emerge we don't have a terribly door to the back seat whole world leads to take action and be ready. people are judgment. 2 common crisis with 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 great, the response has been met. so many good people are helping us. it makes us feel very proud that we're in it together. ah it says boom,

but the one business show you can subordinate the average of boron watched in years that we have coming up. we're going to take a look at inflation, the world's 2 largest economies as one sees easing, while the other is seeing its highest rate in decade. we'll discuss the challenges plus. 1 oil prices have hit their highest level in 2 months to take a look at the outlook for energy amid these rising prices. and as the turkish lira is facing a crisis of its own citizens of the nation are turning to crypto currency will bring you the story, get a lot to get to. let's go and we lead the program with very different pictures of inflation. the world's 2 largest economies, as we have talked about throughout the week in line with expectations, the united states sa, consumer prices for december jump 7 percent from the year prior. this is the fastest growth in nearly 40 years. and the 3rd consecutive month with prices eclipsing 6 percent. the month to month metric is of inflation is slowing, as price is only rose point 5 percent in december from november. now prices of

vehicles, endurable. goods have been the main driver of this recent spike in price is meanwhile, in china, consumer price inflation is slowing with the national bureau of statistics reporting a year on year increase of 1.5 percent in december. this after rising to point 5 percent in november, producer prices in china are also starting to stabilize and are hitting their highest level in 25 years. prices rose 10.3 percent in december, but still a far cry from the 12.9 percent increase in november. beijing, of course, has taken steps to ease factor gate inflation recently by intervening in raw material prices and addressing the ongoing energy crunch. so let's go ahead and take a deeper look into this, where professor is the host of economic update, and author of the thickness is the system when capitalism fails to save us from pandemic or itself, professor, well, i know there's a lot of data there, but why are we seeing this big difference here between china and the united states

when it comes to inflation? because we had differently dynamic systems really as easy way around that difference. i mean, look at the difference between a country 4 times larger than the united states that has 7 or 8000 deaths from cold it. we have $800.00 plus 1000. i mean, there's no comparison. the way china works is you have a government which is able, by its own decisions, to mobilize public and private resources, public and private enterprises, to focus in on solving a problem. whether that's a public health problem like coded or an inflation problem like is playing the economy up until a few months ago, they clearly made a decision to shut it down. and as your graph shows dramatically, they did that. we don't have anything comparable to that. we have

a catch all kind of religious in america than every by the private sector. so each company decide whether or not it's going to raise your prices, the employer have that already. they raise it if they think they can, if they think it's profitable, they don't, if they make a different judgement. but the end result is our helter skelter that the federal reserve try to influence that the government and the president try to influence. but they have nothing like the comprehensive control that the chinese economy has. and now you see the results, and i want to get to the idea that, you know, companies have taken advantage of this inflation here in just a minute. but i want to hit one more aspect of the u. s. versus china dichotomy if you will, because it's easy to look at the situation and say, well, the united states is obviously a few months, maybe 6 months behind china when it comes to their recovery due to that handling of

the pandemic. but to your point, maybe that's not the case. i mean, is there anything that could be done? and really more than that question is, is this going to get worse before it gets much worse for the united states? i'm afraid that the jury is out and i wouldn't dare venture a prediction about where inflation is going to go. let's be careful. all those smart people at the federal reserve that they have on staff. let those people started with mr. paul, at the time to tell us that the inflation we are now watching de gaulle would be a temporary blend. they were clearly wrong. they have backed away from that. not terribly well, but they did. and saw anyone making a prediction now really has a learn the lesson because it isn't that government that can or will control. i mean, they could, but we have this religion in america that the private sector is always better than

the public. and so we don't want the public to have the power the end result there's i have to say in all honesty to you, no one knows. and i can assure you that on wall street, every one of the investors better, you know, prices go up is matched by have a better who is guessing that it will go down. and that's your sign that nobody really knows that the absolutely great great analysis there because sometimes you feel like there are all these experts to say, oh, this is going to happen before this happens and so and so forth. but really, right? no one does know now during pad chair jerome pals, confirmation hearings on tuesday, and i wanna get to that point that you were making. federalism weren't actually pointed out that corporate profits have been doing pretty well amid the pandemic, even saying it has created the conditions per price. gouging. are the people at the top taking advantage of that to fat and their own bottom line. as we see, prices go up for consumers. again, the answer has to be,

and i'm sorry it is, it has to be yes. but i mean, let me put it the way they would put it in the business school. the job of the business is to make money. the job of the business is to make profit. profit is our bottom line, all of that. and you are told, if you get your own bay, that when you get to the point of running a business, you should always be looking for the opportunities to raise your prices. but obviously don't do that if it comes back on your sales, because that'll are your profits. all right, so the job of the good clever business man or woman, is to look for opportunities to raise prices. now from their point of view, let's look at what we have today. we have on cobra that has disoriented, the whole country in a 100 different ways. we have a federal reserve that has records amount of new money into the economy for 20

years. and now we have supply shortages coming about because of our long supply chains, which is often the case that a business doesn't have as much to sell as they might have had without those supply chain disruptions. you put those 3 things together. it is a wonderful opportunity to raise prices, and there are lots of companies that are taking advantage of these opportunities. that's how they see it to do what we are finding is an inflation. and i'm look sen. elizabeth warren is right, there's no way around it. prices are going up faster than wages. and what that does for most businesses is mean that they're able to charge more for what they produce than the extra cost they have to pay workers higher wages. and that means that the total outcome will be a shift wealth, an income to the employer class,

relative to the employee class. and she's quite right about that. absolutely. and something were to talk about in the next 2nd here about oil. but it's something we've talked about. there is there, the job of opec is not to lower prices and make it easier for you. it's really to see just how much money you will pay before backing things up. that you gave great explanation there. professor richard, post of economic update, i would appreciate having you on the show. thank you. glad to be here. and despite concerned that the i'm a crime very, it could slow down demand of oil, the crucial commodity hit to month highs on wednesday. international benchmark brent crude was up as much as one and a half percent over. busy the $85.00 per barrel mark, while west texas intermediate spiked more than 2 percent, nearly touching $83.00 per barrel. this comes with us dock piles fell to their lowest level since 2018 according to government data. and earlier in the week, the u. s. energy information administration had said global inventories would

decline slightly in the 1st quarter of this year. now as we have covered this outcomes in opec plus continues to gradually increase supply month by month, but is still leaving $3000000.00 barrels per day off the market to joining us now to discuss this is sandy lip out here about oil associate. and our good friend octavia miranda, the ceo of open with l. l. c. that you both for joining us today. andy, i want to start with you on this. what are you seeing as behind this latest rise in pricing? what wasn't anticipated here? well, i think the biggest concern is as an opec plus is begun to restore that production of $400000.00 barrels a month over the course of the last few months and going into 2022. what we've seen is they've been unable to meet that target of 400000 barrels a day. and it has the one market concern. but as we go forward and demand continues to increase, that they will not be able to restore as much production as we had hoped. in

addition, we've had production outages in ecuador due to weather washing out a pipeline in libya, due to a blockade as well as pipeline maintenance. in nigeria, we have ongoing issues regarding production and this continues to take supply off the market. as the world oil demand continues to recover, and i want to get to that the opec point here in just a few minutes. but octavio, i'm a current, seems to not be having an impact on demand that was originally anticipated. do you expect that demand to continue to outpace production? as we just mentioned? the question round demand really revolves around what kind of restrictions governments are going to put in place. it's not really the market that has a clapton demand, it's the government restrictions on travel. the covenants restrictions on early 2020, or around march, and april 2020 the electric claps and demand. well, it wasn't the market by itself reacting to that. so the real question is, our government's going to put in place similar restrictions. now, as we see, the surgeon army kron cases around the world protect in europe, in north america,

but really around the world as well. so i don't think we are going to see that for the simple reason that i think the populace in general has become sort of used to cope it. it's become a more hum drum kind of builds in disease and it's not as terrible unknown. it wasn't early 2020. so most of us have had coven. now we know many people who have had it is not nearly as frightening as it was. so i think people just will not accept those kind of restrictions on movement on economic activity. things that sort, so we're not gonna see that kind of claps in demand that we saw in 2020. so i think things will be more stable than we expect of the course this year. absolutely, now andy, i want to talk about that that we mentioned there in the intro, because what's the takeaway about their dad about falling inventories? is that only going to push things up further and maybe does that push the hand of opec? well, i think that the polling inventory that the says does contribute to the rising prices in order to solve those rising prices. we need to see more production, whether that comes from opec or more drilling here in the us. and even though our

rig count has been increasing increases in production to so many months or a year away from satisfying the shortfall that we're seeing today. now when we do see these inventories not only of commercial crude, oil stocks been drawing, but the strategic petroleum reserve is drawn. 62000000 barrels since july of 2020 further exacerbating the supply shortfall. however, we do see some warning signs with gasoline inventories building 22000000 barrels over the last month. and there is concern on the jet fuel prices. we've seen many airlines cancel slides, whether it's due to weather work. busy toby staffing issues any i want to actually get up to because he kind of mentioned it's going to take a while for us production to kind of get to the point where it's actually going to help the market out, or at least lower the prices for those here in the united states to actually rely on gas for instance. you know, you haven't actually mentioned one of the talking points that we've heard over and

over and over again when we talk about this. and this is the 1st time on boom us. so the question is, do you think that the green energy policies that have been being pushed to in the united states are those having an effect on pushing prices up while they have a small effect in the near term? the way you one should think about is the binding ministration is encouraging green policy is which makes capital spending on fossil fuels become much more difficult for production companies. when we kind of look out forward, you know, for the oil producers as a diverse if you will, more. busy money to green policy, there's less money that's available for fossil fuel. busy production and the major . busy oil companies are moving that way that's leaving the independence of private producers to invest and their investors want a return on their money. absolutely. no. octavio going back to opec. plus, do you expect them to continue with this gradual increase or decrease in production,

or are they going to say that see the same thing that you're actually seeing here, which is this is having really little effect on demand. maybe we can start to put a little bit more on the market, especially as people started concerned about paying so much i think opaque, you know, they, they put these trucks increases on the table. well before micron outburst occur. so that's been, i've been talking about this for several months now. so this is some of the predates read this outburst that we start to see in mid december and in terms of on . but i think what opec is going to do is basically adapt it's production goals based on the demand that they see. so as demand continues to accelerate and continue increasing, opec is going to up as production as well. now they're not always going to be able to keep perfect pace for that. there's a big lag behind between when opec decide something when it actually gets implemented, they're not always every country member of opec is not always perfect in terms of meeting its production quote to their problems and production and that sort. but i

think what we'll do is they will increase production more aggressively as the c demand being robust and carrying on and basically stabilized by so that way. but in the, in the short term, they'll be spike's, up and down. particularly as demand is more volatile than production that you can't simply turn on this because as easily as demand goes up and down. so we'll see short and volatility. but it looks like opec is trying to sort of achieve some of the price stability. and i think larger, they'll be successful over the course of the average over the course of the year. they'll be spike up and down. but i think that's what they're going to be trying to do about 30 seconds live and we keep hearing about a $100.00 barrel per per barrel oil. and we're certainly edging towards that. but is that a reality in your mind? well, i think it's a possibility. many investment banks are calling for that, but it really does depend on the supply side of the equation because that's where the market is concerned. that really is saudi arabia, kuwait, united arab emirates, is where the excess production capacity still exists. and the market is skeptical about the rest of the opec membership, being able to increase production annual

a power of the power oil associates. and i have your miranda openness, l, l. c. thank you both for your time today. thanks for having me. and i'm now for a quick break, but when we come back, the turkish lira has seen its price spiral. recently paving the way for crypto currency to thrive. on the other side, we'll discuss the developments as we get a break. here are the numbers that the quote with ah,

now we have e cigarettes, i was just heard that it was a healthy alternative to cigarettes. do we trust tobacco companies with their message that these new products are actually going to reduce these, these sugars are making the tobacco with yes, more of them. oh, we're in fact will i, lisa typical. there is only 9, but already 8 university students that away on slash a new model appointment. let's see. i believe you got the doors to deal with a with the he may come from no recalls. he really shows control such programs. now bush lighting and of course with level you're special,

but i'm the yeah my but i just have a book right now. course what certified that was to get i'm pushing was and you mentioned something with soon lose with his teacher was reason to spend a good time . so intense interrogation techniques used by the u. s. officials were basically designed as techniques to break down the human mind. if you force a human being to stay in a certain position doesn't take very long to the pain involved to become absolutely excruciating. 3 single on you. you are doing it to yourself. and we started adopting those techniques when i was station in mosul.

among them were stress position, sleep deprivation. producing hypothermia is already beginning to be evidence that these old techniques are now being used on immigrants and children. whatever you do in war comes home. nobody has been held accountable for the torture that happened in the past. the moral authority that made america world leader sacrifice the shimmer of effective interrogation. ah, welcome back for all the negative talk about bitcoin over the past few months. there is no worry about the price of bitcoin among the people of turkey. as the turkish leer has become more and more volatile, the number of people trading crypto currency using lira has skyrocketed to an

average of $1800000000.00 a day across 3 exchanges. as that is happening turkeys, president nerd one said in a press conference that he expects, he expected the nation to make a leap forward with a new economic model. and as a 1st step, he would touch the crypto industry by creating a law to promote their legal use in the country. a joining us, i just got those are good friends and boom, bosco house in crypto analysts, ben swan, and christy i. r i, christie. i want to start with you on this. how big of an exodus are we seeing from the lira to crypto currency? i mean, it's a huge move and this is the 1st time we've seen this. we've seen that move towards bare, quite back when this 1st happen. in 20172018 as well. but now trading volume lira has left to an average of $71000000000.00 a mirror transactions a day. so that more than any volumes of proceeding 5 quarters. so this movement

towards the coin is gaining major attraction. and turkish citizens are not only getting into big points, but also stable points like the usb tether and the euro tether as well. the, the turks, they fully embrace crypto currency despite the official band introduced last year because their distrust of the government economic policies usage still remains very high. and that distrust is very valid because 2 thirds of turkeys bank deposit armed warren current, it's mainly the u. s. dollar and the euro, and so the banks are loaning these dollars to the central bank and government, which has subsequently used them to intervene and the 4 markets in an unsuccessful battle to support the lira. so if i pathetically, there was a rush to withdraw the dollars today. turkish banks would need to recover some of those dollars in order to meet the depositors need been in the worst case scenario . there are concerns that the government will force banks to convert the dollar deposit into lira, which is again another example. the fact that the money in the bank isn't really your money anymore. so this prompted people to turn to crypto currencies where you

can bank yourself with your own private key. so while it is terrible that turkey is in the position that they are now, they are literally a real life testimony to the power of the. absolutely, we've seen this way the emerging markets have some sort of financial issue and they turn to crypto currency. we've seen that a lot over the last couple of years now been the fact that turkeys president is actually talking about lead the legal use of crypto in the country is really important. considering what chris, he just mentioned, the fact that the country actually banned crypto indignation. yeah, absolutely. i mean it's a huge step forward, essentially, or to want to saying that they're going to create this, this draft bill. he says it's already been drafted, it's getting ready to go to parliament. he says that essentially what they're going to do is they're going to create a system by which not only can you legally purchase crypto currencies, but they want to make crypto currency. this is what he says, a huge part of their financial system. now, what exactly does that mean? does that mean that turkey is planning to launch its own central bank digital

currency a, c, b, c? i doubt that is the case that takes a long time to do just as china, who's way ahead of everybody else and that it's a long process. i don't think that's going to happen. is it more likely they'll go into the route of a country like el salvador that makes big going legal tinder? that certainly could happen. it would be a huge about face considering the fact that a year ago of a band big going completely to now make a legal tender. i don't even think that will happen. what i do think will happen is that, are the one's going to try to legitimize the use of bitcoin and other crypto currencies, especially us the tether. and i think what he wants to do is be able to take some of those, those crypto technologies that are out there and utilize the on behalf of the central bank. but what he does say is that the central bank of turkey is going to be heavily involved in the inclusion of crypto currencies into the financial system . and christy, much of his financial crisis in turkey, is because of wines easy, monetary policy or easy money policies. if you will, how does crypto actually fix that?

i mean president and plunged turkey financial system into turmoil last fall by advocating repeated interest rate cuts in the face of inflation. so the courtesy was only a lot after the bail out, but that was basically very short term. so there is this environment of insane rate policies, declining confidence in the published inflation statistics and policy decisions that make them feel like they're help us financially. that are, are dollars, are going to be completely useless in the state of runaway inflation. and to that crypto currency, which it's original purpose, was to offer financial freedom and give power back to people is now being seen as the safe haven. so increasingly, citizens are seeing it as a way to protect their leader income against inflation. the purchasing power of the lira has now diminished over the years, but since 2017 bit quaint has only grown. meanwhile, the inflation rate right now in turkey is a 20 percent thanks to earn one policies. and what then said about the central bank being involved. well, it's likely they'll be involved,

but who knows what kind of say they'll have because the central bank has completely lost their independence after the fact 3 central bank chief over the past 2 years. so no one cannot fix this. crypto is not here to clean up the methods of failures. the political incompetence, the situation is unfixable. and so the point at least offers of refuge and a state haven for the innocent victim of political failures. it offers citizens, babies, and financial freedom to really own their money, and to not worry that they weren't able to withdraw from the bank and offer the citizens a little bit of financial ability and give them back the power their purchasing power embed. i got about 30 seconds when you get the final word here. yeah, i think what we're going to see also that's going to be fairly interesting here is how this all kind of plays out because of something that christie said earlier. you know, consider the fact that a year ago, turkey basically stood up and said, we're not going to allow crypto currencies. and yet we have seen it only grow in that country. i think it's a testament to the fact that governments around the world can make proclamations

about what people can and cannot do. but technology overrides, that it's like standing in the ocean in deciding you're not going to ride the wave, you're going to stand against it. you just get knocked over. that's what crypto currency has done to a lot of countries around the world phone by spend swan. christy, i thank you so much. and finally, over the years, we have seen the social media counts of major brands make a transition from promotion to humor in an attempt to lower new customers. but it's not often you see a company troll the leader of a nation. well, that's exactly what is happening with budget airline ryanair, which has taken issue with u. k prime minister boards, johnson over a, bring your own booze event that was held at 10 downing street in the middle of coven related lock downs. now, the tweets from the airline include a mock menu featuring a drink called the bogo, he toe and another, which says, you can kick it up a notch if you bring your own booze. now the company has been critical of johnson's handling of the pandemic in the past as well. even tweeting mocked threat levels as

stories of parties hosted by the prime minister. we're coming to light, and that's it for this time you can catch boom bust on demand on the brand new portable tv app available on smartphones and tablets. you google play in the apple app store by searching affordable tv, or will he be, can also be downloaded on samsung smart tv and roku devices, or simply check it out at affordable that phoebe will see you next time. price fixing is the problem. if you want a free market, you've got to let the market be free, you can have half of the market free, and then half the market fixed. do you end up with the problem that we had today? july, an annual festival in st. petersburg, dedicated to dostoevsky. ah,

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them. when i went into that garden, just after 6 on the 28th of may, 2020, i believe implicitly that this was a work event for the families are outraged by boris johnston's apology. after he admits attending a downing street party during the you case 2020 national lockdown way speak to a man who buried his father during that period. at the same time that i was at my father's funeral and he was taking a bring your own views part it. why does he believe that the rules that he create that he made didn't apply to him? german police are undefined for that. and pace of accused them of illegally accessing data collected virus. cobit track apathy alleged to be so power sparking a wave of public indignation.