are involved right now saudi arabia russia and united states so the petro dollar of course was established in the early 1907 days with america and saudi arabia when america defaulted on its sovereign debt remember richard nixon defaulted on the dollar just halted on the treasury market and we went on the petro dollar standard because america had to close the gold window can no longer fulfill its obligations to its creditors this was the beginning of the petro dollar era and the beginning of all things everywhere being priced in dollars oil is being priced in dollars all commodities are priced in dollars they gave america the us empire of debt it gave america the world reserve currency it gave america what's called senioritis which is basically they get a cut over every transaction ever done anywhere in the world every coil trend if japan wants to buy own oil that the buy dollars 1st and then buy oil for example so they have to give america a commission they get a cut that's a huge source of revenue for america now with saudi arabia and the us have been at loggerheads now for a couple of ye

well all the key players necessary for that are involved right now saudi arabia russia states so the petro dollar of course was established in the early 1907 days with america and saudi arabia when america defaulted on its sovereign debt remember richard nixon defaulted on the dollar default on the treasury market and we went on the petro dollar standard because america had to close the gold window could no longer fulfill its obligations to. it's creditors this was the beginning of the petrodollar era and the beginning of all things everywhere are being priced in dollars oil is being priced in dollars all commodities are priced in dollars they gave america the us empire of debt it gave america the world reserve currency it gave america what's called seniority which which is basically they get a cut over every transaction ever done anywhere in the world every coil trans if japan wants to buy oil that the buy dollars 1st and then buy oil for example so they have to give america a commission they get a cut that's a huge source of revenue for america now with saudi arabia and the u.s. have bee

with the help of the bacteria but they will need to improve the process if they're to compete with petro chemical dice to reduce costs they're planning to use a cultural waste as a substitute for sugar. that's a big advantage is that we can take all of the leftovers like stands leaves or other parts of the crop and use them as a source of carbon so we can kill 2 birds with one stone. by 2021. and his team expect to be producing several tons of dipole a year we might then be able to find close died without pigment but they would need more time more money and more production capacity to become a serious alternative to the petro chemicals industry. and now before we go we want to bring you back to africa to the island. way a group of environmental activists is working to make new from they are creating fashion from waste their colorful creative designs tracking a lot of attention and raising awareness for the idea of reuse for the sake of the environment so let's go take a look at what they're doing. this is design a fashion on a more down to earth level clothes and show here are just as we

would need more time more money and more production capacity to become a serious alternative to the petro chemicals industry. and now before we go we want to bring you back to africa to the island. where group of environmental activists is working to make new from they are creating fashion from waste their colorful creative designs trusting a lot of attention and raising awareness for the idea of reuse for the sake of the environment so let's go take a look at what they're doing. this is design and fashion on a more down to earth level clothes on show here are just as weird and wonderful as their counterparts in order to but come with far less fanciful price tags on it some jolly i that's no surprise there designed to make a statement and encourage greater environmental awareness and there are no limits to their make his imagination. the plastic container if you. will. be thinking that. these are the minds behind the creations a group of young people frustrated at seeing their country and above all the sea choking on garbage they write poems discuss plans and exchange ideas and prototypes

are arguing over the price and flow of oil that and the fake news is the reason for the market drop petro on the normal wake we will be talking about that being a hugely significant financial story and actually it's only a small piece of it now. absolutely i mean i think it certainly aggravated the initial soul of you had a severe down draft from the from whence when the stock market hit peaks there was a sell off of the coronavirus the oil shock hit right in the middle of it exacerbating those losses and then as i said now you have the sense of a lack of direction at the top and actually a lack of ability to respond right because as you said this is going to be a very long term issue so there is there's no amount of economic stimulus that can all we can do now is prevent the bottom from falling out rather than preventing the economy from slowing sharply and to give you some visibility on the future and all markets are volatile and it's hard to look ahead but if you look at interest rate expectations not only do markets expect the fed to take rates again to 0 next week as it did in 2008 i

ambitions to have its currency the currency of its allies really rival if not it's the 47 year old petro dollar standard which is the ascent effective monopoly globally with regard to oil or gas pricing so there's a lot of you know it's a game of chicken really funny scenes there's a lot who is going to be able to see exactly and there's a lot of moving parts of the as you've just explained here a couple is go to you in beirut here i mean what. please explain to me why saudi arabia thinks that russia for example is going to blink 1st now its lifting costs are very very low but its budgetary constraints are extraordinary considering what the the the crown prince wants to achieve there and russia has got a pretty good piggy bank to ride out this these tribulation the price fluctuations that we're experiencing right now i don't understand the saudi reasoning here go ahead and beirut well obviously it could be there is no reasoning they make in the same mistake they made in 2014 they put themselves in a big deficit in a big big goal and they do in the same mistake all over again there is no

and oil and of course that's a quid pro quo they're going back to the original $971.00 bargain the petro dollar as it was introduced so it's a petro dollar is severed of best no longer how we measure the global economy and that relationship no it really is the largest purchaser of my book super imperialism was the defense department in the cia and defense department gave an institute where i work a contract for me to explain how this free ride turned when and so i went with herman come to the white house and we were told that they've told us so many arabia and other oil exporting countries you can charge whatever you want for the oil the more you charge the more iraq companies make but the condition is you have to recycle all of the earnings into the u.s. bond market and you can buy stocks too you can't buy control of a given company but you can buy a 1000000 shares of every country and company in the dow jones leverage right i understand that but now with this new paradigm it seems as though that is breaking up a little bit and these countries are going their own way their dollar rising

and saudi arabia that has evolved into what the petro dollar set up after the gold standard ended in the early seventy's and that paradigm is starting to give none of this can be discussed out in the open you don't have analysts on bloomberg or c m b c or in the f.t. or what not bluntly discussing the risks but as your other guests. there's already a you know a kara selling or a cascading effect within western finance a 6 month spell of oil below $40.00 could devalue as much of the western financial system because $1.00 trillion dollars is the amount of energy or debt that's tied up just between you know larger banks as well as made here banks and energy producers and when the u.s. has nothing else really the west has nothing else but to throw the kitchen sink yet in order to try and prevent a an eclipse of the dollar standard what it's doing is shooting itself in the exactly one of the things that's very interesting is that you use the dollar is a political weapon it comes back like a boomerang and hits you this is what i've been saying for years here you shouldn't use it as a polit

are involved right now saudi arabia russia and united states so the petro dollar of course was established in the early 1907 days with america and saudi arabia when america defaulted on its sovereign debt remember richard nixon defaulted on the dollar just halted on the treasury market and we went on the petro dollar stand.

dollar era ended it was sunday march 8th that was the end of the petro dollar when saudi arabia flooded the walls with oil and cut the price of a barrel well even by $10.00.

and we pointed out that on march 8th sunday march 8th the petro dollar error and it was sunday march 8th that was the end of the petro dollar when saudi arabia flooded the walls with oil and cut the price of a barrel well even by $10.00 this past sunday the 15th of march i believe was the actual and of the dollar when the fed cut on sunday night just as it had by the way in march of 2008 during the financial crisis in the beginning when bear stearns collapsed here we saw emergency rate cuts of 100 basis points down to 0 it took them down interest rates down to 0 percent essentially and the markets tumbled the dollar is something we've been talking about for many years and it's the only store of value at the moment everything is collapsing against the dollar so how long will that last probably not a long time because. as we've seen during brain woods or through the plaza accord of the 1980 s. there's going to have to be a global coordinated sit down to rearrange the global 4 x. market we arrange the global currency grit and the dollar is not the thing we're going to have to match it a

the global unit of account in the seventy's they made that bargain with saudi arabia to create the petro dollar and that's been the story now for 4045 years but that's not over today because the end of the petro dollar we're going to see the rise of the ruble dollar or that the chinese russian based. based dollar is going to be outside of america america as the center of the world reserve currency i think this sense so that's number one of us going to take several years to play out number 2 the stock markets around the world are hyper inflated by companies buying back their own stock with free money from the central banks and once liquidity freezes and it's freezing once again you're going to see earnings emerge to reflect the actual performance of these companies which means a mark down 4060 percent for a stock markets you know it's amazing because the stock market 2 in america the dow jones which is got a size $29000.00 it could trade down to $8000.00 and would still be in a long term home market that's not over it's like the stock market the energy market you're looking at oil without

dollar era ended it was sunday march 8th that was the end of the petro dollar when saudi arabia flooded the walls with oil and cut the price of a barrel well even by $10.00 this past sunday. the 15th of march i believe was the actual and of the dollar when the fed cut on sunday night just as it had by the way in march of 2008 during the financial crisis in the beginning when bear stearns collapse here we saw emergency rate cuts of $100.00 basis points down to 0 it took them down interest rates down to 0 percent essentially and the markets tumbled the dollar is something we've been talking about for many years and it's the only store of value at the moment everything is collapsing against the dollar.

30 percent increase in cope with 19 cases in a single day country is on lockdown as prime minister petro sanchez says the worst is yet to come. and germany ramps up its own fight the government is asking carmakers to make medical care and lawmakers discuss a possible nationwide lockdown will see how people are dealing with the fast pace of changes here in the capital british. public fully as welcome to the program while authorities around the world take more drastic measures to try to slow the spread of the corona virus the number of cases globally nearly doubled last week the current tally by johns hopkins university in the united states kinds more than 300000 infections worldwide and with that over 13000 deaths half of all the cases of covert 19 are in europe. lockdown measures are in place in 35 countries with every 7th person now confined to their homes now italy is struggling most to combat covert 19 with nearly 37 percent of the global recorded deaths officials there reported the largest one day increase in fatalities from the coronavirus with almost 800 deaths reported in the past

prime minister petro sanchez says the crisis has effectively put the brakes on the economy spain's one of 3 european countries under lockdown today authorities reported a shopping craze in the number of new infections in the national total to more than 11000. in the latest from d w. shots in the spanish city of seville welcome young philip how hard is this it's in the country's economy. i think nobody even dares to think about the long term economic consequences for spain at the moment i talked to some people involved in the tourism industry today and they said that cancellations for the next weeks are at 100 percent at the moment and the tourism industry is one of spain's most important economic sectors they also said that they don't get immediate relief from the government and immediate relief they will not survive for many weeks. not only the tourism industry it's the entire service sector which makes the wrong 70 percent of. g.d.p. and they are severely it's by the coronavirus. after how. well everybody worried at the moment. might be. at one point everybody is looking with worries

outbreak of the krona virus cases in the country increased by 30 percent in one day prime minister petro sanchez is calling for an extension to the current state of emergency and many in spain are rushing to help support the country's strained resources. 4 the sound of gratitude and spain's emergency service workers showed the support for the medical staff working around the clock to care for the nation's soaring number of coronavirus patients. health workers have been struggling with a huge stretch on resources my mother let me out when i know there are no waterproof gowns the colleagues protect themselves with garbage bags and trying to get the protection that the hospital does not give them waiting rooms have been set up to treat patients without oxygen he the respirators and the situation is in chaos. spain's prime minister urged the nation to prepare itself emotionally and psychologically for the coming challenges. unfortunately the worst is yet to come when tough days lie ahead for them we will see the impact of the hardest most damaging hour that will push to its limits on materia

30 percent increase in covert 19 cases in a single day the country is on lockdown as prime minister petro sanchez says the worst is yet to come. a new stay at home order for india after the goldmans asks if calculational didn't point 3000000000 people to remain indoors this is the number of reported cases rob so we'll have the latest from death. on public phone alias welcome to the program all star teams around the world take more drastic measures to try to slow the spread of the corona virus the number of cases globally nearly doubled last week the current tally by johns hopkins university in the united states comes more than 300000 factions worldwide and with out over 13000 deaths half of all the cases of covert 19 are in europe lockdown measures are in place in 35 countries with every 7th person now confined to their homes. i rightly is struggling most to combat covert 19 with nearly 40 percent of the global recorded deaths officials there reported the large largest one day increase in fake taliban is from the corona virus with almost 800 deaths recorded yesterday the country is steppi

banned from leaving home except to go to work or to buy essential supplies spain's prime minister petro sanchez has declared a national emergency for the next 15 days effective immediately public transport will be reduced bars restaurants and most shops will close this comes after 1500 new infections and 70 deaths were reported in spain just between friday and saturday well spain is also working on a package of economic measures to help companies and workers through the lockdown madrid has turned into a ghost town instead of the usual traffic jams motorists have an easy drive through the capital the regional government has ordered the closure of bars and retail a stop which meant only pharmacies grocery stores and newsstands can remain open many residents have fled the city to go to the countryside or the coast those still in madrid are trying to get by as best as they can. i'm not so worried but i'm still thinking about the situation now we have to be brave and stick together for the film in most cases time to show that we are a civilized country and comply with health regulations the

hong kong listed petro china plunging and woodside petroleum in sydney or falling on the double digitsrnments and central banks have been seen to be preparing to roll out stimulus measures to roll out stimulus measures to counter the effect of covid-19, we to counter the effect of covid—19, we know it's putting a huge strain on economies and stoking concerns of a worldwide recession. confirming it's on the brink of a technical recession today was japan this morning which reported its worst quarterly growth numbers since at least 2014. thank you so since at least 2014. thank you so much. a very chaotic session for financial markets this monday. brent crude sliding dramatically, trading around $31 a barrel. majorfinancial institutions around the globe are acting to make sure their businesses aren't not of course by this rid of the virus but what about small businesses which make up around 90% of all enterprises. many of them simply don't have the cash or resources to mount an effective defence also in china, the epicentre of the outbreak, 60% of small firms so they can only meet their fi

. >>> esta noche un temblor cerca de petro ya. 5,6 en la costa de eureka.belt investigan las causas de un tiroteo que dejÓ una persona fallecida oÍ tra herida. el sospechoso abriÓ fuego contra las vÍctimas mientras estaban dentro de su vehÍculo el sÁbado para la noche. la policÍa de san josÉ localizÓ y arrestÓ al sujeto en una gasolinera en campbell. se creÍa que habian explosivos en el vehÍculo. ♪. ♪. muchas familia siguen en el limbo peligra tri y han tenido que regresar a mÉxico mientras se procesa su peticiÓn. miles de casos en las cortes siguen estancados. cynthia gÓmez hablÓ con una familia que tiene esperanza de tener un fallo a favor. >>> mandarlo para mÉxico, no es lo que uno quiere. pero para que lo reporten a su paÍs. es mejor estar acÁ. llegÓ a tener en tijuana junto a su pareja de un mes de nacido en mÉxico. >>> muchas cosas en honduras y venir a pedir asilo a un paÍs, es porque lo necesita. >>> decidimos venir para acÁ. >>> ahora se refugiaron en el albergue, del ejÉrcito de salvaciÓn en tijuana. donde la espera va a ser larga. >>> miles de mi

. >> yo he autorizado como usted saben apuestas licitas en petro. >> todo todo >>> por ejemplo en eln el 2018 y por orden y promesa de nicolÁs maduro fue reabiertos sin embargo, unos pocos tienen acceso a ese lugar aparentemente hay derroche de lujo y dinero >>> en paralelo casinos clandestinos propiedades de prohombres han abierto las puertas para este jugador es complejo >>> lo complicado del poker aqÍi es que ya se convirtiÓ en algo clandestino, la iniciativa que pocos creen apunta a obtener recursos para impulsar la salud y la educaciÓn >>> noticias telemundo >>> asÍ las cosas en venezuela >> el quÉ les parece que vamos a una breve pausa pero regresando a noticias telemundo "un nuevo dÍa" talento y esfuerzo para llegar al ballet y la nasa crea expectativas antes de anunciar el nombre de su vÍculo par huevos. es lo que tienen todos nuestros wendy's breakfast sandwiches. huevos de verdad! hechos al momento. como en el breakfast baconator o el sausage egg and swiss croissant. because we know america's favorite breakfast has bacon made in this oven not this oven. y para hacer cada sa

the petro chemical industry has representative gabard suspended her bid to become.he made the aouncement on twitter and said she is supporting ve president biden. you are watching bbc "world new america." london is on lockdown members of the public keep hitting the streets as the capital closes for busines one positive side effect of the huge chang to our lives from coronavirus has been the impact on the envirment. researchers say carbon moxide levels have almost haved. >> new york city in a time of virus, desserted by tourists and workers. this is normally cgged with cars and vans and 24 power plants burning fossil fuels,ew york has the dirtiest air in the u.s. thiseek as people have responded to the coronavirus by working from home, tffic across new york has fallen and scientists are seeing a similar drop of levels of air pollutants. >> last weekend was the cleanest i have ever seen. some of that is driven by meteorology. bus ite cleanest we have >> what researchers have found in china and italy. tellite images track falling levels. mostly pduced from karen begins

day is increasing because of the shift from oil companies from making transport fuels to, in fact, petrols which is a strong market for them and their growth market. frankly, what was wrong with the petroleum market, it was like a lot of victims of coronavirus, had underlying issues before this began i agree with david that, you know, supply was out because of opec, shale, and the nonoutput supply demand was down because of european recession and china recession. but the u.s. is strong, and we're not in a recession and i don't really think we will be going into a recession. i'm not an equity trader but with low interest rates, low energy rates, regulatory relief, and a president who's business friendly, i think we'll reach into that jelly bar of solutions. we'll be fine. >> david, if you're right and we do end up with sub $40 a barrel oil for as long as a couple years, how much are you looking at the economic consequences for those geographic areas where oil is important how much of an impact on the credit markets do you expect to see? >> first, it's a great question. first, russia has a

coronavirus in a price war have dropped costs to recent lows we take a broader look at the price of petro and what the future may hold plus the market volatility continues to hover around 10 year highs as stocks have been swinging in the wake of the pandemic we bring you some expert and now.

>> reporter: ...de petrÓ, ci. >> por um tempo. >> reporter: once home, luise, uses gasolhich he alsoaited in line for hours to get, to remove the oil from his hands and clreothes. the eneighborhood lives this cruel irony. and there's another problem, and one that'sve emore dangerous: pure crude leaks from hoses meant to serve the community withooking ga so, he saying that he's not worried about the anger factorca of this e this is pure l. they know it's oil. but what he worries about is when the gas line comes and they think it's gas, and actually it's-- it's a mix ofi gas and purel. that, he said, could be very dangerous. >> ( speaking in spaorsh ) >> rr: luis' neighbor, romelia de silva, says her gas lines have been leaking purefo crude the last year and a half. and last year, she sayshe was trying to cook when the gas line exploded. no one was seriously injured, and they have since disconnected the hose from the stove. buthey can't keep the oil from flowing, so they simplfill up these buckets to try to prevent its spread. "we should all be millionaires sitting on this oil," she to

petros: so the biggest hurdle is that you feel like you're by yourself.eed. michael: yes. angela: he was working 6 days a week, sometimes 7 days a week. lemonis: a lot of resentment. angela: yes. michael: i just felt like an employee. like, i had no motivation. i felt like i was just there for them. zoe: i mean, it's not easy. you don't want to ruin your relationship with your family, but everybody has to put in the same effort. it's got to be fair. our dad works and has never asked for anything. angela: well, he takes a salary, doesn't he? zoe: yeah, we give him a salary. angela: 'cause you've got to live. zoe: his perspective is, at some point, he's gonna retire, and this is our life. angela: exactly, exactly. pantelis: one great thing with us, we're always fair. zoe: and very supportive of each other, too. lemonis: that's 'cause your mom and dad also wouldn't have it any other way. zoe: this is very true. lemonis: why don't we head back to the shop? michael: okay. lemonis: and let's see what's been done. [ siren wailing ] ♪ it's been almost 3 weeks sin