Skip to main content

tv   Boom Bust  RT  December 21, 2021 7:30pm-8:00pm EST

7:30 pm
and interaction with other types of troops, wheel at the ground control center, which is capable to guide all the drones produced by the crunch type company. therefore, they call it a universal control center. a lot of official intelligence is used here. and this is how the real, what happens, ryan is during his home admission flying, but the firing range billboard is controlling if remodeling. it is about to capture and find internet. hong is a, by the way they do by asha november 2021, the company roll down an automated workstation. if several such workstations are installed and a ground control center, it will be possible to control as many as 20 drones at once. and finally, another challenge for a ryan's manufacturer is, is the very tight deadlines that the ministry of defense sets for the company. therefore, in order to increase the production volume of this and other larger size, drones,
7:31 pm
a new planned is being built in dibner near moscow. it's launch is scheduled for the end of this year. so it's obvious that business got off the ground and very soon flying robles will god and protect s. u dash above oliver aussie ah hello, driven by dream shapes banks interest and those with who dares sinks. we dare to ask
7:32 pm
a tooth . this is them bus one business here you can't afford to miss. i'm rachel, blood and lab read to bore in washington, and here's what we have coming up as the future of president biden's bill back better bill has been thrown into jeopardy goldman sachs or dial down its growth forecast for the u. s. economy straight ahead. already discussed the revision as the fate of the plan hangs in the balance. and as 2021 draws to a close, we take a look at the performance of commodities throughout the year. we'll break down those numbers, plus 2021 with a huge year for the field of auctions. as a new wave of younger investors are getting involved, we'll take a look at what's next for the industry. we have
7:33 pm
a lot to get get to the let's get started. and we leave the program with you as president joe biden's build back. better legislation, a $1.00 trillion dollar spending bill. we just hit a major stumbling block over the weekend. senator joe manjin, a somewhat conservative democrat from west virginia, said he will split from his party and not support the bill, which means there are not enough boats in the senate to get the bill passed in all my years of public service. and i've been around for a long time, i've never seen anything like this. the president, the united states has addressed that house democratic caucus twice. recently, to urge action on the bipartisan infrastructure bill, which sometimes referred to as the best deal. last week, the speaker urged speaker policy or the importance of voting. there are multiple aspects of this story, obviously there is a political one, but also an angle that impacts the economy. in fact, goldman sachs has now cut his g d p. forecast for 2022 in light of this statement
7:34 pm
by jo mansion, a cheap economist with goldman sachs that in a note to clients on sunday that the failure of the bill which includes significant spending on climate infrastructure and social programs with slow economic growth in 2022. so joining us now discussed in boom by the coast and investigative journalist spend swan and former congressman from florida. alan grayson. thank you so much for joining us, both view congress grace i want to start with you on this. there is a lot of back and forth this week between mansion and the white house and the by ministration as saying it's blindsided by mansion and calling his statement and unexplainable reversal. how do you see this? i see it as said the what to stay here is some programs with maddox, huge difference. the was the american, for instance, the head start program, which extends education preschoolers. that program is one of the most successful
7:35 pm
programs in american history. it's cut down on high school dropout rates by almost 20 percent cut down on college dropout rates almost as much. and that was going to be spread the entire country. now it's going to be gone that the child tax credit, which helps people to afford to be able to raise children a real challenge these days. that's going to be gone and just a couple of weeks. so the sad part of this is not, we said what the sad part of this is, how much is going to hurt americans. and they really is so much included and not nearly to trillion dollar package. now been on that point about goldman sachs. how big of an impact was the build back better bill supposed to have on the u. s. economy overall? well, i think that's where there is an issue. rise and probably some disagreements. certainly, as you mentioned in the lead up here, there's a political side to this, the congressman can speak to that. but on the business side, on the market side, you know, goldman sachs is looking at this and saying, well this is, this will actually slow down growth. well, that depends on
7:36 pm
a couple things. one of the things that depends on whether or not some of the items that are inside this bill can still be passed as smaller pieces of legislation. and that certainly as possible. certainly some of the, the issues with supply chains that are built into this as well as incentives for manufacturers. some of those elements of the bill could still exist in a smaller form, still be passed and still have an impact on the economy. the question is whether or not it's an all or nothing approach. if instead the approaches we either get all of it through and which obviously is not going to happen this year at the not happen at all. or we're gonna car about the pieces that will specifically impact job growth, job creation incentives for certain businesses. you know, those are, those are big questions. so whether or not that actually happens, i think, is still up in the air. but if it were to happen, i think it wouldn't have the detrimental effect on markets coming back. i certainly as much as goldman sachs is saying, and it is notable that it seems to be all or nothing, not just with everything that's in this package, but also with every democrat that was needed in order to pass it. now congressman
7:37 pm
grace and when it comes to mansion, he said that he cannot though for the bill and part because of his concerns about inflation. is that a legitimate concern given the fact that we're already looking at inflation being near 40 year highs right now? it's not there, it's not appropriate to cut social programs in order to deal with inflation. there's a complete disconnect there. it's simply not appropriate to cut expansion of social programs or deals, inflation. nobody believe the child tax credit in the course of the high price of gasoline. sir, there are proper ways to deal with that proper macroeconomic ways. i'll tell you that if we increase tax on corporation, the rich, you see a dramatic drop in the federal deficit. and dramatic drop inflation. that's long overdue to say that we should deny people pre k schooling, but we should allow prescription drug price to increase out of control. these are not things that are going to help you dress inflation at all. well, and,
7:38 pm
and congress or grace, and i know you don't want to get into a back and forth about a specific person in the way of sen, mansion. but i think the question that arises from this issue is, you know, all of these issues, if you know anything about the state of west virginia, you know, these directly affect the constituents of that. they, all of the things that you just mentioned. do they not the west virginians have the highest percentage of income from federal benefits of any one in the entire country? 32 percent of all, every dollar that comes in to west virginia comes from the federal government. the highest other state is mississippi at 30 percent. so yeah, and by the i live in florida where a number of people are known to receive medicare and so security. it's remarkable to me that western things are that dependent upon federal spending. and jo mansion wants to shut it off. he wants to keep it from increasing or cut it back. i don't
7:39 pm
think that's very logical. i'm not questioning his motives. i think he's calling it as he sees it. other people disagree with me about that, but the fact is that western news, those neediest placement country, i'll give you one example, west virginia was electrified because the t v a, there's a provision in the bill that mansion so he's against that would provide $20000000000.00 right internet to west virginia and other rural areas around the country. how could he possibly be against that? absolutely. now, banjo, i, one other aspect of this is america's biggest coal mining union is calling on mentioned actually reconsidered the opposition to this bill. why are they doing that right now? they're doing that. i think the reason they're pushing for it, pardon me. i bother them. and they're yeah, i think that the, the biggest issue here that we're, we're looking at is essentially the idea that these co minor say look there certain elements built into this bill that are especially helpful for them. and this, this union is talking about this right, additional financing and money that goes to helping treat black lung, which is a condition that co minor suffer from as well as
7:40 pm
a whole number of elements here for unionization. that would actually make it illegal to, for any company, by the way, not just in west virginia, but across the country to prevent workers from being able to unionize. so there are some very important things in this bill. i think again that the problem is going to be that joe mentioned obviously is looking at it from his own perspective and he's explaining his reasons for it. he's citing inflation is a big part of it. that the problem, i think that the bill is facing, is that it tries to do too many things at once. and there's too much involved here when there are some very, legitimately important issues built into this bill. as we mentioned right now, this issue of unionization, right? is a critical one moving forward, especially in a country right now that it's becoming increasingly more technological and more automated. that's going to be needed for workers as we watch this kind of great walk away as they call the great resignation of workers who are saying we don't have good enough conditions and the pay is not right. we're going to need to see more organization for labor. so how do you get those things passed without putting everything into one all inclusive bill?
7:41 pm
if it's an, if it's an all or nothing approach that i think it ultimately isn't going to work. so what are these important issues that can be carved out and past individually? i know what's more work to do with that way, but that may be the way it has to be done, right? representing grades. what do you make of that whole situation? because that was the next point i wanted to hit on with you is, does this go piecemeal or does it end up being an all or nothing situation, you know, obviously legislated before, so you have that insight, it cannot go piecemeal because it has to go through the reconciliation process to avoid a republican filibuster, not a single republican has come out in favor of any part of the bill, which means that it needs all the democratic boats and the vote, vice president and nor to pass. you can't do that. it's still the system and set up them more than one reconciliation bill each year. so what we have to do. ready probably is to reformulate it mansion supposedly made an offer to the white house that would have certain elements of funded for 10 years like pre k and other elements of it funded, not at all. i think it's going to get closer for better for worse to where joe
7:42 pm
mansion wants him to be in the hope of getting something done. if what he passes by houses, that itself would be a landmark accomplishment. if jo mansions proposal ended up being the final bill that would make america better. boom by spend, swan and former congressman alan grayson. thank you so much for your insights today out all of us. thank you very much. and as 2021 comes to a close, commodities are wrapping it up an impressive year that saw them out performing other aspects. assets as demand came, roaring back around the world, in fact, the s and p goldman sachs commodity index is up 35 percent this year. that means it has overtaken the u. s. equity index. it has to be $500.00 for the 1st time in a decade. despite it seeing gains of 23 percent for the year, now some of the top performers in the commodities market were crude oil, which is up 40 percent this year. copper, which saw gains of 21 percent and even coffee, which is up 84 percent. however,
7:43 pm
while gold saw gains of 25 percent back in 2020, it is actually fall in 5 percent this year, fueling concerned surrounding one of the most reliable inflation hedges. now countless questions remain as to what we can expect from the year to come and how it will be impacted by central banks around the world. finally, pulling back from the easy monetary policies that have been in place for nearly 2 years to joining us out of this is hi basil for its key strategist at the training . but it's great to have you on the show today. so what do you make of the performance we've seen from commodities this year? and how has it been influenced by these continued pandemic policies, from governments around the world ritual hybrid. you know, look, we've got a, we have one way inflation. we're working no matter what they say about interest rates, we're really working in a negative interest rate regardless of how they want to phrase what they're doing. the inflation is not transitory. that is why you're seeing these commodity prices
7:44 pm
skyrocket, because the cost to put them together is skyrocketing along with it. you can solve these problems very simply by going back to shale producing and fracking, and you would cut oil prices. oil is up for one reason. it is the lack of understanding of this administration to take care of energy. there is no reason to give up the export of oil. we are already the greenest country in the world. and when you have 30, which is out of the country using coal, you're not going to get, you know, high oil prices, you're not going to get pollution. that's going to come regardless because they're using it. so we have to cut back on the costs and one of the biggest inputs and any product is fossil fuels and we have it here. we just don't want to take it. that's something we've certainly talked about is the handling of this situation as we transition to green energy or at least those are the plan. now i came to a commodity segment without obviously hitting gold. it's been kind of a stand out disappointment this year with some even predicting that it could see a 16 percent drop next year. is gold at risk of losing its position as
7:45 pm
a hedge against inflation? well, goal is really not a hedge. to begin with. goal is a good solid hard asset that i think that people should own because it some day and the way things are going. it could be used as a currency, but certainly i could see 1450 coming in gold before we started to region higher. i'm very confident i'm a buyer of physical metals going forward, but i could see a very dramatic pullback here. you'll remember we've, we've had one of the narrows ranges in gold and silver this year that we've had in years. so there has not been a lot of movement and the precious metal, and you know, you've got, you know, other things that are kind of competing for position the other crypto current. gerald is not a direct competitor, but it is competing for, you know, stored value is call. so there's no surprise that goal has been under some pressure . we had to run up to about $2200.00. and now we're pulling back and, and again,
7:46 pm
remember when you have a negative interest rates is why the only reason, golden sowards that because we did come back and make a little bit of a rally from lower places after the announcement of fed. because they then figured out that their interest rates aren't really going up, they're still working in a defective negative rate. and infinitely been interesting to see that interesting crypto currency is really increased over the last year to see how that prices skyrocket in. more and more people have gotten invoice on board as it's become more popular. now, given the performance that we've seen over the last year, there of course already, warnings that commodities won't see nearly the same performance next year. as central banks around the world start to pull back on those easy monetary policies they had had in place since the beginning, beginning at the pandemic. do you agree with that prediction? no, i dont i the, i think you might see a higher prices. you know, you, when you look at the overall structure of the farmers and the creators of these commodities, okay. their costs are going up. so high, they made choose not to plant. they may choose not to raise cal. they made shoes
7:47 pm
because of the cost. you know, they have to be able to make a living as well. and what we're really doing is preventing them from a going to be so you could actually have a shortage. you know, we still have a growing population, even though it's a small growth over the last year. you have to have the ability to provide for these people, food and energy and things like that. and again, when start to see the input costs, you know, a farmer has to make a, a business decision. if it's worth planting, do they want to take the risk? because you know what goes into planting is not only the risk of planning into that we don't know what the weather is going to be, but the energy cost, the borrowing cost because they're all borrow millions of dollars to create. so you could see our shortage in crops and in grains and, and other so commodities that can create a much bigger problem. so i disagree vehemently than what they're saying because they're wrong as usual. and there is a lot of daycare and we will continue to follow up to the new year thought who are
7:48 pm
as above the training. thank you so much for your time. thank you. and i'm now for a quick break, but when we come back, the oxford market has surge in 2021 bank, the swath of new investors in the sector. we'll discuss all the development on the other side as we get a break this number to the clothes with one of the mic no said you know, born is and is like to tease and you face as a merge. we don't have a therapy. we don't to look back seen, whole world needs to be ready. people are just, you know, come with, we can do better,
7:49 pm
we should be 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 mess so many good people are helping us. it makes us feel very proud that we are in it together with oh, we're shared back. she popped in, she said, well, i'm getting ready to go shopping for christmas and i wish there was a good to buy another shooting another safe part of american life shattered by violence. the gun was armed with an hour 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,
7:50 pm
the lady that lived over there. i was walking one of the dogs, which is why you where again, where you skin doesn't pick it off. and i think the 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. we certainly wouldn't have the number. welcome back. as we mentioned monday here on boom, bust auction houses have had their time in the limelight in 2021. we gave you the details on so the bees record year with total sales of $7300000000.00 the best and it's 277 year history. now more data is out showing that christy's sold
7:51 pm
$7100000000.00 worth of collectibles. while philip saw a record sales of $1200000000.00, bringing the total for world big 3 auction houses to over $15000000000.00. experts point out that this highlights the increase in global wealth. we have seen since the onset of the pandemic due to a number of factors including loose monetary policy and record asset prices. in fact, sotheby's talked about the increase in interest from f t's and the movement attracting younger collectors. and it's not just fine art, an f t 's that are having a moment as sports trading cars and collectibles are going crazy as well. golden auctions, which specializes in trading cards, autograph memorabilia and game used items announced in march. it already reached $100000000.00 in sale, eclipsing its total sales for the previous year. so of course, sales have grown since then. now the highest price car that they have sold this year was about a $19.00 oh $9.00 onus wagner. that went for $3750000.00. so what is
7:52 pm
fueling this bill? i'll discuss, let's bring in ken golden. he's executive chairman and founder at golden auction. thanks so much for joining us again. can really appreciate it. i want to start with that last point. what's pushing this increased interest in auctions and collectibles. as a whole for my industry, we've seen an upward trend really since 2013 escalade a little bit in 2019. but i think obviously as you enter 2020, you know, i point to actually the stock market crash as indicated of, of in a bit more. you know, before coven, even because when that happens, you would expect that our interest in collectibles would go down and our prices would go down. but in fact, they spike. because the younger generation is looking for a way to know a way to invest, and they don't believe in traditional markets, which is why you see things like crypto and end of tease going up and why trading
7:53 pm
cards and collectibles and art and comic books. and many other things have taken off, it's really a combination of everything you said plus are looking for non traditional ways, alternative assets to i invest your money. that's fascinating. and i know you mentioned the younger generation there. and it's interesting because at the same time, we're seeing record years for the likes of some of these. and christie's and they themselves are pointing to young people joining the collectible game. are you seeing the same trend and sports cars and cycles as well? it's huge. i'm sure i have many my, i know, at least one gentleman under the age of 18 who spent over a 1000000 dollars with me, with, you know, through through his parents in, in 2021. when i was at the national convention, i've been to every national sports collection convention, probably since the late 19 eighties are the average age was probably
7:54 pm
20 plus years younger for the attendees that it was at any other convention. so definitely attracting a younger generation which is great long term for the business. and now i know you deal a bit and you mentioned it, and i, we mentioned it there at the top, there are the in f t. do you see that as a temporary fad? or is this the future of these collectables? i think it is a, it is a future collectible. it's definitely not the future of collectables. but it is, it is certainly a interesting market in 2021. 1 that we have dabbled in one that we're looking to explore to a greater extent in 2022. and you know, you can argue with results. i mean, there are people that are spending money and there are people that are buying them . so therefore, as you know, somebody who deals and collectibles were looking very carefully a category. now, you mentioned people that kind of want to get away from the traditional investments . maybe they don't have trust in the stock market. but when it comes to
7:55 pm
collectibles in even to f t's, do you see them as a good store, a value here? or is there worry that there could be a bubble and that price is, could come down significantly. i mean, for example, could that harness wagner lose 2 thirds of its value? if there are economic issues that impact that? i'll take the 2nd half 1st off. the 2nd is, is absolutely not. in fact, the wagner is a truly unusual collectible because it's the only asset i know of that every single time tracy back to 19 o 9. when the card was printed every single time, a 100 percent. that there was a sale of the card. it's sold for a higher price than the owner board. so if you trace the entire history, the cart there is never once been sale were the owner of that car. and when reselling it lost money and this goes through all throughout the grades and for trading cards, you know, they've been around really since the 170. so this is not a new thing. this is a tried and true and tested on certainly some of the more speculative,
7:56 pm
modern issues and cards perhaps issued over the past 5 years on the rookies you may get hurt or may not get out are more risky, the same way that and if he literally can lose 80 percent of its value in a week, and that's kind of exciting to these people. i personally, i prefer things that are a little bit more a more stable and i like the hard asset collectives. i actually heard you speak into our director while we were in the break. there you were kind of explaining something to him and you were mentioning like a new unbox items and open to say a lego or a video game or something like that. but i guess the question can, what's the fun in that, why we're going to buy some great toy and i don't get to play with it. what you do is you buy to, you know, who told people that if you, if something is produced for the purpose of being a collectible, ok, it's a most and more often than that's not going to become valuable. it's the things
7:57 pm
that you do not expect who would have thought that a, you know, in debt that a baseball card from 1920, at the time, or a comic book in 1039 am superman or batman would one day be worth 4 or $5000000.00, a video game of zelda and we're, we're married brothers would all of a sudden b, $200000.00 or $2000000.00. or we recently sold a star wars vh asking you how many these thing. but a store, an early print store was b, a chess for over $50000.00 house. so it is the things you do not expect to play a regional apple computers for 1st generation i phone, you really never know what's going to turn around. so, you know, we all don't have giant warehouses, but if you're buying something that could be collectible and you can afford it by to open one of them and put the other one away for your kids and see what happens. i got about 30 seconds left, but what's the next trend next year that you might be looking at?
7:58 pm
i like your 1st of all, i liked the sports selectable one district. i like a comic books a lot. we've been getting into the chest and video games as well. so really things that the generation grew up with that are now in their thirties and fourties and have more disposable income. what they were doing is kids. that's always what you want to look at. who would have ever thought my v h s. collection might be worth something. can golden executive chairman at founder at golden auctions? thanks so much for joining us today. thank you for having me. and that, that for this time, you can catch boom, both on demand on the portable tv app available on smartphones and tablets. the google play in the apple app store by searching portable tv, portable tv can also be downloaded on samsung, smart tvs, and mostly devices are simply check it out at point of on that tv or the next time . mm
7:59 pm
i was diagnosed with cancer in 2000 lives when the doctors told me the cancer was incurable. i knew i had to make a change. so i decided to travel to one of the most toxic places in america. florida. one of florida is biggest industries and best kept secrets, is fostering and the biggest player in $85000000000.00 industry is mosaic janai. there are reports of millions of gallons of contaminated water now flowing into the florida aquifer may pro, there's a chronic oh, you know, i don't love to hear that word polish thing, but that's what it is. i'm in 2013 my all our family dog. my brother was 21 years old, myself and my father were all a 100.
8:00 pm
wow. yeah. a good plan, right? yeah. maybe they'll actually, we're, that far hill is more important than a european gas prices. surgeon, to all time records as the continent faces a double whammy of power shortages and freezing temperatures. with the current tension in europe is the united states. russia had to respond this every step. that's every step the situation was getting worse and worse. president coaching criticizes america and nato's eastward expansion, noting that moscow is.

17 Views

info Stream Only

Uploaded by TV Archive on