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tv   Boom Bust  RT  November 13, 2021 1:30am-2:01am EST

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religious says, make people happy and live long with this is boom bus one business show you care at the border myth on bread to bore in washington coming up after a long tug of war. lawmakers on capitol hill path, 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 market are mixed this week we'll go over what's been moving market in some of the world, most important economy. and over in scotland, the u. s. and kinda announce
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a joint agreement reached at the cap $26.00 climate summit with both country pledging, 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, and f t's in trying to sell the need for tax to tax 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 the names and addresses of their customers.
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another provision would require business is encrypted exchanges to report when they have received more than $10000.00 in crypto crypto advocates have long been critical of calls for reporting, as they say, defeat 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? joining just to jake 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 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 that the right move, looking at taxing at assets rather than broader regulation on actual use of crypto bred. great to 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 la last,
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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 tax years, taxing crypto. 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, another set of crumbling infrastructures. and that's an or financial system. but it's too expensive to slow and, and to exclusive. and here is a new innovation that could possibly modernize that, and congress is going to get a place taxes on it. so it's congress, unfortunately has done to operate in the past. it's once again, more mortgaging the future to pay for political shortcomings. but political
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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 a crypto infrastructure within that bill, maybe further regulate it and then you could tax it as well along. busy with that it, wouldn't that be the better out? 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, 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 too little access to the system as it is, we can do better. we have a national policy, of course,
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in consumer an 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 number for this, this bill only focuses on one that is getting as much of cash 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's 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 tack this and figure it out? but i guess the question to 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
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crypto. can you have proper reporting? can you have proper taxation? 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 be taxed ation. now some people try to use it, but some people try to use cash to avoid taxation use a lot of bees. the challenge is going to be regulators and policy makers and central bankers beyond the current rep with the current methodology that we use, you know, 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 don't have to tell them who you are, where you bank,
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how much money is in your bank. all 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 gotta, gotta get to the point where regulators policymakers can think beyond the status quo and new methodologies of, of block chain base 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 kick, 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 talked about the anonymity but the fact is the block chain tracks everything. it's the immutable ledger as we tend to call it. and by that you could
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track things going from wallet to 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 as 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 equity markets, going back to when the new york stock exchange was created in the, in the 18th century. we've got self regulation in our, in our world, leading commodity futures market, going back to the 1850s 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,
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let's not have self regulation and crypto, and i, my answer is, well, what, what is it about a world leading equity markets? what is it about our world leading derivative markets, that where self regulation is somehow down? why wouldn't we, in fact, if you or an advocate for bringing this industry into well regulated environments, why when 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 currencies 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 c, b c's, would this be a step in the right direction? well, i have to beg the different with you a little bit because i've had the honor of working with both a jerome pow lael brainer during my time in washington. both of them i think would
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make a per chairs and both of them get the challenge of, of digital money in 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 wrap or head around the united states being participate 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, 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 basic 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.
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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. pick blacks from j christopher john carlo who know is fed share and possibly the future fed share author of crypto data. 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 this week as we continue to keep an eye on rising prices in both goods and energy, as well as the strain supply chain. we start in russia where the mo, x is down by just about 2 percent for the week. russian president vladimir putin set on friday. the nation's economy is set to grow by 4.7 percent this year, which will be the strongest growth since 2008 as the country rips the benefits 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
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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 1995 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 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 de online shopping event this week, peers in j. d dot com, they were 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 d. k. down just shy of about a half
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a percent. a recent reuters port show that japan's 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 to send faxes 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 said the country's economy is on the way to becoming the fastest growing economy in the world, admitted dr. kobe vaccination. now there are concerns, of course, the rising prices 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 lot 46000 jobs in october, as the unemployment rate picked up to 5.2 percent. due to coven induced locked down
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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 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 my surging as much as 10 percent. now let's move over to europe in london. the, let's see, is up this week's taking with that trend here. we saw mining related stocks lift the index to 20 month highs on thursday. the consumer spending has been picking up in britain as the nation emerged from its lockdown. 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
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markets to close out the week. german industry group theme and beat expectations for the quarter thing. it expects supply chain issues to stabilize in 2022. 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 ego 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 giant petro brass signed 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 it's benchmark interest rate by $25.00 basis points for the 4th straight meeting. the lending rate now sits
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at 5 percent in place. it 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 n p and the tech having 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 recent tensions. and facing things out in canada, we have a green arrow for the ts x in toronto. heading record highs during fridays, trade inflation and canada is becoming worried. some as well with analysts saying the bank of canada may need to hike rate fast to initially expected. meanwhile, canada oil sands industry is on track the hit record production by year end amid high oil prices. moving into next week,
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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 a surprise 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 the numbers of the quote i, ah ah, there is a patch of water around the try seal island in contention between canada and the united states. northern government has suddenly become optimal for lobster. our
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populations years exploded, one of the most valuable fisheries that ever existed. suddenly you had made an canadian fisherman in these waters at the same time jousting for position and attention or high violence is bound to happen. this is the last land border dispute between canada and the united states. it could be magnified to the point where there could be costs that would be significant to po countries. border dispute don't go away, they just ask or something's going to happen with
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to what we've got to do is identify the threats that we have. it's crazy confrontation, let it be an arms race, movies on offense, very dramatic development. only personally and going to resist. i don't see how that strategy will be successful, very political time, time to sit down and talk with ah,
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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 deliberate 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, the u. s. and 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 are since the beginning of the year abiding by the direction of our 2 president log. 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
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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, or 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's annual carbon output. so this is quite 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,
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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 draw down as coal consumption and to quote, make the best efforts to accelerate this work. so it is somewhat ambiguous and you don't know how much china means it and it's 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 incorrectly when it comes to china, robert through 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,
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so it doesn't come as much of a shock to it. of course, it will be absolutely impossible to phase out cool, completely within the next few decades, as it is the cheapest source of fuel to power so many. however, there are steps that china is already taking or to curve their dependence on goals . so right now, for example, china is no longer funding the construction of new coal power power plants overseas . previously, china has supported coal projects in developing countries, including indonesia and bangladesh, and has been under heavy diplomatic pressure to put an end to the financing. so it is taking baby steps, the cheap money for overseas projects big it has closed. however, china is still financing coal projects on his own home turf. so i think it is wise of china to be taking these smaller, incremental steps here because it's like you're trying to turn around the pe tannic . 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 coal dependent economy struggles for equal librium. so while many has said that china's targets are not ambitious enough,
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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 these promises. it does take away a lot for me, 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 deadline for shifting the countries over to green energy. however,
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we've seen green tech is not mature yet to handle this much demand. so the only thing the us 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 energy. because when 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 they feel is truly effective and cost a the market will have absolutely no problem switching over and boom bust co host
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christy. i. thank you so much for break it all 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 sonia. now that will be cutting down production due to components and logistic constraints, instead of its goal of producing 16000000 playstation 5 units. if 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 and intend also feeling the sting. and let me tell you something as somebody who is you follow the show. you know, i'm a bit of a game or myself, i hear it all the time about how hard it is to get one of these new counsels amid the semiconductor shortage 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,
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and the apple app store by searching portable tv affordable tv can also be downloaded on samsung smart tv. roku devices were simply go to portable dot tv. what's the next step? mm. i we're empowering ourselves to be more efficient or quicker with our transactions. but with that comes a trade off every device p as a potential entry point for security attack. any machine can be here. it's an extension of traditional time. the defenders have always been one step behind the attackers, both with them. there's one called option in the offering. it's not a matter of, if it happens, it's a matter of went for
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new york. it's really what america is about in our mayor took our place. he was elected because of his campaign on our city, being a tale of 2 cities, the haves and i have not. and those who have not are usually the ones who weren't being buried on hard i. the city is always wanted to forget about hold island. city is wanted to forget about the people who are buried there. wanted to forget about the fact that there is a potter's field that there was a place where difficult stories are hidden. the fact that we're using inmates to maintain this active burial site, where 1000000 souls are buried, where so much of new york city history is buried is document of the inequality that exists in the city for centuries. ah,
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as a korea professional sport is much tougher on some than others with the euro human admired by everybody. so why would somebody believe me, i was just a little girl to price to, to, to achieve really was a read on the paper this morning usa swimming coach, arrested legibly had sex with a 12 year old girl. this happens almost every way we get calls at the office. i get informed about one of my greatest fears is someone is gonna start linking all this together and is going to be a 60 minute documentary about youth coaches in sports like gymnastics swimming here is that documentary. i see it on our tea,
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a deadlines this saturday morning, moscow coast, we're a constructive approach from the n dpi, humanitarian situations, the published batteries, the border sizes of migrants is stranded debt and humanitarian groups to say that conditions desperate as the weather gets more difficult. as people stranded in the space or even longer period of time, the ability to cope with those conditions and they didn't have enough food and water and access to assistance and wald. it's only going to get more difficult. usaa pails code once again rejects the biden administration's national vaccine mandate the companies to get this stuff jabbed is service personnel and government workers join the back.

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