global economy and daniel britto in washington christine i is on assignment we've got a lot to get to today but 1st we start in the united states. produce farm has filed for bankruptcy but it's certainly not the end of the journey a bankruptcy can take months or even years even without serious objection. barrow's contributor to america's lawyer was on hand to break down purdue pharmacy declaration and what it could mean going forward for the fight over who will pay for the opioid prices and how much grieving families will get. plus oil prices and shot up on the news of a drone attack on saudi oil facilities horwitz above trading is standing by to begin to oil prices and whether the incident is a one off or the start of a trend. i love with happened with the group and facebook getting regulators around the world to set up a little straighter in their chair and actually pay attention to the space. as current currencies continue to disrupt the payments space governments are waking up

to the risks christiane managed to catch up with matthew walk to get his view on the future of regulation in the thin tech space so much content to fit in just 27 minutes can we do it just watch let's go to the 1st strike in more than 10 years by the united auto workers union leads our global report today as 46000 workers at general motors bring production to a halt at 55 plants across the united states the current contract between workers represented by the u.a.w. and bosses at g.m. expired saturday night and the decision to extend not to extend the previous agreement and extend instead strike was made by a unanimous vote of the u.a.w. regional leaders u.a.w. workers are determined to draw the line on wages health insurance cost increases and management exploitation of temp positions the action by u.a.w. workers does not affect their status under existing collective bargaining agreements with the other 2 of the. big 3 u.s. automakers ford and chrysler g.m.

workers so against despite describe the work mood among workers you hear another no . you say we buy we gave. our to keep this company and now this company is making record profits they're making now our labor they don't want to even give any bag what they want to take and that's not right this trade. experts say both sides will feel pain from a long strike u.a.w. workers have a strike fund of $850000000.00 from which they will receive $250.00 in weekly strike wages meanwhile industry experts say g.m. will lose about $50000000.00 each day the strike goes on general motors stock fell more than 3 and a half percent in monday morning trading. and there was a dramatic though expected turn in the legal drama surrounding part purdue pharma the corporate career creator of oxycontin the drug experts place at the center of

the u.s. opioid abuse addiction an overdose crisis on sunday night purdue pharma filed for chapter 11 bankruptcy protection to shield the staggering profits for more than 2600 pending suits still pending over produce role in creating and pushing the miraculously profitable drug a.p. reporter jeff mulvihill kahn commented on the legal state of play. but now what happens is up to a bankruptcy judge. one of the major issues remaining for the bankruptcy judge sort out will be whether there are lawsuits against cleaners the family that owns the company can move ahead and state courts. produce chapter 11 filing includes an endorsement by their corporate board of the roughly $12000000000.00 settlement between perdue and a coalition of at least 10 state attorneys general and a number of local and trouble governments that was announced last week however

attorneys general from a majority of u.s. states have vocally declined to join that statement one of those declining agee's latisha james of new york on friday said her office has discovered roughly 1000000000 dollars in wire transfers by the cyclers produce founding family as james said in a statement quote while the sackler is continue to lowball victims and skirt responsible settlement we refuse to allow the family to misuse the courts in an effort to shield their financial misconduct. and joining us now to give us the latest installment of this corporate legal drama is molly barrows contributor at america's lawyer molly welcome back where does this bankruptcy filing leave her due when it comes to the upcoming opioid trials. well it looks like a bankruptcy court is going to be the ultimate deciding factor in that decision however as part of that more than $10000000000.00 settlement agreement in principle that produce has announced the company has indeed filed for chapter 11 bankruptcy

and that filing typically would remove pretty from test trial scheduled for next month for example in ohio but in those particular trials but he wasn't the only plain f. in those cases so those trials will continue against other pharmaceutical companies and distributors now in general some lawsuits daniel are allowed to go forward against companies who have filed for bankruptcy if the case is close to being resolved or if it will help determine how much a plaintiff is worth but normally when they file for bankruptcy there's a freeze in litigation against. the company what's called an automatic stay while assets and debt are assessed and then claims are negotiated which brings us to a big concern that some have over this pretty good deal and that the value of produce assets and the sale of its global drunk company they think it's over estimated and there were the settlement money may not come in which is why some state attorneys general opposed the settlement because they also want the company to admit wrongdoing which is something that they don't do in this agreement and they also want to hold members of the sackler family financially accountable tourney's generals have filed against them in particular so that is of course

family as you know that controls pretty you made billions out the opioid sales and that's part of the reason why the settlement deal is only supported by about half the states that are suing purdue daniel right and so we we know the. attorneys general that do not want to be part of this agreement have stayed staked out there their position very well and the question is whether produce will be what will be out of some of these lawsuits but whether they're out of all of them does the do so does the revelation of these sort of wire transfers from james your new york attorney general does that change the standing of those other cases that were already moving forward where do they stand after that and could could that cause the underlying agreement here that produce was pursuing to fall apart. absolutely now how it would affect those other cases individually i'm not sure if those individual judges would have to rule on that as far as the

overriding determination of whether or not this settlement will be approved by the court whether or not the bankruptcy filing will be approved by the court when you have revelations like that i'm sure that is going to come into play if the attorneys are doing their jobs and want to bring those issues up to say hey you know we had some concerns that they perhaps more being entirely forthright about all of their holdings and their assets and then you have wire transfers like this which you know maybe they'll have a better explanation for it but in the meantime it certainly adds credence to their doubts that that's why. some of these attorneys general did not want to get involved in that particular settlement agreement but it is so very complicated because pretty you isn't the only one that's basically being sued and these thousands of cases that are being filed from across the country so produce. ideally if you will for produce or typically in a legal case like this where a company has filed for bankruptcy they would be eliminated if their settlement is finalized but again it's such a complex case there's no guarantee that that would happen even if the settlement is finalized and especially in light of what you're talking about with those transfers but the federal case in cleveland is going to go forward that's against

other drug manufacturers to ship bitters pharmacies it's still pending that's where all those lawsuits many in fact have been consolidated in that multi district litigation the judge in that case has also been pushing for a settlement so money can go directly to communities that need it for drug addiction related issues and treatment so he certified a plan that would allow every municipality nation to share the proceeds if a settlement is reached so in the meantime there is a lot riding on purdue. with this getting a settlement approved as well as their bankruptcy filing approved because this federal trial these 2 bellwether cases are scheduled to start in mid october with these 2 counties in ohio and right now it doesn't look like they'll be a part of that trial if it goes for if there are deals approved right still a lot more to this story molly barrows legal journalist and contributor america's lawyer thanks for your insight. all right thank you. and in oil market news production was immediately cut in half one who yemeni militias successfully attach

the cries oil field and cake processing facility using drones brant crude oil was up by almost 20 percent in one day trading on the news a 50 percent fall in saudi oil productivity would take roughly $5700000.00 barrels or 5 percent of global supply off the market industry experts say it could be weeks before the saudis are able to restore. production to targeted levels but even more concerning the tech the attacks make it clear that the saudis relatively under resourced regional adversaries can easily inflict major pain with an expensive means the incident could also change fundamental risk assessments for the long rumored initial public offering of stock in saudi aramco widely expected to become the biggest i.p.o. ever of all who the rebels from yemen directly claim responsibility for the attacks the trump administration made efforts to shift blame toward iran.

and joining us now to help us get a handle on the explosive situation or market is todd bubba horwitz chief strategist trading welcome back bubba and i noted the bump in brant crude in the intro here but more broadly just give us a sketch how are prices going on this news and are they likely to keep rising. look at the end of the day you caught 1st or you caught or short squeeze because of course there was a lot of people trying to sell oil into this and all the sudden we have this news which creates all this fear and panic and pushed at one point last night oil was up over $8.00 a barrel but from a bigger picture you're seeing the action is not all that bowlers because what we talk about is a formation which is known as backwardation today's oil october oil is trading

$3.00 over february or oil so prices are getting cheaper as you go in the future which means that everybody expects this situation to resolve itself and that oil resume what it was a year for which is actually had a lower and this could help the around go deal because of course it puts the price of oil much higher which makes their value higher maybe they set their own drones and who knows interesting so the way this plays out is that your colleagues in the market seem to think that in the long term the oil will be there they'll be the supply but in the in the medium term increase in the price actually helps. well i think so i mean look they're going there to break them valuation so we know that they're going to back into production and certainly they can probably do it a lot faster than a couple weeks but if they dragged it out and held the prices are the reason they didn't go last year was because prices were too low so they didn't want to put it out as an i.p.o. yet well now they've got the high prices to go along with it again this formation

is not polish by any means i doesn't mean it can't change to be bullish but there is still a go a lot of oil and a global slowdown the economy throughout the world and and that is not going to change because saudi arabia's and i would compare this very much to what happened in the cattle markets a couple of weeks ago when the tyson fires came in and they had to wipe out and cattle went down limit twice in a row before resuming going back there and i think this is very much the same thing it's an overreaction by traders by investors and the people that got quite short that were forced to panic and cover higher right and speaking of reactions what have been the official reactions from saudi arabia which is opec member of course in the defacto leader in effect with russia in managing global energy supply would have any official reactions from opec members opas opec as a group and russia to this incident. you know actually i haven't heard much about that but i can say this that to me opec is nothing more than a phony organization that manipulated the price in for years held the united states

hostage with the oil price and now that we are our own producers and actually were a net exporter and today we're the biggest producer in the world to me opec is a worthless organization that does nothing but try to manipulate price they're going to bring in more profits and more money and i put no stock in what they say i don't care what they say i'll never even listen to one of the meetings especially now that they cannot hold busy the united states hostage that's a hard take why that's why you bring bubba here also global global town crier and u.s. president donald trump reacted to the attack. among the other people reacting he says on twitter we know the culprit in this attack and then he makes this remarkable statement that the u.s. is quote waiting to hear from the kingdom that being saudi arabia as to who they believe was the cause of this attack and one under what terms we would proceed now that seems like the strangest pronunciation of america 1st that i've heard yet did he really mean to say that the u.s.

is waiting for the saudi monarchy to tell the commander in chief where and how to deploy u.s. forces. well i think that basically what he's saying is that he'd like to know what their views are i know how this all happened and where it came from i mean certainly you know it isn't that it is not clear that it was iran i don't know if it was or wasn't so i think you'd like to hear what their views are and word all came from and i think that of course i believe that president trump and united states is always ready to react and take care of business but they do not want to overreact to react too quickly in case there's more to this story which based on that we haven't really heard that it is 100 percent around yet there may be a lot more of the story before it's all said and done right and bob as far as the outlook here i think you kind of got to this earlier you said in the futures markets oil is already going down and there seems to be this wisdom in the markets that can reduce all this information to a prediction in the form of a price so it sounds like your you and your colleagues think that this will not

escalate into into greater military confrontation based on the futures here. it can but again based on the prices today when 1 february for example is $3.00 cheaper than october oil that is backwards that is known as a formation call backwardation which does not necessarily that means that prices should be going lower now they could go higher but longer but just look back at july 24th team we had the exact same information some very similar action or a one got cut in half by 50 percent now i'm not looking for a 50 percent but i am looking for once this resolves for all to go significantly lower from here interesting expert insight from todd horowitz chief strategist about the trading thanks as always thanks dan. time now for a quick pause for the promotional cause but stay tuned because just on the other side of the break as currencies continue to disrupt the payment space governments are beginning to take notice christiane is to catch up with matthew ross block to

get his view of the future bring elation in the film takes place and as we go to break here are the market numbers at the close. they all see themselves as dying swans in their dreams. but only one in the cells will ever make it to the told. they're ready to give them the chance to die on stage if only once.

no even broken wings could detect them. for generations at the madrid. a switch is. what we've got to do is identify the threats that we have it's crazy. let it be an arms race. and spearing dramatic development only i'm going to. see how that strategy will be successful very critical time to sit down and. welcome back the united states justice department has charged 3 members of j.p. morgan's precious metals trading team with running an 8 year scheme to manipulate markets and defraud customers michael know at

a managing director at morgan and the head of global precious metals of the firm was charged along with 2 others greg smith and christopher jordan both of whom were once titled as j.p. morgan executive directors the indictment claims that traders were engaged in quote widespread spoofing market manipulation and fraud while on the morgan metals trading team which along with a h.s.b.c. largely controls the global flow of silver and gold trades the 3 allegedly would place deceptive orders for gold silver platinum and palladium futures and then cancel them before final execution and in attempt to quote create liquidity and drive prices toward orders they wanted to execute on the other on the opposite side of the market in the past year 2 other former members of j.p. j p's metal trading team have pleaded guilty to similar charges. and china's industrial output grew at its slowest rate in 17 and a half years as an ongoing trade war between washington and beijing rages on

industrial output saw growth of just 4.4 percent in august a year over year. the slowest growth rate recorded since february of 202-2002 in july industrial growth was only 4.8 percent chinese premier league tried to temper concern over the economic slowdown saying it is very difficult for china's economy to maintain growth at 6 percent or more due to the international trade tensions and the high point at which growth started speaking with russian media while in moscow for 3 days of trade talks with russian prime minister dmitri medvedev mr li said of the situation for china to maintain growth of 6 percent or more is very difficult against the current drought backdrop of a complicated international situation and a relatively high base and this rate is at the forefront of the world's leading economies.

and boom bust zone crissy i may still be on assignment but we have plenty of stellar content for her coverage of invest asia in singapore kristie had a chance to catch up with matthew ross co-founder and chairman a block to discuss being on the forefront of the kipp krypto wave 10 years ago the 2 also discussed the future of the cryptocurrency space space especially when it comes to regulation in the wake of facebook's announcement of their virtual currency libra and what his company blog has in the works. but if you press that entire. investment thesis back in the day when you didn't really know what this emerging technology was and you didn't really know what it could. yeah i mean back then i mean some of the dinners i had with. some that really kind of adopters and builders this space a lot of us didn't know what we were doing where this was going on and take off and then and we knew there was something there this was something novel that that. comodo developed. 9 page white paper and the more you kind of unpack the.

you knew was going to change things you know money without governments or banks not that i'm. crazy libertarian or something but having that dimension or that that opportunity to control your wealth and then. kind of transpose it to identity and this this new web site and other things that are. an offshoot of a sushi is vision is pretty pretty cool to be a part of so where do you see this industry going now that we've spent 10 years in the space and we've seen an offshoot and 2 like the internet 3 point now we've seen this evolution of privacy central point and now people bakshi valuing privacy when the phone we just took it for granted where do you see this and the chain valving into probably for the next decade great question and some days i want to like forsett other models like you know. for like the microwave plus and the automobiles

like it takes 10 years to get 10 percent and then another 10 years the other 90 percent i don't know if crypto is going to follow that same flight passing it i think it's taking longer in certain ways. i think the fact that it's money the medium of money and people's trust factors and regulation and a lot of the beginnings of crypto were kind of weird so i think that that timeline might stretch out a little bit but i think it's. it's challenging a lot of different models money identity privacy and security of your data. and so that takes time to unpack being you know early in the early internet and early cloud in early january is attacked. you kind of feel like you're in the right place at the right time but some of the timing elements are a little unknown and so i think building and leaning into this is the right thing to do. i love what's happened with. facebook getting regulators around the world to

set up a little straighter in their chair and actually pay attention to the space. and i think that has also. made other big tech companies and other big financial institutions really think hard about developing their compass for crypto thoroughly and but before we get into like all the fancy things that some pop up blocking i think we need to actually build a very solid foundation and for enterprise to actually get involved into it which is what i understand blocked us so i can tell us a little bit more about that so we build infrastructure for tokenize networks so there's elements of law change where people want to track and trace you know some cabbage going from a to b. we don't do that we build the infrastructure for tokenize networks so for the theory and the new layers whether it's distributed computer storage etc and so we build the infrastructure to make that easier to manage so it knows. a little while that's and then on the other side of lock we also build new tokenize networks so we

built last year earlier this year we launched barrel block and we're really excited our next project which is titan which is software for minors software for minors that's fascinating because now it seems like you're decentralizing everything price you have decentralized storage we sell like a big boom there are a lot of actually tokens getting into that trying to make cloud computing a lot cheaper much more formal for a big enterprise us where do you see this entire industry shifting why do we see like decentralized everything to supply supply chain decent lie storage centralized i think so i think it's like i say it's decentralized the same time it's more of like a digital cooperative like you're getting. resources organized and contributed to a particular network and then you share in the benefit of that network as a participant so so i think. that tac and then the go to market are have 2 different dimensions to it it's like the tech is one thing to build it and some projects are realizing how hard it is to build the centralized networks and then

the other piece which is a different muscle set for entrepreneurs building these systems is the go to market how to get adoption how to get through. and how to get like some velocity on these networks and we're we're still the early phases of that you know we're. still generally very speculative ballgame right now and that's and that's ok people at all it's all speculation and trading but that's speculation the trading of the financing of these projects is very necessary right now and i think over the near term we'll see more of these show throughput and value coming through so what do you think it's necessary in order for there to actually be mass adoption for a big point to actually take its place as digital cold i think more adoption i mean there is depending on what side of crypto twitter yano i get off 0 or i have some exposure and 10 years into this big ball game you would think we'd be able to buy coffee with bitcoin at this point and it's still not the case so i think getting

more exposure and getting this in people's portfolios is a great start and that's more of the kind of investment asset management side versus the use utility remittance and payments but i think some of those go hand in hand to going to get. capital into the ecosystem and then have that finance a lot of the innovations and use cases that that we all want to see it's ironic because that's where you truly see frictionless payments are right now the biggest bottleneck of frictionless payment is actually getting into the digital assets and our spies know exactly i think as i thank you so much for being here and. that's it for this time you can always catch boom bust on youtube dot com slash boom bust archie see you next time. you know world of big part of the new law and constructors it's time to wake up

to dig deeper to hit the stories that. the stream media refuses to tell more than ever we need to be smarter we need to stop slamming the door. and shouting past each other it's time for critical thinking it's time to fight for the middle for the truth the time is now for watching closely watching the hawks. but if she warn you posted by you can i do the dishes at the bazemore those jeans nudist beach and see me you blue true. clothes and about that some of them when you guys you. can use i mean guys are that infants involved. a lot of you will see sawing your info as if parts about 2 kids each other both hard. as in the. fire truck.

of the. cabinet 5 days doing a sit. in. the from who simply. included. thousands of american men and women choose to serve in the country's military and the decision little sheltered lives every thing came to a complete. the day that i was right to be instructed here you know told to shut up but they'd kill me and i see how it destroyed my life many screamed at me and he made me come in the gram my arm and he write me with his birth ink area if you take into account that women don't report because of the extreme retaliation and it's

probably somewhere near about half a 1000000 women have now been sexually assaulted in the us military is a very very traumatized. tat happen but i've never seen trauma like i've seen from women who are veterans who have suffered military sexual trauma rape is more likely to get the victim punished and be offended and almost 10 year career which i was very invested in and i gave a sex offender who was not even put to justice or put on the registry this is simply an issue our in violent male sexual predators for the large part of target whoever is there to prey upon whether that's a man or women. seem wrong. well we just don't call. me. yet to shape out these days because as a kid and in games from equals betrayal. when something find

themselves worlds apart. she still looks for common ground. tensions rising in a home gathers antigovernment protests again so violent images of a man being beaten that have gone viral coming up disturbing images for you. it out i don't know i. thought oh richard oh well mom. meantime other developments from there are leaving activists in hong kong in those protests is no in america hearing this on a bill to promote promote support for the pro-democracy movement in the home call militarist we'll follow it up. elsewhere all eyes will go to the polls in on preston true pay to parliamentary elections that will decide the.