Transcripts For RT Boom Bust 20240714

State of negotiations as the fateful date approaches beginning in the business mind set lets go. A new trade deal between the United States and japan in the midst of a lingering terror fight between the Trump White House and china and dismal prospects for a new nafta leader global report today the Trump White House announced the signing of the preliminary pact on wednesday hailing new Market Access to japan for us i grew cultural producers a summary from the office of the u. S. Trade representative claimed that the terms of the deal would allow 90 percent of us agree cultural exports to introduce a pan either duty free or with preferential treatment on the other side of the ledger some 40000000. 00 japanese products to the u. S. Will receive similar preferences some digital video books and similar products from both countries would also receive preferential treatment but perhaps just as notable was what was left out of all the paperwork and discussion and. A mention of u. S. President Donald Trumps previous threats to impose tariffs as high as 25 percent on Japanese Cars and car parts the u. S. President may very well be tiring of his own tangles with tariffs and threats against all sensible u. S. Allies and adversaries as a fight with china has caused a 53 percent drop in u. S. Exports to china from 2017 to 2018 and considering the losses of market share placed growing strain on rural farm economies mr trump has tried to ease the pain for his most reliable demographic base of Political Support among rural whites with direct payments to farmers for their losses this week bloomberg published their cement that those payouts now total 28000000000. 00 a cost greater than that of the famed bailout of the u. S. Auto industry in the bush and obama era on the chinese trade track this week chinese officials finally seem to take some significant the monster ball action to reopen u. S. Markets for u. S. Soil with new waivers for importers after many unverified u. S. Claims of chinese pledges to increase purchases but increasing political troubles for mr trump in the form of a quickly Development Developing impeachment process would seem to all but for close the passage of mr trumps revised version of the north American Free trade agreement the socalled new now after. Weve been following the dollar shortage crisis and the repo markets this entire week after the fed turned on the liquidity they get increased it even doubled the amount of funding available to banks now moment after the fed announced its 2nd expand its 60000000000. 00 term repo today the demand rushed in and the books were oversubscribed this suggests that the funding shortage is getting worse on a poor and basis and the term repos which were supposed to alleviate it is not working i kept the Worlds Largest interviewer brokered this the worst Case Scenario as it was not only oversubscribed but it was over by a whopping 13000000000. 00 this shows that the liquidity shortage is getting worse and that the more liquidity the fed provides. The more liquidity primary dealers indicate they need the situation will only get more dire as we approach months and as this ripple operation has become a modern stigmatizing equivalent its like taking a hand out if clients or lets say trading partners catch a whiff that a bank is in a dire liquidity state the consequences could be dramatic like in 2007 and joining us now to break down the latest market moves we welcome back todd horwitz tree strategist above the trading. So as tiny as now it basically extending out an olive branch to us ahead of the schedule trade talks by purchasing considerable amounts of pork and soybeans the u. S. Then decided to retaliate and slap china with sanctions today the treasury announced sanctions on 5 Chinese Companies and 6 nationals accused of importing oil from iran so much more good faith this is a complete slap in the face so now this is affecting both the oil traders and the global oil shipping market so give us the latest there. Well again i dont i dont look at these as any really big deal one way or the other i mean i think when you really look at it the markets tell you everything that you need to know and of course the oil markets since the ridiculous rally off a saudi arabias drone bombing has come back right into the range and work was trading for the last 6 months so i dont think anything will change there and Agricultural Products are picking up steam and actually have looks like they have bottom and are starting to move higher so we could talk about this left in the face of we can talk about the olive branch i think there was just an olive branch about 20 minutes ago as we saw the dow futures explode of course theyve suddenly come back down again but again chinas trying but theyve got to come to the table and theyve gathered give President Trump in the United States the what they want which is you cant steal our intellectual property very to do that were not going to do business with it and i think thats the way it should be and i would hold that hard line until we get that done and u. S. Farmers get a bit of relief today from this japanese trade deal the economy in the u. S. Is still remarkably weak it seems u. S. Business investment contract and more sharply than previously estimated in q 2 know that qana me is steadily losing sweet as its stimulus from the tax cut fades should leave the house worried should we be as new data points emerge every day to suggest a weakening here and on the on the trade deal that u. S. Has reached a partial trade pact but on the japanese side. It is only really got just the trump not did not impose new terrace on japanese autos is that really all they got from this deal on the japanese side. Gives of the gotten so far no i get i think thatll be an ok i think it will be a solid deal when its all said and done but i think when you go back to our economy and the slowing i think of us i think ive said this before in the last 6 or 7 weeks that i think were in the very early stages of a recession you know youre starting to see these little problems creep up whatever to keep saying it doesnt matter this is not 2007 no its not 2000 and its 2019 and what are we seeing were seeing slowing the growth were seeing some issues in the jobs markets now were seeing liquidity problems with the Banking System so you start to put all these years together and of course we continue to get the it doesnt matter its different this time and of course we all know that its never different and they can only surely the and hold these markets and hold this economy gather so much longer until its going to see some melt down and i you know again im not a know when that will happen but i think we still are in the very early stages of a recession or and i think that theres a lot of issues and were seeing them again play out in the Banking System in the repo market so now lets talk about this japan deal real quick the u. S. Has reached a partial trade pact but japanese commentators are saying that tokyo gave up too much japan gave ground on agriculture and but did not win anything on autos how is this fair this proposed deal would open markets to 7000000000. 00 of american ag products in exchange for some tariffs on japanese products being reduced but that did not include autos how is that fair. Well look at how they made the deal right so obviously when both parties walked away from the table they shook hands and said that we have a deal so how is it fair is fair because abi and President Trump decided to shake hands and make a deal there so you know again you have to look at the over. Rall systems and whats in play and whats in play is that there are so they still sell plenty of cars here and then big plenty of profits or so at the end of the day they shook hands made a deal both parties were happy as they walked away from the table and i dont know you can ask for any more than that so again we can try to pick the deal apart and try to say that this part isnt fair or thats not part of her but at the end of the day the guys who make the decision said it was a great deal for both and todd lets talk about one increasingly popular food option thats making headlines in the Business World and thats this beyond meats fake meats beyond meats is reported to be taking another step toward mainstream acceptance by testing its plant based burger in Mcdonalds Restaurants in canada so how strong is this trend as this seems to be getting gathering speed how big is this trend in food away from meat and to plant based meat substitutes. You i dont know that it is so much away from lets be honest i mean the actual plant base is no healthier than a burger but there are many and it were growing more via guinns and vegetarian surat so what the fast food franchises have decided to do is say look why should we give up the business of somebody who wont eat meat so why dont we go ahead and bring in this vegetarian burger or you know whatever you want to call it and let them come to us so we dont get checked off of some birds were not going to go because now a family can go to mcdonalds even if they have a vegan or vegetarian within the family so i guess i think its going to get much bigger than it is were going to be already so were seeing in Chicken Nuggets that youre going to see it doesnt i know taco bell said no but dont be surprised that taco bell starts bringing in some of this fake me as well because again there are a lot of people in this in this country and his world that are switching to not eating meat for whatever their reasons are and thats great so but the businesses are saying hey why should we give up that business so lets create a. Them come in and have what they want versus just saying well were not going to were not going to you know have to come to our restaurant any more. Meatless meat may be coming to taco bell hot tip from todd or with some bubba trading thanks for joining us. Thanks as ever great to. Weiwei technologies is teasing the u. S. With an offer to license its 5 g. Technology to only one other exclusive company to create a powerful new competitor that could develop its own large market scale c. E. O. Renton fe revealed that the competition would help to drive Tech Innovation and will force fall way to become more efficient and eliminate underperforming areas this offer would include chip designs hardware and source code the company would allow the customer to modify the source code so that neither huawei or the Chinese Government could have any control over any Telecom Infrastructure build using it the climate while i want to license attack to an American Company as europe has its own 5 g. South korea and japan are both already established only the us is behind so that this way it would bring the us up to the same starting line to compete in 5 g. Networks is not afraid of the emergence of strong competitors and says that it will only serve to motivate and remind us 190000 employees that they can sleep in and must keep innovating to stay ahead huawei is now focused on Ai Technology 7 and t. Is that they have begun research on 6 g. This by huawei is all a branch of the us american officials confirmed this morning that the Trump Administration is unlikely to extend temporary waivers to supply huawei and that the u. S. Is reassessing intel sharing with allies who are still using quality technologies by repeatedly rebuffing chinas attempts to compromise the u. S. Is not getting closer to a deal no matter how many times trump insists to the markets a deal is imminent weve counted at least 16 instances where the markets got jerked around by that statement already. And we work announced earlier this week that found them human would step down as c. T. O. As the Company Struggles to raise cash to a growing list of sole convo the founders who have been ousted from their company list now include. Travis kalanick twitters jack dorsey group bonds andrew mason oculus is Palmer Luckey and yahoos jerry yang to name a few with the company now facing a facing a cask and cash crunch as it loses nearly 300 dollars a month it only has a runway of about 5 months it is now turning to soft bank its biggest investor for an increased lifeline soft bank is now considering doubling down on their bet on the company after having plowed more than 9000000000. 00 in already a new 1500000000. 00 lifeline would help to open up fresh Financing Options for we work after its upcoming fell apart. Given its uncertain future when we work is looking to cut costs and were going to fire thousands of poison and potentially shut down its peripheral businesses managed by we company. By q q. Was acquired by we work earlier this year in april for about 250000000. 00 tempted to business in itself as a tech company. Time now for a quick break but here because when we return. The British American. Model and. The tense situation in venezuela is still all over the news the problem in venezuela is not that socialism has been poorly implemented but that socialism has been. Inside venezuela different sanctions against. The. Story is a new. Henry kissinger. Turn of the economic and social system could take hold and therefore the policy would be to make. The economy scream. It would run for for the what i like of is out of order were going to have to set up one among what i would on. A friday afternoon tea. Not the high. End of the set on monday in the us and so on. Some thought it was. A lot of. That he said when we did. Welcome back catching up with the International Monetary fund a new managing director has been officially installed to replace Christine Legarde who has switched chairs of the global policymaking table with a move to the presidency of the European Central bank the i. M. F. New leader its Christina Georgieva the 1st i. M. F. Had to come from a developing economy in this case bulgaria the 66 year old bulgarian economist has held a variety of jobs at the European Commission and the world bank this is georgia is also setting a new president with regard to age but i. M. F. Waived its age limit of 65. 00 to enable her to take the post she was the only nominee is george eva takes office with some unpleasant business on her desk because i am officials are warning zimbabwean officials about payments from the zimbabwean state to allen political allies of the president according to the Financial Times the f. T. Reports that i. M. F. Officials say the payouts to fuel companies succumbed to holdings were enabled by simply printing. More of zimbabwean currency also says those payments and printings were so large that they significantly worse than the dramatic weakening of the recently we introduced zimbabwe and dollar. And other dramatic news around International Financial institutions the top german designate on the executive board of the e. C. B. Has resigned 2 years before the end of her term neither the e. C. B. Nor the german officials are being locked in slugger cited a reason for the early end of her tenure but the resignation has theyre widely reported as the latest action in an internal fight at the e. C. B. Over Monetary Policy including the recent return to bond buying by the e. C. B. Under current president mario draghi the effective return of q. E. Has been controversial among policymaking elites the controversy came to a head in mid september when mrs laughton flagger and her fellow e. C. Board members from austria france and the netherlands unsuccessfully rallied to oppose the latest stimulus measures missed lodgers lager departure also leaves the e. C. B. S 25 seat board with no women in its ranks while Christine Legarde prepares to take the reins from mr draghi on november 1st. Tempers have been flaring in the united kingdoms parliament as Prime Minister Boris Johnson sped back from the Un General Assembly in new york after a court ruled his suspension of parliament was unlawful after yesterdays ruling mr st john the Prime Minister should have done the owner will sing and resign. And reporters are told remembers all the city disagreed with its governments commitment to leaving on october 31st they had a very simple remedy i suppose. They could have voted for a general election or youre being asked to make sure it did sorry a pretty good to be sure to distribute your. Why are you. Certain. You took the full belly we create position. You will exhaust you cool you will get. Joining us now its a new sort out the latest in the bread saga is hillary ford which board member of the British American Business Association and hillary you know all the experts on the president s here say the u. K. Supreme courts decision to call the suspension on lawful takes the court into one to uncharted territory said a new president the parliament as you saw here also seems to be venturing into unprecedented to reign with the level of rhetoric and the current challenge to the Prime Ministers previously recognized parag gives so what is your take on whats happening at the institutional level right now in the u. K. Is the system as strange as it looks and could this lead to some more fundamental change in the institutions well it definitely is strained you can see that its strained on both sides and of course when you mention the rhetoric youre referring to of course just felt who is the m. P. From Birmingham Yardley and also madeline another m. P. Who received recent attacks and of course a while ago of course jo cox was attacked and she is deceased from her about attack but its been on both sides and the rhetoric i dont think is just being from boston so what are they doing death watch in the will of 17400000 voters and this is the issue when you mention the Supreme Court ruling of course brenda hale the president of the u. K. Supreme court shes rolling on the concept that they think that Boris Johnson was was out of line not on a rule so basically its just that they actually want to defy the voters so youve got the institutions want you to define 17400000. 00 people who voted so what is this is democracy looking like a total and utter mess and ill reiterate what churchill said which is democracy is. A good form of government is just better than all the others tried a total mess so now going from the structural transpacific the parliament rejected earlier rejected the motion from the government to adjourn so where are we now in the process with the law barring no deal drags it having passed and mr johnson insisting that he rather die than delay braggs it past october 31st are you right christie actually said hed rather die in a ditch didnt he yes youre right no theyve actually come back and theyve defied this i think everybody has the findings on both sides i think the institution is in jeopardy i think what its come down to is the following theyve actually been scared of a general election the labor party doesnt want to and you heard that in the most recent quote because they fear that the electorate will rise raise its ugly head and rise up and want it so what theyre doing is theyre doing every single motion they can to thwart the bricks that vote what they house being talk of is of course i think its rather ironic you know remember remember the 5th of november everyone in the u. K. Knows that thats guy fawkes day that is looking to be the most likely date perhaps for a general election well what is november 5th november 5th is off to october 31st and johnson has to get the u. K. Out before then or else he also risks political jeopardy i think hes in almost like a win win situation because if he cant get through which is what hes promised the electorate will know hes been thwarted by the labor party and then the general election would take place people are speculating on november 5th what he has to do at this juncture is hopefully get through some sort of deal that is agreed upon by october 19th but no one seems to give that much of a chance and hilary looking to the continent we want to get your take on this drama we mentioned. With the European Central bank with their highest german official on their board resigning apparently due to discern chin over more bond purchases the return of the socalled quantitative easing policy and increasingly bitter german feelings are hurt feelings regarding the e. C. B. Interest rate policy is what you are and so do you in this kerfuffle and as it is dramatic as it seems. I think dan you are totally right i think its definitely dramatic and it is certainly a fall its not just the germans the germans resigned but its also the dutch on the germans in the dock and i think what you have is you have lets look at this on a global basis for our viewers youve got in europe the same thing actually you have in the u. S. Which is you have some states that dont perform like other states when the u. S. Has far more of a sort of a sense of National Pride and pulling the other states along the rule the United States you dont have that in europe so you have some countries that are very productive like the germans in the doj and then this is another reason to actually if you think about it the u. K. Is sick and tired of being the 2nd largest contributor and getting less from the e. U. So i think yes the answer is dramatic and its all about certain nations not pulling their weight and those in germany having to basically hold up other nations of which theyre sick tired and weary d of doing fascinating and say hello forward to the British American Business Association thank you so much for being here you crazy. Back in the United States the United Auto Workers union and General Motors appear to be closing in on an agreement that could end the 10 day strike that has put nearly 40000. 00 workers on the picket lines while talks have been taking place daily since the start of the strike in the last 48 hours there has been more than chance to negotiations according to reports of people familiar with the matter u a w Vice President terry dits sent a letter to members touting the progress in talks saying the young resolved issues are at the main table and have present been presented to General Motors and we are awaiting their risk he added that quote back and forth will continue until negotiations are complete in a move on thursday g. M. Reversed course saying they will continue to pay for Health Coverage for striking workers after previously saying they would put those expenses back onto the u. A. W. The un union had previously said they expected to pick up the cost out of the strike fund if the strike were to commute continue for an extended period of time. Selfaware robots similar to movies like the terminator and blade runner may 1 day be a reality according to a claim japanese roboticist hiroshi is. In japan japan robots are commonplace helping with past like cooking and physical therapy a girl who has already created it Android Version of himself so that he would spend on business trips believes that breakthroughs in tech and ai are moving us closer to robots that we see in movies as a scientist i hope to develop self conscious robots like you see in blade runner to help me understand what it is like to be human that is my motivation he told a. F. P. While there are many who fear this innovation he added that american filmmakers seem to paint a negative picture of the robotic future adding that i can understand why hollywood want to destroy robots look at the japanese cartoons and animations robots are always friendly. We have a totally different cultural background. Robots are always friendly and thats true thats not how it was in the terminator movies exactly were i robot or literally any of the american hollywood films we always put them in a bad light theyre always trying to become the dominant rays kill all the humans and also we as a species dont seem to have mastered keeping technologies from getting out of control and creating menaces to our existence like the internal Combustion Engine for example i dont know that were ready to handle fully why replicants is the science its called the i would love to some myself on business trips that by this time you can catch a boom bust on direct t. V. Channel 321 dish Network Channel 280 or streaming 247. Or you can always catch it on youtube dot com slash r t. V but if she warned you and i did the dishes at the bottom or those. Speeches you see me we need to you blue truth. About that. He said he that is without the ball. A lot of. These. Days doing. Listen for the. Little. Playmates in that we make a nice call to the western markets companies simply dont make them real so kind of a quality when it comes to money from running off on a. Buzz machine which is sort of one of the biggest markets of the last couple you know most of the. Experts in a lot you know its think its going to be more than a year of. Us democrats intensify their. Giving the president abused his power help. Make the troops to protect them from chemical and biological attacks. I think created them is enough. Theres got to be. The most outrageous thing ive ever heard. Painters accuse the government of failing in its commitment to protect