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tv   Boom Bust  RT  June 3, 2021 8:30pm-9:00pm EDT

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down existing that an acquisition of theater assets. well in yet another move in the crypto currency space, the biden administration wants to know more they say about who is investing, especially if they are foreign to the united states. that announcement from the treasury department says it has a proposal which would force exchanges and what would providers to report for an individuals with accounts to the i r s. with this information, the u. s. government could turn names over to other governments in exchange for names of us citizens who may be dodging tax liabilities by hiding assets overseas for the story and the latest on the crypto market. let's bring into bosco hosting crypto analyst, christy. christy. this is an ambitious plan to get the cooperation of global nations to, to share crypto data is the truth behind this. it's really got nothing to do with foreign investors. it comes down to the by the ministrations bite in administration saying we want info from you on every american who hold crypto overseas.
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exactly, i mean, the essence is they're trying to create this giant stitching ring in order to catch us citizen harboring or storing money abroad. but here's the problem, as has been the problem for the past. however many decades, very few countries have publicly stated that they're willing to cooperate with the us. and why would they what their incentives a few more tax dollars? because there is no real incentive here for other countries to cooperate or participate in something like this smaller countries like malta, estonia and even crypto friendly countries like switzerland and japan. they benefited handsomely from its loose regulations that allow them to attract capital to their shores and become the crypto hub. so crypto well has given them an opportunity to develop build supporting infrastructure. and it's contributed to a massive innovation boom and a launch pad f r i c o and i e o, f t's. so these countries have no incentive at all, just pop with the u. s. b in on any sort of tax deal, because then they wouldn't be attractive to crypto company, the high net wealthy individuals who they benefit off of other smaller countries
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and especially tax havens, such as cayman islands, who are dependent on dollars and offering business for their economies. will furthermore be dis incentivized to join, so there's absolutely no reward for them and in the process they will lose business or, and, or destroy their economy. it's kind of interesting that the biden administration is taking such a huge interest in crypto when previous administrations kind of denounced. that is a fad that even is current administration has called it to mania. speculation saying the big coin and that other crypto is not a real asset, but at the same time that they're saying that they're acting very differently, especially in terms of the i r. s. right now, it seems like there is this enormous appetite to go after crypto holders to go after investors to go after anyone who has crypto. because uncle sam believes that there is a fair share there somehow being denied. exactly, and the thing is, if something is not an asset, it can't be taxed. so right now the buy mr. shit is trying to have their cake and
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eat it to. it's the double feet of politicking at its very best denouncing big point because it's a threat to the current monetary system and calling. why a lead, dangerous speculative, bad to be avoided. if you don't want to lose your money. but then at the same time saying that it's not a sound, but you know, we want to tax it to so therefore it is an assets. so they're kind of walking back on their words saying that it is now an asset because all of a sudden the stake industry has ballooned into a $700000000000.00 and untapped tax revenue. so it's so hypocritical, and of course is of course, to fund his block, the american family's plan, which completely goes against any basic responsible principle budgeting and fund management. because usually you have your funds and then you decide to allocate and piece that out to your project. and budget things out, and i don't know when we decide to just flip the model and go the reverse where we put together wishlist of everything we want and then go try to find the money to then pay for it. now does scrambling to make more money in the short term to cover the budget, which usually leads to very poorly made ill informed decision,
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such as this is susan to create a global crypto tax reporting team, which is very poorly conceived. so we'll see how the implementation goes there, and also to just top things off. all these crypto recording games are all under the guise of preventing money laundering care is financing cyber attack and ransomware you talked about. so that's all false because if you really wanted to prevent things like that, you should look more into regulating simulation of the usb, which is the current, the choice. so all of that is just basically window dressing when really this is to reverse the effect of the wealth redistribution. that big point has started over 10 years ago, u. s. d, the actual currency of criminals. let me ask you this. i have a theory and i want to run it past you, which is that the biden administration and is going to take the justice department by the way, is going to take a hard line stance here. and what they're going to claim is because of ransomware and the threats of ransomware and these criminal organizations that are operating using crypto currency, they're going to say that they have to be able to eliminate all privacy behind
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coins because that's going to be kind of the catalyst here to protect against ransomware. do you think that will go anywhere and what would be the process if that were to happen that the feds would take? i think that is something that is of concern because there was this portion, there was a time here when actually in manero z cash, although they got the listed from exchanges because they were, it was illegal to have privacy coins. the coins that basically get scared, the transfer of who was the sender and who's the recipient. but what i think then as while the, these coins will take an initial plunge because exchanges of course will be forced to comply within the actual industry of the crypt over us. i think it would actually make coin more valuable because as privacy become an aspect and it becomes something that we hold dear if it's threatened, then i think that that will actually make these coins in technology such as number one will be more valuable to the entire of the, although those clients will likely take a big price, dropping delisted from exchanges and no longer having to look witty one pad. i do
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think that over time people will start to realize that these privacy points, they are the space to be in place to be in. and i also think we're going to see a whole new round of k y c. know your customer rules and regulations coming this way, boomers co health, christy, i thank you or earlier this week, we've told you that germany is opening talks with the united states over the north stream to pipeline. it's a pipeline that sends natural gas and oil directly from russia down to germany. so just how close is the pipeline to being finished by 100 kilometers or 62 miles rushing, deputy prime minister alexander nova told reporters on thursday, quote, we hope that construction works on nor string to and it will be completed by the end of this year. washington recently removed sanctions on the company building the pipeline. though many members of congress continue to oppose that pipeline, insisting that by sending gas and oil directly to germany, ukraine will be denied much needed gas transit fees. the st. peter's where economic
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forum is underway in russia, where many of the biggest names in business are coming together. leaders and thinkers, from nearly every industry are trying to figure out what the world will look like. as we look forward to a post pandemic world, r t u shap alova is at the event where she was able to catch up with the ceo of bio cad, the company behind rushes. but in the v vaccine, the billing, which we just don't have a model, mr. morales, of thank you for joining us. could you comment on the global situation with the vaccines? how much do people in other countries trust to russia produce vaccines? and in particular, the sputnik, the vaccine the situation on the level of axis market is not an easy one. obviously none of the manufacturers were truly ready for the task. when i said this before, and i'm still convinced it's case, which we all know there had been vaccine delivery, delays in the european union lamps end in latin america. one of the vaccines was even suspended temporarily from use. now it's back on the rollout track after the
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issues have been sorted out. so the situation overall is not easy. when i can say, however, is that we know now from our contacts on the international markets, as well as through the russian direct investment fund, which is helping us a lot and is actually spearheading the promotion campaign force. but the internationally, we know that there is a great demand for sputnik b. that's a lot of countries we've had context with wish to have supplies of the sputnik b vaccine in their health care system to bring your card. because your company produce enough button to supply the export demand, to fish, neighborhood and to an extent that's what we've been doing. so yes, of course, could we? well, we already are national looking room to ship review with me. i got a very good in russia. we already have a number of registered vaccines approved to be effective. do we need to develop new one, say, for specific demographics or what is that on this one?
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i think we should always be developing something new. not so much for certain demographics, but just to be ready for new challenges. as we can see, there are new strains appearing, and we can always say for sure which solution will work best against the new mutation or a new virus. so i think it should be a continuous process with technology platforms constantly updated and improved most of the chinese when the company but last time we met was in november and you assured me that your company, bio cad, could produce as much but not v as needed for our country, it's been a few months since that the coven situation is improving, of course. but the pandemic is still a concern. many companies have moved all or part of their staff to work remotely from home. under these circumstances, have you been able to deliver as planned with the law firm of our company, the administrative staff mainly work from home. but those involved in production
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worked on site of course. and the answer is yes. on may 10, we delivered our product to the gum lay institute in the scope captured by the government contract. we're now waiting for it to undergo all the necessary checks, after which it will be approved for use in russia. so we fulfilled our contractual obligations from the st. petersburg. international economic form is in full swing. there are so many guests here. last year it was cancelled. what would you say is the key message and the goal here, this year, you know, the school bus. i think the main message is that everything will go back to normal . our daily lives should go back to how we remember them. my numbers will have to adjust our behavior because of the pan demik or other challenges, that's for sure, but everything will eventually resume its natural course. we will keep meeting, sharing her expertise and ideas and everything will be, well, thank very much bank time. now for a quick break, but when we come back,
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the federal reserve says it is now selling billions of dollars worth of bonds in e t. f. that it bought during the pandemic to save the economy. that's what we're told. we'll discuss whether or not it really did that and who gained from this been free as we go to break. here are the numbers at the quote, the me ah, is your media a reflection of reality? in a world transformed what will make you feel safe for tyson lation,
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for community. you're going the right way. where are you being that somewhere which direction? what is truth? what is faith? in the world to corrupted. you need to defend the join us in the depths or remain in the shallows. ah, i met my love love weekend and um, she wanted me to get me up now because we're not going to the the wall or up the
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kitchen table out them or not. i gotta get my don't get a get. we'll put it on the shoulder. be meeting be brittany home, like he's under the lamp, me body by little by now. and then because you guys are a lot of the man why or why not what i mean since close mckenna works well. people don't like to use the word inconsistency. they like to say, oh it's, it's amazing. in comprehensible mysterious i say it can't be quite right. and this is what direct says. this is what i just sure
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will kick off summer solutions every summer. we talk about the solution and dwelling on the problem. you know, we've got answers, we've got pollution me an entire village in alaska has had to move. if another country threaten to wipe out an american, we do everything on our part a project in water, the escaping climate change poses the same threat. right now alaska has seen some of the fastest coastal erosion in the world. we lost about 35 feet 35 feet of ground in just about 3 months while we were measuring is fat. and that means the river is. i've been learning was yours for. i think we're a part of america,
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the 3rd from or america. welcome back. the federal reserve made a major announcement wednesday, then it will begin winding out a program that purchase tens of billions of dollars of corporate assets. during the pandemic. the fed said that it was showing up the economy. so what does that look like? will consider this, the fed currently holds $13700000000.00 worth of corporate assets, including more than $5000000000.00 of corporate bonds and another $8500000000.00 worth of exchange traded funds. headlines today, claim that the fed use the program to quote, save the economy, but did they bring on top your marines? the c, e. o optimist l l c, and michael pinto, ceo pinto, portfolio strategies. michael, let's start with. the fed claimed that what it was doing was crucial to businesses
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during the depth of the recession. what do you think that this program actually do? what was promised? was it good for the economy or wasn't just good for a few big corporations? well, i mean, let's just not argue about whether it was needed right after the pandemic broke out . let's just say it was for a few months. why is this fed still printing a $120000000000.00 a month? why did the fed prince $7.00 trillion dollars work to increase his balance sheets in 2008 balance you went from 7 $100000000000.00 to almost 8 trillion dollars. enough is enough. what they have done, as usual, is rude. the lower middle class and the poor of this country and created a magnificently yawning wealth gap and then cries about it and saying, well, we have to print more money to decrease that gap that they themselves are
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responsible for creating. that's it. michael, use the term screwed. i think it's supposed to be active, present term screwing, right. because it doesn't seem like it's changed necessarily. if that's if that's the point of view, right? the, the process has not yet changed. we're still in the middle and i thought i was going to get in trouble for things through, but you worry about my changes. okay, well, we want to make sure we'll and we'll and we'll continue to screw because we're not gonna even talk about tapering yet. probably till jackson hole, wine down there, 120000000000 dollar month program. sometime 2002. maybe we hope and then we'll not rate interest rates of 0 o 2001 be for meantime whole price in europe 21 percent year. we're the marty prices are up 60 percent year over year and we're going to keep on going until the fed re another deflationary depression. graduation said job
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a copy always bring you in here. the fed says that it plans to start this process with e t f with the selling of corporate bonds to begin later the summer. how do you think this program works so far? well, i think you just have to look with the numbers and they're very telling. i mean, michael points out the enormous amount spent on buying a government dash and mortgage backed securities and things of that sort. but when you actually look at this specific program and buying corporate bonds and buying e c, f, the whole corporate bonds, the numbers are $13.00 to $14000000000.00 out of a total universe of us corporate bonds of over 10. truly, you know, closer to 11 trillion. so if you do those numbers and i don't often do that kind of mathematics, but if you divide one by other, you get about point one percent. so that is what the fed bought on, on the corporate side. so it's sort of homeopathic dosing, it's not really relevant. this particular program is just a non program. it has not, it's such a small part of the federal balance sheet. and it's such a small part of their role, us corporate bond market that it is just,
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it's not worth mentioning. he told me, they said all this talk, if we're talking about the economy in general right now, right? that the economy is growing. again, it's faster than expected, and so there was a lot of kind of back slapping today in washington. people saying great job the economy is moving forward. meanwhile, we're watching many, many businesses that are not reopened yet. and we have all these reports from across the country in places where workers can't be found. there seems to be a shortage of workers right now. and a lot of this is being attributed to increased and continued unemployment benefits that are going out. what is it going to take to be able to get people into jobs so that small businesses can actually restart? why i think that's, that's a perfectly valid point is so worried about the, the unemployment benefits. i mean, as soon as you subsidize something, you get more of that thing. i mean, it's quite obvious. and if you're going to subsidize unemployment, you'll get more unemployment. so those things i think need to be take away and
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encourage people to get back to work. as long as it's more economical and financially more interesting to be unemployed than your work. your course people will choose or even if it's close, even if you make 20 percent or less being unemployed. i think most people would actually choose rather than pounds because the office, if you haven't, go to factory every day and submit. so i think those things have to be removed to get people back and before that gets done, it will not happen. well, today get your witness. the governor of michigan announced today that she has a plan in order to allow people to go back to work and still get the unemployment benefits so they don't lose those benefits. they can get both at the same time. i mean, i wonder what, what's the concept here me, it seems like the idea is that there has to be intervention from every corner of government as often and as long as possible, it feels like that's where we are, where the check is to get as many people as possible, delay follow, not through goods and services. so you can have a public that is required to exist predicated on the government's largest and
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helicopter money. do you have a ready made boating class for people who want to continue to follow? i can just say one thing real quick about the usual genius you already correct. they put a very small fraction bombs, but they did and about 4 trillion dollars buying mortgage and government paper which pulled down the risk free rate to 0 when it was spiking right? after the cobra crisis broke out, so that the risk free rate pulled down the rate of every other bond, including corporate bond and triples the debt, which is the only now 7 percent, which usually yields 14 percent. so there's a regular amount of junk debt. these, the junkies, the junk one notch above default, be ok. and that is ready to implode. whenever the bed decide it's time to exit their q e program and to raise insurance. so that's, that's the, the good news ahead for wall street, you,
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1022. i told me what do you think in terms of moving forward way, right? we gotta get the economy moving ahead and i even hate using the term economy because it, it could mean so many things. right. a wall street is part of the economy. they don't think we haven't a lot of problems, but certainly small businesses are having the enormous number of problems right now . we've touched on some of those in terms of unemployment and finding workers. but in general, there's this other looming issue called inflation. that seems to be hitting us awfully hard right now, and it seems to only be getting worse as, as we watch this happen not just in the united states, but is happening globally in so many different places. what can be done to resolve that particular part of the economy so that again, it isn't a continue tax, an additional tax on the worker and on middle class people? well, if you're, if you're asking how to get rid of inflation, i think inflation is it 1st and foremost a monetary phenomenon, and it's related to the fed just pumping in huge amounts of money. as mike pointed
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out is in commodity prices go up enormously, which in housing price is going up, you might even argue the stock price is going up, is kind of a form the inflation as well. i know it doesn't use to get considered that way, but i think that's what has to stop is the monitoring the interventions by the central bank have to be curtailed and both passionate and stop is meant in almost buying spray at the fed is still out that by enormous amounts of bonds and pumping more liquidity in some market. so as long as that's going on, inflation will carry on again. but you know, it's been going on for years now. if you look at the, the monetary base going back to the financial crisis of 2008. it's just enormously more. this is a multi year almost multi decade kind of process going through. and they prime the pump for an enormous amount of inflation. and there's no easy way out. there's absolutely no easy way out of this. my go last question here. and i guess it really comes down to a question of are we dealing with people who suffer from extreme narcissism in terms of the fed and the fed chairman,
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where they think the economy cannot operate without them last word? well, i can't operate without them because they created this magnificent and but well, you know, it is narcissism. it's megalomaniacs. if we have debt to g, d p at 130 percent. if we have corporate debt at 50 percent of g b, if we have equity evaluations for the 1st time in history, a to 100 percent of gdp, because precisely because of the bed intervention, then he can on the growth, whatever amount there is a whatever falls in or sad, it may be predicated on constant monetary inflation. take it away, the whole artificial from our talk, let me ask you the same question. mean is it, are we now living in a moment where the central bankers, people like j power, people like janet jaelyn, who's now the treasury secretary and was the chairman of federal reserve. they have made so much of this account economy about themselves. they've made it about their
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policies, they have hinged everything on their own intervention, that it becomes very difficult at this point to decouple the economy from what they're doing. i think i'm, i'm going to be slightly more generous than the to view in my assessment of those people and say, the genuinely believe what they're doing. i think i think that's, that's the kind of thing you can say about them is not necessarily offices. they, they believe in things like mob monetary theory. they, they think that's the way the world works. they tend to believe by printing more money. you're going to help the columns, so i wouldn't accuse them being narcissistic of a mac. the may next. maybe there's a tinge of that. i think they didn't believe the things they didn't train these things taught these things throughout the degree programs wrote their ph. d thesis on them. they believe the stuff they may be the most dangerous cut offices. i didn't know, but i wouldn't be using the theory make the maintenance. i think they generally believe that this is the right way to do. i think that misguided but they true believe it's october. you were right. you were more generous than i would be micro
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pen talk talk. thank you very much. thank you. and that is us born today. now you can always catch moon both on demand on the portable tv app. it's available on smartphones and tablets through the google play. and apple app store by searching portable tv, portable tv can also be downloaded on newer model, samsung, smart tv, or roku devices. you can also check it out. a portable dot tv will see you back here next. ah, kicking off summer solutions every summer we talk about the solution. and instead of dwelling on the problems, you know, we've got answers, we've got pollution, i met my local bank and obviously wanted them. and johnny douglas gave me
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the gotta go through the, the wall or up the kitchen table out them out. i got a game. i don't get a get, we'll put it on the shoulder. be meeting be brittany lackey, vendors lamp me. gotta buy little monopoly and then because you guys name my last name. why or why not what i mean? yeah. i is your media
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a reflection of reality in a world transformed what will make you feel safe for the tycer lation whole community? are you going the right way or are you being that somewhere direct? what is true? what is faith in the world corrupted. you need to descend. ah, so join us in the depths. will remain in the shallows. ah, in the, i don't know. i mean there's some steps in there were rescuing the food that they
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were scabbing or, or where were rescuing resources that are still good. this is best buy march 21st, which is in 2 days. all these potatoes, holla panels, onions, all of these came from waste ground sources. this is great for me because i'm always looking for a way to give things away. dr. because the tax laws, you know, definitely do benefit the wealthier people in our society. so that makes sense for them to throw it out right off, rather than give it to somebody who could use it. and then that person is not going to buy it. the, the, the russian flagship business events,
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the st. petersburg international economic form is in full swing. we will take you through the latest deals and discussions from the countries that northern capital shocking evidence emerges in france regarding bodies donated for scientific research. many were then sold for youth and military experiments in practice and civilians, voice their anger after a mafia. don w. the people slayer walks freak decades after killing more than 100 people, including one young victim who was gruesomely strangled and dissolved in acid. we speak to the widow of a police officer he murdered the thing that infuriated me most is that italy does not make its outreach public. i think all of sicily should take to the st.

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