again from iraq. this is boom bust one business show you can't afford to miss i'm rachel love and in washington coming out of court rules the i.r.s. has the power to force it to go currency exchange to turn over your information when taxes are due so who will be impacted and what does that mean for your account plus here in union could be the next one to waive intellectual property rights for it's not seen as india's covert crisis continues then. federal reserve officials say they are not worried about inflation and they believe rising prices will only last as long as the twilight paper shortage of 2020 well those gusset all

met we have a lot to get to so let's get started. it's a ruling that no person who uses crypto currency wants to hear a federal court has given the i or us permission to seek the identities of taxpayers who buy and sell crypto their ruling allows the i.r.s. to serve a john doe summons on the crypto exchange crack in seeking the identities of its users a spokesperson for the justice department described it by saying those who transact with crypto currency must meet their tax obligations like any other taxpayer so joining me now to discuss the host and crypto analyst ben so on and christiane i ben let's start with you so what do we know about this john doe summons and who is the i.r.s. going after here will they go about through kind of the big fish 1st so what the jumbo summons is asking for is anyone who has transacted on. crack in the crypto

exchange crack and. at least $20000.00 between the years of 20162020 so between 20162020 if you did $20000.00 or more in transactions they want to know who you are essentially what they're saying to crack it is turn over all of your information on these users show was their financial history show us what they've been doing because they owe us money and we're coming to get that money it's something that you got to say it again rachael i've been warning about this for a long time but it's on its way that the i.r.s. will crack down and unfortunately i think there's a lot of crypto users who if crack and goes along with this and i believe that they will that ultimately that those users are going to be hurt tremendously by this because of the fact that the u.s. government can't figure out what crypto is how to classify it and so they just kind of jerk everyone around with these regulations i think it's a very bad thing for these users but if i were you if you're on crack and you better start getting your tax stuff in order and it may start 6 on cracking now but

it's going to start going around to other exchanges as the government figures out exactly what they're able to do and maybe they'll figure out what those are and it's also going to go to smaller crypto users so those who are 20000 above you sit there and say oh i only have 5000 or 10000 i'm fine you're not fine they'll come get you are going surely they're just starting with the bigger numbers 1st yeah and definitely a good warning for everyone to start getting aware of it now kristie i want to look at another update we're hearing that according to crypto custody n y d g for the 1st time customers of some u.s. banks will soon be able to buy hold and sell through their existing accounts so what does that mean for the space as a whole. for this pretty big news because for the 1st time customers of these u.s. banks can actually buy and sell a big point through their existing accounts vary so much to how they can sell equities through their current account so banks are asking for now because they see that their customers are spending $1.02 and. other crypto exchanges such as

a pal and pay power and mole all of the apps that now allow you to purchase does and they're losing out on major businesses and also at the same time losing deposits which is basically the lifeblood of banking so this is yet again another step towards being stream adoption and that's great for the masses banks have previously steered clear of big point announcing it calling it a giant almost ponzi scheme advisory kinds against it saying it's too volatile and too risky for all these we tell clients so now they're definitely eating their words and backtracking so i guess yeah it's another way. but not really because once again anyone who uses this service is missing out on the entire point of that coin which is to bank yourself and to cut out the intermediary because at the end of the day the bank is the one controlling your assets limiting your withdrawals monitoring what's going in and out of the increases on your account for some fictitious reasons that they concocted because their reserves are getting low so while it's great that this will definitely bring on board more mainstream users it's sad because once again you have big institutions now trying to take control of

something which was supposed to give back an edge of freedom to the people by making it easy for people they are in a way said dating the masses into accepting that this is the way it should be not the way it's ought to be so people really need to educate themselves if it's not your keys it's not your wallet yeah that's an excellent point it is interesting to see how the messaging has changed from oh cryptocurrency are too volatile to all of this and they start realizing that they can make money off of them now ben on that area do you think that this is going to be one of those cases where more people start taking that mean stream adoption they take it from their banks and they don't necessarily look at getting their own wallets and getting their own keys because they think that they have now is that kind of where this is headed in some cases oh yeah absolutely it is this is mainstream adoption is going to come when people say oh the proper way to obtain any kind of crypto currency is through a bank that makes sense to most. crissy saying it's absolutely accurate which is

that the whole point of that coin the whole point of crypto currencies was to bypass the banking system so you wouldn't have to work with it the whole point of creating a peer to peer exchange system is that you don't go through these 3rd parties that take advantage of you and they and they misappropriate money and they utilize it in ways that are alternately detrimental to your life that's the idea behind because it's the promise of it going so when you do have base that come in and say you know you can buy it from us and we'll hold it for you it does something that's even more dangerous this goes back to the i.r.s. issue right the reason the i.r.s. is having to serve john doe summons on cracking is because they're saying hey we want to monitor exactly who is on your exchange and how much they have and what are they doing with it when are they buying one of these selling who are they trading with right they want to know all these things well the fact is if you don't utilize an exchange and you simply hold your tokens or coins in a cold storage wallet that's off of an exchange the i.r.s. has no access to it they don't even know how much you have or where it is that's

that's actually what's supposed to be happening with the crypto world and it doesn't happen we are now moving much more into the world of the bank hold it for you will in that case why bother having crypto at all that's the point that's an excellent point as well ok now we have started out by talking about coin i know we've talked about a theory in the past and now bent it up point there has been a huge amount of growth for other r. koreans like coined this year and now has heard a hunt for the next crypto winner as they're calling it so is this good or bad for the down market. yeah you know there is that there is an article that says they're searching for the next script a winner i kept thinking it's a crypto winter the 1st couple of times that i was looking at this article because that's the terminology usually here not proved a winner but the carpet when i listen i don't i hate the whole those coin thing and i'll tell you why it's not nothing against those if you hold those if you're buying it great you are entitled to do that what i don't like is the idea that you're

going to go and purchase a coin and then everyone's going to buy it together and they're going to pump it up and it's going to go to the moon because it doesn't happen yes it goes to the moon and then at a certain point the savviest people sell it's called pump and dump so somebody has got to dump and somebody has got to be left holding the bag at the end and people get hurt with that now my good libertarian self says hey if you get hurt by that that's on you the problem is that it hurts the overall industry when people see that because then they think the whole thing is a scam and it's not it's but there are people who like to do this they pump up some some coin i can't use the term on air that's usually used for it because you know what i'm talking about certain kinds of coins they get pumped up and unfortunately as they get pumped up what happens is people go on to talk and yes believe it or not there are people who take their investment advice on tech talk and they think oh i'm i'm going to buy into this too and then they wind up thinking that they're getting scammed the problem is they were trying to be the scammer and they are the ones who get caught holding the bag i don't like what you can see what's your

response to that i know we've seen a lot of talk billionaires talking about going talking about some of these other coins are there as ben said dangers involved in that and people getting involved. absolutely and this is just speculation when i can have an asset this is absolutely no different than this entire game stop rally that we've seen it's when you have a massive crowd of people and it's like about that everybody is free to invest their money however they want to but at the end of the day someone's going to be left holding the big bag of food and at the end of the day like it does get passed around like ah pedo so there is there are going to be a lot of people who get hurt and there's got to be a lot of people who are going to say this entire industry is a scam this entire thing is a ponzi scheme when really there is actually real technologies being built out and people actually need to look at the bally of the underlying on the change things like like the fact maybe even like worthwhile and at peace things that are actually being filled out to advance the industry to have some sort of utility not just some

sort of thing that is being pumped up by certain billionaire is almost the mark you've been just for the fun of it just for the heck of it because 2000000000 ask me if something is growing a couple tens of thousands into something into mean quite that's just on fire that's just every day weekend of the same way that we were just a couple bucks on a lottery ticket that's exactly what how they're trying to fight for the rest of us are taking those coins seriously we really should it surely has been fascinating to see how the crypto world of grown especially over the last year but i really appreciate you both taking the time to bring things back down to reality for all of those who may be getting excited about what some of the billionaires are saying about ben saunters the i thank you both for your time. the european union signaled it could be the next 2 wave and no actual property rights for its covert 19 vaccines after the u.s. said it plans to do so but president of the european commission said the block is ready to discuss any proposals that address the crisis in an effective and

pragmatic manner following wednesday's announcement here in the u.s. shares of pfizer and johnson and johnson plunged in response to the news as a buy now confirmed it would go against the wishes of the country's top drug makers here's our she's trying a child as with the latest. president biden along with other world leaders are supporting the world trade proposal to waive intellectual property protections for kovan 1000 vaccines citing an urgent need to stem the pandemic we take intellectual property incredibly seriously and we also though are in the midst of a historic global pandemic which requires a range of creative solutions and we're looking at it through that prism the waiver would clear a hurdle for vaccine strapped countries to manufacture their own vaccines even though the patents are privately held u.s. trade representative catherine tai said in a statement this is a global health crisis and the extraordinary circumstances of the code in 1000

pandemic call for extraordinary measures the administration believes strongly in intellectual property protections but in service of ending this pandemic supports the waiver of those protections for cuban $1000.00 vaccines at least $100.00 nations including hard hit india and south africa pushed for the waiver india with just about 2 percent of its population vaccinated the country is now the epicenter of the crisis and is struggling to keep up with the mounting death toll because of the lack of those who do not agree with their friends that are very good for you but are you still though pharmaceutical companies oppose the proposal saying the waiver won't provide the short term results proponents. think it will partly because of the challenge of complicating the production and manufacturing a vaccine you know genuine. when you go on the web. will lead to the production i'm going something like among the best.

for the future is going to be very. longstanding argument of lifting patents and other intellectual property has reignited as the pandemic continues to grab it to many poor and middle income countries wealthy countries currently account for more than half of the nearly 9000000000 doses that have been pre-purchased to date meantime will adjourn it says that it plans to have a 3rd booster shot for its trudeau's vaccine available by the fall for let me data of the shot shows promise a commune response against variance 1st identified in brazil and south africa reporting in new york trinity child as r.t. . confirmed it is creating a platform for its customers in china that gives them access to the data collected by their electric vehicles the move comes as the company faces increased scrutiny from beijing over the security and privacy of the information it collects from drivers and of course who has access to about data now in response to what has evolved to work with chinese regulators with the hope that it can mend ties and

maintain its status in the largest car market in the world so as the new data tracking platform should be ready for use this year. time now for a quick break but when we come back better all reserve officials are comparing rising prices to the toilet paper shortage of $120.00 was a way to say they aren't worried about inflation and it won't last long but is that really the case all the stuff next and as we go to break here the numbers out the close.

could you source a story about the fact that maxwell will likely take others down i guarantee you there's a lot more going on. in our nation's capital this is the news with rick sanchez and protesters who are not happy this is what we're going to drill down on right here on the rick sanchez where we really do believe it's time to do. this type of america is doing very well but then there's these guys over here who are doing so well if you drill down a look at the real numbers especially the rent numbers right it's pretty bad there's people who are not paying their rent and say they're not going to be able to pay their rent for the foreseeable future. our culture is awash in lives dominated by street never ending electronic

elucidations that. until they are indistinguishable we have become the most. society on politics as a species of endless and political politicians. celebrities are to ruling parties are in reality one party corporate. those who attempt this. breathless universe of me to sign the push through the t.v. and exploitation field little for so far to the margins of society including by a public broadcasting system that has sold its soul for corporate money that we might as well be squeaky against an avalanche. we must.

president biden took a special trip to louisiana on thursday and hopes of gaining support from republicans for his proposed $2.00 trillion dollars spending bill in the name of infrastructure watch out yuri secretary janet yellen admitted there is concern that the government could start to overheat from all of the spending the president of the boston federal reserve says he's not worried he claimed thing crease and prices is likely to be temporary pointing to the fact that toilet paper and clorox were in short supply at the start of the pandemic but manufacturers eventually increased supply and caught up with the demand so joining me now to go further and. tabio moran's the c.e.o. of see and michael pinto c.e.o. of pentode portfolio strategies michael let's start with you here we're watching the federal reserve trying to play down the risk of inflation even saying it will

only be as short lived as the toilet paper shortage of 2020 is it too soon to dismiss those concerns when we're already seeing rising prices. well i think toll paper is made of paper and papers me from treaty said look at the craze for bumper lately but it really isn't a surprise rachel you know if the government prints 6 trillion dollars and hands it out to people through helicopters and then pays those same people not to go to work with them hands on women they become unproductive so it's too much money chasing too few goods and guess what you get inflation and you get intractable inflation especially in asset prices but listen and this is coming from it and inflation east and the gold bug i think were set to have this inflation and deflation in 2022 so not too long from now so whenever the fed turns off the

monetary firehose tapers the hunger in $20000000000.00 per month q.e. program we are going to have deflation and it's going to be much worse than the original temper tantrum in 2013 when stops stock prices drop 67 percent in 3 weeks because we're going from $120000000000.00 'd per month to 0 and the 1st taper was 80 $5000000000.00 a month to 0 but here's the key the inflation is most keenly manifest in stock prices the total market cap of g.d.p. is now 205 percent it was only a 103 percent in the last paper tension so watch out we have intractable inflation now but this inflation deflation and recession coming next year and the monetary fire have to have an interesting way to put it but that's also a really good point and doesn't seem like the government is really looking towards

it now staying on the topic of the supply shortages octavio i want to talk to you about we've seen from semiconductor chips to lumber and cotton all of the. shortages going on and as a result global manufacturing output prices are now at their highest level since 2009 so how big of an impact will those rising prices of materials have on the businesses that are also now saying they can't find workers. well i guess you can you know you mentioned lumber and semiconductors and and other businesses you can if you want to sort of construct a story in there or to around those individual industries and say this is what's going on in lumber now michael mentioned the price of lumber has gone up through the roof 20 percent or more than 20 percent this week. it's kind of fantastic new see the kind of price increase across other commodities and so you could say you could concoct a story and say lumber price of gone up because saw mills in the u.s.

weren't expecting housing starts to be as strong as they have been throughout this downturn and also if you're back a year year and a half the trumpet administration put it tariffs on imports from canada and so there's a shorter supply as a result that so you can do that and you can go through each one of these commodities and say prices are up there for these specific reasons opportunity reasons that commodity but we've seen this across all commodities so all commodities are very very sharply over the course of the past year with the one exception being orange juice i have no idea what's going on that market maybe my personal opinion on issues i i don't but everything's up or prices are up and this is exactly what microsoft about inflation is here we're seeing in producer prices were seen in commodity prices and we certainly see it in bond prices and actually surprises it's all over the place so i think the inflation cat is basically out of the bag and the specific way the u.s. government and the fed have been distributing this money is different from in previous runups where they're basically sending out lots of stimulus checks to

people putting in their pocket so in the past sort of stayed in in the asset pools and it went into bonds and equities and basically stayed there now people are getting this money right in their hands and they're going out and buying stuff and pushing up those prices with it so that's that's where we are now that and these these higher producer prices and commodity prices are just that the inflation that the fed has ignited it and i know there is what i'm saying here and here is if i do as i say that he's a genius because we are certain that again the bands that this is held up their money directly to consumers not just for austria's for that's where you're getting our rights we might very aggregate and water. jar. i mean as much as i want to get your comment on our show you live in florida michael holmes i want to ask you about the value. of your explanation alone she was like i was going down. to the oranges are. probably the pretty there you know it's probably you know reconstituted orange juice that's going to get you know what is the one commodity is your be in excess

of what 75 percent your everything else is going so especially but on precious which we're going to start shortly well i will be sure to bring you both back here for the orange juice update moving forward before we get to that michael i do want to ask you about the by an administration is campaigning right now for this $2.00 trillion dollars spending bill but even yellen admitted there is concern about the economy overheating in response to all of the government spending now given the immediate reaction to comments how much is the market relying on the federal reserve keeping interest rates low and saying everything is under control right now . well i have to say that so you know it's refreshing of interest rates you know it's total debt the united states is now 400 percent of g.d.p. total national government or local government individual that business that everything so 400 percent of g.d.p. is a record so the bond bubble holds the key to everything you know the u.s.

treasury sold or $1000000000.00 in t. bills last week at interest rate of 0 this is the most epic bond bubble in the history of all bubbles so it's all contingent on free money forever and it's not going to last very long that's that's the that's the problem you know that we're going to sell government and the federal reserve in particular is telling you don't worry about inflation because if it gets out of control which it already is we have the tools the tools to stop it or are the tools raising interest rates and when you raise interest rates you cut all the bubbles concurrently so watch out below and after a money forever eventually someone has to pay for it now octavio speaking of who is going to be paying for things the biden ministration has been looking at raising the corporate tax in order to pay for that spending plan and yellen has repeatedly called for a global minimum tax to keep companies from flaming the u.s.

now the i.m.f. is saying a global tax is urgently needed or else it could lead to a new trade war how big of a concern is that right now. well i guess the biden of ministration seems very keen to enter into competition with france for the highest corporate tax rate in the world and seems well norway in that direction now of course you want other countries to raise their taxes as well to prevent your corporations from running away so it makes perfect sense i wouldn't be too worried because there's still a lot of countries who are going to basically be saying we're going to try to track some of these corporations with lower tax rates i don't see ireland with this current 12.5 percent corporate tax rate saying we're going to sign up for 21 percent tax rate i don't see switzerland doing that i'm going to see any of these low tax jurisdictions doing that but even if they were to i think what we'll find is they start to sort of cheat at the corners so they might have a headline tax rate for corporations of $21.00 or 25 percent or what have you but then they have loopholes and and write offs and charge offs and this and that and

the other an effective or that bring it back down because they will desperately need corporations to come in to pay for the huge deficits they've racked up so i wouldn't be too worried it might be a short term thing and then the subset will 25 percent now but we still like to attract those companies and how do we do that where we give them certain exemptions and tax credits and all sorts of other things so i think that's how things will unfold so i wouldn't be losing sleep over this just now and i'll certainly be interesting to see exactly where it goes and what the buy in and ministration gets accomplished great insight as always michael pinto. thank you both so much for your time and. that's all for now you can catch us on demand by downloading the portable t.v. app or apple or android device was the very next time and as always don't forget to question more.

'd i think the average viewer just after watching a couple of segments understands that we're telling stories that our critics can't tell me you know why because their advertisers won't let them. in order to create change you have to be honest you have to tell the truth parties able to do that every story is built on going after the back story to what's really happening out there to the american public what's happening when a corporation makes a pharmaceutical that chills people when a company in the environmental business ends up polluting a river that causes cancer and other illnesses they put all the health risk all the

dangers out to the american public those are stories that we tell every week and you know what they're working. how greed out greed i turned on the t.v. on the about the world of what's happened in the around me i see shows on the screen speak in last every day because the fake news near it says sadie say these 2 may be cooling snuck a little bit enough mrs wood farm after the barbara fabric school list to make you smile how flinty off then in the store but i found a network that question science great sadness space civil strife climate change savile would be cool simply alice solid mainstream wants to do was keep us close

watch so dry you can't keep a sally's critical poissy is cold perspective question and sad to read we don't take sad we walk the dog artsy america means real talk. i'm just a term as governor of minnesota i was on the frontlines of cubes the political bloc that strangles american politics i'm still doing the right question. thank you for finally seems you. understand you're tired of network news with you. today and. no matter what. you know me i'm famous for my views.

yours truly. now ok folks next up by dennis miller plus one kevin o'leary from shark tank love boat larry i think he's the pragmatic voice the simon calendar better that tells people when it's time to as he says take something out back and shoot it i admire the artist state and it makes for a great television kevin o'leary right after that then i smell it plus what. they folks welcome to dennis miller plus one i'm excited big fan. cabins love him on the halftime report i'm always hoping that he and josh brown would get their own siskel and ebert on fiscal matters show but as a venture capitalist entrepreneur you of course.