Transcripts For RT Boom Bust 20240712

Commerce Department Released a new rule on tuesday that will allow American Companies to collaborate with wall way on setting standards for next generation technologies essentially what this means is the new rule will amanda wall way entity listing and it will allow certain technologies to be released to walk away and its affiliates if it contributes quote to the revision or development of a standard in a Standards Organization will the u. S. Added why wait to its entity list in may of 2019 this was over National Security concerns a claim that wall way has repeatedly denied but in an interview with fox business commerce secretary wilbur ross clarified that this new rule is not to help wall way but simply to quote help make sure we have ubiquity in 5 g. Adding the change is really simply a clarification it isnt that were doing something to help all way what were doing is something to make it easier for Global Standards to be symmetrical. Ross reiterated National Security concerns remain over while with 5 g. And said that spying is a very real issue well the rule is scheduled to be formally published this thursday. For more we are joined by the host of economic update and author of understanding socialism professor Richard Wolfe professor as always thank you for being with us today lets start with the shares in Chinese Telecom companies that have jumped following these loose and sanctions as i just mentioned u. S. Secretary of commerce well virasat while we remains a serious National Security concern but is this the start of the u. S. Essential e backing down. In my mind absolutely if this is a depiction of the United States widely expected for some time and as a response not only to pressure from American Companies that want to do business with huawei and rely on business which while they also will pressure from other countries germany is a prime example that have already embedded while wavelets which is among the best in the world in the United States little position over the long run jus wildly already has better judgment it will give the United States in telecommunications and this is a recognition that the chinese really all right competitor evil of the highest level and yes its an issue because they become too expensive for the United States who legally or economically well hold on to this pasture of this Chinese Company will prosper while weight has been at the heart of the u. S. China tensions at the heart of the trade war now that the phase one deal has been signed and both countries have touched on the progress that theyve made a former finance minister and cabinet adviser for china who gong li ao last week actually said that the 2 countries what it waste or shouldnt waste any time rather on improving their relations he said quote china emphasizes that we should work hard together to ensure the implementation of the phase one agreement are we essentially going to see the u. S. A lemon a all sanctions against wall way and a possible phase to deal. Well i think its a political question i think the chinese are quite right if they understand american politics this is basically now a question whether the administration of mr trump go into the election will want to position itself as good tough and can chinese or the person who is making a deal with the chinese that will benefit the u. S. Economy one of the other strategy will be chosen and then the Public Relations will come out the way you mr ross tried to say we were just as concerned about security as we were before which is the opposite of what he said a couple of months ago this is a political issue now to be determined by the strategic plans of the u. S. That ministration its been a political issue for quite some time now i mean on the show weve previously discussed weiwei and like you mentioned while we 5 the patents now of the Telecom Giant owns most of them on 5 g. How will the us essential how will they at the how theyll have to essentially pay while a right to spite the span of whats going on there. Will be 2 leading technologies in 5 g. Are the finnish war for asian ericsson and the way cooperation in china the United States has been defeated in this area its not the cutting edge and by the way punishing china makes no more sense than punishing finland if her country got a hold of the finnish access codes the same issues with the rise whats the world is interconnected we are already linked in many ways look how quickly the virus spread from one corner of the world to the other the notion that you can identify and promise one country and control technology is wrong as never were d and i think this is all a recognition that china has now fully and the world of leading technology and will be there for the foreseeable future and foster if i want to take it over overseas her for a minute here. And now that the u. S. Seems to be easing these restrictions well and brazil for example recently the u. S. Ambassador to brazil todd chapman told is how paul and his paper that the 2 countries there and talk to fund this new 5 g. Product and theyre saying that this would allow the u. S. To fund nokia and ericsson equipment and installation by local brazilian talcum companies what do you make of this continue fight for to be the 1st in 5 g. And the in the specially in these major developing countries. Well i think data really cut their deals with weiwei and they dont want to lose the and the americans on my trip there to give them the amounts of money we got because were talking billions of dollars to make an expensive shift a shift it takes a long time this is the same concern that has led the british to kind of not deal with the United States on this that its made the germans threaten the United States that if they push through were just the germans are going to suffer and theyre going to make the United States pay for that you put all this together and it just isnt worthwhile to go against the chinese theyve got too far ahead of the United States much sooner than american or so and and not all of them are is playing itself out so well even as dependent on our allies as goals and our role in brazil its going his own way with huawei and the United States cant do much about and were learning 5 g. Is practically an evitable without some sort of wall way is what it seems professor Richard Wolffe host of economics of a and author of understanding socialism as always thank you for your time today. Thank you. Boeing 737 max jetliner has been grounded since march of 2019 after 2 crashes killed 346 people one on Ethiopian Airlines the 2nd just months later by indonesias lion air will for more than a year congressional investigators have been seeking documents and interviews with f. A. A. Officials in an investigation to see if boeing and the f. A. A. Had a cozy relationship and overlooked problems with at 737. 00 maxwell today the federal Aviation Administration chief testified before the Senate Commerce committee our future prospects joins me now with more on this affair and what did he admit to the f a a and boeing did they have a little bit too close a relationship so sir i mean to say that chief steve dixon was grilled by senators today is a total and complete understatement you had tons exchanges between all the senators and dixon but the short answer is he did not admit to the the f. A. A. And boeing being too close unfortunately the senates investigation in fact the f. A. A. Has been stonewalling lawmakers actually by either taking forever to turn over documents that theyve been asked to give congress or just not even turning them over at all which was the committees actually biggest frustration today listen here do you make every document every document. Its an easy question is it would you make every document. For the public. Senator im not im not sure what normal protocol is on that but we will be as transparent as you possibly can no no thats not the question not thats what happened the last time you were transparent or so will you commit to making every document public. Sooner im not im not in a position to commit to that at this point well you did not do your kind of a cover up well also a surprising fact uncovered by senator ted cruz of texas listen here. Has anyone at f. A. A. Been fired. There have been changes in leadership in various areas no one has been fired over this particular matter up to this point had anyone been disciplined over this matter no not specifically so unknown somebody made unspecified mistakes for which there had been no repercussions is that right i would not say that there have not been reap repercussions well please tell us the repercussions the repercussions are that we are we have significant reforms were making to the process. So you know a tough day for steve dixon but he did say that he is committed to the oversight process and he also did admit that both the f. A. A. And boeing did make mistakes when it came to approving the 737 max too soon however it is important to note there that since these 2 crashes happened actually had a number of people fired over at boeing including their c. E. O. Down a small number who was let go back in december welfare and this comes just a day after a new bill was brought forward the aircrafts safety and certification reform act what does that bill contains so that this is actually the most significant step towards accountability following those 2 crashes because it is forcing lawmakers to look at how the f. A. A. Approves new airplanes now this bill completely eliminates airline makers like boeing from having an influence on the certification process the bill gives the f. A. A. A total of 40 to hire or fire boeing employee employees doing f. A. A. Certifications it brings in safety advisers and also protects whistleblowers because as we saw with boeing there were leaks Text Messages between pilots about the 7 37. 00 max during the testing phase saying the systems were faulty but they were too afraid to come forward and well it sounds Like Congress is putting a lot of responsibility on the day but like boeing they too have made mistakes and how is this going to look Going Forward so it does help the f. A. A. Obviously as you said have more authority but its also very very easy for congress to say after the fact however congress is just as guilty and all that went down with boeing listen here. Congress has allowed it or allowed it given whether the. Uncertain things you know so i think is a good faith in what it was going to be doing with this with this with dorothy that they were hearing them but i think that its been abused drugs will tell you they have been given the money by congress to to to to go to all of this story operation so sarah when it comes to funding and this bill you know dixon says that he doesnt he. Doesnt think that the f. A. A. Hiring and firing thats going to add to the safety process but as far as the bill it would actually give the us a 150000000 over 10 years for the new training procedures and thats something that dixon said would be extremely helpful for the f. A. A. Lets hope for the hour to correspondent karen from that thank you for that report. Markets are on the rise or to hold on to this 4 day winning streak coming out of to say sharp gains we want to bring in a boom bust cohost christine to talk about the markets christine whats going on here. Well does look like the market optimism has resulted in a kind of an over what situation here and especially as we move forward were going into the summer lol well it wont be any that much new data or catalyst its going to be a data law its going to be a data vacuum where liquid you know will also be very thin and so thats going to impact trading and volatility and we might see some dramatic swings up or down but as we enter it all week or pretty much all month long the market is being kept well supported and fully inflated by the constant injections by the bank this is a very well supported market here and its hard to keep that down so right now there is the bias for positive news older negative news however theres still a lot of concern right now as beijing has just reported that it will be shutting down schools again amid a resurgence of one of ours outbreak we all priced in this recovery a sharp quick recovery and a bounce but how can we get that one the reality and the data showing that a 2nd wave is already coming as new cases are escalating again in asia texas and arizona where you just mentioned the big bounce what are we looking at here this you shaped recovery v. Shaped recovery so many predictions here what exactly if anything can you say we could possibly expect especially with the 2nd resurgence. Well given the data so far its very difficult for me to believe that we will even get that the bounce or you bounce now that were talking about the economy here not the market to be very very different thing seeing as how the market has just completely decoupled from reality with all the support injections and given so look weve had a weaker than expected Industrial Production and may manufacturing output its still new to lows of the Great Recession and Capacity Utilization is only about 2 percent higher than what it was during the Great Recession retail sales apparently surged up yesterday but off of the very low base and the numbers are still well below pretty pandemic levels and then the stimulus checks they helped a bit at the 1st time around and now we must spend all of it and they skipped out on mortgage payments and credit card bills theres about 30 percent of americans who did not pay their mortgage payments last month so whats going to happen a month later from now when all of that comes due again and then on top of that we still have 20000000. 00 people out of work and not liking to be working the same number of hours again come the summer so with all this its really difficult to believe that the economy will bounce right back to the way it was before certainly doesnt seem like if that was boom bust cohost christine i hang here because we have more to discuss with you right after the break time now for that break but stay here because when we return we take a special look at decline and what we can expect from the cryptocurrency in the age of the coronavirus now as we go to break here the numbers are. Tower read out turn on the t. V. On about the world and whats happened in the around me i see shows on the screens big in last every day because the fake news near its exact the state seems to maybe go into his clock little do enough business with tom f. The bar brick by brick globalism make you smile how plenty off this in the store but i found a network that will question science great crews that space civil strife Climate Change stop a war think cool simplied lists all the mainstream wants to do was keep us quiet you watch those right you cant keep aside list critical poissy is cold perspective question more inside direct we dont take sides we walk the dog our t. V. America of means real talk. You cannot be global with yeah youre right. Im holland cook i invite you to climb with me above the main stream media empire and from that higher fat to glimpse the big picture question more. The European Union has launched 2 formal antitrust investigations into apples app store and apple pay the 1st probe is over apples overtax and some competition issues will spotify filed a complaint over apple allegedly restricting rules for the developers that use the app store and limits users to choice to favor its own Apple Music Service will rock attend filed a similar complaint alleging that apple takes about 30 Percent Commission on a ti books while favoring its own apple books all in the 2nd investigation its looking into apple pay and whether or not it violates e. U. Competition rules the e. U. Is concerned that apple is limiting or disabling altogether in app purchased systems e. U. Executive Vice President margaret busted your said it appears that apple obtained a gatekeeper role when it comes to the distribution of apps and content to users of apples popular devices while apple defended its practices on both fronts and said its disappointing the European Commission is advancing baseless complaints from a handful of companies who simply want to free ride and dont want to play by the same rules as everyone else. Coin is on its way back up as the Worlds Largest crypto has climbed up over 1600. 00 again as it attempts to clear that 10000. 00 mark with a question how will that quinn break through this resistance or will it come back down again well joining us now to discuss our boom bust cohost christine i invent one chrystia let lets start with you what are we expecting to see or what do you what do you think will come from that quiet over the next few days and weeks. Well right now all coins are actually the ones that are contingent show a good sense of dominance but with big quote were back in the ascending so im actually pretty neutral here rather than overly optimistic we bought the did back and now were back in the mid 9000 where you have some very stable solid support. I would be a pragmatic optimist here because what is concerning is the lack ringback of volume theres not a lot of follow through not a lot of trading going on same as we just mentioned in the equity markets right now as were going to the summer lull so what we are going to watch here if we do get a breakout the next thing were going to be looking for is a new relative high and theres a lot of evidence that we will be getting that soon because in particular with the looking at the holloways what the hallways are in active bequests held by these die hard to quit investors long term holders the core base so right now weve reached a 4 year high in the hallway its now over 60 percent so that means that there are more people taking short term positions and out which means less volatility in the market and i supply and demand go up with increased ability and more long term holders were building 2 larger and larger bowl cycles and each time its come this next wave well done some analysts are saying that they coined could even climb as high as 12000. 00 why is side. Yeah i think what christy just said really bears into that as well which is essentially this that big coin has found kind of its new low which is around 8600 and if that becomes the new low that not the 3600. 00 of the 3500. 00 but 8600. 00 now were looking at a new kind of jumping off point so as far as moving past this 10000. 00 mark i think we very well may do that and some analysts are saying we could go to around 12000. 00 that absolutely could happen because were kind of looking at a crucial moment here that determines whether or not were going to surpass this 10000. 00 or were going to fall back but at this point in the end what chrissie just said is critical here that there is so much kind of volume right now and momentum behind whats happening with bitcoin not a rush like we saw in 2017 of new people jumping in but a holding firm of where weve been but i dont think were going to see it slip back i think were going to see it move beyond that 10000 mark breakthrough that ceiling and then head towards 12000 so essentially its people who have already. Planned for a long time who are further investing in it right. But its also not its not this money flipping scheme that we saw in 201720178 lot of people jumped in because they heard about this thing where if you invest today itll be worth twice as much tomorrow you have a lot of that that is gone thats been kind of shed from the market and with good reason and now were in a much more stable place well kristie earlier this year san diego based Silver State Bank which boasts 2300000000. 00 in total assets well began owing its customers to apply for loans collateralized by bitcoin how that Digital Currency exchanges that are also silver get customers well are we about to see more of dollars being borrowed with crypto as collateral here. Absolutely and this is certainly interesting and its really big news for the traditional Institutional Investor community but really this is something that has always been in the cards for the Crypto Community so i mean its great news that you now have a name Brand Institution such as silver gave back in your making loans out against it for you collateralized the asset but then again the entire point of crypto is to cut out the middleman get rid of it but be a fully decentralized trust less system so when you look at a couple of the 5 network has actually really mature throughout the year of 2020 now in particular the compound protocol you need Just Launched recently and it does the exact same thing it allows you to lock up your could earn interest its a smart contract so you have absolutely no interaction with a 3rd Party Software provider rights over again and then on the other end of it you can lock up or even take a loan out on it in the form of us stealing u. S. D. T. Credit or any other tokens collateralized youre each so in effect is doing the exact same thing us over again but without the middleman without having to trust an intermediary broker and without those heavy heavy origination fees so just basically do gentle as lending pool without putting all your eggs into one basket trusting subrogate or trusting another institution to hold your asset so thats the really amazing thing that cant talk and the 1st day that it launched it topped the ranks for d. And as well. Now the largest that indeed on the 1st day of trading meeting makers are we essentially going to see an increase in that these loans. Absolutely because right now people do not want to sell out of point as we just established these are going to be long term holders so these long term holders still need to make rent payments dont have expenses every single day that they need to pay out in u. S. Dollars so what the fine or does what theyll get allows them to do is to hold onto your bitcoin collateralized the big point and take out these loans against an us that you can then use every day in your. Attention to change how people are because theyre seeing such a rise and it go up so much that theyre putting a lot of more money into this an investing into it knowing given the times that were seeing right now but then this summer the u. S. Supreme court will consider how to interpret the 1906 Computer Fraud and abuse act which is a key Data Protection law this could have a huge impact on crypto why is that. Yes so with the c. F. A. Essentially it comes down to a case right here in georgia where i am of a Police Officer who essentially access the Police Database he was had at the authority to access it for Law Enforcement purposes instead he access that for personal purposes and so essentially committed a crime thats ultimately what the court found and its gone through all the way up to the 11th Circuit Court of appeals now headed to the Supreme Court the reason this is significant is because essentially what it does is it decides whether or not an individual is breaking the law by doing something that many people do which is take a use of the computer or Computer Program for a specific purpose and use it for Something Else in official capacity that would have a huge effect on crypto currency from a crypto perspective essentially and let me just read to you how this would affect it would it affect those who spoofed churn or wash trades they may be subject to criminal liability under the c f a if that activity violates the exchange of terms of use and so essentially theres a lot of action that takes place on the crypto side that may not technically abide by Crypto Exchanges terms of use and if you act differently than that in the process or any attack on a block Chain Network could essentially are not regulated illegal some sort of regulation then coming into that. Was neither this regulation its taken in the existing law and its in its criminalizing it in a way that it had not been used before so that in the case of the Police Officer just so people understand the actions of the Police Officer had been done by many Police Officers probably in the past right you have access to a database for official use and you use it in a way that it was not intended for personal use that happens in many cases but this is the 1st time that its been treated as a criminal act and thats why its significant cohost and so on and christi i thank you for that panel. That by the time you can catch combust on demand on a brand new portable t. V. Apple bail bonds mark phones you have a play on the Apple App Store by searching portable t. V. Or stream us to your t. V. By downloading the portable t. V. App on apple t. V. And online a portable the t. V. With you next time. Thats geysers line it looks like they save money to develop. Closer to these if this is a central perk support dying a problem is the problem right now so you stop to. Join me every thursday on the alex im unsure when ill be speaking to a guest of the world of politics sports business im show business ill see you then. The simple things workshops and petersburg public spaces where adults with learning disabilities can engage on equal terms with creative activities like graphics sewing ceramics. Cookery and joinery. Just. Do shit whats your what. You know what just is what did you give one case a couple of. The underlying idea of the workshop is a calendar of happiness which they feel thrilled to find joy in the Little Things of. God are sick i guess. In the troubled 19 seventies a group of killers rampage street thugs of Northern Ireland that was coordinated loyalist attacks particularly catholic population of tens of thousands square forced to flee their homes come up with straight and put these attacks was a p. R. You see the Police Actually took part in the attacks so instead of presenting who they were active participants in the burning of coal streets in belfast at the take more than a 100 innocent civilians were unloaded as the review can seniors and we found out more i was surprised about the extent and its occurrence which the solution was involved in some of those cases that killers would later be named into the now were getting i think it went to the very very top i think it is the phones for all the water where all the tastes and you thought was going on and give the go ahead. My parents own this is americas lawyer the media in the United States is being destroyed right now and it isnt just coming from republicans democrats are doing just as much to harm the American Media and both groups are tearing apart a vital part of the american. For structure were going to talk about the onslaught against the media and why these attacks for everybody in the us also tonight a massive lawsuit against dozens of pharmaceutical companies to you know working together to drive up the prices on the mirror later in the show Airline Companies are quietly tweaking their passenger agreements making it very hard for if not impossible to school dont go anywhere americas war starts right now please please