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 the union could be the next one to waive 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've only rising prices will only last as long as the twilight paper shortage of 2020 all 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 a federal court has given the i.r.s. 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 what they're going to have to kind of the big fish for 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 262020 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 there for a minute your history shows 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 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 i'm fortune. 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 with you're on crack and you better start getting your tax stuff in order and it may start 6 on crack in 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 a smaller group to users so those who are $20000.00 above you sit there and say oh i only have 5000 or 10000 i'm fine you're not flying no come get you a bit early 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 and 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 space as a whole. was pretty big news because for the 1st time customers of these he was 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 a point now because they see that their customers are sending dollars to point based and other crypto changes such as a pal and pay pal and mahl all of the apps that now allow you to purchase tricked us and they're losing out on major businesses and also at the same time losing deposits but just basically the life blood of so this is yet again another stock 20 instrument option and that's great for the masses banks have previously steered clear of bitcoin 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 clients so now they're definitely eating their words back so i guess yeah it's another way when. but not really because once

again anyone who uses the service is missing out on the entire point of that line we just 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 that 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 means german 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 in the interim 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 the 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 a promise at that point so when you do have banks 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. it's. 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 at 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 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 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've started out by talking about bitcoin i know we've talked about a theorem in the past and now and to that 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 crypto 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 crypto winner listen i hate the whole doe's coin thing and i'll tell you why it's not nothing against those if you hold those if you're buying that 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 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 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 well ok as the what's your response to that i know we've seen a lot of touch billionaires talking about and 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 or speculate on the 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 a bad set everybody is free to invest their money however they want to but at the end of the day someone is going to be left holding the big bag of hoops and at the end of the day like it just gets passed around like opportunity so there is but

there are going to be a lot of people who get hurt and there's going 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 are is actually real technology being built out and people actually need to look at the value of the underlying assets on the change things like. maybe even like worthwhile things that are actually being scaled out to advance the industry that has some sort of utility not just some sort of thing that is being pumped up by certain billionaires you know muster mark cuban just for the fun of it just for the heck of it because 2 billionaires could be up something and throwing a couple tens of thousands into something into means mike that's just fun for that that's just every day weekend part of the same way that we would just spend a couple bucks on a lottery ticket that's exactly what how they are treating don't try for the rest of us who are taking point seriously we really shouldn't truly has been fascinating to see how the world has grown especially over the last year but i really appreciate you both taking the time to bring things back down to reality for all

those who may be getting excited about what some of the billionaires are saying about. thank you both for your time. european union signaled it could be the next 2 wave 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 but 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 strange and confirmed it would go against the wishes of the country's top drug makers here's our kids trying new charges with the latest. president biden along with other world leaders are supporting the world trade proposal to waive intellectual property protections for covert 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 thai said in a statement this is a global health crisis and the extraordinary circumstances of the cove 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 $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 review a lot of them are things that are very different but are you still though

pharmaceutical companies oppose the proposal saying the waiver won't provide the short term results proponents. i think it will partly because of the challenge of complicating the production and manufacturing of vaccines you know genuine. when you've got all the well intended will lead to the production i'm going something like among the best we need to keep the vaccines going 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 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 toilet paper shortage of 2020 oz the 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 that close.

tux. milton's i would say i'm not a mere give but americans help really. war to cure depression carcinoma shows his concern prosperity of course in store. for the process the whole world what it what and. historical ever since world war 2 to foment the cold war against russia against communism and. the so you call me you all close to a strike with all. the world war 2

has been the story credibly by the anglo-american media and that's because they want to diminish the role of russia. and stall and who actually defeated hitler. americans love buying homes. and this was a fundamental part of how our political leadership and our country a large understood the bargain you get a hoe and then you know rebel right as the things you don't revolt if you have a stake in the system. really interesting sit down and think about the longer deeper history housings man in the united states not just that

question of the american dream. and for. lead.

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 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 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 craze of umber lately but it really isn't a surprise rachel you know if the government trends 6 trillion dollars and handed 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 yet inflation and you get intractable inflation especially in asset prices but listen this is coming from an inflation east and a 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 $120000000000.00 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 $85000000000.00 a month to 0 but here's the key inflation is most keenly manifest in stock prices the 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 but just inflation deflation and 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 it now staying on the topic of the supply shortages octavio i want to talk to you about we've seen from some i connector chips to lumber and all of these 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 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 i saw 20 percent or more 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 us weren't expecting housing starts to be as strong as they have been throughout this downturn and also if you go back a year year and a half the trouble ministration of put big 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 for that commodity but we see this across all commodities so all commodities that 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 a limpin you know orange juice 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 that 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 in

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 and here at is 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 all syrians for that's where you're getting a rise of the month very aggregates and water. jar. i mean as much as i want to get your comment on our show you moving forward michael holmes i want to ask you about the value. of your explanation only she was like well. let's take the oranges are. probably the pretty they're you know it's probably you know reconstituted orange

juice that's going to know what is the one commodity is your be in excess of what 75 percent your everything else is gone so especially but i'm 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. 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 and that's that's the that's the problem you know that's better 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. an f. $3.00 money forever eventually someone has to pay for it now octavio speaking of who is going to be paying for it things could buy new administration has been looking at raising the corporate tax in order to pay for the spending plan and yellen has repeatedly called for

a global minimum tax to keep companies from flaying 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 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 corner 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 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 true or 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 a ministry at the com wish great insight as always michael pinto octavio marandi 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. ad for apple or android device was the very next and as always don't forget to question more.

right now there are. people who are overweight or obese it's profitable to sell through the seas francene and sugary and salty and addictive it's not at the individual level it's not individual willpower and if we go on believing that would never change this obesity epidemic that industry has been influencing very deeply the medical and scientific establishment. so what's driving the obesity epidemic it's corporate office. but if you work for the q 4 that was with the chairs. ready to go the agency

a major overhaul or. just it took you to interweave. fortunately you still use the thing though is reason to go because a lot of my think if you get. to fish not go for anything before building water should that it is that it's a piece of that issue a small bubble will burst from what's within the sheet of. what's called once this issue will. go off which. is what our that's the story could be and if we did have much of what you mean yes the. door why much as they should but they could be when you get out of the sky because recent years you couldn't just recently reason off what should his mistress.

26. why the u.s. has. other countries. around 100 black people who lived in israel for decades. to the children born. this is the.