Transcripts For RT Boom Bust 20240713

And we take an expert look at the state of Digital Currencies and how big clinton standing with the pack show today so lets dive right in. And thousands of demonstrators took to the streets of hong kong on sunday to protest chinas newly proposed National Security legislation for the City Local Police reported at least 180. 00 arrest mostly due to Unlawful Assembly and Disorderly Conduct in a public place as protesters wind the streets of a popular shopping district in the city now the National Security law in question would ban succession and subversive activity as well as taking on foreign interference and terrorism in the special Administrative Region on monday the chairman of the Standing Committee of Chinas National Peoples Congress said the legislator is committed to passing the law. Remain committed to upholding the law based governance in hong kong and the. Constitution into special Administrative Region as stipulated. By johnny sic last week fine the system for interpreting the basic laws by the in. And establishing. An effective in force and mechanisms National Level National Security is huge to regions. And the prospect of mass protests similar to what we witnessed in 2019 set hong kongs hang seng index into turmoil on friday alone the index lost 5. 6 percent its worst performance since july of 2015 meanwhile officials in the United States have taken issue with the proposed law secretary of state mike peo said last week quote called the proposal disastrous and wood said it would quote be a death knell for hong kongs autonomy and during an interview with n. B. C. On sunday white house National Security advisor Robert Obrian said its hard to see how hong kong could remain the Asian Financial center that its become if china takes over adding the u. S. Could impose sanctions on china if the law is passed under the hong kong human rights act of democracy and democracy act of 2019 a spokesperson for Chinas Foreign Ministry responded the possibility of sanctions saying if the u. S. Insists on hurting chinas interest china will have to take every necessary measure to counter and oppose this so lets go ahead and get some expert analysis on the Economic Impact of the law and the resulting protest with john quelch dean of the Miami Herbert Business School and bus cohost christi i thank you both for joining us today christy i want to start with you here how is the u. S. Likely to respond to china implementing these National Security laws on hong kong. Well most likely the u. S. Will resort to additional sanctions and other forms of economic punishment so hong kong will also be punished the city will likely be downgraded from its special trade status but the u. S. And this one is all and some very heavy financial hits as a Global Financial Companies House there will likely leave and overhanging all of this there are Major Concerns that china and the u. S. Are about to engage in a new round of trade wars now this is the biggest threat to the economic recovery and were starting to see it unfolding now beijing is preparing for u. S. Retaliation by doing literally the one thing that in theory its President Trump more than anything devalue the currency the p. V. C. Fix the r. And b. At 71209. 00 monday which is the weakest fix since 2008 so while u. S. Markets are closed monday in observance of memorial day asian index seems close flat as property stocks and Real Estate Developers in hong kong and mainland plunge up to 8 percent are doing quote i want to bring you in here i want to look at chinas currency as the spread between spot us d. And c. In asia and u. S. D. And c. And why its likely to become more volatile in the coming days what ramifications and feedback will we expect to see in the markets and other risk assets. The spread has been between a c n y and the us dollar floating between. Runs around about a 5 percent spread over the last year in other words while volatility may increase a little bit i dont expect to see the volatility being enormous weve been in this situation before last year the markets were able to absorb that surge of demonstrations in hong kong if you look at the hang saying at the moment that around about 2122 percent off its 52 week high which is about where the dow is off of its 52 week high so i dont think we should necessarily exaggerate the amount of financial damage that the markets are going to suffer in the short run far and now kristie i want to come back to this now how congress finance chief is actually argued that the National Security legislation well actually help improve bit the Business Environment rather than harm it how do you see that happening. Well there is a lot of fear and concern over the uncertainty of these new laws but a big portion of it is being twisted out of context saying that this is aimed at limiting hong kongs autonomy and freedoms and while yes it is undeniable that these new resolutions are aimed to prevent threats to National Security by outlawing acts of secession and subversion which thank you taking as limitations to freedom of speech the main purpose of this however is to protect the general public while tardy the minority of people who are suspected of threatening National Security chief security john lydon pointed to the growing local is terrorism in the city as there had been more than 10 cases involving explosives since last year now the raw material news and the method of attacks were all very similar to terrorist incidents in Foreign Countries so at the crux of it the main focus is really a National Security and protecting the general public and ensuring Business Continuity with in hong kong so hungry im mistaken is still expected to. Continue to uphold the freedoms of information and ensure the rights of Foreign Investors in hong kong and that hasnt changed at all so in a lot of ways this is being dramatically twisted and blown out of context like the slippery slope fallacy and now dean quotes hong kong is home to thousands of u. S. Companies and how are they fairing in this this uncertain climate i mean after investing hundreds of millions to build out and establish an asian h. Q. Do you think theyre going to completely abandon it or pull out i mean youre saying this is kind of overblown economic reaction or do these business is actually have the long view that this is just another bump in the road. Yes around about 275300 u. S. Multinationals that have their Regional Headquarters in hong kong these days a Regional Headquarters tends to have a much lower head count than it did around about 5 or 10 years ago and many of these Regional Headquarters and now Greater China headquarters the a. Z. N. Headquarters might be in singapore and there might be a separate unit overseeing japan and korea the fact is that the asian market is now so enormous that a single Regional Headquarters just doesnt do it i dont i dont expect to see Many Companies abandoning hong kong for singapore at this point the Greater China market is so important and proximity to the Greater China market is essential expats prefer to live in hong kong and now kristie i wanted to actually get your follow up on that what do you make of this situation how is this going to affect business as the asian business h q. Well in terms of business i think Professor College was right i dont think that this would result and Companies Pulling out however this is very this is very crucial in terms of it being a Financial Hub because as we know been since large the quiney capital for finance in asia and the fact that i. P. O. s in within hong kong dominate and surpass that of the new York Exchange years ago so this is new regulation means that it will be viewed as less attractive as a form of Investment Capital and essence or so from now on and i didnt quote actually kind of want to hit on a little bit of a different story as well revolving around china u. S. Relations after resisting pressure from the u. S. Prime u. K. Prime minister Boris Johnson is apparently preparing to phase out the use of weiwei equipment from the u. K. Is 5 g. Network what happened here and what do you make of that quick switch. So i think as relations between the us and china are becoming much more negative in a in a very multidimensional way its no longer the case that the tariff war is the sole focus of those disagreements certainly the effort as been made by the us to turn the screw on the huawei which in a sense is chinas Flagship International company and what were seeing here is i think the us is lining up its allies and we saw australia last week lining up and were going to see the u. K. This week lining up i think its just all part of the effort on the part of the u. S. To get it stocks in a row so to speak and whats going to be an ongoing an ongoing confrontation with china at least for the foreseeable future until the election and now kristie i want to your follow up on that one as well i mean is this all due to the pressure from the u. S. That the u. K. Has made this decision or is it something autonomous on its own. Well this is probably the latest of the Political Drama between china and the us the u. S. Is certainly putting additional pressure on the u. K. And they even furthermore they even blacklisted several more companies over the past weekend that were accused of spying and having the support of the Chinese Military and so those who are particularly focused in the fields of Artificial Intelligence and facial recognition so what that means is that these companies are now prevented from buying us new technology on the grounds of National Security and basically theyre enforcing the same regulations that they previously put on our way and presenting it in that sense saw among these Companies Added to the lists now arent she who an Internet Security company and cloud my a Cloud Computing company so a lot of this is just further more evidence that the u. S. Is now submitting to the u. K. To show or to try to shall that these technologies are going to be very dangerous and that the u. S. And the u. K. Should all be very worried about china and this in their Technology Dominance especially in the age of 5 g. And a i where we have better tech that means say you know more political our robust cohost christiane and john protein of the Miami Herbert Business School thank you both for breaking that down for us today. In the Trump Administration announced sunday the u. S. Will ban entry of noncitizens traveling from brazil as latin americas most populous nation has recently seen a spike in crow virus cases the new rule will take effect late thursday and these new restrictions will only apply to noncitizens who have been in the country for up to 14 days before attempting to enter the United States so lets take another global look at the trends and spread of the corona virus with r. T. Correspondent site have a juror lets start with brazil where we today. Brand the World Health Organization has declared a south of there. As the new epic center for coronavirus specifically with brazil being the hardest in fact this week they passed both spain and italy internal to total confirmed cases and is now number 2 in the world surpassing 3 165000 cases and with over 22000 deaths a lets take a look at whats going on in brazil in details now on may 22nd so far they had the highest cases so far with over 22000 just in one day and moving over to deaths were seeing in brazil in just one day on may 21st they had over 1100 that its so grand whats even more trouble some is that all of these numbers that you see behind me that very scene behind me is that brazils testing levels are extremely low and to give you an example in comparison here in the u. S. Has run about 45000 tests per 1000000. 00 people now in brazil that rate is only about 3500. 00 per 1000000. 00 people so many Health Officials fear that the real numbers there might be at least 20. 00 to 20. 00 times higher than reported and specifically the Indigenous People in more rural areas many of them in the Amazon Region where people can only go to the hospitals by boat or an airplane are out and crease real risk and whereas the death rate elsewhere in brazil is about 6. 5 percent in the amazon thats about 12. 6 percent you know youve been tracking whats happening throughout the rest of let them or america where the numbers there. So taking a look at a lot america its not just brazil its the entire i should say south america thats also extremely vulnerable where the continent has a population of over 400000000 people so peru has. Reported the 12 highest number of cases in the world with over 120000 confirmed cases and thats even more than china and chill day is reporting over 73000 cases now looking over ad ecuador and theyve seen the most deaths per capita in the region with 18 per 100000 people and then colombia has over 21000 cases argentina about 1206200 venezuela i live in a 100 and paraguay and youre going they have about a 1000 less than 1000 cases and again what the problem is that many Health Officials say that these numbers are actually a lot higher than reported on Health Care Services are reaching full capacity there and short of that is all personnel and equipment may become a serious concern but just like any other region that were seeing now south american countries are facing a very tough balance between keeping the economy open versus curtailing the spread of the virus different you know moving back up to the u. S. Here we had the big Holiday Weekend where actually monday today is memorial day people are hitting the beaches and going out and kind of it appears that people may be getting sick of the whole social distancing measures whats going on there so over the memorial weekend theres been packed crowds at beaches in florida maryland virginia and indiana and most without even wearing a mask and not been taking any kind of social distancing either and it wasnt just the beaches brand a video clip taken at a lake of the ozarks and missouri and posted by a local Television Television anchor showed party goers packing a pool so it really does appear that a lot of americans have forgotten about the dangers of the virus and how it spreads our to correspondent side savage or thank you for keeping us up to date. Time now for a quick break but hang here because when we return is traditional currencies are facing fluctuation amid the pandemic how its been tech faery we take an expert look at the state of Digital Currency then how big point of spending will be right back in a flash. Were told with a new cold war with china it is not coherently explain to us why even worse is the strategy and there isnt one also the sad death of arms if. You cannot be both with the yeah you want. My. Tough and handling of the full entire History Month on the way to go through a food. Bank itself Movie Theater i. Was in this way got to doubt it so hard not to think of the mother disappeared this moment the work of the day i was and i dont miss the mark and if. This is the only think that we do is music because everybody fights in his room waiting. On. The floor you can feel the fee on this bill frist woody allen called the ability to put the payment on the roof but i think it is this is the fans that is the constant. Thought. Problem drugs dont dollars come from unscrupulous dealers but from pharmacies to in every state in the United States weve seen very sharp increase in the number of people seeking treatment for addiction to prescription opioids and invented america under the banner of medicine persisted with the pain that instead of trying to wean him off though she did those at their dose after dose if your dose and really became his drug dealer soon was to blame patients dont use manufacturers. Welcome back look the last week like pick one was about to finally break back through the 11000. 00 mark but it didnt quite happen and though the Worlds Largest crypto currency has dropped back to around the 9 1000. 00 level so what happened and what will it take to get him to break out of this current spot joining us now to discuss our bus cohost christine. Are crypto experts i mean we have a lot but you guys are the best kristie i want to start with you what happened last week and where are we headed this week. Well brand declines rally got rejected at around the 10 k. Mark and that is a major level of resistance that weve been banging on for a couple months now so were consolidating right below that in the made a thousands now so the entire reason is because miners are the ones right now contributing to the selling pressure theyre now selling more than they my and part of this is because the break even cost a big quote mining is now at about 12000. 00 following the habit and given that the price of big point is actually right now nowhere near the 12000. 00 mark this means that miners will have to sell portions of their existing supplies in order to cover operational costs so in the cup the currency market right now there are 2. Unmatch sellers miners and exchanges some by now sell into the market in order to cover their costs and exchanges tax the traders and sell on to the market right now the miners rolling into a as above 100 percent which means that the mind and i spending more back when unusual so thats going to remain a temporary overhang on declines rally on telegraph and all its now bet at least one well known investor is warning people to stay away from big corps and peter maluco the chief Investment Officer at Wealth Management Firm Creative planning told c and b c that every bear market presents opportunities and its tempting particularly for younger generations to look for speculative assets now there is no need to go over into the speculative world it can be quite become a trap for speculative investors. Well i think big point can be a trap it just depends on how you view it look easy buddy who views it as money flipping is obviously going to find themselves in a tough spot thats what happened in 2017 when you had a lot of people who got into it because they wanted to make quick money get in at 1. 00 price and then watch it you know jump up 234000. 00 and then jump back out again but thats not what the coin is the heres the weird thing about when when investment experts start warning against big coin if you go back over the last just the last 5 years and look at the value of what bitcoin has done and the growth that its had it is outperformed every other currency in the world its outperform gold in fact if you take the biggest stocks out there Amazon Google netflix outperforms all of them over the last 5 years and then vestments or about long term plays its not about making a quick buck so the idea that its not a good investment doesnt make much sense now there is volatility in the market theres no question about that but if you look at it over a long period if you get into big point and you say im going to be in this for at least 5 years maybe 10 years then i think so far history tells us its a pretty safe bet you know kristie the World Economic forum revealed its presidio principles on friday block chain bill of rights according to the nonprofit focused on fostering diplomacy and International Business partnerships what did this block chain bill of rights actually do. Well this is certainly interesting and its kind of a step for regulators in order to try to contain what role blocking will play in the future so the World Economic forum is now creating this bill of rights in order to lie and that sector leaders policymakers and consumers and this vision of how users can be protected as locking develops so right now the outline of this is primarily focused on the right to own a managed data the right to Data Protection the right to information about the system and the right to understand available resources and while all this sounds well and good like a big step forward for the industry those community really cant help but wonder if this is all kind of fluff because the entire point a block chain is to manage your own data in a crustless system and protocol so you own your own data and big quite as meant lock chain is meant to cut out the middleman. Brokers cut out all of the intermediaries so it does seem like that theyre trying to fit something that works completely fine on its own into the existing system where theres additional Regulatory Oversight and additional oversight on top of it even though the system this trust the system really doesnt need that. Yeah this is going to say i think thats a really good point i think its important for people to remember that exactly what chris he just said that the core of blocking technology is to remove government and remove authorities from having control over the system because when any government or authority has control over the Financial System the Banking System the legal system Media Systems whatever the systems are whenever you have authority thats in control of it they can to some extent game that system and control it and they do weve seen it happen time and time again so the whole point of the blog chain system was to protect against that the idea that youre going to have to now create a bill of rights that is then somehow subjected to some kind of agreed upon the World Economic authority gives me a lot of pause about what this is actually about is this actually about creating Greater Transparency is it about us owning our own data or is it about trying to insert a centralized authority into the block theres certainly a lot. That is going to say that its about inserting an additional arbitrary auditing system that these regulators just try to implement on top of the system that works perfectly. And already has the trust of this entire network and the consensus of the entire network on top boom bust cohost ben swan and chris thank you both for joining us and breaking that down for us. Thank you. And finally esports has become more widely accepted as professional sports has been mostly shut down due to the pandemic in the world of race car driving this is even created the opportunity for professional drivers to get behind the wheel of simulators while still taking on fellow drivers and competition now weve spoke about the millions of viewers nascar has received as they broadcast these events instead of real racing but unfortunately this can create the opportunity for cheating and that is exactly what happened in formula e. s race at home challenge driver daniel abt has been disqualified from future events required to forfeit all points earned during these events and ordered to pay 10000. 00 euros to charity for illegally hiring a professional sports player to compete in an official race now according to the b. B. C. The 27 year old driver hired programmer lorenzo horsing who has also subsequently been disqualified from future events in the series called challenge good because of the scandal fellow drivers had suspected of using an imposter and called attention to the situation after for his part apologize for not taking the situation and the races seriously and thats it for this time you can catch boom bus on the brand new portable t. V. Apple built on smartphones through google play and the Apple App Store by searching portable t. V. And portable t. V. Is adding a whole channel dedicated to gamers around the globe portable t. V. s gaming system is powered by watch mobile watch mojo one of the most trusted names in games youll see new came in content gaming news and even cool Movie Reviews so download portable t. V. Now this is your resource for everything gaming and to get our live r t america programming as well keep an eye out for a variety of content coming very soon now a portable t. V. See you next time. And i mean im on the phone entire system i found a way to go through a food. Bank itself mukti about. 2 hours in this way got 2. 00 so hard not to think of the mother disappeared this woman the work of the day i was and i dont miss the mark and if. This is the only thing that we do is music because everybody fights in a useful way to. The floor you can call the fee on this bill frist woody allen you have all of the ability to get the death penalty. But i think it is this is the fans that is a constant. Markets are collective outcome of all interaction by human right markets its a human construct all the interaction from a by humans in the market create our future reality and the negative Interest Rates are now telling us that were heading into the time of negative time flows are going backwards in time. Problem drugs dont do is come from unscrupulous dealers but from pharmacies too in every state in the United States we seem very sharp increase in the number of people seeking treatment for addiction to prescription opioids and invented america under the banner of medicine persisted with the pain but instead of trying to wean him off though she just goes after dose after dose after dose and really became his drug dealer so whos to blame patients dont do this manufacturers all the governments of. God no team no crow. No shots. Actually. Going to drop both of those 2. Points your thirst for action. Live from the World Headquarters of r t america in our Nations Capital this. Is the new. Rick sanchez. Fan hello again everybody im rick sanchez to all of you who are watching from all over the world whether youre doing so on regular t. V. Or on portable t. V. We are so glad that you are there today the United States will likely hit the inglorious milestone of being the 1st and only country in the world to suffer 100000. 00 coronavirus debts what are the real numbers were going to break that down for you were going to tell you and were also going to show you just how ugly things have gotten overnight in hong kong i dont know if youve seen some of those videos yet but were going to begin with the showdown between