ah, ah there's been bus one business here. you can't afford to miss. i'm ready to love it and i'm ready to board. washington here to the guy coming up. tensions in the asia pacific are shifting power dynamics, as china and australia ties continue to break through had we discussed the evolution of geo politics in the region and what it means for the world to largest economy. and a group of seo is in the crypto currency industry and have gone before congress to discuss the future of regulation in the space we bring you the highlight from the hearing and what all mean. then we take a look at the fallout from an amazon web services outage that was felt across the internet, raising some serious questions about why it happened, and what this tells us about the state of monopolies on the internet for the past

year today. so let's get started. we leave the program with the nations that we'll be most influenced in asia. the united states has unseated china as the most influential nation on the continent, according to the australia based lo institute, the research group said, and it's 2021 asia power index that china's power had taken a step back in the 2nd year of the coven, 1000 pandemic has it begins to look inward to shore up some deficiencies now. meanwhile, they say the united states has gained ground as the biden administration has tried to counter times, influence through diplomatic efforts in the region. as far as the overall rankings of who wields the most. busy power in asia, the u. s. and china are followed by japan, india, russia, and australia. australia is important here as it has maintained its ranking, despite trade disputes with china, which the authors of the report say, have improved its resilience in 2021. go ahead and dig into what all this means.

the professor richard wolf is the host of economic update. and author of the thickness is the system. when capitalism failed to save us from pandemic or itself, professor wolf, always a pleasure. i wanna start with the top of the list here. why has the united states been able to increase its influence and even power in asia, even as it has this strained relationship with china over the last several years? well, i think the question is wonderful, but i'm afraid and i hope the not not to hurt anyone's feelings and australian independent think tank funded by an australian billionaire who made his money in shopping malls is probably a case of wishful thinking. most trail you this year made a commitment, want to cancel that famous submarine deal with france to throw in its lot with great britain in the united states, basically. and it better hope that the united states is rising in its influence.

because if it weren't, then they've made a terrible, terrible mistake, frankly, between you and me. i think australia is making a big mistake. in fact, that it has more to gain from working out its relationship with china, which is its major partner with its neighbor, with its power in that region that australia depends on, but for political illogical reasons. they made to deal with britain and united states. and i think these comments about who is powerful, this is their hope of where things will go. yeah, so he's going to look back and consider that source. now we also want to mention sort of this back and forth that we've seen between china and australia. how has australia been able to weather the storm with his number one trading partner, even after beijing placed tariffs and trade restrictions on a number of sectors, including barley, wine, beef, sea, food, and coal?

while i think this is a very serious danger for australia, i don't think they're facing up to what this could mean. colon iron are crucial to the future of china, and they are making clear efforts. others have seen in recent weeks and months to win themselves off of dependence on australia given that all is being canceled in most of the rest of the world. and that the cost of shipping iron from australia to the rest of the world is prohibitive. losing the huge customer for that stuff in china that would have grown really quickly in the years ahead. that is a major risk for australia. and there were worsening relationships with china would make me very nervous if i were an investor in the whole proposition of australia. i'm not exactly sure what's prompting them. but because normally

calculation probably isn't the high priority. right. and you would think that geographically, you know, australia is close to china, that's just a fact when you're looking to major academy, it's just the way that this is. so, i mean, something has to be worked out here because like you mentioned, it's just not cost effective to try to go elsewhere here. also the chinese have shown that if you disrespect them, they now understand just how powerful they are. and australia may be making a mistake, not understanding that their relationships with other countries in asia that are important to them will also be affected by the level of distaste or disgruntlement between them and china. because china will not hesitate as we seem to put pressure on yet others to get its adjustment study at once. and so again,

i find it a bit strange watching the belligerence with which australia is leaders. a kind of polk at china, given the fact that they really need a good relationship going forward. you know, it's interesting because we've watched the us really ramp up calling on as allies just sort of take on china as it refers to it. and as you noted and noted, time and time again, every time that they ramp up those tensions, it forces trying to then look inward and to find other ways to innovate and to stop relying on the countries like the united states that are trying to go up against it . so what do you think that the u. s. and even australia here has the gain. i mean, why are they continuing with this mission when they're already thing the result of it? well, i think they're a little bit trapped in a very old ideology. you know, i understand it on one level, both australia and the united states have been very successful for most of the last century in growing their economies. the problem is the chinese have been even more

successful growing their economy faster from a lower base. then both austria and the united states. so each of these 2 sides is convinced that they have the way to go forward. well, i'm afraid if you look at it objectively, the chinese have a way of mixing, private and public to really focus on particular problems. and they solve them better than either the united states or australia, at least in the last few decades. and whether you like it or not, as a separate matter. if you're a class calculating planner, you don't want to disconnect from the economy that has been by far, the most rapidly growing the most successful in becoming a wealthy country in the world that you happened to be

a neighbor to disconnecting being the enemy in the long run not smart. well, especially when we talk so much about the reliance that many nations including australia and the united states have on china. but that of course, is a discussion for another day. professor richard will post of economic update. thank you so much. thank you. and executives from some of the top crypto currency exchanges in the nation, went to capitol hill on wednesday, where they gave what some described as a crash course on crypto to the house financial services committee. i imagine that was a tough one. now the line up included the ceo's of coin based circle and f t x trading the topic seem to center around the questions of what crypto is capable of and how it could provide a challenge to united states dollar what is stopping facebook from the future, allowing it's nearly 3000000000 monthly active users to make payments and safe bonds with the packs dollar or other previously issued stay because through

a nova. but bout wallet if this were allowed, such at such a scale, how would this not undermine the us dollar and the world's reserve currency? this is an entire financial services echo system. and one week link exposes the entire system to money laundering risk. now the typical talking boys surrounding how much energy crypto currency is used as well. 2 as how they have been used, and ransomware attacks were also mentioned by members of congress who express their concerns. so to go further and up on the left, co host chris, the i now christy. this was a very interesting hearing, and we heard from congresswoman maxine waters who is the chair of the committee. she spent the majority of her opening statement talking about the dangers of crypto currency. and she only devoted a single sentence to saying that we should maybe explore the benefits what your response to that all i say that it's quite obvious that capitol hill is already

extremely biased in their view of crypto currency. and so there are more viewing it as a threat to be examined, contained dealt with you can totally tell from what they ask and prioritize that. it's like their cross examining criminals rather than trying to understand its use cases and explores benefits. so while this lobbying effort is quite admirable in that the crypto side is willing to participate in this discussion and attempt to educate regulators, so they are not fearful as the unknown. i'm afraid it's kind of falling on deaf ears because like we said before, crypto is a threat to the current fiji theat regime and capital hell wants to maintain that power of having the reserve currency in their control. crypto completely undermines their power and authority from this point of view. and it also shows that capitol hill is blind to all the benefits of crypto. when you look at the number of people who are either under banked or on bank, both in the u. s. and globally, it's really indicative of

a system that doesn't work for everyone. crypto actually solve that and not to mention it's faster, cheaper, safer than traditional payment infrastructure that are clunky and wrought with human error. so 5 percent of american adults don't have a bank account in the year of 2020, according to the federal reserve. but in any case, the industry is now warning was contained that a success of regulation of crypto will push technological innovation to other countries leaving the u. s. at a disadvantage. because now no one can ignore the power block chain for all many forms and purposes. not just financial transactions. well, and this is long been the problem with these congressional hearings. anytime we have somebody in there who's talking about technology, it's absolutely clear that these law makers have done little to no research. they've read a couple of articles that are critical of it, and then they just go on asking basic questions that have been answered thousands of times by experts in this field, congressmen blaine luca meyer, he actually asked how it is possible to ensure that the us dollar remains the

reserve currency has crypto assets or to 3 trillion dollars in value. i mean really that they're underlying issue. i know you alluded to this before, but they're worried about the sovereignty of the us dollar when you have competitors out there. exactly. and that is the real fear, the fact that the old guard is no longer relevant crypto currency is really make the existing swift infrastructure obsolete, which is really scary because, i mean that's where the u. s. has its power when it comes to in for things. sanctions on other nations and blocking them out of the entire financial system. i, thing nations out this really bypasses all of their existing controls in which the dollar is king and law makers are very fearful of that because they lose one of their greatest weapons. and trump cards. so i think that that was such a dumb question to ask because how is it possible to insure the u. s. dollar remains reserve. i don't know. that's really the same thing as asking how was it possible to insure the blockbuster,

the movie renting business remains viable after netflix is born. so you kind of see the writing on the wall. that's exactly the same question and you're still trying to somehow save a system that's obsolete and still make it relevant. and everything else with the law makers brought up things like energy consumption, fraud, criminal activities. those are just excuses, excuses that we've long shut down because mining we saw actually helps the renewable energy sector and fraud and criminal activities. while that's actually mainly transacted in u. s. dollars, not bitcoin. yeah, it's almost comical that not only are they asking those questions, they're asking those questions to the ceos is these major crypto exchanges, if they're going to have some answer on how to save the u. s. dollar. now we've got less than a minute left, but i know that a big argument here from these executives has been that look, they follow the regulations that are in place, that they are really concerned about. new regulations being introduced that are way too broad and that hurt both their companies and the average crypto user. do you

think any progress was made on that front and getting congress to see where they're coming from? maybe, but i'm not so sure about that. i really hope so that's something that they said resonated with congress and that they're willing to listen. but hearing their current rhetoric on crypto, it sounds very close minded. and i also think that the lobbying effort needs to be much stronger from the crypt upfront. and that the people actually need to make a big thing for them to actually take it seriously. because right now they view it as a serious threat after the industry has ballooned to trillions of dollars before that they always that crypto was a fad. the language that they use show that they never ever took the industry seriously. so they think they can implement whatever regulations they want and cautioned. so that's why it's so important to at, for the crypt industry to actually show them how many people actually used to how it affects their lives, the people's lives and the company's lives. and that these new regulations will negatively affect them dramatically. so i really hope that this was the indication

that congress is willing to listen. and it wasn't just the actual spectacle today to show that all they've allow the dissenters to say their piece, but really they've already made their decision. i really hope it isn't the case and i'm just being pessimistic about what i'll say. and let me interesting and see what comes out of this one and maybe a member of congress or to learn something about crypto today. most christie. hi. thank you so much for your time and insight. thank you. and the north stream to pipeline may be complete and ready for service, but the vitamin ministration is now saying it will be used as a leverage for the west to try to stop russia from invading ukraine. the only problem is that moscow has repeatedly denied the claim that it plans to invade ukraine, calling it baseless, and part of a u. s. blood disinformation campaign. here while the united states has long noted its opposition to the existence of the north string to pipeline, it hasn't been able to stop its construction, even when president biden threatened sanctions against germany directly. following

a phone call between president joe biden. and let me put in on tuesday by and told reported. busy to size are in constant contact, but he did claim that he had threatened his russian counterpart with economic consequences if talk fall apart really was i was very straightforward. so ms word. it was polite, but i made it very clear that invade ukraine will be severe consequences revere economic consequences like mon, ever faith. whatever happened with john zabeda, both the dollars he's immediate response was he understood that that i dictated ideally to respond. but beyond that, if, in fact, we would probably also be required to reinforce our, our presence in nato countries, to reassure that they don't send out for a quick break. but when we come back,

the major outage that hit amazon last word this week took several popular websites off the internet affecting commerce in sales reg, it all down on the other side. and as we go to break here, those numbers with what is the national mood? i suppose it depends on what kind of media you consume to say the nation is divided in highly partisan is an understatement. this is certainly what the national media wants us to think. what are we really so divided on what really matters a

back breaking, toil fullest labor. stress in industrial injury. o corporal punishment for mm hm. ah words with which we are all familiar. ah, you say that the world you live in abolish slavery long ago. mm. ah, welcome back. many key websites are now back online as

a crucial amazon web services outage took them out of service on tuesday. the outage comes is we're entering the thick of the holiday shopping season for more on this and in depth. look at the ball out. let's go to our to turn me chavez. with this report. today amazon's cloud computing unit recovering after it was hit with an outage on tuesday that took down some websites and services displaying a bad gateway error that major outage temporarily knocking out a wide range of websites and apps that use amazon web services to operate. including netflix, the trading app, robinhood, amazon's ring security cameras, mobile banking app, chime and the payment network system venmo. even some airlines, like southwest and delta, were impacted while facebook was showing spikes in outage reports, the issue, also wreaking havoc on amazon's delivery operation. bringing down critical tools used by amazon warehouse and delivery workers. the problem preventing drivers from getting routes or packages and shutting down communication between amazon and the

thousands of drivers. it relies on 3 delivery service partners to set an amazon dot com. incorporated app used to communicate with delivery drivers was down vans that were supposed to be on the road. delivering packages were sitting idle with no communication from the company. and now packages are piling up ahead of the christmas season. however, amazon hasn't responded to ortiz request about how many warehouses and delivery stations we're experiencing issues as a result of the outage. amazon web services power cloud computes for about a 3rd of the internet. the issue originated when several of amazon's network devices were flooded with traffic from unknown sources, a w, as set in an update, and noticed that many of the underlying issues causing the outage have been mitigated. saying in a statement, we are seeing improvement and availability across a ws services. we continue to work toward full recovery for all impacted a ws services and a p i operations for boom bust trinity chavez,

our teeny york letter with all of this in mind. what does this mean for the internet as a whole? when a company like a ws goes down in impacts, millions of users of various apps and websites, while bundle of reagan blue bus, co host, ben swan bell. ben, i heard me and this isn't really that shocking, but how surprising for people was it that a single point of failure for amazon could have such a massive ripple effect? well, i think for, for those of us who talk about this every day, it's not surprising at all, but i think for the average user, it is right because say that you're, you know, sitting at home playing fortnight and all of a sudden you can access that anymore and somebody says, always because amazon is down, you like what? you go to been know and didn't know suddenly doesn't work. now disney plus doesn't work hinder, doesn't work right across the internet. you have all these apps or a p eyes that go down because the back in the hosting belongs to a w s. and i talked about this on the show quite a bit, which is at 8 of the us controls about 40 percent of all cloud computing in the united states. and it's an incredible number when you,

when you step back and think about it. and so what does that actually mean? well, intangible terms, it means that almost every app or at least almost half of all the apps that are functioning right now are functioning because of some kind of support that they're getting from a w s. and it's cloud system, and when it goes down, even if it's only in one region, one area as it was the case here where it was in the east coast. it affects tens of millions of people all across the country. yeah, we truly did learn that amazon pretty much runs the internet to a certain extent given how many things were impacted by it. so what does this mean for companies that are concerned about having their backend technology supported by a clause service like a w s? well, one thing they should tell those companies is that just because a w s is a big company, and just because it has a big name and i think the bigger name is amazon, not 8 of us. right? but because it's tied to amazon does not mean number one that it's, it's incredibly safe for your company to be there. and number 2, there are vulnerabilities associated with being a part of that system. remember, the single point of failure is,

is kind of surprising that amazon doesn't have more redundancy built into their system or that they are more decentralized. and instead there are heavily centralized system. so i think that it says a lot about that, but it also says something to us about the fact that amazon has done a pretty remarkable job of marketing itself in a way that other cloud computing companies have not cloud storage. companies have not. so if you look at, you know, google cloud, which is the 2nd largest after amazon, or you look at my christophe cloud or oracle cloud, it just isn't the same. there is a certain branding of god with a w s. and if you watch football like i do in f l, you know that every commercial break, there's something from amazon and 8 of us, right, staff that and they're really doing a good job of building out their branding. but it doesn't mean they're necessarily the superior product when it comes down to actually supporting a p i, and cloud hosting. and that's interesting that we've also pointed out many times on the show, even that that's how amazon makes a lot of money is with a w, as is not selling somebody product through their e commerce giant. a w. s. is where

a lot of this money is coming from. how do they allow it to get so large and why does the control so much of the internet? i mean, we talk about an interest a lot on this show and we really haven't heard that much about this. i'm sorry, i have about 45 seconds, but it's an excellent point, right? we do hear a lot about anti trust and what, what we're not looking at is the fact that a company like amazon does have so much control of the internet. and it happens in 2 ways. one is obviously, you know, when there's a failure and something goes wrong, it has a huge impact, but it also should be a warning to people. listen if you are out there and you have concerns about big tech, which we talk about all the time. and i'm obviously, i'm a huge critic, a big tech, but when you talk about big tech, a company like amazon, that means they have also undo power over what is on the internet. what exist on the, what is allowed on the internet, but what they're able to cut off certain websites or cut off certain speech, they're able to do that because again, they control so much of the existing internet right now. absolutely, boom, bus pan swan. thank you so much, father story. thanks. and finally,

as that time of year, once again, we are starting to see the year end list and read at the self proclaimed front page of the internet is taking a look back at it. the biggest post and trends of 2021. and shockingly the top 3 most voted post were from wall street beth the sod read it became hugely popular amid the mean stocks craze at the start of the year when struggling. companies like game stop and see, and even coda, i saw their stock explode as registers, made a concerted effort to inflate their prices. so what are these top 3 posts? well, in the number one spot, a video from a user who had bought a bill port in time square in new york, that red jeremy ago, but of receiving 433000 up boats now followed by a post claiming retail trading at robin hood had hid mean sack from his search, calling on you too. bye bye bye. that got 323000 up vote. and the 3rd most popular post was an update from key feel known as roaring kitty, showing his shared game stop losing more than $14000000.00 in just one day. with

more than $287000.00 up both and that's it for this time on boone bus. check us out at portable tv. cool. see you next me i have often said transparency for the household, privacy for the bell, this case about privacy. what people care about is power. julian hassan just become a symbol of the battle. the privacy information is power. that's what's going on in the world. a huge struggle with the governments and corporations to want to keep information secret and others who the democratic rights should be pushed forward. and people have a right to know what their parents are doing. watch how assange helped shifts the

conversation around transparency and come see what that battle has done to him. i feel like july might be coming to an end. we are in a conflict situation with the law just most powerful employee in such a situation. it's remarkable to survive for driven by trainer shaped banks. concur some of those with there's things we dare to ask in what happened?

i make no said, you know, borders and the keys and you parish as a merge, we don't have with the we don't have a vaccine. the whole world leads to take action and be ready. people are judge, you man, come in crisis with oh, we can do better, we should be better. everyone is contributing each in their own way. but we also know that this crisis will not go on forever. the challenge is grateful to response has been massive. so many good people are helping us. it makes us feel very proud that we are in it together with yeah, me just a she and i didn't better we video don't. michelle kraus,

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