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tv   Boom Bust  RT  September 25, 2021 1:30am-2:01am EDT

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discuss your opinion, nobody discuss this, the future of the euro. nobody speaks about politics. and so it's rather provincial as to the lecture agenda. what i observed is, and i think this is also the ceiling of many germans. there's no interest in congress metric as much more interest in somebody who administrators have seen this miss knacker. this will pop up popularity with not only the germans, but also with the french. a lot of people have great criticising her migration and politics. i was one among those voices, but i think what will be important more in the long run is union actual decision on germany moving out the nuclear and doing this look with energy transition. this is currently the real topic. rising energy prices, it's very uncertain, some fission in energy supply here. it's really too early to say whether germany
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will be able to remain and in the country why renewables. why as grid that still has to be renovated large extent, and i think this is the real question. i just joining us so far here on our team to national half past 8 on saturday morning here in the russian capital. we will continue our special coverage on the eve of germany's federal election, who will replace the angle of merkel after 16 years that held the next 24 hours. big time for the electoral news, we're back soon went off into the join me every 1st day on the alex summon show and i'll be speaking to guess on the world. the politics sport. business. i'm show business. i'll see you then me
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ah, the ah, ah, this is the bus so i'm sure you can't afford to mess. i'm rachel blevins in washington. coming up the wall way. cfo is set to be cleared for release and the u . s. is dropping this case against her nearly 3 years after she was detained in canada on wire and bank fraud charges from washington. it was china analysis new
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plan to go after crypto users, as it declares transactions illegal will take a look at the latest announcement and how it is impacting market. what did the f b? i know, and when did they know it? that's the big question surrounding the latest report on the can say a hack and whether the government could have saved hundreds of picked up for this job. we have a lot to cover today, so let's get started. the we will the program at the latest on the case of wally's chief financial officer, a main ones though, nearly 3 years after she was detained in canada at the request of the u. s. she is now set to be released. that's according to reports that she agreed to or deferred prosecution agreement with the u. s. department of justice. while she is expected to admit some wrong doing washington has agreed to drop the wire and bank fraud
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charges against the wall way executive, allowing her to return home to china. a similar deal was offered by officials in the trumpet administration last year. but miss meng argued she did nothing wrong. her team has repeatedly called out the u. s. government for the methods used to secure her arrest. the chinese government has also called for her release and refer to the case as purely political. it's another tough day for bitcoin as the world's largest crypto currency fell 8 percent on friday. thanks during announcement from china, declaring that all crypto currency transactions are elite all in a statement posted on their website. the peoples bank of china called for increased power to be given to local governments in order to monitor their regions and report any activity. the bank valgy crackdown on what it called illegal financial activities related to crypto currencies and to go as far as investigating, investigating employees of foreign crypto currency exchanges inside china,
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along with those who advertise or provide crypto related services. so joining me now to break down mr. nelson or boom, bust co host, an crypto analyst bent on and kristi i kristi, we'll start with you here. so the statement from china central bank isn't exactly a huge revelation. so why did crypto markets react to it? the way they did? or markets react the way they do because of the same reasons as the equity markets because of the massive amount of bots and algo that pick up on key words. i mean, it was literally only a few months ago that of a rally to all time highs near a 1000 because a bunch of crypto trading algo picked up that all of it was trending on twitter. but unfortunately for them are they on twitter actually stood for african american vernacular, english rather than the crypt decline. but nonetheless, they got push to new all time high before traders recognize their mistake. but the same thing happened here. i'll goes picked up on negative china headlines and
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dumped, but it's not much because then the trader as quickly realized their mistakes, but quite dipped back to their support levels at 40000 and as the dust settled, they're kind of stressing that this was a completely false alarm from china. i mean, this is not absolutely not new news. this band is simply a reiteration of the p. b c's existing restrictions in place for literally the past 4 years. and this is so similar to the september 2017 original ban announcement. that's them bitcoin tumbling only to recover at the original level within weeks and then set new all time highs of 20 k less than 3 month later. so this is literally history just repeating itself. that is absolutely fascinating. and an interesting way to look at it now, been whether it's the view of actual traitors, or even the view of trading algorithms that china is announcement, coupled with more scrutiny from the fcc. here in the u. s. are they looking at it as making crypto a more dangerous place to invest all around?
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whether there are some people who are concerned about that because of the u. s. regulation and all the talk with regulators are not actually coming out and saying anything specific they're going to do that keep hinting around regulation rather than actually calling for specific regulation. the head of the fcc. once basically all crypto to fall under his purview, which you will see about actually happens or not. but there are a couple of important things here. number one this, i agree with christy completely. this announcement by china wasn't even an announcement. it was an answer to a question during a q and a session, which essentially means it's not like, you know, china stood up and said, we're going to make a declaration that's going to shock way through the world, reiterating their stance that's already been in place. but the chinese miners have already sold their equipment and moved on and found new places to begin mining. so it's not going to affect that part of the business. and in china, you know, those who are buying crypto in the underground will continue to do that. and those who are not buying it through those mainstream exchanges will continue not to so it doesn't really change a whole lot. but what does change, i think here in the u. s. is there is
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a growing sense that federal authorities are going to bring in a major crack down against crypto. well, what does that actually look like? i think part of it hinges on what we talked about earlier this week. going back to the federal reserve and you know, jerome power basically talking about a central bank digital currency for the united states that the federal reserve. what some point issue once that's going to happen at some point. and then where do crypto fall after that will be us come out an outright ban, all of them, probably not. but will they really limit what those crypto are allowed to be used for and how trading takes place may be. so the question going to be, how much does the government try to gain control of the crypto market between now and then, and what does that control look like? and i'm not sure anybody can answer that question. right? and especially when you look at the statements that have been made about as and not only creates even more concerned as to what they're going to do, or rather what they're going to try to do. now christy, when we're looking back at china, the country central bank, also bard financial institutions, payment companies,
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and internet firms from facilitating crypto currency trading nationally. well that and the ability of crypto to be mainstream in china. definitely not because china has embrace crypto more quickly than the us because they were already accustomed to digital payments. and the 1st place to be a we pay or alley pay because how many people in the us use an app to pay for groceries? currently, it's only about 43.2 percent as of this year, and that was only due to the pandemic. fueling this contact with payment trend. whereas in china, it was 83 percent of all payments were via mobile app payments already in 2018. so the behavior was way more prevalent to begin with. so adoption was very easy for the mainstream. and then here's another thing. how many times a big wind actually been banned by china? i mean, the 3rd question, how many times have we heard that like 20 times 30 times, it's literally the same story every couple of months. however, how much bit quite actually circulates in china. well, we know that some of the biggest pick my wallet are in china,
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and previously some of the biggest minors were in china. and even though they've all moved out and their physical location isn't in china, the biggest mining pools are still chinese. so i think it's safe to say that no one in china is taking these bands seriously, or at least they're finding a very clever way around it. and once again, that's the beautiful thing about big coin. you can't ban it, it's peer to peer. so if you have a willing and able counter party to trade it, you don't need to go through a financial institution of payment company or any other middle man. in fact, by doing this, china is actually proving bitcoin capabilities the way it was really design and meant to be used to actually instilling better habits than people here in the us who are still reliant on the convenience of things. i coin base pay power, robin hood. yeah, maybe maybe they're going and all of those announcements about the crackdown to think that eventually people will start listening if they just get to the 20th or the 30th time around and it continues to circulate. now then whenever we're looking
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at china's national development and reform commission, they've said that they will work closely with other government agencies to make sure financial support and electricity supply will be cut off from mining and china . could we see a move made like that here in the united states? well, i mean, it's possible. i mean go back to what chris, he just said the, the mining pools are chinese, but they're not in china. so the idea that the chinese government is going to work to cut off electricity to but we're kind of like saying, you know, you're going to cut off water to all the farmers who left and took their crops with them, right? there's no money pulls that are looking for that electricity, but yeah, it's possible that could eventually happen in the u. s. i think that in the u. s. where, where you're going to see the crackdowns on electricity. it always of course, take the form of green energy and how do we protect the environment and fight climate change and all that good stuff. the problem, of course, is we talked about many times before the hypocrisy and that because of the fact that, you know, the banking system uses far more electricity than the crypto money. so again, having said that, you know, there are a couple of things that are important here. one is there is an entire movement
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within the crypto industry to move toward renewable energy as the sole source, not electricity, but renewable energy as the sole source for mining crypto. it's happening right now . if i know a guy who just established a mining facility in the united states using only water power of a fuel by a river that used to be used for saw mill and they completely converted the entire thing. they're using nothing from the grid. and so that it is happening right now. there is a movement that's underway for that to take place. but again, this idea that what china is doing is so shocking, it's really not shocking. but it's also important for something else. christie said, she said that this is proving the case of big coin proving that it doesn't have to be subjected to all the rules of government and it can exist without them. let me tell you something in every instance where that happens, where bitcoin is not institutional, where it's not adopted by banks, and it's not held by government and not sanctioned by government. big coin is
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stronger, its strength comes from being a rebellious currency, not the mainstream currency. yeah, absolutely, and it's interesting to see how that innovation just continues, even though we've got the u. s. government continuing to criticize it, continuing to talk about how crypto currencies are bad. and to that point, christie, i mean, even if we see the u. s. government try to roll out some sort of regulation to really go after crypto. do you see people just continuing to adopted anyway? absolutely. and has been said, i think big coin is stronger because it has been quite originated as the 1st coin it was created to be the biggest wealth transferred to actually take power away from the financial institution away from the bank away from every single mental man institution that currently exists, the only way government can institute any sort of regulation is through these middleman. but because big coin and all the other culture currencies are peer to peer. as long as he has someone else who's recognize, who's able to recognize the value except it and be your counterpart in accept it,
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then it has value, then you're able to trade it for goods, for services, utilities, etc. so if you cut out the entire middleman, there's no way to regulate it, and that's exactly what crypto currency does. it makes it so that is a very decentralized platform that doesn't require the uses of any sort of institutionalized firms. and it's fascinating to see how government continue to prove those points over and over again. we're going to have to leave it right there, but the bus spends on and christie, i thank you both for your insight. you the markets are mixed this week as supply shortages and rising inflation mix with political tensions worldwide. let's start in russia where the mo, x is up. this, as president confirms that countries gdp has returned to pre pandemic levels. russian officials also confirm plans add $34000000000.00 to the countries national
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wealth fund over the next 3 years aimed at continuing to revive economic growth over in china. the shanghai composite is in the red. all eyes are on ever grand as the real estate companies stock games, 17 percent briefly on thursday, before seeing another dra of 14 percent on friday. bondholders, who were awaiting more than $83000000.00 in coupon payments, appear to be still waiting following the deadline. this week and in hong kong, the hong saying is also down. in addition to closely watching the ongoing ever grants saga, crypto holders in the region are reacting to the latest crackdown from beijing and what it could mean moving forward. it's another red arrow for the new k in japan. consumer prices in the country stop falling for the 1st time in 13 months with the latest cor. cpi report emerging from negative territory for the 1st time since july 2020. the change was brought on by higher energy costs and an ongoing tourism campaign. let's go over now to india where the sun sexes in the green this,
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despite the latest report from the agent development bank, which lower g d p growth expectations to 10 percent. while increasing the inflation outlook for the year to 5.5 percent from a previous forecast, 5.2 percent in australia, the a s x is down and it was officials from australia, india, japan, and the us that met at the white house on friday. all as part of a special quad alliance that is for phillip washington continued campaign to stand up to china in the pacific. over in south africa, the all share is up for the week. the latest report show inflation hit 4.9 percent in august, marking the 4th consecutive months that inflation has been above the central banks target with the store and prices lead by fuel costs, which were up 20 percent from the year before. now let's move over to the u. k, where the footy is up. the government is telling consumers not to start panic
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buying in response to increasing shortages. even though the oil giant b p announces the temporary closure of certain stations due to a lack of truck drivers and soaring prices that have the entire region on edge near by the german docs and the french cack are with and the grain. but it's a similar story as a blocks recovery has taken a hit from ongoing supply shortages. this includes an energy crisis that continues to grow as winter is fast approaching, but the european central bank continues reclaim things will fall into place when new sources of supply are found across the atlantic in brazil, the evo vast. but is also up this as brazil central bank raises interest rates for the 5th consecutive time this year. and then attempt to battle ongoing inflation. the country has been hit with the perfect storm. i soaring commodity prices and struggling currency are combined with the worst drought in a century. over in mexico, the bnb is down,
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the country central bank could be increasing interest rates once again. as report shared prices have continued to rise more than expected with inflation and nearly 5.9 percent in august. if they do go that route and increase of $25.00 basis points up to 4.75 percent is expected. here in the us, the dow, the nasdaq, and the s m. p are all in the green for the week. markets breathes a sigh of relief as the federal reserve signal. they won't make any changes to its easy money policy right now. and plans to taper bond purchases are coming, but they're not here just yet. finally, in canada, the g s. x is up prime minister just intruder will stay in power following mondays, federal election. but the plans for spending that key campaign not have res, new concerns about how they will impact inflation in the country. as he proposes an additional $62000000000.00 and programs over the next 5 years, and that is your global market walk. time now for a quick break,
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but when we come back, what did the f b? i know and when did they know it? that's the big question surrounding the latest report on the can say, well discuss whether the government could and should have saved hundreds of victims . next, as we go to break here, the numbers out the close, the me me, i my name is walter, the birch and focus bittman. go volunteer but mm oh.
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oh oh i, i ah ah, me. ah, i understand i what we've got to do is identify the threats that we have. it's crazy foundation, let it be an arms race is often very dramatic. development only personally, i'm going to resist. i don't see how that strategy will be successful,
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very political time. time to sit down and talk to me the news the welcome back. a major allegation has been made against the f. b, i months after a massive ransomware attacks that hit 1500 networks impacting hospital schools and businesses worldwide. you may remember the attack targeting the technology firm because say a back in july. well, now a new report, citing anonymous sources is saying the f b i obtain the digital key that could have them lock the computers of hundreds of businesses and institutions. but it refused to do so for at least 3 weeks. the plan
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was to go after the hacking group are evil without them even knowing. but that never ended up happening because the group mysteriously disappeared from the internet. so joining me now to go further and jump on this is todd shipley, cybersecurity, expert, and president of dark in tell tod, it's great to have you back on the show today. now, i know we're just talking about these reports, the f. b, i has refused to comment on this, but what is the likelihood they had the key and did in fact, wait weeks before taking action? well, we know somebody got the key because a particular company was able to use the key to provide a tool to help some of the companies with the issue. now the reports are that they did have it. it's not unlikely that they did. but remember, they've got to make these bigger picture decisions about what's in the best interest of, you know, security versus what's the best interest of a single company. in this case, it was a lot of companies, but they still have to figure out what's in the best interest of the overall
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objective of the b i, which is to catch criminals. right? and now when it comes to those sort of big picture decisions and we're talking about ransomware attacks, especially ones like this one where you had schools and hospitals that were being targeted. how does that debate play out when it comes to either helping the victims punishing the hackers? how does that all out? well, there's a real balancing act there. i think for our federal agencies that are involved with this and, and there are some reports that we're not sure that it was the f b. i could have been one of the other agencies that had the key. but they've got to figure out, you know, truly what's in the best interest of all of us. and sometimes the companies have to take responsibility for these problems themselves. you know, the bite administration has put out guidance for a lot of companies on how they should be dealing with this. they want to look at the legislation to not allow companies to pay the ransom itself. and so there's a bigger picture kind of thing going on here. how do we globally affect the change
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when it comes to ransomware and the companies have to pick up some of the responsibility if they're not protecting themselves? that's not the government's fault. right, and i know that we've talked a lot about the need for companies to take action to really take this seriously all around. and there's another story about companies taking action that we saw earlier this week where there was an attack on the agricultural services provider. new co operative, i spokesperson for the company, confirmed that they were the ones who took their services offline in response to the attack. that's similar to what we saw with colonial pipeline back in june. so how do you view that course of action and is it something you would ever recommend? well they have to go to and of course i mean once they find out that they've got the malware within their system and in their network, they've got to segregate all their pieces. in part of that is ended up taking their
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system off the internet because that's how these things propagate. so they've got to separate their systems, identify where the infected systems are separate, segregate those systems and clean those systems so that the rest of the network doesn't get affected. and that's just the backend process. now that may be using backups to restore things or whatever they've done properly in the backend, but they've got to separate those systems so that they don't, in fact everything else on the network. what it is interesting to see when you hear from these companies and they're the ones saying we were the ones who took our services offline, then it kind of looks a certain way, you know, versus if you have certain people asking, well, one of the hackers do what did they and so i think that whenever it comes to the messaging of it, certainly how do you view the messaging of these companies when they're speaking out about it and they're talking about what they did and respond to those attacks? well, i think that's one of the fallacies that a lot of these companies have is not planning for this part. you've got a plan for the attack, and part of that is the message they're going to give out. and so they should have
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been planning for this with their marketing people. they're spokespeople their attorneys within the firm about if they get attack, not if, but when they get attacked, how are they going to respond to it? what's the, the messaging going to be from the company about how they responded? i think you've seen some better cases of that. certainly, the colonial pipeline, one was not the best example because it look more like they had shut down everything. when in fact they really hadn't shut down everything, but they need to be clearer about the messaging and be, i think, be a little more positive about what they're doing and telling the public how they're responding effectively to the problem. yeah, this really is the new kind of emergency they need to plan for. now, as we saw this week with the new cooperative hack, it added to the fear of how our supply chain could be impacted by ransomware attacks. and of course, the response to them do you think that we're likely to see more of these, especially when the supply chain is already in a critical place. while we already are, you're just not seeing them all,
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or they're not all being reported. if you go to our evils website on tor, within the dark that you're going to see that they're continuing attacks all over the place. and so we're just seeing the ones that meet a certain, you know, publicity criteria for us to go after are evil, hasn't stop the other groups, dark matter. and the other ones that are out there that are continuing to break into the systems and plant malware and ransomware on the systems are ongoing. and so we're going to see more of it before we see an end to it. yeah, and certainly we've seen that rise an attack so far and it just continues to happen . we're going to have to leave it right there, but great inside is always todd shipley, president of direct intel. thank you for your time. thanks. and finally, the us. he craved, continues this, we've auction houses as a classic mean has been revitalized for the 2020s. if you've been on the internet at all in the past decades, you've almost certainly seen this mean doug side, i,
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chloe, it features and then 3 year old girl giving a less than ecstatic look after being told about a surprise, disneyland trips. now in 2021, chloe's mother has taken the name to the n f t market. and although bids began at $15000.00 paid in the theory, and the price is now nearing $20000.00. as for the funds raised from the n f t cell, chloe's mother has claimed that she hopes to use it to pay for her child's education. certainly as a new frontier for a means that we may never have expected. that's it for this time you can catch boom bus on the portable tv app, which is available on smartphones and tablets through 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 portable dot tv will see you next time. me
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all me you know, life. its diverse. that's what makes it interesting. when you have a monoculture, it's dangerously monochromatic. like when you have only one strain, a banana and the banana gets sick and now there's no more bananas because there's no more diversity the yes, no, they didn't take into account one thing for their own capabilities. i didn't want to face the truth if you will view lotsa and the truth is that the u. s. is no longer capable of playing the role of global hagaman. i mean,
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the role which had had assigned to itself in the glove was do more with the, with our top headlines 0 and a and a dutch court rule that it is acceptable for board of police to stop and check people entering the country on the basis of skin color, we put the whole issue of the back to codification of racism. i don't know the figures and all this, but i suppose they are similar like in belgium, 6 of them. prisoners are illegal immigrants, origin offenses. hundreds of health workers in france are facing prosecution override and couldn't fraud in the countries coven health pos system with.

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