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tv   Boom Bust  RT  December 7, 2021 7:30pm-8:00pm EST

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ah a survival guide, a federal reserve there or you don't forget it? oh no. what repatriation came when we get the rest the 7 years a year i've tried to report ah
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this is boom. bought the one business show you care to boredom, it was ambridge war, and i'm rachel blevins in washington and coming at oil prices are up nearly 5 percent as concerns surrounding the latest covariance ease and tensions continue to impact global supply for discuss the latest plot. miami court has ruled in favor man who claimed he invented fit coin will tell you all about the case, and whether it will have an impact on the foundation of the crypto industry. and ilan laws has weighed in on the biden build back. better plan slamming the budget and calling for an end to each subsidies, despite building tesla, those very subsidies got it back. so today look into it. and we lead the program with a rally for oil prices. as both brent crude and west texas intermediate were up nearly 5 percent on monday and continued their rally into tuesday,
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up 4 percent. fears over the threat of the amok on various appear to have eased for now as saudi aramco confirm, it will increase its prices for crude in january, indicating it expects demand to continue to increase as well. now this comes after 6 straight weeks of losses that saw the global benchmark down more than 15 percent, although it is still up 35 percent since the start of the year. now, well, opec plus that it will continue with this plan to increase output by $400000.00 barrels per day next month. or ron's output continues to be hindered by us sanctions. after the latest talk centered around, returning to the 2015 nuclear deal fell apart. last week and speaking of the effecting oil prices, the chief executive of the world's largest oil producer, saudi ramco is now warning that making the as ition away from fossil fuels to quickly will have a devastating impact, which will send prices, skyrocketing and result in energy insecurity. ramp and inflation and even social
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and rest. so joining us out of the just at all is given. mckelvey nice. b o of mckelvey financial group. now david, what do you make of the current state of oil prices? i mean, even with temporary concerns about demand, do you still see the same pressure on lowering prices that we were talking about just a few weeks ago? you know, you know, price all told is gonna remain an issue as long as these variance crop up to markets. have to try to factor in the bureaucratic policy responses. put in motion to policies, care about case numbers, and you're going to try to treat the economic costs as secondary addressing what they consider the primary issue. health crisis that that's what they're going to take a minute. so in the 1st round, they were counting deaths that was dramatic. they were willing to do anything they wanted. now they're down to counting cases, which doesn't really move the needle for many constituencies, but it's still most policies. so the markets are watching the policy choices and
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oil markets and financial markets, both are looking for that policy follow up. so recent volatility reflects leverage players trying to determine the economic costs. and now david, i know we've talked a lot about the transition away from fossil fuels and how governments are finding it impossible to accomplish this feat overnight. obviously that's why they set out the timeline that 102030, sometimes even 50 years away. now what do you make those comments from saudi ramco, the chief executive that trying to force this change will actually result in energy and security ramp and inflation and even social unrest. brent, i couldn't agree more. the u. s. as a case in point, as we've come out of the cobit pandemic, and the economy is picked up, we find that more fuel supplies would have been helpful to keep a lid on prices. but a policy priority in favor of the carbon is ation has limited drilling and actually closed a series of pipelines for natural gas delivery by catering to one constituency. that is, the environmentalist biden has forgotten that all his fellow americans pay the
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price for higher energy costs. so by misjudging the timeframes for this transition, he's already cost americans a degree of financial security inflation in that sense of the political killer. and i couldn't agree more with the chief it, it's out of your info ramp. and inflation was 1st cause actually by monetary policy than exaggerated by fiscal policy. and the cherry on top is, is what i would consider the sort of energy policy screw up. and yes it is, it is impacting americans and it has some political ramifications and seems to be kind of ongoing domino effect that we're seeing playing out, especially in the last year. now there's another piece to all of this, and we know that there's been a lot of talk about relations between the u. s. and iran and whether we will see a return to the 2015 nuclear deal. now we know that president biden was very critical of former president trump's decision to pull out of the deal yet bite and hasn't removed anything sure on the country. and there really hasn't been much progress in talks between the 2 countries on returning to that deal. so how are those ongoing tensions with iran still affecting the oil market right now?
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well, i think 1st of all, the sanctions are affecting the persian people unfairly. the regime is not discouraged from developing fish material because their people are suffering. and we got to take note of that from just a humanitarian perspective or policy should reflect, reflect a little bit more care for the person people. as for oil, oil markets are always going to keep an eye on zealots, potentially with nuclear weapons. so i still find it ironic that the iran nuclear program was started by the us. you go back to eisenhower, the adams for peace program and 53. we built the 1st reactor and $67.00 we were providing the material for that reactor. and then when we found that the help that we were going to get the sort of public player that we thought we had in reza calabi, he wasn't quite as compliant. and we pulled the carpet up from underneath him and put committee in place. how did that work out? because now we've built this platform for nuclear energy there, but we're not allowing them to develop the material for it. i kind of for obvious
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reasons who, who was someone who was sort of the destruction of israel, or the re shaping is the middle east, or, or perhaps the, the establishment of new caliphate to have something like nuclear grade. uranium could be a problem. the oil markets are sensitive, the oil markets are very sensitive. the fact that if you have that material, you may remake the middle east, that's not, that's not good for saudi arabia. certainly not good for anyone who's a member opec. and i want to put a little bit of a bow on the segment, david getting back to kind of where oil prices fit right now. because we've seen the predictions that oil could hit $100.00 or even $150.00 per barrel. but given that even with the latest losses is still 35 percent so far this year. are we expected to kind of get used to staying around $75.00 a barrel for the foreseeable future? and i have about 45 seconds left. yeah, so i think if we continue to see the return to growth in the global economy, again, this is we're sort of limited new supplies coming on line and demand continuing to
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increase, then you've actually got support for oil over a $100.00 a barrel. i think some of those price projections become much more realistic with time, but if policy makers going back to your 1st question, if they tamper with recovery dynamics, now we're talking about 50 to 75. being sort of arranged that we're stuck in and shut downs are the key on the demand side. that's what i would be looking for. if it's, if, how do we get policies that simply risk strict restrict the or the world economy to function as normal? $50.00 to $75.00 is rain bound, order as possible. and we'll certainly be interesting to see where it goes, and we'll keep covering it along the way, david mckelvey, of back of any financial. thank you so much for your time. thank you, richard. through a massive legal victory in florida for craig. right. the man who claims he invented bitcoin. now the australian computer scientist implied and
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a 2016 blog post that he was so totally naco moto, the pseudo is used by the person or persons who develops bitcoin. now, many in the crypto community have been skeptical of rights claim, in part because he has not moved any of the early bitcoin presumed to have been mind by the toshi. but the lawsuit was between the family of a man who claim to have co created bitcoin and the family with suing for half of rights bitcoin fortune. to joining us now, disgust is boom bus co host and crypto analyst bend swan. now, ben, how large of a fortune was at stake here? she had some pretty sizable fortune. we're talking about about 1100000 bitcoin. ok, that comes out by monday, prices to be worth about $54000000000.00. by the way, if you went to friday's prices, it's worth about $11000000000.00 more than that. so it's a lot, a big coin, which means a lot of money. and so essentially what the lawsuit was over was whether or not
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craig, right? it was the soul inventor, a big coin. and by the way, these big coin, some of them that are a part of this lawsuit, are some of the 1st big coin ever mind. and the idea was to split down the middle between craig, right. and then david coleman, who was supposedly his friend and co creator of big coin, the jury obviously did not agree with this claim that craig right was only a partial creator and they awarded him the entire fortune that 1100000 coin. wow. this sounds like the kind of story that we're going to eventually get a movie made about because there's so many to has been turned so much drama to it. now we know that the former partner, david climb and dined in 2013. so what was the basis for this off it originally? he did, he died in 2013. remember for the big coin was 1st created in 2008 when a 1st came along. and so the basis of the lawsuit actually came from a state and specifically his brother ira is brother. i reclaimed that craig right. and david were friends and they were co creators and they put this together,
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working together to create it. now, what's fairly interesting about this, you mentioned the big white community earlier, we're talking about the big coin community as a whole. i think most people who really look at this miners and people who really study bitcoin, do not believe there is a single and soul creator of big coin instead, what they believe is something that they refer to as many do anyways, teens. potosi, meaning that credit, right, certainly, may have been part of the initial group to do it. he might have even been kind of the catalyst dreamer and thinker that created this. but he didn't do it by himself and that there was a team of members teams that oh, she's what they call them, who actually created this collectively. so under one, you know, david's brother ira was suing for that's kind of the idea here that greg right didn't do this by himself. but again, the jury didn't agree with that idea. and i think i mentioned being on the jury for this, right. for people who probably don't know much about going to begin with and having to try to understand the mat, a mathematical intricacies of craig, right. explaining to you how bitcoin works. i'm sure it was
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a fascinating kind of conversation. listen. but they didn't believe the idea that it was the co created products. but i mean, i guess there's a lot of things here that i have questions about because number one, you know, like you said, the crypto community, or like we actually said the crypto community with skeptical about this because they haven't moved any of that one point. 1000000 bitcoin, so is there any way to prove that he's even a custodian of these at this point? is that where the jury kind of ruled on this? well that's, i guess that's part of it as well, but i think there was no, there was no way of being able to prove that that david claiming, had anything to do with the creation of bitcoin. i mean, how is his brother ira? are you able to prove it, right? what you're essentially saying is i'm trying to prove that he was really good friends with craig, right? and if craig, right, is the creator a big going thing. clearly they must have done it together. so it's a very difficult argument to be able to make. the other thing that's interesting is that correct? right. he said that if he were to win, which he did that he would donate the majority of those big coin to charity. just kind of interesting to me as well because why not just give it to the family of the
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guy who is your friend then that a charity? i don't really understand that part of it. but the other thing that the family was doing for maybe this was part of it too. it wasn't just the big coin. they also wanted intellectual property rights to bitcoin as well. exactly what that looks like. i have no idea maybe that also heard their cable in front of that could actually somehow dwarf the what? $54000000000.00 worth of bitcoin in the all right. one more question on this particular story bad. so is the jury thing that crack right was the told you. that's basically what they wrote, right? i don't know that the rule that he was potosi. i think what they ruled was that it was more that craig right, was not a co inventor with david claim. and so essentially what you're saying is we don't have to approve the credit, right degree bitcoin. what we're saying is you fell to prove that david claim and create a big coin with craig, right. and i think that's what they actually were looking at. it wasn't a question of whether or not to award those big coin to craig, right? it was whether or not to make craig right hand over half the big coin if he indeed
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holds them. and if he doesn't indeed hold them, then no us, no foul because he doesn't actually have anything to hand over anyway. now there's another story and all of this we also wanted to mention which is that india has now created a proposed bill that will band crypto payments and could even mean prison time for those who violated what do we know so far about that? yeah, absolutely. i'm happy to move on to the next question, but no one even respond is what i said. i hope it makes sense in terms in terms of india, in the us doing a really weird thing right here, which is essentially they are. they are outline the making payments in between and crypto currency. but at the same time, they're simultaneously same that they want to be the hub for block chain industries and the in f t industry wrap your head around, that's harder than the credit, right story. so what is it saying is we want to be the hub of watching in a piece, but we don't want anyone making purchases using the crypto currency. and if you do,
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we might just throw you in jail for it. so the idea that the law is being written this way to try to, i guess the correct term would be to have your take you needed to, right? you want to be able to do all these things and also band currencies being traded and things being purchased with crypto. it's totally backwards. i have no idea how it would work and i think you're almost guaranteed in the in this case you have no shot of being the hub block chain in the industry. if you have a moratorium on buying and selling with crypto boom by spence, once you break it all day, things that and the world's 2nd largest academy is again moving to stimulate growth after their production has taken a hit this year amid supply chain shortage is anna major energy crunch the people's bank of try to confirm that for the 2nd time this year it will reduce the reserve requirement ratio for banks by half a percentage point. that means that starting next week, the central bank will release more than $180000000000.00 for business and home loans. now the move is expected impact not only the slowing economy,
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but also the world's most indebted company. ever grant reportedly came to the end of its 30 day grace period on monday without making any progress on the $82500000.00. it owed an interest payment last month. while the company says it is working to restructure its offshore debt. with the help of local government officials, countless questions still remain as to how beijing can and well step in. now, china's premier side of the country is working on new reforms and he acknowledged the chinese economy is deeply integrated with the world economy. what china, in the process of overcoming difficulties, will keep growth, stable and steady, sustainable, and capable of keeping long term stability. china's reforms are constantly being advanced and china is opening up, is persistently expanding just it's out of her quick break. but when we come back, eli moscow say you get stance against e b subsidies and biden's bill back better plan despite his company using some of
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the same measures, we're going to discuss it. and as we get a break here, the number to the quote, i have often said, transparency for the powerful privacy for the bell. this case about privacy, where people care about is power. petunia innocence has become a symbol of the battle. the privacy information is power. that's what's going on in the world issue, struggle with governments and corporations to want to keep information secret and others who the democratic rights should be pushed forward. and people have a right to know like it or to watch how assange helped shift the conversation around transparency and see what that battle has done to him. i feel like
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children's life might be coming to an end. we are in a conflict situation with the largest and most powerful employer in such a situation. it's remarkably civilized. hold is driven by drainage shaped banks concur. some of those that the in me dares thing. we dare to ask me. ah.
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was a back the world's richest man, though the united states congress should not pass that by an administration trillion dollar infrastructure package saying they should can hold bill to us. we'll see you on. must comments came during a conversation at the wall street journal ceo summit on monday, where he pointed to the spending bills impact on the insane federal deficit. now government subsidies for electric vehicle makers seem to be the issue here as much was quick to point out. his company had been selling tassels in the united states for more than a year. without this nation. $7500.00 federal tax credit and demand is still as strong as ever had previously opposed the provision which would give an additional $4500.00 in tax credit. the buyers of which were made here in america using union labor must cost so shared his opposition to the $7500000000.00 and subsidies for new e b charging stations included in the bill. asking quote,
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do we need support for gas stations? we don't there, so there's no need for this. let's go ahead and take a look at this in the broader issue of government subsidies with our good friend jeffrey tucker, president of the brownstone institute. now jeffrey, i think it's fair to say you're a free market guy, probably not a huge fan of government and rented and agree on deficit. but template you on lots of companies in general. i really benefit from billions in government subsidies for years. but now that tesla is one of the hardest automakers in the world and may not be impacted in the same way, is he just trying to make sure other e v makers can't grow on the back of this government help? maybe that's a pretty dark, cynical look. you know, look, you're right, that test has benefited from government involvement and tax rebates and subsidies for manufacturing for years. but i think, you know, he's right in this case. i think he may be america's only honest plutocrat. it's
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actually his company that sustainable on a town, and he knows that, you know, i, i think what, he's, whether you don't doing something, something's happened to my last couple years. it's like, you've discovered the inner anarchist that his mother raised him to be actually, and, and, you know, he started some years ago when he gave up all the i p rights to, to technology, which i thought was a kind of an interesting and bold move. but since then, he's just gotten kind of becomes a wild man, you know, going on, joe rogan and something is, knows the fcc and even when to get find it, he does it again opened up in factories in defiance of shut down orders. and then, you know, just denounced the locked downs and promoting those coil while they're all the time. and i think this statement to be made, you know, about the biden infrastructure situation was really quite bold and right. like i
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say, and are sort of truncated and waddled political environment. have somebody to come out and say, no, this is whole bill is a disaster. you know, even though it could arguably help him, i think of a step in the right direction now could shift out proviso to that. of course vitamins tracy talk if it's a government, you know, gave us was one hand, a tax and the other. right. so this is all about promoting labor unions to doesn't want to have anything to do with those. so there is that fact, but still i think it is right about this is no, and actually it's probably going to hurt its passage, which is not that not sure. and in any case, i want to kind of makes you wonder, i mean, as you know, i must saying one thing and doing another because we know that tesla is also received roughly 325000000 dollars in subsidies for new electric vehicles from the chinese government, so it's not just the united states making the nations most of that, i mean maker. so what do you make of kind of the statement he's making now versus what he's done in the past? is there any indication that he's going to step away from government subsidies or
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no, i mean he sees is, is kind of wild man, but he's also a very savvy businessman. milton friedman wrote and something like $956.00, that the biggest enemy of capitalism out there are business met. that's quite true . i mean, we've seen that over the last couple of years, you know, where you have some of the nation's largest tech companies being all about the lockdown. so the restrictions of the covered in p eyes and everything else is good to go because they saw that it can benefit them. so it's, it's, it's pretty discussed in to watch this kind of stuff. but still, you know, i guess she maybe you can just tell i have some affection for you. i'm asking all is the a genius but he's, you know, and i, i knew his mother, you know? and, and he was, he was raised. yeah, he's just a fast name person, and actually i think in some sense a national treasure. so i think he deserves some congratulations at this point for at least assuming this part of, of the sort of things that have benefited of company. and i have to tell you that,
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you know, the success of, of, of, of who's endeavoured attention shocked me and shocked out a modem for a lobbyist, lee. it was amazing. i x i expect to take off, and i think a lot of the credit is due not just to government subsidies, but to his own ro prowess. he has, he has an abundance. absolutely. and i mean jeffrey to a certain that, i mean, i understand, obviously i'm a little cynical, i play a little bit of devil's advocate on the show about a lot of things. but you know, we often hear about the free market as are just better. and there are hundreds of billions of dollars and such, he's going to help private businesses every year. and to your point that maybe have great ideas, great technology are able to move them on their own. but those subsidies do help them move for further. and some would say that's why america is seen as the greatest place to do business in the world. right. busy yeah, you have these economists out there saying they've been writing this, you know, for the last decade or something like that. the free enterprise would be nothing without the government, you know?
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so i don't believe that. i think that's really just mix it up cause and effect. i think what you have here is opportunistic businessmen grabbing whatever money they can whenever they can, and try to beat the competition, as you said, by getting ahead of them, sometimes even favoring regulations against their competitors. i mean, you know, some years ago wal mart was a big champion of raising the minimum wage. and why would that be the case? well, they can bear the costs and they're, the competition can't. so yeah, they really just, you know, it is sometimes a dog eat dog world government helps the dogs, dogs. that's absolutely jeffrey tucker of the brownstone institute. always appreciate avenue, and thank you so much for your commentary to that. my pleasure. thank you so much. and finally, what gift rachel blevins you get for a loved one when you just can't find the perfect ida? well, the answer for the non creative family member me used to be some good old. busy fashioned cash, but that may be changing as crypto lending firm blocked by recently conducted
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a survey which found that nearly $1.10 americans could give crypto currency or would give crypto currency as a gift for this holiday season. now it comes with no surprise that the coin was the most popular gift idea there, followed by mean token don't coin, and then a theory and now and if you have become increasingly popular. but the survey found the only 2 percent of respondents are interested in receiving them as a gift, probably because they're still trying to figure out how to give this isn't how they work, where they're going to come a little bit easier. right. and absolutely, and i think if you gave crypto to maybe not don't coin, but a big corner, a theory, i'm teaching somebody about the block chain about technology, about maybe even investing. although i do think it is fun. if you're a kid and you want to give your parents give you or a family member, or to give you like $7.00 with the dose coin, that's 1000. that makes it seem so big. that's true. and at least we know that if you're given there's going this holiday season, you're probably not watching it for this dive. you get boom bus on demand and fordable tv app available on smartphone, the tv or tablet. google play in the apple app store by searching portable tv.
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portable tv can also be downloaded on samsung, smart tv, then roku devices, or simply check it out portable tv. well see next me a video don't miss you. pretty much be with sure. the coordinate. a boy like you to form a
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waste figured out those pretty much that's that issue with along with all that money printing is driving up the energy cost in it is gonna force russia into the you and for that to happen, nato and american military's got it germany, i call it air 1st. you say, i'm crazy, but that's what i'm calling with. what is the national mood? i suppose it depends on what kind of media you consume to say the nation is divided
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in highly partisan is an understatement. this is certainly what the national media wants us to think. what are we really so divided on what really matters if you all know what they did a oh yeah, that's been happening my middle now. i own my head up. not bad. hey, i'm getting a knuckle, but my law bob again thought no along up it a bit, a well, i mean, a relation suburban, i mean, tonia, it's not in the and i
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the president of russia and the u. s. hold crisis talks triggered by tensions over ukraine. joe biden raises the threat of sanctions against moscow, while vladimir putin calls for diplomacy and slams key of attempts to undermine peace talks. gunman is arrested in southern moscow after killing 2 people and injuring for others in the public services center. and pope francis lambs the you for trying to enforce supposedly inclusive language, likening its actions to the quote nazi dictatorship ah .

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