what is right. in the world corrupted you need to descend. to join us in the debt. or i'm a delusional. this is boom bust and 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 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. reserve officials say they are not worried about inflation and they believe rising prices will only last as long as the toilet paper shortage of $121.00 of us us at 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.r.s. permission to seek the identities of tax payers 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 aba. ations like any other taxpayer so

joining me now to discuss. stan krypto analyst ben swan and christy 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 while they're going after kind of the big fish for so what the john doe summons is asking for is that 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 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 i've been warning about this for a long time that 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 those are and it's also going to go to smaller crypto users so those who are 20000 above if you're sitting there and say oh i only have 5000 or 10000 i'm fine you're not fine they'll 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 n y g for the 1st time customers of some u.s. banks will soon be able to buy hold and sell. coin 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 euros banks can actually buy and sell big when through their existing accounts very similar to how they can sell equities through their current account so banks are asking for a big point now because they see that their customers are spending $1.02 point days and other crypto changes such as a pal and pay pal and mole all of the apps that now allow you to purchase trapped us 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 mainstream adoption and it's great for the masses banks have previously steered clear of bitcoin denouncing it calling it a giant almost ponzi scheme advisory kinds against it saying it's too volatile and too risky for all these beach out lives so now they're definitely eating their words and backtracking so i guess yeah it's another what when for crying but not really because once again anyone who uses the service is missing out on the entire

point of that quite we're just a bank yourself and you 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 clean freezers on your account for some fictitious reasons 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 on 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 0 crypto currencies are too volatile to all of a sudden 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 $1.00 of those cases. where more people

start taking not mainstream adoption they take it from their banks and they don't necessarily look at getting their own laws and getting in 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 a 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 is absolutely accurate which is that the whole point of that coin the whole point of crypto currency 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. 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 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 coyne i know we've talked about a theorem in the past and now ben to the point there has been a huge amount of growth for other r. koreans like joe's point 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 crypto winner listen i've 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 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 chris you know

what i'm talking about certain kinds of quine's 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. your response to that i know we've seen a lot of touch 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 minors 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 event 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 optative 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 game when really there is actually real technology being built out and people actually need to look at the bally of the underlying on the change things like i think maybe some even like worth a lot at things that are actually be scaled 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 cuban just for the fun of it just for the heck of it because 2000000000 as the up something and throwing a couple tens of thousands into something into a mean that's just on fire that's just 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 song kristie 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 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 u.s. 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 as 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 tai 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 program a lot of them are good friends who 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 of vaccines you know genuine. when you go on the web. will lead to the production and there was something about the long term. we need to keep the keep going for the future it's not a very. long standing argument of lifting patents and other intellectual property has reignited as the pandemic continues to grab the many poor and middle income countries wealthy countries currently account for more than half of the nearly 9000000000 joe says 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 promising immune response against variance 1st identified in brazil and south africa reporting in new york treated the 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 says 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 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.

i would say i'm not american but americans really. world war 2 cures the depression farsi show she's concerned prosperity of course the store. lead. a. lead for the for us the whole world what it what and. historical ever since world war 2 to foment the cold war

against russia against communism. just mishmosh few of us so you call me out you all just a swath of which to use could all go. to world war 2 has been the story credibly by the anglo-american media and that's because they wanted to minish the role of russia. and stalin who actually defeated hitler. the world is driven by giraffe's shaped past and present those. thinks. we dare to ask.

well the pandemic no certainly no borders and islam tonalities. as american people we don't like seeing the whole world needs to be. judged as coming close is this time to. do better we should. everyone is contributing way but we also know that this crisis will not go on forever the challenge is great the response has been massive so many good people are helping us. it makes us feel very proud that we are in it together.

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 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. see and michael pentode 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 so paper is made of paper and paper is me from treaty 70 look at the crazy of amber 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 yet inflation and you get intractable inflation

especially in asset prices but listen and this is coming from an inflation east and the gold bug i think we're 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 then 1st taper was 85 $1000000000.00 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 100 in 3 percent in the last taper tantrum so watch out we have. intractable of pleasure 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 that now staying on the topic of the supply shortages octavio i want to talk to you about we've seen from some i conductor 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 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 20 percent this week. it's kind of fantastic new see the kind of price increase across other commodities are 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 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 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 cousin and pinion on issues 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 we're seeing 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 in previous runups where they have basically sending out lots of stimulus checks to people putting in their pocket so in the past sort of stayed in 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 here and it is 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 all series for that's where you're getting a right to the monetary aggregates and water. jar. ok now as much as i want to get

your comment on our show you moving forward michael i want to ask you about the value. of your explanation alone she was like i was a. kid you know and she said. probably the pretty the 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 gone 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 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 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 the $1000000000.00 in t. bills last week at an 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've got several 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 what are the tools raising interest rates and when you raise interest rates you cut all the bubbles concurrently so watch out. and after

a money forever means someone has to pay for it now octavio speaking of who is going to be paying for things the buying ministration 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 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 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 an effect even there 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 subs 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 octavio marandi thank you both so much for your cat. that's all for now you can catch ben last on demand by

downloading a portable t.v. ad for apple or android device was the very next and as always don't forget to question more.

the year we $321.00. now here we are. showing up because the primary reason for getting the question here is. has america and china. got a new cold war and all the benefits to the us economy jobs over to china has now been used.

to. buy was. protests in colombia leave 26 dead and made a government crackdown we'll look at why the u.s. has offered only muffled condemnation unlike undressed in other countries. israel is deporting around a 100 black people who have lived in the country for decades and say it's that ancestral home they say that children who were born bad to what will be. is very disturbing to me to think that the border from the land of them they will never live anywhere else this is the life that i've known of spent most of my adult .