tv Boom Bust RT November 6, 2021 2:30pm-3:01pm EDT
state 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 of the things that is happening at the mini cyber implants. right now, i'd be where you're really worried about it. most people would equally be you can put a chip in my brain. so there has been a lot of progress from the hacker site using ai and using other advanced technologies. and there has been on the defensive site with this is boon bought the one business show you can't afford a myth. branch of boron washington coming up to the opec plus cartel has decided to maintain
a steady boost in oil output. as the global energy crisis continues to heat up, straight ahead, we'll discuss the decision and the impact it will have. flood global markets are mostly up this week, but how did the major end of the fair will break it all down? and the price of bitcoin cat popped early friday morning on a report that a major usa supermarket chain would begin to accept the crypto ethic form of payment. but there was just one problem that report turned out to be fall later on . blue bus, co host, ben swan, and christy i both lender insight did a spike. and other developments in the sector facto today was dive right in. and we lead the program with opec plus, sticking to its plan to gradually increase oil production, as prices rise amid the energy crutch. now, despite pressure from the white house, the cartel decided to move forward with its plans to boost production by just 400000 barrels per day. over the next month, prices for international benchmark. brent crude and west texas intermediate both saw gains of roughly 3 per on the day each sitting well above $80.00 per barrel.
gasoline prices in the united states have surge to 7 year highs, average and $3.40 doubt or cents per gallon. nationally, with some areas seeing prices around $4.00, gas and diesel prices have also hit record high in europe as well. on thursday, the white house deputy press secretary with asked about the decision from opec plus . as you remember, we engage with relevant opec plus members. a few months ago, as well as urging a compromise solution to allow proposed production increases to move forward, which they did, but more can be done. now is the time for majority country producers to stabilize energy prices and ensure high prices do not hamstring the current global economic recovery. and joining us, our discusses kirk edwards, the former chair of the permian basin petroleum association crick. i'm going to get to the white house here in just a few minutes, but i want to start with this opec decision and we got to get to the why. what is
the rationale behind the refusal of opec plus to increase production as prices continue to rise? first of all, thank you for having read again, look forward to visiting the on this, but you know to me, opec, seeing all the commodities. ready across the world, they see still you're seeing coal, you're seeing the refrigerator is everything going up and cries, and so all the gases, donovan price to so i think they think things are very rarely priced because it was only gonna double digits. natural gas, especially in europe, is triple digits. and so i think the cartoon was kind of happening where things are right now. are they essentially just saying we know people will pay these prices at this point and until prices get to a point where they'll stop paying, we're just going to keep at our current plan. well bred. so a year ago we were minus $37.00 a barrel. not many of us made much money in 2020. i think everybody's trying to get
back on and even for this year. and you know, to me again, opec is seeing the pandemic still taking place germany just now. so there are some restrictions now to for heavier cases. so company has not gone away, which really does hurt the energy usage in all the world. so i think everybody's still a little bit aware of what happened last year that it didn't happen again. and the worst thing that can happen is they love the market market in early 2020, and the price to back down to $30.00. that did not doing anybody any good. it's in the energy business now. and as we mentioned, the u. s. has been kind of hyper critical of the cartel calling for more production . as the country has made pledges towards reducing reliance on fossil fuels. it's often pointed out that the administration has done everything possible to stop us producers from drilling. so if the u. s. were to change those policies and kind of open that up, would there be that relief on oil market? well, so what's happened is they've done their best to get people to dissuade people from drilling in the united states. you know, try to ban offshore drilling,
drilling apparel and here in the united states, they're putting in mentally policies just this week to condemn the oil and gas producers and the yeah, and the other hand, they're asking the dirtiest nations in the world that produce oil like canada and russia to, to increase more so it's really a mixed signal and everybody's getting and know nobody can just turn the tap and make mobile. and we have to put out a whole bunch of really rig you have to have a lot of capital. and one thing you're seeing right now with domestic pollution in the united states is there's a discipline now not over drill like we did back in the 2014 to 2018 time period. so yeah, we just turn it right back on and nights and thusly. we're down about a 1000000 and a half barrels a day, just as a permian alone and national court all that we could have in this country today. the policy of administration don't want us to do it well, and you know, a lot of times when we were talk the analyst, you know, during the trump administration at the beginning of the pandemic,
when oil was where it was, you know, you'd hear that old adage either to cure for low prices is low prices or the care for high prices in this case is high prices. but in this current climate is that no longer the case. well, so what's happening is everybody's coming back over the year. seeing so much, industry pick back up, people are going out to the people are traveling there. so this is a different paradigm that we've had in any past years with cheaper prices and things like that. and again, it's not just oil, it's everything we're seeing, the inflation is running rapid right now in every commodity that what you get to the store just trying to find things right now. so i don't think this is all price doing what it's doing right now is going to dissuade anybody from traveling or doing the else they have been doing in the past. just because it's such a strategic national asset worth a half. we can't get rid of it. and are we just essentially at this point, just going to have to deal with this until you know, things kind of stabilize?
well, i think that's exactly what's gonna happen. okay. they can flood the market. i can grab a price on the $30.00. but again, i think they're very happy with where things are right now. and without the american producers putting a whole bunch of drilling rigs out there, which they're not going to do, you're going to see a paradigm of the oil price to be in this market. unless i decide to, to flood the market in the future and the way they're talking the way they're dealing with everybody. right. i don't think that's gonna happen. so we make the higher process through 2022 right now. and again, that's what the industry needs to be healthy, but again, we're here so much administration against us. i don't think anybody wants to back to our wallets in this business, just to try to survival. you know, well, obviously we understand that the folks in the business don't want that. but obviously american to, as you have mentioned, are facing higher prices across the spectrum when it comes to food, other commodities that they're dealing with. and now they have to pay at the pump as well. i'm sure they're trying to beg for a little bit of relief there at some point. now, obviously, kirk, you know,
there's the big cap, 26 conference that was going on in glasgow, scotland this week. and $450.00 banks and other financial firms promise to shift their businesses more towards clean energy. a lot of that goes to no longer financing the fossil fuel sector. so how is that going to affect oil moving forward? what have you thought? well, i mean you've got 450 people over there on their private jets lounge yet a jet fuel. ready to get there, nobody drove their electric plane for their electric blaine to get there. so it's kind of, it's an archie more on for people to think that we can just shift from oil and natural gas into wind and solar power because it just can't happen overnight. i mean it's, if everybody issue understands, we need all the about when he, every bit of his energy to, to go, we're in this country, but it's just not an overnight thing that can happen. and it's a tragedy for us to be thinking this can happen because the consumer,
especially the low income person, is going to see how our heating males are gonna see how gasoline bills answer directly. because of what's going on in this administration. and the lack of people being able to grow in this country and as begging opec in russia for them to produce all for canada to there's just something wrong with that equation to me. absolutely. well, kirk edwards, i appreciate your expert insight. we'll continue to follow these stories moving forward. former chair of the permian basin petroleum association. kirk edwards, thank you so much. i appreciate you having a of global markets are mostly up this week as we continue keep an eye on rising inflation while central banks, layout future policy. and the world attempts to ease the pressure of the ongoing energy crisis. while we have a lot of green arrows on the board this week, we start out slow in russia. the mo x is just about flat for the week. inflation in
russia jumped to its highest level and nearly 6 years in october, jumping 8 point one percent for the month, according to data released by ross that on wednesday the number is concerning. as it is double the central banks target of 4 percent. meanwhile, the european bank for reconstruction and development projected the nation's economy will expand by 3 percent in 2022. after growing by 4.3 percent this year, moving to asian markets, we have a few red arrows. the shanghai composite is down by just over one percent this week . thursday did see some games. as consumer staples jumped nearly 3 percent. nato makers, serge, about 4 percent. to close out the week on friday. coal miners took a 4.4 percent hit after policy makers published data showing coal production is close to record highs as the nation moves to limit those high prices. we have another red arrow in the hang sang and hong kong. the index is down about one and a half percent for the week. the chinese property sector continues to take a toll on the hung sound. as several firms took heavy losses on friday,
even causing trading of hong kong listed shares in developer, kaiser group to be suspended. meanwhile, the embattled china ever grand group, which last 10 percent on friday alone apparently raised 50000000 dollars last month by selling 2 of its private jets. according to recent reports in japan, we have our 1st green arrow for the need k up by roughly 2 and a half percent. and the rotors poll shows that the nation's economy, likely contract had been the 3rd quarter of this year. a supply chain constraints hurt consumption and output. the news comes as consumer spending in september fell by point 9 percent year over year. the uncertainty and the economy weighed on stacks on friday, but the tech sector surged to close out. the week. moved to india, where the sense act is up by less than half a percent as the global energy. current rate is on the nation's government, reduced taxes on gas and diesel in an effort to increase sentiment amid their recovery. earlier in the week, the index was feeling pressure from the metal sector was still able to squeeze out that green arrow and australia, the
a s x 200 is in the green up just under 2 percent. this was the best we can nearly 5 months propped up by the mining sector, the reserve bank of australia revised it's g d p. forecast for 2021. expecting the economy to grow by 3 percent down from initial estimates of 4 percent. but expect the economy to grow by 5.5 percent next year. in south africa, the all share is up, the nation is the governing party. the african national congress based its worst election results. 1994, taking only 46 percent of the boat in municipal actions, raising questions about economic policies moving forward. the ran week and against the dollar on that news. moving to europe, we have a green arrow in london for the but the up about one percent for the week. as we have previously mentioned, the bank of england defied expectations by keeping interest rates near 0 to close out the week. oil major's b, p and shell both are significant gain amid rising oil prices. banks, however, did close the weak down on that central bank decision,
the german dax and french cack. they're both up for the wake up around 2 and 3 percent, respectively. europe's largest economy could face issues as concerns about the global supply chain. industrial production in germany, contract and buy 1 point one percent in september compared to the prior month, french stocks. it record highs every single day this week. moving to the america in brazil, the eco vest, but is down by a half a percent. brazilian president j are both in arrow on monday, said privatizing state run oil company pressure brought was an ideal move to get a handle on rising fuel prices, which he labeled his top priority after raising interest rates last month. nation central bank is also expected to do so again while dealing with high inflation according to recent meeting minutes. moving north a mexico we have another green arrow for the b and b. a recent. reuters poll shows that inflation in mexico likely reached its highest annual rate in nearly 4 years for the month of october, causing analysts to believe the nation central bank will take action to increase
interest rates in an effort to take that inflation here in the united states we have 3 green arrows across the board for the tao, the p 500 and the tech having as that, as we've talked about this week, there was no tape or tantrum in response to the feds decision to pull back some of the pandemic era. quantitative easing, as markets were up to close out the week a better than inspected employment report, which saw the nation add more than half a 1000000 jobs in october health market hit record highs during fridays trade and finishing things out. the ts sex in toronto is up hitting record highs this week, strong earnings and rising goal prices. of course, as is generally the case, oil prices help push things up in canada as well. moving into next week, we will continue to keep an eye on that energy crunch. rising inflation and the ongoing supply chain issues. and so i'm now for a quick break, but when we come back, the price of bitcoin cash is coming down to earth as the crypto pop friday morning
for years we were told that the way to stimulate the economy was to print money. and then when it became obvious that printing money was actually causing economic decline and bank failure. they had to come up with a narrative and that was the green narrative, the narrative, the cop annual gathering narrative. and as you're pointing out, or you're just switching chairs on the titanic, you're just going from one particular way to destroy the global economy using fee money to a different way to destroy the global economy using the money ah
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percent on friday after a press release announced that grocery chain kroger would begin accepting the crypto. the only problem is that print press release was a fake. the fraudulent announcement which was issued on p r. news wire and appeared on kroger's website, claimed the grocer retailer would be accepting b. c. h for all in store and online purchases. starting on the 1st of december after the company explained that the press release was fraudulent. bitcoin cash gave up all of its gains on the day and actually dipped below the price where it all started. joining us our disgust, our blue bus co host and our favorite crypto analysts, ben swan and christy i. christy, i want to start with you here. this is kai, this is kind of fraudulent press release has gone on before with a recent one in september that claimed that wal mart would begin accepting light coin. what is the purpose of putting out these kind of fraudulent releases?
well, the purpose behind this is the same as any pump and dumb scheme that the crypto market learn from the equity markets. these things happen all the time and the equity markets, let's not forget because when you had the rumor mill and false publication, saying that o x, y, z is acquiring this company or the f d a has approved this pharmaceutical, this has page pass. stage 3, any big catalyst event is right for making rumors out of and so the crypto market learned from the equity market because this is really effective because what's my bad? even if it's not true, it's a mistake, not a crime to spread a rumor. so this is just a pump strategy for traders take advantage of the brainless algo bots because like the equity markets, the capital markets now have its fair share of bots to that trade systematically. and they scan all the new sites and social media sites for key words and statements for direction. and boss aren't going to know if something's true or false. so when it comes across the headline with key words like that, it's going to be super bullish and start buying right away. not just bought
a lot of human traitors to can't differentiate between real news and fake news, and they get sucked into this pump. so this pump creates an opportunity for the creator of the rumor to then sell out at a massive gain before the price eventually falls back to even. so it's just essentially a little ploy that gets used every so often. is it illegal? yes. pump and i'm schemes are illegal, but technically this is just storing the room or pot and letting everybody else run around like headless chickens trying to figure out if it's real, while the perpetrator cache is out of bed. i've played a little devil with advocate here. is there a little difference between a rumour mill and actually issuing something that appears as if it came from a company? if it's just a sources are saying that that might happen? that's one thing. but if it's a press release that is issued, that basically says kroger, the now thing that isn't that a whole different story, right? well, to some extent, i think it is a different story, but what's different here also is that if a, if a company releases some information to say, you know, looks like we're about to get the approval and your stock goes up at these trace.
who was the, the source of that, right? the problem with crypto currency is that you don't know the sources who created this in the 1st place. the other thing about the story that's interesting is that apparently this announcement appeared on kroger's website. how do they end up on kroger's website? if it was a fake press release, put into p r. news wire, that someone at kroger actually upload this onto their website and release it as well. and that will give a lot more credence to it as well because it came from this. and again, we don't know who started it originally. i'm not sure you ever know who actually started it originally, because you can anonymously create these p r news wire. news releases with no problem. and christy, i'm sorry, i don't want to want to do all this cuz we do have several other stories to get to . but i do have a question for you on this because, you know, i know you're all into the blocks and you understand that. could you actually see if there was a whale who sold heavy amounts of bitcoin cache, you know, kind of, as it peaked, it kind of at least have an idea of what, while it might have been behind it. absolutely,
you can actually try to see if there have been big whale doors, but essentially a couple big, well spreading out their transaction equally across multiple exchanges. we still have no idea who the perpetrators were, but the fact that the stock price actually went up so high and then came down so quickly and actually dipped below the starting price actually indicates a lot of heavy liquidations and heavy selling. so you can bet that a lot of big wallets for big, quite cash had sold out on this peak right now. but i want to get to this other story here because meanwhile, incoming new york city mayor eric adam said on thursday that he will take his 1st 3 paychecks in bitcoin when he takes off in january. what's behind this move? yeah, well it's interesting i, by the way, he should be taking a lot more than 1st 3. take all of them in that going. i mean that's a way to do it. but listen, what he's essentially trying to do is compete with the mayor of miami, the mirror miami made a statement recently that his next paycheck next one paycheck was going to be in big coin because miami is trying to attract not only crypto currency, but block chain based businesses to come there and to kind of make miami, the hub,
a block chain. and so the incoming mayor of new york says, no, no forget about miami, come to new york, we're going to do the same thing. he's trying to attract those businesses as well. and you gotta remember, it's a lot more than crypto currency, right? it's more than bitcoin is more than like coin. and although is about the block chain industry that is fast growing. that's one of the fastest growing industries in the world right now. there are tons of jobs in this space, and so they're trying to, we try not only the industry but the jobs that come with it and all, all the tax revenue that comes with bringing those businesses in. so the income mer adams says he wants to make it very clear. he wants new york to be the hub of crypto currency and block chain. but he's got a lot of competition in that space to track those business. and christy payments, firms square said, and it's 3rd quarter earnings letter thursday that it's peer to peer payment service. cash app generate $1820000000.00 of bitcoin revenue in the quarter and $42000000.00 of growth profit. how much of squares future will surround big corn and maybe other crypto currency?
a lot squared, but a lot on the coin and big ones going to be the company's main growth driver for the near future cars. let's face it, the payment up space. it's pretty saturated already. we're talking about standard payment processing. so there really isn't that much growth left florida in traditional payments between apple pay pay pal who already owns and mo and square who owns cash up. the space is already done. so square is rely on bit going to continue to deliver its high double digit growth numbers. it has purchased more than $200000000.00 worth of the crypto currency over the past 2 quarters this year . and big point transactions now account for about 80 percent square's revenue. so square apparently is betting all and i'm big, quite not other cook does. since it does that, it doesn't plan on offering you those other currencies. aside from the main big point and that the company is also focused on building is hardware wallet and continuing plans to allow individuals and businesses to mind bitcoin. so it looks like this is going to be a very healthy bet and looks like they are going all in. and i don't blame them
because aside from crypto currencies like they are, they are kind of like a one trick pony. it's not like they offer any other services other than payment processing. so aside from bitcoin, there is no other place that i can look to for growth since the market is very, very saturated between all of the u. s. companies that we have here, as well as all the pay and we had over in asia seems kind of crazy that a payment services company would be trying to diversify, as we all know. they're taking a little bit of the top of all of those transactions that go on, but bad. i got one more for you to have about 45 seconds left. but el salvador, the president, has announced that the country will use some of its profit from id bitcoin, holding to find a 20 schools in the central american country. how is the r a, how is this already taking place when else avenue just adopted bitcoin to the national currency just a few weeks ago? yeah, they did. and a few weeks ago the price of big coin was a lot lower. so they went out, they bought a bunch of big coins and by the way, they've added another 400, i believe. so the country owns you know, about 121500 big points of the nation. and it's worth about $69000000.00 right now
. and so because they saw the price going up, they're taking what? because turn the christy uses a lot, right. they're taking profits. they're taking profits. they've already built a big veterinary clinic in the country with it. now they're going to build schools with it in the president says, i'm glad i did not listen to all those naysayers. you said, don't buy big coin, don't go in on bitcoin. because look at how the returns are already helping the country to move forward. absolutely, and i have a lot more on that, but we'll try to get to it next week. boom. but chris, the i and ben swan, thank you so much for your time today. thank you. and finally, facebook effort to rebrand itself and turn a new leaf has well, kind of hit a wall. here is the social media giants. new title of meta has already been claimed by another company in the tech sector. it turns out that a smaller computer firm in arizona had already applied for a trademark on that name. met a p. c filed for the name in august more than 3 months before the zuckerberg led enterprise decided to save face. as the news broke, the heads of the meta p c offered up the naming rights but. 1 with
a catch claiming that they would not give it up to the new meta for less than $20000000.00. they're technically are some ways by which facebook could acquire the naming rights. but as of now, the fate of the met averse kind of remains in flux, and that's it for this time you can catch boom bust on demand on the brand new port tv app available on smartphones and tablets. google play in the apple app store by searching portable tv. portable tv can also be downloaded ah, app portable that tv will see you next time . ah, why group monitors the compliance of all g. 20 members with the commitments they made up there all last summer?
and what we have found is that a year later on the, even the rome summit country shed complied and unprecedentedly high level 80 my percent. and i'm optimistic that because that great shock coded is chill with i think will get high compliance with the wrong commitments on co bit to ah, ah, it's been 30 years since the soviet union collapsed. mom, miss cole, other little chill, the month, the water pump. it nuclear, you know, talk, so shown where your for trust on one coil or tom ukraine was one of the independent states that emerge from the ruins of the super bow. doing awesome, good. would you also get on the ball greens?
come a little more, michelle, confusing semester yet, and less new lucian, west india, better one more law. totally different or else? well as a, as a social for a couple of things. and finish with watch the past 3 decades. been likely ukraine. eye witnesses, recall the events. this will be more or less of judiciary with a little what i knew to know if that order. i'm not sure. but if i told them once with marvin windows and what other forces were at play, you have to do so to whom you show in. sure mushy. in those them, you are on the kid. what it would occur when you did the shows up in the moser version is only slower. take a look at ukraine 30 years after gaining independence. organize your phone with us for dinner unless you mean, like unity retorted mostly will way. but a will. it could be issue you nationalist on holding. so for our
french catholic church admits that it best institutional responsibility for decades of child sex abuse by clergyman and abuse. victim told our tape just this needs to be sec. now it is necessary for the pope himself to recognize the institution responsibility of the church to recognize all its crimes and all the offences that has committed. what is happening in the mediterranean is a real genocide, and that weighs on the conscience of european states. and the european union from italian mer accuses the you are putting lives at risk with his failure to stem, the influx of migrants across mediterranean also to come this evening. it's really hard to breathe. i guess this was real war. might look like smoke grenades view.