Transcripts For RT Boom Bust 20240712

This is the one business show you cant afford to miss im sorry montevideo brainwashing and coming up Global Markets are reacting to buying rather trump health is improving in his tweet just hours ago as well as hoped for more stimulus we have a panel standing by Airline Industry hoping for another stimulus bailout but will the industry boost passenger confidence after administering rapid covert 19 tests have a lot to get to our. Internal documents reviewed by bloomberg show exxon mobil is planning to increase annual Carbon Dioxide emissions the documents revealed exxons output will be the size of the entire country of greece in a statement exxon said these projections are an early assessment that does not include additional mitigation and abatement measures that would have been considered as the next step in the process adding the same planning document illustrates how we have been successful in mitigating emissions in the past this comes as rivals b. P. P. L. C. And Royal Dutch Shell are moving in the opposite direction this to to curb oil and 0 emissions the internal documents also show exons 210000000000. 00 Investment Strategy yearly emissions its expected to rise 17 percent by 2025. Days after testing positive for a covert 19 President Donald Trump took to twitter and confirmed hell be released from the Walter Reed Medical Center on monday evening stocks are still rising this as u. S. Lawmakers seek to end the ongoing gridlock that has kept them from passing that 2nd stimulus package arties rachel. Now live from walter reed with the details rachel. Yes air president travis is now saying that he feels better than he has in 20 years after just a few days of treatment here at the Walter Reed Medical Center now even though he is set to be released monday night there are still concerns for his condition moving forward considering the fact that it is been less than a week since he was tested positive for cope at 19 now in the same way that we saw the markets react to his diagnosis last week were now seeing them react once again to all of the optimism that is coming out of the white house as a result of that on monday the as and p. 500 was up 1. 7 percent the nasdaq index climbed 2. 2 percent and the Dow Jones Industrial average was up 1. 6 percent and theres also been a lot of optimism surrounding democratic and republican lawmakers and whether they will finally be able to come together to put out yet another stimulus package now House Speaker nancy pelosi is saying that progress is being made we know this week that the senate is expected to take a vote on a bill and they say the bill will include a 105000000000. 00 for education 16000000000. 00 for coven 1000. 00 testing 31000000000. 00 for Vaccine Development and 15000000000. 00 for child care grants now its not clear yet if that bill is going to be the magic one that passes and get support from both sides considering the fact that the numbers in it have been heavily criticized by democrats who say that republicans are doing the bare minimum for the American People now meanwhile out here at the Walter Reed Medical Center behind me you can see that there are crowds of supporters that are out here for President Trump theyve been out here every single day and on sunday he decided that he was going to join them in a way by taking part in a motorcade parade now president europe was seen in the backseat of a car wearing a mask and waving at his supporters and not move to a lot of criticism for many who questioned whether the secret Service Members involved were truly being taken care of and provided for and whether they were. As a result of that those critics included an attending physician at walter reed who took to twitter to write every Single Person in the vehicle during that completely unnecessary president ial drive by just now has to be quarantined for 14 days they might get sick they may die for political theater commanded by trying to put their lives at risk for theater this is insanity now we are just a few weeks from election day here and we do see you really trying to show strength in the face of this kind of in 1000 diagnosis and we know that we will continue to see mounting pressure surrounding both this health and whether or not lawmakers are going to be able to come together to pass a stimulus package any time soon reporting from outside walter reed great job love and see. For more we are turning to the partner and director of Trading Research and education for market gave dot com Michelle Schneider and Euro Pacific Capital c. E. O. Peter schiff michelle lets start with you both the United States and global starks stocks that they are reacting to trumps improving Health Condition now leaving the hospital on expectations also that washington will reach a deal a stimulus deal what do you expect to go on this week. Well 1st of all nice to see you again sara one of the its very interesting is we have to sort of break stock market down into different pockets so what were really getting in the most today in terms of the sectors was the biotechnology space and that has really been very little to do with the stimulus and a lot to do with how quickly trump at least has received gotten over the symptoms and of course we know part of it was the cocktail that hes receiving using part of the to regenerate on drugs but hes had all the drugs as well so the hope and some to pick ation for the Drug Companies to continue with symptoms that they can deal with and vaccines is very strong and that really helped the market as well as that whole biotech space as far as the rest of the market. Trumps health may have had not as much to do with it as not only to the hope of the stimulus but also sort of banking on potentially a buy new way and its what the market looks like its reacting to because starting friday even though the markets swoon with the announcement of trumping l. The small caps the transportation and the Retail Sector are what we like to look at as the real inside of the u. S. Economy actually all calls green and those gains continued again with even though the nasdaq and the spying the dow closing up the i w. M. Which is the russell 2000 closing up Even Stronger so yes theres part hope on stimulus there is part of obviously good news about trump Getting Better and of course proving to people that maybe its not as scary which is a good message he wants to deliver and then theres also the part of the polls in the biden when and what that means for the overall economy Going Forward well its interesting because the polls had Hillary Clinton winning 2016 so a lot of people skeptical to even believe the polls at this time peter youve been very doubtful that another round will get done before elections were less than a month away from them has that viewpoint changed or do you still think the market is bubbling up on on this false hope. Well its certainly possible that we can get another round of socalled stimulus but none of this stimulus actually helps the underlying economy and it doesnt do anything to increase productive output of the economy it does stimulate the markets and makes stock prices go up so clearly there is an interest in trust for that but that doesnt help the actual economy all it does is the base the value of our money we very well may get another one of these phony stimulus is before the election but i think the prospect of a Biden Victory is decisively negative for both the economy and the stock market the only Silver Lining in that cloud from the perspective of the stock. That is since the economy will be so much weaker under bidin that the fed will be called on to do even more monetary stimulus so theyll be a lot more inflation create a lot more money printing and abided ministration at a troubled ministration although were going to get a lot of both regardless of the outcome but will probably have even more of a if if biden wins then trump and so that could provide more fuel for the stock market bubble but remember taxes on corporate earnings are going to rise substantially not only at the corporate level but on the individual level because corporations are subject to double taxation so were talking about massive increases on corporate taxes effective tax rate that substantially reduces the value of those corporations so its going to take a massive amount of air to blow up a bigger bubble given that the fundamental value of stocks will be so much lower under biden that would be the case under trump well michelle you mentioned the election coming up and that the markets are reacting to the polls and a possible Biden Victory but were weeks away from the election and much like peter just mentioned wall street is going to to possibly see these higher taxes and even tighter regulations that others are saying much like peter also said the fiscal stimulus there would be more of it under underbite and that would sort of help stocks what do you think. Well i think its really difficult to make any kind of assumptions of whats going to happen and whos going to win but i do believe we can look at the market right now and as of right now with wyden ahead in the polls whether its a real or a mirage and given the fact that its no secret that corporate taxes will go up as i said the u. S. Economy in terms of what were looking at in terms of the small caps which is the manufacturing within the United States its not these large corporations transportation which of course is the demand side of the economy how goods are moving and retail based on the fact that we are consumed. Based economy given its a huge percentage of our g. D. P. All have rallied over the last 2 days could it just be sort of a rotation after there was too much money in this in the tech sector in that sector and thats come on its possible that all the reverse biden actually wins and also possible but i think theres one other thing too that it really doesnt matter one thing i actually totally agree with peter on is about inflation if the dollar track continues the way its going which is thing going south and the fact that theres been so much shortage in terms of food was supply Chain Disruption Climate Change whether you want to use that term or not it just is a fact that the food is a shortage around the world right now china actually has employed a clean slate rule now where half portions are being given at restaurants this will create a possible inflation which could turn into a stagflation which means both the democrats and the republicans will have very little tools to be able to do to avoid that so the dollar is something that i would keep the very big guys on right now no matter who wins well seeing the dollar peter we just saw a rise in gold prices on a weaker dollar right now theres been this long term cycle where gold actually tends to bottom out every 8 years or so i believe the last a low we saw was in 2016 so we wont really see one or the next one until 2024 does that mean its only going to remain going up from here. Why they gold is now building a new basis of chord around the old all time record high we know we got up to 1900 back in 2011 and then gold sold off and pulled back down to earth 1000 but now weve really broken through those highs and i think once we finish building this new base of support gold is going significantly higher and yes in that same environment the us dollar is going to lose a lot of value not just in terms of gold where will lose the most value but in terms of a lot of other fees currencies that will lose less value than the dollar. And so that does mean the cost of living in the United States is going way up and so you know people who are staying at home and who are living off a government checks those checks are not going to buy nearly as much because the price of everything they need to live is going to be getting higher and higher and higher so the value of those benefits is going to go lower and lower until ultimately if we completely destroy the value of the dollar and we have hyperinflation then none of that matters it doesnt matter how much money the government says you know if you cant buy anything with it its a matter how much money the government sends you or what party sends you the money either way or looking at a lose lose situation here myself snyder director of trading education and Research Markets dot com and peter schiff of Euro Pacific Capital thank you both so much for your time today. Thank you for the u. S. Airline industry is looking to test passengers for covert 19 and hopes of bringing life back into the actual in the street well since a crown of iris emerged air travel has dropped by 70 percent in the u. S. And some believe testing might help people gain that confidence to fly once again arties alex mahela todds a story with hundreds of planes grounded. U. S. Airlines are hoping to take off once again by implementing a new coronavirus strategy the industry is planning to make over 1000. 00 tests available for passengers before they board Flights Airlines including united american alaskan and jet blue have announced programs which will offer mail in tests that will be sent to passengers homes or rapid tests at airports hopes are by implementing testing passengers would feel more confident to fly while lifting the need for travel restrictions and mandatory quarantines in the states many are seeing this as a possible lifeline for the Airline Industry which has been ravaged by the coronavirus september 30th was the last day of a 25000000000. 00 federal bailout package which assisted with payroll. In the industry and the airlines were hoping to see a new pandemic plan take effect last week the republicans are blaming the democrats for the lack of action was just days ago called the fertile of more than 32000 jobs combined at united and American Airlines nancy pelosi has said numerous times that she would keep us here to get it done that was in july. She made his way all summer but who did she really make way Small Businesses that have now declared bankruptcy are those people that are employed by them there are now out of work or those at their unemployment the do not get the extra benefit or what about the airlines could she not see past politics for wants politics aside it is estimated that the u. S. Airline industry supports approximately 10000000 jobs and accounts for 1. 7 trillion in u. S. G. D. P. While not necessarily a solution the idea of using covert 900 testing as a way to boost the Airline Industry is not new and has become commonplace in some countries for months france germany and iceland were among the 1st countries to announce covert 900. 00 testing for passengers their airports in russia a diagnostic test is being offered at one of moscows Biggest International airports with results being returned within an hour and talking about russia that country and finland have kicked things up to another notch by introducing mans best friend into the mix. Finland has already deployed dogs in helsinkis International Airport to sniff out those with covert 1000. 00 in less than a minute at a 94 percent accuracy rate according to some studies while in russia dogs are still in training where we do we have chosen a 15 working dog i believe will have the 1st results of the by december internally there is not a single test that offers 100 percent accuracy the rate at which the tests fail to detect the virus in a person who is actually infected known as a false negative rate ranges from 2 percent to 50 percent depending on the test never mind the concern for false positive results at the facts that people who are tested a few days in advance have time to catch the virus before flying and that testing is optional it is obvious that the danger of catching corona virus on a flight is not gone in addition the tests are pricey in the us they cost between 80. 00 and 250. 00 while some Health Experts hope that a quick and accurate test will be made available at airports in the future for now they believe that even if all passengers on a plane are tested masks and physical distance they should still be recommended the latter being quite difficult in a plane full of people for boom bust im alex my. Time now for a quick break but stay here because on a return the ongoing saga between the u. S. And tick tock in 10 years but theres a new twist on tell us the 1st all media story that well the scots next and as we go to break here the numbers of the fires. It was a very nice show from president. And i could have said no thank you or i could have said thank you and i said ill take it and now its time to introduce my. Mr donald trump thank you susan. Name whatever you want to name i mean i dont know how would i come the news that. Comes out a recorder networks and totally dishonest c. N. N. Is you know 100 percent negative. Changes so sometimes ill say thats going to be a great story be a pretty good report another as good as you. Will see what happens. Well see how this bill will be 6 of. The United States economy resembles to a large degree the economies of countries that the United States typically makes fun you know the u. S. Or the United Nations will send aid and theyll send money to countries lets say in africa for example thats big on africa but it does happen where the money never gets distributed it just ends up if he did leaders of that particular country then they become fabulously wealthy. A new twist in the ongoing saga between the United States government and social Media Company to talk new reports indicate that tick tock hired a former chinese diplomat to oversee its global content policy unit which decided what contents. Would be allowed on the short form video up that former diplomat causing worked in Chinas Embassy in iran for 4 years prior to taking up that role with tic toc a post he held until earlier this year joining us now to discuss our bloomberg poll shows just and so on and kristie give us some more background on this ng and why this news could affect the relationship between the United States and tick tock. Well i think 1st of all this headline is being blown way out of proportion the fact that the administration wants so badly to somehow be able to tie tech talk to the Chinese Government that is now trying to pin everything on the face of one man that this one man somehow symbolizes all of beijings influences and all of the c. P. S. Ideology so thats just plain ridiculous and thats pure Association Fallacy where you think is a is b. And b. Is c. Then therefore all of b. Is c. So 1st of all like these are very sensationalist headlines that were looking at calling him a high Ranking Member of high ranking former chinese diplomats touting that he was a really big deal and i mean if we look at the facts most many people work at the embassy and right now he is just another suit because he just worked at a Chinese Embassy in tehran for 4 years those are all the fact that we actually know so the fact that it was his job is not any proof of closeness to beijing and theres no direct evidence that thai influenced any decisions on behalf of beijing during his time at tick tock so and then lets look at what he actually did he wrote guidelines for what videos were acceptable on tick tocks platform but also for other apps including hello which is this will networking app as well as the go video which was a video app so he was hired based on his previous experiences not because of its previous role in the Public Sector so right now that these headlines are coming out and made to sound like such a big deal its going to be very troublesome for the relationship between the u. S. And tech talk Going Forward and frankly it makes it look like the u. S. Is just grasping at straws at this point and sure tek talk has deleted and removed some of its content that are considered very controversial which has resulted in some outrage and apologies but how is that different from any other u. S. Ups weve had instagram removing all the key. Cannabis related posts all the Time Facebook they shadow ban content lots of political content as ben is all too familiar with if not outright moving that and then we also have apple which they sometimes just remove your app from the app store without notification it removed numerous blocking wallets numerous gaps on device currency mining and many many more well then kristie is making a point here and i thought the claims against tech talk word regard to an issue of security a National Security issue that were looking at but this is obviously about a different issue this is about content and more about censorship right. Yeah this is about change the subject right originally the subject was it was all about debt is your data secure it is to talk sharing that data with the Chinese Government that was what we have been hearing now all of a sudden this claim is christie said is based upon one person saying well because he worked in the Chinese Embassy he has a direct tie to the Chinese Communist party and therefore he has this huge threat now heres the thing you know there are accusations that tick talk has since sort of removed posts that are critical of the chinese handling of the week is obviously a very big issue and its definitely it is worth a discussion and its worth looking at whether or not to call to talk has been doing that whether its the result of this guy or someone else if ticked off because then that is a problem but my frustration is thats not the conversation were having the conversation the u. S. Is not having is not one where they say that social Media Companies need to be sincere free platforms they dont believe that at all in fact the u. S. Government encourages censorship of content they encourage facebook and instagram and you tube and google and apple as christine was saying his sins are all kinds of content but look at Mark Zuckerberg just as an example saying that within 2 weeks of the election they wont even allow political posts we posed that all right hows that election interference 2 weeks before an election youre not going to allow any content to be placed there google coming out and saying that any leaked documents that come from company into things like wiki leaks would be banned from their platforms and if anyone puts them up on youtube any information from leaked documents youll have your account removed so its not about the u. S. Taking a stand and saying we believe in sincere ship free platforms theyre saying we want to control censorship on those platforms and were going to accuse the chinese of doing the very same thing that we are encouraging right here in the United States every day a completely different subject much like like youre saying then chris i want to turn to 2 chinese chip makers Semiconductor Manufacturing International Corp arsenic and theyve taken that preliminary exchanges with the u. S. Bureau of industry and security regarding some export risk. Actions is there any chance that theyll see the us back off some of those attacks the theyre now facing no i think its going to be foolishly optimistic for snake to think that there will be any backing off or reconciliation at this point since both china and the us have made clear that the decoupling is now in full effect and both sides are determined now to be very selfreliant so to think that they will be treated any differently or with any less hostility than take talk on huawei thats basically burying its head in the sand and ignoring all the warning signs of its predecessors so. Theyve denied any allegations of ties to the Chinese Government and the fact that there has been no evidence never deterred the u. S. From these accusations but this administration right now theyve brought in the term of National Security way beyond that of any Previous Administration when it comes to china right now National Security is defined as data basically all data all chinese tag is apparently suspect according to this administration so while smic theyre still playing ball with the u. S. And jumping through all the hoops set out before them in order to obtain these special licenses in order to continue to use u. S. Parts it knows that these days are quite numbered at this point and the u. S. Has ceased to become a reliable trading partner so earlier this year smic raised a 6600000000. 00 in a listing on the Star Exchange in order to fill up its war chest and kick start the Manufacturing Industry and more advanced technology sounds a little too familiar here we saw this play with with wall way not too long ago and that fight continues while boom bust cohost christine and so on thank you for your time today and for helping break this down. Thats all for now you can catch boom bust on the man on the portable t. V. s available for your apple and Android Devices or simply talk about it portable dot t. V. Well see you next time. The world is driven by a dream shaped by one person. Thinks. We dare to ask. Is wrong with us as american Citizens United want to talk thats why. Were in a tough time we have a nasty guy and i think. I would vote for a republican over trump i would vote for anyone whos not you and has half a brain defeat john john please if you get. My 2nd wife. She can handle it. She and i divorce because our trouble is a lot of them president and i floated for him and she crashed and. We are now in the most important election. In our history list of the months to go before the next president ial election how is the atmosphere in the us now. What are the highest priority problems how will they vote which they do next. Just some of the questions we put to feel really american. Lets listen a little. Our breaking news story this hour protests including escalators to form or officials are released from prison abuse white house catches fire. And other headlines armenia and azerbaijan its closer to all out war as the conflict over. Enters a 2nd week report from inside the disputed caucuses there are 3 scenes like this 11 here in the corner karabakh in fact this tiny village alone was battered by 6 massive is one of them