Transcripts For RT Boom Bust 20240711

And this is the boom bust of the one business show you cant afford to miss for in washington. Coming up, hospitals around the world are facing drainage cope with thank you. Wave continues to slam the globe straight ahead. We analyze the state of treatment amid the pandemic, and where we stand amid the latest outrage. And despite the windfall from chinas major shopping holiday, ali babas stock has taken a hit on proposed regulation from the nations government. And oil prices have been riding the wave of vaccine optimism this week to later on, were going to break down the high end demand and what it means for one of the worlds hottest commodities with a packed show today. So lets dive right in. And we lead the program with the concerning increase in hospitalizations across the United States due to cope at 19 coronavirus related hospitalisations in the u. S. Reached a record high on tuesday under and are expected to grow amid the latest wave of cases. Now the number of patients and u. S. Hospitals on tuesday hit nearly 62000, according to the covert project, clipping the previous record of 59940 set on the 15th of april as the nation faced its 1st wave. Amid the Pandemic Health and government officials, as well as Health Care Workers are raising alarms about hospital beds, filling up. While beds still are available for patient care, staffing them is becoming increasingly challenging. As some Health Care Workers may be sick or in quarantine, but there are limitations to what oregons Health Care System can handle. Even with Regional Planning and the hard work of all of our hospital partners, we cannot handle ever growing high daily towns and widespread hospitalizations. The system is flexible and has capacity, but only to a point. Our Worst Nightmare right now for any one of us physicians or Health Care Workers, is having to choose between a patient and a car accident and a patient with of it. I tell you this in all sincerity, oklahoma. We are in trouble. Our local and state Health Care Resources are approaching their limits. And if nothing is done soon to slow the rise in cases, our hospitals will be more overwhelmed than they already are. And we wont be able to be there for all of those who need it. So with all of this in mind, lets go ahead and take another look at the trends and spread of the virus globally with archie correspondent, sorry, were sorry, we wednesday. So read, look at all these numbers coming up here, right . So just compared to a week ago, global numbers, theyre up 25 percent, while global deaths are up 41 percent. And the cases in the United States are also continuing to grow. In fact, were up 70 percent in cases and 23 percent. And that is and weve just had the highest daily case count since the start of the pen demick. And weve now surpassed 100000 cases every day for weeks, for a week straight. And now on more than 1004 140. 00 new deaths reported on tuesday. So were now averaging more than 1000. 00 deaths per day. So basically everywhere is either hit hard or is watching their numbers go up. I want to viewers take a look at this map. Look at all the red. These are all occurring u. S. Hotspots right now. And 4 states, iowa, wisconsin, north and south dakota. Jess said, single day case records wild, the word at 34 other states added more cases in the last week than in any other 7 day stretch. Now desperate to bring down cases, Iowa Governor kim reynolds, who has repeatedly said that strict rules were unnecessary and effective. Just issued limits on large gatherings and implemented a statewide mass mandated. Meanwhile, hospital, meanwhile, hospital in parts of wisconsin there reached full capacity and in north dakota, which has the worst infection and death rate per person in the country. Just made a very difficult decision as Health Care Workers who are coping 1000 positive but have no symptoms to continue working. As long as they only treat called 1000 patients busy just dont have enough Health Care Workers. Plus, texas has become the 1st state to reach 1000000 cases. California is not that far off. And now in other parts of the world that i want to talk about seeing record cases and the uniting united kingdom, they have just recorded 595 deaths in the past 24 hours cues me 532. Now thats their highest number since april in italy, the country also recorded its highest daily death toll since april. Today at 5 180. 00. Meanwhile, portugal, they have marked their worst deadly increase and its death toll. Since the start of the pandemic. Now elsewhere in the middle east, iran, which is the worst hit country in the region, grave digger, they cant even keep up with the daily deaths. So all hope right now is on a vaccine. And thats good news for russia whose coronavirus vaccine. Sputnik was just found, 92 percent effective. The 2nd vaccine right now to be at least 90 percent a fact that the other is u. S. Pharmaceutical giant pfizer. So of course were following the story on when one of these vaccines will head to market brant. R t correspondent, science aventura. Thank you for keeping us up to date. And chinese ecommerce giant ali baba set a new record for its annual singles, day shopping event this week. Now the company says it sold over 56000000000. 00 worth of product as of wednesday evening in beijing. Eclipsing last years total of around 40000000000. 00 in sales. Now there is a kaviak here. Last years event was just one day, while this years event actually started on the 1st and will run through the 12th of november, ali babas biggest rival, j. D. Dot com. Now the competing convention, which will take place over those same to that same time period and says it also sold more than 30000000000. 00 in product since the 1st of november. While this all seems like great news, both companies actually saw their stock prices plunged tuesday after the chinese gov rule. Government released a draft of newly proposed regulations in the country. The new rules lay out what constitutes any competitive practices and include provisions related to pricing, payment methods, and the use of data to target customers and exports coming out of china posted strong growth last month. Certain. Certainly good news for the chinese economy, as experts have extended an upward trend coupled with higher consumption among its trading partners. So will that upward trend continue under a job by the administration . Well, joining us is just the bus cohost to bend swan and professor richard wolffe, host of economic update and author of the sickness is the system when capitalism fails to save us from pandemics. Thank you both for being here, professor wolf. I want to start with you, and i want to start with those export numbers from china. Although the coronavirus pain med because battered countries worldwide, Foreign Trade in the worlds 2nd largest economy fared better than expected. Why are you seeing that . I think its part of the reality that the chinese economy has outlived form virtually every other economy for the last 30 years. And it is capable of just saying its learned how to do that. It is just that early to the cold minute they are or they did many of the horrible statistics you just went through on your good programme. And i think youre just seeing that the chinese with their government led Economic System is able to measure our price changes up the world in a very effective way. And imagine why their trade numbers show the results that they get, or that a professor of i want to follow up to that because the question i guess i have is, is this sustainable. Weve talked about their growth and how theyve continued to be the biggest, see that biggest growth worldwide over the years, but is that growth sustainable moving forward . Well, you know, your question has been asked on and off for 30 years, a good question. Its the right one, ask, and over the years, all kinds of objections have been raised by people who are skeptical about that sustainability or were subject to go about this that this extends well. But you know, when it works over and over again when the ballots and the skeptics turn out not to have much of a taste, you begin to have to pick the other way. And my sis, suspicion is that the greatest weakness of the chinese economy is not china, but it is the world into which china exports so that the entropy of question is they can do it very well. They can do no, well, even under adverse circumstances. But if the rest of the world has another locked down, well that will impact join a gym and ill bet theres no question that the trumpet mr. Asia has launched a full scale blockade to trade with china. I do expect things to be different under president elect, joe bidens administration. Yeah, i definitely expect them to be different, but i think its going to be the right word to use here is predictable. Its going to be a much more predictable relationship. This and i think most americans did not necessarily see china as a huge economic threat to the United States prior to the trumpet ministration. The majority of americans did not see chinese tech as a problem that view, regardless of whether you agree with it or not, that view has significantly changed because of the trumpet ministration. And its very strong policies on china. So i, what i think youre going to see is, is the chinese domestic policy cannot be too friendly to the United States, u. S. Domestic policy. So the biden ministration cannot be too friendly to china because it will be seen, especially with, you know, former allegations in the past. It will be seen as being an improper relationship, but it will become a much more predictable relationship. Because again, regardless of where you fall on whether or not the german ministration was right or wrong, while we could all agree on this, it was completely unpredictable in every way. And so you would have like these very shocking allegations and revelations that would pop up new policies that would publish the banning of tech that would pop up in ways that were much more abrupt than in the past. And i think were going to see a much more predictable relationship moving forward, professor wolf. I mean, if you look at the politics of the United States and other syllable, but inside baseball for a global audience here. But labor during the Obama Biden Administration was actually very critical of china and critical of the administration because they werent doing enough to stop things like illegal or to basically cheap steel being dumped on u. S. Soil, which is what they would claim. So to bens point, he used that term predictability. Do you see more predictability with the biden ministration . Or is he going to kind of look at this and say, you know, trump did a lot of heavy lifting when it comes to tariffs and stuff, would just keep that in place because thats what our base has wanted. And we dont have to change things. Well, i think ben is right, it will be more predictable despite all of this. Its just the way that it would normally works. Its paraded with democrats mostly did it there as more consistent with what the kind of politician that, that he, joe biden wants to be. So yes, i also think theres a couple of other things to keep in mind here. The policy of confronting china failed. Whatever you think of it, whether you like it or not, mr. Trump did not change the government in china. Its not change. Its economic policies need to abroad, nor at all in any fundamental way. Most of the adjustments made of perfectly consistent with what the chinese were doing. And i think hes going to have to ask himself the question, whether its better in the long run for the american people, including the labor unions to come to agreements to share the will they give the chinese access to the american market, which they want in exchange for access by the americans to their markets and so on. Then dealing with them is a better way to or worse than a confrontation which has dangers and which hasnt worked well in the past. And certainly if you want to have negotiations with anybody, it does help to be a little predictable, like some would say the trumpet ministration, a little bit unpredictable. Now ben, you alluded to this, one of the big issues between the u. S. And china this year has been for the for sell off of chinese social media app tech talk. Is that going to move forward now that we have a new administration taking over . Thats a really good question. I dont know the answer to it. So thursday is supposed to be a deadline for the for sale of tick tock that was essentially set up by the trump administration. To talk has reached out to the judge in this case and is asking for a stay to say postpone this because we obviously do have a change of administration as you know. But ive been hugely critical of this move by the troubled ministration. I think its the wrong move to try to force the sale of any company regardless of where that companys based from and certainly forcing it to be sold to an american company, or at least the u. S. Canadian new zealand and australia, portions of the company to be sold off and broken off from a chinese company, is it likely that the buy ministration will continue to push this policy on tick tock . I dont think its likely that they will. Its such a strange policy and it was such an outlier in terms of the way the u. S. Government usually conducts business or gets involved in private business. So i think its smart for dick not to ask for a stay. Ready and say, lets hold off and with everything going on right now with, with the job administration. I dont see them having much capacity, even though theyre still in office until january, you know, it or late january, they would not have the capacity. I wouldnt think to really pursue this. Why would you pursue it . If youre going out of office in just a few weeks professor, i want to follow up on that because it may seem odd if you would dissident, were to see the biden ministration drop. This idea of the for sale of tick tock or while away bans, because essentially many in the cybersecurity space say these are relative real concerns. So what do you make of it . Do you see joe biden continuing that Movement Forward or where you see this going . I actually see him likely to stop it because it wasnt counterproductive of policy in the 1st place. Are there relationships between these giant Tech Companies in china and the government . I assume its all, but there are similarly relationships between the United States government and the high tech giants of this society. And there always have been im talking about relationships with security, with the fence, with a military that is well known. And i think its a very dangerous shortsighted bottle jakes, of the United States, the beating the drum about whether you can trust a company thats in cahoots with the government. When that will come back and hurt the United States, especially as europe charts its own direction. Experiment being weighed or cost, the lumia 9, it States Government in on it simply versus the cost the chinese and theyre going to probably decide to mix and match. And to do a little bit more of their all around and the United States may come to recognize that it choosing the chinese and doing some think that the United States has been doing all along, may not have been the smart move may have won you some votes for mr. Trump, for looking at your banishing china. But when you think about the implications, this is not a very smart policy going forward. And i suspect that by the administration will figure that out, axel it and cite professor Richard Walsh and boom bust coauthored by the swat. Thank you both for your time today. Thank you, jan. Time now for a quick break, but hang here because when we were churn oil prices have been riding the wave of vaccine optimism this week. Later on were going to break down the high demand and what it means for one of the worlds hottest come out of these. And as we go to break, here are the numbers advocate here well deal he has no food which will give those will. Soup will sure. Wish to leave your truth to the one who you love. A boy who was he who is sure to keep what i can order that doesnt actually matter. Vegetable wouldve been murdered by you to go there when youre sick. As all of those who do use the word because those told me again, we will see in the movie it is with the it seems more serious, but it is the most severe. Some of it is in your speech, come off and it is the of the 20th century was thing, era of revolution, the Great Depression and world wars, the 21st century, real mental illness. Those arent my words. Thats what surfaced some psychiatry to tell us. The only question is, should we accept it as a fact . Yes or no. Welcome back or oil prices are rising again wednesday, continuing the momentum from the monday surge and positive vaccine news. So far this week energy has outperformed every other sector in the s. And p. 500 after months of underperformance. But can the prices still stay elevated . In the coming weeks . Were going to just chat with cohost, christine, and rick rule c. E. O. Of sprott holdings. Its always a pleasure to have both of you on rick, im going to start with you here. What do you think . Can oil continue to stay elevated at these levels here, despite all the continuing challenges with the reopening of lack of demand, or is this pop going to get sold off quickly . And will there be certainly, but i dont think that the Economic Impact virus has been accurately factored in the markets at any rate given very low interest rates. The truth is, its often the places that we see now and will certainly constrain sustaining, and much, much higher oil prices. The 234 youre trying for, but in the near term, i guess all bets are off. Its a community of Economic Activity, certainly to the extent of the virus to the extent that the recovery in demand, its an example for Transportation Fuel price. Will that happen near term . It doesnt seem likely to me, but i would defer to the experts and rick just as a follow up to that and me a little bit of a layman in the oil field here is this is all due to just pure speculation. Because in reality, if you look at it, yes, we have positive vaccine news. Were nowhere close to full approval. Were not close to full distribution. Like we think thats going to be a year and a half out. Its not like cruise ships are going to hit the ocean tomorrow. So is this just all speculation running wild . Basically. My suspicion is which is to say the price of oil is below the prices necessary to maintain production in current us. But current inventories Refined Products from current Production Capacity relative to Economic Activity needs the present, the price action in order to suggest that there is occurrence or class i. V. Probably problematic. This is speculation based on the fact that were going to get some relief from the economy from the virus or my suspicion that that optimism is excessive. Kristie, i want to turn to the other big commodity gold and gold futures decline and are hovering around its 3 month low. What are you seeing there . Well, this internal negress just then a risk on trade. Everyone is fishing for deep value stocks like that. Being now energy in the bank. The travel region, basically, i mean a cold. It now has a fighting chance to recover. Now that theres american maxine on the horizon, but on the flip side of that means all the safe haven assets are now getting sold and legal. So gold is now dealing with a couple of headwinds. Its up against a stronger us dollar. Bond yield and rising stock markets and us in the us there continue to provide support for the dollar, which in turn is keeping people crisis under pressure even so its still trading above the very critical support area. So a lot. Meanwhile, the stronger dollar it can make you madi price in the currency of less attractive to overseas. I x. And rising, you know, it was undercut the relative value of so at least in its your number is this, optimism about the recovery . Now thats driving the dollar, the u. S. , the speech and the pen demick and outperform other economies. There is still a lot of optimism and euphoria in the markets right now, even though it might not play out the right. Despite the fact that Public Health officials are now warning that the u. S. Has yet to see the most difficult days of the current crisis. So i think the market is getting her head of its not here. Now rick 30 u. S. Is trading at fresh weekly lows in the 1. 00 price range. Now on the back of the dollar straight, is this weakness of going to continue in the euro and the situation worsens in europe or in your opinion . Monist. The best answer that i can give the enemy is, i dont know. I suspect both from his who are, who are relatively weak, which ones we can, i can give you that. I think i suspect there are some about the us economy as a consequence of the us electing somebody who would seem to be friendlier to the world. But the truth is that the question you asked the question, im prepared to answer, and after all a critic whats troubling them. Combis, we saw just now chris, they want to head on one last point before we leave here, markets continue to rise here in the us. Its a different story over and asia is chinas biggest tech stocks. Suffer a historic plunge. Whats happening there is a lot to do with regulation, correct . Yes, im going on about what you mentioned earlier with the new antitrust regulations coming online. So the entire chinese tax sector is taking a serious beating today with the sector losing almost 254000000000. 00 in value as a regulator. So nashik do not focus on just in particular in tech, monopolies akon too powerful in the recent years. Now this includes Companies Like this platform is used to sell and buy, while other people, consumers, goods in china, and also 10 times in the chest, which is the dominant, preeminent messenger and human form used in china. So all of this is still in the, in our fantasy pieces that control over such vast fortunes of this nature. Commies give these companies enormous political clout, boom bust because christiane and rick rule of sprott holdings, thank you both for your expert analysis today. Thank you. And amid the coven 19 pandemic, we have featured Many Industries that have faced a boom or bust due to lockdown restrictions and social distancing. One of the booms was the sport of golf as shutdowns ravaged nearly every sector in march. A new Organization Called back to golf was formed to advocate for reopening courses in may, the new group had worked with Health Officials to figure out how to make sports safe to play during a pandemic. And what was the result . Well, september saw a 25. 5 percent increase in the total number of rounds played the year over year. That was the 5th, straight month of a yearly increased. Meanwhile, golf Equipment Sales increased in the 3rd quarter of this year by 42 percent year over year, making this industrys 2nd best quarter. Ever. In fact, one of the leaders in the sport callaway golf, they just released their 3rd quarter earnings, and sales were up 12 percent compared to the same period last year. We should also note that the p. G. A. Tour was one of the 1st major sports to resume in june, which is pretty big considering the Masters Tournament starts thursday for the 1st time ever in the month of november. And thats it for this time you can catch boom bust on demand on the brand new portable t. V. App, babble and smartphones and tablets through google play in the Apple App Store by searching portable t. V. You can also download a newer model, samsungs smart t. V. s, as well as roku devices, or you simply can check it out at portable dot t. V. Well see you next time tactics that can be used to get innocent people to confess to crimes. They didnt commit. I dont even think people in the us really get that the police are allowed to lie to the person who falsely confessed, actually came to believe the lie that they were told about their own behavior. Once a false confession is taken, the case is closed and nobody really can tell the difference between a good confession and one that is what you people look for to see whether what were saying is actually playing out in the real world. And sort of thing like that would be the u. S. Dollar versus the chinese big. Ok, thats the main 4 expire. Thats going to tell you whats happening in the global economy. If this, all this debt is going to trigger all this money printing, the dollar will start to drift lower and its already, you know, looking very weak. And i think the last 4 years under theyve been able to kind of propped up to a large degree. But i think my going to see a serious decline of the dollar to see the chinese currency start to really outperform the dollar was always on the bull, but the most rational of the big city, bright lights you many dangers to blow the lid to. Its also the city when up 2300000 crimes are committed to going to go much. Would you believe that you most need to the Reason Police one Police Officer 200. 00 residents in russias capital to try to come . Im not going to come up boysen, you know the truth to those who would have to last into days headlines. Russias top diplomat suggests that Opposition Leader ill explain. The volley was allegedly poisoned with a nerve agent. This summer could have ingested the toxin and germany on the plane taking him to a german clinic. Also this are prodemocrat media trying to eliminate all traces of doubt about the integrity of the 2020, u. S. Election, branding reports about probes into voter fraud misinformation and clashes and unrest in the armenian capital. As crowds demand the Prime Minister resigned over a peace deal that they see as