are grand to carry on, but what will happen now? one of the companies talk backers, enough is sold more than 100000000 shares of ever grand stock. then the federal reserve is hinting it plan to create its own digital currency. but is it worried about keeping up with other countries like china and russia? and when we find out what the us central bank is up to, we have a lot to get to. so let's get started. the we leave the program and the latest by between democrats and republicans in congress over whether they should suspend the federal debt ceiling. once again, in the wake of historic spending, they have just one week to pass a spending bill ahead of a possible government shut down at the end of this month. all facing the looming possibility that the government could default on its accumulated debt as early as

next month. the current limit is over $28.00 trillion dollars, but it hasn't always been that way. while the national debt hasn't hit 0 since the andrew jackson administration in the 18 thirty's, it wasn't just 5 trillion dollars. when george w bush took office 20 years ago. his administration more than doubled, that figure, bringing it to over 10 trillion as death sword in response to 911 and then the great recession. brock obama then doubled it once again with more stimulus and more spending. that brought the national debt to nearly 20 trillion dollars. donald trump then increase its over 27 trillion as congress broke records, with the stimulus measures they pass in response to the cobra 19 pandemic. now joe biden is looking to make his mark, but republicans are fighting against it. comparing the suspension of the debt limit to co signing alone before a heavy gambler's trip to las vegas. democrats are,

as we publish to sign a blank check for that reckless spending. the democrats are asking us to spend the debt ceiling for the remainder of their time in the majority to finance reckless spending. while we stand on the sidelines. however, democrats are arguing that if the us doesn't take action now, there will be global consequences. there also noting that congress has acted to revise the definition of the debt ceiling 78 times in the past. the overwhelming majority of which were done while the republican was in the white house. in the united states default is on its debts. that makes all of our obligations, our financial obligations around the world suspect. and right now the u. s. dollar has. that's the reserve currency. that's what everyone wants, that's what they know you can depend on. you have a bond, we know that the united states stands behind current to united states states behind it get obligations, we default on that debt and it just throws it all in details. so low congress take

action before it's too late, and how does the market fan to be impacted if they don't join me now to discuss is michelle snyder, partner and director of training research and education for the market gauge group . now, michelle, we all know that this fight between democrats and republicans is nothing new, but what is the risk if the u. s. does default on its debt? and how does that imply or how does that impact rather the country on the global stage? well, the quips you just paid, rachel really shows the, the polarity of the political parties. but there's 2 issues here. there's paying for the debt that we've already incurred. and then there's the new debt. and that's really where the negotiation might come in. so at this point right now, i would say that the risk of the false is still relatively low. and with this negotiation, it really will be a matter of the consensus for actually paying off the bills that we've incurred.

and then what the democrats want, which is to raise the debt showing even further so that they can include their new government spending. and that's really the rub right here from the political standpoint. so the government can be closed for quite some time before we go into default. unless, of course, during that time, if we have another disaster, whether it be a natural disaster or pandemic crisis, possibly major spill over from ever grant as likely as that may seem. so really we have to kind of keep in mind that we can run close or partially closed for months until such time, we wind up getting actually of a downgrade, are totally defaulting. and so we're hoping in that time, of course, they come to come to some consensus. what happens if we default? well, obviously the confidence in the u. s. goes down the dollar tanks, the countries will not be buying our dead or our bonds goal will sure. essentially the markets tank, it's definitely not a good situation if that happens. yeah. and,

and so even interesting to see how they kind of baker back and forth, almost intentionally to see which side will given 1st before they finally come to some sort of compromise. now when it comes to those investors and we're talking about markets, we really seen that investors have put their confidence in the federal reserve keeping interest rates low and not making any sudden moves. but even j powell is saying that the fed can't protect the market if the debt limit isn't raise like you mention. now what kind of a fall out could there be for the markets that have been riding on record highs over the last year? well, one of the things we just mentioned was that interest rates would rise, housing would go down, plus a lot of the money that people get from federal funding like social security, medicare, military salaries, all that goes away. tax refunds. so essentially what you're talking about is a situation exactly what policy says. i love that he actually said that yesterday, because i haven't heard him say that before. it's the big but we can help you. so

this really goes back to let's help cooler heads prevail in terms of coming to some kind of compromise. now speaking with the fed can do, we heard from powell addressing plans for the fed to start capering bon purchases whenever he spoke on wednesday. and there wasn't a sell off in the way we have seen in the months past. so have investors just come to grips with the fact that is easy money policy really can't stay in place forever . i actually think it was more than what the market did today. was show that the fed is really saying they're still going to keep a very accommodate of stance. don't forget, the other thing that powell said is they're looking at the labor market. so what was the 1st thing the market was already rolling into the open, but the 1st thing that came out was that job was cleans actually rose. now, of course, we won't know what the unemployment numbers look like until we get through the 1st week of october, but he was very clear that he wants to start tapering. inflation certainly has met

his parameters in terms of papering but, but he doesn't want to do anything to upset the economy. and of course now given the debt ceiling situation, as you mention, i think they're going to be a little bit patient and that's what the market hurt. yeah, certainly a lot of moving parts there and all eyes to see what the better overs or decides to do, especially in the coming month. michelle snyder of the market gauge group. thank you so much for your insight. thank you, rachel. the ever grand saga continues amid reports that financial regulators in beijing are telling the real estate group to do everything possible to avoid a near term default on dollar bonds, as it works to complete properties and repay investors. but the instructions appear to be rather vague as do the company's plans for the nearly $120000000.00 in debt payments due this week. but even so, shares of ever granted climbed 17.6 percent before falling on thursday. despite the news that the company held over that the company rather than hauled over 35 percent

of ever grand stocks and bonds in the process of cutting type chinese estate holdings confirmed it had sold nearly 110000000 ever ground shares since august 30th. and it may plan to solve the remaining 750000000 shares in the coming month. so where does the embattled ever grand group go from here? we'll join you now to discuss is boom, most co host christy i. now christy, i know we've talked about this situation a lot over the last week and as we see ever grand faces a critical test on thursday and meeting its obligations to bondholders. so what is the latest there ever been? was due to pay about $83500000.00 worth of interest on dollar denominated bonds on thursday. but right now, as of now, it's not clear whether the company made that payment. so speculation is that ever been has narrowly avoided worst case scenario. climb pricing in expectations of a very big haircut,

but not quite as extreme as we saw earlier this week. so every brand gave a statement in which the company said an interest payment on an un denominated bond, has been quote, resolve the negotiation off the clearinghouse. so the developer likely struck a deal with local bondholders in order to postpone the payment without having to label to move an official default. so while. 7 it has managed to avoid a default for now, it's unclear whether ever graham would be able to pull up something similar for its dollar bonds. so off shore, bond holders are widely seen as pretty much near the bottom of the base priority list of ever grants. creditors, and next we have another $47500000.00 in interest payments due as well. so there's a 30 day grace period on interest payments due thursday. so it is probably very likely that the coupon won't be paid, but it's possible that they'll try to get a deal done within the next 30 days. wow. a lot of money we're talking about, and i know that all of this talk about every brand is obviously giving them plenty

of publicity. so how is the company attempting to raise cash right now? well, prior to all of this, the property sales was the key source cash for every band. however, in recent months, with the slow down and the pandemic, and all these unexpected delays, the company has struggled to attract buyers and abilities and construction drugs on home. buyers are using confidence and its ability to deliver on their projects on promises. so currently there are about 1500000 buyers waiting forever grant to deliver. now no more buyers are going to be joining this q because no one wants to wait that long anymore. and especially since the 1500000 barge, their insurance, they're even going to get their property. so the company is still trying to offload as much as they can in order to raise cash. earlier this month, they've already hired bankers in order to try this to sell their steak and electric car and property services. now there's been a lot of talk about what the chinese government is going to do,

what they may do in the coming weeks. so how they responded to, and are they preparing for some sort of bail out? do we know that yet? bailout does not seem likely in the books because the chinese authorities on thursday were asking local governments to prepare for the potential downfall of our grants. so this is concern that ever grand effect could spread to creditors including bank in china. so any systemic liquidity crunches or the lien and momentum have to be dealt with and prepared for so the reserves are short ahead of time. so it looks like the asian wants to teach a hard lesson and is not going to bail them be bailing them out so easily. they might actually just let it deal with the problem manzona and for the massive restructuring. but they are going to try to contain the fall out. so local officials have described that the government should only step in at the last minute in order to prevent any spillover effect from that ever granted mine. so they are trying to contain it isolated without just full law and bailing them out. so it's

unlikely most analysts have been expecting because we've got to custom to the fed put. so this report indicates that the central government have a very limited appetite for bailing out the company, despite all the money and cation soon, the biggest question becomes, why is being allowing every grand fall here? well, it's kind of like a battle between the private capitalists market and the communist party. the party wants to force china's private sector away from speculative and risky lending practices that are pushed debt to the very dangerous level on the same time, also avoiding and financial meltdown. and the collapse of the entire property sector, which actually makes them more than 70 percent of the nation's urban well locked up . so this is sort of a long term fiscal reform in order to de risk the leverage and shift away from land financing. ever grabbed right now over over $300.00 total liabilities to home buyers, suppliers and local financial institutions. however,

the little bit of silver lining is that it doesn't have any bonds maturing until 2022. so it can certainly buy some time to try to offload assets and miss all the condition. it only faces about i know they only, but they base about $669000000.00 and coupon payment this year, which is definitely not a small number. but if they can get through that without the full thing, that's going to be the crunch of not a small number at all. and certainly the world is watching to see exactly how this order turns out through most christie. i thank you so much for your time. and while china continues to grapple with its domestic market, beijing as lashing out on the international stage, has taiwan has officially applied to become part of the comprehensive and progressive agreement for trans specific partnership or c p t. p. feet. the trade agreement, which was rejected by the united states under former president trump, is comprised of 11 nations and had just formerly received

a membership id from china last week, following the announcement of its intent to join the trade pack. taiwanese officials warn of a potential problems that could arise from trying to membership so was trying to has been obstructing taiwan opportunities in the internet. and i think this is an obvious fact witness by everyone. therefore, if china joined or c p a, t p, p i had of taiwan power the way on danger taiwan application. for their part, the chinese ministry of foreign affairs responded quickly to taiwan bid stressing the current diplomatic state of the island. don't. you know, there's only one china in the world and one region is an inalienable part of china . the one china principal, the basic norm of international relations and a universal census of the international community firmly opposed to any official context between i want and other countries as well as ty, one's accession to any agreements or organizations that are of an official major

china decision to apply to the pacific trade body comes as a nation, has thought to gain a bigger role on the world stage as the united states has yet to strike up any international agreements during the vitamin ministration and time now for a quick break. but when we come back, the federal reserve has an update on his plans to create a digital currency. well, take a look at what they're telling the public now and what we can expect in the months to come next. and as we go to break, here are the numbers at the close, the ah ah, ah right now there are 2000000000 people who are overweight or

obese. is profitable to sell food that is fatty and sugary and healthy and not at the individual level. it's not individual willpower, and if we go on believing that will never change as obesity epidemic, that industry has been influencing very deeply. the medical and scientific establishment, ah, what's driving the mac, it's corporate, me. when it comes to the rise of china, most of the commentary focuses on such things as strategic balance and the web, so called rules based order. however, what is missing in this discussion is the rise of a civilization. the challenge is western gemini, is the west prepared for this arc of history?

join me every thursday on the alex salmon show and i'll be speaking to guess in the world, the politic sport business. i'm show business. i'll see you then. me . land of universal healthcare makes america the country of every man for himself. we have a retirement crisis in this country and we have a health care crisis for seniors in this country as well. so private business has come up with a special mechanism for that. it's called the live settlement market. we are a life settlement provider, means that we buy life insurance policies from primarily seniors throughout the united states who no longer want or can't afford their life insurance policies. if you're sick and for want to live a few more years, you can sell your life insurance. that way you get more money right away and the company collects your insurance payment off to your dad. there's

a group of people out there, i guess, hoping that people die soon. what kind of motivation is i give them when i start crying about them dying? that's usually what it's about. it's just the sheer unfairness of it all the welcome back. could be us be the next country to create its own digital currency while they haven't made the decision yet. but chairman powell says that the federal reserve is pushing ahead with a study into whether to implement a digital currency. and they will be releasing a paper on the issue shortly. again, powell says that while no decision has been made yet the fed does not want to feel pressured to do something quickly as other nations move forward with their own projects. so joining us now to break this one down, our invest her husband swan and jeffrey chucker, president of the brownstone institute. jeffery,

let's start with you. how likely is it that the federal reserve will create its own digital currency in the near future? i don't know about the near future, but they're definitely thinking along these lines and this is the most explicit statement we've seen yet. and it comes in the wake of the success. astonishing success of crypto markets, particularly the table clients, for facilitating transactions that are vastly cheaper than the the old fashioned horse and buggy is a system that the federal reserve presides over. so after looking at this world and going, yeah, this is something we want to be involved in, but just so late to the game, it's hard to imagine that it's going to happen quickly. or, and i wonder about the extent to which that successful. and there's also an element of bitterness here. i mean, like the fed officials have been putting down block channing crypto now for the better part of 10 years than for them to suddenly say, oh,

we went part of this. it's a little bit much. yeah. and there are a lot of questions about why the united states isn't more on board with those are why they haven't been in recent years, especially looking at countries like russia and china are doing. and now ben j. powell says, he believes the fed is not behind and said, quote, i think it's more important to do this right than to do this fast. do you believe that is true? no, it's a ridiculous state where they're not behind their behind. it's almost the entire world in this respect, but here's the other thing. when j, powell says, hey listen, we want to get this right. we don't care, we're not going to be influenced by other countries. that's also a completely false statement. in fact, the girl reserve is being completely driven right now by other other countries, other central banks and the crypto market. they're being driven by everyone. remember just a year ago, j paul was going around saying that the u. s. would never have a digital currency. he said that it was not even going to be something that the federal reserve ever looked at because he said, of course the crypto currencies were a fad. b and they wouldn't be around less than

a year later. he's now talking completely differently, say, well, we're exploring it and we're headed in that direction. and when he says by the way that, you know, he's not sure that they're going to do this. they are absolutely 100 percent going to do this. there's no question about it. he's pretending now to say face so that the us doesn't look like they have bungled really the entrance into the digital market. but they have bungled their entrance into the digital market. right, it's an interesting way of admitting you're wrong without admitting that you were wrong. all right, and jeffrey, we also heard from the binding ministration. they announced on tuesday sanctions against the crypto exchange to ex, over its alleged role in enabling a legal payments from ransomware attack. are these ransomware attacks giving crypto a block? i so to speak. what, what in a sense, i guess it's all because the efficiency of crypt that has been used for asthma attacks, but you know this but this thanks is against to ex exchange are

a little bit absurd. we got no details whatsoever. we not, we have no data on what they did wrong. that the founder of this to x company says, hey bill, i had about a half a dozen trades since 2019. he has no idea what it's very prestige university. it's a legitimate x company. and in the czech republic, so he didn't know what he did wrong and we don't know the cause, but by the ministration said nothing about why they're attacking this particular company. do they facilitate ransomware attacks or not? i mean, we really just don't know and it's also by the way, not typical that ransomware attacks come through exchanges privately on the dark web. so there's something a lot face suspicious about this and i tell you what worries me about it. it seems like a random attack on a random company and a random part of the world all set a precedent for as been talks about, you know,

the creation of this new central bank digital currency. so is a fed trying to shut down the competition? that's what, that's what concerns me. they're trying to clear the fields and make things safe for them. so they have a more successful rollout of the said kind. i mean, i'm trying to get a little bit may be paranoid about tests, but, but it's hard not to be given the, the events. and then when it comes to a story like this, really don't get that many details, then binding ministration, kind of just saying, oh, we've taken care of it. we've gone after them because they were involved in this ransomware attack. i mean, what does that tell you? well, and the question is which ransomware attack, what specifically is jeffrey was saying, what it was specifically have they done. there are no details here, but what's important about this are tooth issues. number one, crypto exchanges are not the method by which ransomware attacks take place. most of time hackers and ransomware hackers will have you send your digital currency,

your big coin, whatever it is to a private wallet that they control. they're going to run it through an exchange number 2 in the rare instances where they might put some of that money through in exchange the fence already blue that up. they blew that up after colonial pipeline, because remember, they went around bragging that the clock back money. well, how do you caught that? you quote it back because you revealed the fact that coin base was essentially the location where that, that crypted was sent. you. we don't even know that the coin base account that the crypt within to belong to a hacker that was never proven the f b. i simply said what we call back the money. so we have no idea what that was all just stage to look like the f b i was competent because they also misrepresented how you would get that currency back. and last week, and i think this is very important, is that when we talk about crypto exchanges, crypto exchanges, if they are attacked. and if you set them up as being the bad guy, you ignore history. because history shows us that rance aware long pre dates crypto currency. it's not the product of crypto currency. as jeffrey said,

crypto is efficient, therefore it's been adopted. but ransomware is not exclusive to crypto currency, but all of this creates a narrative around crypto that makes it look like it's bad unless the good guys, the government is the one running it. and one of those rare cases where the government early says, are there one of the good guys know, jeffrey, how do you see that working out? you know, when we're talking about this crap, now we've got about a minute left here, but do you see it having any actual impact when it comes to these exchanges? you know, i can believe anything these days. i've seen terrible things last year. you know, i mean, i've seen the feds rating safety deposit boxes stealing hundreds of millions of dollars of personal property. you know, so what worries me is that the feds are not and by the fed, i mean the, the pads and also the fed are not just looking at regulating crypto but really, really cracking down. and that the sanction of the select, the changes might be designed to create a precedent for going back, you know,

going after gemini and going after ways. and it would be a disaster for the, for the american market. i mean, really, i didn't break my heart to the u. s. becoming a reaction, a force in the world or technological innovation and monetary for business and, you know, it's happening. yeah, there really is a lot of stay karen will be here to cover it, especially when we finally find out about that you has digital currency that they come up with. who must bend swan and jeffrey tucker of the brown stern institute. thank you both for your time. that's it for now, you can catch boom bus on demand on the portable tv app, which is available on smartphones and tablets who google play and the apple app store by searching fordable tv. portable tv can also be downloaded on samsung, smart tv, and roku devices or simply check it out. portable tv will see you next time. mm

ah. ah, ah ah ah, i don't know. i mean, there's some steps in there were rescuing the food that they were scabbing or, or where were rescuing resources that are still good. this is best buy march 21st,

which is in 2 days. all of these potatoes, holler panels, onions. all of these came from waste round sources. the. this is great for me because i'm always looking for a way to give things away. dr. because the tax laws, you know, definitely do benefit the wealthier people and our society. so it makes sense for them to throw it out right off, rather than give it to somebody who could use it, then that person is not going to buy it. the the, the the media, a reflection of reality in

a world transformed what will make you feel safer. type relation to community you going the right way? where are you being direct? what is truth? what is in a world corrupted? you need to defend the join us in the depths will remain in the shallows. ah, when i will show the wrong. when all just don't you? yes to shave out. the thing becomes the attitude. an engagement. it was the trail. when so many find themselves will depart,

we choose to look for common ground the ah, nato stays school for a strategic review of the block with france warning a political dialogue within it is non existent. as a dispute, devens over a security deal between australia added on members, britain and the us europe was any shortage in decades, rattled ag edition with consumers facing it. surely when without fuel, there's somebody escaped goats as lawmakers demand moscow pumps more gas for the way the story has captivated the nation, has many wondering why not the same media attention when people of color go.