Skip to main content

tv   Boom Bust  RT  June 9, 2021 1:30pm-2:00pm EDT

1:30 pm
just like many countries in china, religious rights cannot be above the law. did not emphasize. i was just going to mention briefly about the u. s. benjamin. it tends to be the most vocal country and calling for boy called doesn't it most notably, they've got many western countries to stay away from the moscow olympics in 190800 . do you think the u. s. itself would pass the human rights standard to keep setting for others. i think the u. s. is not setting greek sample. look at their human rights violations in though in their own country. i have lived in the state for about 10 years. i have seen a lot of discrimination i was even discriminated against while i was a student in the states and the u. s. right now is choosing china of genocide. i was generous. i do have you ever since you knew size of the population, which is still growing rapidly, the rest and be that did not emphasize enough to to publish. i've seen john,
1:31 pm
people actually rolling rapidly. how can we feed genocide also seen john is having one of the strongest growth in g d. p. many acres are doubling their income every 5 years or so. why as the rest not reporting the good sides, the benefits that we good i'll be seeing in china. benjamin chow, professor up the shanghai international banking and financed institute. thank you very much for your time today. thank you. ok, just to finish up this hour, there's been abroad in the bolivian parliament's fists were flying on tuesday. during a debate over the arrest of several officials, including former interim prison, janine onions, she took part in 2019 and what the ruling socialist party now considers to have been a legal and a large fire proofing lights in parkland in barcelona. less than a 100 meters from residential buildings. strong winds are causing it to spread rapidly with
1:32 pm
a run 10 hectares. currently effective planes helicopters are being deployed to dollars. sit with water. well that's the way our mid week news stories are shipping up a team just off camera, they're busy putting together all. busy the latest updates. hope you join me for them. of the top of the army. me the ah,
1:33 pm
me the boom, but the one business show you can't afford to mit. bridge a bore in washington coming up. just weeks after cyber tech jammed the largest fuel pipeline on the east coast of the united states, colonial c e. o. has faith congress, straight ahead. we'll go over the testimony and the recent wave of rent and where tax. this comes as a bite, it administration has ramped up its scrutiny of crypto currency for its role in these types of cyber attacks will discuss that as well. and then as you see, it's putting so called mean stocks in their crop here. later on, we're going to break down the impact on market volatility. we have in fact show
1:34 pm
today. so if that right it and we leave the program with the fall out from a cyber attack on one of america's largest fuel pipelines last month, which created gas shortages throughout the eastern united states and raised questions about vulnerability of crucial energy infrastructure throughout the nation. colonial pipeline. theo, joseph blunt, appeared before the senate homeland security committee tuesday to discuss the heck . just one month ago we were, the victims of a ranch were attacked by cyber criminal group. and that attack encrypted our 2 systems. although the investigation is still ongoing, and we believe the attacker exploded the legacy vpn profile that was not intended to be in use. i made the decision to pay and i made the decision to keep the information about the payment is confidential as possible. it was the hardest decision i made in my 39 years in the energy industry. and i know how critical our pipeline is to the country. we are further hardening our cyber defenses. we have
1:35 pm
rebuilt and restored or critical systems and are continuing to enhance our safeguards. but we are not where i want us to be. and the ransomware attackers had gained access to colonial computer networks in april using a compromised password. blunt confirmed, it was not protected through multi factor authentication. now, meanwhile, officials from the department of justice and outs monday, they were able to recover a majority of the $4400000.00 in crypto currency ransom paid to the dark side hackers. today we announced the seizure of millions of dollars in big point, paid by an innocent victim in ransom in a bid to regain control of computer systems. the extortionist will never see this money. we identified a virtual currency wallet that the dark side actors used to collect the payment from a victim. using law enforcement authorities,
1:36 pm
victim funds were seized from that wallet, preventing dark side actors from using. enjoining about a dig into the details is morgan righty of chief security advisor with that? no one and former senior advisors to the us state department, anti terrorism assistance program. morgan. thank you so much for joining us today. i want to start with the hearings that happened. what if anything, did we actually learn and did colonial seem to handle this? ransomware attack correctly. bred thanks for having me on having testified before congress before these things are well scripted and i can tell you as a witness such as the ceo, most of his testimony was prepared by lawyers. so he's only going to say what's not going to get them in trouble. he's only going to say what is already known. that being said, we did learn some stuff. one of the important things i think we learned was that the f b, i got involved early to help target this. and this is what help at least callback some of the big coin some of the ranch money as to whether or not they handled it correctly. that's kind of a tough question because you know, he's the ceo,
1:37 pm
he's going to make a decision. but i will tell you this in our research. it's a one and other companies have come to the same conclusion. if you pay once, they will target you again and they think that you will pay twice. so paying the ransom doesn't always ensure you'll get your files back, but it doesn't sure that you're going to get targeted again, high probability. and i wanted to bring that point because to a certain extent, as we mentioned there at the, at the end of that intro, is that they were able to recoup that crypto currency ransomware that they had a ransom that they paid. so in that case, in that situation, did that to a certain extent, deter the types of cyber attacks because they know, oh, if they pay a bit coin, they may be able to pull it back right away. or was that just the hackers? maybe not doing a good enough job of matching all of that. an old friend of mine actually paula bought it from the f. b i that was given that part of the press release. yeah, you know, part of it was the operational security. they made some mistakes and it allowed them to identify the wallet that the big coin was being held in. but i guarantee it's not a deterrent. you know why it's like having been
1:38 pm
a law enforcement 18 years working with folks from the f b. i da, your name and your arrest, somebody. 10 people take their place, your rest one drug dealer, 10 more. take your place so well it, it won't stop anybody from doing this. all. it means at least for this one victim, at least for this, this one incident. we've gotten some of the money back, but the only true way to really stop wrench worst actually stop ransomware, that the actual malware itself. you'll never arrest your way out of this. you'll never policy your way out of this or sanction your way out of this. it's not just going to stop that. it's got to come down to technology, artificial intelligence, machine learning, stopping these attacks from happening before they even get started. and that's what i wanted to bring up next because the way how it's actually called on businesses to strengthen their crypt or cybersecurity defense is saying it is actually their responsibility. say basically that the government can't do it alone. and if the attacks, they're not new over the last few years, typically we've heard so much about municipalities being hit as well as businesses . so you mentioned that we need to figure out how to stop these ransomware,
1:39 pm
ransomware attacks, and that could be through new technology, but have companies also dropped the ball on protecting themselves at this point? you know, i think there are some companies out there that they look at a business strategy has been a collection of 49 for 90 day business plans if they're publicly traded. we've got to get past that so that they've got to start realizing that cybersecurity, the, the security and defense of their infrastructure is more than a profit and loss center is a critical, vital component of the operations of their company. now on the other hand, government needs to kind of get out of the way. i mean, they're not the exactly the poster child per cybersecurity, you know, in a lot of areas. however, if they come up with the right policies, they can incentivize additional investment into cybersecurity giving tax tax breaks or some kind of relief. but on the other hand, they need to have a big stick. they need a digital version of sarbanes oxley to stop this digital pandemic branch more. so at some point, i think you're going to be given a carrot. but at some point, if you don't do it, you'll be given the stick. and as we saw during sarbanes oxley,
1:40 pm
seals went to jail and i can tell, you know, c e o wants to be up for a walk in orange. and you know, before we wrap this up and we only have about a minute left, you know, how critical is, you know, the infrastructure angle of this and how vulnerable is infrastructure at this point to cyber attacks like that. you know, i used to write for the hill road, a lot of articles around this thing about the, the, the fragility of the energy grid where we are from our critical infrastructure. 85 percent of the critical infrastructure in the united states is owned by the private sector. there are federal regulations on top of it, especially to help regulate those things. but you know what it boils down to, it's gotta be a mindset. it's got to be a change in how we view the problem. you must change the entire space industry by saying, why can't we just reuse rockets, you know, so we've got to get, get past this. well, let's figure out how to respond or, and stop in arrest. you know, these criminals and stop them from doing, you know, we've got to apply the right technology to stop this in its tracks. don't even let it happen. that's the mind change in the new technology brand. i think what we'll
1:41 pm
see is a big change because then it will be irrelevant if french mer, but there's a day of reckoning coming for crypto currency to that'll be the regulation somewhere. and cybersecurity expert, morgan, right, we're gonna have to have you back on soon to dig more into this, because this is great insight. we really appreciate it. thank you so much. you that with all of this in mind, let's go a little deeper into the chris crypto currency aspect and what is happening with digital currency including bitcoin. and we're going to bring in a crypt, currency analysts and blue bus co host, been flawed christiane. to do just that, ben, i want to start with you because we just talked about the issue of how the f b. i managed to get back a large portion of this ransom, we just talked about it from a cybersecurity side. what do we need to know from the crypto currency side? yeah, there's a couple of pretty interesting things here that have been glossed over in most of the reporting, even in the press conferences that were held earlier today. so as a journalist, let me just say this, there is so much about the story that just seems off. it doesn't really make sense
1:42 pm
. so let me just leave the table here for a minute. so 1st of all, you have colonial pipeline that originally said that hackers from the dark side got into their systems. they've been not the hackers, but the ceo shut down operations about pipeline. then decided to pay a $4400000.00 ransom in bitcoin for what so that the c e o could turn the pipeline back on and get them out of the billing system because that's exactly what happened . and now we know that the f b i because they came in early, was able to clawback some of that. bitcoin of the 75 because that were paid about 63.7 bitcoin were brought back. and why was that? because it went to some kind of a wallet that they were able to follow and trace to chain analysis, which is all true. you can absolutely do that. the problem is just because the f b, i can identify which wallet and where it went to doesn't mean that you have access to it. the only way the f b i would have access is that they actually had the private key. some of the
1:43 pm
reporting on this indicates that the f b, i did in fact have the private key of the wallet. the big, big coin was transferred to how that has not been explained so far. how is it that some of this, most of this in fact because that went into the wallet, the f b, i held the private key to it because just because you can find out where it is doesn't mean you can access. so that part of the story has not been explained either the f b i had access to someone else's wallet was able to access this key on some level through hacking of their own, which again, most hackers aren't going to keep that on the private keys to their big wallet online, they're not going to keep access to it that way. so how did the f b i get all i'm saying is, well i'm, i guess i'm not saying i just don't know. i don't know the answer to what up. and i just think this story stinks from top to bottom. there's a lot here that very straight and as a crypto layman, that was actually something that really struck me as well. which was that i was like, okay, i get that. you could see where it went, the address, but,
1:44 pm
but how did you get the password to get in there? very much. seems christy tuesday wasn't really a good day for bitcoin. has all of this news happened. it dropped around 11 percent . i. how much of that is actually connected to the pipeline story? well, a big part of it was because then the 1st plan, i was also shocked because i thought that this would mean that there was a compromise in the bitcoin network security. but it is very highly unlikely that the f b, i actually had this wallet with brute force tactics. so i think that it was a big black p r. stand to show that they can strike a blow against the coin and make the big public statement. but to be clear, a lot of this recording is actually false because there's no way, no way that they can actually obtain a private key. there was no hack. the federal didn't do anything innovative here. they use legal mechanism to track it publicly available ledger. so there was no hijacking here, a lot of the reporting made it out to be because the point is the cure through a currently unbreakable cryptographic formula known as the elliptic curve digital
1:45 pm
structure algorithm. so it would be a computing miracle to break that although they would love to give off the impression and introduce doubt about the security of the point network. so what happened was a d o, a warrant for access to servers in northern california from monday, actually give us a lot of detail about how this entire thing actually happened. so what most likely happen is that they attain this warrant for bit point wallet or exchange that had their service station in northern california. so basically which custodian do we know in northern california climate? so once the feds were able to identify the hot while it became a routine process to then sees the online servers and the funds through legal channels. and once again, another example of not your keys, not your funds, that's what you get for holding it in a custodian wallet. so this, the servers could have belonged to point bays or couldn't belong to amazon either way, or the warrants were issued in northern california. so that does give us a little bit of insight there,
1:46 pm
but big one is also continued to see some pressure from china, from the crypto mining operations and trading, where a way boy counts encrypted had them blocked. but i think a lot of the drop from recent days is from this doubt that the have now introduced, which i want to again make very clear that they, they hi sit up. there was no hacking, there was no hijacking. been before we go and i have about 60 seconds for you, you know, present by the national security advisor said monday cybersecurity and examining the role of crypto. currently in cyber attacks must be a priority for nate, know, and countries in the g 7 meetings in europe next month. this can't be good news for crypto sport is right. yeah, it's not good news. i mean, you got jake sullivan, who absolutely never found a country. he doesn't want to overthrow somewhere in the world. and now it's turning his sites towards bitcoin and crypto currency saying that part of the g 7 summit needs to be decisions made by world leaders on how to restrict and control access to big coin and to be able to monitor it. and what chris,
1:47 pm
he just said is so critically important. so if these private keys that were accessed by the f b, i were not actually being held by the dark side hackers instead, it was being held by the 3rd party exchange like a coin base. that is what the, by the ministration and other governments around the world will want, is to force all crypto currency into these kind of 3rd party exchanges, where they can then access them with a warrant and be able to see funds whenever they want to bad. i think it's going to be what we hear coming out of the g 7. and that certainly seems to defeat the purpose of a decentralized currently. if you get it from that, from that around, boom, boom, co host bend swan and chris the, i think you both for analysis today. thank you and time now for a quick break, but when we come back, so called mean stocks continue to serge is retail traders are keeping the trends alive, but are they here to stay? we're gonna break it all down where it's going to break here. the numbers at the close the
1:48 pm
ah ah, ah, ah ah, ah ah, ah, the
1:49 pm
welcome back with time running out before us president joe biden, the british prime minister boris johnson meet for the g 7 on thursday, british american airline bosses, along with other travel industry leaders took their concerns to the public in an effort to open up travel and remove coven, 1900 flight restrictions between the 2 nations. are to correspondence size. having to has the detail size wondering airline. exactly as expected to happen here. so to give you a little back story, airline officials had a hope that by late may, the us would have lift the travel restrictions on the u. k. but that never happened since march of 2020 the u. s. has barred nearly all night. us citizen who have been in the u. k. within a last 14 days from entering the country. and now c e o is from some of the largest trans atlantic airlines are calling on the u. s. and their u. k. governments to ease a travel restrictions and reopen travel between the countries that have been closed
1:50 pm
for almost 16 months. now, because of the pandemic. international travel, as we all know, is fundamental to global economic activity. so safely reinstating trans atlantic service would send an important signal to the entire world. i think it's the 1st time since we're to that we've had such limited movements. so been devastating, but we have a great opportunity to get back in the year and we would urge present biden and prime minister johnson to see the initiative this week. we can set the pace for international travel, you know, 2 countries, low prevalence of infection, high vaccination rates, low risk, we've got to go for ation. was the leading industry, i think in responding to cove it and putting in protocols to making say around the world. so sorry, can you break this down for me a little bit more if i'm a u. k citizen, i can't travel to the united states. so this is actually where it gets confusing.
1:51 pm
so if you're us citizen visiting the u. k, you'll have to show proof of a negative pover test. take no more than 3 days before you arrive, then you must quarantine for 10 days upon arrival. now, from all those 10 days of their whole holiday, but if you are a british national, you cannot enter the u. s. if you've been in the u. k, within the last 14 days. but let's just say you are a british national who lives in. i don't know italy then you can enter the u. s, but you'll need to quarantine for 10 days. if you then go back directly to the okay, from the us. so all of this causes so much confusion that most just choose to travel elsewhere or not travel at all brand. and how important is traveled between the 2 nations, as far as for the travel industry, that's actually a huge market. you know, i, pre pandemic, london. europe is one of the busiest international air corridors in the world and just in 2019 nearly 4000000 birds and travel to the u. s. while
1:52 pm
4500000 visits were made from the us to the u. k. now in 2020, during the pandemic, there was a 98 percent drop in the travel between the 2 countries. brent and we mentioned at the end of the segment that the 2 leaders from the 2 countries will be meeting on thursday at the g. 7, are they expected to talk about this? a great question. so right now, much to the frustration of travel industry leaders, it is far from certain where the president biden and prime minister johnson will meet on wednesday because they're meeting one day before the formal g. 7 meetings will actually go under way. and it's not even certain where they're they're going to be addressing that construct said air service issue, brent. oh, go ahead and i was going lastly say there's a lot of stake your lots of money for both governments. so this is going to be something airline executives are really going to be watching closely
1:53 pm
r t correspondence science avager. thank you so much. and the u. s. securities and exchange commission said monday it is keeping an eye on market volatility as mean stocks like amc and game stop, continue to trend upwards in a statement to multiple news outlets. the spokes person for the regulator said fcc staff continues to monitor the market in light of the ongoing volatility in certain stock to determine if there have been any disruptions of the market manipulative trading or other misconduct. in addition, we will act to protect retail investors if by elation of federal securities laws are found. now over the last month, game staff has jumped more than 100 percent nearing the high that saw in january at the beginning of the wall street beth saga. amc for its part is up more than 450 percent over that same period of time. and now it appears a retail traders from red have their eyes set on to new darling's fast food chain. wendy's and medicare insurance start up clover health,
1:54 pm
both of which have seen big gains and recent days. so for more and all of this, let's bring in michelle schneider. she's a managing director of the market gauge group, an author of the best selling book, plant your money tree, a guide to growing your well, michelle, i want to start out with that last point. why wendy's and clover help? what's going on here? well with wendy is it wasn't necessarily a short flow situation or a short squeeze. it was really got the attention of the red traitors because of the term chicken 10 days, which means profit. and so they came in, there was viral on twitter in terms of the actual stock, and they drove the stock up to new all time highs today, which is just extraordinary. and but really it was more of the attraction. and along with the mean stocks is also this whole vernacular that has come out of trading. these means fox expressions like apes for example, which really means strong together. so that's what happened with wendy's with with
1:55 pm
culver. i a little bit more history there because it was a fact, i chan this, it went public, it got red flag by the department of justice. it was under investigation for not disclosing 3rd party and marketing for also doing some kickbacks. and they said they would go fully cooperation with them. and as a result, hedge funds came in short of the stock. and it actually did have a short float of $43.00 and a half percent. so that was a true short squeeze situation that happened today. and that stock also went to new all time highs. and actually the charts look very similar between the 2. so it's, so it's a, it's an interesting situation. what's going on here, how they pick these stocks like a top and amc. and now the most latest ones, and of course everybody's trying to guess what will be the next new darling's. it's great to hear everybody have to use read it jargon now and in television interviews and everyone else feels like the statement from the fcc was really saying they're
1:56 pm
watching these read it, or are they? are you actually see anything that says the wall street beth and mean stock movement is actually manipulating the market or doing anything that we haven't seen before? anything that's really outside of security law? no, i am actually looks more spontaneous and uncoordinated, if anything. and basically what the fcc is trying to look into is fraudulent social media posts, and they haven't been able to really find anything at this point. so what so interesting is not only can they not find anything and nothing has come out of it and nothing may never come out of it in terms of volatility, or you're seeing volatility in the actual particular meaning stocks. but the overall stock market actually has almost historical low volatility as we're going through these last couple of weeks. but what so interesting to me is that what they're doing with the money, some of them is good. like for example, i was reading with diane for she, she did the guerrillas in the midst of the whole thing about $350000.00 of kids.
1:57 pm
money that came out of this whole, a movement has gone to help support the grilling. and now the same thing was called the taking some of the money when the money, and they're giving it to food for children in the hospitals. so what can the fcc say about that? make money, do good with it. there is nothing fraudulent really going on. and there's an interesting new poll from wells fargo. the basically showed half of teens were actually learning about this and interested in investing because of what they're seeing with the game stop situation. and these mean stock, i have 30 seconds for you. but is that some other good that's coming out of this? absolutely in this lot, so different really if you go back in time and look at, let's say, when silver was a big school need. lots and lots of people came in and got attracted to the commodities market at that time. and then you had just a natural division of people who decided to get an education and stick around people who are and how to take profits. and people who just got to greedy and
1:58 pm
bought silver, let's say all the way on the way down until the hunt brothers came out on the market. and we know that did not and well, and those people went belly up and i think we'll see the change situation here. the goodness is the retail investor coming into the market for sure. michelle snyder of the market gauge group. thank you so much. thank you, brett, and that's it for the time you get boom. but on demand on portable tv available on smartphones and tablets to google play in the apple app store. and you could also check it out at portable dot tv. we'll see you next time. me as a korean professionals board is much tougher on some than others are year old myers by everybody. so why would somebody believe me, i was just
1:59 pm
a little girl. the price paid to, to, to achieve really was was how to read in the paper this morning. usa swimming coach, arrested, allegedly had sex with a 12 year old girls. this happens almost every way we get calls at the office. i get informed about one of my greatest fears is someone's going to start linking all this together. there's going to be a 60 minute documentary about youth coaches in sports like gymnastics swimming. is that documentary? i see it on our tea. unfortunately, we are witnessing a trend in media. they go from one news fiasco to another, the weapons of mass destruction story, the russia gate hogs, hunters, laptop, basket bounty pale, and now the possible colbert lab league story. now why does anyone in their right mind even tune in any more
2:00 pm
the european parliament gave the final approval for a cobit digital certificate scheme to free of travel. but fears remain over widespread fraud after a french nor is accused of giving our fake vaccine certificate. us vice president visits latin america to spread the word that migrant are welcome. after months of the biden administration denying, there's a crisis on the border to folks in this region who are thinking about making that dangerous track. do not come. also in the program today, the f. b, i hailed a global staying operation of a massive success with more than 800 suspected criminals arrested.


info Stream Only

Uploaded by TV Archive on