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tv   Boom Bust  RT  June 29, 2021 7:30pm-8:00pm EDT

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you said you installed a bike boom bust coming up in a few mom, it's time for us. few as its own contacts. we're backing off with the latest join us again. them me the join me every 1st day on the alex summon show and i'll be speaking to guess on the world, the politics sport. business. i'm show business. i'll see you then me as we do at the end of almost every quarter got to like look back, look forward. where are we in all this crazy world we live in having a found introducing and found to, to a family. when a new mother is going through that process. yeah, there's certainly tremendous cause for great joy, but because it's in
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a bath that causes so many different changes. it's stressful at many levels. ah, the this is been been the one visit show you can't afford to miss. i'm rachel blevins in washington, coming up to us, maybe the best in cyberspace, but how long will it be in full? china catches up and how will the cybersecurity battle play out worldwide? plot housing prices skyrocket at their highest rate in over 30 years. what does it mean for the growing bubble? and why hasn't the federal reserve taking more action than the jets of a mysterious coin billionaire? is raising question, we'll take a look at the state of his fortune and how it could impact the crypto community. we
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have a lot to get to. so let's get started. the u. s. is still the world's dominant power when it comes to cyberspace, but china is catching up and could be on track to match washington's capabilities within the next decade. that's according to a new report from the international institute of strategic studies. it says in part, while china is a 2nd tier cyber power right now, given it's growing industrial based in digital technology, it is the state best place to join the u. s. in the 1st here as early as 2030. so joining me now to go further in depth on this topic is consciously cybersecurity expert and president at dark in tell, now todd, rising competition between the u. s. and china is really nothing new from trade to military. so how do you see the fight over cyber dominant continuing, and is it likely to lead to increasing tension between the world's true largest economies? oh, of course it is. i mean,
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if you look just at what's going on on other industries, china's on the moon, china's on mars chinese building the space station. i mean, they're not that far behind. and i don't think, i think 10 years is kind of arbitrary in that sense. i think they are much, much closer that when it comes to the cyber issues, because they built the technology for all of us. now certainly we have the brain power that makes the chips and designs those things. but china builds all those things for us. and so i don't think that that far behind and we look at what the study says about global dominance and in leadership in the area. i think there's somewhat arbitrary in their, their idea of what is the leadership in cyberspace because i think the chinese are right there with us are pretty close. yeah, that's a great point. i mean, we know that even with everything with the trade war, the u. s. still relies heavily on china. now another country and all of this has been russia and we've heard from president biden, that he would invoke the power of us cyber capability that he brought up when he
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met with russian president putin earlier this month. now biden claims the u. s. would respond to cyber attacks by carrying out a tax of its own. so is this the kind of world we're moving into were instead of threatening to bomb and other country, you know, threaten a cyber attack? well, you have to be yes, i think it is to answer question, but i think is a dangerous thing that we have to think about because a country that is not as adept as ours, that controlling those kinds of events may react in a military option. and so we may go in there and take out some, you know, cyber related problem, but that country may not have the ability to attack back to us. and i mean, russia in that cyber related area and make, make it an actual physical military attack. and so we have to be careful how we look at those things because it's not as simple as we want it to be. yeah, it is one of those cases where the us obviously has to weigh every option,
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especially in cases where they have troops deployed all over the world. so they're thinking about not just responses here at home, but of course responses wherever their troops may be. when it comes to those other countries, now i want to talk a little bit about what's going on here in the u. s. there's been a lot of talk about an increase in ransomware attacks and how to prevent them. now, a bipartisan group of lawmakers in the house has introduced a cyber security literacy act aimed at creating a campaign to basically teach americans how to being less vulnerable to hackers. how big of a role there's public awareness playing in allowing these hack stephen happen? well, i think it's, it's not a bad thing at all. i don't know how far it's going to go or how far reaching is going to be. but, you know, training and awareness is always a good thing to teach people not to be a victim. i learned that, you know, 30 years ago when i was running a finance crimes unit for our local police department, you train people not to be
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a victim and they are victims. and so it's a good thing. the problem is how do we get it out? how do we get out soon enough to train people not to be a victim? the problem still ends up being the weakest link in your security is always that person that isn't aware or doesn't care. and so that will always be the problem and businesses, particularly with ransomware, that person that opens up that email, that's got the ransomware code in it ends up being the problem. and if they didn't pay attention in class or do the training, there's just companies still going to be a victim. yeah, and we know that they're getting more and more creative. i mean, they're sending out text messages now telling you, hey, your netflix account is about to be locked. you have to click this link in order to go save it. and then before you know, you clicked on something and then who knows what happens after that. okay, so one of the ways that this can be sort of prevented, or one of the things that people of adopted has been cyber insurance. and there's some who say that it can be helpful. but now other researchers are saying it could actually make the problem worse because it encourages victims to just pay the
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ransom, knowing they will be reimbursed instead of investing in better security to keep hackers away in the 1st place. what's your take on that? well, i think there's some validity that we learned years ago with you know, just regular kidnappings, that if you pay the ransom, then you have more kidnappings. you don't pay the ransom the ramps the kidnapping. stop. so i think there's some sense in that, but there's still have to be some insurance for not just the ransomware payment itself, but if something happens to the company, how do they recover? and you know, insurance is always been that method to recover from problems. so i think there's a problem, but i think what's going to end up happening, congress is going to take an interest in this and you're going to see long term, some legislation. i hope that as much like after enron, the sarbanes oxley that forces the ceos to spend the money on cybersecurity instead of just buying insurance to protect themselves. yeah, this certainly is an issue that isn't going anywhere anytime soon. excellent points
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to consider here, todd shipley. thank you for your time. you're welcome. thank you. how the prices in the us saw their biggest jump in more than 30 years, climbing 14.6 percent between april 20, 20 and 20. 21. fueled by low mortgage rates and increased demand. the growing housing bubble is also feeling concerned that it could hurt financial stability for the entire country. right now, it's a federal reserve is purchasing $40000000000.00 worth of mortgage backed securities per month. it's a decision that was made in an effort to keep those mortgage rates low during the pandemic. but now it's leading to some officials to suggest it could create a crisis similar to what we saw back in 2008. so joining me now to discuss the latest is octavio marines, the ceo of openness. i'll see now octavio, the federal reserve continues to say they will reduce their purchases of mortgage
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backed securities when it is appropriate. but we've now heard from multiple fed officials that they are concerned, but not enough action is being taken right now. what is your take on this one? why i hate to think what is appropriate to them when they think it will be appropriate. seems highly appropriate to do it. now, i've done it some time ago. i mean, we're really high levels at the moment. has housing prices and the rate of increase is increasing, so the slope is getting steeper and steeper and steeper. so it's actually looking kind of frightening. so i don't know how they see that and basically comes the conclusion is not appropriate tact yet. it seems to me that the, the horse is out of the barn at this stage, almost. it's almost too late to act. they've, they've let it run away from them. the prices get almost out of control. we'll see what the next set of indices says. but bear in mind there's a bit of a lag there between the housing in the season and when they actually get compiled sort of in a few months lag. and i think we'll see that the housing market is actually on fire
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right now, which are out the us. yeah, it really seems like whenever it comes to a lot of the terms of the federal reserve uses, it's all about their definition of it right now. in terms of what they actually mean by it. now we keep hearing these comparisons to 2008, but of course the fed keeps shrugging them off and saying they aren't concerned. so at what point does the fed abandon this need to keep the markets propped up and actually go forward with significant policy changes? well, i think the fed has really backed itself into a corner, so they're not really sure how to get out of this without crashing the market. so even when they to sort of take tepid steps towards increasing interest rates and reducing the amount of monetary liquidity, the pumping into the market, the market responds very, very badly. and i think j powell in particular, when he took over his check, the fed in early 2018 saw this on unfold. so he sold the fed take very, very limited steps and that increasing the fed funds rate. and the market didn't
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like it. they reacted very, very badly. so then they sort of turnaround some slower and straits within about 6 to 9 months after that. and the market like that a lot. so tape how's been chastened by that experience? he's not looking to repeat it. i think anytime soon. but he also knows that inflation pressures are building up and might overwhelm him. and i guess he sort of hoping it's going to be the next guys. probably not his problem that he won't be on his watch anymore. when the things we start to get interesting. yeah, and we've certainly seen the pressure from the markets whenever the federal reserve says that they're just talking about talking about making a change years down the road. now another thing that we've seen in 2020 has been a sharp rise and consumer debt with many americans taking advantage of those low interest rates and buying new homes and new cars. now sure, they may be spending some of the money that they saved last year, but if inflation isn't simply transitory, is there
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a concern about how it could impact households in the long run? will certainly, but i think that phenomena that you point out in terms of household taking a more day is going to get worse. and the reason for that is that the banks are sitting on large amounts of deposit, so they haven't been out yet. so during this downturn, during this crisis deposit, the banks went through the roof, so large banks, i, bank of america, j. p. morgan have sitting on record levels of deposits and they haven't turned that into loans just yet. they have it in part, but not as much as i could are not as much as a able to legally in terms of risk management. so that is going to hit those there as well. and so i expect to see that sky rockers as they become more confident, as banks not lend out more. and they look at sort of saying the risk profiles of the borrowers and say yes, okay, we can south, linda will things looking pretty good. so i think that's the next way. this is the bank sought to increase their landing even more. the u. s. consumer goes deeper into debt, and ultimately it might well end in tears. yeah,
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it really does seem that way now from skyrocketing debt over to skyrocketing markets. really. we've seen that with the continued low interest rates. we keep seeing these record highs everywhere from housing prices to the market. but i mean, that can continue forever, right? so when the fed finally does take action isn't going to feel like a crash is inevitable. i'm, you know, we're going to go see more tears all around there. i think it can be quite ugly. and i think particularly the equity markets, perhaps not immediately in the housing market, but in the equity markets. i think most institutional players are aware that the fed is popping up the markets and it's an extended, i don't think you've seen before, at least of the last since the last crisis. people start to watch the fed much, much more closely than anything else. and i think the result of that is going to be when the fed does start to act, everyone's going to run for the doors at the same time. and then we'll see a massive correction. we'll probably see something like that happening in the housing market. but i don't expect it will sell their homes as quickly as you can
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unload equities at least institutional plays love load equities. so i think that's the thing that we're looking at as long as the fed keeps pumping money in. it's going to keep going up the market as soon as it's of this change direction. everyone's going to jump out at the same time, and that's going to lead to a very severe correction. and we will be right there to follow it as it goes along . great insight, as always, octavia ramsey, thank you so much for your time. facebook became the 5th company in the us to reach a market capitalization of one trillion dollars on monday. the record high was sparked by a judge's decision to drop the anti trust case against the social media giant on the grounds of the federal trade commission. and a group of state attorneys general waited too long before pursuing action. but this likely won't be the end of it as the judge gave the f t c a chance for a do over. and he will allow an amended complaint to be filed by july 29th. he called for the agency to closely follow the court guidance and noted which parts of
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the complaint would need more information for a case to be made against facebook. now all this claim was pursued in federal court . the f t c also has the option of going before the agencies own administrative law judge moving forward. notably, bypassing a one trillion dollar market cap. facebook joins and elite club that includes apple, amazon, in google, all of whom are all facing anti trust lawsuits from the us government. here in the nation's capital, a one trillion dollar bipartisan infrastructure bill is teetering on the brink of collapse. that's because republicans and democrats remain at odds over the framework of that bill, even though president biden announced last week that both sides had struck a deal. now there's back and forth is business as usual, but it's happening as the country faces the worst water crisis in decades impacting the most vulnerable americans are cheese. trinity chavez. how's the story of the
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corona, virus emergency, when washing your hands and overall cleanliness is of the utmost importance. experts say we are dealing with the worst water crisis in decades that have left millions of people without access to clean, safe and affordable drinking water. the nation's poorest suffering the most, although the united states is deemed a 1st world ca tree, a new report by the nonprofits, dig deep and the u. s. water alliance reveals the country of suffering from developing world issues and more than 2000000 people do not have access to running water or sanitation services with low income people in rural areas. people of color, tribal communities, and immigrants suffering the most. the study found that the people affected native american households are 19 times as likely as white households. the luck, indoor plumbing. well blacks and latinos are twice as likely. the data stems from a 2 year study that discovered 6 water crisis hotspots in the us,
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which include the central valley in california areas of texas, rural counties in mississippi and alabama. the appalachian and west virginia and puerto rico of the 2000000 people affected 1400000 people live in homes that lack access to hot and cold running, think shower and bath water, or simply can't flush the toilet. in fact, the navajo nation, the country's largest indian reservation, where water has long been held sacred about a 3rd of the population of more than 300000, do not have top or flushing toilets. the report also includes 250000 people in puerto rico and 553000 homeless people in the u. s. black water and sanitation access altogether. many of the water systems are in communities using dated infrastructure, which are highlighted during the lead contamination crisis. insolent michigan, democratic lawmakers and advocates now urging president joe biden to back the water
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act bill that will be introduced on thursday. congresswoman brenda laurence of michigan told the guardian what happened in texas and flu, michigan, and so many other places shows us what happens when we don't take care of our water infrastructure. i want to scream from the rooftop and shake america awake, safe, clean, affordable water is necessary to live without it. you will die. a really good meeting . this has congress remain stalled on vote on the infrastructure bill that includes $45000000000.00 to replace lead water service lines throughout the nation. it will also have a huge impact on low income communities and communities of color will eliminate lead pipes to stop kids from drinking poisoned water. flint michigan should not be so far away that we don't remember the impact on that community. this is a part of this package will help prevent that from ever happening again. according to the congressional budget office funding for water systems on a federal level has fallen 77 percent since its peak in 1977, leaving local authorities to raise the money in loans needed to upgrade
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infrastructure. meantime, the environmental protection agency says $35000000.00 for 20 years is needed just to comply with safety regulations. now as for the infrastructure bill at this point, that's not clear if you can get the 10 republican votes that it needs to overcome the filibuster in the senate reporting for boom, bust trinity chavez, our tea time now for a quick break. but when we come back, christo, currencies are known for the secrecy they provide. but what happens to your wallet when you die and cannot be traced? if you happen to be a bit coined billionaire will discuss next. and as we go to break, here are the numbers out the clothes shoes ah, ah, ah,
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ah news, ah ah, ah! after the food and bite and some european leaders such as germany's merkel and frances macro hold for renew dialogue with russia. the baltic states in poland said not so fast. thus there is no consensus within the e u on how to move forward. the ball remains in brussels court. imagine picking up a future textbook on the early years of the 21st century. what other chapters called gun violence school shootings, homelessness. first, it was my job,
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then it was my family. didn't was my savings. i have nothing. i have nothing and it's not like i don't try. i live for resources, i look for jobs, i look for everything i can to make this pass. and i end up doing is testing the road to the american dream, paved with dead refugees at the very idealized image of the older america, native americans look past the death that happened every single day. this is a modern history of the usa, america on our t ah, today, industry millions of euros in the regulations will be all about making money. i think it's about big corporation, international markets. import export. do you imagine the number of per the diseases that are in every family today? it's, you know, due to new viruses or new microbes. it's not true. so it is due to environment.
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they're not going to take either the momentum, much time oddly accumulate going on. we come in the day, they don't allow us, the food industry is that it will create more jobs, it will create more value. it will create more. so i don't see why we shouldn't also fight for the interest of the industry that we have regulation. we want the regulation of industry and if we don't behave video, that's fine. ah, the fate of a mysterious bitcoin billionaire is taking the internet by storm as countless questions around who's crypto fortune and what will happen to it. the 41 year old
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man who was seen as a pioneer of bitcoin was believed to have over $1000000000.00 worth of the world's most popular crypto currency. making him at one time, one of the largest single holders before he reportedly died and new drowning accident in costa rica. so to break it all down, let's bring in jeffrey tucker, author of liberty, are locked down in contributor to real clear markets. now jeffrey, this case per vote countless questions, one of which is, is there any way for another individual or even another government to access this man's fortune? and i mean, if he didn't leave evidence of the keys, is it possible that his holdings could never be found? yeah, that is possible, but i think it's very unlikely. my guess is that, and you know, the most, all crypto owners, especially on that level have made some sort of precautionary plans for the in the been to their demise for them. but can be on some time release, you know,
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it might be 4 months, 6 months or something like that, that someone individual in the world or others will be some system which somebody will, will get access to the keys, be able to rebuild the wallet and get access to the block chain and you know whether and what extent are the person is a receipt of that has to move. those kinds is another matter because then then suddenly you've got the track and traces out there. right? that's potentially dangerous, but my, my guess is that the, that oppresses this love, the specification is figured out, you know, some, some way to give somebody access, you know, most like out of time to leave, it goes like this. it's like if you have an access to wallet, but then a certain number of months or maybe it's just simple as encrypted email as center. if you have an access to the account over the course of you know, 6 months or a year, then it's kind of drop the keys on somebody else and anybody can rebuild them. but when you say it's true, of course,
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it's possible that i'll never be recovered and they're gone for good. i think i think it's very unlikely actually. yeah. especially when you're talking about $1000000000.00, i mean, surely he had a plan of some sort. now this also brings up the case of the late john mcafee, who is well known in the crypto community. he was reportedly found dead last week after a spanish court approved his extradition to the us. now the u. s. government alleges that he has millions of dollars in crypto, he denied those claims. is there any precedent for the government trying to force you to hand over your decentralized assets and do you see mac of use case being used to go after others who are accused of having crypto from the i r s? well, there very well may be, maybe because i'm actually guessing them actually, it was time the truth that he didn't have any crypto by the time you that as that's, that's my guess or, or at least he wasn't in control of of that which he had no question, he was very wealthy at some point, but you know, he is
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a very interesting guy. material and fascinating did. determined to live a free life and not be controlled by anybody around him. of the god rest of the whole he was a is a good friend that i think a very interesting american original, a really great man. so i'm missing very much, but my guess is that if the story is going to be looking around for his crypto, they're going to, they're going to come up dry. yeah, it'll certainly be interesting to see exactly where that goes. we're going to have to leave it right care for now, but great inside as always, jeffrey tucker. thank you so much for your time. security. and before we say goodbye, we want to tell you about a new show right here on our she, america. that's coming soon. it's called, i don't understand with william shatner, you can join host shatner and seek to answer fascinating and timely questions that peak the natural interest of everyone, but are too often overlooked by establishment media. me in may of
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2021. the remains of a 20 ton chunk of chinese rocket came crashing into where the thing just how much stuff is up there. now to get there. and do i really need to also be worried that some piece of space debris could fall out of the sky. and how big a problem is this? i don't have shatter. i told, understand, i coming soon on our t, america. portable tv. don't want to miss that one. all right, that's all for now. you can catch boom bus on demand by downloading the portable tv app for your apple or android device. we'll see you here next time. and as always, don't forget the question more me
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ah, the ah, this is your media a reflection of reality?
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in a world transformed what will make you feel safer? type relation, community you going the right way? where are you being somewhere? which direction? what is truth is faith in the world corrupted, you need to defend the join us in the depths. will remain in the shallows use as we do at the end of almost every quarter. we got to like, look back, look forward. where are we in all this crazy world? we live in the, the,
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the the, the highest court in texas rules. facebook is liable for knowingly, but everything from sex dropping face comes with several victims. see the company failing to protect them from abuses that were forced into prostitution. then it left us state department issues of warning. cutting americans not to travel to russia. place in the country on the same workplace as syria you got. and i've got to thought the reasons, including supposed terrorism had a group of british bees hand across the latter to belmont prison in which they demand the right to visit. we can co founder judy songs we hear from a former leader of the opposition. he was alone both taking thought.

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