Transcripts For RT Boom Bust 20240713

For more than 2 years slowly but surely moving the ball down the field but we are not there yet he said quote let me repeat we are not there yet junko went on to say that getting the deal done right is more important than getting that done fast by the way the u. S. Embassy it was signed by all 3 countries the us mexico and canada but a year ago but it has to be passed by lawmakers in all 3 countries including the us congress joining us now to talk about this issue and what ultimately be good for workers is former u. S. Representative alan Grayson Allen thanks for being on. Q. So thats begin here with the concerns over the u. S. In ca really being nothing more than just well lets call it this nafta 2. 00 which cost American Workers millions of jobs so why should American Workers believe that the u. S. Isnt just really going to be more of the same well it is more of the same theres no doubt about that if they believe theyre right its 2 or 3 ounces of nothing if we if you reach the point. Or the most important element of the deal is whether 62 percent or 75 percent domestic content is required the kind of cars being made in north america you are arguing over nonsense so there is only one thing in this deal that actually matters which is the fact that it gives you a path toward repealing that if youre willing to wait 16 years to do it. So now one of the biggest concerns over the u. S. M. C. A. Is whether or not its going to be enforceable and whether it will support stronger labor standards so what would those stronger standards look like. Simply enforceability right now the labor standards Environmental Standards and are not enforceable at all lets say that a the u. S. Government decides to discriminate against canadian Forest Products well that company in canada can take the u. S. To court but lets say that mexico decides to completely were neg on its promises to have labor or Environmental Standards and by the way the minimum wage in mexico is about 0. 50 an hour so you can say were now use a good word to use theres nothing that anybody can do to enforce that and thats been a flaw in nafta ever since it was created and thats one reason why our trade deficit which had never been one 140000000000. 00 in any year before and after the place have been 140000000000. 00 or more every single year since the place the things that matter to workers labor protection of our own protection are completely on enforceable theres a group would take a stab at making that forcible and i think back to i think it was 1993 that nafta officially really kicked in as the Ice Cream Truck goes by the background and so he kicked in a 993 but if you go back to ross perot he was a president ial candidate who spoke about this warning about all the jobs that were going to go away when President Trump got elected he spoke obviously a lot about nafta one of his major issues in running for the presidency was that he was going to repeal and fix nafta but heres the thing the u. S. It was a really doesnt change. Anything forget about you know the trade deficit and all that it really doesnt change anything either about jobs and that seems like that was the point the president was trying to make when he was running right he was going to bring jobs back does this trade agreement do anything to bring manufacturing back into this country it doesnt seem to only if you happen to make cheese because for the 1st time out of this agreement if it goes into effect we will be able to export cheese to canada assuming that the Canadian Dollar lets that one go by they havent voted on this yet im guessing that ones going to be gone but right youre right there i mean it created this enormous imbalance in the north American Economy that hasnt been fixed yet our trade deficit is now running about 2000000000. 00 a day and thats the real issue with regard to trade doesnt have so much to do with tariffs or car manufacturing or anything in particular its the fact that we are borrowing borrowing borrowing at this point about 14 trillion dollars worth of borrowing from other countries simply to create jobs in those countries including mexico including canada including china and that is an imbalance that this agreement doesnt address in the least you have and by the way i want to correct as i said 1903 my producer says it was 94 want to make sure i had that right but look i think whats frustrating about this is when you see all the issues that need to be dealt with in this country and republicans and democrats keep calling this something bipartisan they can work on but from everything that ive seen about it it doesnt as and as youre saying it doesnt seem to really do anything so how is it that the only bipartisan thing that can get done in washington is something that ultimately doesnt change anything give you the last word here well in fact what trump wants out of this is simply the ability to say that he said he was going to renegotiate any renegotiated no matter that it ended up being the same what he wants is something fundamentally different she wants to see a road map to and nafta she wants to see labor agreements and environmental begin to be enforceable she wants to make the thing better. And shes going to trump azula Victory Party for the sake of doing that i respect. Representative alan grayson appreciate your time your expertise on this thanks. Ali baba will close its order books early as a secondary listing in hong kong have been multiple times oversubscribed the ecommerce giant will be issuing 500000000. 00 new shares plus a 75000000. 00 green shoe option in a 13000000000. 00 sale so why is it pushing through with a secondary listing now basic level this fresh capital injection is dry powder to sustain growth and drive User Engagement at a time when both the chinese and the u. S. Economies are slowing down on another level heightened tensions between beijing and washington have increased concerns that ray dollars prediction of an imminent capital war could be on the horizon earlier this year there were rumors about a delisting of chinese stocks at u. S. Exchanges and ali baba shares have also remained undervalued and discounted to amazon the local favorite on the us market despite having comparable bottom lines amazons 2800. 00 net income reported 10 point 1000000000. 00 versus ali babas 9200000000. 00 just a difference of 1000000000. 00 however amazons capitalization is almost double that of 880000000000. 00 versus 490000000000. 00 its decision to push ahead with hong kong listing despite the increasingly violent riots have surprised bankers that appetite remains healthy the i. P. O. Has also attracted Significant Interest from asian sovereign wealth funds and institutional and that helps to send the message that hong kong is still functioning as an Asian Financial center the offering could potentially put hong kong back on track to retain its listing crown for another year beating out new york who year to date raised 32500000000. Really do you think wins that i mean obviously is much larger but it was what it seems like branding wise has just been more successful. Well that goes to show that they have 2 very different markets amazons primary market is more so b. To c. B. To b. And manufacturer so thats also 2 very Different Things and making tremendous progress in the Cloud Computing front and thats pretty much where you see the big difference amazons net margins the margins are probably only about 7 percent. Margins are at 20 percent and thats what accounts for the huge difference big big difference there time now for a quick break but dont go away because the privacy protocol middle wimble the privacy were going to tell you what one Research Analyst. And what it means ultimately for privacy and they do it scrutiny continues over to the wildly popular pivoting to other countries weve got that report straight ahead and as we go to break here are the numbers at the close. Of. 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. Were going to announce sanctions against petroleum to venezuela so as you. Have a sample a moment to think that out of that. Data to see on the present. Moment. The whose story isnt new makes him cold in Henry Kissinger to tell him that it would not be tolerated in latin america an alternative economic and social system could take hold and therefore the policy would be to make the economy scream so wants now making the economy of venezuela screed. Temperance to impeach and remove donald trump from the presidency have clearly divided the country this should not surprise anyone trump is probably the most divisive public figure of our time however all this division over a Single Person is changing and even damaging institutions is impeachment being normal. Stuff and finding another one of the. Way to go for the food. Bank itself moved to. Closing this way got sued out so hard not to think of the mother disappeared this moment im looking at that hour and i dont want to start then i think. This is the only thing that we do is music because everybody fights his way. Through on the be found is worthless woody allen you have a whole new level of the truth about. What i think is this is the fans that is what comes to mind. You. Description. Even for the owners so to choose Food Industry is telling us what to feed our pets really more based on what they want to sell us than was necessarily good for the. People believe we have animals that have you know diabetes and arthritis they have auto immune disorders allergies we are actually creating these problems its a huge epidemic of problems all of them i believe can be linked to a very simple problem of diet and some dog owners so heartbreaking stories about their pets streets the larger corporations are not very interested in proving or disproving the value of their food because theyre already making it a 1000000000 dollars on it and theres no reason to do that research. Member when a privacy protocol has been broken by Research Analyst ivan boesky who publishes names were feeling how he was able to anonymize 96 percent of all grant transactions i havent concluded that minimal wimble should no longer be considered as a viable alternative to z. Cash or minera when it comes to privacy now to quines have implemented this protocol gren and being such a simple 5 member one the works like one big quite enjoying across this meant that were combining multiple payments from multiple spenders into a single transaction before adding it to the block like a big mixing pot this purportedly ensures anonymity and all transactions that end up on the same. Block but ive found that if you attack the transactions as theyre being broadcasted to the big mixing pot to be mixed you can unwind the aggregation grid was apparently aware of this flaw and have been working on a solution that had not been yet released on the report is down 10 percent and being down 6 percent ive been further suggest that number one will could be combined with another privacy protocol that conceals the transaction graph altogether as it seeks to integrate and establish privacy features for the like Point Network and thats probably where it has the Biggest Issue right now right is because as it develops for like when you say privacy it has to be able to truly be private but at the same time it cant just be private at the final point when the transactions done the coin as you mentioned it has to be able to be private all the way through and thats difficult to accomplish exactly so there are inherent flaws in all the privacy coins that are currently in existence for the largest ones are going to be cash cash and narrow. Dash thats being very centralized power is the cash so far is the best but what it does what it what it is so strong in this Computing Power and its aggregation system makes it very expensive and it makes the network very slow so thats kind of like the downside of the cash dash being very centralized other than that dash is a fine option and if you like. That and then the normal does have a couple issues with their network as well because they if they run into same problems of coins and its not entirely anonymous we can argue about that more later because im sure we will both taxes on big tech companies. Level its coming right but in the meantime a number of European Countries are creating their own digital taxes for tech giants one of the latest the Czech Republic which is looking at a tax on companies that have more than 750000000. 00 euros in global revenue and reach more than 200000 User Accounts we know who were talking about the tax still needs to be confirmed in parliament but if it goes through the Czech Republic will join other e. U. Countries that are trying to rein in international to. Giants because already both italy and france have started implementing their own digital taxes after putting together an e. U. Wide tax filled last year and during the summer this doesnt sit well with ford which board member with the British American Business Association who are glad that youre here to so there is obviously this increasing push right to really resolve the texas tech giants were talking about facebook and amazon apple google part of the reason for that though is because of the way these companies shift profits around the world in order to minimize their tax bills correct yes absolutely in fact its so common that its actually known as double irish dutch sandwich. For the fine so what they do and google is a good example of what theyve done actually is they set up a subsidiary in the netherlands right so thats the dutch part of the sandwich but the double irish is then they send some of those revenues go to through an irish google island subsidiary which then has an affiliate in bermuda where theres no taxation now this is 100 percent legal google has said well we pay 2726 percent taxes worldwide and its legal 100 percent correct it is 100 percent legal 26 percent taxes overall how well it actually comes down to a single digit rate when you look at how they have been taxing those offshore accounts because if you look at the no tax none of the taxes from the sort of maneuver that i just mentioned overall globally its more like Single Digits was little companies and Midsized Companies like mine and the rest of us you know were paying 50 percent and i dont have an offshore. You cant make a double. So its now some of these proposed changes they wouldnt actually result in much more revenues for the simulation performed by the French Council of Economic Analysis which they currently have the role of vising the french government found that a change in the Corporate Tax receipts would not be substantial for france germany the u. S. Or china so why is that well actually its very interesting to see that you mention particularly that instance because. Being french what are they doing i would always wonder whatever ive read any single study i always wonder who originated this and where did it come from and maybe im cynical always think like and what are their motives just think about this should there be a global minimum tax which has been proposed extensively both in the e. U. And actually in the us should there be one think about 2 countries that would be adamantly opposed one would be the french and you might say why because they certainly would benefit from all the taxation the stocks the facebooks amazon apple netflix and google why because the its the the french have of course they have no way hennessy they have louisville no way hennessy the l v m h and thats there they derive a huge amount of taxes thats as luxury Global Company from. Hennessy and Louis Vuitton so they dont want it and also the dutch dont want it because of all the subsidiaries there so youve got 2 countries pushing back instantly and thats why this study comes out of france and says that you know the dutch dont want you to mess with their double dutch saying what you really really call it lets shift gears just a little bit here so theres a german bank that has made headlines with a negative Interest Rate say this again Interest Rate on the. Right from the very 1st euro said adding fuel to the fire of the euro p. And central brings you know euro zone. Deal here so yes are we expecting to see this go to other places that you create a savings account with a negative Interest Rate and if so where would this be and who would be involved in really adding a little bit of comic levity that you would like to at this juncture the german sort of mass they have the mass media the tabloids to this build and they actually have a culture that it had drudgery of course the italian former president of the European Central bank instead of drudgery it was count dracula with his findings of the blood dripping in other words sucking the blood out of all the german Bank Accounts of the di was a city like you is going to make that later statement but i think this is a good example actually of unintended consequences because the. Reason this was of course instituted was to try to encourage all the large investors and those with large deposits to invest their money in greater investments rather just sticking it in a bank account why because the banks make more profit that way so the banks are suffering the german banks are suffering european banks are suffering why are they suffering i actually think the solution is that they need to cut costs costs the very bloated theyre bloated compared to you or the us competitors but the unintended consequence part is what instead of stimulating investment its actually stimulating those with the last funds to invest to go elsewhere and go abroad thats the major issue not to mention especially in the German Economy where this is taking place theyre also dealing with a heavily aging population so now you have exam dates dannys account as well as the aging population and you like the aging population generally unlike the graying of america tends to be more fiscally conservative and tends to save a great a higher rate why need to live off their c. Drive thats where theyve been working for all this time exactly all of the 3 of us are a long way away from that hopefully so the board of a board member with the British American Business Association always good. To. Take talk has over a 1000000000 users worldwide but is now the subject of intense scrutiny this after growing concerns about its collection of user data and whether chinese censor content seen by u. S. Users are to turn each of us has a story. The popular may look like. But thats not the case at least not now this after growing concerns about its ties with china the c. E. O. Is now speaking out denying any allegations of chinese censorship and accusations that the company shared user data with china the app is now shifting its focus to new markets as it tries to distance itself from being labeled a chinese up. Its the social video that went viral seemingly overnight for. Singing live to dancing on. The platform allows users to share 15 2nd videos doing pretty much anything. On the platform garnering more than 1500000000 downloads worldwide the fact to talk grew so fast as a chinese native application was very surprising to technologists but its rapid growth has caught the eye of the u. S. Government lawmakers fearing that the app poses National Security risks with its roots in china and relationship with the Chinese Government is growing that the app is censoring content deemed offensive to chinas government including videos dealing with social and political topics personally i think that its very likely that talk has ties with the Chinese Government even though they havent they said they publicly stated that they dont is because you know just culturally the Chinese Government is is just everywhere it is it has imbedded itself in every aspect of society that the line between the private and the Public Sector in china is not so clear cut as it is here in the u. S. And while by dans tick tocks Chinese Parent Company is facing a probe from the committee on Foreign Investment in the United States tick tocks chief is speaking out in a recent interview with the New York Times alexander says that its users dont go to the pa forum for political discussion but this sort of content is allowed as long as it aligns with the tick tocks creative and joyful experience and said that if asked to do so by chinas leader exceeding jinking he would turn him down but it appears that tech talk isnt as independent from by doubts as they say according to the Washington Post former u. S. Employees say that moderators in beijing have the final say although take talk maintains that the content moderation for the app is handled by u. S. Employees despite the recent scrutiny the app has still been downloaded more than a 1000000000 the half times worldwide 80000000 downloads right here. In the u. S. Alone now the company is focusing on adding users in other markets outside of the u. S. That maybe arent so popular reporting in new york city to others art. Or do you love that chicken from popeyes imagine how much the people in china my love it because popeye has those studded 1st ladies in china as it looks to take on k. F. C. In the least in shanghai for its 1st store in china which by the way is scheduled to open next year the company says it plans to build 1500 restaurants in china in the coming decade but you know popeyes lets face it has made a lot of headlines here in the u. S. Lately not good ones with the release of his chicken sandwich which somehow we dont know how but somehow is constantly of the center of it and brawls d and in one case a deadly stabbing in maryland. Its kind of bizarre right that you go to lengths to get some chicken right and then theres videos of like workers theres such a demand like there was one worker who was making the sandwiches over an open trash can because there was no Counter Space and it just feels like with all the hype around the sandwich is that a terrible job of creating a feeling around it that is people wanted and desire it and so we want to give it to them because its a positive thing instead of it being surrounded by this feeling of death and destruction i run a sandwich exactly and the thing is hype will always die down you cant sustain growth like this over hype because thats something thats artificial and thats not something thats only temporary yeah because this feels like anything like a black friday stampeders something thats something that only lasts for a couple days you would think exactly so now putting this in china just going to be a very interesting experiment and well see how many how many Chinese People fight over it thats it for this time you can catch the must on directv channel 321 dish network out to 80247 on pluto t. V. If the t. V. After down to 70 time or as always hit us up at you tube dot com slash boom bust our t. Were going to chicken sandwiches well see you next time. There was an imaginary ghost then an enemy out there called russia during the russia gate hoax meanwhile they are going to look up huawei and other 5 key technologies coming out of china another technology of china time is actually leapfrogging ahead of the us economically and now be is be their be their currency war so now that whole period of focusing on russia would be is just a waste of time they should have been focusing on the actual rival americas very dominant in the us now at the time it. Was a 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 faced only implement from the inside venezuela things to different were going to announce sanctions against the troll is to venezuela associate. In the school to have a son of the moment to. Get out of that political battle scene on the moon to keep the mad the moment the focus of the who story is a new nixon hold in Henry Kissinger to tell him that it would not be tolerated in latin america. Terms of economic and social system could take hold and therefore the policy would be to make. The chilean economy scream so wants to make you economy of venezuela screed. Tough and i mean on the full entire system i found a way to go through a fluke because the ballot itself mukti about. Closing this way got to doubt so hard not to think of the mother disappeared this moment the work that i want and i dont need to start then if. This is the only think that we do is music because everybody fights in his ways. Its true are you convinced of the 50 pound is worthless woody allen called the ability to put a hold on the. What i think is this is the fans that is a constant. Thought. This is a story about what happens auster a stray bullet kills a young girl in the streets. What happens to her family and daughters in. Law the mother daughter is buried in a cemetery it is meaning messes with your head what happens to the community the public was screaming for a scapegoat the police need is a scapegoat so why not choose a 19 year old black kid with a criminal record who better to pin this on than him and what happens in court to be. Shocked shocked as far as i feel. We dont know shell share this truthful. End of this trial unfortunately due to the will still love no chill just. Like. Swedish prosecutors dropped a 2010 rape case against you in a song shell for admitting they lacked the evidence to charge the wiki leaks founder. In a major policy of the whole the us causes outrage by declaring that it no longer views israeli settlements in the occupied west bank as illegal. Please think International Law or the law of the jungle. In norway an anti muslim demonstration of rocks into a street brawl after a copy of the koran was set on fire