Transcripts For RT Boom Bust 20240714

Foods and goods we have to keep in mind as we are right on the cusp of the g. 7 and theres already weve already been told today that theres going to be meetings there with our people in china so were expecting that maybe this is sort of chinas way of saying were not going to back down because President Trump is not backing down and this is a good starting point and were going to see that happening right away. I think by the time monday rolls around just like last monday we may see the market turn around so for everything we lost last friday at this time we were talking about it we may read again on monday that were not 100 percent sure but it does say that china is not willing to back down and maybe we can find some happy medium because right now china was taking advantage of us for the longest time and finally we were able to stand up to them so lets see how this unfolds right and the timing certainly does seem to be strategic making this move on the edge of the g 7 and the sinking of the dates of their fact with those announced by the u. S. Tariffs on september 1st and december 15th but how does this break down in terms of the distribution of losses and gains here for specific companies and perhaps sectors in countries. Where you have to member in the Auto Industry if theyre sending vehicles over and they send them all over by september 1st theyre number one selling vehicle theyre importing are theyre building there is a b. M. W. X 5 followed by the Mercedes Benz s. U. V. S and then beyond that were looking at jeep and lincoln big seller for the m k c in the Ford Explorer its interesting a lot of s. U. V. S are sold there so whatever is being built there is partially owned by a Chinese Car Company of the be a tariff thats after september 1st if we dont have a deal by them my guess is that september 1st deadline was put there for a reason and that g 7 once its all resolved im hoping that we will come up with some. Amoco bull deal that both countries will be able to have a walk away shaking hands and smiling we can only hope but in that the impact of the Auto Industry is going to have to get suppliers elsewhere that does not turn around quickly if youre going to change a supplier for anything to change supplier takes weeks and weeks and weeks in order to make sure that youre getting the exact same product so i see i dont think were going to see a difference in prices of 2 consumers on the lot i think were going to see an impact possibly to the bottom line of some suppliers and some manufacturers and you alluded there to the reaction or the mindset within the Car Community and you certainly have an inside line there do you see or hear any indications that automakers may perhaps mobilize to call for some sensible resolution of this as we have seen some sectors in Corporate Leaders do if tentatively out of fear of how mr trump might react. Well President Trump did have General Motors and a couple of their manufacturers in the white house last week and earlier this week and discussing not just climate and whats going on with california but also this tariff so im sure that the conversation is going on the only company thats really going to get hurt the most is tesla theyre not building cars theyre importing cars and i dont think a lot of musk has got an open conversation with President Trump so i dont know if every manufacturer is going to be able to put that much pressure on him to make a deal with china right and circling back to the u. S. And updating the story weve discussed before of the revolt by states in defense of mileage and clear air standards we covered that previously for major automakers sided with the states led by california on their side of the debate and against President Trump on tuesday california governor Gavin Newsome said Mercedes Benz would join this coalition as well as a 6 company he declined to name the New York Times cited 2 sources busy it recedes to confirm that claim as well as executives at his rumored but not named 6 company if both of those busy were to come on board b. M. W. In this Mystery Company they would represent a reported collective 40 percent of the u. S. Market share so are we seeing the trump sort of negotiation and management style turn out to be about as effective in this negotiation as it has been in managing foreign trade. I dont think thats going to be the case 40 percent of the auto manufacturers is not going to cause President Trump to make a change that everythings in the works for the changes in mid september were going to see a release of the new regulations those will be the regulations that he expects to go into play hes going to fight california theres going to be one regulation for the whole country california should not be calling the shots for the other 49. 00 states thats the way its written in our constitution that is a huge problem when one state calls for everyone else which basically means somewhere around 3000. 00 someone in kentucky is paying 3000. 00 more than everybody else because theyre paying for the california regulation manufacturers are very frustrated they. Planned well in advance to produce cars to meet multiple regulations and so whats probably going to come down and this is how i would almost guarantee its going to come down theyre going to put the regulations out in september someone in the 9th district in california is going to say its illegal its going to get tied up in the courts if President Trump gets reelected hes going to win because thats the way it is one state cannot call the shots for the other 49 however if hes no longer the president and somebody else is in office that could cause california to win which would make them even more power for because their goal is to get rid of all fossil fuels and thats not really possible because fossil fuels are in everything because these Petro Chemicals to make plastics and they use it in processing even glass so its not its theres no way this is going to happen excellent insight or insights as always from lauren fix the car coach thanks for joining us. Thank you. And President Trump is lobbing firecrackers at a major trade partner just as World Leaders prepare to gather for the g. 7 world summit of the Worlds Largest economies ahead of that summit french president emanuel necron post spoke in favor of adding the Climate Crisis and the devastating human set fires ravaging the amazon rain forest to the Meeting Agenda even worse for president jr balsam morrow of brazil president macron said he would block the European Unions trade deal with brazil and the other 3 nations of south americas mercosur trading bloc over reneging on promises to protect the amazon a spokesperson for mr mccracken told the media the president can only conclude president wilson r. O. Lied to him at the isaak a summit in france has been a center of growing opposition among european farmers to the deal as well as ireland their irish taisha leo varda car took a slide similar to mr mccrone in a statement that said quote there is no way that ireland will vote for the e. U. Mercosur trade agreement if brazil does not honor its environmental commitment. And Federal Reserve chairman Jerome Powell said friday that the u. S. Central bank is quote carefully watching developments in the economy adding that the fed would quote act as appropriate to sustain economic expansion the fed chairman acknowledged that terrorists in the ongoing trade were causing a slowing growth for the u. S. Economy saying while Monetary Policy is a powerful tool that works to support Consumer Spending Business Investment and Public Confidence it cannot provide a settled rule book for International Trade we can however try to look through what may be passing events focus on how trade developments are affecting the outlook and adjust our policy to promote our objectives while the fed announced a 25 basis point cut at the end of july the 1st reduction in more than a decade mr powell has yet to commit to another cut u. S. President donald trump was quick to respond to the comments on twitter saying as usual the fed did nothing is incredible that they can speak without knowing. Or asking what i am doing which will be announced shortly we have a very strong dollar and a very weak fed i will work brilliantly with both and the us will do great following asking who is a bigger enemy to the us jay powell or chinese president xi jinping. Its sign for our weekly global stock market round up starting in moscow with the mo x. In russia that exchange is up for the week even though like many markets it took a significant fall on friday more than half a percent interesting that marks itself also released its 2nd quarter Earnings Report on friday recording an increase of net income of 21. 3 percent and delivering record levels and Commission Income in shanghai the Shanghai Stock Exchange also registered a net gain this week despite ongoing protests in hong kong meanwhile the new tech focused index of the shanghai market the stock market seems to be stabilizing after a month of operations with big gains right off the bat and then a 10 percent drop in their 3rd trading week in hong kong the hang seng index for the week also despite a fall a point 8 percent on thursday widely attributed to the purchase it persistent protest movement in japan the nikkei 225 the next also up for the week keeping the regional trend going and posting a strong gain a point 4 percent to close the trading week on friday moving from east asia to south asia the sensex index in mumbai breaks the regional trend posting a red arrow for this week a 1. 4 percent drop on thursday also falling on friday making a run of 4 down days in a row to end the week in australia. For the week after a panicked 63000000000 dollars sell off last week interesting pattern over the week bouncing back from the sell off until stumbling on wednesday but still netting a green arrow by friday moving to africa and all shares that exchange is down for the week notably a board member of the troubled South African Electric Company ask warned earlier this week that even a point one percent growth and sunny out South African economy and consequent increases in demand for power. Could cause widespread outages moving over to europe that cac is up for the week in france despite a loss of more than one percent on friday the vix index on the cat 40 theyre taking a big leap of more than 7 percent to 18. 00 a similar story at the dax in germany with a loss of more than one percent on friday notable weakness there in german auto stocks b. M. W. And im a chrysler both falling more than 3 percent on friday and jumping from the continent to the u. K. The footsie in london is also up for the week despite a one percent fall on thursday after minutes of the last Federal Reserve open Market Committee meeting in the United States were released in the americas starting in colombia the coal cap is down for the week following a familiar pattern that exchange fell by nearly a full percentage point on thursday and brazil the best buy is down for the week as well and as a reported early earlier the vaunted trade agreement between the e. U. And marcos or the brazilian president both so narrow an argentine president will reach a magri achieved seems very much in doubt after anger in europe over mr bolton are as failure to prove. The amazon rain forest and mr makki surprisingly poor performance in a president ial poll rolling into the homestretch in north america all 3 major new exchanges us exchanges down for the week not much of a surprise after recent events all 3 down by more than 2 percent for friday as we prepared to go to air with the tech heavy nasdaq down closer to 3 percent and finally end serato the ts defying the trend for the americas post our final green arrow for the week and this has been your global stock market wrap up. Time now for a quick break but stay tuned because when we return the i. M. S. The largest loan ever has been under massive scrutiny in argentina with some rumblings that the president ial front runner could be hostile to the conditions of the bail out Party Correspondent alex mahela that just standing by to break down the candidates position and as we go to break. Here are the market numbers of the quotes. So what weve got to do is identify the threats that we have its crazy confrontation let it be an arms race move his arms off and spearing Dramatic Development only personally im going to resist i dont see how that strategy will be successful very critical time time to sit down and talk. This is the poseidon adventure mixed with the titanic in one colossal sinking of the Global Economy right now weve got donald trump starring with the ghost of paul newman on the bridge of the titanic watching as they engineer a colossal failure of the Global Economy. And his community. There are people who believe that its ok. Its really hard there are no jobs and you see the kids that ask and as a parent. I can come up with arguments and theres a lot of conflict within the game and between the 2 teams most of the conflict i would say. Is made. Close one of the childrens cosimo each other is good because the state of california alone makes 6000000000. 00 a year of the prison complex just to get some 25. 00 where. You dont care. Welcome back chinas while wait technologies announced friday that us for sure actions against the company will make less of an impact on their business than they had initially believed the cult Telecom Giant did add that being added to the so called entities list will lower their smartphone revenue by 10000000000. 00 in 2019 while we see oh ranjan farai said in june that the worlds 2nd largest smartphone manufacture expected a loss of 30000000000 dollars this year that would have been a large chunk of the companys 100. 00 business on friday while we also introduced a new high end Artificial Intelligence processor the ascend 910. 00 in hopes of easing reliance on us chip manufacturers during an event at the companys shenzhen headquarters deputy chairman eric shu called it the industrys most powerful ai process. And the value of chinas currency the renminbi fell to 11 year lows against the u. S. Dollar on friday as trade tensions between the United States and china continue to take new twists and turns sentiment among traders was fragile amid concerns over tariffs imposed by the u. S. That are set to take effect on the 1st of september amid the u. S. Labeling china currency manipulator earlier this month chinas official let up the r. And b. Fall to its weakest level since march of 2018 the fall of the r. And b. Follows Interest Rate cuts by the peoples bank of china earlier this week the Chinese Central Bank set the new one year lending rate of 4. 25 percent down from 4. 00 and hopes of manifesting economic growth. And european antitrust regulators have started to prepare their investigation into facebooks plan Digital Currency libra according to a report from bloomberg regulators will be looking at whether facebook is creating quote competition restrict. Ns in regards to their use of consumer data and information according to the report regulators will also be looking into the end to gratian of libor wallets into whats app and facebooks messenger apps to break down the regulatory landscape of facebooks foray into then tech is International Regulatory and attorney miles edwards miles when it comes to libor what exactly are we mentioned some of them what can you spell out the antitrust concerns more in more detail that are coming from the regulators sure so as you referenced before on monday the United Kingdom Information Commission office i. C. A. O. Published a statement. Illustrating there are concerns not only over facebook but over libra so theyre really fall into 2 categories the 1st category is privacy and the handling of personal Financial Information but the greatest concern is over libra and the way they feel is right now we have facebook dominating advertising on social media and they believe that if you impose libra its going to be a situation where advertisers going to be force to adopt libra and use libra as a currency and that its going to affectively shut out any other competition thats out there because youre dominating access to the platform and youre also dominating the currency thats being used so theres a great deal of concern across europe over this item specifically right and you mentioned the u. K. Regulators in this case but france and germany have also been very noticeable in sounding the alarm about libra saying that along those lines of what youre saying facebook could become a shadow bank with its own currency unpack that for us the criticisms from france and germany. Right so we step back a little bit facebook made a very disturbing statement about a month ago and they said that they wanted libra to be a global id a global drivers license that everybody can use and so when you look at france specifically they have great concerns about this have the great concerns about privacy and personal information really being controlled by facebook but on another level they have concerns over libra which is essentially without a doubt a crypto currency and when they mean a shadow bank they mean a currency that is not going to be transparent that government regulators cannot look at and which in some kate. As weve seen with the dark web and other places that use bitcoin for example some of the ferias and perhaps illegal activity could occur using libra but the most important thing is the inability of governments to not only control it but to tax it and if you have no transparency and you dont see what transactions are occurring then you dont have a mechanism in place to tax those transactions and turning back to the u. S. The House Financial Services committee in the house of representatives has already held hearings on libor did anything productive come out of those no i really dont believe so and whats really disturbing daniel about that is that if you look at how facebook is presenting itself they are now actually employing a large amount of former government officials and elected representatives as a lobbyist some fact all 4 of them amazon facebook. And google specifically spent over 55000000 dollars this year just on lobbying efforts and if you look at the 283. 00 lobbyists that are associated with those companies 75 percent were former elected officials so i believe that nothing major is going to occur but i also believe that facebook is actively having behind the scenes discussions in order to make sure that they can continue really business as usual here in the United States right and you know the revolving door is a well recognized sort of defacto respected ritual tradition here in the United States of officials going from being regulators to then being advocates for the industries and actors that they used to regulate plenty of stuff to dive into we hope youll join us again soon International Regulatory attorney miles edwards thanks for joining us thank you. Following a surprising result in argentinas primary elections earlier this month the countrys likely next president Alberto Fernandez is promising that the nation will not default on its debt if he is voted in this fall archies alex mahela that is following the story and he joins us from toronto good to see alex alex argentina has been suffering some instability busy and shocking surprises both politically and economically for years what is mr fernandez saying that he will do differently to help argentina recover from their current economic crisis. For under says if elected in october in the election will be close to the end of october that he promises that there is no chance of a default on debt happening now this is a brother a large promise because much of this is really out of his hands it has to do with the creditors and the i. M. F. The fact of the matter is what hes looking at is now sitting down at the table and renegotiating our to put it basically new stipulations on the loans that exist as well as moving forward with whatever other plan he has this man believes that he wants to push it into a different direction when it comes to economics so a lot of people also are very skeptical about that and that has affected the currency no get to that but look at argentina itself and this is a country a country that were not only seeing recession were seeing inflation its a lot of issues going on there with that as well as the fact that that creates a scenario where its very difficult to pay debts now never mind that what were talking about the recession inflation and last week the currency dropped by 18 percent and that comes down to the whole fact of interventionist economics a lot of creditors are worried about seeing this happen again and some people in from mantises teams were involved in the on the these type of initiatives in the past but fernando says dont worry about that im not a man that will be easily influenced i have my own plans to move ahead so looking at the status of the i. M. F. Right now we know there was a massive massive loan last year the biggest im of history the agreement last year is worth 57000000000. 00 of fernandez hes been criticizing this he basically believes this agreement argentina is just bad for the country and the austerity measures have been way too harsh we know that the i. M. F. Is actually sending people into argentina next week to talk about the deal from the past and to see how argentina can move forward and. And unlike the problems on land offshore from argentina there seems to be some potential for making money as argentine norwegian partnership to grow in carbon exploration can you just quickly tell us about that we all know what a hydrocarbon curve an exploration mean is its oil oil always seems to be the will put where you to a direction you turn into if you want to make money and this is exactly whats happening here so we have 2 companies that Norwegian Company by the name of corn or its signed a deal with argentinos why i p f now heres a map of this map basically will tell you exactly whats going on here the 2 are exploring an area under they can 100 license giving the axis to to over 5790 square miles thats about 15000 square kilometers in the north argentinian basin these guys as you can see on the map have already joined forces on 2 projects so far so theyre opening fire lots of oil and of course to make lots of money and get near the ramp up from toronto to 1. 00 of cyrus its our correspondent Alex Milledge thank you thank you. And thats it for this time you can catch boom bust on youtube dot com slash boom bust hard to see next time. You know world a big part of the lot and conspiracy its time to wake up to dig deeper to hit the stories that Mainstream Media refuses to tell more than ever we need to be smarter we need to stop slamming the door on the bath shouting past each other its time for Critical Thinking its time to fight for the middle for the truth the time is now for watching closely watching the hawks. Let me make up. Give me my best made up with this was human and we said. More just at home. Theres enough of them tom im old but im also the most up as he knows ive been a giver says you to please not emotional when i meet. His compass he must be told most people most even though he goes from didnt he notices continues to be seen as per usual due to a cook. That was dumb and im going to hit a thief honest im not close with missy livin in the middle you kind of this beautiful. Little kid is he. Always stay in this bundled in that clip that you come over to your list to undo the soda you see in the old man because he. And his community there are people who believe that its ok to sell practically food on my table its really hard there are no jobs and you see that ive got kids that ask and as a parent. I can come up with a logical argument theres a lot of conflict in the game between the teams most of the conflict i would say throw balls around money and most of them money is made. Close one on each other because he knows each other is Good Business the state of california alone makes 6000000000. 00 a year of the prison complex just to get some 20 a life where. You dont care anymore nobody cares about you so you dont care might anything. Cass calendar is drawing alfonzo along his darned best changing page change dard serve our art. His 1st words were at a lower seer a challenging post youve got 2 years to live. I have no doubt that what happened was scriven. Lets concentrate market is a 1000000000. 00 industry these companies how does huge financial motivation to solve these problems there are numerous stocks showing that doctors were keen to chest x. Ray concentrates for defects of its own that Patients Want gives them doctors the wrong stoplight long term stuff why they would give me im sick each of those years day back and people still die i dont always question michel i tried being hard to live where so many have. Top stories and not a human rights activists were in the cameroon separatist crisis will worsen as leaders of a breakaway region missing the flight sentence its. Also to come california adopts a new law limiting the use of deadly force by police as a recent study finds officer brutality is one of the main causes of death among Young American men under strain and parents whose baby daughter was left malnourished by a freak and diet avoid jail i guess debate me issues raised by the cat. But we need to keep a vigil and all i will give to the probably the best of reasons all misguidedly feeding their children im healthy diets thank you need supplements you can just really learned