Transcripts For RT Boom Bust 20240713

Vulnerabilities do you think policymakers at the i. M. F. Are steering national pauli make the policymakers into the i. M. F. To begin with i mean going back to Christine Lagarde i mean they they really dont have an understanding or a clue of even how the Business Model works so i really put very little into what they say and you want to tell you that chinas numbers chinas numbers and ive never been we could never prove that the shine numbers are accurate either so between the 2 of whom i really dont even pay virtually no attention nor do markets as you can see that the market drop near record highs so theyre not listening to what they have has that either because again i lend them no credibility as far as i understand the actual structure and how these markets are working so now it should be obvious to any country thats already been developed that they cannot possibly sustain double digit growth so china in particular has had double digit growth for the past decade and now everybody expects to come to still continue down that same path but thats just simply unrealistic so it seems quite normal and natural that chinas growth has slowed down and declined to this 6 percent figure so why are people freaking out about china when now its well 3 its still amongst the highest in developing countries. Oh this goes back to whether or not is the growth rate really true you know theres a lot of things that go on in china that we dont know i mean its a communist regime we have no idea whats going on inside the country but we do know that theyve got a lot of real estate problems we do know that theyve got a lot of what they call the hidden cities which theyve never depreciated off their Balance Sheet so there are a lot of issues in china that they may not get if they might not. I have 6 point one percent growth they made only a 4 point one we dont know because it has never been proven so the real question is is are they slowing down the answer is yes there is a lot of issues in china i have do is watch the chinese stock market and see that theyve been doing what you want i mean if they continue to hold the wind down and devalued which is fine because theyre trying to eat that tariffs up that were charging and if they continue to manipulate their own Balance Sheet then thats going to make we dont really know what the real growth is but certainly the markets are tell you that there are issues with the growth thats why theyre going down thats why they continue to get hammered almost on a daily basis and todd on the on the trade front the trumpet ministration did have a victory the u. S. Had a victory over the e. U. The European Union this month at the World Trade Organization its time this was a obama era legacy case but nonetheless is there a time i do think between trumps prospects of some some day perhaps getting a far more meaningful set of trade deals more than the spays one from president xi jinping then the deal hes got now and this win at the. You know i think they will of vengefully get a deal done in a fall with china i mean the big question is always going to be the intellectual properties i mean that is always going to be the Sticking Point but at some point i believe that they will work something out because obviously youve got the 2 biggest countries in the world that actually could do each other a lot of benefit by by cross it goes back and forth but it has been extremely unfair for many many years because of just the way that china was 1st known as a 3rd world nation when theyve actually been you know irregular country for years now so thats that and of course with the e. U. With that with the brics and with breaking out by i think that thats going to be a very good linchpin for President Trump but i do believe that they will eventually put together deals to put everything to bad so that you can work globally together and make it a better world and make it a better country thats right i think theyll probably theyre going to end up trying to now. It happens a time soon that i dont think so but i think thats the goal and thats the area were headed to is to get everything cleaned up and have free trade everywhere versus a lot of these ridiculous little terrors that are here and theyre going both ways do you think thats realistic when it seems like every single country now is gravitating towards a more protection on my country my will is kind of ideal well i think its really realistic if everybody wants to abide by the same rule when it comes to trade you know its very simple whether whatever the country want to do with inside their country no private no problem with it but when it comes to trade were going to trade fair and square even up and were going to send you the goods without tariffs and your goods on us because the back of the turks if you dont want to work like that then lets not have a deal and then we will continue to have these ridiculous battles but at the end of the day i think it has to be where both sides are getting the same deal which is free and fair trade and if they dont i think that it will never happen but i do think that eventually it will have to because i think the other nations are going to be actually going to need a lot more than the United States because even today they need a lot more the United States because we still are very selfsufficient so i think that we can do without and i dont think they can. Thank you so much for being here. Thank you. Were standing right in front of the i. M. F. Headquarters here in washington d. C. Where inside those doors financial leaders from around the globe have gathered for the semi annual i. M. F. World bank meeting this week long Event Features discussions from the institutions board of governors which is made up of Central Bank Chiefs finance ministers or other influential monetary minds from each of the member nations the talks here have covered some of the most pressing issues facing the globe today including corruption World Development and Climate Change the face of this years meeting are a little bit different given the changing facets of the global capitalism and these issues have moved to the forefront of economic discussions the i. M. F. Meetings which are located less than a half mile from the white house are happening in the midst of a major trade war which has cast a gloomy outlook on Global Growth and in the middle of the meetings the i. M. F. Slashed its Global Growth outlook yet again this time that number is the lowest since the 2008 financial crisis clocking in at a mere 3 percent the bank has cited both the u. S. China trade war and brags that as key factors for the malays this is also the 1st annual meeting with christine crystal lean in georgia at the helm following the departure of Christine Lagarde who will now have the European Central bank giorgio who has prioritized issues like inequality and Climate Change will be diving head 1st into the situation as pressure mounts from various starters and stakeholders so today we have the finance minister of india now calling for a global united concerted effort in order to tackle the synchronized slowdown facing all the developing nations today so especially with the slowdown with china with all the tears and everything that is taking away point 8 percent. Which is actually the entire. Time its no surprise that the policymakers and Decision Makers here are trying to coordinate on how to tackle. Difficulties right now whats interesting is that you see india in the lead on this is opposed to in past meetings who would have seen probably leaders from the u. S. Or europe being the ones that were at the table so to speak to broker these sort of solutions obviously the United States right now not in any position to really broker any deals with allies or really much of anything its funny you mention that because the i. M. F. They actually set the tone and the pace of Monetary Policy and right now it seems like the u. S. Dollar has been waning in its power previously the u. S. Dollar has been the dictator of how where we go from here how should we influence these developing nations but right now all the nations are actually cutting down on their basket of u. S. Dollars ours definitely a time of turmoil in transition for this particular i. M. F. Meeting where it takes us in the spring. One of the biggest things that came up out of this weekend was that the i. M. F. Was actually humiliated because they sunk 56000000000. 00 in order to bail out argentina once again and argentina prove that they cannot pay it back they defaulted and therefore humiliating the entire i. M. F. And actually kind of putting their credibility into question now right and of course as we mentioned on saturday the architect of that i. M. F. Austerity plan Christine Legarde is now moving beyond that she its not her problem anymore she goes the European Central bank that goes to chris georgia have a crystal ina the new had there who we heard from and in the end for me looking at this from the perspective of having watched from the is in the late ninetys and early 2000 searches seems to be a remarkable lack of. Confidence a lack of confidence on their part not just the sidelining of the u. S. Not just all these differences on Interest Rates but real fracturing over what used to be a consensus at the International Financial institutions and this has really shaken the Investor Confidence like world wide because now you have them debating should we sink more good money to follow bad money like is it even worth it at this. History has shown that they have faulted at every single step of the way what could they possibly do not this time that could change the course of history very interesting time a transition. Time now for a quick break but hang here because just after the break. Its. Good for all the things that need to be done to fix this problem Major Drug Companies have reached a settlement to avoid trial for their allegedly roles in the crisis. To take up the deal and what this role may play in the crisis and as we go to break the numbers at the close. So what weve got to do is identify the threats that we have its crazy. Let it be an arms race. Theory dramatic developments only. I dont see how that strategy will be successful very critical. There are no official statistics in india concerning children separated from their parents something that every few minutes in the country the child goes missing. The National Team and Rights Commission stated thats. Missing every year. One of the police quoted 80 United Nations Childrens Fund has described the situation as genocide and various sources suggest that in india there are several 1000000 missing women and children. Grew. List. Lists lists lists. List. Playing. And very well might continue watching on since last. Rather. Than. Welcome back a pair of acrimonious anticlimaxes advance the brags that process a little bit over the weekend and on monday on 2 days touted by the government for Decisive Action but became big disappointments instead Prime Minister Boris Johnson was twice hemmed in by legislators who seem to have very little trust in him to not simply force through a no deal bragg said on saturday u. K. M. P. s voted 532223062 pass an amendment from expelled conservative all over let when the let one amendment backs up their previously passed ben law requiring mr johnson to write to the e. U. To request an extension and ensure a no deal braggs it does not happen significant numbers of the parliament clearly felt the amendment was needed to prevent a break out push toward or no deal exit by mr johnson and heartbreaks it allies clearly keen to preserve their prerogative as in the process the parliamentarians rebuff the pm again on monday with Speaker John Bercow denying the government a meaningful vote until tuesday. These summary Todays Mission is in substance the same assess it or use motion out of the house has decided the matter today the circumstances are in substance the same a set of very circumstance. My ruling is there the motion will not be debated today as it would be. Disorderly to do so. Protests rocked the Spanish Speaking world over the weekend and into monday a state of emergency was declared in the capital city of santiago chile after the Student Movement led protests against austerity measures specifically an increase in Public Transportation fees shut down the santiago metro chair laying carbon arrow president police who have been visibly tarnished by the recent corruption scandals responded to the college age turnstile jumpers with violent repression the embattled right wing president Sebastian Pinera currently struggling in a Reelection Campaign said ahead of a declared National Strike on monday that the nation was at war with the Student Movement and allies the state of emergency with its limits of freedom of movement and assembly has been extended past santiago to. Chillon point out our pal got to move girl. President kenyatta has also separately invoked the socalled state security law and put tanks and soldiers on the chilean street for the 1st time since the fall of pinochet dictatorship in 1900. Meanwhile hondurans are in the street demanding the resignation of disgraced president want to learn to hernandez after his brother was convicted of trafficking more than 200. 00 tons of cocaine president ial younger brother and former honduran congressman Tony Hernandez was found guilty on saturday in new york city of federal charges related to drug and weapons deals with known and torrijos criminal figures prosecutor Jason Richmond said at the start of the trial quote the defendants cocaine network thrived because of political power in honduras many years congressman millen to terry Generals Police chiefs they all protected the defendant and most importantly the defendant was protected by and had access to his brother the current sitting president. Honduras who himself received millions of dollars in drug money president hernandez is a noted regional ally of u. S. President donald trump and assumed power for a 2nd term after claiming a close victory in a 2817. 00 election marred by apparent widespread fraud and suspicious delays of the vote count and finally the Spanish State of catalonia was unsettled over the weekend as well by massive protests over the jailing of cattle on independence leaders. A landowner trial involving 4 more Major Drug Companies was narrowly avoided after a multimillion Dollar Settlement was reached with 2 ohio counties in a case that could set the tone for the country on lawsuits related to the ongoing are demick archies Rachel Blevins joins us with the latest welcome to the show rachel know which companies in this case agreed to settle and what is the Immediate Impact well as we saw premarket shares were plunging on monday for the 4 Drug Companies that agreed to a settlement in a case where they are accused of fueling the Opioid Crisis in the state of ohio now those companies specifically include the drug Distributors Mckesson Corp which was down 2. 2 percent ahead of the open Cardinal Health which was down 1. 5 percent Amerisource Bergen which was down 1. 8 percent and israel face drug maker tiva pharmaceuticals which was down 4 percent now for the 1st 3 make casting cardinal and Amerisource Bergen all of those rank in the top 25. 00 of the fortune 500. 00 and together they controlled around 95 percent of the u. S. Drug distribution market in 2018 now they agreed to pay 215000000. 00 but kiva pharmaceuticals agreed to pay 20000000. 00 and it says that it will donate around 25000000. 00 worth of treatment drugs and now there is also a 5th defendant in this case the pharmacy chain walgreens but they did not agree with settlement and reports are claiming that the judge is postponing the trial and the key. Case so what can you tell us more about this case and specifically why ted that pharmaceutical is being punished so heavily when you have all the drug just videos really have hit getting hit at all exactly well this case is seen as sort of a test trial and all of this and it involves lawsuits that were filed specifically in cuyahoga and some at counties in ohio and even though weve seen more than 400000 Drug Overdose deaths related specifically to or opioids in the United States over the last 2 decades the state of ohio has been hit particularly hard and all of this and so if we look at the numbers from the National Institute on drug abuse it noted that in 2017 ohio had the 2nd highest rate of Drug Overdose deaths and valving opioids in the u. S. There were 4293. 00 reported deaths a rate of 39. 00 deaths per 100000 persons compared to the average National Rate of 14. 00 deaths now this case is likely just a start because there have been more than 2600. 00 lawsuits filed across the country and these lawsuits are calling out both the drug manufacturers for not warning of the dangers that are related to opioids and theyre also calling out drug just tribute ers for pushing these painkillers all over the country and not looking at the risks yeah those are some some startling numbers on the extent of the problem rachel in the legal wrangling here with all the different stakeholders the distributors the walgreens chains things like that if the case hunted gone to trial what would have been the different calculation for those stakeholders well if the case had gone to trial then it would have marked the 1st federal opioid trial involving drug distributors now earlier this year we saw Johnson Johnson and johnson became the 1st drug manufacturer to go to trial and they were ordered to pay more than 572000000. 00 in damages to the state of oklahoma for contributing to the Opioid Epidemic through false and dangerous marketing campaign. Now just last week there were negotiations for a multibillion dollar deal which would cover thousands of cases across the country but that deal has yet to be made so it remains to be seen if there will be any actual trials coming out of these cases but all of this comes as an average of 130. 00 americans continue to die every day from related overdoses what a tragedy and it sounds like were still just in the middle of the end here there are 2 correspondent richard thanks for joining us thank you. It is time that we take note that the Federal Reserve since mid september has printed more new money than the entire bit quiet market cap the fed has injected 210000000000. 00 into the economy as part of its newly vitalized q. E. Q. E. Strategy now for holders of assets that cannot have their supply inflated such as gold such as big quine money printing has regularly sparked calls to decrease reliance on currency the concept that intervention economic practice on the part of governments and Central Banks leads to financial destruction forms one of the central tenets of. The big standard in the past month we have witnessed the largest permanent expansion of the feds Balance Sheet that was meant to ease financial conditions and boost liquidity across the Financial Sector so lets be honest and call a spade a spade this is q. E. So we are now back to square one and as a result the fix is in again after going nowhere for 2 years the Central Banks Balance Sheet is back to 16 point one trillion dollars and its expected to hit 18 trillion in roughly 2 years so now bitcoin proponents are voicing fresh alarm amid warnings from even the fia establishment itself about the Ailing Health of the Banking System and the latest i. M. F. Meeting mervyn king former bank of england governor warned that by pretending. That we have made the Banking System safe we are sleep walking towards that crisis he says that the World Economy was stuck in a low growth trap and that the recovery from the thumb of 2008 was weaker than that of after the Great Depression where stuck in a permanent period of low growth in which ultra low Interest Rates are ineffective and we are now unprepared for the next financial crisis while bit quiet was actually born from the last financial crisis after confidence in the currency was shaken we find ourselves here again 10 years later as confidence is now at a all time low at 10 years old bitcoin has now lasted 40 percent of the average fiord currencies lifespan meanwhile u. S. Regulators and fear of losing control of currency are now blocking every advancement in the crypt industry by making it absolutely impossible for firms to innovate and operate in the latest move polonius has announced that is withdrawing from the u. S. Market in order to stay globally competitive following the footsteps of b. Max as finance polonius is now kicking all u. S. Customers off starting november 1st so it can fully expand its offerings and develop new Financial Products and facilitate Digital Currency adoption worldwide but without the u. S. At this rate the u. S. Will now be left in the dust making it absolutely impossible to catch back up in the future. Very interesting that this time were seeing that the that the. And. Its just a fracturing just a great fracturing of all the institutions we talked about the i. M. F. Before and now this return to quantitative easing that theyre almost embarrassed to say that this heralded that clearly thats what it is a return to quantitative easing a policy from a crisis era and were supposed to not be in a crisis its increasingly confusing exactly and by making it impossible for gateway firms for exchanges to operate in the us is effectively banning crypto currency trading by blocking gateways so this would be the exact same thing as just an overall ban of crypto currency which is just frankly oppressive and unamerican. Thats it for this time you can catch a boom bust on direct t. V. Channel 321 dish network how to 80 or streaming 247 on pluto t. V. The free t. V. Ad count to 79 or as always you can get is that you too god com slash will bust our team see you next on. Facebook and google started with a great idea and great ideals unfortunately it was also a very dark side. They are constructing a profile of you and that profile is real its detailed and it never goes away turns out that google is manipulating your opinions from the very 1st character that you type into the search bar it will always favor one dog food over another one comparative Shopping Service over another and one candidate over another they can suppress certain types. Results based on what they think you should be seeing if they have this kind of power then democracy is it can illusion the free and Fair Election doesnt exist the more rope we give them the sooner we are all. Kinds of financial survival john today was all about Money Laundering 1st to visit this convention to 3 different. Oh good this is a good start well we have our 3 banks all set up something in europe something going to america something overseas or the Cayman Islands or do we do all these banks are complicit in their tough talk or suit isaf the old its a them ready to do some serious Money Laundering ok lets see how we did well weve got a nice luxury watch for max and for stacy oh beautiful jewelry how about. Luxury automobile again for a match you know what Money Laundering is highly illegal. Much keyser of course. Is your media a reflection of reality. In a world transformed. What will make you feel safe. Isolation community. Are you going the right way or are you being led. Direct. What is truth what is faith. In the world corrupted you need to descend. To join us in the depths. Or a maybe in the shallows. Exists is a sticker from the water bottle phone in the stomach of a fish the brand is part of the Cocacola Company which sells millions of bottles of soda every day the idea was that lets tell consumers there are the bad ones there the litter bugs are trying this way industry shouldnt be blamed for all this waste the company has long promised to reuse the plastic. Thats. Special projects funding. On i knew that that is the end of it for the city but for now the mountains of waste only grow higher. The headlines in our team make statues to pulling string in a night of unrest in barcelona destroy their. Cooper brothers and flowers to offices. Also to North Macedonia has called early elections after its hopes of joining the European Union with dashed despite meeting the requirements and a British Charity is demanding the u. K. Take back the children of terrorists who left the middle east are guests debate. Some of them will be very dangerous but this is routine by problems i didnt come common sense but i also realised that britain house response to both