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tv   Boom Bust  RT  August 24, 2021 1:30pm-2:01pm EDT

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because they don't exceed their but, you know, it didn't even helping against being follow the former kilobyte, which is fine. i don't really want cruelty to calibrate those, but i can understand that that has been in general. most of the games up isn't cool and they're probably supposed to tell you. okay, we'll have john. good to talk tonight. we weren't out of time, so we'll leave it there. but that was your break. one professor at the catholic university to come to live that from brussels. thank you. thank you very much and thank you for watching. that's how the news is looking so far. just gone half a to moscow, we're back again at the top of the oh, what we've got to do is identify the threats that we have. it's crazy foundation, let it be an arms race is on often very dramatic development. only personally,
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i'm going to resist. i don't see how that strategy will be successful, very critical of time. time to sit down and talk the this is boom bus on business, so you can't afford to miss. i'm racial blood branch aboard, washington coming up as the north stream to pipeline. it's interesting towards completion. german chancellor angle of merkel has called on russia to avoid using the project as a political wedge will discuss ad bitcoin is surgical as the world foremost crypto currently has cleared the $50000.00 price mark. what will the latest rally continue when he analysis is coming up? then china continues to track down on big track as
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a new privacy law and for testing users, personal data goes into effect. well, this guy, we have a talk show today source dive right in. the the really the program with the late us on the north stream to pipeline following talks between leaders from germany and ukraine over the weekend. while the u. s. has said it would publicly drop its opposition to the project, whereas allies in europe are concerned. the buying, the administration confirmed it is moving for was sanction against a russian ship. and 2 companies involved in the construction of the pipeline. the deal between the u. s. in germany was meant to address concerns from countries like ukraine and poland, which said they stand to lose billions of dollars in gas transit fees when they are bypass with the new pipeline. even so, you cranium,
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president lensky said he still views nordstrom too, as a dangerous weapon. yes. what about the north korea to question i consider that i consider that not to notice that it is a dangerous clip and not only for you frame, but also for the whole of europe. i consider that it seems to me, it is wrong, not to notice that it is a weapon, which a crane will not definitely talk about more stream to an economic issue. that's why i think so dangerous that even now when the north stream was unfinished, we can see who controls gas prices in europe. yamaha. the deal with the u. s. also forces germany to agree to impose sanctions against russia if washington determines that moscow is in fact, using energy as a weapon. german chancellor merkel pointed to this part of the agreement to say she believed it will keep moscow in check. from my, from my side i want to make it clear that i see the german american paper as a commission of the german government to precisely prevent, with president the little concerned about, namely the energy would be used as
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a weapon. that is exactly what is presented in this paper appeal. and apart from that, i must say that it is not a german russian project. there are companies from the netherlands, from france, from austria, and from germany, connected to the project by merkel also travel to moscow, where she emphasized the importance of extending the current gas transit deal with ukraine past 2024 russian president said he is ready to do so, but is still waiting on more information from europe. oh, my god, but we are ready here and i want to say it again. i've said it publicly, and i want to emphasize that we are ready to we transit gas through ukraine after 2024 as well. but we must understand before how long and to what extent and to do this, we must receive an answer, including from our european partner, how much gas they are ready to buy from. joining us now to discuss the latest is ad moya, senior market analyst out. oh and,
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and it's great to have you back on the show today. now we know that there has been a lot of protest over the creation of the north stream to pipeline. but once the gas starts flowing is this threat of sanctions from the u. s. and germany likely to have any impact on russia's policy in the way that they seem to think it will? i don't think so. i really think that russia knows exactly where they stand and this pipeline is really going to give them a lot of power. it's going to influence how you gets their, their hands on gas. and you're probably going to see that. i think, i think the market is going to remain content that you're going to see this pipeline opened. and it's probably going to become a key key source of energy for germany. and now when it comes to the smaller nations like ukraine and poland, that have come to rely on gas transport fees. the deal looks to help them out somewhat in the short term. but how much do they stand to lose in the long term? and is there anything that they could actually do about at this point right now,
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it seems like they're in the tough place because i don't think that they're going to be able to, to recover those loss revenue streams. and you're probably going to see that everyone is going to try to be grow independent of gas flows from russia. and i think you're going to see, you know, calls for new alternative sources of energy grow across the you. now while we have you on here, we also want to take a look at the world of oil. last week we saw 7 days of straight losses for brent crude and west texas intermediate marking their longest losing streaks in october of 2019. so why did they take such a head and what fueled today's gains? well i think the sell off was a little bit overdone it's, it's hard to imagine that you have a market that is so heavily in deficit and crude almost on to bear market territory almost a 20 percent drop. and right now i think what we saw was the, the whole global outlook for true demand. got
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a pager downgrade because of the delta variance. and i think we even saw with, like, for instance, goldman sachs is downgrade a 3rd quarter outlet for the us economy going from $9.00 to $5.00 and a half percent. use us, you know, you know, strong downward revisions globally. and, and we think that right now there was just belief that, you know, the delta variance was really going to prove, worry, some in lingering. and i think right now at the start of the week, you have the pfizer and announcement on their vaccine getting the f d a approval. you also have a stronger optimism that the south has seen the peak in this delta variant wave. and i think there's this optimism, you know, we're gonna, we're gonna have to adjust life with congress and you were going to see surges. but i think that the demand is for crude is still going to remain strong. and this market is heavily in deficit because there's a lack of investment in the wells. so you're probably going to see $70.00 oil and probably the next few months. and i wouldn't rule out $80.00 oil by the end of the
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year. and so you're saying that in your opinion here, despite the fact that we are seeing some nations institute new travel restrictions, the you don't see oil dropping off the same way we maybe did last march at the beginning of the pandemic or anything like that. it seems unlikely, i mean, even take a look at, for instance, china, china, they saw cases fall to 0. so i mean to, in china was, you know, battling a couple of spikes here and there. so i think there is optimism that, you know, the rest of the world is finally getting their hands on vaccines. and i think that you're probably going to see their over you opening momentum. is it still? i think we're headed in that to land america who has several countries brazil has struggled in, in really controlling kind of it. things are not looking great, but i mean they're, they've improved dramatically from the, the worst times that they saw just over a month or 2 ago. so i,
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so i think you're going to see the world adapt to how to live with cove it. and i think that you're, you're probably not going to see the demand too much of a hit. now, even with that, ongoing slow down in fuel demand due to the delta variant. as we've been talking about, asian refiners are buying more crude oil from the u. s. since it's much cheaper than buying it from saudi arabia, do you see oil exporters in the gulf of mexico following their lead and raising prices as well? i think i think you're probably going to see very marvelous increases, i think right now with, with the outlook for, for i think energy in the us. i think there, there's this firm belief that you're, you're going to probably have studied demand from abroad but, but i think what we have to remember were really kept oh here capture. yes. i apologize. go on. i apologize. i thought i lost you there for hours. no,
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it was i think that there's this, this, i think belief that right now, opec plus has had to take quota and they've been even with the market and deficit by over 2000000 barrels. they announced last month that they were only going to increase my $400000.00 in august so, so this is going to work itself out. opec plus does not want to lose market share. and you're going to see that opec plus is going to deliver more barrels of crude in the short term. and i think the pilot ministration made that plea so. so i think you're going to probably see that us producers are not going to have much. i think power as far as de mandy, much more higher prices. great in that as always, ad moya of atlanta. thank you so much for your time today. thank you. and after a sobering, last few months, bitcoin is headed back up with the world's largest crypto current, the hitting $50000.00 on sunday to reach a more than 3 month high. bitcoin hit an all time high over $64000.00 in april,
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but sold off heavily in june and july, even dipping below $30000.00. this as so many people in places like afghanistan are making a real world experiment of crypto currency. jonathan, discuss those stories that boom bus co host and cristo analysts bend swan and chris the i. christy, i want to start with you here. what is driven bitcoin latest rise back about $50000.00? several things. big coin initially dropped from the all time highs. the mid a slew of bad news. so we had the crackdown in mind from china, which caused the hash rate to drop more regulation. eli must trolling bitcoin and while several of those factors still exist, the future a big one looks a lot more positive. we are now in the aftermath of the china crack down, and once again the community realized that, hey, was just the whole lot of talk from a special. but no matter what they do, they can't really crack down. this is only the teams time that trying to try to ban
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bitcoin. and once again, it has failed. this time though, all the miners just picked up and left, which caused the hash rate to drop slightly while the world in the midst of the move and hash rates. drop. bitcoin also sold off at the miners need to funds to relocate, but now all that shuffled done and the network is back to operating business as usual. again, highlighting the power of decentralization. and then of course, the other big piece of news to help push bitcoin back above $50000.00 was the announcement from coin days announcing that they will buy back $500000000.00 in crypto on its balance sheet and allocate 10 percent of its quarterly profits into crypto acids portfolio and the seo armstrong announced that this percentage will likely keep growing over time as a crypto economy matures. so that was also a big boost to the history. now on this topic of more and more people getting into crypto been there is a pretty interesting experiment taking place enough ghana fan where the taliban have re taken the country. and simultaneously there has been a run on banks with all central bank officials. literally fleeing the country,
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but some people in this country have turned to beck coin. is there a real world experiment here? what say you? yeah, absolutely. various look, there's a, there's a lot going on in afghanistan right now. aside from the political turmoil aside from all the americans who were trapped there right now, you have the issue of the as you mentioned, run on banks where there is no cash in the country right now. there's long lines outside a bank for people trying to access money. western union has now halted all service to the country, so you can't send money into the country from outside. you can't get money out of the country and send it out. and then of course, you know, people are trying to convert to other currencies like the circus mirror. so all these different things are converging at the same time that makes for a huge mess as the, you know, afghan afghanistan's currency itself is also dropping. and so you have a lot of younger people in that country who have turn to crypto currency, like big coin, why? what number one, it doesn't lose its value, even if your national currency is being the value you hold onto your value across
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the borders. obviously, as we talked about so many times, and so there is a huge advantage to being involved in the crypto space right now for people in this country. is it a real world experiment? maybe not an experiment so much as a real world use case for the, for all the reasons that those who have advocated crypto currency, like chris christie and myself for many years. all the reasons that we've said it is superior to any central bank currency. it's been proven right now and absolutely it certainly could out of a very real world impact. now chris, be going to another part of the world. we're seeing that paypal is launching as crypto currency service in the u. k. and the u. s. online payment giant says monday it will let british customers buy, hold and sell digital currencies starting this week. so what does that mean for the continued expansion of crypto? it means that the expansion as well on its way and bitcoin is truly behaving as a real borderless currency. and this is the 1st international expansion of papers
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crypto service, beyond the u. s. and another hint of the wider adoption of the entire industry. not to mention this also shows what a profitable division crypto is for paypal. very similar to robin hood for it to be expanding so quickly to try to establish market share in the u. k. pay power, rival that of establish crypt current, the exchange such as coin base global as well as resolute. so making such a heavy investment into the crypto industry really by these giants. it really is giving this conviction that crypt those will play in the future of global finance and commerce and not just the fad as so many of the haters continue to preach and been finally here. a chinese high court has and now and now it's that crypto currency is not protected by law after reviewing a case involving virtual token, how will this impact bitcoin and other digital currencies, which have been outlawed in china? yeah, i mean it's certainly not good news, but i don't know that it's anything different than what we already knew. look, china as a country where the high court is not going to say anything different than what the
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national government says. right? so the government says big coins not allowed the high course not going to come and challenge at and say it is allowed there say no, you don't have a right to it essentially. meaning you don't have a right to anything that the central government tells a you don't have a right to. so it's not really surprising that that's the case. does it change anything for china? no, absolutely not. a china, as we've talked about, it's simply clearing the deck for its own national central bank back digital currency. and that's what it's doing right now. that's not going to change at all, but the positive of it, if there is a positive here, is that the people in china who are still believers in big coin are finding ways to access that they're still going to be able to accept that. and any central bank back digital currency is only going to encourage more people to into what, not fewer, but definitely with the decentralized nature of crypto currencies. in general, it's hard to imagine how you can really outlaw them, boom, but it's been swan and the i thank you both for breaking it down
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time. now for a quick break for all we come back, chinese markets. i've seen a roller coaster as a nation has ramped up its efforts to crash down on big stack. well, the latest developments next. and as we go to break, here are the numbers out the close me ah ah, ah.
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let's take a trip down memory lane through the history books. talk to my cio. politics as it was a 100 years ago, 150 years ago from some big brain sort of looking at the big map and how that's relevant today. join me every thursday on the alex simon show and i'll be speaking to guests in the world. the politics sport business. i'm show business. i'll see you then me the the, the, the the welcome back. the us food and drug administration has given its official stamp of
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approval to the cobit 900 vaccine created by pfizer and by on tech. this makes it the 1st one to surpass the emergency use authorization grant, which has been used for the over 200000000 doses of the shots since december. the, at the 8 noted that this process to grant the final approval has been truly unprecedented. all around working around the clock, f d, a staff were able to complete the evaluation of this biologics license application and just over 3 months. this is an unprecedented timeline, given the volume of review and the meticulous manner in which it was done. but you want to underscore that our efforts to move as quickly as possible have in no way sacrificed scientific standards for the integrity of our process. approving the vaccine as rapidly as possible, while ensuring a rigorous and thorough review has been our top priority. while the full approval
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for 5 years vaccine has been given to individual 16 years and older, the emergency youth grant still remains in place for those 12 to 15 years old. and those who qualify for a 3rd booster shot and china continued, it's moved to tighten regulation of domestic firms on friday, passing the personal information protection law. now this new law, which goes into effect in november will make it harder and more expensive for chinese tech companies. to access and use consumer information, a significant portion of the industry. now, while the full tax that the law has not been released, it has been reported that it will give users the ability to turn off targeted advertising as well as making tech companies get individual consent to obtain sensitive information. for those users. the p. p l comes as china has wrapped up scrutiny on tech giant in that it has fostered in recent years. the passage follows new cybersecurity and data security laws. the increase in regulation has seemingly
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spooked investors as the shanghai composite of wealth, more than 5 percent. since february hiv, while the hung song of hong kong briefly entered, bear market territory before rebounding slightly on monday. for more and all of this is let's bring in john call to the dean of the miami herbert business school. always a pleasure to have you on dean cloud. now, this tri fact of laws aimed at chinese tech firms has gotten a lot of attention recently amid the increasing regulation. what is the chinese government hoping to accomplish with all this? i think there are a 3 objectives. brent from a governmental point of view, one is to send a signal to the private enterprise sector in china that they are not out of reach of the government. and that as they become more and more wealthy, as these private enterprises become more and more high valued, the government is going to look at this from
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a distribution of wealth point of view. so that that's point number one. point number 2 relates to data privacy and data protection ostensibly to protect the individual consumer. but i think when we're talking about china, what we have to understand is that the, the communist party of china is going to ensure that it is the data manager of china. and no private enterprise is going to be permitted to have a bigger and better database than the, the party and the government. and then thirdly, i think there's a little bit of social engineering mixed in with this in the sense that some of the, some of the regulations beyond those, you mentioned some of the regulations recently have curtailed, online gaming and other activity online. that might be considered to be socially dysfunctional. so those are probably the 3 principal
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met, motivations behind this package of legislation. now as the regulatory environment continue, the heat up, we're seeing that the 10 largest u. s. listed chinese stocks last more than $150000000000.00 and market value just last week. is there any concern that this could do harm to the ever growing chinese economy and the massive companies that has fostered? i think the, the government of china has read the us economic situation as indicating the us as a weak spot of the moment. and therefore, they may be willing to sacrifice a little bit of upside growth in the chinese economy in order to take time out to rein in the ever
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a wealthy private sector. but long term i think that, you know, those stocks and the companies in question are, in many cases, extremely good beds. and particularly given the size of the china market, it would be probably an advisable for advanced investors and chinese stocks to run for the exit on the basis of last week's natural response to any increase in government regulation. chinese companies must deal with government regulators on a daily basis as part of their lives as a company. and as a result of that, i think there's likely to be a rebound relatively soon. and the course you actually kind of alluded to this a maybe month or month and a half ago, and we had you in the program. but how much of all of this is about cementing president? she's paying legacy as the leader that shape the future of china,
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the economy. i think that's a very important point brand. there are many comparisons that are being made by the chinese commentators and chinese people between don shall ping and president. she and i think president, she definitely wants to be someone who's remembered as an individual who both advance the prosperity of china, but at the same time cemented the political power of the communist party. and remember that significantly fewer than 10 percent of the chinese people are actually members of the party. so the maintenance of the supremacy of the, the party is extremely important given that its membership is a, is
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a minority group. and it's interesting to keep an eye on that to, along with the 1st point that you made about that you know, narrowing the wealth gap in the country. if he's able to bolster business shape the future of the economy. and do that all the same time that that seems like a pretty good resume for any president, john quotes dean at the my american business school. thank you so much. thank you. and finally, richard branson's virgin orbit is planning to go public via a spec merger. later this year. the company and now it's monday. orbit is a spin off of virgin galactic which actually focuses on watching satellites into orbit using a modified boeing $747.00 during an air launch as they call it, the aircraft carrier, the launcher one rockets to roughly 45000 feet and releases them before they take off into space, the company has completed 2 successful lodges this year alone. and as part of this back listing, virgin orbit will merge with next gen acquisition core and list on the nasdaq,
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with an estimated valuation of over $3200000000.00. now the technology behind this is absolutely fascinating, but i'm curious to see if it gets as much attention as richard brandon himself going up in the space. i'm telling you if i see a 737 or 747, just dropping. what looks like missiles to go into space. that's very scary. for the time you can catch boom bus on demand, on portable tv, or the next me i the media a reflection of reality. in a world transformed what will make you feel safe for?
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tyson, lation, whole community. are you going the right way? where are you being that somewhere? which direction? what is truth? what is in the world corrupted? you need to this end. ah. so join us in the depths or remain in the shallows. ah, me and i make no borders and the blind number t's as emerge. we don't have authority, we don't the whole world leads to take action and be ready people judge, you know. 2 come crisis we can do
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better, we should be better. everyone is contributing each in their own way, but we also know that this crisis will not go on forever. the challenge is paid for the response has been massive. so many good people are helping us. it makes it feel very proud that we need together in the ah
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ah, the headlines the sad, the taliban says it will no longer let afghan nationals access the capitals, add port with only foreigners to reach the facility. the greeks also confirmed it was agreed to extend the united states withdraw deadline beyond august, the 1st and the more form interpreters he worked with nato forces during the 20th campaign slammed the british government for not getting their families, relatives fair reprisals from the insurgents. and i, when power translate to say, after years of loyalty, so she k treatment is a reward. so i the great job but why you're just trying to get
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back to us. the 2nd shame we feel very sho.


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