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tv   Boom Bust  RT  December 24, 2021 5:30am-6:01am EST

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that's, that's all raw the prism just don't you think we have a host system here for a reason home post office takes care of this anyway. give it, give it, give it here. yes. yeah, that should all be fine. i mean, i don't have to consult the list of course, but down the bottom is subtle and football club to win the league. i mean, i'm good, but i'm not a miracle worker and i got what about let me have a thank god yes. will that work? oh, thank santa mary, chris, best pizza. oh son say you remember? yes. just having a little of for holding for merry christmas to you and a merry christmas do. all of the girls and boys out there, whatever age you are. well, exactly what he said, merry christmas to you all. i've been peter, all of the party here in lapland. okay, la. rob said about you enjoy that news bulletin lot smell coming away in around 30 minutes time helping jonas.
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ah, for is your media a reflection of reality in the world transformed what will make you feel safer? isolation, whole community? are you going the right way or are you being that somewhere? direct? what is true? what is great? in the world corrupted, you need to descend a join us in the depths or remain in the shallows. oh, you can have
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a test bed for medical and then later recreational marijuana and it started with something so innocent. i was wanting to socialize. everybody. does it? so why can i and then it just keeps going and going and going. i'm just going to do it was yeah. and then it's, i'm just going to try this was never do it again because they want my phone with them on and i'm right on inside. okay. and you surround yourself with people who are encouraging you to do it not to stop or it's all like my life was over, jumped office about the balcony and died. he knew he just couldn't stop. join me every 1st day on the alex summon show when i was speaking to guests in the world, the politics, sport, business and show business. i'll see you then me
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the there says boom bus, the one business show you can afford him. it's brad boar and i'm rachel lemons in washington on this very special episode of boom bus. we want to take a look at some of the biggest stories we have covered in 2021 on this very show. we bring in some of our favorite gas on the show and go over some of the predictions they have made and how it all hand out. so it's not waste any time and dive right in. and we begin this very special boom bus with a topic that continues to grapple the economy, not just the united states, but around the globe. inflation has become the word of the year as many went from
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warning about its approach to watching it become a very serious reality that continues to affect the state of the pandemic recovery . here in the u. s. the federal reserve spent months and months, claiming inflation was only transitory, even as it skyrocketed to 30, your heart chairman j. powell insisted. it would only be this way for a little while before. finally, ending the year with the admission that the prices were seeing all around aren't going anywhere anytime soon. so i think the were transitory has different meanings to different people. to many, it carries a time, a sense of, of short lived. we tended to, to use it to mean that it won't leave a permanent mark in the form of higher inflation. i think it's, it's probably a good time to retire that, that word and try to explain more clearly what we mean. and with increased prices comes increase in debt with congress finding over how high to raise the u. s. debt ceiling. while the average americans racked that debt of their own all in all,
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it was truly an unprecedented year. and joining us now to weigh in on his predictions and were in place in that stand is peter ship of euro pacific capital. now peter, we want to start here by playing a clip of your prediction for inflation this year. take a listen. i think it is going to get worse before it gets much worse. well, i mean, the inflation pipeline is pretty full. in fact, if you look at the p p, i numbers that came out today in the 1st 10 months of the year. producer prices are up 8.3 percent annualize that for the full year and that's 10 percent increase, which is quite a bit larger. i think consumer prices are up maybe about 6 percent during the same time period. now, peter, you were right. it has gotten worse. do you think it's going to get even worse from here? well, absolutely. you know what we're experiencing now is the tip of an inflation iceberg . there's a lot more beneath the surface and you know,
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when jerome pow began using the term, transitory. i said at that time that he was incorrect, that maybe he was lying, that there is no way. it was transitory that it was here to stay. and that it was getting much worse. it took him a long time to finally acknowledge that the inflation is not transitory or though at this point, he's pretending he's going to do something about it. in reality, the feds going to do nothing but make it worse. and it almost like de paul was actually saying, well, maybe trans story was the wrong word. let's find another word for temporary and that's what we'll say. but the fact is that claim was just justifying continued efforts to pump free money into the economy as the fed has done over and over and over again. what has been the effect of that specially throughout 2020 what? well, the effect is inflation. and remember the justification for easy money policy all these years has always been that we haven't had enough inflation. inflation was too
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low. and so it was the fed policy goal to create more inflation. and i was always saying, be careful what you wish for. because now we've got a lot more inflation than maybe the fed bargain before. and the problem is there is no way to rate it. because even if the fed follows through with it's planned, you know, faster taper and a couple rate hikes next year. that's not going to do anything if you've got 6 or 7 percent inflation, which if they measured it properly, is more than twice that high. you can put out bad fire by raising interest rates to one percent. you need to get up there to maybe 10 percent or something like that in order to bend this curve and there's no way they're going to get anywhere near that . oh, now that they did, the stock market would not be happy. now, another player, and all of this has, of course, been the national debt. with all of that spending, we know that congress continues to raise the debt ceiling. now, closing in on 30 trillion dollars. i mean, at this point, is that even
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a tangible number and what is the threat to the average american congress continuing to raise their own limit? yeah, that is the threat. it's, we should, we shouldn't raise the limit we should deal with the problem. but the reason we have never dealt with a problem is because we keep raising that limit, you know, janet yellow and told congress that we have to raise the debt ceiling. because america needs to pay its bills in full and on time, which is laughable. because the reason we're raising the debt ceiling is because we can't afford to pay our bills. we never pay our bills, let alone in full. the reason we have almost 30 trillion and dead is because we have 30 trillion of unpaid bills every time we get a bill, we don't pay it, we just borrow the money. and so the national debt keeps getting bigger and bigger . and the government wants to continue to not pay it's bills by going deeper into debt instead. but at some point we're going to run in to
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a lending limit. nobody is going to loan the u. s. government money, when it's obvious, they're never going to get paid back with money that has anywhere near the purchasing power that they loaned. and then the only source of funding to the u. s . government is the federal reserve and that's when the dollar completely enclose implodes and we have potentially hyper inflation. yeah, certainly a lot of daycare. we've seen a lot happen this year and i'm sure we have a lot to look forward to or could be even worse next year. leadership of euro pacific capital. thank you for your time and insight. oh my pleasure. and we have often covered the tension between the world through largest economy as, as the u. s. and china have gone back and forth on a number of issues, including human rights and trade. now, after 4 years of the trumpet administration trade war with china, which resulted in the black listing of chinese tech heavy weights like wall way and the nation's top chip maker, s m. i see the 1st year of the vitamin administration has not seen that
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relationship cool. meanwhile, another big story has been china's property secor sector in an effort to prevent a long forming bubble from bursting china imposed curb the industry which slowed growth. the impact was felt throughout the sector, but it has been felt the most by the world's most indebted company, china ever grand group. in the 2nd half of the year. the property giant has been dodging default around every corner with analyst suggesting the contagion effect could be felt that worldwide studies. now discuss this story is professor ritual host of economic update and author of the 2nd says the system when capitalism fail to save us from pandemic or itself. professor. 2 will want to start with the property sector here. we know they were trying to kind of avoid a bubble burst here, but for a nation focused on growth. why institute these curves? while i think the chinese authorities are presiding over a system in which they have extraordinary power,
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more than the american government does in our society. because we give much more power to the private sector. and the chinese give it more to the public sector to the state. so the state has made it crystal clear and everybody who's involved knows it, they're not going to let of crash happen. they will bail out this company if it comes to that. but they are very determined not to have to do that, at least not to have to do it to the property sector. as a whole, i might mention that the irony is that both trying to and the united states be allowed the banks and the private companies when they go belly up, we bailed out general motors in this country. we bailed out the g insurance giant. we bailed out all the big banks. they were willing to do that too. but you know, they're better rabbit. they've been running their society with a powerful government so that they're taking steps to hone in on and to
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undo that bubble before it reaches a level of collapse that for the and i did stage to do similar. i think most of the world is seeing. they that they can manage these kinds of problems because they've been doing a really good job of that for the last 25 years. and we know that the us certainly can't criticize when it comes to taking certain measures. now when it comes to those fears of a global contagion, we've also heard many people suggested could be a lehman brothers moment. now i want to talk to a clip from back in september when we talk to you about these very fears. take a listen. so this is a special industry with special financing arrangements and a government program that they're carrying out very little chance that the government would allow its prestige to be questioned by not coming in directly and indirectly to fix this situation to get the economy through. and that's why i'm
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quite confident that the folks on wall street in this case are right. this is nothing like allowing a lehman brothers an unheard of thing at the time for odd and 25 year old bank to collapse. not as ever grants. i guess. obviously continuing, we're still waiting to see what aging does, but where do you see it going from here? i think they're going to piecemeal, pry away portions of that company, make it a much smaller company, diversify who gets the pieces close down? some of the, i think they're going to try to show all that they can do this kind of dismantling precisely in a more orderly fashion than what happened when the layman brothers collapse led to the cascade of those last 4 months in 2008. when we came as close to a general economic collapse,
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as certainly in my lifetime we ever seen in this country. so i think in a way you're seeing the competition. again, they're not going to let it go long enough that it says bad as it was with united states. they will do it better. and if they pull that off, it will go a long way to settle in the minds of the rest of the world. that this government managed capitalism that they run is simply an easier management issue than the private capital of public tensions in this country. and it seems like certainly they're trying to let them work this out before they really step in here as well. now i want to quickly move to the tension between the united states in china is the vital ministration. just continue on with this trump era policy after the left was actually so critical of the trade war under the trump administration. i have about 45 seconds left for you professor. i'm afraid the answer is yes. the united states needs an external enemy. if it isn't the china sea
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and the ship's anti won, and hong kong, well then it's the ukraine with russia obese beginning to get boar ring. while these problem solved by having the meetings and working something out, the whole world is scared about these 2 giants that keep provoking, each other, i think is an exhausted policy. and we need change from both sides. professor richard wall, thank you so much for your time. and insights, they always appreciate it. thank you. and i'm now for a quick break, but when we come back, we take a look at a year of ransomware tax and a giant year for the crypto currency industry back in a flat. mm.
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what we've got to do is identify the threats that we have. it's crazy confrontation, let it be an arms race is on, often very dramatic development. only personally, i'm going to resist. i don't see how that strategy will be successful, very critical time time to sit down and talk i mean with the so did it in a short don't to stand together. we'll continue to stand together against russia, media in germany. repeat some of the areas that we doubt this made. they noticed video as chunky dawson about their ability to influence other nations, french, u. k. and even latin america and other countries in future than maybe they were to
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high wrong cycle alone with members of your household, please, please, please, please continue to fight with just need to. russian must not be allowed in germany. i want to call and leave it to show up today and outta innovation, the 5 of the yes actually ended outside the not missiles comes until sunday. welcome back. in 2021, we have focus on a number of major cyber security threats and attack. now ransomware attacks hit major infrastructure like the colonial pipeline meet packer j. b, s holdings and services provider casea, which saw the hack effect as many as 1500 organizations down the line. the problem
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has been so widespread a report from the us treasury department earlier this year pointed out there were $590000000.00 in ransomware related payments in just the 1st half of this year. there's a 42 percent increase from the entirety of 2020, and that's just the attacks that were reported the u. s. authority. joining us now to talk about a year of ransomware is todd shipley, cybersecurity expert, and president of dark intel tod. back in september, we talked to you on the follow up to the could say a hack about how some of these groups said that they would not be operating in the same way. listen, las are evil, hasn't stop the other groups, dark matter. and the other ones that are out there that are continuing to break into the systems and plant malware and ransomware on the systems are ongoing. and so we're going to see more of it before we see an into it. now i know todd that you have your ear to the ground. you still stand by that? oh yeah, definitely things have not changed. they've rotated their names to new things.
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they've moved their websites, but it's still an ongoing problem the same way it was before. and we're going to see more of it coming down the pipe. i think that we're going to see a lot more of it outside the united states. i think there's some things that are happening that are going to hopefully limit some of the attacks in the u. s, but it's still going to be a problem, you know, he, for the future. now i know whenever we see all of these reports of these attack that rated a lot of concerns about the state of us infrastructure. so that then brings up the question, why was critical infrastructure so vulnerable to these types of attacks? well, i think part of it is the lack of standards of how we're supposed to do this the united states. and i've said this before and the show has not come forth with regulations that require a certain methodology for the company should protect themselves. the companies have just tried to figure this out by themselves, and i think that needs to be a standard across the board about how to do this. and then part of the problem to
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ends up being the attacks are coming from the inside, oftentimes through. sometimes it and insider that, that intentionally does it, but often in the insider is somebody that just clicks on an email. so it's hard to prevent some of this stuff because of those problems. i mean, i don't want to get to kind of broad here, but i mean, in a certain way, is there some way you could actually train people to not do this? i think we all know have we worked with, you know, critical systems or even with those that aren't so critical, you can't click on legs from email from people you don't know. so how can you train out of that? well, i think there it has to be more broader training. i think that's part of the problem. i mean, years ago, i learned this in law enforcement, you can train people not to be victims, and that's what we need to do. we have to look at the fact that these people can potentially be victims and teach them better than we are because it's not a standard that's across all companies. either you think that it would be, but most companies don't do that kind of training, teaching their employees not to be a victim. yeah, there's certainly a lot that they can all work on there now. it seems like cyber crime has been
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around for really as long as critical data has been stored on computers. so what is in bolding these hackers today to act the way that they are? well i think part of it is that there's so many places are open that they can just sit there for, you know, hours and days on in and try to find a weakness in the systems or find somebody that's going to click on that email. and they have that opportunity, we've got to be secure, 100 percent of the time. they only got to break in once and they can get in the system. so it's emboldened because the profit is their, their return on the investment is there. and why not do it right, that was exactly what they say. this problem, just going to get worse before it gets better. if none of these provisions that you're actually talking about actually come to fruition. well, i think it is, and that's part of the problem. i think that we're going to see this, and that's what i said at the top there, you know, continue to say that this is going to be a problem as long as people don't look to the future as
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a problem in the sense that more people are going to attack them and they're going to be more vulnerable if they don't do something. the basic things about this, which is from the top down from the c suite on down, everybody's going to be trained as to what the problem is and understand how they can prevent it. cybersecurity expert, todd shipley. i know we only call you when there's bad news. thank you so much. i'm sure we'll be talking to you again in 2020. thanks. and if you spend any time on the internet in 2021 or you watched an episode or 2 of us there, the good chance you've heard about this one. crypto currency is what are they? they skyrocketed and popularity this year with the entire market hitting an all time high after another, reaching a market valuation of 3 trillion dollars up nearly 300 percent from the beginning of the year. and it wasn't just traditional crypto currency like bitcoin and the theory, and this year, the internet fuel the rise and fall of mean coins like dose coin, which increase the interest in crypto currencies for really all of the wrong
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reasons. but that didn't take away from the progress we saw as crypto overall became more popular than ever. now that of course, made governments around the world take note as some working or with some rather working over time to stop the spread of decentralized currencies, while others looked for ways to profit off of them through new regulations. so joining us now jobs, i've been less co host, an crypto analyst bent on and kristi i now then i want to start with you and with a prediction that you made after the 1st bitcoin link e t f made in the view on the new york stock exchange back in october, take a listen. now i'm going to give you guys a quick prediction. and again, this is just my prediction, right? but i'm thinking we're going to see big point jump up at least $65000.00 right now . i think we're actually going to see it dip a little bit. and then i think you're going to see everyone get scared for a minute. and then the institutional investors will jump in and start buying, and it will go up even higher. so i think that's what we're about to see, you know, it'll rise on this news. and then in the next couple of weeks, it might,
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it might taper up just a little bit and then shoot back up again. ok, now i have to start the saying that my saying that bend on was right, but we did see exactly as you said, bitcoin hit record highs before dropping back down to around 50000. so how much of a milestone is the rise in bitcoin that we've seen this year? was? it's a huge milestone, but i think there's some sense making that prediction some things that i would say worry me more and more. and that is the fact that certainly this year's been a great year for big coin. it's risen a lot. it's also had a lot of adoption, but a lot of that institutional adoption and i think that's the thing that would give me more pause than anything else at this point. yes, well, i expect to see, but going continue to rise and do well. the problem is, is that the more institutionalized it becomes, unfortunately, the more problems that will have because institutional investors are not people who believe in the, in the prospect in the future, in the hope of bitcoin, the hope them bitcoin right. along with all the crypt currencies is to break free from the current banking systems and to give people the freedom for peer to peer
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interaction. that's not what institutional investors are looking for. they're looking to make a quick buck as quick as they possibly can. and even if they hold onto it for a while, they're concerned about that. and then of course, is the issue of regulation. the fact that government wants to get heavily involved . so the more that the institutionalization of big coin takes place, even though i continue to think that it's going to right and it's going to do well, i think it will become increasingly problematic for the coin moving forward. and christy with the increased popularity has come increased scrutiny from governments around the world as man just mentioned there. how has government involved volved mon actually impacted crypto currency so far this year? well, i mean 1st yeah. china manning, big point for the umpteenth time ever. but like seriously, they banned in 2013 again in 2014 again in 2015. and then again in 2017 and then this year we had another band as well as the great minor exodus. but the funny part of all of the banning is that china still accounted for about 90 percent of trading
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up until 2017. so it looks like those bands were pretty ineffective. and mining right now, it's still quite high despite the fact that you had this math migration out of china. and then of course, this year, you also had the u. s. cracking down on crypto trying to basically classify everyone involved in the as a broker and reclining, all these brokers to report customer information on gains and wallets. australia is also looking to introduce new law to try to regulate criptos and india is looking to ban crypto payments altogether again. so meanwhile you asked how is all of this affecting the industry? while year to day, big coin is up almost around 70 percent, making it one of the best performing assets in the world. you've had a couple of dips about the volatility here and there from the negative sentiment surrounding the regulatory environment. but the great thing about big quite is it's resilience, it was born out of financial chaos. and now it will not be constrained by these antiquated regulations that attempt to solid growth. so to answer your question as
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much as governments like to be a little masters of the universe, the crypto industry has ballooned out of its control. and the great example that was china in which every single attempt to try to wash it since its inception, to stall the industry has failed. so it would be wiser for regulators to actually learn how to work with the industry rather than to make an enemy out of them. now, bad, obviously one nation that is actually braced crypto currency is el salvador. they took the historic step of adopting bit quite as legal tender this year. how big of a landmark is that and how has it impacted the crypto currency world? well, i think it's been incredibly brave move, in my opinion and an incredibly smart move. i mean, when else, tablet are declared, the big point would be legal tender, and they got essentially mafia type threats from the i m f and, and you know, the different international organizations banking organizations who threaten them and that is a bad idea. it's going to hurt you what's going to hurt businesses. you know, we need to see somebody come in there and cause problems for you. but the reason i
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added to that came up to el salvador that they were about to embark on destruction for their people. and instead, it's actually been really terrific for them. so far they've made a ton of money from it. the countries done well as a result of its people in the country who are actually fearful of it. there is a small percentage of, well, they are who are fearful of it. i think so far their fears have been alleviated, and not only that, but l. salvador is now going to build something called bitcoin city. they say at the base of a volcano there, which is essentially going to be a city, completely financed with and built with bitcoin. and so it's a really interesting project that is taking place. i think it's an extraordinarily well, despite all of the naysayers out there, who are, you know, kind of a tactile salvador for it. but when l salvador is stepped out to do, i think this is what makes it so brave is, is there actually doing what you know, austrian, an economists have said for years. if only people would do it this way. what bitcoin enthusiast, it's it, if only some country would do this, well, guess what? also, salvador is actually doing it and they're doing it right and they're doing it well,
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we'll see in the future if it continues to go as well as that has been. but so far, it's proven to be a very smart move. absolutely, boom bus, spend swan and christie. i thank you so much for your coverage today. and that's it for this time. you can get boom bust on demand on the portable tv app available on smartphones, tablets to google play in the apple app store and size searching, portable tv, portable 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 time. mm hm. technology is a very big industry and there's a lot of opportunities for the hackers do live. it's not him, but he didn't bring the law in the country you're dealing with, y rushed him that the major cybersecurity challenge is the sovereignty of laws that
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cyberspace is no borders. new sovereignty we ended up with, for example, the national health service in the u. k. the and a chest was completely wiped out from the ransomware attack. if you were coming in to a clinic, because you had a test or you had an operation, they find your record. they had to go back to pen and paper through with moscow sounds. the alarm over ukraine's beefed up military budget for next year. and the presence of a large, contingent of foreign forces on ukrainian soil. ultimately saying here is planning a crusade in the a half of adults in britain are too scared to express real opinions, open leaf, a fear of falling victim to council culture. here on our team, we got reaction on the streets of london to coach now and.

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