Transcripts For RT Boom Bust 20240713

To get to on this very busy day lets get started. And we begin with another bloody day for wall street down another 1000 points and yes we have now seen the worst week for markets since the 2008 financial crisis wiping out as christy just said 5 trillion dollars from Global Markets im going to say it again wiping out 5 trillion dollars in one week were going to break down Global Markets and the horrific week they just had in just a minute but 1st lets get you caught up on the very latest with the corona virus which of course is blamed as the catalyst for all of this so here are the latest numbers more than 83000 people and at least 53 countries have been infected and of those more than 2800 have died outside of china the largest number of deaths is in iran at 34 where that country has seen a huge jump in infections to ron had already canceled friday prayers at the capitals of 23 of irans 31 provinces u. S. Secretary of state might bump aoe says that the u. S. Has. Offered to assist iran with medical response over in south korea they have the highest number of infections outside of china at 2337 and while china seems to have gotten some control over the spread of the corona virus it is italy that appears to be a Central Point for spreading the disease as italy now reports 650. 00 cases and 17 deaths switzerland has canceled its giant geneva car show mexico has confirmed its 1st case of corona virus 2 min in mexico city and want to see a lower those 2 had recently traveled to italy and reported the contract of the virus there mexico is now the 2nd latin American Country to register the virus and the largest city on the african continent lagos which has a population of over 20000000. 00 people has also reported its 1st case from an italian patient the w. H. O. Continues to warn that this virus will likely soon be in every country throughout the world listen the continued increase in the number of cases and the number of affected countries over the last few days clearly of concern. Just have been monitoring this development squint genius really and we have no increased assessment of the risk of spread and the risk of impact of corbett 19 to very high global level. Well lisa china there is some good news in Mainland China they are reporting 327 new cases that is the lowest since january 23rd and chinas biggest 3 airlines they have restored some International Flights with that lets go to kristie to start off this weeks market walk. Buyers are getting burned again as an avalanche a stock dumping continues and accelerates into the weekend Global Equities are now headed for the worst week since the depths of the 2008 financial crisis as investors ditch risky assets on fears of the coronavirus will become a pandemic and do real Economic Growth even gold cant even catch a break with the safety metal down 1. 4 percent for the week now this is unusual as gold and risky assets trade inversely but with a sliding gold it is a market signal about fears of a Global Deflation settling in the entire treasury yield curve is inverted and now trading below the fed funds target rate the market is essentially now demanding almost 4 rate cuts this year and is expecting a coordinated Central Bank Intervention as early as this sunday ahead of the asian market open so lets see how we ended up this week starting off in moscow the most was not spared the widespread panic over the coronavirus the motes is down 4. 7 percent year to date with heavy losses in oil and Gas Sectors Oil prices have collapsed 17 percent and is unlikely to see much relief in the short term after russia refused opecs calls for an Emergency Production cuts to counter the impacts now over china china is down almost 5 percent for the week but its losses for substantially less than Global Markets who suffered about 10 percent corrections across the board chinas return to work continues with new cases remaining relatively low there and theyre resuming Public Transportation in order to support factory resumption and to stabilize the economy. Were up 2 percent for the month of february as the close outperforming the s. P. X. By almost 9 percent the government is also promising additional cat tax cuts and other aides this week in order to help companies that shut down and support the market. Now over in hong kong the hang seng slept 4. 3 percent for the week and shares dropped as south korea Central Banks kept rates unchanged in a surprise move the hospitality and Tourism Industry suffered the most as 90 percent of rooms are vacant amid the outbreak home and property prices also extended declines and as many as 130. 00 Mortgage Loans valued at 98000000. 00 were in negative territory. Over in japan there is an interesting phenomenon bring there the japanese the end goal would have massively coupled with the yen crashing at near record lows against gold gold prices are down and despite a collapse in stocks and bonds so that now begs the question of who is dumping all this gold now the nikkei plunged 9. 6 percent for the week and in a state of emergency has been declared on the island of hokkaido. Over in india the sensex nosedive along with Global Equities and fear that the clear run of virus will hamper Global Growth india reported g. D. P. Growth of 4. 7 percent year over year francs slightly better than expected but that failed to draw any bids at all and said so selling by Foreign Investors to National Retailers now down in australia the a. S. X. Has had a nasty week plunging 9. 8 percent as its commodity dependent economy was wrecked on lower demand and decreased Global Growth forecasts the all of the dollar which is heavily reliant on global trade slipped to a fresh 10 year low and finally over in south africa the all shares are down falling Global Equities moodys cut its 2020 Economic Growth forecast for south africa 2. 7 percent as industrial activity remains weak and recurrent Power Outages have weighed heavily on manufacturing and mining outputs now over the ballot the rest of us are because you think you are that way it is nothing but a sea of red over here as well as all the european markets are way down latin america and the u. S. No surprise here as we mentioned more than 5 trillion dollars has been wiped off of the stock market so lets start in europe where the cac in france the in germany and the footsie in the u. K. All dropped into correction territory finishing the week down over 12 percent for all 3 indices this is the worst week since the 2008 financial crisis the concern here is that if the market fears kick in a 10 percent correction could become a 20 percent bear market very quickly shares of International Airlines group was among the worst performing large cap stocks with British Airways and iberia losing nearly 9 percent of she. Years of anglo german travel group they also fell about 9 percent lets move over to south america where the evil vest but in brazil was also down this week markets actually reopened after the annual carneval celebration plunging numbers stocks dropped more than 7 percent on wednesday recording their worst one day percentage fall since may of 2017 and mexico the b. M. V. Is also down as Mexico Central Bank cut 2020 growth forecasts for the entire year well see what happens there and here in the United States the s. And p. 500 the New York Stock Exchange and the nasdaq are all down now weve been talking about this all week this isnt just the worst decline since the 2008 financial crisis it is the fastest ever 10 percent drop or Oil Prices Drop more than 2 percent with bring crude setting at its lowest level since december of 2018 the Technology Sector is down 12 percent this week even utilities and Consumer Staples shares which investors typically flock to during volatility because of their generous Dividend Payments those were hit as well by the selling all 11 sectors of the s. And p. 500 are in negative territory for the year investor saw the safety of government bonds in the yield on the benchmark 10 year treasury note to record lows and then finally moving up to canada the t. S. A. Is also down for the week heres Something Interesting though they actually closed more than 40 minutes early though on thursday after halting trade earlier in the afternoon they said it was because of a technical issue coming up in the show christine are going to give you some analysis on what comes next but the big question now is what happens on monday does the buying begin again because we expected friday we would continue to see these drops and that any recovery would not come on friday obviously it didnt the question for markets on monday have we found the floor and where do we go from here and that is this weeks market walk. So facing this bloody backdrop is this real panic were seeing are we have maximum yet that is fear uncertainty doubt or is this was a short term panic need jerk reaction to Headline News leading to drastic swings in both directions the market is at a point where seems to be running on sentiment rather fundamentals and at the fed want lower rates themselves than the market is going to throw a temper tantrum to force its hand so is this panic real is it justified lets see what some of our guests this week had to say about that. Thing i think traders are clearly overreacting there is no reason for the dollars to see this kind of solve the only reason that i can see is this. Really that we have seen in the market over the last decade i mean literally since the financial crisis the market hasnt seen a major correction the fed has yet to defy the demands of the market so they can talk as mean of a game as they want i dont see them backing off of Market Expectations disappointing a market i specially when youre starting to see this kind of volatility and anxiety so i think theyre doing way too much over speculation but i think what youre talking about then is how do you sort this out how much of this would have come in a way i think these corrections were overdue due excuse for doing it recently was the virus. You have there takes and with more lets bring in jeffrey talker editorial director of the American Institute for Economic Research so jeffrey lets start there you heard what some of our earlier guests had to say about this panic and how its completely overblown what is your take is there a risk here or is this all of a sod is it a cry for more attention and more fed intervention. I dont think markets are lying i think theres the fears are real and the fears are based on serious things and weve got a whole sectors of the Global Economy that are coming under serious pressure right now you know with the birth of the halts and travel and the fear of public spaces the Hospitality Industry as you mention hotel prices i mean new york right now i mean ive never seen hotel prices as low in new york as they are right now so i mean this is this having real effects i mean for the average people the effects of this viruses are going to be much more impactful from an economic standpoint than it is from a from a health point of view so this is a real supply shock and a real demand shock and the heck of it is that everybody washington is talking about how theyre going to fix it through Federal Reserve intervention and new fiscal stimulus as its all nonsense the velocity of money is going to come under extreme pressure right now and this is already happening right now and the dollars going to be rising on International Markets and theres nothing the fed can really do they dont have anything in their toolkit that controls of loss of money so this is i would say its serious whether or not it short term i think weve got a long ways to go actually to ask about markets on monday i dont anticipate any correction of Market Sentiment any anytime soon and theres Something Else is very interesting about this i mean usually we track macroeconomic happening through through the data right but this theres a theres a huge lag in this data were not going to see the effects that were living through right now appear in the data for another 4 to 6 weeks so its very possible the 1st quarter g. D. P. In the United States are going to take a real serious hit and we could even see some effect on the unemployment numbers so this is you know this isnt a bad week in markets and i think most mostly its related to the fear of pandemic virus and. The government response we can talk about what i think government ought to be doing here in a 2nd if you want to sure you know we had this corrections about 10 to 12 percent correction but weve been long overdue for a correction jeffrey theres no question about that even so even if this is all fake and manipulated right the value lost is very real 5 trillion dollars wiped off the market in terms of world stocks this week value lost to Real Companies real investors real people who have their money in the markets so if Central Banks look at this in a side that they want to step in and intervene in stem the bleeding not sure what they would do other than lower Interest Rates again would that even be enough to restore this shattered confidence and bring the market back up at this point. I dont think i dont think so i mean people tend to look at the Federal Reserve as some sort of magic machine that can make everything right in this case theyve got very little room to maneuver in terms of Interest Rates some of they will have to adjust their targets just to to comply with existing reality but Interest Rate cuts at this point is going to be rather pointless especially if you have money velocity falling and people getting really seriously risk averse and holding on looking for safe havens for their money theres not much that the fed can do i mean as i say theyre not some sort of magic tool in their toolbox to make everything right again were just got to live through this ride through it and a fiscal stimulus is going to work either you know with faced with the rising value of the dollar on the International Markets i think are the best thing that could happen right now is for there to be an immediate and dramatic. And open and unilateral into the trade wars cutting the tariffs could actually open up as export markets and at least boy market optimism a little bit thats something the Trump Administration can do right now and it would it would make some difference that the only thing i can really think because the fed is not going to save the day in this case no matter what they do you talk about the yield curve inversions thats a real real thing i mean this. It would forecast a recession i dont think what were living through right now is anything like through a conventional recession its a supply shock and its a shark and i think its far from over and right now the entire world is selling for us and asking questions later and this kind of prompted the markets to jump off a cliff the dow saw its fastest collapse from its peak since the 128 Great Depression and as if he just sent a new record for the fastest correction plunge ever the nasdaq however did turn green briefly this morning after spoke in the hopes that the fed will activate coordinated Central Bank Bailout on sunday so what is the likelihood of that. Well there will be a lot of performative actions by the fed a lot of symbolism attempts to lift optimism but but in the end is the uncertainty and fear is driving the markets right now and i think its going to be true for some time until we get more information about the virus and more information about its Overall Economic impact which is already been substantial i must say a lot of stuff to digest Jeffrey Tucker editorial director of the American Institute for Economic Research thank you so much. Time now for a quick break but hang in there because when we come back we take a look at bio hacking the quest for a better longer more efficient life if youre going to believe what some Silicon Valley leaders are doing trying to trick their bodies into running at top performance and as we go to break heres the sad said members of the court. And theres enough to not. Vote all of them ok if the. Last man in a match the man he had killed with about who they are only going to ask the public at large that all of them are going to be. The one that having. Even. If theyre not immune to. What the how do we. Assume. They need the whole corn. And i dont see. The point is should we actually be charging for education because this is when we charge for things is because its been a benefit to the person whos buying it and thats the audiology that took over education about 30 or 40 years ago but the perspective of education was originally that education is a benefit for society in general i wouldnt want to live in a Society Without doctors or engineers all saw it as what happened without economists. Saying it of being a profit benefit and ignoring the public means that were ignoring that the skill bias we need for a Sophisticated Society and putting the burden of that school biases on the individuals and what weve turned it into is just now the trend institution of Higher Education become a form of a version of a real estate scam that is not devices for a functional society. And welcome back you know in so many ways the future is now and here on boom bust we are having high level conversations about technologies and trends that are reshaping how well and how long humans live today were talking biohacking and while that is frankly a big umbrella todays this discussion is about ways that diets are being bio hack to trick your body into a fish and sea and longer life so joining christy and me are boom bust cohost bridgeboro and sara modest. Ok guys let me tell you where i live that is why that right is so lets lay the groundwork for this discussion here biohacking as we discuss it today at least its kind of known as d. I. Y. Biology covers everything from highly restrictive diets to micromanaging your sleep patterns by making these changes proponents of biohacking say that they hope to improve their minds and optimize their bodies so they can function at a higher level so. How are they doing this who are we talking about are a lot of us actually takes place in Silicon Valley and thats where you see it most in the United States there is also a singapore tech entrepreneur that i had to read about as well but theres doing so much simply like the diets like you said theres intermittent fasting theres something called bullet proof coffee and thats coffee with butter it and apparently that helps your metabolism and helps things move forward you can also drink Hydrogen Water some of these people do im not actually sure what that does but thats been said theres also other things like life changing experience Life Experiences that you can do theres ice baths theres cryo therapy those have to do with cold apparently a shock to your system helps again with metabolism help with recovery when were talking about injuries there are all kinds of things a lot people change their sleep at habits but i want to bring up one earth thing ok this is something that one of these guys does and earthing is a situation where you walk around for 20 minutes a day in the dirt but and what it does is they put it this way i ask to make this point proponents say the method claims it helps the body absorb the earths negative ions and balances out the positive charges within the body i totally believe it is known as Walking Around i think we have been there and it is a result of that for the time that we were tiny babies you start to walk around on dirt and so its a couple of points that i get so Bulletproof Coffee by the way have you ever tried it no i never have a really good stuff theyve asked for and theres a guy who created it i actually know me well. Great and you put butter in it and it really really works good for you that yeah its good for you but what do you think i mean. Like a little down on the stuff or you know theres a misconception to you when it comes to biohacking i think oftentimes people think biohacking means answering some sort of technology. Supposed to mean theyre right but it could also mean a marriot of things like inserting medicine for example now we know about there are these infusions that you can get when youre deficient in a certain vitamin you can have those nutrients entered into your body which help i think in terms of people who are not as healthy i think there are other forms of. Medicine also that can help you so not necessarily looking at the. Year looking to stop from aging but i think to be healthy so i think thats also important and this intermittent fasting ive heard a lot of conversations about this before where one feels just dont like breakfast so this that term comes from taking a break from eating breakfast and others theres this new term called intermittent fasting but i think biohacking has been around for years or infusions of celebrities artists people have been getting to insurers that was homeopathic substances made for cater to the body and i think now were just seeing a turn for either one of the celebrity up on this who does that but christy. You are the queen of bio you know how do you think its i mean a big school them explain to them these Different Things because the stuff that youre talking about and where you talk to me about and you do some of it i will disclose what you do but this is kind of next level stuff in terms of how youre trying to mix kind of science and the function of your body exactly so i think it can be separated into 2 umbrellas one is to improve your quality of life through all means whether its through cognitive abilities or athletic abilities and the other half of that is actually trying to extend your life so if we talk about those 2 things separately if were talking about improving efficiency so that includes everything from coffee in order to improve cognitive abilities that includes thing l. S. D. In order because that really says sarah time that releases. On which also helps to improve cognition memory and allows you to do your thinking because that. Allows you to neurons to connect increased connectivity in the brain between the synopsis that dont really communicate that often so there is a lot of stuff that benefits and that blood doping that. A lot of famous athletes have done in order to enhance and we know what works for enhancing performance and i feel like obviously you guys label me as a skeptic because ive been telling you all day that im a skeptic but but i think the point is and im not saying and im not saying that all of these things there are a lot of things that increase your metabolism sure like you said obviously blood doping illegal for athletes but for you because you know success yeah but for you guys if you want to blood doping are actually allowed to with that its fine but i think when i look at things like earthing or removing blue light from your vision those things kind of scream a little bit of junk science to me you know i think there is a lot of junk science based in some of the earthing just Walking Around. The city that include so i want to speak to the intermittent fasting real quick so i actually do intermittent fasting im new to it so the jurys still out on how well it works but i will tell you this that in the time that ive done it for the few months that ive been doing it this essentially theres lots of different ways to do it the way i do it is 6 hours in which i can eat 18 hours in which i cannot eat only drink water during that time and for me it works great in terms of clarity waking up you know more refresh to having you know more energy in terms of working out all those kinds of things so it really works well i also see a significant reduction of fat content on my body but i dont burn muscle so real quick you know imagine a caveman a long time ago cant go out and get food doesnt have the in food right cant find food if he goes back to his cave and says why didnt find anything today goes to sleep and hell starve to death and get weaker each day the human race would have lasted very long but what happens instead is your body says oh you didnt find the food today during this period so will burn fat storage instead and not burn muscle because youre going to need that to go kill something eventually i know for all the people who believe animals who dont like killing just say so so thats the Science Behind us theres been a lot on set. For starters a lot of Science Behind why right well there are studies that say that its good for you there are others that say that its not but i also think it depends on the body of the person because for me for example when i try that i feel like im going to pass out i feel like i need something in my body and maybe its just pushing through but i think it also depends on the body the human body well and i think that goes back to the kind of when we talk about dieting too i feel like a little bit in fact that we talk about k. But then i start thinking are we back to paleo again is that where were going to have a little i dont like good diet have as but then when we talk about actual lunge any and everything even though the science is still early a lot of stuff has been proven to be effective measures and they do which is it has been proven that a decline and eightys doesnt your natural body does go on the decline once you pass the 30 and that is a side effect of aging so the Higher Energy concentration is the more likely youre able to preserve your youth and nitric oxide another side effect of aging is that your nitric oxide level significantly decreased and Silicon Valley executives found that taking metformin which is actually a diabetic drug has been shown in studies in Lab Specimens that it does prolong your life and also reduces risk of cancer by Johns Hopkins already course want to someone to go and bridge or thank you guys so much dont dont leave the spot those that were thinking. And on the far far side of biohacking we looked at what appears to be the perfect couple a match made in heaven between 11 musk who is the founder of near a link that is he wants to implant a device in your head to interface with their human brain and we have a girlfriend and soon to be baby mama Shannon Grimes who posted about her daily regimen in a sincerely to Instagram Post so 1st prize begins her day by taking any of these supplements and magnesium supplements to quote maximize the function of our mitochondria and promote a. T. P. Then she spends 2 to 4 hours inside a flotation or sensory deprivation tank which she claims to quote helps her astroglide to other dimensions her workout routine consist of for fighting and hiking at an incline then her evenings are spent in her red l. E. D. Fitted studio that allows her to maintain use and regenerate the skin from aging. So while she engages in scream therapy she also claims to have undergone experimental eye surgery to eliminate all blue light from her vision in order to cure seasonal depression and so when you need to watch that again on the portable t. V. Apps you can catch all of the insanity for you all must see about your next time. Just by the actual survival guide. Customers go by youre just a. Good now well read you some lower. Thats undercutting but whats good for market is not good for the Global Economy. Or your i. Q. Should we have had a much better 17 years that we could have had a much more prosperous iraq a stable iraq yes as their. Mistakes happen absolutely magical things about time by far they could have done they should have made it better does not take away from the flag i was stood up to run the dictator who was bloodthirsty and he participated in the murder and killing of hundreds of thousands of iraqis are millions of more of the around the invasion of kuwait and so on. Hope for peace in afghanistan is the u. S. And the taliban to sign a deal to end americas longest war washington expects to remove all of its troops from the country in the next 14 months after almost 2 decades of conflict and thousands of lives. Clash with greek police on the countrys border with. Announced it would no longer prevent refugees from heading to europe. A report alleging for withdrawing the bolivian election fall short from evidence president evo morales left his post amid mass protests supposed irregularities