[000:00:00;00] the bus, the one business, so you can't afford to mit i'm branch bore and i'm rachel blevins in washington coming after christian sector is facing another shake up as hackers and pulled off one of the largest highs in history. straight ahead. we provide analysis on the vast and the twist sort of in full. the plot china has reimbursed and weeping locked down measures as a nation faces arise and cobra cases. we'll take a look at the impact the latest restrictions would have on the ongoing will recovery. then the white house is called on opec plus members to further boost oil production has been placed in the united states, the 13 year high. we'll talk about what this all mean. the fact, so today,

dive right it and we lead the program with one of the biggest crypto current, the highest ever, the centralized finance platform. polly network lost an estimated $600000000.00 in digital tokens the company. and now it's on twitter tuesday. poly network also post the details of the digital wallets, where the crypt was transferred, calling on those in the community to blacklist coins from the addresses. the d 5 platform also took the twitter in an attempt to establish communication with the hackers, saying law enforcement in any country will regard this as a major economic crime and urge those responsible to return hacked assets. now interestingly, in response to hackers began returning some of the stolen crypto as of wednesday afternoon, more than 4800000 install and tokens had been repaid according to public block chain records for historical context. here's how it compares to some of the other high profile crypto fats in 2018. tokyo based coin check had more. busy than

$530000000.00 and digital coin stolen from the exchange and of course, or is always mount got exchange, which closed its doors in 2014, after losing nearly a half a 1000000000 dollars in bitcoin. so there is a time to go over here and to do so. let's bring in boom, bus, co host and crypto analyst, christy i. now, christy, if you aren't deep into the crypto sec, you may not actually understand what any of this means. so let's start with what exactly poly network is and how the heis could have even happened. yeah, so polygon is a blockade project that basically allows users to transfer a digital tokens across different block chain, which is something that we've talked about before on the show. how acids are actually built on different networks and different chains. and that can sometimes get really annoying because they can't trade bitcoin on an ease chain or an eat on a ripple chain unless they tokenize versions of themselves. so it's been a very exciting project and it's certainly fulfilled a need in the market. it was formed as an alliance between the team,

the multiple block chain projects including neo ontology and switch. so initial cyber forensics revealed that one possible reason could be either the leakage of the private key that is used to sign the cross chain message, or that there is a bug in the signing process of the poly network that has been abused to sign a crafted message. so what this is saying is that there isn't any issue with the file or any smart contract hack or anything like that. otherwise, today the price of magic, which is the coin that's trade on polygon that would have tanked, but instead the magic coin is actually trading quite nicely up over 20 percent today. wow, that's really interesting. and it seems like the users may not even know that any of that would have happened. now i want to get to one thing that brent mentioned, which is that the network actually call on people to blacklist the wall is associated with the hackers. would you expect that to work? well? yes, because according to polygon, some noun, smith,

there are currently 3 known addresses that allegedly belong to the hackers. and if address a binary, smart chain address and a polygon address, so the blacklist is very effective because t'other, the company behind u. s. d t. they froze $33000000.00 worth of stable coin stolen by the hacker. which means that it can no longer be moved. and i guess that's a beneficial part of having a centralized, stable choir that can basically be frozen at will by the company behind it. similar to other stable points like us d, c. but that wouldn't be able to happen if true, decentralized work to be achieved by the other point. so cd of buying and chimed in to coordinate with cybersecurity partners to be proactive and help. but as no one actually controlled b s. c finance smart chain. there's only so much that they can do the meanwhile, blocking security firms slow miss, they sent out news alerts saying that they've already track down the attacker's id claim to know their email i p device fingerprint. and that the funds used for the attack originated on the who exchange and christy that gives

a lot of good context to this story because it seems kind of odd to go to the trouble of stealing 600000000 dollars in crypto only to start returning it the following day, it may have been seen for those of us who, who are in deep into it as you are, that that's a good faith effort before asking for a big ransom payment. so is that why they were returning the funds? no, it's not really any ransom or anything like that, and it's not really that odd because in this space in the cybersecurity hacked space, not all of the hackers, but a lot of them. the motivation behind an attack isn't monetary or political gain or anything like that. it's basically just to prove that they can do it and the attack is their way of fueling. what they believe is the greater cause similar to the colonial pipeline hack. earlier this year, their statement was there like a robin hood saying that they're only targeting corporations and they're giving away a portion of the funds to charity. and that they were doing good by actually pointing out security flaws that companies are aware of them and can avoid future consequences that could be much worse. and at the same case here,

when the attacker sent back the stolen funds, they actually included a message that red quote. it would have been a $1000000000.00 hack. if i had move the remaining coins, did i just save the project? not so interested in money. now considering returning some tokens or just leaving them here, what if i made a new token and let the dow decide where the tokens go. so basically the tacker is kind of trolling that proving himself and his abilities and that is for the sake of showing the world what he can do. basically the same way an athlete would want to show off to the world state of the lympics. so as of today, the report shows a white pack hacker communicating with him, saying that they can offer the attacker a security bounty when the remaining assets are returned in the hopes that this will be remembered as the biggest white had hacked in history. wow, that hacker is getting a little bit okay. now whenever we have some sort of high like this, you know, we talk about governments and how they've had

a problem with crypto currency. and we always hear the same old talking points about how it can be used for criminal activity, for laundering money and that sort of thing. but when we look at some of these high profile us, is that a downside and holding and trading crypto or is there more to it, especially when able, whenever you're able to see the sort of the pathway of where this hacker went all along the way? well, i'd say what's the difference in holding crypto and holding cash in a bank because at least if you hold crypt though, you have the option of owning your own private keys and being responsible for it. if you hold your assets in a bank bank here, get robbed, banks can get hacked, credit card can get hacked and your funds will be stolen too. so what's the difference? and i do want to point out one major difference though, because in a normal hack your company gets hack, you call the authorities, they spend month, a month pouring over in town. the hope that they find the attacker when most of the time is just going to be a big insurance payout. however, in this particular instance,

the community actually banded together. the community was the one who actually save the day because they were the one who actually came together. snoop online checked out the public if you're a block chain poured over all of the records got pledges from c z and the security the entire community basically came together in lieu thing on the entire block came and everybody came together with tips to help out polygon and establish communication with the attacker to flip side and mature, to build back the community stronger than before. wow. boom bus. co host encrypt. oh analysts. christy, i thank you for bringing this whole story down for us. thank you. amazon has just been issued a secret cloud computing contract. we're up to $10000000000.00. the decision was actually made public by a lawsuit filed by microsoft in which the tech giant is challenging the contract boom bus co host. an investigative journalist benz juan has the latest well,

the contract code name and you can't make this stuff up is why old and stormy? that's according to protest filings that were filed by microsoft, essentially saying that amazon should not have been awarded this contract in the 1st place. in november, the ca, awarded c to e contract potentially worth tens of billions of $1.00 to $5.00 companies, a ws, microsoft, google, oracle, and ibm. that 10000000000 dollar contract was challenged by amazon and cord, claiming that president trump had steered that contract away from amazon and to microsoft. on that note, it has become a 2 horse race between amazon and microsoft when it comes to government cloud computing contracts. microsoft has a long way to go, considering that amazon has been forming government relationships for the past 10 years, which might explain why amazon was awarded this latest fact. there are a few details about the program, but the top intelligence official has previously said that the se plans to move more of its data on to commercial cloud platforms. john sherman, the acting chief information officer for the department of defense told fed scoop in february of 2020,

that the n s. a wanted to move its data from some sites and use vendors for manage cloud services as part of its hybrid compute initiative. but to do so without bidding out that contract, that could be a problem, which is why microsoft filed a protest with the government accountability office or the g a o. the federal agency that is tasked with probing government spending decision. microsoft says that the security agency did not issue a thorough and evaluation before issue in this award to amazon. again. they say that the a while in storm. i can't believe we're calling it that. that contract was improperly awarded for boom bus. i'm been one. the world is bracing for impact as china face as a continued outbreak of the coven. 19 delta. various. the country reported 143 new cases on monday, which is just a small fraction of what we're seeing here in the u. s. but still the highest number, beijing has been since january. now do china 0 tolerance policy experts or warning that

a mass locked down could hurt the country's growth forecast for the 2nd half of the year. expectations for g d p, have already taken the flight pit following the original outbreak in june. as the chinese government cancels public events and the next travel restrictions all around, the question becomes how it will affect to both china and the ongoing global recovery . so joining us now discusses professor richard wolf, host of economic update, and author of the sickness is the system professor. it's great, have you back on the show, and we know that when we're looking at these numbers, there is no sign that china's economy is in danger. of contracting this year, but it appears its growth may not be as much as was expected. is their cause for concern under the current circumstances. yes, and the way to explain that is that numbers are surprising. the chinese announced

that this early this week under 200 new cases, at the exact same time, the united states, a country with only one quarter of the population of china, announced 860000 new cases. i mean, you could not have a stark or a difference between how they call the dilemma has been handled in china versus how it has been handled. and i'm being polite here in the united states. the difference in china, as you point out, is that they have a 0 tolerance, they close down whatever city, whatever airport this starts in, in try to control it. this has worked very, very well for them. that's why they're doing so much better than the united states in this area. so they're going to continue to do that because it has worked real well in the short run. it slows their economy down because they close. but in the longer ron,

looking at growth over the period $220.00 or $221.00. now they've done much better than the rest of the world. so there's no reason to expect them to follow a different policy. and that means their growth will slow a bit. and because china is now the engine of the world, if they slow a bit, we're all going to slow down. and yes, that means the rosy pictures of a few months ago aren't quite so rosy as we're talking now. and now professor will, i mean, china's recovery has been largely credit to the fact as we just mentioned, that it has had these short and sharp locked down that have allowed it to contain the virus and then get back to normal quickly. but they also required continued monetary support from the government. so is there a fear that it could continue to drive global inflation if they have to continue to stimulate their economy? yes, it is going to make all of those tendencies that we've been seeing,

continue and maybe get worse. that is a problem. but again, it's going to be very hard to separate. the continuing stimulus to the world economy coming from china to the united states, which is now running $2.00 to $3.00 trillion dollars per year deficits, even as it continues quantitative easing. so you have the 2 engines of growth in the world. the chinese and the united states pumping up their economies like crazy and yes, it's one, it's reasonable to wonder what that's going to do to the world economy and to inflation globally. now, i know we talk a lot about how the world relies on the u. s. economy, and as you mentioned there, i mean we talk about the u. s. and china and all of this. so how much is a world relying on china right now when it comes to reading the global recovery and the providing exports of the rest of the world relies very heavily on there,

the dominant force. i mean, i, i'm being polite, the united states and china, we keep saying that. but here's the truth of it. the united states is an old, mature economy that has done most of its growing in the past. the chinese economy is exploding with growth over the last 25 years with no end in sight. let me remind you. the 25 years of the last 25. china has grown as g. d. p 6 to 9 percent on average per year. the united states, it's 2 to 3 percent. there is no comparison here in terms of the boost. that's why you see a bit of anxiety, even with the very low numbers of new corona cases, that if they slowed down by locked downs, that's the, that's the slowdown of the single most important engine holding up the world economy right now. that it is excellent points to consider here. professor richard

will thank you so much for your time and insight. thank you. and time now for a quick break. but when we come back, the by the ministration has called on opec plus members to further boost oil production and gas prices rise. i made the summer driving money while inflation, the u. s. at 13 year to high. talk about what all this mean. that's going to break, or the numbers at the me ah, ah, the, i say print trillions of dollars that they send to chinese workers. and chinese factory owners who make the world goods that they shipping containers

into amazon warehouses in wal mart stores where millions and millions of americans work at a less than survivor will minimum wage and are for the 1st time in america, life expectancy is going down the british and american governments have often been accused of destroying lives in their own interest. while you see in this, these techniques is the state devising message to end essentially destroy personality of an individual. lifetime means this is how one doctors, theories were allegedly used in psychological warfare against prisoners deemed a danger to the state. that was the foundation of the method of psychological interrogation, psychological torture, disseminated within the us intelligence community,

and worldwide among allies for the next 30 years. to the victim say they still with the consequences today the the ah, in the air, welcome back. the white house is called on opec members to boost oil production to

fight climbing gasoline prices in the united states. according to reports, administration officials have held discussions with the cartels de facto leader, saudi arabia this week, as well as representatives from the u, a. e and other opec plus members. the white house says the agreement by opec plus members to increase production 540-0000 barrels per day on a monthly basis, beginning of august, is quote, simply not enough and could have negative effects on the global economic recovery. as of may gas prices in the united states rose above $3.00 per gallon for the 1st time to 2014 prices are up just over $1.00 over the last 12 months. it should be noted that over the last week, oil prices have continued to fall as increased numbers of delta variant cases have weighed on demand and the latest data is in and inflation continued to rise in july. but it cooled off just slightly compared to the month before the consumer

price. index report shows annual inflation hit 5.4 percent and july point 5 percent from june. but the previous increase was point 9 percent marking the largest month to month drop in over a year. so what does this mean for us consumers and how are they being impacted by the rising prices? well, joining us out of this gotcha is jeffrey tucker, president of the brownstone institute. now, jeffrey, even though inflation is still at a 13 year high, there are some who say the latest numbers show that the fed is right to claim inflation will only be transitory. what is your response to that? this has been going on for months now? they always claim that no matter what the data says, that this is all transitory. and they can cite specifics on this. you know that the sector this time, but every time it's slightly different sector this time it's rants and, and wages and cars and so on. and, and there are

a similarly very specific reasons probably since they've seen structural in some way. and the other hand, the real great question by asking themselves as to what extent to some monetary phenomena and decoupling that the monetary element from this structural element is the real trick in discerning how serious it says. but, you know, you look at the, the percentage increase in the cpi, according to a constant $1982.00. right now, we've never seen anything like this since 12 or 2. so that is the fact that you can flow the data on the st. louis fed right now and look at it. some believe it will take 13 and a half percent. so, you know, it's like, i think anybody who's just like com about this and says, oh, this is going to common, it's going to go i think that's probably mistakes because it is actually getting very serious. and the real question is, what's going to fed going to do about it? and the answer so far was we can tell us nothing. they're going to say it's going to, it's going to go away soon or well,

not soon. they're going to say it's transitory. 3 months, maybe 6 months, probably 9 months. now, this is also the ongoing supply shortage. that's having an impact on grocery stores to used car lot, even though price there cooling off in those certain areas as you just mentioned, are in certain areas that it should there be more concern of the long term impact of inflation when we see it go sector by sector, but eventually all sectors are going to be up well, this is a problem. like every time we get to announcements, you know, there's always specific korean cycle where there's this thing that thing, the other thing. but the other hand, you know, the long term effects of those are actually quite devastating and impactful. and so for example, of this, just look at wages, you know, there's this and you get one on one. you talk about like wage push, you know, so the workers being paid more and so they have more money to spend on goods and services. and that drives up prices and then to cover the costs of the wage

increases the businesses have to and all that seems right. but, but on the other hand, you have to ask yourself the question, but any of this be happening? we're not for the reserves, massive increase, quantitative easing over the last a year and a half. and that's a real issue and i think, you know, i know nobody knows the future, but i'm, i'm thinking about this like a year hence. and we're going to look at these and m to money, money data, and combined to velocity collapse through the crisis and go, obviously this is a monetary phenomenon. and, and once the expectations kick in and, and people start buying sooner rather than later and to avoid price increases, then things start getting out of hand. you're looking at runaway inflation at that point 5 can do nothing about it. now whenever we talk about inflation all around, we often hear the claim that it is much worse than these reports say it is. so if that's the case, then when is the true weight of it going to start to kick in?

if it hasn't already? why i think it probably is kicking in already. you know, you have to remember the data that we're getting, you know, it feels like real time data, you know, but it's not. so this is all 30 years 30 days out of out of date. you know, we're, we're always driving looking in the rear view mirror that's, that's the head. so right now i think we're extreme and a lot of price increases at the pump rants. wages at the grocery stores. there's always excuses for the thing from the other hand that the upper momentum is really scary if you and if you look and in terms of, of the return on savings. like if you have your money right now in treasury, you know, if you look at the return of the, we're looking at really, historically low interest rates combined with dramatic, really dramatic inflation. you're looking at, you know, 1.8 percent loss on, on your savings dollars at this point. so it's really

a punishment for it's for savers. and at some point when, when the psychology kicks in, are going to see reversal, those lots of numbers. and that's what gets carried, that's what the fed can i control the pace at which people spend their own money. that is the great unknown. we know it's going to shift at what point we don't know and that is that's a great point. we're going to have to leave it right there. jeffrey tucker of the brownstone institute. thank you for your analysis. you as your thank you. finally german automaker. audi unveiled the 1st in a series of 3 brand new concept cars on tuesday. the all electric audio guys fear features a transforming body that can shorten in the long gate. it's wheel base with just the press of a button, as is commonplace with high tech concept cars, which will never really see the road. the skies fear features an entire dash built board full of screens and a retractable steering wheel. executives with already say it is 2 vehicles in one,

a roadster, which goes 0 to $60.00 and roughly 4 seconds and a touring coach car that can drive itself. although that technology actually hadn't been put in yet. and so it doesn't exactly do that quite yet. adi will unveil it's 2nd concept in july, the grand sphere on september 1st and the 3rd the urban sphere in the 1st half of 2022. wow. that is fascinating, yet it's never going to see the road. that's right. what happens with concept cars is they want to show off the technology that they're working towards the future for . in fact, they say you're going to see this type of technology already says you'll see that in the back half of this decade. and that's it for the time you get boom, by the on demand on the portable tv app available as smartphones and tablets through google play and the apple app store by searching portable tv or it will tv can also be downloaded for samsung, smart tv, and roku. devices or simply check it out at portable dot tv next time

me and then i need to talk to someone will actually be able to pay more than that for me when i'm in a position where you may need to check on it for me, which mobile phone bill and it isn't about what it was looking for the day. but it was easy. i got to know how to choose. you can put an office and going to bid as belong to me. i can tell you the truth. she doesn't know what you need is that

quote, this is your media a reflection of reality in a world transformed what will make you feel safer. type relation or community. ah, you're getting the right way for you being that somewhere. direct. what is truth? what is in a world corrupted, you need to this end. ah, so join us in the depths all remained in the shallows. ah,

in the annex painted upside of the pandemic, kenya is experiencing an elephant baby boom. 200 y this kenya have so many cars. and how has the panoramic impacted people's lives? there's a wall is a fairly big long in a bunk. any fact he end up killing himself. i don't live on a lease and then you go and buy a car. well, and i will make i was, i did it in the media. if they get, they say, let me mean thing in it because that neither of the one, anybody who did the they

didn't even notice whether the course you don't know. but i know they let me just see what's going on with me. lynn. police say the use of violence is part of germany's legal system in response to claims of employing excessive force against the protesters at a recent anti lockdown, rollin julian assault supports gathered supporters gathered outside london. high court has listened to washington's appeal to extradite the whistle blowing to the former british opposition leader was among those blending support fluids. we found her under threat to star one impression of what is also on the stretch of the job. so i'm about to take my 1st helicopter, right, can be for a better reason. and our ti joins

a helicopter crew battling the devastating wildfires that have ravaged rushes far