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tv   Boom Bust  RT  March 1, 2022 4:00pm-4:31pm EST

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ah ah there has been bustling visits, you can't afford to miss, i'm ready to 11 and i bred to bore in washington. here's what we have coming up that away. but firm cancelling services in russia. crypto currency exchanges are standing by what they call quote, financial freedom. straight ahead, we discussed the decision to remain in operation. this as a conflict in ukraine continues to weigh heavy on market, causing stocks to slump. to start the week, we'll break it all down. and china is facing mounting pressure as the world's 2nd largest economy in the wake of the ukraine crisis and ongoing tensions of
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a trade with the u. s. will bring you the latest. we have a lot to cover today. so let's get started. we leave the program with the state of the world's most popular crypto currency. now as the russian rubel has plumbing it over the past few days, the price a bit coin has climb steadily. but is there a correlation? well monday, buying frenzy help. most major assets served with big win leaving the chart, the job crypto rally after reclaiming the crucial $40000.00 psychological barrier. briefly crossing 44000. now as the rubel has plummeted around 30 percent, russian traders have been selling bitcoin at a premium on the peer to peer market place. local bitcoin dot com, that may also explain why the asset rallied so hard monday evening, giving credence to bitcoin safe haven narrative. joining us now discusses dubois tell host, encrypt analysts benz want, and he's in studio with us. it's always, it's like a face to face it out. this is something you've been predicting it. and it makes
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sense that when economic sanctions attempt to isolate russia, russia, you know, traders would move into bitcoin. so what are we seeing here? yeah, you know, you said we predicted this, right? what would the reason for that is because this is exactly what the coin was created for. this is the whole point of this, right? peer to peer transactions, that governments, cancun involved in what we've seen over the last couple of weeks and months especially, is that the u. s. government has, has rolled out the same playbook that they've used for years, and that playbook consists of what it consists of really focusing on sanctions. cutting off the swift banking system, which, you know, we predicted would happen, it absolutely has happened. and so there have to be workarounds. well, the biggest work around in the world is crypto currency. specifically bitcoin though, let's be honest about this. there are a lot a lot of other alt coins that did really well outperformed bitcoin over the last couple of days. some by as much as 20, almost 30 percent right now. i know. 2 whenever it comes to any sort of workaround, then of course you're going to start getting pressure on coming and banning. well, of course they can't, man, the crypto currency is out, right? but they can try to put pressure on some of those exchanges. so i know there has
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been pressure on exchanges to block russians from training on crypto platforms. and back on sunday, the vice prime minister ukraine called for a blanket ban on russian crypto currency trades on twitter. same quote, it's crucial to freeze. not only in the address is linked to russian and bell, russian politicians, but also to sabotage ordinary users. what exactly is he calling? well look, he, what he's really calling for here is if you are russian, you should not be allowed to be on a crypto exchanged. now that's an insane concept, right? the idea that you're going to say anyone who was a and is it just russian heritage or are we talking about russian speakers? there's a lot of them are folk took a fall into this category and what he's saying is you gotta cut them off. what's interesting is that already we've heard from the head to some of these changes who are saying, no, they're not going to do that, that, that completely defeats the purpose of this. and not only that, some of the exchanges have contemplated the idea of being able to target specific addresses belonging to individuals who have been sanctioned high networked
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individuals. here's a problem with that, is that all you have to do was transferred to different wallets and now you can get around that 1st, 2nd of all, and this is something that, that brought up a minute ago. a lot of we've been seen over the last couple of days, or is on the peer to peer training, right. which means you're not going onto a general exchange, you're not putting your your rubles on there in order to buy bitcoin. that would be easier to target peer to peer very difficult to target, but a lot of these exchanges are saying, we're not even going to play that game. we're not going to do that because it undermines the overall strategy and purpose of crypto currency in the 1st place. why i bet i know that you and chris have been hyper critical to say what is the of, of centralized exchanges because they defeat the purpose of decentralized crypto currency. but now that we've heard from you know, the crack and c o, who said last week when it came to the canadian truckers that hey, you know, if you want to protect that money that you're earning now get it out of our exchange, put it in a digital wallet isn't it, that's decentralized in that nature. so is it kind of refreshing to see that these
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people who are kind of mainstream making crypto currency, more mainstream in these big centralized exchanges that they're actually standing up for the rights of crypto users as a whole. they're not just saying this is an asset where you can make money there. say, if you want to use this the way it's intended, we are going to give you some of those tools. really good question. i would say no, i would say they are not necessarily protecting the users. i think that they're savvy enough to know that the folks who are in these exchanges and many people who are that kind of the, the crypto currency. you know, true believers would call them out in a 2nd if they saw this happening and so they have to do it right. does. does the ceo of crack and actually want people to come out of his exchange and go to a non custodial wallet? no, he doesn't want that, but he also knows that if he's a partner and if he is an accomplice to this idea of freezing accounts of stealing crypto directly from users and out of their wallace. if he's part of banning anyone who's russian speaking or is rushing from being on an exchange, you've become a part of the system and it would destroy your business. and so i think that,
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you know, even though they might have some personal beliefs associated with this, that are freedom oriented, they also know the fastest way you can destroy a crypto exchange is to become the very bank, the very find actual system that, that crypto currency was designed to overcome and you know, something that rachel actually mentioned there earlier to was the fact that, you know, it's almost like they can't ban decentralized crypto currency. yeah. but as you see, it used to, you know, circumvent sanctions, if that's the case or you see it used to, you know, obviously we've talked about many times that the officials will say that it's used for nefarious purposes. i mean, does it risk being taken down by some sort of authority and is there a way to even do that? well, what, what they risk? is it becoming an illegal currency at times? right. i think that's what governments would like to do. the problem with that again, is that you can't stop it and when you can't stop something, as china has learned, even about dick when, when you can't stop a currency, you have to either learn to live with it or learn how to regulate it. and i think
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that's what we're seeing right now as it is a push to say, why don't we better regulated because you're not going to stop it. you're not going to control it too many people use it and it overcomes these very problems. and i'll say this too about bitcoin. one thing that's incredibly important right now, just from an, a kind of geopolitical purpose. in the united states, we should not want what's happening right now, which is that russia is being pushed into the arms of a waiting. china. china loves the scenario right now because the chinese are able to say, hey, forget about that rural reserve currency, the u. s. dollar, and let's focus on our courtesy, let's use our g, b, the r n b. and let's focus on that instead. right. and that should become your reserve currency. what bitcoin has the opportunity to do is to help break that up some and prevent russia from becoming completely dependent on china. if we're more dependent on peer to peer, it's better for the entire world and i think that's, that's important to and the last and i have about 30 seconds left bed. but i mean, we also see it being used in ukraine and it feels like if authorities are going to criticize it, being used in russia, but also in what they consider humanitarian efforts. i mean there is that kind of
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it ways on both sides correctly. oh, absolutely. and, and again, look, the united states has been able to use these technologies, but, but the one country i would say the united states throughout the world, the i m f doesn't want that. why not? because it creates independence. the more independent nations are, the less that they're going to be able to be restricted by these kinds of controls room by spend fine, great studio, thank you so much for governance, for the pleasure. and it was another day of losses for margaret, while the mo, ex, in russia, remained closed on monday and tuesday, marking as long as pause since 1998 major markets in europe were down with the
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german dax and french cat. both falling nearly 4 percent on tuesday. here in the united states, the dow jones industrial average dropped more than 600 points while both the s and p 500 and as that composite loss, just over one percent. now this as oil prices continue to store with west texas intermediate up over 11 percent more than a $106.00 per barrel on tuesday. while international benchmark, brent crude was nearly 10 percent to over $107.00 with both at their highest points in 2014. now, all the by an administration has stuck to releasing supply from the u. s. strategic reserve and opec plus continues to stand by his current plan. the international energy agency said on tuesday that it will release $60000000.00 barrels of oil from global reserve, saying in a statement that quote, global energy security is under threat. putting the world economy at risk during a fragile stage of the recovery. so joining us now to discuss all the way this is
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michelle snyder, partner and director of training research and education for the market gauge group . michelle, it's great to have you on the show today. now take us through the latest losses. what are the biggest concerns among investors when it comes to the crisis, the new crane and the latest sanctions against russia? and why are we seeing such a reaction in the markets right now? well, the biggest reaction that we're seeing obviously is in the russian market, even though it's been close. if you look at the e t f r s x dropped another 23 percent today. so you really seeing the separation now, even though the united states markets in european markets have decline, that economy is really going down fast, at least as measured by that e t f. so in terms of the energy, really, the biggest problem that all of the investors are looking at right now, of course, is the inflation situation, considering how many resources ukraine actually exports from everything, from corn, we barley, titanium, my goodness, oil, obviously and,
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and it's actually believe it or not, i saw this was really amazing that is feed 600000000 people or has the capability of feeding in from the ukraine, 600000000 people. so there you have, you have now a situation that's so untenable with inflation and energy prices going out of control. that, of course. now what's really happening here is that the impact to the consumer and the u. s. economies in question, even though statistically, other than the inflation numbers we haven't really seen that come home to roost yet . absolutely. michelle, that's something we've talked about over the last week, is that everything that's going on politically is only going to make the inflation even though it might hurt us less than it does elsewhere in the world. we're definitely going to see it here in the united states as well, and when it comes to that current uncertainty. there's also the situation surrounding what the federal reserve is going to do with their upcoming meeting this month. are you think in certain among investors that that policy could be impacted by these current geopolitical tensions?
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well, it's already, there's so many statistics that the, that keep dropping in terms of the expectations for any kind of rate rise. now in march, it went from estimates to 19 he rises to now they're saying that in march, maybe there'll be nothing. it's really difficult. stagflation has to be, i think, from an economic standpoint, the most difficult situation to, to deal with, whether it's from the consumer standpoint, the economic standpoint, the government standpoint, and certainly the central bank standpoint. so for the federal reserve, it will be amazing if they were, if they raise, they probably should raise a quarter percent that that would be at least some token are at this point. now, it seems unlikely they'll do anything because we already know that how expressed his concerns about what's going on geopolitically. and certainly when it comes to the federal reserve, they have not been quick to act to say the least. so it'll be interesting to see
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how they react this month. now i know we mentioned how much oil prices have skyrocketed in the last week. while that's due to speculations, running the current climate. does that have an impact on traditional investors? i know you mentioned those rising energy prices all around. i mean is that assigned to all of those investors about really where we're at right now. well, the best comparable thing that we can look at really is, is the 70s in the mid seventies. when we had the oil embargo and it was really coughing now and coughing for hyperinflation. and one of the reasons why i think people spoke to the transitory narrative of inflation to this point was because oil was relatively behave well now with it going really high. i think that you're going to see a hyper inflation, super cycle of inflation. and that's definitely going to impact investors. and the flight to safety traditionally to, to bonds may not necessarily sustain seeing what the fed does. and then of course,
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the, you know, the other real impact on that is going to be that may be silver lining, which would be, do we finally make a real concerted move globally towards alternative energy? i think maybe we can see something good come out of it. well, absolutely, and we've talked about that and obviously there's already some sort of a concerted effort going towards the green energy as well. unfortunately, in the short term, when this is needed, the most that push doesn't help us exactly at this time. but before we go, i want to talk about inflation hedges. as we've talked about inflation so much in the segment, where does it do they stand and all this, everything movement towards traditional hedges, like gold and silver right now? absolutely. although i think that gold and silver are still relatively slow to act . and that makes me think there's a lot more upside. we cross the 1900 level here in gold. we're up at $940.00. i think we could see 202500 relatively quickly. we cleared the $24.00 an ounce in the silver, and that also has
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a lot of tremendous upside is still so relatively value compared to the dow, even with this down movement. and as you talked about earlier in the show, big coin now is starting to emerge as another potential safety play, which is interesting. so i think you need to stick to commodities and i think you should also still look at the food commodities as well. yeah, certainly a lot of moving parts here and never a dull moment. michelle snyder of the monday is group. thank you so much for your time and insight. thank you. and i'm not for quick greg, but when we come back friday, saving, rising economic pressure as it is weight heavy on market. we'll take a look at the future of the world's 2nd largest economy. that's a good break here, the number that
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ah, i mean with
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her all driven by dreamer shapes bankers and those with dares sinks, we dare to ask ah,
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with global tv. the welcome back, the binding minister, who has once again set it size on what it refers to as the harmful trade and economic abuses of china. the us, the office of the us trade representative levied broad criticism the world's 2nd largest economy practices and its annual trade policy agenda released tuesday, stating, quote, lack of protection for workers a week environmental regime and anti cooperative subsidies are the hallmarks of china is artificial. comparative advantage, it is an advantage that put others out of business and violates any notion of fair competition. and while the u. s. t r says additional details of its trade plans in the asia pacific region will come quote. in the near future. china is warning of
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uncertainty regarding foreign trade after exports in the us grew by 16.5 percent last year. as demand from trading partners remains up in the air during the recovery and raw material prices have risen. china's banking on more domestic consumption. but with retail sales only growing by 1.7 percent in december on an annualized basis. well, that remains in question as well. so joining us now to take a deeper look at china trade is boom bus co host christy christy. i want to start with china concerns regarding trade. why is there such a certain surrounding external demand after trade contributed heavily to the nation's growth in 2021? i think you actually just said at foreign trade contributed heavily to the nation's growth in 2021. but that's not sustainable, given the global macros. and china, given its history of being overly reliant on others and the west and subsequently getting burned, has learned his lesson. and that's why it's on a mission to be self sufficient. which is why domestic consumption is now so
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important to them. yes, it's great that they grew so much last year because exports road to new record, but china doesn't want to be overly reliant on trade and exports for growth and stability. so looking forward, there is uncertain demand given the rising inflation worldwide, which will put pressure on consumption and demand. so that's why china is now warning that there will be pressure on foreign trade. and on top of that, labor shortages and high raw material cost has also heaped pressure on the ability of trying to small and medium sized companies to handle overseas orders. and this is very similar to the oil industry. it doesn't want to risk over expanding and then being held with a super high debt balance sheet. when demand then goes away. that would be truly disasters for the manufacturing sector in china. similar to the oil industry is just a few years ago. there are both industries with super high capital investment costs . so, given the uncertain macros and headwinds manufacturers will be reluctant to expanded too fast, which will further contribute to supply squeeze. certainly,
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it seems like no matter what these countries try to do for themselves, they're always so many different factors affecting their economies, especially over the last 2 years. now, the commerce minister also talked about the need to increase domestic consumption. so what is the outlook here and are there worries that growth could stall? i mean, there are definitely worries that it could stall last year. the chinese economy, we founded with its best growth in a decade, which was mainly from robust exports of consumer staples and p, p, and other medical equipment. but now there are signs that momentum is slowing on weakening consumption and a domestic property downturn. so the cameras, ministry is now stepping up domestic demand by building a modern circulation system. and given the policies adopted by the new biden administration, china's dual circulation strategy is one way of setting these potential problems. but then there's also the concern of china's new push towards this common
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prosperity goal, which aims to reduce china's wealth gap. so that's being closely watched by retailers to see how this will affect the consumption economy. some like burberry, they think that trying to push to narrow the well gap will enable more people rather than fewer to be in a position to make luxury purchases. not to mention there is now a strong push by the gen dears of china to support local chinese brands rather than foreign brands. so the retail landscape is quickly trying to adapt to the new policies and environment. but challenges still remain. that's an interesting point that you just said there, about gender in china. we have to do a whole story on that come in, because that is very, very interesting. christie, i want to move to those comments from the u. s. t r office. i was the take away from that. it feels like the trade representative. catherine has really just kind of made some kind of platitudes about how hard they're going to be on china, but really with no agenda right now. exactly. the bottom administration announced that the u. s. as elevating its issues with china and in the us trade
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representative annual report, it promised to consider all possible tools to combat beijing practices. but it offered very few actual concrete details. so claim that china's anti competitive subsidies created an environment that is harmful towards global competition. and while the u. s. p r emphasize is laser focused on engagement. it falls short of any specific measures. and now it is also trying to claim that china is not holding onto phase one of the trade deal, but that is turning out to be a historic failure. china responded by calling on the us to remove existing terrorists and stop threatening new levies. however, the u. s has have never been adjusted and that was not conducive for china to complete the purchases. so therefore trying to claim that it has done the best to its abilities and imported the most under these stressful conditions. china also cited that the supply chain and the u. s is in shambles, and the ports are unable to ship goods efficiently. it's gotta be frustrating,
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keep having the same arguments over and over and over again. but at the same time, when it comes to the u. s, growing its own influence, how bigger partnerships with other asia pacific nations is tension between the 2 largest economies remain. we've got about a middle i mean it used to be better. so far. biden has indicated that trade talks are not high on his agenda. so asia pacific countries have in recent years signed to mega a trade agreement, the c p t p, p, and 2018 and the r c p signed last year. and both of them exclude the us. so these nations, they are highly export dependent. and while the u. s. has tried to improve trade relations with them, it was not quick enough. meanwhile, china's influence over these nations have grown in recent years, and the us ended up excluding is well from the region when it pulled out of the t p . p. and so for now,
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the bite and ministration continues to want to prioritize investing in american workers and infrastructure before signing any new trade agreement. boom bus, chris, the, i, thank you so much for bringing all that down for us. and finally, after the head of the russian space agency to dash to that sanctions could put operation and the international space station in jeopardy, the basic ceo, eli must. while he says his company can step in to preserve its operation in response to tweets from the head of cosmos on thursday of last week, which said the space station could face and uncontrollable, the orbit without international cooperation must simply tweeted his company's logo, eccentric billionaire, also replied to a tweet from the international space station editor at nasa space flight, showing a mockup of the i s s with the russian segment, removed with base x and dragon in its place. he is always ready for an opportunity to get involved. now, meanwhile, and other space x related news, ukraine received a shipment of sterling terminals on monday after mosque had promised them and
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internet and disruptions in the nation. the company has lunch roughly 2000 and starling satellites and orbit over the last several years, which provide high speed internet when used through those terminals on the ground. always another new story for on most to become a part of to a certain extent. absolutely. i mean, of course, a lot mosque will never see a tweet about space for electric vehicles that he will not in input his own companies into that's for sure. it's also very interesting. i mean, we've talked about star link on a very broad scale. but star link is meant for situations where internet is disrupted for places that don't have internet access. so you know, for them to roll those out. it's also very interesting to see just like curb to currency is what we learn from their usage and all of this. absolutely, and that's it. for this time, you can get boom bus on demand on the portable tv app available on smartphones and tablets. google play for the apple app store by searching portable tv for edible, see because we downloaded on samsung, smart tvs and roku devices,
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or simply check it out at portable. and that tv will see you next time with i like it one. the host ask the question for the guests and then the actually listens to the guests answer and then react to that answer a false dennis miller here, i've got a new show here you are. thank you for finally changing the 2 year. ready old i understand you're tired of networks that are new with your tired a day or not, no matter what the furnace in, you know, mean. ready i'm famous for my views,
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you'll get them and the new and. ready yours truly. ready scotty, now, guys i made a professional, is powerpoint to show you how archie america fits into the greater media landscape . is not all lab. you're all right, but we are a solid alternative to the bowl. we don't do liberal or conservative and as you can even this bar graph, we don't do the facts either talking ad lab the talking you had righty. oh, very go above it. all. look at world america is in the spotlight now. and frankly, i have no idea how to classify it and it actually took me way more time and i care to admit, oh oh, read ab rita turned on the tv about the world and what's happening around me? i see shells on the screen speaker last every day because the fake news, narrative,
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there's something for you on your sports h q. ah welcome don. contact today we discussed america's inner and outer wars with professor the keel. paul st. up to the 960 s, the united states isn't even really a liberal democracy. it becomes a formal liberal democracy in 1965. and in 1965, you get the civil rights act and the voting rights act. and, and there, those are also tied to the war on poverty. and those 3 elements suggests that the united states is going to become a place of inclusive citizenship and shared affluence, or at least the general prosperity is going to be distributed in a way that does not exclude us.


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