tv Boom Bust RT December 7, 2021 9:30am-10:00am EST
lou with this is boom, but the one business show you care the board demit. i bridge a board and i'm rachel. love. and then washington coming up this point and still ruling from an ugly weekend as the world's largest group go currency ball back below. $50000.00. so what's behind the losses and how will it affect prediction? we'll discuss what the state department launch is an investigation after their employee were hit by hackers using is reli. spyware will bring you the latest, and would it could mean for the world of cyber security. then we pay you to the chinese real estate sector where ever granted faith in default, yet again, it shares in the firm have a record, low catholic,
a shadow over the entire industry. good. a lot, good to both get started. we leave the program with a very rough start to the week for bit quite at the world largest crypto currency has been battered over the weekend. in fact, bitcoin lost over $10000.00 in value dropping from $57000.00 to $47000.00. at one point, however, the crypto was down 21 percent before recovering slightly. then on monday that coin was back up slightly at around $49000.00. but clearly fears of coming regulation have not only hurt the crypto. they have also. 6 crush the hopes of bitcoin hitting $100000.00 by the end of this year. so joining us now to discuss the latest, but less co host and crypto analyst, benson and christy i. now, christy, let's start with you here. breakdown for us, what happened a bit coin this weekend? well, a lot of it was simply the macro narrative from the equity markets bleeding in to the cut around. you have in nationals buy in to crypto over the past year or so at
an accelerated clip. so while this is great because it offers legitimacy to the industry, it's also kind of a double edged sword, because now the same players cause such molotov swing through the equity game are now in the crypto space. there was so much capitulation on friday as legacy institutions look to preserve annual again heading into year at something that long time cooked hollers never had to do before. so the other 2 markets are not so uncorrelated. now because we have the same players, and so that drops down from 3 main reasons. first, we have the reaction to the news on the all on mike on very, and then you have a reaction to the potential for an expedited fed taper. and then you have the actions in the derivative markets. now the derivatives exchange in particular was responsible for the cascade down, as there had been some very large leverage positions and big coins that got blown out. so as soon as those get blown out the support collapses, and it's just a domino effect that we've seen time and time again,
traders are forced to liquidate positions to cover losses. and the fact that it was a weekend further exacerbated the situation because you see me which accounts for the increasing love of open interest volume on big point features. they don't operate on saturday, even though the crypto markets are 247. so this further contributed to a lack of liquidity this weekend. and once again, it's another downside for having institutional participation. but in any case, this was an abnormal for big claim because we've seen 30 or 40 percent volatility in coin in any given month before. and i feel like we've had these, i mean maybe not such a big incense, but obviously with sitting of well above where we had seen it before as well. so we have seen this kind of action before. now ben, a theory and other criptos actually were not hit as hard as bitcoin. why do you see that happening? well, i think it goes like what christie was talking about, that word, institutionalized finance, right? so, you know, and i just got to say, once again, we've called this for some time. christie and i have both been very critical of the institutional investors who have come into big coin specifically because they lock
up the market. that's what they do. they don't, they don't play the market if for the desire to see bitcoin become the finance of the future, i there and it to make a quick buck. and so every time something happens, if they don't live, they get scared and they, and they sell. and so it is a very different philosophical view of bitcoin when you talk about institutional investors versus those who are kind of crypto enthusiasts, right? they, they believe in crypto, they believe it's the way forward. and so what we see with, with ether and some of these other crypto, they're not hit as hard because they don't have as many institutional investors in them. any theory is a little bit different to base and think about ether. first of all, it has a lot of the defy world is built on either obviously and so it's more contracts. and a lot of that world is really built upon the skeleton of ether, as well as enough teeth, which we talk about all the time, right? enough t's are really built on it's area and, and on that block chain. and so because of that, there is a more true at this point purity, i kinda don't like that word, but to ethereal,
then there is to big coin because it hasn't been tainted as much white institutional investors. and it does have more utility right now. as opposed to just a hedge against inflation and christy, with ben's point there, about implicit institute institutionalization. i apologized. the word just is not coming out there. od bitcoin and your points for that matter as well. more and more bitcoin seems to correlate with the stock market. what is the downside of that in that situation? huge downside because we literally have the same players now and unfortunately these are some very big players with some pretty big wallets so they can cause significant moves and swings with money like that behind them. so they're going to trade backline like how they trade equities, short term positions, sell at the 1st sight of panic. they don't contribute anything to the network. they're like, leak, as they don't build the network. they don't stake the network. they don't farm, they don't host, they don't validate and they're not harmless. so they are unfortunately the ones now causing these directions. so it's kind of the joke that we talk about in social media, right. we dont like facebook anymore because oh they're so crowd,
they control everything and it becomes all ads. so you jump on to instagram and it's cool for a minute until facebook buys it. then it becomes the same thing. it's all ads than they follow you because they had the big wallets. then you move on to snapshot. it's great then once again, more ads, finally good. go to tick tock and it's amazing for about a year. and now the ads are ones, again, slowly creeping in. so really that is a downside because it's an institutional right now. they're just like ads because they had the big wallets that they don't really contribute anything to the industry, the space or the gross. yeah, those advertisements truly never seem to go away. now ben, before we go, i wanna head on one more story because we heard the thing. let latest centralized exchange hack may be among the most devastating to date. as bit mart has lost $196000000.00 and various crypto currencies. what do we know about that hack so far? yes, pretty interesting. so, so apparently there was a hacker who got it got into some of these accounts, right. and they, by the way,
they were able to trace the wallet to someone who called themselves bit mark hacker . yeah, big shock that they were the hacker. and so what essentially they were saying is all throughout the day, you know, entire wallets being emptied and being transferred to a single address. in some cases, these were tens of millions of dollars worth, as you said, but a $16096000000.00, where the crypto was stolen. the crazy thing has been mart originally saw this happening and will was flag. they said, oh, this is fake news is just normal, you know, trading going on and, and normal deposits, moving back and forth to the wallets. then went back an amended that a couple of hours later that, oh actually it's not, it was a hack. it the word that stands out once again, centralize the latest, centralized exchange. that's the problem with centralization is that you create these systems. and i, i say it almost every time we do one of these stories. if you whole crypto, don't leave it sitting in a centralized wallet someplace. you gotta take responsibility for your it for yourself. put it in a cold storage wallet and hold onto your keys yourself. don't just leave sitting in
exchange. if you do, eventually, it's probably going to get taken as we continue to lessen the hardway over and over again. great insight is that what we've been on and chris, the, i thank you both for your time and the phones of 11 employees of the us state department were hacked by an unknown perpetrator using spyware, developed by israel based technology company. so group, according to reports, the hack happen within the last few months and targeted officials based in uganda, or focus on the african nation. it appears i phone maker, apple noted by the state department of the spyware attacks, and this is the 1st case of s. so groups, pegasus tool being used to hack american official. now last week the u. s. congress department blacklisted s. so group and another israeli fir, mcandrew alleging the companies provide spyware to foreign governments intending to target journalist embassy workers activists and other back in november, apple filed a lawsuit against and a so group in its parents, company
o s y technologies for targeting i phone users with pegasus spyware. so let's go ahead and dig deeper into this story as cybersecurity has been front center this year, with morgan wright, chief security advisor at no one and former senior advisor to the us state department, anti terrorism assistance program. now, morgan, i mean, it seems like this spyware, developed by and so group has been extremely controversial since that came on the feed. what do we need to know about pegasus and how it was used in this situation? so this peg us, the software is to zeros. it's uses 0 day exploits, entered, involved 0 touch infections. in fact, one of the ways they did this in this case base and a specially crafted malformed message. you didn't even have to interact with. it was just loaded with malware and then it executed and found a 0 day exploits on the phone and that's what it did. so what makes this so devastating is you don't have to click on anything,
brent. you don't have to do anything if they know your phone. if they know your phone number, they get the details around it. they can now target you and get in without even asking you to let them in. so this, this is what makes this stuff so hard to stop and so hard to detect. yeah. and incredibly concerning all around about who could target. now, so far, the commerce department has already blacklisted and so group is that likely to have an impact at all when the spyware is already out there? and as we're seeing, it's being used. yeah, you know, it's one thing. if it's a nuclear weapon, we can track those things because they're big, you know, they're physical software. you can hide it, you know, something this big. i mean it's, it's a very small application, you know, considering that what, how much found, what kind of storage they have. so yeah, you know, the damage is done. the one thing that will make it less effective is that it uses, you have to update it. so you have to find out what 0 day exploits it's going to use to do its work. it just doesn't run. it has to use an exploit so that it can
get into the phone. so the more apple patches, these things, the more we become aware of it, that tool becomes less and less effective. so can only target those people who have maybe older phones who have not updated their phones to prevent the latest security threat. so, but once it's in a while, it's going to stay out there for quite a long time because it gets what you're going to come as a shock. not everybody updates their software. well, i would say that because, you know, you worked with the state department. i would think that it would be some sort of requirement that if you're some sort of, if you would keep updated, you would have some sort of. 5 some sort of anti virus security or something on there, right? i don't, i don't know what you're into over their brand or you can the government, yesterday's technology tomorrow. i mean are still using software that is not officially supported by microsoft, and other folks now looks infect state department ranks at the bottom of most of the federal agencies in terms of their stature on this. so now look, you would think that, but as we get into these newer technologies, it does become a little bit easier to manage. but guess what?
in the old days it was about anti virus. it was about a desktops. but guess what? what we have, i was actually going for my phone here, but we're gone for everybody's life. revolves around this right now. everybody's life is based on this. you were just talking about crypto currencies and tools, guess where you contain a lot of your wallets. a lot of that information right here on this. so this is become the new target. and i mean, i hope you didn't make too big of a mess there. morgan, 1st of all, but i mean, it's the whole, the duration is crazy and f o group actually sells the spyware to other organizations in government. so what responsibility do they actually bear when they kind of appointed? well, if somebody was using it in a various way, then that's not ok. well, we'll ruin their will take away their life. it. so i had a conversation with nicole per off new new york time. she wrote a book called, they tell me this is how the world dance, and it was about the use of 0 day exploits. she talked specifically about in a so group, guess what? this is being used in mexico by the government to target people who are against the photo tax people because they're such
a huge industry down there for that. it has been used to target human rights activists. so as much as in a so says that, hey, look, we've that these people, we look at this, you know, what, at the end of the day, i hate to say it, but a lot of times it's driven by this. if somebody comes up with the right, right amount of money, you can make any, any of your requirements fit what the customer needs. and no matter what you say, here's what we do. i guarantee you if the, if there's enough zeros on that check your threshold for what you say you will won't do, drops dramatically. oh, absolutely, and we're seeing that play out right now. and i know. a there's a lot of talk about the n s a group and their software specifically. but are there other tech companies out there making similar spyware that we need to be aware of? yeah, facebook, google and if you want to know somebody who has, who has you have given permission to get into your life and watch about, you're just talking about this to about, you know, you do your watch and somebody's got the ads and the ad tracking and then you set the cookies and then it does this. i mean,
all of these things that we never used to talk about have become commonplace. you, you see now, do you agree to accept cookies? you know, here's what we track. i mean, are there other software packages out there? yeah, they're kind of narrow, but i tell you if you want to know who's got the biggest, the biggest software collector out there, it's those 3 companies, you know, google, amazon, and facebook. they've got more data than any intelligence organization in the world does. it's a scary world out there. and unfortunately, cybersecurity expert, morgan, right, unfortunately tells us how scary every time we have you all, we really appreciate morgan, right? have been no one. thank you so much. and from one investigation to another, the securities and exchange commission has a now it is looking into the company tied to former president donald trump's plan to launch his own social media network. the fcc confirmed it is seeking more information from digital world acquisition corp, which is the spac merging with the trump media and technology group. that's right. he did create a trump media and technology group. much like the rest of us, though,
the agency has questions about the company's plans as well as its investors. and speaking of investors, the company says it has raised more than $1000000000.00 and capital from what it calls a diverse group of institutional investors, which it will receive once the merger is complete. now another mystery here is the social media platform itself that the company and to build name truth social. while trump and his team had branded it as an alternative to twitter and facebook after he was banned from both platforms, while still in office. the invite only test run of the website that was promised last month still is nowhere to be found. so it seems like we've got more questions and answers here. one of the biggest questions that i have, what are they gonna do? they say they raise $1000000000.00, they come out with this new platform. well, what do they do when the app store comes along and says, nope, we're taking it down, you violated our can. i mean, the real question i have about this rachel is, are they going to get to that point? i mean, they continue to make promises that they're raising all of this money. they went
public before ever having a pride, a product with this back merger for that matter. and we still haven't seen the beta test. we haven't seen anything from them. so the question is, is it real? right? are we going to see this platform? is it going to exist and we will be care until you finally comes out the time now for a quick break. but when we come back, that is ever great. group continues to feeder on the edge as it stock has hit a record low with a potential default looming. will bring you the latest detail from the nation's real estate sector. that's going to break here. those numbers with all that money printing is driving up the energy costs, and it's gonna force russia into the you. and for that to happen, nato and american military is got it. exit germany,
i call it here 1st. you say i'm crazy, but that's what i'm calling with blue is your media reflection of reality? ah, in the world transformed what will make you feel safer? isolation, community. are you going the right way? where are you being that somewhere? oh direct. yeah. what is true? what is faith in the world corrupted you need to descend. oh, so join us of death will remain in the shallows
with a welcome back. it was a brutal day for ever grand shareholders on monday as the company stuck it in all time low after falling more than 22 percent in the last week. the company is approaching the end of a 30 day grace period on more than $82000000.00 in debt. one miss payment after another, let abby grant to finally amounts on friday that it plans to restructure its offshore debt moving forward. and it is called in the local government in the province of gwan dung for help, but will it be enough that remains? the question, as the world's most indebted company face is more than 300000000000 dollars in
liabilities, and it also remains at risk of becoming the largest chinese company to ever default on its debt. if that were to happen, the impact would be felt not just throughout china, but throughout markets around the world. and speaking of decisions that will have a global impact. the federal reserve here in the u. s. is preparing for its december meeting next week, and the markets are bracing for the banks decision on whether it will speed up the process of tapering asset purchases as inflation continues to soar, and americans feel the impact all around. so joining us as discuss at all is octavia moran z seo of openness l. l. c. now, octavio, let's start with the latest on china. in the ever grants saga, the company we know has missed multiple payments are ready. so do you see the local government stepping in now having an impact at all on where this is going? well, i'm really not sure what the local government can do in this situation. i mean, ever grounds problems. first will extend outside of one region in china. there act
throughout china, but the local government really is not able to do very much of that sort of maybe write some checks and, and do things not. so the real support is going to come from the central government in china and it from the people's bank of china is going to have to do something about the ever got is racked up and do something about that. the local government, i think, is a bit of a lost cause. it's good to talk and good to get some support moral support apps. but really in terms of taking on the level of debt that every brand is racked up, it's not going to be the local government's going to be able to take this on. and i would point out is not just ever grant. i mean, it's the entire real estate sector in china. that is really very valuable. it's not limited to have done. it's not a one company phenomena. this is the entire industry in tie. real estate industry in china is really showing on the edge right now. and that's interesting because, you know, we've talked about that there curb to the property sector as prices were getting out of control and some major cities in china. that's the reason that kind of rolled some of that back. i mean, do we have any idea? are we still kind of thinking that the central government will not step in at this point?
i think is pretty certain the central government will step in some stage of always stepped in the past and things like this have become out of control. the real problem ever can potentially collapsing is, is going to have a knock on effect loss of other businesses and investors, and home buyers and things that sold. and i think the chinese government wants to see that many people read intensely irritated by this particular people bought real estate projects from retail investors of what we just a project from ever grants. so the certainly going to bail those out next question is sort of local suppliers construction companies that build things for grant, other going to bail. those are probably as well do something in the front. and then finally, all the banks that have less money to, to have a grand, i think it's pretty clear that the government will bail them out, at least, perhaps after small haircut. but they are going to step in and help us out. i don't see the chinese government lesson is this whole sector fall flat space. you'd be a very, very unpopular thing to do. and i think politically, very right, dangerous thing for them today. and i've, i've, you know, if they were to do that, would we see that global contagion that we were so worried about several months ago,
i guess, ever gone to so far as, as most of its debts with, within china, domestically, it has got some overseas that certain to some foreign bond holders would take a ball from that. i think there's the kind of people, the chinese gum is least likely to help. i mean, they're going to help out the local banks in the local construction companies and, and the local home by some people got lost people. the list of people to help is going to be u. s. hedge funds and european hedge funds have less money into this, into organization. so it will have a knock on it. but i mean, it's that is $300000000000.00. that's not enough to take the world economy down by any stretch that nation. and there's a lot of money obviously, but it's not going to see the whole world claps holes. well, financial system, perhaps i think it's is within bounds within reason. well, it's not going to have a global impact. it will certainly have a big impact locally in china. but it's not going to say the whole world economy down with it. yeah, certainly a lot of fake. they're now back here in the us. we know that the fad is gearing up for its monthly meeting next week. and there are reports that it could speed up its taper schedule from $15000000000.00 to $30000000000.00 a month. i mean,
at this point with inflation already over 30 year highs would not have much of an impact. i think is going to have a limited impact. i think that kind of dosage is more sort of a homeopathic dose. it's is really a more sort of it with us really going to make that much difference. i think the fed some stage of the not to distant future is have to have to go away from buying bond session selling bonds. so they're gonna have to reverse that. it's highly and basically say, we're not going to buy bonds anymore. we can actually go down our balance sheet a bit and get that under control because the bank and i so closely is unbelievable . happy that has become so something's not too distant future, they're going to go in reverse. and so we're going to start to sell some of these bonds that we actually draw down the money supply. but so i think a shift from 15, which is from, from 15000000000 month. so there should be given the buying a $120000000000.00 a month with bonds, is not going to put that in inflation. i think that i think that's pretty clear. it is interesting how that shape, how base it had an enormous mayor cultural last week. but basically saying, well,
we now believe that this inflation is not transitory. and maybe we should stop using that word. i thought as a starting at mission is part to basically say, yeah, we got it wrong, inflation think is much more serious and we thought it is not transit right now. it's personal semi permanent. and now we're going to really get aggressive about caution back the bomb purchase. i only have a 2nd here for yes or no. do you see us going to a rate increase any time sooner? i think they'll try it and the crash the equity markets and come right back down a little breeze. yeah, let your next. i know it biling it. that emission from karen prowler will see where he goes in. there are talk to him or in the end of them is i'll say thank you so much for your time care. and finally, something that will likely haunt your dreams. scientists that u. k based tech company engineered our 7 bill, it latest hyper realistic robot featuring life like facial expressions. now the new
robot called and the guy mimics human mannerisms like smiling and regularly blinking its eyes and is absolutely terrifying and released about the android. engineered art says, quote, human like artificial intelligence needs a human like artificial body, adding it is meant to test a i and machine learning systems. now, according to the website for the robot, it is available for rent and purchase for an unspecified amount of money. if you would like to terrify a friend, family member, or even a large group of your coworkers, this is too much, i mean, we really need them. they say we need those the life, like facial expressions, i would argue we don't overlook, look like me by people robot and find where they could do tasks and stuff. but what it looks me in the eyes and know what i'm thinking. that's where i get a winner. and then that's just for that to. that's it for the 5, you can catch boom bus on demand on the board will be be available on smartphones and tablets. google play in the apple app store by searching portable tv where it
won't tv. you can also download it on samsung smart tv and roku devices, or simply check it out at portable dot tv. well see you next. me join me every thursday on the alex simon show and i'll be speaking to guess in the world, the politics sport. business. i'm show business. i'll see you then. mm . ah, this up it down. you being a you all know that, but they did a mapping
corporal punishment. mm hm. oh no. words with which we're all familiar with. are you certain that the world you live in abolish slavery long ago? a wrong one, i'll prove. oh, any new role that is yes, to shape out disdain becomes the african and engagement equals the trail. when so many find themselves worlds apart, we choose to look for common ground.
i have often said transparency for the powerful privacy for the bell. this bitter case about privacy or people care about is power. julian assange has become a symbol of the battle. the privacy information is power. that's what's going on in the world. a huge struggle with the governments and corporations to want to keep information secret and others who the democratic rights should be pushed forward. and people have a right to know what they're going to watch. how assange helped shift the conversation around transparency and see what that battle has done to him. i feel like children's life might be coming to an end. we are in a conflict situation with the largest, most powerful employer. in such a situation. it's remarkable to somebody stole
her breaking news here when naughty international 2 people are killed and for injured at a shooting at a public services center. here in moscow, prices told between joe biden and vladimir putin are now under way triggered by tensions over ukraine. and here at r t, we speak exclusively to the russian presidential spokesman history connected with the rhetoric coming from the u. s. and he, you lead to sounds pretty aggressive. we see plenty of fake news about russia allegedly putting an aggressive invasion. the pope condemned as the so called inclusive language of the e u saying it threatens to blocks very existence while comparing it to that of the nazi regime. also in the program, a whistleblower and the brit.