yes caleb moppin and steve most bird we also talk about the unbanked around the world those who have no or little access to financial services the c.e.o. of changing x. steven hollingshead joins us plus the miss the teachers strikes in several u.s. states there's a discussion with we'll have a discussion with jocelyn garcia the president of the u.s. student association and as promised yesterday the broadcast party correspondent peter oliver gets on his bike and rides and talk about life sharing economy all that ahead but first let's get some headlines pretty much. all eyes were on facebook c.e.o. mark zuckerberg as he testified in washington d.c. to a panel before on the senate side of the capitol regarding data breaches user privacy and the two thousand and sixteen election is opening statement mr zuckerberg once again apologize gave a version of what went wrong at facebook and outlined it tempted at least to outline planned remedies mr zuckerberg will testify again on the house side tomorrow before the commerce committee and we'll be following the story of the

story closely as the week goes on. and the congressional budget office or cvo says the u.s. budget deficit is ballooning to the massive tax cuts signed into law in december in the just released daniel report from c b o the budget deficit the amount the government spends in excess of revenues is predicted to increase to eight hundred four billion dollars this year the fiscal year eighteen which ends on september thirtieth the new number is up from six hundred sixty five billion dollars last year fiscal year or f y twenty seventeen republican supporters say the recent tax cuts will ultimately pay for themselves although some disagree the c.b.l. forecast does not consider any economic impact of the current trade disputes between the united states. and the auto imports of the u.s. from mexico have increased in the first quarter of the year by five point three percent to six hundred thousand vehicles vehicles imported from mexico now account for fifteen percent of all u.s. auto sales the news comes as u.s.

mexican and canadian trade negotiators continue to meet an effort to renegotiate the north american free trade agreement or nafta ministration officials had previously suggested that announcement of an agreement in quote principle on a new nafta would be ready for this week's summit of the americas in lima peru which starts this friday now they have an announcement will not occur and the white house's announce the president will no longer attend the summit but will send vice president mike pence. and chinese president xi jinping said in a recent speech that china will adopt a more open market access posture including lowering tariffs for vehicles and some other products and ease restrictions on insurance companies and financial institutions in the country the country will also strengthen intellectual property protections both are measures sought by u.s. president donald trump is back and forth with the chinese on the trade than terrorists for the last month or so they've been going back and forth on this president she said quote today the chinese people can say with great pride that

reform and opening up china's second revolution. if you like has not only changed profoundly the country but also greatly influence the whole world and we're already well into our week with news on trade and here to discuss it and break it down further is steve malzberg conservative t.v. radio commentator and artie's own correspondent caleb let me go back to you first you look at china diligently all the time we're always pleased to get your thoughts what do you think of his remarks are they actually mean something or is this smoke and mirrors i think this is going to be remembered as a pivotal moment in president she's rule in china his leadership essentially the whole world was holding its breath they were worried that the two largest economies in the world were at each other's throats and he got up and he gave a speech and said that china is committed to opening up its committed to doing business on the world market and the world the stock market went up five hundred points people were relieved and happy about it if you listen to that speech he was

making clear that they are committed to the vision of deng xiaoping that they are going to open up they're going to be part of the world economy but they're going to do it on their terms you know before the one nine hundred forty nine revolution in china that things were bad their economy was just dominated by foreign companies chinese people lived in absolute poverty while these big british and american corporations made lots of money some of the parks in china actually had signs that said no dogs or chinese allowed in reserves of the foreign businessmen she's not going to let that happen they're going to be part of the for the world economy they're going to trade but they're going to do on their terms and their terms are letting the chinese communist party be in control and control the economy make sure that foreign companies that come in are working in the interest of china continue to raise people up out of poverty continue to develop technology and and in invest in research and development the president she is negotiating this is a negotiation and china is not going to be kicked around they are totally willing to negotiate and it's also part of that trying to twenty twenty twenty five agenda

that you've spoken so eloquently about and explain to us before steve this got to be seen as. be a big win for the president don't you think of president trump if hillary clinton had won the election none of this would be happening it would be business as usual all the points that donald trump ran on when it came to our intellectual property the trade deficit especially china how many times that he said china china china china nauseated all of us. but it's working i mean that they traded barbs over the past few weeks the market was on a roller coaster it's still going to be on a roller coaster to an extent but these these tariffs that both parties have been talking about don't go into effect for quite a while and this is the opportunity for them to negotiate and i think the speech last night when he made this speech the president president xi the future is the american markets went right through the roof was about two thirty in the morning eastern time and i was awake watching it i think that you know he did portray china as a victim of you know for his bit of tariffs on the other side coming in i think he

was targeting trump without saying trump's name he also downplayed geo political ambitions this belt road initiative which is a multi national zone you know which we've heard a lot about but when push comes to shove china needs us more than we need china and i think that the president china realizes that you are not the only one up at these early hours because i work here in new york and i came up from d.c. but when i saw it guys i was immediately suspect of the increase in the dow futures and that was because those things trade a lot on the automated trading which looks at things like headlines and i thought maybe once the actual individuals got in and started trading with a human touch of as it were that they would say wait a minute china hasn't held some of these promises in the past but that doesn't seem to be happening markets still be still seem to be doing ok but i'm curious there already are impacts guys caleb with regard to agriculture we're already seeing

prices down on beings corn pork. what do you make of those well in the lead up to donald trump's ascendancy to the presidency of the united states there was a farm glut right the price of milk was dropping the price of beef was dropping the price of corn soybeans everything was going down and these are the rust belt states where trump's support was and a lot of these people were affected by the fact that the government was desperately buying up melk and pouring it out in the hopes of keeping the price of milk i so when trump went over to china and side agricultural deals and saw there was kind of an opening because china was no longer buying beef from brazil because of the scandals there and the the health and all of that there was an opening and when trump signed that deal there were people all over iowa and kansas and minnesota and all kinds of places breathing a sigh of relief this was a huge breakthrough for american farmers and now that we see all the sudden this shift where there's talk about tariffs and all of that i can i can tell you a lot of people are are nervous still you know they're relieved by the speech by

president xi but people are still nervous about all of this you know a lot of china needs food they've got a growing population that is that is rising up to have a a much higher standard of living than they used to have is totally willing to start buying steak from american companies and soybeans and you name it they need to import it from somewhere and was hope that they could be importing it from our american farmers and that's now in question well and brazil and argentina brazil is the second largest oil producer in the world argentina the third although they've got a drought this year they will certainly pick up the slack if need be and they would like to be that supplier for china talk about a little bit of a politics of this because of the twenty eight hundred counties that are producing oh a large number of these commodities with the tariffs a lot of those are going to are really trumped country this is really a very smart strategic move on behalf of the chinese to impose tariffs were really hurt the president score i think they knew exactly what they were doing when they

talked about the tariff that they would retaliate with in response to trump. they targeted the rustbelt they targeted as a matter of fact the ten of the top of the top ten producing soybean. states are trump states they all voted for trump so they did their dumb like a fox i mean they did this bomb purpose and of course yesterday we heard from say we'll take care of those farmers now there are various options some are more practical than others that you know better than i but i think he will take care of the farmers they will not suffer what will hope they can do that he says sonny perdue to do that secretary of agriculture but whether or not that happens or it can't happen we'll have to see steve thank you both for being here and i appreciate it. and if you live in a large city chances are that you've seen tons of bikes strong across the street in a little cubbyhole twelve those spikes have a bit of an interesting story and here to bring us more were handed over to r.t. correspondent peter oliver. it's

a chinese idea that is spreading around the world cycle rentals a springing up in cities in europe and the united states there's no pick up or drop off point so you use the application on your phone find the bike that's nearest to you and unlock it he's in the queue all rita then the credit card attached to your account is charged for the time that you use it's become a multi-billion dollar industry in just the last thirty years one of the main play is said to be worth upwards of two billion dollars while this company mo bike turns over around a billion dollars every year they have over three and a half million bikes worldwide and their customers take on average a whopping twenty million rides three single day. that sounds great so he say where is the downside well that comes in the very essence of what makes these companies different the problem with duck list bikes is there isn't any way to dock them in beijing huge tangles of hastily dropped cycles of formed impenetrable

thickets at train stations and other main transport hubs when singapore and company oh by the expanded into munich last summer the older so loved by the bavarians stressed into turmoil as bicycles well that's true in about the streets and parks so how have they been received and much more laid back i think it would be better if they would be more part of the background you know what i mean would it surprise you if i said that they didn't go down very well in munich no it doesn't surprise me i think it's a great idea like. well just because dean is a tourist just invented by can go down. city i mean especially like india lane because you know everything is spread out so i think it's just. saves you time and plus you get some fitness exercise so i think it's it's great you know it isn't all it is practical means to go out and get it quickly and sue say so

would you use them no. because i don't like to ride bicycles you know like that's not my thing but yes they are bikes they're not cars so yeah we'll be great actually it's nature this is not a bad idea but there are so many of these rental companies i believe already in berlin we have seven or eight of them are from china town norway the netherlands all denmark holland especially they come in with their bicycles and just leave them all around they're piling up that's not good they're just thrown and that's not good bikes have been slow to take off in the united states with cities like san francisco and new york almost shut out from the markets due to having exclusive contracts with companies that use docking stations but with the chinese giants already establishing a foothold in some u.s. cities and the california based company line bike already receiving one hundred thirty million dollars worth of investment the chances are that if your city

doesn't already have a dock list bike sharing program braun is on its way through all of us all the. time now for a quick break but hang here because when we return we talked about the unbanked around the world plus we talk about teachers strike with uss a president jostling garcia who tells us about the front lines of the picket and now we go to break yesterday did point prices plummeted dropping six percent in two hours to below seven thousand dollars plus adjusted the sell off as a result of tax season and investors need to cash them in the fact still they should be right path. busiest says holland kentucky. over all of these moves the places people were going to st fanny's removing.

a co money city with almost no coal mines left. the jobs are gone all the coal mines are said. that it was a laugh to see these people a survivor of a while disappearing before their eyes. i remember thinking when i was younger that if anything ever happened to the coal mines here that it would become a ghost town but i never thought in a million years i would see that and it's happening it's happened. i played for many clubs over the years so i know the game inside guides. football isn't only about what happens on the pitch for the final school it's about the passion from the fans it's the age of the super manager killian erroneous and spending to twenty million of one fly

a. book it's an experience like nothing else not to because i want to share what i think of what i know about the beautiful guy a great so will transfer. and thinks it's going to. welcome back ali baba is becoming intensely involved in facial recognition space with six hundred million dollar investment in sense time group a company which specializes in technology that analyzes millions and millions of faces and images on a monumental scale. you should is being accused of not protecting children in accordance with the children's online privacy protection act or coppa in a complaint to the u.s. federal trade commission a coalition of almost two dozen groups wrote that you tube which is own as is

google by parent alphabet that it features a large array of program aimed at minors thirteen years of age and younger the letter contends that nearly twenty five million u.s. children are impacted the group letter which includes signatories like the center for digital democracy and the consumers federation of america wrote that there is knowledge that children are viewing you tube but there is no notice nor given the consent for parents you tube says that they will examine the complaint but that they have a you tube kids' app that is specifically designed for children. the american medical association and google are working together to devise better data sharing for health monitoring devices among the ideas for fostering such innovations include mobile apps and wearable devices that can make it more seamless for patients to share diagnostic data in real time with physicians. market volatility however does not seem to bother the european central bank on monday

e.c.b. president mario draghi said a drop in stock markets has a material impact of euro zone financial conditions druggy said quote these risks materialize in global equity markets an early twenty eight team although today without significant spillovers to the euro area credit markets and hence broader financial conditions may. euro shares are down two point seven percent so far and twenty eight team as banking stocks are also down three point one percent. the online payment processor is seeking to increase their services to look more like a traditional banking entity on tap for the company are changes such as offering a.t.m. debit and credit cards direct deposits into an account and accounts with federal deposit insurance corporation backing. we talk all the time on boom bust about financial services but tens of millions of people around the world have no access whatsoever to financial products simple things like banking's are alien to many to

further discuss this stephen hollingshead the c.e.o. of change annex is with us stephen thank you so much for being with us what's the extent of this problem and i imagine it's primarily in emerging markets around the world emerging companies but tell us what the scope of the problem is well it's a huge problem our you know there are a couple billion people who are unbanked more than that but what's really interesting is that there's a billion of those people who have a smartphone in their pocket they've got access to the internet. and the first kid that i met. who asked me to connect on facebook in a refugee camp before we sat down to talk. really drove the point home to me the fact that this kid who took beautiful photographs couldn't sell them on line because of september eleventh you know financial regulation so he can't get a bank account he can't have a website to get paid for his photos so that really are you saying that it's an economic development thing this is it because you know all these people are dying to be on facebook and have their data sold to somebody it's really an economic

development thing absolutely absolutely the only way there's eighty million people in the world who are displaced right now that kids one of them. but the only way to solve that problem there's not enough tax money there's not enough philanthropy in the world the only way to solve that problem is to help them be productive and if you can't buy and sell online the world bank says only one percent of the people in iraq can make an electronic funds transfer can can you know use pay pal and that kind of thing so where are the i know you work at and in the middle east acceptable what other areas of the world are we seeing this problem sub-saharan africa a place in asia all south america although all of those places are you know mexico for example one of the places i work thirty two percent of the people in the country have a bank account and that's a well developed country mexico. what was a percentage like in an industrialized country like the u.s. or the e.u. how many people have a bank accounts very high eighty percent or something else so what's the answer how do we do how do we address the address this well there's

a lot of new exciting technology that can get us past i mean part of the problem is there always been on bank people but that problems actually made worse after september eleventh when we created the department of homeland security move the office of unfortunate treasury over there for a while there was nobody to enforce it so we made the banks the cops and the patriot act and suddenly millions of bank accounts are being closed across the globe and so the reason that that kid that i was talking to in a camp can't get a bank account is no banking kurdistan there can prove that he's not a terrorist and so the central bank president there is terrified that will gosh if one of my banks is designated by treasury as a primary money laundering concern the private sector will run away look what happened in north korea right so so you've got to solve that problem but you can use these technologies to prove people are who they say they are through biometrics to get them to agree to lock down their transactions in a block chain which is an indelible record of what they're willing to do and so it's a great opportunity for regulators i'm

a former regulator as are you and to to to to extend these financial services to people who really need the fundamental property rights the right to buy and sell the rights of prove who you are and the right to prove what you own but the the actual technical piece the hardware they're going to phone at the at a minimum right that's why we're focused on going to that billion of those two and a quarter whatever billion on bank people who have a cell phone and that number is growing very very quickly right the rate of the growth of cell phone technology is growing in terms of adoption is growing much much faster than bank accounts stephen hollingshead c.e.o. of change the next you know let me just say i mean what you're doing is not just noble i mean i know you're hoping to maybe make a profit from it but trying to work and get the unbanked these services something that i think will make all global economies a little bit better so thank you for doing what you're doing it thank you for joining us thank you barbara.

it's been more than a week since teachers in oklahoma began to strike to get higher pay and to improve what have been call poor working conditions while the story hasn't been topping the headlines outside of local news teachers are hoping to draw attention to their plight and with good reason according to the stuck to studies students and teachers in the sooner state have seen education funding cut nearly thirty percent in the past decade and as you see west virginia kentucky and arizona are on that list two three other states that have already gone on strike are also planning to do so and for the latest on what's going down on the frontlines we're joined by jocelyn garcia the president of the u.s. students association joe evelyn thank you for being with us fill us in on what's going on with the strikes thank you so much for having me here there's a lot going across the country away at the teachers' strike and students are definitely in solidarity teachers have

a massive role in our education and i am so fortunate to be here to be able to represent one point five million college students they cost the country. tell tell me if when we look at what's going on it's the funding you know the teachers' pay is one thing but how is the funding such a problem why is the funding such a problem education seems to be such a simple thing that we should all want why it why are we having problems in state legislatures at the national level and that's you know i completely agree education should be simple education is a right there is definitely a difference and priorities are education has become privatized and a lot of that privatization as caused the government to decide not to die and bust into education in addition there's always particularly with college education there is this idea that if you make loans more available and if you increase the amount of grants we have universities will go ahead and increase tuition but the reality

is that the universities are increasing our increase in tuition and that every single year students have to fight to wish and hanks because there is a does this investment from state and federal governments into the education. what draws you in i mean it's just such a shame my guess is that you tell me if this is right at the texter do it but that the biggest cuts the biggest problem are with the less fortunate among us is that the case for some of these students. most definitely. the a lot of especially with the case through twelve education most of the revenue sources come from state and local governments and so an areas where the per capita income is low and also real estate values are also low they're the ones who are going to suffer the most and it is predominately black and brown students who live in those areas and they're the ones who are impacted and when you have less financial resources going into education you know obviously that impacts the teachers' salaries and it also

puts the school in a position where they have to fire students i mean easy teachers and the problem with that is that teachers they play a massive role in our education they're not only in front of the classroom teaching the lessons but they also use also especially for first generation students helped create a pipeline for them to be able to access their education in college for example myself i am a daughter of mexican and watermelon immigrant and first generation when i was in high school my a.p. literature teacher was the one helping me fill out my financial aid because my parents didn't have the language to be able to do that they were helping me write my personal statement and it is because of them that i was able to graduate from university of california santa barbara and so it is a huge denture meant to the ones who are most marginalized in this country and education is a pipeline to social mobility and it is a shame when this country makes it even much more impossible for those who are most

marginalized to be able to get back into society and actually have an opportunity to fight for the things that they want. absolutely well i couldn't agree with you more and you know i think all too often jobs will and people forget that education means a strong economy and that's just not for the individuals who get the jobs that for all of us as a nation and in fact that's the same case for all the world joslin garcia the president of the u.s. student association thank you so much for the work that you do and thanks for being with us thank you so much that's it for now thanks for watching be sure to catch boom bust on you tube you tube dot com slash boom bust our to catch you next time. same downstream you know the nature of the world if you lived upstream you had better off in shame because all the all the garbage and everything flows downstream

and in the financial world if you live in proximity to where the money's being printed the cotillion effect is meaning that you get first use of that money and then compounds at a rate you need to do you get a compound rate of return based on for a few time is on your side your downstream time is working against you because you end up with a savings account paying zero percent or you have no wages or you're behind inflation currently. join me everything on the elec simon chill and i'll be speaking to guess what the world of politics sports business i'm showbiz most i'll see you ben. because the slowness of the mood of them so moving. to build your school or local

was before. much of those who heard it's a preview or with a few other movies to see him will live north we will forgo. the good move. move through with a. mature didn't look beautiful the book will be viewed since the glitter it would. move muslim also in the gulf a good few films for good good pool for. the good go to shuls a look but to prove this immutable law you kiss will be stored up to the you should go. to starbucks to get it to me to fill it with those little missed dates to look at is it. just us to understand statistics not from the mashed old truck to stop the president from please introduce more to constituents.

those who have produced a ghost whisperer to snap them up when you have because that is the cousin with you swear your supporters through the machine stations sure mr you should put all through one of those deal does the ripples through. and what politicians do something. they put themselves on the line to get accepted or rejected. so when you want to be president injured. or something want to be preached. at it like to be for us this is what the flash freedom or can't be good that i've been interested always in the waters of the holocaust. question.

as an emergency u.n. security council meeting russia's resolution on the investigation of syria's alleged chemical attack fall short of the required majority while america's counter proposal is then vetoed by moscow which accuses washington of reluctance to conduct an independent probe you have already appointed the guilty party you don't want to hear anything you don't want any investigation. is discharged from hospital following last month's nerve agent attack exceeding doctor's initial assessments that she may never recover. oh well look around in france a violent standoff continues between police and environmentalist for a second day.