Transcripts For RT Boom Bust 20240713

The boom bust the one business show you cant afford to miss. In washington coming up oil prices dropped more than 2 percent on wednesday the 1st time in 5 sessions well explain what this means for the future of the already heard and the Energy Factor plus the u. S. Should now be considering working with weiwei on standard oil this after its a long time war against the Telecom Giant show for you today so lets go and. Numbers for the Global Pandemic now show more than 3700000 people are infected with the krona virus more than 260000 deaths have been recorded will the u. S. Has more than 1200000 cases and at least 43 states actually plan to open completely or partially reopen their economies by this weekend this while president appeared to reverse course when he tweeted earlier ones day that the white. Force will continue indefinitely with its focus on safety and opening up our country again he also reiterated that earlier during a briefing well tensions between the u. S. And china continue to rise as the u. S. Says its pushing for transparency heres how this could get solved really quickly the Chinese Communist party could do what theyre committed to do under their obligation to the World Health Organization to be transparent to be open to do the simple things that they should all around the world do to make sure the pen demick like this dont get out of control and in fact importantly stay out of control if the traces laid out a timeline of what weve seen it is pretty clear that at the front end of this the Chinese Communist party misled the world that is they knew more and they didnt share that they had an obligation to do so under the International Health regulations that that they are required to adhere to under the world health obligation well Health Organizations rule set they didnt do that on wednesday china rejected any International Investigation into the origin of the coronavirus. We are opposed to individual politicians in the United States conducting investigations based on the presumption of guilt on china for domestic political reasons we are opposed to using this epidemic to engage in political manipulation because this practice is contrary to their original intention of Scientific Research and will also disrupt International Anti epidemic cooperations iran a thing a rise in new cases as the country recently used their restrictions showing a temper cent increase in new cases reported compared to last week well india with a population of 1300000000 people is also seeing a rise in new cases after it relax its rules in mid april the daily death rate was a few dozen but now its at a rate of more than 100. 00 per day while in europe the year u. K. Surpassed italy in recorded coronavirus 30150. 00 the country unveiled a 3 step plan to ease some lock down restrictions. And Prime Minister Boris Johnson signalled those could start as early as monday well this is despite its high numbers well spain saw its daily death toll increase once again its Health Industry reported 244 deaths this comes after 3 Straight Days of 3 Straight Days rather of less than 200. 00 reported daily deaths a new report shows the European Unions economy is said to shrink by 7. 4 percent this year so just to give you an idea on how bad this actually is in 2009 it shrank 4. 5 percent during its worst recession in recent history while managing director of the International Monetary fund Chris Alina George said the Global Economic impact from the pandemic is worst the worst crisis since the Great Depression what do we do treating swung focus on the Health System and if i can give a shout out to the procedure u. K. It is so important youre there to. Help the businesses and the households to sustain through the next couple of months you know other words macias fiscal injection and treaty think of what you can do today to have a better you can be when we start recovering for more numbers and information on the coronavirus be sure to check out our portable the t. V. s and look for the section at trucking coronavirus. Theres no doubt that Small Businesses and employees across the country have been devastated by these coronavirus shutdowns today we have a better idea of just how bad it is according to a new report out wednesday from a. D. P. More than 20000000 jobs have been hemorrhage from private payrolls in april alone its the worst or it is since the worst loss in the companys survey history the cohead of a. D. P. Research says that job losses of this scale are unprecedented this while President Trump said the economy will come back after seeing the worst. I will say that from an economic standpoint i think next year is going to be a very big year this tremendous demand with the stock market where the stock markets of 24000 and we went through the worst attack weve ever had of a country this is really the worst attack weve ever had this is worse than pearl harbor this is worse than the World Trade Center theres never been an attack like this joining us now to discuss has been bust cohost and investigative journalist ben swan and editor of the logical investor sean hyman gentlemen thank you for joining me today ben lets start with you this report puts into numbers something we already know that Small Businesses and employees all over the country theyve been devastated but just how bad is it. Yeah its pretty bad i mean were talking about since all these lockdowns really began in the shutdown orders began about what 56 weeks ago we have 30000000 people who have filed for unemployment in those numbers only continue to go up the reality though is that just because people are file for unemployment its important to remember that of there are a lot of people who have not gotten anything there are millions of people who have not received a single check for those for that unemployment filing so thats very important to remember for workers and of course most of the people were talking about here or working in the hospitality or Service Industry theyre working for restaurants theyre working for bars in some kind of a service job like that and the reality sarah is that when this comes to within them when now that we see some states starting to reopen some of those businesses are not coming back and some of them will have to contract pretty strongly for a while which means some of those jobs are not coming back at least in the short term some are up or operating at less than half a percent or a lot less than 50 percent that is shannon we previously have reported here that the treasury is seeking to borrow around 3 trillion dollars for just april may and june well now the Treasury Department is announcing that it will launch a new 20 year bond to fund this record type of level of borrowing how do you see it helping the. Value of the dollar if at all. Yeah i mean theres been a shortage of dollars you know in the near term and a lot of Foreign Countries have a huge need form so its really propped the dollar up and taken it up in the last so many years but really we need a lower dollar and eventually i think well get that you know if we got a lower dollar you would bring oil prices you would help save a lot or work or jobs you would help our Multinational Company says what we need really a lot about think there will be a lot of demand for the for the bonds particularly with insurers and the Pension Funds as a letter their investments and when their overall return. A lot of stimulus coming into effect during these times as well and we know that oil has been hit maybe harder than just about any industry over the past couple of months the Energy Sector is really having an impact were seeing Oil Prices Rally though including a 20 percent jump on tuesday alone but on wednesday oil turned lower this was the 1st time in 5 sessions what is fueling that where are we going from here. Well i think that took a lot of people by surprise because oil has been rallying over the last couple of days as you mentioned and then you know we see on wednesday a drop and as that happens i think we have to recognize that so much that surrounds obviously regards oil futures right now and when we talk about futures were really talking about guesstimates and how analysts are predicting things will go the reality is that people are not back on the roads airlines are going to have to contract and so theres and theres a huge amount of oil and energy that is going to have to ramp back up to being used again you know people keep talking about the recovery in the shape of a v. Where it drops and then it shoots back up again and then the a lot of analysts are now saying whats going to be more of the usual comes down its flat lines in the bottom for a little while and then it starts to come back up a little more slowly i think we can expect that and so i think for the Energy Sector and specifically for oil itself were going to have to expect to see its going to take more time. Probably what those in the oil industry and Energy Sectors are hoping that will tell you it will probably take longer than they are in to severe i mean were running out of storage where to do this the supply this oil supply the that we have the great influx but sean were seeing some businesses beginning it to surge again c. B. S. For example has reported a huge jump in sales as customers run they rushed in to get some of their prescriptions and even other essentials will c. V. S. Says that this is because they are unique in this position of selling these essential items that many people still need so a lot of a lot of theyre getting a lot of people in there what do the next few months look like for places like c. V. S. And even walgreens. I mean for the logical this report polio they wouldnt make the cut for for us because they carry way too much did in case they dont even carry enough cash on their books and so i dont think theyre going to do nearly as well as they should if you think about it i mean a lot of their competitions been erased and they still cant turn their stock price around still in the multi year downtrend and and those that are still around which is walmart which does what they do cheaper and costco which is what they do in my opinion better are still around so i think theyve got a tough road ahead im specially with a heavy debt load we have been in cardinal hilton Gilead Sciences in the hill area and did real well in there but thats where i would be there and thats really c. V. S. For walgreens these are some some 2 key bill like youre saying a lot of places like walmart and costco also doing well boom bust cohost spence one and shawn hyman of the logical investor thank you both for your time. Thank you. Its been one year since the u. S. Placed chinese talk on giant wall way on a blacklist will a move that banned the Telecom Giant from buying parts and components from u. S. Companies without u. S. Government approval well now it appears that that move could change the u. S. Department of commerce is close to signing off on new rules that would allow American Companies to work with wall way in establishing 5 g. Standards all this according to officials who are familiar with the matter and spoke to reuters for more we bring in our team respondent. Rachel a lot of back and forth here what do we know about this decision well it was nearly one year ago when the Commerce Department 1st announced that they were placing wall way on a blacklist and at the time they cited National Security concerns but now it looks like they may be taking a step back from those claims so reports are now claiming that the Commerce Department has drafted or rule which would allow u. S. Companies to work with while way to set global 5 g. Standards they say it acknowledges the importance of inclusion in creating industry standards for 5 g. But the rule still requires approval from other agencies before it is finalized and the Commerce Department has yet to address those. Or to say whether their focus is now moving away from National Security and towards the need for a 5 g. Dominance you know looks like possibly toward this 5 day dominance as not a lot of people are countries are listening to these u. S. Threats how has the decision to blacklist really impacted these u. S. Companies well u. S. Tech Companies Like intel and qualcomm have really been at the forefront of calling for the government to ease restrictions on wall way because at the end of the day wall way is the largest producer of Telecom Equipment in the world so as these Tech Companies here in the u. S. That rely heavily on wall way that stand to lose the most now when looking at how this has impacted these companies over the last year the senior director of policy for asia at the Information Technology Industry Council argued that although the u. S. Company government wants its companies to remain competitive with wall way their policies have inadvertently caused u. S. Companies to lose their seat at the table to walk away and others on the list so not only are these companies losing money but theyre also losing influence at a time when the world is making crucial decisions on 5 g. Technology 5 technology was supposed to be the biggest thing yet we missed a lot of conferences this year due to the coronavirus of the pandemic but u. S. Companies had been also applying for some of these these waivers and had been granted so will the Commerce Department had granted these companies United States companies waivers to continue to do business with while way there were more than 300 applications by august and we know that that was extended but here is the my biggest question whats the reason behind it right now why are they doing this now well the u. S. Sees exactly what wall way is doing on 5 g. Technology and they see their influence and at the same time the u. S. Also sees that despite months of warning other countries to get away from wall when not to work with them it hasnt had the drastic impact that they had intended now last month we saw a group of 6 senators including marco rubio in tom cotton sent a letter to top trump of ministration officials in which they called for more clarity for. The Commerce Department now in this letter they specifically wrote quote we are deeply concerned about the risk to the u. S. Global leadership position in 5 g. Wireless technology as a result of this reduced participation and the economic and National Security implications of any diminished u. S. Role in 5 g. So before they claim that if the u. S. Worked with wall way then that could harm National Security now theyre saying that if the u. S. Doesnt work with while i am 5 do the maybe that could harm National Security so theres a lot of different messages going on here but it is important to note that even if the Commerce Department changes its role while way is still largely blacklisted here in the United States it is so i wonder how that will play out and how while we will be able to infiltrate here in the United States because they are the biggest Telecom Giant and the lead apparently for and months of technology for this 5 g. Infrastructure which i mean the race for 5 g. Continues r. T. Correspondent rachel thank you for that thank you. Time now for a quick break but hang here because when we return the crown of ours pandemic is lashing at values and forcing companies into bankruptcy now governments want to stop china from buying up cheap assets will discuss with economics professor richard wolf and as we go to break here the numbers of the. So through the garage. For good. Growth. But over the better its going to. Remove from learning to. Go through to the korean missiles because youre. Muses to that of ocean. Chill the church. Business. That. Leaves sinking minds be soviet soldiers to kiss off the boots shes wearing. To church so the soul looks to move the opposable the poor more than with. The show stuck with summarizing the police force. Of the. Show seemed wrong. Why dont we all just dont all. Get to shape our disdain comes to advocate and engagement equals betrayal. When so many find themselves worlds apart when she still looks for common ground. So many 5 years ago the scourge of fascism was defeated in europe of the soviet union and its western allies were victorious what is the meaning of that victory today what explains freezing temperatures to rewrite history in the efforts to diminish the sacrifice made by the people of the soviet union. Its. Our duty to. Use you but when you do you think you could only take you to do it if you could. Leave. The dakota somewhat immobile its content is not true when it. Comes to sure the lives and with. Just. The one. Thing you can. Use to describe the mood for launching you know this new book money and come venue for many miles to the building afforded to you dont forget the slow build for them but also acknowledge. The i. M. F. And others predict a global recession while the un estimates worldwide income losses of 2 trillion dollars a growing number of companies will file for bankruptcy weve already seen quite a few here in the United States and while all this is happening in countries around the world are tightening restrictions on foreign acquisitions particularly china well for more on this here joined by shows such economic day and author of understanding socialism professor Richard Wolfe professor thank you for joining us today. Right hager so the u. S. India and australia as as well as the countries around europe are warning that Failing Companies could see majority ownership come from chinese investors who they call the wrong hands whats the concern with this particularly as it relates to proprietary technologies and even and intellectual property. Well on the one hand this is a in a non jew shuttle effort. By the companies that want to be able to buy all of these companies that are going out of business you know some firms are doing well some are really hurt by the pandemic those who are doing well would like to be able to buy at a very low price those that are having trouble you can see it by their collapse stock market prices for their shares and so on their problem is that the chinese are on much better shape to buy the Failing Companies offering higher prices then the local National Companies and by having some government rules step in they can basically get rid of the more successful or likely more success or competitor to buy up these Failing Companies so quietly this is simply a ploy a. Be able to buy the Failing Companies on the part of other nationals who can shape their local government in a way that the chinese cant on the other hand there is this effort to try to slow down the chinese it probably isnt going to work its probably too little and too late china is an enormous power becoming relatively more important with literally each passing day so you are maybe going to slow it but youre not changing the basic pattern and its really only a matter of time before more and more companies realise theyre in wa taking more risk by opposing. The chinese and by working a deal with right like we just covered with rachel about wawa possibly now working in the United States but related to this now the e. U. Issued new Foreign Investment guidelines this was back in march it was mainly to protect members assets and proprietary technologies and even intellectual property theft like we mentioned how effective might these investment guidelines actually be for protecting that information. Even less objective than theyre likely to be in the 1st countries you mention india australia and so on and thats because europe is already so terribly divided the italians will not go along with what we germans want. Gender or the british have their bridges problem they get lesions they always go profound whether or not they drive line one the run for their country will apply only will make deals with the chinese because its their best option available and again its so easy to get around the guidelines towards which 3rd countries outside of europe if you actually add to that this is more political gamesmanship now it is a real economic change in the somehow everything always seems to turn up political doesnt a professor. In april india actually revised some of its Foreign Investment rules they revise them to include any country that shares a land border with their i mean this was particularly specifically targeting china there was some pushback from a representative of spokesperson from the Chinese Embassy there that the move is against free and fair trade and it violates World Health Organization principles should india reconsider this move in favor of what the w. H. O. Views as fair. Well i dont know what the word should like there means i understand what youre getting at the indians are doing this for the same reason of the europeans are that the chinese are the gantlet power and as in the end goals through the pandemic now many of their companies will fall apart the chinese my very will want to come in and buy it least some of them that frightens the indians they havent been able to match chinas growth except for 2 or 3 years and not in a fundamental way so that its the Competition Among the 2 giants in the age when they began it is cosmetic it is marginal are built fight over these rules meanwhile on both sides Indian Companies and Chinese Companies will be doing what they call work around working around these rules with 3rd parties this is again i hate to keep beating this drum this is political gamesmanship Public Relations its not a fundamental Economic Policy it simply cannot work well if youre talking about these Companies Finding her in these countries finding a workaround around this but last month the European Unions commissioner margaret messager said that European Countries should consider now buying stakes in companies to avoid that threat of chinese take over us she told the Financial Times quote we dont have any issues of states acting as Market Participants if they need to or they need be if they provide shares in a company if they want to prevent a takeover of this kind are we seeing a shift here in markets where governments are going to become the significant stakeholders of these private companies. Absolutely i hear i think you really have put your finger on something thats a very important Economic Policy whatever the political gamesmanship this is very real i think youve seen it in europe youre going to see to it in the United States the countries where theres a close really. Between the government and the private sector have been more successful in coping with this pandemic then in countries where there is not such a close relationship just like the chinese where the government is very dominant have been able to grow faster than the United States or europe for the last 25 and so youre going to see more recognition that the model that the chinese are all for of this mixed system with a powerful government is going to become more and more attractive and maybe the way theyre going to celebrate in europe is not facing what theyre really but claiming its a protection against the chinese what it really is is a recognition that if you want the kind of growth youre going to need to stay competitive in the world youll have to do what the old who have been most successful have shown isnt trying the way to get it done well thats exactly what china is trying to do here and this only khans as a United States and china there tensions are growing over the fight of who started the virus where it started and the descent from asian that weve been hearing all along that we heard a pompei or earlier today saying that theyre still they want to open an investigation china says that theyre not looking into that probe but were also looking at hearing about the China Standard 2035 where they do want to become dominant i mean that theyre already trying to get there with while weighs 5 g. For example but well time will tell how this recovery and how all of this will truly play out professor Richard Wolfe thank you so much for all of your input and expertise. Thank you as well. Movie productions are facing setbacks due to the pandemic but big. Ideas are still in the works and this one is truly out of this world Actor Tom Cruise is headed to the International Space station for his next action flick while nasa has confirmed plans along with space x. To put crews aboard the u. S. S. For a new movie hoping to inspire future astronauts and engineers well this will not be part of the Mission Impossible series but you can expect plenty of stunts from the actor known for taking those big risks. Well thats it for this time but you can catch him 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 on your t. V. By downloading the portable t. V. App on apple t. V. And online at www dot tv and as always check this out on youtube dot com slash boom bust r t c n x time. You go with the yeah you know what. Thousands of american men and women choose to serve in their countrys military decision little sheltered lives every thing came to a complete. The day that i was raped be instructed you know told to shut up or theyd kill me and i see how it destroyed my life any screamed at me and he made me come in and you graham my arm and he write me with his birthing curia if you take into account that women dont report because of the extreme retaliation and its probably somewhere near about half a 1000000 women have now been sexually assaulted in the us military rape is a very very traumatizing thing 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 and be offended i had an almost 10 year career or chose very invested in and i gave that up turf. A sex offender who was not even put to justice or put on the registry this is simply an issue of violence male sexual predators for the large part of target whoever is there whether thats a man or woman. In todays headlines from the international the European Union says its heading for the worst recession. With any fragile Recovery Period threatened by a potential 2nd. In the hunt for how the virus took hold in france we speak to one man who was diagnosed with corona virus a month before the 1st official. I learned i had coronavirus only 10 days after i left the hospital the doctor called me and said mr amar you are lucky thats true because today this virus has spread everywhere. President putin approves a 3 step plan to relax russias lockdown but tough restrictions will remain here in moscow