trump take a listen to treasury secretary steve. u.s. persons are prohibited from engaging in specified dealings involving the government of venezuela and its instrumentalities this includes state owned oil company and if . these prohibitions extend to transactions road to bodies occurring in the united states. would be instruments the oil companies u.s. subsidiary sicko is prevented from sending dividends back to venezuela this ratchets up tensions between the two countries and makes it harder for embattled president nicolas maduro to raise badly needed funds to prevent a debt default. at an annual conference of central bankers in jackson hole wyoming federal reserve chair janet yellen says the web of regulations the fed helped enact after the two thousand and eight financial crisis helped restore the banking systems health she did point out that the fed is prepared to adjust the regulations

to help financial institutions and she disputed criticism that the rules have hurt lending the state of the economy or the near future of interest rates was not expanded upon the central bank has gradually raised its benchmark short term interest rate but most fed watchers expect no rate hike be forced december at the very earliest yellen is again scrapping the two thousand and ten dog frank law as a threat to the economy something president donald trump has pushed for he has mention of though her replacement in january possibly gary cohn who leads trump's national economic council. and when congress returns from its august recess in september they've got a lot to do but the top priority is passing legislation to keep the government running the current fiscal year which ends on september thirtieth and an increase in the debt ceiling tensions between the republican leaders in the house and senate and president have been mounting as the president seeks to build his border wall and wants the legislation to. the government opened to include funday are we going

to see a game of washington chicken are we headed for a government shutdown here to discuss that someone who has seen and been a part of government for three decades former us running question part chelton thanks i mean i've seen lots of shut heart of them for lots of chicken games we have the spending bills to keep the government open and the debt ceiling need to be raised some people of confuse the two it out plain what they are and why they need to get done well the debt ceiling is really that it's an amount of debt that the us can take on and every year the treasury department lets congress know congress holds the purse strings of course how much they can spend to fulfill obligations that have already been made by congress appropriations that already have taken place a lot of people some politicians say i won't vote to increase the debt well the previous congress already voted to increase the debt this is just a matter of paying for it and it would be a huge big deal if we ever defaulted on our debt it would be like us not paying our

mortgage and our credit rating for united states would go down markets would be in a tumble so that's the one thing that's a debt ceiling no on the government funding that's just keeping the government open all these important things that can be shut down and you know it's been really unfortunate to see the president with his game of chicken talking almost gleefully about he how he wants to run towards a government shutdown because important things mean air traffic controllers food safety the center for disease control were used to work at the agriculture department meat inspections a drug inspections getting your tax refund from the i.r.s. a small business loans these are huge things last time we had a shutdown we're right two thousand and thirteen thousand sixteen days it cost the federal government twenty five billion dollars and one hundred twenty thousand private sector jobs was what the office of management and budget. it's not some

crazy group office manager budgets that. you know the president talking gleefully about we need a good government shutdown or something just really dangerous rhetoric right in the talks about it like it's some sort of a shake up which really it's not if it's a collapse candidate trying to promise what he called a big beautiful border wall he's done it time and again as we as we've heard mexico would pay for it he's been having some trouble with capitol hill seems to want u.s. taxpayers to build his wall or might shut the government down as you sat let's listen. we will build here i was in. awe of her. you know when you're going to. be obstructionist democrats would like us not to do it but believe me we have to close down our government we're building that wall. what do we what do we do with best paul ryan is screaming from the sidelines saying pump the brakes he

can't say that enough with this guy we know that what is going on and. so i think the mexicans are saying no say i mean we don't know what you're talking about and you recall that the transcript from a phone call with the mexican president was released where the president essentially said hey just don't say that you're not going to pay for it any time now that's not even one of the most important things we're going to discuss but on the on the on the stump as he was in phoenix there you showed last week he's still on this big beautiful border wall there all chanting for the border wall but people were chanting for him they thought mexico was going to pay for it not u.s. taxpayers and it doesn't appear to be some strategically important thing the president also by the way in phoenix said crossing to the border are down forty seven percent well good for him and if it's down forty seven percent maybe we just need an electric fence maybe we don't need a big huge gold plated border wall that's going to cost billions and billions of dollars for us to. experience so but i do think you're right lindsay about speaker

ryan house speaker ryan he's sort of keep saying it's going to be ok and it reminds me of you know the family that has a dysfunctional crazy uncle and says you know it's ok that's just awful donald don't worry about it commie gets a free pass he does and to some extent i mean how do you don't have a choice they do because you know he doesn't make good on some of the things he's said whether or not he does want a government shutdown will have to see but you know the crazy uncle analogy just gets to be real scared we think about the power of the presidency particularly when it involves you know conflict in the nuclear codes but we have to see on the government shutdown it does look like a turtle in towards a shutdown and that would just be a horrendous thing for not just the federal government i mean to be a horrible thing for the country of a more very disturbing autumn there let's switch gears that we need to talk about some oil situations and of course safety of americans switching gears now to harken harvey barreling down just off texas it's gone to level three where talking for the

worst major hurricane in twelve years the lescott we're talking rising water the wind everything falling trees falling structures everyone's they're saying get out get out get out some people are of course staying we have got a state of disaster spend prettify called since the hurricane is when the oil coasts in texas what are the potential problems for refineries and other oil infrastructure that the platforms at the refineries and entire ecosystem of oil i mean right there on that gold coast not just in texas but whole go coast accounts for fourteen percent of the oil production and forty five percent of the return refining capabilities so it's really important that the impact that it could have had the platforms the rigs the terminals those are being evacuated and shut down but this flooding that's going to be there for days and days we're talking about this system staying there until midnight next week and there could be up to twenty four inches of water it could impact you know the pipelines that are coming and going from that. area corpus christi in the houston area could be

a big deal and we'll have to see what happens but. here's the good news lindsay the a lot of these systems the infrastructure was built since two thousand and four and it's been upgraded so they know how to take for their hands the other part of the good news is that after the summer driving season which is just about to end after labor day a lot of these refineries shut down to do maintenance so some of them may choose to just go ahead shut down do the maintenance early those are the two bright spots and pretty dismal circumstance ok well that answers a couple of the questions people people want answers to because you immediately think broken pipes oil spill out your mind goes to the very basic things but what about oil and gasoline prices going back and price even leading out of the futures already right have risen five point five cents in the last twenty four hours that's three point three percent to one seventy one a gallon that's that's a wholesale trade on nine mixed with regard to just regular gas prices that you and i pay at the pump just up

a penny in the last twenty four hours to two thirty five that's up seven cents in the last month sixteen cents in the last year but those prices could be up anywhere from five cents to twenty five cents after katrina prices went up forty cents and there's other things out there like you spoke about venezuela so what's your take on that starts with you know what's gonna happen is too broad but just for thirty seconds to go like you want your take on this i think this debate indicate a new trump doctrine i haven't figured out one way dr know exactly what here i mean if you think about what he's doing in afghanistan in these. last monday night about we're going to take on the act we're going to get some of the economic development and what he's talking about is minerals in afghanistan and then he's spoken also about what we're going to do with north korea we're going to get you know the iron ore so i think and then here we are talking about oil with venezuela so i just wonder if there's a new trump doctrine that somehow deals with the spoils of war and calm. flip i

think it's something we need to look into deep very interesting as commentary reporting on that subject absolutely we're going to expand on that thank you so much our children former u.s. trade commission. time now for a quick break but stick around because when we get back we head into round three of brecht's a negotiation is the new k issues plans for a transitional measure and could we see the u.s. versus china and trade war my gas smell that we're going to break here the numbers at the closing bell.

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move over oil companies the tech industry is now in charge of the world's most valuable commodity the resource in question personal data the rules that control the industry are lax at best artie's alex has a story from toronto for us alex forget about oil the five most valuable companies in the world today are all high tech game and they are in control of very valuable information lucky tell us about it. we all know these companies let's bring them up and see who they are all surprise surprise look at this apple amazon facebook microsoft and google's parent company company alpha bit they have data on us and that data is gold you know when you go to the internet and you do searches or you're on facebook and you put those picks up you're commenting you're sharing your liking will. although you know exactly what you're doing and everything is just

collected on not so fast book alone think about it two billion almost two billion users on facebook that's bigger than any country on the face of the planet now this information can be used for good and evil and for good let's start with the good part i mean honestly you go on the internet you're surfing if they know what you're doing and they can tune to you that companies get that data so they know what you're looking for and of course it becomes more personalized which is a good thing for companies it's great as well they can jump on trends before they even happen so when they see activity on the internet moving in a certain direction they can move faster than they were able to move before and of course this leads to bigger profits for everybody but it's a difficult industry to regulate the laws' have a hard time catching up with the technology to sort out some of the negative issues that we're looking at here we're looking at a number of negative issues when you just look at the way that the internet companies behave look here's a here's a chart that will give you

a good idea of how these how it looks like eighty one percent of searches left eighty one percent of the search market belongs to google now that's massive and when you're talking about that you're talking about it's. a monopoly so when you have these five companies it's very difficult for anybody to regulate this and just from that aspect alone a regulators so if we were looking at trust regulators these countries basically run on a super national level they don't they're not working within borders so it's very difficult to say hey you know what this is a monopoly here you guys are taking over too much space for example facebook if you look at facebook and google they need to suck up about eighty eight percent of new advertising revenue on the internet that leaves a lot of other players out there without any money including news outlets including music companies like sony except for there who are trying to break into there and get some money so obvious. when you have something like this it's basically lawless

at this point it's very difficult to regulate of course if there is some political resolve this can move forward but we know how touchy we are about governments touching the internet and second of all there is the privacy aspect of all all of this from pinterest to porn to you know what people are doing on the internet so every move that you make is basically written down and noted that is a massive issue of course there's ways around this but the way it is right now both people just go on the internet and surf and don't really think about this and they're kind of ok with it so these are the aspects that are or people were little bit weary of and of course as i mentioned during house to be some kind of political resolve if we're going to move forward this and of course there has to be a division because for once politicians talk about regulating the internet everybody's here stance on it that's absolutely right it's a big business but also the law has got to keep up because we keep hearing more and more stories of people being violated their privacy out there their photos their communications we're all

a little terrified of it we just hope we get overlooked thank you so much for talking with me about this alex and highlights coming out us from toronto thank you and. the third round of wrexham negotiations are set for next week in the first two rounds of european union repeatedly leveled accusations at brighton that it lacks prepared when it sits at the table analysts along with prime minister teresa mayes own treasury have pushed against her desire for a hard ag said recently we saw a few transition stipulations and a number of position papers published by the government they include trade customs the european court of justice and the border with northern ireland detailed in them are ways to obtain a two to three year transition period before leaving the customs union also to break off early be european court of justice is in direct jurisdiction over britain and then to institute what it calls flexible solutions as it works to avoid border posts with ireland something not particularly well received by the. you.

south korean court sentenced billionaire and former chief of samsung lead j. hong to five years in prison for crimes that helped topple the country's president in an effort to cement his control over the samsung empire legia yong is guilty of bribery and best moment and hiding assets overseas the essence of the case is an ethical collusion between political power and capital offering bribes to pocketing high when she was self korea's president fed public outrage which contributed to pox removal. in the meantime samsung has rolled out a product it hopes will heal its rift with customers presales for the no eight is retailing for nearly eight thousand dollars it's just hit pre-sales but a public rollout a full one is planned for september fifteenth the eight has a few new features but nothing revolutionary it may be a safety move by the company to reestablish its reputation after laughed last

year's disaster when notes seven had to be recalled after a dozen spontaneously consular because of defective batteries. did the u.s. fire the first shot in a trade war with china after initiating an investigation into possible intellectual property rights violations by the country the white house says it may be harming the u.s. business trading with china citing section three zero one of the u.s. trade act of one nine hundred seventy four let's take a deeper look now please welcome marshall auerbach research associate eat levy economics institute thanks for joining me look it's been said that in economic war with china is everything that was actually said by steve bannon former advisor to donald trump before he left the white house people really reacted to that do you think we could potentially enter into a trade war with china. it's always

a possibility and ban in is not the first person who has made this kind of a threat i mean the tensions build up repeatedly because you have a very massive trade imbalance in china's favor and the two countries play the game of pre-trained with the according to very very different rules and expectations which i think could lead to political problems and conflict down the road do you think the u.s. would actually be able to see any type of result that would sort of preserve relations but get what it wants out of this. well so far they have been very successful you know that the there is talk now that they're going to use trade as leverage on the chinese to help them secure a better outcome on north korea that doesn't seem to be going very far. they are not having that much success in terms of opening the markets so the trade imbalances do move somewhat more in america's favor when it whenever there's been

a proven to the trade imbalance that you should because china has started to slow down its economy as opposed to any structural change which would allow u.s. companies greater access domestically in china what about china's major financial institutions though stopping one one example stopping north korea from development of nuclear weapons could this state owned enterprises and banks like bank of china china national petroleum corp be on the receiving end of something like this a harsh approach. where they could do the us has not been a verse to stopping chinese institutions from acquiring. stakes in sectors of the american economy where there is a perceived by all national interest so we had that for a few years ago for example china's national oil refining company and you could easily see that again with north korea the chinese banks themselves are not as strongly embedded in the american pie national system as say the japanese banks

were in the one nine hundred eighty so. i don't have quite the same amount of leverage but that's certainly another attack the attack the they could take down the road one of the first things a lot of americans think of when they think trade war with china are the cheap goods we get in the aisles in this country we're addicted to it if we did enter into a trade war with china affect the prices of these goods immediately with a focus on other markets what's your take on that. probably they would focus on other markets i mean the reality is i mean economists such as jamie galbraith have pointed out that china right now could on its own probably fulfill most of the manufacturing output that the rest of the world needs so it's not a big problem i suspect if they wish to if they had the markets restructure the u.s. first instance they would start to turn the to europe and that might create political tensions over there but i have no doubt that. that would be the they would certainly may make moves in that direction and again it's nothing new for example when the u.s. imposed. softwood tariffs on the canadian softwood for example the

gap was immediately made up by german softwood exporters so i'm not sure that even if the u.s. took that approach it's not necessarily going to improve america's menu position of american manufacturing because so much has already been all shored there isn't anything that could be really rebuilt ok let's look at some new information from the u.s. china business council now we can see that exports to china increased one hundred fourteen percent between two thousand and six and two thousand and sixteen we clearly see healthy growth but does that mask the bigger issues when we take into account. things like the trade deficit with china we've got more than three hundred billion dollars in trade deficit. here exactly so i mean that's chart you showed me doesn't surprise me it's you know become the by some measures the second largest economy in the world and it's been rapidly growing for a number of years so yes of course u.s. exports to china have been growing exponentially but as you pointed out the deficit

is substantially higher meaning two thousand and sixteen i think the exports to china totaling about one hundred sixteen billion and i think we had over four hundred billion going the other way so it's not really improving the relative position of the u.s. and that's what i think is is part of the source of the tension well could one of our issues. china simply be differences in how we approach the economy the u.s. government takes some more as we know hands off approach when it comes to our economy but china's government will usually aid certain economic sectors to stimulate growth very hands on. yeah i think that's really the ultimate source of the tension because you have a situation in china where they have a number of domestic companies which compete vigorously and they do so with massive support they will ultimately then have those companies competing why the export market to move up the quality curve but the objective ultimately is not to simply

to have a exchange of trade goods with another country in the case of china they are trying to secure national champions and ultimately supplant the u.s. exports they've done it for example in the solar industry they are now talking about building a civil aviation industry now imagine what happens to boeing's exports to china if that becomes a real reality and similarly you're seeing that in apple i mean there was a story recently of tim cook being in in china seeking to pay for his starbucks coffee via apple pay and he couldn't do it because apple pay was not hooked up to the the local payments network that was handled instead by by two vigorous to domestic competitors and those were obviously going to be built up with a view to supplanting apple in the chinese market so it's a it's a real poisoned chalice in some respects when you try to compete in china to say nothing of the threat of intellectual property theft marcia thank you so much research associate levy economics institute it's been

a pleasure. thanks lou thanks for having me. well cross the world gamers tried to get their hands on preorders for nintendo's latest product p s n e s classic this week only to find out that those preorders were gone in a matter of minutes so what happened well some buyers spend one hundred ten dollars for something called tiding to help them it's a bot or rather a computer program that is made to do one thing and one thing only and in this case it was set to preorder s.n.d. s classics as fast as it could with their creator reporting a ninety three percent success rate some ask why spend one hundred ten dollars for something that only cost eighty will head over to e-bay and you'll see why bids on those exact same preorders are going for twice what you would pay for an in-store purchase with bids as high as three thousand bucks that's all for now check out the show on youtube youtube dot com. thanks for watching see you next time.

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