i think the average viewer just after watching a couple of segments understands that we're telling stories that are critics can't tone you know why because their advertisers won't let them. in order to create change you have to be honest you have to tell the truth artie's able to do that every story is built on going after the back story to what's really happening out there to the american what's happening when a corporation makes a pharmaceutical chills people when a company in the environmental business ends up polluting a river that causes cancer and other illnesses they put all the health risk all the dangers out to the american public those are stories that we tell every we can you know want their work in.

time soon dollars ario filling in for lindsay france this is broadcasting around the world from right here in washington d.c. coming up rewriting the rules wall street regulators are looking to loosen risk frustrations on banks put in place after the crash and bitcoin to break up its official one cryptocurrency has become to what it means for the market and how coins can play a role and flight risk are smaller seats on airlines actually unsafe one core forces the f.a.a. fifth prove otherwise sit tight and boom bust starts right now.

i. in a closed door meeting last week wall street regulators reportedly agreed to rewrite the volcker rule a remnant of the great recession the move plays to the trump administration's efforts to roll back financial regulations without having to consult congress since the white house has faced an uphill battle getting lawmakers to push through other parts of its agenda the volcker rule was first proposed by and named after former federal reserve chairman paul volcker who served as chair of then president barack obama's economic recovery advisory board from two thousand and nine to two thousand and eleven the rule was meant to prevent banks from making certain types of risky speculative investments that volcker believes contributed to the two thousand and eight financial crisis specifically it disallows banks from making certain investments with their own accounts to increase profits with you not benefit its

customers and it limits bank ownership of hedge funds and private equity firms the volcker rule is part of the much larger two thousand and two thousand and ten dawn frank financial reform law on which president donald trump has promised to do a big number the five agencies that set the original limits of the volcker rule are reportedly headed back to the drawing board while the rule is meant to make markets safer keeping insured lenders from making big market bets that could go bust critics argue it's made banks too conservative resulting in lost profits and in fact global bank market revenues have slid each year under the regulation the biggest complaint is that the rule is not clear on what it bans so banks with an abundance of caution stay far away from the boundary proponents of the rules say doing away with these restrictions though will expose americans to unsafe practices that led to the crash in june the treasury department issued a report to the white house arguing bangs. with ten billion dollars or less in

assets should be entirely exempt from the volcker rule and those with more than ten billion dollars in assets should have loosened restrictions on proprietary trading and investing regulators are aiming to have a finished proposal by the end of the year but the end result of a rollback could take several years. unemployment in the eurozone is officially at its lowest level in more than eight years pointing to economic expansion in the bloc that has lagged behind the u.s. and recovery annual unemployment in the euro zone fell to nine point one percent in june down from nine point two percent in may and down a little percent from the year before looking across the bloc germany boasts an unemployment rate of just three point eight percent while greece still struggles from an eight year long depression with twenty one point seven percent unemployed according to euro stat while confidence in the eurozone is soaring there are still several factors that are holding back growth while unemployment is low so as wage growth those that are employed are not receiving raises inflation is relatively

sluggish holding steady around one point three percent this year that misses the central bank's target of two percent inflation for the year economists think at this rate the eurozone is on target to have unemployment down to pre-crisis levels by two thousand and nineteen as for hitting that two percent inflation rate while many think the bloc will stay shy of that for a few more years meaning interest rate hikes are still a long ways off. bitcoin has been bidden to the crypto currencies power brokers were unable to come up with a single solution to preserve it as one unit ahead of tuesday mornings deadline and thoughts in a highly anticipated move the digital currency has split into two the original big coin and bitcoin cash joining me to break it all down joey krueger co-chief investment officer at pan terra capital and co-founder of auger. joe it's official

one half of the digital currency stays a bit coin the other is bit coin cash what drove the split. yeah basically the split kind of occurred because there was a divergence in the ways people thought that coin should scale so some people wanted to you know take a more cautious approach and basically try to get the big point to scale larger therapy or more transactions more conservative route and so that's the main. core development team that does that whereas bitcoin cash is a group of people you know mostly a few mining firms and they want to basically expand the block size of the coin or allow you to put more transactions in it than you currently can and kind of start to scale more rapidly instead of taking a more conservative approach so who's most affected by this split and why. the average person isn't too affected if you had that coin before the split assuming you control your own keys and didn't store your bitcoin on some exchanges. you know

you get both coin and bitcoin cash at the end of it and so currently if you look at the market prices for both of them she added the price of the coin in the coin cash it's actually higher than the price of the coin was before the split so for the average user of the coin it's actually beneficial for them in the sense that they've made more money as a result so big coin is tracking its transactions on a public ledger called walk chain and i think the biggest discrepancy here and what people wanted moving forward was how big that wanted to get the original people wanted it only to cap it one megabyte before the transaction is declared invalid others want to push it up as high as eight megabytes for this new bitcoin cache i wanted to ask you is that made by goal right there even enough and what sort of risks are associated with that. yes so you know first the main risk associated with kind of bumping it up like that is it kind of makes things

a bit more computationally intensive for the average user or the average computer to run a bit coin node of the coin know it's the software that you know operates bit coin and monitors for transactions so it makes that a bit more expensive and then it also has more latency issues so if you're a minor say in china communicating with the coin node in the united states if the blocks are eight megabytes they're going to take longer to transmit across the internet so that's one big issue and then as far as whether it will actually be enough i think the answer is you know. it may be enough temporarily but the point has to find other ways to scale beyond just bumping up the block size indicator some of those measures people are looking at things like the lightning network which allow you to basically do lots of transactions in a secure way off of the watching and then when you're done or if someone else tries to cheat you settle it on the block chain you know this isn't the first time we've seen this fork in a crypto currency had a similar situation in two thousand and sixteen was that split similar to the one

we're seeing today or was it over something else i think it's pretty different so the theory i'm split. basically what happened is there is this group called the tao it was a smart contract on a theory and the idea was people could deposit either into it and it would make investments into projects built on top of the theory and now what happened was the dow got hacked there's basically a vulnerability in it that allowed someone to steal all the money in it and so a syrian fork and in the regular version of a theory they return the money back to the people who got stolen from the fork they about to have her keep it and so that for it was basically an ideological reason. people thought that you shouldn't change what happens on the block chain regardless of whether it's to do a hack or something else. sorry i just want to say some people are arguing that the bitcoin cash method is actually too big as well and that that too could get hacked is that true. and that too could what could get hacked that big

cash could get hacked that it's being exposed because it's such a such a large eight megabytes oh yes i mean the biggest issue with the current cash is that it has. a much lower hash rate than the regular network so the hash rate is the number of people you know pointing miners and harder at it processing transactions so one risk there is that you know someone that attacks the network because it has such a smaller fraction of our than regular coin if you look at it right now it has around you know four percent of the main networks ash power so big cash went live this morning early reports how it's rated close to four hundred dollars is there a way that we can estimate the growth of big point cash or are we going to have to wait and see a lot longer than this and i think we're going to have to wait and see a lot longer than this you know of course the best metrics for measuring the growth of it are well there's three metrics actually one is you know how much how many people are mining on it two is the price of course and three is you know how much

transactional usage is it seeing right now those are all substantially well below the regular version of coin but they could you know continue to increase a bit he look at what happened to a theory after it forked. classic kind of started gaining around gaining ground many months after the actual fork about occurred what about the fact that only a minority of big miners and exchanges are even agreeing to recognize cash at all. yeah i mean i think i think basically even the people who kind of created and started to clean cash even they themselves on the website they call it coin or an alternative currency tobacco and so the difference between you know say the theory and fork was that was a discrepancy over which one was the actual valid theory and network this one is really people kind of saying we want to upgrade the coin in a different way and so our parting ways and so it's a bit of a different scenario and so some exchanges and you know wallets are refusing to add

it all i want to switch gears a little bit here financial technology companies have actually approached the federal government and are pushing them to adopt their own crypto currency that they would call fed point they say they would make it they would make faster payments for the federal reserve what are the advantages of something like the federal government adopting a crypto currency. yes so some of the big advantages would be you'd be able to send money anywhere you know almost instantaneously whereas today if you want to do in a c.-h. it takes you know three days if you want to do a bank wire you usually have to call up your bank you know sign a bunch of paperwork and you know maybe get there in a few hours or maybe the next day but if you know the government issued a crypto currency you can really do these transactions almost instantly and it also be beneficial for finance overall because you could kind of codify the money in smart contracts similar to the way people do on the theory whereas today you basically just have to rely on you know paper contracts but you were talking about

the federal reserve i mean one of the most glacial economic entities so far industry real quick ten seconds do you think that they would go this route not in time not in the time in the next ten years but i can see it happening twenty twenty five years from now surely crew co-chief investment officer of terra capital co-founder of auger thank you so much for your time thanks for having me. time now for a quick break but stick around because when we return to foreign governments to pull apps from its online store one over of financial scams. over censorship as we go to the break here the numbers at the closing bell.

most people think just stand out in this is this you need to be the first one on top of the story or the person with the loudest voice of the biggest read. truth to stand down the losers and you just the right questions to the right answer. the. question.

the few we do. every the. period. that you get on the old world. according to josh. the bar coming from iraq. tech companies are caving to pressure from foreign governments to drop some phone

applications from the marketplace first to the down under where australian securities and investments commission is coerced apple and google to pull hundreds of trading apps over financial scam fears australian authorities conducted a sweeping review of mobile app stores and identified more than three hundred thirty problematic apps associated with so-called by narry options trading the apps encouraged investors to make what seems like simple bets on whether shares or currencies will rise or fall over time a lot of these are legitimate the problem is. australia was able to identify hundreds that are unlicensed the majority of which failed to outline the risks in treating a sick says it got scammed me real quick outrageous claims from the zaps saying users could earn between eighty five and ninety percent in less than an hour or guaranteeing safe trading and these apps did not just target australians they were popping up in other countries as well including the u.k. where these trading platforms fall outside control of financial regulators that

means people have a little recourse to get their money back if they've been scammed and the fraud cases are numerous with customers claiming they were not able to withdraw their winnings at least in australia all the apps are now gone without full announcing they've pulled the from their stores worldwide and in china apple is pulling a completely different product and this move is drawing worldwide criticism of censorship this week apple removed all major virtual private network or v.p.n. services from its app store in the country b.p.'s allow users to get around china's so-called great firewall aimed at restricting its residents from accessing overseas sites in january beijing banned all v.p.n. that are not approved by state regulators and do not use state network infrastructure apple complied caving to china's demands to shut down any apps that did not fit within the legal framework the pm providers see the move as apple aiding china's heightened censorship efforts some going as far as to say apple cares more about profit than human rights china is apple's second largest market

after the u.s. but it standing in the country is following a smartphone sales decline and other providers pick up speed something apple can afford to anger beijing still the critics biggest concern is that this caving to china will set a precedent while apple has stood up for privacy and against censorship in the past it will have less of a leg to stand on now that it's bent to beijing as well. the canadian government is being urged to freeze all arms exports to saudi arabia after a video surfaced of the saudis using canadian made weapons against their own people are two thousand mile adventures in toronto covering this story for us alex its opposition politicians that are urging canada's liberal government to review the military contract with saudi arabia it actually looks like the government's listening what can you tell us a lot of pressure from opposition parties as well as human rights groups in canada on the liberal government here to this government as the world knows it and it's

for a number of reasons but the real push here is due to the fact that the some pictures and some video have been released in saudi arabia that is part of saudi arabia where we have seen friction between government troops and shia militia groups of just the shia population the minority there for numbers of years now it's not forever really but the fact is last week there was running between the government and some shia group members confirmed or reports of five people dead including one police officer and within that free were gurkha vehicles now the gurka is built in canada human rights watch has confirmed to the globe and mail that these are the vehicles in the video there bill just outside of toronto and a factory there i believe the company's called teradata armored vehicles and this is the issue right now because that is against canadian trade laws we cannot send military vehicles or any type of military equipment to a country that is using weapons against its own people these are human rights

violations and this is why there is so many people right now especially the politicians in the opposition parties screaming foul about this even the the conservative politicians who signed off on an agreement years ago are now saying that the liberals have to do something about this now chrystia freeland she's the minister of foreign affairs she's reacting the prime minister has already spoken as well they're saying that they're taking this very seriously there's going to be a probe into what. but here and if these vehicles are actually being used you know there has to be some sort of investigation before the canadian government will say that and confirm that it will stop selling weapons to the saudis this is something that people have not taken lightly in this country and it's something that the government has been criticized about for a long time when it's something that a lot of governments have overlooked as well you said you know this is a violation of law but we know that doesn't necessarily mean something when it comes to these huge arms sales but say it does in canada this time could it cause a rift between the saudi kennedy and relations like the saudis don't like anybody

meddling in their business although they like meddling in everybody else's business so that's the big problem here right now you know they could the canadians. have been as vocal as the been there should say the government although the population i think has been a little bit more vocal about what's going on with canadian weapons actually entering the saudi arena renos that they are causing friction in the middle east and beyond so when it comes to this right now canada if it does do something it could be very interesting to see how firm the reaction is actually going to be from the saudi side do you know it's what i mentioned i mean the the wahhabi sect that they've pushed throughout the world everywhere from the philippines to the balkans through to other parts of the world i since we've seen their involvement with groups like that it's just out of hand and for some reason the western governments keep patting them on the back we've seen what donald trump's government has done one of the biggest arms deals in all of history we keep giving them weapons and they keep using them on us and our allies and just people out there around the

world i mean it's absolutely ridiculous that we're even thinking of doing something like this in canada to be involved in it is a it's a shame in the least well you say for some reason governments keep doing this but we know what the reason is it's money yeah we and it is the number two exporter of weapons to the middle east it's a lot of money the military industry is obviously a lot of business for canadians if the shipments stopped how would it affect the economy. you got me there you're absolutely right it is. all about money you know and if you look at we have a chart here for you there's a brace that breaks it down some of the biggest buyers in the world of weapons well look who's number one is saudi arabia even more than india these are countries that build their own weapons on balance like russia or of the united states india a population of one point what is it two three four billion people and saudi arabia comes out on top so you know what these weapons are being used for the canadian government and we have a huge weapons deal with them for light armored vehicles something like to go in there not really the gurkhas another company in ontario not too far from toronto wanted ontario fifteen billion dollars deal lot of controversy around that and like

you said we're number two now for the middle east so it's all about money that's the bottom line. alex mileage thank you so much for that story coming to us from toronto thank you. it's official general motors has sold its european division to p.s.a. group while g.m. is happy to cut costs amid struggling sales this deal pushes p.s.a. to just one spot behind volkswagen in terms of market value. she has more on that for us now bianka is this the first time that g.m. has stopped sales abroad you know this is not the first time g.m. has done something like this in fact since two thousand and fifteen g.m. has actually been scaling back their international operations because specifically because of disappointing sales the american auto industry is not what it used to be

perfectly reasons people aren't buying or even leasing cars at the rate that they used to an auto companies like general motors have suffered as a result to make up for the losses g.m. is selling off divisions left and right on tuesday g.m. announced the sale of its european division to france based p.s.a. group the two point five billion dollars deal includes the germany based opel and u.k. based a fox. cars it's a pretty big victory for p.s.a. since it expands its european market share to seventeen percent second only to volkswagen considering the years long emissions scandal. has been grappling with it remains unclear how long it'll be able to maintain that top spot more significantly the opel and vauxhall will now be taken care of by the same company that sells the vehicles who show has received international awards for its cars and is known for its reliability creating high hopes for the brands that g.m. struggled to sell overseas and the move adds to a long list of discontinued g.m.

sales starting in two thousand and fifteen the automaker stopped selling chevrolet models in europe and left russia and stopped manufacturing in australia on top of that g.m. announced earlier this year that it would end operations in south africa and stop selling in india and the reason for a cut in global sales has to do with problems at home g.m. ford and chrysler otherwise known as the big three all posted bigger declines than expected in july the only automaker to post better than expected sales was a nissan with a three point two percent drop rather than a three point three percent and one as you might imagine that hasn't done much for auto stocks by tuesday morning shares of g.m. were down three point four percent ford was down two point eight percent and chrysler was down zero point three percent on the other hand some analysts are feeling positive about the industry as other parts of the economy recover for

example as construction picks up the demand for full sized pickup trucks is expected to jump but as other industries grow especially in the tech space it's uncertain how much outside growth will be able to offset the auto industry's biggest challenges bianca let's talk about the biggest challenges that are facing the u.s. auto industry what's causing the drop in sales that you were just telling us about there was a lot to go over a year or so i think. the most obvious is right. and left you get yourself for anywhere from ten to twenty dollars if you pool with another passenger can be as low as five dollars so it's very attractive to everyone particularly who are suffering with high amounts of student debt or their staff are suffering from stagnant wages at work they don't have the extra cash to lease let alone buy a car or so or a lift are very attractive the same with car car sharing our zip car and get around it allows you to basically run to car for an extended period of time right off the

street or from your neighbors to those you know with technology at the touch of our fingertips has already polluted the auto industry but then there are other challenges like electric cars with tough competition from tesla and then you have autonomous cars which are being made by non auto companies i mean google is working on not thomas vehicle to sell so the auto industry is really dealing with inside problems and threats from the outside that are really threatening their long term and short term goals and it's threatening the way that they can really make themselves more modern it's interesting that technology seems to really lessened our dependency on vehicles you know if you needed a vehicle just to drive down to the store now you can just hop a ride so you don't really need that anymore next year interesting one. thank you so much for that report.

if you flown on a plane recently you might have thought your seat was smaller if you're flying economy good news you're not crazy now the f.a.a. is in a tailspin over the issue of consumer rights group called flyers rights dot org took the f.a.a. to court claiming that shrinking airplane seats were a safety hazard the f.a.a. fired back claiming that they didn't need to regulate the seats because they focus on the cabin layout when they do emergency evacuation tests in an appeals case a three judge panel sided with the consumer rights group and has given the f.a.a. six months to provide any evidence that backs their claim so how much space has the average economy seat lost well we can feel it but now we have the numbers to show you since one nine hundred seventy eight the average pitch or the distance between one point on a seat to the same point on the seat behind it has decreased from thirty five inches down to thirty one inches while the average seat with usually eighteen

inches has also shrunk by about one to two inches as well depending on the airline well that'll do it for us for now check out the show on youtube youtube dot com slash boom bust r t thanks for watching see you next time. our culture is awash in logs dominated by street never and electronic hallucinations that birds. fiction until they are indistinguishable we have become the most. society on politics as a species of endless and needless political theater politicians and

a celebrity are two ruling parties are in reality one part of corporate and those who attempt to punk is that breathless university designed to push through the cruelty and exploitation of the little pop for so far to the margins of society including by a public broadcasting system that has sold its soul for corporate money that we might as well be mice squeaking against an apple but squeak we must. cultivate a bit gutted a little. bit of the. right

of us are. political chess in the white house is the president rearranging his cabinet with the ultimate goal of getting a new attorney general will take a look at that on this edition of politics. politicking on larry king on monday marine general john kelly assumed his new position as white house chief of staff this after he left his cabinet post as secretary of homeland security so the question remains who will the president the point to fill let now vacant position as some talk around washington the president may want to move attorney general sessions.