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tv   Boom Bust  RT  August 18, 2021 3:30am-4:00am EDT

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as the one business show you can't afford to miss, i'm branch of bore, and i'm ready to a woman's in washington coming up china's text track down continue. we'll take a look at how the markets are reacting to the latest regulations charging anti competitive practices. watch the government and get us started, falls apart and civilians, why not to withdraw their money? bitcoin supporters said the country, new crypto, like never before. we'll discuss. then we turned back to the cybersecurity sector as hospital continue to fall prey to hackers in the midst of the delta, coven variance search, cybersecurity, expert, touch chipley, is standing by to bring it all down from the fact. so today was dive right in the and we leave the program with another step in china ambition to regulate the
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nation's massive tech sector. state administration for market regulation on tuesday published a set of draft rules aimed at taking on unfair competition and the handling of critical data. now as we have talked about on this show in recent months, china has taken multiple steps to rain in the massive tech company. they have fostered in the last decade and a half. so here are just a few of the proposed rules. tech companies should not provide false data including inflating the number of clicks on a piece of content. they should not hide negative reviews and only promote good evaluations of a product which is often commonplace on sites like albert, amazon and internet platforms should not make efforts to influence user choices, essentially, saying they can't push users to their own content or services while browsing another and for context, this is something google has been accused up across the globe. the regulator is seeking public opinion on the rules until the 15th of september. and while these
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proposed rules have not come into effect quite yet, investors are already reacting. so let's bring in michelle snider, she's the partner and director of training research and education at market gauge dot com to discuss this. and what else is moving market on tuesday? michelle. a pleasure to have you back on the show about china's biggest tech companies last around, $50000000000.00 in market value on tuesday after the proposed rules released with 10 cent alibaba, j. d. that com. in march 1, all losing between 3 and, and a half. and just over 5 percent for shares listed in hong kong with all of this new regulation, are we going to continue to see these sell off the tech companies in hong kong? well, at this point, we are so incredibly oversold. and of course, today you're seeing the reactions are we have the following nice theory going on here. but i do believe that we'll see some type of support come in at some point.
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and it may be simply technical because it's just like i said, the oversoul condition, we are at a one percent relative strength index on a monthly chart. if you look at some of the stocks by pension and alley bob, i just want to say, you know, in terms of this whole action and these anti trust issues. when you are a state sponsored capitalist society, like you are in china, you can do this sort of thing. things that we have been talking about in the united states. so yes, and some of these giants may continue to suffer as a result. but overall, what we're hoping for, and i'm assuming that's the whole point of this, is that the fair play in the competitive factors 1st, a lot of companies can start to emerge. so i just, i just want to mention that on the right now, like i said, i think it's a little bit overdone, maybe we'll see another couple of days i'd be patient. but if we start to see some kind of a rally, i would say you have a good low risk against the recent lows that you may want to catch a bounce on. and certainly whenever we talk about raining in those tech giants, so it seems to be something that the whole world is having to deal with now as they
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become bigger and bigger. and meanwhile, here in the u. s. the now that golden dragon china index, which tracks 98 a china is biggest firms that are listed in the u. s. fell as much as 4.5 percent on the news. so how much of an impact can something like this have on broader global markets, specifically here in the us? well, we haven't really seen much of an impact in terms of the tech stocks here in the united states. and probably like you just said, rachels, because we can't really do what they can do in china here, even though we've talked about it talked around it, the anti trust issues. so i think that what we're seeing in the u. s. right now is it's having some of its own headwinds, and of course any of the china listed facts of the u. s. has gone down separately. but some of the giants here, like microsoft, for example, has hardly budged off the highs even with the market correcting today. so at this point hasn't really been much of an impact. and amid this crackdown, taiwan ts m. c has overtaken 10 cent as age of the most valuable stock hitting
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a market cap of roughly $540000000000.00. after gaining nearly 10 percent this year alone. is that more about the crackdown pushing 10 percent down or the increased reliance on semiconductors as it's become one of the hardest commodities in tech these days? brand, i would say probably a little bit of both because we do have the demand for some use improving. we've had of course, the supply chain issues going on, and of course the regulations have really what has hit pension. so at this point now i would say that the crackdowns retention has not only hit as hard, but it's been more in the last 6 weeks. it's gone down 45 percent from january high of $100.00. so i show that this sort of rotation into the show me is interesting whether or not sustainable will remains to be seen. but at this point, it's definitely a trend because of the, like i said, the supply chain problems and also the fact that some news have gotten very,
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very hot as a result. now taking a look at broader equity is here in the united states, the s and p 500 hit a major milestone. monday, doubling its value since pandemic lows in march of 2020. it's all of those highs just a bit on tuesday. but as we continue see, record after record with us markets is their concern that we may be in for a correction sometime soon, or is that easy monetary policy from the fed going to keep things propped up for a little while longer? well, i was a great example, rachel, because if you look at the market, it looked like it was going to start free falling. and then what happened? power came out the vicious, always saying that they would continue to do what they had to do to support the economy. and of course he can cite real reasons because he x factors are the delta various for one. obviously, the geo political situation we are going on right now may or may not affect things going forward. certainly, the retail sales number that came in weaker than expected today was an issue. so at
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this point with the fed continuing to pump home part, even though we're seeing it's subside a little bit, if you look at what i like to look at, which is the junk bonds are not really where you have the companies that have very high yields in high debt, that's where a lot of the bond mine, they've come off still electron look at the long bonds, the 30 year plus bonds. and those are actually falling. that's where the fed folly has been. so as long as they can continue to do that until the bubble get so great . and by the bubble, i mean the inflation level, i would say that we're not going to see any kind of deep correction, more of a stagnation. and we'll get a little bit more insight into what the fed is thinking wednesday afternoon. michelle center of the market gauge group. thank you so much. thank you. but now she currency of afghanistan has hit a new record low. you're falling 4.6 percent on tuesday i met a television take over the saw both the u. s. supported president and central bank
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officials fleeing the country. they afghan government is used to receiving around $5000000000.00 in foreign aid from the u. s. every single year and while pull out efforts were under way earlier this year, the buying and ministration requested an additional $300000000.00 from congress to help funding the government as the u. s. military made its exit. now, ironically that number of 300000000 is the amount us tax payers have spent every single day over the last 20 years on what has now become the longest war in us history. but despite all of that money, the government that was built and funded by the u. s. and as allies fell within a matter of days, it was supposed to be protected by the afghan security forces, which were funded by the u. s. to the tune of $83000000000.00 over the last 2 decades. but thanks to their swift collapse, the taliban was given not just political power, but also the gift of fire power in the form of guns and ammunition helicopters and
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more, while president biden called the taliban take over highly unlikely. just last month . his administration has reportedly moved to protect billions of dollars, an afghan government reserve called us banks and an effort to stop the taliban from gaining access to them. so rachel, obviously the question becomes very simple because any of this is surprised not at all. and i think if you really pay attention to foreign policy, especially over the last few years, you will have seen the taliban became more powerful than ever under us occupation. and part of that was because of the chaos that has been fueled by the us and its allies in this country. and i mean, you go back to that number of $300000000.00 per day. and i hope that that gives every american a chance to think about the fact that the us is spending that much money on this country. and yet, here in the u. s. on any given day, you have half a 1000000 americans that are homeless. you have thousands of americans that are
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struggling with their basic needs. we have infrastructure that needs to be built. and yet at the same time you look at this country and you see that the u. s. both the government, both an army and they all fell apart and just like that. and so now we're at this point where finally there are some people who are talking and saying, well, what about the civilians? well, those civilians who have been under the u. s. war for 20 years, who have dealt with bombing year after year. now they are struggling with their new reality. and so i think that that's a good segue into our next topic, which is that we look at these civilians in this country. we see that hundreds of them were lining up to withdraw their own money as a result of the tolerant and take over, trying to get it out of their bank accounts as they fled from their homes. and at the same time, the scene has led bitcoin enthusiast to point out how the broad adoption of crypto could have changed. not only the current chaos surrounding the control of the country, central bank, but also the entire war that led up to it. so for more on this, bring in, tucker,
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president of the brownstone institute. now jeffrey, we're talking about a nation here where government and central bank officials have floods the country and a foreign government is controlling assets. so how would crypto currency adoption by the people of this country play a role in the situation rates? i want to 1st congratulate you on your devastating and really depressing report from s. can you tell us that was really intriguing? listen, this whole topic takes me back to 2013, and people don't remember this. but africana time was an early adopter of big crime by the mice, half canister. i mean, regular people there because this is a country written with a devastating problem with access to banking institutions. it's not just the geography and the lack of mediating infrastructure. it's a cultural problem that women are just simply not allowed to back and the entire
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country and that was true under the taliban and, and there was nothing the us occupation could have done to change that. and, and now you've got the banks entirely controlled by, by, by the government. and did i an access to regular systems back in 2013 coin to, to many women and afghanistan as provided a opportunity for hope. because, you know, without backs us to banks, you know, there's, there's no the work you do, even if you're enormously talented and you have services, i'm going to sell. you have no way to get paid in the same for because represented a tremendous point of optimism. and there was a lot of early adoption, i remember interviewing some, some, some heads of in jose that were really pushing big kind of options, a real pass towards cultural and economic change in that country. and there was, there's a great deal of optimism around it. and i know i'm taking too much time, but i will tell you just and sure what happened was between about a year later,
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failed to skill properly and, and it became very extensive to, to, to use and to send and put a rub, dent into adoption in the country and then and then it really did kind of stop after that. and of course the crypt mark has changed dramatically since. and so we have more access now to a variety of cheaper tokens. so, but it definitely that doesn't represent hope. and especially after experience like this, but you don't soon forget the time in which your own property is blocked to you and you're trying to flee the country. you can't get your money out. this is devastating. and it's definitely, it's almost crypto one on one, jeffrey because when you are learning about it, you hear so much about banking the on bank, how it can help when the current, these are destabilized or in the stabilize nation with el salvador. moving to adapt bitcoin as legal, tender and argentina, indicating they could be neck. i mean,
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do you think that we're likely to continue to see this trend of crypto becoming a part of everyday life, especially when you see something like what has happened in afghanistan, and how you can kind of head off that problem if you were to make that move, you know, ever, i hope americans are looking at our candidates and realize the same thing could actually happen here or anywhere else. so long as governments in charge of banking institutions and you've got to mediate in force out there. you're not really the owner of your property, so yes, you're right. it does take us back to the early vision of the client. this is democratic money available to everybody. we now have a greater access and we ever have to tokens that could be shape shift in between each other funds ability within that ecosphere and more opportunities for this, for the since for, for crypto to really change the world. i don't believe it requires adoption by government. a little tolerance is all we really need. but ultimately, that the future of currency under a crisis situation like this will come down to the crypto, which is function as
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a new and improved version of the old gold standard. now going back to the curb to one. 0 one for a minute. what is the difference between the general public, adopting bitcoin and making it a part of their everyday lives versus say a government officially making a legal tender because i don't entirely mind government's making a legal tender because it does suggest an element of toleration there and it suggests a kind of friendly industry to come to an ultimately there's nothing government can do to cause crypto to be valuable or adopted. that's something that people have to do themselves. and they have to have real incentive to do it to be surrounded by an inflation inflationary, national current or one. this dropping dramatically in international markets, or banks that are shot and benign you access really does kind of bring home the point. we need an independent money. we need some way to exchanges through our own volition and to control our assets. that was the promise of big clinton,
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the early age, early, early stages. now we have many other tokens that represent that same promise and, and a road gone mad. you know, what are you going to trust? and i think the markets are speaking right now. trip to markets just bumped up against the 2 trillion dollar marketing cap and re robust. i think a one point on the show you asked me, you know, what, how come market, how come crypto has responded markets, but just give it time. you know, we're, we're going to hit to new highest before the end of the i'm not supposed to make my predictor. ok, and that is though is jeffrey tucker. the friends are and institute, thank you for your time. you and time now for a quick break, but when we come back as a delta very and continues to tweek the united states, a lot of cyber attacks have taken out the hospital digital network. we'll take a look straight ahead and that's gonna break here. the numbers at the close
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me and an expected upside of the pandemic kenya's experiencing. and elephant baby boom . 200. why does kenya have so many cars? and how has the pandemic impacted people's lives? there's a wall is fairly big along in a bunk. any fuck he end up killing himself. i don't live on a lease and then you go buy a car. well, and i will make the video was i did it in
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the media. if they get, they say, let me thing in it because i know that of the when anybody who did the they didn't even notice whether the course you don't know. but i know they come in just a few questions or whatever the and welcome back. roughly 48 percent of us hospitals have disconnected their networks at some point this year, due to ransomware attacks, according to a new study from phillips and cyber m. d m x m d x. that is the say, the report site, $130.00,
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i t and cybersecurity specialist in health care facilities throughout the country. and this is nothing new as health care organizations were hit hard. in the early months of the pandemic, it's more administrative work was done remotely. the perspectives in health care security report says medium size. hospitals were hit hardest by the issues, averaging nearly 10 hours of downtime, which costs nearly $46000.00 per hour, while large hospitals average just over 6 hours of downtime at a cost of 21005 $100.00 per hour. so it raises the question, why attack vital health care infrastructure? well, to discuss bringing clarity expert, a president of dark in. tell tod shipley todd, always a pleasure to have you on. i want to start with that big. why is this about hitting vulnerable systems that need to be up for a hospital to effectively do their jobs or? and are they trying to extort huge amounts of money like we've seen in the past, or trying to just sell the data on the dark? well, what are we thing there?
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well, i think you're seeing a lot of all of that. i mean, if we look back, what happened just number years ago in the u. k and, and how that whole system was disrupted. i think there is a sense that they can disrupt a lot of what's going on the united states and the same manner. the problem ends up being that i think the hospitals end up being a lot of that low hanging fruit because they're not protecting themselves well enough. i think if you look at that study, part of it said that the c e o weren't taking it seriously and there wasn't enough money spent on doing the cybersecurity issues. so i think the what the why ends up being because they're not protected well enough. and we need to put some more serious protection on the systems. now, speaking of the fact that they weren't taking it seriously, let's talk about the vulnerabilities here. i mean, just 11 percent of the respondents in this report say, cybersecurity is a high priority considering we've seen this large increase in ransomware attacks in recent years. should this be a main focus by now? well, of course it should be, i mean that's, you know,
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just make common sense. but people at the top level don't understand the technology . it's administered by people that do understand it, but don't get the support from the ceos and, and the people at the top level. this is an ongoing problem not just within the hospital system, but nationwide and companies that have ceos that rise to a level of their job that don't grasp the concerns of what the technology is. and like i said before, there needs to be some legislation, much like the sarbanes oxley when we had the enron in the fraud there. that forces the ceo to be responsible for their companies and the cybersecurity related to their companies. i mean, this is up to you, you work very close at hand with so how do you talk a ceo into it when you say, hey, you have cybersecurity vulnerabilities, we need to move forward. i mean, obviously legislation would be fantastic, but you know, we talk about how slow the wheels of congress can move at time. so how do you make that pitch? well, i mean that it's a problem. i mean,
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you have to go in there with the sense of the, what they understand and speak at a level of their understanding of the technology. now it's getting much easier in some senses because the number of attacks that have occurred, and you just have to list out some of the things that are occurring and where the holes are in their own systems and show them where the problems are and that they're going to be a victim. the problem is they look at it from an economic point of view. if i spend the money a lot of money, now am i going to get a benefit? if i don't spend the money now, well, i get a benefit. and so they look at it economically and sometimes they don't make the right choices, which is that they don't secure the systems effectively. and i want to look at the broader world of cyber security. the us state department is operating rewards and crypto currency for information related to state sponsored hackers. the platform they develop called rewards for justice was promoted at black at usa in las vegas earlier this month and apparently inform it would provide the data via secure portal on the dark web. we often talk about how do we stop cyber tech? is this a way of doing it is just getting informed to read on people,
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i guess is the best way to say well, i mean it's something we've done for years in a lot of different areas. you bring in informants to, to solve problems and, and is that the solution? no. is it a solution? yeah, it's one, but i don't think it's going to be as effective as they want it to be. because i don't know that people are necessarily going to want to get a few $1000.00 for a concept that they found where there's a vulnerability in a system versus breaking in themselves. and you explain the vulnerability to get millions of dollars worth of cashback. so i'm not sure if that effective now we've got about 30 seconds here, but i want to follow up on the story of the poly network tack of more than 500000000 dollars last week. the hacker is return most of the crypto at this point . and as we talked about, covering the story, it appears they were just trying to make an effort to exploit vulnerabilities. now,
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in a promising in promising a reward for returning the funds, they were also and rather pulling network, invited the hacker to be the chief security advisor of their network. what do you make of that situation? i don't, you know, letting the fox into the house is not always a good idea. companies that have done this in the past, but i don't think it's the best idea for the company. and keep in mind that these, this, the chinese own company and even the chinese own company that found the vulnerability . and the hacker by his ip address is not released to it is. so i think there's something that we've got to find out more about that whole hack about what happened . cybersecurity expert, todd shipley, thanks so much for your analysis today. thanks for having me on today. and finally, as the space crave, continue to sweep the nation. now says prepping to launch a simulated seller experience to match the time the u. s. space agency is now accepting applications for crew members to spend a year prepping for a mission to mars. the lucky few who are chosen will get to spend
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a full year living in a simulated, based on the red planet. this will all be happening at the johnson space center in houston in a 3 d printed module. while the crew will have to face real life challenges that they would likely see on the base like delays and communication and food shortages, nasa is looking for participants between ages 30 and 55 with experience in the stem field with the application process open until the 17th of september. so rachel, we often talk about the space and we know that you're afraid of space. if this is in houston right this, this is your home state of texas. would you do this but a full year? i don't know. that's like quarantine on steroids right there. i mean that's, that's a bit much. but hailey, she could say you were the 1st person to be a part of it for the time. you can get boom by on demand, on portable tv available on smartphones, tablets, google play in the apple app store by searching portable tv. worried about tv can also be downloaded on samsung, smart tv and roku devices,
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or simply check it out portable dot tv. well see you next time me ah, ah, i got you mr. morrison. when you said that i will call you but you're good to go below to do i see? yeah, going to show you where you didn't know where to begin the is the mother molar. that's what you will cover financing for. net 1st bill. i don't know if they use
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them in your wish to follow some of these. you might not, although a lot nobody me on there is a sucker and you say you get forgotten. phyllis coming me personally. hon. which, ah ah ah
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ah ah americans love buying homes. ah, this was a funny middle part of how our political leadership and our country large understood the bargain. you get a whole and then you know, rebel right,
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as the things you don't revolt if you have a stake in the system. be really interesting to dial back and think about the longer, deeper history of what housings meant in the united states. not just that old question of the american dream, but the bigger question of who the dream has been for ah, ah,
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ah, with our pop headlines here, what are you, the national new videos emerge from afghanistan capital showing the desperation of people fleeing the return of the taliban and the group reef the media after its power grabbed promising its speaking. no prevent. i've got women take to the streets to defend their rights to switch the taliban supply chain to keep protect it. i'll be within the limits of islam on the program. we discussed the situation with the head of the country's largest media company. all of them are trying to win hearts and minds, land ways to go before we can say that they are receptive to women on television or to equal opportunity for european union at mit it's money. and.

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