tv Boom Bust RT November 9, 2021 1:30am-2:01am EST
came press it provisions in a tre, just seat with the you will take a look at the latest sentence and whether british leaders will returning to article 16 in the near future. and at the very i'm has hit a new milestone as the world's 2nd most popular crypto birth has read a record high. later on we bring you a full view of the achievement and what it could mean for the crypto space as a whole. got a lot to get through, so let's get started. we leave the program with a message from china that it's power supply has returned to normal, but beijing state grid warns challenges lie ahead with winter fast approaching in response to an energy crunch that impacted production at major factories. in september chinese coal import. busy skyrocketed nearly doubling in october compared to the year before, notably, ongoing tension between china and australia that beijing to mosque out for supply and coal imports from russia have store 230 percent in the last year as
a result. now, meanwhile, oil prices were up on monday, while the by an administration has put pressure on opec plus to increase supply. the car sell has refused to divert from his current schedule. saudi arabia double down by raising prices for next month, more than expected, putting its rate for arab light crude at the 2nd highest point in 20 years. the u. s. so that will announce a plan to tackle those rising oil and gas prices. at some point this week with the u. s. energy secretary laughing went after increasing production here at home was part of the plan. so joining us now to discuss the latest or with g strategist at baba trading, and octavio marines, the ceo of open, most of the it's great to have you both on the show today. now octavio, let's start with you. we've heard from china state grid is, are ready warning that they're not of the was just yet. so how does that tight balance between supply and winter demand play out? especially with the ongoing pressure to cut down on the use of fossil fuels wise. i
think the chinese gotten southern to lot of trouble because they have had such tight caps on the prices of electricity. so in china else's to prices do not float . they're basically sent by the state, and as cold price has increased, that lots of power plants in china was simply not able to get the money to buy the coal they needed because they couldn't pass as price increases on their consumers, new customers. so they, they said to respond with, with black out so bunch, a bunch of chinese power plants to shut down that we can't operate because we can't get the money from our customers to pay for the coal. now, china's responded to that by increasing corporate action within china. so i was in a lot of minds told you need to produce more, you need to up your production targets and also increasing imports. have you heard from russian particular? so i guess that's how china has responded to these calls to cut back in terms of coal and c o 2 production is to increase co production and increase called imports . and that, so i think a model going to see repeated in the rest of the world. and bob on that note, even as the capitalistic stomach plays out in scotland and world leaders put the
pressure on countries like china and india to turn to clean energy, does the increase in china's going port show the challenge of eliminating fast of fossil fuels? and we're seeing it elsewhere as a carrier, just rightly pointed out. i don't think you're ever going to see the elimination of fossil fuels in shine or india. i think they're 36 percent of the rural population . and they have to have cheap energy and you're never going to have green energy is cheap energy until it gets perfected around the globe. they're going to continue to use coal. in fact, they were big sellers of cold trying to push prices lower. before all this power gris up came into play. they have plenty and it's more of a game of manipulation with them and what they're trying to get done. because since they own some of the exchanges anyways, they have access an apple access to getting this. and now we're going to see how plays up, but they will never be green. and there's no reason for it because they're kind of dirt. there's too much your population is poor and can't afford to be with green energy. and bobby, you actually made an interesting point about them kind of setting the prices and
we've done stories here other show and in recent weeks about the fact that they have been actually kind of capping the price with the negative effect of that. well, i mean there's a negative begley to nobody. i mean, it's just, they're, did, they try to manipulate markets very much in other countries do with currencies and things like devil with their all are trying to do is to put a cap on the price of the whole from going up. but of course, the demand continues to walk with population grows. we need more and it's hard to keep up when you look at how fast we are growing. and again, between the 2, china and india, that's 36 percent of the world's population. in 2 countries, the 67 percent of asia, so they are consuming a tremendous amount. in october, i wanted to turn to oil industry. the biden ministration has called on opec plus to increase production. they continue to say no, basically, is there anything else that the us can do at this point to convince the cartel to act or, you know, since is basically saudi arabia who's running the whole situation over there. what
do you see it? i fear the by the administration's energy policy has sort of veered into incoherent . so in this point, so on the one hand we've got a very strong commitment to reducing fossil fuels to reducing you to our ports, to getting that agenda a to be excepted by the american public unbroken corporations. on the other hand, the turnaround and ask opec to actually increase production, and i would point out there asking opec plus, which means rusher as well to increase output increased duction. i don't see russia doing any favors to the biden ministration at this stage. i think there's a tremendous amount of animosity that was to him and russia in general, so i don't see that. so playing out. so i am not sure what the biden administration is trying to achieve here, or i'm not sure they know themselves. i would have thought they would be applauding higher oil prices because that's going to lead people to abandon oil, abandon coal, go more direction, renewable fuels that emit last year to i'm not sure what their strategy is. it looks to me absolutely incoherent. at the stage one barbara. 8 i want to continue
on, that is what the strategy is for the buying and ministration because they seem to be approaching these rising gas prices with really vague plans that are one and highlights the need for diversity. but then at the other end, puts the blame, solving on opec plus. so does the push against increasing production here at home seem to be only politically motivated or is it, is there more to it than that? this is 100 percent politically motivated. this is they could control the inflation and the entire world problems of energy, if they would just re resume fracking and trail producing. you know that natural gas is a big charge as well, which washer controls than the 2nd most amount other than us. and because we computers shut it down and now you're going to ask one of your enemy saudi arabia to pop morrow. are you kidding? there is no chance. are going to a moral in fact or probably create a short, maybe our prices go even higher. the biden ministration is 0 plan to do anything
except to try to get this country with the in the universal basic income, which is a much bigger problem. but it does by creating this, this dramatically high inflation by continuous stimulus are going to continue to control these things and keep the oil in the ground when we have a to our year supply available to us without really affecting environment. as it is, octavia, i'll give you the last word there. we've got about 30 seconds left. why do you think that the binding ministration is continuing with the strategy? instead of looking more here at the resources that we have here in the united states? i think that's the age old question of why do people do stupid things? i get this good answer that i think that sort of direction. i going, i think that, that pull into opposite directions on, on the one time they have this very strong green agenda on a very much beholden to that and want to push that through. but also they have to sort of face electoral reality in the u. s. and i think they're afraid that they're gonna get thrown out of office. they had
a very bad showing the recent elections that petrified. now i think about the midterm elections. so the trying to sort of back tracks are the trundle, please both sides. but they assigned that have ups interest in this very want to see how you can reconcile those 2 things. as politics as always playing are all there. octavia emergency and baba horwitz. thank you both so much for your time. and in the evening an post brecht that tensions over border checks between the european union and u. k. problems of northern ireland couldn't be coming to a head on sunday. irish foreign minister simon kobinie, told rti radio that the british government was not negotiating in good faith and it seemed more likely they were laying the foundations to trigger article 16. now, article 16 is a provision and the bread that deal which allows either side to take action. if the northern ireland protocol causes serious economic, societal, or environmental difficulties to either party. after the u. k. rejected a proposal from the you to rectify the situation. both sides spoke about where they
stand on friday. the trade and cooperation agreement is clear. vessels that are fishing in the 33 waters of the u. k. and crown dependencies should be allowed to continue all french vessels entitled the license should receive one time is running out on the top step way to to make progress. we need to make progress and our preferences to make progress if we can breach and agreement. so a significant gap between us is that gaps narrows the commission, listen to what we're setting the command paper and look at the situation in open and then maybe that will help us move forward. so can this be worked out without invoking article texting will? joining us now discuss the taylor form a board member with the british american business association. always a pleasure to have you on hillary. what was this proposal from the you and why did
the u. k rejected start this conversation? i pleasure to be back with you again. brent, well, there are 3 main sort of sticking issues and these sticking issues were not resolved from that come on paper. one of them is with regard to what is the, the burden of bureaucracy basically. and that is in terms of declarations in tongues of the different aspects of the regulations, of both businesses, all kinds of bureaucratic regulations. that's number one, number 2 with the oversight of the european court. and that is in terms of having, like the european court, having jurisdiction over the northern ireland could just imagine the u. k. having jurisdiction over something like corsica in from all bavaria and germany. i mean absolutely ludicrous. and the 3rd issue is with regard to not only just jurisdictions, but the pet passports, and medicine and products and oversight in terms of everything to do with pets, won't but also ludicrous to the british. so those 3 areas were not address. there
will concessions, however, made by the e. u. 80 percent of all the checks that were taking place in the irish sea had been lifted. so the e u has made a number of concessions and they've made concessions in terms of medicines. so they've lifted a lot of those concessions that were, as we talked about before, the sausage was on dairy and meets cold cats and medicines of now being free flowing in general, banana. but the 3 issues i 1st mentioned have not been solved. now we know that this is kind of been this ongoing, back and forth for months now, and we keep hearing this threat of article 16. what exactly happens if article 16 is invoked and how much of a threat is that the article 16 is actually able to be invoked by either party. it could be vote by the you or the u. k. and it is that any drastic situation that is at least a threat in terms of economic issues, environmental issues, societal issues, and if those are all the vague actually. so what is a threat to the society? but it says that she's a threat. and then article 16 can be invoked. what exactly is it?
well, it means that all things agreed to in the withdrawal agreement, could actually be suspended. well, from the case perspective, that would mean the suspension of all these checks in the irish c, which is actually from the case perspective, not such a bad thing. what the e, you does not want is a back door into the e u for the u. k. products for the meat from the cold cuts and everything else. so from the you perspective, of course it is, it's quite reckless and drastic, but not necessarily from the u. k. and also don't forget, the u. k has numerous trade agreements with lots of other nations and just wants to keep trade going with the island, which is of course a part of the u. k. so at this point we're kind of, you know, at this had we've been doing negotiate on an audit. odd. it doesn't seem like i think it's going on and we hear more and more that it looks like we're moving towards article 16. i think the british are really going to do that. i think that the, they're sticking to their guns saying they're going to do it. i think saying that
they're going to do it. they're going to stick to saying they're going to do it. yes. because there have been more and more concessions from the you and when the bottom line comes down to it, i think the, the u. k would trigger it. i think they would, but i don't think that they would have to, i think in the final analysis that you has a lot more to lose than the ok. and so you think they will be able to come to terms at some point then. oh. 7 my hope so because actually what would happen if they don't is it just means everything is going to be suspended. like i said, all the rules and regulations will be suspended, which is what the u. k would be fine with anyway. and then things go into arbitration and more negotiations, which actually could go on forever. i think the side of the thing is it's, it's a lose lose situation for businesses due to the uncertainty. and i have about 30 left. but when the drop that date on this, i believe this morning, oceans going on until next friday, november 12. and so if not, if not we might see article 16 if we can get a lease that's the current threat. but i don't know, and we'll see what happens. discount we can tell november 12th taylor ford, which are the british american business association. thank you so much. tasha and
the tweets of the world's richest man have been known to have an impact on the prices of stock than crypto currency alike. and what teslas c, e o l must spit saturday. well, it was no different driving the company stacked down by as much as 7 percent ever posting a poll on twitter that asked much is made lately of unrealized gains being a means of tax that void. so i propose selling 10 percent of my tesla stock. do you support that? now more than 3 and a half 1000000 people responded to the full with yes. winning easily must follow up saying he would abide by the result. now, earlier this year said he would likely sell a huge block of his shares in the 4th quarter due to the expiration of some options . now we know that what we've seen from this is that he was expected to be facing a $15000000000.00 tax bill or tax bill rather anyways. so it's not necessarily a surprise, but it is interesting that it played out on twitter. you know, we talk
a lot of times about how you must be a bit of a troll. well he was leaving it up to the twitter troll so well and obviously, and he even mentioned that himself. he said look, i don't actually take a salary. i don't get bonuses. all my money is put into stock option. and so at some point i am going to have to pay taxes, and that's how i'm going to have to do it is to sell it. but interestingly, he made point to say he will abide by it. and frankly i, you know, i have no problem with this except for there is a lot of investors out there who support tesla and they lost a buddy because of the lines. crazy tweets, it all goes back into that argument of exactly how it's going to play out when they're taxing billionaires, especially someone like you on who's value just shoot up in a single day and time now for a quick break. but when we come back is a good day for crypto currency. the theory has a new record high, but how to users recharge it. and a provision that was included in the infrastructure bill pass by congress for this gaps. and as we go to break, here's the numbers at the clothes, shoes. ah,
what happened? i make no borders and the keys and you as a marriage, we don't have a charity, we don't the vaccine, the whole world needs to take action and to be ready. people are judgment, common crisis with we can do better, we should be better. everyone is contributing each in their own way. but we also
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a welcome back, a very positive start to the week for crypto currency, especially a theory m as the world's 2nd largest crypto currency jumped 4 percent in 24 hours money to hit a new all time high above $4700.00. this as bitcoin as engine closer to record highs, once again eclipsing the $66000.00 threshold. joining us now to break all of this down, i boom, lucko, host an crypto analyst, chris b, i and ben swan. christy. let's start with you here. breakdown for us why a theory is surging. well, there isn't one specific reason for this move upwards. there's a whole host of reasons that's pushing both the crypto markets and the equity markets up in the san rally into year end. so firstly, we have the growing inflation concern, which is just pushing capital towards assets of high return, such as crypto and equities alike. and then we also have the positive news of the
big point atf, which is driving institutional demand and increasing liquidity. and so that was a big one thing as all summer long. we've had the negative overhang from china banding bitcoin yet again, and the uncertainty of regulations coming down. but it seems that wall street has accepted these risks and continue to view these risks as manageable. and then of course, we have the wave of the fi, an f t, which is still boomy, as the online community grows and continues to add more products and functionalities to the suite. so it is now up again, some fierce competition with rival tokens, such as salon and car dano and have a search this year. ease is still undergoing a major upgrade which will make the network faster and more environmentally friendly. so while we always focus on big point and ease, i think we should also point out that the cycle has been underway for a few weeks and has been going continues to search these smaller all coins that are primarily east space. they're going to be outpacing bitcoin, and right now demand doesn't seem to be leverage driven, which sometimes masks real demand,
but this increased demand right now it's in the spot market where there's currently very little sell side liquidity. so that's pushing the market up a whole lot, especially as institutional start buying a big coin in droves. there's going to be a real scarcity value at play here because you can't create more big coin and bend to chris is point bitcoin is nearing an all time high of 66900. where do you think it's headed? well, i mean, who knows for sure where it's headed? i think it's safe to say, and i think christie would probably agree with this. i don't wanna speak for, but it is going to hit at least 70000 probably. and may go even higher than that. and to the point that she just made right now, that is the key is that there is very little liquidity right now. so yeah, the, the whole e t f market, obviously, and the desire to get an e t f created the illusion of liquidity. didn't actually create a lot of liquidity in the space because christie is right. listen if you have the coin right now, are you selling your coin? anybody who has been going out there, i want to know who you are. if you're going right now does nobody's selling that
right now, and that's obviously going to cause the price to go up. you know, i'm wondering that makes bit going so significantly different than a lot of these all coins that are out there and you know, which ones i'm talking about. i don't ship in all these different points. you find on tick tock, right? for all you kids who are do your investment advisor, tick tock. but the reality is, is that there are trillions of those coins out there. you know, the big talk is, will ship ever get to a dollar because there's trillions of them and they have to burn them because there are so many bitcoin doesn't suffer from that big coin is unique in that there's a fixed amount. it's never going to go above that. there's never going to be an increase to it. and so the holders of those tokens holders of those coins are not selling those coins right now. they're going to hold them and they're gonna handle them for the long term, for sure. so i think what we really have to look at is, where are these additional points that have real value and how are those gonna move up? and i think points like her don't know, she's right. are going to do really well. and that's something i know you guys have both been mentioning on the show for
a long time. that the all point season is coming in and car dano is, is there, chris went to another point, the united states house of representatives past the $1.00 trillion dollar bipartisan infrastructure bill, which if sign into law by president joe biden would enforce new provisions in relation to crypto tax reporting for all citizens. how is this going to impact the users here in the us? well, the current industry was very concerned about this tax or partner requirement because that essentially expanded the definition of a broker for our purposes. the reporting requirement would be that all brokers before transactions under the current tax code. and this is really bad because the definition is just so broad and it would capture entities like minors and other parties that don't actually facilitate any sort of transactions. so another provision of the bill that's also trouble applies to o t c transactions that requires recipients of over $10000.00 to verify the send those personal information and record his or her social security number, the nature of the transaction and other information. so these provisions are
extremely troubling because with things like an f t, it's nearly impossible to comply with the law. and so despite all the pushback from the curb to industry, the senate has passed the bill without adopting any sort of amendments. so now the big thing is the treasury department has to explain how it plans to interpret the bill and push guidance, spelling out exactly how businesses and other entities will have to comply with it . because as of now, it's just so vague. there is no way to comply with it now, and what's your response to that? i mean, is this bill also uses the word broker in a way that is upsetting many people in the crypto community. why is that? you know, i think christie made a good point about it, right. which is that the term broker is not defined in this bill. you look at the word broker, it's basically everyone who works in the crypto industry. i mean, somebody out there explain to me how it came and who came up with the idea and how did they come up with the idea that a crypto miner is also a broker? i mean, where do you get this definition from, you know,
words have meaning. and so one of the big problems i think that we've seen with the fcc and we've seen with the treasury department for a long time in the space, is they want to take up old language and apply it to new technology in a way that absolutely does not fit as the old. busy adage was trying to fit, you know, a square peg into a round hole, it doesn't, it doesn't fit. and so i think this is a huge problem and a lot of people in the crypto industry are upset about it. they're, they're very concerned about this because you're really using very vague language and then what kristi also said, which is critically important. so congress is supposed to make the laws. right. and so that's what congress is doing here. they're creating a law. but by using this very unclear, vague language, you're now actually allowing the treasury department, the justice department, in some cases the, i arrest the fcc, you're allowing all of these drop proceeds within the government to actually create the law in the way they interpret it. congress actually defined something before you pass the bill about it that way. that way everyone is clear on what this is and
then the enforcement agencies should be enforcing the law that's been written. not some vague terminology that no one really understands that then these different your offices can make up the law. and that's what they're actually doing here. those your offices are the ones who will write the law because it's too big for anyone to understand what it me there certainly has a lot of stay here and it will definitely be interesting to see how they go about trying to enforce those laws. moving forward, boom bus. kristi i and ben swan, thank you both for your time today. thank you. 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 apple app store by searching portable tv. portable tv can also be downloaded on samsung smart tv, then roku devices or simply check affordable dot tv will see you next time
with a good day again to lowball macro economics. and once again, visit the treacherous path of our central planners to control the money printing or empowering ourselves to be more efficient or quicker with our transactions. we can make mobile payments from our sons. the truth is that every device is a potential entry point for security attack. i think a lot of them, again,
but only eventually there's malware on thousands, maybe sometimes millions each day. they use the cyber, they use the technology as an extension of traditional crime. artificial intelligence has not many main threat. this is due to the 3 laws of robotics. one of the things that is happening at the mini cyber implants right now, i'd be where it really worried about it. most people would equally be you calling for a chip in my right. so there has been a lot of progress from the hacker side using ai and using other advanced technologies because there has been on the defensive side. ah, oh, is your media a reflection of reality? in the world transformed what will make you feel safer?
isolation for community, are you going the right way or are you being led to somewhere? which direction? 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. so what we've got to do is identify the threats that we have. it's crazy confrontation, let it be in arms. race is on often very dramatic development. only personally and getting to resist. i don't see how that strategy will be successful, very critical time. time to sit down and talk
with both deadlines and arthur clashes here, gas and chaos. at the border between poland and bella raised the migrant crisis deepens with refugees trying to force their way into polish territory. meanwhile, france, you carry trade flows directly with number of illegal migrants, make it across the channel into england. we hear from locals on the french side. you know, they are under the impression that when they arrive, everything will be easy. in reality, it's not at all like that. the story is about those who helped me cross because it's not migrant to buy the boat. it's always the traffickers and the climate of fear inside the baby see surrounding stories on.