Transcripts For RT Boom Bust 20240712

I. This is boom bust the one business show you cant afford to miss im friendship or in washington coming up. This is i did a study die for stranded australia is feeling the strain of the copa 910 democrats the island nation enters its 1st recession in 30 years well break down the state of oceanas largest economy plus amid the new normal of Home Delivery in the times of covert amazon has won approval to blaze a new trail in the sector later on we look into the new age of ariel delivery and what this could mean for the future of Home Shopping the packed show today so lets dive right in. And we lead the program with worrisome Economic News out of australia as the nation suffered its worst quarterly drop in g. D. P. On record entering its 1st recession in nearly 30 years and a record run of 28. 00 consecutive years of Economic Growth has now officially come to an end the cool is a once in a century pandemic. The effect a covert non tain in joost recession. Real g. D. P. Fill in the june quarter by 7 percent. The largest quarterly fool on record the previous record for Economic Contraction was 2 percent in a quarter recorded in 1994 and addressed Australian Parliament Prime Minister Scott Morrison characterized this as a devastating day for australia but promised it assumes a strong recovery. And mr speaker is the penn dimmick continues to have its impact not just here mr speaker but all around the world there will be further difficult days ahead is how much and as severe and as heavy as this blog on the strategy to die mr speaker we know that as a government that we have acted to seek to cushion that blow as much as we possibly can and that is being done at a great cost and a price to speak it would be a strategy that will. And will grow again and the jobs will come back. And i will see the lives and livelihoods of all the strident as i have in the past for more on this lets bring in Jeffrey Tucker editorial director at the American Institute for Economic Research and host of economic update professor Richard Wolfe thank you both for being here today professor wolf i want to start with you what do you make of the this end to Economic Growth in australia and is this whole situation due to the pandemic or was it already on the horizon and what more can the country do after injecting more than 200000000000. 00 in stimulus measures earlier this year. Well there are several things capitalism is amongst people just lament wherever it is sent over the rise why the economic ups and downs the average every 7 years an economic downturn or there are occasional outliers who dont have that average or heres the lesson of history if you dont have it every 4 to 7 years when you finally get it it tends to be a do g. B. Krug against it related imbalances or strand it would like the name of the pirates thats very popular around the world where you have an Economic System that knows it is unstable nolde it needs to prepare for it knows it needs to take care of a mass of the people or provide him a promotion or its true you didnt do most of those things imagining the good times would last for ever and not be in a sense having to face the music and its really convenient blame the pandemic or best only part of the story now jeffrey obviously youve been very critical of lockdown measures while on the show in the past are we going to continue to see these demick dire Economic News out of nations throughout the world due to the handling of the pandemic. Yes and the only thing not said the professor just said is that is not a cause of code but Everything Else he said was ridiculous im sorry this is caused by the lockdown this is a manmade disaster and as much as i enjoyed the prayer for the Prime Minister if he would get his boots off the neck of the people of australia and that also goes for dan andrews the appalling outrageous policies that hes perpetuated to melbourne in which police are arresting people for even disagreeing with him this is what needs to end you want to soften the blow the read of the is this catastrophic Economic Times in australia and the lockdowns there was no recession in the cards this is a completely caused by outrageous discussed in Government Policies and that includes the internal controls on migration from east to west the people of australia need our our our treyarch right now to end the suppression now professor wolf obviously disagrees with you have let me give you an opportunity to respond there. Well you know this is one way of debating a words like that im not going to send it out ill read that to him all i can tell you is when you blame government policy only one question why that pollack the why did they do that what are the courses in with this that make a politician aid in this way they are not resources they are his response there what else is going on in the society as anyone else the inequality in australia is off the chart the gap between what capital takes on and what labor takes on every getting worst and worst of it is fixed on that are Crystal Clear thats part of the problem of an economy when it becomes an equal in this way and that dates the pandemic makes the whole situation worse and governs in fact much of what is happening now when the convenience of blaming the pandemic or even more are the notion that its not the pandemic but the particular policies being followed that somehow above all and makes the issue of economics and all the fundamental forces at work disappear so you can leave it with the blaming of the particular politician which really we ought to have outgrown long ago and now jeffrey im going to im going to move on to another little piece of information here out of the United States Federal Reserve governor brainer that said today the fed will need to actually take more action in coming months to fight the impact of the credit virus pandemic mentioning hitting inflation goals and what full and and at their full employment. In your opinion jeffrey can the fed do any more as theyve interviewed in the economy so much recently. No the fed has nothing to do here to fix this economy what you need is an end to the restrictions and the lock downs and the to and the travel bans and Everything Else which are perpetuating themselves in the us the us right now has one of the most highest rating rankings on the stringency index out of Oxford University bested only by places like australia so we need to end this and theres nothing the fed can do i mean except tread paper which is going to create more distortions and trouble believe generated inflation once the recovery happens if it does happen so no the fed cannot to do this the fed has no magic magic tool to make the economy recover again ill repeat this is a manmade recession you dont need karl marx to explain whats going on the World Economy what you need is George Orwell now i want to i want to move to a little bit of positive news out of the United States obviously we go back and forth on those points all day here but the institute for supply management announced today that u. S. Manufacturing activity had actually surged to its highest level in more than 16 years for the month of august professor wolf if this is a sign of recovery here in the United States or are we just seeing the sector make up for those last time that we had in the 1st months of the shut out. Yeah they took a number of steps the private enterprises do here and to get through a difficult time they became old world particularly in july difficult time were and never proved to be a mistake and what youre seeing in august in a bit of a blip about when they made some decisions given the failure of the government to continue the stimulus the extra 600. 00 for unemployment given the moon you know our egyptian crisis that everyone is worried about i think youll see very quickly in september and ill work on the return jinnie. Opposite kind of situation we are not i would in this country most economists left right and center except for a certain extremes all the rhythm of the world understand that and they are reacting to this that theres with that current norm very nice we all want part of the woods not a long shot and jeffrey i want to give you the final word here we got about 45 seconds left where do you stand in the u. S. Economy obviously i know you want to lift the lockdown to move forward but what else are you saying and. I agree actually were far from being out of the woods im afraid were going to be dealing with in the coming months if not years that shoots liquidation and every sector with the exception of High Technology and big business which is tremendously tragic weve lost more than 100000 hmong in as businesses and i dont think real estate in big cities is even begun to respond to the mass exodus that were seeing and driven by these these agreed just policies so its very hard Economic Times ahead and yes youre going to see some positive numbers from time to time but you know as i said back in march if if all else is ended right then we could have recovered but were so far past that at this point weve got very difficult Economic Times ahead very different economic ideals here from Jeffrey Tucker editorial director at the American Institute for Economic Research and host of economic update professor rich well thank you both for that expert analysis. And as we see the strain the colbert 19 pandemic is taking on economies lets take another look at the trends and spread of the virus without your correspondent side ted injured so i will we wednesday what is the outlook when it comes to the Vaccine Development i know youve been following that so brand right now the number globally is approaching 26000000 were actually now were over 26000000 confirmed deaths over 864000 70 percent of that 26000000. 00 have been recovered now the u. S. Which is a report of the worst cold in 1000. 00 break over 6200000. 00 cases and over 189000 deaths and the u. S. Reported a little over 43000. 00 cases on tuesday now theyre pushing the 7 day average of new cases around a little over 42000. 00 now thats up point 6 percent compared to a week ago but thats not bad since the average weekly growth has been around 10 to 15 percent increase so this is promising and then to get back to your earlier question i want to take a look at where we are right now redeveloping a cold in 1000 vaccine so manufacturers are now testing 3 code vaccines on large scale trials and each study is the zine to enroll 30000 participants in the u. S. Now the 1st one is a british drug maker astra zeneca developed at Oxford University is already in phase 3 trials in the United Kingdom now they use the 1st us volunteers were vaccinated today at the university of Wisconsin School of medicine and astra zeneca plans to add 50 participants each day after september 7th now astra zeneca also has the backing of us federal government and theyre working with the Us Government to produce billions of dollars says the vaccine. Once its our authorized or i should say it once its approved now rivals. And pfizer by you and tech now these 2 theyre collaboration between the 2 theyre also in face 3 trials and like seneca they also have a us federal funding now the only difference between these 3 is that astra zeneca is already has participants but both modernity and pfizer buy and take there is still just in the process of unrolling their stated goals of 30000. 00 volunteers each so even though both companies have trials and rolled in other countries they need to have those 30000 volunteers here in the u. S. In order for it to be approved for us now that could change of course because in the trial of this size researchers say theyll know if a vaccine is effective after a few as many as 150. 00 to 175. 00 infections about additional into the u. S. Both china and russia say theyre going to start releasing vaccines before completing their late stage Clinical Trials brant so sorry there was actually some Research Published today regarding corticosteroids q tell us about that. So corticosteroids there are a class of drugs that are inflammation in the body and theyre all often prescribed to patients that have. Their very wily use youll see there was inhalers you see a lot of patients with Walking Around with now and because of the so this quarter this steroids i should say because it decreases inflammation in the airways of your lungs and prevents asthma flare ups researchers soon realized that it could also help cope in 1000 patients with acute respiratory distress but you know steroids have already been widely used to treat very sick over 1000 patients for months now now the only difference this time is that researchers is that these researchers study i should say is now officially published in the journal of the American Medical Association and has also been approved by the World Health Organization w h o and also their major significance of this study is that it states their weights dont offer any major side effects when used and called in 1000 patients so a lot of the other medications out there been saying that could treat goban 1000 medication in the past but does have side effects this one doesnt therefore so therefore this study but doesnt really change anything since steroids have already been used for these patients but now that it has the seal of approval from w. H. O. That could give a lot of poorer nations access to these there would that would treat kovan 1000 patients so that is pretty significant brant are 2 correspondents for keeping us up to date. Tensions over the completion of the north stream 2 pipeline continue to mount as german chancellor Angela Merkel voiced her support for the project completion this comes as germany tested samples taken from russian Opposition Leader alexina valmiki germany the German Government spokesperson stephan cyber stated in a volley was the victim of an attack with a chemical nerve agent in russia but last week. Gyude that the issue should not be linked to the fate of the pipeline. I dont think its appropriate to link this business operated project nor strain to gas pipeline with the namely question our opinion is the north strain to should be complete it is a project that is run by the russian the European Industries to link this project a name is inappropriate and we are also against the term tauriel sanctions that the United States of america has imposed. The north stream to is the pipeline carrying natural gas from russia to europe across the baltic sea to date 93. 5 percent of the project is complete work pause following u. S. Sanctions on a swiss biplane company. Time now for a quick break here because when we return amid the new normal of Home Delivery in the times of covert amazon as one of the new trail in the sector later on were going to take a look at the new age of aerial delivery and what this could mean for the future of Home Shopping as we go to break here the numbers of the clothes. Throughout its history with the selfproclaimed Islamic State terrorist group have recruited up to 30000 foreigners from all over the world to find. Sounds of russian citizens left their country to join the terrorists often bringing wives and children with them. Hundreds of children and widows were held captive disappeared. How many. Teams. In russia those childrens families really. Look forward to talking to you all. That technology should work for people. I robot must obey the orders given a human beings except where such conflict with the 1st long time just did a show for should be very careful about Artificial Intelligence and the point of use the great trusts everyone in shia. Areas chime in with Artificial Intelligence will summon the demon. The robot must protect its own existence and existence. Welcome back earlier this week there was some big news for amazon as the company has won f. A. Approval to deliver packages by drone now its a big step for the ecommerce giant who has been working on the concept of drone delivery for years as long ago as 2013 amazon c. E. O. Jeff bezos had said that the drones would be flying to customers homes within 5 years now these drones are self piloting fully electric and can carry 5 pounds of goods and are designed to deliver items in 30 minutes by dropping them in a backyard but this latest step toward the future is certainly raises many questions so joining us now to answer some of those questions is boom bust cohost an investigative journalist. And mike israel president and c. E. O. Of air views mike i actually want to start with you on this i appreciate you coming on today to talk about this now this is a huge milestone for not only the ecommerce industry but also for the Drone Industry but will this concept actually work i think this is a big step on actually was the 3rd company that has got this level of proof for drone delivery. Will succeed here youve got 100 screen and then u. B. S. Got one last fall i think its important to keep in mind that there are still a lot of. Obstacles ahead here not so much the technology the technology i think is is actually. Is there i think you know that theyre working on making it. Theres still some major regulatory hurdles the approval that amazon. Is quite restrictions that are actually approved under the f. A. A. Rules as under the same rules that church carriers get their sort of patients and they had to get some exemptions from that. Its very restrictive the terms of the. Population density were there to deliver the 5 pound limitation think thats going to take a while and i think a bigger issue to me is just going to be the economics you know and this wont. Fully expect a drone delivery is going to saying its a question of how how much of our commerce is going to its going to reach a place through this when it is competing against. Other forms of delivery that are cases which more right now ben this all sounds good but there there have to be some drawbacks i mean obviously mike just mentioned some of the but what kind of hurdles are we looking at when it comes to drone delivery. Yeah michael brought of some important points there but i think theres a some others as well i mean listen drone delivery sounds amazing the idea that you can get something ordered to you in 30 minutes is terrific the problem is obviously weather plays a huge factor in that we dont know exactly how drones will respond to certain kinds of weather and heavy storms the other question would be the issue of people interfering with them we know that even as it is right now there are people who like to try to shoot down drones with that become an issue where people are trying to to knock the drones out of the sky or shoot them out of the sky and then of course you also have the issue of where as michael said where do you actually place those drones in terms of landing if youre in an area thats an apartment complex thats much harder to do right now amazon says theyll put it in peoples backyards will drop your package off or what if you dont have a backyard or what if again you know that the problem we have with something called porch pirates who essentially go and steal your amazon packages off your front porch with a drone flies over your backyard lands and drops or drops a package back there that might tip off the pirates as well so i think theres a lot of kind of issues that you have to look at in terms of will this actually work not just as an idea but in the actual concept and the execution of it when it becomes one of those concerns that the next fad you know we spend a lot of time working our way to certain technologies and then a lot of times what happens is what the technologies are enacted nobody cares anymore because they didnt quite work the way that we had planned but mike i want to ask you this if amazon came to the program off the ground if you will how much of an advantage does it give amazon over any threat of a competitor like Something Like walmart. Well i think its certainly. To be able to do just say you know if you want something youll have a drug on your. Minutes. Thats going to be compelling for certain sure to send to the population for certain patients. I have no doubt of that but in terms of its going to be delivering groceries on a regular basis i think there are some fundamental. Pearls there in terms of the economics and in just the fact that you know carry things by air is fundamentally fundamentally we. Are free and history is huge but here is just a tiny percentage of straight because most cases its just far cheaper to something that mold or a train or a truck or some combination and for most things that works just fine theres certainly will give them an advantage when it comes to you know that customer that wants something right and it seems like you know i think the big concern that i have to use if you think about this if it were to work and they were to roll this out at a large scale are we going to be spending our lives with just constant drone noise where hundreds of them are flying over cities at all times and that a crazy to think about now ben while this all sounds very convenient there have been some concerns about privacy what are those. Yeah there are concerns by the way i was about to make that exact same point brant which is that if this were to actually come to fruition you might have literally thousands of drones hovering all the time and flying around while as a result of even just that concept senator ed markey of massachusetts is a democrat he has not introduced a bill saying he wants very specific regulations as to what data is being collected and what information is being collected by those drones because if you have drones flying overhead theyre collecting information about not only what products are going out but where theyre being dropped off and and all that kind of thing he wants to know whether or not there is even security in place to protect consumers who again are going to be watched and monitored in some cases by drones boom bust cosin by an investigative journalist ben swan and mike israel president and c. E. O. Of air views thank you both for the excellent analysis here. And finally family c. Sports and Gambling Company drafting announced on wednesday n. B. A. Legend Michael Jordan will join its board as a special advisor and will take an undisclosed equity stake in the firm now according to draft kings the 6 time champion will provide strategic and creative advice in the field of Product Development and marketing the n. B. A. Legend has been long known for his gambling exploits in the 2020 documentary the last dance which followed jordans final season with the Chicago Bulls well he said he didnt quite have a gambling problem but more of a competition problem which may be easy to say when youre worth nearly 2000000000. 00 on the news drafting stock price spiked as much as 6 percent adding nearly 800000000. 00 to its market cap which was already at more than 13000000000. 00 at tuesdays close and thats it for this time to catch the bus on demand on the brand new portable t. V. After which is available on smartphones or tablets through google play in the Apple App Store by searching portable t. V. You can also download it on newer models and some smart t. V. s as well as roku devices or simply check it out at portable t. V. Well see you next time. The leftist senseo lost in the november election and theyre trying to cause trouble theyre stirring the pot and theyre trying to get a little bit of a civil war going but they can blame trump for that and one way to do that is by saying its ok to loot the Small Businesses and the bad is that sub furnishers said ugly comment meant to stir social unrest looting and violence so thats what the left is up to now. Trade and investment to become magic spells to conjure economic development. Most people think about trade they think about goods and services being exchanged between countries and the investment chapter of a trade agreement is about something very different but wont when investment leads to toxic manufacturing that destroys sacred sites all ruins the environment. That means if local communities that are being poisoned if they object if they do anything that the company feels is interrupting their profits they can be sued know the nationals are taking on the whole nation Philip Morris is trying to use i. S. T. s to stop tour of the by implementing new tobacco regulations aimed at cutting domestic smoking rates a fringe company sued egypt because egypt resists minimum wage democratic choice of a trump. Joint says we try to find 0. 00. Alexina on the was poisoned with a substance from the knowledge to prove hes the victim for crime someone tried to shut him up. The German Government because russian opposition figure lets. He was poisoned with a nerve agent the trouble he says is yet to receive the details and find. Satirical magazine though reprints his controversial mohammed cartoons reigniting debate this the terror trial gets underway for 14 suspected associates 5 years after the attack. And thousands of americans say theyre desperate for an alternative to the 2 main runners vying for washingtons top job as divisions in the current