being on the show have me back any time yeah well do that's going to do it for this edition of kaiser report was may. want to thank our guest chris fence and the next time. you'll media a reflection of reality. in a world transformed. what will make you feel safe. tyson nation community. are you going the right way or are you being led. to. what is true what is. in the world corrupted you need to descend. to join us

in the depths. or remain in the shallows. some control for a middle class type of a night muslim are very hard working people who want to get ahead that either have some some health issues or have some of it out of strict about luck the whole time jule moon to always pay for a place to live and missing just a month's rent can get you a victim to gunpoint if anything bad happens to any thing that just throws your budget off slightly. you better catch up real quick or you're going to have a judgment of possession against you and get addicted to anyone that's homeless is history like garbage people look at you like a monster or someone bad or you chose to be there most of the time it's not the case see how it is to be pull in the world's richest country.

this is the room bust the one business show you can't afford to miss i'm rachel womans in washington coming out to a game stop continues with another hearing on capitol hill we'll tell you what the senate had to say about the future of popular training out like robin hood was told really challenge after hitting a 9 month low as the u.s. dollar and treasury yields are treat so what does this mean for ongoing concerns over inflation then. being praised for its vaccine rollout as the bank of england says it is cautiously optimistic that a road to recovery would be just around the corner we have a lot to get to so let's get started. the brokerage app robin-hood is back in the

spotlight as the senate banking committee held a hearing on tuesday that call this business model into question while republicans have praised the app for its promise of 0 commission trading that is meant to open the stock market up to anyone with a smartphone democratic committee chairman sherrod brown claimed that firms like robin hood were founded on a model that exploits small investors by encouraging fast and loose trading and then sells their trades to market players this as robin hood faces nearly $100.00 lawsuits stemming from its decision to place a ban on the trading of stocks like game stop and amc after their reddit fueled the rise cos short sellers billions artie's natasha sweet has the latest. as litigation pelz up against the trading of robin hood this week users actually sold gains in their game stop shares many taking to twitter to share in their excitement prices reportedly reached its highest point since you were. first after game stop

decided to put the e-commerce business portion into the hands of rain cohen investor and founder of chewy incorporated some are crediting the gains to his reddit and twitter posts on the 40 streak of stocks rising doesn't come close to the 33000000000 seen on january 28th game stop the value did reportedly jump to 13600000000 it's a change of pace for robin hood which has been facing severe criticism over recent trading restrictions and the last year's death of a novice young trader it was reported 20 year old alex kearns took his own life after being misled to believe that he lost more than 700000 dollars on the trading app through automated emails according to a wrongful death lawsuit found by his family kearns sent 3 emails asking for clarification the family says at the time of his death there was no phone number for users to speak with an actual agent robin had released a letter saying they were devastated to hear of kearns death and are working to clear the confusion with its products after game stop shares soared 600 percent in

january house lawmakers grilled the c.e.o. of robin hood is it your testimony after rather pay this is 6 is back to settle those charges that kind of truth is in your estimates best interest yes carol no waters 1st let me say regulatory compliance is at the center of everything that we do you know we've made mistakes in the past i'm not claiming that the patents begin to go to that question. so citadel securities is an important counterpart and. nobody is denying that that's the reason that. as a yes or no are a not and since the online chaos began protesters took to the streets beta's what the hedgehog did better to make more money than the common net which i'm here to say but the common man like well a class action lawsuit is also awaiting its day in court the beliefs about robin hood remain splits. it really shows how kind of oppressive and exploitive. our

economy is and. just really shitty what robin hood's doing in. now is there and down all these regulations than when we played where were those before hand i think those are good tools i mean these are good tools a good power you know like financial power in the hands of the born hands of the little guy. robin hood is facing more than 90 federal lawsuits after restricting trading back in january but it does have an arbitration clause in its agreement that user signed agreeing to opt out of suing the company but if proven to be a proper class action lawsuit users may in fact be able to take action against a trading app that claims to support the average joe were portie for boom bust and sweet. home on this let's bring in boom bust co-host bones one who is in mexico today and christie i join us from california christine let's start with you when it

comes to this hearing focused on robin hood what is the senate banking committee trying to accomplish here. well the committee is here to basically evaluate the dangers of financial speculation and perhaps oversee additional regulations and reform of the u.s. system or retirement savings and stricter oversight of securities dealers so not surprisingly robin hood is again at the center of these hearings and it has completely changed the marketplace and basically demonstrated how technology and social media have been combined to push the limits of market regulation and one issue that's getting a lot of attention right now is the game of the cation of the market so critics are saying that robin hood app encourage more frequent use and is financially beneficial by luring the customer into betting more and enticing them to encourage repetitive news as exciting as robin hood on the other hand denies that calling an interface an intuitive and easy to use app that enables customers to understand control and direct their finances in a very responsible way so there's nothing wrong with making

a far more enjoyable and aesthetically pleasing for customers and of course the other issue is again the pay for flow model that robin hood uses in order to maintain its 0 fee trade program as of the practice said that it has lower the cost for retail traders but critics say that it creates a conflict of interest between progress and market makers and unlike last month's hearing where robin had sounded like a tenant and citadels griffin got hosed this time the witness list is mainly composed of academics so their testimony will be drawing comparisons to security bubbles that we've seen in the past and basically expressing the dangers of those conditions and trying to draw some sort of parallel rather than actually focusing on the matter at hand which has completely different nuances than what we've seen previously and it is interesting to see how robin hood is the focus here because of all of the media coverage surrounding everything with game stop but there really is a lot at stake here whenever it comes to similar apps and some where companies now ben here in washington almost everything is seen as

a 0 sum game so who is seen as being the victim here and of course who is painted as the villain. i think when we look at what is happening right now in the way that the gain stop situation is being portrayed it's as if there was this rogue group of traders right the wall street bets guys who are the villains here that's how it's been set up and that they have kind of tricked the system and they've worked and colluded alongside the apps like robin hood in order to cause harm to the poor old grandmother who has her money set aside into a mutual fund and it's it's all she's got and and she's being harmed by these reckless traders instead of looking that you know the thing they do on social media and popular opinion unpopular opinion here is the system was already going this is already rigged the system is already set up in a way that favors a few over the interests of the many and so the little old lady who has her money sitting in an account someplace is having the same thing done to her by wall street

traders every day that the wall street bets guys on reddit are being accused of the only difference is the wall street bets guys aren't working for a 1000000000 dollar hedge fund they're not the ones who are usually profiting and so as soon as a different group of people is able to profit not from a new kind of system but from the same techniques just using a different technology now suddenly it's like oh my gosh the sky is falling so now congress needs to hold hearings in the senate is to hold hearings and people like the democratic senator sherrod brown from ohio get up and they pound their fist and they say oh my gosh but those poor people need to be defended from these reckless traitors know what you need to do is allow people to have the same access to markets and therefore create equality within that system and that is not happening and then you're saying how congress all of us and gets involved when we have short sellers losing tens of billions of dollars that now they're interested in saying what all is going on now christine there is an argument that wall robin-hood says

that it has democratize finance that actually is not good for markets is that fair criticism. well actually the argument wasn't so much of that it's not good for the market it's more so that when robin hood democratize finance and made it so that basically anyone with a smartphone is able to trade the typical american is more harm than help by giving them an application that makes it so easy to trade with such frequency given their apparently lack of sophistication and financial knowledge needed to make these very informed decisions so the secondary argument is actually that of that mean trick stock that are driven by retail traders that undermine the state of proper functioning of the american a market that somehow the volatility that mean from the name are detrimental to the stability and overall health of the market so i mean let's break that down a little bit pull these arguments are kind of half baked at that because since when has as ben said too much access been bad because that's the same argument that regulators used again back in 27 that apparently ordinary investors should not even

have access to quit those at all because they just don't understand it that it's too risky to the regulators they're only looking out for you and protecting you because essentially what they're saying is that ordinary people are basically too dumb to figure out and learn so rather than trying to block access to opportunity there should be attention towards further education so opportunity and access should not be something that is limited a block to start with you it should be open to all education and learning how to use the tools at your disposal that can be the natural barrier to entry but certainly not for the regulation of limiting exposure for retail investors because that would just create more problems than an equitable opportunities but by democratizing trading robin has helped a tremendous amount of americans to grow their wealth and an opportunity to learn a new skill set to generate income at a time when unemployment is already high due to cope and in a phone to the market volatility how that any different than that another that you're you've got it highly controversial are some massive short but there's

absolutely no controversy on that because the wall street tech us army unit in buffalo are upright but that doesn't mean that there should be any regulation or any. because there is no harm done to the market so regulators shouldn't stick to that line and only in terms of fraud yeah absolutely excellent point man there now ben what are your thoughts here is there a way to protect investors while still opening up training to be average person. well yeah i think there is but i think not the way congress is doing right now not the way the senate's looking at it less than what christie just described i think is so important because what she's describing is the very nature the very definition of elitism right we talk about the elites all the time in society now there are these elites who think that they're better than everyone else therefore they should have one set of rules and other people should this is the perfect textbook example of believe this and where one group of people should be allowed to

short sell because they understand how it works they should be allowed to make billions of dollars because they understand how it works and to her point they should be allowed to use digital currencies you know one thing that crypto currencies and digital currencies have done is they have created one of the greatest and have the potential to create the greatest transfer of wealth from the top back down word that we have seen in human history they actually have that potential and every effort is being made to stop that from happening to say keep the money at the top and everyone else is at the bottom we'll let you know how you can play and so this idea that well this is the city to protect the users the senate needs to protect us from unfair rules right that allow one group of people to enrich themselves and make everyone else poorer by claiming again that they are the great protectors of society there's absolutely not they simply work for wall street they do what wall street wants i mean we've seen this play out over and over and over again and it continues to play out today. and i can honestly say you won't

find better analysis on this topic and in simple occasions anywhere else but ends ron christie i thank you both so much for your time. russia's covert one team vaccine could soon be on its way to europe after an agreement was made with the swiss pharmaceutical company to produce sputnik fee at its facilities in italy that head of the italian russian chamber of congress called the agreement a historic event noting that it is the 1st of its kind with a european partner and it shows that italian companies can see beyond political differences while a senior official from the european medicines agency called on even members to refrain from approving the russian vaccine before it is fully reviewed by their staff the latest study published in the lancet medical journal found that sputnik the is nearly 92 percent effective. hours after hitting a 9 month low gold futures rose more than one percent to above $700.00 an ounce on

tuesday as both the us dollar and treasury yields retreated this as concerns remain over inflation and what the federal reserve will do as the latest $1.00 trillion dollars stimulus package nears president biden's approval so joining me now to discuss is here schiff chief economist and global strategist at euro pacific capital now peter gold has been in a downward trend so is this rebound we saw earlier likely to stick well you know i've no idea it wasn't that you know impressive a move considering how much gold has dropped proceeding this this move on the tuesday a lot of things that were beaten up bounce back today look at the movie saw the tech stocks that had been really getting hammered as rates are rising so i don't know if we've seen the lows in gold but i know for sure we haven't seen the highs so with this correction is over the price of gold is going much much higher. and there is a lot of talk that it still has

a long way to go and that this is just the beginning now we've also heard a lot of talk about inflation and you yourself have said that the federal reserve is between a rock and a hard place right now because it couldn't fight inflation even if it wanted to so how long do you see jerome powell continuing to promise to keep interest rates low well rates are going to have to stay low indefinitely because the entire economy is a bubble i mean it's not a legitimate recovery that we're enjoying it's simply the spending of borrowed money and more literally printed money we're running massive deficits the federal government is spending over 8 trillion dollars a year but collecting less than 3 and a half trillion in taxes the difference is pretty much being supplied by the fed and americans are spending all this money that's why our trade deficits are skyrocketing right now so the whole thing that's keeping this house of cards from imploding is 0 percent interest rates and q.e. so the fed is not going to pull the rug out from under this bubble but it has to

pretend that if it ever sees an inflation problem that it's got the tools to fight it even though it's bluffing because even if it had the tools it would never use them because the tools would destroy the house of cards that they've erected yeah that's a really good point and it is interesting that you refer to it as a house of cards as we have congress passing another 1.9 trillion dollars in stimulus now the federal reserve seems to be doing everything it can to keep the markets calm right now but if inflation fears continue to increase do you see gold and precious metal prices catching up to those expectations. well i absolutely see right now i think the markets sense that inflation is going to be moving higher and maybe even higher than what the fed is acknowledging but i think the markets still believe the fed that the fed will be able to contain the inflation problem before it really runs out of control so it's the expectation that the fed is going to

fight inflation by raising rates that's what's pressuring goal but the markets are off i mean the fed is not even going to attempt to fight inflation is going to surrender inflation is going to win without a fight and when the markets realize that the fed is all bark and no bite and that inflation is going to be an even bigger problem that is going to be uncontrollable then the bottom is going to fall out of the dollar and goals going through the roof and definitely creates a lot of hope for those investors and gold now i can have you on without talking a little bit about cryptocurrency is i know you've been a big critic but it appears that other skeptics have been changing their tune in recent weeks why do you think that is and of course you see it lasting well certainly there are some of the skeptics who are now capitulating which is something that you might expect at the end of a mania the early doubters naysayers you know can't help it and they join the party usually pretty late you know whether or not this party is going to rage for

a lot while longer it's hard to say i also question some of the legitimacy of some of these bitcoin converts because i think some of the people who are now bullish also have vested interest they've kind of got involved in some from the related enterprise and so it's in their financial interest to now be promoting big point so whether or not their newfound love for big coin is genuine or not it's hard to say when there's a lot of money at stake and people are trying to get their piece of the pie before it's god's. great insight to consider here peter schiff thank you so much for your time so if they are. time now for a quick break but when we come back the british pound is reacting to the latest comments from the bank of england the governor says he is cautiously optimistic about a road to recovery well the scots next and as we go to break here is the numbers out the club.

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job by famously said nothing will fundamentally change just appears to be the case when it comes to u.s. policy regarding the middle east because we ask the question what is the strategic value going to be believed any good benefits from all these forever force. sterling headed 2 week high against the euro on tuesday amid hopes that the u.k. is on the road to recovery the gains were fueled by the ongoing vaccine rollout. with more than 22000000 residents receiving their 1st dose also waiting the optimism where the latest comments from bank of england governor andrew bailey he confirmed that the central bank still has no plans to raise interest rates in response to a rapid recovery and would need to see clear evidence that inflation would be

sustainable at the 2 percent target before it made any decisions so your gut is hillary ford which president of strong mark business development consultants hilary i want to start here with governor billy's comments he continues to warn that the risk room flay sion is increasingly 2 sided but he's also saying that the central bank is preparing for multiple options is that putting investors at ease right now or rachel pleasure to be back with you and yes a good number of factors putting the investors that in the market to a couple of things he has been focus very much on inflation and dissipates that inflation won't be increasing more than say 2 percent this year he's also keeping the follow jobs program in place until september which is looking at keeping unemployment checked i think the markets are very stable and we could actually look to the pound the pound is up to $138.00 on march 18th of this year and 2020 it was down to $115.00 so there's been a steady increase of rise in the pound so i think with his combined focus on

keeping inflation at bay to send and unemployment checked i think yes it's keeping the markets at ease. no the u.k. is also getting a lot of praise for its vaccine rollout with the organization for economic cooperation and development upgrading its forecast for the british economy while at the same time calling out the e.u. for falling behind so how is the ongoing vaccine race playing a role in the overall competition between the u.k. and the e.u. well actually i would say rachel this is being quite a sort of a victory for those that were those that were breck's it is because it's actually pointed rather to the e.u. double in terms of the brussels rollout actually even to the extent that the lay in the current commissioner she had to release a statement last wednesday saying that you know mass production hasn't been what they anticipated to be and actually sort of pointed to delivery as haven't been on time sort of pointing the finger elsewhere but this definitely has been an

indication that a big bureaucracy doesn't work as well as a as an efficient distribution distribution system that the u.k. has by the national health system so this is very much been a victory for the british and i would say also in terms of production because of course factories offices and the u.k. program productivity nationwide is predicted to increase as you mentioned by the o.e.c.d. and what they're saying is by about 5 percent which they have now released up woods from their prediction of last year certainly a win for the u.k. and they will take anyone they can get right now especially when it's against the e.u. right now at the same time we also have to mention that the latest research shows that between bracks it and coded 19 the u.k. has lost significant market share in the us germany and china now we're talking about london's biggest export markets here so is there a concern that this decline will have a lasting impact on the u.k.'s recovery actually i don't really think so rachel

because well i would say never bet against the brits but in terms of the vaccine because of what we just talked about that that's going to basically make sure that all the manufacturing and. action will be ramped up i think the u.k. which had a very high infection rate did fall backwards but now with this rollout i think you will see it expedited while we mentioned earlier that the governor of the bank of england he's been somewhat i would say i think he called it cautiously optimistic or cautious realism i'm his chief economist and he how dein has been really very optimistic indeed and he has said he views the u.k. economy like a coil that is ready to spring in the spring and he thinks there will be a massive recovery also we should look at the trade and investment head of the u.k. liz trust now she's up to 66 agreements including a recent one with cameroon is only 200000000 but it's another 200000000 on the belt so i think that you see when you see the trade agreements she has made across the

world in conjunction with the vaccines those 2 together will make sure that the u.k. bounces back like a coil i think like the chief economist of the bank of england has predicted excellent insight there hilary ford which thank you so much for your time pleasure . that's all for now you can catch boom bust on demand by downloading the portable t.v. app for your apple or android device will see you here next time as though it's don't forget to question more. the or tactics that can be used to get innocent people to confess to crimes they

didn't commit i don't even think people in the us really get that the police are allowed to lie to you the person who falsely confessed actually came to believe the lie that they were told about their own behavior once a false confession is taken the case is closed and nobody really can tell the difference between a good confession and one that isn't. the world is driven by a dream shaped by one person of. the day or thinks. we dare to ask.

this is crude oil. so they need to actually physically pump it out of the ground you would have well well well well well. there's a lot of money with the oil and with that comes. a lot of a lot of people from all over the country. who don't make a $100000.00 a year. as a minimum there's an issue. here maybe. they were all 16 hours a day hard work will work it's not easy work and so they want to relieve their stress of how do they relieve their stress these men move that outlet these men that comfort these many. people have been murdered up here people been raped there

are massive drug issues up here you have a boom you have everything else that comes along with money. in the headlines this wednesday the 10th of february 1st of all system deutsch susa top job a newspaper to clear the. it was spying on russian opposition figure alexina valmy . other headlines across the smalling medical authorities in france sold wreak huge reduction in norman covert procedures as hospitals failed to cope with a fresh coronavirus. minister's wish to delay any investigation lawyers and doctors accusing the u.k. government of refusing to probe critical failures in their handling of the pandemic and launch a people's covert inquiry instead many of the families do believe

their loved ones did die needlessly acknowledged one obviously but a large number.