Transcripts For RT Boom Bust 20240714

American studies welcome back 1st of all countries up on whats happening in sort of the g. 20 pregame sort of speak what should we know about whats happened thus far and what should we be watching for want to really get going. We should be watching for 3 things in particular 1st it is the 3. Meeting and well they can put the create conflict back on the rails and try to reach for a solution. Secondly we should be looking to regard to whether our. Truck we should be looking at the meetings trump is going to have with other major leaders particularly Vladimir Putin i mean they never get to sit down these are the 5 members 2 of the foremost powers on your bill never talk at the heads of state level so thats an important meeting and the 3rd thing we should be looking out for is given american you need actual some real this summit devolve down to 19 plus one scenario which you did to some extent in hamburg germany last time or america 1st become america a little bit so we should be watching for that and then on the lingering u. S. China trade and terrify we noted that the chinese delegates indicate a wall street journal that they were putting onto the table several conditions for traitress among them lifting the ban on our way now china seemed notably cautious or perhaps conservative in their response but this demand now seems much more bolder and they clearly chose to send a signal at a flagship us business outlet is trying to shift into a bolder approach and can they secure these concessions yes china is shifting to a bold approach but a little background out here has always been part of the negotiation its been not up front but its a behind and even i think of a couple of weeks back stephen merchant. Mentioned that. If well where is able to give us comfort on certain certain areas we would be looking to remove some of the bans on heres the interesting factoid well this can happen. Whoever is under the scanner and under bans for a variety of reasons you know theres last years air National Defense authorization act ensured that there would be a normal 3 procurement from who are they are there is an executive order placed which is evaluating our supply chain still consulate chains here and the role of adversities chinese adversity is perhaps in that supply chain but heres the really interesting factoid when while we was placed on the into t. s list that was done for National Security reasons related to that arrest of the lady miss manning which relates to iran sanctions sort of if we can have comfort on that front on the iran sanctions front and have some sort of agreement on their you know they can be off the entities list and that is primarily what they seek so yes the chinese have been aggressive but there is a window an avenue for this for this for there some of their demands to be met frankly and before we go too far with this report that theyve demanded a lifting of the waterway ban i should note the South China Morning Post had a much different take the post reported that the u. S. And china had essentially agreed to a trade truce to be confirmed at the talks citing one source in beijing and 2 in washington whats the truth here and what should we make of the fact that we have click conflicting reports on such a basic point thats a good point i would i would actually submit that there isnt that big a difference between the 2 reports the chinese are for him on the who are being front but they are also not doing it in ways that would torpedo all of the larger negotiations so they want it to be front and center not just as part of the backdrop in the trade negotiations going. Forward but they were dont want to do to scuttle those negotiations and they want to get back on back on the rails the interesting point again out here is much of this dialogue is one of Donald Trumps creation he would likes to have leverage going inside the chinese have given a lot theyve walked back a little but now the chinese are actually saying at the table you know we gave you a lot you need to give a little and donald trump is in the dial m. R. Of how much he gives at what point he calls a trade war of if he calls the trade war off foreign oil and he doesnt want to go into real action with a trade war frankly because its hurting Farmers Ranchers and a lot of folks back youre so hes in the dollar amount of whos making and the chinese are playing this hard but but in the broader context of having a successful negotiation now theres as well lot of friction between the u. S. And other a stance of our allies ahead of the g. 20 summit japan the e. U. And remarkably india the u. S. President was tweeting complaints about indias recent tears against a fairly small amount of u. S. Products just as he is that to me with indian Prime Minister Narendra Modi now are we seeing the u. S. On another front of trade hostilities and could this friction affect the u. S. India Security Alliance no i dont think itll affect the u. S. And their Security Alliance but india is coming under the scanner of the trumpet ministration are the trumpet ministration has absolutely make it made of norm that they might have if section 3 or one cares against india the way they had against china they have literally made it known that what india will lose is many of those h one b. Visas of the which are prime prized by indians and then 80 percent or 70 percent of those go to india and so thats a leverage point and these are the 1st or bleakley been made known to the indians but what i would submit out here is look question is whether the u. S. Government has the bandwidth to do and fight so many fights simultaneously remember the u. S. Ms. See a trade agreement has to be ratified on the hill like tell you who are spending a lot of time on their florida for cation e. U. And japan or 2 issues there and one just doesnt move the bandwidth to 0 to take this fight to india all perhaps will this happen in early in the next term if gets reelected a lot of balls in the air 0 groups of ice thank you so much for your time you will. Force European Business has been struggling and the Company Announced that it will cut 12000. 00 jobs by the end of next year to try to turn the business towards profitability this is part of a Cost Reduction overhaul as ford faces stagnant them and a Huge Investment cost to build low emission cars in europe to meet the new e. U. Emission targets which will come to terms and 2021 ford europe has been losing money for years and has been under pressure to restructure its operations after arch rival g. M. Recently gave up on his European Business altogether opting to sell a tip ago this is nothing new for investors as ford in the past has slashed jobs closed factories and killed vehicles in europe and 20122016 earlier in the 1st quarter of 2019 this is the 4th overhaul this decade that ford is restructuring its money losing operations in that region but demand for cars in europe is falling and the industry surveys predict sales will stagnate or decline in the next 3 years ford says that it would intend to double the profitability of its commercial Vehicle Business in europe supported by a restructured joint venture in russia and a Strategic Alliance with volkswagen. California has found a partner in the fight to reduce air pollution with the state not seeing eye to eye with President Trump when it comes to vehicle emissions california has gone north of the u. S. Border to make a deal with more were joined by our chief alex may hellish in toronto. Alex california is seen by some as a green leader now the state has bypassed the u. S. Federal government and partnering with a foreign country in order to get things done tell us about it. Lets lets be frank here the candidate in california have actually been working together for a while to get things done so this is not some sort of reaction to whats happening with the trumpet ministration from him from either party really that the 2 parties themselves have been talking about 1st of all lowering emissions in light vehicles or light trucks as well as working together to enhance and to push forward the green vehicles such as electric cars so this has been a project a long time in the making and now they are actually pushing forward with it now one thing to keep in mind here is that canada is saying yeah we want to push forward with you but they have not agreed to a standard like california to reduce emissions so its something canadas looking into but it really hasnt latched onto it yet if you look at right now canada and the u. S. Are in tandem when it comes to lowering any type of greenhouse emissions and emissions from automobiles and other vehicles this is something that is actually a rarity in this world other countries all have their own standards but canada the us have tied their standards to each other now stricter standards that exist right now are in california and 13 other states and for President Trump well thats something that hes not really into at this moment i was for canada california canada my job on board but you know trumps really worried about the states within his own country when it comes to those he just doesnt like it one bit now speaking about president what exactly that he want from the us. What President Trump is talking about you know hes looking back at what president obama former president obama put into play and thats this reduction in Greenhouse Gases in the reduction in emissions from automobiles and theres a plan for that and President Trump is say no lets put a pause on this he wants to stop at the 2021 emissions goals heres a graph this basically describes everything for you its a projected emissions under obama and under trumpet out heres the heres the thing as you can see in this graph the difference equals to hundreds of millions of tons of c o 2 is being released into the atmosphere now california and other. States would actually like to reject this relaxation that trump wants to push through and that is putting them head to head with the federal government actually there is a threat the administration has threatened to challenge californias legal right to do this but back in 0970 this is where california got this right just simply because of the smaug that was affecting cities like los angeles also you know what were seeing here from the federal government is just a lack of will to discuss this and to push this forward so california and the 13 other states well that might be going it alone as for President Trump no decision has really been made at this point and alex quickly the Climate Crisis is also on the agenda at the g. 20 in japan but not everybody is on the same page whats the latest. As we know President Trump is a bit of a climate skeptic so obviously not on the same page with somebody like frances micro whos been pushing this forward who is a big proponent of the pairs accord and heres the thing its all about the language whats going to be pushed through at the g. 20 that the final communique from the g 20 when it comes to Climate Change the micro wants to see the paris accord in there he wants to push these countries forward he wants to push the efforts forward and he wants everybody to be on board with doing some then making drastic changes obviously President Trump stalled on board but heres a key issue here investors managing more than 34. 00 trillion dollars in investments around the globe thats nearly half of the worlds Investment Capital they put together a letter and theyre saying they want governments to act on climate thats what theyre telling the g. 20 a and if everybody anybody knows investors and money thats President Trump so maybe hell listen to them money talks are actually correspondent alex miller its thanks for joining us. Thank you. Time now for a quick break but stay tuned because when we return that coins bull market bull has hit the brakes after tearing it up over the past week rocky miller the c. E. O. Betsy on is on hand to figure out what is going down within seconds and as we go to break here are the numbers of that close. Its hard to take so much from somebody if you know have someone replacing. You want to do this interview today and all these markets and then they take me. There and. So im going to tell you stop selling drugs if well hire somebody put the money in a box. They just mean all the way in life its almost been basically mccullers peaceful for the worse do you guys know what success means security positions of the us you know. Jack me again. You see people getting all their cars you know see you coming in the heart and this seems like theyll hurry up and run into the house like they dont want to they dont want to talk to her get your mail or anything like that. I just want to. Do this. Run just try reading. It to someone give me. The answer to every single day economic problem every single number every single statistic every Single Market reactions to lower rates thats the old its like an alcoholic who drinks when theyre happy they drink when theyre sad they drink because its tuesday they drink because its day time they drink because its my time. An alcoholic they just drink drink drink drop how rates whether the economy is expanding whether its tracking whos president doesnt matter is a dog bit on his wife hes got a lower rate makes that difference thats the only thing that. My son doing drugs my nephew was still in drugs my sister just with doing drugs it was like an epidemic of drug abuse americas public enemy number one in the United States is drug abuse is sort of the users in the prison population who are we started treating sick people people who are addicted to these drugs like criminals while i was on the hill. The war on drugs was a mistake there are countless numbers of people who are in prison for conceivably. For minor minor offenders in the drug trade its a lot watching your children grow up and miss you in waves in saved by day as youre walking out of abyss its just it doesnt get easier. In more g 20 preparation news there is an item from the crime blotter to report a member of the brazilian president dire bonsa narrows entourage was arrested in spain after police found 39 kilos of cocaine in his bag when the plane he was on landed in seville en route to osaka japan sargeant men while still the rodriguez was traveling with members of the president s advance team in a separate plane from the president when police found 37 bundles of a stimulant in the. Ehrmans bag the incident raises a number of inconvenient questions for the brazilian president who was elected on pledges of an iron fisted approach to crime as he arrives on the world stage and seeks to build confidence among Foreign Investors back home mr bronson there expressed confidence earlier this week that brazils lower house of congress will pass a spending cut package before their recess and july. U. S. Economic growth accelerated in the 1st quarter however the export and inventory boost to actively masked broader weakness in demand g. D. P. Increased at a 3 point one percent annualized rate unchanged from prior readings but growth in Consumer Spending was revised lower growth and Consumer Spending accounts for more than 2 thirds of u. S. Economic activity which was revised down 2. 9 percent from 1. 3 percent the weakest in a year excluding trade in torys and Government Spending the economy grew at only a 1. 3 percent rate in the 1st quarter this is the slowest rise of domestic demand since demand since the 2nd quarter of 2013 the u. S. Central bank last week signaled Interest Rate cuts as early as july citing rising risks to the economy as momentum growth is slowing with manufacturing sliding and the trade deficit widening again. Economists polled view the 3 point one percent figure as exaggerated with trade chance to a china mexico unsettling businesses and dampening Consumer Confidence which partly negates the strongest labor market in decades. While many are alarmed by the sudden 18 percent drop in big point in the last 24 hours the rest of us hardliners arent even sweating it were actually cheering that big point now gets a chance to have a healthy consolidation and a pullback now i want to make a point to something that was said earlier this week by frequent boom bust gas peter schiff when there was doubt that big point is a store of value and he said. I dont think theyre correlated to reality i think people are gambling with crypto currency is just the way you would gamble with a casino but that doesnt mean i would advise Portfolio Managers to take allocation to buying lottery tickets or or going to las vegas now where all the naysayers that say that bitcoin is not an emerging store of value lets take a look at the definition a store of value is an asset in which you can exit out of out at a later on time at the same value if not more and the comparative currency bit coins has been around for less than 10 years and in this short period of time there is only 40 days when you would be in the red buying into it 40 days thats nothing and that means for the rest of its existence you would be positive and thats incredible thats an emerging store of value the last few days we see real institutional volume coming in and we saw a buys from a client 8000 vacant yesterday afternoon and grants Greyscale Investment trust surpassed 17000 dollars meaning that investors are paying about a 40 percent premium to market in their order to buy big point spots these are exciting times and this pullback is just another buying opportunity to accumulate and now with more we bring back rocky miller. In so rocky now this 18 percent drop is barely a 5 percent correction most of the traders are familiar with bitcoin patterns and are expecting a 30 to 40 percent correction but this doesnt look like that to me i think this is just a low pullback maybe back to below 10000 what do you think. Yes of the 10000 mark is is really important like right now theres still a lot of support at 10000 there are considerable amount of traders out there that are waiting to pick back pick pick back up because up at that level one set of missed the last part of the bull run so the support indicates that you know the 10000 level will stay for a little bit longer than i think some people are predicting now it is also very psychological. Level you know 10000 mark for it to have been crossed its really brought out what looks like a retail slow mo in this because they did the price acceleration from 98 to 13 kids have been just in a matter of days so you know if it goes below the 10 k. Mark for a slightly extended period of time we could see that 30 to 40 percent pullback but as you said theres a lot more institutional volume theres in fact just a lot more volume if you look at at the height of 2017 when it was trading at 20000 is 44000000000 that is a magnitude larger and you know this is showing in the infrastructure as well weve had outages and. Base and sometimes that also tends to instill some kind of fear and a little bit of pullback but the level is very important yes now big question dominance is right now at 61 percent and that is high and the cycle it seems definitely longer now that we see more institutional involvement when are we going to see the point start to pick up. Yeah the big question dominance of 60 percent is kind of in line with was again trading at the height of you know the 1920 thousands whats been interesting is that this this run up in court has not been met with all coins in the trading circles theres a lot of talk about all coins you know. Being lagged lagging behind bitcoin in the run up so there is you know. That it will it will happen but really if you think about whats been happening in terms of pulling out certain support for all the coins or by nancy pulling out of the u. S. The access to all coins is becoming a question and i think that that is going to weigh heavily on on some of the old coins but at the same time. Reduces you see coin strong points like theory and pick up and leave the void. You know leaving room. There so this just really goes to show all coins that have a solid Value Proposition and usage are going to you know follow along the footsteps but you know because its been there for 10 years its proven itself and thats still going to be the Gold Standard then rocky we attributed some of this rally to facebooks for e into crypto currencies by introducing libor fees because introducing the masses to what is crypto currency some say its sort of a pseudo crypto if you will but isnt it really one of the selling points of crypto is to bank beyond banks but libra can be used by people who do not have Bank Accounts to link it to link to it or credit cards theres nothing about how libor will lower fees to convert the money into libor money and that is the essential challenge of Consumer Banking so how is libor supposed to deliver on the promise of the cryptocurrency. That is the 1000000. 00 question a. Yes so i mean if you think about it the only way for it to achieve what its saying that you know its wants to achieve is if lever becomes a currency in the true sense where there are people that are on back to that are earning libra because the on ramp becomes the biggest question if you dont have a fear because you dont have banking accounts you have the problem as you as you pointed out so you would have to earn that currency and there would have to be sufficient avenues for you to then spend that currency for real utility food water you know bread for it to be really meaningful you know as we talked about even last week its its too close or too early to say if there are any plans for any of that at this point it seems just like a you know asset backed currency at this point well waiting to see how they fix this problem rocky miller the bits and thank you so much for your time thank you. And finally there has been a boom recently in the meatless meat sector with the likes of the. Yawn meat in the impossible burger popularizing vegetable based products that look like hamburgers and other meats now fast food sandwich chain arbys known for having the meats is rolling out message to bulls meat based product that looks like a vegetable arbys chief marketing officer jim taylor said of this call an area masterpiece plant based meats are the latest incarnation of making vegetables look like what americans really want which is great tasty meat 1st will be known as the merits a carrot look alike that is made with 100 percent arbys turkey breast according to the fast food chain the merit contains the vitamins found in iraq here it yet has no cared it also contains 30 grams of protein and nearly all the vitamin a one needs to meet their daily allotment. This is like such a whole larrys marketing ploy to me that they actually say that because they have 100 percent the daily allotment of vitamin a which is what carrots had because theyre probably good for our eyes or you could just eat a carrot yeah but now i want to see what youll make of out of a salad yeah the georgists thing but i think up to see this thing in real life before i decide im going to eat it. Thats it for this time you can catch a boom bust on direct t. V. Channel 321 dish Network Channel to 8 or streaming 247 on that a t. V. The free t. V. Ad channel one very tim or as always had us up at you tube dot com most r g she and. I. I. Just slow. Lipped. And very well might continue watching us until. Were going to St Petersburg International Economic forum and the topic of our panel is are we witnessing a paradigm shift in the Global Economic order well that answer of course is yes its a matter of degree. What politicians do sometimes people. Put themselves on the line and they get accepted or rejected. So when you want to be president. Or somehow want to. Have to try to be for us this is what the 43 in the morning cant be good for. Im interested always in the waters of our. Passports ticket. And our own bags or heads to go behind it or to feel very assertive about how to argue. That it is the people its. Just a pretty good measure should it. Be so much as move. To nominate defeat as you know not just go from the ministry which most will be. They are the house from the get go to god since we. Need. To mean donated. The skin or to. Give the learning. System definition in. The midst of a new set of. President putin arrives in the japanese city of osaka for the g. 20 summit some crucial one on one meetings between World Leaders are expected it during the of the. Head of the g. 20 the russian president gives his views on trade wars the military escalation in the persian gulf busy and key Global Threats in an interview with the Financial Times to put the stuff to put it bluntly the situation is definitely become more dramatic and explosive in the sense the world has become more fragmented and less predict which is the most important regrettable thing. And the un special rapporteur on torture defends wiki leaks founder Julian Assange calling him the victim of a relentless smear campaign