an otter way in the car? no less. i think our viewers for watching us here are. do you see next time remember across cycles? ah, this is so smart, city is a city that using technology to make people's life easier. happier. collecting a lot of data to try to improve the way things are in theory, these big organizations that are on the album aiding and pulling all that data together. they're not looking at you as an individual, necessarily the booze data being collected so much data that there's a real possibility of privacy violation with something most of us wouldn't want to wells transparent, but we must live with permanent surveillance with

banks either financial saliva. no, they say my little girl, i'd say with central bank support dot com. mm. i'm going to call them right now and say stop the madness with,

ah, this is boom. bought the one bid this show you care subordinate ambridge board and i may, to london's in washington coming at the united states national jacket. 30 trillion dollars for the 1st time ever. straight ahead will break down this historic number and how much it increases at hand. and i began van, we headed to the met of earth, where real estate is booming in the virtual space. later on we break down the growing market and answer another key question. you may have. what exactly is the met over? got a lot to get to. let's go and we leave the program with the state of debt and the world's largest economy, concerns about the united states. national debt is nothing new, but there are moments when that debt crossed the threshold and raises new questions about national stability. now the u. s. is cross another one of those thresholds and back the u. s. national. that has exceeded 30 trillion dollars for the 1st time ever. then that's co host,

an investigative journalist benson is looking into this story and has the latest for us guys in 2020 right. 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 surrounds fiscal and economic policy from the corona virus pandemic. 5 trillion dollars for instance, funded, expanded job has benefits, financial support for small businesses and stimulus payments. and all of it was financed with borrowed money. well, meanwhile, the federal reserve has signaled 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 this 30 trillion dollar mark also represents a lack of appetite of washington by some lawmakers to continue to grow that debt. it's 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 jo, 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've 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 and fact job openings were over 10000000 for the 7th straight month and december. while the number of unemployed americans was just 6300000. so what does all of this mean for the state of the u. s. economy was joining us now to discuss or been a 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 and 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 on to the future generation. because over the next 3 decades net interest payments on the debt, our project it, you 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 deck also make the country less prepared for our natural disaster,

such as the next recession or another pandemic. and it would also make it more challenging to devote money towards things like social programs for the, for the elderly or return 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 past, 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? and did all of this have that all the policy that we've seen in response to pandemic? 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 cheek anomaly 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 wages or 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 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 fries, 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 job,

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 rate 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 any more. 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 short we haven't seen for decades in this country. and they're saying there's a lot of things here and we will continue to file up to follow that wildfire as it goes on. professor richard will and been thus christie, i think you both for your time and insight. thank you. and on the topic of workers here in the united states as professor wolf just mentioned, the nation continue to see the fight to unionize at major corporations like starbucks in amazon nearly 2 months after workers at a starbuck store in buffalo, new york became the 1st in the corporation 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 with the coffee chains and now it will increase prices for consumers due to supply costs while starbucks. c. o, kevin johnson. well, he received

a nearly 40 percent pay rates 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 company's group of $600.00 tech workers are voting this month on whether they will become the largest union there kind. the n l r b has already filed a complaint against the time, arguing that they 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 a tech 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 it, 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 they'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 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 movement 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 they're on now this is a hand i'm now when we come back, we're going to take a deep dive into the med versus huge companies that put their money behind the idea of virtual real estate could be police for them. and as we go to break here, the numbers as close. mm hm. mm ah ah

ah, humanity always wants the impossible day. first day 8 say to the government, police, public you government b. they say to move to any is the all, please don't touch my my private life wont touch my business, don't touch my feet. and this is an impossible contradiction with welcome back. over the last year and a half, the term manuvers has become someone of a buzzword and the tech sector with major players ponying a big back to stake their claim and the socially connected virtual world of the

future. the idea has been around for decades and media as the phrase was 1st used in the 1992 science fiction novel, snow crash, and more recently flesh out and the film ready player one based on the novel by ernest client. now facebook found the idea is so important, it changed its parents company's name to meta. obviously, we all know that while the largest retailer in the u. s. wal mart is making moves to step into the met averse itself. obviously, the video game industry is best positioned to make a play in the space as well, with companies like in video, epic and unity software investing heavily in the members. and when microsoft announced its blockbuster acquisition of activision blizzard, well they said it better positions them in the members. but the question still remains. what exactly is the medical today? and where's all this going? well, joining us now discussed, yes, it's even be of the founder and ceo of i a venture. thank you so much for joining us. yes sir. i want to start with that simple question. with this idea,

i haven't been around for quite a while. what is the matter verse? at this point, it is anywhere close to that fully connected social world the way it was pitch 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. we 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 simple, much like the internet. some parts of it will be governed by the corporation. android, 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 company. other parts will be controlled by semi government agencies, much like the internet. they only show 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 word of all craft will be a complete autonomous world. they will not be the 4 method ourselves. 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 it 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 wanna do it. i mean, they want to be there to be force, to conquer bigger parts and have major a bigger part of the method. first, that only makes sense. i actually love is from a 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 members. yes, 7 were founder and ceo of i eventually we're going to 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, sir. 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 per met, metric solutions. now, investment is on page 2, double in 2022 after january, self hit more than $85000000.00. meanwhile, another report from brand essence market research says in expect them editors, 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 2 moni, west vice president rented and virtual reality at unity technologies and getting your ceo 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? press one. it's funny that you called $4300000.00. huge because new york city apartment, it's only big because it's, 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 where every company, every event, every influences are going to want to have a member, is that just activation and they're going to need a place to do it. and so the member of portals like control distribution, meaning they have lots of users are going to be very valuable. and companies and events and they're the visuals are gonna want to build things there. they're going to need metaphors, really 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, that's real estate in a matter of earth that depending obviously 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 promoting? so it's interesting because that is actually less dependent on, you know, and one reason why the popular is because we allow you to make any kind of experience you want. so unity is used to make, you know, any kind of mobile game from a car all the way now to 2 companies like 10 bucks that are really, 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 this world by themselves, or they can start to 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 as the actual communities are 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 type of world play are going to emerge. these users actually can help to change youth digital sam, i just love that answer because it's the matter versus whatever you want it to be essentially. and janine, i didn't time, we talk about the, the way this all works, especially what we're talking about virtual real estate, because that's been such a big thing. so recently, a lot of people are going to ask, how do i get involved in buy property? now is going to be a point where this does become more mainstream and easier to do for a normal person, or is it going to be up to virtual real estate developers like yourself to kind of

be the broker in between? it's not that hard to buy virtual real estate. if you go to our website republic, brown dot com, we have lots of information, google and urban, lots of articles written about it. you can go to open c, which is an s t market place to do real estate is an s t is if you can buy something on the internet. you can buy an s t, which means that you can find that every real estate, only complicated if you want to build a very diversified portfolio because it takes a lot of time to part through all of the opportunities to figure out which one to buy. and how much to pay, but buying it isn't complicated at all. you connect your wall and you convert currency to crypto to the native currency in that particular ecosystem. you click buy, and then you want it not hard at all. and you see this sitting as, i mean, as somebody you feed, 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 a strongly dislike the fact that we call it the diverse real estate. i wish the industry would come up with a new name because it's very confusing and people are taking a metaphor, metaphor way too far. it's software development. it's early stage tech company investing. it's highly risky. it looks like a building, but it can also look like a space ship or a fumble. there's literally, it's only limited by human ingenuity and the metaphor like building well being on freedom reaction. 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 a derivative crypto currency that's largely fueled by speculative video game investing. so while we use the word real estate to simplify this very abstract concept of buying designated pixels in a video game like environment, it's nothing like real estate and building it is nothing like building in the real world. you need software developers that know how to build video games in order to

build it. you don't need any kind of architects from the real world. you don't need contractors from the real world. most that experience is not transferable. so yes, we see ourselves as developers in our real estate developers. we see ourselves as technology developers. and i'm fairly interesting and i'm sure if we can come up with the whole entire met averse, we can come up with the new term and give it to catch on to mentally. now to lonely, we just talked about the growth in terms of dollars. but when it comes to functionality from the tech side, how do you see the future of all of this? yeah, i actually really love that you call now this kind of minutes where i think that's really true. when you took over time. when my article from the ninety's talking about how the internet super highway is going to change online retail and what we have, you know, virtual personal shoppers and over 100 percent. right. obviously the internet completely changed shopping and retail and 100 percent wrong, because 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 sometimes now for a few decades and it's increasing the amount of computers we own in the amount of human computer there are increasing. and i think what we're seeing here is the true desire to have this digital world, or i guess a job, place that interface with time 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 bus on portable tv app, portable dot tv, well see you next time

. join me every thursday on the alex salmon show. and i'll be speaking to guess of the world politics sport business. i'm show business, i'll see you then as long as humans are at the end of the day, self interested, you can pretty well predict which way bitcoin is going, and the fact that nations will make it legal tender and they'll be a half wire going on in the house, right? it's an open secret that private military companies have been playing

a role in arm conflicts. world wide. u. s. government doesn't track the number of contractors it uses in places iraq or afghanistan, 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 use so cool subcontractors from countries with trouble pass. the chances are quite good that they had also been charles soldiers. i says i was a chinese as well as my job professional is he's with me for one full quote, it would be fine, said that with no loan if you more sure which way to be merciless killing machines. now they fight and die in other people's was people carol,

lot one or a dead soldier or dead marine shows up in this country and we start asking yourself, why did they die? why, what were they fighting for? nobody bothers down to about that. contractors in a moscow vows. retaliatory measures against germany may direct credited in russia to berlin, slaps broadcast bon off. he says, the channel on t v. a police chief is under fire after record expose his how many officers, joe didn't text chats about raping colleagues and killing blank children. and chief jessica quits over an affair with his coworker released plummeting raisins like after torn to scandals of the media. john with.