Transcripts For RT Boom Bust 20240712

Coming up the United Kingdom start a major trade agreement with the worlds 3rd largest economy but details of its 1st post that deal will they remain unclear some republicans failed stimulus this week take a look at the profit in the market then politics but arties. We have a lot to get started. The United Kingdom just clenched its 1st major postbag to deal with the worlds 3rd largest economy well the agreement with japan is a big one for the u. K. Japanese foreign minister confirm the agreement was reached in principle. At 4 pm i had an Online Meeting with International Trade secretary liz truss and we have reached agreement on comprehensive Economic Partnership between japan and the u. K. In principle. In a press release britains trade department stated the deal is expected to increase trade between the 2. Countries by 15200000000. 00 euros while u. K. Businesses will benefit from tariff free trade on 99 percent of exports to japan well the deal still needs approval by Japans Parliament which would be passed by january well this comes as britain published an initial estimates on the countrys growth for the month of july well estimates show that the g. D. P. Grew by 6. 6 percent this according to data from the office for National Statistics the economy showed a decline of 11. 7 percent compared to the same period last year for all u. K. Recovery is not expected until 2022. We focus a lot on equities but it turns out many of the biggest movers this year are commodities while oil being one of the biggest decliners down over 40 percent and Precious Metals were they are taking the spotlight as gold reach new all time highs just this year joining us now to discuss who must cohost and rick rule c. E. O. Of holdings rick lets start there the bloomberg piece is its highlighting this period as the age of disorder where a return to the stagflation of the 1970 s. Would be bad for stocks and even bonds but they actually favor commodities do you agree that thats where were putting. Our i think frankly. Overall on with. The artificially low Interest Rates which traditionally. The 2nd part of your. Model you think its in. Our Financial Instruments or our. Long term. Oil if you read it right. So what youre going to see is. Later. Yes please. Call us. From detroit. Will. Certainly be well on the way to. When people are turning to commodities versus you know as as a dollar continues to weaken kristie china seems to agree with this line of thinking as its announced that it plans to boost its strategic commodities reserves to ease anxiety over both the energy and Food Security well what disruptions are they preparing for and what are they actually stockpiling. What china announced that starting and 2021 it will make quote men most purchases of crude Oil Strategic materials as well as farm goods so Officials Say that this is being done in order to ensure that china can ride out any repeat of this years supply disruptions or any deterioration in trade relations with the u. S. So this is also part of its greater goal of achieving more selfreliance which is part of its 5 year plan to 2025 so while this announcement just came out traders have actually been seeing the stockpiling this massive commodities hoarding already happening across the board for some time now china has been buying up Raw Materials and strategic goods far in advance of what the economy needs currently right now so what this means is that we should expect to see a drop in other imports which are still down heavily year over year as a Worlds Largest consumer shifts its focus to commodities so this gives traders another kind of magic narrative to go along commodities versus other Asset Classes so in addition to the stagflation worries i read just poke about we also have the largest fire now supporting all of these Commodity Prices across the board so it seems like china is preparing for the worst and not expecting the geopolitical landscape to settle down and time so we rick you mentioned Precious Metals and seeing that increase by later in the die. But they are taking a turn lately to the due to the downside as the dollar recovered a little bit from the drop out against that euro do you expect gold rally to continue or where are we going to see it stand at this at this year then do you expect macro policy in the 4th quarter to affect these Precious Metals in the short term. I do. I think wall. Street will. Fire well mark. Omara and so there will be. Really until we have a lot of really great. But my suspicion. Rational thought well. What about oil where do you see that going by the end of this year. Never know what the. Who are who all of them are. Who are. Trying to. Play go. About warmer when were well. You know. When. And when. The. Crisis. Seems sure what will bite you around i really. Well over the next few months were going to continue to monitor that given the demand it whether or not it goes up and down again depending also on the. Numbers kristie the u. S. Equity market meanwhile is poised to wrap up its worst to weak performance since march and unfortunately the timing is just bad as Companies Across Enterprise Software gaming and even health theyre all set to go public next week and its one of the busiest stretches for i. P. O. s just this year whats the latest. So lets look at some very bad luck with these companies who plan to go i. P. O. Next week because just 2 weeks ago it looked like it was the Perfect Timing for a tech i. P. O. The market was an all time high as the optimism was not logical but it was infectious as a tech rally led into all the other sectors and kind of lifted them up too but then all of a sudden the market turned as softbank exited its texture of the trade so now the market the tech sector looks pushy at best and unfortunately its a really bad timing for all the scheduled i. P. O. s that we have on deck so some of the biggest names that are poised to hit the market including database vendor snowflake Gaming Company a Unity Software and tele Health Provider am well so these come. Originally planned to go public earlier this year back in april and may but they had to put their plans on hold due to cohabit so when the market then subsequently bounced back and next hit all time highs again these companies we started the prep work to shoot for post labor day i. P. O. But in their haste to restart the process and sell shares Tech Companies could find themselves bumping up against a shifting market condition since reaching a record high on september 2nd the nasdaq has now dropped more than 9 percent volatility back and news offerings are not immune to the general Market Sentiment and it doesnt look like its going anywhere were going to keep an eye on that for you boom bust cohost christine and rick rule c. E. O. Of Holdings Thanks for joining us today. On thursday Senate Republicans failed to pass a new coven 1000. 00 economic stimulus measures in the u. S. Well all democrats voted against the 500000000000. 00 package given it was far from the 2. 00 trillion that they were looking for well this leaves many struggling americans now doubting lawmakers will even be able to pass any more stimulus during the final weeks before the november 3rd election for a cross between politics markets and the economy we are now joined by arties host of the scott email Hughes Scotty good to see you my friend lets start with the senator good to see you to share on thursday if fail to pass this this big new relief package this could have been the last vote before the election whats going on. Well thats the thing once again politics is crossing right here and if the republicans would have passed this while yes it would have brought some relief to those on main street who are continuing to hurt after being crippled by the coronavirus it would have also put a win in the democratic column because this was a Democrat Bill from the house we have been somewhat at a stalemate for the past few months since the 1st round of stimulus plans and so the republicans and their response to this very large bill that you mention that the democrats were pushing was they were going to a very scaled down slimmed down bill that took out the stimulus check this 2nd round of stimulus checks but did include an extra 300. 00 per week for Unemployment Fund as well as 157000000000. 00 for Small Business so it would have been some extra early but that would have passed and the republicans would have had a win so like Everything Else they are this year republicans and democrats refuse to give each other any credit even if it means those of us and main street america are different to be the ones suffering the consequences definitely are the stimulus talks like you said have been of a stalemate for quite some time now now were really close to the election obviously republicans want no more than that 1. 00 trillion now theres a difference between the economy and markets the economy is obviously not doing well at all markets while theyre struggling but theyre up and down and volatile how is this going to impact the election. Well obviously when it comes to the market youre going to be more stable going into any election but what it comes down to it on election day the number one thing that matters to voters is the price of their gas the price of eggs their milk and if their children are safe in school the economy is still the number one issue to voters today in recent polls it hasnt changed but if people arent able to actually afford the lifestyle they want for their family and dont feel like theyre going to be able to afford it theyre going to ask for a change at the voter box so obviously if you are republican right now you are wanting to stabilize it and make sure that the American Dream is back if youre a democrat youre trying to show guess what we are far from recovery and the plan that were on right now there isnt one according to democrats so this definitely is going to have an effect on the election as the economy basically just depends on whether or not you are feeling the true facts of the coronavirus yet or if youre afraid your might feel them in the future well thats whats interesting here when joe biden announces Vice President pick kamel harris wall street cheered right they cite relief because they are part of the elite is this a win win scenario for those nations elite. Well thats the thing the nations either way donald trump himself but he never really play you played the wall street game but he didnt actually play the wall street game call herself has actually very progressive she was noted as the 2nd most progressive. Person in congress of the last term so wall street might be kind of a false assurance they might be thinking theyre getting more of a savage with her policies some so herself actually are more aligned with Bernie Sanders the same type of group that inspired the occupy wall Street Movement a few years ago so i dont know if its a win win for anybody because unfortunately sometimes when the wall street wins america loses so at this point the politicians are doing whatever they can to make sure that its more about winning and getting back into their job not really worried about americans keeping their son i want to get one more question and before we end the segment about this stimulus right. Our suffering in employment rate is less a little bit less not as much as it was before but its still close to a 1000000 thats still a lot now theres been talk about president signing the executive order to provide some funds to the sectors that need it most what are the likely whats the likelihood thats actually going to happen before the election. And well the thing about this do is just remember this is 300000000000. Years krone relief funds and this is money the president feels like he has the right to use it if its going to get him people in some relief to those he has no problem as weve learned to sign an executive order the question is it would have looked better to have it go through the right channels through congress if they could release to greed but it makes you want to worse is 300000000000 thats already been appropriated why is it being used yet where is that money coming from why is it not going to the Small Business groups that still are looking for some sort of relief in order to keep their doors open ryan a lot of them that had to close scott email hughes host of news is hughes thank you for making time for us my friend good to see you. Thank you so there. Goes your friday Global Market walk where we start in russia where the molex is down for the week russias Economic Data showed a contraction of 8 percent in g. D. P. Year over year for the 2nd quarter beat expectations of a drop of 8. 5 percent now the ruble rebounded this week after hitting 4 and a half month lows in asia now the markets there the shanghai composite is in the red for the week despite some gains on friday it lost nearly 3 percent on the week its biggest weekly drop in the early 2 months as tensions continue between the United States and china in hong kong the hong saying is also in the red the index fell on that wall street tech sell off on friday 10 cent added nearly 2 percent while Semiconductor Manufacturing International Corporation it actually jumped 6. 8 percent. In japan the nikkei has our 1st green arrow of the week this is despite its biggest drop in a week and a half in response to that movement on wall street the nikkei closed up pretty strong Softbank Group gained one percent on friday alone in india the sensex is actually also in the green for the week it gained 1. 3 percent Reliance Industries added 12 percent on rumors of a possible 20000000000. 00 deal with amazon over in australia the a. S. X. In the red for the week the index hit 2 month lows and it fell by one percent on friday alone australia is facing tensions of its own with china in south africa the all shares is up for the week with its best week since june despite data released with a contraction in the mining and manufacturing sectors for the month of july will the ran again weekend against the us dollar on the news moving to europe and the americas in london the footsie for the week Energy Stocks were actually up while concerns over another round of lock downs really sent those travel and restaurant stocks down the french and the german dax also up on the green now the markets closed pretty flat on friday on that brags that being in limbo and the European Central bank not moving Interest Rates on thursday moving across the atlantic that you will best buy in brazil is down for the week the rel was near one month highs but stocks fell again on that wall street sell off on thursday brazils government introduced a constitutional reform bill that would give president kerry will some not 0 the ability to eliminate Public Sector jobs without congressional approval now heading to mexico where the b. M. V. Is also in the red mexicos finance Ministry Said theyre working with private banks and the central bank to extend credit rules that will limit default due to the pandemic moving north here to the United States where all 3 major indices the nasdaq the s. And p. And the dow. Well there all in the red there just short of completing that rebound from that big tech sell off tech market really struggling coming out of those lows the nasdaq had its worst week since the month of march finishing things out in canada where the ts acts in toronto up for the week generally some Weaker Oil Prices drag down the t. S. R. Acts but thats not the case this week and already companies all their concern over the governments contention that they reduce the Carbon Intensity of fuels which the government says will improve the economy and that its a Global Market walk. Time now for a quick break but stay here because when we return amazon is under fire for reportedly price gouging essential for in the pandemic well discuss the boom bust cohost spent so long that as we go to break here the number is adequate. To get the bill really kiss near those who really can show you. Show that they can just be suitably. Without a surprise on the job that i stay so that. You know none of it is to be in a bowl of christmas dinner good to see you. Go to sleep during your force wake would be near must of missed it and thats the right spirit i did it was more than 6 pm and then you know the state via google should. The school issuance for you to post to a place to do. Its a. Story. We are but its. Ringback ringback your values that are worth a bullet. Is a very pretty i missed. You. When you used the book with the Scottish Government those that would use of. Your suit but you know. Amazon is coming under fire from a Watchdog Group claiming that the ecommerce giant has been price gouging the public over essential items needed during the pandemic well according to a new report from the nonprofit Watchdog Group Public Citizen amazon listed 15 of its own essential products including disposable face masks Hand Sanitizer toilet paper paper towels markups ranging from 76 percent to as much as 1000 percent compared to previously listed amazon prices or other Retail Prices well joining us now to break this down. And investigative journalist ben swan ben this report its pretty critical of amazons behavior what specific examples are listed in it. You know theres a couple of pretty interesting ones one for instance is like a company like clorox for instance one example given clorox was selling a canister of 75 disinfectant wipes they were selling it on amazon for 37. 95 on august 11th you can compare that though to that same canister being sold at walmart and target on amazon clorox was selling it for 8 times the amount they were selling it at walmart and target on the same day 4 but whats really interesting about this isnt the 3rd Party Sellers its amazon itself in fact the report found that the highest percentage increases in products actually came from items that were quote sold by amazon for instance they give the example of a 50 pack of disposable facemask cost around 4. 00 before kobe 1900 amazon about a 3rd party seller amazon was selling them for 40 dollars so essentially what were talking about here is remember you know i believe in free markets you know that i believe in supply and demand but amazon has actually made the rounds of the press saying that they were going to punish and remove 3rd Party Sellers who were galchen the public now it turns out amazon was doing the same thing they said they were going to punish others for well their press punishing others while doing it themselves pretty ironic here as an amazon knew they were in room for themselves of course and of course their competition right right then i mean i was an amazon user i definitely saw those prices skyrocket and i found it pretty interesting but didnt go as far as to question why thought maybe the the demand was just extremely high but amazon has that in the past that its been working like you said to ban these 3rd party users who werent price gouging but now when this report amazon continues to do this right well meanwhile theres new reporting that amazon basic products theyve been reported as fire hazards as well but apparently not dangerous enough for amazon term move them from the marketplace. Yeah apparently theres a whole set of these one guy was saying that apparently theres a u. S. B. Chargers u. S. B. Cables that have melted one that melted inside of a room and started to fire when his baby was in the next room over but heres the things there are its not just one or 2 complaints or were talking about over 1500 complaints according to media reports have been filed in just the last couple of months of people saying this item started a fire in my home or exploded or burst into flames and they still remain on amazon site and by the way one more quick note about you know amazon removing the other 3rd Party Sellers just going back to that for a 2nd 10000 amazon said it removed 10000 accounts of 3rd Party Sellers because they were in the wrong for price gouging again amazon did it themselves and now apparently seems to be leaving up items that explode or catch on fire even though they have credible reports that its happening well well see the spend how do you think this is actually going to impact if at all Consumer Trust because people find it so easily to just click of a button amazon prime you know Free Shipping within one or 2 days its the convenience of it right its a company thats doing amazing during the pandemic. You know it is to an amazing heres heres the reality amazon is a very unique just like a lot of Tech Companies are right now that weve never seen this phenomenon before which is simply this that you have lots of people out there who love what a company does but hate the company they dont like the company they dont like what amazon stands for they dont like the way amazon treats its workers they dont like the way that amazon price gougers or the way that amazon is essentially kind of hurting 3rd Party Sellers on their site by competing with them but because that ecommerce giant is so huge and so convenient people will tolerate it or put up with it which simply means the market needs to provide competition for amazon a company thats better run treats People Better treat employees better and has better products and thats how you beat them as well right now much like you said that there is no competition there is something new i think at walmart weve talked about it before you and i while my right is trying to. Do something similar with some sort of today Free Shipping. Yeah walmart is but people dont like walmart either its just it was not as a sara lee a very good company and their way of competing with amazon is in 2 days you can drive to walmart and pick it up there will have it for you who wants to do that you have to compete with amazon to the level that they are getting products to people but i also believe by supporting and actually encouraging mom and pop shops encouraging 3rd Party Sellers there is space for competition for amazon because they are destroying an entire set of the middle class in this country through ecommerce theres no reason why ecommerce cannot coexist with those companies it cant if there is greed involved but if the goal is to actually build in and support Small Businesses i think there is space there is just someone has to do it with the right motivation well again im bases has become even richer during this pandemic i mean everybody is turning to amazon like you said because of the convenience or looking past that now you know all the issues that amazon is having to do you see anybody really coming in i mean yes theres an opportunity there but who. Yeah i dont see anyone right now i. I think it has to be something thats birthed and this might sound a little preachy but it has to be birthed out of philosophy and ideology and secondly out of business you say we take this philosophy that says what are we trying to accomplish are we trying to become the biggest Richest Company on earth or trying to have a a chairman c. E. O. Whos worth a trillion dollars if that is your motivation youre never going to be able to be that instead you have to have the motivation of i dont need to necessarily be the richer more powerful but i want to empower people if we can create a system where people want to do that i think customers will flow to it i think businesses will flock to it competition will come when youre doing the right thing not just having a profit motivation having being creative here and of ativan and presenting something thats close to or better than than amazon will be the key west coast an investigative journalist bent on thank you. Thank you thats it for now catch boom bust on the man on the portable t. V. App available on your apple and Android Devices or simply check it out on portable dot t. V. That. Is you will be a reflection of reality. In the world transformed. What will make you feel safe. Isolation in the community. Are you going the right way or are you being led. By. What is true what is faith. In the world corrupted you need to descend. To join us in the death. Or a mate in the shallows. Problem drugs dont always come from unscrupulous dealers but from pharmacies to in every state in the United States we see me very sharp increase in the number of people seeking treatment for addiction to prescription opioids and invaded america under the banner of medicine persisted with the pain but instead of trying to wean him off though she just goes after dose after dose after dose and really became his drug dealer so whos to blame patients doctors manufacturers all the governments. You just have to fly between 2 tons of fluid and as fast as you can. Do much of it i was watching the producer push for the. First from the latest. Of the stores in 1st as of course water rushes in racing is competition in the extreme to have a fully used to specified route between the lines with the fastest time just to be. Reasonably good. It is really. Good there is a. 7 yellow bus activists regroup in paris defying a ban on large gatherings and medics spike in corona virus cases 200 a rest have already been made. Also this hour germany says its. Accepted moscows request to cooperate on a probe into the alleged poisoning of opposition figure had a volley as the issue fires up german lawmakers at a debate in parliament why does novell need such a level of protection from our Security Service and political murder is part of the putin system why would the russian government be so stupid and even let no one we fly out to