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tv   Boom Bust  RT  July 16, 2021 5:30am-6:00am EDT

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late, there's a food insecurity now by hundreds of millions of people around the world just emerging over the past 12 months because of this runaway inflation because of the runaway money print thing as we've been bank for a few years. so now people are really coming to grips with the fact that as the reports been right about it, what the the this is in bus one, does it show you can't afford to miss? i'm rachel blevins and i bridge a bore and watching thing coming up us president joe biden. german chancellor engel of merkel our meeting in washington will ever port on the economic items on the agenda was during testimony in front of congress. federal reserve shared your own
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house as a us back central bank. digital currency could make crypto currencies like big coin no longer necessary. we have expert analysis on there to go to that claim. then jeff sans to make history with the 1st and highlighted civilian based slides. we'll discuss what it means for the space race and whether more billionaires will be getting involved. we have a pac show for. 2 us to dive right in the president by the welcome german chancellor merkle to the white house on thursday. the talks between the 2 leaders included 2 of their favorite topics. china and russia, while biden is pushing, bring new era of competition against china. merkel is looking to encourage the us to cooperate with a shing, and while biden has promised to pull back on some things, sions over the nordstrom to pipeline. washington is still pushing for a deal with germany that would protect ukraine, but will they get one before the pipeline is completed next month?
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r t is ferren from zach has more from outside the white house. the german chancellor ongoing merkel makes her 1st trip to the white house and president joe biden took office. but this is actually a pretty historic trip for her marking her last time that she will be german chancellor. she's been serving for 16 years and she is ready to step down in the coming month. so there's going to be a lot of things on the agenda today. you have cobra 19 patent. you also have the rise of china. men, you also have the longest suited northridge to russian gas pipeline, which fighting has been very much against. and he says that how he feels about it has not changed. take a listen nor stream to is a complicated issue affecting our allies in europe. i've been opposed to north stream to for a long time from beginning when i was, when i was out of office and even before office before i left office as vice president of the us as long argued that the north thing to project designed to carry natural gas from russia to germany under the baltic sea retina,
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european agent, energy security, and harms allies out in eastern europe, particularly ukraine, which gets money from these transit fees. now however, by the recently did waive sanctions against german entities that are involved in the project signaling, there could be a possible compromise. another topic of contention is china. one of the problems here is that merkel is known to avoid choosing sides when it comes to picking the united states or china. and she says she doesn't want to be in that position by and obviously is going to be pushing her to choose the united states when it comes to picking aside. now you have merkel who was an advocate of an investment tax between european union and china, which was struck in late last year just before biting authors. now, myrtle is been criticized for not facing up to beijing on human rights violations out in hong kong, and also against the weaker than jang which the u. s. has labeled genocide, there also could be calls for trying to step up its efforts on carbon reduction and
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on global health and taking a global health. it's another area where buying and merkle are at the approach i've had a ruptured across in new york city, washington dc, as well as berlin, over these 119 patent european leaders. your excuse me, your opinion leaders have criticize the us all the way, cobra, 1900 vaccine pattened because they argue would bring about no short term or inter, it's intermediate improvement in vaccine supplies. and it could even have a negative impact. now, merkel, obviously favoring germany, which is home to a number of pharma companies. she went the farthest of all cautioning, relaxing those patents, could harm efforts to adapt vaccines as the corona virus mutate side. and obviously taking a complete opposite side when it comes to that. now this relationship, the spice, i'm having, there are a little quarrels as far as being complete opposite sides. her relationship with united states goes, does go back a long time. as i mentioned, she's been chancellor for almost 16 years now. she's been known as an ally to the united states, having spoken to the joint sessions in congress back in 2009. she had
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a great relationship back down with then president george w bush for rock obama, a little bit more contentious when it came to donald trump. so those that are closest to her say that she's excited to be here in the united states. hopefully, to bring back that great relationship that she once had before is one of those things where she has received a number of doctors here from the united states, including one at harvard university. and tonight she'll receive one more. that's a little bit closer to home here in washington dc, one from john hopkins university, reporting outside the white house for a boom bust, sharon from tech archie and federal reserve chairman jerome powell on wednesday took an interesting stand on crypto currencies. when asked about establishing a central bank digital token, wouldn't that be more viable and reliable alternative than having all of these hundreds and perhaps a 1000 different currencies emerging? i think maybe maybe the case and i think that's one of the arguments that are
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offered in favor of a digital currency is particularly you wouldn't, you wouldn't need stable coins. you wouldn't need crypto currencies if you had a digital us currency. so is that indeed the case? well, we have 2 experts on hand who may have the answer that school bus co hosts and crypto analysts, ben swan and christy. christy. i want to start with you. is there truth to this idea that bitcoin could become obsolete once a u. s. digital currency is established? no, the digital us dollar is the exact reason why you need the current these in the 1st place. i mean, the us dollar is the exact antithesis to bit coin, and that will end up being the largest bitcoin on ramp eventually because of basically powers and less money printing that makes bitcoin all the more valuable and necessary. so i kind of think that this is more of a malicious rep, misrepresentation than anything because they're threatening to create the one coin to rule them all lower the rings. but i'll basically saying that this is going to
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be the end to shake out the market, saying that we're working on something that's going to going to make all of your crypto currencies, all of your investments, completely worthless. so you better get out right now while you have a chance. so, i mean, that's complete ridiculousness because there's only crypto currencies out there with so many different protocols and different use cases. so to say that one cbc coming out of the u. s. is going to completely change the game and make all the innovation stop. i mean, that's just completely laughable to me. so given this entire cbc situation, i kind of feel like we should refer to this as an unstable coin because it's really going to have the exact same problem that the current us dollar has. it's going to be the exact same thing as the us all except, oh wait, it's digital and that means everything is going to be tracked and monitored and all your spanning spending habits are going to be analyzed. and then on top of that, you're going to have your 2 percent inflation, which is going to cut down 2 percent of your wealth annually away. actually that's
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4 percent, but we're still going to call it 2 percent because it sounds better. you know, it's interesting to hear paula, make those comments or congress as if he was kind of assuring them that don't worry, all of these problems that we're talking about. currency is going to go away as soon as we get this digital dollar. now been, i want to hear your comments on this when it comes to our statements. what were your thoughts? and were you surprised that although he said not surprised at all what jerome house that is so unbelievably stupid that he demonstrates either he is completely disingenuous in what he say, or he doesn't understand crypto currencies at all. let's. let's go with the 2nd one . so christie made an amazingly articulate statement yesterday. i'm going to repeat it. we were talking about inflation. she said that bitcoin is not a hedge against inflation. it is a hedge against the entire b up monetary system that is true of crypto. currently, crypto currency is the hedge against the fee up monetary system. the us digital coin a us, you know, federal back digital court and c, b, d,
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c is just more of the saying fee on currency. it doesn't change anything as it affects anything. so when jerome palette sitting there looking into his computer, so it's such a nerdy way. right. and he's like, oh yeah, this will absolutely fix all the problems. we don't need stable coins. we don't need bitcoin. we don't each other. once we have the, the us back digital know we need them because we don't trust the us back to anything right now because it's worthless, it's devalued it's abuse and it's corrupt and the point, the promise, the idea behind bitcoin in the beginning, behind all crypto currencies, was a promise to break 3 from a b r system that merely declares its value to the force of the us military to the force of law enforcement and the i r s. that's all the force that we have. and by the way, one other thing, he says there will be no interest in these other coins. once the us has their own digital currency, that's a lie. the only way there will be a lack of interest is when you decide to outlaw other currencies and then make them
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criminal. that would be the goal. because if you made it a competition issue, there is no competition here. choose bitcoin or us digital currency. the people who are in the crypto space are going to stick with crypto. they're not going to flock to a us back digital point. now, christie competition aside. i mean, it sounds like by september, the fed will have a report on cbc. so what are we expecting from that report and well, we know more about this digital dollar. well, they're just basically dragging out their feet at this point because this report was supposedly supposed to be out in july already. but it's basically just going to be an extension, talking about the risks and the considerations and how we're going to roll this out . how we're going to get payment processes on board. and probably the most important question is do we actually need this? because again, this is exactly going to be the same thing. it's going to be basically monopoly money. essentially it's going to be the exact same thing as the us dollar that we currently own except in digital form. so it doesn't actually fix anything. you still have this inflation problem, you're still going to be losing 2 to 4 percent of your wealth annually for the
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majority of americans. so really, it's the thing really necessary or is this is the complete waste of time and waste of government money. and just an attempt to keep up faces and keep a face with china and the europe because the fact that there are plowing on and pursuing the cbc avenue as well. so it's really not necessary. and i think given paul is comments and it's rhetoric he, i think he's going to focus more on controlling and regulating the existing stable coins rather than allocating time to developing his own because the u. s. is kind of behind the boat on that end. but i got 32nd plus you have the final word. yeah, absolutely. i think i think that's right. i think what we're ultimately going to see is there will be a us back digital coin. it is on its way even though power said in the past. there was no point to it, they are going to move in that direction. but at the end of the day, as i said, if it comes down to competition, let the market decide. but this government and no centralized government around the world has any interest in competition in the currency space. they're not actually
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interested in that boom, but spend swan and chris the i thank you so much for your expert analysis today. thank you. the latest earning we're earnings reports are in and wall street is doing just fine. in fact, big bank like wells fargo j. p. morgan and bank of america sword pass expectations in the 2nd quarter of 2021. this while inflation also continues to soar, but the fed again defends its decision to keep its pandemic era policies in place. joining us now to go further in depth on this is tobin smith, the ceo of transformative research. now tobin, when we talk about rising profits and rising prices, the argument is always that we're comparing to one year ago when the economy was basically at a standstill. but how is the current climate playing a role in wall street, the latest profits? well, the, the term is base rate, right? or is because we were in a medically hermetically sealed off economy. everything went down. right. so you
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sure you're through your as you get out of this medical induced coma? yes, we've got the spike. that's where we are today. but the stock market, remember, is going 6 and 12 months out. and what the stock market is trying to figure out is after we get to to 2022. now we have a new base rate for what inflation price inflation really is. and if i'm pricing in earnings in 2023, i'm not nearly as worried about inflation. so that's the tug of war we have right now. we've got to get to 22 and that's why the fed is doing the same thing. we have to get to 2022 to see what the real, maybe highly productive new economy looks like before they're going to take away a combination. and, and that makes sense because we've never been in this before. i keep, you know, young about it. i, we don't know. i mean, j pal doesn't know there's, there's certainly odds but, but this is all new to the territory. girls and boys. what would you say j paul
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does it? no, but he keeps telling us, they keep saying it's transitory. this is temporary, maybe a little less temporary than we thought in the 1st place, but it is still temporary. and i mean, they continue to argue that that easy money, money policies are still needed, as you just mentioned, to you maybe believe they are. but when we look at big banks, they're just surpassing expectation. isn't that the argument that it is time to start raising interest rates when they're the ones who are really benefiting from this? well, yeah, i mean, and 3rd, remember, 1st of wall street is not the main street economy. banks are not the wall street economy. banks, very simple, they get money that costs this much, they let it out this much, they live on that, right? so what's happened here is that there are low expectations, etc. but if you look at what they sell, are they sell for $7.00 to $8.00 times, excuse me, price earnings ratios. nobody sees growth if they thought growth was, you know, knock off the ceiling bag prices would be going. we have some out the last this week and so not last week that are okay and the other banks i've got up there
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coming off of floor. so i wouldn't use banks as your limit test of how great the economy is or is not. now tobin speaking about something that the entire country is dealing with right now, i know we've been talking a lot about inflation and the latest report showing that it is rising at its fastest rate in 13 years yet the markets don't seem to care. so how is the inflation of today different the inflation different than the inflation that we saw just 50 years ago? well remember, if you have hair this color, you lived in the seventy's and in the seventy's we had 4 things that have never happened at the same kind of problem. never app. again, we took the dollar, the american dollar used to be tied to the gold at $35.00. and now we got rid of that cuz that was a sham. then the, you know, the arrow is really war happen and we got to boycott an oil prices went up 4 times girl, not just, you know, ish for and so we added up there 28 percent of the people work for union companies and union companies had a cpi, cost of living increase and all of
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a sudden salaries rates were going up like this because of the inflation. so became self fulfilling feedback loop we, there, you know, we certainly have hourly workers that are getting a higher rates, but there are still a very low rate. manufacturing. rates are stable. we're going to have this blip and inflation. but transitory simply means that when capitalism goes into the market and says, hey, look at it, costs me $25.00 to buy this fan. i can make it for $5.00 and sell for $10.00. we get high prices, take down high prices because it brings in new productivity brings in new combatants in the economy. so you can, this is a, this is a chess game. you gotta play 2 years ahead. don't look at today. and certainly, as it has came all around and created insight as always, tobin smith of transformative research. thank you so much for your time. could be here the time now for a quick break, but when we come back,
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just phases is days away from his 1st trip to the outer space. well, discuss what you're back in, whether more billionaires will be getting involved next. and as we get a break here, the numbers at the close, the moving your body literally can strengthen. it's like your brain become kind of a muscle with movement. you're not just drinking your why step. you try. you are literally strengthening the connections. you're in fact, in certain areas you're actually growing. stimulating the growth of brand. new
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brain fell back gutters. survival got touch bases years old and going to start at the federal reserve. so there are you don't get a back. oh, heck, no. refrigeration came. well look at the rest, the 7 years what kind of report a. ready ready launch crunch class to push me off in the service. it will just be the blue book truly. i just don't use all the because it's always more use
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to meet the he could contribute it usually. so it should have gone. yeah. because when you go from the moment that she is not a monumental charged look on the air. welcome back. it has been a wild year in the world of 1000000000 air back private space enterprise and things are just heating up. we've talked at length about richard branson in virgin galactic, completing the 1st space tourism flight carrying civilian just last sunday and coming up next week,
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amazon founder jeff bade. those will make history with his company blue origin. if all goes well, bases and his brother mark, along with 2 other passengers, will be the world's 1st all civilian crew to complete a sub orbital flight on an unpopulated spacecraft. on tuesday, the civilian crew will take an 11 minute journey in the fully automated new shepherd rocket, launching them 100 kilometers into the air before returning to earth in a capital supported by parachute. so just how hot can the private space race get? well, to discuss, let's bring an air tangle. he's an adjunct professor of strategy and economic that depaul university with a focus on space commercialization air and always a pleasure to have you on the show. how significant to the so called space tourism sector is basis is launch next week barrier. you know, we have version galactic and branson, they've got a proven piece of technology now. you know, they're open for business and adding blue origin and their vehicle to the mix means
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that we have a level of competition right now there's pent up demand and obviously the price point on these tickets are quite high. so there's plenty of space in this space for her them to work to, to compete. but having 2 companies buying for this new industry, that means we're going to probably see a lot of fun growth and some fun developments and in the near future. and i know that what we're looking at right now is truly unprecedented. but i mean, when we look back over the last 50 or more years, the majority of space flight was done by and funded by government. and it seems like that will be flipped on its head, but how important are the cheapest governments to what is happening today? i mean, we can't discount the importance of government in the us. the spot that we're in right now. government focuses a lot of on basic research, right. and i don't mean basic as in simple as in the beginnings of these things, it's creating innovation by trying to just understand how this stuff works. and the
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commercial space industry is coming in and doing applied research. now, innovating and ways that can go to market that can create new value, creating opportunities, and it's pretty awesome. but we can't discount and we should never discount what the government's done for us. and you know, there's still partnerships happening. it's not like the hand off is completely happened and we should point out there of course, that constrained by the same budgets a governmental organization might be where they're actually, you know, waiting for appropriations. they just have to make sure they have the investors there to finance these things and that way they can move a little bit faster than even the government can. now we hear a lot about how wasteful it is for billionaires to be spending their money on space when they could be using those funds to say solve world hunger poverty. are we seeing more technological advancements from these companies that will improve humanity as we did with the government space programs? well again this comes back to that basic verse applied research, right?
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so we'll probably see technological innovation happened from this commercial sector a little faster because they're now standing on the shoulders of giants, as it were, with the basic research has been done and now and there still to be done. but now these commercial ventures are seeing that there's market to be made, right? we're going to start seeing cloud computing, true cloud computing from, you know, from satellites down to earth, obviously their star link and that can access a whole new area of, of internet connectivity across the globe who can't have access to wires. there's going to be a lot of technological innovation and it's going to be different than what the government offered. now to that point, the head of the russian space agency tweeted essentially saying he wished russian all the guards would spend less money on yachts and vanity items and invest in space like us billionaires are doing right now. why haven't we seen more international space companies popping up? well, i think this is maybe a bit about visibility. so there's
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a lot of international space companies out there, commercial private ventures. but you're going to see a lot more from the u. s. partly because of the infrastructure, we have around launch capabilities as well as available capital to go into these very expensive and complex industries. additionally, as foreign investor foreign partner for an entrepreneur as are developing their technology in the business, they're also looking to become incorporated in the us to have access to because it's easier with international regulations if they go through the compliance of, you know, becoming incorporated because it's not a simple process, but you know, soon away it's happening elsewhere in the, in the world. we're just seeing a lot more of it in the us because of some structural capabilities and, you know, capital and there, and i have 30 seconds for this. but you looted the price point, you know, it's $250000.00, at least to get on a virgin galactic flight. you know,
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and we can remember, obviously, airplanes were that expensive, but it was expensive to fly. when that technology became available. do you anticipate that that price will eventually become come down? it will. i know blue origin wants to get it down to i think florida, no virgin galactic. i can't, don't put me on that one. but if they want to get down to 40 kays than price points, but if we're comparing it to airlines, that was regulated space for a while and what brought the price point down so. so this is a little different, aaron, pagan, adjunct professor of strategy and economic depaul university. thanks is always for your expertise. and finally, i guess from space to the space age asked. and martin on thursday revealed the production version of its hybrid ball. holla, super car. now the concept version of the ball holla, will be featured in the upcoming james bond movie. no time to die, making it the 1st eco friendly vehicle for double 07. the car meant for consumers who have a spare. $800000.00 is being developed with input from
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a group of acid martin formula, one drivers, the sleek style of the ball holla looks more like a ferrari or lambert guinea than a traditional aston. martin. the supercar both 937 horse power from a twin turbo b 8 engine and a duel electric motors going 0 to 60 and 2.5 seconds and with a top speed of 217 miles per hour. now rachel blevins, this is the question i have for you. you have $800000.00. you got to do one. you take basically 3 and a half trip to the space, or you get the ball holla, what do you do? that's the only thing i can many and yeah, it's all you do on it. and you know, i'm going to have to go with the car only because that would last a little bit longer and because i am absolutely terrified, i'm going in outer space. so that's going what i'm going to put my money on. what about you? i'm going to space. that's for sure. you might get bored by the 3rd trip. but still think about all the people you could tell you've been to space and that's it for
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this time. you catch boom, but on demand on the portable tv app available on smartphones, tablets through google play in the apple app store by searching portable tv, ford of on tv. you can also re download it on samsung smart tv and roku devices or simply check it out portable dot tv will see you next time me i i use the the whatever the
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when i see black america. i think of myself. when i was growing up, like america spoke to me when white astray, dia did not. you said black lives matter is a movement we are importing from america. no, nothing is we. i lived in a world where white lives mattered. i was not white. like ms. newman and i wasn't new from black america. i learned how to speak back to one
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bridge, people around them. now the police were at war with statistics . i'm scared that my children are going to grow up in the country. that thing says no racism, but they're more likely to end up in the criminal justice system than their other fellow friends in daycare. i was drug started as a way to come back. a great problem. what's the one? it's part of the attitude of the nation, not just of north dakota, it's got to be something that you could get elected. this time, the fight against drugs took a tragic, told us that andrew was competing short form. this is way too dangerous for him to be doing. clearly they put him in harm's way. a rural college
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student does interest get shot in the head and found in a river like that. something else had to be happening. i think now just in front of a bridge that was under construction at the time local to telling me that well, construction equipment that was all not bridge was swept away as if it was nothing devastating. plotting in germany, belgium, with a 100 as entire houses on the way and a once in a generation deluge over a 1000 people are still missing the looks as if a bomb has to like world war wrecked streets under 2 doors to south africa sees another night of violent ride to a woman who amid the kale through.

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