this is boom bust broadcasting around the world from washington d.c. part. and today coming up as the lamb bows descend on manhattan for a crypto event we go to a big name in this space our friend jeffrey tucker to discuss the latest in cryptocurrency and block chain news and health conscious consumers and others will be interested in the state of the allman industry the toughest suite reports from california plus a ruling today by the world trade organization related to the largest claims producers in the world as explained by our she's eligible hyla bitch what will be the longer lasting implications of the w t o's decision will tell you there's a giant sucking sound in the airline industry and if it isn't good plumber national transportation safety board director jamie finch joins us to talk about southwest airlines continuing troubles in war all that ahead but first let's have some headlines the united states has said that iran central bank chief is

a terrorist and has accused him of funneling money to hezbollah and iran backed terrorist group u.s. treasury secretary steve i'm a new just said in a quote today the state the global community must remain vigilant against iran's deceptive efforts to provide financial support to terrorist proxies we'll be following this up more tomorrow. and turning to india the pain is not yet over at the punjab national bank or p n b the bank india's fourth largest already reeling from the biggest bank fraud in indian history has now posted their first earnings statement since the scandal and it shows a loss of nearly two billion dollars or one hundred thirty four billion rooper use for the first three months of twenty eighteen in the first three months of two thousand and seventeen pm behead a small profit of two point six billion rupees in february as we reported here p n b claim that it had been defrauded by various companies including the jeweler near

of mody authorities filed charges against twenty two descendents in the case on monday and two more sets of charges expected this week mr modi who is being sought by the authorities remains at large. and the controversy over the admissions defeat devices has untangled another automakers we reported earlier this month about the fraud charges brought by the u.s. department of justice against the former c.e.o. of volkswagen related to the installation of technology in v.w. vehicles intended to generate false lower pollution and readings in a mission test result now a set of lawyers represented representing fia chrysler shareholders have filed as evidence what they say are e-mails from twenty fifteen that show that chrysler c.e.o. trying to manage the fallout from v.w. scandal has done some e-mails that would raise some question the e-mail support early show the c.e.o. be rating fia chrysler's top u.s. spokes person for issuing a flat denial that chrysler use the defeat devices the c.e.o.

e-mailed to ask are you out of your so and so mind and call this statement utterly stupid and unconscionable for chrysler said the c.e.o. was not admitting defeat devices were used but criticizing the issuance of a statement on the matter with insufficient internal consultation and review the group of shareholders filing suit safia chrysler's. the fraud had them by exaggerating the company's ability to comply with safety and emissions standards. and amazon has become a dominating force in many industries and now it's getting on the block jane bandwagon amazon announced that they will be entering a new partnership with a startup called calais oh it's an offshoot of one of the leading blog chain incubate or is consensus the idea is a simple one make it easier for people who use amazon web services to use watching a ws as amazon's cloud computing platform used by many companies governments and individuals joe luban the founder of

a theory and was excited for the project saying this is a heavy duty full stack way of getting the company into block chain solutions amazon is one of a growing number of companies which have announced block jane an issue of an a bit coin prices rallied some four percent since yesterday as some of the big names in the world of cryptocurrency is there in new york for an event also called consensus twenty eighteen the cost to attend the event three thousand bucks which by the way the creator theory am said he would not pay some of the attendees were obviously the newly crypto rich a few even pulled up in luxury lamborghinis here discuss the state of play in the crypt the world is a very big name in the world crypto currencies jeffrey tucker the editorial director of the american institute for economic research jeffrey thanks as always for joining us you go to so many of these events i imagine you get tired of them but this one in new york city seems to have a few notables including fred smith the c.e.o. of federal express has said that block change has been the potential to completely

change everything jeffrey logistics like that x. and other transportation seem to be like the real natural place for block change to evolve is that what you're seeing and what are the other areas. well you know anything that requires documentation record keeping an immutable records audit trails which is basically all human relationships can be blocked chained in fact we're all going to be blocked chained you know and ten years of this is what's happening token as they let the whole world be tokenized as far as five. that i love that we're finally getting some respect out there you know i've been around since two thousand and eleven two thousand and twelve and those are back in the days where you never mention the word blocked and nobody or you're talking about if you said the word because they thought you were promoting online drug sales so so this is a dramatic change this consensus gagan the arc you know we had a whole regular we had regulatory departments there and it looks like finally some things can be done about it license so the block chain companies can come back to

new york but no everybody could be use and block to a fair bit governments can use it for titles and deeds and companies can use the poorer supply chains and of course tokenization is going to challenge traditional v.c. funding and of course most obvious thing in the world money money that so that's what they're really that's the killer app for jeffrey i'm curious and i'm not asking about you but i mean do you know a bunch of these people in the events that you go to who are sort of the new crypto rich and i'm not suggesting you dime our people with that or anybody's. listening you know this whole lemberg anything is funny the block chain world it's i thank you for asking the question this world is divided between two kinds of rich those who live like the poor and put everything into crypto assets and those who just see this as manna from heaven and like to live very high so i know i don't both types

it's a funny world book you know we're headed towards a half trillion dollar market cap in this industry and probably it's going to double like before the end of the year there is a new class. emerging out of luck chain these people are very interesting they didn't go to finishing school they don't even go to the right school and they're not from well to do families these are the nerds who are really good at the rubik's cube and junior high school but nobody wanted to hang out with that and get it out of the right party so this is a. it's a new class of a very very well to do and yes i know many of them were happy for them geoffrey we've only got a little bit of time i want to hit you sort of a light year on with two quick questions ones related to i.b.m. the computing company you know they announced they're partnering with the british fin tech start up to issue a crypto token on the stellar block chained to tokenize carbon credits which seems like a pretty cool idea to what do you make of that idea that's

a no brainer and still is still is a very interesting fillip by starlight here a very interesting company it's a ripple break off that everybody underestimated when the air dropped i think it was eighteen months ago or something like that but it's just been killing it out in the markets these days they've been doing very very well i think it's a wonderful idea these partnerships are are endless and. ever more the call of the whole ecosystem is getting crazy complicated and globalized too so. this amazing things going to a are produced a study they are they suggesting that the failure rate is actually very high. in this industry but it's about what you would expect from a typical business start ups i mean so it looks alarming first to the face of it seventy eighty percent of these tokens are going to die but it turns out that's kind of what you expect from a robust and exciting interest rate when you come back which we hope is soon

geoffrey we want to see if you'll tell us how brick bitcoin can break out of this resistance sort of the level that i know here but we can do it now we're at a time this time fortunately going to make the best prediction no go ahead make you make if you want to hear it go ahead well i'll just say we're following regular price trends this year so far we're right on track i think things are looking very good for a blast the fall and winter jeffrey tucker an editorial director of the american institute for economic research thank you for your time. and now to touch a sweet reports on california in from california on the state of the allman industry and what may be ahead for the future. roughly eighty percent of the world's aman's are produced in california however changing weather patterns in recent months have made quite an impact on estimates for the upcoming summer harvest the weaker us production of the oval shaped tree not isn't slowing demand

down in fact the u.s. department of agriculture is forecasting a nine percent rise in production in the country alone some point to almost nutritional benefits catching popularity among the health conscious consumers that's also part of the reason behind food makers creating more varieties of their products with all men's like all men milk flour and other baked goods consumption of almonds shot up nearly fifteen percent from two thousand and twelve to twenty seventeen euro monitor international is also predicting a four percent annual growth of omens through twenty twenty one but this in turn is the reason why some producers are looking outside of the u.s. for allman production in australia harvard university is developing almost fifteen hundred acres of fields that were formerly growing potatoes university says they're building a new dam and planting trees that will take roughly three years before they see any fruit well the omen business is also becoming more lucrative for australians they are the next generate between six thousand and ninety four hundred per acre roughly

forty times the amount grains would produce in the same area that's according to the australian industry council omens have been growing in australia since eighteen thirty six and now family owned farms are quickly being replaced by commercial almond plantations that have backing by foreign investors according to the almond board of australia there are now more than ten million almond trees in the country well each elementary produces roughly five thousand nuts in one year each tree only has one harvest and that's during the summer months so only time will tell to see just how significant the crop damage is in california if it'll affect prices in the central valley natasha sweet artsy. kind of a quick break but hang here when we return a world trade organization knowing related to the largest one aim for. losers of the world as explained by our choose alex my all of it as we go to break here the numbers at the closing bell after eight straight days of gains a dull fall today and vickery we talked about also down for the for a day overall though it did rally in the afternoon.

about your sudden passing i've only just learned you were yourself and taken your last wrong turn. your attitude up to you as we all knew it would i tell you i'm sorry for me i could so i write these last words in hopes to put to rest these things that i never got off my chest. i remember when we first met my life turned on each breath. but then my feeling started to change you talked about more like it was a cave still some are fond of you those that didn't like to question our ark and i

secretly promised to never be like it said one does not leave a funeral in the same as one enters the mind it's consumed with death this one difference i speak to now because there are no other takers. to claim that mainstream media has met its maker. and the politics of washington not been driven by the fossil fuel energy lobbyist they could have gone into renewables ten twenty years earlier and those jobs would be in place generating good paying jobs in america would be part of a growing world beating industry because they kowtow to those lobbyist they got stuck in the coal business which it up liberated by the gas business which is a true. for a lot of reasons and now that's going to be obliterated by chinese led revolution in some.

welcome back the familiar shoemaker rockport with subsidiaries in the u.s. and canada has filed for bankruptcy the company based in newton massachusetts filed for chapter eleven protections in the us bankruptcy court for delaware is entered into an asset purchase agreement with an affiliate of charles bank equity fund which will play the role of stalking horse better in the eventual sale process to be supervised by the court the purchase agreement covers rock ports global wholesale assets online retail and brick and mortar stores in europe and asia charles bank will get a first choice on whether to buy rock port's north american store locations rockport also reporter will keep stores open during the bankruptcy proceedings. immigration audit of employers in the u.s. are increasing according to immigration and customs enforcement or ice the agency said on monday that they began audits of nearly twenty three hundred employers

between last october and this may compared to less than four thousand nine hundred in the fall preceeding year workplace arrests were also two nearly six hundred since last october compared with one hundred seventy two in the full previous year and ice officials said they hope to push the number of audit's up to five thousand in the summer the increased pace of work or workplace enforcement actions the fills an ice announcement earlier this year and as an expression of president charm stated anti immigrant agenda which was at the core of his twenty six thousand election campaign increased repression of undocumented immigrants under the truck administration is produce many seen someone video of immigrant parents snatched off of city streets in front of their families the justice department recently announced a policy of separating children detained by u.s. immigration officials from their families hundreds of immigrant children have already been separated from their families since last october. facebook has gone on

an un friending spree they social media site says they have removed two hundred applications that they say misuse data from the platform though they have not name the blocks been after the applications that have been blocked facebook says they do plan to eventually notify anyone who used the suspect applications facebook vice president of product partnership said facebook's internal review process announced after the cambridge analytic a scandal review will review all apps that use facebook data then conduct interviews and audits with flagged app makers meanwhile an investigation by new science magazine found that the information captured by researchers affiliated with cambridge analytic oh it was stored on the extremely vulnerable website for for you . years. the w t o the world trade organization has ruled on an aerospace industry dispute

between the us is bowling and europe's air bus the decision in favor of boeing is expected to have profound impact on the way the united states and europe do business artie's alex harlow bitch joins us in toronto with more alex appreciate it look at end to this is a longstanding dispute between these two major airline manufacturers full set on the details. well look this has been going on for about fourteen years with the w t o and back and forth between boeing and airbus and of course the e.u. and america standing behind their team now we hear that the w t o has made its decision siding with the united states saying that billions of dollars were dumped into subsidies were given to air bus now the us and boeing were claiming that about twenty two billion dollars were invested in a number of programs at air bus which gave them an unfair advantage over boeing and thus became a major competitor but as it was not in the past with boeing actually growing the

company and taking business away from boy with this unfair practice now that said well yes this is a twenty two might be a big big number might not be twenty two billion by be more like nine billion but they're going to be breaking it down year by year what the damage was done and that's something that their dog going to be doing right away it's something it's a process that they're getting into right now now also when it comes to the w t o you have to think of all the the arguments against boeing so there were two hundred four claims against our sort of two hundred eighteen claims against the air bus and the e.u. by boeing and the states two hundred four of those were dropped but the still means that a lot of money it was speaking of the book put into this program and unfairly so we hear from the world trade organization that something like this is going on you know that there was something behind this now you think this might be the end this is great news for the us well there's another case coming up the pipe and that's the e.u. an airbus against boeing and the united states now they're saying sure ok subsidies

whatever your club you're telling us that we're putting subsidies as well how about the united states military complex and how about the amount of tax incentives that that bombard or not over here why did i go to a canadian company that boeing got inside from the united states that this actually shows that the states were doing the exact same thing with boeing as the e.u. was doing with arab. so this argument doesn't end any time soon it's a victory for now but as you know this this type of thing doesn't just go away it's going to keep keep pushing forward and we're going to find out for months what's going to be decided in that case the e.u. an airbus versus boeing and the united states alex think about all these conversations we've had over the last several months about you know the trade wars etc you know how do you think this decision this decision plays into the larger picture of the trade disputes between the u.s. and the eurozone it's massive because right now the u.s. has the ability to put sanctions up against the e.u.

because of the subsidies that the decided are briley were happening so from that respect that's huge and this is a relationship that's on shaky ground as is don't forget the paris accord with the u.s. walking out of the climate change accord and then with the iran deal that now happened in the threats of tariffs that have been happening now for months on end so this bad relationship that we're seeing between the e.u. and the u.s. might just get worse when we're talking sanctions we're not necessarily talking about sanctions against the aerospace industry itself these could be sanctions in other industries in the european union that the u.s. can impose sanctions against and that's it could be all encompassing but the whole thing is here again we're talking about billions of dollars here so right now the leverage if you want to talk about leverage donald trump has leverage in this case and he's pushed this forward and he's making it at ways with this he it really is something that's going to the u.s. advantage as it stands now there's i mean

a lot of players here i mean the w t o itself it coming down the pipeline as i mentioned there's other decisions to be made so it's going to be seen if this body that a lot of people are saying there is a slow to move forward and that is not efficient as it should be if they're going to make it through all of this as well so there's a lot of key players here and you know some things to be seen because of sanctions get hit in the u.s. hits europe with sanctions you know this is a whole new ball game alex hyla that you're always an air bus of data we thank you so much appreciate it artie's alex my hyla thank you. u.s. airlines which had a passenger died not long ago about a month ago when the engine blew apart shattered a window it continues to have major problems the airline it is on saturday a flight from denver made an emergency landing in dallas after the cabin started to

lose pressure oxygen masks were deployed and passenger rest of put them on their one hundred twenty passengers on the plane four of whom asked for medical evaluation to do due to your pain supposedly due to pressure you would think but here to talk more about southwest recent problems former n.t.s.b. director jamie jamie thank you for being with us again to say you know there's this giant sucking sound but we didn't anticipate it was going to be with bodies being pulled out of metal tubes flying high above the air we. airlines another guy who was a copilot didn't perish but that just happened monday morning right exactly exactly and so what's going on with southwest this seems to be a pretty problematic pattern i don't know i mean i'm very concerned about this myself i mean southwest has always been excellent airline is the third largest carrier in the u.s. and it has never had a income problems like this but what concerns me the most is that when you start having these incidences and accidents as accidents cascading like this and we

have one thing after the other at the other end and it was so you had the problem on the new york flight where the jennifer perished in the row horrible circumstance but then you had another one where there was another cracked window in another murdered sea landing in nashville and then you have this one from over the over the weekend i mean it is troublesome it is troublesome i mean i think we there's a lot of factors that go into this there's never just one. situation that you can be point to point out there's usually several factors not just a maintenance problem you know it could well it could be but there we need to look at all those things we need to make sure. that f.a.a. and regulators are looking very closely at not only southwest but all the airlines what are they doing with their maintenance that is causing a problem we have when was the last time you ever heard a cracked window on a plane and then when we've had five or six in the last month you know now there's a problem here i don't know if it's something with the maintenance i don't know if it's something with that where they're outsourcing this there was there's been reports and complaints lodged by some of the aviation unions. main as unions

concerned about some of this outsourcing that they're doing. it concerns me greatly now but i could see a lot of people who are probably changing their preference to aisle from a window seat these days i would be let me ask about something else once we have you here jamie the airline profits were up eleven percent last year but a lot of that seems to be in baggage fees which years ago we didn't have baggage fees what do you make of that well they've been up baggage fees have been up forty five percent to four point six billion dollars oh my god no more than five percent forty five percent and so the baggage fees that they have added on that we all pay none of us like it and so forth but it has added to the profitability of the airlines now with that you're going to see a lot of that starting to road now that the investors a lot of the analysts are starting to look at this very closely because the fuel

costs are going up exponentially that that's when these baggage fees started to be implemented back in two thousand and eight and then i think all the airlines all the domestic airlines were on by two thousand and ten we had i know these numbers so well it's weird of me but. crude oil went to one forty seven twenty seven intraday in july of zero eight and so the jet fuel cost and everything it went higher but we are seeing that again now the saudis are predicting eighty dollars a barrel so all these airlines are being impacted me head back to southwest just a little bit. how's their stock doing based upon this recent negative news of the day they've taken a little bit of a tumble i suppose they've taken a little bit of a head they are they have gone down you know some small percentages but if these things keep happening they could go down exponentially and so southwest needs to get on top of this immediately is that it is just a southwest problem i mean whenever there's a problem with it when they're lying there's

a problem with the entire industry we need to make sure that the aviation industry is taking care of itself maintaining itself if they're making all of this profit if they are if they are getting this from baggage fees and other kind of charges that their costs but they're charging their customers we expect as customers that they're going to be investing that money into the safety and security of their planes well as you told us before air travel is one of the most safe the safest though is to travel but we want to continue that way jamie finch former director n.t.s.b. thank you for pleasure thank you. and before we go we always had in a few of the first quarter earnings statements first some major companies here on the program well here's an interesting q one report beer sales in the first quarter of the year were down and highs were bush in bev molson coors and heineken all reported sharply lower u.s. beer sales compared to a year earlier it appears however that consumers are not staying away from drinking they are turning to wine and the harder stuff like whiskey and some of those sales

increased a particular note is the four point one percent in and heizer busch imbed which lost ground in their flagship budweiser and bud light products molson coors dropped five percent and eight percent five point eight percent rather and heineken dropped by roughly eight to nine percent other reasons that some suggest for the fall in sales is due to some consumers turning away from the big brands to craft breweries another reason may be the weather which last year was warmer during the first quarter of the year then this year and with that we are out of time for today. it's above eighty degrees here maybe grease fahrenheit in d.c. and there's probably a cold something someplace thanks for watching be sure to catch boom bust on youtube youtube dot com slash boom bust r.t. so long for this time. twenty eight team coverage we've signed one of the greatest goalkeepers available

to us but there was one more question and by the way who's going to be our coach. guys i know you are nervous he's a huge star and the huge amount of pressure you have to be the center of the page but how would you and do all the great. you are the rock at the back nobody gets past you we need you to get going let's go. alone. and i'm really happy to join for the two thousand and three and world cup in russia meet this special one. meets just at the reno beyond the team's latest edition to make up a bigger. twenty forty you know bloody revolution to keep the demonstrations going from being relatively peaceful political protests to be creasing the violent revolution is

always spontaneous. is it you know lloyd i mean you know liz put me in the. school in the middle of the former ukrainian president recalls the events of twenty four. those who took part in this to do over five billion dollars to assist ukraine in these and other people that will ensure a secure and prosperous and democratic. the end. the the was there he. were. the end.

yes north korea cast doubt over kim coming meeting with donald trump after the u.s. carries out large scale military drills with. u.s. claims the relocation of its embassy in israel to jerusalem was not the cause of monday's deadly unrest on the israel gaza border. and. european leaders speak out in defense of the iran nuclear deal saying it should not be changed despite us playing out. for the latest on the stories you can head to r.t. dot com stay with us now for financial news in the.