Skip to main content
Internet Archive's 25th Anniversary Logo

tv   Boom Bust  RT  June 4, 2021 5:30am-6:00am EDT

5:30 am
pocketing it, skyrocketing no more or isn't thursday amc announced that it plans to sell more than 11000000 shares amid the trading frenzy in it. stock on that news. amc stock actually dropped some 7 percent. the stock was put on a roller coaster throughout the day. even reaching a new high of 67. a before finishing closer to $51.00, amc has embraced its new status as a mean stock is kind of the king of the mean socks right now. on wednesday, the company launched amc investor connect for its retail investors, providing them with exclusive promotions like a free trouble popcorn and direct communications with ceo adam iran who has been dubbed silver back. it shouldn't come as a surprise that a stock sale would decrease the price early in the day for amc stock. a share sell from a company up and hurts the stock price in the short term as it dilutes the number of shares outstanding. amc set of plans to use the money from the stock sell for general corporate purposes, which may include pain down existing debt and acquisition of theater assets. well, in yet another move in the crypto currency space,
5:31 am
the biden administration wants to know more they say about who is investing, especially if they are foreign to the united states. that announcement from the treasury department says it has a proposal which would force exchanges and wallet providers to report for an individuals with accounts to the i r s. with this information, the u. s. government could turn names over to other governments in exchange for names of us citizens who may be dodging tax liabilities by hiding assets overseas for the story and the latest on the crypto market. let's bring hosting crypto analyst christy. christy. this is an ambitious plan to get the cooperation of global nations to, to share crypto data is the truth behind this. it's really got nothing to do with foreign investors. it comes down to the by the ministrations bite in administration saying we want info from you on every american who hold crypto overseas. exactly, i mean, the essence is they're trying to create this giant stitching ring in order to catch us citizen harbouring or store and money abroad. but here's the problem,
5:32 am
as has been the problem for the past. however many decades, very few countries have publicly stated that they're willing to cooperate with the us. and why would they what their incentives a few more tax dollars? because there is no real incentive here for other countries to cooperate or participate in something like this smaller countries like malta, estonia and even crypto friendly countries like switzerland and japan. they benefited handsomely from its loose regulations that allow them to attract capital to their shores and become the crypto hub. so crypto well has given them an opportunity to develop build supporting infrastructure and as contributed to a massive innovation boom and a launch pad f r. i c o and i e o, f t's. so these countries have no incentive at all, just pop with the u. s. and be in on any sort of tax deal, because then they wouldn't be attractive to crypto company, the high net wealth individuals who they benefit off of other smaller countries. and especially tax havens such as cayman islands, who are dependent on dollars and offering business for their economies. will
5:33 am
furthermore be disincentive eyes to join. so there's absolutely no reward for them . and in the process, if they will lose business or, and, or destroy their economy. it's kind of interesting that the biden administration is taking such a huge interest in crypto when previous administrations kind of denounced. that is a fad that even is current administration has called it to mania. speculation saying the big coin and that other crypto is not a real asset, but at the same time that they're saying that they're acting very differently, especially in terms of the i r. s. right now, it seems like there is this enormous appetite to go after crypto holders to go after investors to go after anyone who has crypto. because uncle sam believes that there is a fair share there somehow being denied. exactly, and the thing is if somebody is not an acid, it can't be taxed. so right now, the binding ministration is trying to have their cake and eat it to. it's the double peak of politicking at its very best denouncing big point because it's
5:34 am
a threat to the current monetary system and calling it why a lead, dangerous speculative, bad to be avoided. if you don't want to lose all your money. but then at the same time saying that it's not a sound at that, but you know, we want to tax it to so therefore it is an assets. so they're kind of walking back on their word saying that it is now and ask that because all of a sudden the big industry has ballooned into a $700000000000.00 and untapped tax revenue. so it's so hypocritical, and of course is, is of course, to fund his last the american family's plan, which completely goes against any basic responsible principle budgeting and fund management. because usually you have your funds and then you decide to allocate it and piece it out to all your project and budget things out. and i don't know when we decide to just flip the model and go the reverse, where we put together wishlist of everything we want and then go try to find the money to then pay for it can now does scrambling to make more money in the short term to cover the budget, which usually leads to very poorly made ill informed decision, such as this is going to create a global crypto tax reporting team,
5:35 am
which is very poorly conceived. so we'll see how the implementation goes there. and also to just top things off, all of these crypto recording games are all under the guise of preventing money laundering, terrorist financing, cyber attacked and ransomware you talked about. so that's all false because if you really wanted to prevent things like that, you should look more into regulating simulation of the usb, which is the current, the of choice. so all of that is just basically window dressing when really this is to reverse the effect of the wealth redistribution. that big point has started over 10 years ago. us the actual currency of criminals. let me ask you this. i have a theory and i want to run it past you, which is that the biden administration and is going to take the justice department by the way, is going to take a hard line stance here. and what they're going to claim is that because ransomware and the threats of ransomware and these criminal organizations that are operating using crypto currency, they're going to say that they have to be able to eliminate all privacy behind coins because that's going to be kind of the catalyst here to protect against
5:36 am
ransomware. do you think that will go anywhere and what would be the process if that were to happen that the feds would take? i think that is something that is of concern because there was this portion, there was a time here when actually in manero the caching, although they got the listed from exchanges because they were, it was illegal to have privacy coin coins that basically obscure the transfer of who was the sender and who's the recipient? but what i think then as while these coins will take an initial plan because exchanges of course will be forced to comply within the actual industry of the crypt over i think it would actually make coin more valuable. because as privacy become an asset and it becomes something that we hold dear, if it's threatened, then i think that that will actually make these coins and technology such as number one more isn't more valuable to the entire group. so although those quite likely take a big price, dropping d listed from exchanges and no longer having to look what he once had. i do think that over time, people will start to realize that these privacy points,
5:37 am
they are the space to be in place to be in. and i also think we're going to see a whole new round of k y c. know your customer rules and regulations coming this way, boomers co health, christy, i thank you or earlier this week, we've told you that germany is opening talks with the united states over the north stream to pipeline. it's a pipeline that sends natural gas and oil directly from russia down to germany. so just how close is the pipeline to being finished by 100 kilometers or 62 miles rushing, deputy prime minister alexander nova told reporters on thursday, quote, we hope that construction works on nor stream to and it will be completed by the end of this year. washington recently removed sanctions on the company building the pipeline. though many members of congress continue to oppose that pipeline, insisting that by sending gas and oil directly germany, ukraine will be denied much needed gas transit fees. the st. peter's where economic forum is underway in russia, where many of the biggest names in business are coming together. leaders and
5:38 am
thinkers, from nearly every industry are trying to figure out what the world will look like. as we look forward to a post pandemic world, r t u shap alova is at the event where she was able to catch up with the ceo of bio cad, the company behind rushes. sputnik v vaccine, the willing to switch over model. mr. morales of thank you for joining us. could you comment on the global situation with the vaccines? how much do people in other countries trust to russia produce vaccines and in particular, the sputnik, the vaccine the situation on the mobile axis market is not an easy one. obviously, none of the manufacturers were truly ready for the task. when i said this before, and i'm still convinced this case, we all know there had been vaccine delivery delays in the european union lamps end in latin america. one of the vaccines was even suspended temporarily from use. now it's back on the rollout track after the issues have been sorted out. so the
5:39 am
situation overall is not easy. what i can say, however, is that we know now from our contacts on the international markets, as well as through the russian direct investment fund, which is helping us a lot and is actually spearheading the promotion campaign force. but the internationally, we know that there is a great demand for sputnik v. that's a lot of countries we've had context with wish to have supplies of the sputnik we vaccine in their health care system to bring your card. because your company produce enough button to supply the export demand, to fish, neighborhood and to an extent that's what we've been doing. so yes, of course, could we? well, we already are national looking room to ship review with me a very good in russia. we already have a number of registered vaccines approved to be effective. do we need to develop new one, say, for specific demographics or what effect on this one? i think we should always be developing something new. not so much for certain
5:40 am
demographics, but just to be ready for new challenges. as we can see, there are new strains appearing, and we can't always say for sure which solution will work best against the new mutation or a new virus. so i think it should be a continuous process with technology platforms constantly updated and improved most of the chinese when the company. but last time we met with in november and you assured me that your company, bio cad, could produce as much but it v as needed for our country. it's been a few months since that, and the coven situation is improving, of course. but the panoramic is still a concern. many companies have moved all or part of their staff to work remotely from home. under these circumstances, have you been able to deliver as plan of a lot of things in our company, the administrative staff mainly work from home. but those involved in the production worked on site of course, and the answer is yes. on may 10, we delivered our product to the gum,
5:41 am
les institute in the scope captured by the government contract. we're now waiting for it to undergo all the necessary checks after which it will be approved for use in russia. so we fulfilled our contract obligation aside from the st. petersburg, international economic form is in full swing. there are so many guests here. last year it was cancelled. what would you say is the key message and the goal here this year? for summer, i think the main message is that everything will go back to normal. our daily lives should go back to how we remember them. my numbers will have to adjust our behavior because of the pandemic or other challenges, that's for sure, but everything will eventually resume its natural course. but we will keep meeting, share expertise and ideas and everything will be well, thank you very much. well, thanks for the time now for a quick break, but when we come back, the federal reserve says it is now selling billions of dollars worth of bonds in e t. f. that it bought during the pandemic to save the economy. that's what we're
5:42 am
told. we'll discuss whether or not it really did that and who gained from the spending as we go to break. here are the numbers at the quote, the ah ah, look forward to talking to you all. that technology should work for people. a robot must obey the orders given it by human beings, except where the shorter does that conflict with the 1st law show your identification. we should be very careful about artificial intelligence. the point obviously is to great track rather than fear i was like, take on various jobs with artificial intelligence,
5:43 am
real summoning the theme in a robot must protect his own existence with exist the the i don't know, i mean i some steps in there were rescuing the food that they were scabbing or where were rescuing resources that are still good. this is best by march 21st, which is in 2 days. all these potatoes, power panels, onions, all of these came from waste round sources. this is great for me because i'm always looking for a way to give things away dr. because the tax laws, you know, definitely do benefit the wealthier people in our society. so that makes sense for
5:44 am
them to throw it out right off rather than give it to somebody who could use it, then that person is not going to buy it. when i was shot the wrong. why don't i just don't the room yesterday out the thing because after an engagement equal betrayal, when so many find themselves will depart and we choose to look for common ground in the the the the
5:45 am
the, the, the ah, all the all the welcome back, the federal reserve made a major announcement wednesday, then it will begin winding out a program that purchase tens of billions of dollars of corporate assets during the pandemic. the fed said that it was showing up the economy. so what does that look like? will consider this, the fed currently holds $13700000000.00 worth of corporate assets, including more than $5000000000.00 of corporate bonds and another $8500000000.00 worth of exchange traded funds. headlines today,
5:46 am
claim that the fed use the program to quote, save the economy, but did they bring on top your marines? the c, e. o optimist l l c, and michael pinto, ceo pinto, portfolio strategies. michael, let's start with. the fed claimed that what it was doing was crucial to businesses during the depth of the recession. what do you think that this program actually do? what was promised? was it good for the economy or wasn't just good for a few big corporations? well, i mean, let's just not argue about whether it was needed right after the panoramic broke out. let's just say it was for a few months. why is this fed still printing a $120000000000.00 a month? why did the fed prince $7.00 trillion dollars work to increase his balance sheets since 2008 balance sheet went from 7 $100000000000.00 to almost 8 trillion dollars? enough is enough. what they have done, as usual,
5:47 am
is rude. the lower middle class and the poor of this country and created a magnificently yawning well gap and then cries about it and saying, well, we have to print more money to decrease that gap that they themselves are responsible for creating. that's it. michael, use the term screwed. i think it's supposed to be active, present term screwing, right. because it doesn't seem like it's changed necessarily. if that's if that's the point of view, right? the, the process has not yet changed. we're still in the middle. i was going to get in trouble for savings through but you already got my changes. okay, well, we want to make sure we'll and we'll and we'll continue to screw because we're not going to even talk about tapering yet. probably till jackson hole, wine down there, 120000000000 dollar month program. sometime 2002. maybe we hope and then we'll not rate interest rates of 0. 2024. meantime,
5:48 am
whole price in europe 21 percent year we're the morning prices are up 60 percent year over year and we're going to keep on going until the bed really another deflationary depression. graduation said, great job, a capital with bring you. and here the fed says that it plans to start this process with e t f with the selling of corporate bonds to begin later the summer. how do you think this program has worked so far? well, i think you just have to look with the numbers and they're very telling. and then michael points out, the enormous amount spent on buying government tax and mortgage backed securities and things of that sort. but when you actually look at this specific program and buying corporate bonds and buying e c, f, the whole corporate bonds, the numbers are $13.00 to $14000000000.00 out of the total universe of us corporate bonds as over 10. truly, you know, closer to 11 trillion. so if you do those numbers and i don't often do that kind of mathematics, but you divide one by other, you get about point one percent. so that is what the fed bought on,
5:49 am
on the corporate side. so it's sort of homeopathic dosing, it's not really relevant. this particular program is, is just a long program. it has not, it's such a small part of the federal balance. and it's such a small part of their role us corporate bond market. that is, is just, it's not worth mentioning, tommy, they said all this talk, if we're talking about the economy in general right now, right. that the economy is growing again. it's faster than expected. and so there was a lot of kind of back slapping today in washington and people saying great job the economy is moving forward. meanwhile, were watching many, many businesses that are not reopened yet. and we have all these reports from across the country in places where workers can't be found. and there seems to be a shortage of workers right now in a lot of this is being attributed to increased and continued unemployment benefits that are going out. what is it going to take to be able to get people into jobs so that small businesses can actually restart?
5:50 am
why i think that's, that's a perfectly valid point is so worried about the, the unemployment benefits. i mean, as soon as you subsidize something, you get more of that thing i'm, it's quite obvious. and if you're going to subsidize unemployment, you'll get more unemployment. so those things i think, need to be taken away and encourage people to get back to work. as long as it's more economical and financially more interesting to be unemployed than your work. of course people will choose or even if it's close, even if you make 20 percent or 30 percent less being unemployed. i think most people would actually choose robin pounds because the office, if you go to factory every day and submit. so i think those things have to be removed to get people back and before that gets done, it will not happen. well and imagine if you, if you could make more and in some people cases, that is the case. said michael, let me ask you this. there is speaking of maybe in the headlines of crazy ideas from government today. graduate and the governor of michigan announced today that she has a plan in order to allow people to go back to work and still get the unemployment benefits so they don't lose those benefits so they can get both at the same time. i
5:51 am
mean, i wonder what, what's the concept here mean, it seems like the idea is that there has to be intervention from every corner of government as often and as long as possible, it feels like that's where we are, where the object is to get as many people as possible delay follow, not through goods and services. so you can have a public that is required to exist predicated on the government's largest and helicopter money. do you have a ready made voting class for people who want to continue to follow? i can just say one thing real quick about a table as usual is a genius you 30 correct. they are very small, fraction bombs, but they did. and about 4 trillion dollars buying mortgage and government paper which hold down the risk free rate to 0. when it was spiking right after the cobra crisis broke out so that the risk free rate pulled down the rate of every other bond, including corporate bond and triple c, which is the only now 7 percent,
5:52 am
which usually yields 14 percent. so there's a record amount of jumped at triple fees, the junkies, the junk that $1.00 notch above before the ok. and that is ready to implode whenever the bed decide it's time to exit their q e program interagency. sure. so that's, that's the be good news ahead for wall street. you 1022. i told me what do you think in terms of moving forward way, right. we got to get the economy moving ahead and i even hate using the term economy because it, it could mean so many things. right? a wall street's part of the economy. they don't seem to be having a lot of problems, but certainly small businesses are having enormous number of problems right now. we've touched on some of those in terms of unemployment and finding workers. but in general there's this other lu mean issue called inflation that seems to be hitting us awfully hard right now. and it seems to only be getting worse as, as we watch this happen not just in the united states,
5:53 am
but it's happening globally. and so many different places, what can be done to resolve that particular part of the economy? so that the, again, it isn't, i continue tax and additional tax on the worker and on middle class people. well, if you're, if you're asking how to get rid of inflation, i think inflation is 1st and foremost a monetary phenomenon. and it's related to the fed just pumping in huge amounts of money. as mike pointed out and seen commodity prices go enormously, which in housing price is going up, you might even argue the stock price is going up as is kind of a form the inflation as well. i know it doesn't use to get considered that way, but i think that's what has to stop is the monitoring the interventions button. central bank have to be curtailed and for fashion and stop is meant in almost buying spray at the fed is still out there by enormous amounts of bonds and pumping more liquidity in some market. so as long as that's going on, inflation will carry on growing. but you know, it's been going on for years now. if you look at the monetary base, going back to the financial crisis of 2008, it's just enormously more. this is
5:54 am
a multi year almost multi decade kind of process going through and they prime the pump for an enormous amount of inflation. and there's no easy way out. there's absolutely no easy way out of this. my go last question here, and i guess it really comes down to a question of are we dealing with people who suffer from extreme narcissism in terms of the fed and the fed chairman, where they think the economy cannot operate without them last word? well, i can't operate without them because they created this magnificent and but well, you know, it is narcissism. it's megalomaniacs. if we have debt to g, d p at 130 percent. if we have corporate debt at 50 percent of g b, if we have equity evaluations for the 1st time in history, a to 100 percent of gdp because precisely because of the intervention, then he can on the growth, whatever amount there is, whatever falls in or sad it may be predicated on constant monetary inflation take
5:55 am
it away, the whole artificial from our talk, let me ask you the same question. mean is it, are we now living in a moment where the central bankers, people like j power, people like janet jaelyn, who's now the treasury secretary and was the chairman of federal reserve. they have made so much of this account economy about themselves. they've made it about their policies, they have hinged everything on their own intervention, that it becomes very difficult at this point to decouple the economy from what they're doing. i think i'm, i'm going to be slightly more generous than the to view in my assessment. and there's people in say, the genuinely believe what they're doing, i think, i think that's, that's the kind of thing you can say about them is not necessarily offices. they, they believe in things like monetary theory. they, they think that's the way the world works. they generally believe by printing more money. you're going to help economy so i wouldn't accuse them being narcissistic to
5:56 am
be met the main next. maybe there's a tend to that. i think they didn't believe the things that didn't train these things, taught these things throughout the degree programs wrote their ph. d thesis on them . they believe the stuff they may be the most dangerous kind of offices. i didn't know, but i wouldn't accuse him as a remark. maintenance. i think they generally believe that this is the right way to do. i think that misguided but they true believe october you were right. you were more generous than i would be micro pen talk. talk. thank you very much. thank you . and that is us born today. now you can always catch moon both on demand on the portable tv app. it's available on smartphones and tablets through the google play and apple app store by searching portable tv. portable tv can also be downloaded on newer model, samsung, smart tv, or roku devices. you can also check it out. a portable dot tv will see about your next. ah, ah, me.
5:57 am
oh, join me every thursday on the alex silent show. and i'll be speaking to guess in the world, the politic sport business and show business. i'll see you then. mm . the, we're segregated all along. my social class. last class, people also covered by 1st name. if you're born in to a 4 family, you're born into a minority family. if you're born into a family that only has a single parent that really constrains your lives, chances people die on average. 15 years older you born
5:58 am
a racial poverty is a, it's a fight every day to meet your needs and the needs of your family. mm. mechanic work so well. people don't like to use the word inconsistent. they like to say, oh it's, it's amazing. in comprehensible, mysterious i say it can't be quite right. and this is what direct says. this is what i just was sure. i can honestly wanted johnny dudley. yeah. get me the gotta see guys in
5:59 am
the kitchen table out tomorrow. i gotta get my, don't get a get. we'll put it on the show that the lady said, well, i mean he really like he done this with me up and everybody by little my now and then you guys are not the man why or why not? what i need me the, the, the
6:00 am
the with rushes top level economic foreign st. petersburg in top gear, more high profile gets thrown horizon a bit later today, including russian president vladimir putin. and other headlines to tell you about shocking evidence emerging in france regarding all these donated for scientific research. but it seems as many within sold for you said military experiment and crush test. denmark triggers sudden the mental concerns in the e. u and un offer is passed a law allowing asylum seekers to be relocated, the country side europe, while their applications have been processed. ah .

1 View

info Stream Only

Uploaded by TV Archive on