Transcripts For RT Boom Bust 20240712

This is the bus the one business show you cant afford to miss im sorry monteith theyre going to washington coming up president ial candidates joe biden and donald trump take the stage one last time before the election will discuss their plans and what it could mean for you at home with our teeth and claws we released its latest mobile device but it may be the last one for a while thats because u. S. Sanctions have the chinese Film Producer in chip french we have a lot to get. A big day for the u. K. And brags that as the country signed its 1st large post bags that agreement with japan Japanese Foreign minister said it is paramount to maintain the supply chain. In between the u. K. And the e. U. While British International trade secretary list truss called the agreement a landmark stating it is to be in the land of the rising sun to welcome in the dawn of a new era of free trade this is the 1st new free trade deal to be agreed since the u. K. Once again became an independent trading nation the deal is estimated to boost British Trade with japan by 15000000000 pound japan already exports 1. 5 trillion yen of goods to the u. K. Including auto auto parts and other machinery it imports nearly one trillion yen from britain mostly Pharmaceuticals Medical products and cars the deal will take effect on january 1st 2021 and the u. K. Is also working on agreements with the u. S. Australia and india as well as other potential trading partners. This is your weekly Global Market walk where were starting in russia where the molex is up this week Russia Central Bank kept rates at 4. 25 percent as it doesnt see a need for special intervention at this time the ruble strengthened against the dollar at weeks close moving to asian markets the shanghai composite is in the red losing more than one percent on friday alone it declined earlier week on news that g. D. P. Grew by 4. 9 percent in the 3rd quarter year over year compared to the expected 5. 2 percent in hong kong the hong saying is in the green for the 4th straight week up about half a percent on friday while companies petro china and seen opec really help those games in japan were seeing another red arrow here the government says the economy remains an 8th of beer situation this is obviously due to the pandemic but its showing some signs of growth in india the sun sex is. Up on the week its showing some pretty strong earnings 7 of the 14 nifty 50 Companies Reported Higher Expectations the sensex is roughly 1. 5 percent away from erasing losses this year due to the pandemic australias a. S. X. Is down for the week on a red arrow the ongoing us stimulus saga is hurting the index top iron ore Miners Rio Tinto Ltd b. H. P. Group lost to 1. 4 percent each on thursday as data is showing now manufacturing in the country grew at a slower rate than an initially expected this coupled with the i. M. F. Downgrading its projection for growth in the Asia Pacific Region really hurt the index in south africa the all shares in the green the index gain nearly one percent on friday the largest single day gain in weeks the Mining Sector really helped push those earnings up now over to europe in the americas in the u. K. The footsie is just slightly down for the week after actually a pretty strong earnings week financials are to ing pretty well barclays gain at nearly 8 percent on friday alone the u. K. Signed its 1st major post brags that trade deal with japan german dax and the french cac both in the red despite the losses indices ended with a little bit of some gains on those earnings investors are eyeing prospects of the u. S. Relief package across the atlantic the evil best in brazil is in the green the rail for and point 4 percent on prospects in the government will revise its Economic Growth estimates next week brazils g. D. P. Is expected to contract by 5 percent this year and mexico the b. M. V. Another green arrow here is up for the week despite projections that the economy shrank by 6. 9 percent year over year for the month of september president lopez or rather it is calling for mexico Central Banks to further cut rates or Interest Rates in the u. S. Over to right now were seeing the s. And p. The dow the nasdaq all down for the week spiking kovan 1000 number and no relief packages are really weighing down Investor Sentiment some big losses early friday included intel and American Express f. D. A. Approval of ads antiviral drug does appear pushed its stock up as much as 4 percent finishing things out here in canada the ts x. Is down for the week the material sector is putting pressure on the index investors are keeping an eye on the u. S. Stimulus and of course those kovan 1000. 00 numbers and that is your Global Market walk. The 3rd and final president ial debate took place on thursday as the u. S. Is the last than 2 weeks away from election day President Trump and the former Vice President joe biden went after each other over a wall street ties fund raising i could raise so much more money as president and as somebody that knows most of those people i did call the heads of wall street the hedge of every company in america i would blow away every record but i dont want to do that because it puts me in a bit position because you are the one that takes the money from wall street not me i could blow away your records that like you wouldnt leave we dont need money we have plenty of money in fact we beat Hillary Clinton with a tiny fraction of the money that she was a gentleman for going to john boehner every sort of you should 40 3. 00. Or more on this and the economy as we approach election day lets bring in rick sanchez host of parties news with Rick Sanchez Rick good to see you. Its always good to see there we just heard President Trumps adjusting biden is the son chilly on wall streets pockets and taking all the money from wall street what do you make of this. Well 1st of all a couple of quick fact checks a hes right he was able to beat Hillary Clinton with little money comparative to what the Hillary Campaign had thats true he also said they have a ton of money thats not true the Trump Campaign is suffering right now from cash and contributions theyve spent most of it while the other guy biden does have a lot of money then there is the argument that he just had about you or what a wall street guy by the way there is nothing novel about what we just watched every time we have a president president ial election one guy points at the other guy or the other guy that points at the other guy or other gal and says you know are in the pocket of wall street know you are in the pocket of wall street heres a secret im going to share with you and all of our viewers wall street could give a damn who wins this election they win with biden they would have won with clinton they win with trump they won with bush and they won big with obama they can short they can go long positions it doesnt matter to them the only people who really could have shaken up wall street and scared the hell out of the bankers would have been maybe somebody like Bernie Sanders for example otherwise they dont care theyre going to be able to make money off of both of these guys no matter what they do in office because in the end wall street knows that the policies that are the republican or a democrat puts in are not going to be that different all Things Considered well youre not wrong rick another person that might have shaken up things a little bit Elizabeth Warren but but thats a very true rick i do want to talk about biden the tax plan it to raise rates on the middle class americans on Household Earnings more than 400000. 00 lets assume things stay as they are right democrats keep the house and republicans keep the senate and buy in england whats the likelihood that this will actually happen and in some states someone be taxed up to 62 percent thats i just cant wrap my head around that thats an insane number. All right lets put this into 1st got a look at the politics right the politics is Pretty Simple if biden gets elected right if the senate switches over to the democrats if the democrats maintain control of the house then its pretty likely that this will happen in some shape or form in fact my sources on wall street and Wealth Managers who i talk to on a semiregular basis are telling me that its already being baked into the cake its already an expectation that there will be a tax proposal by biden at some point which will shake things up and will in fact tax those who make over 400000. 00 a year certainly those who make more than a 1000000. 00 a year so it seems to me that most people even the folks on wall street have come to understand that at some point you have to put money back in the till look think about it george bush spent like a drunken sailor barack obama spent like a drunken sailor you could say one was because of the war the other one was because of the meltdown now trump is doing the exact same thing in his excuses coded though some could argue he was kind of spending like this before covert but regardless theyre all doing the same thing i think are are right now the National Debt to 26 trillion dollars thats crazy at some point. Most would argue you have to start putting a little bit of money back rather than just borrowing and borrowing and borrowing right right and look at that National Debt under President Trump and went from 104 percent to 136 percent that that number is just. And same but more people are just saying lets lets keep you know providing more stimulus lets lets keep printing money i do want to ask you yeah theres since last time we spoke we talked about stimulus there was a lot of back and forth were still with a lot of back and forth so in the same boat with with all of this under biden there would be more stimulus so he said he would pass that 2 trillion dollars to help businesses is that feasible. Well i mean yes theyre going to have to pass some kind of stimulus plan biden you heard him last night talking about helping Small Business people. You put money in and you have to take money out or vice a versa right so lets just look at it mathematically lets say biden holds true to his promise and is able to tax the rich whatever that means and take money to put back into the budget but then at the same time hes going to spend by giving some of that money to Small Business people and others who are being hurt by the cove in 1000. 00 pandemic well in essence its a wash so who knows whats going to happen who knows how the politics will fall but there is some expectation that there will be tax that there will be a new tax plan that he will try to undo the trump tax plan and that he will also then spend some of that money on some kind of stimulus plan but its b. S. To also think as the democrats often try to convince us on the other side that theyre going to be able to spend and theyre going to be able to cut taxes and theres going to be no effect from that you can do it that way it just doesnt add up i also want to touch on health care i know this is right up your alley americans are losing their jobs a lot of them are losing Health Insurance or from the from their jobs or health care obviously is going up or in the middle of a pandemic still that unless they can afford obamacare a cobra with medical debt being a top reason for personal bankruptcy are you surprised the country really isnt concentrating and really discussing this more seriously. Well part of that is the poll lab or the media is playing the gotcha game there what did he say what did she say you know i think you and i talked earlier today on the phone as we often do and i think one of the things from our conversation i came away with and i think we both got a chuckle out of this is its almost like we should just turn everything off for the 3 weeks prior to the election can you really believe anything. That biden or trump say or do at this point and i dont mean to cast aspersions on either man or either candidate its just that theyre both in desperation mode everybody right now in any election will say anything to make sure their side wins and gets elected so we almost have to careful about all the stuff that we hear going on but yes in the end we should be paying a lot more attention to Health Care Health care is the industry that will drive the u. S. Economy for the next 3 to 4 decades and expect to see a move toward capitation expect to see some kind of move toward a managed care scenario that is to say where right now you have to be 65 or older to get medicare watch that number start to come down because usually you get more valuable results from that type of care where the government and the private sector are involved in providing care for people then you do the other way around where youre just putting out all human care as its often its interesting to hear you say that yes they are very much almost on best behavior right i mean President Trump certainly behaved didnt interrupt as much even president former Vice President joe biden was it was a little more reserved right before we go i want to get your take its probably the last time you night will be on it before Election Night i want to hear your thoughts so whos going to win the election because many people like myself not trusting polls at this point or is that even going to be a contested election. I play the numbers and the numbers are pretty straight right now i know people say dont believe polls let suppose that you believe them or you dont believe them heres what they say at this point so weve got biden somewhere about 9 and a half percent nationally that is about 5 points ahead of where clinton was at this point thats important think about Something Else at this point during the election Hillary Clinton got dogged by the f. B. I. Investigation announced by comi so sure she was up by 5 and a half but that 5 and a half turned into about 2 what i have about the time that the election took place if biden remains that night and a half percent the betting odds are hes got a real good chance to win look to see if his polls start to sink a little bit right now hes going to hes been steady eddie for the last month right hes stayed around 910119101191011 the other thing we should look at right now biden seems to be ahead somewhere between 3 and 4 points in the state of florida hes up by 2 and a half points in the state of North Carolina hes up by 7 points in pennsylvania if that lead stays as it is and those states are called early in other words if he gets a florida call i dont care a lot of call pennsylvania call or any combination there of the elections over and its going to be over very early im not saying thats going to happen im saying based on the tendencies in the trend right now that is still one possibility that most people are talking about because everybody is saying its going to go away into the night or more and more and more another part of the military that it will about it then going to the house and what happens when they dont reach that 270 electoral vote that they need rick sanchez host of the news with rick sanchez that were going to keep an eye on especially on Election Night to watch you and thanks again for your time always great talking. Time now for a quick break but when we come back we released its latest mobile device but it may be the last for a while u. S. Sanctions have the Chinese Telecom giant in a chip crunch well get the latest from the best cohost kristie i am ben as we go to break here the numbers that the. Secret prisons are not usually what comes to mind when thinking about europe however even the most prosperous can be deceived weve been. There were too few houses were. Preserved were located and the only people had access to the story investigators she covered the darkest dealings of the secret services but i mean. You graded nor. For justice. Let me. Break. My favorite or. Youre absolutely wrong we have a part of the brain right here in the middle thats on the right side where if i was. Even to help the people one of the crew fall sold out of body experience. Americans love. This was a fundamental part of how our Political Leadership and our country a large understood the barn. You get a hope and then you know rebel right as the things you dont revolt if you have a stake in the system. And think about the longer deeper history. In the United States not just that question of the American Dream the bigger question of who the dream is for. The u. S. War on a wild way seems to be creating cracks in the Chinese Telecom company a new filing by while way shows that its been hurt especially in the area of chip supplies and 5 g. Technology the chinese tech giant reported a slowdown in Revenue Growth for the 1st 9 months of the year a day after a new smartphone that it says could be the last to run on the advanced chips designed by its own engineers joining us now to discuss that bill both cohost ben song and. Ben while we is nearly 6 weeks into a new era in which it no longer has access to these Global Market for the computing chips what does this mean for a while were moving forward well it means that the the clock is running yes were 6 weeks into an era where theyre not obvious source those chips are right now while we actually has a pretty good stockpile of chips that they use to build their smartphones and also other Telecom Equipment but unfortunately that stockpile of chips will really only last them to about the middle of next year or so so beyond that the question becomes where does while we source its ships from and what the u. S. Is pretty successfully done is to essentially create a system where any American Made chips and chips that are sourced from the United States or dealing with American Companies cannot be sold to while away well almost every one of these chips is in some way passing through some kind of American Company so its very difficult right now for what way to access those chips and to be able to build up their stockpile Going Forward the question will be how did they do that moving forward and im not sure that we have an answer to that and definitely not sure kristie somehow has managed to actually stay profitable at this point but what can we do to really break through this u. S. Ban on those chips if anything. Well what it can do is it can continue what it has been doing our reading which is just standing a few steps ahead of the game each time and monitoring the turning political tides so as a private company theres very little it can actually do in order to influence and manage politics it played the legal game its the us for unfair treatment but that really doing get anywhere so all that legal political thats all just noise and destruction from always core competency which is just pushing innovation and developing superior tech so there is nothing i can actually do to break through the us is ban on the chips and the effort it expends it just diverts precious funds and resources away from r. And d. So rather than fight head on to like break the back end as he said i was just going to monitor if they made an advance which is what it has been doing so its now confirmed that they successfully fortran sanctions by basically does that stop. So if you think about these restrictions were 1st announced aug 17th but then followed a rush to court microchips in between august 17th midnight of september 14th and managed to get enough chips to continue supplying chinese carriers through at least 2021 so other steps were also put into place as white house rhetoric turned aggressive in mid 2019 so all we ramped up its output of ts and cs 7 nanometer chamois communications chips which is the most crucial element in its 5 g. Base stations so its now focus on advancing today which is to become more selfreliant so as such has already invested heavily into the Domestic Semiconductor Industry and beijing has also made this a top priority recently setting a benchmark to see at least 40 percent of chinas semiconductor needs met by local manufacturers by the middle of the next decade will need you mention 5 g. We been told and assume time and time again that while way is ahead with infrastructure for 5 g. As other competitors other companies other manufacturers these rules by the us are largely impacting while weve ability to build out its 5 g. Infrastructure is that right then. Yeah it is its interesting you know as were having this conversation the old adage im sure you guys have heard before necessity is the mother of invention right which is the idea that when you have are put in a position where youve got to figure something out where youve got to figure something out and i think thats where we see right now while way is they are when it comes to smartphones when it comes to microchips when it comes to 5 g. What we see is exactly what christie said they got ahead of the game they stockpile chips so what now well its very possible that through ingenuity creativity and having a pile of money which they have to deal with you may be able to not just get around us angels but create your own chips or or source them from some other place that give you an example of whats happening with 5 g. So right now yes u. S. Sanctions have been very successful at forcing while way out of a lot of Different Countries especially in europe india you know the u. K. Theyre being forced out however at the same time thats been happening u. S. Sanctions have also force and opening in the market for a while way which is in iran of all places because because of u. S. Sanctions ericsson the swedish film maker and 5 g. Telecom company has basically had to abandon its projects in iran and right now wall way is filling the gap there so theyve actually found a new place to do business because of us ancients so its kind of interesting how that works what the usa should say hurting them on one front creating opportunity on another for very much theyre actually getting ahead like you said in their own way kristie meanwhile saudi arabia said they would partner with wa way to develop arabic language recognition in ai and train saudi experts in the field that would go against us thank sions whats the chance that will happen. So this could very well happen and would be very problematic for the u. S. So arabic is a very underserved language when it comes to technology so in order for saudi arabia to spearhead the effort it needs a Strategic Partnership with someone like him to develop arabic language recognition so this makes a lot of sense given that china already has experience and advantage in character based language versus the western phonetic language system so while there is concern from the u. S. About it already saudi arabia argues that this partnership is mainly centered around arabic language character recognition and ai algorithms and tools and not related to the 5 g. Technology that the u. S. Is so concerned about so while this argument may hold up for now there is the potential for conflict and china begins working even more closely together on other projects that expand beyond this go into areas such as computing and facial Recognition Technology i cant imagine the United States being too happy with it especially with looking at saudi arabia as a major ally and what do you get when they were that i was going to say but when it comes to saudi arabia they are so powerful as a lobbying force in the United States they have picked bought and paid for so many politicians here and they own so much tech in Silicon Valley right now pretty good chance a saudi gets their way id be willing to bet that the u. S. Somehow overturns or something happens there thats an exception maybe a rare exception. Well with cohost spend so on and christie i thanks for coming on. Thank you. Thats all for now catch boom bust on demand on the portable t. V. s available for apple and Android Devices or simply check it out a portable the t. V. Shows seem wrong. Just dont all. Get to shape out just to come out ahead and in detroit because the trail. When so many find themselves worlds apart we choose to look for common ground. A lot of people talking about is this the beginning china as the worlds superpower but theyre not thinking about another end of an era and that would be the Central Banks. Know when im going to be out there so i dont think about it i dont mean a roman empire. I kind of but i wonder. If im not big now i think its higher than i. Have to come i feel. Safe and quick passage to europe but once they. Leave the cult speech util. Will not some of them leave your mom and i couldnt you know. This you need to get it out in. The soil the. Court of the united. Because the persona that cant even. Prove backs out of a deal to buy a covert 1000. 00 vaccine from pharma giant has resigned after a trial volunteer dies in brazil accuses the firm of withholding crucial data. In french government come from. Social media. Public opinion is that. It is very easy to social media and its up to a person to decide what is problematic. And there should be more people. Content. Business. For the white house. President ial