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tv   Boom Bust  RT  October 20, 2021 1:30pm-2:01pm EDT

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dual system of justice many thank so for example, a former senior f b, i official lied repeatedly to his bosses, but now is exonerated. but a former head of a national security council did not lie to be f, b i and his life was destroyed. where is the justice in that it's been decades since the fall of spain, fascist regime, but old wound still has entailed a finish because on the phone with nickel fee to market, people to municipal said cutting me in the parentheses. me notice that i just, i think with thousands of newborn babies, what toned from their mothers been given away in fullest adoption. they don't really bottom on are you just yet fiesta that are my own robots. i feel it to this day. mothers still search for grown children, while adults look in hope for their bus parents.
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with this is been bus going visit say, you can't afford to miss. i'm are to love it. i read to bore and watch kid coming up, the future of the world, premiere crypto current thinking a new turn. if the 1st big point atf has launched at the fcc has cleared the measure straight ahead. we analyze the development and what it means for the digital economy, plus the ongoing supply chain shortages continue to drive of energy prices with warning. it could lead to skyrocketing costs this winter will discuss, then 2021 has seen a series of ransomware attacks earning hackers more in the 1st half of this year. in the entire last decade. we'll take a look at whether congress is planning to get involved anytime soon. we have
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a package here today for let's get started. we leave the program with a big day for bit coin as the world's largest crypto currency has seen the approval of the 1st bit coin futures exchange traded fund in the us. the new e t f, which began trading on the new york stock exchange on tuesday. we'll also allow. * many more investors to allocate to crypto so far the numbers have been good with bitcoin climbing their it's all time high over $63000.00 as of tuesday afternoon. so just how significant is this for the crypto space? well, joining us now to discuss it, boom by the house and crypto analyst van swat. now, ben, why is it such a big deal for bitcoin? well, it's a big deal for a couple of reasons. the biggest reason of all, and by the way, guys, as you know, we talked about this a lot of our 3 great will it happen won't happen. it's like one of those wrong comm movie will be as he step in at the last 2nd and mess this up again. they did it and
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so we now we have a big going e t f. but essentially what it is, it's a diversification, right? so if, if you're going to get involved crypto and you say, well, i don't know if i really want to put a bunch of money into crypto and how do i protect my assets using atf it's, it's essentially pooling assets together from a bunch of different investors and then you're purchasing together, so you know, it's a safer way to get involved. it's much more of a mainstream model. it's much more like buying stock, for instance, where you wouldn't, you know, you would participate in a fund and you would be buying portions along with other people in your money pull together. so in theory, it's safer, but it's certainly a more mainstream tool that's used to allow people to get into the crypto market. they know about it. they say i want to be involved in and i want to buy into bitcoin. and what you also see is, is going to allow financial institutions to become much more involved in offering kind of these, these asset pools to buy up crypto currencies, like they're going to be able to do that. so i think you're gonna see a lot more people, you know, retirement funds and other entities who are now getting involved in crypto because
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of this. and i'll certainly be interesting to see if fcc tries to jump back in later on in the movie as we go along. now, already everyone's talking about bitcoin right now. some analysts are saying that bitcoin could jump to as high as $100000.00 by the end of this year. do you think that's possible? yeah, it certainly as possible. i mean, some analysts are go in as high as $250000.00 per coin, which would be obviously monumental move. there is a lot of prediction, as you guys know for some time about where bitcoin point to go. but the certainly open set up and you have to look at the trading volume that will be associated with this. there's been quite a bit of kind of research on this and what it would look like. and some firms are saying about $168000.00 is where we would fall in order to be able to have enough bitcoin coming into the system. it should be bought up by traders of bought up by these diversified portfolios. so yeah, listen, the price is probably going to go up. 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 bitcoin jump up at least $65000.00 right now. i
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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, it might take her up just a little bit and then shoot back up again. and then i mean, i know we talk about this a lot when we're talking about crypto currency in general. and especially, i know we focus a lot on bitcoin because it is the world's most popular crypto currency. but doesn't e t s kind of defeat the purpose of that decentralized nature that we always talk about about crypto because you're not holding it. it with the a goober custodian, if anything else. so this is the beat that whole purpose entirely. so i actually have the e t f model by the way, just to be clear here. i think it's good ultimately for the price of big coin. and if you, if you're holding the coin, you're very excited today because you're watching the price go up. but is it bad for the, for the existence of the token itself? does it undermine the actual value to what you're pointing to brent?
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i think the answer to that is absolutely yes. because there's a couple of issues here. one is, as you said, anybody who's binding to these funds, actually you don't hold any tokens at all. in fact, in many cases, the custodian that's by making these purchases, it's all speculative. they're not even holding the coin, right? it's all based on futures and it's, it's speculation. and whenever you start to put a lot of speculation into any kind of market, if this sounds kind of like what we saw happening with the housing market in 2008. well, it kind of is, it's kind of a similar type of situation so you can get bad players who are involved in it. there's a lot of complaints about cryptogenic. oh, you don't really know what you're getting. well, that's true, but that's true of the stock market in general, and it's certainly true speculation. so i think there's a lot that people have to watch out for here. it's not necessarily a positive for bitcoin to become such a mainstream tool that all these people will not want to get involved in that. and none of them will ever actually have a wallet where their own coin is sitting and they don't won't actually own any coins. are all part of a fun and someone else holds at all. now where do you see the future of regulation
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playing a role in this, right? cuz we're talking about the safety of the atm, maybe people kind of going towards that instead of actually getting a wallet, do you see the u. s. government trying to pursue even more regulation, especially this year? we've got about 30 seconds a lot. i think we will, my fear is, is that what the government's going to try to do is lean more into the n t f model . because again, they don't like the idea of individual people holding crypto. they don't like the idea that you are holding crypto and not disclosing where it is. you don't have an exchange where it can be monitored right, by the government, or it's sitting in the, you know, god forbid a cold storage wallet someplace. and so my fear is, is that if it does anything that regulators will want to push more toward the e t f model where again, you're invested in it, but you don't actually holder control or own anything. someone else does. because that gives kind of wall street speculators against the wall street firms, much more control. it gives the irish, much more control. it really leaves you with virtually not certainly
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a conversation to be had about all of this. and we'll have more on this as the week continues. boom, by spend, swan thank you so much. thank you guys. from inflation to soaring oil prices, the warning signs over what could bring the stock market down from the record highs . we have seen this year seem to be all around west texas. intermediate futures are up nearly 10 percent sitting at over $82.00 per barrel on tuesday. this is brent crude hubbard. they're $85.00 per barrel up 7 percent for this month alone. now right now, all eyes are on manufacturing hub like china, where cool futures hit record highs last week as extreme weather combined with ongoing shortage is taking a toll on production. and as temperature is start to drop, all prices continue to rise. a new level of concern is setting in for what it could mean for the world and of course for the state of the global recovery. so joining us and discuss it with chief strategies at bob training. but it's great to have you on the show today, and i know when we're talking about the oil prices,
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there have been a lot of prediction that oil could hit $100.00 a barrel and the price will likely stay elevated for months to come. and we know that producers who saw significant losses are kind of letting those prices run a little higher. so is this a game of who blinks 1st in terms of increasing supply and missing out on the continued gains? ah, no, i don't think so. i think you can start with the president biden and team that stop shop rail, a fracking, and show producing in the united states. you know, when you turn over control to opec who has, does not have our best interest. you have seen oil prices go from $35.00 last november to $85.00, and probably there's a, there's a fair chance that are looking at the all time high over $140.00 because there's a huge demand and we are not suppliers anymore. we are now buyers and when you give opec control, that's going to be a much bigger prob, you're already seeing it dropped the globe. the,
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the fact that we are not exporting crude anymore. so it's a big, big problem and it's new. it's going to get worse before it gets better. well, that's what i was going to ask you. a cheer point there by the see, you think? i mean, not to say you think you probably know you are commodities trader, i trust to proceed or judgment here, of course, but that if we were to continue production again as we did during the trip administration, that would ease this level rather than say the biden ministration, which we know we've covered here on the show, has actually asked opec to produce more. we would be back in $30.00 a barrel, we wouldn't have the inflation craze. we have right now. you wouldn't have farmers whose fertilizer costs have more than double because of this lack of energy. you know, we have created this, this inflation, hyperinflation and time that was stimulus and higher cost. you've got stagflation, which is a real possibility. and we would be at $30.00 a barrel if we would produce our own oil, because we were at the point, the biggest exporter in the world and the biggest producer. but now left wouldn't
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sit there to send you it. natural gas, if you, in what way to get your heating bills this urine and see the heating bills in europe. and, you know, russia is weapon, housing, you know, in, so to speak, be the natural gas market because are the only producer right now. and i was going to talk about these rising prices we're seeing throughout the world as part of this because we've seen record high after record high for the stock market this year. and we know it has to come down at some point. i know what, what we've had you on the show before we've talked obviously about correction. could these rising energy price is actually her equities moving forward? not yet, you know, one of the biggest problems you have here is the federal reserve there. absolutely clueless and have no car idea how to get out of a mess that they've created. so that continued a flux in the money supply. you bring in more money, there's only one place to go. where were somebody going to invest, to get any return or any yield? you know, this is the problem with the central banking system or on the globe that continues to reduce the value of their own currencies. so either for extra or whatever
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reasons they want, but it's more our case of manipulation which then forces every investor into the stock market. i mean, it looked like we were going to break down a couple of weeks ago. right now we're within less than one percent from all time highs once again. now at some point these markets will collapse and they, we will go back to one of those 20082197 type moves. but for now, you don't when you've got a flooded my supply, it's hard for me to go anywhere else but the sophomore. on that note, i mean, why don't you think that the federal reserve has gone ahead and taken action, right? they keep saying, inflation is going to be transitory. this is all going to be transitory. and then everyone else is looking around going on. what in the world does that word actually mean? i mean, why is it that they're just now sort of talking about talking about starting to taper, especially those bon purchases that they put in place last year? it means that we don't know what we're doing. it means that we're using models that are a 100 years old. you know, the fed in the model
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t were created the same back. that is still doing the same dumb things. they did that. ok look at that, look at carina. they have no idea out how to get out. and the other problem that they created because of did my administration, because listen, this is not the only one but what not like a 2 and a half stray in tune after our stimulus, baggage, and other things, every quarter point height and rates, cost united states, $75000000000.00 a month. okay. so now you've got to prom because if you let the rates go higher, then it cost our debt service much more. so that's the real rocks and the real prob, we're sitting in right now, and i wanted to hit on one last note before we go here, but i know you've been following this as well. how much of an impact are we seeing the supply chain constraints? and it seems like all of this is clearly tied together, but, but are those supply chain constraints going to have a major effect on the global recovery? as we look at this, especially with all this stimulus, money to destroy everything. okay, look at you got, well,
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you got over 50 ships in long grove, in long grove, in long beach. okay. you got new jersey, you can't get, you can't get the ships off loaded. you've got a freight cost from china. the united states used to be 2000. it's now $25000.00. the baltic dry index, which is the key measure of freight. is that all time record highs? ok, so wait till it wait till it hits the consumer. you know, and i'm my guess is, is that they're all waiting for the christmas time because no matter what the economy's like people buy christmas presents. look for prices will be rising. we have a broken supply chain which will be the real battle that we're gonna have to fight to get through all this in, in my as long as you're going to love me and open jobs. and i'm the people looking and nobody wants to work and you keep giving us stimulus. you're going to have this for, it's going to get worse before it gets, but i certainly a lot of it thank hair taught her and she started as it by the training. thank you so much for your time and, and thank you. amazon is back in the spotlight as 5 members of the house judiciary committee threatened to pursue
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a criminal investigation against the company over claims its top executives that they are from the top executives rather that they do not use 3rd party sellers information in order to market their own product. this letter from the subcommittee names, former amazon ceo jeff bases and calls on the company to make use of this opportunity to correct the record and provide congress with a sworn, truthful and accurate response. amazons claims that its marketplace is fair game have been criticized by anonymous employees who have argued that using 3rd party feller data to market identical products under the amazon central brand. basically standard operating procedure. amazon responded by releasing a report on tuesday, which notice that a 3rd party marketplace accounts for roughly 60 percent of its retail sales. and business has been up for sellers with more than 3 point. 8000000000 products sold in the last year compared to 3400000000 products the year before. now we know that whenever it comes to this kind of anti trust buy,
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this is something that gets brought up a lot, not just with amazon, but also with apple and google, which are these massive marketplaces that are also having their own products. and the question then becomes, how much is too much when it's not only the data that they take from those other sellers, but also sort of where they rank their problem? well, right, i was gonna say and it becomes a sticky situation, right? is obviously they shouldn't prioritize their own products over a 3rd party salary should allow their route algorithm hopefully to do this fairly. but the reality of the question then, can they use that data that they're learning from what is selling from a 3rd party seller to learn how to market their own products, learn how to produce their own product. i mean, that becomes a questionable situation because they do own the marketplace, so they know what's selling and what's not selling. alright and, and all becomes a question of how far is too far in this fight, like we won't be going anywhere anytime soon. and so now for a quick break, but when we come back, the united states seen a huge spike in ransomware attack this year as cyber crime has come into the focus of the government. straight ahead will analyze the trend and how businesses are
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reacting as we go to break. here are the numbers of clothes, shoes . with, with
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when i see black, i see and i was growing, you know, blackberry just spoke to me. when why destroyed, you did not hear you say black marsh measure is a movement we are importing from america. no, nothing is who we are. i lived in a world where white lodge mattered and i was not want like mission. and i wasn't known from black america. i learned how to speak back to whitefish aboriginal people here more every day. we're out wanted system now will did the police were out,
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will she states i'm scared that more children are going to grow up in the country. that thing says no racism, but they're more likely to end up in the criminal justice system. then there are other fellow friends in daycare with. welcome back as the world has seen an increase in cyber attacks in recent months, the united states treasury believes hackers critical act war and ransomware payments this year. the ne did over the past decade, a new report from the treasury's financial crimes enforcement network found that reports of brands more related transactions in the 1st half of 2021 came in around 590 $1000000.00, estimating there were more than $200000000.00 more paid out in the 1st 6 months of 2021 in the entirety of 2020. another interesting figure in the report showed the
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top 10 hacking groups have track traffic more than $5200000000.00, a big coin over the last 3 years. although it's hard to say just how accurate that number is. as vincent came to its conclusion by tracking wallace tied to popular where programs and analyzing its transactions on the block chain. so let's go ahead and take a look at the uptake in cyber attacks in what is becoming the year of ransomware with morgan. right? chief security advisor at set no one and former senior advisor, the us state department, anti terrorism assistance program, morgan always a pleasure to have you on. i wish unfortunately, some people work in sectors where it's always bad news. well, we have to have them on. but what is the take away from this data? do these huge dollar amounts, signify the nation is actually facing its worst year for cyber attacks ever? i'm going to do funny cat videos from now. good. so you know this, this is, this is very concerning. you know, very concerning for a few reasons. number one,
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we are spending more and more on cybersecurity. so why, why are we getting better choir things getting better? the mere fact is that even though the treasury said he were going to do put sanctions on people who pay these ranch more groups, you know, it just hasn't worked. and the problem, brent is it's, it's the problem isn't the problem. it's the way we think about the problem. we are so far behind and even how we talk about the problem. we talk about, respond and recover absolute wrong language. why? because the government, our private sector teach for curing solutions that just respond and recover. we've got to start changing our terminology to where we start saying stop, prevent, just can't happen. and one of the things i think leading to the rise of this is the availability of 0 day attack, 0 day of vulnerable it is that are fueling a lot of these attacks. i don't need a user to click on a link anymore. i can attack the system directly. absolutely. and now in addition to some of that terminology,
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what are some of these other contributing factors that specifically come from the upswing and ransomware and cyber attacks that we've seen over this last year? i mean, is there a pattern as we go along here? look, the difference between nation, state actors and criminal ransomware organizations, is it's the profit motive. these criminal dis, transnational criminal ransomware organizations. they're in it for the money, so they are looking at, they're spending more and more money now on their own research and development. they're buying information from 3rd party brokers. they're finding ways into systems. and you know, the other 2 you were just talking earlier about bitcoin. the other thing that's feeling the rise in this is the lack of overall capability to track and stop and recover these payments. if you could make sure that no ransom ever made it to a ranch where organization, if you could stop that money from being transferred, they go out of business. why? because profit is their motive. so, you know, i wish i had a silver bullet or magic crystal ball that was, i knew exactly why this is going on. it cove, it has caused this. the supply chain has caused this,
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our reliance on technology is cause this, but not funny. catch 20 cats have never cause it is basically all those things that you mentioned with the exception of co probably aren't really going away anytime soon. the fact is, we are a more connected society. we are more technologically advanced, and frankly that's going to continue moving forward. and as we've talked about, i know many times on the show mortgage. hey, the hackers unfortunately are 10 steps ahead of anybody who's actually tracking this. so it's so it makes it even harder. and i want to go back to your bitcoin point there, you know, from a cybersecurity angle, because we oftentimes here the government complain about crypto currency thing. it's hard to track. it's easy to be used in the various purposes, whether it is, you know, cyber attacks or whatever illegal operation you might have for money laundering. so in your cybersecurity opinion, do you think that is reason to stop using a crypto currency or, or is there a middle ground there?
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no, there's always middle ground. you can't look 1st of all, you can't unreal spell crypto currency is out there. it's not going away, so we have to figure out how do we live with it? you know, how do we do it in such a way that it allows the innovation to occur. but luck, governments are in the business of regulating things. that's why they exist. you know many times whether it's the fed, whether it's the treasury, whether it's foreign exchanges, when they are in the business of regulating things. and crypto currency is one of those that has been allowed to go under the radar for such a long time. why? because i don't think regulators and politicians. number one, politicians really didn't understand it. new number 2, regulators didn't know the mechanisms because banks you can control banks. but how do you control? how do you control bitcoin? you know, how do you stop it from happening? so i think their face the, they're going to have to come up with the way because we still got to enable that digital economy. but we cannot allow these digital pirates, these digital theories keep taking over everything from colonial pipeline. i mean, that was a perceived shortage. what happens if we really get attack sinclair?
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you know the, that the tv station hit with ransomware, it's same thing as what happened. the tv mon 5 in france, attacked with ransomware take off this impacts people, their jobs and revenue tax faxes. so they're going to have to come up with the solution. and new tools and regulations are unfortunately, probably the way it's going to be right. we've got about 30 seconds left here, but do you think it's possible for them to have those regulations that actually not only make sense but work because i feel like from the crypto community, there's always kind of that frustration that the government is going to go a little too far that they're going to create these hours and then use them a little too much. do you see kind of a common sense random where legislation regulations going forward? yeah, never give the government too much power. they never give it back. what i tell you one thing that could do, they should, they should come up through the u. n or whatever they want to do it global extradition. if you're involved in transnational criminal ranch where organizations make it because the countries got to find on china, russia, the united states,
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make it the ability for any nation to reach out and touch the people who are doing this. if you can start putting the fear of god into some of these, you won't make it go away, but you can. that's remember pablo escobar wasn't killing people because of the cocaine trade. he was killing people because he did not want to be extradited to the united states. we can talk about this all day, but unfortunately we're out of time cybersecurity expert, morgan, right, thank you so much for your expertise today. and finally, it's relatively common in sports here. in the united states for the winter of a major championship can be congratulated by the nations president. right. well, apparently the trend is spreading globally in the world of e sports after moscow base team spirit one daughter, 2 world championship at the international 2021 over the last weekend. they were congratulated by russian president vladimir putin. himself burton wrote a message posted at kremlin dot, are you saying the team demonstrated outstanding leadership qualities and solidarity in the decisive which became a real test of skill and character. he said they managed to concentrate and fees
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the initiative from a strong opponents at the most crucial moment. dota to is one of the world's most popular video games is, has an incredible following in the sport sector. in fact, rachel, the winning team won more than $18000000.00 for their victory in the annual competition for context here. the winning soccer club in the champions league takes home about $23200000.00. and obviously there's many more involved. while the winner of tennis, major wimbledon, they pocket $2400000.00, and the top spot at golf masters earns just over $2000000.00. that is incredible. and that's it. for this time, you can catch boom bus on the portable tv app at portable dot tv. we'll see you next time. go by me.
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when i would show the same wrong when all just don't the rules. yes to shape out the same because the after an engagement it was the trail. when so many find themselves worlds apart and we choose to look for common ground. ah, the rather voice of the place, but also with a thinly daniels purely a little fish with castile with yeah, it was a just flu. say that him and then you would you that is images it goes up was good for supposedly good. have my did some, i would say the gates are spin, you music is images, but it's a 2 week i'm on my side with your phone was out of the to get the vote for idea.
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for all of your room play some way up with the shelf worship. with join me every person on the alex simon show and i'll be speaking together in the world of politics, sport, business, i'm show business. i'll see you then is there now a dual system of justice many think so, for example, a former senior f b, i a issue lied repeatedly to his bosses, but now is exonerated. but a former head of the national security council did not lie to be f,
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b i and his life was destroyed. where is the justice in that? ah, breaking news on all t a major police hunters on the way and southeast of france after a man is beheaded. opposite have identified a suspect and warmly may be armed and dangerous. patients in england are reportedly having to wait up to 50 hours for a bed in accident and emergency wards. as the pandemic puts fresh pressure on the hospitals, every step of the way that mismanaged the crisis aside from the vaccine rollout. every person have any faith in the current government. german police will know the country's board with poland is at risk of collapse amid rising flows of migrants crossing into the e. u from bella. ruth brussels is not moving to tackle the influx though still relying on sanctions and refusing to even talk to mince.


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