details for the cryptocurrency all of that directly ahead but first some headlines and we begin right here with a five billion dollars plan to get state banks back in the black of the finance minister of turkey and bills the government's plan to help move defaulted debt off of their books the finance minister who is the son in law of president order one announced the sale of four point nine billion dollars worth of bonds to finance retirement of non-performing loans from the portfolios of turkey's state banks and to increase systemic liquidity the finance minister warned of more reading ahead estimating that the percentage of non-performing loans in the state banks now at four point two percent could rise as high as six percent the minister also said that two special funds will direct proceeds from the bond sell to energy and construction sectors turkey's profitable and politically connected construction sector is a product and an emblem of turkey's past years of strong growth fueled by stimulatory monetary policies but now turkey is officially in

a recession and policymakers are trying to manage problems including two hundred billion dollars in foreign currency debt and a substantial slide in the value of the turkish lira in currency markets. or moving west from turkey across the balkans to italy the italian treasury has downgraded their national g.d.p. growth forecast for twenty nineteen to just point two percent that figure is a downward revision of the projection made in december and that was a flat one percent at the same time the italian treasury also says that their budget deficit will increase relative to g.d.p. from just above two percent to two point four percent that lower level of deficit to g.d.p. that was the product of a short but nasty spat between the right wing coalition government and the european union which threatened the government over the determination to enact campaign promises that they made to italian voters the new deficit of g.d.p. ratio roughly matches the one that provoked the fight with the e.u. in which the italians ultimately backed down italy in the. so you now seem

positioned for continued friction and frustration over fiscal policy. well here we go again the u.k. is looking for another delay on brags that prime minister theresa may will request a new deadline of june thirtieth when she meets with the e.u. leaders today for an emergency summit in brussels so this friday is the new brags that deadline the march twenty ninth deadline that was obviously missed u.k. prime minister theresa may will now ask that briggs it be delayed until june thirtieth but there is a problem here you see the new brigs a deadline april twelfth this friday was decided upon because it is the latest point at which the u.k. must declare its intention to stand in european parliamentary elections or not if the u.k. is still an e.u. member state on may twenty third that it must feel candidates in that poll joining me to break it all down richard wolffe professor of economics at the university of massachusetts amherst and also the author of democracy at work

a cure for capitalism richard welcome. thank you very much glad to be here so let's begin here theresa may is going to ask for this delay until june thirtieth but it looks like the e.u. leaders may instead of for a year delay the concern is that again if these parliamentary elections were held then the breaks it takes place and then u.k. representatives might be seen some are saying as a trojan horse of sorts is that correct. yes or the european union does not want to give britain a say in a unity of europe that they have refused to be part of and that unity requires open borders to let continental europeans come to england for jobs and other things it deals with again the same issues that prompted brags that the catastrophe here is that the wobbling of the british is threatening together with other things the whole project of a unified europe and that's what's in the balance as they negotiate back and forth

so when theresa may goes in an instant just this june thirtieth deadline are chances pretty strong then that the e.u. leaders are going to say no we even see they're going to have to be a four year or get it done by friday. i think so i think by now the europeans are to discovering that the worst thing about break is it is not whether it happens or whether it doesn't happen but the worst thing is the uncertainty around it nobody knows whether to make an investment in one part of europe or another because they don't know what europe will mean in terms of where they can sell and where they can buy and what kind of profits they can make so they want something settled instead of this endless soap opera of the british turning in on themselves around a subject that most of the rest of europe doesn't care about that much one way or the other the rest of europe probably doesn't care as much and yet you're talking about uncertainty certainly in the case of the e.u. the european union there's also a lot of uncertainty for the people in britain as well the business owners there in

britain struggling with exactly what this means so it was so how important is it in general terms of just the british economy itself to figure something out here get a deal done of some kind so at least whether it's a good deal or a bad deal at least there's a deal uncertainty. well the biggest thing is the uncertainty most british people and businesses want the uncertainty resolved they now regret that they have been wasting years several years now fighting back and forth nobody really remembers exactly why the whole issue was a raised many of those who voted for leaving europe are not re position themselves they were there for staying in europe so yes i think the basic question is get this resolved because it's not the fundamental problem of england that's its position in the world and even a round of europe will affect that but it is not as fundamental as the other issues

that have been put on the back page as they go through this internal convulsion over and over again so there is a new study richard from the united nations conference and trade development that claims that china would be the big winner should the u.k. leave the european union without a deal chinese exports to the u.k. could actually boost by ten billion dollars or seventeen percent of its current exports in the country u.s. exports would actually rise some five point three four billion and japan would gain four point nine billion certainly there are some nations that might be hoping for a no deal brags that china obviously would be the lead of those. well i think the issue here is that the world is now shaped by trading blocs one is the united states one is china and the third big one is europe or it was if the europeans fracture partly by the braggs it the disaster already and particularly more so if they now leave but you also see it in italy as per your comment earlier

the italians have cut their own deal with the chinese already if you fracture up europe if france or germany begin to see that they're going to have to choose sides ates not clear which way they'll go with the u.s. with mr trump and they don't like with a destroyed britain which they're watching or with an ascending china we could see a dramatic reorganization of the world politically and economically because one of the big power blocks europe is literally falling apart or speaking of china the u.s. china trade or is reportedly straining this shift gears just a little bit but straining taiwan's economy taiwan's exports fell for the fifth straight month in march in fact exports are in the negatives domestic demand is not strong enough there it looks like taiwan is about to into a recession in a lot of that may be the result of this u.s. china trade war my correct on that. yes you are absolutely correct here's the way

this works when mr trump begins this process by slapping tariffs to punish the chinese or at least to be appearing to do so the chinese respond that we do says trade between those countries with them not trading as much with one another they in turn can trade as much as they did before with all of the other countries because for example if you can't export goods from china to the united states then china in turn will not import the inputs to what they produce for america people don't think about that but many of the inputs in mainland china come for example from taiwan so that this ramified is and if you have an economy like taiwan totally dependent on exports it's a little place then that could have a bigger effect on that kind of economy than it does on the two big ones that are fighting it's like two giants fighting in the the overflow of fact is very damaging

for the smaller people around them and that's going to shape and change world economies in dramatic ways the longer this kind of trade war continues and we only have about a minute left i want to get your input also on this latest announcement president from talking about putting another eleven billion dollars in tariffs on europe you know we're talking about terrence what do you think will be the result of that. well it's going to make the europeans even more upset and hostile to the united states it's going to make them more receptive to cutting deals with china which is easy an out for them to do but most important people should understand with the beginning of trump it was canada and mexico and he was going to promise them for cheating when that was over the headlines were done it was china we've had a year of that now that the china thing is winding down he's going to go after europe people should understand this is

a hyped theater the end changes in these relationships are small this is about distracting folks from the real problems of the united states into this psychodrama this soap opera of a mr president protecting us against the cheating foreigners it's really sad to watch the attention it gets and the distraction that it basically is so much of politics is the into rich or will professor of economics emeritus of the university of massachusetts amherst and the author of democracy at work thank you very much for your time. thank you for having me. but the c.e.o.'s of the united states biggest banks testified before congress remarkably for the first time first time since the two thousand and eight global financial crisis the current and in some cases former chief executives of bank of america bank of new york mellon citi group goldman sachs j.p. morgan morgan stanley and state street yes they were all there appeared in the hearing of the house financial services committee on the topic of holy mega banks accountable again this hasn't happened since two thousand and eight the committee's

chair representative maxine waters of california opened the hearing by asking regarding the c.e.o.'s and the banks. quote a decade later what have they learned are they helping their customers and working to benefit the communities they serve or are the practices of these banks still causing harm in quote well the hearing then opened up for a barrage of more pointed questions. committee members on issues including excessive c.e.o. pay and overdraft fees j.p. morgan c.e.o. jamie dimon told members of the bank that they are now more financially stable. banks more has doubled the highest quality capital to protect against losses under the fed's most extreme stress test the scenario the combined losses of all the thirty four banks is only six percent of total capital. well yesterday we did discuss saudi aramco major bond offering while the oil giants bond so shattered records u.s.

president donald trump traveled to texas to unveil an executive order to its construction of oil pipelines the u.s. remains the world's leading global oil producer and the trump executive order is sure to shore up even more of that share if it's implemented. will still more to come when we come back because one is booming right now into poor me as we speak but as it begins to rise china has the crypto in its crosshairs taylor lettermen of simpler trading joins us to delve into the do mean details for the cryptocurrency and as we go to break here are the numbers of the closing bell. after the previous stage of my career was over everyone wondered what i was going to do next the multiple different clubs on one hand it is logical to sort of go

from fields where everything is familiar on the other i wanted a new challenge and the fresh perspective i'm used to surprise. us all or not. i'm going to talk about football not for you or else you think i was going to do. by the way what is it that flying here. relies on competition so competition means that. winning ideas are winning companies to survive if you don't you don't survive just survival of the fittest as competition if you have a corrupt subtle bank who's willing to finance dodgy deals then the crowds. good company a lot of bad. competition and you end up with. a.

i mean more to get in is an outstanding person because he took on the most powerful agency in this county or you'll be to stay if you look at some of the before now and. mark was the day that when he was. going to spin the most contentious critic for the first time i noticed something wasn't. pretty much when he first started the corruption in palm beach county it's not something that you can smell it. on the wing it wasn't what i wanted to do. we've had more in this county then some states have had. to go in with this website began featuring. the sheriff might. you know we

should stop then you should. believe what i'm doing ok you know it's your funeral. critic. of the united states. into russia political. men they know. welcome back is racing to catch up with rival left in the i.p.o. lane service reportedly planning for an initial public offering to launch next month now it's working around a valuation for the company get the. of about one hundred billion dollars the wall street journal reports it over is showing company insiders their math on paper based on that valuation for an opening stock share price between forty eight and

fifty five dollars and an initial sale of ten billion dollars worth of stock hoover is reportedly planning on moving forward with needed registration paperwork on thursday rival lifts the i.p.o. is casting a bit of a shadow on a big debut not only because they beat her to the punch but because of the mixed results of live stock rollout live stock launched at seventy two dollars and has flag since then sliding toward sixty two dollars in trading earlier today. and another tech and commerce news air b.n. b. has reneged on their pledge to stop listing locations in illegal settlements in the occupied west bank in november of twenty eighteen activists a plot of the online property rental companies decision under pressure to remove listings in west bank settlements air b.n. b. reversed their position after a threat of a lawsuit from settlers and they say that they will list locations but then donate the profits israeli prime minister benjamin netanyahu who seems to have secured a narrow but sufficient margin of victory in this week's israeli election has

pledged to formally an ex the illegal settlements. all right let's talk cryptocurrency is now china is considering banning bitcoin mining the country's national development and reform commission is proposing that ban calling big mining seriously wasted resources those are their words they quote mining does require large numbers of computers dedicated to crunching our block chain numbers banning big coin mining though that's not really the same thing as banning bitcoin entirely joining me now to discuss is taylor lettermen a crypto currency analyst with simpler trading taylor thanks for being here. they threaten me so in twenty seventeen china bankrupt a currency exchanges that serve local people that caused the plunge in prices but obviously that's a very different situation than banning big coin mining even so if this proposal was passed would you expect to see big going to begin. yet i would say somewhat

hopeful that but even though the proposal is being proposed that currently i'm being consulted on we've actually seen between go higher today wait to see as we approach at the may seventh is the deadline for the consultations around this proposal but again this is not even the first time we've seen proposals to been mining in china and we saw the same thing last year last january come out and this was kind of pushed by the kind of central banks so that is something to consider when we see this is nothing has been done in twenty seventeen twenty eighteen but now this new proposal by the planning committee we'll see how they progress with the overall i think a lot of the mining is starting to diversify out of china we're starting to see some of that occur but also i think it's very hard to regularly a lot of the operations in china are going to be small and there are some we're going to brand off private hydroelectric more renewable resources where it's harder for the government to step in and one know that there mining but also to regulate that and the benefit to local regions as well because taxation and so on employment

to these mining farms so there's a lot of impact on the economy if china does it and have been mining in terms of banning mining too wouldn't that some levels actually cause the price to go up simply because you're not getting rid of or banning the use of crypto currency but you're might be slowing down the growth of that market there's only what like seventy million bitcoin in circulation and that would mean that the value of the other big coins that are already out there wouldn't wouldn't rise as a result. we'll sort of see the mining there in china if it is banned i think it's going to be. potentially see in the hash radar the mining capabilities a big one i think will be bought up quickly will start seeing other mining. farms set up shop cyrix expand because there's more opportunity to mine and so whatever we see a reduction in mining in decline i think is going to be crossed over real quickly as more of the businesses start taking advantage of that ban in china and then other nations and countries states begin to really pick it up let's talk about big

oil price because today is a happy day if you like big point obviously the price over fifty four hundred dollars it's the first time we've seen that since november of last year and it just keeps going up in fact if we take a look at this chart here we see that the you know the one year versus the seven day the last seven days the last two weeks really have been pretty exciting we had that single buyer purchase about one hundred million dollars a big point spread across a number of exchanges the price has been able to hold above five thousand now above fifty four possibly moving to fifty five even fifty six hundred where do you see big going over the next few months. i think all eyes right now expression is simply trading we're in that six thousand dollars level that's going to be where we saw a big winner initially decline as we broke down to three thousand and the any one that didn't already sell or exit the market computer late in the left shoulder position a loss i think we've kind of reached that point i don't think anyone's going to be trying to sell or break even a six thousand so we're looking at the supply around six thousand to help. up

higher but it's going to be major resistance is going to take a lot of effort in the market the bulls are going to come to work really trying to push the current over that level so it's something to watch especially over the coming weeks i think we will want to see some consolidation the market. is still quite high rivaling what we saw in our late twenty's seventeen as big broke to twenty thousand so right now what we're going to see is a bit of consolidation help kind of neutralize some of the buying and then see how we progress going into the six thousand level that's going to be key going forward the six thousand dollars back when if we can put that graphic back up with the year long graphic because for folks at home if you don't know exactly where that that day. that is you see that major defender that's where big one kind of sailor was mentioning went off a cliff if you will from a little over six thousand drop down dramatically to about the three thousand four thousand mark and it's kind of hovered there and now coming back up. so for big cohen there is a resurgence but as bitcoin goes so goes many all coins and all coins are doing

pretty well again for those of you who don't know there is bitcoin and then everything else every other cryptocurrency in the world is considered and all going to lump together alternative coins the bulls are starting to move pretty heavily into the all coin space taylor at this point and we're seeing a rise pretty much across the board because in cash like coin the theory i'm over one hundred eighty today all coin some to be doing better but the the barrier to entry to get into those coins obviously a lot smaller right than it is to get into bitcoin. you know some of the old coins have a bit a lot less liquidity them because of course but as we progress down in market cap or we get more illiquid or coins but i think in the top twenty top twenty five in terms of coins based off market caps of the overall market capitalization of those who are in the i think the higher ranked ones are going to quickly follow and buy in because when we've been seeing that like you said like when it there i've been following a big point footsteps big when moves up they quickly try to close that gap in

percentage gain and so on but we want to start seeing as we see between the beginning it's all the day we'll start seeing risk move to some of the old one so we're seeing more money flow to all points and we'll start seeing. those kind of pop even higher so we're seeing ten percent gains fifteen percent gains will start seeing those thirty forty percent gains again once we see kind of consolidated a certain level so that again the six thousand dollars level can be key in big going and that's going to fuel the ultimate market so too many people when they when they hear about big coin of they hear about all coins think all of it's about currency and it's not obviously block chain based technology decentralized businesses they were taking off at the beginning of twenty eighteen these are businesses that really use block chain to reinvent technology used in a variety of applications from real estate legal services even gaming i mean across across the board here so taylor a lot of these. blog chain based into t.'s were slowed down by the crypto winter especially getting investment into them when do we expect to see investment begin

to flow into those companies again. i honestly don't think it stopped in terms of investments into those companies but we did see in twenty as we close out twenty thousand now and twenty one thousand is a shift and how investors are approaching the block chain space in corporate sector is we're certainly see more investments in terms of equity in companies rather than into a token based investment so token based investment if i'm buying a cryptocurrency i'm buying the the actual does the asset but we're actually seeing more investors approaching the company behind the digital asset and investing into that company in terms of equity so we're starting to see more money put into the companies and less companies launching these i.c.'s i see those are kind of what could be partially blame to the downfall of least a bear market we witnessed. in twenty eighteen but i think there's a shift in that perspective now and so we're looking for those projects that have survived hundred eighteen and steadily continue to development despite the pressure

of the krypto winter on them so we're looking for those companies that kind of progress through that and we're still seeing money flow into that expressly institutional money we've seen progress and ship with fidelity we've seen actually pension funds invest in some morgan creek forty million dollars fun and we're seeing more and more progression in the retail space towards investments and and that's not just in terms of going exchange and buying it there are an old point that's actually investing in the company and the people behind the projects that's right letterman cryptocurrency analysts that simply are trading thanks so much for your insight. always a pleasure and folks before we go i just want to remind you i mean again this is the one year chart and this marked right here that is november eighteenth november nineteenth of twenty eighteen that is when we saw a big coin take that plunge from going from about fifty six hundred dollars per bit coin dropping down into the four thousand area so when we've been talking about this for the last few days what we're trying to remind folks is that by breaking

that five thousand dollar mark by breaking fifty three hundred now fifty four hundred on its way to fifty six maybe even six thousand puts us back in the same territory where big corn was four five almost six months ago it's a very big deal for an enormous global economy that's it for this time you can catch a boom bust on direct t.v. channel three twenty one dish network channel two eighty or streaming twenty four seven on pluto t.v. the free t.v. app channel one thirty two or as always you can hit us up at youtube dot com slash boom bust r.t. . fingers crossed for because it was the next time. when tribes american foreign policy at its core is really about furthering national interest is there an ideological foundation that is the driver we're told it's all about democracy or is it really all about power and the purposeful denial of agency

others on the international stage. when you smell like you took notes. you just put the first one to the finish the girls conformal from the hundreds. as you'll see this would do him good except. if it was national guard. i thought the plane thousandth time took a little. look it was supposed to force me. to go full circle scoop one of these clinics one of the from here to the middle east because there's been. a shooting into life to be smeared. all over the city and you know. suppose someone to be lenient because

of the style if you will it's pretty easy. i remain very much opposed to military intervention i am opposed to it because i fundamentally do not believe it is in u.s. interests there are several issues at play in venezuela one is the terrible terrible humanitarian state into which venezuela has fallen under the regime of the first two were childish and now new that alone in my opinion is not a justification for an american invasion. best's drug where her cocaine is worth four bucks for dia under fifty.

everybody use cocaine crack cocaine you can smoke it to see. is worth like fifteen thirty. twenty. score came to this is about a fifteen dollar bet and people smoke this one bigger second sweetie you go on these drugs in any city in the united states that she was a long as you want to get about this. i make money. and that's what a day. what politicians do. they put themselves on the line and they get accepted or rejected. so when you want to be president one should. want to.

have to be right to be cross with the bible before three in the morning can't be good. i'm interested always in the waters of. the city. crisis talks at the u.n. security council c.e.o. russia and the u.s. lock horns over venezuela as america's vice president gives a blunt assessment to the caracas but. with all due respect mr ambassador you shouldn't be here. but you should return to venezuela. and tell nicolas maduro that his time is up and it's time for him to go. it is thank you mr stanhope interfering in the affairs of other states you will only gain respect from that you don't like it when others interfere in your affairs no one likes that.