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tv   Boom Bust  RT  December 18, 2021 9:30am-10:01am EST

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central banks take action to deal with rising prices and the latest coven, various, and later we'll take a look at the cybersecurity landscape as the biden administration is warning of attacks during the holiday season. got to fax today, was that right and and we leave the program with a warning from the international energy agency which is calling on government across the world to tackle emissions from coal. this after the parents base group says that global power generation from coal was set to jump by 9 percent in 2021 to an all time high. over $10350.00 tara watt hours. keep in mind, globally, those emissions from coal had fallen in both 20192020. dia also warns that coal is the single largest source of global carbon emission. so what is happening here, and why is power generation from coal on the rise majority not discuss harbor butts, co host spend swan and christy. i. ben, i want to start with you on this. the report comes weeks after the conclusion of
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the cap $26.00 climate talks, which ended in a fierce disagreement over a pledge to actually abandon coal. why are we things such an increase in power generation? call it this time? well, there's a couple of reasons for the biggest one is because there's a huge energy shortage worldwide, right? that we're talking about coal, natural gas, nuclear power, wind power, sustainable like solar, all of it, right? we have a huge shortage in terms of population that needs energy and the amount of energy out there to get to the population. let's talk about comp 26 for a minute because what's interesting about that is you really had 2 countries that kind of hung that up. one was china, the other was india. and india softened it by going with, you know, different language in that agreement. finally, to get to be in there, which was a rather than elimination of coal, we're going to try to reduce coal use. but the bottom line is right now, look, china's building an enormous number of coal power plants across the country. they are moving at a rapid pace to do that much more so than any other country. india is turning out huge amounts of coal as well in terms of energy. but here's something the viewers
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might be surprised by in the last year. china, india, who had more coal production worldwide, actually the united states and you countries more so been china and india did in terms of the amount of coal that they were reliant upon. so look, the bottom line is until you get better sources of energy in order to again, warm the population, take care of the population, create concrete and steel because it's a huge part of what is driving the coal industry. because here to stay and to those points, christie, i mean china and india are primarily countries that were kind of refusing to agree to these climate accords. even though china was already actually taking steps when it comes to call, even though they had to kind of back away from this. but why were they so hesitant to come to agreement there? well, it's not that china and india are refusing. they are admitted that there is a global climate change problem and that needs to be solved. however, what they're saying is, the timeline given is just not reasonable. that they wanted to change the country. pledge from a phase out coal to a phase down of coal. and so you know what,
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they have a great argument for that because the big irony is a china in india have done far less to intensify the planet greenhouse effect of develop west. because true right now, they're both major coal consumers and to rise about 70 percent of their energy from it. but as recently as 2015, at least a quarter of indian population didn't even have access to basic electricity. so india has 17 percent of the world population, but generally is only 7 percent of global c o. 2 emission, china has about 18 and a half percent of the world people and generates 27 percent of admission. the u. s . however, with less than 5 percent of the world's population accounts for 15 percent, so on a per capita basis, the us is actually one of the biggest polluters. moreover, they pointed out that it the world wants china and india to adopt green energy. then they should help them make the transition right now, they're essentially saying, figure it out. well,
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how western countries have more financial resources and access to cleaner fossil fuel. and they have failed to keep quiet finance promises. and they've also refused to transfer advanced green technologies. so where does that leads them to try to develop advance green tech from scratch all by themselves? and not to mention that china india's energy requirements are expected to increase faster than those of any other country in the next 2 decades. so now, given all these point, i think it's unfair to point the finger at china and india as the villain, the climate change. absolutely. great point there christy. now band, when we talk about energy, natural gas always seems to come up and the issue of the north stream too, also seems to kind of creep into that conversation. does the price of natural gas impact coal usage, especially now that german regulators say they will certify the nordstrom to in the 1st half of next year? yeah, it absolutely does. look at the reality is, is a part of the reason that coal consumption has gone up so much this year. you talked about at the beginning here, 20192020. we saw reduction worldwide in terms of coal power. 2021
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was not due. that was not the case, right. it's gone up. and the reason for that is because the price of natural gas has gone up so high as natural gas goes up. it is much cheaper to use coal as a source for energy as opposed to natural gas. that's just the fact. and you know when christine was making a point about the fact that the western countries need to help. china has made one thing very clear. i think and that is they're not going to put climate change policies ahead of taking care of their people. if they're people have to have, you know, heating in the winter time if they have to be able to have power in their city. so they're not living in blackouts. china is going to do that, right? they're not, they're not in this mindset that says we're going to put climate change policy before people period. right? and so that's one of the reasons there's a disconnect between what's happening in the west and what's happening in those countries. natural gas right now, the idea that german regulators would say it won't be even for 6 months. the war proof nordstrom to will keep those high prices on natural gas because of political
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reasons, all simultaneously complaining about climate change and not reducing the cost of natural gas. so that energy can be cheaper than coal. none of their rhetoric matches what they say they want to have happen. absolutely, and chris, i have about 30 seconds left. i'm gonna give you the final word in this. absolutely, and i think that right now everybody needs to take a step back and actually look at what we need. and right now, there's an energy shores that need means we need more energy. that means we need more natural gas pumping from the buck. and we need more drilling in the oil and the fact that right now, the regime and the u. s. is blocking them because they want to basically shift all of the u. s. pollution over to the middle east and import all of these oil assets. well, that means that the u. s. is basically just going to be dependent on the middle east for on other countries for their energy resources. and by that, by that means that means that they basically control the supply and demand. so if demand goes up, as is expected to within the next couple of years, the u. s. is going to be left hanging and we're going to be completely dependent on
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them on higher oil prices, higher natural gas prices in the immediate future on top of the playstation. absolutely, we'll continue to keep an eye on all of these stories boom, but ben swan and christy, i think you so much breaking down. thank you. the and there is a lot of red on the board for global markets this week as investors keep an eye on rising inflation. the effect of the i'm a crime very and a whole host of moves by major central banks. let's start in russia where the mo, x is down. the central bank of russia raised its key lending rates by 100 basis points to 8.5 percent on friday in an effort to get a hold of inflation. we did a 6 year high as of monday at 8 point one percent. now the central bank is hoping its policies will push inflation down to around 4 to 4.5 percent by the end of next year, but singled another rate hike could be possible. another thing to keep an eye on here, reports indicate the nation central bank may take steps to bad investment,
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encrypted currency due to risks, to financial stability. let's move to asian markets. the shanghai composite. it's also in the red for the week down nearly 1.5 percent, losing more than one percent on friday alone. united states on thursday and now it's new trade restrictions on more than 30 chinese entities over human rights abuses in the filing, the commerce department accuse china academy of military medical sciences and 11 associated research institute of attempting to create brain control weaponry. but now much more information was provided in hong kong. the hung sound is also down for the weak, losing more than 4 percent to close out the week on friday. shares and tech companies including ali baba j d, my twan antenna that fell in my concern about the u. s. targeting tech companies in the latest blow to embattled property giant, advert grand group s and p global has declared it in default after missing a bond payment earlier this month. the ne k in japan. it's also down, but just by a half a percent having fallen into negative territory. on friday,
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after the bank of japan started to pull back emergency pandemic funding, while keeping loose monetary policy in place, the index had gained 2 percent on thursday in response to the us better reserve decision to while back bon purchases at a faster rate. let's move to india where the centex it's also in the red having lost more than 3 and a half percent on the weak reliance industries in the financial sector as a whole weighed on the sense ex, concerns about the latest barrier of cobra. 1900 are also taking a tool. the all the world expectations for the nation have been raised in recent weeks and australia, the assets is down by just over a half percent. the nation's treasure was making media around friday, saying strong jobs growth released on thursday actually showed australia is rebounding as it lifts. coban 1900 restrictions. despite a rough week, the index grew on friday as mining and energy stacked, propped up due to commodity prices being high, and another red arrow in south africa for the all share stocks, mirrored trends. we are thing throughout the global markets. meanwhile,
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credit rating agency pitch upgraded the outlook for the nations academy saying gdp was on track to return to pre panoramic levels in 2022. and now we're going to move to europe in the americas, where it's pretty much more of the same in london. the put the down by just under one percent. as we have talked about this week, the bank of england became the 1st central bank of a major economy to raise its key interest rates as inflation in the nation. hit 10 year high shares in thinner world dove this week after it was forced to pay annually. $1000000000.00 a damages to rival cineplex for abandoning a plan to take over the french cack and the german dex. they're both down for the week as well. in germany newly minted chancellor off shore said he plans to future proof the nation's economy, making the biggest transformation in a century. meanwhile, in france, the nation's government has taken steps to ban non essential travel to and from the u. k. in an attempt to stop the spread of autocrat, let's move across the atlantic to brazil where we have
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a red arrow for the bo best buy as brazil deals with ramp and inflation volatility in oil markets are raising questions about its economic recovery. meanwhile, meet packer minerva, pop 11 percent on wednesday after working out a deal to import some beef products to china. now moving north to mexico. we have a green arrow for the b m. b on thursday. mexico central bank raise interest rate by 50 basis points to 5.5 percent in an effort to rein in net inflation. and here in the united states we have 3 more red arrows for the tao s and p and nasdaq most re reacting to the bad decision to speed up its process of tapering. asset purchases. jobless claims for the previous week grew slightly while retail sales for november only grew by point 3 percent amid supply shortages and that rising inflation. and finally, in canada, the t s. x is also down the nation central make this week. it was not comfortable with current inflation,
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which says that 18 year highs of 4.5 percent concerns of the amazon outbreak weighed on energy related equities in canada as well. and these are slowing down in the next few weeks. but we will continue to look at rise and costs, and the action by central banks in response from the global cobit 19 pandemic may be at the forefront when the word epidemic comes to mind. but the opioid crisis is another epidemic that is still carried through the united states. but this week there has been a major twist and efforts to combat the crisis. as a u. s. judge has talked to previous settlement with produce pharma, a deal which protected the firms owners, the sackler family. now for a full report of the developing legal battle, we turn things over to our team, alex mileage. it's a crisis which is taken hundreds of thousands of american lives. here's former
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president, donald trump, back in 2017, last year we lost at least 64000 americans to overdose. that's 175. last american lives per day. that's 7 lost lives per hour in our country. drug overdoses are now the leading cause of unintentional death in the united states. by far more people are dying from drug overdoses today than from gun homicides. and motor vehicles combined from 1999 to now more than 500000 deaths in the us have been linked to opioids. according to the cdc of those deaths, nearly $247000.00 happened due to overdose us involving prescription opioids. these drugs are most often used to treat chronic and acute pain that can lead to addiction, overdoses and death. one company that has received much of the blame for the crisis
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is purdue pharma. the maker of oxycontin, in 2019 produce, sought bankruptcy protection as it faced thousands of lawsuits claiming the company pushed doctors to prescribe oxycontin through the bankruptcy court. purdue was set to work out a deal with its creditors. members of the sackler family who owned the company would give up ownership, which would transform it into a different kind of entity that would still sell opioids. but with profits being used to fight the crisis, would also develop new anti addiction and anti overdose drugs and provide them at little or no cost. sackler family members also would contribute $4500000000.00 in cash and charitable assets, as part of the overall deal that could be worth $10000000000.00, including the value of the new drugs. if they're brought to market. in return, members of the wealthy family would get protection from lawsuits over their role in the opioid crisis. now, a federal judge has rejected the settlement setting the provision that would
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protect members of the sackler family from facing litigation. however, the judge behind the latest ruling did not cling to how sackler family members transferred 10400000000 dollars from the privately held stanford, connecticut based company over the decade before the bankruptcy or to holding sackler family members accountable for the opiate crisis. instead, us district judge colleen mcmahon focused on whether the bankruptcy law even allows for the kind of deal during the new york based lawsuit. mcmann said the great unsettled question in this case is whether the bankruptcy court or any court is statutory, authorized to grant such releases. this issue has put the federal circuits for decades. purdue pharma says it will appeal the ruling. either way, the deal which was rejected would not have help protect sackler family members from criminal charges, which some activists are calling for. for boom bust, i'm alex mileage. it's out for a quick break, but when we come back,
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the string of hacks that infected 2021 could flare up again with the holidays upon us. on the other side, we'll discuss what kind of threats we could see in the coming weeks is a good break here. the numbers at the close, ah ah, a happy pain venue. you said i had a name, but then when i allowed them to chip that he would outside on mac,
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on him and by then coffee. so she has an odd at a by then is a shift of on a 1st going on. what so much. so if it was, if you had to have multiple, multiple engines or mom can connect to so that keeps a few how was the look, but it shows the yellow here. and there's that do to have to put simple. so this is what i can look at. what else is it a philosophy? hold on. if this is you, how money comes in then say, hey, do like a a
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can i maybe, maybe i'm maybe with can a blue right now there are 2000000000 people who are overweight or obese. it's profitable to sell food that he's pricey and sugary and salty under that. it's not at the individual level. it's not individual willpower. and if we go on believing that will never change this obesity epidemic, that industry has been influencing very deeply. the medical and scientific establishment. mm. so what's driving the obesity epidemic? it's corporate in
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our working room, or should she popped in? she said, well, i'm getting ready to go shopping for chris i there was a good bye to another shooting another safe part of american life. shattered by violence, the gunman was armed with an a ar 15, semi automatic rifle. when the issue comes home, it's time to act. when we're stylish on this issue, the other side wins by default, lady that lived over there. i was walking one of the dogs, which is what you where again, were you scared with nothing but take it off of it. i think the people need to take responsibility in their own and be prepared if those kinds of weapons were less available. we wouldn't have a lot of the shootings. we certainly wouldn't have the number of desk
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the walk back, the white house national security council has warned businesses of a high in risk of cyber attacks, like ransomware, during this holiday season, in a letter to corporate executives and other business leaders on thursday. they wrote, quote, the holidays are an opportunity to spend time with our loved ones and enjoy some well earned rest. unfortunately, malicious cyber actors are not taking a howdy and they can ruin ours if we're not prepared and protected. historically, we have seen breaches around national holidays because criminals know that security operation centers are often short staffed, delaying the discovery of intrusion. now the administration is also asking these companies to work with federal law enforcement to improve us cybersecurity while updating their practices to protect themselves. all of this comes amid the backdrop of high profile rates,
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where attacks that have taken place this year affect the major companies including colonial pipeline meet supplier j. b s. food and technology provider could say, which was hacked in july, affecting as many as 1500 organizations using its services. so how big of a concern our cyber attacks, when many have checked out for much needed rest during the holidays? joining us. gotcha, cybersecurity expert and ceo of various of berkeley very tronic systems. scott show, scott, thank you so much for coming on with us today. i want to start with those last few points. we hit on with an uptick in cyber crime this year. how concerned should these major companies be about some sort of hacker ransomware attack around the holidays? well, they certainly should be concerned. and as you pointed out, well, the fiber criminals don't take a break. they don't get holiday offer or don't sit back and relax. and that means we really gotta be on guard, and i'm kinda glad that the buyer administration and even caesar,
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they put out this warning because in the past there was not enough communication between public and private sectors that now there being a lot more aggressive putting out warnings working closely with companies, especially big tech companies. and that's going to start making a difference, because if people take a to easy and just go off into the holidays and their winter break, they're going to be waking up to a rude awakening. especially with a lot of these targeted ransomware attacks. and with all of these high profile situations, you see like large corporations and tech companies, or even some of the smaller companies, because those are the really ones that you have to can be concerned about. because they might not have the resources to fully protect themselves. but are they able to shore up their cybersecurity and have they done so to limit issues that could affect millions of customers here in the u. s. or around the world? well, there is a level of cyber complacency, unfortunately across the board. and that's true within the government. that's true . within small businesses, even larger corporations, it's getting better. they are sharing more information. but just thinking about
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this, stat, ransomware attacks to every single 11 seconds. there's another ransomware attack, as reported by cybersecurity ventures that staggering. and if you contrast 2018, the average pay out for a ransomware type is about $5000.00. usually in big coin today. this, this year 2021. the average pay is over $200000.00. again in big point. so what does i tell you? they're getting really good at demanding high payouts for these ransomware claims. and now it's getting to the next level where there's a level of double extortion, where they'll actually extra trade data before they actually encrypt all the data on the computer networks. and that way they have the double extortion, where they could say, hey, if you don't pay the ransom, i'm going to take all your confidential data, put it out there, your intellectual property, or sell it on the dark web. so they're having more leverage and therefore they can command much higher return on these ransom. so it's scary stuff. everybody's gotta be aware of this. why do you think we're seeing such
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a complacency and is that more about the fact that, you know, this is all new? it all moves so fast that i think we could all say anybody works at office somewhere. knows people who refuse to even just accept that, that we're using e mails. now as the tech now get our memos out the same big in their world. a business to where people are just refusing to admit how important this is or is it more of the, hey, this will never affect us. i mean, a little both. i hear a lot of that denial won't happen to me and i was like into passwords and i hate talking about passwords, but it's something that affects us all. how many people still will create a week password password one to 3 will use that same password over multiple log in sites. it's more than 50 percent of the people still do it. despite the efforts that myself and other cybersecurity researchers constantly say you can't use the same password again again and again. and what are we keep saying?
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use multi factor authentication. it's there. it doesn't cost much time. it's a little bit inconvenient, but it's much, much, schafer, 10 times more safe. so you got to balance that trade off balance security verse, convenience. and i was off for security of take some time, use multi factor authentication. it will make a difference, especially this holiday season, where everybody is heading towards the online shopping. very important. i got one more thing before we go here because amazon web service, they suffered another breed brief outage just this week here in the united states after a larger outage effect in many major portions of the internet last week. it doesn't appear that these are necessarily cybersecurity related, but how concerning is it that so much of the internet is controlled by just a few companies. the biggest of which is really a w s, and i'm sorry i have about 40 seconds for you here. beautiful point, a w s there, huge huge cloud provider everybody uses. and this was really a case, not a fiber incident. it was really network congestion. that's what really caused the
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problem. they promised won't happen again. they got it fixed up. so hopefully going forward. thing should be smooth in the next couple weeks, but you know, i mean if someone were to attack it, knowing that so much is reliant on, i mean that could be a real problem, right? absolutely. well, rob the dangerous scott over of berkeley very tronic systems. thank you so much for joining us. really appreciate having you. i will do it again soon. thanks so much. and finally, with 2022 quickly approaching some of the biggest artist of the 20th century are looking to cash in all of their work. and they rightfully so should. and the latest instance of such a deal comes from none other than the boss himself. that's right. bruce springsteen, that's right. according to billboard, the new jersey native has reportedly sold his music publishing rights to sony for an incredible $500000000.00 a deal that very well could be the largest on record. now this has kind of been a trend we've been seeing over the past couple of years. in fact, last year we cover bob dylan making a similar deal with universal media group,
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a deal worth and estimated $300000000.00. other music legends like neil young and stevie next having similar deals to sell their catalogs as well. and that's it for this time you can catch boom bus on demand on the portable tv app available on smartphones and tablets. google play in the apple app store by searching portable tv and be sure to update the app as portable tv is going through some changes running better than ever. portable tv can also be downloaded on samsung smart tv, roku devices, or simply check it out at portable dot tv. well see you next up by me . ah ah, how much did you talk
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a little happiness. have you been on the 15th you started on mac. i'm you can buy then coffee and by then it's a shift i've gotten none more with multiple multiple gyms or more can connect to so that that keeps off your health. but it shows a lot of political for this to say yes, but i can the button, i said how to be it man a lab on how any have been say do like
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a a what i can i maybe maybe i'm maybe with than oh my view more broadly is that genocide has taken place far more than anyone acknowledges. right. it takes place frequently. it is taking place in virtually every country in the world. so why does it come to be called in? well, there's political will medical mobilization if you remember, wanda, nobody initially wanted, everybody knew it just i was saying why nobody wanted to call it that. eventually that label came to take place, but not at the time when events were unfolding. and part of that place is ation is
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if you say it's genocide, it's suggest that you need to do something with ah thousands, riley in central london against a raft of new and t covert measures as daily infections in the u. k. reportedly reach an old time high the british supreme court rules it was unlawful to drop an inquiry into the alleged torture of 14 suspected our re members by british soldiers . one of them told us what he went through.


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