Transcripts For RT Boom Bust 20240713

Again for privacy concerns rolling around this project. Of the block founder of london joins us to dig into the details of what could spell doom for the Digital Currency lets get to it. China is still closed for the last day of golden week but later on this week Vice President premier league is expected to meet the u. S. For its 13th round of trade to go she actions in washington bloomberg has reported that china has significantly narrow the scope of issues that theyre willing to discuss and that china will not commit to reform a industrial policies or government subsidies to of trumps main complaints but has china really narrow the scope no this is the exact same stance that china has maintained since the beginning trade and policy have always been 2 separate issues that must be treated as such in fact back in may she had reported that restrictions on state owned enterprises go beyond the scope of trade negotiations and touches on try. As fundamental Economic System there has been no shift in narrative no narrowing of the scope and no backtracking china has maintained its initial stance to defend its economic sovereignty and urged the u. S. To clearly separate out the 2 issues so that at least a partial deal can get done markets are risk off today as traders have witnessed this bait and switch optimism rhetoric before especially as 2020 approaches and the trauma and ministration and her survival mode Foreign Policy moves get even more unpredictable as his habit of exerting maximum pressure can further escalate ongoing disputes. And interesting week ahead we bring back Senior International relations policy specialist at a. C. S. So so raw as President Trump is getting hit taste of his own medicine of maximum pressure and while hes under the threat of impeachment right now is this going to soften up his stance going into thursdays negotiations to be more conciliatory or is this likely to make him more antagonistic i hope it will make him more conciliatory because he needs to be conciliatory if there is going to be an agreement the chinese have kind of the the framework for an agreement if mr trump is really interested in that they have talked of the trade balance can certainly be dealt with issues of Market Access can be dealt with issues of Investor Protection can be dealt with but issues related to National Security and issues related to state owned enterprises lets do that a little. Theres enough on the table to have a good agreement at a time when manufacturing and Services Numbers are among the worst manufacturing numbers worst in a decade so says numbers of worst in 3 years this is the time to do a deal mr trump must be smart about it. But in the meantime the tramp and mission has been considering capital controls on china further escalating this entire issue and they were actually considering potentially delisting chinese stock from u. S. Markets but this would actually just further push the belt and road businesses on to either the long London Exchange or even the hard parts change so this one leaves essentially new york out in the cold so who exactly is trump trying to punish here i think it would be an extremely unwise move if mr trump went ahead with it now im not exactly sure if hes really wants to go is using this as a tool of leverage theres been talk on the scale. Of front but if he does good its not a smart thing to do simply because china can raise money on another on a number of other International Exchanges to refer the chinese authorities dont dont provide as much information as they could to these exchanges including the new york stock exchange. And china is actually going ahead and beginning to become more transparent offer to be more transparent to the hong kong to the Hong Kong Exchange down the line it will be also 2. 00 to 4. 00 for american investors but have mr trump goes ahead on this front to do will be american investors who lose while china will be able to raise its capital were over it wants to so they have been making an attempt to open up their Financial Markets even allowing paper now to finally stop and after 5 years now so furthermore the Houston Rockets sent out a tweet on sunday that quickly got tremendous backlash and we all saw this china suspended streaming on 10 cent and now we have this intense scrutiny on china right now whether or not thats been Media Program that remains to be debated but right now why is it that we have this entire anti chinese sentiment in the market right now regarding human rights when everybody has turned a blind eye to all the Human Rights Violations and say saudi arabia and i mean the. World visions and other places which are far far far worse but the the larger problem has been that this white house has lost complete control of managing the china narrative i know that has been food all sorts of people and therefore when you have an issue like this which was an unwise tweet it just it explodes of course of the chinese and theres a lot of pride theres a lot of patriotism theres a lot of nationalism and they are very unhappy are for the situation is playing on to hong kong in rio and china and were talking not just the Chinese Government of the Chinese People and so one must its not an easy balance but one must be more very when we are trading down the spot after all china is a great place to do business in and a lot of money to be made but also there are issues of sensitivities that balance can be work and i dont think the n. B. A. And the gentleman from the Houston Rockets was terribly words mick. Of course but i think we should point out that this sounds a little hypocritical and selfrighteous when the latest report by the Human Rights Measurement Initiative which is actually a Nonprofit Research Institute Based out of new zealand they examined the human rights issue in the us and the truth was that the us actually ranked very low in some categories in particular the physical integrity rights rank very low and that includes the right a right to freedom from arrest from arbitrary arrest disappearance execution and torture for extra judicial killings the u. S. Is in 3rd place after mexico and brazil so the last day of 2992. 00 Police Shootings that resulted in death so isnt this a little hypocritical now that theyre trying to blame so much on china do supercritical is an issue with police while and so to let me answer this question with slightly differently you know were talking though to what you talked about it was. Rules of engagement which lead to Police Brutality and police was just think oh much more lax so those rules of engagement for the u. S. Military and what happens in a place like afghanistan which we dont have a hero for all the collateral deaths. And so if what the police is doing is just a source of extra crossing the limit to the lines in terms of extra judicial brutality think of what the u. S. Army is doing in many of these hot spots on fortunately for. Always a pleasure to have you here thank you so much for being here. Indias Biggest Hotel chain oil hotels is reportedly raising 1500000000. 00 from their founder and investors in an effort to expand into the United States and europe the 25 year old founder ritesh argo wall will inject 700000000. 00 of his own funds to buy new shares of the company as part of a 2000000000. 00 plan to triple his ownership stake in the Company Soft Bank vision fund Lightspeed Ventures partners and sequoyah india will cover the rest of the funding this round ritesh started oil by taking over the operations of Budget Hotels across india and rebranding and renovating them for a fee or red share the Company Quickly became the dominant player in indias Hospitality Industry and is now looking to expand globally. Is india 2nd most valuable startup after paid im worth roughly 10000000000. 00 the Company Founded in 2013 offered 1200000. 00 rooms and 80 nations worldwide nearly half of which are located in china just this year alone oil started operations in the u. S. With 7500. 00 rooms and 60 cities. General electric is freezing the Pension Plans for more than 20000. 00 u. S. Employees and looking to buy out pensions for roughly 100000 former employees g. E. Which is one of the last major u. S. Companies offering traditional pension programs says the retirement programs were under funded by one. 7000000000. 00 at the end of last year the company now says a Sweeping Change to the program will reduce that deficit by up to 8000000000. 00 the company contributes 6000000000. 00 to the pension plan and 20 800. 00 to reduce the deficit saying that it will contribute another 5000000000. 00 in 2020. 20000. 00 u. S. Employees will no longer receive the benefits of the plan starting in 2021 these workers will instead receive vested benefits and join for a one k. Plan getting an extra 2 percent of their salary for the following 2 years the freeze also applies to 700 employees who were promoted to executives before 2012 and were given a supplementary pension the freeze will not affect Union Workers or nonunion production workers. More workers are being furloughed and talks have taken a turn for the worse between car manufacturing giant g. M. And United Auto Workers the union strike against g. M. Is now in its 4th week legal journalist molly barrows contributor with american lawyers joins us now with more so molly how many workers have been furloughed because of the strike. Well christi a g. M. Spokesman said another 450 workers were told not to come to work today at a company play in mexico this is in addition to the other roughly 10000 nonUnion Workers that have been furloughed already due to this strike last week jim even idle to plant in mexico that produces some of its more popular and profitable trucks and temporary laid off 6000 workers the strike started in mid september with United Auto Workers union looking for higher pay a bigger share profits as well as more job security and protection for Health Care Benefits for its nearly 50000. 00 members g. M. Says it has been negotiating this new for your labor contract around the clock but talks went south over the weekend after the u. A. W. Turned down the Car Companies latest offer which lead Union Leaders say was very similar to one that theyve already turned down and they say these discussions are disappointing so far so they are still talking about the way so what were the sticking points in the labor. Action and negotiation so far. Well it wages and pensions of course and another key issue is one that we have heard a lot about right where are you producing your car so its around the future of the assembly of vehicles the union has previously said it wants g. M. To shift work back to the u. S. From other countries like mexico and china and sources say thats really an issue so just before the strike began g. M. Said that its offer to the union included plans to invest more than 7000000000. 00 in its u. S. Plants over the life of this deal the company also said it was pursuing what it called solutions for other ohio plants that were no longer being used to assemble vehicles and it said that they might have some other plans for those particular plants but the issue comes after President Trump as well as other congressional leaders have urged g. M. To move production back to the u. S. They pointed to numbers in august that showed most of the 573000 vehicles g. M. Exported from mexico were sent where right here to the u. S. So they want to start assembling these vehicles here in the u. S. And this is part of what youre hearing behind the scenes sources say in these negotiations again the talks are still continuing but the union is not happy with what theyre seeing and so far trying to realign the entire supply chain so what toll has a strike taken on g. M. Sell far. A lot but apparently not enough to make g. M. Give the concessions that the union wants so the strike is estimated to cost the company about a 1000000000. 00 and that theyve lost production of about 118000 vehicles so far as well the Buckingham Buckingham Research Group says g. M. s production losses are high enough that theyre not going to be able to make up for all of it by the 4th quarter and g. M. Stock opened monday at 34. 60 thats down 10 percent since shortly before the strike began shares the detroit automakers are still up 4. 4 percent for the year so they seem to be able to think they can take this toll regardless of how long these negotiations talk well see how long much longer they will take it though kristie unable. Be sure to follow this story molly barrows contributor to americas laura thank you so much. Think. Time now for a quick break but hey here because when we return facebook finds itself yet under fire again for privacy concerns swirling around this libor project all the mahogany of the block chains Founders Fund joins us to dig into the details of what this book felt by the Digital Currency and as we go to break here the numbers at the close. He. Says. Oh just look. At us can last a moment to laugh and ask for the last 70 and seeing and on the rest day for the dads brother who shouldve been lucretia. Branches just shoot on disk in the. Asian community. Legion mom. I know you care so said im not going to much fame mama is just back now and. The world is driven by shaped by one person those. Who dare use things. We dare to ask. In this community and there are people who believe that its ok this is. Its really hard there are no jobs and you see that ive got kids. And as a parent. I can come up with argument theres a lot of conflict in the game between the 2 most of the conflict i would say revolves around money and money has made. Us want to know each other. Each other is good because the state of california makes 6000000000 dollars a year of prison complexes you get some when you live where. You dont care and where nobody cares about you so you dont care mind anything. H. S. B. C. Is joining the list of banks this year cutting thousands of jobs as it plans to reduce its headcount by 10000. 00 so far this Year Deutsche Bank Credit Suisse Goldman Sachs barclays wells fargo and citi group were among the banks that have reported to the shed a total of over 60000. 00 roles these banks are in an increasingly complex and challenging Global Environment amid low Interest Rates trade disputes and brags that the escalating trade war between china and the u. S. Threatens to weaken trade as investment flows between china and the west which are crucial to his species business come under pressure most of the roles that have been terminated are within the Investment Banking and trading divisions as a bank faces deteriorating fundamentals these cuts come amid a change in leadership as interim c. E. O. Noel quinn plans to restructure the bank. Facebooks libra continue to run into roadblocks and regulatory backlash from governments worldwide while the team pushes on words key members of the libor association are having doubts and dropping out pay pal is the 1st company to officially drop out and rumors are that visa and mastercard are uncertain about the projects ultimate feasibility the libor association had been made up of 28 corporate backers who are meant to help govern libra all founding members were expected to invest a minimum of 10000000. 00 to fund the operating costs and drive adoption but those investments have not yet been made this does not bode well for facebook as many of libras backers are wary of attracting regulatory scrutiny and have declined facebooks request to publicly support the project with more were joined by a managing partner of the block chains Founders Fund so 8 ali it looks like being a 1st mover to make a big splash in this space is attracting a lot of unwanted attention so you have france value to walk libra and european privacy regulators now questioning facebooks unchecked power collecting both personal and Financial Information so now the companies who were previously supportive a libra they dont even want to be publicly associate with the project any more so is this the beginning of the end for libor or will they continue to move forward. So i would say that this is not the and for libra there is still a lot of potential with what libor is doing but theyre definitely making a lot of mistakes and so it is concerning when you see Companies Like pay pal deciding to leave and actually the statement that came out from libor is association targeting pay pal said its good to know of this lack of commitment now rather than later and it doesnt acknowledge the problems that Facebook Libras made and risks that theyre adding on to their partners with their lack of a comprehensive plan you also see with the french regulators the sentiment echoed about the threats to national sovereignty. P b o c n china also had very similar concerns leading to the excel aeration of their currency that theyre working on and so it is definitely very concerning there will likely be other partners that leave if book libra does not turn this around quickly and so these changes do need to happen and they need to happen very soon man you have finance kind of trolling coming out with their own stable client project and the venus to facebook so im like social Media Company at heart trying to scrap together block chain team finance has been doing this from day one so why isnt the key differences between libra and venus. So i would look at on the libra side they would break it down into 3 categories theres the banks the interest in the Monetary Policy on the banking side whats very interesting is facebook leverage does not have any banking partners and this is actually a very big concern with the association the reason for this is that banks understand the k y c regulation and the threats that this poses to their business in relation to major fines that could happen from violations of these rules on the interest on what you see based on the interest from user deposits is that they actually dont go to the users under Facebook Libras model but they actually go to the association itself and to the members of that association and so that is another problem with that set up on the Monetary Policy side one of the concerns is that facebook has a certain monetary tools that theyre taking away from Central Banks and if some of the conditions are promises change on the way that. This poses additional threats for Central Banks with Facebook Libra itself there is a lack of details but with finance itself there is a lack of details. On the project i mean aside some of the things that weve seen by nancy has done. Well is the fact that they do have a very good outreach and Education Programs to people of all crypto currency they have done a pretty good job working with regulators regulate a different side of regulators globally but they are actually making some interesting traction there and so its actually interesting to see where facebook itself is stronger for example very massive reach on the whats up and facebook platforms is of course much weaker there but they almost seem to complement each other so maybe one day well see them actually partnering and working together but i think as of now they are very far apart from that sort of thing and we havent heard discussions on that and so right now it will be interesting to see as finance and project venus release more details to see how itll shape and whether or not theyll really be able to live up to working with regulators in a more effective way that facebook is so big you know whats out libra was after originally intended to launch on what but it looks like that telegram to it instead of the ton offering raise 1700000000 dollars and just signed anchorage as its crypto custodian so are we saying facebooks dominance eroding in this new era that values privacy a lot more. So in this world that values privacy i mean there is still a very big tradeoff that people make every day every time you download a free you know youre essentially trading. Service or your data for that service and so you see this every day and so in the context of telegraph and facebook you know it is it still remains to be seen how the launch goes for telegram which is expected at the end of this month and so it will be interesting to see what is the sort of adoption that happens on telegram how many people are actually using it how are they using it and were not sure even if telegram is going to be sharing all of the details of the real traction thats happening so will be interesting to follow this. This story we actually personally did invest at the start of the telegram project for the token and so we are also keeping a very close eye it is important though to keep in mind it is not a sprint and its a marathon and both projects can learn from each other and whoevers the best for the long run to ideally beat some of those concerns from regulators will likely do the best. Managing partner of the block found its fun thank you so much for being here. Thank you for having me. The cuban Energy Sector has renewed hope for a path forward following promises from russian Prime Minister Dmitri Medvedev that the russian will assist the island nation and its Development Following a recent visit to the caribbean island medvedev said in a Television Interview that russia would help cuba secure oil and petro products for its energy needs cuban president Miguel Diaz Canelo announced the signings a several cooperated Development Project via twitter the statements come in the wake of american sanctions against the island that were levied against havana for its support of the government and venezuela cuba has lived heavily on caracas for its oil needs but bali instability in the country and supply has fallen significantly in addition to the Energy Sector reuters is reporting that russia will also play a major role in the development of the islands rail system among other projects president diaz canal went on to redress the cooperation during a joint press conference and have bene. In todays conversation we have gone over the progress of the Russian Federation in cuba social and Economic Development up to 2030 Energy Transportation biotechnology and agriculture and on the other areas you are sure that within the complex International Scene cuba and the Russian Federation ill continue to reinforce our relations to that unusual benefit for our people and governments. And finally today may have a competitor from a corrosion company rematch album o. B. E. Located near croatia that has been licensing their Battery Technology to the likes of Aston Martin Renault Barra and for the last few years and they have received investment dollars from auto giants hyundai v. W. Group and porsche the Company Founded by matt has 2 Business Models in the works and the after mentioned side that sells their tech to other manufacturers one that produces their own vehicles and that brings us to the limited edition remodel c 2 the c 2 boasts 4 permanent magnet motors capable of producing over 904 spar and can reach top speeds of up to 256 Miles Per Hour the car can raise a 060 a 1. 85 seconds that 5102nd of a 2nd faster than roadster the vehicles battery has a range of 340 miles on a single charge with the bottleneck being battery tech in the race for supremacy rematch focuses on power with batteries that discharge and recharge at alarming rates while tesla focuses on batteries known for high density Energy Density or long range. Thats up by this time you can have your boom bust on direct t. V. Channel 321 dish network l 280 or streaming 247 on pluto t. V. The free t. V. To 79 are as always had us up but you have to dot com slash boom bust r. T. The next time. The way that makes us try to recreate a Gold Standard is by posing tariffs on each other to even things out and they creates an enormous bureaucracy and it creates an enormous stage for banks to print. Money and contracts and it creates a need for lawyers and it creates a need for all kinds of administrators which is great for them but its a drain on the economy because of money could go into actually productive parts of the real economy supporting real jobs with real wages and real g. D. P. Growth. Seems wrong. Just dont hold. Any belief yet to shape our disdain to come out today and indeed from an equals betrayal. When so many find themselves worlds apart we choose to look for common ground. Why a paradise with some ground 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 the Chemical Company workers themselves be geared up and suited up locals attempt to combat the on regulated experiments that 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. And. This hours headlines stories are run joins the chorus of condemnation of turkey readies for a military offensive against Kurdish Forces in North Eastern syria reports suggest already targeted as the physicians in the region. Calls for their friendship interior minister to resign 1st saying the radical islamist who murdered 4 out of a Police Station last week showed no suspicious behavior. American by