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tv   Boom Bust  RT  July 2, 2021 5:30am-6:01am EDT

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which was older america, native americans look past the deaths that happen every single day. this is a modern history of the usa, america on r t shine me every day on the alex summon, show and i'll be speaking to guess in the world, the politics sport. business. i'm show business. i'll see you then me the this is room bus, the one visit show you can't afford to miss. i'm rachel levins in washington coming up microsoft reveals and jobs. how often the u. s. government submit data request for american records,
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and how much of it is being carried out in secret. we'll discuss plot. a group of the world's most powerful oil producers meet to determine if they will pull back on production costs in the coming week. then b and c, devil a is backing down and allowing student athletes to sign endorsement deals for the 1st time. we'll take a look at how the massive change will impact the world of code for it. we have a lot to get through. so let's get started. one of microsoft's top executives is now speaking out and revealing just how often the u. s. government request the records of their customers. and how much of it is done in secret. this as the relationship between law enforcement and big tech, along with the privacy concerns at present, continues to be a topic of debate on capital hill. our chief trinity chavez has the latest. many americans are shocked to find out that federal prosecutors have requested data on thousands of americans. the news comes just weeks after justice department,
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prosecutors obtained phone records belonging to not only journalists, the members of congress, and staffers, the 21st century federal prosecutors no longer need to show up to your office. they just need to raid your virtual office. they do not have to subpoena journalist directly, they just need to go to the cloud today. us federal law enforcement agencies facing fierce backlash for secretly pursuing personal data up americans across the country with so called secrecy orders, orders that are designed to prevent disclosure of new inventions and technologies that in the opinion of selected federal agencies present a possible threat to national security of the united states most shocking is just how routine secrecy orders have become when law enforcement targets and americans e mail text messages or other sensitive data stored in the cloud. speaking to members of sherry house committee on wednesday, microsoft corporate vice president for customer security and trust tom. bert said that in recent years,
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federal law enforcement officials have presented the company with 24023500 secrecy orders in a year or about 7 a day. secrecy orders are too often used for routine investigations based on a cursory assertion that the government has met a statutory burden. the justice department's own template does not even require facts justifying the need for secrecy. instead, the template merely asserts that any disclosure would seriously jeopardize the investigation for a variety of boilerplate reasons. this as a relationship with some major tech companies in law enforcement agencies in the u . s. have garnered fear scrutiny in recent weeks following news justice department, prosecutors obtained phone records belonging to not only journalists, but also members of congress and staffers as a part of leak investigation, rather than providing americans as meaningful notice that their private electronic records are being access then a criminal investigation department hides behind its ability to ask 3rd party
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provider directly. they deny american citizen as companies and institutions a basic day in court, and instead they gather their evidence entirely in secret. microsoft, for example, was among the companies that turned over records under a court order, and because of a gag order, had to then wait 2 more years before disclosing it. since then. brad smith, microsoft's president, has called for an end to the over use of secret gag orders, arguing prosecutors exploit technology to abuse america, fundamental freedoms still though attorney general merrick garland has said that the justice department will abandon its practice of seizing reporter records. and we'll formalize that stamps soon. meantime, some lawmakers are calling for reforms to guard against future overreach. by justice department, prosecutors, an idea that was expressed both by democrats and republicans on the house judiciary committee, reporting for boom, bust trinity job as r t. let's go deeper on the story and bring in boom bus co host an investigative journalist, ben swan. now ben,
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this all came out during testimony before the house judiciary committee. so what sorts of updates to the law are needed right now? well, i think there's a number of things that need to be updated here. rachel, i think the biggest thing is kind of what jerry natalie was saying there, which is that there doesn't have to be a warrant in order for many of these justice, department officials to be able to access your records. you know, we would treat cloud services. we would treat cloud email storage and we would treat, you know, social media storage as privacy related to the user, not to the company, but to the user. meaning it is the user's data. therefore, it is the user's property. therefore, you must have a warrant in order to search and sees that information. i think we would have a much better system. instead, we, what we have are federal agents who are able to go and access this information. yes, they're working through the courts, but it's all being done in secret. there are gag orders and the person who has their information being taken from them. their data being looked at by these
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federal agents isn't allowed to know. we only know about this because the gag orders for many of these orders have expired because they were on for 2 years. and now they've expired and we should mentioned also, you know, this is a trump administration move, but it was also the obama administration before them doing this. it was the george w bush administration before them doing it as well. what we've seen in terms of the uptake though, is because of cloud computing and cloud data storage, which didn't exist to the extent before that it exists today. and this is really one of the things that parties magically agree on. and even in the cases where they claim that this is for your security, well doesn't feel quite so secure when they're going and requesting your records. and you have no idea that you're even being looked at. now what microsoft claims that federal prosecutors are doing seems to be legal and is even backed up by court order gag orders. so what can be done to change this? well, again, i think there needs to be a change in the law. the laws are very, very outdated. you know, we don't really have laws on the books in terms of how do we perceive as i was
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mentioned, how do we perceive cloud storage? is it perceived as a function of a private company and therefore government official, all they have to do is get a private company to give them access. they don't ever have to tell you because it really doesn't belong to you. right? so of if rachel has, you know, data on her phone or on the cloud, that's apple's properties like you are property. it's not perceived as your property does not proceed as, as, as anything there has to be permission granted by you to have access to. therefore, they just have to deal with the company. so all the big tech companies like apple and microsoft and amazon e w. s. are working with the government in many ways. now i will give some credit here to the companies that are blowing the whistle on this last year that were over $11200.00 of these secret c requests that were made. compare that to just a few years ago. and it was a fewer than 2000, so we're seeing a huge ramping up of this. but i also want to say there's no mirror, garland says, the attorney general says, oh, don't worry, we're going to officially stop this. but he's just issuing
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a director to stop it. it need to be codified and try and in law if you want to actually stop it. and it really does bring up the conversation of what happens to all of that data that we're just freely giving to social media networks to our phones, to all of this technology that we use every day. and another big part of this discussion is over confidentiality for journalists. now karen kaiser, the general counsel to be a p, spoke at this hearing and said that journalist should be given notice, and a chance to challenge prosecutors efforts to seize their data. how do you see it there? yes. so look as a journalist, i understand the need for sources. it's incredibly important to what we do. the ability to have confidential sources. the idea that you don't have to be subpoenaed that no one has to come in and try to, to access your work files is jeryn. adler said it said they just go to the cloud and they can access it there. they don't have to have your permission, they just go and get it and they can find out your sources are. i think there's a huge issue there and it needs to be discussed. but i will say this. i am always
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concern whenever there is discussion of creating a protected class of people. why would journalists be given a more protection in this situation than just the average american citizen? i don't believe that's the right step. the right stuff is not to say here are a specific group of people who get to be protected and the rest of us don't because remember all you have to do it once you set those rules is change the definition of what counts as a journalist and now you have once again and ever narrowing group of protected people. yeah, exactly, and that's what we've seen as the us government does not only with safety, but they can do the same thing when it comes to who they define as a special journalist. great inside, as always been on thank you for your time on this one. thank you. the most sweeping changed your global taxation and over a century is now on its way. following a virtual meeting between leaders from 130 nations who represent over 90 percent of global g d. p. those involved reportedly agreed to pass laws,
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ensuring that companies headquartered in their countries pay a minimum tax rate of at least 15 percent in each of the nations in which they operate. they say the goal is to reduce opportunities for tax avoidance, but count questions remain as to how it will be enforced and if everyone will comply. this all comes as a group of the world's most powerful oil producers, came together on thursday to discuss how to approach production cuts moving into the 2nd half of 2021. so joining me now to break it all down, or boom, most co host, christie, i michelle snyder, partner and director of training research and education for the market gage group. michelle, let's start with you here and let's talk about this news of a global minimum tax on corporation. what do you make of it? and do you think that the sort of large scale international cooperation will work out and will actually be successfully implemented? well, both really good questions, rachel, so let's just put
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a little bit of complexion on there 1st. so as you said earlier, this is a 15 percent global tax rate that was introduced her g 7. it was also very much endorsed by jana yellen because she said up until this point, we've had a race to the bottom in terms of corporations paying as least amount of tax. and then they were basically setting up a tax havens in countries that had 0 percent tax rates like ireland and the b, b, i's cayman islands. so the whole intention of this is to be able to tax these large corporations on where they do business and not where they actually are headquartered. so, idealistically, the i, the whole point is to give competitive edge to some of these smaller corporations. and the middle man, so to speak, to be able to actually have some advantage in terms of the globalization, just like the mega rich of had, which essentially have been high profits and very low tax rates. if that's the case,
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if we can actually have an evolution where an e commerce and small businesses can actually become more competitive to the larger corporations because of this fabulous can actually be pulled off. while you have 130 of 137 countries saying yes. so it's hopeful that not only does it get pulled off, but then it actually has the desired impact to help the smaller guy. and not necessarily find corporations with new poles that they can do to sort of avoid the taxes once again. yeah. always comes back to those loopholes at the end of the day and those large corporations always seem to find them. now christy, we're seeing prices rising all around, inflation had windsor growing. and now officials are debating if this is going to be transient or persistent. so what's the latest there? well, it seems like the fed officials are now less in think when it comes to inflation. so they're be increasingly divided on how to think about and react to the emerging
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risk after. now that we've had several months of rising asset prices and rising commodity prices. so one have the camps still maintains that the recent price 3rd will fade as the economy reopened, but the other half of the camp is warning that it will be persistent and that we are risk of overheating. so federal pow acknowledge that a permanent period of uncomfortably high inflation is a possibility. but he says more likely that the recent price hike will face. and again, this all sounds like reassurance as to the market because other officials have expressed further concerns that these prices could continue to rise. and the fed may need to slow down at the point for the economy. so as the beginning of the year, this persistent inflation seemed like a very fringe possibility. but now it's becoming the central feature of the economic policy debate as the price of things like used cars, airline tickets and restaurants, food and everything, basically sort bass, commodity, price of increase a couple full dr. me manufacturing costs. so right now the fed is kind of stuck, they said they wanted to achieve a quote,
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considerable further progress towards their goal of a full employment before slowing down purchases and papering up. but the reality is that the country is overheating. while we're still sure about $7600000.00 jobs, while the prices and assets have risen much faster than expected. so publish forecast right now from the fed suggest that the policy making committee is sharply divided on when the lift up will actually occur. 5 expect that rates will main, unchanged on to the end of 2023. to see an increase at the end of the year, 3 need to increases 3 states, $3.00 to $4.00, increases, etc. so it's really all over the place. so at the end of the day, it really doesn't seem like anyone knows where this is going. and that's actually been one of the most interesting developments from the federal reserve is finding out just how far apart some of these officials are on what their expectations are. for the rest of this year. now, michelle, we're also learning that cfo's of corporate america in a recent survey express little confidence in the fed, the ability to control inflation. so how will the wage pressure in the labor market
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and more inflationary pressures affect corporate moving forward? well, before i answer that, i just have to say listening to kirsty and then part of your question, i almost am reminded of gulliver's travels when a little fusions trying to decide which side they should crack the a gone and going over that some like that. so yeah, i mean we, as, as chris, he just said the costs are rising everywhere in packaging raw materials, shipping labor. and we've had a 3 percent growth in the wages, which is the largest that we had since $990.00. and many economists are expecting another 3 percent growth in the 2nd quarter. so what will that do? well, 1st of all, wages have been generally weighed behind in terms of productivity and profitability . so there is some room for those wages to go up. but in the long run, as we know, particularly as we're talking about inflation and these rising costs, that also rising wages can be not only inflationary it can eat into the bottom line
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of some of these corporate profits show. for now, we have great hiring spree. we have incentives all over the place to get back to work, but we still seeing shortages and hopefully at some point in normalizes. but i think the whole thing is just another piece of the puzzle in terms of the inflationary pressures that we're about to see. which one should keep those fed members fighting over which a which side of the a to cry now that they're getting in from corporate america? of course they're taking that very seriously. now christy, before we go, i also want to talk about this opec plus meeting. where they're discussing, bringing in more supply online. now us crude oil prices have top $75.00 a barrel, the highest since 2018. so will be extra supply alleviate this not really because it's expected that opec plus will actually move very slowly, adding about $2000000.00 barrels per day to the oil markets from august through
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december. because the group plans to just ease back into things rather than flood the market and actually leaving the shortage. and many traders and investors, they had expected a bigger output rise in august, especially with prices where they are now. but unfortunately, it looks like they will have to keep the market very, very type the summer, even with the rising demand. because yes, remember that opec plus, they basically didn't really make much money last year as demand for oil was pretty much nonexistent due to coded. so now they're actually motivated to keep prices high for a while in order to replace the coffers that have been severely strained. so things are going to be quite tight for a while and we could potentially even be $100.00 oil prices. again, excellent points you consider here, christy i. michel snyder. thank you both for your time. thank you. the time now for a quick break, but when we come back, college athletes are now for you to sign endorsement deals after years of battling it out with the in c double play. we'll take
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a look at what that means and what limitations they still face. neck and as we go to break your, the numbers out the clothes, shoes, pairing and found, introducing in town to, to a family. when a new mother is going through that process. yet there's certainly tremendous cause for great joy. but because it's in a bad that causes so many different changes. it's stressful at many levels. ah, to don't leave, you know, say move a toy. knew she was, she was ready to love
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me because she knew she wouldn't be a little girl. was a nice to me if you sure you can totally traditional moving machines etc. if you see the one doing the best for me was over. she said for me to last with metro . okay. sure. yeah. she felt i love this and this is what i need to look this up new, which is the new i see executable football once you put up on that got moved up for me. i got it up on
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that. got me look forward to talking to you all that technology should work for people. a robot must obey the orders given it by human beings, except where the shorter the conflict with the 1st law show your identification. we should be very careful about artificial intelligence at the point obviously is too great truck rather than fear i would take on various jobs with artificial intelligence. real summoning with a robot must protect its own existence with
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the the new era of college sports is officially here. following a unanimous ruling from the supreme court on education related benefits, the n. c double a has moved to allow college athletes to be compensated for their name, image, and likeness for the 1st time in march, the end of a long standing ban and the beginning of unprecedented territory in the world of sport. so joining me now to discuss is victor about professor is worth economics at the college of the holy cross. now professor college athletes now have the freedom to sign endorsement deals, monetize social media. post sign on the advertising campaigns. i'm in the list goes on. so just how big of a deal is this move? so this is a huge feel for a college athlete. one additional thing beyond that even is for example, it allows college athletes to do even little things like just give tennyson's right
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if you're, if you're an athlete saying, hey, i am a, i'm an n c, a tennis player. i can give lessons that actually turn a lot to do. so this is, this is a huge athletes. and it really opened the door to significant payments by, by sponsorships and corporate america to what was otherwise an a group of labor prior to this private ruin. and we know they're moving into uncharted territory now, but this conversation has been going on for a while now. there has been pressure for congress to take action on this topic. but right now it seems like it's being handled on a state by state basis in terms of what athletes are allowed to promote. so can we expect a k arctic frenzy of deals as is massive change? should the rules is just starting out right now? yeah, there will be a significant amount of chaos for that being said the ruling yesterday by the end
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ca basically proceed to all of the state laws which allow the athlete lots and lots of things. they weren't allowed to build up the deals for athletes in essentially every nighted states. right. so basically what the, in the field for all of the athletes, mind goodness of their own hearts they did out knowing they lost a huge supreme court cases last week, past work of states were moving against them and over a were set to start today. and so the n c a basically gave them a whole game and said, we're not going peter doing. and basically, going to allow apple leads to earn the sort of money that any other college student can make in terms of again, social media in terms of advertising,
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in terms of working for corporations as a sponsor in terms of being able get during their same rights and any other ad yeah, it is a really big decision. it'll certainly be interesting to see exactly how it plays out. professor victor matheson, thank you so much for your time and you're inside one day before announcing it's highly anticipated. i pio robinhood agreed to pay the largest fine ever in the history of wall street self regulator over claims that the company is guilty of widespread and significant harm to its customers. the company will pay a $57000000.00 fine along with $12600000.00 in compensation for harmed investors. it saves a host of allegations that included how the popular brokerage out carried out the opening of new accounts, training strategies, and notifying clients about the status of their investments. now robin hood became
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the subject of federal scrutiny earlier this year after it cut off millions of users from purchasing shares of stocks like gamestop and amc after they went viral on red it. while regulators say the price of defiance reflects the seriousness of the allegations. the company says the issues that were uncovered do not reflect the robin hood of today. we'll see about that one. richard branson version or bit is picking up momentum after it's 2nd successful mission to orbit for the year. on wednesday, the mission doug tubular bells part one, launched for cube satellites for a u. s. department of defense space program. virgin orbit uses a boeing $747.00 to launch and drop rockets from 45000 feet. their rockets then fire and accelerate into space where satellites are released into the orbit around the globe. but check out that finish there. that is incredible. now,
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the 1st successful launch for virgin orbit was back in january. and another mission is scheduled for this month on that's all for now. you can catch boom bus on demand by downloading the portable t, v out for your apple or android device. that's also where you can check out our new a show. i don't understand with william shatner coming in. we'll see you here next time. and as always, don't forget to question more me, i
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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 and it was my name was my siblings. i have nothing. i have nothing and it's not like i don't try. i look for resources, i look for jobs. i look for everything i can to make this past and all i end up doing is passing the road to the american dream, paved with dead refugees at this very idealized image of the older america, native americans look past the death that happen every single day. this is a modern history of the usa, america on our t. everything we associate with modern life has been digitalized. in fact, we live within ecosystems created by big tech. they decide what we can see,
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what we can buy, and even what we can say. the systems no longer serve us, they actually control us. is there a way out from this growing dystopian? it doesn't, you know, provisional my background. i was like, obviously lucky you lucky but you'll have to, i lost his boss because i just got then you just got to go. we started, you know, just let me pull up your monterey, my thought, why don't you put the best? so it says, you know what was your name? i pulled up, i got almost what i'm already whatever spits up i read me, just go to me. i remember i don't know what can thing when i went up there and i might mentally he was i just don't get time to respect those that it's fitted to chantelle that i'm one of this, but i was like obviously this is kim. i will my thought process to go to kind of
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all my users, but since i already yes it westerly and he thought of the thing i was calling with you and your team, samantha katie. yeah. my thought a lot of problem. you just got to go to the is your media reflection of reality? the in a world transformed what will make you feel safer? tyson lation community. are you going the right way or are you being direct? what is true? what is faith? in the world corrupted. you need to defend the so join us
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in the depths will remain in the shallows. ah, in the riley's, his statues toppled canada then vented tank through the discovery the remains of over a 1000 children at former indigenous residential schools run by the catholic church . the microsoft admits the u. s. law enforcement secretly been requesting the data of its customers up to 10 times a day. the french president, voice his, his concern it woke left his culture coming from the us and rather closing his country says the parents of teenage motorcycle. hurry, done not to testify in
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a u. s. cause against their sons, alleged killer, the families folks person.

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