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tv   Boom Bust  RT  October 21, 2021 3:30am-4:01am EDT

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is growing yes, black america spoke to me. when white australia did not have to say black lives matter is a movement we are importing from america. no, nothing of who we are. i lived in a world where wife lives mattered. and i was not white. like ms. newman and i wasn't known from black america. i learned how to speak back to whitefish aboriginal people, the around. no, every die. we're out wanted them now with the police were out war with she states, 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. then there are other fellow friends in daycare a
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ah, this is boom, buck go one business show you care the board to minute branch of or, and i'm rachel blevins in washington and coming up there client has been all time high after the world's largest crypto currency sees it 1st, it will take a look at what the latest gains mean to the future of crypto and if the us government is getting involved any time for the north stream, q drama is not over just. 6 yet, as russia is urging europe to approve the pipelines and forth in order to combat the ongoing energy prices and read it. but how close is germany to making that call? and it's been job strike tobar as
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a wave of labor unions have taken to the picket line. we'll discuss what this means for the future of the labor movement in the us. a lot to get to get started and we leave the program with a new record high for bitcoin, the world's largest crypto currency suppressed $66000.00 for the 1st time ever on wednesday, this milestone has been long awaited after bitcoin hit just under 65000, back in april, the canes come as the 1st bitcoin linked e t. f made its debut on the new york stock exchange, which also set a record for the highest ever 1st day. natural volume. foreign exchange traded fun with just over $1000000000.00. but while the i c c has allowed the t f to move forward, man has applauded its use of futures contracts. many in the crypto community argue a bit coin atf should be based on spot prices instead. they also take issue with the claim that an e t f is needed to bring about mainstream acceptance given how much the crypto currency has skyrocketed on its own in recent years. countless questions also
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remain as to whether the u. s. government will be introducing new regulations targeting per user. and of course, if we're going to learn more about plans for a digital dollar anytime soon. so joining us now to go further and jump on. this is christopher john carlow, former chair of the commodity futures, trading commission and author of the upcoming book crypto dad. the fight for the future of money chairman, it's great to have you on the show today. now, when it comes to this news about the 1st bitcoin e t f, how do you see it? do you think that is worth the hype? brian rachel? great to be with you today. thanks very much. well, whether it's worth the hype, i think it's significant in all kinds of ways. certainly the record trading volume indicates that the demand is certainly there. and i think that demand has been there for a while. i think other interesting components of this are the fact that the 1st to go forward, as you noted in the intro, is based upon the big point futures market market that might actually my
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administration 4 years ago at the c, f t. c greenlighted. and at the time, you may recall that was quite a controversial decision, and there was a lot of naysayers out there, so i quite find it, find it quite rewarding and satisfactory. that's satisfying that in fact, the g e t f that the fcc is willing to go forward is based upon that marketplace that we built. but whether it's a big go in e t f, or whether it's option. really what we're seeing right now is by side demand in investor demand to have exposure to big coin. i think a lot of that is driven by inflation peers. the question that may be inflation isn't transitory after all, and exposure to this, this product with it's with it's fixed supply. and you know, there's been so much talk about the u. s. government pursuing some sort of regulation related to crypto and to the point that you just made because you mentioned what your administration at the c f t c did. and then what the fcc has allowed here, who's your diction? does crypto currency fall under?
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because sometimes it's a question whether it's an asset class, a currency or whatever it might be. so where do you see that you know, absolutely brent and it's complicated, right? there's, i can, i could give it to you in 20 minutes, but certainly not in a 2nd. or 2, what i would say to you is the statutes in which we're trying to put this round paid, or a square hole written for a different world that existed in the 1900 thirty's. whether it's a $33.00 act and 30 fact poor act for the fcc, or whether it's 1936 commodities exchange act for the c, f t c. these statutes were written at a different time and a different place in an analog world. and so we've got this new emerging digital technology and regulators, myself included our scrambling to find how does it fit into a regulatory landscape? so the short answer your question is, it's not a perfect fit. some of it falls under the fcc side of the ledger, and then you have an investor protection mandate. some of it pulls on the c f t c side, the legend ledger, and the see if the she doesn't have as much of investor protection mandate as it
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doesn't orderly markets mandate. and so there's a little bit of both, and that's what makes it so complicated. and there's no simple answer. what we really need is for policy makers and the crypto community. sit back and think about what is the u. s. public policy. and this is the only investor protection which i don't think it is, although it is there is investor protection concerns. but isn't it also orderly markets, the type of us markets that set the world price as the futures market has done once again? or is it also a national interest in modernizing our financial system by promoting innovation? probably promoting payments, innovation, currency innovation, which i think it very much is. and if that's the case, we're probably going to need a new form of regulatory structure that's, that's bitcoin native. that's crypto needed for this innovation, specifically designed for it. right? especially as it continues to grow and continue to hit those record highs. now i want to turn to another area here that regulators are also talking about that i
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know you yourself as have talked about, which is the future of digital currency. now we went back to one article that you had back in 2019, where you made comments talking about wanting to bring about a digital dollar through the use of government sanctioned block chain protocol, created and maintained by an independent non governmental group. now we know that at the same time we've got the federal reserve and other regulators talking about the possibility of plans for a digital dollar in the coming month. how does what they're talking about differ from the proposal that you had just 2 years ago? so, so rachel, that the future of money is absolutely digital. there's no question about it. we've already seen the private sector experiment now for 10 years with digital money. and in that space and time now central banks or are catching up and are looking themselves to develop digital money, i think it's been estimated at 90 percent of the world's central banks are looking at this and over 3 or 3 of those central banks are actually involved in act an
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actual experimentation. there's really 7 reasons that i've described this in my new book crypto dad, the fight for future money. why central banks are looking so seriously at central bank digital currency. the 1st one is data capture. whether it's the chinese government determining the importance of financial data, it's too important to be left to as a private actors or own congress concerned with big tech companies like facebook gaining control of people's financial data. but data capture is number one. number 2 is financial modernization. which you look at what singapore is done in europe is, is now doing the 3rd is financial inclusion, the ability to bring more of our citizens into the financial system. the digital tokenized money presents precision monetary policy. we certainly learned during the cobra crisis that sending paper checks to people without baker counts. wasn't a great way to execute some of our, of our social policy goals. successful rise of stable coins, who's got a lot of central banks concerned about their monopoly. you might say on
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international payments is being threatened by private actors and then at 6 is a geo political influence, the ability to project power and economic power globally. and 7th and what i think . and what i've said open is the most important reason why i think the united states needs to go from leading from behind to leading from the front. is what values are going to be encoded in the digital future of money? you know, there's, there's a, there's a, i call it the fight for the future of money. and that's because you've got big technology firms. you've got governments, you've got the banking sector, and is there a place for the private sector and citizens at large to insist that the future of money protects their economic privacy is not central by either politicians or big technology companies and bodies. the values of pre markets and pre enterprise. now you may think we take those for granted because they've been what we've traditionally used to in the dollar. but look at the innovations like the chinese
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digital you on that is focused on things like state surveillance and the ability to use a social credit system to way people's allegiance to a government policy party. so it's important that we make sure that the future of money in it codes these values that society is long taken for granted here in our democracy and service. i guess the last point i want to make about this is when we talk so much about c, b c's and you mentioned undermining the dollar. so it's kind of like if you have the central bank involved, it will undermine the dollar less. but the question is, does that get away from the whole purpose of crypto currency, which is a decentralized nature, which is kind of a money for the people. and i have about a minute left here chairman, but what do you think of that? probably brief. yeah. so look at the digital dollar project, do not call for suppression of crypto currencies. we believe that a successful digital dollar can exist side by side with succession successful crypt currencies under a regulated environment. in fact,
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i think that if you've got private, a non sovereign money competing, a sovereign money, they'll each keep each other honest. a been up in the heads of a government can be a monopoly for surveillance and privacy invasion. but if there's a private option, i think that will help both sides keep each other on us. so in the short term, at least we certainly don't cope the suppression of crypto currency. we think that governments have a lot to learn from what the private sector has been doing and innovating and in the future of money. chairman, christopher john carlo author of the upcoming book crypto dad to fight for the future of money. thank you so much for your time and inside today the right being with you would love to do it again. so that's really and the back and forth between the you and russia over skyrocketing energy prices has hit a new level. as the leaders are demanding more energy and russia is 1st insisting on the certification of the north room to pipeline. we have been telling you for weeks that european nations are struggling with record natural gas and energy
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prices, while simultaneously asking russia to increase this output of gas. and last week, russian president vladimir putin spoke about what the nation is willing to do amid the gas shortage in europe. for the last, really, you propose increasing gas lives in the market to bring down the 2nd man and market term. while we can do this, we can and must do this not to european spot buyers, but as you said on the exchange in st. petersburg. if this will bring down the reverse demand, then we can do that. it wasn't, but it must not be charged. detriment, of course, wasn't. joining us out to discuss this boom, but co host an investigative journalist, ben swan bed, make this simple for us. why are the energy prices so high? and why is russia increasing the amount of gas it's sending? yeah, well, 1st of all, you heard president putin there talking about this, this idea of the spot market. so that really is why everything so expensive. so see it this way. so russia, obviously is a big provider of natural gas to europe,
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whether there's a north stream, one north stream to doesn't matter. because there are pipelines that run across bell roofs, they run across ukraine. that's a big part of the argument, by the way, about north stream. russia provides a lot of the natural gas that flows into europe a significant amount of it. the problem is this. there is been no shortage of supply of natural gas. the natural gas that, that russia has been sending is the same as it has been for years. but typically in the natural gas and oil market, you sign long term deals in order to secure that. so european nations should be se sending the deal that the 2530 year deal with russia saying, okay, we will purchase this natural gas from you at this rate for this period of time. they don't want to do that. europe has not wanted to do that. instead they go to the spot market and they're buying on very short term speculative markets will. the problem with that is, is that when you buy short term, you're not locking in a price, speculators in looking at the increased demand, not only in europe, but in china. and because of that, the price of natural gas is climbing. and so it's, it's an uncontrolled system. so europe is asking for an increase,
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but it's not because russia's not fulfilling their obligations they are fulfilling their obligations. europe simply once more natural gas being shipped to it without having to sign a long term deal. and that's probably not going to happen. well, we've seen this continued fight 1st over the northeastern to pipeline. now there seems to be kind of this push to just blame russia for everything that's going on in europe, even if the man has skyrocketed there. even to the point where the co chair of the german green party is referring to what russia is doing as black. now, how does that all come about? i mean, is that fair criticism? it's not look, here's, here's what the claim. as the claim is essentially the russia same, listen, we will increase the amount of natural gas you get if you do something for us, certify the north stream to pipeline. so far, germany has not certified of that. norris, you to pipeline to allow the natural gas to begin flowing from russia under the baltic sea, all the way to germany. they have not certified it. so russia same were very up and go ahead and certify. and once you view, we'll send more natural gas your way and,
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and what this leader of the, the green party is essentially saying is that blackmail you're trying to force our hand and we shouldn't certify it. here's what so crazy about this idea, guys, is it? if you think russia's terrible, you don't want to buy their natural gas and don't buy their natural gas and watch the price go up even higher. but it's so crazy to have european leaders who are completely dependent on russian natural gas angry that you're not sending us enough . and then when russia says well, then certify the pipeline that will send it directly to your shores. it doesn't have to cross land, it doesn't have to go to the existing pipeline. there's a new outlet of it they say, and we'll see if we get around to it. it's crazy in a higgs, no sense at all. and it's all about negotiating for power here. it's, it's just nuts and bend. i have about 30 seconds left here. but in terms of public relations, this does, this hurt russia to appear as if it's not going out of its way to help during this crisis. so on some levels, i guess so, but public relations for russia, what does that look like? right at either the bag i for everything. here's the reality. the reality is you
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have a massive need for energy in china that's been rising for years. and especially in the last few months, you guys know above its energy shortages, not just in europe, not just in the u. kane, and in germany, in brands and all these places. but also in china and the chinese desperately need a lot of energy. and so they're signing deals with russia right now, instead of the europeans looking at that and saying, wait a minute, there's this, this behemoth of china that wants to use a lot of energy. that is, securing deals long term deals with russia, instead of, you know, following that lead and say, let's go ahead and sign our deals. they want to keep, keep isolating russia by forcing as the short term bills. and they're just, the phrase is cutting off your nose to spite your face. that's essentially what europe is doing right outside the long term deals. get the energy flowing because if you do, the speculators will bring down that price because they'll stop speculating that the natural gas won't be there. boba's been swan. thank you so much. thanks guys and time now for a quick break, but when we come back,
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thousands of americans have gone on strike across the us as the fly gain shortages continue around the world. we'll discuss the latest net and as we go to the break, here are the numbers that the clothes with it's been decades since the fall of spain's fascist regime. but old wound still haven't tailed, a gun them. because on the phone with nickel fee to market people to me. so i will said cutting me on the bus at the station. you
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know that i just, i think with thousands of newborn babies, what toned from their mothers and given away and fullest adoption. i don't know a lot about ideas for faster than my own. global is i feel a moment to this day. mother's still search for grown children, while adults look in hope for that both parents and he died. i cried, and i just kind of slept the whole time. i was there. no one really thought anything different. you just all i just don't feel good on the way for the surgery as long as failed. 30 seconds, but i killed him. i gone, suffer so many needles that day in 2019 don't to started talking about
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a new wide spread disease that caused severe lung damage is up to you. my dad were really the attorney own if the patients were diagnosed with a lung injury associated with using electronic cigarettes or faking products. he pulled this out. he ripped out. holy crap, he's gonna die. oh no, he's to be better. it was, i wouldn't want my worst enemy to ever go. so you got that address with
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welcome back. in recent months, we have been following the trend of a growing labor shortage here in the united states. in fact, recent data released by the labor department shows there were more than $10000000.00 job openings in the country for the month of august, while the number of americans leaving their jobs rose to his highest level since december of 2000 experts attribute the global labor shortage, swing number of factors, including changing demographics in the workforce limits on immigration in the wake of the kobe 19 pandemic. and one of the most talked about reasons the demand for higher wages and more flexible working conditions. and that growing demand appears to be empowering workers nationwide, according to cornell university's labor action tracker. so far this year, you in the united states have launched more than $175.00 strikes and work stoppages, including 17 just this month in what labor activist they're now calling strike tober. we've talked about some of this labor action in recent weeks,
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including the $10000.00 john deere workers who are currently on strike in the midwest. the more than $14000.00 kellogg's workers. we have taken to the picket line to demand better benefits. and the more than 24000 kaiser permanente nurses and health care workers in california and oregon, who have authorized to strike over wages and tough conditions amid the cobra. 1900 pandemic. so, is this a renaissance for american workers? were joining us, i got is professor richard will of economic update and author of the sick. this is the system when capitalism fails to save us from pandemic or itself. now professor wolf, we know that labor has been decimated in recent decades. in fact, in 1983 around 20 percent of the u. s. workforce was part of the labor movement. while now it's about 10 percent. and we've also seen that more people want to join . so is this something that can actually help push this forward? i'm quite certain that it is already doing that. in other words,
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you've come to the end of pushing the labor movement up against the wall. under cutting it's appeal portraying unions as negative, which of course they sometimes are as any group in our society is. but you've gone about as far as you can go. and at the same time as the in the quality of society grows, as the shock to people's lives of the crash last year of the pandemic makes everybody kind of rethink where they are. the american working class is waking up. i think this is a sleeping giant. i think it's going to change american history. it was always coming and i think it's arrived right. it seems that if not now, then when for many american workers across the country and on that note, a gallop poll from september showed approval of unions. is that a 60 year high with more than 77 percent of americans between the ages of $18.34
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showing support for organized labor? do you anticipate we will see a trend and organizing moving forward as we see all of this action right now? absolutely. i think you're already seeing it. i see it in my students, a university age people in their twenties or their attitude is that the economy is not their friend and that they need whatever allies they can to get a job to get out from under their student debt a to get the kind of incomes that the american dream or even raising of family absolutely require. they don't see many helps out there. and the idea of a union bargaining collectively with your employer makes perfect sense to these people and they're young and they haven't gone through the demon ization of the labor movement of the last several decades. so yes, i think they're going to be joining unions. these may be unions that look different
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and act different. it is a new generation. they have somewhat different problems, but new forms, as well as revitalized old forms. that's what we're going to be seeing in the labor movement, and that's going to change our economy in professor wolf. i know i, roma say you're a student of this, but you're really the professor of all of this is how did we get to this point where, you know, union participation is so low? when you look at, you know, europe for instance, has a much higher labor union participation. so why is there such a dichotomy? well, it's partly that we have allowed, and i mean the, we have our whole society. we have allowed the labor movement, the organization of employees to atrophy to shrink, to die, to be limited by labor law, legislation in a way that we did not do to the employer class and europe behave differently. i can
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illustrate it right now. the european inflation rate, september 20 to september 2021 right now is about 3.4 percent. that's the official, that's only a little bit above half. what it is in this country they can do to their consumers . what american companies can namely jack up the price, and here's the worst part of it. the labor wages, the wages have gone up 5 and a half to 6 percent in europe, especially in germany, which is way above the rising cost of goods and services. so the real income of workers in europe is rising. that's a testimony to a lot of things, but it includes the much stronger position of their labor movement, which is able to make things happen there that we don't have here. and i think that americans are learning that they're looking fondly and enviously, and they're going to be moving in the logical direction to get closer to that. now
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we're speaking of the timing here. i mean, we've obviously been talking about huge supply chain constraints recently as all of this goes on and we look at strikes that, i mean, john deere, catalogs named best go just to name if you could, these cause further issues, they actually get employers to listen more so than they would have in the past. yes, but i think what we have to look at is, is to be a little careful here. and a little economics, basic economics prices rise. when the people who set prices choose to raise them, those people are called employers. employees don't set prices, employers do. and when employers raise prices as they are doing now at quite a clip, to everybody's chagrin, they are confronted with people that are upset by that. the majority of us buy and pay the prices that they charge and we're upset and they know that. so they have to give us a reason. they can't say, i'm raising the prices because i want more profits, because that will make people upset. so they need to come up with stories. here's
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one, supply chains are breaking down. here's another one. wages are forcing us the can't quite do that in this country because the wages are lagging the prices, but they'll give it the college try and they can come up with others. but we shouldn't be fooled by all. busy of this, but your answer to your blunt question is yes, as strikes happen, john deere is a machine producer that agriculture needs. if those things don't come forward, it will impact our agricultural situation. we already have food price inflation, that will make it worse. and i can assure you that john beer will be out there pushing the argument that somehow this is bad for the consumer who should get angry at the union and not at the employer, but that's all the theatre of his struggle between employers and employees. absolutely,
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and something we've heard from the john deere employees as essentially they're saying you want to give us a 5 or 6 percent raise. that seems nice, but you're gonna make 6000000000 dollars this year. professor richard, well, thank you so much for your time today. my pleasure, thank you. and that's it for this time you get boom buzz on demand on portable tv at portable dot tv will see you next time right here. i'm with with his other replace us to place but also we have seen the daniels trulia, the little fish with the rest of the basilica, always the other month or the guys melissa was assumable. he just. 6 needed yeah, it was just food say that him and then you would you that is images, littles up was good for supposedly good. have my good so now we'll check the gates or spin music. his image is filica. mom. it's mostly,
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it's what your phone was out of see to get the vote for idea. all of your rooms plan it some way up. all of the fella with the shell such will, will shut with ah ah
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ah will definitely be closing for houses before the amount of people that have told me they're not they get vaccinated. if they get sent home. crisis piled on crisis fire fighters, police officers, even nuclear scientists quit or get fired or go on unpaid leave of a covert. 19 vaccine mandates and america white house down plays a supply chain crisis with over half of america st. they face shortages when trying to buy common consumer products, an electrical business and everything is back order. you gotta wait months. you are items on the store. so thought everybody i able wrongful for stuff right now. the grieving father from afghanistan lost 10 family members in
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a wrongful us throne strike shows his agony and thoughts on you as compensate.

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