janet yellen has convened a meeting of officials to discuss the ongoing saga plus age of health passports among us for international travel will bring you up to speed on what could lie over the horizon and later on that has demick has laid bare the deficiencies in the global supply chain system look good by the administration to change that reality in fact showed today let's dive right in. and we lead the program with the latest in the red it fueled game stop stocks saga u.s. treasury secretary janet yellen will convene a meeting with regulators to discuss the market volatility related to the game retailer stock now according to a treasury department spokesperson yellen has called for a meeting with officials at the securities and exchange commission the federal reserve the new york fed and the commodity futures trading commission now the discussions are expected to happen as early as this week on monday white house press secretary jens psaki was asked about the by the administration position on

the issue. obviously this is under the purview of the f.c.c. in terms of their review and monitoring but this is there is an important set of policy issues that have been raised as a result of market volatility in recent days and we think congressional attention to these issues is appropriate and would welcome working with congress moving forward as we dig into these for their policy issues p.s.e.c. is looking carefully at recent activities and if they're consistent with investor protection in fair and efficient markets that's where we think the preview is in the focus at this point in time on wednesday the press secretary confirmed the meeting but offered no more comit from the white house for those unfamiliar with the situation a group of retail investors banded together in recent weeks to buy shares of game stop pushing the price for roughly $15.00 per share to over $450.00 at its height creating a short squeeze which caused massive losses for some hedge funds since i mean that top price point shares in the struggling retailer have remained volatile for more

on this and what's moving markets wednesday looks like it's going into bust co-host christine and chris you'll he is the founder and head trader at the 10 minute stock trader thank you both for being here today christy i want to start with you could this be construed as market manipulation i mean what will be the focus of these discussions in terms of future regulations when it comes to what happened over the last several weeks. well that's a big question and technically it isn't market manipulation because that's defined as with dissemination of false our misleading information with the aim of manipulating investors into buying or selling securities so that's what happened during the pump and dump schemes during the early 2000 the dot com and historically it's been very difficult to prove because it can require showing that arbitrary spreads false information and intended to break prices that's not what happened here at all with these credit for and there wasn't necessarily any false information the messages was a rocket imodium that urge other investors to hold on to their shares or buy more

it reflected in earnest at heart by individual investors to seize on opportunities that have always been available to establishment players so the rise of game stop wasn't a good by any false information but it was fueled by individual investor interest so now the f.c.c. will likely look at whether the messaging i invest in holding the stock long term and activists betting against it was manipulative and now we're very difficult to prove so there will also be an investigation into the share suspension rules because we saw game stop being halted multiple times and individual brokerages such as i each trade robin hood's of spending by order of are limiting the number of shares to be purchased arbitrarily while the institutional investors they can buy and sell as much as they want with the current market so lyster a huge backlash from traders who were banned from trade or restricted from trading the stock as a lot of the focus will be on robin hood as well and how they change the entire trading game because on one hand you have those arguing that with robin hood and

all the retailers entering the market it created volatility and on stability in the market all the wild swings that we've seen they undermine the confidence of investors that we haven't market but then on the other hand you have people arguing that the democratization of the market is a positive trend and with proper information people should be allowed to take risks as they see fit because why should only wall street have access to the markets. want to hear big. why has this become such a big deal and guarded the attention of regulators when really this type of market activity and speculation is done by hedge funds all the time why is this situation so wrong when retailers are stepping in to do what wall street has been doing and frankly for the history of wall street really. any brand thanks for having me on i got to tell you i don't think this is wrong and off i have got diamond hands just like all of the reddit people out there on wall street bets and this is got to be the most fun i've ever had trading ever i've been trading since 2009 and in the

last week i have had higher heartbeats of excitement and dismay at the same time but i got to tell you being able to watch this as it happens is is so much fun and to participate as well you've got that what used to be around a 1000000 peoples in the reddit wall street gets member community is now over 8000000 people and collectively they are showing the depair of small accounts when combined i mean you really have all these people with who just got their or their stimulus checks and hopefully more in the near future who are banding together and they're buying a stock collectively making the hedge funds who maybe a small portion of them were actually manipulating prices before feel the heat of what it would take to combine all of these people together and have similar purchasing power who would have ever expected that and i just got to say it's

amazing to watch you know chris as a follow up to that do you think this would be such a big deal do you think we would see this regulation if it was maybe more of a viable stock that was being shorted by hedge funds and wall street bets that hey we'll stick to the hedge funds but we are this is maybe a more viable company that has a future what it looks like game stop maybe doesn't quite have that he did you think that would've been the case. i don't know i mean we got to look at tesla over the last couple years because tesla had several short squeezes happen to it and now the stock seems to double all the time they had a 2 for one share split and now they have basically gone back up to what the price was before the share split and if it were not game stop i think it would have been anything else because really we're looking at an opportunity where markets were being controlled artificially more than they really should have been i mean that the short interest in game stop was nearly 140 percent of all the shares and. individual retail investors found this information and used it to their advantage

strategically to make a an informed to bet against a wall street and to see it happen is amazing but really i think it would have happened with any stock once that information had been found out and a collective effort combined it would happen anywhere right now i want to head down to the next big story on the street christie jeff bezos the step founder and c.e.o. of amazon is stepping down as c.e.o. in the 3rd quarter of this year and will be succeeded by any jesse what will this mean for the future of amazon. it's the end of an era after nearly 30 years with any jazz he is the current computing head and has helped to grow 8 of us into a cloud computing platform used by millions of millions of players and dominating legacy players such as oracle and microsoft so amazon currently owns almost half the world's public cloud infrastructure market dominating about 33 percent of the computer market while microsoft it's don't like me and the company earnings report

yesterday i got the estimate at $12740000000.00 for the quarter that's up 28 percent year over year so that's a company on a $50000000000.00 run rate and no other cloud infrastructure vendor is even close in this category so now that jassi is succeeding basis analysts believe that it kind of underscores the importance of web services to amazon's future so what the signals to the public is that cloud computing is the future of amazon not its business and not its e-commerce platform and it shows amazon is firmly a technology company and not just a retailer or logistics company which is actually what a lot of us think of only think of amazon we don't think as a true technology company we see it more about the economy but warm and that's not that's not the logistics base with its today prime directory and certainly there's a technology component to it but we basically see as a shopping for most of us but now with this transition and leadership are likely to see that change like so many big tech companies that we see that they have this

forward facing company that you see where you go oh that's what we know them for but they're really making money on the back end on things like 8 of us now chris are investors worried about this transition in are they worried about the future of 8 of us as to who may actually end up taking that position. no i don't think so i was just looking at the stock price and it's near all time highs and all reality no matter who jeff bezos puts in there he is going to put them with the absolute best foot forward i mean he's like chris he was just saying he just spent 30 years building this this baby he's not going to hand it off to somebody who doesn't know i mean you've got to look at the transitions similar to like microsoft with bill gates and steve ballmer you got a look at apple with steve jobs and tim apple i mean tim cook and really they're going to be fine and if you're anything like me i mean i have no plans not shopping amazon anymore because like as we speak at this moment i have to amazon packages on

my doorstep right now and there's probably more i mean at the day i don't think amazon is going anywhere anytime soon and i think investors feel the same way boom bust co-host christiane chris you will of the 10 minute stock trader thank you so much for your analysis today thanks for having me. and we're seeing more data come in regarding covert 19 vaccines researchers at oxford university found its vaccine developed with drug maker astra zeneca was 76 percent effective at preventing symptomatic infection for 3 months after just one dose now according to the research that picks the rate rose to just above 82 percent when there was at least 12 weeks between the 2 required doses if the doses were given less than 6 weeks apart the efficacy effect in this of the vaccine fell to just below 55 percent now the longer interval between these doses will actually

allow for more people to receive their 1st vaccine shot sooner while supply is limited u.k. health secretary matt hancock i just spoke about the findings wednesday. and that categorically supports the structure gee that we've been taking all having a 12 week gap between the dates is because it shows that the strength of the protection you get is is the fact slightly in homs by a 12 week gap between the good news all around. and as people around the world begin to receive back since we start to talk about a return to normalcy going about everyday life traveling again in attendance sporting events and concerts with thousands of people so this raises the question of the so-called vaccine passport which would provide confirmation of vaccination r.t. correspondence i haven't been following this story and joins us now. so bren there's actually already a digital coven 1000 racks in passport system being used right now in the us los

angeles county did a 1st in the us through thing a digital called in 1000 vaccine passports they let you store your vaccination documents on a mobile device to prove i mean is a ship and a lot of companies though rushing to build a very similar digital system with the airline industry understandably taking the lead as they face yet another year of the kleine in air travel so think about it anyone right now looking to leave the country or even their state they have to show proof of a negative p.c.r. test but as vaccines begin to roll out globally that question in everyone's mind is what will be required to travel in the future so airlines you know they're really thinking ahead so very smart and starting this week british airways they're going to start using a little bit 19 digital verification system on flights from london to the u.s.

and travelers who uses they're going to be fast tracked for checking similar rollout is being used by emirates airlines airways united and american airlines now the plan is to expand this digital passport system to a vaccines as soon as as it's available which is why so many people are wondering will you need an immunity passport to fly and even though there is no international requirement or national requirement i should say for and implementing vaccine passes for air travel a digital passport in the form of an app that could be key in reopening international borders you know even the world economic forum they're developing a digital globe in 1000 passport abul which they think can be crucial and reopening by. economies but here's a problem with 40 percent of americans who say that they will not get the coverage

1000 vaccine when it becomes available to them vaccine proof or travel could be a big deal but actually only less than half of americans even own a passport and guess what nearly 64 percent of americans have never even left the u.s. before so have a vaccine my not be a big deal if you plan to stay local unless you live in israel which will soon issue a green passport for those who are vaccinated that's a requirement to event die in iraq in israel then there is denmark that's developing a digital code 19 vaccine passport to ease restrictions to bills who are vaccinated brant you know is this idea of a covert passport back seen passport is a new idea actually no it's not new at all brands you know vaccine passports division used for a long time since the 1800s actually so there's so many examples event even

today several countries in africa require travelers having received a yellow fever vaccination and there is also vaccination requirements for india like appetite to say and tetanus but because 1000 maxine is so different from other vaccines immunization shouldn't be used as a get out of jail free card because even the best of the currently available vaccines today only offer 95 percent protection which means there is a 5 percent chance you could still catch the virus and that made sound slim ride but it's actually not because if you compare that risk to let's say a birth control that's anywhere from 91 to 96 percent effective yet 10 out of 100 women a year on birth control get pregnant then there is. also the possibility that the current vaccines one fully protect against the new variants of the virus we also

don't know yet whether being vaccinated means that you're no longer a carrier of the virus which means fully me a nice people may still be able to spread kovan 1000 to others so health officials don't know yet just how long that munity will last that's also a problem i mean just look at the head nets shod where a booster shot is required every 10 years so although you might sound like a good idea to have this code in 1000 passport in a free for all travel if you think about it it's actually not r.t. correspondent sites have to thank you so much for keeping us up to date. and time now for a quick break but hang here because when i return the pandemic has laid bare the vision sees in the global supply chain goodbye to ministration change that reality as we go to break here the numbers at the club.

join me every thursday on the alex simon show and i'll be speaking to us of the world of politics sports business i'm show business i'll see you then. is your media a reflection of reality. in a world transformed. what will make you feel safe from. tyson they should feel community. are you going the right way or are you being

led so. direct. what is true what is faith. in the world corrupted you need to descend. to join us in the depths. or i'm a bit loose shallows. here time says the wall street is one of the last bastions of power to be overrun by the populist movement because of the high barriers to entry and that's right those barriers to entry have been eliminated because of free online trading because of all the stimulus tax that made a lot of people lots of free cash to have available to do something like this there are some apparently $65000000000.00 in the cast of the biggest headline in the world now which is credit and wall street so they've got a lot of cows and energy and expertise to go after targets out there that they

perceived to have stolen their money in 2008. really to smear those who really can show you can. show that they can just be suitably. proud that suppose he overdosed on a state something. known. on the risk of being a. good to see you too are the. doing your force where you would be in the spirit i didn't do it was more than 6 pm in no. clue. for you to post to

a place to move to. what is. ringback now welcome back u.s. china relations are the lowest they have been in decades that much is clear what nobody knows is how that relationship will either improve or continue to deteriorate under the biden ministration but joining us now to discuss his book but ben swan and professor richard wolffe host of economic update and author of the sickness is the system what capitalism fails to save us from pandemics or itself now thank you both for being here and we really know that both of you we've talked at great length about all of these things but it's a very very important story so i start with you professor wolf we know that the president trump trade deal with china is actually under review by the biden

ministration what do we actually expect to come from that review. well i think what we're really seeing is a tug of war or a basic kind of crossroads in the review who is going to be deciding what direction to take so i agree with you it is extremely important and there are 2 choices 2 roles to choose number one is to follow more or less the trump plan to attack a china with trade wars and tower at 7 and attacking their corporations like while way using china as a scapegoat for your own political purposes here at home all of that that would quite familiar with the alternative is to look more at economics and less at the political game to say no we're not going to go down that road we're going to work out economic deals that will help both of us because the truth of it is that 2020 was a year in which both the united states and china suffered economically from the trade

wars and the tariffs but the united states as china war and suffered more and there's a lesson to be learned there that we probably are better off making a lot of live and let live to deal with the chinese give them what they need if they give us what we need because the alternative is very very unsuccessful and it looks even scary when you remember that trade wars and behavior like that as a nasty historical habit of becoming political when military. bent to professor wolf's points here china's actually been reportedly stockpiling semiconductor chips to combat the u.s. technology ban and that that's a fallout from exactly what he just talked about there what do we know about them actually stockpiling these chips. yeah i was kind of interesting about this is what was the old adage necessity is the mother of invention and i think that's some of what we're seeing here look when the technology ban was really pushed by the time

of ministration in the last year in the short term it makes sense right because you're saying we're going to cut off china's ability to access and conductor chips we're going to limit their ability to develop you know cellular technology 5 g. technology new technology specifically for military purposes the problem with that is the long term outlook of it which is that a country like china is not going to just sit on its hands and say well this feels terrible we don't have the ability to have chips anymore because the u.s. said so no what are they going to do instead well they're going to do 2 things one is they are ramping up their own purchases purchasing $32000000000.00 in semiconductor chips from japan and taiwan and other nations around the world in 2020 which is by the way about a 20 percent increase over what they did in 2019 that's 1st but the 2nd thing they're doing which is more important is that they're buying up these chip manufacturing machinery across the world and they're bringing it into china so that

they are not dependent on the rest of the world for these chips so in the short term the political idea is hey we're going to restrict what you can do because then it'll bring you to the bargaining table but the long term effect of that is that the chinese become more and more independent without you and therefore have less of a reason to come to the bargaining table and professor wolf a president by him is actually stocked his china team with high powered officials who have longstanding ties to one another but differing objectives when it especially when it comes to china what does translate in terms of the policy here that we can see. well i think it's very clever of mr biden why my hat is off to him he's showing the kind of leadership here that i'm frankly a little bit surprised he's given himself an out he has advisors who want to go in the one direction politically scapegoating china a lot from sounding tough whatever the world in the world that really means but he

has others around him will say no that's a dead end that doesn't help us let's work out a deal the way we did in the 1990 s. the way we did in the 1st 15 years of this century in which both countries grew pretty well and were able to work in sympathy with one another's objectives and i think he hasn't decided but i think what he's done is give himself advisors on both sides so whatever decision he makes in a sense he's going to have a help and people to rely on to flesh out the details as we've mentioned before you know president biden has of course faced pressure from the left to be tough on china obviously the left has for some reason believe that present maybe what a little bit too far as maybe you are saying here but so it is interesting to see what's going to happen in the near future ben final question china is actually calling for a deeper relationship with the u.s. even on a macro economic policy what does that look like in your opinion. yeah look obviously

i mean i think we've we're going to be honest here the u.s. has to be able to work with china are our economy is too dependent on the chinese and certainly on chinese manufacturing that doesn't mean that you can't have a good relationship with china while also lessening dependency on china what's so fascinating to me is that the chinese do not sit around waiting for ways to become dependent on the united states they are they are actively moving to lessen their dependency on us and you know what i say to that brant good for them that's good that they are not dependent on us but the u.s. has to become the same animal we have to look at it and say we shouldn't be so dependent on china while also maintaining a strong relationship with them we don't have to be adversaries to not be codependent and so the idea that those 2 things are mutually exclusive i think is wrong the problem is there's very little that's happening to make us less dependent on china co-host ben swan and professor richard wolfe thank you both for your

excellent insight today. thank you. and that's it for this time you can catch boom bust on demand on the brand new portable t.v. app it available on smartphones and tablets through google play in the apple app store by searching portable t.v. you can also be downloaded on newer models as well as a roku device or you can simply check it out at portable t.v. we'll see you next time.

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