Transcripts For RT Boom Bust 20240712

A compromise over Coronavirus Relief straight ahead we analyze the blocks cope with 1000. 00 response plus as told with cases like in some us states economies are beginning to close down yet again where does the nation stand amid the outbreak well bring you the latest and markets are moving on some major shake ups on monday but what does the future look like well bring some expert analysis on board we have a packed show today so lets dive right in. And it has been 4 days of arguing insults and just plain old frustration as european leaders have been battling over the passage of an unprecedented 1. 00 trillion euro e. U. Budget which includes a coronavirus recovery fun now the summit which was originally expected last just 2 days has dragged out amid walkouts more insults and even french president emanuel mccrone slamming his fist into a table out of anger now despite these frustrations mccrone and other e. U. Leaders are confident they will reach. An agreement. To not meet a spirit of compromise and ambition is to take the risk of returning to harder times and for some who are concerned about that in the end it may end up costing us even more so i will continue to fight on these subjects in particular with german chancellor Angela Merkel since as you know we have worked a lot together over the past few days and nights. I have to honestly can best that we still have differences of view between various nations personally i think a chance to reach a deal that there is a will between countries the elements to build a working agreement i there but its far from starts anew good afternoon last night after long negotiations we worked out a framework for a possible agreement this is a step forward and gives hope that an agreement may be reached today or at least in agreement is possible im very glad that we the president made the push in may for a really substantial program in this exceptional situation that has now been the basis for the commissions decisions and that is why it has been possible to agree on a considerable portion of grants and that is the answer we need for an exceptional situation it was clear that the negotiations are incredibly tough. And joining us now to discuss the heated debate cohosted investigative journalist ben swan it board member of the British American Business Association thank you both for joining us to discuss the snow and we are going to start with you what are the main points causing such friction between all of these e. U. Leaders met in brussels well pleasure to be back brant and youre right there is friction now theres been considerable friction has been friction for days at the crux of this is sort of 2 major issues about the same thing there are the northern nations and actually the no that no one is the frugal 5 the netherlands austria denmark sweden and they they have all gotten together and they actually have decided that they would rather have. The loans and they have put pressure. On the other nations the more needy nations spain italy greece to accept more in terms of just you know rather than grants they want to be loans that are repaid back thats the big issue so is the amount the amount of dispute is 750000000000 it sounds like the agreement has been made a lot of concessions to be made by this frugal 5 that they will now accept that there will be quite a considerable amount in terms of grants its looks like 390000000000. 00 in terms of grants and 360000000000. 00 and tons of love so thats the issue how much and how it will be repaid what the northern nations want is they want to limit the costs and they want to impose fiscal constraints and fiscal responsibility on these other nations. Theres been a lot of tension between leaders of various countries us as we just dont want to play some sound here from the whole gary and Prime Minister. I dont know what is the person whole reason for the dutch Prime Minister to meet hungary but hes attacking harshly and making very clear that because hungary opinion does not respect good rule of law must be punished financially dux his position which is not acceptable because daddys little decision about what is the rule of law situation in hungary. Why are there so much tension it really just hurt feelings here between the hungry. Well its really interesting to watch whats happening here brendan as hillary was saying you know that its kind of this separation between the frugal 5 and these other european nations but its really. Reached a personal tone with a lot of this you heard right there the language that was being used you know why do they hate me personally why do they hate our country what are they 800 and so you see these very Strong Language being used one thing i think is happening there is when we talk about you know religion you talk about family or you talk about money. Things become very personal and in this case you have nations disputing over money how much is going to be spent who gets it how its all broken down hillary did a great job of explaining all that but i think one other point to this is you have Christine Lagarde who is the president of the e. C. B. The European Central bank who is essentially kind of sticking her nose in all this is well saying it needs to be an ambitious plan a big plan and if you come with a kind of a meat or a small or a careful plan as the frugal 5 would probably call it then thats not going to get it done thats what needs to be extremely ambitious but when you use language like that youre really kind of pushing everyone who are leading them to say theres only one right way to do this and i think thats what youre seeing is a conflict here over whether or not theres only one right way there are many ways remember as you said this was supposed to be a 2 Day Conference thats going on for days now and plus and now its the longest meeting since 2000 and all of this you know hillary i want to play some sound from the austrian chancellor here. Susan says this is a serious issue because i believe we can make lazy compromises here there was a certain degree of flexibility among many countries who we spoke to countries have agreed that we will hold on to a very clear position if youre not willing to go below a certain limit that will certainly make certain debates and discussions necessary. Now hillary there is a difference geographically between nations over there so it seems like well the Northern European nations are pushing for a smaller Recovery Fund as we just mentioned and they also want to limit how payouts are actually split but why is there such a geographical disparity well i would say to that its geographical and its also cultural and ben just so aptly mentioned that when you get to issues that a personal like religion all money it can become quite contentious and i think what youre seeing here is youre talking about a difference in cultural sort of work ethic and financial afaik in terms of austerity in the way that countries deal with money you mention the personal issues you know i think it was the they you know the dutch Prime Minister mark route is sad. Ed he said look its not like i would be inviting other people to my Birthday Party were going to eat birthday cake and after this we had to represent all nations and were experts of this what is very reminiscent of actually is sort of trumps america 1st these elected officials have gone to bid for their electorate a mock route is under considerable pressure from the electorate to be fiscally conservative to dodge already contribute a great amount of vast amount to the European Union budget so in terms of your answer about geographic i think what weve got to bear in mind is this is very reminiscent of bracks it britain and actually the dr being accused of not remembering David Camerons sort of contentious approach to and ugh we all know what has happened now with bracks it so i think what youll seeing is youre seeing the cultural difference differences that yes they play out geographically the latin countries the south versus those sort of hard work ethic those nations with the hard work ethic of the north and thats what youre seeing and this is deeply cultural on there were deep resentment resentment from the doc who worked very hard to contribute the most just like the british had it feels like as if in the us context if different god the governors came from different portions of the country had to negotiate a budget together where congress is kind of more built for there its very were right and youre right brant except that the every day only difference is youre totally right the only difference is that there are even more cultural differences in europe in america i mean things are very different between new york and wisconsin with the whole debate about mosques in your of the cultural divides are obviously yes paul great to absolutely and now ben quickly how important is this deal considering how difficult the process has been so far well i think everything that were talking about here demonstrates one very important fact there will not be a 2nd round of these discussions it has to happen this time so whatever you get is what you get there is no way were going to be back and having a 2nd round of talks about a 2nd coronavirus recovery package and who gets what it cant happen so i think its very important that whatever they determine i think everyone. Recognises you get one shot and thats all you get boom bust cohost ben swan and hilary ford which of the British American Business Association thank you both for breaking that down for us. And we have been talking for months about the big bucks made by pharmaceutical companies amid the penn demick we have seen companies in varying stages of development of vaccines and treatments for coping 1000 have exponential stock growth but this includes the likes of gilliatt novio and novaks just to name a few on monday u. K. Based biotech firm synergy and its stock spiked more than 500 percent after reporting their experimental drug was mostly successful in preventing serious symptoms related to cope with 19 in trials the companys s n g 001 drug reduce the odds of a patient developing severe symptoms including the need for a ventilator by 79 percent compared to patients receiving a placebo now adding that those who received the drug were 2 to 3 times more likely to recover from cope with 19 now the trial involved 220 subjects in the United Kingdom they say more analysis from the trial results will be disclosed in the coming week and with all that in mind lets go ahead and take a global look at the spread of the virus with r. T. Correspondent so i where are we worldwide sobran over a 24 hour period over the weekend the world nearly 260000. 00 and new cases a new record which brings the total of global number to over 14. 00 d 6000000 now 30 percent of the new cases are coming from the us which now has almost 4000000 cases now deaths are also on their eyes on saturday we saw the highest one day increase since may which brings the global death toll to over 600000 now and the u. S. The deaths have now surpassed 140000 now which also accounts for a quarter of the worlds death not globally heres whats happening right now in the. Recorded at least 40000. 00 new cases on monday the highest single day total so far now in some less affected areas around the world and countries here are some aggressive measures officials have taken that i want to talk about so theres been a new restrictions being placed in israel after a new surge in cases of strain is also now putting new measures in place in response to new case numbers even though they have just over 12000 cases in israel or over 51000 and also the bahamas a top tourist destinations for americans is banning travelers from the u. S. Which really shows you all the numbers here arent so high the number of cases happening in the u. S. It shows you what other countries are doing that is so aggressive right here even in their case numbers are so low and then on the economy front just from february to may more than 6000000 people in the u. S. Sign up for food stamps and that number is likely to continue as billions in unemployment assistance is set to expire this month and then on the testing front in order to keep up with the massive demand for testing the u. S. Food and Drug Administration has given an emergency approval for top lab commercial labs to start using pool samples for testing which essentially means that samples from up to 4 people can be tested together and if there was out comes back negative that means Health Officials will know that all the individuals that test that the virus will be negative but if there was a positive result then it would be followed up by individual testing but many fear that this would just add more chaos and confusion because in some states like texas and arizona some people are already waiting in line for hours to get tested so imagine telling those people you might be positive and then have him come back to get tested again when you think about all this with whats happening in the u. S. Where are the hot spots right now so heres some hot spots that actually broke some. Records over the weekend in california los angeles just reported the highest number of hospitalizations in just one day and on saturday both georgia and North Carolina reported a single day increases again on saturday and arizona they reported their highest death count system pandemic with a total of 147 deaths and then in florida which has been one of the hardest states to be over 9400 patients are currently hospitalized while the state continues to break its own single day case record now Florida Governor run the centers claims that the reason for the high number of cases is due to the widespread testing but thats not necessarily the case brand so i want to do a comparison so a florida work country it would rank number 9 in number of cases worldwide and then to draw your comparison for our viewers i want to cheat florida as a country now for example take a look so florida has over 362000 cases are constantly hearing that the numbers in the u. S. From leaders is because there is more testing but this right here shows thats actually not necessarily the fact so florida theres been over 3000000. 00 test right there have a population of 21000000. 00 so they have a testing rate over 14. 29 percent but if you want to compare that to a country thats comparable to florida which is australia they have 25000000. 00 population now their testing is also over 14 percent but take a look their total cases is a little over 12000. 00 a huge difference from florida and then you want to look at it italy which was really criticized in the beginning for not actually containing the virus they have over 244000 cases now their population is 60000000 right triple of florida and then they did over 6230000 test their testing made a 10. 38 percent not taking a look at some of the other. European countries germany and then there is france look at the numbers 23203 over 1000 cases for germany in france over 174000 but then take a look at the testing for example in france they did 65000000. 00 and in testing they had a 4. 15 percent positivity testing rate but if you want to look at their if you want to compare it to their population still it doesnt make any sense why florida has so much higher cases and then we look at china i mean they have taken they have over 83000 cases they did over 990400000 total has a population of 1430000000. 00 theyre testing rate 6. 29 percent so again if you have to do with more testing florida should actually to total cases should be a lot lower than these countries that you see its right here so what are we hearing about the leaders that the numbers all contribute it to more widespread testing in the u. S. That is not necessarily the truth and these numbers right here tell that story brant argy correspondent sorry tablature thanks for keeping us up to date. There and time now for a quick break but here because when we return markets are on the move to start the week but whats driving games and what lies over the horizon straight ahead we welcome back sport analysis to break it all down as we go to break here are the numbers at the close. Syria has been engulfed in civil war through almost 10 years its cost hundreds of thousands of lives and displaced millions more no one foresaw the peaceful protests of 20 of these collating into a complex conflict between various armies geopolitical interests rebel groups and jihadists. They are in the book on this. But if you tell us if you say you hate the. Message look cool. You know deep conflict. In order as south and i. Never statham as the mother. But i do and im with the hate. Problem drugs dont always come from unscrupulous dealers but from pharmacies to in every state in the United States we see. Very sharp increase in the number of people seeking treatment for addiction to prescription opioids invented america under the banner of medicine persisted with the pain but instead of trying to wean him off though she did those at their dose after dose. And really became his drug dealer whos to blame. Manufacturers. And welcome back u. S. Markets are still running on the back of strength from the tech sector as the nasdaq continues its record run led by amazon Facebook Netflix google and microsoft you know the tech names meanwhile the dow and s. And p. Are struggling to stay flat popping just above even line midday here on monday traders are now shifting their focus from earnings to stimulus as lawmakers begin negotiations on a new stimulus package earlier this year a 2 trillion dollars package was put in place which expanded benefits for those laid off during the pandemic however these measures are set to expire later this month for more on the markets and the state of the economy lets go ahead and bring in expert analysis from toby spitz c. E. O. Transformative research cohost christi i thank you both for being here today kristie what are the expectations from a new stimulus package well right now consensus that expecting roughly one to 1. 5 trillion in this new package especially in light at the growth momentum so right now looks like risk is kind of skewed to the upside as last week was the 3rd consecutive week that the market has advanced and those gains came as. Thats out from tech names into the most. Of my stimulus lawmakers now and. They were having a little bit of trouble with christies mike here so so i actually told them what to do what are you actually i mean 1st lets get to this ive been compared with with other governments around the world that the u. S. Has shown a creepy of this school fatigue if you will and with President Trump downplaying the severity of the outbreak there is some consideration around rolling back some of the stimulus going into next year now this time around this next round of stimulus is already baked in but what about after that are we going to see this go into next year if it is there any other alternative well theres not i mean youve got to europe and United States is difficult for one thing a huge amount of their revenues government revenues are from a value added tax which we dont have in the United States so europe in some ways you know has been stingy but in other ways there you would have a steeper wall because if youre not buying anything youre not collecting any value added tax is right number one number 2 you have you know giant tourist economies and the largest tourist to go to europe china and the 2nd is United States and both of them under quarantine so United States is different our issue is that we have 31000000 people not working today out of a workforce of 15000000 thats like 5 times more than we had the Great Recession we dont have the capacity to get to you know across the plate here to getting back same sun and so forth until we get into next year and so weve got a plan to do next year and also by the way theres an election in november out in a field where the bread and and so nobody wants to be the party that was saying well you know sorry youre not going to get any money now the 600. 00 addition thats thats going to be gone its going to be trimmed down theyre going to be because that was one that was just sort of a knee jerk reaction but the idea that you could make more money remember for the senate to be United States work for less than 18. 00 an hour. So for those people who are unemployed they are making more with the 600. 00 plus whatever theyre state so thats going to go away but they have to pass something and they have to pass it quickly because a lot of people dont know this these unemployment the 600 bucks in is this week its not next week ends this week so you wouldnt you would see the world come crashing down quickly in the United States because all of a sudden people stop spending christmas are to cut you off there earlier whats your response that over there. I think is absolutely right lawmakers actually have to kind of balance out how to both blunt the outbreak but also to lift the economy so Congress Kind of needs to iron out very quickly and get it and i know that different is on politics including like these Liability Protections for businesses aid for state and local because thats a big one and payments for rent and mortgage this instant because if not then well see a lot of foreclosures and and people being taken from their homes and no toben i want to get back to markets here we have another high profile earnings week to look at here including the likes of microsoft which has been up big since the start of the pandemic what are you looking at for this earnings week well there are 2 things one is that microsoft is a good barometer because its in every from Small Business to the largest business. The cap ex spending that we probably plan to have over 24 months even i can say by company we made it in 3 months so the question now is everybody said ok you know geez we just put out 2 years worth of spending in the last you know 4560 days lets take it back a little bit so thats the guidance that were looking for is is the spending on a pullback microsoft is at a reasonable price all things given the real issue is in you know the smaller cloud players that are selling for 304050 times their revenues everybody says its a bubble like like to 99 did i was there 99 that was a bubble ok these are fast growing fast earning completely different Business Models and they used to be its all subscription they get sort of 100 percent. No rates there getting 12130 percent because they had new services on so its really the old Business Models i call it the bits and bytes against the screws be the new models against the old which are atoms atoms and stuff and right now bits and bytes is going to work out of you know atoms and stuff and of course to meanwhile the i. P. O. Market is continuing to work now with a group the chinese tech heavyweight that owns the pay pal of china planning a dual offering in shanghai and hong kong bypassing new york whats the situation there i want to hit on that before we get out here well this is an i. P. O. That has actually been anticipated for years its now launching in shanghai on the new star market and on the Hong Kong Exchange so this public listing will enable and which operates alie paywall to digitize the entire Chinese Services Industry Drive domestic demand and also expand globally timothy Wallet Partners and all the other countries so this listing now is following the trend of other chinese tech firms that are trading closer to home and this is a direct snub in the face to the u. S. Equity markets escalating the u. S. China tension even more over trade technology and finance now so its seen as a pretty logical move seeing as the u. S. Has expressed many times the threat of delisting chinese companies. Smith of Transformative Research and boom bust cohost christine thank you both for breaking down whats going on today. And thats it for this time because boom bust on demand on the brand new portable t. V. s which is available on smartphones and tablets through google play on the Apple App Store by searching portable t. V. You can also be downloaded on a newer model Samsung Smart t. V. s as well as roku devices or simply check it out at portable t. V. Well see you next. I 1st heard about we you know. From the helicopter for a tree in iraq. I think the town actually pulled in and i mean its military we have never forgiven for the traitor the truth of the book and it will be giving you some he was really starting to happen. In the pen journalese that hes too dark to see a lot of crimes to open up an audience. The idea of developing an anonymous digital phones and applying it to the media consensus. That was affronts. In the drawer and just write it would be crucial. In the room one of the worlds most powerful news a womanizer derrius understand silver founder to the song of the sun knowing. There was a great deal of jealousy demands for the song the free why wont it be more like golf they have hugh seems all for. Instance when he. Says my. Goodness for. Me julia sides in solitary confinement in the prison for terrorists await you know how its a live person. I dont see him dying. And i. Know what hes saying. According to even fox news trying to is like going to the polls this is because joe biden is such a brilliant vanity or because of the hardening consensus but then demi has been badly handled by the president still another the trump train is a populist in 2006 feet as the government is known. That was. Going to take a. Few cases spends its extradition treaty with hong kong going to face suspects with the latest threat to Mainland China beijing has branded the move brutal meddling in its internal affairs. Of her morning and the morning eleanor and somehow trying sends troops into the city of portland to quash the