Transcripts For RT Boom Bust 20240713

The World Economy faces a potential lengthy coronavirus recovery london based i just mark it said it expects the Global Economy to shrink 5. 5 percent this year now thats triple the damage from the 2008 financial crisis and a new report by the World Economic forum surveying risk managers is now suggesting this will be a long lasting global recession a contraction for the next 18 months managing director of the World Economic forum say he said the crisis has devastated lives and livelihoods it has triggered an economic crisis with far reaching implications and revealed the inadequacies of the past meanwhile on tuesday taiwan said it was disappointed and angry with the w. H. O. For not inviting the country to join this years world health assembly. I dont believe the ministry of Foreign Affairs and the british is strong dissatisfaction with the World Health Organization secretary has yielded to pressure from the Chinese Government and continues to disregard the right of the 23000000 people of taiwan. Taiwan has been lobbying to join after it was able to contain the krona Virus Outbreak the country is now relying on its own efforts for production of a vaccine this comes as u. S. President donald trump tweeted out a letter he sent to the head of the World Health Organization highlighting some serious concerns over the response will he also threaten to permanently cut off its funding if the w. H. O. Does not commit to some major substantial improvements within the next 30 days Chinese Foreign Ministry Spokesperson criticized that move. The above mentioned open letter of the us leader is full of language like maybe and it tries to mislead the public in this plausible way to. Ensure control issues the trick the us has responsibility for incompetence in its. Meanwhile the taking new measures to enforce its citizens follow their restrictions while those who host parties will be fined around 2700. 00 attendees will be fined half of that and those not wearing a mask will those could be fined 800. 00 more countries in europe plan to open their borders france and germany proposed a 500000000000. 00 Euro Recovery Fund now this would offer the e. U. Commission some grants for the sectors and regions that have been most affected with coated 19 the plan however has not yet been approved in the u. S. Is also working on more stimulus the 2 trillion dollars from the krona virus act Federal Reserve chair Jerome Powell and treasury secretary steven minucci and appeared before the committee on tuesday and how the 2 have been outspoken about their opposing views on edition from where we are joined by r. T. Correspondent Rachel Blevins rachel what came out of the fiery hearing this morning well this marks the 1st time that Administration Officials were questioned about the results of the 2. 00 trillion dollars kerrys act and it was also the 1st Senate Hearing that was held remotely for social distancing purposes the treasury secretary steven minucci and was questioned about a recent report which found that very little of the 500000000000. 00 that was meant to be used as a loans for businesses and local governments has been used yet and he claimed they still plan to spend the money they just havent done it yet and he was also asked about accusations that the government has prioritized helping major corporations while smaller businesses have been left to suffer here was his response to. Companies such as boeing that i had expected would need to borrow from us on a direct basis were able to borrow 25000000000. 00 in the primary markets so i would say in the best Case Scenario the markets open up and we dont need to use these facilities in the case of main street facility the municipal sicilia which we expect both to be up and running by the end of the month we expect these to have a big impact on both those markets now that main Street Lending program that he referred to was a 600000000000 Dollars Program that is supposed to help smaller and midsize businesses that havent been eligible for previous programs but even though its supposed to be up and running by june its still not clear exactly when those businesses will get the funding they desperately need plan thats a problem what these these Small Business loans as well there were businesses that were still in the application process and those businesses are basically now having to declare bankruptcy or no longer going to reopen because of this now were also seeing these record unemployment numbers numbers we havent seen since the Great Depression how did officials respond to concerns about americans being able to provide for their families thats right well more than 36000000 americans have filed for unemployment since this lockdown began and members of the Senate Banking committee expressed concerns about how those who are no longer getting a paycheck will still be able to pay their bills now in response to that Federal Reserve powell said that the focus right now should be on getting americans back to work take us know what he had to say a long periods of unemployment. And really affect peoples ability to go back to work because they lose their networks they lose skills it was contact with the job market so i think anything that people. Intact is probably. In their job but in the meantime keep them out of solvency and things like that if should that should the expansion take start leader or take take longer to get going. Its also important to note that according to the latest reports an estimated 44 percent of the americans who have fallen for unemployment recently are either still waiting on those benefits or they have been denied altogether and thats not even the end of this rachel were going to see probably a higher number of these unemployment as business as more businesses begin to close i know pauls been pretty vocal about getting the fed to do whatever it takes he said not considering a negative rate but like kristie mentioned yesterday that as long as these investors are looking to buy and continuing to buy because the fed will be there to support them then theres really not much for them to do and theres only one way from here are to correspondent rachel love and thank you thank you. For more analysis on this on the markets we turn to boom bust cohost christine and Todd Horowitz chief strategist of the trading thank you for joining me today. Christy riverdance chrystia lets start with with stocks right there pretty mixed following the testimony that we just spoke to rachel about retail earnings are in focus for the week what are we seeing there. Well i think with retail just like tex youre getting a mixed bag an Earnings Call to try to put a positive optimistic spin on every single story so today you have examples like home depot sales were stronger than expected growing about 6. 4 percent year over year but profits were still down due to a virus or a cost so the pandemic has changed customer Shopping Patterns and added additional labor and safety costs for the company as it had to supply extra sanitation products and limit the number of customers in the store at one time it also had to expand its cost of labor as an employee incentives in order to keep workers coming in during the pandemic so shares are trading down about 2 percent by the day and walmart also traded down 2 percent even though at initial glance it had been expectations by a long shot and same store sales jumped by 10 percent in the 1st quarter due to courting goods and Consumer Discretionary products however it withdrew its Financial Outlook for the year saying that the virus pandemic created unprecedented variability so even though its sales grew cost also grew as a result as more employees need to be staffed in order to help clean the stores stock shelves and most importantly fulfill online orders so it was also announced today during earnings that it would discontinued dot com and phase out the brand completely so while walmart did gain off the back of any calm throughout this entire coronavirus pandemic as everybody was Online Shopping rather than going to the stores that segment of the business has still yet to turn a profit and walmart is still actively trying to broaden its online sales beyond groceries and its still heavily behind amazon delivery i know that the report mentioned u. S. Ecommerce sales were up 74 percent but their apparel hadnt been doing as well but much like you said its more about the groceries and essential that they offered todd i want to get this question and lets turn to the Energy Complex our Oil Prices Finally stabilizing or are we seeing just a plunge into xperia rolls again. Well i think we really see that the economy is starting to pick up again youre getting the. County open youve got the producers are cutting on supply so were starting to burn through some of that go lot that we had which will bring in higher prices i mean again were certainly far away away from where we were on both sides but you know as you get the economy rolling you get people driving again you get Companies Working theyre going to consume fuel and thats of course going to keep prices going higher and i think youre probably reached about the pinnacle of where theyre going to go for now because again we still have many issues that are not being addressed but the initial sell off was probably too big which brings us back to probably a midpoint where we are no one that demand is definitely going up as more economies that begin to reopen kristie now focus is gradually shifting from the coronavirus its going back to geopolitics as we figured it might the rising tension right now is between the United States and china and other countries in the middle where if theyre playing the game late or the blame game that is whats going on there. Well recently see the market kind of slowed recently on optimism that as todd just said on the optimism that were going to get a reopening now. Back simo save us all or most of all that power and that pledge unlimited support and unlimited ammo for risk assets and dollars at the floor in the market but now as you just mentioned the one thing a threatens to do you go and blow up this entire rally this entire whole trade is basically the relationship between us and china which has been deteriorating so right now the hostilities the accusation continues with new restrictions on Semiconductor Chips in an attempt to cripple huawei now we talked about this last week how the Cummins Department is completely over we need change to prevent any chip maker or an order messick that uses any sort of American Technology at all from supply weiwei without their approval so the end game of all of this is to try to force supply chains out of china supply chains and logistic efficiency that has taken over a decade to build up so now washing. And actions toward china are becoming increasingly hostile which is the latest move today being that nasdaq tightening up their i. P. O. Rules and restrictions and making it harder for chinese stocks to lift now this is especially significant because it really tightened the huge amount of capital flow between the 2 nations and we spoke about this yesterday when it when this news came out while we said it will struggle if these u. S. New sanctions remain in place costing the company billions of dollars i mean it is possible and that that relationship between United States and china is definitely getting worse but todd can the u. S. Completely decouple from china they rely is so much on the manufacturing what would be that cost what would it look like and what are the consequences that these businesses are are going to eventually face. Well i think 1st of all d i think that weve got too much stuff with china and especially if you look at our drugs and things like that i think thats a problem im happy that were pulling away there and i think that look i believe that we should be able to be selfsustaining what came what it came down to over the years was it was cheaper to go to china but i think cheaper comes at a cost and i think youre seeing those cost sharp right now with a lot of the issues that were having now whether you believe china or not let the virus out on purpose i have no idea but my point is very simple that we should not have our core items over in china like drugs and things like that because we need to have those and when you have to depend on somebody who might be an adversary or an enemy at some point its hard to have your lives determined by what they do so i think that again itll hurt some companies but the bottom line is prices will rise which is fine i mean i think most americans would not mind paying a little bit more i think the Companies Got spoiled using china by having much bigger Profit Margins let me answer in a day i dont think its that big of a deal and i think we can certainly survive and will thrive without china if that if it ever comes to that i mean they are saying a lot of analysts experts are saying this is temporary that in the long run it doesnt matter because staying in china will be more Cost Effective because while americans eventually want to do these jobs for a cheaper cost. Well i think that americans will be happy to get more jobs here i think itd be nice to have higher paying jobs back here i think one of the things weve missed out over the years is weve gone totally into a Service Sector and we dont have those manufacturing jobs we dont have those jobs that help people that need those types of jobs i mean you know weve got all types and you cant hire everybody at mcdonalds or walmart there are jobs that could be here that we could certainly flourish from and have more of the population participate in these jobs and make a good living i think what originally happened is that we get too priced out and we kept. Giving raises and unions got too much involved as a story for they have a good day if you brought in fair reasonable wages here the cost variance would not be is big as anybody might think when you count in shipping duty time and all the other things that go on so i think that the more you can manufacture in america the better off youre going to be well well see about that and what the next move like president has that wanted to bring jobs back to america well see how that plays out when west coast kristie i and todd are with of the trading thank you for your time today thank you. Time now for a quick break but hang here because when we return with more people working from home and using online Video Conferencing services how much more vulnerable are we getting hacked will discuss with the best cohost spence on and fiber security analyst morgan right now as we go to break here the numbers at the club. Our culture is awash in lives dominated by streams of never ending electronic hallucinations that bird fiction until they are indistinguishable we have become the most deluded society on politics as a species of endless and needless political theater politicians more than just celebrity are 2 ruling parties are in reality one part of corporate and those who attempt to function as. Breathless universe of fake news designed to push through the cruelty and exploitation of the little or are pushed so far to the margins of society including by a public broadcasting system that has sold its soul for corporate money that we might as well be mice squeaking against an avalanche but squeak we must. Take a live music anywhere you can place an elegantly curated online Video Library with a built in Search Engine it will fit right in your song good for you interact and good arctic temperatures stars will jog to the thousands of episodes text war videos uploaded every hour so what on earth are you waiting for loved on the world. How to read our breed turn on the t. V. Learn the bad the world whats happening around me i see shows on the screen in lance every day because the big news narratives a spade a spade believe me baby girl you sure believe that no prisoners would harm after Barbara Barbara good to make it sound plenty of them in the store but i found that there were no question. Its no surprise that online Video Conferencing Services Like zoom and skype have seen a massive increase in users over the past few months will weve reported on it extensively but how safe is it to communicate through these systems plus were learning more today about new powers handed to the f. B. I. When it comes to your browsing history a lot to get to on this subject so joining us now is my right and internationally recognized expert on Cyber Security strategy cyber terrorism and advanced technology and the west coast an investigative journalist ben song gentlemen thank you for joining me today haider q ben lets start with you can you give us a little bit of an idea here on what were seeing in terms of the services. Yes so theres services that have existed for some time than others that are popping up that are fairly new Everybody Knows what zoom is at this point if you didnt know what the zoom was before coronavirus started you definitely know what it is now obviously its a video communication tool thats used now zoom is a little bit different than what some people had originally thought it was it was originally designed for work spaces its now being used for classrooms and other ins it was supposed to be in the in the encrypted but turns out it wasnt then theres Microsoft Microsoft or something called Microsoft Teams thats more of a workflow system its probably closer to slack if you know what that is than it is to zoom you have google that now has something called google meet used to be hangouts rim or Google Hangouts but who uses Google Hangouts nobody does so its now a google meet the more interesting one to me though is the real competitors zoom in my opinion is this new Facebook Messenger rooms that facebook is pushing which is a system that allows more for this kind of online social gathering to 50 people within a messenger chat room or a Video Conference room its not designed so much for work or for telecom you need as it is for kind of a hang out with friends but facebooks really pushing it hard and it seems like theyre pushing it just in time to kind of ride the wave of this telecommute they did they did just launch it about a month ago so theres a reason for that but morgan in terms of security now people like. Skype they use so many of these Services Available how do we know which one is better which one is safer at this point to use that claim to have and 10 encrypt we have since learned that its not true well when it comes to privacy or security what are the options are better than others which is a safety. Well the safest one to use is the one that you apply the security controls that you have it your hands by the way of zoom did release version 5 and i use him alive it is now fully encrypted in the end so and they actually if zoom will tell you to if you go look at the literature at the end of the month if you have an upgrade they will force the upgrade so pretty soon everybody is going to have to have the navigation what has happened before siri that the recent weve got the zoom bombing and the other stuff is people just didnt realize when overnight we basically had to shift the sitar workforce or being inside a building to now overnight weve become a virtual workforce we had gaps in policy we had weaknesses in security and one of the weaknesses was people that take advantage of sayings like you know making sure that the invites for resume were private they would post a lot of these links. Like City Councils would Message Boards we saw it with kids so you no matter which one years you know its going to be as there is no such thing as the safest platform everything is going to have its issues no matter every fortune 50 every fortune 100 company has been breached period so the one that this is the safe one is the one where you get familiar with it you understand what it does and what it doesnt do most vulnerable it is most in its incidents happen not because of what the software does its because of what the user didnt know it did and they did turn on 2 factor authentication or turn on like the zune the meeting room so whether youre using messenger or skype. Ive used all of these extensively the best one is the one you use to somalia rise yourself with and you turn on the security features so make sure those watching at home they make sure to look up the thudding to see what they will and will not allow i mean they will probably had no idea they were going to become what they have become now so i dont care that they they have been at least trying they say to to work on this but more again in terms cyber criminals have adapted their ransomware tactics now during this pandemic making them more vulnerable setting some of their malware to to launch more quickly once inside these networks for example health care providers. And even other companies according to the security expert that is whats the reason for this and why have the criminals changed these tactics. Its the age old thing menu follow the money these guys are following the money rather than x. Filtering data on one of my rules im chief security advisor for central one we have been tracking this issue globally and were seeing the increase in velocity of attacks why because the money is in the places where there is critical Information Health care is probably one of the top targets Research Labs places that have information about vaccines or research thats going on rather than exfiltrate ing the data and say hey were going to expose this you know his money theyre just saying were locking everything up and if you really want this data which they do then you better pay us so were seeing a change in tactics and the other thing to serve going back to what i said previously about this whole transition to work from home were seeing a lot more people being targeted at home and targeted in a variety of ways than they would be normally inside the enterprise environment because now work is no longer something a place you go its something you do and were doing it from all sorts of places and home with distractions and other things were seeing an increase in these things happening at home why because people arent used to the Work Environment yet for those who have been working inside an office for a long time so well see a lot of these tactics keep evolving but right now because a covert theyll keep using sure uncertainty and doubt in exploiting anxiety to get their way a lot of the hacking going on right now but then speaking of Security Issues interestingly the United States senate has now agreed to give Law Enforcement agencies access to web browsing history data without even needing to obtain a warrant 1st what does that mean for us that authentic. Its very bad news for u. S. Citizens its it was actually 3 amendments that were going before the senate in order to kind of strengthen privacy and really there was a really good shot that this was going to these amendments would actually pass there were 3 senators who didnt show up to vote been sasse of nebraska you have Bernie Sanders did not show up to vote and there was a 3rd senator who had actually said that she would vote for patty murray said that she would go for these amendments but they didnt show up and so we actually saw this fail by one vote what this ultimately means is that the f. B. I. And cia can essentially access your browsing history and they can search your i. S. P. History they are able to basically take all that information and they dont need a warrant they dont need the presumption of a crime being committed they dont need to know that you were doing something nefarious they just can access it at any time now a lot of people would look at that and say but why would they unless you were doing something wrong the problem is is that thats not how the constitution is is designed its not designed to say it only protects people at the moment when they might need it or only protect people who are doing good things the constitution is there to provide protections for all of us and checks and balances for Law Enforcement and this is just another example where the patriot act over the last 20 years continues to expand and to take away those basic fundamental Constitutional Rights but this is kind of a big one its a huge one like you said especially without a warrant because before this they would actually need one more again since the beginning of this Global Pandemic marketplaces on the dark web theyve seen a rise in coven 1000 related products and services for example sought after the and 95 mask these gowns the gloves and even the drug chloroquine in which theyve all been listed on these marketplaces why are people flocking to the dark web to get these products and can they trust the gear that theyre getting. No i dont trust anything that comes off the dark with remember the dark web only exists because of bitcoin being able to of provide a way to monetize silk road the original silk road where theyre selling guns drugs explosives all sorts of things. Im telling you right now the the dark well theres only a very few things that go on the dark web you got to remember that dark web actually tore in the browser this was actually rigidly invented by the Naval Research laboratory it was designed for human rights activists and for a military to be able to communicate securely it was a very small d. Its actually still not very big its a pinhead you know in a world of you know thousands and thousands of parents but the people who use this theres a lot of people who go there to try and get information weve seen things like blood trying to be sold weve seen things like you say like well i have the vaccine or ive got certain kinds of information fortunately it takes a little bit of effort for you know to prevent these things to happen you got to do a lot of work to actually get on the dark web you have to download the browser you have to understand how it works and how to go searching for these things but you know its just basically the dark web is just like going down a dark alley in the middle of the night in a country youre not familiar with youd unless you fully know what youre doing youve got no reason to be there so dont trust it when it comes to to getting all of these the equipment know and unless you know what youre doing you wont be able to get on there as he said at the tail very that there is well that was been left coast investigative journalist pencil on and were going right Cyber Security analyst and chief the kerry advisor president and all and thank you so much for your time gentlemen. You dont get to see sir. That by the time you can catch him bust on the man on the brand new part will t. V. Out on smartphones do go play you can always catch it on you 2 dot com slash boom bust r. T. You next time. So what weve got to do is identify the threats that we have its crazy on sunday shouldnt let it be an arms race is on offer and spearing Dramatic Development only really im going to resist i dont see how that strategy will be successful a very critical time to sit down and talk. You can be bold with yeah you know what. During the vietnam war u. S. Forces also bombs in neighboring laos there was a secret war. And for years the American People did not know. How to mouth on my skin is officially the mouth of a rebound country per capita. Human history millions of unexploded bombs still in danger lives in this Small Agricultural country Jordyn Wieber going to continue to happen. Even today kids in laos full victims of bombs dropped decades ago it is the us making amends for that tragedy in laos what help do the people need in that little land of mines. Welcomed on contact today we discussed the lessons of the may 1068 uprising in france with author mitch albom what happens in in may is. As as a mass cultural as a class of it and its results are ambiguous but its its results for the for the individual enormous and there was a great and really funny example in the book when i asked everybody like how to change your life its a people talk about how you know i discovered my voice you know the 1st time i spoke it changed my value be there was one woman who i interviewed and i said but how did it change your life and she didnt even have to think about it she said you know. It was the x. To me that if it was subpoenaed in group 6 i never would have done it without ray. But. So as it as it as it is that event that would free individuals it was an absolutely essential and successful of it and if that was what it ever set out to do in whatever way you moved without planning it was a huge success but what doesnt kill capital makes it stronger. And i think maybe 68 is a perfect example of it. And maybe 968 france or