china. venezuela is in this and people are actually eating garbage. i mean give me a break. bush administration pulled out of the original version of this. it was their right to do it. the obama administration and what we have seen since that is israel was criticized by the human rights council more than three times more than syria during assad's reign of terror. >> he was gassing people and killing babies. >> we should not vindicate this group or be there whatsoever. kennedy: -- . >> it's not really about human rights. >> it's about politics and pushing an agenda and most americans would -- kennedy: the agenda of the show is freedom and he'll fall exemplified that. thank you all for being here. coming up commerce secretary wilbur ross defending the trump administration saying they are needed to provide american industry but lawmakers on both sides argue they are putting erican jobstisk. who is right? i will ask when we were dating, we used to get excited about things like concert tickets or a new snowboard. matt: whoo! whoo! jen: but that all changed when we bought a house.

venezuela? why? is a member of the council. as is cuba, and china. similarly, the council failed to respond in december and january when the iranian regime killed and arrested hundreds of citizens simply for expressing their views. when a so-called human rights council cannot bring itself to address the massive abuses in venezuela and iran, and it welcomes the democratic republic of congo as a new member, the council ceases to be worthy of its name. such a council in fact damages the cause of human rights. then of course, there is the matter of the chronic bias against israel. last year, the united states made it clear that the wood not accept the continued existence of agenda item seven, which singles out israel in a way that no other country is singled out. , as it has inear previous years, the human rights council passed five resolutions against israel. more than the number passed against north korea, iran, and syria combined. focus andoportionate unending hostility toward israel is clear proof that the council is motivated by political bias, not

of trying to intimidate its neighbours by deploying missiles in disputed areas of the south china sea. venezuelaetention. but many of them are still banned from giving interviews, posting material on social media and from leaving the country. the opposition, which boycotted last month's presidential election, has demanded the release of all political prisoners. lebo diseko has more. an invitation for dialogue, says venezuela's government. a token gesture from a dictatorship, says its critics. this is the third of 39 activists to be released at a press conference organised by the state shortly before being allowed to go home. translation: we formally announce the beginning of this process and will continue working and we will gradually and we will gradually announce more methods. one person not released is leopold lopez, one of president madeira's most vocal critics. he was kept under house arrest before being taken to detention. last month there we re taken to detention. last month there were months of running street battles between police and opposition protesters, angry about changes to the co

china. venezuela. >> china, there is no war in china. what's the issue there? >> well, there could be political persecution. used to be you could be a member and previously it was the one child policy that drove a lot of refugees from china. >> again, thank you for the great job you've done. i'll follow up with questions. and madam chair i yield. >> chair now recognizes mr. bacon from nebraska. >> thank you for being here today and sharing your expertise. i think you've made a compelling case that our policies and loop holes undermine our security and our law. and we need to get that fixed. we can have the best physical security in place, but if we are doing catch and release or asylum policy that's being used as a loophole, we undermine all those efforts. and so, i for one support more physical security but i know we have to fix these laws so they support each other. and that they defend our border and give us the rule of law. we want legal immigration, not illegal immigration. i want to piggyback what the chairman to our committee brought up, pathways to the

. >> is there any time that people are talking about russia and china coming in for venezuela and is there hope on that or not and do you think that is something that that will do. >> likes china and he's always like china and i don't think they will -- cuba is an economic buckle. soviet union was pulling a million bucks and a million a day and a million a day and i -- >> i disagree. let's look for a moment. russia has provided a take a load of oilo cuba and russia has taken over the alien refinery venezuela used to be running so russia is clearly interested in china is the major trading partner and investor in cuban more than the eu combined and the critical thing here is russia and china are the major source of military government, mentoring for the cuban military which is good and the russians have talked about it but i have not heard if they've reopened the satellite stays at san antonio but here is what i think might be going on. it is always nice to have a foothold for russia and china ie the western hemisphere and that was certainly proven to be true during the missile crisis b

. >> is there any chance people are lking about russia and china stepping in for venezuela. is there any hope on that or not? do you thinkhaot mething they're going to do? >> go ahead. go ahead first. >> i mean, raul likes china. he's always liked china, right. i don't think they're going to step in. cuba is an economic black hold. the soviet union was pouring a million bucks into cuba. a million a day. >> a million a day. >> uh-huh. >> yes. >> a million a day into cuba. >> i sort of disagree. i mean, i could go either way. but let's look for a moment. russia has now provided two tanker loads of oil to cuba. >> true. >> and russia has taken over the petroleum refinery that venezuela used to be running. so russia is clearly interested. china is the major trading partner, investor in cuba. more than the eu combined. and the critical thing here is both russia and china are the major source of military equipment mentoring for the cuban military, which is good. and the russians have talked about it. but i haven't heard whether they've done it to reopen the satellite interception c

she criticized the group because its members includes rights abusers such as china, cuba, and venezuela. the european union said the move risks undermining the u.s. as a champion on the world stage. >>> and severe thunderstorms are moving across the nation bringing heavy winds, rain, and destructive tornadoes. there was a tornado that struck in colorado north of denver. hail the size of golf balls pummeled parts of colorado. it dented cars and shattered windshields. in texas about a foot of rain fell in the belmont port arthur area. it caused flash flooding, shut down schools and damaged homes. one man's home flooded for the third time this year. >> it's not good. it's -- coming and seeing everything floating on the floor. there's nothing that can prepare you for it. >> some of the homes that were flooded were still empty after being damaged during hurricane harvey last year, and there's more rain in the forecast, bringing a flood threat. >>> and starting today airline passengers will be more thoroughly screened for containers carrying powders in their bags. the tsa will be paying more

secretary pompeo says the council has membership on some of the worst human rights defenders, china, cuba, venezuela while it mistreats israel and lets other violators go. chris coons says it's a mistake for the united states to leave and it's better to be part of the conversation. >> bret: rich edson at the state department. thank you. big change coming to to a coupe iconic american institutions. general electric, an original member of the dow jones industrial, is to be removed from the index. g.e. will be replaced by walgreens. up next, did the fbi bias during the clinton email investigation bleed over into the russia collusion probe? we will look into that. beyond our borders tonight. the u.n. refugee agency says 69 million people who have fled war, violence and persecution, are classified as forcibly displaced. turkey is the country with the most refugees. the leaders of germany and france meeting to coordinate their positions on the future of the european union. the meeting comes ahead of next week's summit. angela merkel facing seeking at with other european leaders. in latin, a moment of sile

pompeo says the worst offending countries are sitting on the council like china, cuba and venezuela.aid the council excessively mistreats israel, passing resolutions against israel than against north korea, iran and syria combined. >> of the human rights council is going to attack countries that uphold human rights and shield countries that abuse human rights, america should not provide it with any credibility. >> reporter: democratic sen. chris coons of the foreign relations committee says, quote, we need to show up, be constructive and work with our allies to isolate bad actors, this decision makes it harder for us to advance our foreign policy and national security goals. nikki haley says the us would be join the council if it reforms. shannon: richardson, thank you. time now for where in the world. european leaders are calling for the creation of a new holding facility outside the european union that can help officials differentiate between refugees and migrants who are likely to return to their own countries. donald husk says he doesn't want, quote, concentration camps but cente

permanencia del grupo de militares de repÚblica dominicana, estados unidos, china, taiwÁn, rusia, estados unidos y venezuelan estos motivos momentos de >> estabilidad de estas tropas que vienen a reforzar que la capacidad represiva. tiffany: el general retirado que es tambiÉn opositor al gobierno se refiere a las acciones de la policÍa nacional y fuerzas parapoliciales que han ocupado las calles del paÍs desalojando manifestantes que piden la renuncia del presidente. >> el pueblo unido jamÁs será vencido! >> esto que estamos viviendo en la actualidad,la venida de tropas venezolanas o cubanas, sirve para enmascarar o camuflar propÓsitos polÍticos que no se declaran en el decreto de ortega. tiffany: esta semana se instalÓ en managua un equipo de expertos que investigarÁn las mÁs de 200 muertes ocurridas en el paÍs desde que comenzÓ la crisis hace dos meses. ilia: vamos a canadÁ porque anunciaron que pondrÁn aranceles a las importaciones de estados unidos por $12,200,000,000 y que entrarÁn en vigencia el prÓximo domingo. entre los productos afectados estÁn el jugo de naranja de la florida, el papel higiÉnico d

authoritarian governments with unimpaired us and important human rights records such as china cuba and venezuela there is no fair or compatible lection process and countries have colluded with one another to undermine the current method of selecting members in the councils continued and well documented bias against israel is unconscionable since its creation the council has adopted more resolutions condemning israel than against the rest of the world combined the united states has no opposition in principle to multilateral bodies working to protect human rights we desire to work with our allies and partners on this critical objective that will flex america's commitment to freedom but when organizations undermine our national interests and our allies we will not be complicit when they seek to infringe on our national sovereignty we will not be silent the united states which leads the world in humanitarian assistance and whose service members who sacrifice life and limb to free millions from oppression and tyranny will not take lectures from hypocritical bodies an institution as america's selfless

pompeo said some of the worst countries are sitting on the council like china, cuba and venezuela.hat passes more resolutions against israel than against north korea, iran and syria combined. >> if the human rights council is going to attack countries that uphold human rights and a shield countries that abuse human rights, then america should not provided with any credibility. >> democratic senator chris, member of the foreign relations committee said" we need to show up, be constructive and work with our allies to isolate bad actors. this could weaken the united states influence on the council and makes it harder for us to advance our other foreign policy goals. ambassador haley said the u.s. would rejoin a counsel if it reforms. >> shannon: rich edson of the state department, thank you. time now for where in the world? the microchip controversy, european leaders are calling for the creation of a new holding facility outside of the european union. that can help officials they say better differentiate between refugees and migrants who are more likely to to return to their home coun

chronic bias against israel pointing out it includes accused human rights abusers such as china, cuba, venezuela are trying to find compromise between the push for moderate supply increases versus iran's decision to keep existing quotas. >> i am converted -- encourage we are converging. the stakeholders in the oil industry, but also our consumers. >> every minister he has spoken to agrees that it is time to change course. the meeting formally begins indiana friday. global news 24 hours a day on air and at tictoc on twitter powered by 2700 journalists and analysts in 120 countries. this is bloomberg. julia: we have been talking about the latest debate over the immigration situation going on now at the border with mexico. some comments from president trump, saying he is signing in order to keep families together. the moment we get further updates on that we will bring them to you. >> let's get to our deals report. it is about disney. $71ing its bid, the billion. disney is now close to winning antitrust approval for the deal. we'll comcast come back with a sweetened offer? -- at hammond has some le

because venezuela is a member of the human rights' counsel as is cuba as is china. the council failed to respond in december and january when the uranium regime -- iranian regime killed hundreds of citizens. when a human rights council cannot bring itself to adjust abuses in venezuela and welcomes the democratic republic of congo as a new member, the council ceases to be worthy of its name. such a council damages the cause of human rights. the biasthe matter of against israel. the united states made it clear we would not accept the continued existence of agenda item seven, which singles out israel in a way no other country is singled out. year, the human rights' counsel passed five resolutions against israel. more than the number passed against north korea, ironic, and syria, combined. this hostility towards israel is is motivatedncil by political bias, not by human rights. for all these reasons, the united states spent the past year engaged in an effort to reform the human rights' counsel. it is worth examining why our efforts did not succeed. there are two reasons.

a privilege new country has a human rights violator should be allowed a seat at the table venezuela cuba china egypt saudi arabia and she has a point doesn't she. well if you know what you focus is really fixates on israel but as humanoids human rights watch director can or cannot trust recently said the u.s. human rights council has played an important role in dealing with issues in countries like north korea syria me and mar of south sudan but again the us used to be fixated on israel doesn't israel is a big country they can stand up for themselves the council's current membership includes fourteen countries that are ranked not free by freedom house i mean they've had enough warning why hasn't the un heeded. the warnings from the u.s. and from from britain which is the u.s. view of the council and change the rules over who is allowed to sit on it. well you know it and i think it has less to do with membership and more to do with teeth you know i think that the u.n. human rights council doesn't really have any teeth when it comes to enforcing resolutions or or recommending resolutions to the

and, yes, i wouldn't be surprised to see china and russia and venezuela on the priority watch list.zerland, greece, jamaica, costa rica, mexico? i'm just not sure if the markets or investors really wanted to see that. >> well, and i, you know, i used to work on that list. i did a tour at ustr when i worked for the government, and those lists are, you know, produced every year by law, and we certainly want to continue to press through economic diplomacy that secretary of state pompeo has talked about, press our allies, friends and adversaries in the world to stop stealing intellectual property and other brands and trademarks. but again, there are these procedures, and you just don't go from 0-100 without going through all the checks and balances that are in place. riz -- liz: well, we'll be watching what heritage foundation says. james roberts, thank you so much. markets are down, dow is lower by 413. when we come back, so much more. we're going to take you through all of this to the closing bell. ♪ ♪ ♪ ♪ liz: i'm just going on harley davidson's web site right now because we're looki

china, probably. but if you're in venezuela? the value of your dollar there drops exponentially each and every day.coin makes a whole lot of sense. >> reporter: even some of the biggest believers caution against betting it all on bitcoin. grant savatia made over $1 million in bitcoin, recently wrote a piece advising against investing in it. >> you only have $1,000, $5,000, this is not the best place to put your money. view it as a speculative investment. why would you put your entire investment in something that isn't backed by anything? overall you need to have a more conservative, better investment strategy for the long-term. >> do you not think there's a little chance that we're in a bubble right now? >> it's possible to both be in a bubble and undervalued at the same time. it just depends on your time horizon. >> reporter: for jeremy, high in his castle, he's confident there's a crypto future just beyond the horizon. >> in 2018, we'll see real-world deployments of blockchain technology across enterprise, in real estate, health care, government. and i think at that point this technology will bec

they include afghanistan, china, cuba, congo, saudi arabia and venezuela, the majority of them roundly condemned by human rights watchers for abuses. your reaction to all of that? >> well, liz you know every year and every time human rights comes up in the u.n. we sort of chuckle and shake our head and look at these countries. finally now, we have a president we have a secretary of state and our ambassador hayley now whose withdrawn and said we will no longer provide cover for human rights abuses in this sham that is the u.n. human rights council and by the way president bush, the bush administration pulled out when they changed the u.n. human rights commission to this council in 2006 and only until 2009 did obama put us back on because that administration liked to provide cover as they cozied up to regimes like iran and otherwise and i'll tell you the syrian american, if any syrian american thinks we've made any headway to chemical weapons use and other atrocities , genecides that have happened it is a joke the human rights council is a joke and i think it is about time we let them ex

it also allows according to haley the worst human rights abusers on the council like china, cuba and venezuelam though urge the trump administration to remain. the human rights council tweeted saying disappointing if not surprising news given the state of human rights in today's world, the u.s. should be stepping up, not stepping back. now ambassador haley says if the u.s. were to remain on the human rights council it would only lend it credibility. she says the u.s. would consider rejoining if it reforms. bill. >> bill: thank you, rich edson from the state department. >> sandra: growing outrage over children separated from their families at the border. president trump may take action to end it. how lawmakers on both sides of the aisle are reacting. your brain changes as you get older. but prevagen helps your brain with an ingredient originally discovered... in jellyfish. in clinical trials, prevagen has been shown to improve short-term memory. prevagen. the name to remember. i'm a tin can tied to your bumper, cause.... i don't think enough people heard about your big day. but nothing says "we

essentially just making up from the shortfall from venezuela where we've seen production collapse in recent months. >> google may be blocked in chinather way to expand its presence in asia and battle amazon as well. what can you tell us about this? >> yeah. they've agreed to spend more than half a billion dollars, $550 million, to buy more than 27 million shares in jd.com, one of china's largest on-line retailers. they're calling this a strategic partnership. the two companies are promising to build up the kind of logistics operation we've seen as being crucial to on-line retail all over the u.s. they say this is about reducing friction and personalizing the shopping experience. that sounds like another man jeff bezos the founder of amazon, doesn't it. >> it does. always great to have you with us. happy monday, live from london. >>> coming up, everybody, axios nick johnston has a look at one big thing and coming up on "morning joe" the massive outcry over the trump administration's immigration policies, the president spending his weekend trying to shift the blame amid the uproar over grant children being separated from their parent

china. a dispute in opec on whether to increase production is getting wider. iraq has joined in iran and venezuelang the proposal. opec and its allies may resolve the issue when they meet indiana. global news 24 hours a day, on-air, and @tictoc on twitter, powered by more than 2700 journalists and analysts in more than 120 countries. i'm emma chandra. this is bloomberg. the federal reserve begins its two-day meeting today and it will only take one member to bump up the median. this year to four. the white line is for 2018, almost 3.5 hikes. the yellow is next year, 1.5 hikes. joining us now is stephen stanley, one of the most hawkish on the street, calling for four this year and three next year. bob browne is calling for only one this year and one in 2019. stephen, make your case for four this year, three next year. >> you have been on implement rate below 4%, growth will be strong in the second quarter. the fed needs to get to neutral pretty quickly. they have been very easy for a long time and it is time to get back to neutral. i don't think they would accelerate beyond what they have called gra

venezuela are backing iran. mike pompeo has amplified president trump's tough line on the brewing trade where with china.ld the detroit economic club the action is long overdue, he also said the chinese appeals for openness are a joke. he says beijing is the most predatory government operates against the rest of the world today. >> we are taking a really hard line on foreign practices that harm america. whether that is threatening our technology and leadership to property theft, we are hard at ensuring that we protect american property. everybody knows that china is the main perpetrator, it is at a n unprecedented level of larceny. jessica: the policy of separating immigrant children from parents who illegally cross the border threatens to balloon into an election year heading for republicans. it is a zero-tolerance approach that was fresh adopted in april. the president said the u.s. would not become a migrant camp. >> immigration is the fault, and all of the problems we are having, as we cannot get them to sign legislation. we cannot even get them to the negotiating table. i say it is very strongly the

venezuela and turkey. david: what about asia that is not china, indonesia or india? brian: we are positive on india.term secular story. looking at india long-term versus japan, india looks like a better long-term place. that is one area we are still bullish on. there could be tariffs to the u.s.. david: it is all about trade. brian nick, thank you very much for being with us. coming up, turkish assets reversing gains as early ones s wins. erdogan surveillance can be heard in new york, boston, the bay area, washington, d.c., and all across the united states on bloomberg radio. from new york, this is bloomberg. ♪ emma: this is bloomberg daybreak. coming up later on bloomberg markets, balance of power, julian castro, former housing and urban development secretary. this is bloomberg. alix: the shanghai composite nears a bear market. there are also idiot hosting craddock risks for certain countries added on to higher u.s. rates from the dollar and trade wars. we look at those countries that have unique issues to define the problem and opportunities. today we focus on turkey. david: president erdogan has

have to have some production to make up for the unrest in venezuela and the iranian sanctions that are ahead of us as well as the effect in china, but i do not forecast in my view that they would be an increase. liz: well let's say let's flip over to the china situation. >> right. liz: this has become quite a dramatically valuable, i hesitate to call it a cottage industry for oil producers here in the u.s.. they've been selling a billion dollars per month of oil to china. if china stops buying the united states oil, who gets to win that and a lot of people are saying iran would happily step up and just to annoy the u.s. , knowing how the u.s. is slapping sanctions once again back on iran, china would gladly turn to iran and say do you know what? we'll buy your oil instead. >> well, i think that your points are correct there but i'm not sure in reality it'll play out quite that way because still , china has to import half of all of the oil that they use, and we're a big part of that. we supply to mainly to canada, to mexico, and to china, and that need would be hard to be filled by some other sources. now, perhaps as you say the

venezuela who says no changes needed. 'sstatement on the pboc website says that china's economy is sound and will be in reasonable range forhe $10.3 billion and corporate bond defaults as of may is .39% of issuance. the world health organization says compulsive video gaming qualifies as a mental health condition. it says it will help governments and health care workers to be more vigilant. rare.es the cases are some psychologist say the classification may unfairly stigmatized some young people. global news 24 hours a day on air and on tictock twitter. in 120 countries. this is bloomberg. >> thanks so much. risk off at the beginning of this week they are now. let's take a look at the reactions we are seeing in the upping of the ante between the u.s. and china on trade. are taking their toll spared chinese shares leading losses. the futures index wiping out 2018's gains. shanghai composite is below 3000 for the first time since 2016. we're going to watch to see if the national scene will set in this afternoon to stem those losses. has fallenthe psc lower by 2%. moving closer to a bear market amid fears of a weaker currency.

venezuela. and i think especially if you consider that there are countervailing factors as well. there's russia and china, which continue to provide support to the regime and julio referenced that, that's russia, in particular. in what we've seen in the past few years there are at times domestic pressure and at times international pressure. they often have been in sync. a couple years ago, julio outlined this, frankly, at the time, national position was very really. and when the referendum was cancelled then the referee jumped in and oversaw the talks which ultimately failed because there was no national pressure. now, we're seeing a lot of international pressure and one of the tragedies there, the venezuela people have been demobilized. this is not a criticism, it's an obligation. people send their days looking for food, looking for medicine. maybe they're going into exile. planning their exit. maybe they're afraid because they have used violence before. they're afraid to go to jail or be tortured. and i think we're reached the point that many people in venezuela are waiting for military coup. they're w

by the way venezuela is down 70% since i believe january but china is now down 20%.never good when world markets are under pressure. our market also even though the nasdaq 100 went into new high grounds had to market has been what my estimation is bearish and there has been other areas that are starting to really give in now. that is financials and semi conductors. they've always been leading groups in the market and then they start getting the big step over the last few days. i think we have a deteriorating market. we don't have to go into a full-fledged bear market. but we can be on defense throughout the summer and we will reevaluate after that. microsoft has been doing great for the size of company you are. breaking news on equifax. a former manager at that company charged with insider trading. he was a software manager. according to the court records was trying to find what was behind the massive breach of people's information. with the people's data was exposed. now prosecutors say it was caught in what they call insider trading. that was the moment when the br

venezuela. a $700. senate passed billion defense bill that could see penalties reimposed on china's zte, something the white opposes. president trump plans to lobby allowican lawmakers to the company to get back into business. mike pompeo has amplified the tough u.s. line on tariffs. ofcalled china's claims greater economic openness a joke. hard're taking a really line on foreign practices that harm america. whether that is threatening our technology and leadership theft, we arelogy ensuring that we protect american property. everyone knows that china is the main perpetrator. it is an unprecedented level of larceny. president trump's policy of separating immigrant children from parents who illegally cross the mexican border threatens to balloon into an election-year headache for republicans. the administration is struggling to defend the zero-tolerance approach first adopted in april. the u.s. would not become what he called a migrant camp, attempting to blame democrats for his own policy. pres. trump: immigration is the fault, and all of the problems we are having, because we cannot them to sign legislatio

china even russia, where there's consumer pressure. this is feeding into it. i think the voice of the consumer is being heard here >> if all the risks out there, of all the risks you have identified venezuela it's coming true on a daily basis. is venezuela's oil industry going to implode further >> our view is that it's going to continue to go down just to give you numbers, 2.5 million barrels a day in 2015. 1.4 million barrels a day. by the end of next year if not sooner, 800,000 barrels a day. there's a focus on what opec, non-opec does, but the geopolitical risk is concentrated on venezuela, to a lesser degree on libya, and uncertainties about the application and timing of sanctions on iran. >> you are a star for letting me grab you always a pleasure. i know you have an important panel coming up. >> i'm doing it right now. >> thanks. we have spoken to the opec president, had a quick word with his excellently, i'm finished. back to you. >> looks like you need a cup of coffee, i know you're not much of a drinker it does seem like there's an agreement coming together here the markets seem to be reacting, both brent and wti are falling at what point would you expect there to be an agreement

china shipping fentanyl to the night states? amount.nificant congress has been fantastic in providing resources to the executive branch to push back against this new and truly-grave threat. >> i was in venezuela and o said that aur lection wouldn't be recognized they were the world. there have been incredible negative outcomes in public health and they have now gone through with the election. what's is the next step to put pressure on him question mark >> we would put the additional sanctions on the regime and what is the next step to put pressure on him? >> we would put the additional sections on the regime and continue our diplomatic outreach to make them return to some semblance of a democracy. i have to say that this is an enormous challenge that our t ools have not proven sufficient to darte. we have is one tool not used and you know it is. would you consider imposing oi a sanctions between the unites states and venezuela. >> we are continuing to review this and there are ramifications to doing this that make it more complicated. i know that you are aware of those and i don't mean -- i know that you get it. reviewing the points of if we need to suffer the negative ramifications to get th

china and the india market all warning in terms of prices. the question today is, iran walked out of the meeting last night where they didn't have a vote. they have a vote behind me and venezuelall. this could be a fracturing moment of opec. anna: the nigerian oil minister saying it would be a challenge to reach a deal but there are questions about where opec does next because we have seen the axis of saudi and russia holding together. alberto gallo, algebris inventments portfolio manager still with us. how are you watching this opec meeting? are you so expose you are hanging on every beat, or are they missing the demand story as a result of tensions around trade? what is your focus? alberto: we have been looking at higher oil since last year. at the moment, we are not positioning for a higher level from here. we think the risk is still on the upside and the reason is that both opec and non-opec countries need a sustainably higher price of oil despite the complaint from development its. there is disruption in some producing countries like venezuela that could get worse. regime is faltering, there was dark condition for the venezuelan population and it is not clear for how many

seen from venezuela, an angola or even iran, but the smaller ones cannot bring additional, are the ones who are objecting to that. >> how to do you factor in, if at all, the fact that china'story tariffs would include a tariff on oil. >> well, what it does mean is that if china was to retaliate in terms of tariffs, especially involving u.s. oil, at least that means that opec perhaps might first have to consider it in the upcoming meeting, but they might have to then perhaps look into that -- those extra barrels that china perhaps will have to lift from countries outside of u.s., and the first country, perhaps, one can think of where china might try and get those barrels might be from iran and the question comes back on the table whether iranian barrels that one is anticipating could be taken off the market because of u.s. sanctions, how many barrels would really get taken off if china was to basically compensate for the lost barrels from u.s. to iran >> well, what about your forecasts for the dollar the dollar has been strengthening. i understand that you're bearish on the outlook for oil prices and does that play into it how are you forecasting the u.s. dollar >> our u.s.

to happen on the demand side with china and tariff and retaliations and what's going to happen with opec and, you know, will saudi and russia add more than what venezuelanow, basically are leaving out of the system. >> are they on the same page we heard some views that maybe they're not. that saudi arabia might pretend they don't want to add that much but russia actually needs to add more just to cover all of its expenses and saudi arabia would like to hold the line. is that what's happening or are they totally in sync? >> joe, i think they're in the same book, joe but i don't think they're on the same page yet. they're very close and i think that's what's made this sort of made this last year and a half work. both of those superpowers have stuck by this 1.8 million barrels a day cut. going forward, it's going to need those two to continue those two along with the u.s. are going to be the three certainly most important as far as supply is concerned >> so, you know, we used to just talk about the revolution in this country with horizontal drilling and when do we do it, when do the spigots get turned back on. i thought we were the swing producers. now we

china and their retaliation. if we get back, we will see in fact, but not until 2019 or 2020. it is an 18 month story. tom: if we keep this simple, did iran, venezuelaher smaller countries lose today? >> i think a little bit in the sense that they did not get everything they wanted. i don't think we are going to get a commendation -- condemnation of the u.s. markets. it will restrict the increase. we have seen the numbers russia and saudi arabia have been producing more barrels and putting them on the market. it has constrained them. the price the other side is saying is unanimity or the illusion of unanimity. tom: this has been wonderful coverage of oil. i want to move on to goal. i think jets -- suggest will kennedy will get at least two weeks off after that scrum today . i have been stunned by the price action of gold. technician suggesting gold moves south. on gold, your thoughts? >> i think gold has been one of the challenged commodities in recent environments bit we obviously had a good year last year for the price of gold. this year has been more difficult. i think where the dollar is having a relationship right now and expectations around in

charge in china venezuela they are mad about bitcoin because their commies are in freefall those are prayer for all currencies when he had a major currency like the dollar the yen the euro the panel and enter a similar crisis which i believe will happen will have then adoption rate in those countries wall spike as well as a psuedo store of value as a way to preserve wealth because the banking system is completely unsustainable they will not exist as we understand it in ten years time it will not exist central banks are an endangered species. see. it's good. to. see. to. see. to. eat. six good rather than a. lot of the to believe the so. called if you don't know if you don't know what the before looks world is a virtue you get it going for the good we're going to be so good you know if you're the first. place. no i don't know when that. is let me work on that one for me that bought a lot of b. lee had the but nobody and nothing would not be an adult but i cannot help the injured then what can the and what help the it and i don't mean you can have the adored her. this is this mustn't y

there's something happening here, which is unlike the citizens of china and russia and venezuela, , we still have the power to fight our own battles. and don't think i can promise you a happy end, but i also know that that is going to be a tragic end. it depends on what we do. i went to a talk a number of months ago and it was said there's a big fire burning and each of us don't have a little glass of water in front of us. if each of us goes and puts the water on the fire, i alone can't do very much but there's a bunch of us sitting in this room and a bunch of people watching this and if all the stake the glass of water and try to put out the park, then together we might be able to put it out. i think it's our duty as people who do believe in democracy, who believe rules, , to go and try o that. >> thank you for concluding on an uplifting note. and thanks to you both really, superb presentation. please join me in thanking them. [applause] >> and now books would be available for sale in the back of the room. thank you all for coming. >> and we are happy to sign them. >> do you have time

party in china is strongly challenging president wretch of type everyone in polls ahead of the country's elections on sunday. the united nations has condemned venezuela's human rights record in a new report it describes the rule of law in the country as being virtually absent the report goes on to accuse venezuelan security forces of carrying out hundreds of questionable killings without being prosecuted. crunch time for chancellor angela merkel the german leader faces her european partners that a key migration summit this weekend but why is she playing down hopes of progress before it even begins can she bring europe together on migration policy with no less than her job on the line i'm so mr misconduct and this is the day. he does a good designs on talking it's all about talking to those member states affected most by the problems of migration cleary smoltz a cyprus full garia italy and spain in. getting you think very good reasons to host refugees near their homes so how about .