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tv   Boom Bust  RT  May 15, 2021 5:30am-6:01am EDT

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when our mayor took place she was elected because of his campaign on our city being a tale of 2 cities that have not and those who have not are usually the ones who were being very hard out of the city has always wanted to forget about iowa city is want to forget about the people who are buried there want to forget about the fact that there is a potter's field that there is a place where difficult stories are getting the sack they were using inmates to maintain this active site where 1000000 souls are buried where so much of new york city history is buried is the few minutes of the inequality that existed in the city for centuries.
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this is boom bust the one business show you can't afford to miss branch of war in washington coming up one of the world's largest crypto currency exchanges is reportedly under investigation by the u.s. justice department and the i.r.s. we're going to tell you why plus as the vaccination drive continues into the summer well take a look at the state of global travel and later reports show a record number of job openings in the united states as business is a shortage of workers will go over those causes of a packed show today so let's dive right in. the day after the colonial pipeline shutdown was corrected thanks in part to a $5000000.00 ransom paid in crypto currency the i.r.s. and department of justice are now cracking down on one of the largest crypto exchanges in the world by units as part of the inquiry the officials who. money
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laundering and tax offenses have sought information from individuals with insight into biases business this investigation comes after germany's red financial regulator last month warned that by nance risked being fined for offering its securities tracking digital tokens without publishing an investor prospectus joining the justice bus co-host an investigative journalist and as a crypto analyst at a good guy all around his name is ben swann ben i want to start with this investigation into the department of justice and the i.r.s. what can you tell us about this. yes so what it really comes down to is is that our going to justice and i are as are looking at finance and they're trying to determine whether or not and these are the words that are used whether or not americans have been allowed to make illegal trades on the platform letting them buy derivatives that are linked to digital tokens essentially by nance's not allowed to allow americans to purchase those tokens or those derivatives that are based on digital tokens they're not allowed to do that now by nantz for their part says we
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don't allow them to do that right we actually block someone who's a us citizen from being able to do this and this goes back a couple years that this isn't happening but the department of justice and the i.r.s. are saying we don't believe that you're doing that so we need to be able to see your books we need to know more about your customers and who's there to be honest with you i don't really believe that department of justice and i.r.s. are being completely honest about what they're doing here i think this is a a larger scale operation to say we want to know who is on your site who was using your exchange because that's what by nancy is it's a crypto exchange we want to know who's there how they're using it where they're holding their funds how they're receiving their funds that's really what they want to know and i think this will ultimately sin a shockwave through other companies as well for instance coinbase right because they have the same issues crack it they have the same issues and so i think that's really what we're seeing here is a push from the feds to say we want to know who is your customer and we want to make you more like a bank in terms of k y c know your customer laws. is it by nance's requirement to
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find out all this information about their customers because like you mentioned they're not supposed to do this with us customers but however there's a lot of ways around those types of rules that you know a person who is maybe is not an upstanding with the law may go about is that biden says requirement. well it is by this requirement that they have to be they cannot be americans to do this but remember a right answer is not based in the united states right they have offices in singapore they're based i think as a corporation in the cayman islands they have an office in singapore but they say that's only one of their diversified number of offices but they're not based in the united states of also the idea that the i.r.s. and the department of justice will look into a foreign company to decide whether or not that foreign company is abiding by laws in the united states because americans in the united states might be trying to use that company seems like it's a bit of a overreach in terms of the whether or not the united states even has a right to complain about this look of that company is not an american company why
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should by nantz have to follow american laws now if you are the i.r.s. or you are the department of justice you might try to look into american citizens who are doing this but by nance's not obligated to make sure that you are able to crack down on your own citizens what's the overarching impact on the crypto community at this point. well i think there the overarching impact really comes down to as i said before it's k y c writers know your customer and i think that's really what's going on here it's a much bigger issue that there is you know kind of a specific element to the buy nance story that is specific to buy nance but we know that this happened just a few weeks ago with cracking as well where the i.r.s. . a letter to crack and that was upheld by a judge saying we want you to open your books and show us who your customers are who is buying from you because they're using crack and to evade paying taxes so it's not just one place is this happening it's happening in different forms the difference is again because crack in and coin base and by nancy are all based in
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different locations throughout the world you have to alter the strategy but i think that this while the tactic is being changed the end goal is the same we don't want crypto to be anonymous that's the goal here we don't want it to be an anonymous system where people are able to trade peer to peer and we want to know who's buying who's holding and who has how much i think that's what it's really about and in regards to what we talked about there at the colonial pipeline payment there is a push to take away some of the enmity 30 seconds by what's going on there yeah it really comes down to kind of making headlines right now this is something that the i.r.s. the department of justice has been chasing for some time and they're going to use the colonial pipeline issue to say obscene there it is because crypto is the currency of criminals right we hear that all the time and that's what they're going to say get because it was used for ransomware but remember ransoms have been paid in u.s. dollars much longer than they paid in crypto and of crypto didn't exist you could still do the same thing that these hackers did and demanded payment in a different way yes crypto allows some anonymous action but it's really about
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removing that that's what we're watching right now boom bust co-host ben swan thank you so much you got it. with the summer months just around the corner countries throughout the world are deciding whether or not to loosen or tie in their travel restrictions as well as the saudi about require travelers to have covert 19 passports to break all this down for us we bring in our key correspondent. what's the overall consensus what do countries really want to do here faired so bright most countries they actually want to have some form of a covert passport and on top of that to mitigate the spread of the virus many airlines around the world they're also wanting to have some form of an identification showing that you've been vaccinated but there are a few countries where either a passport or a vaccination id card will have any sort of weight yet one of those is australia where the country still has a travel ban in place and the country is getting stricter on whether or not its own citizens can even get back to the country you had just last night brought on
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a flight from india to aust australia carrying australian citizens trying to get back home 70 of them were rejected for either testing positive for code or for being in contact with someone who did test positive or you also have india as well as the united states the u.s. has closed its borders and many either wanting to travel have found some roadblocks along with those even living in border towns who travel back and forth every day just for work then there is countries like singapore who only have approved travel bans with each other singapore just put in place stricter guidelines limiting gatherings now to just 2 people so it's you and me brant on set and restaurants can only do takeout hong kong has a travel bubble scheduled with singapore starting may 26th but that we could see getting canceled since the covert numbers are up in singapore but as far as hong kong and the rest of china they have flights open to 52 countries but there is more restrictions being put in place china the date has suspended 487 inbound flights
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their rules are a 5 passengers test positive the flight is suspended but if more than 10 people test positive for a flight that airline is. for a month however australia the us mexico singapore and china all not on track yet for putting in place those covert passports brun so what countries are looking at decoded passports and who has them actually in place at this point so one of them you actually have done mark they actually have covert passports they've been in place for a few months now canada recently mandated that in order to enter the country you must be vaccinated and show proof along with germany but as you mentioned with the summer travel season approaching the european union they're starting to gear up for this big decision regarding these passports a decision that's to be made by the end of this month and it's looking like it's going to happen because there's reports that it wants these passports what they're dubbing as the e.u. passed to be operational by mid june now one of those big travel destinations greece where they are enacting code certificates showing that you've been
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vaccinated but the kicker here is that they will also accept vaccinations not given out by the e.u. so you're looking at americans with pfizer johnson and johnson and madonna or even russia with sputnik now as far as deals made with the country israel has travel of a travel partnership with both greece and cyprus as far as not having to show a covert certificate but then you have another travel hotspot portugal or the u.k. is approved travel but once you land you have to show a negative p.c.r. test that was taken the last 72 hours now the u.k. also has been cleared by its national health service for travelers to travel internationally starting next week except obviously to the u.s. where president joe biden still has a travel ban in place on the country but the interesting part in all of this brant is that the u.k. and the stony eye right now they actually have abs civically as you get a personalized q.r. code that shows that you've been vaccinated where they're starting to use these to not only travel but also to get into places but as far as the us nothing we're seeing yet on those passports well we'll keep an eye on this because everybody
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wants to know as you get into the summer as we talked about earlier you know people are saving funds so the fact is is that people want to travel and get out there again about a very prosaic thank you so much for covering this story. we're continuing to keep an eye on the recovery for the world's number one economy as a new report shows u.s. retail sales held steady for the month of april the commerce department reported friday retail sales were mostly flat for the month which remains a positive side after march sales grew by 10.7 percent auto parts dealers and restaurants and bars each saw about a 3 percent increase in april and interestingly sales at restaurants and bars for the month were just 2 percent lower than february of 2020 before those widespread lock downs took hold here in the united states retail sales they're expected to grow throughout the summer months as the economy could 10 years to reopen and
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americans they've saved a record amount of cash amid this pandemic so with all that in mind let's go ahead and take a look at how the markets fared for the week global equities are mixed as inflation data from the u.s. sparked a midweek selloff that was felt worldwide starting in russia the mo x. is down after a week that's all record highs the index passed the $3700.00 level for the 1st time ever on monday marking a 12 percent increase since the start of the year oil prices rallied and the ruble continued to prove strong against a weakening us dollar the shanghai composite it's in the green rising nearly 2 percent on friday china's index recovered after the midweek it triggered by u.s. inflation data while a quarterly report from the chinese central bank downplayed inflation concerns in the nation the hung down after a week that saw hong kong rebound from its lowest point in 7 weeks due to a rally led by tech stocks shalmi and ali baba but it was ali baba which actually fell more than 4 percent on friday alone after posting its 1st loss as
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a public company in japan the nikkei is also in the red despite recovering from a 2 percent drop on thursday amid surging commodity prices and inflation concerns the bank of japan refused to step in and buy exchange traded funds in order to prop up the market moving to india the sensex is down. the country surpassed 24000000 coated cases after more than 4000 deaths were recorded for the 3rd day in a row on friday prime minister modi he said india is now on a war footing in its fight against this ongoing crisis in australia the a.s.x. is in the red despite attempts to recover from losses following trends set by the us increasing tensions between australia and china over taiwan have also raised concerns that it could lead to a broader conflict in south africa all share is down despite the rant hitting a 16 month high this week as moody's left south africa's sovereign rating and rate unchanged in hopes that the political environment is stabilizing and the recovery is ongoing now let's move over to europe and america is starting in the u.k.
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the footsie it's in the red the index recovered somewhat on thursday and friday but it wasn't enough to make up for the 40000000000 pounds in value wiped out made week over those inflation fears it's a similar story in the european continent the french cac the german dax they're both down for the week but rebounded over the last couple of days on friday the indices gave back about a half a percent and point 3 percent respectively across the atlantic to brazil the evo best is up brazil led the way for latin american economies as the real algate and nearly a full percent on thursday the currency was boosted by news the economy did not slow as much as expected in the 1st quarter implying the brazilian economy is moving despite the rise in covert cases in the nation in mexico that it's also down on inflation fears this week the country's central bank kept rates unchanged at 4 percent however the board raised the inflation expectations for 2021 j.p.
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morgan actually announced that it expects interest rates to hit 4 and a half percent by the end of the year in mexico and here in the united states all 3 major indices are down the labor department report that consumer prices surged 4.2 percent in april was a major source of those global inflation fears that. we saw throughout the world however wall street look to gain some ground back on thursday and friday but not enough to make up for the losses over the 1st 3 days of this week and to the north in canada the t.x. ts x. is also in the red but the index reversed some of those midweek losses on thursday and friday thanks to a 2 point one percent gain in the health care sector and limited losses in the energy sector next week we're going to continue to watch the direction of inflation and consumer prices as we look for a little more insight on future policy from the federal reserve and that is your global market walk. in time now for a quick break but when we come back we're joined by our own rick sanchez to discuss the state of the u.s.
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labor market and why some employers are having a hard time hiring that's going to break through the numbers of the close. now look forward to talking to you on. that technology should work for people. i really must obey the orders given the human beings except we're such orders to conflict with the 1st law. just in case we should be very careful about artificial intelligence and the point of you see these 2 great trusts in shia. areas it was artificial intelligence was something that the.
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obama must protect its own existence and existence. was. welcome back as the united states economy continues to take steps to fully reopen after dealing with the copen 1000 pandemic employers are finding it difficult to fill positions in fact earlier this week the labor department reported job openings for the month of march had a record high over $8000000.00 this was a jump of 8 percent from the previous month and for context the us only added just
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over $6000000.00 new hires for that same month now bars and restaurants have been especially hard hit the national restaurant association says in april 57 percent of operators rated recruitment and retention of workers as their top challenge that's up from 8 percent in january now while there is no clear cut reason for this shortage industry groups tend to blame employees safety concerns coming out of the pandemic a need to care for children and the fact that many employees have actually moved on to different forms of employment as things were shut down over that last year but some are blaming extended unemployment insurance benefits benefits from the government which provide an extra $300.00 per week on friday the chair of the white house council of economic advisors weighed in on the situation. the ways it in our capitalist system so the way that a market economy works is we were 2 places is the signal and so wages are the price that we work in the labor market sound that's would be the national way for
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employers to try to attract employees. and there's a lot to talk about here so do so let's bring in the host of the news with rick sanchez rick sanchez himself is always a pleasure to have you on the show and i think when we talk about issues like this there's a lot of common sense that could be involved so rick what do you make of this shortage that we're seeing right now 1st of all both sides are right and both sides are right that many of the indicators that we just saw some of which you were numerated just a minute ago are absolutely true for example i think republicans are correct when they say that the money is there the market is too flush with money that people when people have money in their pockets it makes them less apt to want to go out and start working again now obviously they're going to go back to work but in the short run it's going to take a while for those folks to fill those jobs that we know are there but then the question that we have to ask ourselves is that maybe this is one that republicans need to ask as well as is it possible that if the folks who are going to work
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aren't going to work because of the money that they have that they're not willing to give up that maybe americans are being paid enough money because of their wanting to stay out of the job market for what $1400.00 a month i guess $2800.00 if you do both people living in one house then maybe they're not making enough money to begin with and that's something we've really seen record in fact now we've seen some fast food companies like to put lay in mcdonald's they've raised the minimum wage we just heard the white house actually say that so it does make a lot of sense but also to that point when we look at something like child health care or child care as an issue you have to look at it as it's. changing way the economy is working and also the fact that if you were to fair a 2 parent household you have a small child right one of them maybe was staying home with the child do it because they were unemployed and you figured out
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a way to make that work over this last month starts a readjustment so it is that really a labor shortage or is that people figuring things out so what you're saying is it sexist to say the mom one of the parents has decided you know what i feel more fulfilled i feel happier staying home when junior is sitting here taking zoom classes being with him watching his growth while the other parent be at the man or the woman is going to go to work and we have figured out to make this work somehow maybe i'll work from home on some other kind of system or something so that's a readjustment of the labor force it's a readjustment that was forced by what you know we call the you know the pandemic era so that's something that we need to take into consideration that by the way the government is not set up to take that into consideration because they're just adding up pure numbers are just doing x.'s and o's and exactly and there's also
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a point that i've looked at is that the possibility of the economy changing it happens generation after generation he saw an economy in areas where logging or mining might have been the primary source of income and source of jobs and that changed and what happened it took about 2 decades but they figured out a way to get through it and now we've been forced into another change in the economy and i think that might have something to do with you know what i think we should do i think and i think this would be a smart thing to do that we never do we should look at the labor force from an anthropological point of view because after apologists will tell you that for 95 percent of human existence most people did not work sure they work when they were hungry in other words here let me give you a scenario someone decides they need. the eat so they go out and they kill other animal or several animals they bring them back and then they eat off of that until they run out and then they go to eat again so essentially they're working out of the sudden necessity not because they're accruing time as they work our society for
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the last 100 years has created something where we just work because we feel the job itself is more important that our lives so we work to work we don't work to live we don't live the life doesn't even come into it somewhere along the line one would think that it might be a good opportunity now to look at the way we have set this up as the good administrator said moments ago through a capitalist system it may be adjusting it a little bit so people could do what they want to do and if you choose not to work 40 hour work weeks that's on you maybe it's because you know what you're going to ride a bike you're not going to need 2 cars you don't need to watch television anymore you're going to live in a tiny home whatever your decision is we ought to respect that and not be pushing people to work and work and work and work because i think in the end it makes us as a society less able to perform and do the things that we need to do for and we've seen that in some european economies where things have been loosened there's more
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vacation time there's not the 40 hour work week definitely fasting and i want to you know one point that's maybe not so economic angle to this is we've seen a lot and this is a lot of internet you know viral photos of these restaurants throughout the country who are showing these to posting on their windows and they're essentially saying rick that you know nobody wants to work right now so bear with us but people don't want to work they'd rather collect unemployment now if you are in this community and you walk by a business with a sign like that is that endearing to your community is that a way you vilify workers and people in your community because you're having a hard time hiring because you're basically saying that everybody in your community is lazy you know right yeah i imagine that you're saying when you when what you should be saying or what you should be questioning is. i wonder if i've created a situation where i could attract the kind of people who want to work at my place because the problem may be on you not on the workers so the categories both ways and i think that's something to your point as we've seen where still many people
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are telling us this is how you work this is how things are done we don't have the hard workers we don't have the people who are you know it's kind of like the man's man discussion here and other things like men aren't the same way they used to be when things change but it goes back to what you said at the beginning that we've seen in the just when and what people value i think a lot of people decided you know what this whole covert thing and made me discover something about me about my relationship with work my relationship with my partner my relationship with my children that's going to change now the way i look at things and government people in the by the administration better start paying attention to that or they're going to be at a loss rick sanchez host of the news with rick sanchez excellent discussion as always appreciate it thank you. and space x. has launched its next major step for its x. mansion of private space exploration by testing its starship prototype the private firm has officially announced that the projected orbital flight will take off from
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its facility in south texas and will landed just off the coast of hawaii although space x. has successfully launched the starship model before this will be the rockets 1st trip into space now the prototype will take off with a booster to help its part propulsion into the atmosphere before it falls into the gulf of mexico space exploration has officially filed its launch details with the federal communications commission but a definitive date has yet to be set although they said they hope by july and that's it for this time you can catch boom bust on demand on portable t.v. available on smartphones and tablets through google play in the apple app store by searching portable t.v. portable t.v. can also be downloaded on newer model samsung smart t.v.'s as well as robot devices simply check it out. affordable dot tv was the next time.
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new york is really what america is about. when our mayor took office he was elected because of his campaign on our city being a tale of 2 cities nabs and have not and those who have not are usually the ones who wind up being very hard at the city has always wanted to forget about iowa city has wanted to forget about the people who are buried there want to forget about the fact that there is a potter's field but there is a place where difficult stories are hidden the fact that we're using inmates to maintain this act is very a site where 1000000 souls are buried where so much of new york city history is buried is to commence of the inequality that exists in this city for centuries.
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is your media a reflection of reality. in a world transformed. what will make you feel safe. heis a nation full community. are you going the right way or are you being let some. time in. what is true watch his faith. in a world corrupted you need to descend. join us in the depths. or a maybe in the shallows. if
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you will when you queue for the with the chairs. ready to go they see a major woman who has forced us to take a cue into. which 93 you know nothing no is nigger becomes a white and give you. pleasure to fish before building what you should but it is the deeds of the. rest of us with. what's called once this issue will. go off which. is what. we do you know somebody has a. bunch of meaningless. dog why much as they should but they could be when you get out of the scott. peterson you're she could read some research on what she has and this is just.
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please be aware of disturbing images coming up in the moments with the least 8 people killed including 6 children in an air raid this morning on a densely populated refugee camp in gaza with fears others might still be trapped under the rubble. violence and clashes explode across the west bank with palestinians venting their anger on the streets as the total death toll tops $100.00. meanwhile southern israeli cities including ashdod come in for attack with israel claiming a barrage of rockets were fired from gaza.


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