this is boom bust of the one business show you can't afford to miss friendship or in washington coming into place in sort in april is the u.s. economy has come roaring back just that we break down the latest number and what it all means plus in a major reversal from the previous administration's policies the u.s. will remove one of china's electronics giants from its blacklist later on we'll take a look at that decision and the reasons is that the ongoing whatsapp controversy surrounding facebook is germany has now banned the social media giant from implementing its plan to change in terms of service for the pack show today so let's dive right in. and we leave the program with the state of the united states

economy inflation in april surged at the fastest pace in september of 22008 the labor department reported on wednesday now the consumer price index rose 4.2 percent year over year with a month to month gain of point 8 percent now this jump inflation was expected as april of 2020 marked the height of lockdowns in the united states due to the copan $1000.00 pandemic which had nearly shut down the entire economy so let's go over some of the data here energy prices they were up 25 percent year over year with the price of gasoline jumping nearly 50 percent and just over 37 percent for fuel oil now gas prices actually had to take down month to month but are expected to see an increase in may once again use vehicle prices they were up 21 percent compared to the previous year and a spike of 10 percent from the month of march now beyond the economic recovery in

the global semiconductor shortage has also taken a toll on the auto industry causing issues with the production of car. and that is causing those prices of used vehicles to really hit some record highs now the travel and leisure sector as a whole saw record month to month inflation but this was expected as more and more americans have been vaccinated heading into the summer months we're going to see a lot of travel now as for the broader implications for the u.s. economy better reserve chair jerome powell has continually said the central bank is going to keep its easy monetary policy which includes $120000000000.00 per month in bond buying and near 0 interest rates until that median inflation rate hits above 2 percent. and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time i would note that a transitory rise in inflation above 2 percent this year would not meet the standard over the next few months 12 months measures of inflation will move up as

the very low readings from march and april of last year fall out of the calculation in the most likely case this this this period will show it will show temporarily higher prices but not persistent inflation we have not changed our view that a literal inflation rate of 2 percent is most consistent with our mandate to promote promote both maximum limit and price stability pandemic it's also left a significant imprint on inflation a looming large declines in the spring consumer prices really rebounded over the rest of last year overall on a 12 month basis inflation remains below 2 percent. and for more on this let's bring in professor richard wolf he's the host of economic update and the author of the sickness is the system when capitalism fails to save us from pandemics or itself again a professor wolf i know we say this often when you're on to talk about these topics it seems like your book is perfect for this type of discussion so i want to i want to start with what is the takeaway from this inflation data and what does it mean

for the short term for the u.s. economy. well you know when inflation is a major blow i mean this cannot be exaggerated to say that over the last year april 2020 to april this year consumer prices went up 4.2 percent means that the american consumer has to pay those higher prices and can therefore with whatever money he or she has buy fewer goods it's easier to show what this means because you can multiply 4.2 percent by the median household income in this country $60.00 to $70000.00 and you can measure then and say this is going to cost americans about $3000.00 worth of goods and services they tend to afford this year that they could have afforded

last year and that is a profound blow to all hopes for recovery to giving people jobs to produce goods and services if the mass of people cannot buy at these higher prices what they could before the federal reserve tells us that wages are flat the wages in america went nowhere over the last year so the wages that we have to pay don't go up for the prices little there's no way out of seeing this as a release urias setback for the american economy professor wolf i'm going to bring in peter schiff he is the chief economist and i believe global strategist with euro pacific capital apologies peter i wanted to have you on for this discussion about inflation as well and we just heard jay powell of the fat he's been saying it over the last year inflation is going to go up it's going to be transitory for march and

april and now we're looking at median inflation over 2 percent and i do expect more of the. and what do you make of this current situation well there's no nothing to suggest that it's transitory remember this is the same fed that told us that the problems in sub prime were contained inflation is as is as transitory now as subprime was contained bagmen but you know it's actually a lot worse than a 4.2 percent year over year if you look at the 1st 4 months so far of this year prices have already moved up by 2 percent in a 4 month period so if you add your lies that you're talking about 6 percent c.p.i. for 2021 but if you look at the trend the monthly trend is excel orating if that trend continues for the rest of the year we're going to see a c.p.i. in 2021 increasing by better than 20 percent on the year so whatever number is mr full wolf was using at 4.2 percent i magine how much bigger it is at 20 percent

because inflation is a tax this is the way the government is paying for all the spending so if you want to know how we're paying for all the ballots and all the stimulus it's through inflation so every column you go to the supermarket and stuff costs you more money that additional cost is the price we're paying for bigger government and professor wolf. to the point i guess initially about raising inflation or inflation continuing to rise you know when we talk about monetary policy from the fed they've had this easy policy it could lead to long term harm if we continue to see inflation going up. yes the fed is in this impossible situation it has pumped the money supply up it has made corporations more debt dependent than they've ever been by providing them with virtually free money from the federal reserve it would be very dangerous to raise interest rates which is normally what you would do it in

inflationary situation because that could risk a cascade of people are unable to turn over their debt to maintain their debt and then what will the corporations do you're seeing a system that is now disintegrating around us nobody knows quite what to do this to shift is right the inflation could be much greater than what they're guessing at this point and their future is something none of us know so they can't afford to raise the interest rate because of the debt problem but they act can't afford not to because it'll accelerated inflation that will be troubling to this kind of dead end it's usually a sign of economic problems of a very deep sort peter i'm sorry yes i just want to let you go yeah it's you know a kits a catch 22 right you're damned if you do and you're damned if you don't and you know the problem is the biggest debtor it's not corporate america it's the federal

government itself you know we've got a national debt now that's coming close to 30 trillion dollars we're adding another 4 to 5 trillion a year based on all the spending and the only reason we're able to finance it is because rates are in 0 but at the federal reserve has to raise interest rates sufficient to fight off inflation the u.s. government will be insolvent and will be forced to default on its debts and the only way it could avoid afford avoid default would be massive cox 2 of title myths like social security medicare and substantial increases on the middle class americans not the rich but on the middle class that's the reason that they want to pretend that inflation is transient. sorry they know it's permanent but they also know they have no ability to do anything about it and professor wolf i want to give you an opportunity before we go either there was a whole other topic i want to hit on but i want to reference what peter just said there because his reference obviously big government several times so i want to give you the response there professor wolf. while we always have this disagreement

from me the government is a reflection of the society it is the government of it's not the source of evil it's a reflexion of the problems of this system corporate america wants to recruit the losses it suffered over the last 18 months so jacking up prices in order to improve their profits labor cannot follow we have a weaker labor movement than in american history before it cannot raise the wages comparably it hasn't done it the last year there's no sign that it will this means that as prices and profits go up either this system crashes or the inequality we've already suffered from gets worse this is an economic system in deep trouble but you know it's not profits profits are going up because companies costs are going up along with the prices they're charging their customers so they're trying to maintain their margins are not actually getting a windfall profit because they're raising prices in fact in many cases companies

have been reluctant to pass on their higher costs to their customers and so profits are being good middest so companies simply have to raise prices to catch up to where they should have been but we're only getting started in this process is going to get much much worse is specially when the consumer realizes how much money has a how much perching power is money is used losing and people start rushing to stock up on goods and then you start seeing empty shelves because people buy stuff as soon as it becomes available and then we get big shortages and then eventually we're going to get price controls and that's going to exacerbate the shortage of something where we're seeing once again right now professor richard wolfe and peter schiff way we could do this the entire show and maybe one day would do we'll let you go much for joining us. thank you. and it looks like a major win for chinese smartphone maker show me as the u.s. defense department has agreed to remove it from a blacklist banning u.s. investment in the tech giant now in january of this year the trip administration

added shalmi to the black list alleging ties between the company and the chinese military so what exactly happened and what does this mean as the tech war between the world's 2 largest economies continues or to discover going into west coast christiane christine let's start with what happened here why is the u.s. backtracking at this point. well yes that's very adamant about the dangers i shall me supposedly pose to the u.s. says it was allegedly one of the several communist chinese military companies and all that has been proven to be just propaganda of the trump era in order to further his agenda of stirring up this rivalry between u.s. and china so in january the administration or former tribe had restricted american investors from buying shares or related securities of any company given this does nation so the chinese manufacturer has maintained that it's an independent publicly traded company and the d.o.d. had 0 evidence to substantiate any of its claims of ties to the military but now

the u.s. has agreed to moshe me from the black list after i have a legal challenge against the u.s. department of defense shammy sued the government citing damages to its reputation and other damages which would have led to a delisting from us exchanges and a deletion from global benchmark indexes so specific terms are now being negotiated and join proposal between the d.o.d. and shami will be issued on make 20 s. and what will this mean for the other firms on this black moving forward do they have an opportunity to get off as well. well kind of in agreeing to do a show me from the blacklist the pentagon signaled a willingness to actually walk away from a sustained fight over trump's anti china agenda so he is now joining a very small but growing list of chinese tech companies like tech talk and we chat that have successfully one courtroom the preseason against their actions so it really shows the world that previous allegations were nothing more than unsubstantiated claims that one of the hold up in court but the problem is that

a lot of trump actions have already cost these companies greatly causing irreparable harm to their reputation and impeding their growth their expansions resulting opportunity and market share losses so of course i'm talking about quality as it was hit the hardest after was barred from buying u.s. navy components and shut out of infrastructure projects around the world but that again was also look at tic toc due to all of the trump hang ups over tick-tock which once again was just an app where teenagers recorded dancing videos that took valuable time resources are in the funds and expansion plans to attack had to redirect its focus to defending itself rather than focus on which allowed for instagram reels to basically copy and some so on the one hand has a really good thing that these tech companies are now winning in court but on the other hand it was a complete and total waste of time which probably was the objective of trying to begin with saying that he was fearful of us losing its tech dominance boom bust co-host christi i thank you so much for following the story we're going to continue

and follow it here as well. and find out for quick break but when we come back facebook is back in the hot seat yet again as germany has cracked down on a controversial terms change for its widely popular whatsapp straight ahead we're going to dive into the controversy and what it means for users those are the brakes are the numbers of close to. the. only chance the corporate parasites in power today might think their troll will continue forever whether they're right or wrong we have to keep fighting western more. americans love buying homes.

this was a fundamental part of how our political leadership and our country a large understood the bargain you get a home and then you'll rebel right that's the things you don't revolt if you have a stake in the system. and be really interesting to dial it back and think about the longer deeper history i'll play housings men in the united states not just that old question of the american dream but the bigger question of who the dream is and for. art see america brings you stories of world wide significance news the corporate media refuses to show you from social movements to civil wars to tech breakthroughs to epidemics because our journalists and audience ally there to question more.

listen stumbling online algorithms dictate what you get to want to go to portable dot tv slash download to get killer television it's completely free i'm talking award winning comedy awesome sports coverage inside so fresh still tastes like raspberries on a spring day take so hot they'll burn your face off thousands of videos more added by the hour did i mention it's free it's it's yeah 3 go go get it portable t.v. . their welcome back a panel of independent experts who reviewed the world health organization's response to the pandemic on wednesday blamed countries worldwide for their slow response to cope with 19 saying most waited to see how the virus was spreading

until it was too late to control it which then led to disastrous results the panel also recommended that the un health agency be granted guaranteed rights of access in countries to investigate further their future developing outbreaks which would then give more powers to the agency and less to those member states as the parent demick continues to spread in asia the w.h.o. announced in a report that the aggressive virus variant that has been spreading rapidly in india might be even more contagious than any other earlier version of the virus argy correspondent site editor has more so brand in this new report which president just released from w.h.o. now they focus specifically on all variants all variants of her game from over 1000 around the world but what's really significant here is what's being reported on that very aggressive area and that's taken india by storm right now known as the b 1617 now so since it is the very end was this coverage through april

2021 is very deadly and aggressive very and now accounts for 21 percent of cases in the samples they collected in india and now one scientists further study this aggressive and deadly very and this is what they found so in one study it revealed that it had a 7 fold reduction in effect that messed with them a during and pfizer vaccine and a 2nd and 3rd study found even a further reduction in effect of now as of the pfizer made during a vaccine against the mutation of the very end so that's up. proximately threefold further decrease in its effectiveness now the w.h.o. also emphasize in its report that it wasn't yet clear just how much of the variant has exactly concerto to the surge says india is only sequencing a tiny fraction of samples and now scientists are also rushing to track just how many fully vaccinated people have gotten sick again from $1008.00 india which would

then tell them whether vaccines would be effective against his new variant and if this number proves to be significant brand that would put everyone back into day one of the pandemic where scientists need to come up with a new vaccine so definitely not of where we need to be globally. there's another country we haven't heard a lot about lately and that's iran what details about that. so well iran is facing world looks like its worst a wave of the pen demick yet they're also facing another issue which is economic pressure and sanctions from the u.s. now since the outbreak of the pandemic these sanctions they've even blog iran's purchase of anti pandemic materials soja vaccines and also treatments and you know right now only 2000000 doses of the chinese russian indian cuban and astra

zeneca vaccines from kovacs have been administered in the iranians now in a country of more than 82000000 people it's only about 2000000 vaccines and brand ultimately iran is not self-sufficient when it comes to cars and i didn't vaccine development and it doesn't have enough hospital capacity to care for the patient in need to really need so drilling these external help and this is where we see the importance of callbacks for countries like iran india and many other countries who are facing a severe shortage of vaccines are people responded thank you so much. keeping us up to date. and a surprising twist as facebook's whatsapp is only days away from its new terms of service update now that might seem weird to just start talking about on a show like this but a german regulator has issued an order that bans facebook from process and what that user data this decision follows emergency proceedings opened by the regulator

in the city state of hamburg last month after what that required users to consent to the new terms or just stop using the service altogether george it's not a break go down a school bus cause an investigative journalist and swan but it's always on the social media be it there's no doubt about it. so what exactly is the order and why was it issued yeah absolutely and you know it's easy to be on the social media be by the way because these big companies keep doing stupid things which makes it easier to cover them so in this case you have facebook which of course what's happened so there is this german regulator his name is yohannes kasper essentially said that their new update which is supposed to hit on may 15th is illegal he says it misrepresents what the company is supposed to be doing it takes advantage of data collection of people who are whatsapp customers so even if he says people decide to approve that terms of use update that it's still illegal and so it can't happen there and he's actually calling on other e.u. member nations to join germany in this it's about 60000000 people in germany by the

way who are on the what's app right now so this could have a big effect right now facebook is saying they're going to going to appeal they're just trying to figure out exactly how to do that and what happens if a user doesn't accept the new terms of service for whatsapp because it seems like any time you get an app they updated you just click ok you move on with your day what happens if they don't. yes so what happens here is kind of a slow creep where essentially once you don't approve that new policy if you don't you have a couple of weeks and you begin to lose access to your contacts and then after a short time after that people want to go to message you anymore so it's almost like what's app on your device begins to slowly die over the next few weeks and they get this all goes back to data collection this is about facebook saying hey we i know that we said we don't sell data on what's app is not part of what we do when it comes to businesses we're going to start doing that and so they've changed the business model surrounding what's app it is upset a lot of people and quite frankly it's the reason the telegram is soaring in terms

of new users coming on and signal is soaring in terms of new users coming on because people don't want to be tracked in everything they do when they don't want their data sold in everything that they do and especially at a messaging app like this because some people use this instead of you know the messaging app on an i phone or or just text messages odd and android so why is facebook actually updating these terms at all and i mean this isn't seems to be hurting their user base as you just mentioned. yeah well that it all comes down to money here bottom line is that when when facebook and mark zuckerberg acquired whatsapp a couple of years ago and i believe was 2016 that they acquired whatsapp the goal was we had to figure out a way to monetize it over time because that's the plan for everything right and the problem was 1 when they took over whatsapp they said you're going to remain into an encrypted no one's going to know what you're doing it you have complete privacy there and we won't be selling your data and we won't be sending you ads well now they've changed their mind about that because they have tens of millions of people on whatsapp but they can't monetize them you know if you look at the way the

facebook looks of their earnings they combine all of their properties facebook instagram messenger and whatsapp to show the total number of users they have the problem is that if you're on messenger for the most part until recently and whatsapp those are monetize users so it doesn't really help the bottom line or messenger is now becoming more monetizing factors like streaming shows that are moving the messenger now on what's out there trying to do the same thing but they are getting some resistance from users and now from governments co-host ben sua thanks so much for following the story we'll see what happens here in a couple of days sounds good. and finally if you've ever received a spam text claiming you want a prize from amazon then well you're in good company but the online retail giant is actually going to court looking to unmask 50 of these potential scammers in the scam amazon fonts and logos they're used to collect your information with the bait of a potential prize and after clicking that link and filling out a survey victims may be tricked into buying

a cheap item then the scammers are given a finders fee however finding those behind the scheme has been difficult and often all investors have are domain names used to host the scam in a federal lawsuit though amazon may be able to get a dose subpoena in order to learn the names of the defendants it's all part of a growing trend of spam texts and calls now the federal trade commission of course wants to remind you and all of this that if you get a call a text or e-mail with a deal that's too good to be true it almost certainly is and that's it for this time you can catch boom bust on demand on portable t.v. it's available on smartphones and tablets through google play and the apple app store by searching portable t.v. portable t.v. could also be downloaded on newer models samsung smart t.v.'s as well as roku devices or you can simply go to portable t.v. and get all the boom bust goodness see you next time.

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a home and then you don't rebel right that's the things you don't revolt if you have a stake in the system. and be really interesting to dial it back and think about the longer deeper history housings men in the united states not just that old question of the american dream but the bigger question of who the dream has been for. take a live news anywhere you go plus a delicately curated online video library with a built in search engine it will sit right in your pond it's free interactive digital are a few pictures off to the thousands of episodes text or videos uploaded every hour so what are you waiting for blast off the formals if you.

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live from the world headquarters of our t. america our nation's capital this. with rick sanchez everybody i'm rick sanchez and i'm here to welcome all of you are watching us from all over the world those of you who are watching us on the portable t.v. ok so let's get started right now both federal and state officials are warning americans to not panic when it comes to gasoline shortages they say there really isn't a shortage right now but there will be if americans start panic buying the problem with that request is that really kind of a shortage now is that cause because there just isn't enough guy.