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tv   Boom Bust  RT  November 20, 2021 1:30am-2:01am EST

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it's a for to miss, i'm been swan and i bridge a bore in washington coming out of failed fact better package is now headed to defendant. after that house passes the nearly 2 trillion dollar bill, which the key piece and president jo biden's, economic agenda will break down the numbers and discuss what this could mean for the economy plus local market. they're trending down this week will go over what's been moving markets and some of the world most important economy. and finally 1000000000. jeff a. those predicts that the earth will one day be a tourist attraction, as humans will student habit space. what he's talking about, we're going to cloud on him a little bit and we'll discuss it seriously. we got a lot new, so let's get to it. and we begin with a vote in the us house that was really months in the making. the house voting to approve the $1.00 trillion dollar social policy and climate change bill friday morning. the advance is a key piece of president joe biden's economic agenda. the build back better bill passed by a vote of 222200. 13 mostly along party lines with one democrat voting against it.
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democrats initially hoped to pass the bill thursday evening, but an hour's long speeches essentially, a filibuster by house minority leader, kevin mccarthy slamming the legislation prompted democrats to postpone the boat until friday after 8 am. let me be clear. never in american history has so much been spent at one time at one time, never in american history will so many taxes be raised, and so much borrowing be need to be needed to pay for all this reckless spending. so that both postpone or speech postpone the go to friday morning and then the vote was held. the bill is passed. so where it goes now is the u. s. senate. so what is in this bill? a family benefits. $585000000000.00, including universal pre k and 4 weeks of paid leave. in acura immigration reforms in their $100000000000.00, individual tax credits plus cuts. $210000000000.00 for health care. 355000000000
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for climate infrastructure. $555000000000.00 to reduce or delay t. c. j. a base broadening and $290000000000.00 for other spending and tax cuts. it's a whole lot of money. so let's bring and boom. moscow has christy i to talk about it with us. christy got to tell you this bill is enormous, but rather than debate, what's in the bill? let's talk about where the money's going to come from. because the truth is the fed is just printing this money. they're literally creating it for the purpose of this bill. how is that gonna further damage the u. s. dollar and contribute to inflation? i kind of already said the fed is just printing more money out of thin air for the purposes of this bill. that's how it's damaging. so instead of budgeting and planning, they're literally just winging and saying that, oh, this inflation problem, it will eventually resolve itself. so the fed has had a couple goals and mandates and objectives that they have to achieve according to them. they need to promote maximum unemployment. they've made a promot stable prices and moderate long term interest rates. so based on its
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recent actions, though, the fed reserve has failed in basically all 3 of those spheres. so 1st the balance sheet in 2008, the federal reserve assets to less than one trillion, but by 2019 it's we're isn't about 4 trillion and as of november of this year, it's balloon to almost 9 trillion. and this bill would just add more, seeing that it was not budgeted, nor was it as a lot of democrats claim paid for. so secondly, for more than a decade, the federal reserve has also only trillions and trillions of dollars into the u. s . economy. during that period, i also maintain ultra low interest rates, which has led huge distortions in the economy. so make no mistake, the more dollars a federal reserve puts into circulation, the less each dollar is worth that just basic economics. so hence, monetary policy has set the stage for ramp and long term inflation. so right now, questions are being raised about whether this increasing government spending will drive up in place to even more. and these measures will funnel a substantial amount of federal funding into an already over he's economy that has
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the fastest prize and consumer prices in 30 years. so supporters of the bill claim that inflation will be moderate by the middle of next year in the supply chain. issues will work themselves out, but that's the same as saying that inflation was transient and in most cases, inflation doesn't just magically work itself out. that's what fiscal policy is supposed to do. i don't know, chris, i mean they've been talking about how great the economy is, is doing so well. that's where the inflation is coming from. and it is, of course, as they say, transitory separate. but either way, democrats are aiming to cover the cost of the social safety net package through taxes and corporations and more money for iris enforcement. the real question, of course, here is how does this impact the average person? it doesn't help the average consumer. that's for sure. average consumers right now, just care about their immediate problems, such as inflation, especially groceries and gas bills. right now, inflation is on everyone's mind as it weighs on consumers purchasing powers,
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because wage averages have failed to keep up with accelerating prices. and this legislation could worse and inflation citing that climate policies would raise oil prices for consumers. so that actually makes matters worse. the administration has terminated the keystone excel pipeline and stop all new oil and gas leases on federal lands, which has basically caused the cost of energy to skyrocket. because energy is a key component in nearly all economic activity. and the administration's energy policy is adding more inflationary pressure to the equation, not less. and while the current bill is now targeting billionaire corporations and what they dab as the ultra wealthy to slit the bell with higher taxes, who is to say that they will put up with it. there will be a mass exodus of talent and wealth and the u. s, as people try to protect their wealth, as they should seeing it's just hard earned money. the u. s. was want the land of opportunities and now all of that is just be sucked right out. so the average person is unlikely going to see much benefit from this,
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but the middle class should also watch out because they won't stop with the billing as because 1st they come for the diners than the millionaires and then the middle class. so i don't think anyone is really safe here, you know, to be honest with you. i'm not sure they're coming for the billionaires at all. i think they're coming for every one else. but in reality let's, let's break a couple things down here. this bill's got a long way to go right if it were to become a law, because 1st of all, it would have to be reconciled in the senate already. some senate democrats have said they're not gonna vote for it as it is, which means you're gonna have to come up with the senate version, get reconciled in the house, has to go back and vote again. right. having said that, though, let's talk about this issue of iris enforcement. once again though, i think this is incredible. so kevin mccarthy, in his very long speech last night, made 2 statements that stood out to me one. he says that in this speech the iris will hire 87000 new agents as part of its enforcement crackdown which that, that number alone if correct. and i have not been able to independently verify that's true. but if that is number is correct, it is absolutely staggering. to think of the iris would add $87000.00 agents. also,
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he made another statement. he said that the iris would be going after anybody or looking into anybody who spends more than $28.00 a day, which what exactly what that means, i don't know, but here's what i do know that for sure they, i arrest. we know once to look at anyone who in a bank account has more than $600.00. so when you claim that you're going after the billionaires, but you want to go and an audit essentially, anyone who has $600.00 in their account. it feels like you're being disingenuous about going after the rich and you're really going after everyone who doesn't have lawyers to defend them. absolutely, and you make a great point because people have just 600 dollars, 500 dollars in that bank account. they're not going to be able to afford accountants or lawyers, and a lot of them are going to make mistakes on their tax month and file incorrectly. and they're going to be liable because they has committed a crime. and they're going to be liable to pay all these tax passes and penal taxes back taxes. so and really, who wants more enforcement and regulation? because that to me is the biggest waste of money. rather than investing on innovation and advancement,
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you're spending it on restraining industries and putting more burdens on companies . but unfortunately that is in the bill because apparently that was actually the only way for supporters of the bill to basically fin nagle, the numbers to make it work for the c b o. and the budgeting me, it basically estimated how much increase tax collection can result from expanding the irises budget and workforce and keyword. it's an estimate. so essentially without any sort of stipulation, the bill will not be able to fully pay for itself. and basically this legislation would result in a net increase in deficit. totally about $367000000000.00 over the period of 2022 to 2031 as a result of this additional spending. but now that's the beauty of estimates. you can also just overestimate and make up a new number of how much you can expect the iris to generate in order to cover the shortfall and say, hey, there's no more deficit and say that the bill is now fully funded and paid for, you know, trying to get blood out of a turnip as i think the term that we used to use both chrissy,
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i think so much for your analysis on this gift. ah. more to go trimming, mostly down for the week of investors continue to keep an eye on rising inflation supply chain constraints and this state of energy. we start in russia where the mo, x is down by more than 2 and a half percent through the week, taking most of the losses on friday with oil prices falling nearly 2 percent to end the week. the swing push russian stocks to nearly to month. the lows, meanwhile, russia's economy ministry is dixon growth in the 4th quarter of 3 percent year over year. as we have talked about earlier in the week, certification of the north stream to pipeline is on hold them in red tape in germany. that's moved to asian markets. the shanghai composite is by roughly half a percent for the week, rising more than one percent on friday alone. the games came in the logistics sectors as companies reported strong earnings sentiment did edge lower on us china
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relations. despite the virtual summit between president biden and she biden's comments thursday regarding a possible diplomatic boycott of the beijing lympics took a toll there in hong kong, we have a red arrow for the hung sank down by more than one and a half percent for the week e commerce diet, alibaba was the big story, losing 10 percent on friday after missing revenue and earnings for the 3rd quarter as concerns over a flowing economy in china took a toll there. ali baba rival, j d, did see gains more than 9 percent on the same day. shares and embattled properties for china. advert. grand group fell nearly 6 percent on thursday after selling their stake, streaming company, how you can moving to japan. the new k is down for the week, but just slightly, the index almost moving into positive territory on friday. investors looked at an agreement from the government on a $490000000000.00 stimulus package, as the nation deals with economic fall from covered restrictions. and the supply chain issues we have talked so much about as move to india where we have another
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red arrow for the 7 sex down by one percent on the weak. india's pay t m saw it's chairs fall by 24 percent in their 1st day of trading this week as investors were concerned over the business model, despite being india's largest ever i. p. o. meanwhile, there is some upside for the sense that says morgan stanley, through the 70 percent surge by the end of next year. and australia, the assets is down by about a half a percent despite the down weak ground resorts. so they're priced, jump more than 16 percent on friday after ports of a $6200000000.00 buyout offer from blackstone. earlier in the week, there were some good news that the reserve bank of australia said inflation wasn't as bad in the nation due to cheap energy prices and strong labor participation. and in south africa, we have a green arrow for the all share on thursday. the country central bank raised key interest rates for the 1st time in nearly 3 years by 25 basis points. the rate now sits at 3.75 percent. the move was in response to concerns over that rising
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inflation. we've heard so much about now let's go over the bandwidth more for europe in the america brand. thanks for that. well, let's head over to europe where it was, let's face it a very rough week. markets definitely reacting to new locked downs that are being imposed across europe, including in austria. and as a result, as i mentioned, it's been a rough week for markets. let's go to the u. k. first, where the foot c was down. this week the lennon exchange fell really pretty much all week long, but especially thursday and friday with much of the market responding to again that news that of austria of new lockdown and mandatory vaccinations for everyone in the country. it was the same story for the german dax, the french cack, which also watch markets drop, especially at the end of the week. the keep in mind, germany may be the next shoe to drop when it comes to renewed locked downs. germany's health minister did not rule out its own lockdown measures. moving over to south america where brazil's able best buy was also down this week, brazil's rio loss, one percent after a larger than expected rate hike, disappointed traders looking for an even stronger action by the central bank,
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heading over in north america. now, a little bit of a mixed bag this week, compared to europe, some north american stocks were up in spite of increased concerns about rising covey cases. in other cases, indices were down in mexico. bad news with the b, m, v. it is down for this week. meanwhile in the us, the s and p and the nasdaq, they were actually up things to a pop by tech stocks on friday. and it was that pop on friday that really saved them because the other us outlier, the dow jones industrial average was down this week. finally, we finish up in canada where the ts sex was down as well. the canadian stock exchange retreated to why don't we glow on friday as a 3 percent drop in the oil prices way down on a heavy weight energy stocks. and that is, this week's market walk sped as the global chip sort of continues to take a toll on the electronics and car industry's automakers. ford and general motors are looking to take the business to their own hands. after a year of shortages which caused production. slowdowns ford announced wednesday it
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entered an agreement with us semi maker global foundries to develop the much needed chips. meanwhile, gm is working on establishing relationships with heavy weights, like qualcomm and x p. meanwhile, a semiconductor analysts with gp morgan told cnbc that they don't see the supply shortage going all the way to 2023. that analysts told the network that the shortage will persist in the 1st half of 2022, but expects capacities to come on line by the 2nd half of the year. and then adding that as tech companies start to take on manufacturing themselves. there will be some relief. that's definitely good news and time now for a quick break. but when we come back, jeff bezos predict that one day the majority of humans will be born in space and visit earth like it's a vacation spot. just read that in there for a minute. we'll discuss the view for the future as we get a break or the number ah
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a oh, there's a patch of water around the try a seal island that's in contention between canada and the united states. northern government has suddenly become optimal for lobster. our populations here is exploded. one of the most valuable fisheries that's ever existed. suddenly you had me and canadian fishermen in these waters at the same time jousting for position and tensions or high violence is bound to happen. this is the last land border dispute between canada and the united states. it could be magnified to the point where there could be costs that would be significant to post countries. border
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dispute don't go away. it's assessed or something's going to happen. or empowering ourselves to be more efficient quicker with our transactions. but with that comes a trade off. every device is a potential entry point for security attack. any machine can be here. it's an extension of traditional time. the defenders have always been one step behind the attackers. a response to comes option in the offering. it's not a matter of, if it happens, it's a matter of went well the fund i make no, certainly no borders to tease and
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you parish as a merge, we don't have a charity. we don't to look back, see a whole world leads to take action and be ready. people are judgment. 2 common crisis with we can do better, we should be better, every one 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 massive, so many good people are helping us. it makes us feel very proud that we're in it together with ah
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ah, welcome back, and we often talk about the power and growth of the crypto industry on this show. but to be fair, we also have to talk about problems within that industry and no question about it. scams and crime definitely a part of the defy or the the centralized finance world. in fact, fraud and theft at the centralized finance platforms has total $10500000000.00 just this year alone, research showed on thursday. now, according to reports, cash has poured into d 5 sites this year, mirroring the explosion of interest in crypto currencies as a whole. yet crime is also booming in the mostly unregulated sector. according to london based block chain analytics firm elliptic users have suffered over $12000000000.00 and losses through crime at d fi apps. lending platforms and exchanges since 2020, with the majority of losses coming in 2021 alone. now, been a lot of times these analysts, they claim that the lack of regulation is the reason for increased crime in the dpi
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space. sure. so how do you see this stuff with us and i think it's fair. no question about it. listen in the crypto space, t centralized finance. there there's crime. there are people who are, are gaming the system there and they're cheating the system. no good. no question about it, but i want a couple names for you here. a guy named bernie made off the ever heard of him. he wasn't in crypto or defy enron. remember those guys out of the savings and loan scandals of the 1980s or the wall street rip off since 2008 by the way that's continuing on even to this day. remember too big to fail. so the problem i have with a lot of analysts, when they look at this, is they want to act like the crypto space is an outlier, right? wall street's perfectly fine. there's no problems there. but watch out for these, these crazy people in crypto, cuz that's where all the scams are. the entire financial system in america is built upon scams. so i don't see why a crypto will be different, though i will say, decentralized systems have far more accountability than ret government regulated plan. but it seems like it's, it's the kind of the same conversation we have every time we talk about
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cybersecurity at how the payments are being made in crypto currency. therefore, crypto currency as a whole is bad when in most crime cash is used. oh no question about it, but if you listen to the treasury secretary, you listen to any of these folks who talk about it, they'll say, oh yeah, money laundering and it's the currency of criminals, crypto currency as a, is it really cuz i'm pretty sure all criminals will take us dollars as well. in fact, they're happy to take notes, and some of the biggest criminals in the world are the ones printing the u. s. dollars chatting with. all right, so how about this amazon founder and the world's 2nd wealthiest man? he love that when you call him that jeff bezos predicted last week that humans will one day colonize space, and they'll visit earth as tourists during discussion at the 2021 ignatius form in washington, dc, where i believe he was dressed like professor x, by the way seen that video, the billionaire said that the earth is just too small to handle population growth,
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saying the earth can only support about 10000000000 people. while the solar system can support a trillion people and obey those also said that in the future people will move from earth to space. and eventually, humans will be born and miles long space colonies that rotate to simulate gravity with earth being akin to a trip to yellowstone national park bay. those who was the 2nd billionaire to take its trip to space earlier this year. he actually hates when you say that it has also floated the idea of moving, polluting industry into space. now there's a lot to talk about here. so joining us to do so is noted space expert and host no projected tonight. lee can now i'm an expert on sociopathic. i have you had me super villain, really to leave that there would be incredible projects of objective space. i mean, does it appear that maybe basis might be putting the car just a little bit before the horse here? well, of course, and, you know, the great irony is he saying, well,
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orth can't sustain this many people, but who are using the most resources, the billionaires, the incredibly rich oxfam, just put out a report saying, the billionaires alone are pillaging the planet. and so he's like all we can support all these humans will really we can support you japanese. that's what we can't handle. yeah. the, the problem isn't, isn't the number of people, though you would have to wonder if which of basis is actually saying as we eat a significantly limit, the number of people on the earth will send them all the space and then he'll charge them $250000.00, the 1st white earth, a visit to, to come visit beggars. so basically he's, he's gonna one day make us the space garbage will be, average humans will be fired out into space and you can come visit his house called earth if you'd like those. it is incredible though, that the japanese us has been not even to spain. let's be honest mother, he hasn't really been dis wait, he's made up just enough to see the curvature of europe. he's come back down, but now he's the expert, right? he knows all about it and the future of mankind existing in space is a little bit of a narcissism here
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a slight bit. yeah. they think they own humanity. they think it's their look, i'm not opposed to place to space exploration. that's not what they're doing. this is 1000000000 air space tourism is what this is incredibly wasteful. you know, what was it one trip on space? x is $395.00 trans atlantic flights worth of c o 2 emissions. and this coming from like a lawn must cause like trying to save the planet with electric, like it's laughable. and you know, they are pillaging the earth. and the truth is, they're extracting the resources to a tiny number of individuals. if you make the average amount of an amazon worker $35000.00 a year than to make what jeff bezos has, you would have to work for 5800000 years. so you might want to get started. yeah, that's pretty in lee. you know, i want to point out what we talked about there to if he wants to move polluting industry to space. so his company along with other multi nationals have ruined the planet we live on today. so let's get all the pollution up to space when apparently
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to him, that's where we're going to be living soon anyway. i mean, it's amazing. they've basically given up on earth. they're like, oh yeah, we've just treated it like a garbage heap. let's move on to mars. that'll be a lot easier. it's, it's incredibly laughable. both these people are insane law mosque and jeff bezos, you can throw in some others too. yeah, sure. yeah, they're in there too. but one of the last irony i just want to point out is to live in these pods that they're presupposing. you would have to have what sustainability in those pods you'd have to treat them very carefully. you'd have to like, not over use your resources, the opposite of what we're doing here owner as well. and to that point you, you mentioned amazon workers a minute ago. so one of the things that always strikes me about jeff, that's when he talks about, especially we're going to save the planet right by, by exporting all this waste into space and will, will protect the planet. but you can't even protect the people who are under your charge right now. you're breaking up unions when they're trying to unionize in one warehouse in amazon, and the amount of resource that he's put into that is almost like the resource he's putting to go into space. so how can you be trusted to protect the future of the
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planet when you can't protect the workers who are working for your right, right. these people don't care for human beings at all. and jeff phasers, his big innovation, the thing that has made him so wealthy is that he figured out you could exploit workers to such a degree that they just collapse on the warehouse floor if you do it properly. and literally we in one case, 10 years ago, people were just passing out. and one of the where i was because it was because they don't want to pay the air conditioner right in the right massive. whereas people are just collapsing. so what did they do? they didn't air condition, they got ambulances to park outside and be ready for when the workers collapsed. and that was a way of dealing with it. i mean, it said that the whole plastic bottle situation all over again as well. i mean, it just seems to me, i mean, obviously like we've talked about the narcissism, that is jeff basis, but it also just seems to be like, who does he think he is now that he gets the dictate, the future of humanity. this, in general, it's bizarre. yeah, they think they're bigger than governments, bigger than nations. i mean, a lot of money to it, hasn't he has to be
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a nation alone mosque? yeah. yeah, no, they're, they're getting there, they're definitely getting there because no one should have this much money. i mean, it's just, it's incomplete. socio pass there shouldn't be billionaires on this planet. and it shows a great flaw in our economic system. but instead they point to it and go look out. great. everything's working. no, it's the opposite. yeah. yeah, absolutely. i guess the, the other issue with all of this is the space exploration part isn't not only slowing down, not slowing down, but the government agencies that have been tasked with using taxpayer dollars for space exploration have essentially just handed it off to these guys. right. so it's, it's more than just allowing them to innovate and they have innovated and fairness . they've innovated in terms of, of getting to space. but e, now they've become the agencies in and of themselves like even the last words. yeah, yeah. and so what are they going to be used for? what is going to be used for things that benefit them or benefit their company? that is the difference between having a government do something and having a corporation do it, is he's not going to do anything that doesn't benefit with amazon or jeff bezos himself a. yeah, it's, it's terrible. i li,
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camp of redacted tonight. thank you so much for your and thank you. and that's it for the time you get boom boss on demand, a portable tv available on smartphones and tablets. google play in the apple app store by searching portable tv and portable tv can be downloaded on the samsung smart tv, or simply check it out at portable dot tv. will see you next time. mm hm. mm. new york is really what america's about ah, when our mayor took on place, he was elected because of his campaign on our city, being a tailor to sit in the house and the has not. and those who have not are usually the ones who weren't being buried on hard i. the city is always wanted to forget
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about hold island. city is wanted to forget about the people who are buried there. wanted to forget about the fact that there is a potter's field that there was a place where difficult stories are hidden. the fact that we're using inmates to maintain this active burial site, where 1000000 souls are buried. where so much of new york city history is buried is payment of the inequality that exists in the city for centuries. a seeing high levels, one certainty creeping in economic life. and i think with all the way of the disruption of global supply chains was seen. spike in the cost of energy. we're seeing a reappearance of inflation. i think all of these constitute on the economy, scroll down to sign risks, which could mean to tell you why that is still ahead of us. despite the moderation
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of the severity of the gaming. in people is noting the cause to ride on police reports in december 2020 a group of anti fascist, sell out a film crew access for 3 months. so like if people are organization, if an idea that it must be opposed, channel out the gate while they may kill their faces. but they can say what they believe in. we believe in helping our community. we believe that fascism is one of the major threats to the united states has gotten reuben, this is a chance to see who and t for a really are in order for me to extract my 1st amendment right and say that my life matter have to be on to the teachers that that's all american rejects for the
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police. we can't trust the government. we can't trust anyone except ourselves to protect ourselves in a police fire warning shorts. kellyville protests in the netherlands, which have left at least 7 people injured. meanwhile, austria becomes the 1st european country to make vaccinations mandatory author to come to sac each rate health not guilty in the us. the motion reactions from both sides of the political spectrum is kyle written, highest is found not guilty of homicide in the killing of 2 people at a racial justice prime test in wisconsin. and one of the f. b i's. most formative he was a key to taking part from the cap.

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