i get his analysis of this impact and the omens related to opec's decision. really must start right now. researchers at rice university and texas a and m. at galveston have spotted problems in the catastrophic flood danger maps used by the federal emergency management agency to predict areas with even a one percent per year chance of massive damage from rainfall it's known as a one hundred year flood classification the maps in question cover southeastern harris county which contains houston texas it's just one area which was ravaged when hurricane harvey crashed into the state last month seventy five percent of the

land area damaged by previous storms there appeared to have been overlooked and therefore did not fall into the danger zone which means that those homeowners may not have bought special flood insurance as hurricanes increase in their ferocity the federally backed national flood insurance program is nearly twenty five billion dollars in debt now in florida the aftermath of hurricane irma has faced more than one million residents in the forty eight counties affected they are set to register for federal disaster assistance and in the u.s. commonwealth of puerto rico president donald trump officially declared hurricane erma a major disaster that's setting that place up for more eight. opec nations met in vienna today to discuss if they and several non opec members should continue for a duck. cuts which have been in place since late last year the effort was to bring

oil supply and the demand more in line to raise prices let's get into what occurred today and get the take from former u.s. trading commissioner bart chilton part thanks for joining me on this a lot of eyes were on c.n.n. today what took place in this meeting and what does it mean for us moving forward and lindsey well you know this cut that they had which was one point eight million barrels a day production cut they agreed to continue that through next march they're going to reassess it in january and see whether or not they want to go further out the next march they feel like it's working somewhat so to put this in perspective we use in this world about ninety six million barrels and change a day and we produce all of the the nations that produce oil about ninety seven million and change so we're still a little less than a million barrels

a day more than we actually need and so this one point eight million production cut is trying to bring as you said you know the supply and demand more in to balance and it seems to be working somewhat but the final thing that they think they looked at was that the international energy agency just a recently within the last several days has participate as an anticipated that demand for next year will be over one hundred million barrels a day so the demand should x. see the production at that time and that should ultimately raise prices from where they are now lindsay well from where we are now what impacts have their production cuts made to date this is they've already faced an extension. well you know that was sort of funny in their announcements you know alexander novak the energy minister from russia in this saudis are talking about hey the prices are up but

when you look at where prices were back in december when they agreed to these cuts they're actually not up at all i mean the west texas intermediate the u.s. benchmark was around fifty two dollars and it's just over fifty dollars now it's gone up in the last several months but not like. they expected it to they hoped it was going to be sixty or seventy dollars a barrel so it's really sort of treading water but there's some other economic data that goes into that and it makes it so well over the course of this agreement that these the agreement and then the extension in the past we've seen some cheating in these efforts has the opec monitoring committee seen full compliance compliance with these cups because it seems to be going up saudi was doing well then it drops in and the cuts seem to be kind of unpredictable well that's right and that's been a problem in the past with circumventing the production caps and saying that

countries were going to do x. but doing you know why is the but what they said today the monitoring committee at sub committee of opec they said that yes everybody is not just meeting the production of cut agreement but exceeding them so they're pretty happy with with those cuts and feel like there's no cheating this time around and see what seems like saudi arabia has been taken ahead and leading this effort. it's really cut back on production more than other as we've talked about this before why is it fiercely focused on this when their economy relies so heavily on oil production. well i mean they are between you know russia and the saudis i mean russia is not a member of opec but russia is the largest producer of oil in the world and saudi is the next to where the third a couple of million barrels a day behind and i think the saudis really feel like they need to step up and be

sort of the ringleader for opec there were so many issues going on with opec members iran with the previous sanctions they needed to be allowed to come up to their previous production levels libya and nigeria you know have political strife and they also are trying to get their production back up and so it really took i think the saudis to take a step forward and say we're going to take sort of a larger percentage hit than others and lead the way and the saudis combined with the russians are really i think what got this production cut into place they try to couple of times last year lindsey but it wasn't until december that they did institute it so you know good on the saudis for trying to play a leadership role here we have talked before about the impact of hurricane season hurricane harvey and irma on u.s. oil and gas prices but what impact if any is there actually been on global oil. well on the gas prices we have talked about it before and it's still up by the way

you know we started before harvey it two dollars and thirty three cents a gallon it's up to to fifty nine right now it had been up to to sixty three so right now it's still twenty six cents up over what it was pre harvey oil it's definitely going up because you know we haven't been able to produce some of it the refining capability we've lost a quarter of the refining capability of the country but that's getting back on line now and oil prices are at a. month high they close the west texas intermediate close that fifty dollars and sixty six cents so like i say a four month high and then the global benchmark which is brant true crude traded on the intercontinental exchange in london that's up to two a six month high to fifty six dollars and thirty nine cents not the highest of the year but a six month pie so those are good numbers for oil and it's going up if you're interested in higher energy prices but again not about still below where they were

last december when this production cut was put in place right surprising to see that price above fifty as you mentioned the united states has been felling void that opec has attempted to create over and over and the opec and their affiliate countries have instituted these cuts in a seems as if you know the united states is sort of laughing in their faces and filling that void. well it has been i mean there's a footnote to it so particularly with you know the shale production that we've talked about so many times in the northern part and that's really been fuel injected that the only problem with our production our oil production has been due to the hurricanes so we're about a million barrels a day down from where we are we're pretty hardy but that's just a temporary setback though that production's going back online and the shale guys are still going full steam ahead so i think you're right that we are going to

continue to in the longer term fill that void created by that by the cuts but ultimately with the demand that we talked about at the beginning of the segment here if we do get up to over a million barrels a day in worldwide demand we could see prices go up fairly significantly into next year ok well let's talk with the status of your skepticism about that one hundred dollars per barrel price what do you think of that event skeptical about that. well i mean i always thought that was pretty nutty talking now about you know if you look at prices back to two thousand and fourteen it was one hundred dollars went up to one hundred eleven a barrel at one time this is the west texas intermediate but when these forecasts came out earlier i think i said maybe if like everything went right for the oil industry it could get up to seventy five i don't see that happening and i'd be surprised if we're see anything outside of the fifty's this year may i wouldn't be

surprised to see fifty five fifty six bucks in the next couple of months but then going into next year i think it could get up into the sixty's so you can play this back and see how right or maybe wrong i am lindsey all right quick question i've got to ask you about. libya has been exempt from these cuts by a pack during the initial agreement and now the extension do you think that's going to hold that that it i don't want to say excuse but explanation of it up people is going to continue when we're talking about it over pumping and sonic in some areas according to this agreement. that's really insightful question actually yeah it's libya and nigeria yes and since last october they've produced eight hundred fifty thousand barrels a day that the two countries more than they did last october so you know they were exempt from this and nigeria in particular is pumping they started at one point one

million barrels a day when the agreement started there up to one point seven five million a day they say when they get to one point eight million they will voluntarily cap themselves in regard to libya they didn't talk about it too much today at opec but there's definitely sort of a wink and we understand you can't keep going full bore without having some cap yourself and that that can't wait to see how that unfolds thank you so much former u.s. trading commissioner bart chilton thank you. thanks. london regulator transport for london says ride share service is set to get its license polled for conduct that is not quote fit and proper and quote the regulator says flouted proper public safety standards including a failure to report serious criminal offenses and a tendency to deceive regulators english workers unions and of course the city's black cab drivers who spend years memorizing london's maze of streets to pass the

famed knowledge test have no love for these interlopers who undercut their business in london alone three point five million passengers use and forty thousand who were drivers deliver them to their destinations labor mayor said the khan was quick to endorse this decision saying that this is a technical decision that supports the spirit of the age while the independent workers' union of great britain is united private hire drivers branch say that these drivers face job loss and unmanageable vehicle related debt hoover says it's going to appeal during which time it can continue operating. time out for a quick break dick around with us because when we get back the united states keeps from showing all of its cars and now the negotiations and my guest tonight discuss the massive ups and downs of big point what impression that's making on investors and also the velocity of our move to a capitalist society as we go to break here the numbers at the closing bell.

the one the. islamic state claims it was behind the munches to terror at times but with. the priest every time a terrorist attack happens only spew poor. they're screaming i says so bad someone needs to do something against them for me yeah why don't something. to. get all of them for. their noses up. against the legality of a check if these chinese hafiz room open to sound good has got

a. group who killed innocent. banks geysers financial survival. housing bubble. oh you mean there's a downside to artificially low mortgage rates don't get carried away that's cause a report. right now we're in today. seen over. these birds fish you. just met with. some of this is no multimedia. according to this you eat

it is home to do most bowlful drugs seem to get why you're growing marijuana. that city. full of the full grown people. for you nobody wants the people. to be. very. close to. the guy. what they do and they do nothing. lovers of the corn are getting creative when skirting the law as chinese regulators pushed for a shutdown of the crypto currencies trading and as the wall street journal reports

social media is the medium in that country messaging apps such as we chat offer an easy way to meet chat buy sell and transfer money with no questions asked we chat post nine hundred million users in china no according to the reports chinese regulators are set to crack down harder on bitcoin and its kin by shutting down all channels for its exchange which would include surveillance of the chat and as many traders have announced their halt to bitcoin operations we chat fans are looking at a murky timeline on that crackdown though there is evidence that it will hold creators liable for illegal exchanges. a reported forty people from one we chat group have faced drastic legal ramifications but it's no secret the technology is always a few steps ahead of the law. from

china to the united states now let's talk about crypto currency in particular and our cashless society in general we've got numbers to pick through some please welcome my guest gerald selenski of the trends research institute a pleasure to have you want today look big coin has been a wild ride take a look at this graph we can see that it was riding high almost five thousand dollars earlier in the month that it plummeted and before we know what it's holding around thirty five hundred ok it's relatively new but how is this supposed to so interest from serious investors or even secure interest from the as he see on allowing the coin to be traded. i'm sorry. can you hear me sir yeah i couldn't hear the whole question i'm sorry ok big coins had a wild ride it went up to five thousand down to thirty five hundred and how is this sort of velocity supposed to so interest by serious traders or even get the point

exchanged on an official exchange here in the united states. well it is going to keep going as we see it but there's a lot of pressure against it because it's replacing fear currencies and people are many people don't believe in the currencies that are backed by nothing and printed on nothing as jamie diamond just came out and said you know that there's nothing there with bitcoin so what's there with with regular currencies so there's going to be government pressure there's no question about it but some governments are letting it happen like japan so china will crack down other countries let it go on but as long as there's more care shows societies we see more bitcoin ok so you wrote in your latest trends journal that our society as you just mentioned is moving toward a more cashless movements your thoughts on that driving force do you think the fact that we care more about service is something that can provide us something more valuable than a physical object has anything to do with this let's go back to china again just

people they're not using cash there's no we've god we trust and then you're looking at more and more governments going cashless so people don't have a connection to it they want an alternative they don't believe in their currencies and then when you go back to china again look what's going on they just announced that they've got it cutting down these bitcoin exchanges where is that you want going over the yuan went way up and what are they doing now exports are way down so they're going to probably devalue the currency the last time that happened that's when you saw the big big corn surge so the chinese are worried that with a cheap you on the people are going to abandon the you won and go to a crypto currency that's why we believe they're doing it well let's talk about some financial institutions well established like j.p. morgan c.e.o. jamie dimon has said on multiple occasions bank coin is a fraud but j.p.

morgan still helps facilitate big base transactions why would the head of a major bank call it a fraud and yet still allow the company to profit from it. well if a major bank calls it a fraud they know a thing or two about frauds because six of the major banks were convicted of them and what's really going on i believe that max kaiser said it best that he was one of the first people to identify the bitcoin trend makes banks essentially price gouging into media aires and socially unacceptable leeches obsolete bankers rightfully fear for their jobs as big coin replaces them so just today jamie diamond bragged about the value of block chain says they have digital dollars but it's ok to have digital dollars backed by nothing and printed on the thing but you can't have big coin it doesn't make any sense what do you think

scares people more the fact that there is such erratic behavior in the price of big coin that it's in secure or that you can actually pull it out and touch it i think what scares the most right now of governments clamping down on it and that's the message you're getting out more and more jamie diamond just came out and said that again today i think that's their biggest fear other people that you know don't go into big going to go into a harder commodity like gold or silver but again you go back to the millennial generation everything is cashless in their world so a cashless coin is is of a lot of value to them because again what you do you have a guy like jamie diamond saying that their bank deals with digital dollars so if they're dealing with digital dollars why not deal with digital cryptocurrency. last question do you think that there's going to be some point where big coin and its relatives are going to be issuing some sort of currency for people to really get on

board or is that defying the krypton nature of it will there be some way to pull it out and look at it. i don't believe so i think it'll stay digital that's the attraction to it and again you could take it anywhere in the world suppose there is a crisis and boy we have a lot of them building up you don't have to pack your gold to go you could go anywhere you have your bitcoin anywhere so you don't want that currency of another nation which may be under a lot of pressure so we see it staying digital ok well unless our satellites go down but thanks i know your viewpoint you always a pleasure to have on gerald celente founder of the trans research institute thank you thank you. the u.s. has chosen not to show all of its cars as nafta negotiations continue in canada's capital ottawa this weekend despite the fact president trump is the one who pushed for revamping the twenty three year old trade pact is seem has been slow when it

comes to revealing what changes the u.s. wants to see and nafta artie's alex and i live it has more on this story from toronto alex. new round of nasa talks are at it again it's about to begin and it seems u.s. negotiators are lagging behind when it comes to presenting nasa real proposals any idea what's going on here the only thing certain will be happening in autumn was the fact that the temperatures are going to be around there will be some lovely couple of days in that way otherwise these negotiations continue if you want to call negotiations the u.s. you know one thing they've been pushing for is labor laws in mexico basically level the playing field so people are paid closer to you when it comes to canada u.s. state competition that is a little bit more equal they were supposed to present a proposal for that it's before heading to ottawa but the team from the u.s. has not presented anything when it comes to that so hopefully they'll have something on the table tomorrow but as you mentioned off the top the cards are being held close to their hearts and they're not really saying too much you know

what canada and the states there's a lot of negotiating going around we have a good agreement now at this point something pretty tight when it comes to the amount of parts that go from our kind of the states and back and forth our auto industry we basically know what we're doing the changes that are going to happen are most likely going to make things better mexico really they like to say there's elephants in the room well they're really the elephant in the room here when it comes to the us donald trump you know how many times he said he's willing to pull out of this agreement but of course we call they are going to see that because there's a trickle down here if if the states were to pull out of nafta you have to think of the other ramifications in mexico if you have higher unemployment that means more people working in the drug industry except also donald trump knows all these things all these threats are probably you know exactly what he doesn't know how to make a deal but other than that we're probably going to see these negotiations move forward like we've seen the past two rounds and hopefully something will come out

of it i would probably say not this time around no big moves forward well who knows about the other rounds you talk about the goal is to wrap up nafta talks by the end of the year so they say say you. it's possible at this pace well you know that's where mexico in the states are actually going to be putting in a big push you have the mid-term elections in the states next year in november and you have the federal elections in mexico so this is something that these countries want to see wrapped up more than let's say canada you know is the way that you see it like if you break it down politically speaking if you're actually saying that we want this wrapped up by next year in terms of the states will have means that you want to have an agreement you're not going to just tell pull it out and tear apart and throw it out the window i think that is sort of the big deal right here where we will see progress happening but donald trump style you know let's hold back a little bit and i think you're just going to see a flurry come in at once of demands from the united states do you think this posturing is on purpose that they're trying to keep those cards close to the chest to come out looking stronger oh absolutely i mean i would this is

a this is negotiations and you know it's the art of the deal as written by donald trump but there's all kinds of psychological warfare going on here so it's beyond just what we're seeing in the agreement it's beyond what nafta the pluses and minuses of the agreement we know that a lot of interest industries rely on nafta both in the states and canada of course in mexico so donald trump knows all these things even if it's the worst deal ever think it's a deal that he's going to want to salvage it might change quite a bit but how much can it change by january we'll see and is it going to be a whole new debt if the probably not is probably just be not the two point zero something that everybody can polish thank you so much coming out of some toronto alcohol that's thank you. brace yourself what happens when you take a social media trance like a hash tag dab on it turned into a social object suddenly one londoner answered that question and made a waist pack it's called the dad bag and it's a funny sort of waist pack you carry around that simulates the classic dad bear

belly you can own one that looks like a sunburn tummy big and hairy looking. the ones you see behind me it works just like a regular waist back with a buckle to keep it around your waist and a pocket to hold whatever you want to you just have to get used to the idea of your gut hanging out for all the world to see the creator was asked why he did it and simply said that he was inspired by all the people posting about how dad bogs were suddenly cool decided to give people the chance to have one too for a price of course. thanks for watching be sure to catch on direct t.v. you can find us on the arcade channel free to watch and if you miss us on directv catch on youtube youtube dot com slash boom bust r t thanks for watching c.n.n. .

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you. they do it several times a day with a big fleet oh you get an idea why. we have to understand we can all stay still and just. be with miss the deal going to the arms. i'm doing this because i want them for the future world to future generations to have out and enjoy the ocean we have. that's because there's plenty of survival guide books tasting just like all going to start simply at least it. be sure it's still there you don't get it back.

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so i've. had. enough but when i started no i. covering the german federal elections will christian democrats win get a. few minutes continue all the. other headlines this pro and anti independents protesters face off in. the referendum. human rights watch accuses the u.n. of failing to investigate war crimes and.