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 and the e.u. now seem positioned for continued friction and frustration over fiscal policy. where here we go again the u.k. is looking for another. delay on brags that

a prime minister to resign may well 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 bragg's 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 and suggests this june thirtieth deadline are chances pretty strong then the e.u. leaders are going to say no we even say 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 bragg's 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 german terms of just the british economy itself to figure something out here or 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 at the in aroud 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 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

aides not clear which way they'll go with the u.s. with mr trump whom 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 to from china to the united states then china in turn will not import the inputs to what they produce forum. people don't think about that but many of the inputs in mainland china come for example from taiwan so that this is ratified 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 and they 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 easier now 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 punish them for cheating when that was over in 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 destruction that it basically is so much of politics is the into rich or will professor of economics the merits of the university of massachusetts amherst and the author of democracy a work thank you very much for your time. thank you for having me. with 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 at a hearing of the house financial services committee on the topic of holding 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 from 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. the highest quality capital losses under the fed's most extreme stress test the combined losses of all the thirty four banks is only six percent of total capital. or yesterday we did. major bond. records. the u.s. remains the world. as

we speak but as. for the crypto currency and as we go to break here the number of the.

media. or part of a global news conference to participate in sunday's show published works and video all written phlox go to award dot altie dot com and enter now. more to this year's new addition to the first one to the finish we just finished for most of the hundreds. i saw something useful to do on good except. if it was national guard.

i thought that but if you look a little. bit some of those are from the full force of. their capital support school board of these critics one of the least mythical nobody knew to lose because it's been. a fishing into life to be smeared. all over the city and new those who. oppose someone to be lenient because of the style if you play for eighty. six. when the old maid gets manufactured consensus instinct of public wealth. when the ruling classes protect themselves. when the financial merry go round lifts only the one percent.

we can all middle of the room signals. to the ground running real news is really cold. well welcome back is racing to catch up with rival lift in the i.p.o. lane right hailing service reportedly planning for an initial public offer in to launch next month now it's working around a valuation for the company get this 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 goober

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 launch 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. thanks for having me so in twenty seventeen china bankrupt a currency exchanges that serve local people that cause 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's 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 they're some are going to branch off private hydroelectric more renewable resources where it's harder for the government to step in and one know that they're mining but also to regulate that and they benefit the local region 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 well 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 bit coin 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 of the coin i think will be bought up quickly will start seeing other mining farms set up shop cyrix expand because it'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 price because today is

a happy day if you like big coin 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 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 especially us is simply trading we're in a six thousand dollar level that's going to be where we saw a big winner initially decline as we broke down to three thousand and the anyone 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 going 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 have 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 volume is still quite high rivaling what we saw in her 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 going forward 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 dip is you see that major dip there that's where big kind of taylor 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 then it's kind of hovered there and now coming back up. so for big coin there is a resurgence but as big goes so goes many. are doing pretty well again for those of

you who don't know there is a big going and then everything else every other cryptocurrency in the world is considered not going to lump together alternative coins the bulls are starting to move pretty heavily into the space taylor at this point and we're seeing a rise pretty much across the board big cash like coin theory over one eighty today all going to be doing better but the barrier to entry to get into those coins obviously a lot smaller right that it is to get into because. you know some of the old coins have a bit a lot less liquidity. of course but as we've progressed down in market cap where 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 when they think the higher ranked ones are going to quickly follow and buy a big one when we've been seeing that like you said like when it there i've been following a big point footsteps pick when moves up they've fallen 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 and 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 coin that's actually investing in the company and the people behind the project that's right letterman cryptocurrency analyst simpler trading thanks so much for your insight. always a pleasure and folks before we go i 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 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 the next time. after the previous stage of my career was over everyone wondered what i was going to do next about different clubs on one hand it is logical to go from fields where

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