And. I want to get germs were counted we have business can we trust facebook when it comes to money ever since the social network announced plans to introduce a new Digital Currency financial leaders around the world have sounded the alarm so what is it all about whats now like a bit coy and libra would enable computer payments via blocked change technology to make libra less volatile than Bitcoin Facebook plans to back it with a basket of real world currency is like the u. S. Dollar the euro and the japanese yen what also sets libor apart from bitcoin and the likes is that it would be backed by Big Companies including visa master card and pay pal Facebook Says that more than a dozen partners will help built fund and govern the libra system the facebook cops to raise as much as 1000000000. 00 us dollars from exist. Sting and future partners to support the effort and libra is set to launch in 2020 but 1st facebook has to convince regulators on both sides of the atlantic and im going to talk to one person now who isnt convinced just yet Peter Bofinger chair for Monetary Policy and International Economics at the university of the book and of course former member of the German Government council of Economic Experts a good to have you with us on the program so you are actually an outspoken critic of libra why yes good morning in my view libra is wonderful Business Model for facebook but not a very good Business Model for its customers why well libor is selling a token sleeper a poke in which they put us at 0 costs for real dollars for real euros and they do not assume any legal obligation for those token so its just creating money out of nothing and the problem is that the holders of the proponents have no right to be that the money they give to libra build given back to them but theres a major difference to a bed deposit where you give money to the bank and they have to return it to you if you wanted hopefully hopefully that is the case but there are certainly Big Companies i mention it mastercard to visa pay pal you name it. Backing this new system on facebook also says unlike bitcoin they want to link libra to dollar to the euro to the yen in a kind of Exchange Rate that should make it a bit more stable shouldnt it. Well but the currency basket which underlies we brought is also respect calls a currency boss could means if you give euros for instance to libra then you will have if you take the currency basket structure of the special drawing rights which is the currency basket of the i. M. F. Then you have only 30 percent of your own currency and 70 percent of foreign currencies so libra is always a form of currency investment and so it always has been strain trade with which you do not have if you have the money in your own currency it is the problem with lead also to a large extent perhaps down to the fact that its facebook behind the Digital Currency because. Colorado on that facebooks track record when it comes to be trustworthy is somewhat tarnished you think that that is the problem. Well overall the problem would be if you have a private Company Running a global money this would be something which is very dangerous because the Monetary System a global currency is an important public good and it should not be run by a private monarch police but it should be run by governments by Central Banks who are independent and not by a private monopoly just very briefly mr bullfinch because the digitalisation is changing the financial landscape are Central Banks the traditional banks keeping up while digitalisation bill changed the financial landscape i dont see the Main Development in the creation of new currencies i think the Main Development bilby digital platforms peer to peer lending platforms betrayal challenge the Business Model of thing so there is a risk that well have a very sation of banks that bill be real challenge for the traditional Banking System right Peter Bofinger their top economist here in germany thank you so much. Thank you. Well turning to another issue that is flying which is no longer a luxury but its become so cheap that anyone can afford it and the relatively high c o 2 emissions have and discouraged many people from traveling by air on the contrary passenger numbers continue to rise after arrival keeps growing around the world for 29000 the International Air transport association expects 4600000000 passengers 6 percent more than last year so the numbers continue to climb above all thanks to emerging economies in asia want more people and goods going by plane still Environmental Concerns and of course the fridays for future movement on leaving a mock flight shame is gripping more and more people across europe. 100000 thats how many People Campaign a mile hussein wants to pledge not to fly in 20 twentieths but they only have to follow through if she reaches her target. Or seen gave up flying 10 years ago says shes convinced 4 and a half 1000 others to do the same the people who sign up they have to feel engaged in this and try to convince people around them and i think that will be easier the closer we come to. A growing number of people in europe are choosing not to fly in sweden the movement has become known as feet off like. Environmental activists like. Leading the charge. That spurred an increase in train dedicate to travel business startup takfir mr meaning train vacation office group towards markets interrail cards and organizes conferences for train enthusiastic. There are some other actors trying to get into trains but they also sell plane tickets for example and we have this Monthly Interest in Sustainability Interest so its for real and i think people want to support stuff that they think are the right thing flying contributes more than 2 percent of Global Carbon emissions and travel costs have been kept low in the e. U. By the lack of attacks on jet fuel and limited taxes on tickets among other factors the number of global passengers in 2008 almost doubled to an estimated 4300000000 in 2018. Easyjet Steffen Alice says the airline is cutting its Carbon Emissions with measures such as modern aircraft and use the flight route takes. The average with over 32 percent since 2000. We believe we can do more my own course against neighbors with some of the 1st to be convinced to give up flying but she still has a long way to go to reach the target. I think its not about that people dont want to make sacrifices because in other situations were willing to do so much i think thats. The problem that most people politicians and researchers they dont really talk about Climate Change in a way that makes people understand that its here and now that we just have to do it in droves in hopes her campaign persuades enough people to opt for its too late. In some other news now u. S. President donald trump said he could impose more terrorist on china is planning levies another free 125000000000. 00 worth of chinese goods at the end of june washington and beijing called the tariff cease fire the u. S. Promised to hold off terrorists and china agreed to buy large amounts of American Foreign goods in exchange but so far there hasnt been any large scale buys u. S. Trade representatives are scheduled to speak with their chinese counterparts later this week. Meanwhile the world trade organizations appeals body is said to that the u. S. Did not fully comply with the ruling in a case brought by china in 2012 and could face chinese sanctions in a matter beijing challenged as anti subsidy terrace and chinese exports including solar panels and steel an aluminum products worth more than 7000000000. 00 the office of u. S. Trade representative robert litan eyes rejected the findings of the appeals body saying it undermines w t o rules. The nominee to head to the European Central bank Christine Legarde has announced she will step down as managing director of the International Monetary fund in September Lagarde has already given up her day to day duties with the i. M. F. Which coordinates global Monetary Policy u. S. Economist david lipton the serving us acting director gart would join the e. C. B. In november if confirmed identifying her successor at the i. M. F. Is likely to be a focus at a meeting of g 7 finance ministers in france this. That what can you do when you want to buy a lamborghini but you cant get one or cant afford one well some turn to fake police in brazil say theyve just shut down a clandestine factory that was producing fake ferraris and sham lamborghinis the cost were offered on social media for 45. 00 to 60000. 00 thats still a lot of money but just a fraction of what the real thing what cost you brazil isnt the only place where you can lay hands on your dream car. This engineer has stolen the show at this terror on tech fare but thats not all hes stolen shots must be spent 4 years building his dream car. The economy of the Islamic Republic is plagued by shortages and imported luxury cars from abroad or out of reach of nearly everyone so the next best thing is to build your own. To lamborghini for copying their idea and their design but really its the italians own fault because theyre the best. I did on that as that or more. 40 years after the Islamic Revolution iran is as isolated as it has ever been american sanctions are hitting the economy hard many here blame their own government which has gone down in expensive military conflicts in yemen and syria while its own population suffers dissatisfaction is growing and people are forced to find ways to make ends meet. The food that germanys engine in this iran border has only half as much horse power as the original but its message is one the government would probably like you could look powerful even if youre not really and you can do everything by yourself. And that is your Business Update here and you. Want to come and the cost of this morning said to stay tuned meanwhile for me and the team and glenn thanks for keeping us company. Secrets why did. These moments. Find out in an immersive experience and explore fascinating Cultural Heritage sites. D. W. World heritage 360 get the. I know nothing. Well i guess sometimes band plays and i think that germany thinks deep into the german culture looking at the stereotype question if you think you can prove that i dont. Think it is drama yeah. Its all that they know i make you join me to meet the gentleman from t. W. Post. Hello and welcome to arts and culture well be looking at one enterprising french architect solution to the housing problem in cities also coming up. Streaming music or movies is the name of the game is big brother watching. Techno in berlin through the eyes of photographer martin abel. More and more people all over the world are moving into the cities and cities are getting cramped and theres less room for new housing so not 3 architects look upwards where there is plenty of space. The white tree is an extraordinary tower block in the southern french city of mobile yeah which aims to turn the Bad Reputation of living in a high rise on its head. Its an attention grabber the white tree of surprises passers by and delights its residents. But. This is the balcony where we have breakfast and here we have an upper teeth and this is the balcony where we just relax. And not be as spunky is having the last of her lamps hung she moved in a few weeks ago having sold her house in a suburb
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