who is the aggressor today? i'm authorizing additional strong sanctions to day russia is the country with the most sanctions imposed against it? a number that's constantly growing. i think you fitch, us little in was the question. as you speak on lennon. louise senior mostly mind the we're, we're sheila, we're banding all imports of russian oil and gas news. i where you're suffering of high. i mean, i know they plenty of those lower griffey feds at the super bowl with joe biden and imposing these sanctions on russia. jo has destroyed the american economy, so there's your boomerang. huh. ah, everybody, i'm rick sanchez. you know, i've been doing news for some 30 years and 2 different languages all over the world . and obviously here at the united states and i've interviewed for us presidents

mikhail gorbachev and fidel castro and started afford $1000000000.00 business. so i have learned from all of those experience that if nothing else, we need to be honest, news should be honest. it should be direct, it should be impactful. this show we do it. and it's called direct impact. ah, i want to start with this. there's something that to few people are talking about in the establishment elite. in fact, what they are talking about is the complete opposite of what they should be talking about. yeah, i'm talking crypto because it seems the whole world continues to talk crypto. so what they say is that this fella, sam, bank, men fried, is an example of something that was caused by the crypto currency. the revolution,

right? they say the whole block chain, crypto movement now has to be changed. it has to be regulated, has to be controlled. they say crypto needs to operate more in line with how, for example, banks operate and other equity in financial institutions operate. and by the way, to all 3 of those assertions, most if not many or many, if not. busy most in the non establishment community would say no, no, and hell though. are they right? are they right? let's look at this. by examining sam bank men freed himself for as his buddies in the media establishment and politics. mostly democrats, by the way, call him s b f. s b a for the record. i'm gonna share something with you personal here. now, when, when someone has been found to have committed despicable acts, my rule is simple. you don't call that guy by his initials. you know,

just like i would never call james or a rental james simpson. oh jay, i don't think it's a good idea to call this guy sam, bagman fried, asked b, f. seems almost unbecoming like were pals or something, right? which, by the way, to a certain extent, there is some truth to that. it was a palsy, wells ego situation going on between s b, f, the media, certain pull, politicians. what, what i will call him, by the way, is someone who appears to have stolen the life savings of his depositors by investing it without their permission. right? not, not. hello. you've got to tell them if you're going to do this, he didn't mean, why was he depositing it in the 1st place? asked a great question that we're going to try and figure out as we talked to people who, who say they were actually swindled by him. by now you probably have already heard

of bank been freed, but in case you don't know his story, let me just give you a little bit of a primer. okay. we'll try it now. put some pictures up so you can see what we're talking about, which are in and of themselves. somewhat ot beckman fried is a 30 year old founder of f t x, as well as the crypto trading firm, alameda research that's important. f t x collapses. and then it's revealed that its value was. busy but gone, and much of it had been pumped into alameda research. even though the clients who bought f t x had no idea that alameda was even in play in this case, to what they believe in f t x. well, that's interesting too. famous celebrities vouch for it. i mean, they went on television, they did television, commercial sports teams, used f t x on their stadiums. the arena's like the one that the miami he was playing and the company has now filed for bankruptcy, has f t x. but in the process of building the company that most call, a scam bank,

min fried, made 26. some argue as much as $36000000000.00 seemed to indicate the bagman freed has no material wealth, but before his wealth disappeared, bank men freed was a major donor to us politicians with a special emphasis by the way on president button and the democratic party for what it's worth. fact, he was the 2nd largest individual donor to president biden's campaign itself, personally donating $5200000.00 on top of the other $40000000.00. he donated to other democratic candidates during the mentors. friend who is now under serious legal hot water has been doing a series of interviews without even his attorney present. interesting, interestingly enough and looking much like he did in the past, what work to shalt a lot of people look at you and see bernie made off. yeah.

i mean, i don't think that's who i am. i know at all, but i understand why they're saying that people lost money and people lost a lot of money. and i mean, at the end of the day, well, there's a question of what happened and why, and who did what? on what caused the meltdown, and i think that is reads very differently, right? when you, when you look the classic bernie made off story, there is no real business there. the whole thing, i, as i understand it, i think was, was just 11 big ponzi scheme rate f t x. that was a real basis. joining us now to talk about us is our president and co founder of our approaching capital. aah! david towel. thanks, david. for, for joining us, man, there's so much to talk about. first of all what, what, what do you make of the sky?

ah, sam beckman fried or as his buddies in the media column. s b us it, if there was a hearing, i'll start with this. there was a hearing the other day in front of the house financial services committee by the chief restructuring officer for f t. x. was the witness at that hearing. and he just said it was plain old embezzlement, good old fashion, embezzlement. and that's really what it was. you know, the structure is, i think not so important. what is important is the fact that the entity within which depositors customers investors were putting their money was entirely ok. there was no production of documentation. there was no updated financial statement sent out. there was no audit. and. ready so therefore, there was nothing that the customers or the investors or the depositors could go on

except for the word of san banks and free. and so, you know, like a snowball. there were a lot of prominent folks and institutions back this. and so therefore, on the basis of the prominence of those at these institutions, lots of other folks followed in i hear what you're saying. here's, here's what i think happens in cases like this with, with, with bank been freed. it seems to me and, and most of the people who are much more into crypto than i will tell me what fascinates them about crypto. the, the reason for being and crypto is because they want to separate themselves from lending institutions, banking institutions, hell establishment institutions in general. and they also don't want to feel like they're tied to the government who could at any time know exactly what they're doing and know how much money they have and what they're doing. and, you know, let's face it, some people are doing this because, you know, they, they'd like to pay fewer taxes and that's

a part of the game as well. so essentially what bank my friend was doing was the opposite of that. i mean, he had an exchange, right, an exchange that in essence was acting like a bank and he took people's money deposits and then spent it without them knowing that he was doing so. in fact, what he did was worse than what a bank does. ok, so let's, let's back up a little bit and unpack it a little bit further. ok, so the exchange was actually a place where investors could go ahead and invest in futures contracts ok on the basis of crypto currencies. so f d x was for facilitating investments on both sides of trades for futures values in crypto currency, very script the currency for bitcoin all the way to the more you know, all

a dodgy ones and don't quite ok. and so in order to go ahead and back those futures investments, you would have to go ahead and put up collateral ok, you'd have to put up either cash or you'd have to put up the actual crypto currencies. and so that's what people would go ahead and do so. so let's pause and say that f p x was not just a custodian. it wasn't a place where you parked your quick though, although you did that as a function of investing. but the primary reason you would go ahead and. ready involved with f t x is because you want to use f t x services in order to be able to go ahead and invest. now. the s t t coin is actually, it makes a lot of sense. it's according that represents access to the f t x platform. and so therefore, the more f t p course, you own, the cheaper the services that you're going to pay for. or i'm sorry,

the cheaper price you're going to pay for the services on the f t x platform in order to go ahead and trade. now, here's where it gets back. what happened was alameda, which is also owned by sam bank and fried which is a hedge fund or an investor on the f t x platform had no constraints around what it could do. and frankly, what type of collateral role or posting requirements it had with respect to which investment. so if you are, i were trading on f t x and we added a trade that was particularly bad. the exchange would immediately liquidate whatever it is that we had on the exchange in order to satisfy the call on them. a lot of bad trades lost a lot of money and in turn caused f p x to lose a lot of money. and that's where everything broke down. now also you had mentioned

this, but let me highlight it. alameda took alameda actually took money out of or value directly out of f t x and put it into its own fund. right. that's straight upset, right? you put it here, you clear my bank, i'm going to take it home and you know, buy, buy a car with it that you can to do. here's the thing that concerns me and i don't know how you feel about this, but it would seem to me that what he has done is almost opened a path for all those people who've been and the crypto empty block chain forever to now come in and say how see, because of what that guy did. now we're going to go in and we're going to control these things and we're going to overregulated, etc. is that a concern? do you have that concern? oh, sure. i mean, a blow up like this goes ahead and emboldened the naysayers. you know,

that were hanging around and, you know, when the coil was at 60000, you didn't hear those voices so loudly. but now, you know, after all this, and it is now 16000, you know, certainly that chorus, you know, it's quite loud. but you know, there is a much more, you know, philosophical and existential conversations have year. which is crypto currency is really supposed to be a decentralizing function. it's supposed to take things out of the hands of humans and put it into the hands of immutable ledgers that i've told the the awe. in 1935 fem,

ethiopia was the only fully independent state on the continent. back in 1896, its inhabitants were able to defeat the italian colonies and defend their independence. since then, rome craved for revenge for the humiliating defeat. in the morning of october, 3, 1935 without any announced ethiopia, and bombarded it most severely. ethiopian armed forces fought courageously, but the brutality of the italians knew no bounds. they use not only massive bombing attacks on said weapons, toxic gases. this change the course of the war. as a result of the occupation of ethiopia by the fascist 760000 people were killed. the capture of the african state was committed with europe's tacit approval. britain and france recognized the annexation giving the green light to further

fascist expansion in the world and paving the way for the outbreak of world war 2. ah, march the 112011. the largest earthquake ever recorded in japan is registered. a 14 meter tsunami devastates the fukushima de ichi nuclear power plant with the nuclear orient as a flooded sparking and horrific disaster. with vicki milk in the middle, a little belief, as much vio, an italian journalist, living in japan, decided to go to the area of the nuclear, down to the shima, immediately about a job like office. i'd love to talk to

somebody about the with that because at this hour american to disarm iraq, to free with, we will bring to the iraqi people, food and medicine and supplies and sleep with no 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 does that conflict with the 1st law show your identification. we should be very careful about artificial intelligence. and the point obviously is to create trust rather than fear a take on various job with a robot must protect this phone existence with a k. welcome back, i'm rick sanchez. so here's the thing about this whole ugly scenario with sam bagman free. it may end up causing legitimate crypto establishments to pay for what he apparently did. remember crypto supposed to be a movement away from government and big, big bank control. as we mentioned, the essence of crypto is to create a system where people can move trade and even use their currency without the

government being able to keep tabs on taxing it unnecessarily or telling you what you can do or what you can't do with your own assets, but it can take even a casual look at what sam bagman freed was doing. you'll see that it was not in line with any of that. in fact, he was in fact acting as, as a bank, right? that recognise, especially as americans it is probably not good for the us dollar. our banks and our government would the crypto movement and more to the point, the block chain movement somehow change that order. so you know what, it makes me wonder and let, let me bring you back into this. if i can, david, it makes me want her part and blushing. correct. and i think to be honest with you, when it comes to exchange is going forward. i think we're out of point in the

development of crypto, where the hardware needs to catch up with the software. what i mean by that is, people don't like this idea of i have to remember, you know, a crazy set of words. you know, or keep my big coin or crick doe safe on a thumb drive. and if i lose it, i lose all my money forever. they don't like that concept and they want to give it over to somebody else that they think is more trustworthy. that the hardware community is now going to come up with hardware solutions, which are going to allow you with comfort to keep your assets. so you don't have to hand it over to an exchange to hold. and there will be ways where whether it be retina scans or thumbprints or i don't know what that are going to go ahead and make sure that you can keep your valuable crypto to yourself. without entrusting it to another human and allow for this crypto currency revolution to move forward. now

let me ask you the next one, and here's where i'm going to get a little conspiratorial democratic party. do you think it's beyond the realm somehow? there was some kind of collusion here that may be someone's. busy somewhere thought of this plan. i know we'll get this guy to go in there and screw with a lot of people's funds and assets and crypto exchange. in that way, forever more people will be afraid of crypto exchanges and therefore out with the crypto exchange back to the dollar. what do you think? when someone's giving you money, you don't usually last too many questions. but the other thing is, you know, with all schemes like this, you know, as the money is coming in, you can easily go ahead and sweep a lot of things on the road. right? you can kind of, you know, kind of plaster over a bunch of holes that exist in the system and, and let me make

a very important point, which is there is clearly a failure here in terms of legality and regulation. ok. i don't care who individually gets pointed a finger at but collectively our lawmakers and congress, our regulators throughout the various regulatory agencies such as the fcc, the c, f, t c, the department of treasury and so forth. those folks collectively need to go ahead and take responsibility for some of this and di, silo the world because troops don't live in little need boxes everywhere. i'm looking for you again right here, where i hope to provide a for

a ah need to come to the russian state. little never the. i've stayed as i'm phoning most. i'm skiing with 55 with we will van in the european union. the kremlin. yup. machine, the state on to russia for date and r t spoke neck, given our video agency, roughly all bands on youtube. and pinterest said with

a she took a long with the stitches alone on the wall. no, she sequential. lindsay for you to. yes. new was in the one which is a cut that skip ownership, yet a new also say i took ownership decision. ah, by your promotional session is a question. so that helps to deal with that there's a line out for, you know, show, but sure me on my schedule. so,

but i'm not sure if this is your spirit shirts. such a bear with . mm mm. what are you crazy? yes. or to come up with my friend that did i wasn't broke and i wasn't able to like to say for anyone. i good. i met wilson, 2030 god, which really in my way to make me start talking to willy waiting for me with him. i'm happy that i me find

is really little john. you can because he is i'm not gonna make it ah, the emerging multi polar world bring long time regional rivals, iran in saudi arabia together as they agree to resume diplomatic relations and reopen their embassies. a move with enormous scale political implications. a run on the bank in the us lead scores of companies and individuals holding the bad as the country's largest lender to collapse the 2008 financial crisis. they shut down by federal regulators. fragments to help the shell went right through the car right here and right through this seat. as you can see, the blood is still there. a father and son are kill them. don yet got.