Transcripts For RT Boom Bust 20240713

Including our partners understands that we can talk about a reduction from the level of production that prevailed before the crisis so far this year or prices on major benchmarks brant crude in west texas intermediate have been cut in half due to the crowd of buyers pandemic and the ongoing price war. And as the number of cases of coronavirus has officially eclipsed 1000000 lets take another look at the spread of the virus with r. T. Correspondent saya tavenner saya tell us whats going on today you know brand nearly 4000000000 people and thats half of the people on earth are in some sort of quarantine right now by the us some countries are ordering at full lock down you know some u. S. States are straight out are resisting and the reason behind not extending lockdown to every state is that already the Global Economy has collapsed and pretty much 10000000 jobs in the u. S. Have this imperia and thats just not last 2 weeks so theres a. A lot of tension right now between of federal mandated lockdown versus state but while the government is still considering a new measure as you know the virus is waiting for no one and its spreading like a firestorm bringing the a latest us numbers to over 250000 with over 66500 deaths and of course the u. S. Is not alone here as this as a head europe just as bad bringing their qana me to a complete standstill and france germany italy and spain the 4 largest european economies are all in lockdown meaning that the citizens are only allowed to leave their house to buy things like food and medicine and brant the situation has been particularly bad in italy and spain where the numbers im affectionate and deaths are the highest in fact for the 1st time spain has overtaken italy for the number of confirmed cases and with a total of 117000 confirmed cases spain is now 2nd in the number im affections only to the us you know which has a population 7 times larger so spains total death toll now stands at almost 11002nd only to italy with almost 14000 and brendas really shaking the foundations of the e. U. And ill give you an example the netherlands which has over 15000 cases and almost 1500 death is refusing to join the european debt system to ease the cost of the virus because the dutch government saying is that they issue a joint debt is a step too far because they just dont have that many infections and you know theyre not alone as lawmakers in germany and austria have a similar opinion then there is a swiss government with almost 20000 cases and all there they are not part of a e. U. Today they now and. Theyre doubling the size of their crown a virus emergency loan scheme to 41000000000. 00 after being flooded with requests for help from businesses and this is a major change for the normally hands off swiss government brand and now we know that iran has been one of the hardest hit countries as well world over where they are today well you know brand even before the u. S. Was leading and leading the number reported cases a pandemic was already sweeping through iran now currently more than 3200 deaths in iran with over 53000 confirmed cases have died there but their Health Care System is just devastated but unfortunately that hasnt stopped the Trump Administration form hitting the country with tougher sanctions and although the u. S. Claims sanctions dont apply to humanitarian assistance many countries and companies are still wary of helping iran i dont fear that they could also face sanctions and be cut off from the u. S. Financial system and so now to follow up also on something we touched up on yesterday were some passengers are now being let off to push ships off the coast of florida r t correspondent john hardy is there and in south florida with the latest developments john. Im in the rotterdam were 2 ships that were basically just waiting off the coast of florida for lauderdale for the green light to dock at port ive read everglades well they got the green my last night they went in they docked medical crews reach the ship billings is were ready and they got the coronavirus patients that are on board about 30 of them. Had to local hospitals 13 were critically hill meaning they were really a bad shape and needed hospitalization immediately 4 people died on this. So you could just imagine for it since march 14th its been trying to dock its gone to a number of different ports that have been turned away at every point so its basically came back to the United States there was some tension between governor to santas here hand florida allowing the ships to dock at port aventura. But im agreement was worked out and 2 ships docked last night so thats the good news the bad news is theres another ship thats off the coast coming here that has possible coronavirus fires cases as well so while the drama having to do with this story is over for now possibly a news story is beginning guys back to you are 2 correspondents john hardy and science have injured thank you both for that comprehensive report. And in a move to provide transparency if thats what they want to call it about exactly what is providing the governments around the world google has released a massive amounts of data which provide a pretty clear look at where people are going and staying during this global Virus Outbreak now according to reuters google released reports for 131 countries with charts that compare traffic from february 16th to march 29th to retail recreational venues train and bus stations Grocery Stores and workplaces with a 5 week period earlier in the year now based on that data here is what is happening in the u. S. 4747 percent decrease in retail and recreation travel 22 percent decrease in grocery and pharmacy visits 19 percent decrease in visits to parks 51 percent decrease in football to transit stations and a 38 percent decrease in going to workplaces as well as a 12 percent increase increase to residential locations now these seem like big drops but other western countries experience even bigger drop suggesting the us isnt yet enforcing lockdowns as strictly as europe is now going. Yes now to discuss and take a look at googles data is boom bust cohost investigative journalist bents one ben thank you so much for joining me today from this google data we can see that in general here in the United States there has been a very clear shift in behavior but as i just mention the changes across europe were even more dramatic what did those look like they were yeah i mean obviously you have countries like italy and spain which of had much stricter lock downs look here in the United States weve called for a lock downs depending on the state that youre in really depends on how strict it is in italy its not been like that theyve been extremely precise in what theyve been demanding and so when we talk about actual numbers you know visits to restaurants in movie theaters in italy drop by 94 percent which means almost everyone right has doing that also 80 percent declines in places like the philippines for people who are going to retails spots so and even in india which just instituted a lockout only a couple days ago theyve already seen just in a matter of days a 77 percent drop so other countries i think its been more dramatic in those places but i think thats probably expected compared to a country like the United States where people are a little more independent in the way they conduct themselves geographically of course were spread out here in the United States not to give any color to people but its just kind of the way it works this is new york and l. A. Are different than say Fargo North Dakota the middle of the country now one of the more interesting cases is south korea which was an initially hit hard but has had the fastest recovery of any nation what does the data tell us about what is happening there. Yeah it was pretty interesting about that is that south korea has actually managed to flatten their curves since february 29th and think about that were sitting here and it was april the beginning of april and at the very beginning were still talking about trying to flatten our curve since february 29th they flattened it and have been in a decline so one of the things that the data shows us in south korea is how people did respond not only to lock downs but they went to Testing Centers and they got tested very quickly which gave authorities an idea of where the virus was spreading and now ben quickly i got about 20 seconds left here there got to be privacy concerns about that i know youve shared those what do you think about that you have the Biggest Issue right now is that google has Just Announced that it is creating a system by which to monitor not just where people are going in terms of foot traffic but also whether or not people are obeying those lockdown orders and where they are going instead that is a new tool theyve Just Announced theyre going to be sharing with government officials there is a huge privacy issue here because people are not opting in theyre being forced into the system just by carrying a google product with cohost ben swan well continue to follow this story thank you so much for your time today you got to bring. Worldwide markets have ended mixed on the week as concerns over the coronavirus continue which have roiled markets in the last quarter and continue to do so at the start of the 2nd quarter lets start in moscow where the mo x. Is up for the week now reaching 3 week highs on thursday said its total f. X. Market turnover jumped 32 percent year over year now this comes as russian president Vladimir Putin has opened the door to an end of the Oil Price War between russia and saudi arabia lets move to asian markets starting in shanghai up on the week now the composite for the week had a sharp decline on monday it recovered most of the losses by weeks and mostly caused by the overnight surge in oil prices where u. S. Crude futures soared more than 24 percent the composite did drop by a half a percent on friday alone so that is a little bit of a concern there in hong kong the hang seng also up on the week were see after seeing significant gains throughout the week and a steep drop on thursday still able to recover despite dipping about point 6 percent as of the final hour of trading in japan the nikkei is down this week closing largely flat by friday after a sharp decline on wednesday but not able to fully recover this while the topics index ended its trading day down on friday as well now moving to india the sensex is down on the week as the country remains on lockdown the market index tumbled just over 2 percent the sensex is plunging as india seeks as much as 6000000000. 00 in loans to fight the coronavirus pandemic moving to australia the a. S. X. Is up on the week now most sectors actually finished lower including industrials and Consumer Discretionary which both fell more than 4 percent of the material sector help offset those losses now the a. S. X. 2. 100 lost 500000000000. 00 and that 1st quarter of 2020 which i actually heard a lot of people moving over to south africa the Johannesburg Stock Exchange all shares in south africa is up for the week this is the rand weekend to all time lows on a friday so were going to move across the ocean here and head towards europe in the americas where things are looking very similar but we do have a trend of red arrows there is one bright spot it wont be too hard for you to notice that one now in the u. K. The footsie it is down for the week as britain post its biggest quarterly slump says black monday in october of 1907 this comes as the bank of england cancelled dividends and suspended buybacks in france the cac also down for the week the index still saw some gains in the food and drugs gas and water and general financial sectors now moving to germany the dax were having another red arrow right there and reports that Companies Like b. M. W. Volkswagen and continental all in talks about halting their dividends as well these companies have already cut employee hours and are a lying on government aid moving across the ocean the ebo best buy in brazil also down according to some market calculations its the worlds worst performing major equity market in the 1st quarter of 2020 brazilian stocks plunged 51 percent in the last 3 months the collapse and oil prices has played a major role in that decline lets move up to north america here the b. M. V. In mexico its also down on friday president and dressed man well Lopez Obrador downplayed calls to ease the countrys debt obligations with external creditors and were going to move north into the u. S. All 3 major indices are down for the week those massive unemployment numbers are continuing to drag market this week also marks the end of one of the worst quarters in history for the u. S. And finishing in canada here is our loan green arrow for western my. Its the late weeks surge in oil prices helped keep the t. S. A. In the green for the week but the Overall Index it did lose just about 2 percent on friday alone it is interesting to see because things are still going to be shut down and were looking at weeks of this so well see where things go that is your Global Market walk. Im out for a quick pause but well be back in a flash and as we go to break here the numbers at the close. Of the saloon see. Much of those who heard something. Soon we will. Show you this new video of the liberal media. This is good you feel good. To go to shows so look i do assume you want me to show you stories should go. To starbucks to. Get to leave until it was done that is the most. You look at is. Himself some understand just. Try to present it to introduce me to you. As we. Just because listening to sniper them little new yorker those the girls are rooting for your supporters to your shoes lucian shouldnt feel you should good or for what was deal does an impulse to. Move. On when our childs seemed wrong. When all the worlds just all. The world didnt get to shape our disdain you cant get educated and indeed trained equals betrayal. When so many find themselves worlds are wired when just to look for common ground. And welcome back here in the United States nonfarm payrolls have dropped by more than 700000 according to data released by the u. S. Labor Department Friday now this decline brought on by the coronavirus pandemic is the 1st decline since september of 2010 now the number comes close to the 800000 jobs lost in may of 2009 at the height of the last economic crisis this also comes as the Labor Department reported that huge number of 6600000 jobless claims for the week ending march 24th now the u. S. Government and Central Banks have continued to take stimulus measures in an attempt to mitigate the Economic Impact of job losses as business halts almost completely as we just talked about with bat now the e. U. Has also taken steps as the European Commission announced the sure program to raise up to 100000000000 euros to deal with unemployment in the block. And this is why we introduced today sure sure it is you have supported short time where. It can mitigate the effects of the recession it keeps people in work. It enables companies to return to the markets with renewed. It isnt to spaded that the 100000000000 in loans will be backed by 25000000000 in guarantees from Member States and for more on this were joined by former fed insider and c. E. O. Of Quill Intelligence daniel de martino both you know always a pleasure to have you on the show. Great to be here today so we talked a lot about this recently of these unemployment numbers were somewhat expected due to the Economic Impact of the coronavirus but with a technical recession possibly on the horizon do we expect things to go back to normal or are we going to see these declines continue. Well so its interesting ive been following very closely google searches because its very difficult to get your hands on Real Time Data and when time has compressed to the extent that it has i mean every day feels like a week every week feels like a month things are moving so quickly but if you follow google trends and searches for Unemployment Insurance weve seen one huge wave followed by a 2nd huge wave followed by a 3rd huge wave thats even bigger and the implication is that next weeks jobless claims could be as bad or even worse than what we saw on thursday so ill put this in context at around 10000000 nearly 10000001950000 on Unemployment Insurance youre talking about one in 16 americans one out of every 16 American Workers is on has applied for jobless claims by next thursday im saying that this could be one in 25 americans so a quarter of the population that were talking about the 1st time that weve seen i say one in 4 but the 1st time that weve seen this many people unemployed since the Great Depression and its happening. In liquid just lightning fast time right now well ahead red right and thats kind of the concern that i have when i look at these numbers because you say yeah it could be one in 4 americans by the end of next week right but in reality everybody is going well this is just a coronavirus that once the coronavirus is done but the problem is some of these companies unfortunately some of these Small Businesses are not going to make it and even the ones that do may not be able to bring all of their staff back on board at least right away so this could be a long term crisis beyond this Public Health pandemic correct. Yes i think the biggest risk that the markets are not quite incorporating because theres so little visibility Going Forward is that theres there is no even remote possibility for a v. Shaped recovery because theres going to be so much in the way of permanent job loss and because were going to culturally change as a nation were going to be much more reticent to spend the way that we once spent and were going to be much more reticent to go to a sporting event or a work concert and theres just going to be a level of frugality that has not existed for multiple generations in the United States because so many families are going to pay a steep price for having no savings going into this crisis to and that creates just a ton of stress so i this is this is not just a pandemic episode i realize that that is the catalyst that whats the has put us in this position today but this is also a reflection on how how little savings americans had going into this crisis and how its going to change the way that we consume as a country. I dont want to be crass here by any means because theres a lot on the line for a lot of people but did we not learn anything from the last recession which just took place 10 years ago i mean we were a lot of people were in the same boat and were saying the same things that you were saying which is hate weve learned now were not going to overspend were going to say were going to be ready and it feels like after 5 years we said oh no everythings good. Well that has certainly been the case you know a lot of americans did become more frugal and they stayed more frugal throughout the last decade theyre going to be in better shape but to your point we saw a credit card spending go through the roof weve seen americans take out car loans for way more car than they could theoretically afford and the flip side of that is that easy Monetary Policy thats been conducted by the Federal Reserve this whole time has made homebuilders and Apartment Developers go into luxury only. Only so all of the rents 80 percent of the rents in this country are really too high for americans to sustain so this is this is there are different sources of the problem but for the average American Household this is going to be a crisis for their budgets you know we have seen another wild week in equity markets with most indices throughout the west ending the week in the red now where do you see markets going from here have we actually hit the bottom at this point. You know i think i think its very premature to say that weve hit the bottom we still dont know what the initial waves of economic damage are going to be were going to have to figure out how high initial claims are going to go and how long this pandemic is going to keep the country effectively in lock down so its premature to say that markets have bottomed and were also going to be heading into a corporate earnings season when a lot of corporations are on the sidelines in terms of guidance saying that they cant even tell investors they cant even tell shareholders how their company is going to fare in the future because they just dont have that certainty and their reports are right now analysts are expecting that we could you lose 4 trillion in g. D. P. Worldwide due to this pandemic and what is happening right now and well keep an eye on that former fed insider daniel de martino both will have you back again soon love your insight thank you so much thank you. And as the world has continued to be forced indoors its no surprise that people are looking for ways to entertain themselves of course we know streaming giants like netflix hulu and Amazon Prime Video are all seeing increased numbers and now new data is showing Video Game Streaming Services service twitch the t. V. Has seen a 23 percent spike in hours viewed between february and march hitting all time highs just over 1200000000 hours stream think about that number its tough to wrap your head around the service also saw a big quarterly jump of 19. 5 percent in concurrent viewers its not just viewers either the service also saw a 33 percent increase in unique channels so more people are becoming content creators as theyre stuck inside which isnt alone of course microsoft mixers has also seen a 15 percent gain and you tube gaming well they got a meager bump of about 10 percent and thats it for this time you can catch boom bust on demand on the brand new portable t. V. App available on smartphones through google play and the Apple App Store by searching portable t. V. Or stream us to your t. V. By downloading the portable t. V. App on apple t. V. And online a portable t. V. You can also find our coronavirus tracker on the portable t. V. App where you get the latest news and information about the spread of the virus and as always check us out on you tube dot com slash boom bust r t c n x time. Its a let me. Ask i would him will. Pick i could not predict that could not trouble getting loans to show more than. You love lose you know nothing. Trying to make it a c. Because dont want to touch. Dont want to have all of the kook on the scene do it in the out now as you hijacked on this mission. In the world of the football team. Being. On you and those 2 morons from little known much of the sinister learn in 1000 for not. So when you hire them and when he tried to use in did. Learn and. Not unknown to me when i meet you house on the net will question. Your government and our government and all the other major governments of the world know whats going to them and when its going to. But they havent told you and they havent told me they have them and theyll still. Imagine something as big as the earth is going to cause tidal waves earthquakes volcanoes are going to wrapped and its going to chill. So very for a while right. My great grandfathers. Nobody would care about the law or prison so youd have wallace that should have. A terrible life between the. Micrographs friends arent slights against you know whites or men for example theres their slights against women or nonwhites so its always you know the idea is that statements that directed toward a Privileged Group are interpreted differently than a statement directed toward an oppressed group and so thats kind of the whole framework and its its a political framework thats used the result is of course focusing at least on certain kinds of minor slights and saying well rather than a north korea then we need to call attention to them but its not all slight so its a very political in this context and. Breaking news this sunday from our to the gas explosion calls up apartment block to coops in a tone east of moscow one person is known to have 5 hospitalized our correspondent igor speak to me live from the scene in moments. 2 were killed in a stabbing incident inside these fronts police have arrested a suspect but no motive as yet its been established. That news this hour french nurses the region online protest accusing the government of leaving them woefully ill equipped to treat her old a virus patient. And you know heres what our government has