like. i look. like. i've been. some great fire but. like. as in this morning then just be glad. i'm the resident. one carefully word.

there is relativity in the way people get their information there is relativity in the way people value their money there is relativity in the way people. relate to each other but with the blotching technology which is mass based which is completely objective store transparent and eternal these relative differences are big point away so to speak and read bring a new paradigm or a new era of absolute truth. over there i marinated in this is boom bust and these are some of the stories that

we're tracking for you today now we're coming to you live from our new york city studio today and we kick off the show by looking at how e.u. and russian sanctions have seriously impacted greece's hopes for an exit from its deepest recession for the house century that's a long time however it's not looking too bright and we'll tell you why coming right up and we were in a loss in vegas last week covering the vetted annual cyber security summit blackout and today we're bringing you all the latest and greatest from the event kicking it off with my interview with mr jake koons now jake is the chief security officer at risk based securities and a black hat veterans one of the few who's been going for fifteen out of seventeen years and he's giving us the inside scoop on how the conference has evolved over the years and then in today's big deal i'm joined by the always always tell us mr sound socks. and sam and i are discussing how an impending fast food armageddon armageddon of generalising an even bigger bite out of minimum wage jobs to carry

stuff and make sure hungry they want to miss a moment and it all starts right now. to. our lead story today sanctions now ever since the u.s. and e.u. began issuing sanctions against russia in response to the conflict in ukraine russia's economy has taken a hit but it's not alone european economies are also looking pretty bleak as a result of all of this now however today russia's retaliatory sanctions against europe are beginning to seriously reverberate through the continent and one country greatly affected by all this is greece sunday greek members of the european

parliament demanded that the e.u. cancel sanctions against russia and in a letter to senior in you officials and the e.p. is constantino top a degas and is there an openness got that didn't think i would say that russia's ban on food imports from the e.u. which was one of moscow's responses to anti russian sanctions will ruinous ruminants to greek agriculture the letter said quote thousands of small and middle sized greek farms producing fruit and vegetables and selling them primarily to the russian market have been hit hard their unsold products are now rotting at warehouses the m.e.p. is are representing the communist party of greece and blame you leaders and their own government for supporting what they call an imperialist intervention by the us e.u. and nato in ukraine and at the expense. good relations with russia according to data compiled by bloomberg russia is greece's bigot's biggest trading partner in two

thousand and thirteen the value of total trade between the two nations reached nine point three billion euros or twelve point five billion dollars and that number surpassed trade flows between greece and fellow e.u. member germany now greece's hopes of exiting from its deepest recession in the half century may not not come to fruition this year as a result of russia's punitive sanctions against the e.u. and grid tourism that's another one hit that also took an expected expected massive hit amid sanctions as well and the recent depreciation of the ruble will likely lead to two hundred thousand fewer russian tourists visiting greece this year and tourism contributes more than sixteen percent to greeks g.d.p. so the almost quarter million drop in tourist could deal but central three hundred million euro blow to greece's biggest industry that's pretty scary stuff and the hit from russian sanctions on agriculture exports that one that's a little more difficult to estimate and this is because it will go beyond the

direct value of sales according to a spokesman from the association of greek exports for consignment enterprises quote the biggest impact from the russian embargo will be from the indirect fallout as russia's ban on you fruit and vegetables means that large quantities of fresh produce suddenly become available swamping the market this will some prices falling across europe in both the volume and value of greek exports towards other countries now the greek government is carrying out all the necessary actions to limit the consequences of the russian embargo on reproaches but with the economy on such a precarious footing at the moment sanctions certainly aren't helping the situation in greece. now it's no secret that debt is a problem for millions of people in the u.s. so how is this indebtedness affecting the economy while i sat down with chris

martenson author of the crash course and founder of peak prosperity dot com to talk about natural resources debt and gold now i first asked him if resource constraints would lead to the middle class is voting for lawmakers who fight for for redistribution of resources take a look at what he had to say. well that's always what happens but this is what's really different about this story now you know you can vote to redistribute as much as you want but if you have a hundred dollar a barrel oil and that represents the fact that it now costs at the margin eighty a barrel to get that out of the ground you can redistribute all you want but what you're going to find is it doesn't work like it used to this is the part of the story that we tell in the crash course that i think is just so important for people to understand right now is that everything we've been conditioned to do is just look at the economy everything you know what policies do we have what are taxes what's monetary policy how much money are we dumping in what's credit growth that's

been a useful place to go because because it was very predictive for all this time we're saying to really understand how this shakes now you have to go wander over here to energy also the environment for other resources but energy is a great place to just go and look this is the critical bit it's not really how much oil comes out of the ground it's how much gets exported i mean at least if you're an importing nation in the united states still is we import seven million out of fifteen million barrels that we consume so where do those seven million come from well some from canada some from mexico the rest from other places if you look at how much is exported in the world right now that number's around forty million barrels a day that's it so who gets access to those forty million well that's the question that's getting resolved right now and here's the interesting part aaron the exporting countries are finding two things happening one their production is typically declining or crosses most of those countries in their internal demand is increasing that provides a double pinch on how much they can export so the real thing that we have to look

at here is how much is available to export at current trends literally every single drop its export and today will be consumed by china in india within ten years i don't think that's going to happen we won't get there because something will have to force that function to change but that's where the current trend is that's the pressure in the system right now. now let's talk investments here clearly private indebtedness is a problem given the demographic challenges that we face but how are policymakers likely to deal with this credit write downs printing money taxation what's your take on all this. aaron it's very simple the powers that be whoever's in power in whatever country we're talking about the do everything they can to avoid pain so this is that where we find that we were to i am expecting more of the same which is let's just principle money let's just borrow some more of these will be the old tried and true things why because actually admitting that we live beyond the means and beyond our means and that now we have to live below our means in order to cover

up for that that's a very unpopular position to take no politician wants to take it so we'll try the other things first we've been trying what six years of money printing now clearly it's worked but for the point one percent or the one percent it hasn't worked for everybody else the more we continue down that path the worse that sort of dynamic is going to be so i expect politicians to say hey how do we actually start to get some of this to the people that's where we're going to go next i expect tax cuts i expect maybe a tax rebate i expect more distributive programs anything but facing up to the idea that hate now we have less how are we going to get by unless. you know chris what sectors of the economy when in this scenario is it consumer staples alternative energy financials what the what part. lot of winners in this story that's one of the interesting parts so if you think that business as usual was we get cheap oil out of the ground what happens well we build strip malls that are pretty far away from suburban areas and city centers we distribute ourselves kind of broadly across

the landscape you know there's people who do commute ninety miles one way to work in in the los angeles basin area what happens in this story is that we have to get serious about energy efficiency and there's lots of technology on the shelf today that's going to help us be much more efficient heating cooling not very sexy stuff but boy it really is going to make a big difference we're going to see a lot of winners and losers in the space around how we feed ourselves heat ourselves all of those things and in particular i think we're going to see you know the losers in the story discretionary income things that rely on people traveling thousands or hundreds of miles to get there those are going to be much more difficult to populate with tourists so this is just a story where we find that the center mass things get a little bit more expensive and we have to shift towards around efficiency and conservation again not stuff that we really want to sell to ourselves all that often but boy those are going to be incredible growth industries as we go forward

if you want to be in the energy space the efficiency space alternative energy all growth industries and there's just an incredible amount to be done we're going to have to reconfigure a lot of our landscape to conform to new energy realities now although we've been talking about this this sounds like an intrinsically deflationary outcome to me at end of printing money can't get you inflation as a didn't for twenty years in japan does that mean assets like gold are just dead weight. possibly but but here's the thing the deflation itself if it really strikes right now my view is that we have sort of countervailing forces deflation pulling one way inflation pulling the other way it's kind of a dead heat right now and for a variety of reasons with big deflation you see things like ruined institutions of sovereign defaults other or other things like that that really frankly create a lot of financial distress that's the prime reason i own gold is because of financial distress not really inflation normal inflation by which i mean less than

eight percent per year and gold correlates badly with inflation so i don't think that's that's a good reason to own it but if we do get into something where i would consider to be more of an overt inflationary policy here's what you do you don't print and give zero percent money to the big banks who then loan it to hedge funds and other speculators what you do is you create a tax break or a tax credit or some way to get money back into the hands of people is fast as you possibly can then we get into more overt inflation things will really take off at that point that would be a circumstance i might actually hold gold for that inflationary outcome. that was chris martenson author of crash course and founder of peace prosperity dot com. time now for a very quick break but stick around because when we return we're talking about cyber security and i had the opportunity to attend one of the largest gathering of

the cyber security experts in the entire world at the black cat conference last week in las vegas and we'll tell you all about how this premier event has emboldened over the years that in today's big deal i'm joined by the wonderful mr sam sachs now sam and i are talking about an impending through the armageddon scary stuff and remember you can see all segments featured in today's show on you tube you tube dot com boom bust our teeth and on hulu hulu dot com slash boom dash but now before we go here are a look at some your closing numbers as a bell on. the . technology innovation all the developments around russia we've got the future of covered. well you like me you want

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street. welcome back to the shout now it seems like nearly every day we learn a little more about data collection and mass surveillance and it's kind of upsetting but this past week i had the opportunity to attend one of the largest gatherings of the cyber security experts in the entire world and that was at the black had conference in las vegas now one of the experts i spoke with during the event was jack coons now jack is the chief security officer at risk based securities and a black hat veteran jack told me what he thinks about the fine balance between technology and privacy in today's computerized world and he also shared his thoughts on large scale hacks such as the data breach by an alleged russian gang which happened just last week during the conference now i started off our conversation by asking him how black hat has evolved over the years here's what he

had to say. so it's definitely grown in size without a doubt. but you know i think early on it was very much focused on talks and researchers and it was less of sort of vendors participating and we've seen vendors grow you know the expo hall of minutes ton of vendors here so it's growing the dynamics of who's coming in is changing it seems to be a little more management types and corporate not necessarily a bad thing but it's definitely as it as it grows it's not sort of a smaller audience that was very focused on sort of a hardcore technical things while it's still technical in nature if you look at that at the talks it is changing a bit as it grows with more people coming in you know the term hacker has this really nefarious connotation so do you think that this conference in particular attracts the good or the evil you know i think. as it's grown it's attracting a lot more good whether it's government type or organizations more people that are

coming to try to learn so they can defend and not as many people that are coming to learn to sort of attack some other conferences they may you know a you know track different folks but when you have a conference such as black as you're getting top talent to give presentations which is amazing but it is quite expensive to come in to the conference so most folks that are coming are sponsored by some sort of company to come here so you know while there are probably some hackers running around i'd probably say there's probably other venues that they would be more comfortable at than something something like black at these days and what would that be i mean you know the deaf conference that comes right after it attracts you know a wider group and with it having a smaller price tag you know more affordable for folks that want to want to go to a site say if you're if you're looking for that type of element of people then that's probably attracts more folks conference like that and right now we also have the besides las vegas conference going on i would say there is one. and again i'm

not at all suggesting that either one of those conferences is for bad. and it could be a very sensitive subject you know who's coming but everyone's coming to learn and it's hard to sort of you know put them in a corner saying we're coming to do things for evil like you're saying the joker does want to see the world burn right there are those people there and whether they come to conferences or not they're going to learn what they want to learn to do those things but with the price tag probably say this is a more formal even if you look around at the audience they're more sort of dressed up in the whole shirts and that sort of stuff you're not going to see that at the other conferences now we recently spoke to bruce schneier on boom bust and he calls the data collection relationship between the n.s.a. and private companies a public private surveillance partnership which is pretty interesting stuff and you know with both the government and the corporate world basically trying to track our personal information and knowing that they are trying to do this how does someone protect themselves against such such measures you know honestly it's

a tough question i think everyone's struggling with but they're most cases there's very little that you can do to protect yourself right if the government's looking for your information at this point it seems like there's very little that you can do to sort of. control what access they get to in so many ways as technology grow so fast the average sort of consumer doesn't understand what they're getting themselves into so they're providing this data all over the place so you know from something as simple as you go to a grocery store and they say oh hey do you have your ward's card and you go of course read all those wars and people do that because their incentive to do that so they're willing to give up information about what they're buying and all those sorts of things and it becomes then to companies that they can easily provide and so it's just we're providing more and more data about ourselves and we don't even really think about it until someone does something wrong with and then we go wait a second you were totally fine given that out and and tweeting and facebook ing what you're up to but the second someone uses it for what you perceive as evil

you're very unhappy. be about that usage so i mean you know you'll hear things and i'm sure you'll talk to people will talk about anonymous proxy and encryption and there's lots of things that you can do to sort of protect yourself to an extent but i don't think that those are things that you would go to you know your grandparents or your mother or people that are hard core in the technology and go oh you know you should be doing this they're going to they're not going to do it it's not sort of you know it doesn't come natural right and so you know they're sort of at the see the mercy of companies and how they're going to protect and what they choose to do with it and. i think that i think the whole privacy thing's going to continue to come up and be a bigger issue and. we'll see where it goes right now i don't think people understand it enough to make a decision every once all your other people say i don't use facebook i don't trust what they're doing with my information but you see more and more people join in and say hey it makes life better able to sort of you know whatever the technology makes life more convenient or i can share pictures or whatever it is and they're willing to even give up some of the problems you know bruce is even saying that he he finds

his i've found so helpful that he isn't willing to give it up even as a cryptologist is the same for you it's so true like so i'm not an i phone i'm not an apple fanboy but i have you know enjoy a phone and have that google now feature right and when you're traveling in your interviews and stuff the fact that it reads all my e-mails and says hey you're going to be late for this better get the lube fast rate like it's amazing like my airline comes up my hotel comes up and i think about that i go as a security this is probably wrong but it's so convenient so as convenience comes your will and you willing to give it up there's been some pretty big news recently about an alleged russian gang hacking one point two billion passwords on line so what i want to ask you what do you think about this and are we going to keep seeing instances like this reoccurring now you know so one of the things we do we track data breaches and so we're not seeing a slowdown in breaches like this. there's i don't there's enough in from. and yet

out about this particular claims understand the extent of it but it does feel like we've gotten to the point where it almost seems like an inevitability that this could be some sort of breach what we're seeing more evidence of our third parties that continue to have breaches and user names and email addresses and passwords of the targets and most people will say well what's the big deal and the big deal of course whether it's target had their issue through a contractor were seen the credentials from other or organizations that are used to get into the places they want to get into so it is a big deal for you if your username and password is out there i bet good money that you use that password somewhere else again it's just it's tough how many passwords can you remember what can you do and so when that stuff goes missing it can lead to much bigger or potentially more sophisticated problems of attacks so i don't know all the details yet on this one they haven't released enough for us to say these

are all the organizations impacted but i. doubt because even what we track last year alone we saw eight hundred twenty million records exposed it's the worst we've ever tracked now he said in the billions so we don't know if some of that overlap over the years was this you know a collection of everything was a brand new so it's hard to tell at this point. that was jake not jack jake as the chief information security officer of at risk based security time now for today's big deal. it's my favorite part of the show big deal mr sam sacks and i are discussing the fast food industry now engineers that momentum machines in san francisco claim that they've created fully automated devices that can prepare fast food at a rate of three hundred sixty burgers per hour that's

a lot of these now in addition to selling their contraptions to restaurants the company also plans on opening its own burger chain and claims their products will quote democratize access to high quality food making it available to the masses in three hundred sixty per hour quantities i made up that last part so sam first and foremost welcome i'm sorry that we can't be there in the flesh but what is there is a big studio by myself here. it's all yours it's your world man i'm just living in it ok first question so what is your take on robots replacing fast food workers when you think about what i like how they say it's going to democratize high quality food bringing these high quality food to the masses and show the masses are going to be able to afford it there when they don't have jobs i mean this is essentially what we're talking about is replacing people who are flipping the burgers and making the burgers and fast food restaurants with machines and that's pretty troubling i mean look at what the fast food worker today is doing with these he's fighting against his boss who's shaving down his hours and giving paying him

basically poverty wages marching to get better working rights and now he's got to compete against robots coming to take his job i mean the low wage service sector industries increasing what our economies are relying on in this post recession world and now we're just going to give all these jobs to to the robots on the bright side you can trust that your food. it will be cleaner there won't be any. communicable disease is your. body bodily fluids in the battery and stuff like that so you know it's just listening for that and it's fine ok a battery powered yes battery fluid has a lot of know about it. now that you know the fast food industry it's been inching towards automation for years now and it's done with a little to no success so why and how will these machines prove any better than those that came before them all the technology is getting better i mean this thing as you said makes over three hundred burgers a minute it's going to save you know the business is two times as much as they

spend on labor stuff like this is it's efficient and there used to be a culture in business community that you wanted to employ people in your community and give them good wages so that your community would get stronger and that probably kept a lot of these advancements have bay but now there's no culture like that now it's maximize profits at all cost and that's what this is going to do is maximize profits. then what other industries may take advantage of you know total automation like what you think. i mean every everything i mean look at it look at factories now they're filled with robots we see drones now drones are going to replace a lot of police work they can do a lot of surveillance over big areas you see you call comcast and before you talk to a crazy sales rep who keeps you on the phone for ten minutes you have to talk to a robot to get to that point and probably rather talk to the robot at that point so

look at me i'm there more infuriating and they salesperson and. so they're coming to dominate you know all sectors are cutting pew research study came out with a study that said by twenty twenty five it's likely that robots an artificial intelligence will permeate pretty much our entire daily life and about how the experts polled said we should be concerned about this have said. you know this could be hopeful help hopeful hopeful now sam i want to ask you real quick we only have thirty seconds out but you know there's been a lot of buzz around minimum wage crushing robots so while of the technology that momentum machines engineers will certainly put some people out of work is it better to kind of embrace progress and change than maintain the status quo in the name of jobs or attention now i'm not so sure about that i think robotics and ai is kind of an end game here i mean this is removing humans from the workforce and the ultimate dream for corporate is to like i said earlier want to want to maximize their profit so i don't think there's this early guarantee that this is going to create other jobs down the road and ultimately benefit the workers i mean i guess you're all

right to listen to yeah but i think this is different i mean this is rather than maximizing your individual workers open you can completely relate to put replacing them i love having you on the show it's always a blast thank you so much for your time your insight that's all the time we have for now but please check us out on facebook facebook dot com slash boom bust r.t. and please tweet us at erin aid at sam sachs for all of us here and best thanks for watching c.n.n. you.

heavy artillery attacks kill at least three in the outskirts of dawn yet skin east ukraine with residential areas pounded by shells as the army tries to retake the city from local militia. force foods leaving a sour taste for russian regulators who are suing mcdonald's over quality which could see some bug drinks shaken off the menu. in washington is sending over one hundred additional military advisors to iraq to help kurdish troops battle islamic jihadists but there's concern that the u.s. is getting too deeply involved in the conflict.