tv Boom Bust RT November 16, 2021 7:30pm-8:01pm EST
exact house, as it was given the diary by 2 individuals, it never published it and handed it over to police. during the rate the f. b, i seized the phone of founder james o'keefe. i they confiscated my phone, they rated my apartment on my phone, were many my reporters notes. a lot of my sources on related to this story and a lot of confidential donor information to our news organization. while the f b, i would only say its agents had performed law enforcement activity. the homes of 2 of o'keefe, the associates, were also searched. pulitzer winning journalist chris hedges believes is all part of the biden administration's bid to pressure the opposition. this is part of a broader pattern by dividing administration to really run roughshod over legal norms against anybody they consider to be part of the opposition project. veritas, of course, targeting liberal left lean groups,
and this gets into the whole subpoena power in the committee that is within the congress that's been set up by the democratic party leadership to investigate the mob assault on january 6th. so unfortunately, it's not an isolated insur incident. and it's one that's extremely disturbing should be disturbing, but with a partisan divide here, any kind of assault, including censoring the contents of hunter biden's laptop. remember the lock in your post, which broke that story out of it's on twitter account called a disinformation. although it turns out that everything on that laptop was not this information, even the biden's didn't and neither was real. so this is just one more example of the polarization that exists within the country and how the democratic party is quite willing to use questionable tactics in order to silence trump supporters and, and people they consider part of the opposition i see will have to hear your
thoughts on our stories i did get in touch by following guys on social media. olivia coincide with back of the company. i see them. ah, this was a bargain that was may 2025 years ago under a clinton. as a matter of fact, they've brought china into the world trade organization, the w t o. this was a quid pro well, that we're going to essentially give america a huge break on the flat screen tv. but within 2045 years, we're going to bankrupt the country and that's what's happening now. when there are problems like the energy crisis, europe, illegal immigration on poland border or even when the wrong political party or politician wins. there is a culprit, always waiting in the wings,
and that's russia. scapegoating. russia is the excuse used by failing western leads just with this room, both the one business. so you can't afford to miss. i'm been swan. i remember at jaguar in washington coming up, germany had suspended it certification of the nordstrom to pipeline, sending gas prices surging and dealing another blow to the project. we'll take a look at how this affects the already strained energy supply in europe. then we break down the virtual summer between the world 2 largest economy, president joe biden, and teasing things. hawks are raising some hope for better time potential to remain close bitcoin and other crypto currencies. take a hit is china ramps up its track down on crypto mining, calling it an extremely harmful practice to talk about the future of those digital
coin. we have a pack show today, so let's get to it. where we leave the program with the fate of the embattled nor stream to pipeline is set to transport natural gas from russia to germany. germany's infrastructure regulator, the federal network agency, on tuesday, suspended it's certification of the project. it's a very big deal because as they say, winter is coming and the cost of energy is already sky high. now, while the pipeline has been the subject of geopolitical tensions between berlin, washington in moscow in brussels, it's bureaucratic red tape has gotten in the way. the german watchdogs reason for delaying the certification process is due to the swiss based company behind nord stream to needing to form a german subsidiary under the country's law to be granted its license for operation . and still, once certified, the project will face approval from the european commission to begin operation. now, amid the global energy crisis, european natural gas prices have been rising in recent months and on the news that the latest delay prices rose by as much as 11 percent. and joining us now to
discuss this is some other energy related news of the day is edmore. he the senior market analysts at atlanta and david mcelhanney, ceo of mckelvey financial group. great to have both of you on talk about these important issues. now, do you see this spike in natural gas prices on this news is something that is just temporary considering it wasn't clear when nordstrom too, would be approved in the 1st place. well, i think the bass case from any energy traders was that the nordstrom, too, would get, you know, finalized before the end of the year. so i think you're going to see that this, the natural gas markets are going to remain extremely sensitive to whether or not we have a cold winter. and right now it's a very tight market and i think you're going to see politics are going to be at play here and you're going to, i think, see you probably investors be very skeptical. they're them. prices are going to ease. and i think the, the, the pressure is to the upside and they think russia right now is they're holding
all the cards. germany, they pretty much destroy their nuclear industry 20 years ago. now. 80 percent of their power is natural gas. so i think you're going to see that this is going to really force the germans hand if we have a cold winter weather in right now the markets are, i think still poise to possibly go even higher. yeah it's, it's pretty incredible. david, the 80 percent of germany's energy come from natural gas simultaneously, as we said before, winter is on its way. winter's coming, as they say. and yet we're looking at this incredible delay that could mean it's going to be spring time before we finally get to actually see natural gas flowing from russia to germany, into the rest of europe via this pipeline. so how big of a problem is this? considering that this isn't a problem that's in the future, this is a problem right now. you had to add to its point, the natural gas is up 90 percent year to date prior to this announcement. so what happened today is kind of icing on the cake. this is chess and natural gas is not
the only asset on the board. germany wouldn't do this to themselves coming into the winter if there wasn't more in play. this is geo politics, this is pressure, some of the issues and player on this. i think others probably less so does it strike you as odd that despite your desperate need for natural gas and the politically explosive burden of increasing energy cost in germany, that this new bureaucratic hurdle was erected? now, russia's not going to increase gas flows with the old ukrainian pipelines. that's clear because the quid pro quo for increased supplies has been nordstrom to approval. so, what else is on the board? it's possible that we haven't sorted out all the blue geopolitical tension between t evan dc and brussels and moscow. but i think this is worth considering. maybe it's the $100000.00 russian troops, a mass on each cranium border that has something to do with the german action. think about this. there's domestic political considerations in germany, which are being demoted there being sidelined. you get poland and bella, luce,
that are, that are something of a distraction at this point. but who are the interested parties and what do they want? why has germany done this? now? is it at the past of nato, is it brussels pressure from washington? dc? is it really a precondition being set by berlin in this red tape receipt, which, which other guess was describing supplies can be made immediately available if russia wants them to. and if germany wants or needs them to springs your worst case scenario. but i think here's where you're talking about, you know, gas promise significant 6 months to take care of the paperwork in question. this is chess and natural gas is, is just one of the assets on the board. yeah, certainly sounds like an added. let's talk about oil for a minute. the international energy agency said tuesday, inexpensive oil supplies to rise for the rest of the year. they're hoping that this will kind of ease rising prices. what's the situation there, and by the way, are we nearing the end of the oil?
so why issues of economies are supposed to be transitioning out of the pandemic? well, right now, we're seeing demand to fill out pacing supplies. and i mean, where we are getting, you know, a handful of accounts at each week, but there's still a severe market deficit that is going to remain in place. and right now i think the all the, the drivers right are suggesting you're going to have higher oil prices. i think that the market was under this belief that you are going to have oil prices eventually kind of settle back to the mid seventies or even lower after we get through winter. and now it seems that many traders are anticipating that. now we're going to be stuck with 80 darla oil for the rest of next year. i think this market has seen the impact, you know, the flat slashing of cap backs and the lack of investment in new wealth. and i think that you're gonna see supply shortages remain a big fear which is going to keep prices elevated, going forward. so i think this market is going to remain fairly, i think,
vulnerable to any supply disruptions. and you're going to probably see that i think oil prices there right now, little sensitive on whether or not we might get a, an s p r release, but that would only be various or term different prices. i think we're still going to see higher prices here, and traders need to be aware of that impact and eventually how that will impact the overall economy. and david to that point, because opec plus members, they've also been watching the talk of an oil surplus. if that's what it is with the cartel secretary general thing, they must be quote, very, very careful as they decide future output policy. what do you expect from opec here? do you see any change in policy? especially that says, i mean, maybe that surplus really isn't here. yeah, i expect opec to continue to provide support for a position that protects their interest in the energy markets regardless of outside pressures. some of which is coming from the by did administration. that means providing ample justification as to why they are not increasing production at the white house requests. so rather than peer a period intransigent, they've provided
a justifiable concern from all opec members surpluses combined with increasing supplies that could make for significantly lower prices. and so, opec like any other commodity producer wants to maximize price and output in the present without jeopardizing future price. and so i think this is where a biden's running a tight line. he has to appeal to his environmentally high strung constituents who would like to tar and feather him if he increases domestic fossil fuel production. so he's framing his inflation problem as an opec oil supply problem. meanwhile, you've got opec saying, now we have to turn to our own business, of course. add more of your market analyst at atlanta and david mckelvey, feel mckelvey financial group. thank you both for your insights today. thank you. or virtual summit between president joe biden to president using ping of china, resulting in what seems to be
a whole lot of lack of clarity over the issue of taiwan. the 3 hour long summit was designed to bring together the leaders of the 2 countries. they were supposed to discuss a variety of issues including supply chains, human rights, and climate change. past is prologue, i am sure that today will be discussing those areas where we have concerns. awe from human nature economics to ensure in a free and open and oh pacific. and i think it's very important, as i've told other rural leaders, when i ask about our relationship, is that we've always communicated run a lot of with one another very honestly and candidly. and so we never walked away wondering what the other man is thinking. and i think that's an important ingredient for this relationship to be open and candid when in terms of our relationship she bout how one should not only take care of her own domestic affairs, but also assume argue international responsibilities about the noble calling
liberty and development of man, out on gosh, this is the common vision of the people share china only when you f, as well as other countries in the world. yeah, and it is also the common mission of jewelers of china in wes. but as we reported monday, the center of the summit was a discussion about the future of taiwan and china's increased push for reunification. a day after the summit of chinese foreign ministry spokesperson said that president biden made it clear that he does not support taiwan independence. that deduction during the meeting, president biden admitted again that the united states adhered to the one china policy and does not support taiwan independence didn't go been. what does this mean for taiwan moving forward? i mean, it appears that the white house has basically back anything to protect taiwan and this. all right, so the question is going to be, who do you believe? do you believe the president? i'd naturally didn't back taiwanese independence and i think that's probably doubtful. but here's what we do know, we do know that according to the white house,
the president was supposed to lay. busy out what they called guard rails that were kind of let china know what lines to not cross over. but apparently those guard rails never came up and i think that is the key point here. so let's go deeper on this issue and bring in danger, unquote, to the miami, her business, go to the trusting issues with us inquiry good to have the here. how will this issue of taiwan impact economic relations between the u. s. and china moving forward? because again, whether president biden conveyed a stronger message for china or not, and maybe that's being debated right now. china is certainly claiming that the u. s . has not well 1st, it's very important that the tone for the, from the top was said constructively, in this conversation. and that tone from the top will ensure that the negotiations that occur among junior bureaucrats in various fields, whether they be military trade, taiwan will be construct, will be undertaken and
a cordial and respectful way. some of the rhetoric over the past year has been pretty intense. as far as taiwan is concerned, i regard this as the most important potential flash point in the us china relationship. it's a flash point because any mistake in tai, when he's asked space or any mistake in the south china sea, where there is of course increasing naval activity both on the chinese side and on the us side. any mistake can result in a very, very serious diplomatic situation that could disrupt world mark. it appears a president biden as walking back his statement of a month ago that he supported taiwanese independence. he's now moved back to the traditional posture of what we call strategic ambiguity
regarding taiwan. but it's important to note that president sigh of taiwan recently announced publicly for the 1st time the us military troops were on tie when he soil training chinese military. and it's also important to note that taiwan semi conductor has under pressure from its customers. i think to a large degree, announced a major plot construction projects in both japan and in the united states, to diversify it, says supply chain outside of taiwan. and because both presidents agreed that there needs to be greater cooperation and this is something we've heard time and time again, whenever we're talking about the 2 sides. and sometimes you get a little more hostile than that. but most of the time it's about cooperation. but how does that cooperation take place under the shadow of military action?
while the military action is significant and we have to understand that within the china, within the chinese communist party and within the red army of the people's liberation army, there is a constituency of individuals who are, you know, very aggressive with respect to ensuring that the rise of china and who are, you know, if not trigger happy, a lot more inclined to military action and responding militarily to provocation. and may be the top leadership in beijing. so you know, president, she and his closes colleagues do have to cater to a significant constituency of, of strong nationalists and militarist within the chinese communist party. so it isn't, it is an important problem. yeah,
for sure. and to doesn't business groups though are putting pressure on the, by the ministration to consider removing terrorists on china. they say this will help to ease surgeon inflation. not sure it will help with that. but treasury secretary, janet yellen said recently that such a move is under consideration. so here's the question for you. would removing tariffs actually impact prices prob, probably not as greatly as one would imagine. the 1st reason being that a significant portion of the tariff cost, which would have been ordinarily passed through to us consumers was actually absorbed by the chinese manufacturers and supply chain through greater efficiencies and production. so paradoxically, the tariffs have the effect of forcing greater productivity and chinese manufacturing, a sort of counter intuitive result. so the, the tariffs didn't flow through in their entirety to the u. s. consumer. and as
a result, if they were withdrawn, it would not have a significant impact. we need to distinguish, however, between the trump imposed tariffs which were on top of the existing base of tariffs and the, the existing base of tariffs to differentiate significantly between one type of product or one class of goods and another. so um, overall i would say though, the answer to your question is no, no significant impact on us inflation. dean john, coach of the miami harbor business school. thank you so much. thank you for time now for a quick break. but when we come back, vic, coin and other major crypto cursive fell into tuesday. this is china sate planner that it will continue to clamp down on mining operations. we'll discuss what this means with our very own christie. i never got
a and welcome back. bitcoin has dropped again falling below the $60000.00 mark. and once again, that drop seems to be tied to statement by the government of china over what they call quote, extremely harmful crypto mine it. yeah, but there is another factor here as well. the u. s. is one trillion dollar infrastructure bill was signed into law and it includes a host of crackdowns on the crypto industry. those factors may have caused big coin to drop by as much as 7 percent and the theorem buy as much as 5 percent. let's bring and boom, bosco, hosting, crypto analyst, christy i to explain. christy. i was talking about this infrastructure bill because one of the biggest challenges, as we've talked about of this law, is it redefines who and what a broker is, how messy is this going to get for the crypto industry?
it will get very monthly since the bill is mainly meant for the our us to have this well defined definition. but it ultimately risks asking network actors to behave as note operators in order to report identifying information for crypto transaction that they have absolutely no way of gathering. like actually no way of getting because there's no centralized database recording your email, your phone number, your social security number, etc. when you log on to send it to someone. so this bill was clearly written by someone who has 0 understanding of the technology so. so this will get very messy for the operators in the us, which is why so many already have chosen to abandon us customers. so things like hello yes, next circle and i finance change the just to name a few. all of them already packed up and was like, not worth that anymore. so regulating like this through fear and ignorance is simply going to drive the next wave of web innovation away from the us into other jurisdiction that are implemented mark,
an informed regulation. so this provision is going to get very must be and i think there will be a lot of pushback from the industry about it. asking for a clear definition. right now they're just throwing things against the wall to see what it. and i don't think this is going to stick because there's no way to enforce it. and even with the current state of regulation, here in the us, it's just in the same coin base is now pushing for a single crypto regulator saying that they currently have $53.00 just for the us. a law coin base operates and over a 100 countries, and the u. s. is the only one like this. we have the fcc and fcc treasury, all the state regulators and all the money transmission, licensing plus lending, licensing, $53.00 regulators for one jurisdiction. that's insane. so it's only a matter of time before coin missed throw the hands and gives up on the us altogether. and it's interesting because, you know, on friday of last week we had on former c f t c chair. i'd crypto dad if you will, christiane carlo. and he basically made those same points, which is if there's such
a regulatory environment where there's so many regular you're trying to get on this . and meanwhile, we've just been left behind on crypto as a whole. here in the united states because we're not ready for it, and it's no surprise that congress doesn't know how to regulate tech in any way. meanwhile, on that mining side, why is trying to claiming it will clean up the crypto mining industry. when most of that industry in china is already gone or, or is it well actually there's still a lot of miners left in china back in may, trying to crack down hard on mining and trading said what we called the great and mining migration. so they went to texas, switzerland, canada, anywhere with cheap renewable power. that's also the friendly. so while the actual data for the global distribution of mining power it's still unavailable, estimates are that 50 to 60 percent of china's miners have left, but a good chunk still remains. just like when trying to try to ban google, facebook, twitter, you have about 60 percent of population complying. but the other portion is really crappy, a finding, an alternative. so as of now,
only government electricity plants have restricted mining because those are being monitored. but private ones are continuing to service finance. so this is just like the us trying to track down on the brokers making brokers the bad guys and requiring them to verify their customers. private electric companies aren't going to verify what you're using as power for. they don't care, they're just like brokers, as long as you're a good customer, you pay your fees, your bill. they're happy to service you. so in fact, given this crack, i'm betting that the private electric plants are having a blast charging premium rates to the miners who don't want to. so it's actually a win win for them. the private company gains an invaluable customer and the miner doesn't have to relocate. it's perfect and yes, the government will try to crack down again. but i think the focus will start to shift away from the miners since a good portion have already left. you know, chris, the china with there's a lot to say about them and what they've been doing with the miners, but this going back to this infrastructure bill and something you said a minute ago. you said that the u. s. is regulating with fear and ignorance,
and i think that's such an important point, right? that it just doesn't make a lot of sense what they're doing and it seems like there is an intent here to destroy the crypto industry in the united states. about 30 seconds left. where does the industry go from here? is it, is it going to be abandoned ultimately in the united states? you believe? i think right now it's heading that direction because coin meant, as i mentioned, 53 regulators. and even if we think about it, even though they are listed, are publicly traded company and they're huge. now technically they are still kind of a they and they have to pay all the fees to get all these licensing fees, money, transmission fees and everything. so it's absolutely insane for a company like that to survive and thrive and do business and even grow. and there's absolutely no rosa vailable if you keep on throwing regulation. so eventually i do think most critical companies will have to leave you a short discontinued the bearer of bad news. boom bosco home, christie. i thanks so much. and we finally,
we all know that it content just divorce can be costly affair. but in the case of real estate, mobile, harry mac, lo and his wife, linda, the proceedings were highly lucrative in the end back in 2018, a judge ordered a couple of the sell aren't they acquired during their more than 5 decades of marriage. and the collection fetched more than $675000000.00 according to the database, making it the most valuable single owner option ever. ok, so what exactly was sold? well, 951. number 7 by mark rothko garnered $82000000.00. how about that? the auction house says that the item was created as rothko developed his signature style of abstraction and mature mode of artistic expression for all you are, but you know what? that means. any war holes, 9 marilyn's are sold for $47000000.00. you know what this one is? it may be one of the most iconic pieces in the auction. it was created in 962 shortly after the death of marilyn monroe and jackson pollock. number $171951.00 from a series known as black paintings,
which when for $61000000.00 who was buying this stuff, fun fact. it was the 1st follow to be acquired by the metropolitan museum of art in new york. and that's it for this time i see a catch that boom, portable tv will see next time i this story said that the federal luther is sure it's still there or you don't forget about it. oh, no. with came, what was it? the rest and 7 years. a year, i've tried to report a
in a war to canada onto gas deployed by poland. if it continues to resist attempts by migrant to storm, the border from bella roofs in order to reach the ear, the russian defense ministry slums, the u. s. has hypocritical off the washington criticized moscow for testing a weapon in space when it's exactly the same. well, nobody likes to pay more, on average, we have the money to do so it's mainstream u. s. media outlets repeatedly claim that americans are better off. and the joe biden, despite inflation hazing a 31 year record, citizens respond. we have those.