ever 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, the 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 with professor richard to host it back in the mac update and author of the thickness of the system on capitalism fail 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 is 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 all kind of religious in america that every is by the private sector. so each company decides what they're not going to raise its prices. the employer has have that up 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 a helter skelter that the federal reserve try to influence that the government and

the president try to influence. but they had 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 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 lead. 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 so anyone making a prediction now really has a learn the lesson because it isn't that government that can or will control everything. could 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 i can assure you there are wall street. every one of the investors betting the 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 fed chair drilling 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 for 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 m b a, 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 or your profit. 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 amounts 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 our 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 look sen. elizabeth warren is right, there is 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 and income till 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. i can hear about oil, but it's something we've talked about there is there did 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 at that. you have 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 concern 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 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, doc 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 globally, inventories would decline slightly in the 1st quarter of this year. now as we have covered, this all comes 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 associates and our good friend octavia miranda, the ceo of open miss 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 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 amaco and 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 around demand really revolves around what kind of restrictions governments are going to put in place. it's not really the market that has a claps and demand is the government restrictions on travel. the governance receptionist on early 2020 or on march and april 2020 the electric claps and the amount of oil. 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 on the cases around the world protect in europe and 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 cobra. now we know many people who have had it is not nearly as frightening as it was. so i think people and will not accept those kind of

restrictions on movement on economic activity. things that sort, so we're not going to see that kind of claps and 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. we mentioned there in the inter because with 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 flowing inventory is the said does contribute to the rising prices in order to solve those rising places. we need to see more production whether that comes from opec or more drilling. busy here in the us, and even though our rig counts 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 a 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 inventory building 22000000 barrels over the last month. and there was a concern on the jet fuel frontage. we've seen many airlines cancel flights, whether it's due to weather or toby staffing issues. any, i want to actually, because you 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 them market out, or at least lower the prices for those here in the united states to actually rely hot gas for instance. you know, you haven't actually mentioned one of the talking point that we've heard over and over and over again when we talk about this. and this is their 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 money to green policy, there's less money that's available for fossil fuel. busy production and the major oil companies are moving bad way that's leaving the independence of private producers to invest and their investors actually won a return on their money. absolutely. now, 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 stay and 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 production increases on the table well before all micron outburst occurred. so that's been, i've been talking about this for several months now. so this is some of the pre

dates where you this outburst that we start to see in mid december. and in terms of con. 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 up as production as well. now they're not always going to be able to keep perfect pace with 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 assistant, that sort. but i think what we'll do is they will increase production more aggressively as the see 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's 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 and says 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 time now for a quick break. but when we come back, the turkish lira has seen its price viral. 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 so called enhanced 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, but nobody's lane finger on you. you are doing it to yourself. we started adopting those techniques when i was stationed in mosul. among them were stress, possession,

sleep deprivation, and using hypothermia. there's already beginning to be evidence that these old techniques are now being used on immigrants and children, whatever you do or more comes home. nobody has been held accountable for the torture that happened in the past and the moral authority, the made america awarded or sacrifice for the shimmer of effective interrogation. join me every thursday on the alex salmon. sure. i'll be speaking to guess of the world of politics. small business, i'm show business, i'll see you then. mm. now we have e cigarettes, i just heard that it was a healthy alternative to cigarettes, and do we trust tobacco companies with their message that these new products are

actually going to reduce these sugars are making the tobacco tours? yes, more i will go with that. will you elisa, typical there's only 9, but already 8 university students that away and flash a new modest appointment. let's see. yep. you got the glass doors to deal with. i don't know too many multiple with younger terms the he may come to no recalls he with now brochure and of course with them when you're special. i was the yeah my but i think it was certified that putting it on the she was in your mind shifting this i'm doing well just to double you that he was as much color. i knew it with soon lose and

with his teacher was reason is balise. we'll come with 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 lira has become more and more volatile, the number of people trading crypto currency using the lira has skyrocketed to an average of $1800000000.00 a day across 3 exchanges. as that is happening turkeys, president nerd, one. that in a press conference that he expects a 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. join. just got those are good friends and boom by co host, encrypt. oh analysts bend swan and christy i. all right, chris, i want to start with you on this. how big of an accidents are we seeing from the layer 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 the back when this 1st happened 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 of the volumes of proceeding 5 quarters. so this movement toward the coin is gaining major attraction. and target citizens are not only getting into big points, but also they will quite like the usb t tether and the euro tether as well. so 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 deposits are in foreign currency. it's mainly the us 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 in 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 bank to convert the dollar deposit into lira, which is again another example. the fact that 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 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 when 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 banned. the fact that turkey's president is actually talking about lead the legal use of crypto in the country is really important, considering what chris he just mentioned that the fact that the country actually ban crypto indignation. yeah, absolutely. i mean, it's a huge step forward, essentially are to want to saying that they're going to create this dis drafted 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 asked 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 bitcoin legal tinder? that certainly could happen. it would be

a huge about face considering the fact that a year ago, the band been 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 ones 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 one's easy monetary policy or easy money policies. if you will, how does crypto actually fix that? i mean, president, i'm plunged turkey's financial system into turmoil last fall by advocating repeat it, interest rate cuts in the face of inflation. so the courtesy was only a lot after the government bail out, but that would be very short term. so there is this environment of insane rate policies, declining confidence in the published inflation statistic and policy does it,

does that make them feel like they're help us financially? that there are dollars are going to be completely useless in the state of runaways inflation. and to that crypto currency, which it's original purpose look to offer financial freedom and give power back to people, is now being seen as a safe haven. so increasingly, citizens are seeing it as a way to protect their income against inflation. the purchasing power of the lira has now diminished over the years. but since 2017 big point has only grown. meanwhile, the inflation rate right now in turkey is about 20 percent. thanks to 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 know that quite cannot fix this crypto is not here to clean up the methods of failure. 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 and offers citizens saving the financial freedom to really own their money. and to not worry that they weren't able to withdraw from the an 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. busy in deciding, you're not going to ride the way 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 huber 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 cobra related lockdown. 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 mach threat levels as stories of parties hosted by the prime minister . we're coming to light, and that's it for this time you get boom bust on demand on the brand new portable tv app available on smartphones and tablets. google play in the apple app store by searching portable tv, or will he be can also be downloaded on samsung, smart tv and roku devices,

or simply check it out at portable dot tv. we'll see you next time in july, an annual festival in saint petersburg dedicated to dusty lansky. ah, the great writer, think around psychologist, people often tend to his work to understand russia and russians, perhaps even themselves sick with a single movie. sick with the manning the through lisa blanton, lisa changing a rita, transforming them as they read that does die. estes, unique ability to stay ascii wants to tell us, you can better yourself. he makes you face your true self serve, or give me the on conventions, rules of themes, beyond boundaries. in time, just a aski is

a global brand whose classics. everyone knows. i'm never out of stuff with yes. oh oh, oh i lisa typical, there's only 9 but already university students that away and slash a point. let's see. yep. you've got the last. there's doors to deal with a, with a new so now brochure nebraska, of course with them when you're special. i was the yeah my i was thinking what the

plan was to get on the she was in your mind shifting the something to do with it with his teacher was reason is balise a good. 6 mm hm. now we have easy, i just heard that it was a healthy alternative to cigarettes and do we trust tobacco companies with their message that these new products are actually going to reduce these issues or making the tobacco with the so called enhanced interrogation techniques used by the u. s. officials were basically designed as techniques to break down the human mind. if you force it being to stay in a certain position doesn't take very long to the pain involved to become absolutely

excruciating, but nobody's lean finger on you. you are doing it to yourself. we started adopting those techniques when i was station and mosul among them were stress position, sleep deprivation. and using 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, the made america awarded or sacrifice for the shimmer of effective interrogation. join me every thursday on the alex salmon. sure. i'll be speaking to guess in the world of politics, sport, business, i'm show business. i'll see you then. ah,

when i went into that garden, just after 6 on the 28th of may, 2020, i believed implicitly that this was a work event. british families all outraged by doris johnson's apology. after he admitted attending down the street party during the you case 2020 national lockdown, we talked to a man who buried his father during that period. at the same time that i was at my father's funeral, he was taking on a bringing your abuse part. it why does he beneath the rules that he create that he made, didn't apply to him, have the job all pick up the tab. canada's good beck province is planning to punish them vaccinated with a special tax locals. tell us how they feel about the plan. i think it's unfair to just suggest it's the responsibility or the fall to those that are on vaccinate.