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tv   Boom Bust  RT  October 5, 2021 7:30pm-8:01pm EDT

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20 months, not least looking at current affairs to like the fuel shortage air in the u. k as well. so that's a huge amount of money. but the defense secretary is defending this amount of money on the move in general saying that the u. k. must be better equipped to defend itself, but also must be in a better position to launch these cyber attacks as well. some foreign states are waging cyber warfare not every single day. and we have a right on the international law and among ourselves to defend ourselves. and one of the way see can do that is to dismantle the tools that i used against you. for example, if the hostile state is using a server to deploy ransomware against you, spyware, using disinformation, you could use offensive side, but to deal with those servers, it's been on this trajectory for some time. now. in fact, the national fiber force has been in operation. it was established since at least november of 2020, but what we do know is in the past few months now in 2021,
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a british officials have been hinting at who these hostile states really are. namely russia and china. russia has combined military and non military means to alter the map, attempting to change the balance of power and undermining the cohesion of all societies through disinformation, russia, and china, and gaining a decisive advantage in information h military technologies. we know that russia has consistently denied any involvement in cyber attacks here in the united kingdom and says that london has time and time again failed to provide any solid evidence to back up. it's claims a gang stead, but still the united can. the kingdom continues and is indeed setting up this new headquarters. and it seems as though the u. k is not as ramping up as a rhetoric, but it's clearly a ramping up its capabilities as while you're up to date, more news in less than 30 minutes up next. and i'll say international, it's boom bust
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ah, join me every thursday on the alex salmon. sure. i'll be speaking to guess of the world of politics, sport, business. i'm show business. i'll see you then. ah . the boom bought the one business show you here at the board of mit. i'm bridge a board, and i'm rachel blevins in washington coming up. u. s. officials are pledging to resume period, talk with china after 8 months, but the bind administration is refusing to lift from the terrace in the process.
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well, take a look at whether the trade war will come to an end anytime soon. what the energy crisis continues to hit, the economy is across the world, europe and china, they increase in shortages with winter quickly approaching. well, this guy, good. we discussed the great faith book wacked out as we look at how the social media giant nightmares week just keep getting work. we have a lot to talk about, what's good to it. really the program with the latest from a former facebook data scientist turned whistleblower who testified in front of the u. s. senate commer subcommittee on consumer protection on tuesday saying the company was aware its products were harmful to young people. i'm here to day because i believe facebook's products harm children, stoke division and week in our democracy. the company's leadership knows how to make facebook and instagram saver, but won't make the necessary changes because they have put their astronomical
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prophets afore people. congressional action is needed. they won't solve this crisis without your help. i saw facebook repeatedly encounter conflicts between its own profit and our safety. facebook consistently resolve these conflicts in favor of its own profits. the result has been more division, more harm, more lies, more threats, and more combat. in some cases, this is a, this dangerous online talk has led to actual violence that harms and even kills people. meanwhile, for nearly 6 hours on monday facebook, instagram, whatsapp and messenger were all inaccessible. it was the longest global outage in the history of the social media giant. and the event had spawned a whole host of mimi, as users flocked to the company's competitors like twitter and telegram. some of our favorites included the mockups of facebook founder and ceo, mark zuckerberg, trying to fix the problem. self entrenched in wires, and somehow the infamous,
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not stocks me worked its way in there as well as zuckerberg. last $6000000000.00 in personal wealth. as a company, stock tank with every minute the service was down with the social network back online, there is a lot of follow to talk about and joining us now to do so it's whoa, whoa, whoa, spend swan and christy i been, i want to start with you so far it appears this was not a hack attack, but instead it was a technical problem. what exactly happened from what we know where we're not exactly sure what facebook says. it's a faulty configuration change, which essentially means that somewhere in there systems are right. they were no longer able to get their servers to communicate with their domain name system. they're dns system. what's, what's bizarre about that claim though, is that essentially what they're saying is that not only were they unable to make that connection, but that somehow it was affecting facebook and instagram and messenger and what's app. all of the same time employees at at least one of the campuses in california,
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their, their key swiping cards did not work, their key fobs so they couldn't get into the building. they couldn't access the building, which is also bizarre, right? why would you not be able to access the building? if you're, if your d n s service is down? so that makes no sense. and then, of course, is the claim that none of this could be fixed offline or remotely, and it all had to be done by engineers who had to travel to a specific site where the servers were located. so i think there's a lot of questions that still surround this. we know it was not a hat, but why exactly did this happened? one thing that facebook is not said is whether or not this was a planned or edge will that change over in terms of their, their configuration systems. we don't know the answers to any of those questions. i think those are big questions, but one of the big questions that remains on answer is, why are all of facebook's properties connected through central servers? why are they not separated from each other and at least decentralized in that world so that if one goes down, they don't all go down. yeah, absolutely. especially as we're talking about facebook having too much power, they definitely found a very important lesson to the public yesterday. now,
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christy facebook and all of its properties, both some 3500000000 users. so what did this outage show us about how many people actually rely on facebook and all of its other apps? i mean, it shows us that people are more reliant on facebook than we think. i mean, we think of facebook and instagram as to social media platforms. to share pictures and get lights, but they're actually critical platforms for businesses. so many businesses, a lot of facebook for communicating with customers, selling goods. basically you lost a day of selling goods. if you're an online merchant and then customer support was disrupted because that's how people communicate with businesses. so even for businesses who run through their own website, had their own email lists. he still relying instagram and facebook to run ads and posts. and then even on top of that, what's happened, misinger their central tools for communicating hostile orders and especially in parts of the developing world, the cost of the facebook outage was felt hard in latin american africa. these
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services are essentially the internet for many people, almost like utility. so in rural places where there's no cell phone service that internet, so example what that is, they're only mode of communication. so it's crazy how in the last 20 years, businesses all rely on a few tech companies before there was absolutely no online community. and now the only community is online. so if facebook goes down, then everything kind of comes to a grinding halt. yeah, it really does seem that way, especially even for those who say they're done with facebook or same time, they're likely still relying on whatsapp or one on facebook. other properties now been we were actually already talking about facebook this week because this was the 2nd blow to the company. and the last few days, as we saw on sunday night at 60 minutes, interviewed a whistleblower who claims that the company is prioritizing profits over safety. we heard from her, testifying before congress earlier on tuesday. is this likely to have any kind of impact on facebook overall?
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i think it will have an impact. i think what's interesting is and don't get me wrong at francis hogan who's the. the whistleblower who's been speaking outright has done a pretty coordinated job of releasing this information coordinated i say, because there is definitely a strategy to what i think would be initial release because she's the one who released the initial documents about facebook and instagram specifically being harmful to teenagers, facebook targeting that young people. so you have that those set of internal documents, which i think are pretty significant in terms of facebook. tullison this in dealing with kids and targeting them. but then come, the accusations that have most recently been made and you play some of those clips from the testimony today on capitol hill on, on tuesday. and what it really comes down to is her essentially saying that facebook is dangerous because it does not moderate enough content. it doesn't sensor enough content that's algorithm allows people to see content that's similar to what they've seen in the past. therefore, there need to be strict rules and of course as you guys know this, and i'm not
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a big proponent of that. but i also believe that he raises another question, which is, who would now be in charge of facebook itself cannot be trusted, which is what she says with monitoring and, and moderating their own algorithms. who would be? and i think that's a huge question. that's not being answer. yeah. well, and that's exactly. i mean, we've talked about this a lot is what is the responsibility of social media giants and the companies behind them a lot. christy. i have about 30 seconds for this, but there's also the claims that facebook mid let miss lat investors about their reeds. what do we know about that? well, the whistleblower claims that face was misled investors not the size of the audience and concealed basically years long decline and the younger audience, especially during the corona barriers pandemic. when overall social media usage search, every cohort use a facebook increase except when the $23.00 and under category, which then continued to decline. so facebook basically misrepresented its core metrics to investors and advertisers, including the amount of content produced on its platform. so by including these
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figures, facebook mon, centrally able to export higher fees from advertises to run on their promotion when in actuality, and never got those eyeballs there in the 1st place, boom bus, spend swan and christie. i thank you so much for breaking this down. force and to energy prices are soaring with demand for oil, natural gas, and coal, increasing rapidly in recent months. the growing crisis is being felt around the world, even for countries that have a wealth of natural resources. that includes india, which has the world's 4th largest reserves, but is the 2nd largest importer of coal. it is currently battling it out with beijing. the world's largest importer. as china works to increase imports in the face of a massive power crunch. either results reports or now warning that over half of india's $135.00 coal fired power plants, hot fuel stocks of less than 3 days, which is dangerously lower than the recommended supplies of at least 3 weeks. now.
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meanwhile, europe and china are also seeing their supplies run low and energy short is in shortages, increasing as their government's attempt to take on skyrocketing prices with winter fast approaching. as for the question of when supplies will come roaring back. well, opec plus, as among those saying, it's not ready to change its schedule for increasing production over concerns that it will flood the market. so joining us now to discuss the latest on this is david, how will president at megalith capital, david, it's great to have you on show today. now i want to start with this latest from opec plus they say that they will continue gradually increasing production even with pressure from the u. s. at india to do the opposite. in order to provide relief for soaring oil prices. what do you make of that decision? to think this is opec's last and greatest stand. i think they know that they have control over these markets from now on the such time as we reach the fulcrum or the
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turning point in terms of being renewable based economies throughout the developed world. and so i think we're going to have a lot of difficult times ahead economically, financially as it relates to energy. and also politically, frankly. and now we know we've talked a lot about the global energy crunch as they're putting it when it has to do with a lot of natural gas. and then there's coal is becoming an issue. and when it comes to the situation in india, cold fire plants account for around 70 percent of the country's power source raising concerns that the lack of supply could lead to widespread power outages in the coming day. how dire of a situation is this, especially when we're looking at that overall energy issue you, you make an important point, which is on the one hand, all of these energy sources are not equal. right? coal is very important to the eastern part of the world. in the western part of the
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world, we have a much bigger than reliance on oil, an ass. however, we're having problems throughout the commodity. ah, you know, universe we're having issues with all those things and the reasons are, you know, common, 1st of all, we're coming out of the pandemic. so we're seeing a lot more economic activity. a lot more travel we're seeing shipping going through the roof. in addition, we've got him full shingled off the world, so prices are generally going higher because of inflation. and now we've got demand that is soaring as well. and if we have a cold winter in an hemisphere, we're going to be in some serious trouble. we're going to see some real emphasis, politically and legislatively throughout the world on energy. we have been focus generally politically, at least in the united states on issues other than energy. energy can easily come to the for very quickly, just like it has in china and india right now. oh, absolutely. and i know that we've talked a lot about this ongoing energy crisis in china and europe and now in india. so
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where does the united states and in all of this, i mean, does the us stand to face the same shortages in the coming months? and of course, does its reliance on china and you're at stand to impact the ongoing recovery here in the united states. so in the united states, i would say the, the, the most important energy issue is really oil. and not because it's going to cause a crisis. so widely used and it gets so much priced into everything from the basis of, of certain types of ahmad being the source of fuel for various types of transportation. and so when you have oil prices that i think, and i've been saying this for a while, are going to go through a $100.00 a barrel before the end of the year. that effect on the pump is very serious. and an automatic li trigger is a lot of thinking about, you know,
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are based on the activity that goes on. so i think the concern here in the united states is really around oil, certainly not to gas prices are going, i are certainly cold prices are going higher. everyone in the united states generally is ascribing that stuff to inflation overall. we're, we're having, you know, inflationary environment with commodities broadly. however, i foil in the united states could really become a problem. certainly, as we approach winter, we're a lot of heating happens through oil. yeah, there really is a lot of pressure to address those ongoing supply to where it is and not a lot of time remaining to do it. david tal mangling capital. thank you so much for your time and insight. thank you. now to a story that is truly out of this world, there maybe countless movies that are set in outer space, but russia is making the 1st ever movie to actually be filmed in outer space. a russian actress and director joined a crew of train cosmonaut as they were launch to be international space station on
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tuesday to begin a 12 day adventure. their goal is to film scenes for a movie about a surgeon who rushes to the. i assess to say the crew member and they are making history in the process. they said they have been taking part in intensive training courses for the last 4 months for this once in a lifetime opportunity. we could also put a good phone, be prepared, as well as the responsible to do in such a short, not here yet. in any case, this is an experiment which so i don't want to use the word fear or anything like that. and i just want to say i was very excited, enjoyable because you have to understand how few people have been there to space. meanwhile my, we have the opportunity to fly to space and not just fly there, but to do what we know best on earth. listen, you can make a film and that's not all legendary actor william shatner, host of i don't understand right here on our t. america is also planning a trip to outer space where he will become the oldest person to reach orbit. i don't know, senator, i'm going to ask question because the problem is sit up,
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be think not out of the realm of possibility. i'm going to ask question. i don't understand. come on with me. we'll make a journey together, cried fido available on portable tv. at the age of 90, shatner is set to join 3 other crew members on tuesday, october 12th, where they will blast off and jeff basis is blue origin capital from west texas. the flight is expected to last about 10 minutes and will reach a height of about 66 miles. you can catch shatner and the latest from i don't understand any time on the portable tv app. and it's time now for a quick break. but when we come back, us officials are pledging to resume trade talks with china after 8 months. but the main administration is, are using to lift trends, tariff and the process will take a look at whether the trade war will be coming to an end anytime soon. and as we go to break, here are the numbers at the club with
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mm hm. mm. these are the full people who pull the trigger. i survive something on survival. one of the hardest things that i had to face was not having a face adult expectation of life. i accepted the accept the fact that i made that work. we had no fears. jell change prefers 4 shots, different stories behind the bullets.
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welcome back and an update on the state of trade between the world's 2 largest economies during a speech at the center for strategic and international studies. us trade representative catherine. i spoke about the biden ministrations policy, and called on china to meet the requirements of the phase one trade deal signed under former president. donald trump said it must go further. even with the c one agreement in place, china's government continues to poor billions of dollars into targeted industries and continues to shape its economy to the will of the state, hurting the interests of workers here in the u. s. and around the world. let's look at the steel industry in 2000 or more than 100 us fuel companies. we produce 100000000 metric tons of steel annually. and the industry employed 136000 people in communities across the country. soon after china started building its own steel
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plants, it's production capacity, balloon depriving us steel companies of valuable market opportunities, low priced chinese steel flooded the global market. driving out businesses in the united states and around the world. tie is expected to speak with her chinese counterpart vice premier lew her this week. while the white house plans to keep trump aerate tariffs in place, it will reopen the process for u. s. companies to seek exemptions. the renewed trade discussions come as the u. s . has once again watched its trade depths, it why didn't to a record in august. the commerce department reported tuesday that the trade gap and goods and services grew to $73300000000.00 from just over $70000000000.00 in july. as american consumers continue to buy products, made supply chain of disruptions caused by the global pandemic. so what exactly does the future of us china trade policy look like? will joining now to give us his opinion. his former united states representative alan grayson, a friend of mine, always
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a pleasure to see that face has been too long. congress grayson, it seems like some had hoped that the bite administration would back off on the trump tariffs. but that doesn't appear to be the case. what do you make of the current state of trade between the 2 sides caused by the ministrations rang a standard democratic presidential trade policy. it's the same as we'd see. going back to the carter administration and maybe further than that, it wasn't really affected by the fact that trump departed from republican orthodoxy by hitting china on trade. ha. but he did so in such a clumsy way that it had no real effect. i in fact the trade deficit ballooned. ah, the trade of china ballooned under trump. ah, it went from 300000000000 a year to 400000000 a year. and then because a coven went down to where it is now, which is roughly where it was when trump started. and, and so what he, what you're going to see is to be determined. but frankly, nobody seems to want to come to grips with the real issue here, which is that americans are spending roughly a trillion dollars more ah,
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than than their megan ah, we are buying foreign goods on to the tune of a trillion dollars more each year than we are selling to foreigners and the foreign debt we have at this point is all over 15 trillion dollars already. and it's going up. it's not going down, it's going up. and so at some point, we're gonna have to pay the piper. i don't know if the buying ministration or any administration is willing to, to, to actually take a close look at that. it's similar to the global warming climate disruption issue. you know, it's, it happens so slowly over such a long period of time. it's hard to focus on it, but think about the fact that we are now 15 trillion dollars and dead here in america to foreign foreigners, the largest debt that the world has ever seen. wow, and it seems to be like age and ministration is just trying to kind of kick the can down there and so to speak to that they don't have to deal with it. now when it comes to these ongoing talks between the us and china, there's been
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a lot made of getting china to adhere to that phase one trade deal. they made it for the trump administration, but they hadn't been able to meet the requirements amended pandemic. do you see that being a sticking point moving forward? yes, because we expect people to honor the deals that they make. but the chinese are feel coerced. ah, they, they side the deal, but they, they felt they were coerced because of the trade sanctions. and it's, it's very hard to follow through, given what that actually does. i mean, it does 3 things versus as china needs to stop, manipulate its currency, good luck with that. they been doing it for a quarter of a century. the 2nd thing it does is they have to, it says they have to buy our agricultural products. bear in mind that they still have 10000000 people in the countryside forming and done their families with them. so that's a very powerful quote, lobby and even an totalitarian system, like china's and the 3rd thing is that they have to pay us for intellectual property. well again, good luck with that. the richest people in china are the ones who stole our
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intellectual property and created their version of facebook and google it and so on . and so those people are very powerful, they're doing everything that can defend their selfish interests. that's why we're run and the problems. so it, china is not probably ever going to act in good faith with regard to that agreement . why? and it doesn't really feel like the binding ministration has particularly any way of fighting this any more than you know, word more possible sanctions or tariffs. but, you know, as we've discussed in the past, the tariff generally heard the consumer as much as they heard any business. so we know where that ends up going. and i want to touch on something that catherine tie mentioned there. because i know that you, as working with children, you haven't been on the show many times talking about this issue. she's been actually a quite a bit of time about talking about chinese steel being dumped on global markets and specifically in the united states and talked about how us feel industry has been hurt by this entire communities being decimated. you know,
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we've talked about it before and lorraine ohio as an entire community basically has nothing left. after that many labor organizations had actually pressured, the obama administration, which had you been obviously as a vice president to do something. and there was very little movement at that time. so why is the, by ministration making these steps now, when did they wouldn't you know, years ago? well, the trade industrial complex, if you will, ah, it is, is prevailing at this point there, there, there is, there's a structure within the democratic party that is meant to use that part of government in order to accomplish these ends. but honestly, i, it's like putting a bad they'd on cancer. it doesn't make any sense. the, you could solve the steel problem entirely if, say china decided not to export steel to united states at all. tomorrow it would have only the tiniest, tiniest effect on the trade imbalance. it would be completely marginal. there's a more, there's a deeper problem, which is the fact that
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u. s. manufacturing now is lower than it was 13 years ago. that, that is a serious problem. is that because of our relations with china, ah, not much that, that goes a lot deeper than that. and there's a ton of this that actually goes back to the way united states citizens and as a country we've become so consumer driven and gotten away right, so much from the manufacturing base, but that's a good conversation for another day. congressman allen, grace, i hope you'll join us again soon. thank you so much for your time today. thank you very much. excellent conversation about an important subject. and that's it for the time you can get boom bus on demand on the portable tv app available on smartphones and tablets through google play in the apple app store by searching portable tv, portable tv. you can also download it on samsung, smart tv and roku devices or simply check it out. affordable dot tv will see you next time.
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there is an end again, you can only collateralized the same thing so many times. you can only sell the same, don't it. so many times before somebody figures out that, hey, there's no, don't it here that's just the whole. and that's what's happening in america. they're trying to survive on the whole in the don't it. and they're saying, we sold this whole in the, don't it 15 times at goldman sachs and we got rich because we got paid a fee on the collateral ization of the whole and the don't it. and now that everybody else in america is broke and they don't generate enough income for us to tax, to pay down the debt that we incurred by deregulation and derivative training. going back to reagan, now they're out there conundrum, they're like, what do we do? oh when i was sure seemed wrong when i was
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just don't hold any world. yes to shape out the same because the african and engagement equals the trail. when so many find themselves worlds apart, we choose to look for common ground. oh, the way of life of reindeer herders leading a traditionally nomadic lifestyle in the tundra is similar to a parallel reality. i'm with women carry the weight of the household work on their shoulders rather than with windows sheet. now this will york city globally cranking. however, in the vast expanse of russia, there is a spot where a housewife could secure regular common standards. it's in the fall,
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semester chemistry, lumber terminal, and usually it, ah, ah, facebook sick, jesus, spreading hayes and weakening democracy by with the blower. the revelation at a u. s, senate hearing stand in contrast to just a few years ago when social media platforms were held for bring about the spring your energy prices deepens with a silly bearing. the brunt reco gas prices have left many unable to pay the bill or jeremy. i really shocked i'm aware of what is going on and i have to say we are upset, an absolute shame the italian state, instead of protecting its citizens does exactly the opposite. it is raised the
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tariffs of goods.

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