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tv   Boom Bust  RT  November 23, 2021 1:30am-2:01am EST

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jerome pal will say on as the fed chairman, it appears and president biden will also nominate fe, governor les brainerd as the vice chair of the central banks board of governors. but in the statement that we just read, president biden the same, we need to build upon the economic success of the past year. it's obviously spin, no doubt about that. but come on, economic success as a result of fed policy. what am i missing? it doesn't seem like you're missing a thing and by the way, thank you so much for having me on this afternoon on this historic day. you're not missing anything. there's to call this year at economic success when a pound of bacon yesterday at the grocery store was $9.49 is absolutely ludicrous. inflation is eating americans alive, especially though the lowest income earners inflation is a regressive tax. and it's also hurting the, the fixed income, the retirees of the world, who they don't have the capacity to spend more at the grocery store. they don't have the capacity to fill up their gas tanks. when when gas prices go up, they don't have the ability to pay a much higher rent if their rent is increasing by $10.00 or 15 percent. they're on
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fixed incomes. so i think what he's, what he meant to say was that he wanted to ensure stability in terms of the fact that the stock market not going down, which is obviously part of the fetch mandate and, and, and accomplish through the conduit of, as you said, keeping that printing press going 247 monetizing every last penny of us debt. yes, absolutely horrible. you know if you're rolling down a hill right, you're crushing and falling and tumbling over yourself. it does create instability to stop yourself at some point. and i feel like that's what they're referring to when they're trying to keep stable, stable, they fall down the hill and keep the momentum. but it would be easy for us to sit here and beat up jerome powell all day long. we could probably do it for the entire hour, but honestly the issues with the fed, they are just power issues, right? that the very nature of what the fed is trying to do, whether it's drone pal in that seat, whether it's janet jaelyn doesn't really matter. they want to manipulate the economy in a way that allows for the most control over markets possible. they believe that's the answer right. the question is though, because it doesn't seem to work what needs to be done to deal with the broad scope
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of what the fed does to have a meaningful impact on all those things you just talked about were real. people are feeling incredible financial pain right now. well, clearly we need reform at the federal reserve. clearly we need individuals who are appointed in the name of diversity. and when i say diversity, i mean intellectual diversity. i mean, true sources of pushback on these policies that have proven to be such failures over the years. and you know, the idea of, let's keep the continuity of j. powell going, we, we also have to, i'm going to push back a tiny bit though, because j powell does have ultimate, vito authority in the same manner as the president of the united states, in the sense that he is going to continue to push back. i think against the fed being mandated to control climate control to for climate control. that's not something that the fed has the tools to do. i think the j. powell, well, we'll stop. we'll draw the line at negative interest rates or having
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a central written digital currency. so what i'm trying to say is it could have been worse. you could have appointed, so he biting, could appoint somebody who is even more devilish and would have made the progressive happy, but probably not been confirmed at the senate, but clearly, clearly we're so far past. do i read a whole book about it? we're so far past due when it comes to fed reforms. it's an embarrassment as a nation to have an entity constantly trying to do to take away the value of the u . s. dollar. there are accomplishing it alongside fiscal stimulus gone wild, and it's hurting those who need inflation to come down the most. yeah, absolutely. and obviously what you're referring to when you're talking about the, the climate change issue, a lot of democrats overly, some of them were angry about this renada nation of drone pal because they want him to step in and do that. they think this is a mandate of the fed as actually control climate change issues. but let's, let's ask you this though, because the fed what they are doing, aside from what they're not doing, what they are doing, right, slashing interest rates to 0. that's obviously happened over a period of the last couple of years,
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purchasing trillions with the t trillions of dollars a government debt offering to buy trillions of dollars more in loans and other assets to back stop credit markets. there are many people and i'll just be, be transparent here, including myself, who believe that the fed is destroying the economy and believe that the fed is destroying the value of the u. s. dollar. is there any positive side right now to any of these policies? i think, you know, in the, in the, in the long term look in the long term we're all dead. right. but also in the longer term, rome fell in the longer term. the british pound, sterling fell. and if we continue to do this, if we continue to facilitate as a nation, to basically back fed policy, that creates zombie corporations. they couldn't even cover their interest expense if interest rates were even remotely normal level, instead of at the 0 bound where they are. if we were only able to get rid of the dead would in the system, then we would be a much more productive nation going forward. and we wouldn't be at, at such
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a risky, vulnerable point in world history. so i think we have to, to keep in mind the damage that the federal reserve is policies since 2008 when they 1st went into it when they 1st took interest rates to that 0 pound when they 1st started buying. now up to 8 trillion and more dollars of us securities to blow their balance sheet, these policies will eventually threaten the stability of the u. s. economy. and i think that that needs to be addressed and recognized. yeah, absolutely. in the future, we're all dead. maybe in the future we're all broke as well. but stand by daniel, because i want to bring into this conversation or top of your emergency, the seo of openness l. l. c. and octavio at a time when the new seems to send any kind of news. right seems to send the stock market into a tailspin. i have no doubt the wall street probably wanted to hear that nothing's changed. in fact, they're the ones who benefit the most. i would think from the re nomination of j pal to a 2nd term for the markets. is this good for markets?
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a certainly seem to be today. i think it's very good for marcus, at least in the short mediums of such a power has been a fantastic support for the market. i think he's on for then move the market. any fed chairman in history. i mean, he's been actually sensational terms driving marcus up look at all the programs he put into place all the monitor policies to kids. so he sort of invented on the fly was it was absolutely storing it just when i thought he had run out of trixie, come came up with a new program and buying new kinds of securities and bonds like that. so. absolutely. so he's been fantastic for markets and of course, marcus, very happy to see him. the question is, how good is this in the medium term now? and it's looking like he's reached the end of the road and his bag of tricks, i think. yeah, my expectation not audio is that if anyone group in the world we're talking about here, right, is excited about this idea of more of the same or what president biden referred to in a statement as economic stability and success. it would be wall street, right? because after all, the fence policies, cheap money,
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abundant cheap money. and if your world is to take on debt into leverage debt, this is kind of been a dream scenario. and again, we see that with markets up today, they're very happy about it. but how does the fed when wall street off of its increasing dependence on these policies without ultimately causing a crash? i don't think it does. i don't think there's a way to do that effectively. so i think what's going to happen is the going to start to win wall street. and when that happens, people going to run for the door that we're going to run for the door the same time . so we're going to see a quite rapid crash once that happens when that occurs. but i think we've seen in terms the biden instruction, some of the comments that maintenance in recent days in recent weeks is probably what's in the offering for us because inflation is becoming an enormous political liability for the administration. and they're gonna have to do something about we have to show that could be taking a hard line on that. and we've heard them starts making noises about looking at corporations. price gouging and increasing prices too much, and the oil companies are forcing the price of oil too. i. i think the getting very,
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very close to stock say in certain sectors, at least oil. i think the 1st one, the look at is actually pushing some of the price control into place and doing that . and that's can be very, very bad for corporations and very difficult profitable if you're looking at the price control regime. i expect that to start with oil and then expand out into other areas in the coming months. yeah, and that's going to be interesting to watch how that plays out. danielle, same question to you or give you the last word here. fed policies. as i mentioned, they feel like they're creating a level of complete dependency. markets can't be sustained without intervention in the future and everyone's afraid of the pain. every, every addict is afraid of the pain of cutting out dependency because there is very real pain. last word here. absolutely, i mean all you have to do do is look back to durham pal other 1st year in office 2018. so we'll have to wonder what 2022 looks like going forward. but in 2018 when the fed did try to normalize policy in 2018, when the fed did attempt to shrink its balance sheet. boy markets did not like it one bit and it forced within
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a year's time at force. what we now know as the power will pivot in january of 2019 and markets have been going straight up ever since then. that's outside of the covert flash recession for 2 months. recession and it's actually proven to be the best thing that's ever happened to the stock market given the violent rally that we've seen ever since then. is our investors addicted to fed liquidity? absolutely. it will not be pretty if they truly try to normalize monetary policy form or fed inside, or daniel dean martino booth october. we're in the of open with that. we'll see. thank you both for all of that. thank you. all prices were up on monday, but still down overall from the past few weeks, there is a lot of pressure on the oil market right now. things to rising over 1000 cases in europe and in this potential release of japanese and indian oil reserves. in fact, prices of the brand and west u. s. west texas intermediate w t, i crewed benchmarks. they feel more than a dollar and early trading hitting their lowest levels since october 1st. so that
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is good news for oil prices. hopefully it translates into lower gas prices. at the pump, remember oil prices, they're all driven by speculation. and one way to get prices down is to create supply, but not just create supply. have a plan for abundant oil. i want to talk to edwards about this former chairman of the permian basin petroleum association. kirk, thanks for being here. a been thanks for having me today. absolutely. so let's run through these numbers. just the news alone that the u. s. may open up the strategic petroleum reserves. and the idea that india in japan might do the same. i'm really not sure that can happen in japan because under law there it prevents using strategic reserves to lower prices. but again, the, at least the appearance, right, of more supply should be causing price at the drop. correct? well it's, it's interesting been because you've got 700000000 barrels of oil. busy in the strategic petroleum reserve, and we probably use 18 to 20000000 barrels
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a day to day here in the united states. so as you would say, quite a dumping of oil from the s b r to affect crisis and they can't get it out that fast. it may be 2000000 barrels a day and if they can get it out of your, it can only go to a certain number of farmers. they can't go to the east coast. you can't go to the west coast. so to me it's all smoke and mirrors. the strategic petroleum reserve is supposed to be there for our nation in crisis or catastrophic climate about that might happen, which is not what's going on. there's plenty of oil in the world, and you shouldn't be trying to affect the price a politically what the in the link of us are using right now in the senate in the house. why that? i think that's a really important point, right. the fact that this is not an emergency situation other than an emergency of the administration's creation. we'll talk about in that in the 2nd. but on friday, just as an example, right, the white house, once again, pressing opec, an opec plus to increase production. fascinating. because many critics would say
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that the u. s. just 2 years ago was actually competing with opec, not begging opec to do more. why can't we get back to that situation? and is that entirely? again, a crisis of our own making. when you see us in the permian basin, they're going to produced $4900000.00 barrels a day in the permian, which will be record in the month of december coming out. that's incredible that we could do this in this country, but yeah, we have our administration look into overseas, asking them to increase production, but not put people back to work and get good clean. and that's what really is support here is the cleanliness of oil that we produce here in the state versus coming out of opec or bruship. we're especially canada, where we're importing for 1000000 barrels a day, easily the dirtiest all in the world, from how much they have to plan to burn their tar sands up there. so we should be putting people back to work here in the permian basin in mexico. and mexico too, because that's what's important for this country to get jobs in the keep people
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work here working here in our country. yeah, you mentioned the gulf of mexico. let's talk about that for a minute because he was immediately after taking office president barton and now it's a temporary pause on the new oil and gas leasing on federal lands and waters. but then just a couple of days ago is administration quietly put 80000000 acres of the gulf of mexico. it's an area by the way, twice the size of florida on the auction block. it happened on wednesday energy companies by exxon mobil. they place the bids. i think on just total about $1700000.00 acres. so the question is, this is president biden kind of forced to stealthily drop prices by doing this without actually saying how he's doing it. so he doesn't get criticism from the left in this party. well again, i think he ran on the premise that he was going to bam, all the drilling and get rid of all the oil is cut off. we can't do that. you saw in britain in nor see all the wind died down for a couple of weeks there. and then everybody went into an electricity crisis. we can
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have that happen in our country and we need been all forms of energy. we need to, when we need a solar wind power this out there, we've got to have an oil and gas until we can transition to something else in the future. but for right now, we can cut off a gas in this country, and i'm pushed it really of the, by the administration, looking back favorably on oil and gas. this is probably the 1st step that we've seen is at least going on. but we have to be similar, we don't, we asked for united states producer to produce this overhead and put people back to work. and we've got plenty of what we could drill in the permian that the code has a nice feel. and everyone else in here in the united states, if the administration will let us do. but the administration's not right now you, you pointed out that they're kind of looking back. but my, my question, and i'll give you one more on this, is that it's the administration to whispering back that, hey, let's go back to fossil fuels and get some more, you know, pumped because we needed to lower gas prices. it feels like if you, if you just make some noise about this and say, we're taking a hard stand,
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a gas prices are too high and we're going to fix this problem. the prices would automatically drop to some extent if you'd actually take action. because so much of it's based on speculation, i give you the last word. well again you do like control. busy the world all priced in, so whatever their actions are right now. also, we're see coban jump back up in europe. so that's creating a softening, effective demand that's going to take place over there in another part of the world . and until we can get everybody on the same flat field knowing how much energy we need this treasury is a very interesting balancing act that we have to have in all parts of the world. so i'm very optimistic the we're going to have good production in the state of head, and i think it ministration is thing that we've got to have. and we've got to have these jobs going forward. and i'm hoping this is just again to start the stuff under this administration category, formerly of the permian basin petroleum association. thanks so much. thank you.
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well, i'm now for a quick break, but when we come back, we're going to take you back to the british isles. where trace engine continue between the united kingdom and the european union? we'll talk about it with hillary ford, which are the british american business association. and as we go to break, here are the number that the quote with
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a shape out date because of the applicant. and engagement, it was the trail. when so many find themselves will depart. we choose to look so common ground. oh yeah, we're still an al, sabotaged our in san salvador. it's all popping off here. the country is that the big one is legal, tanner's, transforming the country, transforming the people, transforming the culture, transforming the regional micah with
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with what about if you watch the show regularly than you probably know more about briggs than most of your friends, or maybe all of them, you also know that the u. k broke away from the you in an act of self determination . and you know that at times it's been messy. but you probably don't know, but you're about to is about northern ireland. it's a british province that shares a land border with the u. member of the republic of ireland and post brags it, there been a lot of issues between northern ireland and the you. but now the european union says there has been progress in meetings to fix those issues with again northern ireland. so one of those issues who benefits plan that hillary florida, which board member with the british american business association. hillary good to have you here? pleasure back to so let's start with the kind of the biggest issue here, right, the trade issues between the you and northern ireland. what exactly are they? everything that trade issues cover everything to do with goods and products and
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services. and there are, there are checks and border checks, and this is a huge issue. i'm just going to give you 3 small examples, which is totally an ugly indicative of the big picture. one. there is a welsh company that exports lobsters. and when those lobsters have to go to spain, the e, you actually will stop them at the border, including that you border that is that border now in the irish, see, because the color of the ink from the inspectors was the wrong color and hold them up for weeks, well, lots of can't wait for weeks till they get to spain, and this is what the e u is done by imposing this border. second example was that, am donuts that have cream in them. they have to prove that the insides on sausages before they get into the a you across that irish border. and the 3rd one is that the queen's jubilee is coming up next year. and in ireland, just like in the u. k, they want to plant oak trees for the jubilee go now the soil going into northern ireland has to be proven that it's not contaminated. so what do these 3 small
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issues indicate been they indicate that a lot of these trade issues are to do with the excessive controls, an excessive regulations that the e u has imposed. and that was the very reason for breaks it. it was these bureaucratic burdens that were imposed on businesses. yeah, exactly. by the way, how do you, how do you prove that the donor has cream in that sausage? right. ludicrous. maybe cut one open, but there's, there's a, a bullying that's happening here. exactly right. minutia, it's pick how you yeah. okay. so then when we think about this original briggs, it agreement, right. deal between the u. k. in the you to say we're going to officially separate of us. there is something called an emergency break. yeah. that was built specifically for this purpose, right? to say yes, if you, basically, if you're poking at us, if you're creating problems, if you want to have a trade war, we can have a trade war, right? so it was, it was actually, it's unilateral. it's on both sides, either side can call it and what it's called is article 16 article 16 is supposed to be in terms of any excessive disruption of social life, business life,
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anything that affects the community and this has been affecting the community. it's been adversely affecting businesses adversely, it's affecting protect, affecting particularly medicines, going into northern ireland. the pharmaceutical checks are abhorrent and particularly those of diabetes and heart issues. the pharmaceuticals are being checked to such an extent that does excessive delays, and that's one of the main sticking points and trade issues. and so again this, this comes back to this idea. the break that happened in the 1st place because the u. k said, we don't like this bureaucratic good idea how to buttons, right. and so instead what we just make trade sales and will operate on our own. we don't need yes. and this trust actually the voluntary secretary, now foreign secretary, she implemented 68 tray deals with the rest of the wall. so there's a lot of what a lot of people saying is let's just pivot and, and turn to the rest of the world. let's pivot to asia, let's pick pick, pick indo asia that's pivot to the pacific and that's what it basically being put forward rather than dealing with you. and then then the other thing was you people saying, which is why put the border in france, put the border at the french border?
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not, not. and not in ireland. yes. right. and you mentioned about the irish c, right? so that's also problematic because in this i guess scenario in which you're trying to fix it, you would essentially be saying then, so let's not send the lobsters to spain will send them someplace else. right, and work out, build other place. yeah. other places in the world, i lutely, but of course the issue is an issue remains that i'm southern ireland, the republic of allan did vote to remain. and that's why there's this border now, which means that you really stop at that border in island and the debate about crossing back and forth over that border, even though in the past, it's never been an issue. still an issue. now i can even say christmas, for example, people passing across the board to visit relatives and friends. they would have to have pet passports to even cross. now, what has been called as is it been called as actually this is not the full fact. now this is skim milk legislation because it's only been adjusted full fat. in other words, all of these regulations, the checks are supposed to go into effect in january. and what both sides are
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trying to avoid is all of those checks going into effect in january. sounds like a mess hillary forward with, with the british american business association. you made it clear. thank you so much pleasure. finally, today i want to talk about my 2nd favorite country in the world. el salvador. yes. the soon to be bitcoin capital of the world. why soon to be because el salvador not only has made big coin legal, tender, but the country is now planning to construct something called big coin city. oh yes, bitcoin city will be constructed near a volcano. it will be funded by you guessed it, bitcoin, the country president announced saturday, the coined city will have residential and commercial areas, services, entertainment restaurants and an airport construction in the southeastern part of the city. country, excuse me, will begin in 2022. the city will have no taxes except from of that tax, a value added tax love them, paid them, doesn't matter. because regardless of how you feel, el salvador is experimenting with concepts that so many people in the austrian economic crypto currency space have only theorized for decades. in el salvador is
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now testing those theories. a beautiful thing. well, that's it for this time you can catch boom bust on demand on the portable tv app, which is available on smartphones and tablets. you can get it through google play or the apple app store by searching portable tv. portable tv can also be downloaded on the smart song. samsung, smart tvs, excuse me, and roku devices are you can check it out at portable dot tv. and we'll see you back here next time. ah, oh, i saw a message from an unknown account because it had a selfie with my passport as its profile page. i saw pictures of my documents. it was they also sent a credit contract. if i had just 3 days, you know, comply with their demands. if i didn't send money and they sent out an online hate campaign, i was supposed to be
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a very dangerous man. oh, is your media a reflection of reality? ah, in the world transformed. what will make you feel safer? high selection for community. are you going the right way? or are you being that somewhere? oh, direct. what is true? was his faith in the world corrupted. you need to descend a join us in the depths or remain in the shallows.
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herman, by drink shaped banks, concur some of those with theirs. sinks. we dare to ask about money laundering person to 3 different. oh good. this is a good start. well, we have our 3 bags all set up here, maybe something in europe, something in america, something overseas in the cayman islands. you know, all these rights are complicit in the procedure. we just have to give him a call and say, hey, i'm ready to do some serious my laundry. ok, let's see how we did. well, we've got a nice laundry watch for stacy. oh,
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beautiful jewelry. and how about ha ha, luxury automobile again for mag, you know, it, money laundering is higher, legal. don't watch as a record. and people is something they can't ride on police report. it's an all cash in december 2020 a group of anti fascist. sell out a film crew access for 3 months. so like if people, organization, if an idea that it must be opposed that channel out the game 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 united states as gotten reuben. this is a chance to see who on t for really are in order for me to extract my 1st amendment right and say that my life matter, i have to be on to the teacher. that's all american. we can't trust the police,
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we can't trust the government. we can't trust anyone except ourselves to protect ourselves in. oh, it seemed wrong. i just don't know. i mean you world is yes to shape out disdain to come to the african and engagement. it was the trail when so many find themselves worlds apart, we choose to look for common ground. ah, ah, ah, ah, ah, ah,
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ah, ah, ah, ah, ah, i
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i was i will never accept that it is under the guise of being dissatisfied. you share violence against the people. the dutch prime minister lashes out against protest is colin and idiots after night, sir. rising against tough need coffee restrictions. that his case is serge, unlocked times array imposed across europe. meanwhile, in the fight against hybrid russian scientists kind than you, nasal spray vaccine may effectively prevent transmission of the virus. we speak with one of the developers. and also this our in new york, a survey has revealed that more than half of the cities police offices wish they had never joined the force. we hear from an active officer about the increasing pressures they face the we have to work through officials.


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