Transcripts For RT Boom Bust 20240712

Saga could the United Kingdom finish the process without a trade deal with the e. U. October 15th was the deadline for trade talks to wrap up and now the possibility of no deal seems more likely after the European Union says that while it will make every effort to come to a trade deal before the u. K. Brags that it will not compromise at any cost. Im. An agreement is in everyones interests the e. U. Is united in striving to achieve this in the short Time Available but we must unfortunately also prepare for the case that no agreement is reached we do think that is very or. On the present issue sure im closest friend relationship. Is key so that you mean it might be right its my keeping mo farahs. We. Also see in. This market axis or service that it is crucial to reach a deal both in the interests of the u. K. And the European Union Going Forward both for the economy. Our future generation but also because as you political situation meet i think people feel in an increasingly unstable world. That you politically we Work Together to be reaching. You should be the outside world if you gave me you would be able to come to an agreement sure i think its in both our interest you can overheat and you politically to get to the deal. And joining us now to discuss is boom bust cohost an investigative journalist ben swan and hilary ford which board member with the British American Business Association thank you both for being here today another big 3 contentious areas so far that have prevented this deal fair competition dispute resolution and fisheries which is particularly important to france heres what the irish Prime Minister had to say about the issue of Security Issues around the level playing area on fisheries. And in terms of governance and dispute resolution subsequently there are still very serious issues of movement will have to be made on those issues and hillary now youve been on the show quite a bit talking about fisheries how big of a deal is this and where do we stand now with fisheries in these negotiations a pleasure to be back with your brand and yes youre right this is a huge. Issue but actually its a minuscule part part of the british g. D. P. But its a huge issue for from about 8 other nations in the e. U. Only about 180000. 00 jobs across the holy you depend on the fishing rights bob it would devastate the fishing communities of from each front spell germany germany denmark island and some of the and some want to a certain degree norway in the netherlands if these fishing rights want in some way settled now what the issue is is that basically all of these waters are british maritime waters and Prime Minister Abbas Johnson has said we have spectacular maritime wealth that was his exact quote and one of the things he said back in january was that initially when the u. K. Joined the e. U. Basically the fishing industry was sacrificed in the 1970 s. To join the e. U. And what happened was all these fishing rights were given away you have cities in france like belonging for example and they are dependent the entire community is dependent on fishing rights so what this comes down to is some of the fish such as you know the mackerel and the herring and the called the sold in europe and also langoustine and snails a lot of course going to europe about 73 percent of what they catch comes from those british waters the british want to maintain it and that was what bretts it was about so the bottom line it is a huge leverage card for the u. K. And it is something the wrong cannot back down on and he cannot see his fishing villages and his Coastal Community devastated neither can those other 7 nations so 8 and the e. U. Standing vos this is the leverage ship for the u. K. Burn october 15th which is what thursday is the deadline for these trade talks obviously that has been missed you know u. K. Prime minister Boris Johnson that is if a deal was not reached by the 15th that both sides just basically walk away and move on is that going to happen. I dont think thats going to happen though i can see why you know abortion is going to have to do some backpedaling here it seems like the u. K. Is going to have to still negotiate somewhat but there is frustration on britains part about how long this process is taking and one of the things thats been kind of voice in the media is frustration by the u. K. That even leaders have not had daily talks about this theyve actually taken their time and a drag this process out and that part of doing that they say is because of coronavirus and co the difficulty of getting together but in reality i mean there was a very clear deadline that had been set and these these talks are taking a very very long time to kind of process the other thing is that the e. U. I think on some level once to threaten the u. K. And by say well we may not get a deal done and thats going to be bad for you but the truth is its bad for both sides especially right now in a coronavirus environment where economies are struggling so badly right now and europe has been devastated economically the u. K. Has been devastated economically by the coronavirus i think its in the best best terms for everyone to get a deal done the problem is if you keep dragging it out too long at some point you do risk one side just getting up and walking away and saying were done here and hillary it seems that the e. U. Doesnt really want the fisheries issue to be held until last an e. U. Leaders and Angela Merkel are saying that both the e. U. And the u. K. They must be prepared for the reality that no deal might happen is this just bluster or are they serious about this while i think they are but of course youre right about the blustering in that neither side can appear weak they cannot appear weak and they cannot appear weak to their electorate i would say with regard to Angela Merkel dont forget she does not to the brussels bureaucrats who did she also to shall insist to the german public and the to kuli the german corporate engine that general corporate engine is comprised of course a lot of common in fact as b. M. W. Mercedes to mention just the 2 and of course siemens and other great manufacturers that sell their white goods into the u. K. When she says it has to be in that. The to the benefit and the interest of both parties shes talking about those german manufacturers that definitely want to do trade with the u. K. They dont want barriers they dont want lines and they dont want to hold ups so shes actually a thin line between german electorate and the corporations these of the brussels bureaucrats what i would say is that neither side can back down but it is very disconcerting from a u. K. Standpoint to hear the e. U. A body has say while the u. K. Must compromise see the u. K. Must compromise well why wont the e. U. Compromise and to bens point they have been slow treading this why because they what theyre trying to run out the clock until the end of the year why for the end of the year because this was supposed to be the yearly that the year of the trial period which ends on december 31st and theyre really dragging it out because they want to make it hard for any other nation to leave and as weve talked about before brown on this show that it is like a club they must make it as tough as they can and make it brutal for the british because if they let them go easily there will be other nations that will follow suit the dutch the swedish except for behind them it just seems to be where we get on this fisheries issue especially i know we focus a lot on that but when were on that fisheries issue it just seems like like you said hilary how the e. U. Could be so important to the e. U. In their economy yet they dont want to give anything up to get access to those british waters if you yes it would be like brazil insisting that they can fish in in the us waters americans would say what you know this is these are british waters this is British Coastal waters that were traded away in the 1970 s. So in your opinion is there going to be a can they come to terms others or are they just too far apart at this point where theyre going to have to come to terms on something although this is what is actually the most interesting part is what will happen if this is drastic no deal theyll turn to the world trade. Organization trading rules which actually arent so. Terrible the jitters that everybody is experiencing right now in the markets are down so is the pound the reason is because of the uncertainty bought heres the bottom line to this whole thing the bottom line is that you actually have had the ports kalai except for and there was the commission of the trade in the trade and the towers in the count puerto kalai he actually has been suppressed hes been quoted as saying were ready we set up in terms of no trade deal i think that on the u. K. Side theyre set up for this its kind of like whats happening in the u. S. The reality is being suppressed by the Mainstream Media and youre not hearing that this wont be so dire its kind of like you know when trump was elected we were supposed to have a terrible war with korea we never did so i think its a lot of actually fear mongering of why this would be so drastic i dont think its going to be so tired but i want to hit on one last point here before we go there you mentioned the coburn if you pandemic just a few minutes ago there but how much of this is playing into the laser is it a lot about how the fact that leaders from the e. U. Actually have to deal with the pandemic in their own countries as well as trying to negotiate this as well and ive got about 40 seconds for you yeah i dont think that in reality it is the reason for it i think its been used as a very convenient excuse as to why its taken so long i think hillarys made such great points here but i think the biggest one is this why would the u. K. Even bother with this fishery issue right it is really the e. U. It is those European Countries like france and the dutch in the irish who really need they need this more than the u. K. Needs to give it up and so you would think if youre incentivize you step forward and do it i think in reality whats happening is theyre using cope with as an excuse but the truth is that if your economy as been devastated why would you ever even risk losing a part of of your manufacturing and agricultural base that is so important to the people in your nation would you simply throw that away or shouldnt that be the 1st thing on your list saying this is vital to us lets get this taken. Correct hence one cohost of boom bust and her 4 wish of the British American Business Association thank you both for your time. And. I am as europe has seen a large increase in cases of coping 1000 nations are reinstituting more restrictive measures to stop the spread of the virus some nations are even looking at imposing lock down some of the what we witnessed at the start of the pandemic but the World Health Organizations regional director for europe dr hans kluger says full scale lockdown should be the very very last resort while describing how the situation has changed look at the cold look down 6 months ago is not look at it today. In march look dome was a shotgun that every corner of society and economy has been hold that motoring business. No movement disclosed in march look dome was the default option book. Of garbage. And with this in mind lets take another look at the trends and spread of the virus globally with our correspondent side of tablature so our World Research that her brand more than 39000000 people have globally been infected recover 19 and 1100000 have died so while 75 percent of the total confirmed cases have fully recovered so 8 and 8600000 theyll occur in infected patients so 99 percent are reporting mild symptoms while one percent so 71000 people are in a serious and Critical Condition and taking a look at the daily newly infected cases versus the number of recovered and discharged patients per day on wednesday its 279000 people fully recovered yet another 382000 cases were reported on the same day so definitely not the direction that we need to be going globally now in the u. S. As we approach 8000000. 00 cases plus 7 months into the pandemic lets take a look at the daily new cases and deaths on wednesday there were almost 60000. 00 new cases reported 23 percent compared to last week and deaths from the virus have been relatively flat in recent weeks with an average of about a 700. 00 deaths per day now these are the states that i want our viewers to see that had the highest growth in nearly reported that over the last 2 weeks and some of these numbers are really shocking you know utah there were up 88 percent pennsylvania upset any percent. Rhode island up 75 percent and montana there were up 11313 percent up in debts compared to last week now meanwhile new cases are also trending up in 41 states or over the last 2 weeks while no state right now is seeing any kind of sustained declined so obviously all of these numbers are going to reflect back on the economy right make you did another week that hundreds of thousands of americans fall for unemployment all in all right now unemployment is 4 times prepared endemic levels with another 840000 workers for a follow up on employment last week 53000 compared to the previous week now while claims for the pandemic unemployment assistance those are the workers that are selfemployed are up 465000 so together regular unemployment m. P. U. A. Play of stood out 1300000 last week but of course its not just the u. S. Thats facing this crisis tried europe has now reached also reached a Tipping Point and i want to viewers take a look at this chart back and take a look in june and july and almost most of august it appeared that europe really had it was on the right track of the virus and had real control of it now take a look at said temper and october dailly cases are of course going back up and only 2 weeks and october the region has jess registered the highly weekly cases in the beginning of the pandemic with almost 700000 cases reported last week brant the situation in europe has gone to a point where jess in the last 24 hours france has declared a Public Health state of emergency the u. K. Is approaching a 2nd match on lockdown while germany is introducing a further restrictions so now months after authorities in europe really. Occur across much of the region and then virus is really taking europe by a storm so its no longer a herd immunity or restrictions as were seeing in europe right now all the way to bring an end to this pandemic is a vaccine bryant r t correspondent side tabular thank you for that excellent report. And a quick break but here because when we return jobless claims are on the rise again if cope and i think cases have surged with winter on the doorstep just on the other side will break the break well bring you up to speed on the numbers and the state of the nations economic recovery thats going to break here are the numbers at the close. Actually its very Interesting Times because of the phone then because the truckers theres no way of life this social experiment if we dont. Know if. You know that number so now you should Condition One is there you can become more reflective and say what kind of relief. A dark industry comes to life in los angeles every night. Dozens of women sells the bodies on the streets many of them under age. Los Angeles Police reveal a taste of the daily challenge if youre going to exploit our child here in los angeles that were going to come out you see officers going undercover as 6 workers and customers to fight 6 trade. Was a pandemic know so you know blood is just too nationalities. As much. We dont look like seem. To be. Good judges. Come in every crisis with this system to learn and. We can do better we should. Everyone is contributing way but we also know that this crisis will not go on forever the challenges created the response has been so many good people are helping us. It makes us feel very proud that were in it together. Americans love. This was a fundamental part of how our Political Leadership and our country a large understood the bargain you get a home and then you know rebel right as the things you dont revolt if you have a stake in the system. Be really interesting to dial it back and think about the longer deeper history housings men in the United States not just that question of the American Dream but the bigger question of who the dream is for. Welcome back as you just heard before the break they want to point claims in the United States rose to their highest level since late august last week as the country could continue to struggle to control the spread of cold at night seen since the height of 25000000. 00 unemployment claims more than 11000000. 00 have actually regained their position or found new jobs while Unemployment Rate is just under 8 percent more than double prepared demick levels so lets go ahead and take a look at the state of the u. S. Economy and markets with both cohost Christi Christie always a pleasure to have you on how should we interpret these numbers as it looks to be a mixed bag you have a bad number for new claims but a better number for continuing claims well rather just kind of like another sign that the labor market is actually struggling as cases rise and worries are increasing over renewed wave as we get into the fall and winter months so right you just mentioned the fact that there is an 8 percent Unemployment Rate which is bad and its double the 1st number of the prepared that i leveled but the thing is thats not the true number the official unemployment number is actually artificially depressed because it actually excludes people who might be are in a few dollars a week or anyone who has already been discouraged by the lack of jobs out there so to be officially counted you actually need to be earning their own money at all and actively seeking employment those are the official benchmarks so if we take all of that into account and instead we measure unemployment as anyone who is looking for a fulltime job that pays a living wage but cant find one then the true Unemployment Rate in the us is actually closer to 26 percent and that is shocking because that is a quarter of the population that want work and cant earn a wage that pays more than 20000. 00 a year so unemployment is going to be acritical levels for a while here in america and its probably going to get worse before it gets better and christie starts or. Falling for the 3rd consecutive day although they kind of even doubt at the end of the day hopes fade for a stimulus package what else has been triggering the sell off that weve seen a wall street over the last 3 days. Well as you mentioned ministers comments yesterday that pretty much shot the stimulus package out the window in the near term which accelerated the overnight sell off the nasdaq suffered a big drop after Goldman Sachs cut its forecast on tack to neutral saying that new policy and economic shifts will likely put an end to the outperformance in this except except her and so the nasdaq was dropping and we were actually questioning this rotation earlier in the week saying that the tech stock is a high beta sector traditionally a very high beta high risk sector so theres no reason why it should be rallying the way it is so it looks like that rally has quickly ended and now on top of that we have more cases of coronavirus popping up in europe which is now leading to a bigger clampdown france has set up new curfews in paris the u. K. Is now imposing tougher curbs in london to try to contain the virus and all this optimism that we previously had about that vaccine that all died after 2 very high profile prospects experience problems that then call to one with by Johnson Johnson which was halted because of the potential vaccine related illness in the participant another one by eli lilly stopped their trial due to safety concerns and astra zeneca they also halted in rome and his trial after part its been reported to us suffered neurological symptoms so it was great that everyone was so optimistic about a vaccine but now the reality is finally starting to settle and that we are far from having a workable usable safe acting anytime soon kristie i want to revisit the tick tock story which weve covered so much it looks like your talk competitor true or which has been around for a while but received a lot of publicity amid the banning of tick tock here in the United States and theyre looking to go public now should tick tock actually be concerned. Take that actually has a lot to be concerned about right now because not only is it fighting for its own survival to not be banned in the u. S. But now it also has to worry about competitors you have instagram wheels which launched earlier this year which is pretty much exactly the same thing as ticktock and now trailer which is a short video social media app and theyre exploring a merger which could take it public so trailer currently only has a fraction of the 100000000 users that talk both here in the u. S. But by ras of li massively raising their war chest and going public trailer could quickly accelerate its marketing and Customer Acquisition and become a very worthy competitor to take talk so trailers so far has secured about 100000000. 00 at a 1250000000. 00 valuation and theres currently still deliberately whether or not to proceed with a public fund raising or opt to stay private so all of this has been very difficult for tech talk to handle as its only defense is basically its content and their content creators and theyre also there and evasion so while to talk is still leading on the innovation front in terms of better transitions better filters better fx content creators as we found out have are very fickle creatures so content creators they dont really have any sort of platform loyalty the more they can spread their content and the more platforms they can spread their content the more they make and the better off they are so talk wont have any exclusive content and most creators probably will be reporting the exact same videos on instagram reels as ticktock as trailer christie what is the latest with the tick tock deal between oracle and what have you been following that so this deal has not yet finalized and must get government approval but right now you have walmart c. E. O. Doug mcmillan saying that the retailer wants to talk because it sees this app as a huge Business Opportunity and a powerful way to reach consumers especially now that we are seeing this massive shift into online spending versus as walmart is a big box retailer so he called take a discovery opportunity for customers to find merchandise that they want to buy so walmart has tentatively agreed to a 7. 00. Percent stake in the take talks u. S. Operations and would serve as one out of 5 of its Board Members so theyre talking to bite dance right now about making the social commerce making easier and more appealing for American Consumers something which is already very popular in china will have to see where that goes it will keep on that story bus cohost christiane thank you for breaking it all down for us today thank you. And finally if youre a fan of ninetys there and be a basketball like myself well you may have an opportunity to feel like a part of one of the greatest dynasties in professional sports history 6 Championship Rings from the Michael Jordan led Chicago Bulls teams are on the Auction Block and will be available for bid until the 22nd of october now the rings from the bulls 191 in 1903909621 extension 98 championship seasons blog to a long time bowl Security Guard john capps who was featured in the b. N. Documentary the last dance now he worked for the team for more than 5 decades before his death in 2018 but with a week left on the block the rings each have between about 5. 00 and 7000. 00 but t. M. T. Sports reports that last time all 6 rings were up for auction but they were valued at 300000. 00 as a set so be like mike there for that 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 in the Apple App Store by searching portable t. V. Portable t. V. Can also be downloaded on a newer model Samsung Smart t. V. s as well as roku devices or simply check it out at portable t. V. Well see you next hour. The confirmation process that will most likely see. The next supreme is an impulse way. In their liberal media. Over the proceedings legally dont have any. This is the one to play simply says the Supreme Court has been little maybe forever impact and there is a real. Americans love. This was a fundamental part of how our Political Leadership and our country a large understood the bargain you get a home and then you know rebel right as the things you dont revolt if you have a stake in the system. And. The longer deeper history. In the United States not just that. The American Dream. The dream is. Joining me everything. Let me. Give me my best. And we said. Out loud. Theres an awful lot in common im old but im also the most companies you know so ive been a kid who says hes not emotional when i meet. His compass humans get almost home pianist you know he goes from didnt you know its risky to say he has put you through i called. Them and im going to haiti from the film ive also seen it in the you kind of this. Little kid is he. Always stay in the im not going to your list. So do you. Think is the. Curfew so new restrictions are imposed across europe the pandemic spirals with infection rates topping those in the spring. 2020 u. S. President ial vote just weeks away republicans cry foul alleging election interference in twitter and facebook found bombshell article on democrat hopeful joe biden and his son. By to. Take negative posts down almost before they even go up and theyre trying to protect him theyre trying to protect by this is election literacy