i before the pandemic hit the u. s. national debt sat around $23.00 trillion dollars, which means that in just the past 2 years, the u. s. has added 7 trillion dollars to its national debt. when we talk about the u. s. national debt, we're talking about debt held by the public as well as intra governmental debt. those numbers together comprised the total debt and that number outstanding is $30.00 trillion dollars as of january 31st. so how do we get here? what's probably not surprising that the speed with which the u. s. raised to 30 trillion dollars. surround fiscal and economic policy from the corona virus pandemic. 5 trillion dollars for instance, funded, expanded job was benefits, financial support for small businesses and stimulus payments. and all of it was financed with borrowed money will. meanwhile, the federal reserve has signal that he could soon begin to re short term interest rates from near 0, in an effort to curb inflation, which is at its highest level in nearly 4 decades. certainly the heavy borrowing and the cheap money policies of the federal reserve bank have not helped the

situation. and the sturdy trillion dollar mark also represents a lack of appetite in washington by some lawmakers to continue to grow. that debt had slowed down. projects like president biden's to trillion dollar program that he recently tried to push through. and yet it was stopped by people like senator joe mansion of west virginia who said that he could no longer just continue to pass bills that we continue to add to that ever growing national debt. reporting for boom bust, i'm been swan and from trillions of dollars in debt to millions of americans quitting their job. now the great resignation, as it's known, continues here in the u. s. with 4300000 americans leaving their jobs in december. that's down somewhat from the record 4500000 in the month before. but even in the case, it were workers relieving for new jobs with better pay and benefits. the number of job openings remain your record levels. in fact, job openings were over 10000000 for the 7th straight month december,

while the number of unemployed americans was just 6300000. so what does all of this mean for the state of the us economy was joining us now to discuss or boom, to host the i and professor richard will host of the economic update. now, christy, let's start with you here and with the national debt hitting 30 trillion dollars for the 1st time. how does that impact the average american especially when nearly a 3rd of that debt was added in just the last 2 years? well, the mounting debt can impact things like the health and economic security of americans, which essentially places the burden onto the future generation. because over the next 3 decades net interest payments on the debt are projected to hit new records total totaling more than 60 trillion dollars. and by 2051, it will take up nearly half of all federal revenues. so a large national debt can also make the country less prepared for our natural disasters, such as the next recession or another pandemic. and it would also make it more challenging to devote money towards things like social progress for the,

for the elderly or retiring boomers. and then over time, the growing debt was supposed to push up interest rates for consumers and businesses which include things like mortgages, corporate bonds, and other types of consumer and business loans. so in essence, future generations will have to spend to pay down the debts and mistakes of the path rather than investing the future. and now professor wolf, in addition to the u. s. national that we have also seen private debt skyrocket. hitting the highest level to the start of the pandemic with consumer credit, increasing 11 percent in november, while americans credit card debt surpassed $717000000000.00 in december. i mean, what are the long term impact of all of this debt and, and did all of this have that all the policy that we've seen in response to parent demik did that have a major effect in, on the latest in the debt? well yeah, you know, we are watching and there's no nice way to say this. we're watching an economic system. our capitalist economy coming into problem after problem

difficulty after difficulty. you know, the government lowered interest rates in order to prevent the crash back in 2000. the other crash in 2008, and now this last one, they were afraid that would plunge us into a depression. so they lowered interest rates to get the spending going because they would make money. so cheap. ok, they got through that difficulty, but cheap money and this is the answer. your question meant that every company in this country, no matter what you seek, a nomic problem was suddenly discovered that the quickest, easiest, and cheapest way to solve their problem was to go borrow all this new money at ridiculously low rates lower than they had ever been before the result is now, we're an economy drowning in debt. we have corporate debt beyond anything. we've never seen government debt, that's what we're talking about now. beyond anything we've ever seen and

a population of working class and middle class people that have been borrowing up to here. and this is an economic disaster, which is now about to blow up on us. because if the federal reserve raises interest rates, the cost of carrying all that debt is going to make the government but also businesses on the able to survive. we're getting more and more deep into each solution to a problem making a new problem even worse. it does feel like we hear about problem after problem, and unfortunately, the solutions only make things worse. now, christie, i want to kind of transition to that great resignation that we've talked so much about because this comes as the labor department has noted that weight, is there a 4 percent rising at their fastest rate in 2 decades. but given that we're actually looking at 7 percent inflation, aren't americans actually losing money even with these small amounts of raises? yes, absolutely correct. americans are actually losing money due to this higher inflation

because real wages are sticky and they don't change as fast as other prices do. so when inflation comes along gas stations, they can switch their prices in about an hour restaurants. they can adjust their prices within a day, but most employees only get a salary, but once a year and some unions, they will negotiate their salary every couple of years. so all of the positive headlines that we see about rising wages for front line workers. they're all kind of false because they obscure the reality that wage levels are still very low. and in today's inflationary environment, even as wages rise. so does the minimal threshold for an acceptable wage, which is partially contributing to all of this great resignation. yeah, and now professor wolf, when it comes to that record number of americans who are leaving their jobs, many of whom are pursuing better option. what is the significance of this trend and do you see it continuing this year?

it is definitely continuing. the rape will go up and down, but i think we're seeing something very profound that is not going to lead any time soon. the kinds of jobs, the wages, the working conditions, the insecurity as not knowing really one. what will happen, how long you'll keep this job. these have been accumulating over time, and workers are not willing to accept it anymore. and you're seeing not just people quitting. you're seeing a record increase in efforts to unionize a starbucks is discovering that, to their chagrin, they can't stop it. it's, it's like a wildfire, and i think it's shows that there's a big change bubbling up in the united states resignation unionization strikes. these are all signs and working class is beginning to make demands of the sort we haven't seen for decades in this country. and they're saying there's

a lot of take care and we will continue to file up to follow that wildfire as it goes on. professor richard will and been best christy, i think you both for your time insight. thank you. and on the topic of workers here in the united states, as professor wolf just mentioned, the native continued to see the fight to unionize that major corporations like starbucks, an amazon nearly 2 months after workers at starbucks store in buffalo, new york became the 1st in the corporations history to vote in favor of unionizing . the movement has now grown to 54 stores in 1900 state pursuing union election. now that may just be a fraction of the companies, nearly $9000.00 stores across the us. but it also comes as the coffee chains announces it will increase prices for consumers due to supply costs, while starbucks, the kevin johnson. well, he received a nearly 40 percent pay raise from 2020 to 2021. definitely more than the average worker. and meanwhile, workers at the amazon warehouse and bessemer,

alabama are gearing up for a 2nd union vote, which was ordered by the national labor relations board following concerns about the ways in which amazon influence last years, highly publicized vote. and the new york times is also trying to shut down a union boat of its own. in fact, the companies group of $600.00 tech workers are voting this month on whether they will become the largest union. they're kind the n l r b has already filed a complaint against the time, arguing that they've violated federal labor laws by intimidating their employees who supported the movement. and now leaked memo from the company's chief executive is circling titled, why attack union isn't right for us. so i mean, rachel, this is obviously something we've talked about a lot on the show. and i think that comes right off of that great resignation discussion. because what you have in this country is a labor shortage, but the fact is, all the power is in the hands of that labor. now, because when and when companies need employees,

now these employees can start to say, well, we may only be able to get a 4 percent raise, as we've mentioned time and time again. but if we collectively bargain, if we do that, maybe we can get more, especially when you're raising prices for the consumers. when you see c, e o make a 40 percent increase. and you know, rachel, this has been so long time coming because if you look at in 1983, the immunization rate was about 20 percent here in the united states for private companies. but today it's about 10 percent and it continues to dwindle, even though we hear about more and more of these stories of major corporations where their employees are actually starting to push for union. yeah, and, and doesn't quite add up, but it's also one of those cases we're, we're now getting to see just how much power workers actually have. and especially the more and more that we talk about it, it goes in the face of those major companies that are trying to crack down on those efforts by their employees to come together. and unionize will certainly continue to follow this move in as it goes. and if you only had the power of a huge newspaper like the new york times. and i guess that way, i know it's ironic that their analysis and so i'm now ready for when we come back,

we're going to take a deep dive into the met versus huge companies and put their money behind. the idea of virtual real estate could be police for a bit. and as we go to break here, the numbers are close. mm hm. mm hm. that one of the open public debate was considered a good thing even essential for a stable and functioning society today. if you do not follow in propagate liberal parties, you are accused of misinformation and should be banned from polite society. shut up or else humanity always warms the

impossible day. first day 8 said to the government, police, public, you government b. they say similar to any is the old, please don't touch my, my pride with my phone patch, my business don't touch my feet. and this is an impossible contradiction. algorithms and neural networks have been following us everywhere. we look online because our relationships are what matters most to us. and that's how we find meeting and how we make sense of our place in the silicon valley. see, don't mentioned in that slick presentations. however, the ghost workers who train the software humans are involved in every step of the process when you're using anything online. but we're sold, as is miracle of automation behind your screen. it's a long rouble workforce that feeds algorithms for next to nothing. on a very good day, i can do $5.00 now. a really bad day. i can do 10. he's workers are invisible by

design. it's about labor costs, but it's also about creating layers of western responsibility between those who solicit this kind of work and need it. and those who do it with with welcome back over the last year and a half, mel averse has become someone of a buzzword and the tech sector with major players, ponying a big back to stick their claim and the socially connected virtual world of the future. the idea has been around for decades in media as the phrase was 1st used in the 1990 to science fiction novel, snow crash, and more recently flushed out in the film. ready,

player one based on the novel by ernest klein, how facebook found the idea so important? it changed its parents company's name to matter. obviously, we all know that while the largest retailer in the u. s. wal mart is making moves to step into the met a verse itself. obviously the video game industry is best position to make a play in the space as well. with companies like move video, epic and unity software investing heavily in the metal birth. and when microsoft and out that blockbuster acquisition of activation, blizzard, well they said it better positions them in the metaphors. but the question still remains. what exactly is the metaphors today? and where's all this going? well, joining us out, it's got to be the founder and ceo of i venture. thank you so much for joining us. i want to start with that simple question. with this idea, having been around for quite a while, what is the matter? verse at this point, is there anywhere close to that fully connected social world the way it was pitched to us? excellent, thanks. but 1st of all,

we have to understand that the vision of somebody with goggles sitting somewhere and going into 3 dimensional world is just one vision of the members who should really think about it in a much broader sense is a combination of i would say, 6 forces it's the digital, it's the design, the fact that you can create your world. it is development that things develop very slowly. and then of course we have the community creation and commerce. i think when you combine these 6 forces, and if you have enough of these, then you have a certain version of the mentors. and it's fascinating to see how it's all coming together, especially with a lot of these big companies getting involved. now the question then becomes, who exactly is going to govern the met averse? i mean, as different platforms are established, will it be run by the users who create their own sort of government? or is it expected that it's going to be controlled and ruled by those giant tech companies like facebook?

so i think the answer is the simple, much like the internet. some parts of it will be governed by the corporation. androids, for example, is controlled by google. that is, in fact, operating system. windows is controlled by microsoft and chrome is controlled by google. so some parts of it will be controlled by companies. other parts will be controlled by semi government agencies, much like the internet, they only show of domain names. so i think we will see an emergency over combined control system. on the other hand, some worlds specifically the ones that the jumpstart out of games, like microsoft buying world of warcraft, will be a complete autonomous world. they will not be the full method or so. and when we see stuff like i assume and when it comes to block chain and all of that to when they're trying to establish their, it seems like they're more trying to get that direction. but who knows where this goes? now we're seeing a lot of major corporations,

obviously throw their money behind the idea of the metaphors. i mean, do you see all of this is legitimate or are they just trying to have their names attached before it gets big? so they can say, hey, we were there at the start. i don't think they want to say i want to, they want to do it. i mean, they want to be there to be force, to conquer bigger parts. and they have major. a bigger part of the method 1st, that only makes sense. i actually love is from the consumer point of view from the development point of view. the more players we have in the end, it is it high for now, but the technology will develop and we will get more value to consumers. at the end, facebook is now met microsoft space. $70000000000.00 to buy one company in video has their own vision based on their g p. u. and we are still waiting for apple to say what they wanted in the met. yes, 7 were founder and ceo of i eventually we're gonna have to have you back and talk more about this because i still have so many questions, but i really appreciate you adding to that. thank you so much. breaking it down.

thank you and thinking with the metaphors, virtual real estate, well, it had a huge year in 2021 with sales, a property in the metaphor, succeeding $500000000.00 on 4 major platforms, according to analytics for met metric solutions. now, investment is on pace to double in 2022 after january sells more than $85000000.00 . meanwhile, another report from brand essence, market research says, expect the multiverse real estate sector to grow by 31 percent each year from 2022 to 2028. so let's take a look at this emerging sector now with to moni west vice president, augmented in virtual reality at unity technologies and getting oreo c e o of republic. rome, great to have you both on the show today jeanine. let's start with you and with investment here, i know that your company made a huge $4300000.00 purchase of land in the sandbox. and already people are

reselling plots that they have bought. so why did you get involved? and why is there so much interest in this space right now? for me, it's funny that you called $4300000.00. huge because in new york city, that apartment is only big because it's really technically software. we don't. well, because we saw a big opportunity, we realized that there is going to be a moment in the very near future. we're every company, every event, every are just going to want to have a member that just activation and they're going to need a place to do it. and so the member portal that control distribution, meaning they have lots of users are going to be very valuable. and companies in advance and the visuals are gonna want to build things there. they're going to need metaphors realistic to do it. so only not only the ability to create content and the members is going to be like being a landlord in the real world. and we think it's a really strong, long term investment opportunity. and now it's ammonia. i think most people would know unity because for their video game engine, that is the backbone to many major games. but so once people have this real estate

in a matter versus it, depending obviously on what platform you're on and all of that, what is there to do? do you just throw on your v r headset and enjoy the view or is there more to that commodity? so it's interesting because that is actually less dependent on unity. and one reason why the popular is because we allow you to make any kind of experience you want. so unity make, you know, any kind of mobile game from a card all the way now to, to companies like sandbox better. what is real estate look like in the digital realm? so it's actually not up to whoever created that world actually interesting because they have a choice before them. they can decide what the rules are of the world by themselves, or they can certainly take it in user input, and i think that's where it will head. i think that because these are just games are just sort of precise system, which is really a game is the actual community there evolving online where people have real money

and see real value out of it. and therefore, i'm really interested to see how the economy is change, how behavioral change, and what new types of we call game playing. but it's kind of bigger than that, like what types of world play are going to emerge. these user is actually can help to change use digital you convert the currency to crypto to the native currency and that particular ecosystem. you click buy, and then you want it not hard at all. and you see this sitting as i mean, as so much as you know yourself almost as a real estate developer. like you said, you mentioned new york, obviously $4200000.00 is paltry when it comes to new york real estate. but do you see that as that where you go, you're going to go and you're going to be that person who develop property and sells it off to make a profit, or is there more to it for your company? i strongly dislike the fact that we call it metaphors real estate. i wish the industry would come up with a new name because it's very confusing and people are taking the matter for metaphor way to car it. software development,

earliest data tech company investing is highly risky. it looks like a building, but it can also look like a spaceship or a. there's literally, you know, it's only limited by human ingenuity, the metaphor like building being creative. and i think we need to stop because it's confusing to the lay person who thinks it's lower risk than tech investing. it's not. it's a derivative trade of crypto. on the back of it derivative crypto currency that i way is going to change online retail. and what we have, you know, virtual personal shoppers and over 100 percent, right? obviously the internet completely change shopping and retail and 100 percent wrong because the metaphors around right now we're at a minute or wrong, but how this will change overall? i think we're really seeing the lenses here. the reality is you've been living with computers in our home. i read some time now for a few decades and it, it's increasing the amount of computers we own in amount of humans and computers there are increasing. and i think what we're seeing here as

a true desire to have this digital world, or i guess a job, place that interface where you can talk to each other and perform many things on how more have more presence have more in just longer, really permanent, really so i see there's just one step into the future in the next decade, where digital goods, digital services, digital occasions, really just start to take on real value. absolutely money, west of unity technologies engineering your see over public realm. thank you both so much for your time. and insight. thank you. and as for this time you get boom, us on portable tv app, portable dot tv. well see next sam. mm hm.

it's a new secret that private military companies have been playing a role in our conflicts world wide. us government doesn't track the number of contractors and uses in places iraq or afghanistan, the united states army and the military and general is so reliance on the private sector. i would call that dependency, but we don't know who's the on the ground presence of these companies overseas. we just don't out west and private military companies can in their turn view. so cool subcontractors from countries with trouble past. the chances are quite good that they had also been child diligence processes. i was a child, as well as my job professional, joe is he's with the whole 141. if i said that with, with no flaw,

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as is miracle of automation behind your screen. it's a long rouble workforce that feeds algorithms for next to nothing. and a very good day, i could do $5.00 now. a really bad day. i could do $0.10 now. these workers are invisible by design. it's about labor costs, but it's also about creating layers of western responsibility between those who solicit this kind of work and need it. and those who do it a i this financial survival guide. stacy, let's learn about fill out. let's say i'm a true, i can hear it from greece. i'm thanks to fight. c wall street, god, thank you for helping with joy.

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