tv Boom Bust RT December 18, 2021 1:30pm-2:00pm EST
oh, shopping for chris and we, we think there was a good you're buying another, shooting another safe part of american life. shattered by violence. the gunman was armed with an a ar 15, semi automatic rifle. when the issue comes home, it's time to act. when we're silent on this issue, the other side wins by default, lady that lived over there. i was walking one of the jobs, which is why you where again we, you skin nothing. i take it off it. i think the people need to take responsibility into their own hands and be prepared if those kind of weapons were less available. we wouldn't have a lot of the shootings that we certainly wouldn't have the number address with
with this boom, but the one business deal you can't afford to mit on branch of bore and watch it. and here's what we have coming up as the energy crunch continue to squeeze global markets. coal is being a comeback of the fossil fuels on track the hit, a record level tread had to bring you. those figures plus global markets are mostly down for the week as central banks take action to deal with rising prices and the latest cove at variance. and later, we'll take a look at the cyber security landscape as the bible ministration is warning of attacks during the holiday season. got a fact though today was that right in and we leave the program with a warning from the international energy agency, which is calling on government across the world to tackle emissions from call this
after the paris based group says that global power generation from coal was set to jump by 9 percent in 2021 to an all time high. over $10350.00 tara watt. ours. keep in mind globally, those emissions from coal had fallen in both 20192020. dia also warns that coal is the single largest source of global carbon emission. so what is happening here, and why is power generation from coal on the rise majority discuss carbon by the co host spend swan and christy i. ben, i want to start with you on this. the report comes weeks after the conclusion of the cap, 26 climate talk, which ended in a fierce disagreement over a pledge to actually abandon coal. why are we things such an increase in power generation? call it this time. well, there's a couple of reasons for the biggest one is because there's a huge energy shortage worldwide, right? that we're talking about coal, natural gas, nuclear power, wind power, sustainable like solar, all of it, right?
we have a huge shortage in terms of population that needs energy and the amount of energy out there to get to the population. let's talk about cost 26 for a minute because what's interesting about that is you really had 2 countries that kind of hung that up. one was china. the other with india and india softened it by going with, you know, different language in that agreement. finally, to get to be in there, which was a rather than elimination of coal, we're going to try to reduce coal use. but the bottom line is right now, look, china's building an enormous number of coal power plants across the country. they are moving at a rapid pace to do that much more so than any other country. india is turning out huge amounts of coal as well in terms of energy. but here's something the viewers might be surprised by in the last year. china, india, who had more coal production worldwide, actually the united states and you countries more so been china and india did in terms of the amount of coal that they were reliant upon. so look, the bottom line is until you get better sources of energy in order to again, warm the population, take care of the population, create concrete,
the because it's a huge part of what is driving the coal industry. because here to stay. yeah, and to those points, christie, i mean, china and india are primarily countries that were kind of refusing to agree to these climate accords, even though china was already actually taking steps when it comes to call, even though they had to kind of back away from this but why were they so hesitant to come to agreement there? well, it's not that china and india are refusing, they are admitted that there is a global climate change problem and that needs to be solved. however, what they're saying is, the timeline given is just not reasonable that they wanted to change the country pledge from a phase out coal to a phase down of coal. and so, you know what, they have a great argument for that because the big irony is a china in india have done far less to intensify the planet greenhouse effect than the developed west. because true right now, they're both major coal consumers and to rise about 70 percent of their energy from it. but as recently as 2015, at least a quarter of indian population didn't even have access to basic electricity. so
india has 17 percent of the world population, but generally is only 7 percent of global c o. 2 emission, china has about 18 and a half percent of the world people and generates 27 percent of admissions. the u. s . however, with less than 5 percent of the world's population account for 15 percent on a per capita basis, the us is actually one of the biggest polluters. moreover, they pointed out that if the world wants china and india to adopt green energy, then they should help them make the transition right now, they're essentially saying, figure it out. well, how western countries have more financial resources and access to cleaner fossil fuel. and they have failed to keep quiet finance promises, and they've also refused to transfer advanced green technologies. so where does that leads them to try to develop advance green tech from scratch all by themselves? and not to mention that china, india's energy requirements are expected to increase faster than those of any other country in the next to decades. so now, given all these points,
i think it's unfair to point the finger at china and india as the villains of climate change. absolutely, great points there. christy. now been where we talk about energy, natural gas always seems to come up. and the issue of the north stream is who also seems to kind of creep into that conversation. does the price of natural gas impact coal usage, especially now that german regulators say they won't certify the nordstrom to in the 1st half of next year? yeah, it absolutely does. look at the reality is, is that part of the reason that coal consumption has gone up so much this year? you talked about at the beginning here, 20192020. we saw reduction worldwide in terms of coal power. 2021 was not, that was not the case, right, it's gone up. and the reason for that is because the price of natural gas has gone up so high as natural gas goes up. it is much cheaper to use coal as a source for energy as opposed to natural gas. that's just the fact. and you know when christine was making the point about the fact that the western countries need to help. china has made one thing very clear. i think and that is,
they're not going to put climate change policies ahead of taking care of their people. if they're people have to have, you know, heating in the wintertime, if they have to be able to have power in their city. so they're not living in blackouts. china is going to do that, right? they're not, they're not in this mindset that says we're going to put climate change policy before people period. right? and so that's one of the reasons there's a disconnect between what's happening in the west and what's happening in those countries. natural gas right now, the idea that german regulators would say it won't be even for 6 months. the war proof nordstrom to will keep those high prices on natural gas because of political reasons, all simultaneously complaining about climate change and, and not reducing the cost of natural gas. so that energy can be cheaper than coal. none of their rhetoric matches what they say. they want to have happen. absolutely, and chris, i have about 32nd plus i'm gonna give you the final word in this. absolutely, and i think that right now everybody needs to take a step back and actually look at what we need. and right now there's an energy
shores that need means we need more energy. that means we need more natural gas pumping from the bulk, and we need more drilling in the oil. and the fact that right now, the regime in the u. s. is walking them because they want to basically shift all of the u. s. pollution over to the middle east and import all of these oil assets. well, that means that the u. s. is basically just going to be dependent on the middle east for on other countries for their energy resources. and by that, by that means that means that they basically control the supply and demand. so if demand goes up, as is expected to within the next couple of years, the u. s. is going to be left hanging and we're going to be completely dependent on them on higher oil prices, higher natural gas prices in the immediate future on top of the playstation. absolutely, i will continue to keep an eye on all of these stories boom, but ben swan and christy, i. thank you so much breaking down. thank you. and there is a lot of red on the board for global markets this week as investors keep an eye on
rising inflation. the effect of the i'm a crime very and a whole host of moves by major central banks start in russia, where the mo, x is down. the central bank of russia raised its key lending rates by 100 basis points to 8.5 percent on friday. in an effort to get a hold of inflation, we did a 6 year high as of monday at 8 point one percent. so the central bank is hoping its policies will push inflation down to around 4 to 4.5 percent by the end of next year. but singled another rate hike, could be possible. another thing to keep an eye on here, reports indicate the nation central bank may take steps to ban investment, encrypted currency due to risks, to financial stability. let's move to asian markets. the shanghai composite. it's also in the red for the week down nearly one point percent losing more than one percent on friday alone. united states on thursday and now it's new trade restrictions on more than 30 chinese entities over human rights abuses in the filing, the commerce department accuse china academy of military medical sciences and 11
associated research institute of attempting to create brain control weaponry. but now much more information was provided in hong kong. the hung sound is also down for the weak, losing more than 4 percent to close out the week on friday. shares and tech companies including ali baba j d, my twan antenna that fell in my concern about the u. s. targeting tech companies in the latest blow to embattled property giant. advert grand group s and p global has declared it in default after missing a bond payment earlier this month. the ne k in japan, it's also down but just by a half a percent having fallen into negative territory. on friday, after the bank of japan started to pull back emergency pandemic funding, while keeping loose monetary policy in place, the index had gained 2 percent on thursday in response to us, better reserve decision to dial back on purchases at a faster rate. let's move to india where the centex it's also in the red having lost more than 3 and a half percent on the weak reliance industries in the financial sector as
a whole weighed on the sense ex, concerns about the latest barrier of cobra. 1900 are also taking a tool. the all the world expectations for the nation have been raised in recent weeks and australia. the fx is down by just over a half percent. the nation's treasure was making media around friday, saying strong jobs growth released on thursday, actually showed australia is rebounding as it lifts cobit 900 restrictions. despite a rough week, the index grew on friday as mining and energy stacked, propped up due to commodity prices being high, and another red arrow in south africa. for the all shares docs mirrored trends, we are thing throughout the global market. meanwhile, credit rating agency pitch upgraded the outlook for the nations academy saying gdp was on track to return to pre panoramic levels in 2022. and now we're going to move to europe in the americas, where it's pretty much more of the same in london. the put the down by just under one percent. as we have talked about this week, the bank of england became the 1st central bank of a major economy to raise its key interest rates as inflation in the nation. hit 10
year high shares in thinner world dove this week after it was forced to pay annually. $1000000000.00 a damaged to rival cineplex for abandoning a plan to take over the french cack and the german dex. they're both down for the week as well. in germany newly minted chancellor, olaf showed that he plans to future proof the nations academy making the biggest transformation in a century. meanwhile, in france, the nations government has taken steps to ban non essential travel to and from the u. k. in an attempt to stop the spread of autocrat, let's move across the atlantic to brazil where we have a red arrow for the bo best buy as brazil deals with ramp and inflation volatility in oil markets are raising questions about its economic recovery. meanwhile, meet packer minerva, pop 11 percent on wednesday after working out a deal to import some beef products to china. now moving north to mexico. we have a green arrow for the b m. b on thursday. mexico central bank raise interest rate
by 50 basis points to 5.5 percent in an effort to rein in net inflation. and here in the united states we have 3 more red arrows for the tao s and p and nasdaq most re reacting to the bad decision to speed up its process of tapering. asset purchases. jobless claims for the previous week grew slightly while retail sales for november only grew by point 3 percent amid supply shortages and that rising inflation. and finally, in canada, the t s. x is also down the nation central make this week. it was not comfortable with current inflation, which says that 18 year highs of 4.5 percent concerns of the am a crown outbreak weighed on energy related equities in canada as well. and these are slowing down in the few weeks. but we will continue to look at rise and costs, and the action by central banks in response
and the global co, $19.00 pandemic may be at the forefront when the word epidemic comes to mind. but the opioid crisis is another epidemic that is still tearing through the united states. but this week there has been a major twist and efforts to combat the crisis. as a u. s. judge has taught the previous settlement with produce pharma, a deal which protected the firm's owners, the sackler family. now for a, for report of the developing legal battle, which on things over to ortiz al mileage. it's a crisis which has taken hundreds of thousands of american lives here. former president donald trump, back in 2017, last year we lost at least 64000 americans to overdose. that's 175. lost american lives per day. that's 7 lost lives per hour in our country. drug overdoses are now the leading cause of unintentional death in the
united states. by far more people are dying from drug overdoses to day than from gun homicides. and motor vehicles combined from 1999 to now more than 500000 deaths in the us have been linked to opioids. according to the cdc of those deaths, nearly $247000.00 happened due to overdose us involving prescription opioids. these drugs are most often used to treat chronic and acute pain that can lead to addiction, overdoses and death. one company that has received much of the blame for the crisis is purdue pharma. the maker of oxycontin, in 2019 produce, sought bankruptcy protection as it faced thousands of lawsuits claiming the company pushed doctors to prescribe oxycontin through the bankruptcy court. purdue was set to work out a deal with its creditors. members of the sackler family who owned the company would give up ownership, which would transform it into
a different kind of entity that would still sell opioids. but with profits being used to fight the crisis, would also develop new anti addiction and anti overdose drugs and provide them at little or no cost. sackler family members also would contribute $4500000000.00 in cash and charitable assets, as part of the overall deal that could be worth $10000000000.00, including the value of the new drugs. if they're brought to market. in return, members of the wealthy family would get protection from lawsuits over their role in the opioid crisis. now, a federal judge has rejected the settlement setting the provision that would protect members of the sackler family from facing litigation. however, the judge behind the latest ruling did not cling to how sackler family members transferred 10400000000 dollars from the privately held stanford, connecticut based company over the decade before the bankruptcy, or to holding sackler family members accountable for the opie ard crisis. instead, us district judge colleen mcmahon focused on whether the bankruptcy law even allows
for the kind of deal during the new york based lawsuit. mcmann said the great unsettled question in this case is whether the bankruptcy court or any court is statutory really authorized to grant such releases. this issue has put the federal circuits for decades. purdue pharma says it will appeal the ruling either way. the deal which was rejected would not have help protect sackler family members from criminal charges, which some activists are calling for. for boom bust, i'm alex moore. hi love ich it's out for a quick break, but when we come back the string of hacks that infected 2021 could flare up again with the holidays upon us. on the other side, we'll discuss what kind of threats we could see in the coming weeks as we get a break here. the numbers that the quote ah
mm. mm hm. failure to allow bond markets to reflect to market forces as resolved in a bifurcation in the economy, where the most corrupt are rewarded for committing crimes. j. p. morgan being a prime example. and if you have morals or ethics you're penalized. if you're not out there still, it's dealing alluding, then you're going to be homeless. and that's america today. it's just that blue right now. there are 2000000000 people who are overweight or obese. it's profitable to sell food that he's pretty and sugary and salty and addicted.
not at the individual level. it's not individual well power. and if we go on believing that will never change is obese. again, that industry has been influencing very deeply. the medical and scientific establishment in what's driving the obesity epidemic, it's corporate. in my view, more lee is the genocide has taken place far more than anyone acknowledges it takes place frequently. it has taken place in virtually every country in the world . so why does it come to be hauled and well there's people will medical mobilization if you remember, wanda, nobody initially wanted to name or menu it just had the same place. nobody wanted to call it. eventually that label came to dick placement, not at the time when they weren't holding up politically. zation is if you say it's
genocide, suggest that you need to do something the the walk back, the white house national security council has worn businesses of a high in risk of cyber attacks like ransomware, during this holiday season, in a letter to corporate executives and other business leaders on thursday they wrote quote, the holidays are an opportunity to spend time with our loved ones and enjoy some well earned rest. unfortunately, malicious cyber actors are not taking a howdy and they can ruin ours if we're not prepared and protected. historically, we have seen breaches around national holidays because criminals know that security operation centers are often short staffed, delaying the discovery of intrusion. now the administration is also asking these
companies to work with federal law enforcement to improve us cybersecurity while updating their practices to protect themselves. all of this comes amid the backdrop of high profile rates, where attacks that have taken place this year effect the major companies including colonial pipeline, meet supplier j. b s. food and technology provider can say, which was hacked in july, affecting as many as 1500 organizations using its services. so how big of a concern our cyber attacks, when many have checked out for much needed rest during the holidays with joining us . gotcha, cybersecurity expert and ceo of various of berkeley very tronic system. scott show, scott, thank you so much for coming on with us today. i want to start with those last few points. we hit on with an uptick in cyber crime this year. how concerned should these major companies be about some sort of hacker, ransomware attack around the holidays? well, they certainly should be concerned. and as you pointed out, well,
the cyber criminals don't take a break. they don't get holiday off or, or don't sit back and relax. and that means we really gotta be on guard, and i'm kinda glad that the by the administration and even see, so they put out this warning because in the past there was not enough communication between public and private sectors that now there being a lot more aggressive putting out warnings, working closely with companies, especially big tech companies. and that's going to start making a difference. because if people take a to easy and just go off into the holidays and their winter break, they're going to be waking up to a rude awakening, especially with a lot of these targeted ransomware attacks. and with all of these high profile situations, you see like large corporations and tech companies, or even some of the smaller companies, because those are the really ones that you have to can be concerned about. because they might not have the resources to fully protect themselves. but are they able to shore up their cybersecurity and have they done so to limit issues that could affect millions of customers here in the u. s. around the world?
well, there is a level of cyber complacency, unfortunately across the board. and that's true within the government. that's true . within small businesses, even larger corporations, it's getting better. they are sharing more information. but just thinking about this, stat, ransomware attacks to every single 11 seconds. there's another ransomware attack, as reported by cybersecurity ventures that staggering. and if you contrast 2018, the average pay out for a ransomware type is about $5000.00. usually in big coin today. this, this year 2021. the average pay is over $200000.00. again in big point. so what does i tell you? they're getting really good at demanding high payouts for these ransomware claims. and now it's getting to the next level where there's a level of double extortion, where they'll actually extra trade data before they actually encrypt all the data on the computer networks. and that way they have the double extortion, where they could say, hey, if you don't pay the ransom, i'm going to take all your confidential data, put it out there,
your intellectual property, we're sell it on the dark web. so they're having more leverage. and therefore they can command much higher return on these ransom. so it's scary stuff. everybody's gotta be aware of this. why do you think we're seeing such a complacency and is that more about the fact that, you know, this is all new? it all moves so fast that i think we could all say anybody work that office somewhere, knows people who refuse to even just accept that, that we're using e mails. now as the tech now get our memos out the same big and in their world. a business to where people are just refusing to admit how important this is or is it more of the, hey, this will never affect us. i mean, a little both. i hear a lot of that denial won't happen to me and i was like into passwords and i hate talking about passwords, but it's something that affects us all. how many people still will create a week password password one to 3 will use that same password over multiple log insights. it's more than 50 percent of the people still do it. despite the efforts
that myself and other cybersecurity researchers constantly say you can't use the same password again again and again. and what are we keep saying? use multi factor authentication. it's there. it doesn't cost much time. it's a little bit inconvenient, but it's much, much, schafer, 10 times more safe. so you got to balance that trade off balance security verse, convenience. and i was off for security of take some time, use multi factor authentication. it will make a difference, especially this holiday season, where everybody is heading towards the online shopping. very important. i got one more thing before we go here because amazon web service, they suffered another breed brief outage just this week here in the united states after a larger outage effect in many major portions of the internet last week. it doesn't appear that these were necessarily cybersecurity related, but how concerning is it that so much of the internet is controlled by just a few companies. the biggest of which is really a w s,
and i'm sorry i have about 40 seconds for you here. beautiful point, a w s there, huge huge cloud provider everybody uses. and this was really a case, not a fiber incident. it was really network congestion. that's what really caused the problem. they promised won't happen again. they got it fixed up, so hopefully going forward. things should be smooth in the next couple weeks, but you know, i mean, if someone were to attack it, knowing that so much is reliant on, i mean, that could be a real problem, right? absolutely. well, rob the dangerous scott over of berkeley very tronic systems. thank you so much for joining, it's really appreciate having you. i will do it again to thanks so much. and finally, with 2022 quickly approaching some of the biggest artist of the 20th century are looking to cash in on all of their work. and they rightfully so should. and the latest instance of such a deal comes from none other than the boss himself. that's right, bruce springsteen. that's right. according to billboard, the new jersey native has reportedly sold his music publishing rights to sony for
an incredible $500000000.00 a deal that very well could be the largest on record. now this has kind of been a trend. we've been seeing over the past couple of years. in fact, last year we cover bob dylan making a similar deal with universal media group, a deal worth and estimated $300000000.00. other music legends like neil young and stevie next having similar deals to sell their catalogues as well. and that's it for this time you can catch boom bus on demand on the portable tv app available on smartphones and tablets. google play in the apple app store by searching portable tv and be sure to update the app as portable tv is going through some changes running better than ever. portable tv can also be downloaded on samsung smart tv, then roku devices, or simply check it out at portable dot tv will say next time boom by me . ah,
to that initial don't stand together continue to stand together against russia in germany. some of the arrows that we doubtless made this, you'll get also about their building influence, other nations, french u. k. and even america and other countries in future, then they went to high rum cycle alone with members of your household. so please, please, please, please. we're going to continue to fight with just need to rush. you must not be allowed in germany. i don't want you to call me leave it to show us so didn't
out enough ation. the yes actually ended out the in office, mrs. guns until sunday, ah, working room or should she popped in? she said, well, i'm getting ready to go shopping for christmas. and i wish there was a girl to buy another, shooting another safe part of american life shattered by violence. the gunman was armed with an a ar 15, semi automatic rifle. when the issue comes home, it's time to act when we're aspire on this issue, the other side wins by default, lady that lived over there. i was walking one of the dogs, which is why do you wear again where you skin doesn't quite take it off it. i think that people need to take responsibility in their own and be prepared if those kinds of weapons were less available. we wouldn't have
a lot of the shootings and we certainly wouldn't have the number of deaths with with thousands rowdy in central london against the raft of new mc cobra mentioned. those daily infections in the u . k reported to reach is time time with the british supreme court rules. it was unlawful to drop on inquiry into a village torture of 14 suspected irene members by british soldiers. one of them told us what he had to go through and do a dis constant weight noise that amendment.