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tv   Boom Bust  RT  February 17, 2022 8:30pm-9:01pm EST

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ah, missus boone, by doing business here. you can't afford to miss. i'm rachel beloved, the number of warren washington, and here's what we have coming up. the federal reserve has spoken and it seems like the us central bank will do curtail it's pandemic, an air time demick era effort, straight ahead. we'll discuss the measures and what it means for the spiking inflation numbers. then we're going to take you in the side of the met, averse to discuss the state of the virtual realm and whether or not the housing group is going to spill over from the real world. and with the olympics hearing. and we'll take a look at just how much money is involved and who is putting the bill for the global gain. we have the package there today. so let's get started. we leave the program with the state of monetary policy in the world's largest economy. the u. s
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. federal reserve appears ready to begin raising interest rates in a bit to ease inflation. now, minutes from the feds, the latest recent meeting show some officials had expressed concerns of her financial stability, saying that loose monetary policy could be posing as substantial risk. now they indicated that interest rate hikes are likely on the way very soon. and the fed is also looking to shed the trillions of dollars in bonds on the central bank balance sheet. to joining us now discuss his blue bus coach, spent swan and christy i. christy, i want to start with you on this. i mean, fed officials agreed last month that surging inflation and incredibly tight labor market could warrant a faster than expected pace of interest rate hikes. this year that appears to be happening. so how fast will rates go up? it is still unclear and policy makers still have not provided an exact timeline for the interest re liftoff, but they have hinted that it could take place during their meeting on march 15th. so there is anything concrete,
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but i think it's safe to say that the bottom line is right. hi are coming and they will be coming fast. because even with a few rate hikes, rates will still remain very low by historical standards. but even so, market volatility is expected to pick up. so many banks, including goldman sachs and b a. they now expect the fed to raise rates to 7 times this year in order to control inflation. and according to the cmi, traders are now pricing in over 60 percent chance of an increase at every fed meeting this year. federal power has also refused to rule out a more aggressive half per percentage point rate increase. so the debate still has weeks to play out, but it could lead to officials to begin lifting rates from near 0 next month with a larger half a percentage point increase rather than the standard quarter percent live. yeah, it's interesting how when they talk about these rate hikes, really they're sitting there arguing about $25.00 basis points or 50 basis points, but it still has a significant impact, especially when it comes to the stock market. now been, are there any potential negative consequences to raising interest rates while we're
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seeing such high inflation here? well, there, there definitely are risks with this in the word that comes to mind as stagflation . right? so we're already seeing that, you know, inflation incredibly high, the highest, it's been in some 40 years. and at the same time, the feds responsive as well. we're going to go in and raise interest rates and hopefully that will help. but the, the thing you risk with that is you have very low economic output at this point. well, when you have low economic output, ta tied up with inflation at the same time, you get stagflation. so basically what we're living in right now, it's the $970.00 s all over again. i mean, this is really what it looks like and what it feels like. and so i think what we're looking at here is, is this increase in interest rates isn't necessarily going to help. what it may do is just tighten up those stock market more cars, less bidding on that, it, but i don't think this will help to contribute to more jobs, more people working in the economy more product being made,
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nor will it helped in the situation of prices right now they will not help with that situation. so it's possible that by raising interest rate, the fed could actually make a bad situation even worse. and it seems like there seems to be almost no good and there and so many of the directions they're looking at going now. christy, we know that the fed also wants to shed trillions of dollars in bonds. so how will they do that and what's the risk when they're pretty much reversing the policy that they've had for at least the last 2 years? yeah, the fed indicated that they would be unwinding the bond portfolio soon in order to reduce the size of their current balance sheet. the balance she consists largely of bonds at the purchased in an effort to drive down rates and stimulate growth. so now they have 2 ways of reducing it, selling securities outright, or the thing to reinvest and maturing securities and march was when the asset purchase program with that to end anyways. so some numbers they were hoping for a foster conclusion. instead, the fed will continue to my $20000000000.00 and treasury over the next month,
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and nearly $30000000000.00 and mortgage backed securities. so the most likely path to reduce their balance she now going forward would be to allow some of these proceeds from maturing bonds to roll off each month, rather than be reinvested. however, some officials are now arguing that it may be necessary to sell these mortgages outright in an effort to get the balance sheet holdings, to purely treasuries and currently on the table that options on the table. but that route is unlikely for now, as it puts a lot more pressure on the bond market and could be too large responses and the financial markets and more volatility. but everything's on the table saying that the fed is definitely behind the inflation curve. absolutely. and now there's also a lot of politics being play here because been the u. s. senate action on president jo bivens, 5 nominees to the federal reserve, actually stalled tuesday after republican boycott. the key vote over objections to sarah bloom, raskin. the white house is pick to be the central bank wall street regulator. so i mean, how much of politics playing a role here as far as what they might do?
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because remember, jay power is also up for nomination as he's setting policy for the country. so, and why are republicans blocking raskin? yeah, well listen, is the answer. the 1st question, politics is always a part of it, right? there's nothing that happens in washington without politics playing some role in ruskin's case, levin there's concerns, specifically among republicans in states like wyoming and pennsylvania. what they're angry about is that raskin was essentially pushing last year to say that highly indebted, especially fossil fuel companies shouldn't be getting help during the pandemic. and so she was trying to avoid that. so their feeling is that she herself, is very political and is very anti fossil fuels and therefore they don't want to see her on that, that banking committee. but i don't think there's anybody right now who can be put up and i'm not advocating for her, but anybody who could be put up right now who isn't going to have some kind of politic surrounding them. i, it's not just that washington itself is highly politicized. but every nominee who's been put up for every position right now is highly politicized in their private
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life. that's the culture of not just washington right now, but the culture of america, everyone has a political stance, and they've made it known on just about every subject. very few people who becoming into the fed are strictly either economists or, or look at the world through that economy lens. unfortunately, right now we're in that though the world of activism and so that those are the people who become nominees, regardless of whether or not it's the right person for that seat. right. obviously, you know, you could say that strictly economy, but also there's so many schools of economic thought these days. it's actually hard to say whether that doesn't have a political been to it as well. boom bus been swan and christie. i thank you both so much and investments continued to pour into them better verse as companies bad on the future of a virtual reality world where you can do well pretty much everything you can do here in the real world, whether you want to buy real estate design your own property shopper clothes for your avatar, go to a theme parker. go on dates in a virtual reality. well,
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that will still be an option as j. p. morgan, black rock nike dizzy, and even tinder are finding ways to get involved. but when it comes to the numbers, it's not just one size fits all companies like the sandbox, the central land and mehta all have their own different divisions for what you'll see when you put on that b r headset. so today we want to do something a little different and we want to take a trip to some new space. it's a virtual reality world on the theory and block chain that has been opened to the publics in 2013 and let you buy and saw property interact with your virtual friends . and it gives you a place to show off all those. and a few of the required. so joining us now from the vs archer. so i called founder and ceo of san noon space archer is so cool to have you on the show today and to get to talk to you from the met a verse. so will you start off by telling us what inspired you to create an open source block chain base platform and how has it evolved over the last 3 years? absolutely, and the thanks for having me,
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it's been called to day here in the members in some new space. absolutely pleasure to to join you and look. yeah, i've been, i've been a player for 2 worlds like autumn online and then 2nd life later. since 99009, right, and i've been my biggest dream was always to not to look at those worlds from the outside on my monitor. but actually jump in and be inside those worlds because that's where, you know, the fun begins. that's where you can live or with where that's where you can actually consume that or socialize with people in real life, like in real life. so i've been dreaming about it for a long time and then went into something 16. i've been able to try the newest headset at a time where you will be you are able to just dive in and walk around the room and you know, all the full body strength and stuff like that. that's where i got in part, and i decided to start my company and create some new space where people will be able to do all of that. that's absolutely fascinating and it looks great. i can get her on the screen. now. we've seen interest in the metaphors skyrocket and recent
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months with facebook, even changing its name, no matter what is driving this demand. i mean, they're just a lot of business opportunities in the metaphors or is there more to it? a look. i think the drive of people joining members have been here with or without matter or facebook doing this stuff. right. i think right now the high up has been, has been pushed a lot because of the money and everybody likes to call the big numbers. but actually not many people understand what actually matters is and why those numbers are why those assets matter and what you can do with that. and i think that, that what people need to kind of understand. and of course right now we are in b r, i'm wearing my an avatar. i can switch, you know, this avatar into my a decentralize what i actually own and, and nobody can take it from it. so this kind of things, people have to realize and they have to realize why and if teeth matter and what kind of utility they can bring to to themselves. yeah, there definitely is
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a little bit of a learning curve there. and i know we've talked about how, how interesting and fascinating all of this is, but what do you say to concerns that developing this completely connected virtual world will have a negative effect in the long term? i know we already see that young people are glued to their phones and many people worry that this will stop their interest in the real world. so what happens if all of this turns into sort of the oasis of ready player one, so to speak? i think look, i think people always tend to, to speak about, you know, in extremes, right. either we're all doomed and something will happen and will be, you know, will be, you know, a, this one company will control everything or nothing will happen. i think the truth is always in between, right? look at those people live gathering on the, on the, on the plaza right now in some new space and, you know, having conversation, chatting with each other games and they're all from probably 15 different countries right now. and, you know, because of this technology, they're able to meet, they're able to socialize and, you know, instead of just watching their mobile phones and switching through tick tock or
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something, they're actually meeting with each other, you know, conversing and kind of having, having fun. like in real life, so i think that is a net positive impact on people on top of that, people re able to make money in the members, you know, they're able to utilize their skills in a way they're not able to do today. and of course, if it combined with block chain and allowing people to actually have the power to, to transact, to actual earn money and to exchange value. that is a huge net positive for the whole world are to you, give us an example of how people just as a business show that that's a fascinating point that you just made. so how are people able to, you know, kind of have their own little business in the metaphors? absolutely, let me just jump into the, into the, into the, into the crowd here. look right, even here right now, but the way people to the live stream, hey say hi. alright, so there, but you know, like many people here, for example, some are d, j. some are even organized. some are building worlds and, you know, and,
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and renting the, the, the clubs, some are architects building for other people. there are so many different jobs people can do. and that's just the beginning in a way, just credit, scratching the surface. but more and more and deeper and deeper we go into that into that kind of pre people are making incredible, incredible experience. incredible businesses on top of the platform and archer you, you, this is your kind of baby, if you will. and so who actually governs is who's in charge of it? who gets to make the rules? is that you or is it a community thing? because or will it end up being a situation where if you know the, the leader, if it's somebody like met? obviously they may control their own, but how does that work? yes. so look, there's a lot of talk about fully decentralization of everything and you know, and nobody controls anything. and kind of that stop. again. the truth is always in between. we have decided, you know, to utilize the block chain and, and if tease to decentralize our economy as the 1st step and that is the one of the most important parts, right? because in the past or even right now,
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all the games you play actually be companies controlling everything they are allowing you to sell things. they are defining where whether you can actually transfer things or not, that assigning what you can do with that. in our case, users have their assets under their control. again, as i said, this avatar is in an a t their avatars or an f t stew or lend parcels or anything you touch hearing some new space. now that means that they can go and sell or transfer those ads at any time to anyone, the one at any decentralized marketplace, the one i think that's one of the most important parts. and of course, we can talk about server decentralization and then decision making. this association, this all will come, but it will take, you know, years to actually make it fully decentralized world, which is not governed by anyone. well, our grade points to consider here are chair cycle, that's the name of space. thank you so much for your insight. and for giving us a real look into the metaphors. thank you. and see you on the other side of the monitor. by that time now for a quick break. but when we come back, we'll take
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a look at the business of the olympic that the beijing games begin to wind down. we have are very on been holding a and how and cook on hand to discuss as we go to break are the numbers that the clothes with with these leaders that are bringing big coin into the country. they understand the client and they understand the benefits to the society and all of the kind of miss characterization of these leaders come from the deep state in the us that lives trying to push the fee out money world. so want to understand that then you're
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thinking, adjust accordingly and you and i think see the world a little bit more within the context of how things are actually operating. ah, the democratic republic of congo is among the richest countries in the world and natural resources. but he cannot mclee, it's still one of the poorest cobalt is an essential material in manufacturing batteries for modern devices like electric cars, mobile phones and computers. 60 percent of the world's cobalt reserves are in congo . 20 percent of it comes from small scale mines. units have figures confirm that in 2017. more than $40000.00 children worked in cobalt mining in the republic to enter living and paying for schooling. next time you use a fancy gadget like a smartphone camera laptop, and just remember that there's a chance it works. thanks to what child, how'd labor children like john michelle?
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henrietta. oh countless, others like them more. so welcome back. the winter olympic games hosted in beijing will officially come to an end on sunday. so we thought we would take a little look at the business of the games and just how they are funded. so for contacts the 2016 summer olympics and rio and the 2018 winter olympics and piano chang cost roughly $13000000000.00. well, the tokyo olympics, which were delayed a year, due to coven 19, came in closer to $14000000000.00, but ended up $2000000000.00 below initially asked demands, due to a lack of fans in the stands. there may be surprised to know that much of the funding for the international olympic committee actually comes from huge broadcasting deals. notably here in the united states, nbc has paid just over $12000000000.00 to carry the games through 2030 to the rest
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of the burden generally falls on the taxpayers of the host city ordination in recent years, the majority of the games have been able to turn a profit, but prior to the 984 games in los angeles. well, that wasn't the case. that's when the whole situation started for a limited number of huge blue chips sponsors and the bidding wars for the tv right . let's go ahead and dig into all of this web host, the big picture in media consultant. how and cook and bed holding. he's the host of the ultimate sports hub based broke of you for being here to discuss that stuff. and i want to start with you sure. ratings are down obviously for this elliptic and at least here in the united states. and they've been kind of trending down over the last several games. but they're not even close to what we saw in 2018. and it seems to me, was just an onlooker without real data as to why that is. there's not a lot of big names anymore. we can't, you know, there's not the michael phelps, there's not the you saying bolts, sean, white in the last 2 will. it gave me kind of been out of the name. i mean,
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it feels like the u. s. we have curling and we don't even know who the biggest figures. so from a sports perspective, what are you seeing there? i just think i would start number one with it's awesome to be with you guys. number one to me that i think the time has a lot to do with it. i mean, we've been covering it pretty extensively what we're doing over at portable and, and watching games. i mean games are our games are starting at 11 o'clock at night . so i think that's one thing. but i think as you and i talked this morning about a little bit, i thought about this after we talked and there's just so many more options. and i do think your point is is valid to brent. there just aren't that that star power isn't there. so to speak, i mean, look at the hockey tournament. i mean, look, i love the guys that we cover in the k h l, but they're not the stars in the global faces of the sport of hockey. but i think the hockey's fine, i mean, you're going to watch hockey whether you know about it or not. if you're a hockey fan, you're gonna watch, but i think number one, it's more options are available for people to watch. number 2, i think in this case with this olympics and even the last one with that 13 hour
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time difference, i think that has a lot to do with it. yeah, certainly, especially when it comes to that coverage all around, all speaking of some of the options that you mentioned hall and i know when it comes to the olympic game, typically that's something that we would think we'd just turn on the tv and it's there. so we watch it, but especially here in the u. s. nbc has been pushing to make these games more digital. the put that covered on the digital side with the price that they are paying for it. is that all worth? well, when you talked about those rights fees, there were 9 zeros in there. so no one channel can pay for all of this. it was interesting to see the hierarchy though on nbc, a guy, women's figure skating on cnbc. you got women's curling. so they're still playing the legacy stick and relentlessly driving us to peacock. they really want to obsolete the legacy channels and repair to a less regulated frontier on the internet where they are and more control and circumvent all kinds of do's and don'ts. they can't do on the air,
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but just to pay the bill, you got to spread things out and to bends point about being 13 hours away. these particular olympics for that reason are very good reruns. they can schedule what they want when they want it. and i think what we've seen is that the super bowl just now maybe the last vestige of as you say, we're all watching it live. you know, february 9, 1964, all of america sat still and ed sullivan said the beatles. and you don't get that anymore except for the super bowl and these olympics because they're so expensive because they're so far away and because we are a digital world now they've got to just spray it out on as many platforms as they can. yeah, it really does seem like, even though in some ways we've been more connected than ever at the same time, we're becoming more disconnected. however, we have seen a lot of coverage and speaking of that coverage, but i know that you recently spoke with 5 time gold medal winning speeds. gator
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bonnie blair. and during that conversation, she showed up some of her metals. i want to play a couple of that. take a listen. this is calgary. oh, and you can tell it's kind of a little worn around the edges. ah, and they were engraved on the bottom. make kind of depicts all the different sports on the back of it, albert 0. ah, these were made with while leak crystal. so they're very fragile. so they really don't go to many places just because they are so breakable. and then the lillehammer games. and those were kind of cool. now, you know, this being more of a hockey, hockey program for the when they built the hockey rate, they built it into the side of the mountain. so they dug it out. they use the granite for the inner lay of the metals. now bang, we're always talking about the price of overall metals here on the guns. what are
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these metals actually made out? you know, i did some research like you guys did and i was stunned at how little they're actually words and most of them are actually made out of silver and right around 93 percent. even the golds the bronze is while they're made out of different metals about 93 percent of the metal is silver. so the going rate right now is about 8 or $900.00 for a gold metal, which i mean you ask any athlete like bonnie, she's one of the great olympic champions. not only in the us but globally great olympic champion, the blood, sweat, and tears, they put into winning. those has even more value than their word. but again, i was stunned at how little or worth and, and what she showed there was fascinating. i mean, we cut out the clip of her pulling out her broad and said, was actually in pretty much perfect condition, but we don't bring that one out very often. interesting. another fact about this is they haven't actually been made up 100 percent gold since 912 fun fact i found while we're working out this right out. how and i guess now we talk about where
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does this all go from here? you know, prior to the 84 game and we did a story about this during the summer game is prior to the 84 game, there were headlines and time magazine saying, are the olympics dead? are we heading in that direction right now? i think not the reason the because they are so expensive is the reason that sports is spreading out everywhere beginning a couple of seasons ago. there are baseball games. you can only see on youtube because the rights are so expensive that no one entity can fund them. all and just this past week, as you reported cbs is changing its corporate name to paramount. yeah. and if this tells us anything, is that it's more about the content than the platform because people will find that, well, absolutely. i think what they need to do is, again get the names. we mean at least as, as an american audience, i'm sure, and other countries they are seeing that bent. we have about a minute. last, what are we looking for these last couple of days? the olympics?
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well, i mean tonight you have a game starting at 11 o'clock eastern time. you got russian sweden. they're going out. they play in the morning. the night game tonight is finland in slovakia, i pick 3 weeks ago i said rushes sweden, finland. i'm still alive in the pool there for the podium, so, you know, disappointing the u. s. last, but that's just the nature of the game. but i'm still sticking with russia that russia sweden games going to be unbelievable. and finland's been playing great. slovakia, they're the cinderella story of the for teams. laugh and like you said, i think if you're a fan of whether whichever games we're talking about here, whether it's it's basketball in the summer or hockey in the winter olympics. i think if you're a fan of those sports, you're certainly gonna wanna invest in them because like you said, even though the n h l stars aren't there, it's still good games. yeah. it's still people who are trying to live their dream and they're getting to do it on a net or an international stage. been holding in holland cook. thank you so much for joining us today. you bet. thank you. and that's it for this time to get boom
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bust on demand on the portable tv app available on smartphones and tablets, or google play in the apple app store by searching portable. if you could also find ben, hold in there. and that's right. and where it will be can be downloaded on samsung smart tv, then roku devices or simply check it out that portable dot tv will see you next time. mm hm. when i looked showed the wrong one. okay. just a sheet out. you seem to be coming to an engagement equals the trail. when so many find themselves will to part, we choose to look for common ground.
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it's been 30 years since the soviet union collapsed. mom miss gotta go to chill them on to what the problem yet. could you talk so, so shown where you swore trust someone call it ukraine was one of the independent states that emerge from the ruins of a super awesome. would you also get on google greens? come a little, i'm sure she was some of the act and less new lease in west new did better one more law. a finish with watch at the past 3 decades, we'd like to ukraine. eye witnesses, what cool events this would be more or less to do to shoot in a deficiency of chipotle. you what i knew about it, i'm not sure, but about 4 months with no idea what else and what other forces were at play. you
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have to do the room, you should see engine mushy. in those them, you put in the kid what it i'm going to consume when it shows up in them was a little versions. only take a look at ukraine, 30 years out, the gaining independence if you're going to need your phone with us for dinner unless you mean like it was late, but a will. it could be issue you. lush will still holding. so problem here i is bigger for ed, smaller faces. all of these traits are very common and there were indicative of are specifically within the file a genetic tree of life. and if we look at all of these traits in the context of continued human evolution over the last 6 to 89 years since we became upgrade walking dominance, you can kind of connect the dots and see how they may just simply be us from a future time coming back into the study,
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their own best a my a c i who am i doing a walk with a little to one id my calendar on g with a. 1
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a quarter arbitration for sports publishes a document blaming anti doping bodies for the chaos surrounding the delay in delivering the results of camilla reliable december drug test. it also confirm say prohibited substance she tested positive for could have entered her body through her grandfather's medicine. filled them symbolizes on law, operate on law order, they cannot act on that. they are acting lawfully. the leader of the ottawa freedom convoy is cuffed and taken away along with some other protesters just hours after the interim chief of police says a crackdown on unlawful protests is imminent. meanwhile, the canadian prime minister is branded a dictator by opposition. lawmakers as fury, amounts of use of emergency powers against protecting truckers.

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