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tv   Boom Bust  RT  November 3, 2021 12:30am-1:01am EDT

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i've or in fact, right now i'd be where you're really worried about it. most people with a you can put a chip in my brain. so there has been a lot of progress from the hacker side using ai and using other advanced technologies. there has been on the defensive side when i a
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ah, with this is them by doing business. hey, you can't afford to miss. i'm ready to love it. remember a job warren washington coming up. china has taken steps to ease the nation's energy shortage as opec was members have phone sort of agreed output. we'll take a look at the state of the global energy prices. and at the top $23.00 conference is underway in glasgow. scotland week where the world's most powerful leaders are discussing measures to combat climate change. straight ahead, we provide a full scope of the commitment to flight greenhouse the mission. then the vine administration is calling for urgent regulations. unstable coin has their value,
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has stored 500 percent in the last year. well, they've got, we have a pack here today for sky right in freely in the program with the latest on the global energy crisis. china says it has increase its daily production of coal after power cuts in recent months. rate havoc on the already strain, global supply chains. the national development and reform commission, which sets energy policy for the world's biggest colon porter, announced this week that production was out by more than $1000000.00 tons by the middle of october, compared to the end of september. as a nation increases stockpiles. cold futures traded on chinese exchanges are down nearly 50 percent since hitting recent highs on the 19th of october. meanwhile, the price of oil rose slightly early tuesday with brent crude sitting around $85.00 per barrel. after recent reuters survey pointed to opec plus producers, falling short of agreed production increases production rose by $190000.00 barrels
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per day in october. well below the $254000.00 barrels per day increase. cartel members had come. terms are in voluntary outages and limited capacity with some smaller producers, weighed on the total output. let's go ahead and take a look at the state of the global energy crunch. with david mckelvey, he's the ceo of michael bailey, financial group. always a pleasure to have you on david. i want to start with the coal situation. doesn't increase put china on better footing after dealing with those power outages that have further hindered the ongoing supply chain issues. sure, but you know, i think a part of the issue is increasing their production, which is about a 10 percent increase in production. but the real big part of the solution now is returning to normal, cold imports from australia. the polar bureau decided he didn't like doing business with us trail ya and dropped imports of most australian products, coal included in retaliation. for ozzy commentary on one co go with 1900 lab creation. so the chinese created the cold supply deficit by trying to swing
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a stick and make the these pay. and that didn't really work. we have a phrase cutting off your nose to spite your face, which i think i think fits. the chinese reduced coal imports from australia by 98 percent. now it's normalizing those imports. it made up for some of that from indonesia, but this marginal 10 percent increase in their domestic production was never the issue. the issue was they cut off supply from australia. so it's a mass, i think it's normalizing now, but now they're dealing with the unintended consequences of further inflation, vegetables and proteins. and it's got a broad based inflation at this point. i know something that we've seen happen a lot really around the world and you have the political tensions. you have those kind of back and forth tit for tat bottles and then you have to do with the very real world consequences of them. now moving to the situation with oil, is it concerning that opec plus members weren't able to meet goals set for production after so much back and forth recently?
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and do you see this being a problem in the months ahead? i would flip frame it a little bit differently. i would qualify that opec's production increases are really getting to max targets. these are sort of not to exceed levels which could be confused with minimum requirement. and if the production number ends up being slightly below the target, it's not as if they failed, you're just dealing with preferences from 2 different interested parties. so the opec members don't want to see too much supply on the market and see prices suffer . on the other hand, you get importing countries, which would love to see more supply and lower prices. so it's framed as not meeting production goals by those that are unhappy with how high the prices are. and i don't see that as, as a big issue going forward, the target was an increase of 254000 barrels a day. they're at a $190000.00 barrels a day, so they're basically at 75 percent of max target. and i think that's a pretty small gap to fill for your various opec members. so not an issue going
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forward. my think. i went ahead on something else, david on this because during an interview with n b c, meet the press over the weekend, us energy secretary, jennifer granholm, stated the obvious. basically, we blaming the cartel for rising gas prices in the country after the white house is of course, called on opec to release more supply. what do you make of this comment? i mean, obviously, oil is that on the global market, which opec for the most part control? yeah, i think that's a fair point. but i think there's the more obvious absurdity of our national energy strategy in the name of the carbon is ation. and with the democrats playing politics and vilifying us energy producers and pipelines, we have reduced us production and prohibited many drilling avenues that would have brought us not only energy independence, but also kept prices down. so biting was elected largely on an anti trust platform, which included not just a verbal smack down for us energy sector, but also real constraints put on capacity growth limits. and,
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and i think in this respect you reap what you sow. jennifer can blame opec and clearly they are price mover and that is definitely faster. but i get a little annoyed when people in parties can't take ownership of their mistakes. in . as a reminder, we're just not dealing with adults in the room. children blame others for mistakes . they like to scape goat, it takes the maturity to own when your policies are, in fact a contract, a contribution to. ready the liability. so i don't think we can separate the administration's environmental actions from higher prices being paid at the pump, 922 percent higher prices now by and he says that energy transition is going to take some time. and i think that's can obvious. we knew that i just wish that he and his energy secretary had given that a little bit more for thought. oh, absolutely. i mean, i know that's something we've talked about throughout this energy crunch with many analysts that you know, maybe the foresight wasn't there when it comes to d, carbon ization and making all of these promises that have kind of trickled down throughout that industry. and we have more of that coming up here in just
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a moment. did mack of any of mcelhanney financial group. thank you so much. get to be with you. thanks. and now to the latest, from the ongoing cap, $26.00 stomach on climate change, more than $130.00 world leaders have gathering glasgow scotland to raise awareness about the need to act in the name of the environment. so far the summit has resulted in a pledge to n d 4 station with nearly $200.00 or $20000000000.00 committed in funding from public and private donors. along with a pledge to decrease methane emissions by 30 percent over the next decade. the goal is to limit global warming to 1.5 degrees celsius above pre industrial levels, and some world leaders were a little more outspoken about the mission than others. to degrees mo, jeopardize the food supply for hundreds of millions of people whose crops with lucas swarm. 3 degrees. and you can add more wild flaws and fight clenched twice as
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many, 5 times as many drugs and $36.00 tribes with many heat waves. we are disappointed that us feel we still have time notwithstanding scientific conclusions that we must at no decisively ambitiously. 1.5 is what we need to survive to degrees. yes, as g is a death sentence. we do not want that dreaded death sentence, but we've come here to day to see try harder. try harder because our people, the claimant armies, the world, the planet, needs or actions know. now if all of this sounds familiar, that because that is because a very similar pledge was made by world leaders in paris back in 2015 private figures have also taken a notable role in this week's discussions, including one of the richest men in the world jeff bezos,
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who has been widely criticized for the impact his company's amazon and blue origin, have on the environment. he claim it was his quick trip to the edge of outer space that prompted him to commit $2000000000.00 to the global d for a station fund. block roxio larry think was also present and he called for private firms to be forced to disclose their risk to the climate claiming they are falling behind public companies. so what else can we expect from this summit? and will these pledges lead to any meaningful changes? well, joining us now to discuss is hyphen program, director of the energy program at public citizen tyson is great to have you on the show today. now when it comes to a gathering like cock 26, i mean, anytime we see these world leaders get together, we often get these passionate sound bites and he's really grand promises. but is there anything we've seen so far at this summit that sets it apart from the rest? well, yes, because the united states is now engaged. we took 4 years off under the trump
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administration, and so we're having to make up for lost time. so just the fact that the united states sent such a large delegation to glasgow ah, bringing together a whole lot of different mastic commitments, is a clear signal to the world that united states is going to be serious about trying to move forward. i know that it's frustrating that some of the commitments are not as ambitious as we would like. we don't see as as much money for the global south for climate resilience and climate investment. but it is baby steps when you're dealing with trying to get so many nations together on the same page to address the global problem of climate change. and so i am encouraged in the general direction. i do think that the united states and china and other larger economies need
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to uh, be fucked, their commitments up. but in general, i am encouraged by what i'm sick and tired of. you talked about the long game here because that seems to be a common point we've heard. but as the world is kind of faced this energy, i mean, we call it a crisis, we call it a crunch, or whatever. you might want to call it where there's issues in all sectors of energy. you know, a lot of analysts, especially in the field of oil, obviously are pointing to the fact that, well, everybody keeps saying that we're going to de carbonized right away. and we're moving forward too fast, and we're not having a long enough game to actually get this done and get the right infrastructure in place before it becomes a problem like we're seeing now, what do you make of that? well 1st i don't think any countries like united states or others are talking about ending relying on fossil fuels tomorrow. we're talking about a gradual transition that the by the administration has been clear that there is
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a role for natural gas fair. but if you look at just the explosive growth of renewables, if you look at the cost reductions for both onshore and offshore, wind cost reductions for photovoltaics, some of that is hit a little bit of a snag with the supply chain issues due to cope and around the world, but in general, the cost reductions for renewables continue to to march down. and so i don't see it as unrealistic. a lot of these transitions are from 2030, 2050. that gives an economy the size of the e u or the united states. a lot of time to make this transition in an orderly manner that shouldn't result in significant disruptions. now when it comes to those transitions and i know kind of like how you mentioned that as something like this, you have a lot of leaders that give their timeline of what they think, how long they think that it will take them. we heard from india's prime minister
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saying that they will pledge to reach net 0 carbon emissions by 2070. and then there's china, which has yet to give an exact date. now, given that even india's target is 2 decades later than the organizers of cop 26 are actually wanting. where does that put global tensions on climate change moving forward? well, there is a lot of pressure on china and india. i mean, their missions have been skyrocketing, whereas in countries like united states in the u, they've been flat lining or actually are falling off. and so there is a lot of need for china in india to be more aggressive. it's disappointing by china hasn't really provided a lot of firm commitments. i think that there's a lot of tangling right now between united states and china on a number of different non climate related issues. dealing with taiwan. pod, china's firing of hypersonic missiles that i think,
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depending upon how some of those negotiations play out, we might then see a firmer commitment by china. and so climate change as sort of become a negotiating card among some of these top nations. when you're trying to address a whole suite of different diplomatic of issues between these countries, florida definitely seems like a climate change and, and you know, saving the environment and things like that should be a situation geopolitically where everybody should be able to get together and kind of come to some sort of terms, but that's not always the case. now we talked about with their intro there about the private sector being involved in mentioning larry think. and what jeff pays us is doing. so how important is having the private enterprise getting on board with this and having billionaires throw their money where their mouth is? why i think, you know, these billionaires, you know, have more wealth and a whole lot of nations that are attending this. and so i think it is important that
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the super rich show often makes some commitments. while jeff bezos does have a lot of contradictions and some of the business practices with regards to the climate. one thing that amazon is responsible for it is a number of corporate procurement and development of renew energy, particularly large scale wind up in north america. and so it's good to see that he's making some commitments for some, some additional financial commitments. the devil's going to be in the details about exactly of what that money is going to be invested in. but i do think it's important that sort of captains and industry up participate in these discussions and, and make the kind of financial contributions that they have. yeah, it'll certainly be interesting to see what else comes out of this. um and, and of course, how long those commitments last, tyson slocum,
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director at the energy program at public citizen. thank you so much for your time and insight today. it's my pleasure. and the tech rep between the world's 2 largest economies continues to deepen as yet another american tech firm has withdrawn its operations from the chinese market. yahoo! once the internet's premier search engine has announced, it officially pulled out of china as of the 1st of november joining microsoft linkedin. as the 2nd major us platform to leave the people's republic and much like the job networking platform, yahoo! called out the nation's harsh of business climate and legal rules as the region behind its departure. the firms decision coincides with the implementation of china's new personal information protection law, which went into effect on monday. much like the g d p r in the u. china is aiming to increase personal data protection with the new law. now this doesn't exactly come as a surprise, though, as the firm has been winding down at services in china for the better part of the
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last decade. yeah, and rachel, similar to what we've seen with google, like most of the services that yahoo was actually providing in china. we're no longer there. right. and it is really interesting to see how you've got these big tech guidance here in the u. s. that continue to get bigger. i mean, yahoo was one of the leading search engine that we all paid attention. and now it's dying out not only in china, but also here in the united states. absolutely is time now for a quick break. when we come back, we're going to take a look at the movement here in the vine administration to regulate stable points. we've got all the commentary from ben bus, christie, i coming up. and as we go to break your, the numbers at the club, ah, a
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the british and american governments have often been accused of destroying lives in their own interests. while you see in this, these techniques is the state devising methods to essentially destroy the personnel to that 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 us intelligence community, and worldwide among allies for the next 30 years. mentality victims say they still live with the consequences. today i'm invited a
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non non who dares sinks, we dare to ask ah and welcome back. the bided administration is giving it take on stable coins in a new report that calls for urgent regulation to be enacted by congress. a group of top economic advisors, referred to as the president working group called for stable points to be regulated as banks and subject to strict rules at oversight by the federal government. now if
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you're wondering why the government is suddenly talking about stable coins, it's because their value has skyrocketed by over 500 percent in the last here heading a market cap of nearly 130000000000 dollars. as a result, the government is claiming user protection will be put at risk if more oversight is not pursued immediately. so joining us now to break all the john is boom bus co host chris b i r a christy. what are the concerns here? if stable coins are in fact regulated like banks as this report is calling for well, here's the thing, the trouble with the stable coins that they actually slipped through all of the regulatory cracks. they aren't classified as bank deposits. so the fed and office of comptroller currently has limited ability to receive the fcc has some authority if they're defined the security about the matter active debate right now. so it's actually will be very difficult to try to regulate them as things because they basically have to come up with a whole new set of rules seeing if they don't fit into the infrastructure of what
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the on the back. so a few options available are things such as does meeting them as systemically risky . that when the financial stability oversight council can look over them and force them essentially to strict are oversight. they can also try to regulate them that they were on money market mutual funds. but the thing is, money funds themselves have cartoon government rescues already in the middle more than a decade. so that doesn't seem to fly. and then of course, they can try to create a competing point to try to help stable going. but apparently, according to powell, a federal d. c digital dollar will make it so that quote, you won't need stable points. you want me to click that currency if you had a digital us currency. now i don't know if all that logic but hey, if you think a cbc will make it so that people won't use crypt anymore. gilbert and i guess, christine, why talk about the idea of regulating stable coins when you don't have any regulation on crypto currency as a whole, it feels to me like you would go as
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a whole then you know, smaller sacks, you would do stable coins and maybe the more about coin than utility coils and all of that. so why just focus on stable points at this point? the reason so the us for every one stable coin can be regulated and help the same standards ensure the path toward institutions including state and thoroughly trying to think. so in a way this is trying to, to protect customers deposit and limit any potential native systemic impact in the event of a failure. so can certainly make that argument that it's meant for customer safety to have stable, regulated. but i feel like i've just read because yes, we always see the big sign saying that your funds aren't sure if i'm up to 150000. but nothing. can you cut the fire into? i have to putting this morning, customers about the country. if they do not own their private key, so i don't have anybody able to actually be insured or but the
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reason why people have become confident that they shouldn't be on basically the entire monetary system as it currently exists today, where the treasury for legal tender but they will point can be used to exchange for goods and services and become widely accepted everywhere. then that's pretty much me, the dollar worthless. all right, and we're going to turn this to a separate story here with christie and the reigning and f l m b p. aaron rogers. and now it's monday that he is working with cash to convert a portion of his salary into bitcoin. in a video posted on the green bay packers quarterback, twitter account, he echoed the rallying cry, bitcoin to the mood. it's unclear exactly how much of roger salary of $33500000.00 will be converted to bitcoin at this time. now it's notable that he's not the 1st professional athlete to offer some of his salary should be transferred to the
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world's most popular crypto currency. o n f l players. russell couldn't use half of his salary to buy bitcoin in 2020. was john coke and said he would convert his entire 2021 salary before he was released in may. and of course, when soccer starline messy was signed with paris, saint germain the club announced the part of his signing bonus would be paid in the clubs van token. now. christie, we of course, want to bring you in on this one to make this move by some athletes to transfer at least some of their salary in new crypto. i think it's an amazing move by those athlete because it means that now they're able to take part in the price appreciation of crypto for these, which is far more superior than keeping all of their partner and salaries in the bank, collecting the bare minimum interest rates so this is a really smart move, financially professional api to operate as independent businesses and brands. and in general they have a high risk tolerance. so these are these, they ask,
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they also know that they have a limited life and on the field play and not the rest of their career, they will be living off of their savings. and basically whatever brands and endorsement deal comes a lot, but essentially there's no neil longevity in a, in an athlete life. so given that knowledge, it makes sense to be paid in a currency that will appreciate over time and something that is resistant to the inflationary pressure that we see today because it's completely relevant in today's current economic environment. oh absolutely, and i know that whenever it comes to differing this trend that you see continuing on, we've got about 30 seconds last. i did think that this trend is definitely here to stay as more as these athletes are basically heroes viewers, and they've captured the eyeballs of millions all across the country is who fall there. so i think that this is great that they have become such influences in that space with high conviction, and they're actually helping to grow mass adoption by their fans. absolutely. been
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most christie. i thank you so much for your time and insight on this one. think it and that's it for the time you can get boom box 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 can also be downloaded on samsung, smart tv, and roku devices, or simply check it out portable dot tv will see next time ah, in russia this close of car was discontinued more than 20 years ago. even though they more than a sort of lease up to a proposal this year, dealing with just important purchase, it took 5 years to close the gap on the world car industry from the drawing board
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to the 1st finished model scripture. so we'll move over to show the fire controls key of dealing with the one who know which one is miss north with for shift from little bit luca, correct. yep. the quizlet live where the pretty much it was to deal with commercial with it's been 30 years as the soviet union collapsed, long misconduct. good, chill them on to what the problem yet nuclear you talk so. so shown where your swore truck on $1.00 tom ukraine was one of the independent states that emerged from the ruins of a super bower. i'm doing awesome. good. would you also get on google greens?
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come on board. surely. confusion, some of the yeah. can last new lucian, west new deer, better lung or law, totally different or else? well as a, as a resource hoping to learn the business learners supersport to scribble, bring and finish out the ship with water. the past 3 decades, green light for ukraine. eye witnesses, recall the events. this will be more or less due to she was in a deficiency of chipotle. what i knew more tomorrow, that order. sure it's, i'm not sure, but it be about 4 months with water windows and what other forces were at play. the producer whom you show in ship russia in the same new what obama care what it americans when use the shows ocean moser, the ocean jordan, is take a look at ukraine 30 years after gaining independence. if you're going to read your phone with us for dinner, unless you mean, like unity retorted, mostly we'll move,
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but a will. ethridge litigation ok of nashville has done so far. headlines . it's our now to international whistle blow reports in the british medical journal claims. they were serious. flores in 5 is carried vaccine testing procedures and indifference by us officials, also to come a legal victory for big pharma and potentially a disaster for millions of people. it's a california court rules. i claims that drug companies contributed to the epidemic . a prescription medicine in the state police speak to one of the victims. here we are years later knowing what we know. and we're still unable in the courts to provide these families with, with some kind of justice for loved ones that they've lost or loved ones that are still struggling. it's, it's, it's a travesty with the u. k. hosting the un climate summit in scotland. the com.

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