tv Boom Bust RT June 2, 2021 8:30am-9:01am EDT
free day to meet your needs and the needs of your family. the room, but the one business show you can't afford to mit. i've been one in washington coming up another major cyber attack has flo, the industry this time is one of the world's largest meet producers. we're going to tell you who was hits and where that shut down is taking place. plus me was one of the worst month ever in terms of the price of big coin. but does that even matter? where will the crypto currency market go from here, we're going to break it down. and germany now holding meetings with the u. s. over the north stream to pipeline, what are the chances of president vital will be able to stop the completion of that pipeline? we're going to take a look at the pac show like
a started and we begin with news of a new cyber attack on a major industry. brazil j. b. s. the world's largest meet processing company is suffering shutdowns in it's australian and north american operations. the cyber attack caused the company's australian operations to shut down on monday. the company said it's working to resolve the incident. here is part of the statement they released saying, quote, on sunday may 30 of j. b. s. usa determined it was the target of an organized cybersecurity attack affecting some of the server supporting it's north american and australian id systems. resolution of the incident will take time, which may delay certain transactions with customers and suppliers. so basically we learned nothing from that. but what it does mean moving forward is that g, b s as a network of some 47 facilities and australia as well as around the world. the impact already being seen in j b s. as australian operations. here's what it looks like. tangibly, the company has canceled mondays, entire beef and lam kills the nation. analysts say that australian meet processing
processing operations would be impossible without normal access to id and internet systems. for new numbers on president biden's, propose new tax rates for millionaires, but are they really only for millionaires further than by this proposed the 39.6 percent top tax rate on capital gains and dividends for millionaires. when he released his fiscal 2022 budget, it was a request that was made to congress on friday. it's all part of the american family's plan. capital gains taxes own on assets like stocks and bonds and mutual funds and homes that have appreciated in value over time. so joining me now to discuss is the author of liberty or lockdown jeffrey tucker. jeffrey. good to have you with me. let's talk about these numbers here. they are pretty staggering and i got to tell you, consider the fact that the white house plans to create a top tax rate and it's hard to even pay this 43.4 percent. that's what they want. when you factor in a medicare surtax on investment earnings, it's
a little bit higher than that. 39.6 percent top tax rate on ordinary income that biden has proposed. this is of course, sold as a tax on the rich. the big question is, is it actually no, i mean, this law propaganda. i remember of course this is one way to get past it by saying, oh, it's somebody other than you and it's getting tax. but in fact, all these tax, we're going to trickle down to middle class and the poor. this is the appellate gene administration. the idea of fiscal responsibility is completely out the window of the democrats know, they've lost selections for 40 years based on republicans complaining about tax and spend. so they know they have about 18 months to do everything terrible they ever dreamed of. which is spending trillion to dollars taxing as many people as possible and they're trying to get away with it before they all get kicked out of office. i'm sorry to say, but that's really what's going on. and everything else here is just propaganda. this will not revive the american dream. in fact, it's going to harm it and,
and create a new level of pillaging for the entrepreneurial class that actually drives growth . and while creation at a time when, when, when the u. s. can least afford it, u. s. is falling behind other countries in the world, especially china. and we need to be more competitive and that means not stealing people's money means capital formation well formation. this new tax plans go the opposite direction. wall street, so alarm to everybody. it's the wall street journal. just can't stop talking about this. you know, this is, this is really a catastrophe for, for the american dream. and, and, and we know this fanatics of taking charge of the white house and they, they believe they have a very limited amount of time to an active agenda and what they're doing. so when we talk about things like capital gains tax, it's a little way the 20, right? because most people, when they hear that they go,
we're talking about hedge fund managers and you're talking about extremely wealthy people. but let's break this down kind of to a conversation. a lot of people would understand in this term, which is crypto currency, right? that typical claim that stocks and bonds her own only by rich people, which is untrue to begin with. but when we talk about crypto currency, you have literally tens of thousands of people who in the last couple of years have gotten into this crypto currency market for the very 1st time. they bought crypto, they seem to grow up. you got all these young people who have been buying those coin right. and as i go, this is my chance. and we've seen this incredible transfer of wealth by the way, to people who in the past have not had access to it. but a lot of those folks don't realize they are the capital gains owners among the capital gains owners who are going to get crushed by this. are they not? you're exactly right about us. so what is the owners of the new assets are, are realizing that they not only pay tax on the income, right? so which is bad enough. so why should i do that?
but then there's the 2nd level of taxes, which are, how much did you envisioned with money you're paying yourself the amount of money you convert from stocks or crypto and whatever to just pay yourself to live. now you're having to pay the government, you know, and dish on $40.00, whatever 50 percent on the gain of that property you initially acquired. like why should you have to do that? it's so several layers of taxation deep and are already creeping up to 50 percent. you know, after 30 percent, so you know, at some point you wonder what point are my efforts and my internship going to reward me? or is it only about rewarding the white house? so, you know, people understand it's about cap gains, the right cap gains tax is actually 0 for a growing economy. that should not be there because you're already paying an income tax, then you have to pay corporate tax, then f, a. kept gans tax. so it's grim,
it's like at what point is your property even secure from, from the my lord masters and washington. ever. and this is all happening at a time where the government has been nevermore discredited. and the last 60 years, i mean that the popularity of government and thinking to new lows. and now we have to give all rank to these people to spend. however, the lot. so it's, it's actually very damaging for wealth creation and for economic growth going forward. so real quick only about 30 seconds left here, but i want to get in one more question with you and that's about this capital gains rate according to the, by the administration. it's going to be retro active to the date of announcement. the treasury department says it's retroactive to the date of announcement. does that mean to friday when the announcement was made or is it retroactive april when the american family's plan was 1st announced? and has this ever happened before to makes an announcement? the start date of when a new tax would be instituted. no, this is all about the new american love affair with the executive dictatorship.
anything the by the ministration has suddenly law, regardless of a congressional vote. so this is shedding the constitution. and at some point is all going to get legally challenged. we know this, but at this point the u. s. is in the mood for authoritarian unix. and so the things like when i am out to send a press conference suddenly become law, it's extremely dangerous for the future of this country and the rule of law for basic bill of rights for legislative processes. everything we've ever taken for granted is suddenly up in there and i ultimately blame, locked down for this. it's, it's like a trap that's been the set. your ultimately trap. you can't get out as an investor because it goes back to the announcement jeffrey tucker, and i'm going to kind of, it's going to be very dangerous for the future. you know, author of liberty or lockdown. thanks so much. well the stock trading encrypted trading side for every man and every woman robin hood,
you know that one was about to get some serious competition from not one but 2 chinese firms. the companies who to and tiger brokers, they disclose during earnings calls last month, and they are applying for licenses in singapore and the us that would allow local customers to trade digital currencies. this move comes as crypto currency such as big coin have climb back into the spotlight, obviously in recent months both the good and the bad of that. and the chinese regulators have increase their efforts to limit speculation in the market. so joining me now to break this down and other than about co host chrissy i and kristi, i know you're excited about the story because getting getting crypto into the hands of every man and every woman's important right. despite the price dropping crypto interest is high, we know that china is robin hood rivals. we'll call them that. they're looking for ways to compete overseas. right. so why do you think there is a drive to get into this space? now when you say, well bitcoin is kind of falling right now, some of the value in some of these at least the price value and some of these
criptos is down. why jump into the do that for a with robin hood at this moment? well, at the same price, it's the same reason as why you walk into a gucci store and you decide to buy a bag. when it's on sale, you don't buy it when it's on full retail price at $60000.00. you buy it when it's out of 50 percent discount though, right now it would be the optimal time to actually jump into crypto because of the price drops. so it shows that demand is still robust. it's still really high. and robin hood actually how it got a head start. they launched big coin eat trading in the u. s. early in 28th added 3000000 for this year, but script of business. so this is despite the fact that it has very limited trading features and has listed less than 10 assets on his platform, that's a big failure because half of them are all derivatives of bitcoin and east. so basically very limited features and capacity. so if for to and tiger broker can launch their commission free crypto trading platform, they will and to take
a lot from robin hood business and customers are hungry for other assets and claims . and robin had happened announce any plan yet to expand their coin offering. so this market is primed for these new competitors to stuff and especially if they can stay, she'll tell appetite and not screw up, like robin hood dead by going down, drink peep, volatility. i mean that's when everybody wants to trade. so both to and tiger brokers, they're now increasingly focused on market outside of mainland china due to the tightening capital flow control. so both acts are seeking to attract customers with in ab social network. that's very similar to each whirl where users can swap trading ideas and watch each other's traits. and like again of what we've been saying. although these apps are great and easy to use, beautiful interfaces. the same problem still remains as these are centralized platforms, which means that users are not in control the fun and they don't on their own private keys. so while this is great for math, market adoption. if people should still look to something like minimum,
for example, which performs the same task, but also gives users ownership of their coin. but specially in times of high market volatility. as we saw recently, you won't have a problem with not being able to transport or withdraw or trade. yeah. and then you run the point about robin hood and just want to touch on that with you very quickly . it feels like robin hood has created a lot of the opportunity for competition here, right. they've, they've paved the way for that in terms of the way they handled the wall street best guys, the way they handled the game stop fiasco. it was an absolute mess. and even the way they've handled those coin remote windows coin was rising at one point, they actually limited the, the ability of users to purchase. at that point, as you mentioned, during peak volatility has robin hood actually created pave the way to having competing forces here? absolutely. because they've created all as matter these trust within its consumer base. i mean the entire name of the company robin hood is meant to be for the people, for the math in order to create equality and drain kinds of peak volatility. it looks like they're actually screwing all of the people who actually trust it and
entrusted their fun to put funds and money onto their platform. so it feels like a lot of the times during the very crucial time, they actually take the side of wall street and instead of robbing the rich to get to the, for the actually robbing all of the masses. who entrusted them with their funds and all the uses of course, were outraged during this time we're not even talking about gain stock, which happened a couple months ago, were talking about as recent as this past month. where crypto and big point was down and robin hood was very limited function of only having quite a bit claim cash. bitcoin silver, east, east classic. and now recently don't quite even was very limited offering. it wasn't able to keep up with the men and actually had to shut down. so a lot of the users, they felt good. so in a sense they expanded too quickly and their own growth was a detriment, so they kind of shot themselves. he's screw over your user base and end up in trouble with them. certainly. got about a minute left. china pushing ahead with the c, b, d. c. what's the latest going on there?
well, it looks like that they want their digital currency to be more than just a digital version of cash. they want it to be smart, which essentially means that b cbc will most likely incorporate some sort of smart contract functionality, which are automatically executing pizza. the block chain code that carry out functions when certain conditions are met. so they're designed to compliment or replace legal contract. however, given the number of security incidents arriving from mart contracts vulnerabilities this past year, it shows that technology still needs time to mature. so as such, there's still a lot of concern after the initial report saying that china was moving over the idea of money with an expert date kind of like a coupon. i think it's safe to assume that for the time being, we're quite a long way away from that boom bus. co host, christie. i thanks so much. thank you. alright, time now for a quick break, but when we come back, inflation is on the rise in the euro zone as the block begins to reopen, could the surge be a sign of things to come in a post and then pen?
demik economy post tend to make some like that. we're going to discuss that as we go to break. here are the numbers that the quote, the ah, ah, is your media a reflection of reality? the, in a world transformed what will make you feel safer. type relation for community. are you going the right way or are you being that somewhere? which direction? what is truth? what is faith?
what is the future of the republican party? is that future something donald trump will decide? critics of the g o p say it is no longer a political party, rather it is called a personality called focused on trump. is this a winning strategy for the g o p? me, an entire village in alaska has had to move. if another country threaten the wipe out in america, we do everything in our part a project in what and a escaping climate change is the same threat right now. alaska has seen some of the fastest coastal erosion in the world. we lost about 3535 feet of ground in just about 3 months while we were measuring is fatty. and that means the river is 35
pounds, then limiting was yours for. i think we're a part of america the 3rd from or america for worse. you will ahead of us president joe biden's, upcoming trip to europe. germany is reaching out with its officials to hold talks over the continued development of the north string to pipeline. as we've reported that pipeline, it would carry natural gas and oil from russia directly to germany. the u. s. opposes the pipeline even issuing sanctions against that. in fact, the biden administration on may 19th, sanctioned several companies and ships russian side by the way, knocked the germans side for their work on the north stream to the us government under both former president trump and the current president clem. bypass ukraine,
which relies on gas transit fees. of course, while making this argument, the u. s. fails to mention that pesky fact that russia is act, the number 2 supplier of gas to the united states. but i guess our own energy independence isn't as important as europe's right. as we're north stream to the german government has refused to hold the project, arguing that it is a commercial venture. and it's a sovereign issue for the invite. and we'll meet separately with german chancellor, anglo merkel and russian president vladimir putin during his trip to europe. and speaking of euro, bad news for the economy, there is a euro zone inflation search beyond the european central banks just below 2 percent target and may to hit its highest level in almost 3 years. inflation in the 19 countries sharing, the euro accelerated to 2 percent in may from 1.6 percent in april, driven by a higher energy costs to its fastest rate since the late to 2018 era. and above the e. c. b 's aim to of below, but close to that's what they called it below,
but close to 2 percent. joining me now is a good story and hillary for which president of straw mark l. o. c. hillary, thanks for being here. so that's the same thing happened here in the us. it was just what last week? central banks are they in denial about the realities of inflation at this point? and do you believe these numbers coming out of the european union are real or is inflation actually higher than what we're being told? well, i think the best thing to do is to look at what the experts are saying and yet the experts seem to contradict themselves and they seem to be wrong. so many times, i mean if you look at what came out of the o e. c d that just recently had to re up their prediction for the u. k. economy. and of course the lead economist lauren's boone, she was french and you don't know the know it dude breaks that sentiment. so they've on the played what would be the u. k. predictions, but they were totally wrong about what would happen in the u. k. so if you look at what global economists are saying, many i'm saying with regard to inflation that this is transitory. and that they're really the underpinnings to inflation on there yet. because what really underpins
inflation? so certainly on the services side, a labor factors, well of course, labor and any sort of wage pressures are there yet because most of europe hasn't been vaccine them and not back to work yet. so i think the underpinnings of inflation really are there. and then again, it depends where you're talking about in europe. because in certain countries, you mentioned the center, the percentage that they will accept that the e c, b. germany, of course is way up, maybe like over 3 percent and that was ruled is unacceptable and not strict. so the e, c, b, have many different countries with many different levels of inflation. yeah, it seems like across the board it's higher than what we're being told over and over . yeah. you're talking about some of the issues here that are driving that inflation right now. at least that's what we're being told. right. and yet, i don't hear one single person in any position of authority in europe or in the united states who is recognizing, or at least acknowledging that the,
the vast printing of money around the world. these huge stimulus programs that have been pushed into place or having any effect at all. in fact, they're pretending hillary that one has nothing to do with the other. how are we supposed to believe that? well, yeah, so now we're getting back to what the experts are saying that they will contradict each other because it depends what side of the political you're on. because there are conservatives that have said that these math stimulus packages exactly money flooding into the economy has to have inflationary pressures. and of course, they're not real when the stimulus packages all withdrawn and as they're starting to do some of this in europe. what effects have there been gyrations in the economy cause that are very natural. so the only thing that one can do really is look at what is going to happen when the false stimulus funds are withdrawn on like, let's look at some of the real factors. some of the real factors are supply side shortages in germany, actually they say 44 percent of all construction and 44 percent of all lumber is
basically unavailable thing thing in the u. s. with construction l on the i side, i think the other factor in europe is of course, the same, somewhat in the u. s. and that of the price of oil, the price of oil has given an inflationary pressure. so those are the real factors . i think the only thing we can do better is look at what's real, not what we're being told. what's real and what we're not being told is exactly right. i mean, you mentioned lumber, lumber, the cost to build a home, the cost of milk, the cost of eggs. everything is sky high right now. the cost of oil and gasoline, but european central bank president christine the guard and her chief economist, philip lane, they dismissed inflation pressures as temporary saying this quote. there is nearly 0 connection, 0 connection between any kind of spikes in prices under the reopening of the economy and what goes into the inflation trend in quote, it feels like we're being just told to go along and maybe this is what we've been
doing now for well, over a year, but whatever is said from on high right, it's that feel that term that we use an economic c by decree only is what's happening with inflation right now that there's no serious discussion. we have less than a minute. but how do we get some real data and really look at what's causing this so that we can reverse it? well, 2 things been number one, when you set about what they're telling us, remember what they told us from europe and particularly madam the god. with regard to brett's that what would happen has any, is that come true really? very little. we were talked about the mass exodus of businesses from, from the you can, how the u. k. would collapse, look at the economy and look what the cd just had to announce. so what they know, what they tell us to do isn't necessarily what is real. i think this, there's only 2 things we can really do. let's look at what's going to happen from oil prices, how, what the effect will be across europe. and then let's look at the, on the, let's look at the underpinnings of the greek debt and the italian debt. i think one of the reasons that are mis legato, mister lane, they have to say this is,
they are trying to keep, we have to look at the political reasons been, they are trying to keep the you together and they're trying to calm everybody. so they want to talk about the fundamental real underpinnings of issues, which will be the greek and the italian debt versus the surging inflation in the german economy. i think that's the issue. it's the disparity between the nations and what they're, they're actually actually experiencing economically. it's that this bouncy disparity which they're trying to cover and they wonder why we don't trust anything they say when they keep lying to us and then telling us just believe it. and every prediction turns ally on a strong word, let's say, trying to keep the peace and try to keep up with some of the cult. oh, they're political persuasion. very i go hillary forward, which is still mark l. l. c. thanks so much for joining us today. slash events. well, as science evolves, it often encounters many moral dilemmas. right? no field may faces problem more than m. brianna research, but an international group of scientists are working to ease some regulations are
teasing natasha. sweet explains point research in the field of genetics and stem cells are rapidly expanding. some scientists believe the 14 day limit on n, brianna research has limited their findings. and now a group of scientists which make up the international society for stem cell research have released guidelines to lift that ban. the 14 day limit on growing human embryos has been in place for more than 40 years. it required scientists to destroy human embryos grown in a laboratory after 14 days. it's even been written into law in some countries, including britain and australia. however, brazil and france do not have any limitations on studying human embryos. but on the other end of the spectrum, countries like austria, germany, italy, russia, and turkey do not allow any type of studies conducted with human embryos. some against the research question of science is crossing a moral boundary in these practices. critics also point out that it remains unclear of this type of research would in fact lead to advances in the medical field. robin
lavelle back chairman of the task force with the international society for stem cell research recommend lifting the 14 day ban. he says many tissues begin forming between 14 and 28 days. well that's it for now, you can catch boom bust on demand on the portable tv app, which is available on smartphones and tablets through the google play and apple app stores. by searching portable tv can also be downloaded on the newer model. samsung smart tv, it rolls roku devices or simply check it out. a portable tv will see you back here next time portable got to i ah ah ah ah ah
kitchen table out tomorrow. i gotta give my don't get a get. we'll put it on the shoulder. we will be bringing home like he's in this young lamp, me up and everybody who bought them by little my know by and then because you guys are not the man why or why not me? i was a superstar cities like case studies that make it to the transformations over the
past decade. advance mega project most go urban for him to and to and he won the largest international congress on negates that he development on decide. the st. petersburg economic form is back on the calendar becoming the 1st large scale business event in the world. since the panoramic, it, of course, will be there with the light. the events moto is short, but it makes it absolutely clear what the forms all bound together. again, economy of the new reality also becomes stigmatizing and fueling racism. a prominent listen group and austria times the government over the young failing of a map of islam that it highlights the location of the amazon associations across the country. turned off for a year in the spotlight. the black lives matter movement fractures under a high profile resignation and criticism from the families of victims. the.