been put forward as a nominee for the prestigious sachar of human rights prize by european lawmakers the recipient of the award is to be decided in october and whistleblower was nominated by a group of european parliament members who say he risked his freedom to protect the

rights of others paul murphy and pay from that group believe snowden's chances of getting the prize asked slim but it's not all about winning. well this nomination doesn't call unfortunately from the leadership of the european union who are think would certainly prefer to avoid the embarrassment of him winning the prize but it comes from the left in the european union which has consistently supported edward snowden and he deserves to win the prize because he's a hero and he's a hero for putting his freedom on the line and it's still on the line in reality i think he's only likely to win and i think the greens are the green group inside the parliament also supports edward snowden and what i fear that certainly the big groups will not want the so-called embarrassment of choosing edward snowden because of the impact that that would happen in relations with the us the reason you know very practical reason that we're proposing him is to try to pressure on countries to granting permanent asylum we don't think he should be a man without

a visa is a visa for the goats of asylum for a year now but after that he has. no definite future so it's designed to add pressure on to embarrass the us the french government has called on consumers to be more patriotic by buying from domestic producers but what's intended is a lifeline for french industries is proving to be and i'm welcome back on people's wallets his tessa a city when france is industry minister. struck a pose looking as french as one could be consumer affairs minister bid one more thought it was a joke. this is a real food of on new moon. i don't believe it. in fact what it was message was serious choose french paddocks over four and made once to help more of their countrymen to keep jobs and appeal to french patriotism in

the face of a thirteen year high unemployment rate with the number of jobless hitting three million for the first time a move that comes as france talks about reforms to restore global competitiveness a critical priority says the international monetary fund a recent study suggests that if consumers were to buy only french made goods they would have to spend between one hundred three hundred euros for each one and amount that these an already weakened purchasing power because of all the publicity the french or even more aware now are made in france products versus those coming from the outside but most of the time the difference could really be seen in the prices of the goods now this one for example is peaches from spain it costs for ninety five per kilo rather this one which is clearly marked made in france cost six and ninety five per kilo that's a two year old difference so the question here is how well it will decide d.s.l. to the french.