tv Al Qaeda Informant Al Jazeera December 5, 2017 11:00pm-12:01am +03
fall into the forest my research has shown that forest front of sides reduces stress hormones. in the future the time may come when doctors prescribe the forest in the state of medicine. setting the stage for a serious debate up front i think this time on al-jazeera. news has never been more available but the message is a simplistic and misinformation is rife the listening post provides a critical counterpoint challenging mainstream media narrative at this time on al-jazeera. and watching our top story this hour the us president called the leaders of
palestine jordan egypt and saudi arabia to inform them of his intention to move the u.s. embassy in israel from tel aviv to jerusalem to or from his plan has been met with criticism across the board the palestinian president mahmoud abbas saying it will have dangerous consequences and the saudi king warning it will inflame the feelings of muslims president trump is expected to announce his decision on wednesday after a six month waiver to delay the move expired israel claims that all of jerusalem as its united capital while is jerusalem is seen by palestinians as the capital of their future state. our position the position of president problem this is very clear and if. the american embassy is going to be moved to jerusalem this is against the. this is this would be unacceptable for. if this happens it would complicate things. with an obstacle to the peace process
maybe it will be the end of the peace process. back from. a gambling i'll get joins us live now from washington d.c. and kimberly we know that president trump has failed to sign that crucial waiver that would prevent any move by the u.s. embassy in israel what further clarification do we have on what he plans to do. well we're really hoping that we'll get some at any moment sarah sanders the white house press secretary is due to hold her briefing where there is no doubt she will be getting questions about this what we know from covering president trucks now since his inauguration that until it actually comes out of his mouth it is subject to change so we've heard a number of possible combinations with regard to this but certainly it does seem that the announcement of a potential move out of the u.s. embassy from tel aviv to jerusalem seems imminent but again that is something that
is subject to change right up until the moment the president gives his planned speech on wednesday in the meantime though i can tell you that he is getting all kinds of cautioning from leaders around the world to do just the opposite not just outside the united states of we have been reporting but also inside the united states such as groups such as j. street a liberal leaning pro israel group that is very committed to a two state solution in a press release they call it a profound mistake to move that embassy as well there are foreign services officers inside the state department who are also cautioning the white house against this and also to we know that because of the concern that there could be potentially violent backlash within the department of state diplomatic security is deploying high threat federal agents to a number of hot spots around the around the globe really because of the concern of
the kind of reaction that this announcement from the president could have so certainly the white house getting a lot of caution against this but at the same time it appears the announcement of some potential move in some form or fashion is imminent all right thanks very much coming out and washington d.c. . foreign ministers tell g.c.c. leaders that the bloc remains crucial to regional stability catherine quite well the only gulf nations which sent heads of state to the summit in kuwait city others were represented by ministers or deputy prime ministers the meeting follows a regional dispute which began when saudi arabia bahrain in the u.a.e. cut ties with cast out in june. i would like to point out the reason for this summit jordan is very sensitive time regionally and internationally and that is the wisdom and the good judgment of all the leaders of the g.c.c. and their belief of the importance of this organization under any circumstance. and the funeral of former yemeni president ali abdullah saleh has been postponed it was
killed near santa on monday after five days of fighting with hoofy rebels the who had been his allies until he recently announced he was switching sides crowds of hoofy supporters have been rallying in the capital to celebrate the group's takeover of son are in silence death. al-jazeera investigations starts now a bit later. yup will be dead at that middle connection i intimated that he will give me
a bit of. what get checked back up on the one bus i thought somebody had asked me if i don't they had that book i had that i many a cabinet give us on. this former al qaeda operative has approached al jazeera with information. his testimony contained serious allegations against ali abdullah saleh the man who governed yemen for more than three decades. it's a story of intrigue manipulation and if it is to be believed a deception of the highest magnitude. there is a saying that always goes alongside not the last name which is dancing on the heads of snakes. he was an absolute master at working all the different constituencies in the country making sure that some kind of way a cool librium was achieved and maintained to his interest in our investigation we
examine the credibility of claims made by this informant. that ali abdullah saleh is nephew gave money and explosives to al qaeda. that the deputy leader of al qaeda in the arabian peninsula was a government informant. and that behind this grand deception may have been the former president himself. at the shift and that being mean he had that. aspect yet that you have the last almost say that i am the last night at the moment i left the asylum when i hadn't the limit by a bad as saddam and lama and then you had that i let a lot of bell kind of have at of the essence.
it started out a little bit different than most days although that and the patterns of my early morning were more or less the same but i was supposed to go with my wife to cairo that morning. i arrived at the embassy a little before nine and i remember of tar all fucking up the game because he was one of the friendly gate guards and he said good morning and i said hello and i wished him happy ramadan. while i was in my office trying to tidy up whatever loose ends we had i had a press briefing as i normally do just to make sure that i had a handle it was going on we could make sure everything was kind of on our screens in our radar for any action that might be needed and i was at my desk again going through the final checks on paper is what i need to. do that with explosion occurred.
i could feel the blast wave and i could see from my window the smoke outside the embassy wall. my immediate concern were for the two ladies in my office so i got them in do bullet proof vests and move them to an interior room that had no windows and just to get them say. everyone down to the post one which is where the marine on duty stands. he could see on the scammers that there was at that point an explosion outside a jeep had driven directly into a machine gun encampment. it was a vehicle painted military colors. and wearing a yemeni court. began firing at the diplomatic compound. i got on the following the f.b.i.
headquarters i said hey this is rick finally get in send. the embassies under attack and then there were guys with followed in that attack in another s.u.v. . the security guard. was still at the front gate. one of the terrorists popped up out of the roof with an a k forty seven and started engaging all of the yemeni security officers and cut the target out shot in multiple times. while he was being gunned down he put the gate guard down at the law. and gave the life. the attackers killed twelve people amongst them an eighteen year old yemeni american. all seven of them and then blew themselves up.
the main embassy grounds had not been breached. there was a lot of body parts there were severed bodies and heads and and their terrible just awful human the image. you know forget the smells or sounds it's you know blood has sort of a sickly coppery smell to it burning flesh has a very distinctive unpleasant smell to it. western intelligence agencies blamed all kind of for the attack. in the following months a new group al qaeda in the arabian peninsula emerged they were described as one of the most active wings of the franchise. but allegations made to al jazeera. suggests the truth may be much more complex. than that. he said. and. i'm going to. let maddow my.
yanni because i think i should have been dismissive had only me. because. at the last ephedrine. anyone just had says he infiltrated the bomb makers and informed government officials about the attack. and. defeat. at mena shabby little room that he'd. need then he cannot provide and. can. at m.t.v. that. that. view. it's twelve thirty. this former al qaeda operative once tried to take his evidence to the cia but was prevented by yemeni security
agents. eventually his testimony made its way to me. i'm clayton swisher head of al jazeera is investigative unit. what evidence you have how do you know not what you think how do you know. i spent three long days debriefing. the easiest story is the truth tell us the truth but on one issue he was clearly invasive. that you prepare the bomb. we have since confirmed that mujahid was a bomb maker. that's how he gained detailed knowledge about attacks planned by his leadership in yemen. it was a paid informant for both of yemen's main counterterrorism agencies he admits he informed about the attack on the u.s.
embassy. because he expected of reward. and ahead. shadi has an amnesty. meskin with the fact you know i know. him. and he and he had. one hundred people that had access to chemical craft. and. we scrutinized his claims and assess whether they make a compelling case against ali abdullah saleh and the family that once ruled yemen. and. some of the lead up to him oh my god i know he would go getter. i look around at the lad i had the apple but at the the hole that i am not at the end the right guy and i it had to be mean. but he didn't look at them
the day he did anybody he had what he had he have a did a lot of what i sort of feed that if i don't have any i would finish cleaning up. john had trained new recruits at an al qaeda camp in afghanistan. his right thumb was blown off during what he describes as a training accident. why not even ask eric how do we get going to have him get on. the head he can at the sight of a vendetta get done. had fought in the war in afghanistan until two thousand and two soon after he fled to pakistan. at kandahar not bad enough that was it is that one had to make them what they make yeah and with i laugh i stand. head was arrested
in two thousand and four pakistani and u.s. intelligence agents interrogated him. he was detained with another man who has confirmed to al jazeera that we giants account of events in both afghanistan and pakistan were truthful. to overcome the challenges we faced in verifying his detailed accusations we enlisted the help of former intelligence officers. robert granny a was the cia station chief in pakistan until two thousand and two he did not meet mujahid but he is well placed to analyze his account. reading some of this i once again had the same stomach aches that i had when i was operating in the field. we have shown granny a transcript of three days of interviews with me. it certainly seems that an image i had is who he says he was when he was in afghanistan virtually everything that he
says tracks with what i know about where al qaeda was how they were operating what they were doing particularly from nine eleven onward. we have also shown them to a former agent with britain's m i six who later became head of the united nations al qaeda monitoring team richard barrett said. the background that he describes of him being in afghanistan and going back to yemen and getting involved with al qaeda again in yemen you know his credit. after he was sent back to yemen had spent two years in jail. in august two thousand and six he walked free. months later he says he began his work as a government informant inside al qaeda in yemen can i have that up any bad. dad he has and i'm going to have a day after i named and. head
alleges the government was involved in creating and controlling al qaeda in yemen. the evidence supporting his claims begins in february two thousand and six. at a high security prison in sanaa twenty three al qaeda operatives dug a one hundred forty meter tunnel to a nearby mosque they escaped reportedly just using spoons and plates. solve the tunnels for myself and that be a lot of work was it is beyond belief that somebody could build a tunnel like that and nobody you know. everybody is just making jokes for a long time because that prison was supposed to be a very strong prison. i don't think anyone is convinced that this was not done without the knowledge of the security services at the prison. a lot of the people
who are operating now and they were all in that prison break and to think that they escaped as very alarming. among the fugitives was a man who would go on to lead al qaeda in the arabian peninsula nasir. to have. the money it's in sochi and. if the music. back. in the same prison break. today his al qaeda in the arabian peninsula is military
commander. and if it bad in the shadow. how they had a good then you know have delivered how they get then. amongst his fighters he enjoys pricks. i don't. want to. get hit and you know what the support and emphatic no i mean in that he said more in hand than a human and and a bad guy that you know you halliday and and yeah i don't like that he won that then i will take it it's an act. for decades i'll leave the list sali and his family controlled all the important security agencies in yemen. one of the top men in charge of the war against al qaeda was colonel marsala the president's nephew. a man rarely filmed colonel maher was the deputy head of the national security bureau the agency that judd spied for. i don't go to him she could he have some lead.
that he could have had be had become a go but it that he had any. at that it i mean. if he had not you know i see how it. i should have to get to get that. right and they may have to get a good idea. now marcello is not someone you want to bring him to dinner with mom this is surely a more new role of bodies were buried and i don't mean that literally i mean that figuratively of course but he was very effective in his job. less than eighteen months after the prison break al qaeda in the arabian peninsula was planning its first major attack just had knew about it and says he told colonel. and i took a guy i'm not hacked anyone could do could be this way. can i. get the v.a. . i.e.
anything could it be to get. that i thought i did and then a home would better than be in a now. well but on i couldn't had. during the summer of two thousand and seven john had also had regular meetings with all kiters two leaders at their marriage desert hideout and often refers to all raimi and always by their nicknames. and i will. feel much and i'm an e.s.l. back. then a feast on are. you. going into this briefing at the white house press secretary south of the saunas and is going through a questions on your way down the ministrations intentions i mean anything that's ever since and you'll make tomorrow he did speak with a number of leaders this morning and he's going to continue to have conversations
with relevant stakeholders but ultimately he'll make what he feels is the best decision for the united states has to say other than israel which things in this movie twenty two years overdue that all of the feedback he's been getting from world leaders is overwhelmingly negative so no again he spoke with five leaders that's hardly indicative of everybody across the globe but certainly you know he's going to continue to have conversations with different leaders from across the world and we'll keep you posted as those calls take place and we'll let you know when the president's made a decision so soon there i guess the president said that he felt very badly for general clinton would he consider heartening i'm not aware of that that has come up or any process or decision on that front you have got it or no i'm going to ask you i have to say i haven't asked the president whether or not he would be. thinking i think before we start discussing the pardons for individuals we should see. you
know what happens in specific cases to your state on the team no i just said i haven't had the conversation with them because i don't feel that it's necessary until you know you get further down the road and determine whether or not that's even something needed see if you ever see it has the president made up his mind about a future one of these decisions still in flux and that the president and i would say is pretty solid in his thinking at this point april there are questions one hundred there are comments from people in the end only a few feet from black ministers meeting planning on protesting in week on this week the president's visit to the civil rights museum listing i think that would be honestly very sad i think this is something that should bring the country together to celebrate the opening of this museum and highlighting civil rights movement and
the progress that we've made and i would hope that those individuals would join in that celebration instead of protesting it however they have every right to protest it jordan it's an insult coming from the sheets charlottesville the back and forth president couldn't get his statement straight on charlottesville i think he got his statement very clear when he condemned all forms of racism bigotry and violence there's no gray area there and i think he made it very clear what his position is jordan they sarah to the president know that michael when he lied to the f.b.i. at the time that you are at work look the president knew that he lied to the vice president and that was the reason for his firing matthew i don't follow writes i've been listening to my house with my secretary is how come he's on his honor and questions on a number of issues been key among them. have appointed intention to move the u.s. embassy in israel from television to jerusalem essentially recognizing jerusalem as israel's outlet move that would potentially right with decades of u.s.
diplomatic. presidents this is crucial max she was saying that conversations are still taking place with rather than stakeholders and she was asked about feedback from world leaders being overwhelmingly negative to this she didn't really answer that question just simply said the president will make a speech on wednesday and listening to all of this our correspondent in washington d.c. kimberly how can it i'm slightly contradictory message that from sarkozy saunders can really she didn't want to commit herself to what trump might actually say but at the same time she was saying his thinking is pretty solid on this at this point . right well it's not unusual to get some contradictory messages that's because the president tends to be fairly spontaneous in his thinking and they're often the peers the aid despite sort of careful measured as advisements in advance of policy announcements it really comes down to what the president decides at that moment so
often we can hear indications such as we have that it seems all indications are pointing to the president moving ahead with a plan to add campaign promise that he made long ago keeping that promise to move the u.s. embassy from tel aviv to jerusalem but again until the president actually says that it's subject to change but very important milestones have been missed in terms of a waiver that needed to be signed in order to prolong that decision something under u.s. law that it was mandated in the one nine hundred ninety s. but the predecessors have always waved because of concerns about national security but what we're seeing coming out of this white house is as we look at the press briefing going on right now with sarah huckabee sanders seems to back up what we're also hearing from the state department which has been briefing in the last hour as well with the spokesperson there heather noord the consistent message we're getting from all of these troubled ministration officials is that there is a desire not to get ahead of the president not to speculate acknowledging that these calls have occurred from world leaders suggesting that this would be
a very bad. odd move on the part of the united states to do that because it would undermine the the peace process that is is already fledgling and also to that there's a real concern about the backlash in terms of security something that has been acknowledged by u.s. officials even within the u.s. state department so well this is big knowledge by the state department in terms of details moving forward the consistent message being there's a desire not to telegraph the announcement of the president in advance instead we may be getting it sounds like some additional details in the an announcement of a background briefing that is due to take place in about three hours time but again sometimes with these background briefings even that can be embargoed so it's really unclear whether or not we're going to get any clarification prior to the president's speech that we expect will be on wednesday and just while we've been speaking can really. be saunders has been saying that whatever the decision trump takes it will be what is best for the united states if he does recognize jerusalem
as israel's capital there are many who would disagree with him on this an already mounting opposition certainly from these national committee. indeed i mean it's been very clear from inside the united states there are concerns about security and u.s. interest so well there is this argument being made by the press secretary as she continues to brief reporters that this is in the best interest of the united states that is certainly a point that's debatable given the fact that we know that the u.s. state department's own diplomatic security staff have been issued alerts and some federal agents trained in high threat security have been deployed already to heist . trouble spots around the globe in anticipation of this announcement it really makes it hard to make the case that this is good for u.s. interest given the fact that many have at the foreign policy level even within the state department argued this could be very counter to u.s.
interests in the middle east in the broader muslim world and also to americans on the ground and working in some of these places where this decision will be recognized as unpopular so certainly that is a point that is debatable at the same time the trumpet ministration it appears is trying to look very unified as there is anticipation about this announcement which would break with more than twenty years of historic precedence. yes exactly and just aside from the immediate risks to us security was about the actual logistics potentially of moving the embassy from one city to another in particular in a sensitive geographical geographic location if you heard much about that. well again there's been a lot of talk in washington because obviously there is a recognition from some of the reporting that what the president may do is something largely symbolic on wednesday in his announcement making the announcement
of the intention to move the embassy but you're right the logistics very complex it is hardly something that would mean the transferring of aside from the building in tel aviv to perhaps the mission in jerusalem and say here we go we're set up ready to go it's much more complex than that it would mean acquiring land it would be in construction and in that time there is the opportunity to also turn that decision around so you know we sometimes see this from the trumpet ministration where there is the sort of symbolic and now cement but the reality on the ground very different so again it's hard to speculate in advance of what the president will say certainly his staff trying to do the same in terms of waiting until the announcement officially comes from his mouth as to what's happening next but in terms of the reaction in anticipation of that that is very clear i mean inside the united states outside the united states the president has been repeatedly cautioned by world leaders and telephone calls that he's had with with the king of jordan the saudi
king the palestinian president mahmoud abbas the french president many crawl all have cautioned him against this many have threatened to cut diplomatic ties in the case of turkey with israel if this should happen so certainly this is going to have grave repercussions far beyond u.s. interests and i seem sometimes as we hear the briefing that is it seems to escape the. all right thank you very much appreciate it kimberly al gore watching all these developments developments for us in washington d.c. of course we've just been listening to white house press secretary sarah could be saunders essentially confirming that president trump will be giving a speech tomorrow on jerusalem conversations continue she says with all the rather than stakeholders involved she wouldn't clarify precisely what decision president trump has come to but at the same time saying that the thinking is pretty solid on this right now an enormously significant move that could of course result in not
only the u.s. embassy being physically move from tel aviv to jerusalem but also the u.s. essentially recognizing jerusalem as the capital of israel our coverage of this story continues in the news hour in twenty five minutes time of course there is always a web site as well. oh i'm has i'm sick of this is counting the cost on to your weekly look at the world of business and economics this week oil sweet spot what price does a barrel of oil have to be so that consumers and producers benefit also this week
bitcoins making headlines again but the biggest names in finance can't agree on what it's worth plus african and european union leaders have condemned the refugee slave trade in libya but still no real details on how to stop the smuggling. so what is the ideal price of a barrel of oil well that's something that opec and its allies had to think long and hard about this week in vienna but agreeing to keep a tight lid on crude oil supplies to boost prices involve some tough negotiations here's paul brennan. the question marks going into this meeting was whether russia would insist that the declaration of cooperation should be shorter should go from march maybe to the middle of next year in fact the message coming out of this meeting from opec and opec nations alike is one of reassurance what they've done is effectively amend the declaration of corp it won't start from march of next year it
will actually start from the first of january they've amended it so it's a one year agreement that is intended to send a message of stability and reassurance to the markets it's likely to have the desired effect i think as far as rumors going around here that russia was exerting perhaps over and june influence over the the negotiations and the considerations the president of opec was at pains to say there is no light between himself and his russian counterpart he said they stand shoulder to shoulder they are totally in alignment and the other thing to say is that opec has said that look i know that they're going to keep this agreement in place through to the end of two thousand and eighteen but if the market conditions change there will be the capacity to be nimble about it the three driving factors he said in response to the markets over the next twelve months will bring the supply the demand and the inventor. so
joining us now from london is dr manish tech in a global oil and energy consultant thanks for being with us so we talk about an oil sweet spot what do you what do you think it is that sweet spot for what is the best the idea of price right now for both oil producers and consumers well that is of course a very good question but there is no simple answer i wish i knew but i'll pick and the oil industry in general through its history as always try to balance that. if the price is too high of course then they would become pretty true to oil and they would lose that the producers will lose market share and if the price is. too low then they will be to watch demand and will be shortage of supply and this cycle has been repeated so many times and where we are now in the last two three years has been the cycle of excess supply because of technological improvements shade or and
because of a guy decided not to have any control but sense beginning of this year the producers are time interesting way he has been countries the fourteen countries plus russia and few other non opec countries interest really joined forces and since the beginning of this year they have reduced their supply by about one point eight million barrels per day totally and although people had been the skeptics i mean observers were the skeptic and negative read their outlook at the beginning i think they all agree in our the observers and this it exists and information show that this group and i know pick have been relatively well disciplined and they have done what they had promised morris and so their prices have improved nevertheless some countries are more desperate than others to see higher prices because of their share the state of their economies and their budgets and so on which ones would you say are are more desperate to see that. i think most oil producers are in the case
of venues elaborate comes to my mind which is has a financial serious financial problem shortages of food and imports problems but that is partly political but in reality is the revenue of oil which has fallen in the last two three years which has put so much pressure on venezuela but then let's not forget the richest countries saudi arabia itself is also under a stress because the saudi economic policies and its budgets and so on where based on the assumption of in two three years ago of eighty dollars are hundred dollars two hundred twenty dollars a barrel and then they get a fair to about forty or thirty dollars two years ago of course it has put pressure under stress even under a rich country like saudi arabia and so i think i wouldn't say which one all of them are so what does all of this mean then for for consumers we're going to see higher higher prices at the pump then what's going to be for the rest of us well on
the crude price when we talk about the consumers there are two important aspects one is the price of crude in the international market that you're talking about everyone knows but another one another factor is the taxation on petroleum products so we talk about the consumers people going taking their cars and to the petrol station to fill their tanks they are paying in some cases seventy percent eighty percent tax. to their own governments in the united kingdom in france and europe in japan there is a high taxation in united states is probably about thirty percent so i think the consumers so to speak would benefit when the price of crude comes down but not to the extent that the price has fallen you know hundred fifteen to about fifty sixty dollars no they are paying more taxes so as for the former consumers concern in london for example the price hasn't gone down that much good to speak with your manager tacon joining us there from london thank you you are ok all right still to
come on counting the cost financial bubbles and speculation are nothing new we'll look at the psychology behind things like to look mania and ask if the current bitcoin craze is indeed a bubble waiting to burst. first on last week's show we looked at how a modern day slave trade was operating in libya this week leaders there agreed to evacuate refugees and migrants facing abuse in detention camps the plan has been drawn up at a joint e.u. african union summit in ivory coast it's not clear how the deal will be enforced but migrants are expected to be sent back mainly to their home countries the tatar butler reports from abidjan. the message should fit on a similar african and european union leaders condemned the refugee slave trade in libya in their final statement they promised a task force to tackle traffickers and urgently repatriate anyone who's trapped
there the fund it is on fire just on those units you just there are women and children living in inhuman conditions we have agreed along with the e.u. and the un to set up a task force for repatriating at least three thousand eight hundred people the. leaders say there are more than forty refugee camps in libya where people are bought and sold by those with little respect for human life. well the leaders here have committed to helping refugees in libya there were very few details as to exactly how and when they will repair create them and they were also very very good about the new task force they say they'll put in place to combat people smuggling. that there was also no mention of the french president's remarks to reporters that military action against traffickers is a possibility the u.n. secretary general told summit leaders on wednesday that new ideas a needed to deal with migration including more legal ways to into europe is that
something that you discussed and something which you wouldn't visit each you have to. strengthen the throat of legal immigration but the same time we have to stop to get the illegal migration this is our feeling our common obligation youth workers say until young people have real opportunities little change we want let's time african leaders in rebel leaders to come together and say we are going to support two hundred five hundred one thousand youth start up both from africa and from europe and here are the resources that we put in place those are practical things to do is you know of telling us in the declaration that yes we are going to empower the end people but how are we going to empower the people there's no doubt that ending the slave trade is an urgent priority but unless gnostic solutions are found to persuade people to stop leaving home in the first place human rights
abuses will continue to affect africa's most fun mobile that's been a roller coaster week for bitcoin which saw values soar past an all time high of eleven thousand dollars this week but then they dramatically reversed lower bitcoin and bubble are now two words the most people use when describing the crypto currency skeptics say its value has no relation to the real financial market or the economy a big believers say it is the future of finance well reynolds has more. but a year ago you could buy one bitcoin for about seven hundred thirty dollars in currency exchange sites online now the same bad coin is worth nearly ten thousand dollars why most likely it is because as a lot of speculators that have seen the rapid price rise and bitcoin and decided that this would be a good gamble for them to get him there have been signs the financial world has become more accepting of the virtual currency japan has recognized it as an
official method of payment and the world's largest derivatives exchange operator c.m.e. group plans to start offering bitcoin futures before yours and bitcoins market capitalization is now larger than giant reality based companies like walt disney and i.b.m. investors have taken notice point base a popular online trading platform now has more than thirteen million users up more than three hundred thousand in the past week alone some financial experts see the rapid run up in bitcoins price as a classic symptom of economic delusion bitcoin as a speculative bubble the only question is when it's going to burst and who is going to be left holding the bag in the end the people that are holding it will hold something that is worth nothing big going trading as historically been extremely volatile with the price spiking and crashing as it did in two thousand and thirteen and twenty fourteen and bitcoin has also been linked to crime as hackers narcotics
sellers and child pornography peddlers prefer the anonymity it provides for illicit transactions. but history has shown that every so often investors can get caught up in a bubble and asset bubble happens when human emotion takes over markets the belief that we are in a new era where the price of something can only move in one direction this is known as the wow factor and the higher the prices go the more convinced investors become that they will keep going up the bubble burst when investors are no longer willing to buy at the inflated price and a massive selloff sends it into a freefall and more recently there's been two major bubbles the dot com boom and bust of the late one nine hundred ninety s. and the housing bubble in two thousand and seven to two thousand and eight or the first recorded speculative bubble happened in holland back in the sixteen hundreds to that mania crash horribly taking a lot of the dutch economy with it so joining us now from london is matthew nighty
is a digital strategist and blogger thanks very much for being with us has a speculative nature of what we're seeing with big coin and its price surge compare with previous bubbles. well i think the difference is technology this is not just about people who have access to trading floors and markets in auctions it's very easy for anybody to install an application a wallet on their phone and just put one or two pounds in and i think that's what is driving a large portion of its gross it's not too dissimilar to a lottery where you go well you know i'm going to lose a pound worst case scenario if i don't get anything back from the lottery but the benefits hey you see that pound grow to two pounds three pounds you know if you've had money in there over twelve months ago you've seen a significant return on that investment and that compels you to say well maybe to put a little bit more in a little bit more and continue to see that investment grow the risk is of course
that if there is a sudden run on those markets and people start to extract that bitcoin and convert it back into currency there isn't necessarily the security there to protect those investments so where's that money going to be coming from the reality is you can't really buy any think with bitcoin at the moment you have to generally convert into another currency they're obviously plenty of stories around dot dot markets and the run somewhere attacks that we saw a couple of months ago being exchange in in bit corny crypto currencies but the reality is that the value is purely speculative and i think when that bubble burst vacancy a lot of people are losing a significant amount of investment i guess the difference is that you've had a cheer up volpe in the previous example but now it's literally a virtual currency and that's i think personally another reason why i think this is such a growth curve that we're seeing it's it's just a number on a screen it's relatively easy to see it on one bank balance having
a ten dollar amount and then seeing it transferred to another screen it's a little bit like playing with monopoly money so what do you think drives the psychology of investors when they look at the corn. i think there is. a desire to see huge return on investment and they are seeing that there's a confirmation bias in effect that they're seeing that growth. but i think what is fueling a large amount of the market is those investors who don't necessarily have the heritage who know how to read the markets who know how to balance that risk and it seems like a relatively easy investment with high rewards the reality is that the markets just aren't normalizing we don't know where this is going to go the larger organizations the hedge funds the even governments you know the japanese government seem relatively supportive of cryptocurrency whereas china is fairly anti it they're looking at the larger market not just bitcoin but cryptocurrency at large there's
a big difference between the block chain the actual technology and the cryptography which sits behind this that enables these transfer value exchange and i think that's not going to work go away. on itself it does seem to be something which is extremely volatile but it's very easy when you're seeing large numbers being reported in the press day on day about this huge dramatic growth you know we saw a thousand dollar increase in value in just the case of kind of twelve twenty four hours so that's very easy to just jump on and go well i'll have a little bit of that and see your value increase i think the biggest challenge is it's very easy to buy portions of bitcoin but it's relatively hard to get that money back out of the system again and what's this think of about because as well is it it's an unregulated currency largely no one owns the bitcoin network it's not tied to any government or country does that add to the uncertainty about its future
or is that in fact what makes it attractive to many investors yes to both questions it certainly drives it's on certainty. bitcoin itself is recently four into two different versions of its own currency because of a disagreement within the developer community of who actually creates this software that allows it to to exist so yeah there is a huge amount of volatility to the volatility from the software itself the way that the market works from investors from people taking money out of that system but as you mentioned it's deregulated it's decentralized i think as far as crypto currency is concerned certainly the block chain we are set to see that only increase in its strength in its use across private markets are potentially nations looking at how they can use crypto currency in the block chain to create more secure and authentic transactions especially across borders that's one of the most powerful things
around crypto currency is that the transfer across borders is so much easier than with currency so it has. complete felicity in terms of a transfer mechanism but there's just not enough of a secured growth an understanding of how the patterns work yet for any kind of significant investors to say this is something which we want to put as a long term investment is just too risky and has many similarities to day trading at the moment good to speak with you matthew knight joining us from london thank you thank you i want to vest is corbet coin a bubble they are not so dismissive of the technology behind it the idea underlying bitcoin is called block chain give you the power has more on this from hong kong. hong kong has always positioned itself on the cutting edge of the financial industry which is why the buzzword at this annual conference is bluffing and how the entire trading world can cash in on the technology but some warn it comes at
a price it is posing new regulatory challenges the speed with which technological changes are taking place much higher than we've seen before and secondly new entrants new entrants which are in particular startups but also big tech companies an example would be trying to contain the cryptocurrency phenomena in two thousand and nine bitcoin was the first to enter the scene using block chain technology there are now hundreds of crypto currency that here credit problem lies they cannot be treated like pass the script or card jesus actually it's open for future use and in most cases that you said you have to be defined so that created a lot of speculation making it a highly volatile investment for large gains and losses can be made very quickly for this reason and september mainland china suspended the trading of crypto currency and banned the launch of new ones or initial calling offering forcing
companies like this one to shut down their trading platforms across the board or its founder agrees new regulations are needed but such drastic actions are not necessary in hong kong. when you're blocking industry players go right now they're better examples one is your background and we share actually similar meat to the regulators to the rest productions and the money on during some of the security issues the hong kong monetary authority has told arches there it will continue to support financial innovations in the industry and currently is unlikely to tighten regulations or follow china's lead which is good news for the unprecedented numbers of been said audra penner setting up in hong kong like matthew to come who has just launched a block train company they are playing the same regulation in all corners leaving china then we won't be able to train them to use it to currencies anymore but look technology not only about three to currencies and exchanges and so you can still
use look transit knology for the field experts agree they say within two years block change technology will touch every aspect of our lives the transport banking insurance or just paying dell the city now has to find a way to control some of the risks that come with this new technology without slowing down its evolution and finally environmental groups have warned that the billion dollar all of all industry is in danger from italy to tunis lebanon to greece hotter summers and unpredictable winters have seen yields decline by as much as twenty percent is in t.f. up. it's a tradition almost as ancient as the civilizations that first settled these hills for thousands of years all of those have been hand picked across southern lebanon much like they are today the fruit is a staple in mediterranean kitchens and all of oil is a crucial ingredient. lebanese farmers typically press oil at their own small batch
facilities it's a complex process that sees the all the fruit washed pitted ground into a paste and then pressed into a golden oil the family has been in the business for as long as anyone can remember he says he can't imagine doing anything else while but they go on with it going on of all is very nutritious and has so many benefits even god spoke about it in one of the verses in the koran all of all it is medicine it is the greatest of all use . modernization has made pressing all of us into oil less labor intensive and more lucrative but in recent years farmers have been struggling to keep up with demand all of oil production is becoming increasingly risky business crossed the mediterranean the land of birth according to environmentalist climate change is leading three precincts reporting. from southern europe to north africa to the levant hotter than average summers and cold winters have seen harvest shrink
according to forecasters at the international of council mediterranean oil production has declined by around twenty percent when compared to averages from the decade between two thousand and two thousand and ten delivering a major setback to the billion dollar industry and as the region supply becomes increasingly unpredictable some boss players have started looking elsewhere for future sources of all of oil including california australia and new zealand something producers in lebanon say could destroy their ancient way of life. and we are very worried about the import of all of us on all of oil from abroad we must be able to export our own harvest i only hope our industry works to keep these markets open for us because our oil is of the best quality growing global demand for all of oil as a food and health product is also putting pressure on the mainly mediterranean base apply ors to produce even more but with all of harvest continuing to decline
because of the region's changing climate it's hard to see how they'll be able to do that so that is our show for this week you can get in touch with us by tweeting me at tasman sea and day is that. when you do or drop us an e-mail account in a cost that is in a dot net is our address and that's more few online at c.n.n. dot com slash see that take you straight to our page which has individual reports links and entire episodes for you to catch up on that's it for this edition of counting the cost and has a secret from the whole team here thanks for joining us the news on al-jazeera is next.
hello there heavy rain is sliding its way down the eastern parts of australia at the moment it shows up very clearly on the satellite picture it's this area of cloud here and it's gradually drifting its way southwards it has given us some very heavy downpours we've even seen some flooding out of the system and slowly it's now beginning to pull away towards the south so forth in brisbane it should be a dry abroad today there on wednesday brightening up to in sydney the temperatures getting a little bit higher there as we head into thursday this time twenty seven and that fine a weather will say spreading down towards melbourne as well for us in tasmania though still looking unsettled as we head into thursday for the west fine force in perth twenty five degrees will be the top temperature here and as we take plenty of fine weather to be found across new zealand as well you can see the cloud it's trying to make its way across us but we've got an area of high pressure that sitting over the top of us and that's ensuring that somehow most of us it's fine unsettled with no major problems with our weather even as we head into thursday as we head further
north for many of us across the northern parts of asia the weather's quite quiet at the moment but for some of us particularly along the western coast of japan there will be more in the way of cloud in the cloud where we're bringing a few outbreaks of rain and some snow as well that is stays fairly unsettled here even as we head through the day on thursday tokyo should be in the sunshine on a temperature of thirty. where ever. the street is quiet the signal is given.
out it so it's safe to walk to school last year there are more than thirty meters in this community in one month the police say this area is a red zone one of several in some townships in cape town children sometimes get caught in the crossfire when rival gangs fight so parents and grandparents have started what they call a walking bust to try to take the violence i lost my son to king well and go i also lost my but there are more than one hundred fifty volunteers working for several walking busses teachers say it is working class it in and has improved the volunteers forced to act as security guards. this is.