joining us now is neil ferguson.nk you so much for join iing me >> hi, kelly great to be on the first show. zpl and great to have you with us so you're concerned that we talk a lot about trump in disarray and what's happening in washington and the people who have left the administration you know, a lot of people point to and say look, the economy is still doing great. what do you think the bi >> what are our enemies going to do and perceive as the opportunity here >> when you look at the u.s., particularly through the lens of the mainstream media, it's permanent crisis and certainly those people who are anxious to replay watergate with president trump and the role of president nixon. if you're viewing that from outside as an adversary of the united states, it's like a golden opportunity to get up to no good. who would take advantage of that one question for 2019 is, does president putin in russia seek to take another of those aggressive steps that led him into ukraine in 2014 an even bigger question is what does chin

shocking.the size was i think neil ferguson put it nicely, anyone just missed it.of emerging-market crises, you knew something big was coming. the size was dumbfounding. francine: what is the governor pushing you on now? finance, -- ch?ncine: things like finnte huw: exactly. spending a lot of time thinking about the payment system. how the financial system is adapting. globally, banks are only spending about 25% of their tech budget and that needs to come higher. francine: they could become cryptocurrencies -- cryptocurrencies could become a serious threat to the central economy. do central banks need to look at that? huw: i am not so worried about cryptocurrencies. i think they fail the test of financial services. they do not hold value. but they are a threat. the bigger threat is how do you , as it moves to tech how do you keep supervision over a more complex set of companies? banking, andigital this goes back one year where everybody last year was bitcoin $14,000. that was last year as well. it facedanking, does the same challenges as the volatility of bitcoin?

explain a senior fellow at the hoover institution and author of the book the square and the tower, neil fergusonyou. steve: good morning. ainsley: how can we stop this from happening again it? >> will happen again our public sphere is represented by facebook, twitter. youtube where this video originated and increasingly the mainstream media simply gets its news from those sources, no matter how fake the news is. and the instagram version via twitter then went to the "the washington post" and "new york times" without anybody doing any serious fact-checking. the problem is that there are giant companies now dominating the public sphere, facebook and google in particular more or less uncontrolled by any of the regulation that, for example, a cable news channel or a newspaper is subject to. they are exempt from any liability for the content that appears on their platform. steve: that's right? >> that's right. under legislation. steve: is that right? >> it can't be right. in effect these are the biggest publishers of content of news in the world. and yet they are completely exempt from any liability