this is a very dangerous thing with this is been thus the one business show you can't afford unit, i'm rachel was bred to bore and walk through that. here's what we have coming up. crypto currently could be on the verge of widespread adoption in russia. the nation's government may recognize the fintech as a form of currently in the future will bring you a full round up from the sector straight ahead. and while the u. s. economy may be rebounding from its hope and they've seen lows, household debt in the nation stored in 2021. we're bringing those figures. then at the u. s. falling us in the fight to ramp up the production of semiconductor kit has the ongoing global shortage continue to take a poll. well discuss it could mean for the industry. we have

a lot to get to. so let's get started. and we leave the program with the latest on the convoy of truckers protesting an auto le canada over vaccine mandates on the industry the so. a called freedom convoy raised millions of dollars from backers on the crowd funding site. go fund me. but the company made the decision to cancel the fundraiser and following major backlash online and agreed to reimburse those who had donated. now it appears the truckers have found a new avenue to raise money for their cause. let's go to our t corresponded john hutton, who's on the ground in ottawa for more on the story. yeah, well britain, rachel, they've gone to crypto currency. they're, they're taking a big coin. organizers are calling for basically bitcoin donations and crypto currency sites. italic coin have started raising money for the organizers of the so

called freedom convoy protest, basically saying that bickley, ne, it's a people's money sell. this is all about the people. so after the go fun me side, the fundraising side shut down the donations to the freedom convoy a little over $9000000.00 in donations, saying they'll be refunded instead to the donors of blaming violence and calling in an occupation. well then some others got involved, our supporters of this overall protest trying to raise money and funds and several 100000 the u. s. the equivalent of us dollars now on these various bitcoin website . so that's essentially the latest with that. that's how they're trying to raise money for this ongoing protest. it continues here in the candidate capital of cannon and ottawa started january 28th 29th. when a convoy of truckers really converged upon the city ah, protesting essentially the vaccine mandates for truckers. but really, this is a blossom, it's more into a much greater debate about the countries overall cove in 19 policies and

restrictions. and really it's also sparked political debate about candidates, freedom of speech, freedom of assembly, freedom of protest, laws. canadian officials have called on this to stop the prime minister adjusting trudeau, talking about calling the post ester swastika, ah, flying, you know, extremist. but a lot of the protesters we talked to in the days we've been here really bristle at that analogy, saying this has been an overall peaceful protest while there some been some more radical elements here. those type of people have been asked to leave. they've been pushed out because the core message is really about the overall that canada's vaccine mandates. and we've seen the protest not only, you know, grow here over the last now going in the day, 12 out here in ottawa, but other canadian cities and provinces. in fact, a very important point, the ambassador bridge, this is a main point of commerce between canada and the united states. it stretches from windsor ontario to detroit, michigan. on fact,

quarter of all commerce goes over this bridge. well a convoy truckers blocked the bridge late monday night overnight monday into tuesday, basically in solidarity with what's going on here in ottawa and other parts of the country. and to that know, we've also seen cod boy protest sport, you know, spring up in the united states and in the u. k. in australia as well. so there's been a great deal of support. and now we're also hearing about other provinces, alberta, saskatchewan, lifting cove in 19 measures. now whether that is a result of this pro test and the ongoing freedom cod boy protests that remains to be seen and whether or not this protest continues for another week. another 2 weeks, several more weeks or several months, more much will that remains to be seen. but one thing assure the political debate, the political dissension over the coven 19 policies restrictions here in canada. very much continues guys, back to u. r. t correspondence out honey. thank you so much. and meanwhile, the russian central bank has reversed its position on whether or not to support

recognizing crypto as a form of currency of agreement is a significant reversal considering the fact that the central bank last month proposed ban and crypto miners and crypto operations saying that those systems endanger the countries financial system. now the russian government says that has reached an agreement and draft legislation or amend legislation to recognize crypto as a form of currency. so how does this change stand to impact the world of crypto? well, let's bring in, boom, vascos, cancer, so analysts, ben swan and christy i to disgust been not start with you here. now this is a huge reversal for the russian central bank. so why are they changing positions now? well again i, i love to come on here and say i, i told you guys, this was going to happen. i told you guys isn't gonna happen. and why is it happening? it's happening because the russian central bank came out and said big coins bad. and it's a threat to our system. and then the russian president, vladimir putin said, well, slow down, hold on, let's have some meetings and talk about it. what, what did they talk about?

they talked about the fact that the western banking system, specifically the swift banking system, is being controlled by the west in order to issue sanctions and a harm countries like russia. and so how do you get around that? well, you get around that with the world's most efficient monetary supply, and that is bitcoin, the world's most efficient systems for money, anywhere in the world are crypto systems. they are so efficient that they're being copied and they're being imitated by governments around the world. that's how successful they are. and so what we're seeing now is the russian central bank saying we'll actually okay, rather than banning miners rather than banning the trading of big coin and other crypto currencies. now let's talk about whether or not we should just recognize it as a currency. it shows you that when you apply too much pressure on countries like russia or china or venezuela or iran, they don't just simply crumble into the dust. they innovate and they get around these systems and in this case they don't even have to do the innovation. the innovations been done for them. absolutely. especially now that that technology is

moving so vastly or fast. you're absolutely right there been now christy, what would it mean for crypted to be recognized as a form of currency and how similar would this be to say what el salvador has done? i mean, technically, the wording right now says analog of currencies and not as a financial digital asset, but it's also not legal tender either, which is different than what our salvador has, where if something's legal, tender and stores and shots have to recognize it and accept as a form of payment, so that is not quite the same and this announcement, while it's very good for our bitcoin in terms of recognition, it's more of a way to regulate it rather than to embrace it. because according to the government's blueprint, crypto currency purchases and russia may take place, but only through locally registered and license companies, so that users are fully verified and information about their transactions can be made available to government agencies and all crypto related transactions bigger than $600000.00 roubles will have to be reported to the federal taxation services

and failing to do so would be considered a felony and banks. there are also allowed to operate as intermediaries between users and cooked exchanges, even though that defeats the point of crypto currencies. and they have to report taxes and exchanges and peer to peer market places. they would also have to register as legal entities and join an official register of digital currency operators and satisfy certain requirements that are currently in place for traditional financial organizations. and so all of this to say that it would mean that everything is now subject to tax, which is the biggest incentive for the government to actually legitimize it. so this is a big step for bitcoin as it takes a lot for any government to recognize it. but i can't say that i'm thrilled about how they're trying to regulate it and centralize it. according to bloomberg estimate russians now own over $215000000000.00 worth of bit coin. so they're definitely hoarding, but nonetheless, it's a big step for big coin as the russian government recognized that a complete ban of the segment is now impossible. absolutely. and when you read the

details of this, you know, that, you know, a lot of true believers, if you will, are gonna love the idea of actually regulating it. but that's kind of the way where we are with that now been we just heard from john hardy in canada, that there is a movement to fund those truckers through crypto currency. is that working? yeah, you know, i'm going to say this is my favorite story of the week by far you have these truckers from canada and john pointed out, you know, it wasn't just that their funds were frozen by go fund me who then said, well we're gonna refund them originally go from me, did not say they were gonna refund them. they originally said that they were going to distribute those funds to the charities of their choosing. and then if you wanted your refund, you could go through a process to get it. there was so much outcry and legislators from the united states threatening to investigate go find me that they said, okay, we'll issue automatic refund. but the beauty of this is, is that it has, it has signaled an awakening and alarm if you will, for folks who are trying to raise money to fund exactly like this, look,

whatever is happening to canada, whether you like it or not. it is a middle class movement of people who are saying, we think the government has gone too far and were standing against that go fun. they gave some, you know, vague description of violence. and that that was the reason why they said they weren't going to hand over the funds without showing any evidence of anything. the bottom line is this is where the truckers should have gotten the 1st place. and then what this will do is it will create an opportunity in the future when you want to raise funds for something like this. don't go through some silicon valley venture capital backed group in order to do it. you go when you utilize crypto currencies, you utilize the people's money to get it done and it will get done and it will go directly to the people who are asking for. it is certainly a powerful statement. christy, we've got about 30 seconds left. i'll give you the final word. yeah, looks like this is a perfect example of how bad the traditional funding methods are. because if there is government pressure to freeze on a venture back vc company will obviously say, oh, we don't want to have a lawsuit. we don't want to fight,

here's your money back. we're not going to do anything. whereas platforms like talley coin, they actually stated that while centralization is vulnerable to being politicized and censor, bitcoin is truly censorship resistant. so this isn't the 1st time that protesters are turning to crypto after authorities try to censor centralized donation method. we seen this happen in 2020, with the nigerian police protesting brutalities. and now we're seeing it here. and the funny thing is nase. there's a big coin, they will continue pointing the finger saying that big win is only used for money laundering and financial fraud and everything. but they will never point to the good, the tremendous good that bitcoin does by actually allowing it to be the people's money and allowing the people to direct it to platforms such as this, the most kristi i and ben swan. thank you both for your insight and consumer debt and the united states grew it as fast as clip in nearly 20 years for 2021. as americans borrowed to buy homes, cars, and other items as continued to sore household debt was up one trillion dollars for

the year. the largest increase in 2003 now totaling more than 15 trillion dollars. according to a report released by the new york federal reserve mortgages were the biggest contributor as balances, rose by $890000000000.20. as many homeowners anticipated higher borrowing. 5 cost many took advantage of refinancing packages to take in lower rates. now the report also shows new auto loans return to pre panoramic levels rising by $90000000000.00 . but the new york fed pointed out surging price is due to the ongoing going supply chain constraints, which saw the average price of a new car jump more than 6000 dollars last year. met loan amounts were up considerably as for credit card debt. while the last 3 months of the year saw balances grow by $52000000000.00, showing signs spending habits are returning to normal. but we should know balances were actually $71000000000.00 below where they were at the end of 2019. so what impact will this increase have on consumer debt?

well, joining with john is richard wolf is the host of economic and author of the thicknesses the system when capitalism fails to save us from pandemic or itself, professor wolf. i mean, if it concerning that we're seeing this big jump in personal that are there worries that when the economic bubble does birth as it eventually will, this is going to become a real problem. absolutely. we are now seeing levels of consumer debt higher than they were in the run up to the great recession of 2008 and 9. let's remember what the name of that was session was a sub prime mortgage recession. that's what it was originally calls. and why? because people had loaded up on so much personal debt that they could not any more pay on that day, not the interest and the principal. and so they did chose not to pay their mortgages as one of the things save on because they couldn't do it. and we're here

now again with a population deeper and deeper in debt. it's cost that crash. what one of the worst we've had in our history, and it's every indication that we're moving in that direction again. absolutely. and concerning as an understatement, there now how much of this can be attributed to the policy? an easy money we've seen from the federal reserve, which has just pumped big back into the economy over the last few years. i don't think very much and let me explain. easy money has in certainly increased the debt of every corporation virtually in the country. because for the last many years, any difficulty, any company had of any kind, could most easily and quickly and cheaply be solved by borrowing all that money. the federal reserve was pumping in at interest rates at or near 0. so that's why the companies did and why they have to let

a dent level that we've never seen before. and pretty much the same goes for the government. the problem is that's not what individuals do, because they're not in that kind of a of position. what individuals do is find that they need money dead when they can pay for things that they normally buy. and that's what we've had the last year. let's be real honest. the inflation rate is listed at 70 percent. and whenever they tell us tomorrow, but the wages haven't gone up anywhere near that, which means that gap between what you earn and what you have to pay for as got worse. and of course, americans being what we are, we borrowed to help cover that difference. it's a whole different network of reasons, so i'm afraid that the extra money has explained the debt of corporations and, and the government. but it's the underlying imbalance between wages and prices that

explains the household that explosion. and absolutely, there was america. the next point that i actually was going to bring up here because is this kind of a and i don't know if it's the right terminology, but a kind of a k shaped phenomenon. where those who are doing well are picking up debt for homes and high dollar vehicles. well, those are actually struggling or taking on more credit card debt to just get by every day. yes, and you know, this is an old story if you're wealthy, if you're wealthy enough that own some shares stocks, bonds, things like that, which the upper 1015 percent of the income distribution, they have that then you are in a position to sell. for example, the bonds are going down and to move them into stocks of things that are going up in price. we say in economics, you can adjust to the changing conditions. but most working class people are not in that position. they are tied in to a job, they can't get a wage in greece to compensate for higher prices. try going into your boss and

saying, gee, the cost of my hamburger just went up, give me a raise. it's not gonna work. unionized workers have contracts. typically 2 or 3 years, they can't re negotiate the price in most cases for what they get for their labor. so the bottom line is, when you are working class person, the majority an employee, you're not in a position to adjust to an inflation. the way wealthy people are. so i'm afraid the bottom line is, these inflations tend to make the inequality already a problem in our country, even worse, right? absolutely. and to, to that point, we're obviously heard businesses say, well, we don't want to raise wages 7 percent because inflation will eventually come down professor richard wolf. thank you so much for your insight as always. thank you. and i'm now for a quick break. only come back to you is joining the u. s. and plans are ramp up. trip for production and hope of putting an end to the ongoing shortage. well,

this guy, and as we go to break here, the numbers at the club, ah, the mediterranean is the world's most proficiency unsustainable exploitation of its fish, dogs, which marine biodiversity undergoing threat a lesson the getting a quote on sure you understand the system. because our system, i'm going to put a new car key, a tech, and want to put a loose despite the promise is to end over fishing by 2020. the situation is changing to slow. well, i'm very disappointed with that. they basically north in public interests. they also do know in the midst of interest of the

officials, the only interest of the fishery robbie on the face of the only ones in danger. the fisherman also at risk of losing all of them, i thought ups of them before they get to them about that. i'm going to bubble thought, i guess it might be real. she's been liberties on viewership with 971 way. the world one out of the out money standard, everybody, every entrepreneur, every business man, every country in the world has gotten addicted to mal investment as got addicted to not accountability. and the idea that every single problem can be cured by simply pricing more money. and now we're at a point where all of the ballad best red and all that waste has now resulted in

a molecule prices, as discussed in this report, which is predictable. and it's also irreversible. the welcome back. the ongoing chip shortage has been felt around the world that impacts everything from phones to cars, to household appliances, as tension continue between the united states in china. washington has been looking for ways to move its reliance away from asian market with the biden administration, proposing 52000000000 dollars in grants and subsidies to help to strengthen the chip industry in the us. now the european union is moving forward with a plan to ramp up its own production with a new chips act aimed at investing more than $40000000000.00 in micro chip

production plan's. while the e. u is currently responsible for 9 percent of the global market share the president of the european commission. so the goal is to increase their share of the chips market to 20 percent by 2030. you know that the global shortage of ships has really slow down our recovery. we have seen that whole production lines came to a standstill, for example, with cars. while the demand was increasing, we could not deliver as needed because of the lack of chips. europe need advance production facilities which come of course with a huge upfront cost. we are, they are form, adapting our state age rule, of course, under strict conditions. meanwhile, tension between the you and the u. k. continue in the latest that it shows that britain britons exports the germany dropped a point 5 percent in 2021. as a result, this comes even a total import. the germany were up by more than 17 percent,

with imports from china, up nearly 21 percent. while some of the blaming blaming the new board, her checks introduced as part of breck that the u. k notably delayed it checks until 2022 and still imports from jeremy fell by 2.6 percent in 2021. now this all comes as the british parliament's public accounts committee releases a new report in which it highlights how trade has been hit with increased costs, paperwork, and border delays for u. k. firms in the aftermath of rex it in a statement that committee chair said quote, one of the great promises abraxas was freeing british businesses to give them the head room to maximize their productivity and contribution to the economy even more desperately needed now on the long road to recovery from the pandemic. so where does post breakfast trade go from here? well, joining us on record which president of straw mark business development consultants and board member with the british american visits association. hillary,

it's great to have you back here. now. let's start with this report. what do you make of this claim that the u. k. government should be doing more to minimize the current burden on those training with you as a introduce new import controls where pleasure to be back with you. rachel. and brent. a couple of things here with that report, it is correct that there are a lot of regulations that need to be sort of minimized. but a lot of those actually, all the things that the government is trying to do to help, for example, only 6700000 pounds has been used of the 20000000 pound fund, which is there to help small businesses. this me small businesses and enterprise, the bucks at fund, and that's due to the now definition of those businesses and also sort of the, the deep amount of regulations within that fund. so even the government's own funds have been difficult to use. there's also a service called the one on one export services support and people have reported and businesses of reported that's difficult to use. i think the government could also have less regulations on their own things they're trying to provide to help.

but there are ambitious plans to have that board to be the most effective in the world by 2025. so one hopes that this report will help jimmy that along and that the government will loosen some of their own regulations. i and hillary, the, the, the report points out that it's not obviously just breaks it, you know, somewhat different gotten solely on breaks. i can think of a bigger. yeah. there's a lot to do with the pandemic and supply chain issues as well. what do you see there were a couple of things. i'm so william cash, he's a former, he's a bus carry a current senior m p. he's on the same bill. what he said is he said look, this report really jumped the gun exactly to your point. brent, he says the government has been totally and utterly distracted by brakes and everything that it took to get through this pandemic. and think about that demographic. you just alluded to all the naysayers with regard to bricks. it, there was gloom and doom predicted. they didn't even know about this pandemic, if they gloom and doom project projections had been correct. then how come the u. k

. hasn't totally nothing failed even through this pandemic. things aren't as bad as they were projected to be. what so bill says, is that you can't undo 40 years of regulations. a lot of them were done in the back room by e u members that were obviously not voting in the favor of the u. k. you can't undo over 40 years of regulations in just over 4 years, even if it wasn't to do with a pandemic. correct? so it's not just for exit. it's to do with the deep ingrained amount of regulations that you have to undo in a very short time. frame now we've got about a minute left here, but how do you serious tension between the you can you playing out in 2022 that we're all sort of getting back to some sort of normalcy. well, a couple of things i can think a negative is going to be when the volume of truck traffic does get back to its normal levels. goodness knows what those board is going to be like if it's like this already, just for laurie's hopefully the e u. and particularly from those german call manufacturers who want to do more business with the u. k,

there will be pressure from them. because even though we just have the announcement about the chip manufacturing the semiconductor chip manufacturing, don't forget very bolton. he's the one in charge of that the e u has their own regulations to have to mitigate because they usually don't go in for subsidies. and that whole plan includes subsidies for the chip manufacturing industry. and that won't be easy for them to get over. absolutely, and we will continue to call it as we go along. hilary ford, which of the british american business association. thank you so much for your time and insight pleasure. and that's it for this time. just boom, both on demand and the portable tv app available on smartphones and tablets. play in the apple app store by searching portable tv where it was easy. you can also download it on samsung, smart tvs and roku devices, or simply check it out at portable dot tv will see you next time

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headline news happening now. britain, russia's top diplomats of open that talks here in moscow of the mounting ukraine crisis and british threats of the toughest sanctions on the kremlin or russia, stands firm on its security concerns over nato expansion. when live with our correspondent in one minute, russia's figure skating team waits for answers on doping obligations at the winter olympics. the i r c, calls it pure speculation, all the probes on going at the athletes victory battles hang in the balance. also have why he would put aside the pandemic, why he would try to stigmatize canadians. why would you do this to a country that is already suffering and deeply damaged by so many of his policy? canadian prime minister takes a barrage of criticism for his stance against anti vaccine monday demonstrates as the protest.