Transcripts For RT Boom Bust 20240712

Is boom bust the one business show you care if afford to miss friendship or in washington coming up another world leader has tested positive for corona virus as the pandemic continues to ravage the globe straight ahead we bring you the latest details on the breaking diagnosis and how the world is responding and there has been a major crackdown on the cryptocurrency industry of Exchange Giant bit max has faced some scrutiny from regulators well bring you up to speed on the controversy with 2 keen crypto observers with a packed show today. We lead the program with news that u. S. President donald trump and 1st lady maloney a trump have tested positive for cope at 19 the president announced the diagnosis on twitter hours after tweeting he and the 1st. Lady were waiting for test results following news that one of his top aides hope pics had contracted the virus in a tweet sent around 1 am friday morning trump said they will begin the quote quarantine and Recovery Process immediately adding we will get through this together following reports questions were raised as to whether other Administration Officials had been exposed to the virus Devon Omalley the press secretary for Vice President mike pence issued a statement saying as has been routine for months Vice President pence is tested for coping 1000 every day this morning Vice President pence and the 2nd lady tested negative for cope at 19 Vice President pence remains in good health and wishes the troops well in recovery. So with the latest news well lets take another look at the trends and spread a virus globally with our 2 correspondents. Star world with writer so brian cowen 1000 has now infected almost 35000000 people killing over 1000000 out in the u. S. More than 7500000 current firm gait cases while deaths have surpassed 213000 so short of a vaccine still no one is safe right now from this virus not even the u. S. President by also want to take a look at us trend which is actually looking a lot better and going into the right direction as cases have been lower all of this week compared to last week so on thursday there were 41984 cases now that up 8 percent compared to last week but in prior reaks are actually seeing increases up to 30 percent in new cases so this is actually looking a lot better and then in that there were 847 reported also on thursday now thats a decrease of 16 percent from the numbers again that we saw last week and all this week the numbers have been much lower compared to last week so thats exactly the direction the country needs to be going brant and sorrow of course the biggest news story of the play is president roh being diagnosed with cobra now other World Leaders have been diagnosed you tell us about that so president is by no means the only world leader to have tested positive for the virus so far theres been brazilian president president also naro there is russian Prime Minister mikhail. And then theres been u. K. Prime minister boris jobs and now from this list u. K. s Prime Minister johnson as the experience of worst of the virus. He spent about a week in hospital and 3 nights in intensive care now President Trump on the other hand is currently only experiencing symptoms like a minor cold now theres also been other high profile figures have also gotten the virus which include chief brags it negotiator Michel Barnier britains Prince Charles there is a straight Home Affairs Minister peter dutton irans Deputy Health minister iraq. An advisor to Iran Supreme Leader hominidae id act. Now additionally brand more than a dozen u. S. Members of congress have also tested positive for the virus and at least 110. 00 capitol workers and 43. 00 members of the u. S. Capitol police some brand this virus obviously has no bias to who you are whether youre a world leader or a front line worker or just ordinary people like you and i brant are 2 correspondents side to have a juror thank you for keeping us up to date. And we have more jobs data out of the United States as the bureau of labor statistics announced nonfarm payrolls grew by 661000. 00 in september while the Unemployment Rate dropped to 7. 9 percent from 8. 4 percent in august congress had expected gains of as much as 800000. 00 jobs but we missed the mark there now the sectors that gained the most in september included leisure and hospitality retail and health care and social assistance losses came in Government Employment which lost 216000 jobs employment in local and State Government education also fell 5231049000 respectively as many schools remain closed in favor of at Home Learning due to the pandemic now this was the last jobs report before novembers election and it will be introducing to see what happens in october without another stimulus package as we are already seeing tens of thousands of travel and leisure jobs lost. In just the last week and with all of this Economic News from the president s diagnosis to a lack of stimulus to unemployment data lets go ahead and see how Global Markets reacted this week were to star in russia where the x. Is down for the week the ruble saw some gains midweek on u. S. Stimulus hopes but fell on friday spur bank shares fell 8 percent while shares they fell 3 percent moving to asian markets the shanghai composite ended the week just below flat chinas official manufacturing purchasing Managers Index report for september came in better than expected at 51. 5 midweek helping the index by mid afternoon friday the index saw significant losses on that truck over 1000 newts in hong kong the ended barely in the red following similar trends the index did gain point 8 percent midweek china ever grand soared 19. 4 percent but still not enough to end with gains in hong kong in japan the nikkei its down on the week after seeing record highs the index fell on thursday after the Tokyo Stock Exchange detected a hardware malfunction an overall trading halt was announced later that day and remain closed for the remainder of the day we see our 1st green arrow in india where the sensex climbed on hopes that the u. S. U. S. Stimulus. Bank led gains after a positive outlook on retail recovery the sensex and nifty they posted their biggest weekly gains in the last 3 months up over 3 percent each for the week the index was closed on friday and australia its in the red for the week the index tumbled on terms positive coppa 19 tests as were going to see throughout the world the countrys retail sales data for august fell 4 percent on a seasonally adjusted basis following a 3. 2 percent rise in july the all share in south africa its up on the week the stocks edge towards a quarterly gain on gold and silver boost the index did fall 1. 2 percent on friday in line with many other World Markets and now lets move over to the europe and to the. Because in london the footsie it squeaked out a green arrow despite fears of a lockdown on a 2nd coronavirus resurgence the index climbed on hopes that the u. S. Stimulus but took losses friday before rebounding just before close of trade to hit that green arrow the french and german dax well theyre following similar trends and they just finished up as well each drop point 8 percent on trumps Coronavirus Diagnosis but were able to rebound and finish out the week in the positive then this is remained pretty stable throughout the week with some gains as h. S. B. C. Shares surged effort chinas paying on Insurance Agency announced plans to increase stake in europes largest lender lets move across the atlantic to brazil where the ebo best buy it is down on the week the index hit its lowest level this week in 100. 00 days the rielle slipped point 6 percent on concerns over the countrys overshoot its spending limit investors are keeping an eye on a new fiscal aid package in the country the b. M. V. North to mexico were going to the b. M. V. It is in the red this week the countrys remittances hit their 2nd highest level since records began being tracked in 1905 remittances to the country showed a 5. 3 percent rise in the same month last year a large number of new cases continue to weigh on markets in mexico in the u. S. The dow the nasdaq and s. And p. Theyre all in the green after that tech sell off that has ravaged the u. S. Equities for weeks and then the 3rd quarter on a high note on friday they did take a hit as we have we have seen worldwide with that news with an election looming and negotiations over a new stimulus package its going to be interesting to see where u. S. Markets land over the next few weeks finally in canada the t. S. A. It is in the red the Financial Sector did see some gains this week and Manufacturing Activity expanded in september still Energy Stocks led the losses and took a plunge a further after that diagnosis that weve talked about so much in this show and that is your Global Market walk. And boeing announced thursday it will shutter the original Assembly Line for its 730. 787 jetliner in the Seattle Washington area moving production to its South Carolina facility now the relocation will begin around the summer of 2021 boeing will keep assembling other aircraft at the seattle plant while its not clear what impact the move will have on jobs Washington State representative j. T. Wilcox said it could affect as many as 900 jobs in a Facebook Post Washington Governor Jay Inslee spoke about the situation thursday when this market comes back so should these jobs we will do everything in our power to resent him. Including treating washington taxpayers fairly. And then obviously includes a hard look at the more than 100000000000. 00 in Tax Advantages that are to be enjoyed the annually by the boeing company. And meanwhile as boeing attempts to get approval for the troubled 737 max to return to service f. A. A. Administrator steve dixon piloted test flight of the jetliner earlier this week 737 max has been grounded of course for 18 months after 2 deadly crashes took the lives of 346 people following the flight dixon told reporters i completed a number of test profiles today to examine the functionality of the aircraft and i like what i saw so it responded well for more on this to break it all down lets bring in captain devastator the Communications Committee chairman with the allied Pilots Association capitated its always a pleasure to have you and have your expertise on this program what do you make of the administrators test flight and his comments following. Well im a 737 pilot and he lived up to his commitment to get in that aircraft and see what boeing fix this was not part of the certification it was just a leader saying im going to be 1st at the stick we dont know what profile he went through you know we reviewed a lot of the training right now and he submitted comments along with the rest of the globe and found some areas that we still think need improvement but theyre not on. The m. K. We did not provide comment nor did many other folks regarding net and i think mr dixon said that the m. P. s appeared much more benign but then he also went on to talk about what. The ethiopian pilots and the inability to manually trim that aircraft after was ripped from them basically by the m. P. s thats an area of focus for us and other pilot groups and regulators and he basically said well as you keep control of the aircraft theres no problem manually trimming it thats what human factor says about nets we want to make sure that the training provides our pilots and so weve still got a ways to go seems to be theres a sprint to the finish line in clearly were in a final phase but man weve got to get this right and a lot of these issues theyre not issues that theyre enhanced since that we learned along the way that would apply to the n. G. s well so we dont want to just walk by and and pick the best route out we have to make sure the entire market is is good to go on and you can you explain kept ager can you explain the factors that the f. A. A. Seems to be missing here and what needs to be done to get the 737 max and place where youre comfortable piloting again because thats really the vicki we want safety for consumers and we want the pilots to feel safe and the pilots need to feel safe as well if were going to put the 737. 00 max back into service of course i say we as in the country and the f. A. A. Not myself i dont have any role in this. Well you have a role you might be on a mac someday and thats important so clearly what the f. A. A. Needs to do is ensure and what were looking for is a pilot isnt just trained with a profile for success is given confidence maneuvers not just in the m. K. Switch which we believe has been fixed but in all these other areas where the aircraft me come on well be and youre required to manually recover the aircraft not from my a set up perfect scenario or one wired for success but one that really challenges the edge of your skills and the edge of the ensemble within reason of course there are things that memory items that the f. A. A. Has given retreat for us carriers to use which we believe are Still Critical in a couple of checklists that are being addressed in a training theres another one its a human factor we hear all about the distractions by not an airplane shaper and all these other alerts weve submitted comments along with others including us saying you need to provide the pilots once the emergency is over so we dont have to have all those alerts going on constantly away to disarm no power levels and so theyre cleanup items but theyre critical items to ensuring that the pilot is connected with this aircraft because if the aircraft is sticks and the pilot is not fully trained given the full confidence to fly it you dont have an aircraft thats ready to roll and were going to make sure that our voices heard on an already were very pleased that other regulators and other pilot groups have made similar. Inquiry and register their remarks so it shows that theres some some efficacy to all that were seeing on this and its going to be interesting because were going to have to follow where this goes from here obviously what the next steps are with the 737 max i cant leave without asking your Expert Opinion about these massive job cuts were seeing in the industry after congress failed to extend another bailout to the Airline Industry are there any safety ramifications and how is this going to affect the airline employees to see these 2. Of thousands of job cuts that were seeing specifically at american and united but but across the industry right now. But its demoralizing and were not giving up on Congress Today was another day of kind of a gaslighting way do we have a name and we didnt see you mention that you might see that thats. Near voice style of whats going on in the world and unemployment there are 10000000 jobs outside the Airline Industry that are supported by so these unemployment numbers will continue to rise if they dont take action as far as the safety aspect goes thats what really is front line workers take care of but i can assure you that the distraction and the stress even if its financial special stress on our airlines does not help bolster the safety margin were human beings these are businesses and it all comes into the mix so its critical for all areas of interest that this bridge be completed they got halfway through with tears we won but right now were in the middle of the river and the river are wider and we need this to get us over the river and to say flank is right now were walking off the edge of the bridge and we have no more fuel to hold while the storm is over the field we need this day we need it now our country needs this now or we wont be ready for the recovery and the billions that were invested in shares act one will have been squandered Straight Talk from captain devastator the Communications Committee chairman with the allied Pilots Association thank you so much for your expert analysis today. Thank you sir. And time now for a quick break but hang here because when we return there has been a major crackdown on the cryptocurrency industry as Exchange Giant bet back on its face some scrutiny from regulators are going to bring you up to speed on the controversy with 2 keen crypto observers and as we go to break here are the numbers of the close of all rabbit arrow. I. Always be polite never engage with a negative a good or confrontational. Dont get into any conversation or start answering questions just ask for an attorney. To survive and territories. Definitely dont want to. Jump on cups. Youre more likely to walk free if youre rich. Or if youre poor and. Youve got 2 eyes 2 ears and one now. So you should be seen in here and a whole lot more than youre saying if you dont take that advice easy going to dig yourself whole. Media a reflection of reality. In a world transformed. What will make you feel safe. Isolation community. Are you going the right way or are you being that. Direct. What is true what is faith. In the world corrupted you need to descend. To join us in the depths. Of the shallowness. Welcome back theres a major story in the crypto world friday as topics the actives with a major crypto currency Trading Platform have. Charged with violating us and the Money Laundering laws now the 3. 00 founders of bit max along with the head of Business Development have been charged with one count each of violating the Bank Secrecy Act and one count of conspiracy to violate the act now each charge carries a maximum penalty of up to 5 years in prison theres a lot of details to go over here so lets bring in cohost christine and bence one of the crypto experts boom bust for sure ben i want to start with you here give us a rundown of how the founders of but next are accused of violating if they Money Laundering laws. Essentially this comes down to something called k y c or know your customer laws right when you have a any kind of Banking Institution or youre associated with thinking youre required by the u. S. Government to know who those customers are and to report their transactions because its supposed to help cut down on Money Laundering now we could have a whole argument about whether or not that actually works or whether thats really the intention here i obviously am very skeptical of it but setting that aside for a minute what this really comes down to is essentially you know the f. B. I. Assistant director William Sweeney says that in this case that next its 3 founders and then its chief of operations as you said or business he says they willfully violated that banking secrecy act by evading its requirements he says that they at one point the defendants even bragged about setting up essentially the company and incorporating it in another country so they could get around those u. S. Banking secrecy laws and essentially saying that quote bribing regulators in the country they set up in was the reason they did so because it cost just quote a coconut to do so this and again i think that a lot of this comes down to the u. S. Government deciding is going to crack down on any Crypto Currency Exchange that it thinks is not giving it everything it needs to know the whole point of crypto currency is so that government doesnt know everything youre doing so theres a huge conflict here between the design of crypto and what the u. S. Government wants from it and now kristie bit. Its the circuit largest crypto currency derivative exchange based on Trading Volume one to views charges mean for the future of decentralize finance well this could actually be a Huge Positive for d 5 because as weve been saying all along here its all about owning your own keys you should have a session of your own coins and buy and trust the a to centralize exchange libet max like this then x. And all the others you forfeited the right to your point so if you dont own your keys you dont own your coins and that was a risk to all of the users of that max here but luckily for those users this time bit max actually reacted well and allowed the users to all withdraw their funds from the exchange rather than locking it up so operations still function as it should so very good on my ex for honoring the act so this recent crackdown by the regulators has shown once and for all that the centralization is a way to move forward and more projects will definitely be turning toward that route so as ben said the regulars complain again that max this time it actually wouldnt apply to defy protocol since most governance token holders they dont operate a protocol in the same way that centralized exchanges do they operate they manage and they control a play Trading Platform they have the god view of all of the account holders defy protocol as instead they are autonomy as they are self executing code and they dont hold any of the users funds so in the long term this is a good thing but as ben also said there will be a day of reckoning for all of these d 5 products because they wont be able to dodge k y z m l for ever they wont be able to fully dodge all those requirements as the us the regulators will surely crack down on all these crypto products so of course right now there is some chatter and some worry in the community that the fi will soon suffer the same fate as bit max but they look at the market right now if there was real worry on the 5 products you would it see you wouldnt see the 5 tokens like moving the way they are they would be plunging a lot more than they are today. Wouldnt be bouncing back so authorities right now they cannot directly shutdown any dexter to the decentralized nature in the 1st place so the real the 5 projects not the many scam product are littering the ecosystem i know but the true decks platforms they will continue to build an unstoppable financial infrastructure with free and open code and ill bet after the announcement of these charges theres been a huge amount of movement of bitcoin flowing out of that max why are we seeing the. Yeah it was as christie said the reason we saw that was because obviously whenever you have an exchange thats being locked up where certainly in this case you have the the founders of the exchange being charged by the way only one of them was arrested in massachusetts the other 3 with not been arrested but on these charges but whenever that happens obviously theres this huge fear that all of a sudden youre going to have this immense a lockdown of the exchange and you wont be able to get your coins out so that did not happen there is christi just said whats really remarkable about this is that the exchange was not locked down and users were allowed to withdraw their tokens and thats really really important but i also think that as we look at this i mean we are we are coming to an apex between the u. S. Government and cryptocurrency the fact that the u. S. Government fights of the way that they are only demonstrates how much legitimacy crypto is gaining such a rapid pace because they can no longer ignore it and now they must actively fight it now kristie i want to bring up a kind of a different story off the situation here venezuela has launched a decentralized national Stock Exchange built atop the theory a block already launched of the new b t v e exchanges built to enable venezuelan investors to trade stocks bonds and real estate in a digital form what do you make of venezuelas increasing push into kind of a national crypto. I say 1st off lets not call it a centralized anything because saying that its essential eyes and the same breath as you say National Credit i mean thats like putting lipstick on a pig its still a pig so this new exchange its really just digitizing traditional assets such as stocks bonds real estates into e. R. C. Token standards and basically running it on block chain so its nothing groundbreaking its just basically an overhaul in better bookkeeping and recording transactions and a more secure tamper proof way on but however the real purpose of this national Stock Exchange is to enable and power the use of the petro coin which is the Venezuelan Oil backed up to a currency so. The local economy was hit hard after the trumpet ministration significantly expanded its sanctions on venezuela i saw in response madeira launched the petro coin in order to skirt the u. S. Sanctions and expand the use of the petro in a wider agenda to give the government tools in order to quote defeat all mechanisms of persecution and national blockade cohost Christiane Burns one of course we have gone for a lot longer thank you both for that expert analysis thank you. And thats it for this time you can catch boom bust on demand on the brand new portable t. V. App which is available on smartphones and tablets through google play and the Apple App Store by searching portable t. V. Portable t. V. Can be found at portable dot t. V. Well see you next hour. Join me every thursday on the alex simon show and ill be speaking to guest of the world of politics sports business im show business ill see you then. There are very very soon. Were here but so. Far good. Every visit. To the United States is. Going to. Give you know numbers. Since we. Need. To give. You a clue to the conditions mean you can. Run for the. The world is driven by a dream shaped by one person. Who dares thinks. We dare to ask. Let me bring we have to leave it has to be like this rule they. Parted reports from the daughter kara strikes have destroyed a hospital and residential buildings realty says between armenia and azerbaijan over the hotel into the 7th day. And its every town just outside the disputed area and main conflict zone is also bombed president s and back you tell us they support the countrys military operations. I am originally from carol and ready to defend the land we will win a land track as soon as possible im going to go to karabakh and put a flag. On trial has moved to a Military Hospital as a precautionary measure after testing positive for the