tv Boom Bust RT February 18, 2022 5:30am-6:01am EST
in congo, a 20 percent of it comes from small scale mines. unit figures confirm that in 2017 gold and 40000 children worked in cobalt mining and the republic to enter living and paying for schooling. next time you use a fancy gadget like a smartphone camera or laptop and just remember that there's a chance it works. thanks to with child labor children like john and michelle henry at all countless others like them more just with miss is them by going business? yeah. you can't afford to miss, i'm rachel blood, and i bridge 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 air, time damage, era effort, straight ahead. we'll discuss the measures and what it means for the spiking inflation number. 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 olympic hearing. and we'll take a look at just how much money is involved and who is getting the bill for the global game. 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. 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 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, boom by co host and christy. 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 they 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 policymakers still have not provided an exact timeline for the interest re lift off, but they have hinted that it could take place during their meeting on march 15th. so there isn't anything concrete, but i think it's safe to say that the bottom line is right high 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. now expect the fed to raise the rate the 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 move. yeah, it's interesting how when they talk about these rate higher, really they're sitting there and they're 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 raising interest rates while we're seeing such high inflation here? well, there definitely are risks with this. and the word that comes to mind is stagflation . right? so we've already seen inflation incredibly high. the highest has been in some 40 years, and at the same time, the feds responsive that we're gonna go ahead and in raise interest rates and hope
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 that equation. 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 the stock market more caused less bidding on that. but i don't think this will help to contribute to more jobs, more people working in the economy more products being made, nor will it help in the situation of prices right now. they will not help with that situation. so it's possible that by raising interest rates, 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 though, looking at going now. christy we know that that but 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 sheet consists largely of bonds. it's purchased in an effort to drive down rates and stimulate growth. so now they have 2 ways of reducing and selling securities outright, or c thing to re invest images, turning securities and march was when the asset purchase program was set to end anyways, though some members, they were hoping for a faster conclusion. instead, the fed will continue to my $20000000.00 in treasury's over the next month, and nearly $30000000000.00 and mortgage backed securities. so the most likely path to reduce their balance sheet now going forward would be to allow some of these proceeds from the trying 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 tab that on the table. but that route is
unlikely for now, as it puts a lot more pressure on the bond market and could lead to like 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 played here because been the u. s. senate. this action on president jo bivens, 5 nominees to the federal reserve, actually stalled tuesday after republicans boycotted a 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 is politics playing a role here as far as what they might do? because remember, j power is also up for nomination as he's setting policy for the country. so and why are republicans blocking rascan? yeah, what, 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 law. 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 gonna have some kind of politics 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. 8 in their private 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 the though the world of activism and so that those are people
who become nominees, regardless of whether or not it's the right person for that seat. right? obviously, you know, you could say the 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 flawed and chris, the, i thank you both so much and investments continue to pour it to the better versus company's 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, shop or close for your avatar, go to the park or go on dates in a virtual reality. well, that will 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 meta 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 open to the public since 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 averse. 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, it's been called to day here in the members and i'm new space but absolute 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 where, 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 hats at the 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 at absolutely fascinating. and it looks great. i can get her on the screen. now. we've seen interest in the metaphors skyrocket and recent 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? 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 he 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 decentralized what i actually own it. and nobody can take it from me. so this kind of things, people have to realize and they have to realize why and if the matter and what kind of utility they can bring to to themselves. yeah, there definitely is 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 study their interest in the real world. so what happens if all of this turns into sort of the waste of ready player one, so to speak?
i think look, i think people always tend to, to speak about in extremes, right? either we are 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 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 metaphor. you know, they are able to utilize their skill in a way they are not able to do today. and of course, if it combined that with block chain and allowing people to actually have the power to, to transact, to actually 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 the 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 event organizers, some are building worlds and you know, and, 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 where just credit scratching the surface. but more and more and deeper and deeper, we go into that into that kind of free arm. 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 talk again. the truth is always in between. we have decided, you know, to utilize the block chain and entities 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, 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 he can do with that. in our case, users have their assets under their control. again, as i said, this avatar is in and if you, there avatars are. and if you do or lend parcels or anything, you touch here and some new space. now that means that they can go and sell or transfer those at,
at any time to any one of the one at any decentralized marketplace. the one i think that's one of the most important part. then of course, we can talk about server decentralization and decision making. sense so jason, this all will come, but it will take years to actually make it fully decentralized world, which is not governed by anyone. wow, great points to consider here. archer. so i call the namespace. 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 the time now for a quick break. but when we come back, we'll take a look at the business of the olympic that the beijing games begin to wind down. we have our very own bed hold and, and how and cook on hand to discuss as we go to break are the numbers that the close me
me your eyes bigger for smaller phases. all of these traits are very common and they're very indicative of our specific clean within the filing genetic tree of life. and if we look at all of these trips in the context of continued human evolution over the last 69 years, since we became upper walk, you nominate and you can kind of connect the dots and see how they may just simply be us from a future time coming back and say their own best the, these people learn from their own experience, how vulnerable of business is to the bank. so you push the small business over the h pushes me right to the bankruptcy. now i realize we were good.
this isn't just the back of being involved in this is the competency firms. it is the lawyers. these people gotcha. one of their stories and it was kind of a whistle blower tow people's marriages have broken up. they've lost their family home. it is spectacularly devastating for people's lives. they have committed suicide, but left behind, nor they explicitly state that it was the constant intimidation and brewing by bank officers that lead them to. i took the spear, it's obscene, these people up nor sold the 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 context, the 2016 summer olympics in rio and the 2018 winter olympics and p on ching cost, roughly $13000000000.00. well, the tokyo olympics, which were delayed a year, due to cobit 19, came in closer to $14000000000.00, but ended up to 1000000000 and below initial estimates due to a lack of fans in the stands. so maybe surprising to know that much of the funding for the international olympic committee actually comes from huge broadcasting deal . notably here in the united states, nbc has paid just over $12000000000.00 to carry the games through 2030 to the rest of the burden. generally falls on the taxpayers of the host city ordination in recent years, the majority of the games 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, holden, he's the host of the ultimate sports hub. i broke of you for being here to discuss this stuff, but i want to start with you. sure. ratings are down obviously for this a little bit. 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 felt there's not the you saying bolts, sean white in the last 2 will limit games kind of been out of the name. i mean, it feels like the us we have curling. we don't even know who the biggest figures. so from a sports perspective, what are you seeing there? why 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 and 11 o'clock at night . so i think that's one thing, but i think is you and i talk 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 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 or bought 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 time difference, i think that has a lot to do with it. yes. certainly, especially when it comes to that coverage all around on speaking of some of the options that you mentioned hall and i know when it comes to the olympic games, 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 to put that covered on the digital side with the price that they are paying for it. is that all worth it? 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, but just to pay the bill, you got to spread things out and to bends point about be in 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 they 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, and i know that you recently spoke with 5 time gold medal winning speed skater, bonnie blair. and during that conversation, she showed off some of her metals. i want to play a couple of that. take a listen, calgary. oh, and you can tell it's kind of a little worn around the edges. ah. and that they were engraved on the bottom make kind of depicts all the different sports on the back of it. albertville, ah, these were made with wall leak crystal. so we'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 to me comes, what are these metals actually made out? you know, i did some research like you guys did and i was stunned. and how little there actually words and most of them are actually made out of silver right around 93 percent. even the gold, 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 what she showed there was fascinating. i mean, we cut out the clip of her pulling out a bronze 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 a fun fact i found while we were going to straight out how and i guess now we talk about where 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 c, b s is changing its corporate name to paramount. 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, i 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 in these last couple of days? the olympics? well, i mean, tonight you have a game starting at 11 o'clock eastern time. you got russian sweden, they're going out if 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 spend playing great slovakia, they're the cinderella story of the for teams like 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 going to want to 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 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 can also find ben, hold in there, and that's right. inboard will be, can be downloaded on samsung, smart tv and roku devices or simply check it out at portable dot tv will see next time. mm hm.
to our say about the situation in ukraine with our senior correspondent, motor gas t f. this is what he said within the last few minutes. you know, it's the most q into solution. everyone takes an interest in foreign politics, propaganda. she q has already seen that it's all propaganda. fake news assignment after if and fiction you, when you go through with the authors of these things, you seem to believe their own concoction. and of course why not do that a few like this sort of thing. is it? but for a grown up with us and look at it suddenly with something that elicits a smile is in your speaker. the really good publications in the political magazine have changed the date of the legend invasion several times. now they're talking
about 20, the february band trots had a foreign office already saying that the invasion may follow over a timeframe of the month. they are preparing the new d. motion which is ne ground is to keep saying this over a long time and state secretary blinking said, still said that it would happens in several weeks and may be day goes. we know that the state department will secure and formed. it's a nato allies that the invasion wouldn't take place until the end of february. and yet start by sex or general of nato, said they don't have another full confidence that serves invasion will take place to place the same time. the foreign office is saying that when it should be alerts,
a boot or whatever happens going through. even if russia draws back as a troops, the threats will remain below they're making proper sions for the future. even further, our note troops in russia will always be accused of creating a threat to the fornia russian. this is all the suits to happening against the background school growing military and the military technical presence either. so you will, and that expansion of military infrastructure you prefer to britain is now saying that they will double that, that troops in the stony actually in the military equipment such as tanks and armored vehicles. am i to subway and the united states permanent representative at the un preference to a provided.