tv Boom Bust RT February 23, 2022 7:30pm-8:00pm EST
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local opinions, and that's what's happening. no. pre minister trudeau did not like the political opinions, expressed by the peaceful protesters in ottawa. and now some of the same protesters are finding that their bank accounts are frozen. those are the main stories, this our head over to our t dot com or our social media pages for more money as be discussed. and i'll be back again in just about 30 minutes. look forward to talking to you all that technology should work for people. a robot must obey the orders given by human beings, except where such order that conflict with the 1st law show your identification. we should be very careful about artificial intelligence at the point, obviously is to great trust rather than fear a very job with artificial intelligence. real,
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government of true. know these being condemned by countries all over the world for this egregious power over reach and kind of phase like el salvador. nobody had their damage being the country to figure out that big coin was passed towards individual sovereignty and toward financial security and dirt. they just reported absolutely incredible g d p numbers and the tourism is booming and they're going to double their g p numbers again next year. ah, this is boom, bought the one business show you care, subordinate range of order and i'm ready to load. and then washington coming up as
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the u. s. and as allies continue to hit russia with thanks in falling a recognition of the don bath region, we'll take a look at how the nation stands to be impacted by the measures and how the west is pushing it, even closer to china. but still an issue of political tensions are taking a toll on markets, but is this the new normal will break down the trend of jumping from crisis to crisis and how it's affecting both stocks and investors. but it's not just taking a dive. bitcoin has taken a beating, as well as the price is still sitting below $40000.00. we have a panel of our favorite crypto analysts on hand to discuss. got to get to put the started and we leave the program with continued tension between russia and nato. as the european union, the united states and united kingdom begin to implement sanctions against moscow while threatening to put more measures on the table. president joe biden announced new sanctions on wednesday, which target nord stream to a g, and it's corporate officers after germany gave in an agree to halt the
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certification of the pipeline. but while the u. s. and it's western allies say their goal is to make russia pay for recognizing to break away regions and ukraine, their actions. a come as at a time when they are the ones facing the highest inflation they've seen in decades . and given that russia is one of the largest producers of resources such as oil, natural gas, copper, and aluminum in the world, prices are likely to continue to skyrocket. and all of this comes as russia has spent the last several years working to make itself less reliant on the west. in the aftermath of the u. s. supported 2014 government overthrow and ukraine. now, a recent review murders found that russia's reliance on trade has decreased significantly over the last 20 years and was previously relied more on countries like than other ones. the u. k. and germany as export destination has actually china, which is now a top importer of russian goods. at the same time, beijing is moscow's top supplier of import. and the 2 countries have both found themselves facing increased pressure from the west to joining us now to discuss all
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the way this is, professor richard will post of the economic update and author of the thickness is the system. now, professor, when it comes to the u. s, the e u and the u. k, they all seem to be trying to flex their power with sanction. that aim to cut off russian officials and companies from their access to us dollar transactions or even global trade markets. but are they likely to have much of an effect given that russia has spent years working to protect itself from actions just like bes, as we understood back when these sanctions began. and i'm thinking of only as far back as the 19 ninety's because it's been going on almost continuously since then. the answer to your really good question is an unambiguous. no. did russia withdraw from the crimea after 2014, when big sanctions were levied? know that the chinese change their international or local or domestic economic
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activities after trumpet them with tariffs and trade, war and sanctions. no. these activities are now routine and the ways to get around them and to escape them are equally routine. and i think most americans, if you ask yourself a simple question, how do you think we as a people would be affected if something we did for our national security was then somehow jeopardized by sanctions? would we che then? or would we feel if anything more committed to, to what we have been doing and what we say we do in the interest of our own security? so i think the answer is these sanctions, and we don't know, of course, how far this will go. how many layers of sanctions will be put on,
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but at this point, no, i don't think it's much more than political theater. i here to impose the sanctions and there to claim how you won't be deterred by them. their effect is not big enough to deal with the issues on the table. very well, said professor wolf. now, while russia has actually worked to rely less on global trade, the world still relies heavily on russia for vital resources that include oil and natural gas. i mean, what impact are these sanctions likely to have on the world? i mean, especially as the u. s. allies have threatened to cut off the trade with russia. i mean, i know you're saying that they don't have a lot of impact here. but russia also has its own kind of fire that it can start here. absolutely. and for those who are concerned about the inflation here in this country, hold on to your hats. because if this last more than a few days, maybe a week or 2,
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you're going to see the effect. but let me quickly go through. number one. russia is a huge supplier of oil and gas, withdrawing that supply even in card. will have the effect of driving up the price and california already spends more than $5.00 a gallon to fill up the automobile. and we're going to see that go more significantly higher. that's the 1st one. number 2. since you bring everything to every store in the united states with a truck sooner or later that uses oil or gas, we're going to see everything go up in price. we already have a 7 and a half percent per year inflation. all of this is going to raise it, and here's one is probably the biggest one. every business employer in the world has been juggling this problem. i want to raise my prices because i need to make up the profits that i didn't get over the last 2 years of depression and pandemic.
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because i am paying more for my inputs, even my workers wages than are going up like prices. but they are going up for all those reasons. i want to raise my prices, but i don't want the bad reputation with my customers that comes from raising the prices. i have to have an excuse. i just got the one to lose. i can start talking about the ukraine, even though most people i talked to don't know where it is. i will talk about war. i will talk about threats of war disrupting supply chains. they all now have an excuse to raise the prices. and again carol probably the biggest immediate impact. 9 on the american people will be in the exaggeration, a like a worsening of inflation, which will make it very clear that we are going to be paying daily in our lives
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for whatever goes on in that far away place of the great, that's an excellent point and some how they just expect all of us to forget about the fact that inflation was already a 4 year high before any of this happened and were just expected to think that the impact is a mediate of all of it happening even just over the last 48 hours. now, another thing that we've seen from the binding ministration is that the 1st thing that president biden did in response to russia confirming it would recognize that you break away provinces. and then don bass region was, you then sanctioned the people in that region. what do you make of that move, especially given how much influence the u. s. has had in ukraine specifically? well for me and for folks like me, this is sadly, and i don't say this with anything other than sadness. this is a sad sign that this policy is much more about the door mastic theater. we are the chop forwards. we are punishing the russian. this image of the united
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states as the policeman of the world in this situation. you know, it looks now kind of pathetic once upon a time the united states occupied that position in the world. but it doesn't any more. and you know that something ridiculous when you're acting a role one child and you don't happen any more. it may persuade people you're being a tough guy, just as it may persuade the russian people, mr. bolton's and tough guy. but in terms of what it actually does to resolve a problem, not much as new thinker, the president biden is looking for a win medina, dealing with a scenario where eventually no one wins. professor richard will thank you so much for your time minutes. i thank you and global equity is responded to these sanctions as volatility. once again returned to the market. stocks in europe fell
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as much as 2 percent on tuesday as world leaders made announcements, but were able to recover much of the losses in asia. the shanghai composite hong sang and hong kong and japan sneak a each all losses between 1.5 and 3 percent. so here in the united states market is dropped as president biden, and sanctions on tuesday and rushes. mo, i floss nearly 11 percent during mondays tray to mid 4 and outflows. now, while markets around the world responded the following day or at the very least were flat or kind of up in the u. s. to sell off continued into wednesday afternoon . this outcomes is equities in many nations, had already felt significant losses from their most recent hive. starting out discuss the state of market with michelle snyder, the partner director of trading research in education for market gauge dot com. always the pleasure, michelle, i mean, how much has this issue between nato and russia back to investors sediment? i mean, do you expect us to go on as long as tensions run high here?
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well, actually started before the ukraine, russia, and i know that you actually inferred that before. and by the way, i just have to say, following professor walter tough act for what you what you will, that's what you discussed. so let's talk about that. we have talked about on the show really since november, that if you look at the index of the small cap that represents really the manufacturing industrial side of united states that actually started to go down well ahead of this inflation as you well pointed out as being going up steadily over the course of the year. so what this really does, besides give a new topic for people to discuss. it really now takes a situation that was very difficult to deal with, which is slow growth and high inflation. it's still labor issues or supply chain and all the rest of it. and now exacerbated to a point where that super cycle we were talking about with commodities really is here. and as long as these tensions go on,
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that will be the fuel to keep that super cycle. gaining momentum to the upside. yeah, and it feels like just one more thing, another new week, another new event. and i know a lot of times when we look at markets, we look at sort of the patterns that we're in. and over the years we have always heard that this event, or that event is priced in. but whether it be rising inflation, the future of 5 policy or geopolitical tensions are markets just reacting to crisis after crisis right now. absolutely. and there's, you bring up a good point because one of the questions that traitors like me i've always had, which is what court comes 1st, the technicals on the fundamentals. and we started to see the technical signs of this a while ago. mean, even if you look at that, really the most ultimate risks off risk on indicator which is high yield junk bonds . they started downturn in september. so these were in the work. so now with all of this stuff happening here with all these different crises,
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one after another after another. and then of course, the, just the whole skepticism of how much the united states can do to stop any of this with the low ratings where we have now with our current administration. it does make you feel really uncomfortable as an investor. and even though we've habitually been buying the dip for the last couple of years, enter the fed, that has really been yet another sign that i can't even tell you how difficult this is going to continue to be for the federal reserve. now, how aggressive do they need to be to stop this inflation and yet kill the market and the economy, which is already so limping along. all right, absolutely. if, if what professor will said in the previous segment that comes to progression, which is prices are only going to get higher. how can you respond to that? if it never became transitory? as all said and other factors are actually going to contribute to this even further . now, another thing that i know we've talked about before michelle is here in the united states, the s and p 500 and as that they're already in correction territory. while the
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doubters on being 10 percent off risa highs is about 9 percent today. are we're at risk of a bear market in 2022. and what impact would that have considering all the other factors we just talked about? well i want to look back now and history because we again, we've talked about this all of us together about what happened between the years of 1966 and 92 and we're seeing so many parallels, of course back then we had viet nam war as our geopolitical situation, and then we had the oil war, the young people, wars which really affected and the oil embargoes. and so now, even though the scenario has changed, essentially what happened during that time was the market didn't necessarily go into a fair market. it went into a saturation market, which basically means it's stagnated, and traded in a range for 15 years down at a peak of $1000.00, it dropped to $600.00. so let's take
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a look now and put those numbers. what we have right now, we look at a 40 percent range and you look at the peak of where, let's say nastic wise, we're already down about 20 percent. so maybe we can go down another 1520 percent. but at that point, i do believe that a lot of these over valued companies that we've seen will start to look super attractive. and that's where we can really start to shop around and read the range bound. not necessarily see huge growth, but not necessarily a sustain bear market either. but it's interesting because it's something that we haven't seen, at least for the last decade, which is, you know, just kind of going along flat because everything, it's always either going up or going way down right now. so michelle snyder, partner and director of trade research and education for market gage back out. always appreciate your insight. thank you so much. thank you. if you are given a choice of whether to comply with the new law or to pay billions of $1.00 and $5.00, well, you would probably after follow the law. let's be honest. but that's probably
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because you don't have the same budget as the largest tech company in the world. while the executive vice president of the european commission is now arguing that apple would rather just pay the fine, even when not fine is more than $28000000.00 in a recent speech, she said, quote, some gatekeepers may be tempted to play for time or try to circumvent the rules by simply paying off the fine. she pointed to the example of apple's fight with integers, regulators in the netherlands, where the company has been hit with $55.00 of nearly $6000000.00. because it will not allow users of dating, have to pay for subscriptions with non apple payment methods. where have we heard that before? almost every situation regarding apple, apple continues to defend the state of its current ecosystem by claiming and allowing 3rd party payments the providers would cheapen the services and threaten security, provide the customers the company has already been hit with a handful of multi $1000000.00 find from regulators across europe, but given that it's our record revenue in $22195000000000.00,
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it doesn't appear to be too concerned. so the government is finally figuring it out there, figuring out what these big tech companies are doing, which is look, they're making billions and billions of dollars in revenue for $1000000.00 of nothing to that. i mean, when we were talking about some of the stories over the last couple of years, it come out, the tech companies actually have a flush fund of billions of dollars knowing that they may face buy from global regulators anywhere. and at least if you're going to do it, make it hurt, but a lot of times the rules are you could only find them a certain percentage or a certain amount of what they do in that country. but if you want to find apple, if you want to find facebook binding, $5000000000.00, let's see if they blank, at least they're going to look up a little bit more on. well, probably figure it out in a month to come, i'm sure. now for a quick break, but when we come back to pricing, bitcoin has already been had a mid you political benches as prices remain below. $40000.00 will fill you out a slap in the crypto space. and as we're gonna break here, the numbers at the bottom a,
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been 30 years since the soviet union collapsed in miss got a lot of literature on the one to what the fuck. so shown where you also trust them with all of them. ukraine was one of the independent states that emerged from the ruins of a super awesome. when would you also get on google greens? come a little, i'm sharing a confusion from a say i can last new lucian, west, indiana better. one more law, a surface petition and finish with water the past 3 decades. when likely ukraine, eye witnesses were cool, the events, this will be more or less. so do tissue with little what are you familiar with that order? i'm not sure. but i did that for months with no idea what else? what other forces a inch emotionalism. you put in the kid
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wouldn't. oh, moody couldn't see. when is this rose ocean, then was the ocean's release boat take a look at ukraine? 30 is out the gaining independence dog with us for dinner unless you mean. yeah. with unity retorted lupe, a with lust on hold for a welcome back. us president joe biden. the notes bit of sanctions against russia did not bring confidence to crypto markets. in fact, digital currencies fell on to those geopolitical tensions over ukraine, roiled global markets. they coin regained some of those losses and or wednesday, putting it back above $30000.00. briefly before losing another one and a half percent for the day, and crude bo currencies across the market also period back steeper losses from
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earlier in the day. all of this, as canadian authorities seem to be having trouble tracking down the so called frozen bitcoin sent to protesting truckers. so let's bring in best to host and crypto analyst, christie, i an benz on to discuss all the latest, christie. let's start with you here. now the fall of crypto over the past 24 hours, haven't been anything extreme by any means, but it's not necessarily putting confidence in markets. what's the latest there? i mean, this decline is considered pretty mild for bit coin as tensions between russia and ukraine. escalate and investors are kind of an overall risk off sentiment. and unfortunately has been, and i have talked about in the past, bitcoin seems to be more correlated to the equity market these days as institutional investors have started to trade it and not hoddle. it like the original wave of bit coin enthusiasts. so now bitcoin and, and they're more closely aligned with the fluctuations and equities, while all of the other smaller,
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all coins still remain cure and free from institutional meddling. however, begwayne did take a slightly after biden announced new sanctions against russia, and bickley, investors, they've been on the sidelines that this entire ordeal to monitor the market reactions. so right now, the macro suggest that there is an overall risk off sentiment, but the big claim mechanism will allow russia to circumvent sanctions. so in the enter on the prospect of a large scale sanctions against russia could be a potential bull run for a big claim. so it's interesting to see which storyline plays out, but for now it's a speculative traders and institutional targeting. shaken out are now been, i want to go to those other stories because canadian authorities are actually now investigating tweets sent by the ceo's of cracking and coin base 2 of the largest crypto exchanges. who's investigating exactly and why? yeah, it's pretty interesting story. so it's the ontario securities commission, the o as see what they did was they essentially sent a letter on to the royal canadian mounted police and said, look,
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these 2 c e o 's are telling people how to get around of the law. because remember in canada, under the emergencies act of the government is now saying and essentially classifying anyone who gave money to those truckers including through a crypto currencies as, as helping to finance terrorism. so you have these 2, c, e o, c, e o coin basis e o cracking. and they both essentially put out tweet saying the same thing. they both condemned this act of trying to clamp down on and seize crypto account number one. but number 2, they both said listen, if you are a person who wants to do this, if you want to help, don't put your money into kracken, don't put it into a coin based. don't put it into noncustodial wallets. makes you transfer it out of those wallets. first, because if you put it into our wallets, we can't protect you. that's literally what the ceo cracking said. we cannot protect you if you place it with us. so put it in the, into those non custodial walls, excuse me, so that you can protect it better by the way. this is stuff the christie and i have been saying on this show now for years, right?
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if you want to actually protect your crypto or you want to be able to transfer it securely, you don't put it in cracking and you don't put it in coin base. well, the seals are, those companies have agreed. but what's fascinating is how those authorities in canada have seen this as essentially a potential criminal act to be quote unquote, telling people or teaching people how to not have their crypto sees. oh, that's absolutely ridiculous. that actually what i saw, that tweet from the crack and ceo, i said, immediately really been in christie, maybe and mentioned this is talk to i. but so now christie, nearly all of the roughly 20 bitcoin sent to the tally coin for fundraiser is gone from that address. the crypto currency tied to the canadian treasures protesting has been on the move, in defiance of the authorities orders to freeze the funds. so how has that happen? yes, the amazing thing about d fi, you can't really stop or freeze funds unlike these centralized platforms i've been to spoke route. so this really showcases the power of the decentralized network. they kept currencies tied to the kidney truckers have now been on the move in
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a direct defiance of the authority or any of the authorities orders to freeze the funds. and nearly all the 20 bit coin sent to the tally coin fundraiser is now gone from that address and distributed amongst the group. and because big point is not controlled by any central entity, authorities can only blacklist certain addresses and track the movement of the coin . but be unable to actually stop it. and of course, users can always just create new addresses on the fly so that they can do that. the situation can get very complicated. however, whether the recipients will be able to use the funds to easily to buy goods or services remains to be seen as we've spoken about. while the authorities cannot, vito transactions on bic, wayne and other networks they do have leverage over at the regulated companies. the coin base is the crack in the crypto dot com that serve as the on and off ramps to those networks. so of course there are always otc exchanges, but those are less convenient. hopefully the group is savvy enough to not send these coins over to an exchange like coin based cracking crypto dot com in an
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attempt to withdraw. because there the funds can and will most likely be frozen. there truly are a lot of the lessons that we can learn from all of this, from the truckers, from the crypto that was sent to them, and especially from the canadian government right now. now ben, what does this mean for crowd funding and of course crypto crowd funding moving forward? well, i think that means a lot. i mean, obviously everything that's happening in canada right now while extraordinary. and it certainly is also may become the path moving forward. not only in canada, but here in the united states, it's very possible. look, the fact that justin trudeau and his finance minister were able to essentially criminalize crowd funding and the, the raising of funds not only through crowd funding sites, but through crypto currency is something that could be immediately adopted in other countries in western democracies. so what does that ultimately mean? well, it means that there's going to be a whole new slew of creative ways of getting around this coming up. and i just want
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to say to, i think there is a certain amount of bravery encourage and it takes for a ceo of a company, whether it's coin base or cracking to stand up and say, hey, we can't protect you. so don't come here because what i think the canadian authorities one and more than anything else is. yeah, keep coming here just like you do with the banks. people loading everything into one account so that we can have an easier time season. and the ceo did something break by saying, don't come here. i do appreciate that. absolutely been last been fun and christie. i think you both for your time and insight and that, that, but this time it gets boom bus on demand on the portable tv app available on smartphones and tablets. people play in the apple app store by searching portable tv, credible tv can also be downloaded on samsung, smart tv and roku devices, or simply check it out at portable dot tv. well see next time. mm ah
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ah, i'm with the kremlin confirms that done yet. little guns people's republics have asked russia for, quote, help in repelling ukrainian regimes military aggression. it comes off to dumbass leaders, say ukrainian forces have stepped up, cross border shell fire. meanwhile, the head of the done yet people's republic denies western reports of russian troops entering the area was saying they could be brought in if the conflict escalates. further. the release is a list of russian nationals and entities that will face sanctions following the
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