danielle demarche you know boots about that report and about do trade and sanctions all of that in our sights but first let's get right to some tests yesterday we reminded you that it was tax day not like you needed a reminder but today that's deja vu all over again as the famous baseball catcher slash philosopher yogi berra once said the internal revenue service has extended the deadline for filing two thousand and seventeen taxes to midnight tonight wednesday april eighteenth after glitches in the online filing system cause the i.r.s. to perform a hard reboot doesn't that mean that you unplug the system from the wall and then when you lose all the data from the ongoing documents seems really scary but it's hard to understand what was actually going on well the i.r.s. direct pay and payment plan pages were affected and the system worse was not restored until full functionality resume gained at five pm tuesday evening iris commissioner david carter officially apologized in

a statement the glitches reportedly resulted from hardware issues and not acting the i.r.s. budget has fallen from fourteen billion dollars in two thousand and ten to its current eleven point five billion dollars that has resulted in a loss of twenty thousand i.r.s. employees president trump for his part in the i.r.s. budget calls for continued cuts to more than four thousand jobs observers say the trump cup's would only allow the i.r.s. to respond to forty percent of all calls to its tax help hotline. and filling out a story we discussed yesterday bank profits were soaring in the first quarter pushed up by the recent trump tax cuts the wall street journal reports that the profits of goldman sachs and the so-called big four national banks increased by two point five billion dollars in q one bank of america had a six point nine two billion dollars in profits a thirty percent increase b. of a says their effective tax rate fell by nine percent. after the tax cuts goldman

sachs' profits were up by nearly as much twenty six percent to ten billion dollars and one interesting footnote in the journal's analysis without the tax cuts wells fargo would have had a decline in earnings and your over year growth at b. of a and city would have been essentially flat. in other quarterly profit news netflix posted some head turning numbers for q one with two hundred ninety million dollars in profits a sixty two percent increase versus the same period last year in the health sector united health posted approximately thirty percent increase with two point eight billion dollars in profits and drug and consumer health products j. and j. johnson and johnson declared a five point six four billion dollars in the black and increase just short of twelve percent and in the tech sector i.b.m. posted a one point six eight billion dollars in profits which was actually a four percent decline. and

a southwest airlines flight that took off from new york blew an engine in trap will smash into a window and damage the fuselage yesterday killing one woman a mother of two who was partially pulled out of the window due to air pressure as the plane was flying at thirty three thousand feet seven other people were injured the plane made an emergency landing in philadelphia this was southwest first fatality in the air in fifteen years and the first us air carrier passenger fatality since two thousand and nine the national transportation safety board n.t.s.b. is investigating the circumstances although passengers say the pilot formal name former naval aviator tammy jo schultz is a hero and that things could have been much worse miss schultz was one of the first navy fighter pilots ever southwest c.e.o. gary kelly praised all members of the airplanes crew and here to discuss this and more is gary left the founder of view from the wing dot com who joins us from often gary thank you again for big. it's actually horrible that

a life was lost in the circumstances no question about it hard to even talk about it quite frankly but it is outward evidence that the pilot there did a super of job it appears in avoiding what could have been a much more horrendous situation should southwest travelers or other air travelers be concerned about flying in general or flying on on these planes i believe it was a seven a boeing seven thirty seven what do you think gary. this we're talking about this now it's such big news precisely because it is so rare air travel in the united states a safe seven thirty seven's are safe the c.f.m. engines are safe the you know there has not been a u.s. airline fatality in nine years so you know what we're at a place now in the world where air travel is so safe that it's only really outlier incidents that just have not been predicted where there's a confluence of events that occur there are investigated and new procedures are

developed to make sure that they don't reoccur but this is a tragedy it is incredibly rare and people should understand that travel by air is one of the safest thing is that they do at all when whenever there's a i mean one hundred percent gotcha and safe safe way to travel and people shouldn't be worried but whenever there's an accident whether or not it's you know error car or anything i mean not just little fender benders but people look at regulators look at whether or not anything should be changed i assume that they are specked in these engines all the time but that is something that n.t.s.b. will be looking at the do you believe that. well certainly you know there have been issues with engines in the past with with even similar engines and in fact you know twenty two years ago there was an incident with a different engine on a different plane with delta where a piece penetrated the cabin but they're going to under work to understand under

what circumstances does metal fatigue if indeed that turns out to be what this was occur and what kinds of inspections might look for identify potential cracks the way that they approach these things is to understand the probable cause and generally speaking these are things that haven't happened before at this point because the procedures are simply so good to address the things that have come up before and they will develop new procedures to prevent their reoccurrence and you don't think that this will have any sort of detrimental economic impact on on southwest or on one other air air carrier traffic do you. well you know it certainly the publicity isn't good and people are going to pay attention to this however we've certainly seen in the past incidents that have occurred that have not done lasting damage to major carriers with good safety. with good safety records

where they don't have other significant issues at the same time i think that you know southwest will get through this the way that delta and american airlines and united have gotten through issues before this is not the same kind of a situation as a small carrier with other significant financial problems in the past they have a wonderful reputation of the course of forty seven years and in fact it's better than you were suggesting at the opening of the segment because the incidents that they've had in the past were not passengers on board their planes who suffered as a result of mechanical failures so this really is something unique in the history of the airline when we look at ratings for these airlines whether or not its safety or come predicts cetera and i know you do a lot of those on view from the wing dot com people should go there and check it out but how do they how do they come up with these sorts of ratings gary well so each of the rating systems is going to be different if you're looking at the

research that comes out of riddle and wichita state they're looking just at the on time of cancellations if you're looking at you maybe looking at baggage handling most of the rating systems don't look at passenger comfort but roughly speaking they're all going to be looking at published a to sticks that are provided by the airlines to the department of transportation and they're looking at different ways of parsing the data waiting different factors to come up with their results every year gary lef we've really appreciate you being being here view from the wing dot com thank you so much for joining us thank you. eric schneiderman the new york state attorney general is seeking more transparency from thirteen crypto currency trading exchanges including coyne based the popular california based crypto trading venue schneiderman said in a statement that too often consumers don't have the basic facts they need to assess

the fairness integrity and security of these trading platforms new york state was an early regulator of crypto currency is one of the first if not the first and here discussed this in other crypto news as jeffrey tucker the director of the editorial director rather of the american institute for economic research jeffrey thank you for being here i almost messed up on your name i know i did it one time all apologize from months ago i think i said american enterprise institute apologize for that we know who you're with and thank you for being with us what do you make of a. call for more information from these currency exchanges jeffery or i think i think a lot of the expanse of new york regulations people should be worried you know the last time new york tend to do this to regulate krypto it's been licenses regulated exchanges fifty fifty exchanges just immediately last man that killed or killed killed a york as a crypto center i mean that was

a disaster i mean license was interesting because it was supposed to be a model for the world that. still is the leading example of how not to regulate crypto because all these companies went somewhere else and in the world i would be concerned about you know new new regulations. and tokens and the exchanges and what tokens that they're trading and not you know as for transparency i mean come on. the these exchanges are perfectly transparent anybody who's involved with them knows the risks i don't know anybody was and who's not involved in these markets it doesn't. stand you could lose your shirt i mean we've just lived through a seventy percent drop i mean you talk about a crypto winter this was an epic when it wasn't the largest drop we've had in nine years but but the stakes are getting higher because every time the price of these things collapses it then reaches new highs and the business is expand people

expand their holdings and the stakes keep keep going up with each of these rounds of these roller coaster pricing. manias let me ask you so the people that are involved in the space that are already investors i think you're right that you know they've got sort of a comfort level with where where they trade but if you're a new investor and you look at some of the news this year not in the u.s. but in japan and in korea you know they had they were hacking in the hundreds of millions of dollars were lost what should new crypto investors be looking at as a place where they want to trade what are the sort of variables out there jeffrey and i well you know you really want to go to reputable exchanges and i know that that's an easy thing to say but you need to check it out first so there's plenty of information online new people who are new to this market quite frankly they have

a little bit of a difficult time because kryptos actually sort of strangely difficult to get to get part of the reason for that is precisely the past regulations on exchanges of the there should be there should be one hundred thousand exchanges you know not not a thousand exchanges so this this is part of the problem but yeah it's difficult for for news i totally understand that i mean seems to pay jeffrey like you want to know about just like you would with any exchange you know what are the transaction fees there how long does it take to get your money out sort of basic thing and what are the what are the limits on pulling out you know whether there's. any kind of record of shenanigans of some sort which i mean most of the exchanges that there are they have a strong incentive to avoid any kind of malfeasance at all because because it is a rather competitive market. i mean dealy you wouldn't be is in an exchange at all ideally you keep possession of your private keys you own your own

tokens you know in the best possible case you keep them hard storage you know in cold storage but yeah that is technically difficult there's a reason why these these exchanges are so popular i gesture let me ask you we only about thirty seconds left you may not want to do this but you know you were a betting guy among you know bit light coin ether where do you think would be a good place to put some don't now well from everything i can tell from the markets because in core it seems to be you know the market leader is the most highly capitalized point and truly if you are risk averse that's where you go if you plan to use crypto in your daily spending i think things like because in cash and like coin and bash and marrow they work for you but if but if you're just a person who's risk averse you want to put money and just not to touch it you just like to do better than the gold standard typically jeffrey you're always full of

information we sure appreciate you here jeffrey tucker the editorial director at the american institute for economic research thank you for being with us jeffrey it's my pleasure my pleasure. and time now for a quick pause but stick here because when we return daniele de martino both talked with us about a new report from the international monetary fund along with some recent news regarding sanctions and trade tariffs stick around be right back after the break. in july twenty seventh seen on an attempt a freelance journalist working with on t.v. the militant shelling in syria. the owner of his second finest quality has established a solid on such a memorial awards they will recognize will reporters who often risk then months with the sake of the truth and through them please you can submit to your published works in the video or in britain for you to go to a war and don't auntie don't come into now.

i think obama could draw a red line and never fulfilled his his threats i suppose are predictions. on the other hand i also don't support trump president trumps you know unilateral actions either but i'm in favor of multilateral responses not unilateral action we all hope for the syrian people that we can find a good resolution to this in fact we can develop democratic processes in syria and elsewhere in the middle east as well as time goes on. one of the first two goals only of the episode and then to plant the seeds you know

there before say of the year but also your dog. in the zoo in one. spot stuff like that. he'll think he has a cold as i have. to stop. this until. it's done but i mean you sound so seems. she meant. so much and that. comes as much to me and. well that we didn't have our numbers today but the dow was down and both s. and p.

and nasdaq were up on tuesday the british pound set a new post breck's at high trading at roughly one dollar forty three cents in euro trading it was pushing one point sixteen the highest conversion rate since may of last year the pound previously set a record for a one day drop in currency value immediately after the vote to leave the european union the pound sterling as value has increased by six percent already this year it's been assisted by factors including increasing optimism about the brics that deal and weakness in the dollar and last friday a currency strategist said i n g of the netherlands called the pound the darling of the currency world earlier today the pound fell back a bit on news of higher than expected inflation. the european commission is seeking to improve bank regulation and ensuring quicker access to electronic communications of alleged terrorists on tuesday the commission proposed giving judges across the

eurozone the power to demand evidence held in servers in other countries in terrorism cases companies would have to produce the requested materials within ten days or even six. hours and designated emergencies the commission also responded to the recent money laundering scandal at a b l.v. latvia's third largest bank by proposing to ease sharing a banking information between national financial intelligence units the bill would set a three day deadline for units to respond information requests from their colleagues . and cash shortage in india has left automated teller machines the a.t.m. and parts of the country empty and it's forcing india to print more money the finance minister of india sought to reassure the public that the country has enough bills in circulation for all its economic needs while also admitting that there were some quote temporary shortages in certain areas the sight of cashless empty a.t.m.'s

across the country has renewed debate over prime minister modi's decision in two thousand and sixteen to discontinue use of high value banknotes which accounted for eighty eight percent of the cash in circulation at the time. the latest u.s. housing numbers for march are in and paint a mixed picture of the market construction of multifamily unit was up and housing starts exceeded expectations while there was a fall in the keys single family sector the commerce department says that single family income single family home starts were down three point seven percent to eight hundred sixty seven thousand units single family is the largest category within the housing market and overall new construction starts with a seasonally adjusted annual rate of one point three million units an increase of one point nine percent multifamily units meanwhile made a big gain of fourteen point four percent said an annual rate of four hundred fifty two thousand units. to. the international monetary fund which is holding

a meeting here in washington at the end of this week has released a troublesome report which highlights the dramatic debt load of the world of one hundred sixty four trillion dollars and continually a trend that might make it more cumbersome for country countries to react to the next recession and pay off debts if face financing conditions tighten here discuss the i.m.f. report and other economic news is our friend danielle de martino both c.e.o. of money strong and the author of that up and a former advisor to the us federal reserve system danielle the world's nations have some made some great economic progress in the last couple years yet as the i.m.f. points out there may be a potential trouble on the not too distant horizon especially with regard to this global debt what do you make of the report. bear in mind that the report actually only refers to developed nations debt if you tack on emerging markets debt on top of that you get to something that's closer to two hundred forty trillion

dollars so big numbers we're talking here apart and it is troublesome the i.m.f. report really put things into perspective and what they had to say was that within five years' time that italy italy would be in a better position with in terms of its debt to g.d.p. debt as a percentage of its economic output compared to the united states if our debt continues to grow along its current trajectory not to think that we'd look across the pond and say you know you would tell you as you probably get italian you don't know how to stop spending money and italy's going to be in better physical shape than we are in the space of five years the i.m.f. report was very eye opening. that's very interesting actually i'm curious in general daniel about this. debt to g.d.p. ratio i mean if you don't have growth in your country and you have a big debt if you've got interest on that debt and there's no way out right i mean it's like i was in college or those student loan and salaried it didn't pay enough

government salary how are nations actually going to deal with that just hope for economic positive news. well i suppose so bart but if there is positive economic news there should also be along with that rising interest rates if you look at the situation here in two thousand and eighteen in our fiscal year the united states as it's expected to pay six hundred billion dollars on its interest look out five years and this is what the i.m.f. is looking at and it's over a trillion dollars just to service the debt and remember that the united states is leading the world central banks in terms of tightening monetary policy so there will be other countries that follow along the same path meaning their debt interest expenses will continue to rise as a factor of time as well which are which are the worst or the most trouble some g.d.p. to debt ratio nations out there danielle. well i mean japan has been the fiscal basket case for as long as we can remember but the fact that the structure

of their treasury their sovereign market is such that the majority ownership is within the country so that's one of the reasons that's been bandied about that japan has avoided any kind of calamity in the past few years and my opinion this situation really has yet to be truly tested because so many other other central banks came riding to the rescue during the crisis with quantitative easing and money printing but after japan you get to countries like the united states and italy very quickly bart until you unless you're talking about mozambique and marilou india and other types of emerging market nations that you would expect to have higher debt to g.d.p. ratios but again the i.m.f. report today pointed out that we will be at one hundred sixteen percent of g.d.p. within five years again on par with where italy is today and approaching by the way what we consider to be def-con one levels in japan really scary thank you for helping us understand it i guess not we thank you now let me ask you has turned out

your own. which i know you actually highlighted for us and we appreciate that there's a new study by the german macroeconomic policy as to warns that there's actually a possibility of a recession in germany and there's even another. researcher there it was noted who says that there is a big chance that germany in the next several months maybe move into recession and germany has been the stalwart in the euro zone or what do we make of that in yellow . you know that what was most telling about this particular report was the repair duty with which the tables seem to have turned for germany it was just in the single digit percentage probability in june and now it's up to a third of a thirty three percent chance of a probability of recession setting in now if you look at the i.m.f. for example they would say that there is not a chance in the world that germany is going to be going into recession anytime soon on the other hand going into two thousand and eight before lehman brothers blew up

they also so saw no chance of germany and of italy going into recession and that took place just several months later so it may be an alarmist view but i certainly think it's something that we have to pay attention to germany is not just the stalwart of the european union it is not just the strongest economy in europe it is one of the strongest economies in the world and a huge exporting nation the fact that it is slow down as quickly as it has should really be raising red flags for policymakers worldwide. news let's shift to a to last areas we only got a couple of minutes didn't you know i feel like this is how we are you know not in well you know out here it's not so one area is these sanctions danielle but let me ask the question they're both sort of the same question so i apologize for a little long question one is the sanctions that were going to be put on russia nikki haley the u.s. ambassador to the united nations said on the sunday shows you're going to get more

economic sanctions then it was determined on monday no we're not putting them on larry kudlow said she was confused. as i don't get confused that the meantime we've got the back and forth on the t p p we're going to be in maybe we're going to be out i don't know how follow this administration i want to be supportive of some of these policy positions but i don't know where they stand wait five minutes and it changes how the heck are markets going to react to this sort of. well i think that what you should really look at bart is the fact that that the markets are paying very close attention to the worst case scenario contingency we saw nickel prices up ten percent today based purely on the threat that the russian sanctions could come to pass i think that right now nikki haley has been articulate and poised and i actually take my hat off to her for saying no thank you i don't get confused so there are very real reasons to be imposing sanctions at these junctures and i think

that the the the lack of continuity in communicating out of the white house right now is just very disturbing and creates a layer of uncertainty for the markets always informative daniel de martino both thanks for joining us and that's all for now thanks for watching but short courage boom bust on you tube you tube dot com slash boom bust r t we'll see you again. four men are sitting in a car when the fifth gets shot in the head. for a different version of what happened one of them is on the death row there's no way you could have done it there's no possible way because the list did not shoot around a corner. the bad prints

the money and then the pentagon blows it up in various countries around the world or says u.s. soldiers out there to get maimed and blown up as you know die for your country to protect democracy you die in america to stop inflation that's what the soldiers out there are dying for patients replace the american flag upside down dollar sign or something. you never know what's around the corner you never know was in the pub you can walk into excitement it's that not knowing that's where the adrenalin much comes from. and you can use a move by definition and the extremes to will support. the violence is a part and it's almost a schizophrenia gang culture where you can do all these things and behave like

badly. you're going to be full of all this colorful that all. of us both was so focused on the last. honest man infirmed. role. in the start. of a broader way and not by figure out i really did a poll that i was going to get. meaning in these amazing beast if you don't only involves this constantly evolving in.

the top headlines fox international this hour a russian t.v. channel claims it's interviewed a syrian boy seen in footage reportedly showing be aftermath of a chemical attack a child and his father give their account of how about an event unfolded that day in duma. the u.k. . russia trade fresh exchanges at the un over the. case. neither it nor the international chemical washed old can confirm the all region of the nerve agent used in the. new trend among refugees in germany migrants are increasingly claiming to be terrorists so their arrests and ultimately of void deportation back to their countries.