Transcripts For RT Boom Bust 20240713

We take a walk around the globe plus as the Companies Remain under lockdown around the world what constitutes an essential business and where does crypto currency fall in that designation we bring in a boom bust handle for insight into the packed show today so lets dive right in. And u. S. President donald trump on thursday escalated tensions with china over the handling of the coronavirus pandemic saying the trade war between the worlds 2 largest economy is now of secondary importance. We signed a trade deal with is supposed to buy and theyve been buying a lot actually but that now becomes secondary to what took place with the virus the virus situation is just not acceptable you know the situation stems from the u. S. President s assertion that china could have done more at the onset of the pandemic. This is something could have been contained at the original location and i think it could have been contained relatively. Easily this china is a very sophisticated country and they could have contained it they were either unable to or they chose not to and trump was asked whether the u. S. May retaliate by not paying its debt obligation to china in response he suggested further tariffs against china maybe in order to do it differently i can do the same thing but even for more money just by putting on tariffs so i dont have to do that you know. Its a profit its approximately a trillion dollars a little bit more as i understand a trillion dollars but we could do that in a. I think probably a little bit of a more forthright manner you Start Playing those games and thats tough you know we have the dollar to protect we want to protect the sanctity of the dollar the importance of the dominance of greatest currency in the history of the world and for more on all of this and Market Reaction to the news of the day lets get some expert analysis from peter schiff c. E. O. Of Euro Pacific Capital and boom bust cohost Christine Peter i actually want to start with you here u. S. National Economic Council director larry kudlow is saying that china will be held accountable for now it being the coronavirus pandemic how do you hold a country responsible for a pandemic isnt that like trying to hold a country or responsible for an earthquake or any other type of natural disaster. Its certainly very difficult to put the blame on china or to try to assess financial responsibility or liability but you know the near threat of potentially not paying the chinese on their bonds to default or selectively cancel out obligations that the chinese own is very dangerous road to go down because not only could that scare the chinese into selling but it might scare other creditors into thinking that we may do the same thing down the line to them but you know when trump says that he can hes going to punish the chinese with tariffs and get the money that way look the chinese dont pay the terrorist any terrorist put on chinese imports are paid by American Consumers so thats trumps plan its the americans who are going to pay not the chinese absolutely now kristie there is actually a shifting focus from the virus back to a breakdown in relationship with the 2 Worlds Largest economies here what is at risk here when we talk of new tariffs and as peter said now i know the president kind of downplayed the idea of not paying off that debt but what are the risks that we have here. Well theres definitely material risk here because we saw that already and 2019 now and no one wins in a trade war it harms sentiment damages Business Productivity especially in an environment that is already so fragile wrecked and we can in the wake of the coronavirus so has the potential to completely flattened any hope of a you shaped recovery so we all remember the volatility we had in 21000 in the algos going into overdrive every single morning on trumps tweets well the same thing will happen again and a big risk off move will send the treasury back down to 02 back down to distressed levels so even without the crown of ours us today the trade war between us and china lowered global g. D. P. By almost a point so couple that now with the pen and the result its going to be devastating and i think that the path that were on at this right there is and in every kind of decoupling between us and china we saw what it looked like in 2019 as supply chains that took decades to build up were strained and kind of rooted well the u. S. Doesnt want to be dependent on china for manufacturing capability well thats fine but that just means that well see the price of goods soar in the future as companies try to scale domestically and plus the tariff so well see the price increase in the consumer goods rise drastically you know peter to kristis points right there which you talked about volatility are we in in store for another cycle of volatility that that we might start dropping down back to those really maybe retest those lows that we saw in march as so many analysts have actually called for already. Well we could actually take out those lows i mean 1st of all the rally was simply a function of the fed the fed bought this rally with inflation they printed a lot of money and theyre buying up a lot of dead and thats whats pushing up the market but also the market began to in to dissipate a rebound in the economy when we you know turn the light switch back on it everybody goes back to work and i think the markets have overestimated what were going to recover to because i think were just going to recover from a depression to a severe recession and i think the markets going to sell off as investors really start to realize. Just how bad the economy is going to be even after everybody gets the green light to go back to work well exactly peter and ive been saying this for weeks on this show is that look i mean when you see whats happening here when that light switch is flipped everybody is unfortunately not going to go back to work its just you know weve already and people have been hurt enough and a lot of these payments and things have been deferred you know kristie i want to go back to you it is hard to know what the economy will look like once it reopens analysts are trying to price in the recovery and the magnitude of the bounce but we can look at china to see how they are actually recovering whats going on there. Well i have not i agree with peter completely about that this entire bound has been way too optimistic on reopening we can look at china because china is about a full 3 months ahead of the u. S. On the coronavirus curve and what theyve found is that simply we opening is not enough and that has not resulted in the return of consumer buying now that is particularly important while were talking about the u. S. Because the consumption accounts for about 2 thirds of Economic Activity and i think the market is starting to realize that now that means priced in way too much we have all this data now coming from the big Earnings Call and its been shown that weve got too optimistic in the past few weeks just loading up on hope and optimism in the fed and the possibility of a real thinning so today were definitely getting a big sell off in the market were down about 2 and a half percent certainly not as violent as the capitulation that we seen in march but you think pull back and the spark was of course the possibly more cash well also now that weve you know Morning National manufacturing surveys and everything coming in below expectations once again now peter i want to hit this quick before we wrap up here treasuries are getting a bit up today on the china terror threats its like 2100 all over again but heres the red meat what about gold is this rise sustainable or is this just another bubble waiting to be popped and i have about 45 seconds for you. Well look nobody should be buying treasuries i mean weve basically warning people against the added dangers of Holding Treasuries people should be buying gold gold was up today too but it should be up a lot more and its going a lot higher as people start to really appreciate the risk in u. S. Treasuries and the u. S. Dollar and peter schiff of europe for civic capital and christiane thank you both for that insight but chris i want you to stick around want to get more of your take on something in the 2nd half of the show. Equities are mixed on the week as a possibility for a treatment of coping 1000 raises hope despite the concerns of more trade tensions between the u. S. And china now most World Markets are closed for Fridays International Labor Day Holiday but lets start in moscow where the axe is up on the week now the ruble pushed to its strongest reading against the u. S. Dollar in more than 6 weeks this before losing about 1. 2 percent overnight in asia asian markets are all green this week again in hopes that Gilead Sciences vaccine has a positive effect on treating the coronavirus the shanghai composite is closed for the holiday gained 4 percent for the month after seeing steep declines in march when they were hit hardest by the credit now sentiment improved as the virus seems to remain contained in the country and positive news on potential treatments now the c. S. I. Of 300 gained 1. 2 percent and the tech focused china rose by 1. 9 percent in hong kong the hang saying same thing it is green but it was also closed for the holiday itself some significant gains this week for 3 days in a row the index crossed above its 50 Day Moving Average japans nikkei was actually open on friday finishing just slightly in the green after a volatile week stock slipped on friday afternoon by 2. 4 percent Semiconductor Manufacturer Tokyo Electron dropped more than 5 percent while the topics index also dropped 1. 81 percent moving to india this is it was also closed for the holiday to finish that week shares jumped more than 3 percent on thursday a load again on encouraging data from the coronavirus drug trials now the index punished out april gaining 14 percent thats the largest monthly gain since 2009 lets move to australia where we see our 1st red arrow for the week the aztecs was down 5 percent on friday alone its. Worst day in 5 weeks major minor b. H. P. Shares plunged more than 6 percent major banks Commonwealth Bank of australia and australia and new Zealand Banking Group all saw a loss of 4 percent each in their shares and then were going to go to south africa for the all shares it ended the week in the green mostly in response to easing some of these lock downs now going to go ahead and take a walk across the studio here and we want to take a look at markets in europe and the americas where were seeing very very similar trends as the discussion of vaccines and reopening economies is really starting to pick up some steam here so were going to go with footsie the cac and the dax they are all up in the green the pan european stocks 300. 00 saw its biggest monthly increase since october of 2015 this spot eurozone g. D. P. Contracted by a record 3. 8 percent in the 1st quarter in london the footsie close slightly higher on the week after a plunge on friday after president threatened china once again with more terrorists over the alleged mishandling of the pandemic now nearly all sectors were down with Energy Taking the largest hit now in france the cac closed on friday for the International Holiday saw some gains this week france entered a recession as g. D. P. Fell by a record 5. 8 percent now the sharpest decline for europes 2nd largest economy since records began in 1909 the german dax is following along with the trend in the green for the week and closed for fridays haliday lets move across the atlantic the ego best in brazil is coming back from its 9 percent plunge last week after 2 top ministers resigned in less than 2 weeks it was closed for the friday holiday and the index though is even though its got a green arrow this week is still down 47 percent this year aside from the ongoing pandemic political turmoil its crippling the south American Country now lets move north to the to mexico where the b. M. V. Its also closed for the holiday but it was up for the week in the u. S. All 3 major indices in the dow s. And p. And nasdaq and the week slightly die. On wall street posted its largest monthly percentage gain for april in decades but stocks tumbled on friday after a new flare up between the u. S. And china over the possibility of new tariffs are racing all of this weeks gain and then finally were going to move up to canada where the ts x. The Toronto Stock Exchange is finished the week up but just slightly as the next futures fell for many of the same reasons were seeing elsewhere Lower Oil Prices are also affecting the index as well so as we look forward into the month of may all i seem to be both on potential treatment of the coronavirus and americas next move when it comes to escalating tensions with china and that is your Global Market walk. And time now for a quick break but hang here because when we return essential versus not essential is a debate that has raged it made global lock down but where does crypto currency mining fall into the mix straight ahead we take a deep dive into the topic with a boom bust panel and as we go to break here todays numbers at the close. We go to work. Straight home. Somebody. Just let me see yes. I was on the floor some things in my bathroom you know crying praying. It was just. My. First time for a western got worse i was having chill and fever and i didnt have any sense of c. Source now from the most you know the words world with you. Recently she goes under the orders each tuesday. Night when simon is on the grounds of the research. I hope i didnt. Push myself to do for me in the 5 im going to. Go. And welcome back one of the more interesting side effects of coronavirus lockdowns are the impacts being made or not being made to the environment there are reports of the ozone layer being restored in parts of the world due to decreased Greenhouse Gas emissions and pollution and while we are seeing cleaner air and a better environment some Industries Like cryptocurrency mining have continued so does this mean that activities like big quinn mining are not as bad for the environment that some critics have claimed well joining us now is just the 2 of us cohost christine and ben swann thank you both for being here as always now ben i want to start with you over the last few years theres been a lot of claims being made about Bitcoin Mining being terrible for the environment what were those flames. Well it was basically Everything Everything that was wrong with the environment could somehow be traced back to bit coin whether it was using too much energy whether or not it was causing you know the fossil fuel usage to be too high or there was there were a lot of different claims about it that essentially act as if and ill quote one of the articles the oceans were burning and boiling because of big oil that was the way it was treated for a long time the problem is is that right now as you just pointed out were seeing a lot of environmental effects of these lockdowns we can you know argue about the political social side but theres no question that environmentally the world seems to be better off as a result of it and as thats happening in mining has continued in fact according to some analysts its actually very close to its peak worldwide right now and yet the environment doing better so apparently because it was getting a bad rap for all the things that were being claimed about how mining was ultimately destroying the environment so cars and traffic and things bad for the environment because of mining maybe not so much governor christie what about all of this how has this pandemic or stay at home orders affected because of mining that this is the work that you have to leave your home to take a part in in many cases correct in fact i believe that when you could go to work you could actually just set your computer to do it if youre not talking about big big point of. Mining farms and yet this country because mining is being called essential and in other places its being locked down completely. Well were talking about 2 Different Things here because mining farms they usually dont have a ton of stuff on hand but no it is working i actually do have to leave your home to take part in if youre directly in the Mining Operations if youre part of a mining pool and manly contributing your own Computing Power over at home and youre working off with a larger mining pool thats completely different you can be in your heart right you dont even need to leave your home but the actual operations of a mining farm it actually works closer to a power plant or utility plant it runs 247 there always has to be staff on hand all the time even if it is a Skeleton Crew so that presented a question of whether or not its an essential bill. Yes thats caused by differently in different regions so in places like canada mining is considered an essential business as canada they do have Energy Subsidies they tend to be very friendly and crypto friendly other places like argentina its not just i can california cannabis is considered an essential business other places its not so at all that varies from place to place so thats what makes it very different for mining operators to have a competitive advantage because simply theyre geographical location contribute so much to their operations places like canada china russia they have significant they are significantly cheaper due to the friendly and supportive Regulatory Environment along with the subsidized electricity costs which is one of the main costs for all of these operators oh no no chris this is a really dumb question but it is the concern when they want to lock down these situations and want to stop the mining is it because of power consumption overall is that what the concern as well especially while we have stay at home orders. Simply because they dont the mining as 80 the necessary essential good then service that is necessarily need it everything is considered essential business now is related to food supply and the transfer of medical equipment so theyre saying that mining because all the only thing of transporting is these huge mining rate youre moving them from location to location that is not needed and that logistics and supply chain could be better diverted for use of supply hospital with masks and other ventilators and im talking about more on the essential front here now kristie theres also talk that crypto miners who were once seen as being part of the dark web could actually turn their mining regs to help fight covert 19 is this correct and how does that work. Well its actually a fascinating one of the coolest examples of modern day distribute crowd computing so its a collaboration as we know its crucial during these times of Global Crisis and right now theres a group called fully at home that they launch a new initiative that involves individuals across the world to offer up and contribute their computing hard power to simulate the code in 1000 proteins in order to find a potential treatment or cure so this is very similar to sharing. Computer hardware for Mining Operations so by stimulating the protein scientists are then able to understand how they work and they can then decide to design their products and want to stop the code in 1000 protein folding at home right now is calling on volunteers to contribute to i dont Computing Power to run the simulations and this Initiative Made very successful strides in years ago in the fight against ebola so when you malaysians that can run a short amount of time the faster we can get a care so now crypto miners are of course in a prime position to help out with their massive rigs and their g. P. S. So its all working for a great cause. And i know this wouldnt be actually like a mining of the crypto for the monetary purpose but we talk about like a big big coin mining farm couldnt they put all of their resources into this to help this make push this cool technology. Yeah i think theyre absolutely could i mean the reality is this though that that bitcoin and cryptocurrency one of the powers of it is to not be centralised so yes youre absolutely right and chris is right when he talks about these these farms and the big rigs that they have but one of the great things about crypto currency is the ability to diversify in decentralized technology and that and also includes using rigs or Computing Power thats broken up over a large group of people geographically as opposed to everything being centralized so theres a lot of power also away from the farm side of it and just among those the currency miners who are able to do this from their own location no better one of the verge a little bit off of the Mining Sector here in crypto but speaking of the dark web which i mentioned earlier there there are some reports that some people are offering blood that allegedly belong to recover coronavirus patients for sale on the dark room web as a passive vaccine what do we know about that yes so essentially the idea is you go and you get blood from somebody who has recovered from kobe 1000 of corona virus and then that blood carries antibodies in it and the blood plasma specifically you would inject into your system and it would help to give you antibodies which. And then essentially make you immune to contract and coronaviruses the same concept as a vaccine is very similar in a lot of ways and the truth is that there is a medical Science Behind this in fact doctors actually do this there is a lot of talk about people who have recovered and using some of their blood with antibodies in it and giving that to patients so its not its not that its a Voodoo Science but the idea that you would buy it on the black market or on the dark web and buy your own supply of it that seems very strange and of course its not the only thing i mean you can find lots of different items on the dark web related to ventilators and face masks and everything like that but this might be one of the more kind of bizarre ones just because of the fact that its blood and you dont know what youre getting when you buy anything and not just on the dark when you dont know what youre getting when you buy things in lots of different locations you certainly dont go shopping for blood someplace where you dont know where its coming from well ok there are a couple questions i have here but i mean how do we know number one that if the blood being sold on the dark web actually has been antibodies in it and actually is of a crowd of our patients which is my number one concern and are there legality concerns about selling blood on the on were not just the dark web on the web in general well look thats a really good question as far as legality is the truth is that there probably is no federal law about selling blood but there probably are state laws that deal with that so it might be different from state to state that location to location that could be very possible but you know the fact is you dont know it look there are people who go and they attempt to get botox injections right and some hack person will say ill do it for really cheap and they inject mineral oil in your face and your face is sagging afterwards because it wasnt even botox there are people who do that with Something Like botox imagine going and finding blood and someone saying trust me i got this blood from a legitimate source but im selling it to you out of the back of my car it just seems like a very strange way to purchase something and certainly anything whether its blood or not that you would inject into your system you would have to take great measures to make sure its a legitimately what it supposed to be a boom bust cohost bence wanted christie i way to end it on a very bizarre no. Thank you both for your expert analysis today. Thank you. And finally a little back and forth from the movie business surrounding an unlikely blockbuster troels world tour now as movie theaters around the world were forced to shut their doors due to the ongoing pandemic Universal Pictures decide to release the sequel for the digital rental on the 10th of april now earlier this week it was reported that after 3 weeks on demand the movie brought in 100000000. 00 and rentals now according to Universal Pictures the distributor collected roughly the same amount of revenue as the 1st trolls film had collected during its 5 month theatrical run now this could change the way the Company Releases movies in the future according to n. B. C. Universal c. E. O. Jeff shell who told the wall street journal as soon as theaters reopen we expect to release movies on both formats as sentiment sentiment shall actually echo during universals Parent Companies comcast Earnings Call later in the week and this did not sit well with the c. E. O. Of amc theaters who took issue with the idea issuing a public letter saying releasing the latest trolls film digitally was an exception in unprecedented times now adding effectively immediately and see will no longer play any universal movies and any of their theaters and unite in the United States europe or the middle east but it didnt end there at center world the Parent Company of regal said image issued a statement thursday calling on studios to respect theatrical windows if they want movies played in their theaters but stop short of a full out ban and thats it for this time you can catch boom bust on the brand new portable t. V. s of able on smartphones to google play and the Apple App Store by searching portable t. V. Or you go to portable that t. V. And as always check it out on youtube dot com slash boom box r t v and i found. Who keep the birth. Going to go where you. Going to get it. Cleared up only walking into the word dont and we no longer know what were walking into they cant see on march 9th she was what she needs to break she met up with. 2 shakes possible. So. I guess you know were going to talk about more about tab you know jobs are not really needed you know the part of this Lockdown People assume millions of millions of people to use and their job would have something material to impact on the fortunes of the economy as a whole but now it only effects the surface the clubs as a. Matter of fact its a great opportunity if youre in the banking only can you see stocks trading higher and bank stocks will mean higher workers are needed taxes are needed when you can. Confer money perturb over the only custom. The world is driven by shaped by. The day or thinks. We dare to ask. Thousands of american men and women choose to serve in the countrys military and the decision. Every song came to a complete. The day that i was raped. You know told to shut up kill me and i see how it destroyed my life any screamed at me and he made me come in and you grab my own arm and he raped me with his birthing area if you take into account that women dont report because of the extreme retaliation its probably somewhere near about half a 1000000 women have now been sexually assaulted in the us military rape is a very very traumatizing tat happen but ive never seen trauma like ive seen from women who are veterans who have suffered military sexual trauma reporting rape is more likely to get the victim punished from the offender and almost 10 year career or chose very invested in and i gave the sex offender who was not even put to justice or put on the registry this is simply an hour in violence male sexual predators for the large part of target whoever is there to prey upon whether thats a man or when. It. Comes. Hello everyone lets take a look at todays menu to see what were serving up on the press which you please go on the record but the American People to sexually assault terror rate after weeks of silence on Sexual Assault allegations made against him former Vice President joe biden goes on morning joe and faces a grilling from Mika Brzezinski well let you see it for yourself this New York Daily News headline would have you think the worst but when you read the story you wont find reference to one Single Person who actually became ill can you say fake news there