Turkey reportedly is entering Northern Iraq...Iran is sending armed speedboats toward the Straight of Hormuz.. and Putin talking like it's the cold war again...All this during the G8 meeting in Germany. What’s happening?

CNBC Reporter Trish Regan joins the guys from the site of the summit. She says both the US and Russia are trying to diffuse the harsh language, now.

Eric Bolling agrees that it’s a lot of hype. He explains the meeting is supposed to deal with carbon emissions.

Trish adds that China is resistant to curb emissions so they can grow their economy.

Eric feels there’s no way China can cut emissions because they’re very dependent on coal and consequently he recommends Yanzhou Coal Mining (YZC).

Jeff Macke says anything that gets investors long China and emissions is in play.

Turning attention to events in the Straight of Hormuz, Eric recommends owning United States Oil Fund ETF (USO) as an energy edge.

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Trader disclosure: On June 6 2007, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders:
Macke Owns (SWY), (ATVI), Najarian Owns (AAPL), (AMTD), (ERTS), (FMD), (NVDA), (NFI), (PGR); (.VIX), (BIIB), Bolling Owns (NMX), Gold, Bolling Is Short S&P Futures; Bolling Is Short Nasdaq Futures; Bolling Owns Natural Gas Futures; Bolling Is Short (FXI) And Owns (FXI) Puts; Pete Najarian Is The Co-Founder Of optionmonster.com