trillions of trillions of paper that is going to come out you know one and suddenly this up it will believe and suddenly purchasing power in the competence of the currency collapses and you have a hyper inflation. this is the one business here you can't afford to miss i'm rachel blevins in washington coming up the u.s. has an honest way to approving a 3rd covert 19 vaccine as johnson and johnson gets the green light from the f.d.a. so how soon will the drug be ready for emergency use plus board members are now

resigning over the crisis in texas that has led dozens dead and millions without power and water and officials are now promising a criminal investigation then led by administration is calling for a review of critical supply chain in the face of global shortages but ending a trade war with china isn't on the list well this guy we have a lot to get to celeste get started. the food and drug administration is close to adding a 3rd kovac 1000 vaccine to the market here in the u.s. the drug created by johnson and johnson has been endorsed by the f.d.a. staff setting it up for approval from the agency studies of the single those vaccines show that it's a level of protection vary by region but has found that it has an overall effectiveness of just over 66 percent preventing moderate to severe virus disease approval for emergency use could be granted as early as this week at. the fall

out of a massive winter storm in texas the left dozens dead and more than $4000000.00 residents without power and below freezing conditions now includes a criminal investigation and resignations at least 5 board members who oversee the texas power grid have announced that they are stepping down as the energy crisis turns into a water crisis for millions of texas residents archies trannies chavez has the latest. today mounting devastation in texas governor ridge the death there are. almost 30. i hope the death toll from freezing temperatures and widespread outages rising higher officials in texas reporting at least 70 deaths with dozens of homes that lost their heat but officials say the full death toll could take months to really want to acknowledge as a man human suffering that we. have of when people lose power there are

heartbreaking often when when we had to make tough decisions when the storm came in and really didn't have a choice texas county d.a. jose gaza opening a criminal investigation into whether any person or entity should face charges for the outages it was a fault of man whose responsibility it was to ensure that these assets were functioning in case something like this 100 year freeze if you will would calm 5 top board leaders of texas' power grid operator urquhart now stepping down following outrage over the deaths caused by the outages scrutiny only intensifying when it was revealed that all the board members live outside of texas at about they would probably take better care of earth this is where you don't pay your electric bill they got a could have no. they should have made sure they had grades done now hundreds of thousands of texans struggling in the aftermath of one of the worst power outages

in u.s. history our systems have been all worked out the way we've needed them to and so there's a lot of people that are are hurting and so there's just been a bad collision of a lot of things not working right. the state's power outage disaster now transitioning into a water crisis with half of the state's population still battling water infrastructure problems because of the cold weather nearly 15000000 residents were ordered to boil water to make it safe to drink more than a few here they are you. that's what we're born wondering nancy wilson who just suffered a stroke among those in desperate need of clean drinking water i don't have any water and while power had been restored in most of the state tuesday 7 and a half 1000000 people in 200 in poor counties remained under boil water orders long lines seen for miles out water distribution centers across texas people have been here since 7 am and actually before. they have been here long enough to have to have some cars this oh man we're trying to help with that as well. and now as

temperatures warm the sign is causing frozen pipes and water lines to burst throughout the region causing severe damage to homes and businesses adding to the growing list of woes from severe conditions that were blamed for the more than 70 deaths and to make matters even worse texans on variable rate electric bill contracts have been hit with immediate massive price spikes that surged during the storm and while governor greg abbott is promising relief he has yet to say how meantime president biden and the 1st lady are expected to meet with abbott and other state officials on friday in houston reporting for boom bust. weapon of the power grid and the leadership now in the spotlight in texas let's bring in former u.s. congressman dr ron paul to discuss now dr i know that you're there in texas this is your home state and many have been looking for something to blame in all of this whether that's an increase in green energy or a lack of preparation by natural gas producers but is this the case where texas was

just hit with the perfect storm all around. i think you can count all of those things of course the precipitating event for this to hit everybody has been the weather i guess there was too much faith in global warming and that didn't happen and we got something that nobody was expecting and i think that was the precipitating event but there's also a lot of intervention a lot of people say how could this happen to texas texas free enterprise and their boy and capitalism they'll be prepared they didn't want to participate in the national planning the whole thing is texas can be pretty bureaucratic to an error agency it was not exactly oriented toward you know the marketplace for instance we developed energy according to other factors than the market for instance the 30 percent is renewable energy solar and wind then you can adjust very well when you get in on a 6 expecting an unexpected storm and that was one reason they didn't adjust so

this had a lot to do with it was not the preparation they tried to go out as usual with the usually they have an examination of the wind power. but nobody went out and looked at the windmill this year because they were all misled in involved in cove it. which has its problem itself so covert was a distraction and that made the security for the power of the backup not there and besides the market didn't decide what kind of energy we had the market would have said use gas maybe some nuclear or something else but we would be dependent you know on on so we're so the pricing mechanism was distorted here in this state and so therefore when you disturb the market you can adapt to emergencies very well and that's where i see the prime. minister is there were there was and way too much interference that disturbed our recovery efforts. and it seems like it was what

went wrong all around us now we all seem to be asking and we're all. now talking about this electric reliability council of texas where 5 of their members have now announced their plan to resign and because of that we're suddenly learning that they don't even live in texas and of course any texan will tell you that they don't want politicians in washington making decisions for their state so how did we get to this point where the entire power grid is controlled by this outside governing body. well the assumption is made whether it's the state of texas making mistakes or the whole country make it or the united nations making is that bureaucrats should run iraq and i think of the bureaucrats how they're handling code it they're not good at this so the whole idea of just transferring some of this power and authority to an agency it at the state level doesn't really help because they ignore the market take it take for instance fracking has been a blessing in a way for texas and the energy and prices were down and everybody was happy about

it until we didn't it didn't last long and couldn't compete anymore but why did they do that well why did they make malinvestment because our interest rates rigging interest rates are created how many people make decisions that helps you make decisions on pricing so we went off and did different things the greenies pushed the wind power fracking was encouraged by low interest rates and then you had a management firm that didn't even live in texas and in a free market you don't have management firms you have the market you may have prices and you have contracts dealing with this there would be an obligation to be prepared and you can do that through market contracts and i understand that but this way if you depend on the bureaucrats expect a lot more of this because that's exactly what bureaucrats do they mess things up that they do you know and now we're finally talking about not only what's going on in texas but it seems to be this much bigger debate that we're having across the

united states where democrats want to focus on green energy in the name of the environment and then republicans warn that their plans will limit innovations in oil and gas and will force the u.s. to rely heavily on outside sources would you say that there's some sort of happy medium here that we need to be looking for or is it much more likely that we're going to continue this back and forth between parties yes get the get get the bureaucrats out of the way and get the politicians out of the way because you know i'm still. sympathetic although it's politically incorrect that nuclear power sounds very interesting oh no it's the most dangerous thing in the world of course it is and there's been some bad action that's for sure but if you look at all the energy nuclear power is pretty say a hand nobody thought software thinks well is nuclear cheaper or more expensive well it's a lot cheaper and yet france has 70 percent of their energy comes from from nuclear but why that is a nuclear you know well known we don't even know the cost of nuclear because the

government subsidize it they did all the research they provide the insurance they guarantee protection and make his say for everybody and therefore we don't have nuclear were wiping wiping the nuclear out we're reducing it at the same time the market might have said well it's cheap and it's safe and we can learn from the people who have made mistakes and france can do it they have 70 percent maybe more nuclear power would have saved us from this mess instead of saying well turn off the wind power turn on but make the wind go faster at the time time the ice comes and freezes up away never thought of that as the symbol that just really bothered me was when you took saw pictures of the windmills hanging with ice and you saw a little helicopter flying over there spraying it like they're going to melt that ice and get us our energy back again there's something wrong with that system it's not the free market that created that monstrosity and unfortunately it seems like too many people don't pay attention until it's too late and then all of a sudden they start talking about maybe walk one thing that free market or even

thinking that they had it when they didn't now of course because it taxes they have received some assistance from the federal government over the last week and there really has been a lot of criticism of governor abbott and his so-called reliability council here do you see this crisis having a long term impact on the priorities in texas moving forward do you think anything really changing out of this. not really the emergencies that are in place and people pay for in advance you have to do your very best but i don't think they're going to learn their lesson i don't think i'm going to get a phone call i get it from your station which i'm pleased with i'm not going to get a call from. abbott because he and the people in texas pertains we're free enterprises we believe think cavil is and they do have a vegas understanding what it means because it has a lot to do with the setting of interest rate the price of money and not protecting special. special come companies who make profits on their visit they've been doing

that in texas for years we have we have for over 100 years regulated the price of oil because it was good for oil in texas and it's only recently that they drop that responsibility but it would then instead of going to something else and going to the marketplace they went to how do we satisfy the people who are making the most most emotion or is asked the greenies we have to take care of them before they before they mess things up so they capitulate when the people that believe and understand how the market works it works imperfectly but believe me it works a lot better than the mischief that the bureaucrats get us involved in all you have to do is look at what's happened with the way they've handled the virus how they've handled the economy and how we handle our business cycle and how we handle deficits for as and then you come along and we've got an i still warm well we've had ice storms before and they said everything as the ice storm. i was

a i could bake with tongue and cheek the blame goes on those people who made us too complacent thinking tomorrow we're going to have global warming and we'll never have to worry about this again. you know that all of the important principle of understanding the market is something that a lot of americans and bureaucrats of course can certainly work on been a privilege to have you on the show today dr ron paul thank you so much for your time thank you nice to be with you. the financial tech company square is the latest to get in on the bitcoin action the news of its 4th quarter porches worth $170000000.00 sent the price of the cryptocurrency back up to around 50000 see jack dorsey is calling bitcoin the native currency of the internet and it's estimated that as many as 3000000

customers using the company's cash out payment system bought or sold bitcoin last year the enterprise software company micro strategy also announced on wednesday that it has purchased more than $1000000000.00 and bitcoin says it confirmed its 1st purchase back in august c.e.o. michael saylor says he believes bitcoin will one day have a market value of 100 trillion. the federal aviation administration has confirmed it's now ordering an inspection of the engine at the center of an ongoing investigation into the boeing triple 7 at the agency noted that the engine developed by pratt and whitney was used on $128.00 older versions of the plane i counting for less than 10 percent of those delivered to customers in the u.s. south korea and japan that model has prompted at least 3 m. urgency landings in recent years with the latest over colorado being blamed on metal fatigue after the engine caught fire minutes after takeoff.

time now for a quick break but when we come back in the face of a global shortage of semiconductors abidin ministration is launching a new a supply chain so what will that mean for the ongoing trade war with china all of us got it now and as we go to break here are the numbers out the quote. when a trauma changes us literally it causes a chemical change in our d.n.a. and this changes the way or genes function. sometimes for generations. it's been decades since the fall of spain's fascist regime but old wounds still

haven't. been taught it was pretty. good when we suppose. you mean in the past at us as me that i wish that they seemed to you know cells ins of new born babies were torn from their mothers and given away and forced adoption. to this day mothers still search for grown children. for their parents. join me every 1st day on the alex i'm unsure and i'll be speaking to us of the world of politics or. i'm sure i'll see that.

a massive trade war between the world's 2 largest economies along with historic lockdowns in response to the coronavirus pandemic has led to a global storage of semiconductors everywhere from automobiles to smartphones president biden is responding with an executive order calling for a 100 day review of supply chain for critical materials including semiconductors batteries used in electric vehicles pharmaceuticals and rare earth elements and while the action doesn't call out beijing by name it does come as the u.s. looks to work with just about anyone but china and as biden indicates that he has no plans to lift the terrorists implemented by the last administration so joining me now to go further in depth on the topic are boom bust co-host and investigative journalist ben spawn and host of economic update and author of the sickness is a system professor richard walls are

a professor let's start with you here what will this review mean for the ongoing technology war between the u.s. and china. well it may be a bit controversial but again i'm afraid i have to say this is mostly political theater we are concerned about the shortage absolutely we want to do something about it so we're going to study the problem oh my goodness again as if we didn't know what it was and as if we weren't in fact looking to become less dependent on china we have to understand that minimizing a competition maximizing profits requires american companies to create supply chains like their competitors are doing and that means relying heavily on china because of what it has achieved to this point and that's not going to change because we study it and it's not going to change because we wish it were otherwise there is very little a few can do and so you have this theater to look like you're concerned of doing

something but basically private enterprise is trying to survive and in doing so creating global supply chains left and right and they've been doing it but 30 years . yeah and it is interesting to see now we're talking about it once again as it goes from one administration and one party to the next here in the u.s. now ben this is a big issue in terms of china becoming far less dependent on the u.s. over the past year correct. that's right i mean i think the professor is right when he says you know when we're talking about studying the issue that doesn't really resolve anything it doesn't resolve anything here's here's the reality though of the situation with semiconductors the trumpet ministration really try to block china from having access to semiconductors specifically for companies like wall way they have access to them as well as companies that he said that the trumpet ministration claimed were working with the chinese military well as

a result of that what china did was they stopped being so dependent on the us in terms of you know buying simming conductor chips from the u.s. in the says sort of developing their own they also bought up incredibly large numbers of semiconductor chips and they've been holding them and using them over time kind of rationing them along the way so what that leads us to is the point we're at today where the u.s. once again is playing from behind we're behind china in this respect where did nothing to actually slow down what china is able to do but instead we now find ourselves in a position where where we try to figure out how u.s. companies are going to get access to semiconductors number one not smart but number 2 rare earth materials you mentioned that in your lead up that is so significantly important because china is the largest country in the world in terms of having those rare earth materials needed for the development of electric batteries and specifically for conductor chips they're way ahead of us in terms of that so the u.s. has got to find

a way to be able to stop trying to you know pick fights over this stuff and figure out how do we access it in a way that is mutually beneficial and fair to everyone and we haven't been doing that and the question then becomes who is going to figure out that way and of course is that going to happen any time soon now professor we've talked a lot about the u.s. and china but at the same time china has now reemerged as india's number one trading partner despite a relationship that seems to continue to sour why is that. well i think it underscores the point i tried to make before india and china have actually had a military conflict in the last few weeks and months so it's a much more intense conflict than the united states has with china and notwithstanding that the dependence of the indian industry on buying capital goods particularly machinery and so on from china keeps going up because if the indian economy is going to survive and compete in the world it has to go to where the

machines are the lowest price and the best quality like everybody else and that turns out to be china in many important respects so despite their military conflict the chinese are exporting and the indians are importing large amounts of material and that kind of interdependence is being shaped by the world economy and the politicians can dance around with their theater but in the end they are less able to shape it that it is shaping them have that's a really good point and it is interesting to think how this is playing out even as their politics may not be on the same page especially when it comes to their militaries now been searching there's a little bit despite of criticism of terms of trade war with china while he was running for office it now appears that biden himself might actually we would trump tariffs and place what do we know about that. yes so it sounds like that that might be the case of the by the ministration is looking at leaving

a lot of these tariffs in place which i don't know if we've talked about this yet today but we talked about it on the show multiple times before which is that a lot of corporate corporations in the united states don't like these tariffs they have been upset about the for some time but whether or not they stay i think really depends on the kind of the position the biden ministration takes over the next couple of years with china in regards to trying to you know work out trade deals and at the core of it you really have 2 schools of thought within the by the administration you have some advisors who are saying we need to focus on developing a better relationship with china and others who say you got to take a hard line with them but remember the hard line concept taken a hard line with china the idea behind that was we will slow china down and prevent them from becoming the world's largest fastest most vibrant economy what we find out a year after coronavirus is that the chinese have actually pushed up the date in which they're expected to become the world's largest economy and that's expected to be moved up by about 5 years is going to happen in 7 years so the reality is that they

are accelerating their growth and so the u.s. is not going to stop that from happening by trying to create a tariff situation where we don't have good trade what we need to be focused on is how does the united states build a better economy for its own people not how do we can china's economy. the next one question or if they have this administration is the one to figure it out great points to consider here as ben's ron professor richard well thank you both for your time. and if you think you can. you can slip anything past internet sleuth these days just a few short hours after nasa released video of last week's historic mars landing by its perseverance rover curious viewers couldn't help but notice an odd pattern emblazoned across the parachute it turns out nasa has teen leaders snuck a hidden message into the design which was quickly decoded as the perseverance team motto of dare mighty things also included were coordinates pointing to nasa's jet

propulsion lab and that wasn't the only easter egg aboard the intrepid spacecraft take a look at this family photo of past rovers which also made it to the red planet. fascinating to see just how creative they can get well that's it by this time you can catch a boom bust on demand on the portable t.v. out wealthy here next time and as always don't forget to question more. the british and american governments have often been accused of destroying lives in their own interests or you see in this these techniques is the state devising methods to him to essentially destroy the personality of an individual. by scientific means this is how one doctor's theories were allegedly used in

psychological warfare against prisoners deemed a danger to the state that was the foundation for the method of psychological interrogation psychological court for the cia disseminated from within the u.s. intelligence community and worldwide among allies for the next 30 years meant other victims say they still live with the consequences today. were more politicized than ever or more polarized than ever in the 21st century when speed is measured in megabytes per 2nd. just on the record he's in your local shelters and of course he's in him that are trying to mail electronic money electronic media infinite possibilities for exchanging information i mean me and misquoting ish my misery nationalized freedom of speech and social media bent censorship and double standards who should judge what can be said online.

but i want to. come down to the internet audience now totals almost 4500000000 almost all of them are active social network users but one wrong move and. pages deleted digital annihilation don't exist anymore. not who runs the show on the web how can anyone stand up to the tech giant sci fi from the heads of state faced the threat of being. any limits to hold. the. revolution would.

the energy of the avalanche is stored on the side of the mountain. when all it needs is one snowflake to hunt release that catastrophic energy so here you have the energy of hyperinflation is already stored in the system it's already there on the form of the fed's balance sheet they've got trillions and trillions of trillions of paper that is going to come out in a flood and suddenly this will happen. and suddenly purchasing power and confidence in the currency collapses and you have a hyperinflation. a

social tsunami and ticking time bomb warnings than from the mayor of a paris suburb containing one of europe's biggest and poorest states are t.v. is its study area torn apart by the pandemic its economy. open your borders or else brussels slabs ultimatums on 6 covert affected member states including germany as traffic piles up trying to get in. essential vaccines for political influence critics slam israel sending countries cope with jobs in exchange for diplomatic support. and this president biden reopens a trump era facility for migrant children once dubbed a concentration camp.