ah, what we've got to do is identify the threats that we have. it's crazy confrontation, let it be an arms race is on, often very dramatic development. only personally, i'm going to resist. i don't see how that strategy will be successful, very critical time time to sit down and talk more when i was showing wrong. when i just don't know, i mean you have to shape out disdain becomes the advocate. an engagement equals betrayal. when so many find themselves worlds apart, we choose to look for common ground.

ah it says boom, but the one business show you can subordinate that branch of boron watched, and here's what 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 decades. 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 look 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 jumped 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 the month metric is of inflation is slowing, as price is only rose point 5 percent in december from november. now prices of vehicles and durable 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 factory 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 sick. this 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 have different economic systems and really is an 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 of 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 all kind of religious in america that we think is by the private sector. so each company decides what they are not going to raise its prices. the employer does have that authority, 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 what 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 lead those people starting with mr. bhalla to tell us that the inflation we're now watching the 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 hasn't learned 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 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 fad chair jerome pals,

confirmation hearings on tuesday and i want to get to that point that you were making. federalism weren't actually pointed out that corporate profits have been doing pretty well and the pandemic even saying it has created the conditions for price gouging. are the people at the top taking advantage of this to fact 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 are 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 a code 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 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. it 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 the 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 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 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. he's a ceo of about oil associate and our good friend octavia morales, 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, is the government restrictions on travel, the covenants restrictions on early 2020, or around march, and april 2020 the electric claps in 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 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 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 gonna 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 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 is the a 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 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 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 slice,

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 the 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 one should think about is the, by the ministration is encouraging green policy is which makes capital spending on fossil fuels become much more different called 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 world company, the moving bad way that's leaving the independence of private producers to invest and their investors want, i will turn on their money. absolutely. nok tabio 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 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 trucks increases on the table. well before micron outburst occurs. so that's been, i've been talking about this for several months now. so this is some of the predates 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 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. and i have about 30 seconds left 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. angela power, 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 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 news

a 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 with waller officers are facing and increasingly dangerous environments. we are seeing a growing debate about so called warrior cops. the term that i've heard in the militarization of police. this is an amber app vehicle we acquired through the 1033 program, very free program. and the government program that funnels military property that no longer use to local law enforcement with building an army over here. and i can't believe people. i see the thing, an agency elder conflict here. yeah. think of tammy for me because it began a feeling that hey, you have to deal with our practice. who you putting in

a uniform cover bands is a powerful thing. and sometimes is like money in play tricks and people mind they think they've done the bad knows what was out the door. very bad. john. good, come and good news. you have job security is the world desperately needs, but i think it yes me. i didn't know if that will you? i, lisa typical, there is only 9, but already a university student that away means rational. if everything impacts impacts is that you don't like his teams and you must. but when that cbs, you got the floss, the stores, the dealer to read it, and then local shoes, multiple camp, but the next little only thing to that team. so the loss of each month, each someplace. younger terms, the he make them can only cause he rules just interested to put a venues. now washington, prescription level, you're special,

but i was the yeah. my is what i say the 1st way. not going to get with the certify that was to get the she was in human shit lose. i'm did it. it was if the dog that he was as much color, i knew it with soon. losing chris ability to do to good. when you most of judge lincoln for his teacher was also vision is released from good 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 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 are 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 accident 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 volume for speeding 5 quarters. so this movement for the coin is gaining major traction and target citizens are not only getting into

big points, but also stable points like the usb 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 deposit, armed warren current, 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 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 deposit 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 money in the bank isn't really your money anymore. so this prompted people to turn to crypto current. these 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 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 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 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 bitcoin 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 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 wines easy, monetary policy or easy money policies. if you will, how does crypto actually fix that? i mean president and plunged herky 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 was a live a short term. so there is this environment of insane rate policies, declining confidence in the published inflation, statistics and policy decisions that make citizens feel like they're help us financially. that are, are dollars are going to be completely useless in the states of runaway inflation. and to that crypto currency, which is a regional 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 lior 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 a 20 percent thanks to earn one policies. and what been said about the central bank being involved. well, it's likely they'll be involved, but who knows what kind of day they'll have because the central bank has completely

lost their independence after the fact 3 central bank chiefs over the past 2 years . so no one cannot fix this. crypto is not here to clean up the methods of failures of 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 savings, 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. absolutely, i'm bet i got about 32nd 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 of 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 boom by spence want to christie. 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 coven 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 can catch 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 tvs and roku devices, or simply check it out at portable dot tv. we'll see you next time. price fixing is the problem. if you want to 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 have today with

so called enhanced interrogation techniques used by us officials were basically designed as techniques to break down the human my if you force the human being to stay in a certain position doesn't take very long to the pain involved to become absolutely excruciating, but nobody screen finger on you. you are doing it to yourself. and we started adopting those techniques when i was station and multiple among them were stress, possession, sleep deprivation and type of therm. yeah. 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. the moral authority, the made america awarded or sacrifice for the shimmer of effective interrogation.

ah, it is breaking news this our live on our team international as an allied peacekeeping mission and catholics dawn comes to an end as the situation in the country stabilizes that it's a fide much speculation in the west that the russian contention would never leave. also, i had in this program when i went into that garden just off the 6th, on the 28th of may, 2020. i believe duplicity that this was a work event of british families are outraged by boris johnson's apology for he admits attending a downing street party during the u. k. 2020 national lockdown and he, on the program we speak to one man who had to bury his father during that period of the same time that i was at my father's funeral. he was taking.