this is grim bustling business show you can't afford to miss my main job love ins in washington coming out the private messaging out signal says it was blocked from posting an ad that told the truth about how facebook exploit this is users will discuss what the bank of england says crypto users should be prepared to lose all of their money as a federal reserve survey called digital currency is a threat to the existing financial system then i dispute over fishing rights weaves to a military standoff between the u.k. and france so what could it mean for the future conflict in the post directed era we have a lot to get to so let's get started. the bank of england issued

a sharp warning to cryptocurrency users in which governor andrew bailey claimed they should be prepared to lose all of their money his comments were made during a press conference on thursday where he said the only value crypto currencies have is the value people put on them but it is impossible for them to have intrinsic value he then added quote i'm going to say this very bluntly buy them only if you're prepared to lose all of your money so joining me now to discuss the latest. stand crypto analyst christiane i all right chris do you start with this claim that crypto currencies have no intrinsic value what is your response to that. well then i would say what is the intrinsic value of the u.s. dollar or the british pound for that matter since we're talking about the bank of england an intrinsic value of a commodity is the value that the product possesses and of itself it doesn't require any additional horse to provide it with value so we're talking about like

sweetness is an intrinsic value of sugar but where is the intrinsic value of the dollar because certain currencies were backed by precious metals like gold and silver for now to 40 years ago today most global currency aren't backed by anything the only thing backing it is derived from the relationship between supply and demand and the stability of the issuing government so that statement is just the pot calling the kettle black because none of these currencies now have any sort of intrinsic value the value of any currency comes from the trust people have over the network as a means of exchange so in fact because actually does have mentioned the bag we're talking about that the value which is derived from the control it gives the users to actually own the ask that big question is non-conscious gettable and provide users with an unprecedented level of financial freedom compared to traditional asset even safe haven assets like gold for and they've seen many instances where it was actually seized by government in the past and big point of blocking for that

matter is censorship resistant so the c.e.o. that actually thought about so topple is a critic of the dea and he could go up but he grew up in argentina and his family actually lost their savings 3 times and the last 2 to unfair confiscation of asset so keeping this kind of framework and behind the queen is the me that it's not just and then next our global disaster it's more so the hedge just beyond regime because unlike the u.s. dollar or the pound that is no longer has any sort of intrinsic value that went and should that value is actually growing and likely to strengthen over time as a non-complicated a characteristic the. centralized nature and also fungibility adds to its asset value over time yeah and it's ironic because the u.k. is one of those governments is looking at creating their own digital currency so whenever it comes to this so-called brit coin you know that they're going to be ready to talk about how safe and trustworthy it is of course after these moments

and other ones like ok so governor bailey also claimed that you should only buy crypto if you are prepared to lose all your money highlighting risk to the financial system in the speculative nature of cryptocurrency these are these dangers and risk inherent encrypt those. some risks and but the currency but there are risks and here and in any sort of investment the fact that he's saying that people should be prepared to lose all their money that's just pure fear mongering so it's just more nonsense from someone who is attempting to denounce cryptocurrency because the take power away from central government i mean let's not forget the 2000 financial crisis people actually lost everything their home their life savings and best thing and these near worthless the prime mortgages that were supposedly back and supposedly safe so let's look at even a more recent example venezuela and turkey they all suffer currency crises and recent years the nagoya suffered hyperinflation and turkey is suffering from inflation a currency got and

a rapidly depleting or exchange reserves and these are all real risks in so-called real fiala currencies that bailey's choosing to ignore and back in those countries the only people who actually didn't lose everything are those who turn to crap and exchange their worthless b. up money for bitcoin so yes there are parts of the crypto universe that is speculative in nature things like those coin that we talk about things that don't really have an application or utility that's being hyped up as a need when the market what we witness in getting an a and b. earlier this year but that's a very small part of it things like that point and in theory and they have real value meal technology and real use cases being developed so it's not just speculative and of course those are risks just as there are risks inherent in any sort of investment but bailey's common are just pure fear mongering and at this point trying to do now at the refusing to adapt and accept changes that are coming to the financial and even china who actually did help like hold

a new 5 years ago they've now even changed china went so far as to ban big wine back in 2017 during these risks to the financial system and the speculation frenzy that it would generate but even they've come around to accepted it and went as far as to officially call it an alternative investment rather than just a pure speculation as interesting to see how these officials think that they're going with the status quo but it could come back to bite them long term especially if current differences become more and more popular actually i'm going to consider here kristie i thank you for your time. markets were mostly up this week despite rising prices as progress towards recovery continues let's start in russia were the most axes in the green hitting record highs on friday as geopolitical tensions cool russia authorized a one shot vaccine dubbed the sputnik lite the russian direct investment funds does

it has an efficacy of 79.4 percent and will cost less than $10.00 but shanghai composite is down losing 2.5 percent for the week despite the drop china's exports were more than expected at over 32 percent in april fueled by global stimulus but services sector also grew at its fastest pace in 4 months the hong saying is in the red this week after a slight loss on friday pushed hong kong just engine negative territory tech took a big hit as tensions between china and the west continue to weigh on the sector costing 4.3 percent in japan the nikkei is up despite concerns over the government's plan to extend the state of emergency until the end of may video game maker nintendo also lost 3 percent on friday as it confirmed the demand for its switch console is expected to decline a lot in percent this year now over to india where the sun sex is in the green even

as the nation continues to see a massive outbreak of code cases new daily infections were above 300-0042 weeks straight but the lack of a widespread lockdown is keeping the surge from weighing on stocks banks also saw gains after india's central bank boost of lending to help the economy and australia the a.s.x. is up mining companies saw gains as the attack and banking sector face losses tensions with china also hit a new high. this week leading beijing to indefinitely suspend high level economic dialogue we have another green arrow for the all share in south africa while the vaccine drive is just getting started 14 percent of the population have received at least one dose a new writers poll also suggests that the south african economy will grow by 3.7 percent in 2021 in london the footsie is up the bank of england upgraded its

forecast for the country's economy saying it is expected to grow 7.25 percent this year from previous estimates of 5 percent as the vaccine rollout continues the german dax and french cac are also in the green new data shows german exports grew by 1.2 percent in march while manufacturing activity grew 2.5 percent for its part french industrial output was up just shy of one percent the country's finance minister says the government will decide in september whether to expand its economic stimulus plan in brazil but it is also up this after the brazilian central bank raised interest rates by point $75.00 basis points to 3.5 percent on wednesday as the nation continues to deal with inflation the b.m.v. is in mexico despite will inflation hitting its highest level in 3 years well above the central bank's target inflation surged more than 6 percent in april from around

4 and a half percent in march here in the united states the dow and the s. and p. are hitting record highs but the nasdaq is down despite the latest data showing the u.s. added fewer jobs in april than expected the 3 major indices saw gains early on friday supported by heavyweights apple facebook microsoft and amazon and finally to canada where the ts x. is up things were mostly even for the week going into friday. but rising gold prices push the material sector up hoping to solidify that green arrow now moving into next week we will continue to keep an eye on the state of inflation and how it is being impacted by a growing shortage of basic commodities and that is your global market walk.

a long running dispute over fishing rights led to a full on military standoff between the u.k. and france on thursday after approach us led by french fishermen resulted in the navy's from both countries deploying ships to the area british prime minister boris johnson is calling the conflict results for now in a statement he said the trade and cooperation agreement that went into effect with bracks it brought in chances for fishing arrangements between the u.k. and the e.u. as a result the small u.k. dependent island of jersey has a right to regulate fisheries in their waters so joining me now to discuss it looked as an end of straw mark i'll see hilary it's great to have you on the show today as soon as i saw this story i knew that you would have something to say about it so what led up to this conflict and why did it lead to a military standoff. well richard you're totally right you have months and months for me to explain the situation how this is been extremely complex and this was

actually one of the big hitches over breck's it a small issue really in terms of the revenue generated for the british fish fishing industry in terms of the overall economy however a huge national's nationally symbolic issue in terms of the sovereignty of the seas and that's what course johnson had always referred to it as this actual issue is actually a bureaucratic hitch it's about the judge jersey legislature issuing licenses for those french fishing boats they had to demonstrate that they had a previous track record of fishing in those waters with g.p.s. systems a lot of those boats don't have g.p.s. systems and of course there was the insinuation that this is being done on purpose and for those not familiar with jersey it's a very small island it's actually about twice the size of manhattan it's much closer to france about 50 miles from france and something like 7078 miles from the u.k. but very significant for the french fisherman they were outraged that they lost their

access to these waters around jersey where the fishing is actually rather significant for them in terms of their catch or is also the issue is say in this space and watch this space until 2026 because that is what's called the transition period these next 5 years where this issue will come up quite a bit because 25 percent of all of the catch has been agreed upon by the e.u. and the u.k. to be returned to the u.k. so 25 percent is going to be transitioned over 5 years and i'm pretty certain that you're going to see more of these issues the next issue coming out is those same french fisherman have actually threatened to blockade the port of cali wow ok so this is somebody who will continue to can't following it's not just kind of a fluke incident between mature countries but the timing is also very notable here because. this comes just a day after the g. 7 summit where the u.k.

and france were among the countries valen to work together so do these disputes over post breck's and agreement stand to threaten the major alliances like the g 7 that the u.k. and the e.u. are both a major part of we're right rachel the g. 7 ministers and development as just met the actual summit is going to be in june in cornwall actually called to say in the u.k. and that's where you'll see all the global leaders including from the u.s. side will be attending members of the g. 7 but i would say this it was an inside government minister just actually announced and he basically positioned it this way he said we're like 2 brothers referring to the u.k. and the french he said we're very close we're close allies but just like brothers there are bumps in the road i do think this is a flashing point mainly because there are the economies at stake in the throughout france i don't think it's going to break the g 7 that's a was the certain because it's so significant in terms of overall economic impact

for both nations but remember this macro is up for reelection and he wants to deflect blame anything other than his own policies for any failures he doesn't want to admit his failures in terms of the french economy and as you know there are many moves for a frex it for the french to leave due to the failure of his economic policies and he's going to blame anything including these fishing agreements and definitely a lot of moving parts there and we will have you back for future updates especially when it comes of those fishing disputes hillary ford which thank you so much for your time today. pleasure rachel. time now for a quick break but when we come back the private messaging out signal says it was a block from posting an ad that told the truth about how facebook exploited users well this guy's next and as we go to break here are the numbers out the closest.

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the private messaging app signal is calling out facebook saying it was blocked from posting ads that told the truth about the tech giant and the ways that exploits users in order to target them with advertisements now facebook is calling this a publicity stunt but signal says it is using this as an opportunity to raise awareness archies science have injured explains it's no secret that facebook runs an extremely successful and profitable digital advertising operation based on every user's behavior yet many of the people who actively use it services aren't aware how the social network giant shares their data are with advertisers now the full picture is hazy tomorrow's dimly concealed within

a complex system in fine print designed to be scrolled passed by users now to shed light on their issue and nonprofit privacy focus messaging app called signal which is also a direct rival of facebook's whatsapp claims that they try to use facebook's own targeted admission against ed how by launching an ad campaign on instagram by using this same exact multivariate adverts that facebook's ad tool users and don't forget facebook also owns instagram now signal revealed a series of a deeply personal ads with a blunt message designed to expose the internet categories facebook uses to classify users to give you an example one read you got this ad because you're a newlywed pull out his instructor and your cartoon crazy this ad use your location to see you're in la jolla you're into parenting blogs and thinking about l.g. b t q adoption now in

a block post signal claims that all the ads are removed by instagram recreated a multi-variable targeted ads to show. the personal data that facebook collects by you and sells access to the ad would simply display some of the information collected about the viewer which the advertising platform uses facebook was not into that idea in response to signals blog facebook denied that it suspended signals account for running the ads and accuse the organization of pulling a p.r. stunt this is a stunt by signal who never even tried to actually run these ads and we didn't shut down their ad account for trying to do so facebook said if signal had tried to run the ads a couple of them would have been rejected because our advertising policies per hibbett ads that assert that you have a specific medical condition or sexual orientation as siglo should know but of course running the ads was not their goal it was about getting published city now

signal in turn refuted facebook claims saying on twitter we absolutely did try to run these ads the ads were rejected and facebook disabled our attic ound these are real screen shot as facebook should know now as facebook spokesperson responded on twitter saying that the screenshots from early march when the attic count was briefly disable few days due to a related pm an issue now from what we've seen so far it's difficult to see who was speaking the truth here signal has been proc actively advertising in services as the pro privacy alternative to what's app facebook on the other hand has not always been the most transparent company and signal is funded by brian acton an entrepreneur who sold whatsapp to facebook for $22000000000.00 making himself a billionaire several times over in the process now act unless facebook and

whatsapp and 2017 and later claimed that facebook was a laying the groundwork to sure target it and facilitated comber. messaging and whatsapp and following that can bridge analytical scandal act and tweet it it's time hash tag lead facebook for boom bust i'm sorry to have injure r.t. . joining me now to go further and up on the story is boom bust co-host and investigative journalist bunce on the right then we've got 2 sides saying different things here so do you believe that signals out account was actually polled as they claim or was this a publicity stunt as facebook claims yeah i really don't know i mean facebook makes a good case for why you was just a stunt you know obviously signals as it wasn't but i don't think it really matters whether or not facebook actually pulled the ads because because either way signal wins right because what they've done is they have created a p.r. campaign out of the fact that they have told the truth about how facebook goes

about through instagram and facebook conducting targeted advertising by selling your data look we all know that it happens but creating any kind of buzz around the glary obvious results of this kind of data mining that takes place through facebook i think is a positive thing for signal so you listen i don't know who's telling the truth here but i don't think it matters because the as told the truth about what facebook and instagram do every single day to billions of people around the world and that's an excellent point instead of kind of turned into this he said she said battle instead of looking at this content that they've put out there for you to see exactly how you're targeted just based off of what you're doing on facebook every day ok so there is a bigger issue here than just this one of bad publicity we know that signal is a direct competitor to whatsapp so how much of an effect has signal had on facebook's messaging properties. well i think signal has had

a big effect on what's app but i think facebook has had a bigger effect on mark zuckerberg has had a bigger effect on whatsapp because of the fact that may 15th which is just a few days away there is a deadline that's been set on whatsapp that essentially says you have to agree to their brand new terms of service or you will have your account disabled and you will be able to use what's up anymore and there are a lot of people as you know rachel who are very concerned about this because some of that terminology in the new terms of service for whatsapp seem to indicate that your data will be collected and sold in the whole point of what's app is it supposed to be encrypted messaging service just like signal is indeed indeed encrypted messaging service so the idea that that would happen and of course they because all that's not going to happen with the terminology is different this is only for certain into g.'s and certain pages yet will take their data and will so the data for the 4 groups and pages that are on whatsapp for businesses but we will do it to you as an individual vigil user there are a lot of people who are fleeing away from what's app as a result all right in

a lot of people who have learned about trusting facebook in this process and of course those alarm bells went up whenever they decided to buy what's app and what that kept saying oh no we will stick to our policies here but you know how do i get as i write so what is the biggest threat to facebook's continued government in this social space i mean after all it seems like there are more and better competitors on the rise that we have then we have seen in a long time is that correct. i think that's true and i think the reason for that is because of facebook again this is what's amazing to me such as facebook facebook twitter and you tube google these companies actually are creating the market opportunity for competitors 45 years ago there was no space left for somebody to really compete and if you did have the space to compete you just got bought up and acquired that's what happened to instagram it's what happened to whatsapp the difference now is that companies like facebook because they keep doing things where they abuse user data and then they say loops and they pay

a fine or they change something like what's app which is extremely popular that they didn't build in the 1st place they simply buy it and acquire it and then they start changing the game for it they're actually creating the market opportunity for companies like. ben song thank you for your time and insight on this one thank you . that's all for now you can catch him best buy them on demand by downloading the portable t.v. app for your apple or android device see you here next time and as always don't forget to question more. banks or survival guide books they see just like all the stores simply that are all

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but schools are using awoke 1st in the french language the supporters say of. the day to go to stages its annual victory parade to join rehearsals in the skies over the russian capital. will no more all 76 aircraft of flying full more school from different airfields different regions. over 200 are injured in clashes in jerusalem monger my cameraman working for a video agency and. the things i did karate.