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

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for new york, it's really what america is about ah, when our mayor took our place, he was elected because of his campaign on our city, being a tale of 2 cities, the halves and i have not. and those who have not are usually the ones who wind up 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. it's 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 quality that exists in the city for centuries. ah,
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a with this boom bought one bed, the show you care at the border myth on bread to bore in washington and coming up after a long charge 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 and some of the world most important economy. and over in scotland, the u. s. and kinda announce a joint agreement reached at the top 25th climate summit with both foundry, frederick clamped out on greenhouse gases. we'll talk shop about the late the
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mission field between the 2 super power law 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, while makers 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 teeth 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 games was roughly $11500000000.00 in the year of 2017 thing. 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 and crypto exchanges to report when they have received more than $10000.00 in crypto
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crypto advocates have long been critical of cause for reporting, as they say, defeat the purpose of the to centralize 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 about the just the j 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 the 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. 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, after many requests identified its priority for crypto. you know, the industry, it's a $33.00 industry. now we've been asking congress to step in and identify the national
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policy. and here it is. that policy is taxi 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. it's too expensive to slow and, and to exclusive. and here's 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, and i mean, i guess it raises the question to basically what you're saying is if you're doing
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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 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 i 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 an investor protection, which is a big role that the fcc place. but we also have a role,
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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, passionate, and i'm afraid 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 crypto. can you have proper reporting? can you have proper taxation? can you have proper regulation and still keep the anonymity decentralized nature of
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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 tax 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. think beyond the current rep or the current methodology that we use. our financial system or 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, 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,
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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 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 kick, for counter and 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 by that you can track things going from wall to wall it. so like you said, if you're actually following along, you know, you might have to do
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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, 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 continued 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 world leading equity markets?
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what is it about our world leading derivative markets that we're self regulation somehow but the down? why wouldn't we, in fact, if you or an advocate for bringing this industry into well regulated environments, why wouldn't you advocate for self regulation, alongside federal regulation as the practice in our most successful world, leading workers. 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 brainard were to actually be nominated over current fed shared your own power. if the fed, we're to have someone in place who actually sees the importance of cdc is, 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 make a per chairs and both of them get the challenge of, of digital money in case we're talking about
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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 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, 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 a 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
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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. 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, as well as the strain supply chain. we start in 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 will be the strongest growth in 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 your customers. after the bell russian president floated the idea of blocking gas to the block. moving to asian markets,
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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 in 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 day 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 ne k down just shy of about a half a percent. a recent reuters pool show that japan's economy likely contracts in the 3rd quarter of this year, as the supply chain was continue to take
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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 semiconductor 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 said the country's economy is on the way to becoming the fastest growing economy in the world admitted drive of cobit vaccination. now there are concerns, of course the rising prices could hold that progress. moving to australia, the fx 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 down 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
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a green arrow for the all share on thursday, south africa finance minister. 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 the 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 sticking with that trend here. we saw mining related 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 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 markets to close out the week. german industry group, theman, beat expectations for the quarter thing. it expects supply chain issues to
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stabilize in 2022. a recent reuters ball suggested euro zone 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 sectors of the economy. meanwhile, brazil state run oil giant petro brock 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 sets 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
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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 t s. x in toronto, heading record highs during fridays, trade inflation and canada is becoming worrisome 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, 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,
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but when we come back in a surprise announcement, the usaa in 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, 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 these bankers would stop getting bailouts and they can't ever stop the bodies. so that's, that's the rhetoric behind that, that's the methodology behind it. that's the psychologist
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for is your media reflection of reality in the world transformed what will make you feel safer? isolation, whole community. are you going the right way? where are you being led? which direction? what is true? what is great? in the world corrupted, you need to descend a join us in the depths or remain in the shallows or empowering ourselves to be more efficient quicker with our transactions. we can
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make mobile payments from our sons. the truth is that every device is a potential entry point for security attack. i think you can, but i wanted to mention earlier with, oh hm. but oh, there is actually, there's malware 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 of the things that is happening at the many eve, cyber infants right now, i'd be where it really worried about it. most people would equally bate you calling for a chip in my brain. so there has been a lot of progress from the hacker site using ai and using other advanced technologies. there has been on the defensive
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and 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. 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. 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 denila. since the beginning of the year abiding by the directional market, president of our teams have been maintaining 1st dialogues to head around 30 virtual meetings and met each other in shanghai in genes on london, san glasgow. you'll log to the combined efforts of both sides. we have reached an agreement on the joint declaration,
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and i'm pleased to announce that we will work together to limit methane, methane emissions, a 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 break it all down. let's bring into by co host christy. christy. 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 super powers 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 a big deal. this resolution allows china and the u. s. to declare stuffs 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 pledge still lack 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 unqualified. 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 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. it is 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. increasingly, when it comes to china, 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?
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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 out cool, 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 the card there are dependents on call. 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 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 veer 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
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many critics have said that china targets are not ambitious enough, 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 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 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 deadline for shifting the countries over to
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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 is 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 u. s. as call for green energy, because what is 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 efficient,
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the market will have absolutely no problems switching over and boom bus co host christie. i thank you so much for breaking it 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, 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 shorted them and 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
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store by searching portable tv. portable tv can also be downloaded on samsung, smart tv, or roku devices, or simply go to portable dot tv. what's the next step? mm i we're allowing 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 attack. any machine can be here. it's an extension of traditional time. the defenders have always been one step behind the attackers, both for the 1st one comes option in the offering. it's not a matter of, if it happens, it's
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a matter of went to join me every thursday on the alex simon, sure. and i'll be speaking to guess what the world politics, sport business. i'm sure business. i'll see you then i look forward to talking to you all that technology should work for people. a robot must obey the orders given by human beings except where such order that conflict with the 1st law show your identification. we should be very careful about artificial intelligence, and the point obviously is to create trust rather than fear. a job with artificial intelligence, real summoning with a robot must protect its own existence. with
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headlines. russia says the migrant crisis on the eastern border is the result of the blocks military campaigns in the middle east. thousands remains stranded at the polar metal roof frontier. and in order to avoid, we must not forget where the micro crisis originated from. it is better is really the 1st country india with these problem did with ease of reasons that were created by way through himself, including european is a u. s. appeals called once again rejects jo biden's national vaccine mandate for companies to get stuff. jap, a service personnel and government work has joined the backlash and we look at how west military struggling to fight culture was among the ranks as the u. s. marine corps attempts to hire a diversity equity and inclusion advisor.

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