to the american public barely remember that it happened just shows you the power of money in las vegas. the powerful showed the true colors when the pen demick heard the most contagious contagion that we've seen in decades. and then you have a mayor who doesn't care. so here's caroline goodman, offering the lives of the vegas residence to be the control group, to the shiny facades conceal a deep indifference to the people vice gonna be 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

misery. vazo and business show you can't afford to mess. 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 ukraine and official number. plus the bank of england says it's digital currency. we'll address all of the energy concerns. it has would fit coin even though it hasn't even been invented yet. we'll discuss that. amazon is tackling stake, reviews on it side by calling on social media companies to help read out what it calls of 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 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 a 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. in 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 in to be 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 nato 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 the co host an investigative journalist, ben swan. now been this week, president biden referred denito 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 charts 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 country 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 gdp, but it's going to take until the year 2031 to get there. so 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 does nato do for us? what's the point of being involved in this, and why are we sending 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, but then 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 bird 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 to 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, it's in the mail, don't worry, you'll get it. that's what it feels like with those 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 u. s. perceived 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 names. 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 nato takes 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 and put a little bit of money into both accounts for specific projects in 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 biden 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 is originally from ireland based in russia and has studied very heavily the, the rushing ukraine relationship and they those relationship and what he said, i asked him about the specific way and said, what do you think are the chances the family says virtually 0 for a couple of reasons. one is that yes, the buying the ministrations already saying, yeah. and they does 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 what the northeastern to pipeline. there's going to be a dependency increase dependency on russian oil in 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 refer to this as a red line. and what the journalist was telling me is, he says, absolutely, i believe that 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 has expressed goal of actually being an opposition force to russia and 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. boom. 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 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 or crypto analyst for most co host chris b. i and jeffrey tucker, author of liberty or lockdown. 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 is this all just theoretical wishful thinking here? rachel calls for pastors. i mean this is boy there played to given out at a typical fantastic 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 for some direct, you know, so central banks are trying to stay relevant and the crypto currency age. and so they can make a posture as claims as a way of trying to get the world to pay attention to them. but in the end they, he gave no specifics about the glory of proficiency. and actually, what's interesting about the full 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 crypto currency world. and we know the central banks as specialize, especially the last 15 months and creating unlimited amounts of currency. but that's not what the market really desires a real crypto trans whose value is,

is determined by the mark, by market forces not by governments, and big shot plans and stages that center conferences. so i think this is quite imp, implausible. i've doubted the idea that that central bank could create a viable competition to, to decline another trip to currencies. 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 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 it's feeling hurt and now wants consumer section. so

i am finance was a partially collateral life table, quaint 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 run. and that's exactly what happened here. what's really funny is that cuban was the crypto deja. 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 was 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 potential would be fine. innovation and titan. 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 be rugged to 0. 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 those cool new coin. all right, well just read exactly jeffrey. we're seeing more and more of these 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 life, have a google which he actually lays this, this out, that a lot of these old old tech companies are, are dinosaurs. and you're 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 complete the 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 an attempt holding 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 that's going to affect it. 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 and 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 liquidations between bit coin 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 salute. re nothing to the face, they felt nothing. they just lent their name, write some blog posts, 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 face reviews on a 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 me ah, ah, we're going to talk a lot about law k, no energy and also use all k knows as a metaphor to elucidate. so many of the big trans happening in geo politics and finance ah, oh,

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king this other. the buzzer got it, because it was really good on the i the global markets were mix this week as they keep a watchful eye on rising inflation in the us. let's start in russia where the mo, x is down. this, despite the announcement from russia, the central bank governor that the nation's economy has returned to pre pandemic levels. that shanghai composite is also in the red 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 the semi conductors were, saw a significant increase on thursday as more of the same in 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 of the u. s. federal reserve will keep interest rates in your 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. i t stocks. what gains on friday, pushing the index into positive territory. a new report suggest the economy of india may have contracting 12 percent for the quarter ending in june. as the nation faces the world's worst cobit outbreak and australia, b s. x is also up tax stock,

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 it's 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 bo vesper 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 point. moving now to mexico, where the b and b 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 s m p are 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 and next week we will continue to keep an eye on inflation, the fact on market and whether the commodity prices make a come back. and that is your global market walk. the amid continued criticism over fake product reviews, and the impact we're 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 leave behind . r t. john, heidi 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, title, creating a trustworthy the 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 right in the 1st 3 months of 2020. we reported more than $300.00 groups to social media companies, who then took immediate 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 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 watchdog 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 meta to 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 in 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 t v out for apple or android device. we'll see you here. time and as always, don't forget to question more. mm

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