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tv   Boom Bust  RT  April 19, 2021 9:30pm-10:01pm EDT

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largest economies and pressure mounts for the u.s. to issue a digital dollar moscow is already in the process of creating the digital ruble and even the u.k. could be getting in on the action in fact the country's finance minister told the bank of england on monday to look at the case for a brit coin backed by the central bank which would be aimed at tackling challenges posed by the original bitcoin so joining me now with just the latest in the world of crypto is boom bust co-host christine christine let's start with bitcoin here we saw it experienced a massive selloff shedding almost 15 percent over the last 24 hours and marking the biggest intra day drop since february what sparked this sell off. well this problem wasn't that drastic we've seen 203040 percent corrections in the past and some of those so this drop of the weekend it was annoying but not too big of an issue for the industry as a whole but the product i thought it was all in nearly $10000000000.00 and when
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liquidations within an hour's worth of time so as it turns out the crash was caused by a blackout in china change and region that caused almost half of the bitcoin network to go offline and 48 hours so this blackout was due to a maintenance and safety inspections after a coal mine explosion which caused the power outage in the region so change an hours a huge chunk of it going minus so with this blackout the big wind hash rate collapse significantly leading to further price correction the network hash rates saw a 49 percent drop off after touching an all time high and they point. they've always been correlated and following that walk out the hash rate is recovering now so this dip was actually a major buying opportunity for those who have been waiting to get into bitcoin and pick when prices drop as low as $51541.00 saturday evening and has them regained some of its losses the heart rate is expected to continue to recover in a week or so once all the data centers resume operation and of course along with
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that client the overall christian market has also take more than 10 percent losing more than $150000000000.00 so this was actually a very lucky buying opportunity for some as there's nothing fundamentally wrong with the industry nothing more than a little natural disaster however there is some cause for concern as now we know that sheen gel and the time combined have well over 50 percent of the overall bitcoin hash rate so this does present a bit of a problem in terms of centralization so hopefully we can have more distributed hash rate in the future for resilient purposes and that's good to know the context behind it and i know that as much as we have seen the price of bitcoin skyrocket over the last year it seems like every. it gets a little bit of a drop that's when it gets a lot of speculation a lot of people talking about it and of course now we're hearing china's central bank is also talking about bitcoin and referring to it as an investment alternative which marks a significant shift in beijing's tone after
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a crackdown on crypto issuance and trading nearly 4 years ago so what caused this specific shift. so according to the able of the deputy governor of the p.t.o. see he's calling out equipment and other stable coins as investments so this is a very big deal and it's quite surprising considering that in 2017 china bandai thea's and in the same year authorities had shut down local crypto currency exchanges and these moves were prompted by concerns about financial stability and the risk that such speculation of assets would create so this was 2 another an anticipated event that is yet to be fully appreciated by the market china has basically just given an unprecedented stamp of approval to the entire cryptocurrency industry as an investment alternative and that means that the p.l.c. has just too much of validated both that coin and stable coins as a real legitimate vehicle and these latest comments highlight the potential shift in tone from the t.v.'s the it's a lot more progress than that and it marks
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a very different perspective from what we've seen before that coin has become more mainstream and the financial world has gained a lot of interest from major institutional investors and governments are realizing that this is viable and establish not just some wild accusations that will blow up in your face china is recognizing it as a cause that needs to be regulated by the then ban so china is accepting that it's going to be a major boost to the entire industry globally and i should also point out that every single country that has banned bitcoin previously they eventually reversed the ban you simply cannot be competitive in the 21st century without it and right now the market has barely reacted to that very high level affirmation of that quite long term potential that's an excellent point as well ok so we're hearing this massive statement from china what about the u.s. where is washington stance on crypto right now i mean are they warming up to it after the coin based i.p.o. and options like bitcoin starting to become more mainstream. you know so that's the
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thing while we do see a shift in china perspective and then becoming more progressive the u.s. is actually still very far behind i mean how long has it been since we talked about that was nearly 3 years ago when we 1st began that conversation every single time that e.t.s. conversation got shut down because the u.s. for some reason refuses to accept that this is the new frontier you had that share power just thing last week last week that cut the currencies are vehicles of speculation so knows the difference in language china called when i can lay sion back and 2017 but now they're calling it an investment and as a last week the u.s. fed chair is still calling it a speculation and even claim that quote they're not really even being used that actively for payment and this is despite a growing list of companies now accepting them for payment including pencil and b.'s and not the card issue encrypt the card and you also have treasury secretary
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len sharing a similar sentiment calling because a highly speculative at that in february asserting that it was not widely used as a transmission mechanism and even that it was an extremely inefficient way of conducting a transaction and i mean how is it extremely inefficient if i wanted to send a wire on a weekend or holiday it's impossible right now not to mention speed and crypto markets their part of the weekend holiday middle of the night less than 10 minutes so how is that extremely inefficient compared to the current it really doesn't make any exactly absolutely well excellent points as always we're going to have to leave it right there but kristie i think you so much for your time. and you. the future of johnson and johnson cove made 19 vaccines still remains unclear despite comments from members of the binding administration that restrictions could be lifted as early as this week and as a statement the director of the c.d.c. said that for now the continued pause rollout dition all time to. review any new
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cases of injuries that are reported and to complete a risk assessment on the dangers surrounding the drug the vaccine from johnson and johnson was put on pause in the u.s. last week after at least 6 patients who reported rare blood clots the company drew backlash after it argued that significant side effects such as blood clots were found in all coded 19 vaccines but top researchers say that's not the case and they have accused johnson and johnson of undermining confidence in alternatives from pfizer and madonna. markets in the u.s. are cooling off slightly after stocks of record highs last week investors showed caution on monday while they await the latest earnings reports from blue chip companies like netflix snap johnson and johnson and procter and gamble along with several major airlines as reports noted this will give insight into businesses expectations for the pace of economic revival it will also tell money managers
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whether stocks high valuations are justified after both the devil and the s. and p. hit closing records just last week so joining me now to go further and topic just tough humorous c.e.o. of openness i'll see now octavio last week's earnings were dominated by big banks now we're waiting for companies that are seen as a more reliable indicator of where the economy actually is how big of a role do you see those reports playing in the market. well of course comedic stream important i mean you're quite right the banks came out last week they did quite nicely i think overall better than we really expected particularly investment banking trading side where they did phenomenally well but you're right it's not necessarily a good bellwether for the economy at all but the bank results did provide some insight into tone in terms of where loans are going who's borrowing money has not boring money but now we're going to see a much much broader range of companies coming out with their earnings we expect to
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see earnings of the s. and p. $500.00 go up about 25 percent this quarter and in fact next quarter go up even more but i think the real problem in terms of comparables because we're comparing this to the same period last year and of course last year in q one of 20202020 we had particular weeks quarter so the whole comparables of it offers for a better to compare to 2019 but we are hoping to see in this next batch of earnings is some strength in sort of the areas like consumer discretionary as cars luxury goods apparel things of that sort we hope to see some growth as well in hotels and lodging there that looks like it's coming back or at least going back 22001000 levels where it's still bit weak there airlines are still struggling overall they're doing much much better than last year i mean if you look at the gist of the course the past month what's happened there landside we've seen revenues go up 3400 percent compared to the same period last year at the same month last year and that
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is not necessarily a good sign because the same period last year was so awful so yes it's 300 percent better but it's 300 percent better than 0 basically so if you compare the airlines then to 2019 we're still about 20 percent so it's a very uneven recovery we're seeing strength in some areas and weakness in others tech doing really well airline struggling cruise lines still awful it's really a mixed bag but it it is certainly is important to look at that and see what's happening and what we expect to be good certainly good compared to last year. yeah that's a good point too that if you're just comparing it to 22 i mean that's really not saying much in the grand scheme of things but the hope is that it will get back to those 20 $1000.00 levels of eventually ok so there still seems to be a lot of optimism across both u.s. and european stocks when it comes to the continued vaccine rollout despite some hiccups that we've seen along the way is that what's driving those record highs or
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is enough progress being made to really keep things going right now. well i think we are making that sort of progress so we've seen in the us a sort of significant portion of population be vaccinated we've seen that in the u.k. as well we've seen that in various other countries as well israel is way ahead of the curve there in continental europe things been a bit slow they've been a few hiccups as you point out in terms of getting vaccines on board but also if it's initially if you look at countries like china the vaccination rate is actually quite low they had a different approach oh well straight to as a fairly low vaccination rate overall there's have stated draconian rules in terms of who can come into the country actually who can leave the country as well so i guess different people have different approaches in terms of the certainly there is optimism about the vaccines and that is driving is part of the market i think maybe monetary policy is a more important part of the overall but certain york to me is about is is there i think over all this i mean the something where is me a person a bit in this is that it seems governments have sort of developed the appetite for
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lockdowns when we see year we're confronted with a virus and i suspect in the future in future years if we see something like the return of the avian flu or the swine flu or sars or mers or other viruses that are similar. governments for the tendency to try and shut things down again and will react with a fairly heavy hand and that's what i find worrying is the overreaction to future virus outbreaks that will lead us back into the situation so we might well see have fairly heavy hand and every few years things just get shut down and i don't want the interval will be but it will be periodic and i think that's the direction we're moving it was certainly is a legitimate concern especially when you're talking about a lot of the small businesses that are now trying to make a comeback after they watched so much last year i mean looking at possibly losing more in the coming years if that's the case now we've seen that governments have the appetite for the walk down but when it comes to u.s. markets we've also seen that more companies are seeing in your records which is
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bearing hope that that's what's keeping the market high but at the same time others are saying that the markets still don't look quite right and they are concerned that too many of these companies are relying on some of those stimulus funds from the government is that a concern as well moving forward. definite absolutely stimulus funds are sort of distorting the market i mean the big stimulus package in the us hasn't passed it and that my this is coming down the pike as well but certainly there's been a distortion of the market through stimulus funds certain industries supported other ones less so but i think more than anything else we've seen a big distortion of market through monetary policy so remember this real strong rally in the stock market started basically in around april may of 2020 when the fed basically said we're going to do whatever it takes to make this market go up and that's what i think the market is still dependent on now and a lot of companies are the knowingly or unknowingly have become very dependent on this race a cheap supply of money that we've seen so that i think is that is the biggest
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driver in the market that kind of government stimulus coming from the central bank green inside as always. thank you so much for your time today thank you. time now for a quick break but when we come back the popular exercise equipment company peloton is under fire from u.s. regulators over injuries related to its treadmill but it was a tragic accident involving small children all discuss it all next and as we go to break here is a number of world. l.
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look forward to talking to you all that technology should work for people. i robot must obey the orders given by human beings except where such orders to conflict with the 1st law show your identification for should be very careful about official intelligence and the point is to trust our government here. let's take a serious challenge and with artificial intelligence we'll summoning. the obama must protect its own existence as. the world is driven by shaped by.
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the dares thinks. we dare to ask. it's been decades since the fall of spain's fascist regime but old wounds still haven't healed. from going into the. me from you know. you me on the bus at the source me note of that i mentioned the same question which we know. of newborn babies were torn from their mothers and given away and forced adoption i don't really want to even. to this day mothers still search for grown children well look in hope for their. parents.
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wrong why don't we all just don't call. me lol that is yet to shape out these days it comes to education and engagement because betrayal. when so many find themselves worlds apart we choose to look for common ground. u.s. regulators are now issuing an urgent warning to anyone who owns a treadmill from the popular exercise company peloton saying it is not recommended to be used anywhere near small children or pets in a statement the u.s. consumer product safety commission cited $39.00 incidents including one death and said it has determined that the tread plus poses serious risk to children for
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abrasions fractures and even debt so what does this mean for the company and the saw its value skyrocket just here joining me now to discuss is sarah poppen tonio associate attorney at love and pop and tonio rafferty now sara when it comes to heavy duty workout equipment like a treadmill they typically come with a host of safety warnings as is so what makes this case with different. you know just like you said when we're dealing with heavy machinery we expect that these machines are going to be covered in labels but what happens is that this gives companies like peloton a false sense of security they believe that if they put enough warnings on their products that they're free of liability but that's simply not true because warning labels can only protect you to a certain extent and the law in most jurisdictions says that if a person was misusing the product but if they were misusing that product in a way that we would expect them to misuse it that the company would still be liable
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for that injury so here even if peloton sized to keep this try to away from children it's reasonably forseeable the peloton owners have children and that those children are going to be around the tread and it could lead to an injury so just because it has that warning doesn't mean that they're off the hook for a child's death or to get any subsequent injuries that come from having children around it. ok so that's good to know there now one of the biggest accusations against peloton has been that the company is not cooperating with the investigation into their product but the c.e.o. of peloton says that the only information they have withheld has been the names of certain customers who reported injuries is there an expectation of privacy when you want to report the injury to the company but at the same time you don't want your name publicly released in connection with that accident. when you reported injury to peloton or any of these regulatory agency is not legally obligated to
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give your name i mean most people do but i wouldn't say peloton isn't cooperating simply because they don't release the names of the injured especially when the injured people are children but i bet they aren't cooperating is because they're afraid that the agency agency will what the agency will find if they continue to look into this issue because here's my guess is after pelican peloton saw their their number skyrocket during kobe when their stocks increased like crazy they started looking for ways to keep that stock up so i bet that if we continue to investigate this issue we're going to see the peloton release this tread on to the market into a hurry so much so that they might have even bypassed some safety evaluations in order to get it onto the market fast so that might be why they're being they're not being cooperative in this sense yeah no kidding and especially when you see those videos that were released by u.s. regulators put out there and you're seeing the accident at least one of the accidents that happened is truly horrific to watch something like that to think that it's possible for that to happen in your home with your child so how much of
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a legal standing just this new warning from the c.p.s. the have i mean if these injuries continue can parents still sue the company or will they be reminded that they were told not to allow small children in the same room as those products. what this warning does is it serves as an official notice to peloton that the tread that they are meaning fracturing is potentially dangerous this is the government telling peloton that there is a problem with the product but this c p c p s c has in some sense what they've done is started the legal clock for those who have been injured so it's going to be up to peloton now to prove that the product that they're selling is actually safe in the meantime ok well that's good to know and there's certainly continue to follow this case sara pop antonio thank you so much for your time. thanks for having me. it's a 1st for nasa and one that is just the beginning of all there is to discover on
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mars nasa is experimental helicopter rose from the red planet surface achieving the very 1st powered flight on another planet archies farren franza takes us to the moment it happened co-promote our. own all right rudder did it occur for to our large. car acquired from a priority aircraft a number of almost 100 in 20 years after the 1st successful motor operated airplane flew in the united states we can now say we're going to be really good or another probably the triumph hailed as a right brothers moment in fact the many 4 pound copter named ingenuity carried a bit of the wright brothers with it the right but there's 1000 no 3 they flew this with a small spruce wood and fabric system we in ingenuity with all the high tech materials and carbon fiber skins and metals we are
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very proud to on that experimental aircraft from long ago by carrying a small piece of fabric. on ingenuity here you'll see engineers installing that small piece of fabric this fabric. has formed your original aircraft that flew at kitty hawk nasa had to wait more than 3 hours to find out if the preprogrammed flight actually happened 178000000 miles away but flight controllers in california confirmed and genuity is brief hop after getting data via the perseverance rover which stood watch more than 200 feet away this was the on wavering dream of a team. to get our helicopter launch to mars so that we can get that opportunity to do the very 1st wrote across flight test in the actual environment mars nasa aimed
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for a 42nd flight and while details were initially sketchy the craft hit all its targets spinup takeoff hover descent and landing our capability to explore bars and waters man gets you. both with truly robotic guides you would robotic exploration the $85000000.00 helicopter demo was considered high risk however after a successful flight it's now very high reward that's out of this world for boom bust i'm fair and fronsac. any annuity that really is a fitting name for such an incredible feat when it's likely just the beginning well that's all for now you can catch him bust on demand by downloading the portable t.v. out for apple or android device was here next time and as always don't forget the question more.
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and the going to. sway the food. bank itself move it to the. plaza this way got $2.00 and so hard nothing in the disappeared the city of the ok i went and i don't know so i kind of if. this is the only thing that we do is music because everybody fights his way to.
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the floor luke in the film who found this most recently in a drama called leave it at the moment on the. what i think is this is the funds that is going to come from. is there a live picture secretaries they missed what are we to make of his policies towards russia china and ukraine. what comes 1st for him ali's interest is informed by. geopolitics to see believe in anything.
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trainee medics in france are pushed to the breaking point by the pandemic with one in turn committing suicide every 18 days on average according to a doctor's union. pharmaceutical giant pfizer the cost of its covert vaccine by 60 percent in the e.u. in a stark new turn at a time of severe shortages. and the czech republic accuses russia.


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