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tv   Boom Bust  RT  August 25, 2021 11:30pm-12:01am EDT

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law, all right, that's going to do it for this division of kaiser report with may max kaiser and stacy herbert want to thank our gas, dan collins. and so next time, via the me know, look forward to talking to you all that technology should work for people. a robot must obey the orders given by human beings except when the shorter the conflict with the 1st law show your identification. we should be very careful about artificial intelligence. the point obviously is to great truck, rather than fear take on various jobs with the artificial intelligence real summoning the demon a robot must protect his phone. existence was
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the still large enough to satisfy the ambitions of jeff bezos. you know, it's got its tentacles in so many aspects of the economy. there's nothing that amazon isn't trying to get into to step by step. the amazon empire has extended its group on the world that was by conducting quite like a dog dog. so amazon looks like monopoly trays like a monopoly makes money like a monopoly, behaves like monopoly. amazon essentially controlled the market place. it's not really a market as a private arena where a single company controls the distribution of daily products. and the infrastructure of our economy is listed according to amazon. visit them by someone vision show you can't afford to mess. i'm robbins and
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washington coming up as bitcoin value approaches. one trillion some bankers are saying they believe crypto currencies could replace the us dollar in just 5 years. well, this guy was oil prices r rawlings would be thursday in a row. as the latest data from the us shows, fuel demand just hit its highest point since the started the pandemic. then vice president harris traveled to vietnam, where she claimed china is bullying its neighbors. we'll take a look at how the u. s. is trying to gain favor with se, asia using vaccine diplomacy. we have a tack show today for di, right in the the really the program at the latest one attempts to regulate crypto currencies by the us and its allies, with bitcoin back over the $50000.00 mark,
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governments and watchdog groups are taking notice. and once again, issuing warnings about the growth, the size, and the rate of adoption of crypto currencies. in fact, its current size, bitcoin is total value, now exceeds $900000000000.00. more than all, but a handful of companies with its success comes new warnings about crypto currencies and their likelihood to replace the u. s. dollar in as little as just 5 years. so joining me now to break down the latest our food co host, an crypto analyst, ben swan, and christine kristy, let's start with you here. now regulators are scrutinizing the crypto industry like never before, and yet crypto just keeps growing. why is that? well, you don't expect a profitable industry to stop growing just because regulation is coming because the thing as a capitalism societies is that you keep on trying to out run the regulators grow faster than they can crack down. i mean, look at google, facebook,
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amazon. they've grown so big that really they don't have to answer to anyone because what our regular is going to do, shut them down, issue a couple fines. you really can't stop innovation and advancement just because the current market leaders want the status quo to remain unchanged. technology is all about disruption and google and facebook disrupted the ad industry. amazon completely changed retail and they'll change it by doing something completely out of the box in a space that is unregulated because the unregulated areas of the market are the only places with any opportunities left. because regulation killed opportunity, it kills competition and it kills innovation. and now cut those doing the same, they are in a race against the industry to mature and strengthen before the regulars can truly crack down on it. and really the industry has been waiting for them to come down with a ruling for years now. the companies waited for the regulators to decide whether or not there i feel with the security or utility or derivative. they never got off the ground, but the companies who launched 1st anyway, and dealt with the consequences later on. those are the ones who are thriving now. so in essence,
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the lesson is it's better to ask for forgiveness than to ask for permission because while you wait, others will continue passing you by. and as we've seen, curved or currency, they've continued to grow and all of those regulators and officials who have talked about them have given them even more attention and air time along with it. now been an interesting story here. a pull of mostly banking executives found that most think bitcoin and other digital assets could replace the yacht currencies like the u. s. dollar within the next 5 to 10 years, a shift described as seismic. are you surprised by that at all? yeah, i'm not really surprised by it. i think 5 to 10 years is highly unlikely. if we're going to be honest about it because i mean, how is that going to take place in terms of the us currency? probably not. but in reality, what we have to look at is, is it likely that we're going to see a big coin become the new reserve currency. and i think there's a much more likely scenario for that. reserve currencies or a different kind of animal of what we're talking about here. we're really talking
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about when we discuss this is, is it possible that bitcoin and the theory and some of these other crypto currencies will ultimately be how governments a transact with each other. instead of going to the us dollar instead of buying oil and that oil being based in us dollars, would it be based in some kind of a digital currency or crypto? correct. that is a much more likely, much more realistic scenario to take place than displacing the us dollar in terms of usage inside the united states. but i do believe that i believe that within 10 years, is it possible that the point where some other trip to currency will become the world's reserve currency. so that, you know, exchanges between countries are not made in us dollars, but instead are made in the coin. i think that's highly possible and even extremely likely. and it could even be the case of more and more countries just getting on board and those bankers could be trying to raise awareness saying, hey, kate, bitcoin seriously, even if their timeline isn't quite right now. christie,
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another story here, we're seeing that tag for identifying bitcoin theory and other crypto assets will be launched in september. so what exactly are these digital token identifiers and how do they work? well, these are actually going to be quite similar to the iso based identifiers are currently used for reporting securities and derivatives in the industry already. so there's still very little detail about how that will actually be implemented and how the technology will actually work in the crypt market. but the idea is the same in which currently exists in securities. essentially, they're saying that right now, it's hard to compare the acid across exchanges. you have the same issue currently in equities where you have say, names like taiwan semiconductor that is listed here in america as p s. m ticker. but in hong kong is listed as 2330, or the healthcare companies, tennessee, in america, it's listed as ticker s, s, y. but in france, it's listed on the cat as, as a n. so same thing, encrypt stellar is it listed as x l m r s t r. so there's
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a form called the digital token identifier, foundation comprising of 20 members who have met to discuss to discuss the global dpi standard. so the objective is to identify crypto acid trays to improve transparency and efficacy. and it's expected that this kind of standardization could help investors that operate at scale to process crypto acid transactions without having to significantly rework their existing systems and process. which again defeats the point of crypto because what's the point when you're going to store it all in a custodian and a middle man to hold onto it anyways. but in any case, given the time needed for the d t i to be embedded in the markets, the end of 2023 would probably be the earliest practical date for introducing some and some sort of mandatory reporting. okay, interesting. so it's just starting out at the moment. now ben, we know that crypto is a global market, but when it comes to regulation, the u. s. europe and china, of all taken different approaches to the ways in which they look at regulation. now
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are you, do you think that we're likely to see a global standard of regulation moving forward? yeah, i do. i think that we're going to see some kind of global standard. but, you know, i want to go back to christie was saying in the beginning, which is that ultimately we're in a position right now where if you are a crypto enthusiast, or if you're creating something on the block chain right now, sitting around and waiting for the block chain to, to be regulated by governments before we decide to move forward, you lose. the bottom line is a crypto currency and the crypto space is one of the last spaces really in the entire world where true capitalism still exists. it exist on such a, an intrinsic level within the crypto world. and if you, if you move away from that, if you ignore the fact that there is, are real opportunities here. but also the real challenges of figuring out, and instead you just being into, well, what was ultimately going to be the decision of governments, either collectively or individually. and if you wait on that,
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then you don't even deserve to be in this space. you should get out of the space and stay away from it is why people like mark sucker burke's ultimately failed in his endeavor to try to move into the libra association. remember that? and he was going to become the new faith of crypto and it failed miserably. and the reason that failed is because mark zuckerberg was literally waiting for the rest of the world, governments of the world to line up to create rules that he could been dominate and control. and when that wasn't working out the way he wanted to to, he basically abandoned the space and good get those people out of it. that ultimately yes, there will be more regulation in the space and there will probably be some level of global regulation. but at the same time now is the moment in the space and the change form for all the space before the regulator step into the investments on and christy, i thank you both for your time and insight. oil prices extended gains for a 3rd session on wednesday,
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as the latest data from the u. s. government shows fuel demand at its highest point since it started the pandemic this week. brent crude and west tactics west texas intermediate benchmark have seen gains of 9 percent. mark, making up for a 7 day losing streak, but with fears of the delta variant hurting demands subsiding for now. and mexico confirming its output will rebound following a massive fire that impacted 40 percent of the country supply. the biggest question becomes, how long will this rally last journey? me now to go further in depth on this is david mack of any ceo of mckelvey, the financial group. david, it's great to have you back on the show today. i want to start with this rally on oil prices that we're seeing this week. what's fueling demand here in the u. s. to the point where it's finally back to where it was at the beginning of the pandemic . improve demand here in the u. s. is still. ready recovery and reopening oriented, and hopefully that stays the case. some really critical things happen last week that i do want to mention very quickly. last week was really the most volatile.
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we've seen oil and some time down 10 percent. lots of dots to connect their weight and unwind in a variety of equity and debt segments within china. and there's $22.00 ideas that you've got to grab here, a 12 trillion dollar debt market showing weakness has serious implications. and we began to see that across multiple segments, no doubt that a continued market route would have pressured, chinese investor, the chinese economy. and therefore, we saw commodities come under significant pressure with the all commodities. but obviously oil was, was there to, gold was the one stand out. it actually was not at a pressure at all, even this week, as oil prices of recovered high yield indices in china, still above 12 percent. the bottom line is that financial markets had a capitalist last week for a major market, not them. and we got to see basing act, and they acted quickly. so look at what happened with. ready warren, while we're on the asset management company, they came in and recapitalized last week, and lo and behold, their lives,
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peace and home. as we came into this, this week, they sent a message. they sent a message that the asset management companies are too significant, too big to fail. every brand on the other hand is still circling the drain. 41 percent yields on their debt. i mean, we're talking about the company that is near bankruptcy and dissolution. so it's no skin, no coincidence that everything sold off last week and everything is rallying this week. and i think china is really the key there. while i'm glad you bring up china, because whenever we talk about theories related to the delta vary and it seemed to have a lot to do with china and about any lockdown measures they would pursue. so are we now at a point where it seems like those fears are easing specifically when it comes to arise and coven cases going on around the world, in terms of the world, possibly shutting down. and how cautious is the oil market right now when it comes to a threat of cobra? cases fighting in the months to come and possibly hurting demand?
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yeah, the old markets have not moved much uncovered concerns in my opinion, but they could. so you could also see other asset classes that have been nuts and sensitive to, to cobit shutdowns, like the u. s. equity markets, they are behaving as if coven is in the rear view mirror. and frankly, regardless of your use on code, the virus, there is a political risk which covered where policies, height and political risk because policies can be implemented all of a sudden turn and otherwise rosy. picture, economic picture, domestic or international, into something that is very unfavorable. so there's heightened political risk in the markets and oils included that. i don't think that's priced in. i'm commodities bullish, but there have been in will be some air pockets. and i think the downside risk for oil is the policy reactions. actually the risk is still very much there and, and i think it's probably partly because we're in this political contentious environment. right now we have cases on the rise with hospitals, asians, again,
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on the rise of new zealand, which has shut down. we've got a strain which has partially shut down, canada never really reopened several other asian country in the philippines and need to come to mind are also looking at it shut down again. the real issue with lot downs comes with the vaccinated. realize that the efficacy of the shots where off after 4 to 6 months, this is what we're finding with the wave in israel, where it's primarily people who have already been vaccinated there can be downloaded. and that raises again the policy issues. and i think that's your risk in the market, commodities, and also equities. i got about 30 seconds left here, but speaking of government action, i know that we've got the federal reserve jackson hole summit coming up. what are you expecting from that? and do you think that markets will really react to it? will tell not by nature as a guy. the only instance of that ever being different was when we had 2019
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the 3 insurance rate cuts that surprised me, its rise the markets. and this time around, i think we've got jobs that look good. we've got the economic growth, which is respectable. surprise would come from aggressively moving forward the timeframe for tapering. that 120000000000. that still being purchased 40000000000 mortgage backed securities. 80000000000, treasury's we have a system that's very dependent on liquidity and fusion today, and i think if you change that very quickly, that could be your express saving, mckelvey macaroni financial. thank you so much for your time and insight. thank you very much. the president biden is taking on cybersecurity with a special meeting at the white house on wednesday. his gas list included a handful of c o, who have made multiple appearances, testifying before congress on the state of their growing power in the us. but that power and influence was welcomed, as were the chief executives room companies and included amazon, apple, google,
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microsoft, j, p. morgan chase, bank of america, travelers, p g and girls who code the topic of the day with the importance of maintaining cybersecurity in the face of increasing cyber attacks with reports noting that the goal of the white house was to address the root causes of the attacks to look at repairing critical infrastructure aimed at stopping future attacks and to work toward filling the more than half a 1000000 cybersecurity job openings in the us time. now for a quick break, only come back vice president harris has some harsh words for china during her time in vietnam, but beijing was quick to fire back questioning washington's credibility. we'll discuss it all next. and as we go to break your, the numbers at the close. 1 the ah
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ah when i was the wrong, why don't just don't the rule? yes to fill out the thing because the african and engagement equals the trail. when so many find themselves, well the part we choose to look for common ground in so what we've got to do is identify the threats that we have. it's crazy plantation, let it be an arms race is often very dramatic. development only personally and get into this. i don't see how that strategy will be successful, very political time. time to sit down and talk
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americans love buying homes. ah, this was a funded mental part of how our political leadership and our country at large understood the bargain. you get a whole and then you will rebel, right as the things you don't revolt if you have a stake in the system. be really interesting to dial back and think about no 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 the
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welcome. 1 back tension between the u. s. and china continue. i do the tit for tat accusations between the world's 2 largest economies. vice president harris made her latest stop in vietnam on her south east asian tour, where she called for a movement to put pressure on beijing to quote challenges bowling and excessive maritime claims in the south trying to see and response. a spoke 1st and for china is foreign ministry argued the u. s. isn't even a part of the un convention is referencing, and that it's track record speaks for itself. a ball heating the u. s. has returns to join the united nations convention on the law of the session so far, but claims to uphold the convention. maybe us has recklessly intervened militarily in afghanistan, iraq, and syria, but claims to be bending the interests for the small countries. so i think it would be much more credible if it said that it was offending the you. every legend, enablement and its own interests. meanwhile,
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trying to deliver the shipment of 200000 vaccines to vietnam the day before harris arrived. however, the vice president noted that the u. s. has committed even more this week as it legs behind china and russia in the global supply of vaccines. today, i am pleased to announce that 1000000 more. 1000000 more doses are on the way to vietnam, as we speak and meet at the very moment. this brings the total number of doses we've donated to vietnam to 6000000. we have also pledged $500000.00 to us in cove at 19 response fund to support the purchase of more vaccines. the united states remains a strong supporter of us, han centrality including in a regional health security located. joining me now to discuss is professor richard wolf, host of economic update, and author of the sickness is the system. now,
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professor, what do you make of this tour? harris is on right now. it seems to be all about getting china's neighbors to cozy up to the u. s instead. but is there more to it than that? know, and you know, to be honest, this is a kind of sad spectacle, the vice president of the united states doing kind of advertising p r. how many 1000000 doses everyone in the world who pays attention knows that china is one of the leading providers of vaccine around the world where head of the united states. and that's been true for a year, or at least as long as the vaccines have been available. and the go to one little country vietnam and to out do them in the number you are giving them. now. i mean, this is the kind of of, of games that advertisers play and to suggest the chinese are bullies. i'm
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sure in many ways they are, but this is a vice president who's over there, who's contesting what's going on in the ocean right next door to them? they're not over here trying to didn't do anything to us in the, in afghanistan. we did that all to ourselves and the effort to whitewash all of this is kind of sad to watch. yeah. really isn't the timing of it is also incredibly notable because at the same time as we heard there from china is foreign ministry. beijing is using afghanistan as an example to countries that become too reliant on the us. now when it comes to talk of washington, credibility does trying to have a point there? absolutely. i mean, the chinese say privately and in some public venues that they don't have any troops invading anywhere and they haven't done it for decades. the united states,
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by contrast, is invading everywhere as a 750 bases around the country is that was a war in afghanistan, iraq, syria. i mean, this is easy, low hanging fruit for the chinese to point the finger in a way that the united states cannot do. and that's not a smart game to be playing. whether it is in a sense, already racked up against you. it's almost as though the united states is lacking in the imagination of how to try to make a case and ends up making a very weak case. and that's not a good image. you want to project. yeah, it's like their only focus on one country at a time, forgetting everything else is going on in the world. now on the topic of providing vaccines, the u. s. has been criticized for not doing enough to help other countries, especially when compared to china and russia. so why is the u. s. and specifically harris now making this promise of supplies and funding to vaccine to vietnam rather
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this week? well, i think they've been stung by that criticism. even more important though, as a criticism, i think, is the claim that here in the united states, hundreds of millions. so way more than we're talking about with vietnam, hundreds of millions of doses are being stored are being kept back from the market even as plans are beginning to be wrapped up for the booster shots, the 3rd and potentially the 4th shot. so the criticism around the world has been that the united states is keeping for itself the overwhelming bulk of life saving help and not sharing it with the rest of the world. the chinese and the russians are, by contrast, at least doing less of that kind of warding. and that is what vice president harris is trying to deal with. but it's talking about 2 or $3000000.00 for vietnam
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and, and talking about contributing $500000.00, which is a little bit like you and me reaching into our pocket and offering 6 or $0.07. this again is bizarre as a form of foreign policy. all right, i've got about 30 seconds left, but i do want to ask you about what's going on and get us down. we've seen that billions of dollars in aid from the world bank, the math, and of course the united states have all come to a halt. so what kind of a message does that free send and how is it likely to impact the civilians in this country after 20 years of war? well, it's going to do 2 things. number one, it's going to make the united states look even worse than it has been looked at by that country as something of the country that bombed them for 20 years. one of the poor countries on earth bombed by the richest country on earth for 20 years. that be bad enough. now you're going to start them out. you're not going to help them in
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any way, even though you help other countries. this is only going to do one thing, make them turn with gratitude to whoever does help them. and there are other chinese, the russians, many in europe and around the world who will step in. this is the united states, shooting itself in the foot. that it is great inside as a professor, richard will thank you for your time. thank you. and finally, nearly 3 quarters of a century since his death alco phone is storming back into the headlines as part of his legacy are being put up for auction. several of the infamous chicago gangsters, personal items are heading to the bidding table as whether all auction house has launched the state of alco collection dubbed a century of notoriety, forbidding, or items like capone's personal hand gun, a court $45.00 pistol that has been in the sole possession of the monster's family
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since his death, which is set to start auction at $50000.00. other items like hand written letters, photographs and diamond encrusted jewelry will also be up for grabs. according to the auction house, the entire lot is set to holland $700000.00 in total, but could very likely run higher. the bidding is set to launch in a live auction on october 8th. don't wanna miss that one. that's it for this time. be sure to check out the portable tv app and we'll see you here next time with me. join me every thursday on the alex simon show. and i'll be speaking to guess on the world, the politic sport business. i'm show business. i'll see you then. mm
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. hello, driven by a dreamer shaped by those in me i think we dare to ask the mark. sounds good. i took mark in your function. you go with a lot of good morning or afternoon. me just a whole do john?
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i got on the weather. i'm caught up and i wanted them to be back to the left me about the less about the news and the desperation in cobble on our crew experiences firsthand in the chaos and the i've gotten a capital 10 days off of the taliban, so it was russia was evacuating $500.00 people from going to san including its own citizens and others from former soviet countries among the topics and ukrainian
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show of patriotism or a fear of.


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