samir account broke down the story for us according to buzz feed at trump told leaders at the g. seven summit that crimea is russian because everyone speaks russian there on the second day of the cement truck made a few comments in regards to russia saying it used to be the g. eight before russia was kicked out and he also called for russia to be reinstated saying that they should be at the table so that they can solve the world's problems together naturally some leaders were opposed to this including mccrone and merkel but first some background crimea joined russia after a referendum was held were almost ninety seven percent of the population voted to join russia and international observers were present at this referendum but it's pretty big that this is all coming from a u.s. president so we'll just have to see what happens well speaking of a white house press conference spokesperson service sunders the line to comment on donald trump's remarks i don't wear any comment like that i know it's been reported but i'm not going to comment on

a private conversation i wasn't part of that i don't have information on. the u.k. house call for an emergency united nations session on the saudi led offensive in the yemeni port city of ho data the ground operation is the largest so far in the three year yemen conflict groups say it will worsen the country's humanitarian crisis but so do you really insist the goal is to remove rebels from her data and bring it back to the judge in the room with more on this story paulie. well this closed door u.n. security council meeting was held at britain's request after the saudi led coalition there launched a full scale attack on the port of data the saudi led coalition wants to wrestle back control of the strategically important port but the problem is that yemen has been suffering as a result of the civil war for some three years now and the concern is that this new offensive is going to make the situation in yemen even worse although for many it's

hard to imagine how it could get any worse the war there is already described as the planet's worst humanitarian disaster and aid agencies have been sounding the alarm throughout this conflict but they are particularly alarmed by what's happening now how data happens to be the port where seventy percent of yemen spewed in supplies come through and the u.n. in the red cross have had to withdraw their staff from the port city and a full scale attack on her day to put even more yemenis at risk of starvation and it could force hundreds of thousands of people from their homes as well as aid organizations are warning so it was britain that called this meeting the foreign secretary boris johnson had tweeted earlier that yemen is the world's worst humanitarian crisis and that he brought together key international partners to stress the need for humanitarian access and a political solution but what boris johnson didn't mention in that tweet is that

the u.k. is practically saudi arabia's best friend on the world stage especially when it comes to the arms trade the british government has licensed over four point six billion pounds worth of weapons to saudi forces since the war started back in twenty fifteen and about sixteen thousand yemeni civilians have died since twenty fifteen when the saudi led coalition first started bombing iranian backed who's the rebels there so campaign is in the u.k. say. this isn't about a u.n. security council meeting what's needed is a change in policy from the u.k. government and there are questions over whether a security council meeting or a number of them can achieve anything while the u.k. continues its policy of arming the saudis. the un general assembly has voted to condemn israel's use of quote excessive indiscriminate and disproportionate force against palestinian protesters over the past two and

a half months since the end of march i.d.f. troops have killed over one hundred twenty people in gaza the resolution one widespread support with one hundred twenty members barking at forty five abstained eight states including the u.s. and israel voted against it the palestinian blusterous said he just wanted to see civilians protected while washington's envoy claimed the vote would play into the hands of the islamist group hamas which controls gaza. the nature of this resolution clearly demonstrates that politics is driving the day it is totally one sided it makes not one mention of hamas who routinely initiate violence in gaza the need to protect our people under this occupation remains. unquestionable and large should that be offending anyone. we're just asking for a simple thing we want a lot of civilian population to be protected and while israel maintains that its

actions are necessary for defending its borders the use of live fire against the patient protesters has only just a torrent of criticism from rights groups. the . this is a vital mistaken if people knew the true story about israel it regarding hamas this vote would not have gone this way a lot of times these deaths of these palestinians are actually because they're using civilians as human shields and a lot of times in fact almost all the time the violence is actually initiated by

hamas certainly not by israel the claim to trying to blame hamas is just a distraction it's a form of deception which they want to try to mislead the people from seeing what's pretty clear you've got unarmed protesters who are in gaza they're you know hundreds of yards from the so-called fence and they're being shot by snipers. with with live ammunition and this is what's going on there is a clear recognition that it's wrong and that there's no future in continuing this kind of old pressure even if that is where we leave the news for now i'll be back in just over half an hour is time stay with us for that but next a finance in focus in only the way mexico and it's because rich. when you also see that action the u.s. agrees on paris the us weekly's on iran and pulls all of that if i'm can do

a little from north korea i will think five times before i sign up something was wrong because i don't know if the guy's going to keep his promise that in the first place. i am erica as are this is the closer for well let's get into the show hey max i want to show you a hockey stick sort of chart you know it's a good time to do it during the stanley cup well one month treasury bill eels this is quite remarkable going back to two thousand and nine to do twenty eighteen you see that it has soared ninety one fold from as low in june twenty fifteen when it

was point zero two percent now it's one point eight two percent a nine year high that's a remarkable ninety one fold increase in the old it's just it's on the one month treasury bill you know that shows that banks don't trust each other so banks are not lending to each other so credit is freezing that's what a credit freeze looks like we saw in two thousand and eight and then the global financial crisis in suit and a required twenty trillion dollars worth of fresh central bank printing of money to bail out the banks and then they used the money to increase their balance sheets and risk by a huge factor and now are at the stage where it's going to collapse all over again but in a much more spectacular way so that's what the that's what that's telling us if it if that continues then yes we're on the verge of another leg down of the global financial crisis it did start you know this soaring of the yield started right as trump was elected so the bond market is moving in one direction stock markets are

booming obviously and that's done well under trond and part of it and i'm going to get to that in a bit is to do with all the share buybacks as well and trumps new tax legislation which has seen repatriation of overseas fund so fame shares had an all time high. as well this is another chart from the same guy facebook all time high apple all time high amazon all time high netflix all time high now is that one hundred all time high you see they're doing quite well maybe the bond yields are not doing as well but certainly the share prices are doing well yeah absolutely monopolies are alive and well in the platform stocks like amazon and facebook and others that dominate that space yes so those are all the big online social media platforms they're all doing well and they're they've been soaring in the nasdaq is that a new high the last time we saw this high was back in two thousand and two thousand

right on the dot com bubble crash last one now is this sustainable is this not well we'll street dot com they look at it and you know wolf richter over there does a lot of analysis of the housing market of the auto market of stock markets of bond markets and he says you know he looks at what's overvalued what's not and he gives some reasons for it so it's a good sign we've interviewed him many times but his article here on these dot com shares and there are soaring valuations in the soaring stock market he's got an interesting explanation for this huge new prop under the stock market is a one time affair crash insurance with an expiration date but it's working while it lasts in may with great and perfectly orchestrated fanfare u.s. corporations announced plans to buy back one hundred seventy three point six billion dollars of their own shares sometime in the future it was the largest

monthly buyback announcement ever and some of the announcements were expertly time to overcome operational debacle so again he's looking at their actual results and he sees a lot of operational deficiencies there that would normally impact the stock price but they've timed the. share buybacks to have huge announcements biggest ever one hundred seventy three billion that were announced and may now one hundred billion is from apple alone but they as he points out have not even finished apple corp has not even finished doing their last announced share buyback so whether or not this was ever materialize is another thing but a lot of this has to do with this repatriation of all their overseas allegedly overseas funds well the problem is by way of analogy if i had a convenience store that sold lots of stuff in the store and my revenues that i reported at the end of the year were based on my self buying the stuff in my own

store so it didn't of the year i said i bought all the toilet paper and i bought all the twinkies and i bought all the anti-freeze and i bought all the twizzlers and i bought all the beef jerky as i bought all that stuff and i booked huge revenues ok that's great i should be worth a lot of money because of all the revenues that i have created by buying back all the stuff in my store you should be in the government if you know that's what happens if you're buying back your own stock you know not creating any earnings well the last episode you were talking about the collapse of the soviet union and the united states would not be far behind that of course sounds like a soviet model a communist model is that just buying back your own stock now what steve jobs have done this i mean would he be buying back one hundred billion couldn't he find a better use for one hundred billion dollars if it's one hundred billion dollars buying back your stock share great your shareholders are very happy but are you know is the future. does that future look bright if you can't find anything to

spend it on creating short term gains at the expense of a longer term growth yes actually so you know some of vesting in defeat your products and employees you're taking all of future revenues if you're booking it today just like the mint is buying back all the stuff in his own store yes he bought back all of a stuff in his store and he has a lot of revenue but now his store is empty and he has nothing to sell so the next quarter he says my sales are zero because i have nothing in the store to sell i bought it all myself so similarly with apple they'll buy back all their stock they want to invest in the future and when it comes time to reporter an engineer or two from now they'll have nothing to report well i'm going to get into why this is basically just a blip because of the tax legislation that passed but you know as you were describing it buying back your shares it's a lot like what the private equity model we've seen across retail sector we saw toys r us just go bankrupt to shutting down hundreds of stores are having liquidation sales everywhere and they were driven out of business intentionally

really by private equity firm that bought it with their own assets the assets the stock value of toys r us and then give themselves four hundred million dollars the whole company class people that were working there for thirty three years get zero these guys who came in for a few months destroyed it and then you know now it's left as a carcass and that is essentially what apple is doing at the end of the day it's might be a longer term and there might be some fancy products in the meantime but wall street says about the tax how the tax legislation the new law has basically incentivize the share buybacks he says the no trim tabs provided as to why the share buybacks are suddenly blowing off the charts is key the corporate tax law has changed concerning the repatriation of overseas cash that represents many years of untaxed profits and vested mostly in u.s. treasuries and corporate bonds this quote unquote repatriation is a one time affair why. these limited so called overseas cash has been repatriated

and spent on share buybacks dividends and executive bonus is gone and then what these immensely overvalued shares will then have to find real buyers but for now companies are selling their treasuries corporate bonds which have taken a beating recently and are using the proceeds while they last to buy back their own shares at historically overvalued prices right you mentioned leveraged buyouts there are so instead of a company doing a leveraged buyout on buying another company they're doing a leveraged buyout of themselves they borrow lots of money and they buy back their own stock and they're taking themselves private and they're taking the entire s. and p. five hundred private and the people who are left will be a private equity stock owners who run the economy without any participation at all from the general public who already owns less than twenty percent of the stock market owned by the average mom and pop out there will drop down to less than one percent.