Transcripts For RT Boom Bust 20240713

A good watch. Even. If the new neither you. Or you need to hold. Down the markets down 3 days in a row this is the one business show you cant afford to miss im been sworn and im christiane washington coming up markets are reacting as more than 80 people in new york are being quarantined over fears of a coronavirus we have a live report with markets stumbling what the near future looks like former u. S. Congressman ron paul will weigh yes and president from things to get a phase one trade deal done with india before the end of the. Here so what would that look like Richard Wolffe to break it down a lot to get through on this very busy day so lets get started. And we begin with the very latest on the coronavirus as around 2 pm eastern one wins the markets well here in the u. S. Once again after what looked like was going to be a rally that fall seem to correlate to news that a group of people in Nassau County new york have been voluntarily quarantined with about 83 of them being looked at for possible contamination from the coronavirus for the latest on that lets go to correspondent really be child those who has the latest in new york at least 700 new york residents are under voluntary quarantine after returning from Mainland China this as the c. D. C. Is warning that the number of cases in the u. S. Is expected to grow. The vast majority of travelers deemed medium risk by new York State Health Department Officials because of recent travel to Mainland China meantime none of the 700 people had symptoms and the number of them being monitored by local Health Officials is changing every day and Nassau County officials are monitoring 83 people who may have had potential exposure to the corona virus and test results for one resident is pending the infected residents have also been asked to undergo voluntary isolation removing themselves from people including their family members for at least 14 days from the last time they were in Mainland China or may have been exposed to the virus during this time they are required to report their temperature and any symptoms every day to Nassau County Health Officials since the outbreak of the corona virus 175 people in Nassau County have undergone voluntary isolation and in west chester more than 2 dozen people have been quarantined after possible exposure to the virus as well even though they did not display any symptoms now the c. D. C. Is warning americans at the krona virus is likely to spread throughout the United States and its not a matter of if its going to happen but a matter of what reporting any or trinity charges are take and again the news of those 83. 00 people being quote. U. S. Markets into a downward spiral now for the 3rd consecutive day meanwhile in europe Health Officials have announced that italys outbreak has crossed the alps and it seems to be spreading across europe in italy 374 people have contracted the virus and of those 12 of them have died all of them elderly people with preexisting Health Conditions well now it is the italian outbreak that is being linked to a growing number of infections on tuesday switzerland reported its 1st case about 80000 people cross over from switzerland to northern italy for work each day German Authorities say that a person who recently returned from milan is now a confirmed infection as well and for italian tourists visiting Spains Canary islands have tested positive for the virus that means about a 1000 people at a hotel where they were staying are now under quarantine as a result russia is warning its citizens against visiting italy kuwait has suspended all flights from italy until further notice worldwide there are over 81000 confirmed cases of the coronavirus and the number of deaths is that 2770. 4 u. S. Equity markets are easing off their panicked plunge and instead start to slowly bleed out throughout the day falling from its morning highs and ending negative the morning pop can be attributed to Short Covering and a little dip by as investors prepare for Market Correction Early Morning games were faded by noon as the bulls spent the rest of the days trying to defend yesterdays close to no avail the heightened global uncertainty has rained hell on Global Equities this week with every sector outside Health Care Getting beaten down airlines and hospitality are down on travel lockdowns banks sank as 10 year yield hit new lows taxol hard from its lofty highs and exposure to china and retail is getting choked by supply chain disruptions and finally Energy Energy is dying a slow death as a 50. 00 level is critical according to most analysts this is the Inflection Point where they start to not be able to service their debt and now there is about 87000000000. 00 in debt do between now and 22. 00. And 4 and 60 percent of it is speculative junk so when oil implodes under the weight of all of its debt burden all that shift over to the banks who loaned them the money and the cycle of value destruction starts all over again and theres a tremendous amount of uncertainty as investors struggle to price in the likelihood of 3 important question how long is this epidemic going to last and how severe will it be what is the full Economic Impact of this disruption and will there be any knock on effect such as if oil were to go down in the u. S. Or bank starting to go down in china alone how long will the Recovery Period be to get back to normal and will that be enough to keep us out of a session. And for more on this we welcome former u. S. Representative dr ron paul who also wrote the book and the fed dr ron as the solid continues now in europe the 1st thing we should have done was to try to contain the corona virus and prevent the further spread unfortunately italy admitted that they mishandled the entire situation the virus has spread rapidly throughout a crowded hospital where a patient was admitted for treatment furthermore now the e. U. Officials have refused to implement any border controls insisting that the sanctity of open borders is more important so is the european situation worsening right now because of this. Oh its so hard to figure it out because the news wont generally help with loud i think theres been a lot of scare tactics going on its hard to figure out whats happening but we certainly know it isnt 117 all over i think its probably closer to 1976 where there was a false alarm nobody died from the flu this is very very serious and its dangerous and you have to try to figure out what theyre doing but i just cant get as concerned as the world is right now you know this current year were over 650000 people died from the flu even talks about that we lost 10010000 people in this. Flu season and we havent had one death really from this new virus its still very serious about closing these doors and trying to figure it out i dont think anybody knows the correct answer of all of that i think people should be cautious but the reason i mention 1976 they made so many mistakes nobody died from the flu they rushed a vaccine through more people died from the next thing and 500 people got guillainbarre syndrome so 1st do no harm right now trying to figure out exactly what to do nobody has the knowledge of who gets quarantined or not i just was sort of you know how is this going to help lock some thousands of people up on a ship and dont let them go and. You have 10 people on there the sick you know i got up on a ship i would have been very unhappy with that so theres a lot to learn about how to manage affairs like this its theres a whole conversation we could have simply on the response the governments of had so far but just in terms of the markets you know germany is getting squeezed the kind of rushing to limit the impact of this coronavirus its being called an epidemic though the numbers are still awfully low to cold enough to make as an export reliant economy its already getting hit from its large exposure obviously to the chinese slowdown now germany has to worry about its neighbor italy has to worry about everything thats happening there a 7 percent drop in Industrial Production already how is germany expected to kind of prop up the rest of europe with this going on and are we seeing too many i guess that were propped up too many prop ups of markets and governments right now. Well thats goes on analyst les and theyve been propping them up pretty well for the past 10 years and thats why theres so much distortion so. The markets go down with an excuse and an episode like this virus is an excuse but the markets were doomed to go down there still are going to go down its not going and going to stop them but thats whats the purpose of governments are especially the Federal Reserve is the prop up markets keep up the stock market and this is this is going to continue because you know the market hasnt made a correction but i think people are looking to who are going to blame for this well this blame the viruses blame the pundits and who knows what but theres not much talk about you know the Federal Reserve and others who could distorted these markets no matter which country youre in around the world but its its a problem that has hit hard on the economics but i think its out of proportion just the other day rod ayers rock russian style rose and son who at the c. D. C. Sent out a message to panic panic panic in the market when im out 1000 points immediately from her reaction and and shes and shes no nonpartizan and this was this was the day to day it did damage to the markets and of the republicans and the democrats in tromso overseas and republicans and democrats are both i have billions of dollars are we going to get we need billions of dollars to handle this and whats the fed going to do and right away were involved in politics thats what happened in 1976 because i was very much aware i was the 1st week i was in congress because they appropriated money and they rushed to look around and it ended up more people died from the shots and they did from from the flu so i think theres doing way too much over speculation but i think what youre talking about then is highest sort this out how much of this would have come anyway i think these corrections were over. Do the excuse for doing it recently was the virus and now the big game is who gets blamed who gets blamed for this and unfortunately its not going to be the people who who you know badger the fed and the congress to spend and print more money you know thats thats where the real problem is but theyre not going to do it there to turn it into a political event its all trumps fault or Something Like this and thats thats the reason that i get pretty annoyed with discovered in the media and now in the u. S. Market weve had 2 days of very nasty sell off but we have an easing on wednesday you can hardly call that a correction you see a lot of buying already and thats a pattern of behavior in the u. S. Market because this defying really isnt justified at all or just a habit because investors feel that its safe to buy back because a central bank will always be there to prop it up so at this point its not really investing anymore its more self financial speculation so how long can this possibly go on for. Oh i dont know it might have ended already because although the market went down twice and it was up a bit today its already started back down again and then they dont you talk about well theres a haven but people who know they might just go and buy gold i did that a couple days and really really pushed it up but all of a sudden we find out that the bank of International Settlements dumped sins of gold and the gold market went down sharply by have been a correction in the marketplace do anyway but your point that the governments will be involved how i long will be affective well that is a good decision that the market only the market can can make you know this was before Bretton Woods broke down there was a lot of effort to break down the Bretton Woods and then finally it collapsed and that is what will happen here the federal commission and they will do all these things and prop up the market what just think of what theyve done since september 17th of last year when the repo market seized up theyve been printing. Like crazy they say oh well but this is then this isnt q. E. This is this is different but billions of dollars are being spent and they shift their gears so they have a lot of tools the only thing that will prevent the continuation of this will be that confidence in the dollar and along with that confidence in our Foreign Policy and i think both of those have gotten themselves into trouble are Monetary Policy spending policy economic distortion 0 Interest Rates its all coming to an end and the question is going to be next week is this it are they going to keep propping up ill tell you one thing theyre going to keep trying theyre going to monetize theyre going to print and i think bernanke had it he says would drop the money out of helicopters if we have to because i say only thing left and then they cant manipulate and. They will go to the drop out of the helicopters that they must us congressman and author of in the fed dr ron paul thank you so much. Thank you. Thank you. Apple shareholders on wednesday will vote on a proposal critical of its moves to remove apps at the request of the Chinese Government this motion was prompted by numerous allegations of apple quote to beijing and blocking apps brought forth by the some of us group which is critical about apples relationship with china now keep in mind china is one of apples biggest market with sales in the region growing more than 20 fold within 5 years china accounts for 17 percent of apples total revenue and continues to be a rapidly growing market now in the proposal it cited apple removed its i book store and i tunes Movie Services from devices owned by chinese customers it also removes several v. P. N. Ads which are used to bypass the states fire wall the some of us group demanded apple to disclose a quote description of the actions apple has taken in the past year in response to the government or 3rd Party Demands that were reasonably likely to limit Free Expression or access to information apple responded noting that 288 apps were removed last year for legal or platform violations as they relate to pornography illegal content and gambling and while Free Expression is essential to apples success it is obliged to comply with local laws to protect the safety a customers and employees now if approved by the investors this could have implications beyond china and also open the doors for tensions between apple and other jurisdictions where it operates like you did a little air quotes when you say which apple saluki was the silence government i mean but there are private business the other just be honest about it and say we care more about money than the customer and so if the Chinese Government tells us what to do were going to do it if they would do that at least that we understand but is it really about free speech or is this just more more war between china and the u. S. Because if it really cares so much about free speech then why did apple delist ease a weed app or. Weed maps a map that searches for legal dispensaries as well as packs which is just a bluetooth enabled heating we device why is it at this disable and kick off all of those ads from their platform and what was the question if they care about freedom if they care about a little speech that will does it and i will care is about making money and they care about making governments happy because thats where they offended all groups really thats what it is about the about the war between china and us not really freedom of speech is done under the guise of a good point time work because when we return president tromping he can get a phase one trade deal from india by the end of the year well that look like richard wolf will break it down and as we go to break here the number of the. People who have money in pension account people who have money in savings are actually digging into their pockets because their savings rate their pension accounts are now yielding close to 0 or negative theyre taking money out of their pockets thanks to the central bankers and theyre giving it to a billionaire so he can buy jeffrey so he can sell trinkets to more billionaires this is louis the 16th i believe living off the labor of the peasant. Become a battleground in the us. People of the shutdown of the local plant from my yankee is right now my focus because its a very dangerous oh no care power plant. Or is attempting to run the reactive beyond its operational limits this case just sort of puts a magnifying glass on wheres the power in this country wheres it going is it moving more towards corporate interests or is it more in the idea of a traditional participatory democracy as powerline with the people this case demonstrates that struggle is very real ways to struggle on aunty. And welcome back coming off a very friendly visit to india President Trump and indias Prime Minister modi are hopeful to move forward on phase one of the us india trade deal now we can talk about this for a year because it follows a 2 day trip to india this week which include a massive nama stage trump rally attended by more than 100000. 00 people and so far we dont know much about what this deal might include but both sides have agreed to try to conclude talks they say promptly and to get a phase one deal done we also know that during his trip the us president announced an agreement for india to purchase up to 3000000000. 00 worth of u. S. Military helicopters President Trump on tuesday criticized india for its high tariffs calling india quote probably the highest tariff nation in the world including joining us now to discuss is the host of economic. Richard wolfe over here richard so you know it seems like the purchase of military equipment i got to tell you is kind of trumps go to position to start trade negotiations on anything in reality while the numbers are high 3000000000. 00 in military equipment purchases the effect quite candidly is a pretty small portion not just of the u. S. Economy but a small effect on u. S. Workers as. Absolutely the budget for the military budget of the United States for one year is now in the neighborhood of 700750000000000. 00 and thats only what they admit its actually larger so a deal for 3000000000 maybe over the next 2 or 3 years is to be blunt irrelevant it this is window dressing its theater and im afraid weve been down this theatrical road before mr trump has made big denunciations of china and then followed it up by deals and then on doing the deals and making more threats and then having it back and forth as you put it correctly for a year and a half or longer and then ending up with a namby pamby deal half of those details we dont know all and the other have dont look like much as a phase one so they can really start fighting over phase 23 and 4 and 5 later now were seeing the same game played with india the conflict between the United States and india like that between the United States and china has been going on now for over a year they cant Reach Agreement and that theater in india isnt going to change that in fact the real purpose of the theatre as best i can tell as an economist is not about economics directly it has to do with the fact that mr modi has on leashed an enormous repression against the muslim part of the population which is a much bigger part of the population of india than the one we hear about the much smaller Muslim Population thats having trouble with china so what he wanted was a theater in which the United States kind of looks like its ok with that and therefore theres a good for him to fill a stadium about that but its got really nothing to do with trade and i think mr trump knows it and maybe his goal was also the theater of being in the center of attention. Now president tom says he wants the u. S. To be treated fairly by india so what does that look like and what are the chances that tariffs on u. S. Goods will be lowered. While here im 100 percent sure that that is purely theater mr trump it wants the American People to believe hes protecting us from being unfairly treated nowhere else in the world is that believed only here what the rest of the world believes right or wrong is that the United States wants a better deal that the United States Economic System is having trouble which is true enough and wants to fix it or at least improve by Getting Better Exchange Relationships with china with latin america mexico canada all the countries trump has yelled at and thats what they see its an attempt by a big player the u. S. To muscle its way into a better deal they dont want to do it they are now stronger than they used to be so what we have is mr trump playing to his audience here i just want fairness and the rest of the world to get it its heels and say were not giving you any more you became the richest country in the world based on a good piece of ripping us off and were not going to let you do that anymore and you can call it fairness but it doesnt change thats why we dont Reach Agreements because they dont see it that way and the United States is no longer Strong Enough to force it so this trade they are going to say it feels at this point to be a little bit different from the china deal where and we have had a lot of discussions about whether thats even a real deal or not but this is where the president you know with china seem very agitated almost aggressive toward the chinese in this case it almost seems to be kind of this bromance between trump and modi and theyre working together to reach in their words a bigger better deal do you think that the Prime Minister modi is nk has to strike a deal as well also for the appearance on his end because it felt like this trip was a lot of kind of patting each other on the. Back in saying we both need each other for the p. R. And for the photo op right now oh. Yes i think you make a good point i didnt mean to suggest that its exactly the same make its always different one country to another and youre right also to say look india has economic problems there used to be in the economics profession that im familiar with a conversation who is doing a better job of overcoming poverty china or india that discussion is over the chinese didnt simply won that one and its not even close plus the Indian Government has been having more and more economic troubles and so theyre worried about china as a major competitor just like the United States is and that also plays its role could they help each other as being may be allies in some way to slow down the relentless advance of the chinese so thats a different dynamic than well have between the United States and china but it is much secondary to the more urgent problems that are about trade and that the fact is that the indians have been pressed by the United States now for over a year and they havent moved and its very unlikely theyre going to move now as specially when they gave the little symbolism of buying 3000000000. 00 worth of helicopters thats all theyre going to get and they now expect mr trump to give something which if he does wont make him look good in the United States so my guess is well have a phase one like with the chinese and then well forget it and itll be basically back to square one host of economic update richard wolf thanks so much. Q. As traditional advertisement dive marketers i think out employment and Product Placement on. Opportunities to subtly influence consumer buying choices Research Shows that Product Placement and story lines are highly influential particularly when used to generate a positive impression of a brand or to change consumers perceptions about a product that in the world of apple watches and that the rolex summer and are still coveted thanks to the memories of james bond and when youre picking out sunglasses the classic raven aviator somehow always looks good because it makes us feel like maverick from top gun shopping for heels check out those minnows worn by Carrie Bradshaw the fashion icon and sex in the city now apple is taking all this a little too seriously now and it stipulated that its devices cannot be used by any villainous characters sounds like someones trying a bit too hard to draw out their reputation taylor swift so basically now you can watch murder mystery movies and figure out who the murderer is simply by what device theyre carrying and in reality the one villain carrying it around is tim cook exactly everybody but im not sure it is that they dont really know and im just kidding and hes not going to be very happy about that because apparently his entire p. R. Reputation didnt work it is it is fascinating and over time we have it but its very fascinating when you look at the Product Placement specifically for apple in so many t. V. Shows and its only been amplified if you watch anything thats on apple plus you see nothing but commercials for apple devices all throughout their shows its kind of insane and then the next move is going to be the go to guy carries an apple i phone and the bad guy obviously is going to carry. The wife have black head. Thats it for this time you can boom bust on demand on the brand new portable t. V. App available on Smartphones Google play and the Apple App Store by searching hard look t. V. Or stream us to your part of the app on apple t. V. And online are part of. Our but he will be available on more devices or as always all the good guys can check us out on you tube dot com boom bust or to see about your next. Thats also very important. To. The nature. Of the. Structure is to break this decided to show. Some french and hope for the best to. Pay you to die germanys Constitutional Court repealed a 5 year old ban on assisted Suicide Services sparking fears of an exploitative trade and. Also this hour the u. K. Government withholds the findings of an investigation into grooming gangs reportedly claiming its not in the Public Interest we get reaction from a big time of sexual abuse. I think its disgusting. Definitely and. You have thousands of children that are being abused exploited. And Bernie Sanders rivals in the race for the democratic u. S. President ial nomination resort to the 2006