Transcripts For RT Boom Bust 20240712

Out and i am a well meaning they say and me as i look on your knees i am. Going to be some months i will be someones i mean i know that when you know im going to. Be like this model. This is boom bust the one business show you care to afford to miss im bridgeboro in washington coming up china is engaged in a whole of state effort to become the worlds only superpower fight any means necessary the head of the f. B. I. Has issued some scathing statements about china as the United States continues to ramp up pressure tensions. With the asian superpower straight ahead we dig into the details and the growing tech battles between the 2 and there has been a new move in the nordstrom to the pipeline saga unfolding in europe we take you on the ground in berlin to break down the new developments and why the u. S. Is pulling out all the stops to halt the project. Amid rising social pressures some professional sports teams are looking to change their mascot but whats the economic consequences look like we take a look at the issue and the sponsors putting pressure on the team to change with a packed show today so lets dive right in. And china is the greatest long term threat to the United States those words are from the f. B. I. Director Christopher Ray who blast the Chinese Government in a speech made at the Hudson Institute raise comments about beijing are wide reaching include everything from accusing china of attempting to become the worlds only superpower to claiming that china has engaged in a campaign of theft and malign influence now reached the point where the f. B. I. Is opening a new china related counterintelligence case about every 10 hours of the nearly 5000. 00 active f. B. I. Counterintelligence cases currently underway across the country almost half are all related to china. And at this very moment china is working to compromise American Health Care Organizations pharmaceutical companies and academic institutions conducting essential covert 1000 research. The f. B. I. Director wept on to say that china manipulates politicians on a local level as well as businesses and journalists china often pushes academics and journalists to self censor if they want to travel into china. And weve seen the Chinese Communist Party Pressure American Media and sporting giants to ignore or suppress criticism of chinas ambitions regarding hong kong or taiwan this kind of thing is happening over and over across the United States. In response the Chinese Foreign Ministry Says that these comments are part of a new cold war with china. After the action of the han the in the. Raising remarks ignore basic facts and are full of political lies it fully exposed is deep rooted cold war thinking if an ideological prejudice china firmly opposes this they know you will. I would like to stress that some u. S. Politicians have recently made unwarranted smears on china playing up the socalled china threat and attempting to divert public attention and conceal their own problems with their plots are clearly seen by the world and will by no means of succeed. Theres a lot to unpack here so joining us now to do so is boom bust cosen investigative journalist ben swan and host of economic update professor Richard Wolfe thank you both for being here now professor wolf i wanted to start with you here but we heard at f. B. I. Director ray say that half of the bureaus 5000 counterintelligence cases deal with china is this such a broad brush that makes these statements kind of appear as if china has its hands in quote attacking every part of American Life i mean what do you make of all of this. Well i think this is absolutely kind of over that it must have been a decision to rat ratchet up the cold war language thats been there will be not now for 2 or 3 years its sort of ironic to fuse the chinese along to be the worlds superpower if you are in fact the worlds only superpower as you say so it suggests what most of the world believes that what is going on here is that the United States has not heard that another country is able to grow its economy stache the United States thats been. True for 20 odd years its changing lock and now the United States is going to have to work out some way to live in the world where its not anymore alone that the economic will now you should do that in the balanced way but what were seeing instead is lots of overheated political rhetoric thats only going to make working it out harder for all of us and a war in this age with Nuclear Weapons is so crazy that id like to believe thats not part of whats lawyer you. Know ben one of the statements made by the f. B. I. Director claim that china has engaged in where is my quote here economic espionage whats really significantly is he claiming when he talks about economic espionage. Yes so essentially what the f. B. I. Director said and i want to read you what he said here he said that as you said economic espionage was a term that he used but he said that that link to china has increased by 1300 percent saying those called the stakes could not be higher and the potential economic harm to american businesses and the economy as a whole almost defies calculation he went on to describe what chinas doing as the largest wealth transfer in modern history heres whats really amazing about that is that china is accused of attempting to conduct economic espionage and shift american money to itself meanwhile not a word was said about the fact that massive numbers of american corporations have outsourced jobs to china in order to boost the bottom line for shareholders and to make a lot of goods here in the United States very cheap by not paying American Workers to do that work where was the criticism of that i mean you cant act as if china is alone in this wealth transfer a lot of the wealth transfer that has occurred in terms of american jobs going overseas was it initiated by china it was initiated by american corporations and its followed up today by american corporations i know professor wolfe i mean obviously we talk about how a trade war and the battle with weiwei could create this trade or this cold war that obviously were discussing and that may be where were heading but i mean how much of christopher raise comments are really just 2 to back up this push on trade to back up this push against tech and when it comes to walk away is that where were seeing what were seeing right now. I think thats part of it i think then its not only a person that is in what he said decision to who were not sugar china was made by american corporations no one held a gun to their head they understood if they go to china they have to give the chinese something and what they gave them was a share in that knowledge and what they got in reach were much lower. Wage workers and access to the Chinese Market which is one of the biggest and Fastest Growing in the world a good deal for china but equally other very good deal for american corporations thats the honest truth the reality is that technology is an area where the chinese are strong very strong while lay has technologies that American Companies will need to access sooner or later so going after them is a kind of problem cation if you like but it only makes the tensions worse when what you really need is to work out a way to blend the 2 are commonly used to coordinate em so we dont get in each others way and that requires some accommodation from the United States which hardliners like this f. B. I. Person seem not to want to think about or see and some colors it all in very extreme ends which i think makes the situation worse and quickly before we wrap up you know if weve heard all the conversation about why weigh in c. T. E. Now were talking about tic toc and banning other chinese apps i mean where do we see this Technology War going. Well i think were going to see a ratcheted up and i think professor wolf is correct when he says that the chinese are way ahead in terms of a lot of this technology certainly while way in their 5 g. Technology so the u. S. Does need that but i do want to say you know one of the big criticisms thats been love leveled against the chinese over this National Security law we did see you know as we talked about previously the fact that tiktaalik is no longer going to be active in hong kong as the English Version the chinese version. Danceable essentially take over there but while there is criticism here of that the u. S. Is doing the exact same thing with ratcheting up talk and passing laws to ban the chinese from operating here to stop foreign influence what the chinese are doing the same thing there its literally the same game is being played by both countries while pointing fingers at the other plenty more to cover but at last were out of town ben swan and professor richard roth thanks so much for your time. And what you. And the Trump Administration has officially started the process of leaving the World Health Organization following criticism of the institutions handling of the corona virus pandemic now according to reports the white house has submitted a notice of withdrawal to the United Nations secretary general and the u. S. Congress which will be effective july 6th of 2021 leaving the w. H. O. Does require a one year notice before becoming final now the news comes amid spikes in cases of the coronavirus within the United States so on that note lets take a global look at the spread of the virus with r. T. Correspondent. So where are we on wednesday so brenda where we are right now global case says there is now more than 12000000 cases Worldwide Global thats theres over 549000 taking a look at the u. S. Theres over 3000000. 00 confirmed cases right now which is over 25 percent of the full global case says u. S. Deaths there are 134000. 00 so just so youre seeing that on thing that the trumpet ministration has announced that the u. S. Is officially withdrawing from the World Health Organization you know where the u. S. Is w. H. O. The largest donor and provides it was more than 450000000. 00 per year and this move is being criticized by lawmakers here in the u. S. And by other World Leaders since the w. H. O. Is the Main Organization that cordon its efforts to get personal safety and medical equipment like ventilators and other critical supplies to hospitals around the world but president has consistently accused the organization of aiding china and allegedly covering up the origins of the virus and allowing its spread and brendas very dangerous move by the u. S. During a once in a Century Global pandemic which could also interfere with global a Clinical Trials essential for developing vaccine as well as efforts to trace the spread of the virus globally lastly i just want to mention that the pull out one take effect until next year like you said which means it could also be reversed by a new administration and thats exactly what joe biden the democratic president ial nominee has said that if elected he would reverse the decision on the 1st day in office brant. How does the u. S. Compare to other hot spots around the world so in no other place in the world has more confirmed cases growing as quickly as there are in arizona florida and texas the u. S. States and this charge now it ranks the countries with the most come from new cases over the past week now just that for population size and treats each u. S. State as if there were country because number many u. S. States have a Larger Population than some countries not the only 3 countries with outbreaks as severe as across the some bills states are bad and qatar and oman not 3000000 certain countries with large numbers of very low wage Migrant Workers and these workers often women very cramped housing brand without any kind of medical care now while we keep hearing from. From president try that the high numbers that were seeing in the us is due to testing but thats not completely true since the us does not have a high testing rate for a developing Country Party correspondent thank you so much for keeping us up to date. And time now for a quick break but hang here because when we return as some sports teams are facing heat for their mascot the pressure is mounting for them to change their names because such a move mean for foreigners well well bring you the details and as we go to break here are the numbers at the close. The arrest and charging. And. What about the timing and the specific indictments what kind of a defense can be expected is a deal in the cards will justice be served. Time after time corporations repeat the same mantra sustainability very important to accelerate the transition to sustainable transport sustainability. A more equitable and sustainable well. They claim their production is completely harmless. Companies want us to feel good about the products while the damage is being done far away. This is just going to. Be didnt. Look so good and. The world is driven by a dream shaped by. The cares thinks. We ask. For welcome back despite months of pressure from the United States denmark has allowed the russian nord stream to pipeline to continue development through the nation and for more on the development of the controversial Infrastructure Project which are things over to our correspondent peter albert in berlin. May be loathed by politicians across the us but denmark has given the green light to the north stream to gas pipeline project to come to new with all important undersea pipe playing vessels being put to work the Danish Energy agency has decided that north stream to a. G. D. Also may use pipe playing vessels with anchors in connection with the construction of the north stream to pipelines the pipeline is a joint project between Russias Gazprom and 5 other European Companies when its finished. It will bring an extra 55000000000 cubic meters of gas directly from russia into germany and these particular danish ships are crucial to getting the job completed as we expected the da satisfied our request we will implement the project in accordance with the Building Permit and Environmental Impact assessment we continue to consider various options for its completion and in due time we will inform about our plans the reason this specialized equipment is so important is that the pipeline is being laid in some particularly choppy waters nothing to do with nautical conditions more to do with the 50000. 00 tons of chemical weapons that were dumped on the sea floor in the area during post world war 2 decommissioning the response from washington to the project has been equally toxic the United States says this pipeline will make europe overly reliant on russia for energy itll also lessen demand for u. S. Liquefied natural gas last month a bipartisan bill was introduced into congress which could see u. S. Sanctions imposed on European Companies and individuals involved in north stream 2 totally unacceptable says the german gas lobby of such a tightened and ritu act of sanctions law would be an unacceptable encroachment on the e. U. Sovereignty and Energy Security of western europe the problem for the United States is that their product liquefied natural gas is more expensive for the European Market and washington wielding sanctions like a club with which to be those that dont do as theyre told is hardly going to win friends and influence people in european capitals these are all over for boom bust in berlin. And a little bit of news out of the world of sports last weekend. The n. F. L. s Washington Redskins announced the team would undergo a quote thorough review of the teams name a big criticism that the name is racist toward native americans now the latest upward over the name comes amid social unrest within the United States but the mascot has been at the center of controversy for decades the teams owner dan snyder who bought the team in 1909 previously said he would never change the teams date so why now are we seeing this review well maybe due to the major n. F. L. Sponsors like nike and pepsi getting pressure from investors to cut ties with the team unless they change the name fedex which actually owns the naming rights to the team stadium also received pressure and issued a one sentence statement saying we have communicated to the team in washington our request that they change the team name while target and walmart have stopped selling the teams gear in their stores and nike has also removed branded merchandise for the redskins from their store as well meanwhile and theyll be franchise the Cleveland Indians has also started a review of their name so lets go ahead and talk about the dollars and cents of the situation with Victor Madison professor of economics at the college of the holy cross with an expertise in Sports Economics thank you so much for joining us today mr matheson or professor matheson as it were and now these calls to for the Washington Redskins in cleveland in the indians to change their name go back years in fact the indians dont even use chief wahoo that logo generally anymore and ownership and has been very reluctant while these sponsors threatening to take away revenue especially the stadium sponsor in the redskins situation actually move teams to change and really how much money is at stake here. So thats the real question right. Its expensive to change a mascot so people are obviously concerned about that it might cost a team maybe 10000000. 00 in terms of changing signage paying for developing a new mascot but thats something but remember thats that small amounts of money when talking about a team like the like the washington n. F. L. Team that generates about 500000000. 00 a year in revenue so what the teams are really worried about here is whether long time fans will will leave the team if the name is changed those worries are unfounded if we look at the history of for example college teens who changed their names over the last 20 years again mainly means using indigenous native american language but thats still the worry of the owners like. And now it is a good point to make that the washington f. L. Team is actually i believe the 5th or 6th most valuable in the n. F. L. Despite what has been a good couple of years on the football field thats for sure now do you think that well see or if we were to see more importantly a full boycott from some of these sponsors because thats where the n. F. L. Really is making the money if we see a full boycott from from some major sponsors like pepsi say were not going to is spend any money is that going to move the needle a little bit more because it is really going to hit that bottom line. So if any bader National Sponsors pull the plug that puts pressure on the the Washington Owner from the rest of the teams there because thats money that shared by the league as a whole i think however the Biggest Issue here was when fed ex said that they were going to request the name to change because remember fed ex is the stadium sponsor of the mini right sponsor of where the washington d. C. Ways. Thats money that goes directly into dan snyders pockets and doesnt get shared. The rest of the league so if they were to hold out that thats a naming rights deal oh well over 10000000. 00 a year thats the sort of thing that really hurts and no matter how much snyder wants to hold on to that that name. You know. 10000000 dollars 20000000 dollars a year of local funding there thats where of for sure thats the sort of thing that. And now we also should know i mean as you said they always say like will people come along well frankly in washington d. C. There is a Basketball Team in the Washington Wizards well they actually had to change their name from the washington bullets if youre not familiar so this isnt an unfounded situation like you said there are a lot of situations they give americans a College Sports as well but but shouldnt this actually be heavily embraced by this ownership investors in the team and really the leagues because of the a massive amounts of money that Merchandise Sales will make with renewed interest in these teams. Right this is what never made sense to me at all is that if you look throughout europe for example in now on soccer teams they will change the style of their jersey every year or every other year at the very least because again thats an entirely new generation of people who have to buy up the merchandise so you know again you do worry about some people who say i will never go back but thats really a minority of all slams what you do get is a huge number of people who 1st of all will clamor to buy the last of the remaining will do experience when theyre there and of course will buy the new product may come in really that should be a bonanza not something. And of course dont forget 3 to 4 years down the road then we have throwback jerseys that were going to have the Washington Redskins may come back and frankly it doesnt sound like anybody going to stop you from going into the stadium if you still have a redskins jacket because that may be all you can afford or Something Like that now i want to hit on one more point before we we do go here july is going to mark the return of 3 of the 4 major leagues here in the u. S. The n. F. L. Doesnt obviously start until the fall but this is about the bottom line is Getting Started but what happens if these leagues are forced to shut down again every Single League that were seeing in the in baseball in the m l b the n. B. A. And the n. H. L. Theyre all actually seeing you know positive tests of covert so its hard to say that this is going to continue is this going to be a real problem moving forward as they try to finish out their seasons. But is going to be huge problem now mind you im not that kind of doctor writing to but weve already seen Major League Soccer right moving back in as well as the National Womens Soccer League they were the 1st movers here in the u. S. Already they had a game cancelled last night between the chicago fire and their opponent because again the positive. Virus bells burn moved out of its moved out of. Its participation for Major League Soccer in the orlando team dropped out of the. National womens Soccer League tournament so the fact is every league thats trying to do this in the United States has had to start has had problems Going Forward and its hard to believe based on the virus numbers were sitting especially throughout the south that this is not going to you know its going to be very very hard for these i mean and thats exactly what were thinking is i mean if you if you look at it if youre testing all of these people whether theyre in a bubble or not and frankly i mean sadly not everybody is going to take it as serious as they need to and this could really cost these leagues a lot of money in the end of Victor Mattson professor of economics at the college of the holy cross thank you so much for joining us today. Well thank you for having me. And thats it for this time you can catch boom bust on demand on the brand new portable t. V. Up a billable on smartphones and tablets through google play on the Apple App Store by searching portable t. V. Or t. V. Can also be downloaded on newer models of Samsung Smart t. V. s as well as broken devices or something just go to portable t. V. See you next time. So we were sisters are. Going to name christmas. You may. Remember he just came up with a ticket did you hear that oh. Im talking about is a very international community. Media used to try to flee. With just a few things to keep it as the study says you believe. Theres a push at the one who used to look at the business for their new cool script. Is everything reduced to lose it with the forms of t. V. With the above the. Law they have that was affected all day but i decided not to take the place. With my grandpa to use the. Sensors financials last night i dont find any im on a teachers. Face almost. Trying to. Solicit a plan from the future. We go to work. Straight home. Live from the World Headquarters of the r t america in our Nations Capital this is the news with rick sanchez and higher get everybody im rick sanchez and we want to welcome all of you who are watching us from around the world using your regular t. V. Providers or your mobile phones with the portable t. V. Up which you should check into if you have a dog ready there is an important follow up that i want to share with you now this is really important remember 2 weeks ago when the New York Times ran with a story that seemed to confirm with absolute confidence that this was happening here let me read you this story by detailing the exact word