tv Boom Bust RT October 16, 2021 9:30am-10:00am EDT
me a glove with dazzles. makes dreams come true. every one who falls in love with people with this is been by phone vision. sure you can't afford to miss. i'm rachel blevins and i've been one in washington coming up. big coins, price, the surgeon is optimism over a possible e t f is rising. we discuss whether the fcc will step in and how it could impact the future of the world's largest crypto currency. plus a former chief technical pilot for boeing is facing federal fraud charges over claims that he lied about the safety of the $737.00 max. a full report straight
ahead. handling thing has confirmed it is leaving china over new regulations, bringing it to the presence of the last u. s. social media site operating in the world's most populous nation. we'll. ringback discuss, we have a lot to cover today, so let's get started with the program with the latest on the state of the debt ceiling here in the us, as president biden has signed legislation to raise the limit, amid warnings from the treasury that the u. s. government was just days away from its 1st ever default. the temporary relief was passed by the house on wednesday along party lines. it will raise, they are ready. $28.00 trillion dollar debt limit by another $480000000000.00. it comes as democrats say they are can to considering trimming that $3.00 trillion dollar human infrastructure package that the by an administration has been promising down to under 2 trillion dollars in an attempt to gain approval from
republicans in congress. but it's estimated that the new limit will only fund the government until december, 3rd, signaling that not only is congress continuing to kick the can down the road, but they will be having the exact same debate once again in just a few weeks. it never ends up. well, that's always the way it is, right? every time we get to one of these that's even said this has been going on for years now. they push it down the road a little bit because they pass from kind of continuing resolution. they keep it alive just a little bit longer, and they end up in the same position that they're in which the bottom line is you're spending more than you have and you don't know how to pay for it. because the federal reserve is printing money in order to answer that one is fascinating to see how they do it because it kind of gives democrats or republicans a chance to fight back and forth and make it sound like they really care about their own size. and of course, like they're at war with each other, but then whenever it comes to passing something like the defense budget, they magically just fall in line and agree on everything as if they're not on just opposite sides of the aisle there. and as if money doesn't matter, as if money doesn't matter,
and the bottom line is they're going to continue to do this regardless of who's empowered does not change as far. let's talk about the latest on the development than the 737 mac saga. remember this, the department of justice has no indicted. a former between test pilot for fraud ortiz john hood. he is following the story and he has the latest the us department of justice says boeing's, former chief technical pilot for the 737 match jet withheld. crucial federal safety information in a scheme to quote, defraud boeing, us based airline customers, to obtain tens of millions of dollars for boeing. a federal grand jury in texas indicted 49 year old mark forkner on thursday, alleging he deceived the federal aviation administration. a g, or aircraft evaluation division during the 737, max jed evaluation and certification process by providing safety regulators with material false inaccurate and incomplete information about
a new part of the flight controls for the boeing 737 max, called the maneuvering characteristics augmentation system and cast in turn, the d o j says airplane manuals and pilot training materials like any references 20 am cast and that boeing's us based airline customers, are deprived of important information when making and finalizing their decisions to pay. boeing tens of millions of dollars for $737.00, max airplanes, prosecutor se forkner abused his position of authority. and in doing so, also deprived airlines and pilots from knowing crucial information about an important part of the airplane. flight controls to fatal crashes were blamed on lack of pilot and cas knowledge and training. the lion air crash in october, 2018, killing all 189 passengers and crew, and the f. t o p and airlines crash in march 2019 killing 157 people in chat messages released by congressional investigators. forkner suggested he didn't know
about the changes to the flight control system. he's expected in court friday. all this as another boeing jet is also facing some problems. the 787 dreamliner. boeing announced this week that some titanium 787 dreamliner parts were improperly manufactured over past 3 years. but that the quality issue does not affect the immediate safety of the aircraft. that said, the f a is reportedly investigating how many plains contain the defective parts that are in operation right now. for r t john honey, russian president, putin as the latest world leader to comment on crypto currency during a recent interview, he acknowledged that crypto not only has value but also has a right to exist. while he said he doesn't see bitcoin replacing the u. s. dollar for trading commodities such as oil just to get. he did know that it is an alternative saying, quote, i believe that the united states makes a huge mistake and using the dollar as a sanction instrument, we're force,
we have no other choice but to move to transactions in other currencies. while russia central bank is working on the roll out of its own digital currency, moscow has also been actively working to move away from the dollar. as officials announced plans to drop us dollar assets from russia's sovereign wealth funds earlier this year. and speaking of crypto currency, the big coin industry holding its breath for tuesday when the 1st big coin future's e t f. are scheduled to begin trading, but there is at least one catch. but you can guess what, this is, the e t f goes active unless the fcc, the securities and exchange commission objects to the filing, which can actually happen up until midnight monday. they like to keep it. so let's bring into bosco's christy i to talk about this. christy. we talked about e t f earlier this week. the possibility of e t s becoming a reality. what do you think of the chances here that this will actually happen, or is the fcc going away to the last minute and cut it off?
well, this is literally something that we've been talking about for the last 2 years. i mean, back then every single pitch seemed to be so promising to get approval and there was a lot of optimism for it. but then in the n, something was always flagged. it got delayed, no e t s. so someone always had something to say at the last minute against it. so this time around after 2 years of incubating and maturing with big institutional is now accepting it, i don't see how it could get turned down. but hey, anything can happen, especially when you're talking about a topic as polarizing and disruptive as pick point. so i think there's probably a 65, maybe 70 percent chance of approval here. but at the end of the day, i don't think it really matters. sure. 2 years ago, having an 18 would have been great because it would have brought validation to the industry, big money, big players, and most of all liquidity. it would have been valuable 2 years ago. and then all the institutions would also be able to participate. but fast forward to today, and you already have big institutional bypassing the traditional on boarding ramp
via the e t f because it never got approved and basically going straight to the otc desks. so i think this will certainly be a positive if it gets approved, it'll be another step in the right direction. but it's kind of like showing up to the party to hours too late. oh, and you know that the fcc is just sitting there being so happy that they have that much power to step in and the 11th hour. now, speaking of power and of possible regulations, i want to go back to those comments that were made by russian president food. and he said in the interview with cnbc that crypto currency has the right to exist and can be used as a means of payment. however, he's of course cautioning that it's still too soon to talk about using digital currency for trading oil and other commodities. what do you make of his comments? i think he's being cautious with his comments. i mean, we're talking about the russian oil trade here, which is about $73400000000.20. and the market cap of bitcoin right now is only
about 1 point, one trillion. so if they were to accept bitcoin as payment for oil, then literally within a couple years, russia would basically own all of the big coin. and then on top of that, the daily liquidity for big coin is today is just not enough to cover that of the oil trade. so i think that that as a fair assessment, when it comes to bitcoin, specifically, when he says crypto currency is not supported by anything yet, that's when i'll start to disagree, as there is now evidence of the entire industry that we've built. we have layers upon layers on ethan or to make things more secure, faster, cheaper, etc. so this isn't 2015 when everything was just a pipe dream, this has basically all materialized now. the tech, the smart contract would be centralized organizations, the mining hardware tech staking securing the automation. and that's all we'll value. and then the most brilliant thing of all of this is that these companies managed to build all of this wonderful tech without raising from institutional and going public,
which actually really showcases the power of the collective. so i think his comments are conservative overall crypto and big point is not something that boon is willing to go all in on right now, but at least he acknowledges the space and that there is a use for it. he's taking the u. s. wait and see approach and certainly not looking to make any big moves in the space just yet. i think that's true if you think about what he said though about sanctions. i thought that was kind of interesting. he talks about the fact that certainly the united states, which of course is the world's reserve currency, also likes to use that status to blood and other countries with sanctions, right to punish them all the time. and so on some level, i think what he's indicating is that the u. s. is making its own currency irrelevant by doing this because you're forcing countries to find an alternative encrypt to currencies in any way. bitcoin in and of itself, can be that alternative. it can be an alternative to the world's reserve currency at some point. don't you think that there is a self made problem being created here by the u. s. by utilizing the u. s. dollar
in the way they do with sanctions? absolutely, it is a self made problem and what the u. s. is doing is that they're basically weaponized in the us because they can't, because at this point in time there's literally no other currency that we can go to . there's no other currency that is as stable, and while bitcoin does have a lot of potential and being the world reserve currency at this point in time right now, it is still very volatile and volatile. it can be a good thing or a bad thing. it can be volatile, bad as in dropping, but it can also appreciate as it's doing right now, and no one is complaining when it's appreciating. but the thing is that if bitcoin does become the reserve currency, then essentially the power literally goes back to the government. we will not have it, so that's not something that i want for big one. i don't think that's in big ones future, and i don't think it will be beneficial for the entire industry. if the quote actually became a reserved currency. now while we have you on, i also want to bring up the latest comments from edward snowden. he criticize c, b, b c. potential impact on the financial network. he labeled them as
a per version of crypto currency and a crypto fascist currency. as they can grant a lot of power to the government and of course we have less freedom to the people. what do you make of those comments? i completely agree with that statement and i could afraid of the better myself. it is a perversion of crypto and i think venue and i have talked a lot about this, where c, b c's is literally the government taking more financial freedom and power away from the people. crypto currency was meant to empower that people allow them to bank themselves, pay peer to peer, and confiscated bold censorship proof with the centralized nature a, c, b, d. c. on the other hand, has none of these characteristics and literally goes against the founding principles and protocols of crypto currency. so rather than the centralization, it's going to be a government centralized currency. rather than banking yourself, you're going to be relying on the banks who can then control the withdrawal service or access at any time, not to mention trace and monitor your spending, habits,
location, etc. and rather than offering security and privacy, you're literally opening the front door for the government to watch every move you make. so think of automatic deduction from your account for taxes, unpaid tickets and fine. you have no control over that. so i completely agree a, c, b, d, c is not what many believe to be just a digital dollar. it's using block chain technology in a completely twisted way so that the power remains at the top with further axis and control of the masses financially. for a version of crypto currency and a crypto, fascist currency. it sounds to me like edward snowden been watching christie. i am been one on boone boss because i feel like we've been saying that for a long time about christie. i think so much and get the global markets are almost all in the green this week as investors reacted to be ongoing. raleigh and
energy prices as supplies run low, we start in russia where the mo, x is up the next to a new record hi, this week as the rubel saw its best performance against the dollar since july 2020 games were led by the oil sector as prices hit $85.00 per barrel on friday, with brent crude futures hitting their highest point in 3 years. over in china, the shanghai composite is in the red following a rocky week. that's all the index changing direction more than 10 times on thursday alone. in addition to credit growth falling below expectations, the latest data shows annual producer prices jump 10.7 percent last month, marking the fastest increase in 26 years in hong kong. the hong saying is in the green despite thing, early losses in the week as the ongoing energy crunch spark concerns over the impact it will have on the global recovery. tax docs also saw a rebound to end the week with alibaba more than 5 percent. and my twan more than 9 percent over in japan, the new k is also up. stocks are seeing
a bit of an election rally as prime minister casita completed his 2nd week in office. he moved forward with plans to create what he's calling a new form of capitalism, aimed at redistributing wealth. and he also made the move to dissolve the japanese parliament on thursday, setting the stage for a general election at the end of this month over to india. now where the sun sex is up, the next hit a new record high on thursday, surpassing the 61000 mark and putting its gains at more than 50 percent since october of 2020. the rally has been fueled by hope surrounding the ongoing economic recovery, as india central bank continues to keep interest rates at record, lowe's and australia. the assets is also in the green. this as the i m. f declared that the australian economy has been impacted the most in the entire world by the delta variant. as the nation's government pursuits strict locked downs that kept a residence out of work. and in south africa and the all share is up. the next also
benefited from hire commodity prices, while the continued risk of inflation has led to reports that south africa central bank could raise interest rates by $75.00 basis points, up to 4.25 percent in the coming months. now let's go over to ben for europe and the america. so here in europe overall, it was a positive weak. most of the european exchange, a saw a bump, especially on thursday, getting a boost after senate majority leader. mitch mcconnell offered a way to temporarily get past looming deadline for the u. s. debt ceiling to be raised. as a result, positive news for the foot see which had a very good week. the london exchange is experiencing a boost from corporate buyback programs. it was the same story for the german dax and for the french cat, which also saw a big gains thursday into friday. moving over to south america, we're brazil's evil vessel is also up for the week thanks to a strong performance by brazil, real. the nation's currency rose on thursday as data showed service sector activity grew more than they expected, headed over to north america now and just like the european stocks north american
stocks were up as well, mexico's b and v, the u. s. s. and p. dow and nasdaq, they were all up with a jump on thursday and then carrying through on friday on thursday the tao rose 535 points. it's the biggest one day point, percentage gain since july 20th the s and p 500 increased 74 point. it's the best day since early march, and the nasdaq composite gain 252 points. it's best a since may. so what's driving this september retail sales indicated that americans are spending enough money to sustain an economic recovery from the pandemic, even if consumers are paying more to do so. finally, we finish in canada where the t x was up there as well. jumping on thursday and carrying into the weekend, and that is this week's market walk and time now for a quick break, the only come back the only remaining u. s. social network operating in china has announced plans you and operations in the country will discuss what's driving their exit next. and as we go to break your
i see pause myself. i was growing like america spoke to me. why destroyed you did not. those who say black lives matter is a movement we are importing from america. no, nothing of who we are. i lived in a world where wide lodged mattered, and i was not wide. like missing and i wasn't known from black america. i learned how to speak back to whitefish. aboriginal people. dear, i'm no, every day we're out with them now with the police were out with 2 seats. i'm scared that more children are going to grow up in the country that think says no racism, but they're more likely to end up in the criminal justice system. and they're all the fellow friends in daycare
with welcome back. while tension between the us and china remain in the number of areas that you countries could soon be working together on a deal that would address both skyrocketing fuel prices and power shortages in asia . that's according to a new report from reuters, that at least 5 major chinese energy companies are an advanced talks with us ex borders to the care long term liquefied natural gas supplies. while us gas exports to china briefly came to a standstill back in 2019 as a result of the tree war between the 2 countries to lead to a 25 percent tariff. the latest talks are bringing about hopes that they will lead to tens of billions of dollars and deals over the next decade. china's demand for natural gas, it in all time high at the started this year, while washington's liquefied natural gas exports to asia also skyrocketed in 2020.
now the goal appears to be to, to secure both immediate supply and long term deals. as the world looks to avoid the very energy crunch it is seeing right now. and i know that whenever it came to the binding ministration, coming in the office, there were a lot of questions about what he was going to do. how he was going to handle this trade war that was kind of given to him by trump, but it seems like this ongoing energy crunch may be making them actually makes them move well, maybe make some moves. but the problem is, is that you have an energy crunch here in the united states that a lot of people would say is being caused by the biden administration. so one administration is causing the energy crunch at home. why are you selling energy to a country like china on the other side of the world? while at the same time, most of the, the natural gas issue for china is not going to be sold by the united states is going to be solved by pipelines coming from russia, which is closer in a strategic partner. and the signature thing is that it's all about politics at the end of the day. it all comes back to that. and of course, the real problems, especially here at the united states just don't seem to get undressed. it's always well politics, right? speaking of which the only american social network operating in china is going to
be shut down. microsoft says it is shutting down linkedin in china, saying that they are having to comply with chinese state and has become increasingly challenging. it comes after the career networking site face questions for blocking the profiles of some journalists. linkedin will launch a jobs only version of the side called in jobs. yeah. can like linked in jobs. it's not very clever later this year, but it will not include a social feed or the ability to share or post articles. it does sound riveting. when it launched there in 2014 linkedin, agreed to adhere to the requirements of the chinese government in order to operate there. but also promised to be transparent about how it conducted business in the country and said that a disagreed with government censorship. there's a reason by the way, that they're the only social media from the united states. it was ever allowed in china because they had to agree to very strict rules here. and they don't like it anymore. i mean, it sounds like, you know, we've talked so much about this track down little did we know that linkedin was just kind of left there and now they're finally having to make that change as well . but it is interesting. so like whenever we talk about linkedin,
we don't think about it in terms of like social media, you ask about it much more as a serious sort of job shopping profile that you would go on. and yet i love that we know there know, there are people who do post to it, right. i, i'm not one of them, but there are people who post to it. and every once in a while you see it does have a social feed. but yeah, i agree, you don't really think of linkedin as, as social media crackdown continue to facebook says it will now count activists and journalists as involuntary public figures and increased protections against harassment and bullying. targeted at these groups. not exactly sure what an involuntary public figure is, but the move comes as a social media platform is under wide scrutiny from global lawmakers and from regulators over its content moderation practices after internal documents were leaked by a whistleblower. still many are questioning if the change will actually create protections or will that make it easier for the platform to simply sincere people are to use trinity, travis has more today a facebook taking a new approach to increase protection against harassment and bullying. the social
media giant announcing it will ban all coordinated harassment in which a group of individuals work together to bully another user. that change will apply to all users, including activists and journalists who it says are in the public eye due to their work rather than their public persona. us. facebook's had a global safety wrote in a blog post. we do not allow bullying and harassment on our platform. but when it does happen, we act that changes come in mid mountain criticism of the companies handling of hate speech, misinformation, and negative content concerns about harassment range from teenagers, bullying each other on instagram, to the coordinated abuse of journalists and descendants, by groups linked to were italian governments last week, former facebook data scientists, francis hogan, told congress that the company has done too little to address its responsibility for spreading harmful content, and who often chooses profit over its users. best interests. 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
profits before people. congressional action is needed. they won't solve this crisis without your help. and while the social media company, which allows more critical commentary of public figures than of private individuals, claims the decision to increase protection against harassment. some believe that the latest effort is just another way for facebook to ban users from using the platform more easily. and just another way to sensor free speech, in fact, according to a report by the wall street journal, the company's cross check system has been in the spotlight in recent weeks because of its ability to exempt some high profile users from facebook rules. and finally, you may remember that legendary bank, the painting that partially shredded itself when it was auction, offer over $1400000.00 back in 2018. the crowd was shocked to find that the simple portrait, titled girl with balloon had a shredder built into its frame that activated when the deal was finalized. well, now that piece of art rename the love is in the been, is worth even more. and it was just auction, offer a whopping $25400000.00 marking
a new record for the mysterious st artist bank. see, the previous record stood at $20000000.00 for a painting of a boy playing with a toys super hero nurse. now all i want to know is, is it going to shred the rest of the painting? if it does, it looks like it's being held together pretty well with like a very neat shred job. as a some people are going to get mad when you say this because you love banks and i do to make these great. but the, our world is such a scam. the whole thing is the scam. it's a way of hiding money and not paying taxes on it. yeah. you're buy something that's worth whatever. and you spend $20000000.00 where he doesn't mean anything. so cool painting but, and really view that. yeah. hey, that's it for this time. you can catch bust on demand with a portable tv app, which is available on smartphones and tablets through google play. and the apple app store, just search portable tv with the next them. ah,
what we've got to do is identify the threats that we have. it's crazy, even foundation, let it be an arms race is on offense. very dramatic development. only personally and getting to resist. i don't see how that strategy will be successful, very difficult time time to sit down and talk with someone say, but i feel that beliefs go he did. who bought. i bought a dial tomorrow. a couple of review on your quote, but i know from politicians to athletes and movies. does the musicals does it seems every big name in the world has been here last year, hope of miss you can pick up. this goes to school. and when you get the call,
when you finish with booklet, you will just give me a go. i would use for but she said basil makes dreams. come true that every one who falls in love with people threatening luc wide. mm. ah also for eric room identify 2 types of freedom. freedom, roman freedom too. and while we all idealize the letter achieving the former, the freedom from use and abuse is no small feat in this day and age. this is especially true for africa, which, for centuries has been exploited under all sorts of pretext. what needs to happen with the cotton unto truly take its deserve place in the world?
ah, these people learn from their own experience, how vulnerable of business is to the bank. so he pushes my business over, the age, pushes me right to the bankruptcy. now i realize we will good. this isn't just the back that may be involved in this is the concept. see, funds is, is the lawyers. these people have got want on their stories and it was kind of whistle blower. tell people's marriages have broken up, lost their family homes, it is spectacularly devastating for people's lives. they have committed suicide, but left behind, nor the explicitly state that it was the constant intimidation and billing by buying coff resource that late them to i talked to spy. it's obscene, these people up nor sold
the killing of a long serving british politician is declared a terrorist incident. david amos was fairly stabbed wild meeting his constituents inside the church. the e u challenges its own members. dates over migrant crackdowns saying violet push backs on boarders may be illegal. and russia passes. yet another grim milestone in the pandemic. with more than a 1000 coven deaths in the past 24 hours, as officials urged people to get vaccinate. ah, broadcasting lives are.