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tv   Boom Bust  RT  November 3, 2021 4:30am-5:01am EDT

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[000:00:00;00] a surface, but a teachable bring and finish with water. the past 3 decades in length. ukraine. eye witnesses, recall the events. this would be more or less of you to she was in the deficiency of chipotle. what i knew to know that it would not show up, but it'll be about 4 months with modern windows and what other forces were at play, the producer whom you show in ship machine, those them you put in the kid what it a little bit when it shows up in the versions of these. take a look at ukraine, 30 years out the gaining independence or a phone with us, or did unless you mean like unity recorded live
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a will it make of you so much for holding? so problem with with this is them by doing business. hey, you can't afford to med, i'm rachel, one that i bridge a bore in washington coming up. china has taken steps to ease the nation's energy shortage as opec was my birthday own sort of agreed output. we'll take a look at the state of the global energy price it. and if it kept 20 think conference is underway in glasgow. scotland week,
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where the world's most powerful leaders are discussing measures. we can climate change straight ahead. we provide a full scope of the commitment to flight greenhouse the mission, then the vine and ministration of calling for urgent regulations on stable coin as their value has toward 500 per cent in the last year. we'll discuss. we have a package here today for jive right in 3 with the program with the latest on the global energy crisis. china, so that has increases daily production of coal after power cuts in recent months. rig havoc on the already strain global supply chain, the national development and reform commission, which that's energy policy for the world's biggest colon porter, announced this week that production was up by more than 1000000 tons by the middle of october compared to the end of september as a nation increases stockpiles, coal futures traded on chinese exchanges are down nearly 50 percent since hitting recent highs on the 19th of october. meanwhile,
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the price of oil rose slightly early tuesday with brent crude sitting around $85.00 per barrel. after recent writers survey pointed to opec plus producers, falling short of agreed production increases. production rose 510900000 barrels per day. in october. well below the $254000.00 barrels per day increase. cartel members had come to terms of involuntary 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. bread, 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 to pull a bureau decided he didn't like doing business with us trail ya and dropped imports
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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 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 fit. 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 kind of 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 then have to do with the
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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? 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 target. 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 the 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,
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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 forward. my thing. i want to hit on something else david on this because during an interview with nbc 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 u. s. energy producers and pipelines, we have reduced us production and prohibited many drilling avenues that would have brought us not only energy independence,
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but also kept prices down. so biden was elected largely on an anti trump platform, which included not just a verbal smack down for us energy sector, but also real constraints put on capacity growth. and, and i think in this respect you reap what you sow. so jennifer can blame opec and clearly they are. price mover is definitely a factor. 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 the liability. so i don't think we can separate the administration's environmental actions from higher prices being paid at the 922 percent higher prices. now buy it and it 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 interest energy secretary had given that a little bit more for thought. oh, absolutely. i mean,
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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, you know, the carbon is ation 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 a moment. david mack of any of mckelvey, the financial group, thank you so much to be with the thanks. and now to the latest, from the ongoing cap, $26.00 summit on climate change, more than $130.00 world leaders have gathered in 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 for a station with nearly $220000000000.00 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. 2 degrees more,
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i'd be jeopardized the food supply for hundreds of millions of people as crops wither. locus swarm 3 degrees, and you can add more wild flaws in sight claims twice as many, 5 times as many drugs and 36 times as many heat waves. we are disappointed that others feel we still have time not due to standing scientific conclusions that we must at now decisively ed ambitiously. 1.5 is what we need to survive to degrees. yes, sd is a death sentence. we do not want that dreaded death sentence, but we've come here to day to see tre harder, tre, harder. because our people, the claimant armies, the world, the planet, needs or actions know. now if all of this sounds familiar,
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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 phases, who has been widely criticized for the impact his company's amazon and blue origin held on the environment. he claim it was his quick trip to the edge of the outer space that prompted him to commit $2000000000.00 to the global deforestation fund. block rock ceo 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? was there anything else now to discuss is welcome 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,
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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 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 domestic commitments, is a clear signal to the world that the 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
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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, and other larger economies need to uh, be thought their commitments up. but in general, i am encouraged by what i'm seeing and types 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 face 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?
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well 1st i don't think any countries like united states or others are talking about ending the line. some fossil fuels tomorrow. we're talking about a gradual transition that the, the, by the administration has been clear that there is a role for natural gas there. ah, but if you look at just the explosive growth of renewables, if you look at the cost reductions for both onshore and offshore, wind up cost reductions for photovoltaics, some of that has hit a little bit of snag with the supply chain issues. due to coven around the world, but in general, the cost reductions for renewables continue to, to mark down. and so i don't see it as unrealistic. a lot of these transitions are 420302050. 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
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significant disruptions. now when it comes to this transition that 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 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 and india to be more aggressive. it's disappointing by china hasn't really provided a lot of firm commitments. i think that there's
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a lot of tangling right now between united states and china on a number of different non climate related issues. dealing with taiwan. ha, china's firing of hypersonic missiles that i think, depending upon how some of those negotiations play out, we might then see a firmer commitment by china. and so climate change is 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 it there, an 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
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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 the super rich show off and make some commitments on. 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 renewable energy, particularly large scale wind up in north america. and so it's good to see that he's making some commitments or 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,
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and make the kind of financial contributions that they have. yeah, it'll certainly be interesting to see what else comes out of this. i'm and, and of course, how long those commitments last, tyson slocum, director of 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. now 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 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,
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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 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 us to continue to get bigger. i mean, yahoo was once 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 of the commentary from the invest, christie, i coming up, and as we go to break your, the numbers at the club,
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ah, a we're empowering ourselves to be more efficient or quicker with our transactions. we can make mobile payments from our stands. the truth is that every device is a potential entry point for security attack. i think a, eventually there's malware that thousands, maybe sometimes millions each day. they use the cyber, they use the technology as an extension of traditional crime. artificial intelligence has not many main threat. this is due to the 3 laws of robotics. one
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of the things that's happening at the many cyber implants right now, i'd be where they're really worried about it. most people with equally b, 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 lighten, hvac or financial survival guide. stacy, let's learn about be allowed. let's say i'm actually in year period time, grief on bankruptcy site. wall street pod, thank you for helping with enjoy. that's right. fill out slavery
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with with a 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 economic advisors referred to as the president working group called for stable, going to be regulated as banks and subject to strict rules and oversight by the federal government. now if you're wondering why the government is only talking about stable coin, it's because their value has skyrocketed by over 500 percent in the last year. hitting a market cap of nearly $130000000000.00. 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?
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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 quite that they actually slip through all of the regulatory cracks. they aren't classified as bank deposits, so the fed and office of controllers currently have limited ability to oversee that . the fcc has some authority if they're defined the security about the matter of 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 use the infrastructure of what the so a few options available are things such as doesn't meeting them as systemically risky. that way 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 to part to government rescues are ready in more than a decade. so that doesn't seem to fly. and then of course they can try to create
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a competing coin to try to help stable going. but apparently, according to power of federal cdc, digital data will make it so that quote, you won't need stable points you want. when you click that current. if you had a digital us currency, now i don't really follow 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 a whole, then you know, smaller sacks, you would do stable coins and maybe the more valid coin than utility coin and all of that. so why just focus on stable points at this point. but we're reason, so the us treasury was stable, going to be regulated and helpless. been standards, ensure depository institutions, including state and thoroughly trying to think. so in a way this is trying to, to protect customer policy and limit any potential native systemic impact in the
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event of a failure. so we can certainly make that argument that it's meant for a customer, stacy to have stable, regulated. but i feel like i've just read because yes, we always see the big fine thing that your funds aren't sure if i'm up to 200. ringback $50000.00, but nothing. can you cut the site or i could have to claim this morning customer. it's about potential. if they are not on their private piece, so i don't have any money. they will actually be the insured or but the real reason why people have become confident that it shouldn't be on the entire monetary system as it currently exist today, where the lead for legal tender but they were born can be used to exchange for goods and services and become widely accepted everywhere. then that's pretty much
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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's 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 world's most popular crypto currency. follow nfl players. russell couldn't use half of his salary to buy big point in 2020 was john caulkins that 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 that part of his signing bonus would be paid and the clubs van token. now, christie, we of course,
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want to bring you in on this one to make this move by some athletes to transfer at least some of their salary into 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 currency, which is far more superior than keeping all their harder and salaries in the bank collecting the bare minimum interest. so this is a really smart move, financially professional to operate as independent businesses and brands. and in general they have a high risk tolerance. so these are these, they ask, they also know that they have a limited life and on the field play and that 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 deal longevity in, in an athletes life. so given the knowledge, it makes sense to be paid in a currency that will appreciate over time. and something that is resistant to the inflationary pressures that we see today because it's completely relevant in
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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 left. absolutely, i do think this trend is definitely here to stay as more of these athletes are basically here are viewers and they've captured the, i'm all of millions, all across the countries who fall there ever. so i think that this is great that they have become much influencing the space is high conviction and they're actually helping to grow. 5 math adoption by their fans. absolutely. been most christie. i thank you so much for your time and so on this one. thank you. and that's it for this time. you can get both on demand on the portable tv app available on smart phones and tablets through google play in the apple app store by searching portable tv. portable tv can also be downloaded on samsung, smart tvs, and roku devices, or somebody check it out at portable dot tv. well see,
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next time a ah russia. this class of car was discontinued more than 20 years ago. even though stay with us, the model will sort of, can you sell it because of this dealing but it's just important practice. it took 5 years to close the gap on the wound car industry from the drawing board to the 1st finished model escapes as well over a show to finance proposals. can you deal with my food oceans? miss latonya? well, we'll shoot for she if the commercial,
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i bought a whistle blow reports in the british medical journal, came serious falsehoods, and deviations from protocol in the testing of fives is coded faxing and reluctance to us authorities to investigate it. also this our an unprecedented new law relations between france and astray. you take a further plunge that after the leak of a text message from president micron about the submarine deal that was canceled between the 2 countries. and despite hosting the u. n's climate summit, the u. k. 's own green pledges come on discretely is 40 fossil fuel projects. look to get approval. we speak to local residents anxious for one of them to get the go ahead. to step forward, really for technology and everything else, the mind should go ahead. please note if the learning tool gets here,

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