matters are orthodox in line with her peers among managers of global financial institutions with the rule proving exception of her belated concession that cigna didn't really relieve would be required for greece's economy to recover the guard has previously served in french ministerial posts for trade agriculture and finance while the guard does not inherit the media qualities that challenge her predecessor mario draghi the next president will have to manage this unity and acrimony within the eurozone as well as the festering global trade disputes of the trump era as the guard has repeatedly warned of the risks of those those fights present to the global economy but the risk of a sharp a decline in global growth. has certainly increased. to this. uncertainty did you a political we're use and disappointing long term growth prospect and you have an economy. with a pretty clear message. chip maker broadcom is in advance talks to acquire

systemic the securities software vendor as it seeks just further expand into the more profitable software business broadcom forecasted earlier this year that china u.s. trade tensions and threat of a ban on doing business with pa way when not $2000000000.00 off of the company's sales this year currently 49 percent of its revenues come from china and this 4 way into software will help to diversify its business lines symantec comes with over $4000000000.00 in software sales and would deliver high cash on cash returns for broadcom symantec is also cheap and ripe for the picking with the sudden departure of c.e.o. richard hill on may 9th shares have slumped 33 percent last year on secular headwinds and this offer would be the lifeline for leaderless semantic analysts speculate that the deal could be done in the $26.00 to $20.00 per share range representing at 815 percent premium to today's close and value semantic at $16.00 to $17300000000.00 no deal has been finalized yet but semantics shares have rose as

much as 16 percent on wednesday while broadcom slipped 3.5 percent. now joining us for a bracing critical perspective on recent events in our global economy is professor richard wald and writers of economics at the university of massachusetts amherst and the author of democracy at work richard welcome and we really want to start out with the e.c.b. and regarding our top story the nomination of christine legarde for the presidency of the central european bank so right now what do we need to know about her and what does this mean for the future of the eurozone at a time of significant tensions within the e.u. and with the u.s. . thank you 1st of all for having me let me respond about mrs lagarde she really is part of the power elite in europe the financial leaders the political leaders she's been that in that position for many years so i wouldn't expect any dramatic shift or change from her taking the reins of the european central bank i

think your other point is key they have a set of problems now that i wouldn't wish on anyone least of all her but here they are these are going to shape whatever it is she does the breakaway of great britain one way or another that's going on the disunity among the europeans the end of the regime of angela merkel in germany the war between the united states trade war with china the the need of the president of the united states to start beating up on europe now that he's finished with these tower of wars of mexico and canada china and india europe is in his crosshairs now it's a major theater but it disrupts their economy it changes their politics she has a hard job ahead of or now professor wolf turning to the u.s. central bank president trump is set to nominate 2 new members for the board of

governors of the federal reserve after his previous nominee stephen moore was forced to withdraw his candidacy over sexist comments 1st just a little bit of what president trump has. had to say about fed chair jerome powell he should have never raise the rates to the level that he raised i say we're not going to get pushed around by political he said you know basically suggest you guys today so i'm not going to try to prove how tough he is because he's not going to get pushed around yeah here's a guy nobody ever heard of him before and now i made him and he wants to show how tough he is ok let him show how stuff he is used and he said he's not doing a good job so now president trump has paired one orthodox choice the current chair of the st louis fed with judi shelton who in a blog post for the cato institute suggested that the us return to the gold standard what's going on here. well 1st of all as a professional economist who works in this area i have a meaning no disrespect on a personal level for mr trump to think he can't do better than these people he has

nominated these 4 is an insult to the intelligence of anybody who pays attention number one number to every single person he's nominated all 4 of them have one job to do which is made clear to them get interest rates lower that mr powell his nominee is willing to get that 3 back in september. of 2016 when he was running for president mr trump attack the then head of the federal reserve janet yellen for keeping or pushing interest rates low on the grounds that she was just doing that to help the democrats win that election well what in the world do you think he's doing now the hypocrite hypocrisy of it all is kind of mind blowing he wants lower rates not because the economy needs them not because the rates are very high they're actually lower now than they usually are in

history but what he wants is an artificial boost to the economy lower interest rates so that you get a kind of a quick i and that at least your postponed the downturn that everybody expects until after the election so he can then be in charge without be wiped out of the election by having a downturn occur this year or in the 1st half of next year and then to the trade tensions on monday the u.s. trade representative added another $89.00 products with annual imports were the about $4000000000.00 to a previous $121000000000.00 of imports on a tariff target list what do we need to know about this latest move. well i mean the little information you might want to tell people about is that one of the items listed is scotch whiskey so that if you drink scotch or you know anyone who does maybe you want to stock up because if he hits them with the tariff the cost of a scotch drink anywhere and everywhere will be going up this is political theater

this is mr trump acting out what he thinks works for him positioning himself as a fighting for a better deal from the europeans the chinese the mexicans he's going to do better than his predecessors obama and so forth other than that it just makes those countries angry it makes those countries bigger. that means people in those countries working in companies are going to look outside the united states for their future growth because it's too risky doing business in a country whose president is allowed to interfere in international trade in a way no president has done in the last century. sun now on the u.s. china trade fight front some major names and i like tonic such as amazon dow hewlett packard and microsoft are reportedly looking at moving production out of china so if you're a chinese decision maker how concerned should you be about this. well let's take

a step back 2 things one mr trump promised that his attack on china would bring jobs to the united states if you look at all the news reports about electronics leaving china none of them not one is bringing jobs back to the united states they're going to leave china if they do and go to places like vietnam or thailand or taiwan and those other kinds of countries so the jobs problem is was pure b.s. number one number 2 years ago the chinese government understood because they said it publicly that they were growing their economy as an exporter but that in the long run that's not state safe for them to do foreign markets can dry up and then in 2008 when the world capitalist system crashed their foreign markets dried up since then they've been working hard to refocus their economy on domestic raising

the wages of chinese workers so that they can buy back all the china produces all the trade war with the united states does is accelerate the program of focusing on the mystic development faster than it might otherwise have been done and professor will move to mention the u.s. the current expansion has apparently set a new record of 121 months of growth what is the context you would put around that and what's the under the surface of that figure. well you know here i'm reminded of the old phrase of the bigger they are the harder they fall we had a cataclysmic collapse of capitalism in 200-8910 that really was a doozy the 2nd worst collapse of capitalism after the great crash of the 1930 s. it is not surprising that we have been coming back from

a real collapse millions of unemployed millions of people lost their home tens of thousands of jobs disappeared and companies went belly up so we've had a recovery that's less than longer than usual in part because it came out of a crash that was way worse than usual the average length of time for an upturn in capitalism is 4 to 7 months everywhere anywhere for 200 years we know we're due for one if you count from 2017 years the outside is 2017 so we're already 2 years beyond it we know we're going to get one the only question is when because we haven't done anything since the last question to fundamentally change the american economy so that's the only reasonable exception and that again explains why interest rates are being pushed down by trump because he's very afraid of what he knows is coming and wants to push it back last night as

always professor richard roth thanks so much for your time. glad to be here. extreme climate events are rocking india's financial capital and putting severe strain on german roads and rails indian authorities say at least $27.00 people were killed after floodwaters caused 3 separate wall collapses in western india and after the finance capital of mumbai was nearly paralyzed a public holiday was declared in maharashtra state and authorities that buys residents to stay indoors last week india sensex rose as traders bought up futures particularly in agriculture and energy sectors anticipating the heavy seasonal rains. meanwhile in europe a hellish heat wave is breaking all time records in germany authorities have had to take the relatively extreme measure of imposing speed limits of 10120 kilometers per hour on stretches of the autobahn to mitigate damage and danger from likely buckling of concrete and asphalt from the extreme heat 3 lanes of the berlin ring

road were closed and tourist rails buckled there germany's baltic coast in spain where wildfires now raging temperatures reached 44 degrees celsius or 111 degrees fahrenheit. time now for a quick break here because when we return the unwinding trade tensions has allowed china to set their sights yet again on growing its bell and road initiative r t correspondent alex mahela visions on hand to sort through the major shipping venture and as we go to break here the numbers at the close. it has been a mixed week for currencies following the aftermath of the g. 20 let's take a look at some of the more significant moves the ruble over in russia rallied into

g 20 but then quickly pared gains and then down as the trade tensions still simmer just below the surface in a recent no morgan stanley favors the ruble going into the summer as it has been the best performing develop a market currency of the year so far over in china the c.n. why was flat against the dollar down marginally point 04 percent as a grand managed to hold on to its recent gains as optimism about a china u.s. trade deal offsets exactly over domestic economic growth the c.n.i. is up 2.5 percent year to date and crumbs backing away from a terrible escalation has led analysts to speculate that there will be a currency component in any ultimate trade deal while markets initially took that to mean a one way bet a stronger yen as. trump demanded increased u.s. export purchases strategists believe that too strong of a yen will make future currency diplomacy too awkward so ultimately expectations for a strong yen will be partially driven by changing fortunes of a weakening dollar the jet initially fell point 7 percent going into g 20 but

rebounded to nearly flat as the continued uncertainty in the markets drove investors to save haven currencies the iranian reality continued its freefall down another 1.8 percent against the dollar you really see the effects of the u.s. as a punitive sanctions as it has effectively cut off iran from most of the global economy forcing the government to scramble for foreign currency to pay for humanitarian goods inflation is skyrocketing as the reality 4 fold against the dollar in the last 18 months over in turkey the lyric traded flat against the dollar for a good part of the week but then slid 20 as the dollar gained however has been steadily gaining as a hit fresh 2 month highs against the u.k. pound as inflation is moderating to the lowest level in a year the indian rupee is down point 4 percent over the past week against the dollar as we come into the all important monsoon season food and oil prices have climbed higher expectations for

a near term rate cut has been unwound investors are now waiting for the new finance minister fireman's 1st union budget on july 5th to set the tone of india's monetary policy and finally bit point slipped from its highs of 13000 last week reached 10 k. and then quickly rebounded now rallying up over 4 percent for the day as a consolidated as long term support levels now over the danielle for europe and the americas. the struggling is down against the u.s. dollar over the past week and on tuesday more downward pressure developed as bank of england governor mark carney said the curly quote monetary policy is tied with an intended fuelling expectations of an interest rate cut. but mr carney also cited economic headwinds from the global trade tensions which he said have caused a sea change in the world busy economic outlook moving to the euro zone the euro also down for the weak against the dollar a strong u.s. p.m.i. figure for the month of june the so-called trade truce with china reached at the g.

20 were significant contributors to that result moving over to be america's new typically troubled argentine peso is having an up week the argentine central bank on monday lowered to key interest rates but also lowered their money target for august to october offsetting those moves and finally the u.s. dollar gained against the euro over the past week on that trade truce i mentioned earlier but on wednesday it took a dip after president trying to do an accusation that the e.u. and china were quote playing a currency manipulation game and said the u.s. might follow suit that is your global currency report for the week. trump's impromptu visit to the d.m.z. separating the 2 koreas was unprecedented and historic indeed it was a bold even brilliant decision of course his political opponents particularly the democrats running for president and the media slam on orthodox diplomacy is on the

side of peace. george in public especially the younger generation got fed up with their wealth or test because. they failed in the democratic reforms the very worst. economic reforms as well and when so russian chromed is sitting in the chair of the parliament of a parliament of georgia people simply because everyone realizes that this government has failed with everything and now they allow some brush and comb this to take a seat of the chair of the argument where independence was actually declared. my son doing drugs my nephew was still in drugs my sister just with doing drugs it was like an epidemic of drug abuse america's public enemy number one in the united

states is drug abuse started going after the users in the prison population so we started treating sick people people who are addicted to these drugs like criminals while i was on the hill i increasingly became convinced that the war on drugs. there are countless numbers of people who are in prison for a long sentence in this for whom minor minor offenders in the drug trade it's a lot watching your children grow up in issue in waves and say by day as you're walking out of this is just it doesn't get easier.

welcome back don't you banks restructuring efforts begin this month in a multi-billion dollar overhaul is a prepares to heavily cut back on its investment banking division the revamp is expected to cost the bank as much as 5 point $6000000000.00 as a plan to cut 20 percent of its workforce germany's largest lender plans to make most of these cuts outside of europe as the investment banking arm has struggled and failed to generate sustainable profits since the 2008 financial crisis analysts are expecting deutsche bank to report a loss for the full year meaning that that it will be in the red for 4 out of the last 5 years in order to finance the overall deutsche is seeking approval from regulators to lower the amount of capital that is required to have a. the bank is aiming for common equity cheer one capital or ratio of 12.5 percent which would free up $3500000000.00 euro as c.e.o. suing his decision not to raise fresh capital was to avoid diluting existing shareholders who have seen the stock sink to

a rare low georgia has been under intensified scrutiny lately as state prosecutors investigate and raided the homes of clients suspected of using its regular subsidiary to avoid taxes and wonder money. and in 5 g. news mobile carrier vodafone has become the 2nd provider in the united kingdom to offer the much anticipated 5th generation that promises faster service motor phone service is going live in 7 u.k. cities which include london manchester glasgow birmingham bristol all live are poor and cardiff with plans to expand to 12 additional cities later in the year. the country's number one mobile provider was 1st to launch 5 g. in 16 cities in may 2 other u.k. carriers are planning to roll out this year 3 will launch their service in august and 2 will have an offering before the end of 2019 in the u.k. all of the mobile providers use huawei equipment in their 5 g. infrastructure despite concerns over alleged spying. china's choice in dollar belt

and road initiative is moving full steam ahead in both china and its partners are benefiting it's only been a few years since the modern day silk road project was announced and already trading investments are up with some looking to get even deeper into the game alex may have joins us from toronto with more alex let's start with china where hearing remote areas of the country are experiencing a boom as part of the b r i what can you tell us. what china's northwest province of gansu is reporting that belton road project is just it's booming there a day that's a given their economy a major boost when you say remote and try to the province of 26000000 people have easily someplace else that's a lot but it truly is remote it's closer up to the moment goalie and border but here let's take a look at this map this will give you a better idea of this whole built in road idea and what it looks like so in this situation belt and road means belt it means roads and actually roads means shipping

routes the project currently spends over 71 countries and there are in 3 continents that being asia europe and africa and gansu as you can see if they are in china is on one of these trade routes which makes it the perfect place to be so when you consider belton road covers how the earth's population a quarter of the g.d.p. you know gansu is in the money right now the 1st few months that we saw trade happening with delton wrote going through that area 6.7 percent increase in trade and belt accounted for over half of all foreign trade in that province just a sudden boom in this area gansa borders mongolia so let's mention it's in the north and of course it's trade it's grown with mongolia and the asean pact the group of asian countries that are working together so 23.3 percent growth with trade to mongolia and get this 50.4 percent with nations now just imagine this is just the beginning of this it's only been going on for

a few years to. 1049 supposed to be the completion date so regions like this are going to benefit tremendously in china and of course countries like mongolia a very remote nation itself when you're right on this new 21st century silk road it's a good thing it seems johnson also known for its tremendous coal production exports as well so now when you consider the road 1 or marine time routes in this case in the news is a benefactor of the bell and road the country which has seen heavy investment from china is now working on a way to further investments from china but to cut liability what's their plan. absolutely so the president of indonesia met with president xi of china and they were pushing this forward basically to. increase investment into indonesia indonesia right now is not seeing as much benefit as other nations and they would like to see more from this belt and road project so the country offered $91000000000.00 in investment to china to sort of sweeten the deal say come on

china come to our nation and what they're hoping for is that china gives out loans to private companies so instead of going through the government which would have liability then if it screws up so loads this way private companies in indonesia would we be working directly with a fund that's a belt of road funded infrastructure fund that would be backed of course by china now we know that there is a lot of investment in indonesia from china already we know there's a $6000000000.00 high speed rail that's being built as well as a fact a hydroelectric plant. a little bit of controversy over that. electric plant simply because it is known to be a habitat of a type of a range of 10 they're saying that they're not really pushing these animals out others are saying they are so of course i mean we're talking about a project that will spans the globe and when you have something like that while you're going to have a few bumps in the road hopefully nothing's happening to those poor animals but did you just say you know what they want to push forward with china and of course any

investment is welcome r.t. correspondent alex mcgill the thank you for joining us. thank you. the island which was used in promotional materials for the failed fire festival is now up for sale for $11800000.00 saddlebag k. is not the location of the actual event but rather what was used in a promo video featuring the likes of kendall jenner and bella the island getaway which boasts 7 beaches a main house and several cottages sits on $35.00 acres and is only accessible by boat the 2017 debacle the music festival promised a luxury experience but concert goers were shocked to arrive to a construction site on exuma island with pop up tents cheese sandwiches and a lack of working bathrooms the festival was co-founded by rapper job role and

entrepreneur billy mcfarland the latter of which was sentenced to 6 years in prison for fraud and fined $26000000.00. certainly don't want to go on that island having that reputation but maybe it'll come out as a bargain no it's going all the. memories i don't think it was $11000000.00 a big of a bargain but you knows maybe there's a buyer out there could be that's if by this time you can catch boom bust on direct t.v. channel 321 dish network. or put a t.v. the free t.v. at channel 279 or as always it is up at youtube dot com slash. see you next i. as we speak large organized caravan are on the march to the united.

player coming out. this is a virtual invasion of our country for so far. because the only thing we see. that i met him and i meant there are a 1000 note for nothing up in the form of a feeling you know it's going to stuff it in. a knife our feel. as you do is you know we're going to see a move. or notice this is an issue for a player should throw out. the. join me every thursday on the alex simon chill and i'll be speaking to us of the world the politics sport this list i'm showbusiness oh so you've been.

for years now the press especially as markets is undeniably manipulated by the same people who are printing all the money because they don't want gold to rise up and attract to cap it all while they're trying to pump the fake money called the us dollar now why because it is important is unlike gold the community can call their base layer of collateral out during what trace mayor would call close up she. will not obey the voice of the lord your god will be careful to do all these commandments and use that huge which i command you this day in all these curses shall come upon you and overtake you want to lead and then the white people the stolen property and the point must pretend to let people . get rid of whites only problems will go away. the local folks

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us navy seal accused of war crimes. is acquitted by a minute. i think he witness came to. protest as a. tale of true sacrifice heads revealed the 14th. and it.