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tv   Boom Bust  RT  December 7, 2021 1:30am-2:00am EST

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he has a different country as the centerpiece and asia, the indoor pacific, as india, as a center please. and india would be, i mean to be really, it would be very poorly on the part of india to decline a methodology that could sort of the center piece and not any other country in asia. so the indoor pacific is betty stuff very much rooted now. it indian security consciousness. we want a free open of intrusive in your pacific and for that our american friends of a need to work with us. i don't personally believe that this particular transaction will affect that to us relationship, but may also add, you know, we had a very flourishing who people will treat you. remember we, after the soviet union collapsed, we ensured that a very attractive, a very i miss it. so much higher than the market price for the rouble was agreed upon about $12000000000.00 transaction. as that goes in the 199299. it's quite
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a lot of money in those days. we have demonstrated our friendship. my own view is the rubel and that will be a strong guarantee. why not? we go back to a repeatable relationship and a build our trade, including indifference on rupees and rubles, let strengthen each other's currency robin still doing some other countries, currency personnel apart, thanks. so much for your time. my guest professor might have nella pat director, the school of geo politics, menopause university in punch up. thank you so much. i'm ago just time for one more story, beijing's called a us diplomatic boycott of the 2022 winter olympics and outright political provocation and manipulation. the white house intern, citing concerns about alleged human rights violations in china, as the by new ministration will not send any diplomatic or official representation
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to the beijing 2022 winter olympics and paralympic games. given the pierre scenes, ongoing genocide and crimes against a humanity engine, john and other human rights abuses, the athletes and team usa have our full support will be behind them 100 percent as we tear them on from home. we will not be contributing to the fanfare of the games, or the son of comes amid already tense relations with washington and beijing's political and economic competition affecting ever more spheres earlier, the chinese foreign ministry spokesperson said that you as politicians keep hyping up their diplomatic boycott without even being invited to the games. yes, athletes will still, however, competes the i see said that it respects by the decision and reiterated the importance of leaving athletes out of politics. who got reaction from a shang. i both politics professor and a professor of history at new mexico state university. they say the biden administration's trying to politicize the winter gaps. it's an unnecessary slide
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against paging. it looks like a reactionary temp. why a week president? well, you know, it does signal at the, by the ministration wants to politicize the olympics. somewhat similar to what we saw between the u. s. and the ussr during the cold war. now this will indicate the many by does not subscribe the life experience of peaceful, athletic competition. we should keep in mind, however, that it's not a total boycott as your lead and noted. american athletes can feel compete. furthermore, it's not as provocative as what we see from the u. s. with respect to ukraine against russia, or taiwan against mainland china, or how the u. s. stand or the proliferation of nuclear weapon to australia. the bigger question now is whether other countries will follow washington's lead and in post, similar boycotts, and how china will respond. it's always unfortunate when you know the olympics is, is politicized. but i do think that the trend in american and china relations,
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despite the brief moment of, of call that seem to be expressed in the, in the video conference between general secretary, she and president biden, that that seems to have passed. and we're back to or more overtly hostile attitude . it's interesting, of course, that american athletes will still be competing. american corporations that sponsor the olympics and broadcast out on television, of course don't want to lose out on their revenues. so i think that there's a very interesting dichotomy here between this attitude on the part of the government and the broader position of, of the olympics. going to show a breakup with back of the top down. ah, this is boom, but the one business show you care, the boredom it bridge
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a board. and i'm rachel levins, in washington coming up safe point and still drilling from an ugly weekend as the world's largest crypto currency falls back below $50000.00. so what's behind the losses, and how will it affect prediction? we'll discuss what the state department launch is an investigation after their employees were hit by hackers using is reli spyware. we'll bring you the latest and what it could mean for the world of cyber security. then we take you to the chinese real estate sector wherever grant is facing default, yet again, it shares in the firm have a record, low catholic, a shadow over the entire industry. good. a lot, good to both get started. we leave the program with a very rough start to the week for bitcoin at the world's largest crypto currency has been battered over the weekend. in fact, bitcoin last over $10000.00 in value dropping from $57000.00 to $47000.00. at
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one point however, the crypto was down 21 percent before recovering slightly. then on monday, that coin was back up slightly at around $49000.00. but clearly fears of coming regulation have not only hurt the crypto, they have also crush the hopes of bitcoin hitting $100000.00 by the end of this year. so joining us now to discuss the later boom, less co host, an crypto analyst, benson and christy i. now, christy, let's start with you here. breakdown for us what happened a bit coin this weekend? well, a lot of it was simply the macro narrative from the equity markets bleeding in to the cut, the realm. you have institutional as buying into crypto over the past year or so at an accelerated clip. while this is great because it offers legitimacy to the industry, it's also kind of a double edged sword, because now the same players that cause such volatile swing through the equities game are now in the crypto space. there is so much capitulation on friday as legacy institutions look to preserve annual again putting into year at something that long
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time cooked hollers never had to do before. so the other 2 markets are not so uncorrelated. now because we have the same players until the drops done from 3 main reason. first we have the reaction to the news on the micron very, and then you have a reaction to the potential for an expedited fed taper. and then you have the actions in the derivative markets. now the derivatives exchange in particular was responsible for the cascade down, as there had been some very large leverage positions and bit coins that got blown out. so as soon as those get blown out the support collapses, and it's just a domino effect that we've seen time and time again, traders are forced to liquidate positions to cover losses. and the fact that it was a weekend further exacerbated the situation because you have the a me, which accounts for increasing love of open interest volume on big point features. they don't operate on saturday, even though the crypto markets are 247. so this further contributed to a lack of liquidity this weekend. and once again,
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it's another downside for having institutional participation. but in any case, this was an abnormal for big claim because we've seen 30 or 40 percent volatility in coin in any given month before. and i feel like we've had these that maybe not such a big incense, but obviously with sitting of well above where we had seen it before as well. so we have seen this kind of action before. now ben, theory and other criptos actually were not hit as hard as bitcoin. why do you see that happening? well, i think it goes back to what christie was talking about, that word, institutionalized finance, right? you know, and i just got to say, once again, we've called this for some time. christie and i have both been very critical of the institutional investors who have come into big point specifically because they mock up the market. that's what they, they don't, they don't play the market for the desire to see bitcoin become the finance in the future. they're in it to make a quick buck. and so every time something happens that they don't want, they get scared and they, and they sell. and so it's your very different philosophical view of big coin when you talk about institutional investors versus those who are kind of crypto
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enthusiasts, right? they, they believe encrypted. they believe it's the way forward. and so what we see with, with ether and some of these other, those they're not hit as hard because they don't have as many institutional investors in them. any theory is a little bit different to begin to think about ether. first of all, it has, you know, a lot of the defy world is built on either obviously and so smart contracts and a lot of that world is really built upon the skeleton of ether, as well as in f t, which we talk about all the time right, enough t's are really built on it's area and, and on the block chain. and so because of that, there is a more true at this point purity kind of got like that word but to a theory and then there is to bit coin because it hasn't been tainted as much by institutional investors. and it does have more utility right now, as opposed to just the hedge against inflation. christy, with ben point, they're about included in philly in the to show life ation. i apologize, we're just not coming out there on bitcoin and your points for that matter as well . more and more bitcoin team to correlate with the stock market. what is the
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downside of that in that situation? huge downside because we literally have the same players now and unfortunately these are some very big players with some pretty big wallet. so they can cause significant moves and swings with money like that behind them. so they're going to trade bit coined like how they trade equities, short term positions, sell the 1st type of panic. they don't contribute anything to the network. they're like, we just, they don't build the network, they don't stake the network. they don't farm, they don't host, they don't validate and they're not hard lawyers. so they are unfortunately, the ones now causing these ration. so it's kind of the joke that we talk about in social media, right? we don't like facebook anymore because there's so crop, they control everything and it becomes, let's say you jump on to instagram and it's cool for a minute until facebook buys it. then it becomes the same thing. it's all ads. then they follow you cuz they had the big wallets, then you move on to snapshot. it's great then once again, more ads, finally good. go to tick tock and it's amazing for about a year. and now the ads are ones, again, slowly creeping in. so really that is
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a downside because it's an institutional right now. they're just like ads because they had the bay wallet that they don't really contribute anything to the industry, the space or the girls. yeah, those advertisements surely never seem to go away. now then before we go, i went ahead on one more story because we heard that the latest centralized exchange hack may be among the most devastating to date. as bit mart has lost $196000000.00 and various crypto currencies. what do we know about that hack so far? yes, pretty interesting. so apparently there was a hacker who got it got into some of these accounts, right. and they, by the way, they were able to trace the wallet to someone who called themselves bit mark hacker . yeah, big shock that they were the hacker, and so what essentially they were saying is all throughout the day, you know, entire wallets being emptied and being transferred to a single address. in some cases, these were tens of millions of dollars worth as you said, but a $16096000000.00. busy dollars where the crypto was stolen, the crazy thing has been mart originally saw this happening and when it was flagged
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they said, oh, this is fake news. is just normal. you know, trading going on and, and normal deposits moving back and forth to the wallets then went back an amended that a couple of hours later than, oh, actually it's not. it was a hack word that stands out once again, centralize the latest, centralized exchange. that's the problem with centralization is that you create these systems and i, i say it almost every time we do one of the stories. if you hold crypto, don't leave it sitting in a centralized wallet someplace. you gotta take responsibility for your it for yourself, put it in the cold storage wallet and hold onto your keys yourself. don't just leave it sitting in the exchange. if you do, eventually it's probably gonna get taken from we continue to now lessen the hard way over and over again. great insight as we've been so on. and chris, the, i thank you both for your time and the phones of 11 employees of the us state department were hacked by an unknown perpetrator using spyware,
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developed by israel based technology company. and so group, according to reports, the hacks happen within the last few months, and target officials based in uganda, or focused on the african nation. it appears i phone maker, apple notify the state department of the spyware attacks. and this is the 1st case of n s o groups pegasus tool being used to hack american official. now last week, the u. s. congress department blacklisted s. so group, and another israeli firm. mcandrew alleging the companies provide spyware to foreign governments intending to target journalists, embassy workers, activists, and others. back in november, apple filed the lawsuit against and so group in its parents, company o s y technologies for targeting i phone users with pegasus spyware. so let's go ahead and dig deeper into this story as cybersecurity has been front center this year with morgan wright, chief security advisor at no one and former senior advisor to the us state department, anti terrorism assistance program. now, morgan, i mean,
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it seems like this spyware, developed by an a. so group has been extremely controversial since it came on the feed. what do we need to know about pegasus and how it was used in this situation? so this pegasus software is to zeros. it's uses 0 day exploits, entered, involved 0 touch infections. in fact, one of the ways they did this in this case, they send a specially crafted, malformed message. you didn't even have to interact with. it was just loaded with malware and then it executed and found a 0 day exploits on the phone and that's what it did. so what makes this so devastating is you don't have to click on anything, brent. you don't have to do anything if they know your phone, if they know your phone number, they get the details around it. they can now target you and get in without even asking you to let them in. so this, this is what makes this stuff so hard to stop and so hard to detect. yeah. and incredibly concerning all around about who could target. now, so far, the commerce department has already blacklisted and so group is that likely to have
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an impact at all when the spyware is already out there? and as we're seeing, it's being used. you know, it's one thing. if it's a nuclear weapon, we can track those things because their big, you know, their physical software, you can hide it, you know, something this big. i mean it's, it's a very small application, you know, considering that what, how much phones, what kind of storage they have. so yeah, you know, the damage is done. the one thing that will make it less effective is that it uses, you have to update it. so you have to find out what 0 day exploits it's going to use to do its work. it just doesn't run. it has to use an exploit so that it can get into the phone. so the more apple patches, these things, the more we become aware of it, that tool becomes less and less effective. so can only target those people who have maybe older phones who have not updated their phones to prevent the latest security threat. so, but once in a while, it's going to stay out there for quite a long time, because guess what? you're going to come as a shock, not everybody updates their software. well,
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i was going to say that because you, you know, you worked with the state department, i would think that it would be some sort of requirement that if you're some sort of, if you would keep updated, you would have some sort of some sort of anti virus security or something on there, right? i don't, i don't know what you're into over there. brand know here you can the government yesterday technology tomorrow. i mean are still using software that is not officially supported by microsoft, and other folks now looks infect state department ranks at the bottom of most of the federal agencies in terms of their stature on this. so now look, you would think that, but as we get into these newer technologies, it does become a little bit easier to manage. but guess what? in the old days it was about anti virus. it was about a desktops. but guess what? what we have, i was actually going from my phone here. we're gone for everybody's life revolves around this right now. everybody's life is based on this. you were just talking about crypto currencies and tools, guess where you contain a lot of your wallets. a lot of that information right here on this. so this is become a new target. and i mean, i hope you didn't make the big of
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a mess there. morgan, 1st of all, but i mean, it's the whole, the duration is crazy and f o group actually sells the spyware to other organizations in government. so what responsibility do they actually bear when they kind of appointed? well, if somebody was using it in a various way, then that's not ok. well, we'll ruin their will take away their life. it. so i had a conversation with nicole per off new new york time. she wrote a book called, they tell me this is how the world in and it was about the use of 0 day exploits. she talk specifically get people who are against the photo tax people because they're such a huge industry down there for that. it has been used to target human rights activists. so as much as in a so says that, hey, look, we that these people, we look at this, you know, what, at the end of the day, i hate to say it, but a lot of times it's driven by this. if somebody comes up with the right, right amount of money, you can make any, any of your requirements fit what the customer needs. and no matter what you say, here's what we do. i guarantee you, if the, if there's enough zeros on that, check your threshold for what you say you will won't do, drops dramatically. oh,
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absolutely, and we're seeing that play out right now. and i know there's a lot of talk about the n s a group and their software specifically. but are there other tech companies out there making similar spyware that we need to be aware of? yeah, facebook, google, if you want to know somebody who has, who has you have given permission to get into your life and watch about, you're just talking about this to about, you know, you do your watch and somebody's got the ads in the ad tracking and then you set the cookies and then it does this. i mean, all of these things that we never used to talk about have become commonplace. you see now, do you agree to accept cookies? you know, here's what we track. i mean, are there other software packages out there? yeah, they're kind of narrow, but i tell you if you want to know who's got the biggest, the biggest software collector out there, it's those 3 companies, you know, google, amazon, and facebook. they've got more data than any intelligence organization in the world does. it's a scary world out there and unfortunately, cybersecurity expert, morgan,
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right, unfortunately tells us how scary is every time we have you and we really appreciate morgan, right? have been no one. thank you so much and from one investigation to another, the securities and exchange commission has now it is looking into the company tied to former president donald trump's plan to launch his own social media network. the fcc confirmed it is seeking more information from digital world acquisition corp, which is the spac merging with the trump media and technology group. that's right. he did create a trump media and technology group. much like the rest of us, though, the agency has questions about the company's plans as well as its investors. and speaking of investors, the company says it has raised more than $1000000000.00 and capital from one called a diverse group of institutional investors, which it will receive once the merger is complete. now another mystery here is the social media platform itself that the company aims to build name truth social. while trump and his team had branded it as an alternative to twitter and facebook
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after he was banned from both platforms, while still in office. the invite only test run of the website that was promised last month still is nowhere to be found. so it seems like we've got more questions and answers here. one of the biggest questions that i have is, what are they going to do? they say they've raised $1000000000.00, they come out with this new platform. well, what do they do when the app store comes along and says, nope, we're taking it down, you violated our, i mean, the real question i have about this rachel is, are they going to get to that point? i mean, they continue to make promises that they're raising all of this money. they went public before ever having a private product with this back merger for that matter. and we still haven't seen the beta test. we haven't seen anything from them. so the question is, is it real? right? are we going to see this platform isn't going to exist at all? we will be here to tell you. finally comes time now for a quick break. but when we come back, that is ever great group continues to peter on the edge as it stuck has hit a record low with the potential default looming. will bring you the latest details
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from the nations real estate sector as we get a break here. those numbers of with join me every thursday on the alex salmon. sure. i'll be speaking to guess on the world politics sport. business. i'm sure business. i'll see you then. the
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air welcome back. it was a brutal day for ever grand shareholders on monday as the company's stock hit, an all time low after falling more than 22 percent in the last week. the company is approaching the end of a 30 day grace period on more than $82000000.00 in debt. one miss payment after another lead after grad to finally announce on friday. it plans to restructure its offshore debt moving forward, and it's called in the local government in the province of one dung for help. but will it be enough that remains the question as the world's most indebted to company faces, more than $300000000000.00 in liabilities. and it also remains at risk of becoming the largest chinese company and to ever default on its debt. if that were to happen, the impact would be felt not just throughout china, but throughout the markets around the world. and speaking of decisions that will have a global impact, the federal reserve here in the u. s. is preparing for its december meeting next
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week, and the markets are bracing for the banks decision on whether it will speed up the process of tapering. asset purchases as inflation continues to store and americans feel the impact all around. joining us at all is octavia morale, the ceo of openness. i'll see now octavio. let's start with the latest on china. in the ever gram saga, the company we know has miss multiple payments are ready. so do you see the local government stepping in? now having an impact on where this is going, well, i'm really not sure what the local government can do in this situation. i mean, ever grounds problems. first will extend outside of one region in china. there act throughout china. but the local government really is not able to do very much of that sort of maybe write some checks and, and do things now. so the real support is going to come from the central government and trying to input it from the people's bank of china is going to have to do something about that burden that ever grant is racked up and do something about that. the local government, i think, is a bit of a lost cause. it's good to talk and good to get some support moral support apps.
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but really, in terms of taking on the level of debt that ever grounders racked up, it's not going to be the local government's going to be able to take this on. and i would point out is not just ever grant, i mean it's the entire real estate sector in china. that is really very valuable. it's not limited to have done. it's not a one company phenomena. this is the entire industry in ty, real estate industry in china. is really teetering on the edge right now. and that's interesting because, you know, we've talked about that there curbs of the property sector as prices were getting out of control and some major cities in china. that's the reason that kind of rolled some of that back. i mean, do we have any idea, are we still kind of thinking that the central government will not step in at this point? i think is pretty certain the central government will step in some stage of always stepped in the past and things like this become out of control. the real problem ever can potentially collapsing is, is going to have a knock on effect loss of other businesses and investors, and home buyers and things that sold and other than the chinese government wants to see that many people read intensely irritated by this particular people bought real
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estate projects from retail investors of what we say projects from every grant. so the certainly going to bail those out next question is sort of local suppliers of construction companies that have built things for grant. are they going to bail those are probably as well, they'll do something in that front. and then finally, all the banks that have lent money to, to have a grand, i think it's pretty clear that the government will bail them out, at least perhaps up to small haircut, but they are going to step in and help us out. i don't see chinese government lesson is this whole sector fall flat runs face. you'd be a very, very unpopular thing to do. and i think politically very dangerous thing for them today. and i thought they were to do that. would we see that global contagion that we were so worried about several months ago? i guess everyone to sofa has, as most of its debts with, within china domestically. it has got some overseas that certain to some foreign bond holders will take about that. i think there's the kind of people, the chinese government is least likely to help. i mean, they're going to help out the local banks in the local construction companies. and the local home by some people got lost people. the list of people to help is going
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to be u. s. hedge funds and european edge ones have lent money into this into token possession . so it will have a knock on it. but i mean, it's that is $300000000000.00. that's not enough to take the world economy dump any stretch that nation. i mean, a lot of money obviously, but it's not going to see the whole world claps whole world financial system. perhaps. i think it is within bounds within reason. well, it's not going to have a global impact, it will certainly have a big impact locally in china. but it's not going to say the whole world economy down with it. yes, certainly a lot of fake. they're now back here in the us. we know that the fad is gearing up for its monthly meeting next week, and there are reports that it could speed up its taper schedule from $15000000000.00 to $30000000000.00 a month. i mean, at this point with inflation already over 30 year highs would not have much of an impact i think is going to have a limited impact. i think that kind of dosage is more sort of a homeopathic dose. it's is really a more sort of it with us really going to make that much difference. i think the fed some stage of the not too distant future is have to have to go away from buying
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bond session selling bonds. so they're going to have to reverse that. it's highly and basically say we're not going to buy bonds anymore. we can actually go down our balance sheet a bit and get that. i'm controlled because the pounds and i so bloated, unbelievable. happy that has become so something's not too distant future. they're going to go in reverse. and so we're going to start to sell some of these bonds that we've actually drove down the money supply. but so i think a shift from 15, which is from, from $15000000000.00 a month to $30000000000.00, given the buying a $120000000000.00 a month with bonds is not going to put that in inflation. i think that i think that's pretty clear. it is interesting how that shape, how base it had an enormous mayor cultural last week, but basically saying, well, we not believe that this inflation is not transitory. maybe we should stop using that word, i think as a starting at mission is part of basically say, yeah, we got it wrong, inflation think is much more serious and we thought it is not transit right now. it's personal semi permanent. and now we're going to really get aggressive about caution back the bomb purchase. i only have
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a 2nd here for yes or no. do you see us going to a rate increase any time sooner? i think they'll try it and then crash the equity markets and come right back a i know it biling it that a nation from carolyn brow will see where he goes from. there are talk to him or in the end of them as i'll see. thank you. so much for your time. thank you. and finally, something that will likely haunt your dreams. scientists, u. k. base tech company engineered ours have been billed. it's the latest hyper realistic robot featuring life like a facial expressions. now the new robot called an mimics human mannerisms like smiling and regularly blinking its eyes, and it is absolutely terrifying and a release about the android engineered art says, quote, human like artificial intelligence needs a human like artificial body, adding it is meant to test a i and machine learning systems. now, according to the website for the robot,
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it is available for rent and purchase for an unspecified amount of money if you would like to terrify a friend family. busy member, or even a large group of your coworkers, this is too much, i mean, we really need that. they say we need those like facial expressions, i would argue we don't. robot overlord, look like me by peter robot. i'm fine with it. they could do tasks and stuff, but what it looks me in the eyes and know is what i'm thinking. that's where i get a winner. you and then that before that too. that's it for the you can catch boom bus on demand on the board will be available on smartphones and tablets. you google play in the apple app store by searching portable tv where it won't see if you can also be downloaded on samsung smart tv, roku devices or simply check it out at portable dot tv. well see you next. me
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me. ah ah, going to still city joe biden, and let me put in, i'll show you for later on tuesday, triggered by tensions of ukraine. we took the use of late to the russian president, spoke 1st and just reaching editorial. which of the rhetoric coming from the u. s. and e u leaders sounds pretty aggressive. we see plenty of fake news about russia allegedly planning and aggressive invasion. china shrugs off a u. s. boycotts of its winter olympics pointing, and the american diplomats weren't even inviting.

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