the misery, vazo and business show you can't afford to miss. i'm rachel robins in washington. coming up, we're going to take a look at the cost of joining nato. how the us play the role in a policy and why the alliance has yet to make you train an official member. plus the bank of england says its digital currency will address all of the energy concerns. it has a fit coin, even though it hasn't even been invented yet. we'll discuss that. amazon is tackling safe reviews on a site by calling on social media companies to help us read out what it calls a bad actors. we have a lot to get to. so let's get started. the north atlantic treaty organization was founded more than 70 years ago. while it may seem like its power on the world stage has decreased since the cold war. the alliance is actually playing an important

role in today's geo politics. as a world watch, this week's meeting between russia and the u. s. c. nato is known for its defining statement. an attack on one is an attack on all and all will join in the defense of one. but of course, that kind of promise comes with the price. according to the alliance, all 30 members contribute to the nato budget on an agreed cost sharing formula based on gross national income. it represents a small percentage of each member's defense budget. this is the principle of common funding and it demonstrates and burden sharing an action that burden includes a minimum of 2 percent of the country's g, d p, which goes to defense spending and the name of military readiness. the annual budget of $3000000000.00 is carried mainly by the u. s. and germany with each contributing over 16 percent, followed by the u. k. and france with around 11 percent. the alliance must fully

agree when adding a new member, because the added contribution comes with added responsibility. that's why when countries want to join, they are often given a list of demands and put into the aspiring member category. that's where we find ukraine, which is arguing that it has checked all the boxes to qualify for the alliance. but given the increasing tensions with its next door neighbor, russia, nato husband hesitant to fully commit. now on top of that, moscow argued this week that a needle, membership for ukraine would be a red line for russia that could set the entire alliance up for a direct confrontation that would cost much more than just money. so to break down the cost of nato and the impact that has here at home, let's bring in just co host an investigative journalist, been swan. now been this week president biden referred to nato as

a vital to maintaining american security. but in the past president trump has raised concerns that most nato countries were not paying their fair share. so has that changed since trump was an office? well, originally supposed to have changed since trump was in office in 2019. as you just mentioned a minute ago, there was supposed to be a new basis of cost sharing, right, because of the argument that trump made. he made it during his campaign, he made it in the 1st couple of years and office is that essentially nato. most of those countries don't pull their own way the united states carries the bulk of and in fact, about 22 percent. the entire nato budget was being covered by the united states, so other countries are paying fractional amount that you show some great charge there. and you show that germany in the u. s. are now kind of the 2 largest. the u . k. and france have kind of stepped up what they're doing at 10 and 11 percent respectively. but what's fascinating about this is even after 2019, even after that, when all these countries agreed to 2 percent of their g d p. most countries didn't

make that. in fact, most of the countries contributing to nato were only doing about 1.7 percent of their g, d p, which is close. but it's still not 2 percent. and so it raises questions about how are you going to get there. in fact, germany had said that it would increase up to 4 percent of its g d p. but it's going to take until the year 2031 to get there. so it's a, it's a long way out still from being able to do that. if they're able to do it, and as you know, france has been one of the countries that really has baulked at this. and nato was now saying, oh, don't worry, we've got france on board. but one of the problems of francis facing is that there's a very strong nationalist movement in france that says, what is nato do for us? what's the point of being involved in this, and why are we spending so much of our treasure over to nato? when we should be keeping it here at home. so there are a lot of questions about where it goes from here. yeah, and it's an interesting game of politics there, right? because these countries may want to be members of nato, with an all of a sudden they're paying for a number of wars and military occupations around the world that don't really serve their country. okay,

so now we've heard from nato secretary general stolen berg saying that french concerns, as you mentioned, about diverting funds away from national priorities have been dealt with. do you believe that nato countries will actually funding these operations at higher levels or is this all just talk to get them quiet down? i think that a lot of it is talk to be honest with you because you can talk and say yes, we're absolutely committed to doing this and then the check never arrives, right. it's like the person on the phone and you're telling you yeah, the check is in the mail, don't worry, you'll get it. that's what it feels like with nato countries, a lot of times, but you just made a very interesting point. you said that a lot of these nato countries may not necessarily like how the money is being spent, but the reality is that's not the point of nato from the u. s. is perspective, you think about the way the us perceives nato. it's less about? does nato represent your interest and more about nato, which basically does whatever the us once to do, do us other countries contribute a small amount but in name? so we have this idea of allegiance and alliances,

that whenever the u. s. or nato moves into some kind of either battlefield in terms of actual warfare, a cold war battlefield, or even a cyber warfare, a battlefield. because that's now the new mission of mate of nato, is to be focused on cyber attacks and the digital frontier when they don't take those steps. part of this is about just saying, hey, you've got to go along with us. all you other countries like, you know, italy and france, germany just go along, even if you don't contribute as much because it's almost like we were buying your allegiance by having you contribute a small amount. the other interesting thing that nato is now doing is that instead of different countries funding their own military soldiers who are a part of nato. now what they want to do is they want to set up an individual little kind of accounts for specific projects in each country for a little bit of money into both accounts. for specific project seems a little bit bizarre, but that's kind of the new way that nato wants to derive revenue. interesting,

and it's interesting to see bite and presenting his allegiance to nato so strongly after we heard from trump for the last few years with all of his concerns. now there's another important part here, which is this talk of ukraine, possibly officially joining nato now. president biden says that they haven't met the criteria just yet. so what is the likelihood that ukraine will actually become a part of nato moving forward? yes, so very, very slim chance i talked today actually earlier today to a journalist who's based in russia right now was originally from ireland based in russia and has studied very heavily the, the rushing ukraine relationship and nato's relationship. and what he said, i asked him about this specifically and said, what do you think, are the chances happening to virtually 0 for a couple of reasons. one is that yes, the vitamin ministration is already saying, yeah, nato is not really. i mean, you can, it's not really ready. you're not ready yet. ukraine's insisting no, we're ready, we're ready to go. the reality is that france and germany would almost certainly

veto ukraine's attempt to come into nato. they would not allow that to happen because it would be bad for their relationship with russia, as we know with the north stream to pipeline. there's going to be a dependency in increase dependency on russian oil and natural gas that bypasses ukraine. so it's very unlikely that they would go along. the other thing is that russia would not just put out strong words. if this were to happen, they would take a much further step. you mentioned that russia referred to this as a red line. and what the journalist was telling me is, he says, absolutely, i believe, but russia would respond not just with diplomacy, but also militarily, if they had to that would be too much of a threat to allow a country like ukraine to become a part of nato, which hasn't expressed goal of actually being an opposition force to russia, and it all comes back to that statement of an attack on one is an attack on all. and surely there are a number of nato members looking at those tension going on between russia and ukraine. right. now, a lot of moving parts there, thank you for joining us to bring them down. both co host bends one the bank of

england, which is quickly becoming one of the top critics of the world's most popular crypto currency is now promising that its plan, digital currency will beat as of thousands of times more efficient than bitcoin. that's according to fintech director tom martin who said quote, bitcoin given its performance shortcomings, and g inefficiency is in no way of relevant comparison to the sort of technology we might use in the central bank digital currency. so what does he mean by that? and when will we find out just what kind of technology the u. k intends to use? or joining me now to discuss the latest crypto analyst boom, most co host chris b. i and jeffrey tucker, author of liberty or locked down. jeffrey, let's start with you here. what do you make of this claim from the bank of england? i mean, how can they guarantee that this underlying technology will be tens of thousands of

times more efficient when there are currently no plans to create? and this is all just theoretical wishful thinking here. rachel off or pastor semi this is boiler played to given out at a typical fintech conference. i've seen that a 1000 times. it's even more absurd than that. it's a little bit like, you know, old men discovery and e mail in 2005 or something like that. you know, so central banks are trying to stay relevant and the crypto currency age. and so they can make postures claims as a way of trying to get the world to pay attention to them. but in the end, the, the, he gave no specifics about the glory of proficiency. and actually, what's interesting about the whole question of efficiency of crypto county is that it's precisely it's, it's energy consumption or inefficiency that actually minimizes the amount of a unit. so it can be created in the crypt currency world. and we know the central

banks, especially as especially the last 15 months and creating unlimited amounts of currency . but that's not what the market really desires, real crypto trans whose value is, is determined by the mark by market forces not by governments and big shot plan. and stages that center conferences, so i think is quite imp, implausible. i've doubted the idea that that central bank could create a viable competition to, to decline another crypt occurrences. and this, to me just underscores. the point is too little, too late and they're about 10 years behind the times. right. and it's interesting to see them trying to come forward and say, oh, we won't have those concerns with our currency when we don't even know what their currency is going to look like. now, christie, i want to turn to another area here. we saw that after yesterday's bank run on the iron finance protocol, which was backed by billionaire and mark cuban. he is apparently now calling for more regulation in the crypto space,

especially for stable coins. what do you make of that? all i think the building i got his feelings hurt and now wants consumer action. so i am finance was a partially collateral life table client, which is very similar to how the fractional reserve banking system works when people panic and run to withdraw their money in a short period of time that causes a bank. right. and that's exactly what happened here. what's really funny is that cuban was the crypt and now he turns around and wanting us to regulate smart contracts. so cuban even admitted that he was quote, being lazy and not doing enough research. he said that he would quote, too lazy to do the math to determine what the key metrics were. so that's actually his own fault, not doing your research and yellowing into a bad investment while pumping up all your followers is your own fault. and now just because he got burned, he wants a regulation and protection. i mean, sorry, there's no v i p treatment in d fi. so cuban even wrote a blog post on june,

13th counting the potentials of the fi innovation and tightened. many say that the iron finance token became popular because of cubans, so i actually feel bad for the followers. this incident is now being labeled as to the cuban missile crisis after he'd basically pumped it $100.00 x, with his blog only to now the rug to europe. titan has 0 utility and he was shilling it at the peak. so, i mean, i have a hard time when people admit that they were lazy in due diligence, but then turn around to blame, lack of regulation, when it doesn't turn out in their favor. wow. the cuban missile crisis. and it is crazy to think that someone with as much name recognition as mark cuban wouldn't be fully doing their research before telling all of their followers. hey, check out this cool new coin. all right, well jeff, exactly. well, jeffrey, we're seeing more and more of the tech titans getting blown up and feuding with the newly anointed crypto kings. it also seems like wall street legends are now citing

with crypto over there previous darling tech babies. so what do you make of this power shift dynamic? there's a gigantic shift going on across the world right now away from analog and old fashioned technologies over 2 block chain and block chain derivatives. and it's affecting every aspect of our lives. and you see this unfolding, and if you understand this basic point, which one of my favorite books is george gilder's book, a life have a google which he actually laid this, this out, that a lot of these old old tech companies are, are dinosaurs. and you seen this happen? you know, every single day with, you know, the, the, the, you know, the question about him is coming inflation from the dollar system in the central banks and big tech companies engaged in acts of agree just censorship, which you see every single day and, and more and more investment taking place and some of the block chain oriented

alternatives look, it's going to be a difficult transition. but we are living through that transition away from the old way of doing things 10 years ago to a completely new way that i think it's going to empower users and markets over the ruling class. i mean, this is, this is the story of our times and at 10 folding more gradually that i want it to. but nonetheless, it is happening. it's a painful transition, but it's going to happen. the new technologies are going to be more user friendly, more user driven, and more compatible with market sensibilities than the ruling class system of the old s. and it's going to affect all the big tax. it's going to affect absolutely, everybody. yeah, that it isn't. it seems like that transition continues ago, as you said, gradually, right along now christy, ultimately, people like you on musk and mark cuban are still impacting the crypto markets in a big way. so before we go, do you think this will continue moving forward?

unfortunately, i think it will continue to happen because these guys have built a quite a reputation and a cult following a fanboys. so it will take a few more blow up for them to lose faith. i mean, must tweet caused about $3400000000.00 of liquidation between bitcoin don't coin and she but coin. so at this point, these guys are just influences you on and cuban have both succeeded in their own spaces, but they have contributed absolutely nothing to the space. they felt nothing. they just lent their name, write some blog post, give certain points, exposure and spotlight treatment when they invest in it, and then go around being allowed to whomever will listen to that. i mean, what does that sound like to you? that's literally the definition of an influencer. and certainly it's for those who end up getting burn, but then learn and hopefully are smarter next time around. christie, i, jeffrey tucker. thank you both for your time. it is time now for a quick break. but when we come back, amazon says it has

a plan to eliminate big reviews on its site, and it requires a help. a top social media company will explain next. and as we go to break, here are the numbers at the close. the ah ah ah, me, ah, the join me every 1st a on the alex simon show. when i'll be speaking to guess in the world, the politic sport business. i'm show business. i'll see you then me we're going to talk a lot about law energy and also use volcanoes as

a metaphor to elucidate so many of the big trends happening in geo politics and finance. one of the worst ever mess shootings in america was in las vegas in 2017. the tragedy a close a little of the real last vegas where many say elected officials are controlled by christina learners. the dangerous shooting revealed what? the l v m p. d. really is, and now it's part of the stem machine to the american public, barely remembers that it happened, but just shows you the power of money in las vegas. the powerful showed that true colors when the pandemic had the most contagious contagion that we've seen in decades. and then you have a mayor who doesn't care to care on goodman, offering the lives of the vegas residence to be the control group. to the shiny

facades conceal a deep indifference to the people the buyers could have been saved. if they were to take an action, absolutely keep the registering and keep the slot machines doing. this is a money machine is a huge cash register that is ran by people who don't care about people's lives being lost. the ah, me. the

global markets were next. this week, as they keep a watchful eye on rising inflation in the us. let's start in russia where the mo, axes down this, despite the announcement from russia, central bank governor that the nation's economy has returned to pre pandemic levels . that shanghai composite is also in the read this week. the index was pushed down by slower than expected growth in china, factory output and retail sector. but one bright spot came from semi conductors, which saw a significant increase on thursday. it's more of the same and hong kong as a hong saying is down just slightly. the next gain, nearly one percent on friday, but it wasn't enough to avoid a 3rd street weekly loss j. d dot com saw again of yearly 4 percent after it reported transactions were up more than 10 times compared to last year. and japan,

the new k is down reacting to the news that the u. s. federal reserve will keep interest rates near 0 until 2023. the next law yearly one percent on thursday, a drop in commodity prices also took a toll to close out the week. now to india, where the sun sax is our 1st green arrow for the week id stock. what gains on friday? pushing the index into positive territory. a new report suggest the economy of india may have contract and 12 percent for the quarter ending in june. as the nation faces the world's worst cobit outbreak and australia. 5 b, a s x is also up tax doc saw gains of 3 percent on friday while health care stocks were up one percent. meanwhile, the mining sector took a slight hit this week. in south africa. we have a red arrow for the all share following similar trends. as precious metals dropped, nearly 3 percent gold had its biggest decline in nearly 5 months. and the mining

sector goldfields limited fell 5.5 percent. the 30 is also down in london, feeling the pressure of those thinking commodity prices. new data shows the retail in the u. k fell by 1.4 percent in the last month, slightly lower than expectations. the pounds sterling also dropped to its lowest level against the us dollar in 6 weeks. inflation is a concern in the you where the german data is down. as is producer price index rosa, 1.5 percent month over month in may. and 7.2 percent year over year, the french cack is in the same boat after falling from fresh highs on friday. then in brazil, the bow vast is in the red. now, there is rising concern about the resiliency of the index as the country central bank has raised interest rates 3 times this year. the latest of which happened on

thursday at a rate of $75.00 basis points. moving now to mexico, where the b, m. v is down for the week. the drop comes despite the economy seeing growth of nearly 25 percent in may compared to last year, bringing the country to near pre pandemic levels. that here in the united states, the down the nasdaq and the us m p r, down for the week as the markets reacted to the feds updated guidance on the economy and on the future of inflation. and finally in canada, the tss is down. the commodity prices wait on the index with the energy sector, oil mining and gold, all taking a hit. so heading into next week, we will continue to keep an eye on inflation effect on market and commodity prices make a come back. and that is your global market walk the the

amid continued criticism over fake product reviews and the impact we are having on users online. amazon is now calling on top social media companies for help. that's right. amazon says it's up to sites like facebook to read out what they call bad actors, along with the fake reviews they. we behind our cheese, john honey, has more. amazon is taking aim at fake reviews and the social media platforms that reportedly help promulgate them. the company posted this statement on its blog side titled, creating a trustworthy reviews experience, and writing that while amazon has made efforts to stop fake reviews, there are quote, unquote, bad actors using social networks to buy and sell fake product reviews. amazon says it has start more than 200000000, suspected fake reviews before they were ever seen by a customer and goes on to write. in the 1st 3 months of 20. 20 we reported more than $300.00 groups to social media companies who then to comedian,

time of $45.00 days to shut down those groups from using their service to perpetuate abuse. in the 1st 3 months of 2021, we reported more than 1000 such groups with social media services taking immediate time of 5 days to take them down. the you case competition and markets authority or cma has investigated fake review factories on facebook, instagram, and e bay, among others that pay thousands, if not millions of users to write good or negative reviews. and various watched groups in the united states are also helping consumers flag the fake posts. it's how some people even make money according to various investigations by flooding the sites with reviews. this obviously creates an unfair business playing field and is a big problem for many consumers who say the amazon product reviews play a big part in their purchases. amazon uses review, met help route the fake posts out, and also adds

a verified purchased label to authenticate the real purchases. companies like fake spot also help customers route out the bad actors. along with the many bought and click forms, posting negative reviews to try to take the competition out. but the business of fake reviews is still big business. and as long as there is money to be made and swindled, well, it's likely the schemes will continue. so buyer beware, for r t john honey. that's all for now. you can catch boom bus on demand by downloading the portable tv app for apple or android device. we'll see you here next time. and as always, don't forget the question more. mm i i

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