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tv   Boom Bust  RT  November 16, 2021 11:30pm-12:01am EST

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ah, ah, new york, it's really what america's about ah, when our mayor took our vase, 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 wind up being buried on hard i. the city has 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 act as burial site, where 1000000 souls are buried. where so much of new york city history is buried is document of the inequality that has existed in this city. for centuries.
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ah, 100 mic, no, no borders line nationalities. and you as a merge, we don't have a charity, we don't on the vaccine. the whole world leads to take action and be ready. people are judgment, common crisis with we can do better, we should be doing better. everyone is contributing each in their own way, but we also know that this crisis will not go on forever. the challenge is great, the response has been massive, so many good people are helping us. it makes us feel very proud that we are in it together with
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ah, this is boom box to one business, so you can't afford to miss. i'm been swan never had to bore in washington coming up. germany has offended it, certification of the nordstrom to pipelines, sending gas prices surging and dealing another blow to the project. let's 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 keesing things hawks are raising some hope for better time potential to remain closed that coin and other crypto currencies take a hit. as china ramps up, it's cracked down on crypto mining, calling it an extremely harmful practice to talk about the future of those digital point. we have a pack show today,
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so let's get to it. what we need the program with the fate of the embattled north 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, moscow, and 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 nordstrom to needing to form a german subsidiary under the countries lock. be granted. it's license for operation and still wants 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 of the latest delay. prices rose by as much as 11 percent. and joining us now to
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discuss this as some other energy related news of the day is lawyer. he's a senior market analyst at atlanta and david mckelvey, the 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 for many 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 there. then prices are going to ease. and i think the, the, the pressure is to the upside. and i think what 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
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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 or winter weather in right now the markets are, i think, still poised 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
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the winter, there wasn't more in play. this is geo politics, this is pressure. some of the issues in play are obvious. i think others probably less so does it strike you as odd that despite your desperate need for natural gas and the political explosive burden of increasing energy costs in germany, that this new bureaucratic hurdle was erected? now, russia's not going to increase gas flows for the old ukrainian pipelines. that's clear because the quid pro quo for entry 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 tensions between t evan dc and brussels and moscow. but i think this is worth considering. maybe it's the $100000.00 russian troops amassed 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 in bella, bruce that are, that are something of
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a distraction at this point. but who are the interested parties and what do they want? why his germany done this now? is it at the behest of nato? is it brussels pressure from washington dc? is it really a precondition being set by berlin and in this red tape receive, which, which are the guest 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 prom, it's 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, it certainly sounds like it added. let's talk about oil for a minute. the international energy agency said tuesday in express 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 marrying the end of the oil? so why issues of economies are supposed to be transitioning out of the pandemic?
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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 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 wells. 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
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oil prices, they're 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 is 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
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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 tend to our own business, of course, add more senior market analysts, amanda and david mckelvey, theo, of mac of any financial group. thank you both for your insights today. thank you. all virtual summer between president joe biden and president, using paying of china resulted in what seems to be a whole lot of lack of clarity over the issue of taiwan. the 3 hour long summit was
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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 this pro log i am sure that today will be discussing those areas where we have concerns from human economics to ensuring free and open endo pacific. and i think it's very important, as i've told other world leaders, and they ask about our relationship, is that we've always communicated with one another very honestly, candidly. and we never walk 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 found out how don only take care of her own domestic pain, but also assume our international responsibilities promote the noble cause and
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development of man on gosh, this is the common vision of the people. china, us, the other world. yeah, and it is also the common mission of jewelry, china. 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 some of the chinese foreign ministry, spokes person said that president biden made it clear that he does not support taiwanda dependents during the meeting, president biden admitted, again, you know, the united states, and here's the one china policy and does not support the high ones, 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
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kind of let china know what lines to not crossover. 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 school to discuss these issues with us and think, well, it's 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 to 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 set 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
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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 tie when ease of 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 the president sy of taiwan recently
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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 thing to a large degree announced a major plot construction projects in both japan and in the united states to diversify its 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,
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within the chinese communist party and within the red army of the people's liberation army, there is a constituency of individuals who are 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 closest colleagues to 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. 2 dozen business groups though,
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are putting pressure on the demonstration 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 genet, yellow and said recently that such a move is under consideration. so here's the question for you. would removing terrorist actually impact prices? prob, probably not as greatly as one would imagine. the 1st reason being that a significant portion of the tower of 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 tower of student flow through, in their entirety to the u. s. consumer. and as
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a result, if they were withdrawn, it would not have a significant impact. we need to distinguish, however, between the trump impose tariffs, which were on top of the existing base of tariffs and the, the existing base of tariffs do differentiate significantly between one type of product or one class of goods and another. so overall i would say though, the answer to your question is no, no significant impact on the us inflation. dean john walsh, of the miami harbor business school. thank you so much. thank you. and i'm now for a quick break, but when we come back, vic coin and other major crypto cursive fell into tuesday. this is china se planner that it will continue to clamp down on mining operations. we'll discuss what this means with our very own christy. i never got a break here that number the quote for
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an hour ourselves to be more efficient or quicker with our transactions. much with that comes a trade off. every device is a potential entry point for security into any machine. and it's an extension of traditional time. the defenders have always been one step behind the attackers with mm hm. there's one comes option in law, so it's not a matter of if it happens, it's a matter of when when there are problems like the energy crisis, europe, c, illegal immigration on poland border or even when the wrong political party or
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politician wins. there is a culprit, always waiting in the wings, and that's russia. scapegoating. russia is the excuse used by failing western elite a the 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 mining. yeah, but there is another factor here as well. the u. s. is one trillion dollar infrastructure bill to sign into law, and it includes a host of crackdowns on the crypto industry. those factors may have caused big going to drop by as much as 7 percent in the theory him by as much as 5 percent.
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let's bring him, boom, boscoe, hosting for analysts, christy. i to explain. christy. talking about this infrastructure bill because one of the biggest challenges as we've talked about of this law, is it redefines true. and what a broker is, how messy is this going to get for the crypto industry? oh, it won't get very messy since the bill is mainly meant for the ira to have this well defined definition. but it ultimately risks asking network actors to behave as note operators in order to report identifying information or transactions that they have absolutely no way of gathering. like actually no way of getting because there's no centralized database record here. email your phone number, your social security number, except when you log on to someone. so this bill was clearly written by someone who has the understanding of the technology itself. so let's look at 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. finance. change the just to name
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a few. all of them already packed up and was like, not worth that a more. so regulating like this to fear and ignorance is simply going to drive the next wave of web innovation away from the us into other jurisdiction that are implementing mark and informed regulation. so this provision is going to get very messy and i think there will be a lot of push back 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 enforcement. and even with the current state of regulation, here in the us, it's just in thing coin base is now pushing for a single crypto regulator saying that they currently have $53.00 just for the us. a la coin base operates in over a 100 countries. and the u. s. is the only one like this, we have to see an fcc treasury, all the state regulators and all the money transmission licensing plus lending, licensing, $53.00 regulated for one jurisdiction. that's insane. so it's only
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a matter of time before coin missed. throw the hands and gives up on the us altogether. and essentially 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 such a regulatory environment where there's so many regular 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 that we called the great 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 trying to minors have left, but
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a good chunk still remains. just like when trying to try to ban google, facebook, twitter, you have about 60 percent 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 company 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 crackdown, i'm betting that the private electric plant are having a blast charging premium rates to the miners who don't want to move. 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
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shift away from the miners and 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 is heading that direction because coin made 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
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there's absolutely no rosa vailable if you keep on throwing regulation. so eventually i do think most 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 a contentious divorce can be costly, a fair, 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 other, be making it the most valuable single owner option ever. ok, so what exactly was sold? well, 950 ones. number 7, by mark rosco, garnered $82000000.00. how about that? the auction house says that the item was created as rosco developed his signature style of abstraction and mature mode of artistic expression for all you are,
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but you know what? that means. any war holds 9 maryland. the 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 went for $61000000.00 who was buying this stuff. fun fact that was the 1st follow to be acquired by the metropolitan museum of art in new york. and that's it for the time i bought the car just that boom. portable tv will see next time. me ah, or new york? it's really what america is about when our mayor took aveson, he was elected because of his campaign on our city,
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being a tale of 2 cities, the haves and i have not. and those who have not are usually the ones who wind up being buried on hard i. the city has always wanted to forget about 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 has existed in the city for centuries. ah, no, when i would show the wrong one, i just don't know. you will have to figure out this thing
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because the advocate and engagement equals the trail. when so many find themselves worlds apart, we choose to look for common ground. a water around the try, a seal island in contention between canada and the united states. northern government has suddenly become optimal for lobster. our populations here is exploded. one of the most valuable fisheries that's ever existed. suddenly you had me and canadian fishermen 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 part where there could be costs that would be significant to post countries. border disputes don't go away, they just fester. something's going to happen. which
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is not that migration crisis. we motorist bung with all possible tools to our disposal. roofs condemns poland, aggressive tactics against a wave of migrants trying to reach the e u and with a 1000 stranded and freezing conditions. mens has now set up a border shelter. they have a roof over their heads. this no wind is much warmer. here inside cronsa slams you plans to build a massive wall on the polish frontier. here on the program, we look at the top line being taken against people crossing from bella rosen versus migrants who are crossing freely from out of the mediterranean. also in the program, antique euthanasia activists voice alarm over a surgeon assisted suicide in canada painting the practice is being actively
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