this is boom bustling business show you can't afford to miss i'm rachel love and in washington coming out of federal court rules the i.r.s. has the power to force you 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 lose weight intellectual property rights for it's not seen as india's covert crisis continues then. reserve officials say they are not worried about inflation and they believe rising

prices will only last as long as these toilet paper shortage of 2021 of us us at all and that 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 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 gulf coast and crypto analyst ben swan 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 group to exchange crack and. at least $20000.00 between the. 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 you've got to say it again rachel 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 crack and 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 purpose are and it's also going to go to smaller crypto users so those who are 20000 above you're sitting there and say oh i only have 5000 or 10000 i'm fine you're not flying no compute you're going surely they're just starting with the bigger numbers 1st yeah definitely a good morning 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 g for the 1st time customers of some u.s. banks will soon be able to buy hold and sell bit through their existing accounts so what does that mean for the crypto space as a whole. pretty big news because for the 1st time customers of these u.s. banks can actually buy and sell big went 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 point days

and other crap don't change just such as pay pal and pay powerband maal all of 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 stopped once in stream adoption and that's great for the masses banks have previously steered clear of decline denouncing it calling it a giant almost ponzi scheme and by some kinds against it saying it's too volatile and too risky for all these beach our lives so now they're definitely eating their words and backtracked so i guess yeah it's another win win for crying but not really because once again anyone who uses the service is missing out on the entire point of that climb which is to thank 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 on out of the increases on your account for some fictitious reason they concocted because their reserves are going 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 and it is interesting to see how the messaging has changed from currencies are too volatile to all of a sudden they start realizing that they can make money off of them now then on that area do you think that this is going to be one of those cases where more people start taking that mean streaming option 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 people right with chrissy saying this is absolutely accurate which is that the whole point of that call and the whole point of group. 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 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 a 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 been 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 iris 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 ends of the world of let a 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've started out by talking about bitcoin i know we've talked about a theorem 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 market. yeah you know there's a 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 you usually hear not proved a winner but the crypto winner listen i do i hate the whole those calling 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 that 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 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 top 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 windows on the ass that 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 a bet 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 gang when really there is actually real technologies being built out and people actually need to look at the value of the underlying assets on the chain things like things like the fact maybe even like worth a lot at things that are actually being killed 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 up something and throwing a couple tens of thousands into something into mean quite that's just fun for that's just the every day weekend the same way that we would 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 truly 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 saunders the i thank you both for your time. european union signaled it could be the next to waive and no actual property rights for its covert 19 vaccines after the us said it plans to do so the 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 us shares of pfizer and johnson and johnson plunged in response to the news as a buy now in a situation confirmed it would go against the wishes of the country's top drug makers here's our she's trying a child that is with the latest. president biden along with other world leaders are supporting the world trade proposal to waive intellectual property protections for kovan 19 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 tie 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 covert $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 the preview and i thought you were different you are very different people are you still the 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 to the well intended will lead to the production i'm going somewhere like among some comfort.

food for the future is going to be very. longstanding argument of lifting patents and other intellectual property has reignited as the pandemic continues to ravage 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 while a journal 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 that 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 be true it is for shortage of 2020 odd the way to say they are worried about inflation and it won't last long but is that really the case all the scouts next and as we go to break here the numbers are the close.

could you source a story about the fact that delayed 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 news direction trials where we really do believe it's time to do. this type of american is doing very well but then there's these guys over here who aren't doing so well but if you drill down to look at the real numbers especially the rent numbers right it's pretty bad there's people who are not paying the rent and say they're not going to be able to pay their rent for the foreseeable future. take a life anywhere you can place a delicate think straight on my next video library with

a built in search engine it will sit right in your pocket it's free interactive just architectures 2. 1000 the president's text work videos uploaded every hour so what are you waiting for. the. 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 every 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 the 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 mis see and michael pentode c.e.o. of pentode portfolio strategies michael let's start with you here we're watching the federal reserve try 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 paper is me from treaty 70 look at the praise of umber 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 enhanced unemployment 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 an inflation eastham and the gold bug i think we're set to have disinflation and deflation in 2022 so not too long from now so whenever the fed turns off the monetary firehose tapers the $120000000000.00 per month q.e. program we are going to have deflation and it's going to be much worse than the original taper tantrum in 2013 when stops stock prices drop 67 percent in 3 weeks because we've gone from $120000000000.00 'd per month to 0 and then 1st saber was $85000000000.00 a month to 0 but here's the key inflation is most keenly

manifest in stock prices total market cap of g.d.p. is now 205 percent it was only a 100 in 3 percent in the last paper tension so watch out we have. intractable of late years now well this inflation deflation recession coming next year and the monetary firehose that is 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 that now staying on the topic of these supply shortages octavio i want to talk to you about we've seen from some i connector chips to lumber and all of the shortages going on and as a result global manufacturing output prices are now at their highest level since 2009 so how much 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 the narrative 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 a tariff 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 see 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 michael has an

opinion on issues i i don't but everything's up all prices are up and this is exactly what michael sawka about inflation is here we're seeing in producer prices were seen in commodity prices and we certainly see it in bond prices and prices 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 previous runups where they're basically selling out lots of stimulus checks to people putting in their pocket so in the past sort of stayed in in the ass it 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 inflation that the fed has ignited it and i know they are i mean you're at is it i do as i say that he's a genius because we are certain that again. this is held up their money directly to

consumers not just for austria's for that's where you're getting the rights of the month very aggregates and water. which are. i mean as much as i want to get your comment on our show you really can forward my call i want to ask you about the value. of your explanation alone she was like well. let's take the oranges. are probably the pretty there you know it's probably you know reconstituted orange juice that's going to know what is the one commodity this year or be in excess of what 75 percent your everything else is going so especially but i'm precious when we're going to start. well i will be sure to bring you both back here for the orange juice update moving forward before we get to 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 her 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 local state 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 $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 he gets out of control which it already is we have the tools the tools to stop it what are the tools raising interest rates and when

you raise interest rates you pop all the bubbles concurrently so watch out although an f. 3 money forever means the eventually someone has to pay for it now octavio speaking of who is going to be paying for things good bye new administration 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 administration seems very keen to enter into competition with france for the highest corporate tax rate in the world and it seems well norway in that direction now of course you'd 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 a 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 the other and effectively they're 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 there will be 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 by an administration gets

accomplished great insight as always michael point 0. thank you both so much for your time. that's all for now you can catch us on demand by downloading the portable t.v. ad for apple or android device was the very next time and as always don't forget to question more. how to read out read i turn on the t.v.

on the about the world of what's happened in the around me i see shows on the screens but in last every day because the fake news narrative study says they seem to maybe goon squad was really good enough business with the farm after the bar brick by brick globalism make it sound how plenty off that in this war but i found the network that open question science great status a civil strife climate change stop a war think cool simply lists all that mainstream wants to do was keep us quiet you watch the right you can't keep a silenced critical point says cold perspective question inside direct we don't take sides we walk the dog artsy america of means real salt.

i think the average viewer just after watching a couple of segments understands that we're telling stories there are critics can't tell when 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 artie's able to do that every story is built on going after the back story to what's really happening out there so the american what's happening when a corporation makes a pharmaceutical the chills people when a company in the environmental business ends up polluting a river that causes chancer 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 their work in.

our culture is awash in lives dominated by streams of never ending electronic hallucinations that merge back fiction until they are indistinguishable we have become the most deluded society on politics as a species of endless and needless political theater politicians have morphed into celebrity are 2 ruling parties are in reality one party to corporate and those who attempt to puncture this vast breathless universe of fake news designed to push through the cruelty and exploitation of milos hope for a force 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 mice squeaking against an avalanche of sweet we must.

hello there i'm going to try and your watching in question broadcasting from our to america's national news headquarters in washington d.c. here's tonight's top stories 1st a new global poll reveals who the world believes is the biggest threat to democracy the answer may surprise you will discuss it plus new research suggests that had her spray is way more harmful than we originally thought and talk about that and finally the biggest awards night for international sports is here who are this year's winners that's straight ahead all right it's time to improve your news i q.