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tv   Boom Bust  RT  December 7, 2021 1:30pm-2:01pm EST

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the bigger question now is whether other countries will follow washington lead and impose 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, 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 a 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 the olympics. with a deeper dive into the certainty, to any of this, our stories can be find on our website to give it some of your schooling. time
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today. bye for know. ah ah no, no, no, no, no, no, but they did a high middle no, no, you wanna hit up my laptop that has a millionaire. i'm bob, you can thought no, well, i'm going up. it'll be a well, i mean, a nation spoke with
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miss with this is boom bus, the one business show you care the board to mit branch a board. and i'm rachel blevins in washington coming up safe point and skill rilling from an ugly weekend as the world's largest group go. currency falls back below $50000.00. so what's behind the losses, and how will it affect predictions? well, the scott state department launch is an investigation after their employees were hit by hackers using is reli, spyware will bring you the latest, and would it could mean for the world of cyber security. then we pay you to the
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chinese real estate sector. wherever grant is facing default, yet again is chairs and the firm have a record low casting, a shadow over the entire industry. good, a lot to get to get started. we leave the program with have a rough start to the week for bitcoin. the world's largest crypto currency has been battered over the weekend. in fact, bitcoin lost over $10000.00 in value, dropping from $57000.00 to $47000.00. at one point, however, the crypto was down 21 percent before recovering slightly. then on monday that quote was back up slightly at around $49000.00. but clearly fears of coming regulation have not only heard 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 late answer boom, the co host, an crypto analysts ban swan and chris the i. now, christy, let's start with you here. breakdown for us, what happened to bitcoin this weekend?
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well, a lot of it was simply the macro narrative from the equity market leading into the coastal realm. you have institutional buy in to crypto over the past year or so at an accelerated clip. so 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 equity game are now in the crypto space. there was so much capitulation on friday as legacy institutions love to preserve annual. again heading into year at something that long time cooked hollers never had to do before. so the other 2 markets are not so uncorrelated. now because we have the same players, and so that drops down from 3 main reasons. 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 big coins that got blown
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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 which accounts for the increasing level 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, it's another downside for having institutional participation. but in any case, this was an abnormal for big one because we've seen 30 or 40 percent volatility in coin in any given month before. and i feel like we've had these, i mean 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, a theory and other crypt is actually we're not hit as hard as bitcoin. why do you see that happening? well, i think it goes like what christie was talking about, that word, institutionalized finance, right?
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you know, and i just gotta 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 lock up the market. that's what they do. they don't, they don't play the market for the desire to see bitcoin become the finance and 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 very different philosophical view of big coin when you talk about institutional investors versus those who are kind of crypto enthusiasts, right? they, they believe in crypto, they believe it's the way forward. and so what we see with, with ether and some of these other crib, 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 think about either. first of all, it has a lot of the defy world is built on either obviously and so it's mark 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,
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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 bitcoin because it hasn't been tainted as much like institutional investors. and it does have more utility right now. as opposed to just the hedge against inflation. christy with bent point, they're about included in the loop 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 theme to correlate with the stock market. what is the 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 bitcoin 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 state the network, they don't farm, they don't host, they don't validate and they're not hard lawyers. so they are unfortunately,
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the ones now causing these gyrations. so it's kind of the joke that we talk about in social media, right? we don't like facebook anymore because oh, they're so crop, they control everything and it becomes all ads. so 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 because they have 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 once again, slowly creeping in. so really that is the downside because institutional right now, they're just like ads because they had the bay wallets that they don't really contribute anything to the industry, the space or the grills. yeah, those advertisements truly never seem to go away. now ben, before we go, i want to hit 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 in various crypto currencies. what do we know about that hack so far?
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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 call 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 $160.00 mill, an $196000000.00, where the crypto was stolen. the crazy thing has been marked originally saw this happening and when it was flagged they said, oh, this is fake news is just normal, you know, trading going on and, and normal deposit, moving back and forth to the wallets. then went back in a minute that a couple of hours later that, oh actually it's not, it was a hack. the 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 say it almost every time we do one of these stories. if you hold crypto, don't leave it sitting in a centralized wallet someplace. you gotta take responsibility for your it for
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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 and we continue to lessen the highway over and over again. great insight, as that always depends on and christy, 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, developed by israel based technology company. and as so group, according to reports, the hacks happen within the last few months and targeted 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 . and as so groups, pegasus tool being used to hack american officials. now last week the us congress department blacklisted at a so group and another is really fir. mcandrew alleging the companies provide
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spyware to foreign governments intending to target journalists, embassy workers, activists, and other. back in november, apple filed a lawsuit against and s o 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 and 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, it seems like this spyware, developed by this group, has been extremely controversial since that came on the steed. what do we need to know about pegasus and how it was used in this situation? so this package, the software, is to zeros. it's uses 0 day exploits, entered, involved 0 touch infections. and 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
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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 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 you're 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,
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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, 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 sort of, if you would keep updated, you would have some sort of. 5 some sort of anti virus security or something on there, right? i don't, i don't know what you're into over their brand or you can the government, yesterday's technology tomorrow. i mean, we're 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,
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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 antibiotics. it was about desktops. but guess what? what we have, i was actually going for my phone here, but 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 the new target. and i mean, i hope you didn't make too big of a mess there. morgan, 1st of all, but i mean it's the whole, the duration is crazy and f o group actually felt this by where 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 there will take away their life. it. so i had a conversation with nicole per ross, new york time. she wrote a book called, they told me this is how the world in and it was about the use of 0 day exploits. she talk specifically about in a so group, guess what?
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this is being used in mexico by the government to target people who are against the soda 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, if there's enough zeros on that, check your threshold for what you say you will and won't do drops dramatically. oh, absolutely, and we're seeing that play out right now. and i know. a there's a lot of talk about the n, a so 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,
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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, 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, i for morgan right unfortunately tells us how scary 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 and now it is looking into the company tied to former president donald trump's plans to launch his own social media network. the fcc confirmed it is seeking more information from digital world acquisition corp,
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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 investor 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 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,
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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 out of every grant group continues to peter on the edge, as it's doc has hit a record low with a potential default looming, will bring you the latest details from the nations real estate sector. that's going to break here. those numbers of
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both join me every thursday on the alex salmon shore and i'll be speaking to guess of the world politics sport business. i'm sure business. i'll see you then. i look forward to talking to you all. that technology should work for people. a robot must obey the orders given by human beings, except where such order that conflict with the 1st law show your identification. we should be very careful about artificial intelligence. and the point obviously is to race trust rather than fear a serious job with artificial intelligence. real summoning with a robot must protect its own existence with
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a welcome back. it was a brutal day for ever grant shareholders on monday as the company 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 letter after grad to finally announce on friday that it plans to restructure its offshore debt moving forward. and it is called in the local government in the province of gwan dung for help, but will it be enough that remains? the question, as the world's most indebted accompany face is more than 300000000000 dollars in liabilities, and it also remains at risk of becoming the largest chinese company to ever default on its debt. if that were to happen,
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the impact would be felt not just throughout china, but throughout 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 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 sort and americans feel the impact all around the journey is an emergency seo, an openness i'll see now octavio. let's start with the latest on china in the ever grand saga, the company we know has missed multiple payments are ready. so do you see the local government stepping in now having an impact at all on where this is going? well, i'm really not sure what the local government can do in the situation. i mean, ever grants promise 1st will extend outside of one region in china, the right throughout china. but the local government really is not able to do very much of that sort of maybe right, some checks and, and do things now. so, and the real support can have come from the central government and china and
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protect from the people's bank of china is going to have to do something about the debt burden that it ever got has 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, some moral support apps. but really, in terms of taking on the level of debt that ever grounders reco, it's not going to be the local governments 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 is really very variable. it's not limited to have done. it's not a one company phenomena. this is the entire industry, the not tire real estate industry in china. is really teetering on an 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 sites. i've always stepped in the past and things like this have become out of control. the
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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 i think the chinese government, so going to see that many people really intensely irritated by this particular people bought real estate projects from retail investors of what we just a project from ever grants. so the certainly going to bail those out next question is sort of local suppliers of construction companies that are build things for grant other going to bail. those are probably as well do something in the front. and then finally, all the banks that have less money to, to have a grant, i think, is pretty clear that the government will bail them out, at least, perhaps after 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 space. you'd be a very, very unpopular thing to do. and i think politically, very, very dangerous thing for them today. and i've, i've, you know, if they were to do that, would we see that global contagion that we were so worried about several months ago, i guess, ever gone to so far as, as most of its debts with, within china, domestically, it has got some overseas that certain to some foreign bond holders would take
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a ball from that. i think there's the kind of people, the chinese gum is least likely to help. i mean, they're going to help out the local banks and the local construction companies. and the local home buyers and people got lost people, the list of people to help is going to be u. s. hedge funds and european hedge funds of less money into this, into organization. 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 down nation. and there's a lot of money obviously, but it's not going to see the whole world claps whole world financial system. perhaps. i think it's 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. yeah, 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
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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 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 under control because the bank and i so blows is 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 actually draw down the money supply bit. so i think a shift from 15, which is from, from 15000000000 month. so there should be 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 maricopa 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,
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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 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 the crash the equity markets and come right back down a mile and get that emission from karen prow. we'll see where he goes in. 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, you k based tech company engineered ours have been billed. it's the latest hyper realistic robot featuring lifelike facial expressions. now the new robot called am a got mixed human mannerisms, like smiling and regularly blinking its eyes and it is absolutely terrifying in
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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, 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 co workers, this is just too much. i mean we really need those. they say we need those live like facial expressions. i would argue. c we don't, i robot over laurie, look like me by people robot. i'm fine with it. they could do tasks and stuff, but what it looks me in the eyes and knows what i'm thinking. that's where i get a win, win that you and then that's just this whole that too. that's it for those dive, you can catch boom bus on to band on the portable pbf available on smartphones and tablets. your google play in the apple app store by searching portable tv, portable tv. you can also download it on samsung, smart tv and roku devices, or simply check it out at portable dot tv. will see you next time
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with with dish. no, no no, no, no, no, but they just didn't valuable. ah, that's been happening by high middle now. i own my head up my lap and i had a knuckle buckling. my la bob again thought now along a bit a well, i mean a relationship with sonia
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nichols. i'm not in that, and i driven by trainer centers and those with dares sinks we dare to ask oh, money printing is driving up the energy costs in is gonna force russia into the you. and for that to happen,
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nato and american military has got it. exit germany, i call it air 1st. you say, i'm crazy, but that's what i'm calling with this ours headline stories vladimir putin and joe biden rough ball. 2 hours of crisis talks, the russia us video summit was triggered by detention surrounding ukraine. so i had a gunman is arrested in southern moscow after killing 2 people and injuring 4 other in a public services center. hope frances loves the e. u for trying to enforce supposedly inclusive language likely infections to not see dictatorship and and a british foreign office. whistleblower says the u. k. abundant thousands of mates
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afghan allies leaving them at the mercy of the.

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