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tv   Boom Bust  RT  November 12, 2021 8:30pm-9:01pm EST

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galban anything happened on the east coast? i'm down over the hope of getting to her now g a n seems to me that given the situation you're worried about, she will do then again, next reaction because you know the lesser in that which now crucial agreements being settled at the climate talks headlines about the event were dominated by some minor, but rather peculiar issues with camilla hasn't stopped talking about hearing the president break when during chat
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at cop 26 climate summit in glasgow. ah, with now that i've decided to go next year and i was in bad language in the event that i should say something inappropriate. i pledge to compensate that by saying something nice. that does it for me, the sarah. i will be back in 20 minutes with another full and fresh look. stay with
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us. we can now look into people's minds. rita, the question then is, what kind of consequence we would take from this? i think you take the example flying. it would prevent us from line, we wouldn't be able to lie anymore if everything becomes transparent. but what we're thinking 1st with this is boom bus one business show you care at the bottom. it on bread to bore in washington coming up after a long tug of war law makers on capitol hill path,
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a $1.00 trillion dollar infrastructure bill late last week. but the devil is in the details of the bill, introduces new taxes on crypto trade. we'll discuss what the major means for investors. plus global markets are mixed this week will go over what's been moving market in some of the world's most important autonomy. and over in scotland, the u. s. in china now it's a joint agreement reached at the capital. any fixed climate summit with both country fledging, clamped down on greenhouse gases. we'll talk shop about the latest emissions deal between the 2 super power lot to get to look at the work. and we leave the program with the state of crypto currency regulation in the united states in an effort to pay for the recently passed $1.00 trillion dollar infrastructure bill. lawmakers have included new tax requirements on crypto currency. the new rules attempt to limit tax evasion. in crypto currency by placing new tax reporting rules that apply to digital assets like crypto and nf t's in trying to sell the need for tax to tax
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these assets in 2018. the iris actually pointed to research that showed the tax gap on crypto related capital gains was roughly $11500000000.00 in the year of 2017 saying it probably widened quite a bit since that a couple of the key points in the bill include brokers needing to report transactions of digital currency, these brokers would also have to report the names and addresses of their customers . another provision would require businesses encrypted exchanges to report when they have received more than $10000.00 in crypto crypto advocates have long been critical of cause for reporting, as they say, it defeats the purpose of the centralized currency which gives some sort of anonymity. so is this a step in the right direction for an industry that has wrestled with the idea of taxation and regulation? well, joining the just to check that for john carlo. he's a former chair of the commodity futures trading commission and author of crypto dad . the fight for the future of money chairman, it's
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a pleasure to have you back on the program. we really appreciate you coming on to talk about these important issues. so what is the take away from this tax provision in the infrastructure bill? is it the right move, looking at taxing at assets rather than broader regulation on actual use of crypto bred can be back with you in great to give you the take away and here's what it is . and that is that congress has now at last, after many requests identified its priority for crypto. you know, the industry, it's a free trade dollar industry. now we've been asking congress to step in and identify the national policy. and here it is. that policy is taxi years taxing crypto. you know, we, we've got crumbling infrastructure in this country. there's no question about it. crumbling roads quote, crumbling bridges in congress attempts to go after it by amongst other methods taxing the crypto industry. but you know, in doing so what it's basically doing is taking an industry that potentially provides the solution for another,
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another set of crumbling infrastructures. and that's an or financial system that's too expensive, too slow and, and to exclusive. and here is a new innovation that could possibly modernize that, and congress is going to place taxes on it. so as congress unfortunately has done to operate in the past, it's once again more mortgaging the future to pay for political shortcomings. but political failures of the past, right and term, i mean, i guess it raises the question to basically what you're saying is if you're doing an infrastructure bill, why not build crypto infrastructure within that bill, maybe further regulate it and then you could tax it as well along with that it wouldn't be the better route. well, absolutely. we do need congress to step up and identify a national policy for crypto and that policy has got to be balanced and comprehensive. yes, it's about appropriate tax compliance, not overbroad,
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not over invasive as this bill is proper tax policy. we but we also have a national interest in modernizing our financial system, which is explained is too expensive, too slow and way too exclusive. we know that many americans and people around the globe are under, under, have to little access to the system as it is. we can do better. we have a national policy, of course, in consumer and investor protection, which is a big role that the fcc place. but we also have a role, a national interest in making sure that these markets are well balanced, deep liquid and free affordability elation which is the mandate of my former agency . and if we're lucky to make sure that the price is set in dollars in the us market, as it is for so many of the world's major commodities, which is one of the underpinnings of the us dollar. so our, or the national interest in crypto is broad and multifaceted fashion that the number for this this bill only focuses on one and that is getting as much of cash
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out of it or taxes out of it as you can well, right. because of course, the question always becomes when you pass any sort of huge, $1.00 trillion dollar bill, somebody going to ask you, how do we pay for it? and they said, well, we don't like crypto as it is. why don't we just tax this and figure it out? but i guess the question to, into the point i was trying to make there at the end of the intro there, which is that, you know, a lot of critics are going to say this goes against the decentralized nature of crypto can you have proper reporting. can you have proper tech stations? can you have proper regulation and still keep the anonymity decentralized nature of crypto currency? yes, you can, is the answer to that, you know, this industry is not opposed to taxation. it is not designed to to p tech station. now some people may try to use it, but some people try to use cash to avoid taxation use a lot of bees. the, the challenge is going to be regulators and policy makers, central bankers,
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beyond the current rep or the current methodology that we use in our financial system. our methodology is a methodology that identifies identity 1st, even before the transaction takes place. and we gather norma about information, but if you think about the tokenized world, when you go to buy a sandwich with a $10.00 bill, you have to tell them who you are, where you bank, how much money's in your bank. or they need to do is verify the token. and this new technology is based upon that notion of verification of tokens. but you still can have a viable taxation system in tokenize money as we do with cash. there are other ways to get a tax avoidance. we just got to got to get to the point where regulators policy makers to think beyond the status quo and new methodologies of, of block chain based pattern recognition, where it's not anonymous, sued, anonymous identity can be discovered as law enforcement is rapidly learning about this technology actually provides pretty good tools for,
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for counter re criminal behavior is just going to take some new wise and some new way of thinking and some new, a greater technological learning at some of our regulatory and central banking agencies. right. and i mean, we know we've talked about this on the program many times before, which is the, you know, obviously we talk about the anonymity but the fact is the block chain tracks everything. it's the immutable ledger, as we tend to call it and die that you can track things going from while it's a wallet. so like you said, if you're actually following along, you know, you might have to do a little bit of due diligence, but you probably get there in the end. now you also wrote an article earlier this year, calling for self regulation and crypto, which you also discussing your new book. now is some on capitol hill have of course the crypto currency is too much of a wild west to police itself. why is that not true? it's not true because so regulation works in our most successful marketplace. we have self regulation in our equities markets, going back to when the new york stock exchange was created in the,
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in the 18th century. we've got self regulation in our, in our world, leading commodity futures market. going back to the 18th fifty's long before the fcc long before the c a. p. c came around on the washington. see, we've got, we've had self regulation and we continue to have self regulation today in our markets, and it works very well. so my answer to those who say, well, let's not have self regulation crypto. and i, my answer is, well, what, what is it about a, we're leading equity markets? what is it about our world leading derivative markets that we're self regulation is somehow but the down. why wouldn't we, in fact, if you or an advocate for bringing this industry into well regulated environments, why would you advocate for self regulation, alongside federal regulation as the practice in our most successful world leading workers lawyer and i got one more point i want to head on because there's also talk about the future of the federal reserve recently and central bank digital currency
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could be a big winner if layer brainard were to actually be nominated over current fed chair jerome pal. if the fed were to have someone in place who actually sees the importance of cbc, would this be a step in the right direction? well, i have to beg to differ with you a little bit because i've had the honor of working with both a jerome powell brainer during my time and washington, both of them i think, would make a perv chairs and both of them get the challenge of, of digital money, in the case we're talking about a digital dollar or central bank digital currency. i've actually had the pleasure talk about our digital dollar project with both cheer pals and governor brader and they both get it. governor brader in particular, gable, a really very thoughtful speech. not too long ago, where she said that the emergence of such a digital currency is so fun to mental, she can almost not rep or head around the united states being a participant in this area. and you're right. the fact that matter is the united states is not what i would call in the 1st hello ton of writers. in this,
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in this movement toward the digital currency, where, somewhere in the middle of the pack, and it's the world's most important reserve currency. i long been an advocate for the united states to a basis, exploration of central bank digital currency. and i believe that the right way to advance it is in partnership with the private sector. at the end of the day, money is as much a social construct as it is a government construct. and we've got to make sure that social values of privacy and economic liberty are enshrined in the digital future of money. pay quacks from j christopher john carlo who know is fed share and possibly the future federal author of crypto debt, the fight for the future of our money. thank you so much for joining us again today . great to be with you again break. we'll do it again. the global markets are mixed up. we can, we continue to keep an eye on rising prices in both goods and energy,
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as well as those strain supply chain. we started russia where the mo, exit down by just about 2 percent for the weak russian president vladimir putin set on friday. the nation's economy is set to grow by 4.7 percent this year, which would be the strongest growth in 2008 as the country rips the benefit of those high oil prices. we've talked so much about speaking of the energy situation . russia also confirmed it would meet contractual obligations for supplying it to your customers. after the bell russian president floated the idea of blocking gas to the block. moving to asian markets, the shanghai composite is up this week by just under one and a half percent. as we've talked about earlier in the week, china's factory gate prices rose in october by 13.5 percent year over year at the biggest increase since $995.00 report service this week that regulators may be looking at easing their cracked out of the property sector as the federal reserve warrant of a contagion, affecting global markets. moving to hong kong, hong thank is also up this week. shares of china ever grand made
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a significant impact on thursday, jumping 6.7 percent or 75 percent after report that it had made good on several debt repayments. now after the singles day online shopping event this week, peers in j. d dot com, they were up more than 5 percent. while alibaba fell about a half a percent. even though both e commerce giants are record sales for the day. in japan we have a red arrow for the knee k down. just shy of about a half a percent, a recent reuters pool show that parents economy likely contracts in the 3rd quarter of this year, as the supply chain was continue to take a toll on the nation's economy. as energy costs continue to rise, the country is pitching a $350000000000.00 stimulus package. and meanwhile, japan's toshiba is looking at splitting its business into 3 focusing on semiconductors, devices, and infrastructure with this stock price dropping about 4 half percent this week on that news. moving to india, the sense x is more than 1.5 percent for the week. on friday, the real estate and energy sectors were all up a report from the finance ministry. so the country's economy is on the way to
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becoming the fastest growing economy in the world, admitted dr. of cove it vaccination. now there are concerns, of course the rise and crisis could hold that progress. moving to australia, the s x is down for the week, but by less than a quarter of a percent, the nation's economy. last $46000.00 jobs in october, as the unemployment rate picked up to 5.2 percent due to coven induced locked out. the index did break a ford a losing streak on friday. as metal prices continue to rise, pushing the mining sector up. and in south africa we have a green arrow for the all share on thursday, south africa, the finance minister. so the country is expected to grow 5 point one percent in 2021. again, rising commodity prices are helping the mining dependent economy. the all share hit record high on friday after getting 1 point one percent on the day with the index and largest company, rich mot surging as much as 10 percent. now let's move over to europe in london. the foot see is up this week sticking with that trend here. we saw mining related
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stocks, lip, the index to 20 month highs on thursday. the consumer spending has been picking up in britain as the nation emerged from its locked down. but economic growth slowed in the 3rd quarter expanding by just 1.3 percent. it still fits 2 point one percent below where it was for the same period in 2019 pre pandemic. we have 2 more green arrows for the german dax and the french cack. strong earnings are propping up markets to close out the weak german industry group. theman beat expectations for the quarter thing it expects supply chain issues to stabilize in 2020 to a recent reuters, paul suggested euro's own inflation will continue to equipped the 2 percent target of the european central bank moving into 2022. but a key e, c, b policymaker did say friday that inflation would return to the target in 2023. moving over to the america, the eto of best buy in brazil is up for the weekends. unemployment remains an issue . president, j, or ball scenario announced plans to extend play payroll tax exemptions for 17 factors of the economy. meanwhile, brazil state run oil diet, petro brass signed
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a contract to sell its show unit to canadian firm, forbes and manhattan resources. according to filings reported, are released thursday, moving north, the mexico. we have a red arrow for the b m b as in place and continues to be a problem in the nation. the bank of mexico rate raised its benchmark interest rate by $25.00 basis points for the 4th straight meeting. the lending rate now sits at 5 percent inflation hit, its highest level in 4 years in the nation over 6 percent. more than double the central banks target of 3 percent. and here in the united states we have 3 red arrows for the tao s and p and the tech heavy nasdaq inflation has been wrapping up in the nation with producer prices in october of 8.6 percent year over year. while consumer prices are up 6.2 percent from the same year prior. now something important to note reports indicate us president joe biden, and president, she's paying. we'll hold a virtual summit on monday as the world's 2 largest economies attempt to ease those
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recent tensions. and facing things out in canada, we have a green arrow for the t x in toronto, heading record highs during fridays, trade inflation and canada is becoming worried. some as well with analyst saying the bank of canada may need to hike rate fast to initially expected. meanwhile, canada oil sands industry is on track to hit record production by year end amid high oil prices. moving into next week, we will obviously look toward what comes out of the discussions between the chinese and us leaders, while watching rising energy prices. i'm now for a quick break, but when we come back in at the prize announcement, the u. s. and china have come to an agreement to address the global climate crisis . we'll dig into those details as we're going to break for the numbers of the quote i, ah,
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just look at what's beyond the ability to repair and that's what american policy makers are playing with the justification for more money printing. because if climate change, if it were possible to fix climate change, it would shrink the entire global economy down to the point where the bankers would stop getting bailouts and they can't ever stop the bodies. so that's, that's the rhetoric behind and that's the methodology behind it. that's the psychosis with
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with ah, there we'll go back over in scotland. the united states and china have struck an agreement to curb their respective greenhouse gas emissions. the joint declaration was a product of delivery deliberations at the u. n's cap 26 climate conference in glasgow . the 2 countries account for more than a 3rd of the world's annual carbon footprint. and despite the 2 superpowers remaining at odds over a plethora of issues you was in. china are now pledging to collaborate on initiatives to propel the 2 countries towards emissions targets that were originally sat in by the parents agreement in 2015. now you law, since the beginning of the year abiding by the direction of our 2 president log,
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both our teams have been maintaining 1st dialogues. jill had around the learning virtual meetings and met each other in shanghai in genes on london, san glasgow. you'll log to the combined efforts of both sides if we've reached an agreement on the joint declaration. and i'm pleased to announce that we will work together to limit methane, methane emissions of greenhouse gas up to 80 times more destructive, more potent than c o 2. so what does this mean for us, china relations moving forward? well, to break it all down, let's bring into but co host, christie. i christie. what's the take away from this agreement between china and the united states? what are you seeing here? well, the takeaway is that the 2 biggest economic superpowers are actually putting aside their other issues to tackle this climate change problem at hand. so together china in the u. s. account for about 40 percent of the world annual carbon output. so this is quite
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a big deal. this resolution allows china and the u. s. to declare stats and actions on the path towards emissions reductions and limitations. so now in china and the u . s. would share policy and technology and new targets for 2035. so while everything sounds great and all the still lacks specificity, the new agreement itself is not enough to meet the 1.5 degrees celsius goal of the parents agreement. but it is a good starting point for mutual accountability and action. and much of the language in the agreement however still remains on quantified. so for instance, china pledge to drop down as coal consumption and to quote, make best efforts to accelerate this work. so it is somewhat ambiguous and you don't know how much china mean the end is going to be invested in it. how are the fact that china was willing to come to the table and cooperate is still a very big step in the 1st time the chinese government has place to address this issue. and some analysts are hopeful that this will make a big impact because china does have a history of outperforming its own goals. in kirsty, when it comes to china,
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they're obviously the proposal to phase out cold worldwide. now, how does that affect such a nation? that is so reliant on coal like china, while much as this has already been expected in the coal industries, so it doesn't come as much of a shock to it. of course, it will be absolutely impossible to phase, i'll call completely within the next few decades, as it is the cheapest source of fuel to power. so many. however, there are stuff that china is already taking or to curve their dependence on calls . so right now, for example, china is no longer funding the construction of new coal fired power plants overseas . previously, china has supported coal projects and developing countries including indonesia and bangladesh, and hasn't under heavy diplomatic pressure to put an end to the financing. so it is taking baby steps, the cheap money for overseas projects they get has closed. however, china is still financing coal projects on his own home turf. so i think it is wise
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of china to be taking these smaller, incremental steps here because it's like you're trying to turn around the panic. you can't, we're directions easily. and if you try things that are going to get really choppy for a bit as the entire cold dependent economy struggles for equal librium. so while many has said that china's targets are not ambitious enough, even as china pledge that it would achieve a peak and carbon dioxide emissions before 2030, and carbon neutrality before 2060, it is still more realistic than some of the u. s. numbers in which the u. s. wants to just cut emissions by half by 2030. so i think the coal industry has had a fair head start warning that change is coming to the industry and that this will prevent a bigger shake out in the market because they will have ample time to prepare and pivot. now with this global energy crisis going on, that we've talked so much about and the need for fossil fuels right now, does it take away from the importance of it when the u. s. is out there calling for opec to increase the oil output? i'm talking more so about the overall conference when we're talking about all of
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these promises. it does take away a lot from it. as we've been talking about the for the past couple of weeks, it almost makes us sound hypocritical because the us, that all these arbitrary timelines and deadlines for shifting the countries over to green energy. however, we've seen green tech is not mature yet to handle this much demand. so the only thing the u. s. is doing is shifting and exporting pollution. pretty much the same thing. it's done with the rare earth lining minerals industry. they just export it all of that pollution over to china while importing the minerals themselves. and in this case, it's exporting emissions and drilling over to the middle east and importing oil. but the thing is emissions as emissions, no matter where it's generated. the only thing is that now these emissions aren't on the u. s. as carbon balance sheets. so on paper, it looks good, even though it is still responsible for consuming the end product fuel. so it's very hypocritical to say the least and it totally undermines the us call for green
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energy because what it's actually doing is putting this glaring spotlight on green tech and showing the world just how new and unreliable and not self sustaining the current state of green tech is because if it was truly effective and cost, the market will have absolutely no problem switching over and boom bus co host christy. i. thank you so much for bringing all this down for today. thank you and talk about a nightmare before christmas. now it's going to be even harder to get your hands on a playstation 5, amid the global chip shortage sony. and now that will be cutting down production due to components and logistic constraints. instead of its goal of producing 16000000 playstation 5 units, it's now slashing that number to 15000000. the shortage has been affecting the technology industry for more than a year now with other game companies such as microsoft, intended also feeling the sting and let me tell you something as somebody who is you follow the show. you know me a bit of
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a game or myself. i hear it all the time about how hard it is to get one of these new counsels amid the semi conductor shorted them in production issue and supply chain constraints. it's just crazy. and that's it for this time you catch boom bust on demand on the portable tv app available on smartphones and tablets. google play, and the apple app store by searching portable tv. portable tv can also be downloaded on samsung smart tv, roku devices with simply go to portable dot tv. what's the next step? mm. i always the economy working for you. we were told this is the time of the great reset and build back better. what does this mean to you? how does the green new deal play into the? it seems the richer only getting richer. but what about the rest of the join me every thursday on the alex simon show.
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when i was speaking to guess in the world, the politics sport, business and show business. i'll see you then me we're empowering ourselves to be more efficient, quicker with our transactions. but with that comes a trade off. every device is a potential entry point for security at any machine. it's an extension of traditional time. the defenders have always been one step behind the attackers, both permit when one comes option in the water. it's not a matter of. if it happens, it's a matter of went with
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the u. k. confirms it's deployed troops to poland border with bell roof for potential assistance to warsaw to strengthen the frontier that has thousands of migrants remain camp out in dire condition. they're hoping to enter the ear the build up of asylum seekers on the dollars colon border are key speaks with a people smuggler who takes migrate into western europe and gives us an exclusive insight into the shady business. they don't get caught in germany, put they put them down an asylum center and a for a while to get permits because they flow the id cards so they can't be defaulted. as german authorities don't know where they come from. and the rising covered cases in austria, the nationwide restrictions re imposed but only for the unvaccinated. and it is by far not the only country to target those who refuse the job. we discussed.

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