Transcripts For RT Boom Bust 20240714

A 572000000. 00 fine for its role in the states Opioid Crisis Cleveland County district judge that baldwin had this to say about the ruling. If you are trying to this is an imminent danger and this too is loehmanns my judgment includes findings of fact lucians along the state met its burden. Johnson and johnson and johnsons misleading marketing and promotion of a few is created a distance as defined by studio as section one including. Those actions compromised health and safety of thousands of homes. Following the ruling the pharmaceutical promised to appeal i mean that the company did not cause a Public Health epidemic in the state for more details on this procedure in setting ruling and what it means for johnson and johnson and overall opioid up a demick we are fortunate to be joined by molly barrows contributor at americas lawyer now molly what does this mean for the fight against Opioid Epidemic moving forward is this is a good person as it seems. Absolutely its a huge deal for so many other cases that are pending against big pharma over this very issue so this is the 1st major legal decision daniel against a drug maker for its role in the crisis the oklahoma trial is being watched closely by nearly every other state in the country along with thousands of other municipalities who have filed against big pharma over this crisis and this ruling is a positive sign for other plaintiffs attorneys who are making similar arguments to those that were made in the oklahoma case essentially that those who distribute and sell the drugs are partly to blame for the Opioid Health crisis 48. 00 states plus around 2000 local tribal governments filed lawsuits against companies in the drug industry and as you know this epidemic has killed more than 400000 people across the country since 2000 and thats according to the u. S. Centers for Disease Control and prevention so Public Health Officials Say this is a Public Health crisis an epidemic and states across the country watch this trial knowing that it indeed would be a template for their own. Cases and so basically plaintiffs attorneys see this as a big win judges supporting what they have said has happened all along the pharmaceutical companies created this crisis by hiring doctors and scientists that they knew were willing to lie and they built a glut into their Business Plan you heard about the millions of pills that are basically being pumped into communities across the country well they were well aware that a small city cant absorb a 1000000 pills every year they knew that they had built that illegal diversion knowing people would then seek them out on the streets into their Business Plan because the more illegal activity that said place the more they were recognized and promoted and that would be good for their business so in the Bigger Picture so many other lawsuits that are pending are going to be watching this have watched this take in their own nose and now youre going to find a lot more information that was i think come to light as well as more trials unfold right you more legal processes johnson and johnson as you mentioned say theyre going to appeal what are their chances there. Its going to be interesting im going to think theyre pretty nell i mean im not a betting woman but general counsel for johnson and Johnson Michael allman responded to the judges decision in a written statement that the ruling was a miss application he said of the public nuisance law and thats the approach that oklahoma prosecutors the attorney general took in this case that basically was a public nuisance because they flooded the communities with these pills that allowed it addiction to take hold and create this crisis and so johnson and johnson is saying that that argument is flawed and thats the ground that theyre going to peel he added to the Pharmaceutical Company did not cause the states opiate crisis and that the state quote failed to present evidence that the companys products or actions caused the public nuisance in oklahoma basically hes saying that the facts of the case dont support the outcome and he went on to say that they sympathize with this tremendous tragedy that continues to unfold because of opiate addiction and that theyre working with partners to find ways to help this crisis but i dont know that i think for the most part theyre going to theyre going to be falling on deaf ears those are good. And 2 other pharmaceutical companies pulled out before the trial even started they also were facing the same charges pretty far. Settled with oklahoma before the trial for about 355000000 so thats a fraction of what johnson and johnson has been ordered to pay essentially right and so you mentioned these other companies a broke away and filed a sup with separate settlement but there are other as you mentioned a lot of different plaintiffs here a lot of different defendants what are the implications of this for the following for the trials that i presume will follow in the wake of this blockbuster decision. Yes its interesting because that was a trial that basically was the 1st state trial by the tourney general but if there was a judge overseeing that ruling the 1st state jury trial is scheduled for this october in the state of nevada our own mike happened tony with americas lawyer and a partner with 11 top and tony a law firm will be trying that case and i think youll find that in the oklahoma case that this is just the tip of the iceberg theyre going to really be talking about the role distributors played in this crisis and the 1st federal trial is scheduled for october 21st in ohio and it involves claims from 2 other ohio counties but again we have municipalities all across the country that have joined that particular federal multi district litigation and the cleveland based judge in that case stand polter and tends to use this october trial as a bellwether that could apply to other cases as well huge story with legs for years it was contributed to americas lawyers thanks for your time. Thanks daniel. And the dust is still suddenlink from the g. 7 summit and the dramatic events and centered on the gathering and b. R. Its france on monday chinese officials quietly but clearly denied u. S. President Donald Trumps claim of 2 phone calls from chinese trade diplomats asking for a resumption of trade talks chinese officials repeated their denials of phone call on tuesday the day the talks were previously scheduled to resume no meetings took place and there are no known. Plans for further u. S. China meetings meanwhile in the wake of Iranian Foreign minister zarif surprise visit to the g. 7 at the invitation of french president emmanuel necron iranian president hassan resigning rouhani says he will not resume talks unless and until the u. S. Lift sanctions that it reimposed after when a gain on the p 5 plus one Nuclear Agreement of 2015 President Trump on monday suggested a willingness to meet with iranian diplomats and even sent a letter of credit to an able loans backed by iranian oil were under discussion and finally a spokesperson for president brazil who insulted the wife of president french president manual micron online suggested that brazil would reject aid to save the amazon rain forest fires set by farmers. Mr apologizes to also noro and joining us now to reach orient after some days that have left head spinning around the world is a senior asia pacific specialist at the institute for china american studies welcome back now. You know i just want to take a step minutes a step back from the drama and the alternately amusing or disconcerting headlines coming out about the u. S. China tariffs we had. Just to recap we had President Trump react strongly to what many saw as a mild or moderate chinese convert tariff with more u. S. Tariffs he gives the hereby ordered says hes going to order u. S. Businesses to leave china then he switches to 2nd thoughts at the g. 7 then he says his only regret is not raising tariffs higher then he says the chinese are eager to talk and then the Chinese Foreign minister denies this so my question is on the cultural aspect of this how does this erratic behavior and haphazard negotiating style look to the chinese are they questioning what an agreement with this man would ultimately be worth should they try to reach one and perhaps thinking with this counting situation like this maybe theyre just better waiting it out. Youre absolutely correct on these fronts i think the way they look at mr trump is that they look at him as being insincere. He came in he imposed tariffs early and he did have leverage and that did catch the attention of the chinese and the chinese were willing to go a Long Distance because they realize they need to transition their own growth model from the graceful model of the currently have but the americans have not and put it President Trump has not been a sincere interlocutor so Going Forward they are willing to sit down and talk but its going to be on a trust but verify basis where whatever is agreed upon is something small it needs to be verified and you move to the next step and this sort of safe face saving tactic that mr trump tried you know where you just sort of about whether the chinese were interested in talking or not that sort of tactic seems to work in a in a u. S. Political context but when hes when he seems to why about the chinese negotiating position. He cant for them they know whether they call or not so is this tactic at the cost of as you allude to perhaps just a loss of confidence in the negotiations at all you know theres been a significant loss of confidence and i would you know broaden this out its not just only the chinese in isha they take the u. S. President s word on good faith and with great sincerity and thats why during the 1st year or 2 of mr trump even many made erratic statements they took it with great sincerity that perhaps thats what he meant and what thats what he felt but trump has gone all over the place so much time so many times that now the whole the concept of the sincerity rich is devolved to the american presidency itself is in jeopardy and that is not a good thing on the negotiations particularly there are 2 tracks here one is the actual substantive. Track which the negotiators are on and its theres a lot of detail and theyre both sides are dealing with each other with sincerity but then theres the trump track too and hes all over the place but i will say one thing they do detect in mr trump a certain degree of apprehension and no willingness to maybe make compromises because hes fearful his times running out and hes going to go into real life. And getting into the weeds about this a little bit there is this unusual report about National Security advisor john bolton of the United States pushing very hard to deny a chinese to Chinese Companies bid to buy an aircraft engine factory in ukraine motors. There is a new ukrainian president who has a choice perhaps to make here about who to disappoint mr bolton or these Chinese Companies is mr bolton likely to get his way perhaps i think mr bolton is likely to get his way you know the chinese have been china has been really from a technological standpoint making dramatic moves forward in terms of indigenization off technology but there are certain technologies which theyre just not up to speed with aircraft engine manufacturing is one of them and weve noticed china going out and trying to buy these high technologies even at Bankruptcy Court and other news and the u. S. Has been very alert on this front i think just a couple of days back theres an article which talked about china even wanting to buy out ports in greenland which might have been a reason that that mr trump wanted to purchase started kind of so the u. S. Is very alert on this front and given that its equities which it enjoys in ukraine i think they will be able to convince the ukrainians interesting and back to this currency issue the currency manipulation issue is obviously at the front of the President Trumps mine the renminbi is now trading at an 11 year low of almost 7. 00 you want to the dollar men. Analysts are pointing to a moderate slide in the renminbi as an obvious method of offsetting u. S. Tariffs is that just simply is just that simple that thats whats happening and is that what were going to see more of Going Forward it is that simple at this point of time but i would say to the chinese particularly they had been propping up the currency keeping it artificially high and now theyre allowing it to find its fair market value and thats perfectly fine but there is a danger on this front you know we have just a trade conflict of the spine of time which is also mutated into a technology conflict you dont want also an outbreak of full scope currency conflict this is 1000. 00 thirties all over again block like formations trade conflict currency conflict and the chinese have no real benefit or would not enjoy that process and its to their advantage to ensure that china that the currency does not slip below its fair market value and so there must be a 10. 00 to 1. 00 the front axle insights as always group of i. C. s thanks so much for joining us. And we all know that shopping and ball can sometimes leave you with too much of a good thing that sort of situation seems to have developed at the opening of the new west cosco store location in shanghai china many Chinese Shoppers posted video of massive lines and crowds on social media traffic was so severe in the area that the miss dismissal of students at a nearby school was delayed and the store shut down after 5 hours in the face of the overwhelming response cosco is very eager to gain a foothold among chinas growing ranks of middle class consumers and capture the bulk buying its which is not yet fully developed in china as part of that effort costco has already partnered with ali baba in 2014 cosco faces competition in china from Walmart Walmarts ball sams club has been in china for 20 years. And chinas 2nd Largest Telecom equipment manufacturers e. T. E. Posted a net. Offutt of 907000000 yuan and the 2nd quarter 29 seen coming back after a 2400000000 loss in the same period last year revenue saw increases of 188 percent to 22400000000 yuan up 11900000000 year over year the sale of 5 g. Network infrastructure in china and elsewhere has also boosted their business this year the Telecom Giant announced in june that it had signed contracts for more than 25. 00 commercial 5 g. Networks. And in other related news Swedens Ericsson has partnered with Deutsche Telekom to fill the demand for mobile technology at industrial sites in germany the 2 Companies Said they plan to Work Together on sites like factory floors airports and harbors ericsson specializes in Telecom Infrastructure completing competing with the likes of nokia and while away worldwide. Quick break but stay tuned because when we return global instability. In the market one investment is booming. Trading is in the studio to give us the breakdown of gold prices and what this could mean for the future of the World Economy and as we go to break here are the market numbers. When the ruling classes protect. With the crime of. The one percent. We can all middle of the room sick. Room. So what weve got to do is identify the threats that we have its crazy confrontation let it be an arms race. Spearing Dramatic Development only mostly im going to resist i dont see how that strategy will be successful very critical time to sit down and talk. But this or that the british at the. Time. Which. Im not what you. Want to. Be. Its just the word support of. The studio actually. Most of. Them speeding. Welcome back while it appears the United States may not be any closer to a deal with china President Trump was able to strike an agreement with france for the president and president emanuel necron announced monday that france and the u. S. Have reached a deal to end the french tax on internet giants mr trump threatened to impose a tariff on france after the country passed a law earlier this year to put a 3 percent tax on revenues earned on Digital Services in france with the Deal Companies that pay the tax will be reimbursed once the International Agreement takes effect while speaking to reporters with mr trump microns said of the deal weve done a lot of work on the bilateral basis we have a deal to overcome the difficulties between us. Checking in on india the reserve bank of india the nations central bank has given the green light to a 24800000000 dollars transfer of funds to the federal government that may have caused the previous head. The r. B. I. To be fired the r. B. I. Announced on monday that it had approved the transfer of 17300000000. 00 of annual net income as well as 7400000000. 00 in excess reserves to the government of Prime Minister Narendra Modi mr modi classed with the previous head of the r. B. I. Urging patel over the transfer issue before replacing him with shakti khan to dust who is widely seen as much more accommodating to mr modis agenda meanwhile an indian antitrust news growers has reported the existence of a draft plan by comp for the Competition Commission to find and correct problems and media and broadcasting the source that share the document with reuters said that the Competition Commission will delegate the study to an independent agency. And joining us now here in the studio for the 1st time to discuss the latest on the u. S. Economy gold and who knows what else is Todd Bubba Horwitz strategist at bubba trading bubba good to how do you here in the studio going to be here now 1st lets get back to this issue which were obviously fixated on about the risk of a u. S. Recession the Financial Times had an opinion from their Editorial Board on monday basically saying the banks the one banks generally have more to fear from a downturn versus versus stocks and that within the Banking Sector u. S. Banks are at greater risk than european banks does that a risk Risk Assessment pan out in your view by such or in by region i think by region i think that it doesnt matter i think all the banks are really in trouble im concerned that theres not enough really true the quality behind all this im concerned that these stress tests that we can do to here how strong we are are not really that accurate because again one of the things im seeing is banks are lending money through a 3rd party basically in other words theyre not lending marty you and me but theyre buying a loan as they were doing back in 08 there but theyre continuing to buy the loans so people that are selling the loans are making an immediate profit hold upsetting banks that are somewhat subprime loans and im not quiet im necessary bad loans are these are laws that are higher risk loans that people are willing to pay a lot more for and theyre buying those as if they were giving away for free so this to me sounds very familiar and again we get to these type of Interest Rates the banks dont want to lend out themselves because the spread between the borrowing rate the lending rate is too small which again makes sense but they are buying a number of loans and again this is just adding up to another potential problem right so youre talking about buying loans rather than making loans correct and the cliche is that uncertainty in volatility sparks moves to Precious Metals and we saw gold rallying and silver approaching new heights whats the outlook on metals right now in this very volatile. I think theyre gone i mean my 1st target i dont like to make you know a giant calls out future right now i thought 800 so over or through 18 now i think now so reflect yet 1000 to 20 gold 1600 is my next target go higher that but again you have to in this in markets you have to let go one low all the time if you look at them like say well were going to you know gold 5000 its a bit maybe there but now its going to go through all these levels to get there theres still going to be sellers showing up so i think they look good i think some people misinterpret the real true value of what metals are the metals are not really a protection against your equity portfolio theyre more protection against currency against Interest Rates and other things like that so i think there are great hard assets are great for everybody have some ownership on but i wouldnt go crazy i got to get a gold or silver and speaking of other kinds of assets you posted yesterday about aqua he is what should we know about equities right now when the equities are probably in a little bit of trouble here now again markets go in cycles we go weve had bubbles before weve had collapses before and im certain that again tomorrow next week next i have no idea when there will be another meltdown as you know a as a no one and every time before so but i think that people that are investors should stay the course you know when you try to move back and forth and put yourself always in the hot stock of the hot sector i think you make a big mistake its really being able to stay the course markets go down they go up if youre an investor not a trader let the markets the way they do knowing that the bottom line is for 150 years markets have gone up 8 and a half percent year over year they dont go up every year but over time they go 85 percent so if youre buying good solid Companies Continue to invest but understand that theres going to be some pain at some point that you have to make a decision and try not to make a decision to force you out and as we try to sort of look through the crystal ball it seems like the holiday. Shopping season is set to become more and more important as a bellwether that people look to for the u. S. Economy wells fargo this week predicted a weaker than usual take this year a Senior Analyst there wrote that while the majority of companies appear optimistic on their ability to drive solid growth in q 4 of 21000. 00 we believe that the holidays this year is actually quite bearish does out comport with what youre seeing and what you think is you know going to i think a 1st of all im never a big fan of these long term projections of whats going to happen here i think that sometimes has other agendas underneath it but todays shopping world is much different than you and i remember isnt waiting for black friday deals all the time you catch a deal on amazon or every want to go to there there so its not like you have to wait for all the specials there every single day now so do i have to wait for the actual last run in to christmas you know so again could it be for sure i mean i think that but retailers shown recently to be very strong but i do think that there are some issues out there that certainly indicate but one thing we know about americans christmas time theyre spending money whether they have it or not and that becomes the bigger problem there is so much debt in this country and so many people so far underwater but of course being a by the month society if i can pay for it by the month its goodbye me so good its good to have you here. Trading thanks so much that much. And thats it for this time you can catch boom bust as always on direct t. V. Channel 321 dish Network Channel 280 or streaming 247 on pluto t. V. The free 10 t. V. App chill to 79 or hit us up at youtube dot com boom bust our team see you next time. Theres things. We fear to. Tread on me. Im a little but i think too much ended up by one news were buddies. Gave. One of them one night he should have been there so. Put them down i dont want or i cant give her name yes i knew she needed that home of Community Yeah i am kind of whom he could feel that he had to keep. Going to move he made a move of one of the men that young enough i dont know before i dont think. We are in a depression in america in populations all over america others object poverty and more than half the population lives below the poverty line so theyre already has a bit of a ghost depression going on what should develop into a full blown depression because im not either policies work from the central bank so maybe the problem. The subtle. Paradise with all year round turned into a round the experimentation field for agricultural chemicals we know that these chemicals have consequences they are major irritants theres no question otherwise why would that the Chemical Company workers themselves be geared up that suited up locals attempt to combat the on regulated experiments but often in day you have many of these people who have one foot into the biotech pharma and the other foot in the government regulatory bodies this kind of collusion is reprehensible while the battle goes on the chemicals continue to poison hawaii and its people so one has to ask the question whether there is a form of Environmental Research going on in hawaii whether these Companies Feel they can get away with this because the people have less political power. As the global outcry continues over those far as you go from vos trucks of the amazon rain forest the brazilian governments business practice and ties to washington and 100 cree scrutiny. Police in the west of germany say they will now reveal the nationality of all crime suspects but godless of whether or not their identities believed to be relevant to the investigation. Of the Us Federal Court orders the state of idaho to pay for gender reassignment surgery for an inmate convicted of child sex abuse the gut reaction that. I have some