tv Boom Bust RT October 28, 2021 3:30am-4:01am EDT
1919 doctors started talking about a new wide spread disease that caused severe lung damage. there's a few points that were really determine all of the patients were diagnosed with a lung injury associated with using electronic cigarettes or vapor products. he pulled this out. he ripped out. holy crap, he's gonna die. oh no, he's the better it was. i wouldn't want my worst enemy ever go through that. address this with
this is them by going business a can't afford to met. i'm ready to love it. and i'm ready for, it was like that coming up the united states battle on the tax front has taken another turn barring trying to telecom operating with it. it bordered great as we discussed the development and what it means for relations between the world to largest academy and art tract beginning to show in the red hot crypto trading sector will discuss the new frontier with a range of opinion. then paul is making a comeback with nations turning to the fossil fuel as the energy current continues to impact the global recovery. we'll take a look at the latest attack here today. so let's get started. can we leave the program with the latest escalation and tension between the world's 2 largest economy? if you thought that the war between the u. s. and china, over telecom technology and infra sure ended along with the trumpet ministration?
while think again, in fact, the federal communications commission has now voted to block china telecom americas from the us market saying the u. s. subsidiary of china is chinese state own enterprise is quote, subject to exploitation, influence and control by the chinese government. so what does this vote by the fcc mean and what happens next? let's bring in boom, by the coast and investigative journalist, ben swan to discuss been breakdown this really for us. what does this mean? yeah. why is central, what it means is that this company has 60 days to start up, stop operating in the united states. right. which is pretty interesting. so there's 2 republicans and 2 democrats on this committee and they voted unanimously. it was a $4.00 to 0 vote. and basically what they're doing is they're going to revoke, and then terminate china telecoms section $214.00 authority to operate inside the united states, which essentially means they can't operate at all. and you know, we've talked about this for some time. you guys mentioned in the later lead up here,
this is something that happened with the trump administration. for several years, we saw this happening. there was a build up here. the fcc was looking at this not just for, for telecom, but also for while way. and there was a ruling to, to remove all the while way equipment across the country and not make it eligible for grant money from the us government. so this has been a long time coming. one of the things is fairly interesting about trying to telecom it's, it's one of 3 chinese companies that operate in this space. and essentially trying to telecomm, dominates the chinese market. they will not be allowed to operate in the united states. and it seems like there's not nearly as much coverage of this under the binding ministration as we saw under the trends ministration. and so for many, they shut down may appear to be sudden, but it's actually just the latest in a long line of action specifically targeting chinese telephone, correct? yeah, that's, that's exactly right. i mean, it's been going on for some time. it actually was back all the way back in april of 2020, that the fcc 1st started looking at this issue so well over a year ago,
about 18 months ago when they really started looking at this. and they were looking at whether or not they were going to shut down china, telecom america, that's the name of the subsidiary trying to telecom americas. and essentially what they were saying, and i want to reach you what the claim was that the firm is subject to exploitation, influence, and control by the chinese government. that's where the fcc originally had the claim back in april 2020. so they've been looking at this for a long time. it's not brand new. but i think what does may surprise, i should say, may surprise some people is the idea that as you said, this is something that hasn't really been talked about under the, by the ministration divide. the ministration really doesn't talk about china, but they have continued to carry out these policies that are especially limited to chinese tech in the united states. and now, meanwhile, been an executive at tech tock face tough questions on tuesday during the video sharing apps. first appearance at a u. s. congressional hearing thing. it does not give information to the chinese government and has sought to safeguard us data. what else came from that hearing?
yeah, it's pretty interesting. so ted cruz, the republican senator from texas, was questioning, think, talk about a couple of issues. one of the things he asked about was their affiliation with bi dance, which of course, is the, the major owner of tick tock in china. and what was interesting, the statement that was made by, by the ceo of take talk was essentially this. he said that tick tock has quote, no affiliation with beijing bite, dance technology a by, by dance entity. which essentially even trying to government has a board seat on that company. they control that company. and so essentially what they see, it was saying is that, yeah, we are associated with by dance, but we're not being controlled by, by dance b g, which i guess is now a separate company. and so they have created separation. as you guys remember, you know, the trump administration had wanted to break off tick tock and the forced by dance to sell the u. s. canadian australian operations that never ultimately went through . so the question was, how are these things affiliated? the other thing that the seo said,
which was also fairly interesting is he said that all of the servers and the data as either stored in the united states or it's stored on secure servers in singapore . and that none of the u. s. data is actually stored in china. now, i know when we're talking about how the trans ministration went after chic talk, how they said that they were going to ban it and really turned it into this movement. and then it kind of seem like it just evaporated and the thin air doesn't seem like they're still that push towards actually banning it from those republicans like ted cruz that could make some traction still. i don't. i'm not sure they're in can make traction. look, i think when, when trump pushed for this, it was somewhat shocking that he was essentially trying to force a cell. as you guys know, i was highly critical of that at the time. and the biggest reason for it was because should a us president, or, you know, the, any government entity for the company to be sold because its owners are, you know, may be affiliated with another government someplace. i think that's insane. does
not make any sense at all, but there was a big push for that. and what was interesting was who we wanted to sell it to. we wanted it broken off so that microsoft and wal mart could ultimately own tip top which how that's better than china. i don't personally know just because they're american companies doesn't mean your data is safer, and it doesn't mean they don't exploit their users. as we know, american companies like facebook and amazon and apple do all the time. and obviously if you want a ban and app or something like that, or even chinese telecom equipment to bring this off full circle, that's one thing. but again, it's the city united states president, not just saying they should sell it, but really trying to broker the deal himself and to take it for the us treasury. that was a pretty ridiculous situation. god bend swan thank you so much for that. we'll keep following the story. thanks guys. and robin hood is coming back down to earth falling an i p o in july that shares more than double in just the last week. the trading platforms own stock has dropped yearly. 16 percent down,
nearly 11 percent on tuesday. alone, the latest earnings report missed the mark showing only $365000000.00 in revenue against the more than $431000000.00 in revenue that was expected. it also marked to drop from the 2nd quarter, which the revenue of $656000000.00. now robin hood is placing the blame on crypto currency. that's right. the platform noted in a statement that revenue from crypto trading dropped from $233000000.00 in the 2nd quarter to just $51000000.00 in the 3rd. as a result, robin hood says fewer new accounts were created and funded. so what does it all mean for the future of both retail trading in the crypto industry? well, joining us now, gosh, i assume that's co host an crypto analyst, christy i, and michael guy at portfolio manager at truro. so investments and publisher of the lead lab report, it's great to have you both on the show today. michael, let's start with you here. i know robin hood is now warning that the seasonal headwinds as they call it and decrease retail trading are expected to continue for
the rest of the year. so what does that say to investors and where does that put robin hood after the company lost more than $1000000000.00 just in the last quarter? i mean, 1st of all, we gotta define what seasonal patterns mean. that's kind of a strange, amorphous statement. churchill, let's be very clear when you look at what happened with robin. it wasn't really about crypto revenue only entreating there. it was about those coin revenue and creating phone, which was really the bulk of a pretty much everything. i just put a tweet on leave lag report, you know, you live by the do you, you die by the right thing. thing, right? because if, if robin hood growth is predicated on these momentary fat in blips in crypto currencies, then their revenue stream is going to be as involved as the underlying currencies that people are treating through their platform. and i do wonder if that's something that is suitable investors necessarily want to have exposure to,
especially given what i would argue or frothy levels on market all given where we are here in 2021. and now i just want to follow up on that because obviously we focused on the crypto angle there, michael, but there is also, you know, the big retail trading boom with a lot of main stock that we've seen. obviously kind of seems to be winding down. you think that's also taking a toll on robin hood as well? you know, there's a, an argument, a few months ago that as more and more people go into the office because of delta be largely over that you'd have less people actually treating crypto, curtis and less retail and less mean treating all that. i think we're starting to see some of the elements of that. again, it's a little curious me, if a large part of your revenues being driven by the fickle crowd, you're going to very fickle revenue. so everything lines up with this narrative that a lot of people staying at home, we're bored. so what do they do? they went to the casino and the casino happened to have access through their the
robins. and now chris, they want to bring you obviously into this conversation. why are you seeing the difference between what we thought maybe in the 2nd quarter and 3rd quarter for robin hood? do you agree with michael at all? well yeah, there was a huge surge of crypto training the 2nd quarter versus the 3rd quarter. and that was pretty much because of 2 things. first off, we had this massive rally in the 1st and 2nd quarter of the year with the coin topping $23.00. 63000 for the 1st time ever. so retail trade or seeing things rise, they get a little fomo and start massively trading. but unfortunately, when the formal dies down and crypto stabilize toward the $50000.00 mark and takes a little bit of a breather, that's when the biggest speculative interest dies down. and that's robin hood's crutch that they rely on of traitors. not long term traitors and hardly so one bitcoin didn't do anything for a couple months and just kind of flopped around the 38000 and support line. people lost a lot of interest. and then of course, there's a 2nd reason which was the death of those coin. as michael just mentioned,
a huge portion of robin hood's revenue came from crypto training, specifically don't coin. and i think all of you know, my feelings on those klein are ready, but those coin had been responsible for about 62 percent of crypto transaction revenue. robin hood in the 2nd quarter, but it has proven itself to be a one time gag token as now. volumes are down about 75 percent. so while there are a ton of great all coins out there that are actually doing spectacularly, it kind of blows my mind why robin hood wants to bet on and actually feed into this retail frenzy by listing such an unreliable and dumb coin and ignore i. some the real projects out there, and i know that something we've talked about a lot, right? if you're getting in and you're making money than life is great until it starts falling and then all of a sudden you're losing money. so it'll really be interesting to see how robin had moved forward with that. and if they continue to really focus on some of those mean point. now michael, i want to shift
a little bit. i know that when we're talking about really just crypto currencies in general, a lot of those mainstream currencies are facing a tough road and have been a tough road in recent days. but at the same time, we've also got j. p. morgan revealing that some institutional investors are turning to bitcoin over gold and billionaire. 2 investor, paul, tutor jones says that crypto is winning the race against gold right now. now what do you make of those who are looking to a curb to currency like bitcoin as an inflation heads that could eventually rival gold? well 1st of all, g b, morgan, a few years back also said that big pointed that would be cautious, meaning that gp morgan says and that's gonna continue to be morgan, rather narrative following the only price. right. and by the way, just real quick on the wrong good point, i think they put some kind of survey about see if they could list ship. you know that she will, she will, you know, joe joe coin on dish, which i, i have a lot of fun with on, on twitter. again, it's like going from me to me more from fat to fantasy myself. my business model
never lined up on this point about big coin versus gold group to courses for school . i don't understand why it's one of the or the other and i don't quite understand fully the argument that it's a replacement for goal. nothing about gold is in inflation it with make that very clear. gold had gone nowhere for over a decade. it's not an inflation that i can go back further in history. gold does tend to do well when you have high volatility and stocks as a risk off asset bitcoin and other crypto currencies have yet to prove themselves as being capable of doing that when the volatility hits every mortgage. so if you're gonna argue the crypt occurrences in the coin or, and inflation hedge. sure, it's the same extent. the stocks are because all this money is printed. you got to put it somewhere. so it goes into some kind of asset, whether it's real or digital. but to argue that it's a replacement for golden gold really is its own different animal. it does nothing.
did it that prove that? i think a lot of people use these analogies without actually looking at the stats behind correlations cause asians and really what dry this price and christy, what's your take on that? because i think that's an interesting tag for michael that it doesn't really have to be what the other in this situation. i absolutely agree with him. and if you're looking to gold as an inflation hedge, it actually makes for a very, very poor one. gold has failed to go up hugely whenever the economy does, it has not lived up to the expectations of many of its advocates of rising. many multiples the fest, it seems to do is to jump a couple $100.00 or 2 if something nasty kicks off somewhere on the globe. and that is because there's just one very simple reason why safe haven investors have more upside and big coin than when they invest in gold. and that's because of issue every year there's another $3300.00 tons of gold produce. that's $200000000000.00 of that must be absorbed every year by buyers, which it does. and most of it actually goes into jewelry, not electronics conductors, and some means,
as peter shift mentioned earlier this week, as only 15 percent of gold is consumed by the tech industry annually. that's it. most of it is actually jewelry, which is pretty useless. so let's just look at bitcoin instead of staying the same and supply pick went actually has roughly every 4 years, which means that supply actually goes down. not only does supply goes down, but the total number of big coins will not exceed $21000000.00 ever. and so that makes it not only a store value, but there's other use cases for the technology. what email did for transmitting messages block chain is doing for data. it is the only thing today that is truly decentralized, borderless, uncomfortable, and censorship resistant. and then lastly, we really are a gold hoarder and you think it's the end of the world and you need to flee. good luck logging all the shiny blocks of gold around without getting spotted and mugged . meanwhile, bitcoin is actually completely portable. right? taking the bacteria that really this week. i like it, michael, give you the final word here. i mean,
1st i think jewelry is very useful. i just wanna say that real quick so. so keep in mind that yes, all those are true organs about the coin. but be very careful in your sizing of something that is that volatile. i think that's something to miss and a lot of these conversations around crypto currencies is how much you meet in a portfolio. and if you're gonna believe it to store value, that means that it's a safe investment. i would caution anybody because the black swans of a funny way of appearing in the digital watching l. i'll certainly be interesting to see where all of this trends go. but thank you both so much for your time, michael guy, out of the lead live report and boom bus christy, i think and time now for a quick break. but when we come back, we'll take a look at the latest in the global energy crisis. and what steps are being taken, taken to ease the pain? and as we go to break, here are the number that with
us did any wardrobe drug. clover spoke a deal if people use scrap materials and whatever is at hand to rig up all kinds of stuff from household items to pump actions, squid guns, richer company for my fresh ramon. the stove must be out of my little much more pool with the best part is people want to watch. millions of viewers spend url is seeing how a person they've never met and who's half way round the world assembles the contraption. no one else needs me to take a 3 arrange for sophia for that in which could just move my feet when you mine. yeah, cities like user g was looking at the glutton lily future, which unfortunately still couldn't mac geyser finance, a survival guide. liquid assets are those that you can convert into it quite easily
. to keep in mind, no, as if you need to inflation datawatch guys report look forward to talking to you all. that technology should work for people. a robot must obey the orders given by human beings, except where such orders that conflict with the 1st law show your identification. we should be very careful about artificial intelligence at that point, obviously is to create trust, rather than fear i would like to take on various jobs with artificial intelligence . real, somebody with a robot must protect its own existence with a
welcome back. as the global energy current raiders on china is planning this that a ceiling for the price miners consult thermal coal. and it is time to rein in skyrocketing energy prices. bloomberg reported the news, citing people familiar with the national development and reform commissions proposal that plan still faces approval from the state council. and with last until may of next year. for its part, the n r d. c, which handles the nation's energy prices released a statement late wednesday i had met with the coal. busy industry to discuss measures to stabilize prices in the market. as we've discussed on this show, surging prices have cause a power crisis in the world's 2nd largest economy in turn, affecting manufacturing, causing more strain to the already struggling global supply chain. now discuss this and some other energy related news of the day is david towel. he is the president
of pro chain capital. always a pleasure to have you on david. what do you make of these price caps we're seeing in china? do they help considering much of this issue is due to a shortage in coal. so no price caps do not help the supply demand equation in any way. you schwartz men, terminal blackstone in saudi arabia earlier this week, spoke about the energy crisis. and by the way, energy can include coal, it concluded oil include natural gas, and all of those are independent markets. and all of those are very regional as well. but to go ahead and echo with the schwartz mon said, is he is most concerned about social unrest. if we have an energy crunch and an energy crisis, and i think price caps help a lot, in terms of quelling any sort of social unrest, goes ahead and allows businesses and consumers to be able to bank on
a certain ceiling at which you know, price will reach and exceed no further. however, the n r d c has also said that it's going to be giving a subsidy to importers. so that'll help with supply. and not necessarily, you know, bring up the price at a time. but clearly, the, the issue of energy and coal is at crisis levels inside of china. and now we know to go back to your last segment. frankly, one of the reasons why china went ahead and shut down all of its bitcoin mining operations. because frankly, country doesn't have the luxury of spending power on mining bitcoin and i know talking a lot about this energy current, this is something we've covered heavily. and at the same time, the you in climate change call brands referred to as cop 26 is being held in scotland starting on sunday. now as many nations throughout the world,
including china, have made plotters to reduce reliance on fossil fuels. how does the energy crisis play into this when it appears that the world needs to ramp up production across coal, oil, and natural gas ahead of the upcoming winter? so rachel, you put your finger on it. this is an impossible quandary. clearly everyone's focus in terms of the future is on renewables and moving away from fossil fuels. however, the here and now is all about fossil fuels. as matter of fact, us energy information administration came out today and said we will not reach peek conventional vehicle usage in the world until 2038. that 17 more years of growth of gasoline needs increasing during that period of time. and frankly, you know, being in the united states, our legislators, our regulators here have not thought long and hard about what the transitional
period is going to be. as we see it right now, opec is going to be in huge control for at least the next 10 to 15 years. and that can affect things far beyond the energy market. it can go ahead and affect political relations. you know, potentially, you know, worst things can happen because of this strangle hold of the powers that have energy and are willing to continue with carbon emissions as opposed to those countries around the world that have pledged to make huge cutbacks and will make good on their pledges absolutely, that seems to be a prevailing thought here is that obviously, you know, you can't do this quickly when you're trying to make such a big step there. and especially when we're having these issues that we're facing right now. now i want to quickly before we go look at europe, they're obviously facing issues with their natural gas supply. and a lot of it has been made of certifying the nordstrom to pipeline from russia. while much of it has been made of the power,
it will give russia in the read in germany, the economy minister says granting certification will not threaten security of gas supply in germany or the rest of the you was your take on that situation. i don't see it can not in stability in the region. certainly russia, caesar dies itself getting a fair amount of leverage is just the question of whether they decide to use that leverage at some point in time in the future. and frankly, i don't think anybody knows exactly what will come to pass, but certainly this will give another lever for russia to go ahead and pull if it chooses to do so. if it doesn't well then it won't. and everything will be exactly how the german ministry went ahead and said, but things could go the other way as well. and certainly there are other countries around the world warning about that. but isn't that the case with any, you know, energy situation we have, and you just mentioned,
even in the previous question there about how opec and opec leverage over oil market. so, i mean, couldn't that be be said on both sides or? absolutely not. no doubt, i mean, we have the issue right now in the united states where our president is calling on opec to increase production. i mean, we have the ability in the united states, go ahead and drill for more oil. we've made a conscious decision, not necessarily myself. lawmakers clearly have made that decision. so has the, you know, the government and so have special interest groups that we need to go ahead and fully get behind environmental concerns. and therefore, you know, promote renewables and move away from oil production and we see that happening all around the world. excellent chevron shell be have all gone ahead and pull back on their production. they're taking their cash flows, their dividend, you get shareholders, they're not putting it back in the ground. well, the majors are going to drill is going to be left up to the sovereigns. and,
you know, frankly, opec, which you know, is going to continue to drill for oil because that's what the mission of the consortium it. right. so therefore just by definition alone, they are going to have control in the energy conversation. absolutely. david tower . thank you so much. unfortunately, we're out of time president approaching capital. and that's it for this time you can get boom by some portable tv app, portable dot tv will see you next in the british and american governments have often been accused of destroying lives in their own interest. while you see in this, these techniques is the state devising message to end essentially destroy the personality of an individual by scientific means. this is how one doctors, theories were allegedly used in psychological warfare against prisoners deemed
a danger to the state. that was the foundation of the method of psychological interrogation, psychological, tortured jace, disseminated within the u. s. intelligence community, and worldwide among allies for the next 30 years. send out the victim, say they still live with the consequences. today i am with there's things we dare to ask and
hey, dicking hates all. it's all the market. european gas prices fold and after vladimir putin orders, the russian energy giant gas problem to up supplies to europe. go ahead. this means our a key figure from january's capitol hill, riots who is caught on camera encouraging people to storm the building is quietly removed from the f. b i's most wanted miss pointing questions about his background . and as the fates of julian assange is debated in the u. k. 's high court, the whistleblower supporters, the mom the his freedom one m e p told us it's time that government steps in it probably needs a political process run.