Skip to main content

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

1:30 pm
very often that harmful effects add up to something terrible can bill so of all ills. or are we trying to mitigate life itself? i just think i was and i was just scared, scare little girl of 24. and like, i didn't have to be so complicated the this is been by someone business. sure you can't afford to mess. i'm rachel, blood, and bridge. you're boring, washington coming up. the united states and allies have proven billions of dollars and for an a to afghan expand. we'll take a look at how the nation's economy will be able to sustain itself. and bitcoin is less than a week away from becoming a legal tender in el salvador. but the i m f is warning to hit the fall of the move
1:31 pm
. we have some expert analysis on hand to break it down. then case how is exploring options to let us customers train stocks on the platform. we'll take a look at how it could affect the future of retail trading. we have a package here today, so let's get started. the we leave the program with the latest in afghanistan, hours after the u. s. declared. its military has officially left the country with the departure of us troops came the swift fall of the us back, the government, and now come the warning sign that the country could be weeks away from an economic collapse. the afghan of fans economy has spent the last 2 decades largely dependent on foreign aid, as reports of noted roughly 75 percent of the country civilian budget and the
1:32 pm
entire $4000000000.00 defense budget was paid for by the u. s. and the nato allies . in addition to the u. s. suspending as plans to continue funding the now over thrown government the i m f confirmed. it was cutting $370000000.00 and co bid relief paid the world bank that it would freeze over $2000000000.00 in active funding. and the you confirmed it would freeze $1400000000.00 in aid that was supposed to be released over the next 4 years. all of this, as washington continues to block access to $9500000000.00 and ask in reserve stored in u. s. banks, which includes $1300000000.00 worth of gold and new york rushes envoy to afghanistan, called on the u. s. to release the government's asset. saying that if washington truly cared about the fate of the afghan people, there is no need to create additional problems for them. and the form of freezing the goals and foreign exchange reserves of the afghan state. he went on to know that if the u. s. doesn't do so is likely to create even more chaos as the country
1:33 pm
is forced to turn to illegal profits for ms sky, rocketing opium production, or the billions of dollars and weapons and military equipment left behind by the united states. so joining us now to discuss jeff, reach out to the president of the brownstone institute, jeffery, it's great to have you back on the show today. now, the buying, the administration has declared that the war is over, but at the same time they want to continue to control the countries money based on who was in power. so what do you make of that? but it's just usually u. s. foreign policy. i mean, we've got to come up with some other strategies here besides waiting work massively subsidizing countries or imposing sanctions. i mean, it would be nice of us could figure out a way to have normal relationships with countries. and then the case of the taliban, the west can't seem to figure out, is fender enemies. on one hand, they see the most allies against against isis k, which i get. and that was probably part of the rationale for acquiescing to the
1:34 pm
taliban take over the country with so question the us did that. but at the same time, we've got these now all these efforts do to, to, to, to put into perfunctory and actually quite damaging sanctions against the country to what end. i don't know, it's definitely going to perpetuate economic cas from the country and that's going to drive the government and private. busy producers into the underground markets with the opium production, and we can our selves. i mean there's, that's the real goal of afghans and everybody knows it. and to taliban, talking about banning distribution and production is ridiculous. that will definitely be the direction they go. and we don't want that to happen. we've got to have normal economic relationship. it's not necessary to treat taliban as a do their friends or enemies. you can just establish trading relationships, and that's the best way to normalize afghanistan and smoothed this transition. the
1:35 pm
current path is, is war by another, means we're pull it out of the troops. but now, imposing economic sanctions in a way that actually going to hurt people need to agree with the russian foreign minister here, but he's exactly right. but it's interesting that you say that about, you know, you don't have to treat everybody as a friend or enemy and have an economic relationship. but apparently, it feels like the united states does not feel that way. when we look at every trade to be, we've had in recent years. now jeffrey, it's not uncommon for countries to store the gold off shore, especially with the u. s. federal reserve, which has the largest reserves in the world, but with the safety comes conditions. so what does that mean for afghanistan, if they aren't given access to their own assets that are stored in the united states, from our success really? and as this, the us doesn't have a bad enough reputation of that part of the world is, i mean, that's going to turn every everybody afghanistan further against against us. and
1:36 pm
cause the taliban to reach out more profoundly and with greater economic size to russia. and china, it's a matter of us once again, the shooting of cells and the foot on this foreign policy decision. and it's really absolutely mr. fine. and it would just be nice if we can establish some kind of normal relationship. i think that was a thinking and pulling the troops out of afghanistan with the taliban, that we would develop and normal economic relationships and normal trade relationships and normal political action. but, but when you have going on to sanctions, is, is probably like a big p r move, but it's actually devastating crap gamma stat and is going to drive for further into terrorism. further into the underground economy. it's talking to end. well, yeah, we've seen already 20 years of devastation just seems to continue. now i want to continue on talking about the point you made there, which is that we have countries like russia and china who have agreed to address
1:37 pm
the taliban as the governing body of afghan, a stand. but the u. s. is publicly continued sanctions against the group, all privately relying on them to fight groups. like i said. so how do you see us influence playing out in the countries economy? and are we likely to see more for an investment from other countries? i don't know us us flesh for that f canister is going to look like us relationships . a lot of countries in the world. we pretend to have the simpler to pretend to have this the power, but, but be this country that is moving on without us establishing the own trade relationships. we've seen that with china and we've seen that with, with russia, the u. s. ever further isolating itself from the world economy. this, this tendency began about 5 years ago, and it just keeps perpetuating itself. the u. s. keeps acting as if it's a big global superpower. but it's failing to show that it actually has that much influence in the world, and that seems to be what's going on. right? and right now if have f canister there will be traded relationships between the
1:38 pm
taliban and plenty of other governments and the world that is the only viable or government of the state. i think i think that's what the by demonstration understood are going into this. but now you have, now you have these perfect returns in the other directions. if, as if the us, we're going to somehow punish britain telling me there's going to respond. you know, like with shocking off to the u. s. is amazing power after 20 years of trying to democratize the country and nation build there and completely and utterly failing. you know, it's not likely it's actually going to have much impact on the country. and also be interesting to see what the binding administration decides to do. you know that they know that this is a way that they can't win jeffrey tucker of the browser and institute. thank you so much for your time. and el salvador continues to move
1:39 pm
forward as it prepares to accept big coin as legal tender, a move that has brought praise from the crypto currency world and warnings from the international monetary fund with less than a week to go before the change. the deputies of the finance commission of the legislative assembly of el salvador agreed monday to create a $150000000.00 bitcoin trust to facilitate exchange between bitcoin and us dollars in the nation. and the el salvador and minister of economy says there is a possibility of increasing the initial allocation. joining us now to break this down approved by the co host and crypto analyst spend swan and christy. christy. i want to start with you here as el salvador is making this move, it requires adoption by the business community. how is the country building support for that? while they're building support by incentivizing citizens the same way that the crypto world incentivizes adoption during an idea, you create an aragon, which is free money. so in one week, on september 7th,
1:40 pm
every citizen and el salvador will have access to $30.00 in big point from the government to their chiva wallet. exchange points for dollars or more bit points to the new atm or the apple. the commission free and citizens can begin to legally receive big point payment without having to pay additional changing fees. now the government will spend up to $75000000.00 to air drop, $30000000.00 worth of bit point in to be cheaper wallet. and that would cover the costs of feeding the $2500000.00 users. and then they're also building out the atm infrastructure and they're supporting structures to be built all around the country . and the presidents also allocating a significant amount of funding to also incentive by citizens to learn how to use the chiva wallet app. and in addition to that, the shift is meant to attract for an investment and entrepreneurs in the crypto space. the president has said that foreigners from property can then by can buy them with it quite without paying the capital gains tax that they face in the us. and elsewhere. yeah. and we know that all salvatore is really being seen as the
1:41 pm
massive experiment when it comes to bitcoin right now. and of course the world is watching so bad when it comes to the i m f. we've heard one statement after another they've made it clear that they don't like the idea at all. and they've now issued a new warning, correct? yeah, they have essentially what they're wanting about is they're saying this is and i want to get the quote here. this is an inner via usable short cut that i'll salvador is taking by making bitcoin legal tender, essentially saying that they acknowledge cross water payments will be easier. it will be faster for merchant said, you know, digitize the economy. there's all these positives that they say, yeah, we acknowledge those, but we think it's a bad idea overall and it could hurt businesses, or it could hurt the ability of el salvador to get help from the i m f. if it needs help from the international monetary fund, why would, why would that be the case? unless it's all about politics? what it sounds like, what the message really saying, and as you guys know, they've had these warnings in the past, which essentially say, we think it's a bad idea. because essentially you're trying to go around the banking system and
1:42 pm
you're trying to implement bitcoin in a way that really legitimizes it for the entire country. and so we don't like that . and because we don't like that, if you continue down this path, you better watch out because you might find yourself in a situation you don't like i know in the past like compared to feeling kind of like you're dealing with the mob. i still think it sounds like that it kind of comes off like you're dealing with the mafia here who are kind of warning you that you might want to think twice before you do this and it just comes off in a very negative way. yeah, it really does, especially when they continue with these warnings and they tried to exert as much control as they can. now, christy, there have been some anti bitcoin protests in el salvador. what do we know about that? yeah, not everybody is optimistic, but the chain, salvador and citizens, they started to protest this change, citing the fears of crypto volatility put every day. investors at risk and my pay potential evenly more chaos. and a lot of fear comes from the lack of understanding of the financial markets, which might present a challenge because the big one is for all of our lives there. currently. right now,
1:43 pm
they just from a custom to using the us dollar as a safety net. and anything else that could move as a threat to their financial security, because they're still new to their own fluctuations in only one direction, which is down. they fail to recognize that big wind will most likely appreciate and go up over time. and this again, stems from the lack of financial education amongst the local population, which really isn't their fault because one is living from paycheck to paycheck. investing is probably the last thing on their mind. but in any case, other countries may soon be following suit to cuba, all the amount that they to will also recognize that in the future. and now been, i know you have a pragmatic mind about this despite being a crypto enthusiast, a crypto supporter. if you will, but obviously a transition like this will not be a completely smooth situation. what are the biggest hurdles that i'll, salvador may face? yeah, i think there's a number of them in christie mentioned right there, that you have a fairly unsophisticated population of people,
1:44 pm
especially when we're talking about dealing with a digital currency. it's non trying to take that as an insult. just the reality of what it is in el salvador. so there's going to be a huge hurdle in terms of education. and in terms of people adopting technology for the very 1st time that they've, they've never used before. i think that's going to be a huge hurdle, but i, i honestly think the biggest hurdle el salvador will face will come from the outside of the country. it won't be just the financial literacy and digital economy literacy that has to take place. but also just the influence in the undue influence of other countries and those baking institutions and those, you know, groups like the international monetary fund who don't like this idea. what they don't want to see is the idea of bitcoin as legal center becoming something that catches on throughout the world. and so if you could make an example of el salvador and show that things were poorly there, or that people were harmed, it ultimately serves the existing banking structures. and so there is an incentive there for,
1:45 pm
for certain groups to see el salvador fail in this model. and so i think that's the biggest hurdle they face are those outside pressures. and when we talk about the idea of financial literacy, of course, you know, i think all 4 of us have at one point been asked to explain what bitcoin is, what crypto currency is. and even when you have a pretty good understanding of it, at times, could be hard to explain how you would do that and how you would use and trade it. and you think about bringing that into an entire monetary system. could definitely have a couple of problems to get over, but i think they can boom, bust bend swan and chris the i thank you both breaking that down. thank you. as part of china's wide ranging tech cracked down the nation's regulators have imposed firm restrictions on the video game industry. the new rules published monday will limit miners under the age of 18 to playing online games for just 3 hours a week. they will only be allowed to play between the hours of $8.00 and 9 pm on fridays saturdays and sundays. they will also be able to play in the same timeframe
1:46 pm
on public holidays. now the rules come from the national press and publication administration, which overseas the countries video game market and told state media teenagers are the future of our mother land, protecting the physical and mental health of minors is related to the people's vital interests and relate to the cultivation of the younger generation in the era of national rejuvenation, the chinese game market has become increasingly popular in recent years and is expected to generate more than 45 $1000000000.00 in revenue just this year. according to industry analyst news, you wow, i cannot help but think that if a rural like that were passed here in the united states, there would be protest in the streets. i mean, is this something that can only happen in china? yeah, i mean, you're going to have to have a government that can actually put something like this in place. i mean, here, number one, business has way too big of a influence on policy. and frankly, i mean when some of these gay manufacturers were asked about this here in the united states and said, what do you make of this?
1:47 pm
and the concerns over video game addiction and that kind of issue. they basically said, look, we put this in the parents hand, we give them parental controls, they can limit the amount of time they can see how much time their child is playing . we have rating systems that make sure if, if violence in video games is your issue, we do that. so they've kind of put that and said, hey, that's not on us, that's on the parent. but in china, it's really going to be on the tech companies in this situation. yeah, it'll certainly be interesting to see how that all plays out time now for a quick break. but when we come back, hey, paul is looking to hop into the retail training sector with the platform and the phone. we'll take a look at what that could mean for users and for the future of training next. and as we go to break here, the numbers at the close, the ah
1:48 pm
ah ah ah ah ah ah ah, ah, will the all so what we've got to do is identify the threats that we have is crazy. plantation let it be an arms race is often very
1:49 pm
dramatic. developments only personally, 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 to the families. that mark sounds good. i took, marking your function, you go to maria where it didn't show me what to do done on the call that i wanted them off. you're gonna be like back to do the work for me about the run,
1:50 pm
the less about let me use the welcome back. pay pal is reportedly exploring an option to let us customers trade stock on their platform according to sources cited by cnbc. the report also states the payments company, hired brokerage industry veteran richard rich hagen, to had its invest at pay pal division. now the possible move comes after the company launched crypto, currently trading for us customers last year. and as we have talked about recently on boom bus, retail trading has become very popular as the means dock movement took off just earlier this year. in fact, larry tab, an analyst with bloomberg intelligence estimates retail investors accounted for 23
1:51 pm
percent of all us trading this year, roughly as big as all hedge funds and mutual funds combined. now, as the news bro pay pal stock was up as much as 4 percent on monday before leveling off into tuesday. for more on this and what market tuesday, let's bring in michelle snyder who's partner and director of trading research and education for market gauge dot com. always a pleasure to have you on michelle. i want to start with the paypal situation. as retail investing has become more and more popular, is this a good move for paypal? well, definitely. first of all, they have 377000000 active users. if you compare that to robin hood, they have 18000000. so in terms of the whole trends, you just talked about retail investors getting more and more involved in the market . a power certainly opens up another door. now it's going to take a while for that to happen. as you've mentioned already into the crypto space,
1:52 pm
there's talk that perhaps they'll find some kind of a partner as a broker dealer. but overall, right now, if you just look at the stock itself, it's interesting because you mentioned it's sold off a little bit. but it actually is holding very team moving average here are the 50 day moving average. you have an opportunity if you believe that this could be a real profit for them as it was, let's say for robin hood, when you have a situation where you have about a $10.00 risk and it should send the stock off. now we will tell you though, it does, it will take time. it's not going to happen overnight. wow. so pay pal is seeing all of the success that has been had with retail trading and they're trying to get a piece of the pie there. now, staying on the topic, we saw that robin had stock loss as much as a person on monday after the report that pay pal and fcc chaired, gary gambler are claiming payment for order flow has an inherent conflict of interest. so why is the practice of robin hood sending orders to wholesale brokers
1:53 pm
rather than exchange is facing so much criticism? and why is it used to begin with? well, 1st of all, to answer your 2nd question 1st. this isn't nothing new now in terms of 0 commissions, we'll get to that. but i go back a long time in trading when we used to trade on the commodities exchange. so order flow would be jumped in beforehand. so people would be privy to a broker working for a large company that a large order was coming in and people would pile in and try to get it in front. and then as soon as that order was done, they would sell. and so if you or an experience trade or i just really think it's important to get bogged down into the idea of high frequency trading in the cell in order flow means that you should make some adjustment. if you are a position trainer, really should make that much difference. and if your day treating you should probably have a little bit of a timeframe in your mind before you put a by stop or cell stop. so i wanted to mention that as far as the actual order flow
1:54 pm
selling of it robin hood is definitely not the only company that does that. and in fact, going back to what we just talked about with a pow, that's also on the table to have 0 commission that's attractive. so there has to be some kind of payoff there. so the fact that again was taken on use, not just taking it on for robin hood, he'd be taking it on for the entire industry. and that would mean some really big sweeping changes to the whole industry in general. so really in terms of the retail bus or it's going to come down to what do you want more you want you a commission? or do you know that your water flows being sold? and that of course, could actually affect your fill. when you put in an order, so it's going to be interesting to see what happens going forward. will michelle, i just want to follow up on that because i think like i understand completely what you're talking about. this is nothing new. this is kind of the way it works, especially when you're looking at 0 commission trade. but when you start to have retail investors who don't have big money in the market, this isn't their professional job. they're just trying to, you know,
1:55 pm
make money where wall street makes money and they look at it and they say once you start learning about payment for order flow, you're basically saying, okay, well, all these other brokers, they see the money that is coming from my account they see the buys and they might see them coming from all over the place in the retail. but shouldn't they kind of even the playing field for the retail investors if you want regular people trading in the stock market, or do they just not want us there? well, it's really kind of like you, you're going to lose as a retail investor one way or another. so pick your poison, and i think that's all from the legal retail investors are going to have to decide, because if they go back to charging commission and you're a very active trader, then as we know that also with small money will cut into your profit potential that's not an easy answer. all i'm saying is that historically there's been an adjustment that we tell investors have been trading for a long time. i've had to make and a paid commission. so at least you have one advantage and you didn't have say
1:56 pm
a few years ago before the commission became popular. so again, we'll see what cancer does, but is huge because it's not just robinhood. he's got to deal with this with many companies going across the board. absolutely, and we know settlement time is coming up as well in the discussions. michelle schneider of market gauge dot com. we could talk all day, but unfortunately we are out of time. thank you. so much spread and finally, the 1st ever payment to accompany to mind the moon has been made and a transaction between nasa and lunar outpost worth just $0.10. the cheque represents 10 percent of the colorado base startups, $1.00 bid. it also says that the legal framework for lunar outpost to follow through on plans to collect dust from the move now may not sound like much, but nasa administrator bill nelson said the mission to collect space resources will play a key role. and those are to miss program as well as the future of space exploration
1:57 pm
. they say they're long term goal for the resources they find is to create a form of demand for building facilities or even to create water ice to then create rocket fuel as a result, really, the possibilities are endless. a 10 cent contract. can you believe that rachel? it just doesn't make sense, and that's it for this time you can catch boom bus on demand on the portable tv app available on smartphones and tablets, the google play, and the apple app store by searching portable tv. portable tv can also be downloaded on samsung, smart tv, and roku devices, or simply check it out at portable dot tv will see you next time me. ah, 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,
1:58 pm
i'm going to resist. i don't see how that strategy will be successful, very critical time time to sit down and talk this is your media a reflection of reality in a world transformed what will make you feel safer? tyson lation community. are you going the right way or are you being direct? what is true? what is in the world to corrupted, you need to defend the join us in the depths or remain in the shallows. ah,
1:59 pm
ah, only one main thing is important for not as an internationally speaking, that is a nation's allowed to do anything, all the master races, and then you have the mind, the nation. so the slaves americans, proc obama and others have had a concept of american exceptionalism. international law exist as long as it serves american interest. if it doesn't, it doesn't exist by turning those russians into this dangerous man there wants to take over the world. that was a conscious strategy. so some of it on your own. i english v i v. i n, r too often, one, tablet, block, nato. it's our, we move east. the reason us had gemini, is a dangerous, is the lack of the sovereignty of other countries. the exceptionalism that america
2:00 pm
uses and its international war planning is one of the greatest threats to the populations of different nations. if nato, what is founded shareholders in the united states and elsewhere in large companies would lose millions and millions more as business and businesses good. and that is the reality of what we're facing, which is fascist. ah, rich foreign secretary squeezed by m p. 's overall questionable handling of the crisis. enough kind of stand. why he was relaxing on a beach when couples fell to the taliban. when did you for holding beach? did you go and didn't? what did? what date did you go? i made what date and holiday phones i said i think your own personal transparencies reports and what.


info Stream Only

Uploaded by TV Archive on