might as well be might tweaking against an avalanche with with this is boom buzz though in business you can't afford to miss. i'm rachel blevins in washington. coming up to you as that is allies moved, implement a host of new sanctions against russia. we'll take a look at how the new measures are already impacting global market. this as russia central bank move to devil interest rates, while the ruble see this worst day on record for this got the latest central bank action and whether it could soon include the federal reserve was delayed attendance, an oil prices back to a $100.00 per barrel breakdown why mark is our concern and how long the latest

rally is likely to laugh. we have a pack show today, so let's get started. we leave the program with the fall out in markets around the world as the u. s. the u and the u. k. moved, implement new sanctions against russia over its ongoing military operation. ukraine . the result has been continued volatility as investors brace for the impact of the latest tensions. ortiz trinity, travis has more today. market volatility continues in the wake of the russia, ukraine crisis. western nations now ramping up sanctions against russia. with steps including blocking some of its banks from the swift global payment system. brush us currency, the rouble tumbled to fresh record lows, and the brush and central bank has raised its key interest rate more than doubling it to 20 percent on wall street. markets are under pressure monday morning futures for the s and p 500 and decks dropped. about 1.4 percent. well, futures for the tech heavy nasdaq, $100.00 declined roughly $1.00 cent. as the volatility index rose to its highest

level seen in over a year. the pan continental stock europe $600.00 also felt approaching a correction. this while china's hangs sang index retreated point 2 percent at the close of monday, trading the lowest since march 2020. the peak of the pandemic. as the market is down, oil prices are up. brent crude oil, the international oil benchmark rows as much as 7 percent to trade as high as a $105.00 per barrel. texas intermediate crude futures. the u. s. benchmark also gained as much as 7 percent to trade above $98.00 per barrel. meantime, investors are on high alert as a situation intensifies in ukraine. many scrambling to adjust their positions to geopolitical developments. for boom bust trinity chavez, our teeth. meanwhile, in russia, the rural fall, the record lows on monday, prompting the nation central bank to increase interest rates from 9.5 percent up to 20 percent. now, a lot unprecedented. it is notably higher than when the bank raise raised to 17

percent back in 2014, when it was also facing sanctions from the rest surrounding this situation in ukraine. this time around the u. s. the u and the u. k. say they are moving to block key russian bangs from accessing the swift payment system while threatening more measures in the future. however, notably the west appears to be skirting around rushes, energy sector, given how much they still rely on it. so joining us now, the latest is the most co host, christy i. now christy break this one down for us. what sparked the move by rochelle central bank to more than double interest rates? yeah, the re hike is designed to offset increased risk of rubel depreciation and inflation . so this was an attempt to defend the currency on the back of a slew of new sanctions and penalties imposed on russia by europe and the u. s. and this follows the central banks orders to ha, now halt. foreigners busy to sell russian securities in an effort to contain this market fallout. the rubel fell as far as 30 percent. friday's close before pairing

some losses, but it's still down roughly 20 percent against the dollar in the last year. and the bank also said that it would be freeing about $8.00, a $1000000000.00 in local bank reserves to boost liquidity. so all of these dramatic steps together, they underlined fears of a run on rushes banks, and already there are huge lines to withdraw. cash at 18th in russia, and the banks have reported significant outflows of deposits in a very short period of time. while it's a lot of concern that's continuing going from the top down to the average people there. now, when it comes to the measures of the u. s. u and the u. k. are taking against russia right now. what do we know and do we know what exactly is being cut off from the swiss payment system so far? well, over the weekend, the us european allies in canada, they agreed to cut off key russian banks from the swift messaging system which connects more than $11000.00 banks. now this is a very significant move, and it means that there's going to be an enormous scramble for dollars in russia.

and now russia over the past several years, they've a mass, a huge war, chest of some $630000000000.00 in foreign reserves, which is at its highest level ever right now. so this war chest will help it to withstand sanctions and losses and export revenue. however, if some of those assets are frozen, that changes the calculations for russia, because by cutting it off from swift, it'll make it near impossible for the central bank of russia to liquidate those assets. so now with this move, russia cannot deploy a good part of that $600000000000.00 that it's been carefully building up. and this means that it will block rushes ability to support the ruble as it plunges in value amid the tightening western sanction. and this was one of the most potentially crippling financial penalties now imposed on russia. so officials, they're still ironing out the fine print of the sanction, so they can limit the impact of the restrictions on other economies and european purchases of russian energy. so as of now they have not yet fully settled on which banks exactly will be cut. so while this is a very strong move,

it's not without its own gaps and possible loopholes, because experts have warned that this is also violated. the tradition of respecting the sovereign immunity of central banks. but with the details of the move still yet to be announced, it is likely to limit russia's ability to back stop the nation. thanks. yeah, and that is a notable, especially as we talk about all these measures that are being pursued. and yet, at the same time, we have the west kind of keeping away from going really severely after rushes energy sector. now, given that europe relies on russia around 40 percent of their natural gas supply, how much of an impact would have on europe, specifically if they were to target russia's energy supplies, moving forward? now kicking russia out of slip that will hurt other economies, including germany. and russia, plays a very big role in the global energy trade entrees about 80000000000 euros with the e u, which is 10 times as much as the u. s. so germany, they've initially bought that the measure as it could hit them hard and cause

energy supply disruptions that would in turn plunge their own country into chaos. so for now, energy is not being targeted and officials are still trying to be very selective with the bags that are cut off so that they do not affect the energy trade too much . the sanctions will of course, make it more difficult for russia to export energy and other commodities, but not completely impossible as to how much pain the sanctions will render on the russian economy will depend on which banks are restricted and which measures are taken to restrict the ability of the central bank to operate, and despite their efforts to limit the impact of the energy trade, the price of the oil have already jumped by roughly 40 percent over the last 3 months over concerns of a disruption. so the current exemptions for energy related transactions run through june 24th, but it can be renewed. wow. and i know we're when we talk about the energy prices, of course there's a lot of speculation there in that just keeps going more and more. now when it comes to the sanctions that are being implemented, i know we often talk about how the sanctions impact the average people much more

than they do the government and officials, they're targeting. how do the latest measure stand impact the russian people? especially, i know you mentioned with people going and trying to take their money out of bank accounts. i mean what sort of that panic look like when those sanctions become a reality? i mean, it's already a reality and it's going to be very difficult for the average russian citizen to withstand the decline of the ruble would likely send inflation story and the resulting economic disruption is saturday. the measures are as harsh as described. they could leave food and facing political unrest at home. now, analyst, they've also predicted intensifying runs on banks by russian falling government reserves, as russian scrambled to sell their target currency for safer assets. and any financial system is essentially built on trust and for citizens, they trust their national currency and they look up to their central bank to step in if something were to go wrong. but now since the central bank can't exactly do anything with the sanctions, that trust becomes broken,

and that's likely to generate financial outflows on top of the immediate effect spelled by citizens. so the long term effects will be less foreign investment and development into the country, which in turn results in less growth. certainly a lot of daycare boom bus kristi, i thank you for your time and insight and from one central bank to another. the federal reserve is just days away from its 1st expected interest rate hikes in 2018. but as the fed begins to move away from the easy money policies is that it has had in place for nearly 2 years now. it remains to be seen if and how the latest your political tensions could have an impact. for example, a top strategist from credit suisse is now comparing the current situation to the 2008 lehman brothers. crisis warning that excluding certain russian banks from swift will lead to miss payment, which will be similar to layman's ability to make payments due to its clearing banks unwillingness to send payments on his behalf. he went on to say, quote,

history does not repeat itself, but it rhymes. so to go further and just on the spring and jeffrey tucker, president of the brownstone institute, jeffrey, it's great to have you on the show today. now, what do you make of that comparison? there that excluding certain russian banks from swift could lead to action on a federal level, specifically from the federal reserve, but seems a little bit implausible at 1st. on the, on the other hand, if it's even slightly likely, the fed my rethink everything, you know, there's so many moving pieces here. and we really are talking about mid payments and subtly that's kind of reserves going to be on path to, to, to do, you know, a few weeks to flatten the curve here. very facing, incentive to, to do, to do more listening rather than, than tightening. so this, it really does change everything, and i tell you this last week, you know, that, you know, the, the fed seem to have it also up until the russia ukraine thing. and many

people, the, i'm after world bank, the you state department and the fed were very reluctant to touch the swift system . but it seems like, you know, now that with the, by the ministration tried to get serious lives appear to be serious about this. with everybody screaming dropped to sweat scratched. suddenly others had a great deal of pressure and we're going to see how the thing pan out, but it's going to change everything for the federal reserve. it could be on tap to, you know, flood of the world again with dollars just to keep the financial system alive. and keep in mind to that, despite 2 years of, of non stop crisis, we've actually not have any serious financial problems. there's been no real threat to the financial system such this is something completely different and the fed is nowhere near prepared to deal with this. this combination of factors does not exist

in any money and bank in textbook i can tell you that for sure. yeah, no, it feels like there is another new crisis and it never feels like we are quite prepared for whenever we get there. now i'm glad you mentioned last week because the last time that you were on the show, you did talk about how a crisis like the one in ukraine could be exactly what the federal reserve is. kind of looking for hoping for. i mean, do you believe that they don't want to move into the world of quantitative tightening under instead looking for an excuse to keep the money flowing so to speak? since like, it seems like that's what the ministration wants. because as bad as inflation is, we live in a world that's the terrified of recession and it sort of down to the markets. it's going to cause people in pensions where everybody is used to teen fall. when kids go up and jobs go approach and we go up. and so we really have ever watched a cultural, political,

cultural since any tolerance for the tolerating downturns at all. so, you know, i mean, it's been 40 years since we've had in public official lives that i know of to say something obvious, you know, which is that sometimes you need, you know, cleanse into the system. after after an unsustainable boom. and we'll go through a year or 2 of recession and then come out on the other side of it. i mean, that's how the wisdom of the past seems to be completely obliterated. and the entire federal reserve policy and everything associated with cisco policy and everything else seems to be devoted to avoiding recession at all costs, even if that means tolerating inflation. right? and already the markets have completed world out. the idea that the fed,

it's going to hit it's a 2 percent target this year. next for the next. i mean we're, we're, we're, we're entering into a world of, of inflation tolerance like we've, we've never seen before. i mean, i don't know what point it stops, you know, it's the c p i search recent 10 percent, 11 percent. you're going to see a tremendous amount of public anger. on the other hand, as the fed at this point, might be willing to tolerate that in exchange for which we don't go into a period of declining financials and recessionary territory in terms of overall productivity. and that's to me is really scary because in fact they might get both . that's why you're seeing the word stagflation. so much being talked about right now in the financial press is like they're trying to avoid anything that looks like a recession at all. but at the same time, i mean we've been talking about record high after record high. and so it kind of brings up the question, i mean, can these record highs just keep going up and up at some time they've got to come

down, right. i mean, what are the long term effects of sort of the policy that we're seeing right now? so here's the thing, rachel, you and this is a little bit weird, but you can imagine a world in which markets go up and up enough enough. at the same time, inflation is worrying, right, and the economy is tipping into recession. all of these things can happen at the same time. it's all about creating illusion. illusion that wages are going up even though they're going down in real terms. the idea that the markets are going up, even though they're, they're, they're going down in real terms in terms of purchasing power. so it's a shell game at this mine. and as i said, you know, just a couple of months ago, the fed thought that had all sewn up who's going to dial back to quantitative easing. we're going to raise interest rates, you know, and that will fix in place. i never believe that for a 2nd. this new conflict with russia and ukraine changes. absolutely everything

and, and i already the markets are expecting for fewer rate hikes over the next year than, than they did just 2 weeks ago. i'm really wondering and that's going to continue to be back and we're going to see the fed say ok, no, no rate increases. for now we're going to wait to the cases passes. we're going to hit the timer. the same thing is going to happen, hit the same thing. so have we been here before promises promises and it never happens. all those promises will continue to follow them to see what they actually decide to do. jeffrey tucker of the brown stern institute. thank you so much. a very quick break, but when we come back, oil prices are on the rise in the wake of the ongoing conflict. the new frame on the other side will discuss the latest rally and how long it's likely to last. and as we go to break, here are the numbers that the quote mm hm. mm.

and a notion of stories. even the news worth knowing can overwhelm, you know, you can even lose your way. i know you want it all. so let me bring you the best in it's easy, just press play. so i like it when the host asked the question for the guest and then actually listened to the guess answer and then react to that answer a false dennis wheeler. here i've got a new shot american farm and the american farmer facing more challenges today that at any time in my lifetime and probably your import. someplace like rude canada and mexico are

forcing the american farm on to a place. they can compete $10000.00 american farms go bankrupt every year. as a result. we're gonna talk about that and so much more coming up on steve brewers forgotten america right here on our t america. mark twain said, it's easier to fool people than to convince them they've been fools. that could be why america is so divided because people have been fed fake news paid for like corporate interests. they beat you down until you leave their fairy tales. well, here's a story, it's called a big and it's full of fat bitch with ah,

welcome back. oil prices have continued to rise with the international benchmark bank crew rising as much as 7 percent did a $105.00 per barrel on monday, before settling back around a $100.00, even while the latest sanctions against russia haven't moved to directly target the nation's energy supply, they have driven concern over their impact on the global economy at a time when demand is still struggling to recover. so how high will prices go and what will the latest tensions mean for the future of supply? well, joining us and todd bubble, horwitz cheap market strategist at bob training. bob i, it's always great to have you back on the show. now, i know we've been kind of flirting with the reality of a $100.00 per barrel for weeks now. so what do you see is driving the latest rising

prices and how are the new sanctions against russia playing a role? hi rates. i'll greatly back with you. listen, we oil is going higher and has been going higher since the election. you know, it, once we gave up all of our own power to produce oil through fracking and shell producing, we became dependent on saudi arabia and they are not going to produce more oil. right now you're seeing a little bit of a driver of fear because of the uncertainty in the world, not because of what energy that russia would supply. okay, so really oil is going higher and i think there's probably a better that even when a chance that we see and brand new all time high, which is closer to 150 a barrel. unless we do something here to change what we're doing and it doesn't appear that this administration wants to make any changes to their current ridiculous argee policy a and said, they just want to call on opec plus and complain about what they're doing. and you

know, it's interesting because when we talk about the united states and saudi arabia, we always talk about how they're close allies. but it kind of seems like saudi arabia is saying, hey, you as you're on your own on this one. right. and they're kind of going more towards what russia is doing, even in a case like this, where tensions are so high. so i mean, where does that leave the united states? you would think that president biden would have a little bit more of a plan right now. right, well i mean, i don't think he has a plan. i think that the entire administration's clueless when it comes to inflation. you know, we have a federal reserve that won't do anything about the inflation and, and hopefully they won't do it right away because we have a simple solution. we can reduce harmful lation in 5 minutes with a signature on the present, but they don't want to do that. they want to continue to hold up and can you know, right, nasty letters to a prince in saudi arabia saying, can you make some more oil for us? i mean, this is a, this is almost level because saudi arabia, although an ally, is really more of an enemy. and what would loving to you love more, the z,

the united states struggle? because right now, the only 3 happy countries in the world right now are china, russia and, and, and, and you is saudi arabia, with the exception. russell's going to somebody sanctions. but we forget one thing that russia is a big weak producer. and that could cause another problem down the road. yeah, i know whenever it comes to their exports, i mean, are there concerns that it will still be impact aid even though in kind of got the u. s. in europe saying, hey, we're not really going to directly target your energy sector, is there still major concerns about russia's exports and how that could impact oil prices, especially when it's when we're in a situation where it seems like any possible little thing has a major impact on the state of the oil market. well, i don't know that, right? as i said, something russia will have a major effect on the all market. i think the rhetoric and propaganda coming out of washington and i guess i must, there must be election coming up soon. because obviously we're seeing how these things come out suddenly. but i think when you're looking at the bigger picture,

russia has a very little effect on us for oil. now, certainly, germany and you do you care going to suffer greatly because russia is a big supply, hurt their natural gas. and if there is problems, they can't get things out and you, you shut down the swift system. you're going to have some real real problems there . because how are, how are they going to get their heat and the in the natural gas that they need? so i think there's a lot of issues here, but i think oil is more running a little bit on fear, but we're going hire no matter what we were over a 100 last week and we're going to get close to it again this week. i wouldn't be surprised because i said to see all time you, isaac, be resolved on. yes, certainly seems like all of the pieces are there for the puzzle to be put together . now another story that i wanted to touch on when it comes to all the reaction here is the fact that b p announced that it is offloading it's 20 percent stake. and the russian oil giant ross net, which will cost the british company around $25000000000.00. i mean, what is behind to move like that and does it benefit b p in any way?

well, i may benefit them from maybe looking good, but let's see if this is just lip service or has is going to be real. you know, a lot of people say a lot of things in the heat of the battle and to make sure they look like they're on the right side of the battle. but let's see it, it really becomes part of it. let's either willing to take that $25000000000.00 hit and let's see if it doesn't cure it's all about before it's all sudden done. again, remember, a lot of people say things that they don't necessarily mean that the moment they sam and it could be just for, you're almost not political but to make their company look better for the moment until things settle down a little bit. yeah, their p r people are certainly talking there now. lastly, i know you mentioned that you're predicting oil possibly going to record highs. we've got president biden's state of the union address coming up this week. so i mean, what does that look like for his administration? do you expect them to actually do anything in the month coming forward,

especially when we're talking about an election coming up? well, i don't think they're going to do anything, but i know that the senator hall is bring as trying to bring a bill to floor, to allow us to go back to create our own oil. and i would think of it and get it to the floor. there's a real chance could pass because many of the moderates, you know, they don't want to lose the election and they're already and pretty much severe trouble here. so i think, you know, but you, when you start taking away the ability to earn for people, wages are not as your previous get. so said inflation is skyrocketing and shelves are empty, the supply chain is broken down. so we are in recession, you know, we may not see it yet, but we are in a recession based on all the things i just saw g grade, and that as though he has taught her as and by the training. thank you so much for your time. by directional and as tensions here on earth continue to rise between russia and western nations. it is largely been confined within the atmosphere. but that could soon change. according to the director general of russia is equivalent

to nasa who claims that the recent wave of sanctions from the united states could threaten cooperation between the 2 powers on the international space station. the heightened sanctions come as the longstanding project is entering its final decade of operation as the i s s is set to be decommissioned in 2031. now the hope is that the united states will transition to a privately operated space system sometime in the coming decades. hopefully, they can work out those disagreements before they get all the way to space. that's it. for this time, you can catch boom bus on demand on the portable tv app, which is available on smartphones and tablets or google play and the apple app store by searching portable tv. portable tv can also be downloaded on samsung, smart tvs, and roku devices, or simply check it out portable dot tv will see you next time. ah

ah. something for you on your sports h q. i guys, i made a professional, is powerpoint show you how are to america fits into the greater media landscape ortiz, not all left. all right, but we are a solid alternative to the bullshit. we don't do liberal or conservative. and as you this bar graph, we owe to you the facts, either talking had left east talking had righties. oh, very go above it all. look out world. archie, america is in the spotlight now. and frankly,

i have no idea how to classify as it actually took me way more time and i care to admit ah, our culture is a wash and lives dominated by streams of never ending electronic hallucinations. that birth fact and fiction until they are indistinguishable. we have become the most eluded society under politics. it's a species of endless and meaningless. political theatre. politicians have more in the celebrity are to ruling parties, are in reality one party to corporate. those who attempt to function this vast, restless universe of fake news designed to push through the cruelty and exploitation of the neo liberal, important, are for so far to the margins of society, including by a public broadcasting system that has sold its soul from corporate money. that we might as well be mice squeaking against an avalanche, but sweet,

we must and mark twain said, it's easier to fool people than to convince them they've been fools. that could be why america is so divided because people have been fed fake news, paying for like corporate interests. they beat you down until you relieve their fairy tales. well, here's a story for you. it's called the big and it's full of fats, not fiction. with a i'm just even term as governor minner. so when i was on the front lines against the political walk, a strangled american politics. i'm still in there. white question more.

ah ah, good evening and welcome to the news on rti america. i'm fair in france. i'm bringing with the headlines from the rti america studios right here in our nation's capital. here's the headlines were digging deeper on. it's the 1st of its kind in 40 years and only the 11th emergency session and you and history. so what happened tonight at the united nations plus that special session puts china in the hock. see why the united states is having a little bit over china's reaction to the situation and in ukraine. and finally, at the end of it all, it's all about the money, how the crisis in ukraine could affect the bottom line for every day americans. the news on our team. erica starts right now for.