Transcripts For RT Boom Bust 20240711

Wednesdays program, this latest surge is putting a strain on hospitals as of wednesday. More than 12500 coated patients are in intensive care units, the highest number since early may Health Experts believe the reason for these recent spikes include pandemic fatigue, where people are frankly tired of hearing to social distancing protocols and inconsistent messaging from federal, state, and local officials. So with all of this in mind, lets go ahead and take another look at the trends and spread of the virus globally with our t. Correspondent, saya tablature saya. Where are we . Thursday brand worldwide cases are just surging right now. The global total has climbed to almost overnight, should say, 52000000. 00 deaths over 1287000. Now the u. S. Of course, has a way surpassed a 1000000 and almost hitting 245000 deaths and for a 2nd day in a row. And seeing a record high, like you mentioned wednesday was so 142860 cases, 69 percent up compared to 2 weeks ago. And thats, of course, our once again up to 36 percent up in fact, compared to last week, while patients currently being hospitalized there also 37 percent compared to last week. You know, i want to mention that hospitalizations, there are key metric of how the pandemic is actually progressing because unlike case counts, they are not, not influenced by the number of tests performed so that something very important to constantly follow. And here are some of the latest developments coming out of the u. S. That i also want to go over. Now several states including utah kentuckian and new mexico, they all reported record daily new cases while the midwest right now remains the hardest hit region. Iowa. Being the worst affected state followed by minnesota, michigan and illinois. Now illinois also emerged as the pandemics, new epic center. And in the past 2 weeks, they have actually, that state has reported about 130000 cases. Now thats highest in the country and more than hearted texas. And california now, meanwhile, new York Governor Andrew Cuomo has imposed a new round of restrictions as there infection rates are also also once again climbing says you see, were definitely not headed in the right direction. Cases overseeing is everything is just going up. And what are we seeing throughout the rest of the worlds . So of course, the u. S. Keeps hitting new records day after day right here, which shows right there in the green rear surpassing india, france, russia, and brazil. So here are the top 5 countries with the most daily cases. Now, france is now the worst affected country in europe, and they have over take in russia. Now france, there are a t, n, a 2 weeks into their lockdown, i should say, into their new lockdown. And now theyre planning to impose more restrictions. If this situation doesnt get any better. Now if you take a look at it in india while 2 months ago, you know, theyd looked like it coronavirus disasters zone, but there are cases they have gone up. Theyve gone down, i should say from 100000. 00 per day to now almost half of that to about 45255000 cases a day. So thats very good for india. But the problem is that Health Experts are fearing that a 2nd wave could hit the country because people are once again putting down their guards and not really social distancing or ending and or doing any kind of face coverings in that country. Now, meanwhile, in brazil, cases are once again spiking and the countries north, theyre seeing the most of their cases while local governments are facing even more political pressure to lift restrictions. So obviously theyre not going in the right direction. Meanwhile, in russia, trying to avoid a full lockdown their way out of this crisis that might just be their vaccine that theyre currently working on in the final phases of their trials. V. So of course, well be following this to constantly give our viewers, the latest brant are. 2 correspondents. Thank you for keeping us up to date. And as the world is dealing with this latest wave of the paradigm and through some positive Economic News on the horizon, the u. K. Economy grew by 15. 5 percent in the 3rd quarter of this year to our according to data reported by the government thursday. The economic in Great Britain comes following an unprecedented 128 percent contraction in the 2nd quarter of this year as the country faced a nationwide lockdown that just ravaged the economy. Now while this was the largest quarterly expansion since records began in 1955, g. D. P. In the u. K. Is still 9. 7 percent below where it was at the end of 2019 for those are pretty covert levels there. When looking at the numbers, month to month, growth slowed having expanded more than 6 percent in july, down to 2. 2 percent in august, and falling even further to 1 point one percent in september. And the recovery is expect to lose even more momentum as the country has entered a month, long partial lockdown that will last until the 2nd of december. So for more on all of this and other Economic News of the day, lets go ahead and bring in boom, bust cohost, christy i and Jeffrey Tucker, the editorial director with the American Institute for Economic Research and author of the book, liberty or lockdown. Thank you both for joining us today. Chrystia, i want to start with you here over in the u. K. Theyve reported that the economy grew slower than expected 1 point one percent in september from august as we just mentioned, lagging other, developed nations as it struggled to contain co. But now it has suffered the biggest g. D. P. Drop among Major Economies listed by the office for national statistics. Why are we seeing that and whats going on over there . Well ran a lot of things actually contribute to this g. D. P. Drop or one of the main anthrax where the guy had prince initial rock counteracted, waiting longer than an up and absolutely hammered disturbances in the street which makes the economy. So analysts like regular coverage raised takes far longer than what many people think. So while the situation is improving a little bit, the case and the momentum of the recovery is now slowing down. And this is all, i have the fact that the entire economy is being called up by more than 200000000000 pounds of emergency spending and tax cuts ordered by the finance minister sanat and the bank of englands almost 900000000000 pound micro. So right now, just to put things in perspective, g. D. P. Still remains almost 10 percent smaller than at the end of the 90 which is twice as big as italy, germany, france, and nearly 3 times the size of the us and strong. So they are the ones who actually suffered a very have to learn. So now at this news of this new vaccine, it could potentially help to measure some of the uncertainty. But things are still going to continue to be very difficult for individuals. You know, jeffrey, i want to kind of move over the u. S. Here because despite the Record Number of rising crowed a virus cases, we had some better than expected unemployment data. Here in the united states. Congress are now seeing a stronger recovery than they had predicted. Do you think this is optimistic in that these numbers are lagging the Current Situation . Are we going to see a double dip of this economic downturn from the virus . I think its actually likely. And in fact, it would be almost impossible for the not to be some good economics. It is common amity that weve experienced this year. And the fact that the fed is just throwing money around like crazy trillions make by congress so much talk of more stimulus. And so the Financial Markets are responding in terms of the unemployment. You know, its really an, even a depends on what sector it is. And if you look at, you know, hospitality and entertainment and especially professional womens employment, women, children, theyd left the workforce by many millions. In fact we are experiencing a lower rate of employment by women with children right now than we had even in 1988. So weve basically lost, you know, 32 years of progress in terms of womens professional employment in this country, all due to these knock downs, which nobody has yet shown in the relationship between lockdowns and, and the mitigation of this virus. So its very possible, and i think its very likely that we in this year looking back wondering, why did we destroy the strongest economy in the world for no apparent reason just out of a pure political panic. And thats whats going on. So yet another recession, another dept. I think its very likely weve only begun to see the carnage, im sorry to say, and its going to emerge in the 1st and 2nd quarters of next year. Now, critics of that, weve been talking about a lot over the last several weeks of markets and theyre pulling back worldwide from these recent rally. It. This comes as more weve talked about throughout the show. More crowbars, cases are reported raising concerns over the health of the economy end of the year. And what happened in the stimulus package that the market was promised is back on for right now. Well apparently for now, its not materializing any time soon because remember, before the elections, trump came out and said that stimulus talks were going to be pushed back until after the elections or the market didnt like that. Except it was hoped that after the election that something would get done. We know that one big overhang has finally been lifted. So instead, the market got this, organic inflation rate is sped up, a surprise to us from our unexpected, but still pretty good news for the bakken and backing us up. We had a rally, but still the baby is just still remaining in the market. What a balanced, big fat stimulus package that was promised. So today comes out of big disappointment as the white houses drive for this mega stimulus has basically an average. But bloomberg reporting that the company ministration is now stepping back from stimulus talks so previously to ministration, acted as a reason for Congressional Republicans and democrats. So now the focus will primarily be on the interactions between so without the white houses support and listen to the school greatly diminishes the chance of a trillion dollar or more stimulus for the u. S. Economy. Thats for january. As they say, the market has pricing in for us. So we see a lot of the euphoria already started in the markets today. As news, the vaccine is getting digested and people realize that this is going to take a lot longer than expected to execute and distribute. Its not just going to fix everything overnight. And i think that was the concern of a lot of political onlookers prior to the election. They were concerned that if trump were to lose, as it appears, he has obviously waiting for everything to be finalized. But they were concerned that a lame duck President Trump was not going to be that interested in another stimulus package. And from what youre saying, that might be the case right now jeffrey, i want you to a little bit of fun here. I dont know if this is fun, but the big coin rally actually is continuing, as it breaks above 16000. 00 for the 1st time since january of 2018. What do you make of this, and are we are, are we heading towards another run towards 20000. 00 . Well, you know, the big connections of it kind of a dangerous, but im going its going to be the end of the x. Were going to reset 20 k. And then the question will be, well, the big collapse happened at that point and january as it happened, 3 years ago or, and actually has happened in 2013. You see this kind of seasonality to but claim its a little bit of a psychological season, alex, or will we push all the way to city 30 k. By the, by the summer and then drop back down to about my guess is about 17 months. But regardless, you know, we, you know, that a big fall and the press because as its coming and on that day the nations newspapers will be filled with a nonsense of the collapse of disaster and when that because its falling apart again. So just compare yourself. Going to go to a nonsense that weve gone through for the last 10 years. People never learn because it is duke and are going to rally. And the reasons i think are pretty clear. You know, we are through 33 years of stock up and down or its circling around 10. 00 to 10. 00 k. Theres a lot of exhaustion. People wondering whats next in the markets. Finally, those days ended and weve, weve, i think weve seen what a 50 percent rally in the last 3 and a half, 4 weeks. That its been astonishing. And the whole sector is waking up and seeing the newly confident about it as future. There was no lock down a bit quiet and thats, thats great. And we know that your friend Jeffrey Peter schiff, will be following along with those headlines re tweeting them have only if that fall happen, if the happen, they would have one last point before we go. Theres one person whos actually not so bullish besides our friend, peter schiff, about the big quarter out. And thats coming from ray dalio, the hedge fund legend, who warns that big point prices are priced going higher, will only force governments to take action against the most high profile cryptocurrency, what you say to that, or i mean, at its core point, is a peer to Peer Software protocol, so governments can try to work towards it, stripping the use of crippling currency. I mean, we are just in the u. S. Do not u. S. Citizens can no longer access crying at the next. That next, how many other colonial tracking . , these are exchanges that can no longer do business in the u. S. , its become restricted and im practical for the business. So be seen as such as opportunities, widespread major. So the u. S. Government can do what it wants, but at the end of the day it just pushes the technology and new advances further off that shores to somewhere thats more open and friendly are. So this is the global her and she and the only one of its kind, its up to everywhere. Some nation states will be able to sleep and something that is just completely global and can easily be secured by individuals. So in a matter of fact, an outright ban will not be in the best interest of any. And in recent years where billionaires have started showing support for pick quite as institutional money, theyre plotting to asset by realizing its properties that make it very crackle sankey, the casket, and a hedge against inflation and the whole demesne confiscate it will store of value. , so as far a dowry l. , i mean, i can imagine his investors being happy repair or meant that in the midst bridgwater care, our climate is down 8 percent year to date. While the basic wind is now up 115 percent. Well, we could have talked about this for so long, but unfortunately were out of time, boom, bust cohost christine and Jeffrey Tucker of the American Institute for Economic Research. Thank you both for your expert analysis today. Its time now for a quick break, but hang here because when we return, the u. S. Has set its sights on fresh sanctions against china and hong kong following the mass resignation of lawmakers in a special administrative region. On the other side, were going to bring you the latest developments and the effect on transpacific relations. Thats going to break here, the numbers of the close 6 geysers financial survival guide. When customers go buy your supplies in elf, well, reduce allow or thats undercutting, but whats good for the market is not good for the Global Economy in germany, babies crying, saying entrenched babies would say so those that actually follow the rhythmic pattern so you know, so where did they get that . It turns out she looked into it 1st, what was happening was that the babies could actually hear their mothers speech in the room. You know, for those little sleep we were sleeves posts w. Clubbable wasnt sure. What i can only do it doesnt show the message to put have been youve got to go with us because all of those who knew used to. But because those told me tell you we will see in the movie, confused with it would seem the most serious, but it seemed almost to be someone put it in your speech, come home and use the 20th century. Was thinking of revolution, the Great Depression and world war, the 21st century of mental illness. Those arent my words, thats what some of this time psychiatry tell us. The only question is, should we accept it as a fact . Look forward to talking to you all. That technology should work for people i robot must obey the orders given by human beings, except when such orders to conflict with the 1st law show your identification. We should be very careful about official intelligence. And the point is to create trust on various shots and with Artificial Intelligence will summon, the demon must protect its own existence, which is your media a reflection of reality in a world transformed what will make you feel safe, isolation, community, are you going the right way or are you being that direct . What is true . What is right in the world corrupted. You need to descend to join us in the depths, aura, maybe in the shallowness of welcome back. It was an unprecedented day for hong kong. Its a group of opposition. Lawmakers have handed in their resignations in mass, pushing back against the Hong Kong Government decision to ban or other prodemocracy laws makers. Now on wednesday, visit beijings top lawmaking body, the Standing Committee of the National Peoples congress or and p. C. C. Empower the Hong Kong Government to bypass the local judiciary in order to ban any lawmakers deemed, quote, unpatriotic, or considered to be conducting themselves in a manner that endangers national security. So it can go as Public Officials of the hong kong s. A are members of the Legislative Council, must of course, sincerely uphold the basic law of the hong kong as they are of the peoples republic of china and pledge allegiance to the hong kong s. They are of the peoples republic of china, and no country will turn a blind eye to the acts of betrayal of the country by Public Officials, including members of the Legislative Council who break their oaths of office. Today is the last day for us prodemocracy legislators in the Legislative Council. Last night. We are now is that we will all resign together today. We are all coming separately to hand in our resignation, letters before the end of the day. So from now on, you will see that hong kongs Legislative Council will have completely new style. Prodemocracy law makers will not be in the council to carry out our duty of monitoring a government or things like that. This is a result of what the Hong Kong Government and the Central Government have done to destroy our constitutional order. Joining us now to discuss is, boom, bust cohosted, investigative journalist, ben swan. Now ben, it seems like hong kong was the biggest story in the world about 12 months ago, and then completely overshadowed. Once the pandemic happened. Can you begin by giving us some background on why these lawmakers ended up resigning . Yes, intially, i think you laid it out pretty well there, but essentially it all goes back to a couple of months ago when she had these 15 lawmakers to announce that they were going to resign in mass. And it was over this new law that was essentially put in place beijing, as you said, their top law making body, the Standing Committee on the National Peoples congress, the n. P. C. S. E, essentially put together this, this rule that empowered the Hong Kong Government to bypass the local judiciary in order to remove any elected officials who they deem to be unpatriotic. Well, we know what that means, unpatriotic means that you dont toe the line of beijing, and instead you are pro democracy for hong kong. Remember hong kong at one time, it was a ton of us. Its supposed to be this, you know, 2 state for lack of a better Term Solution where, where hong kong retains and autonomy its position. Even though its gone back to china, the Chinese Government beijing does not like that idea. So what happened was kerry lamb, whos the head of the government there in hong kong, essentially moved into strikes 4 members of that prodemocracy group from being able to run for seats again, theyve already previously previously been blocked. So he moved to block them again. And when that happened, these other 15 lawmakers decided to stand in solidarity with the 4 who were blocked and resigned their seats. And when we look at politics, its all about political power in this mass. Exodus of these low makers actually leave the 70 seat legislator entirely to beijing friendly lawmakers if you will, without any meaningful opposition voice. Does this move actually become almost counterintuitive to prodemocracy beliefs . As some would say theyre taking their ball and going home because they were unable to because of this move. Well, i think whether the way they see it is, is its not so much taking the ball and going home as it is someone else took the ball away and said, keep playing the game right. Well make up the rules as we go. And so i think the reason these lawmakers stepped down was because you really have one of 2 ways of handling handling this. And theyre both political moves, right. One political move is you either just kind of go along with this and fight back as best you can. But if that happens, you have this slow creep where now you know, for a block now another 10 or block or another 5 or block until eventually you get rid of all of these prodemocracy lawmakers but by stepping down in mass number one, you draw International Attention to whats going on, and you also make the case that, hey, this is being done and its the wrong thing. And therefore, yes, beijing, if you want to take by force, the lawmaking ability and legislative authority of hong kong. If you want to take that by force, then take it, its yours, but were not going to do is pretend there is legitimacy to this issue and pretend that were acting unpatriotic lee and against the best interest of the nation by playing the game that way, that youre setting it up here in the states and we, we tend to always, or at least the media here tend to always look at what can the u. S. Do to fight this. A lot of talk has been made about more sanctions against hong kong and china in the wake of what happened. What is the likelihood of this at this point . Well, its happening already. I mean theres already 3 new individuals who have been added to the u. S. Sanctions list. Again, these are individuals who work in the Hong Kong Government who were seen as being responsible for carrying a lot of this out. It is, and you and i have talked about this a lot, the issue of sanctions is always number one that the u. S. Believes that it is the final authority to impose sanctions or to control the outcome here. Listen, do i think that the prodemocracy legislators and the people of hong kong should have a voice . Absolutely. And do they need to be able to fight back . Yes, absolutely. They need to push back as much as possible, if they believe there is a different path for their country. That doesnt mean though, that the answer is then for the u. S. To impose itself and decide that it becomes the referee in this and in any other situation around the world that becomes a domestic situation. So again, the u. S. Is impose themselves marco rubio got to go. People who always reach out on these things, releases statement saying there will be consequences for beijing and consequences for the local government in hong kong for having done this. And as i mentioned, some sanctions are already underway. And as weve talked about, as you mentioned many times on the show, sanctions just end up hurting the people who are actually fighting for democracy in hong kong. If thats the way you see it, unfortunately, it usually doesnt affect the people at the top of the food chain and i have about 15 seconds left, ben, but will a biden ministration handle this any differently than the trumpet ministration did . Im not sure. On this case that they will. I mean, i think one thing that we saw over the last year was that both republicans and democrats were pretty much in lockstep for the hong kong protesters. I think we would still see that again, boom, bust cohost and investigative journalist, ben swan, thanks so much for breaking it all down for us. And finally, german car maker b. M. W. On wednesday unveiled a brand new electric Sport Utility vehicle called the b. M. W. X that it hopes will actually compete with evie juggernaut tesla. Now the sleek, i. X. Which will be released in the u. S. In early 2022, will have a driving range of about 300 miles coming up 70 miles short of the tesla model. X. Long range. But b. M. W. Actually says that 10 minutes of a fast charge. Well, thats going to give you those additional 75 miles. As with many new luxury s. U. V. S, it also will feature a curved screen across the dashboard to control all that technological goodness in the vehicle. Now also on whether the company unveiled a concept electric scooter as well. However, b. M. W. Has yet to release an e specifications for the product or when it may be released, but the photos show an eye catching design that looks like something straight out of a Science Fiction movie. 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 or tablets through google play. And 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 a roku devices or simply check it out at portable t. V. Well see you next time. What does the Election Results to date . Tell us about the state of american politics. There was no blue wave. Instead, there was a red ribbon instead of calls for reconciliation. There are those looking to punish trump supporters. One step forward 2 steps. Seems wrong. Roles just dont call me, but hes yet to shape out these days to come to educate and engage with equal to trail. When so many find themselves worlds apart, we choose to look for common ground. This is a story of women. And women was troubled histories and complex cold cases. You know, some of us did leave who lives out there. And were not the person that hears the cheesiness and be considered the most dangerous of criminals. Shes in a civil trial. The off 23 hours of the day, tell me that its not enough punishment. It will do for women on death row, lots of people look for to see whether what were saying is actually playing out in the real world. And sort of thing to look at would be the u. S. Dollar versus the chinese or other big. Ok, thats the name for 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 a dollar to see the chinese currency start to really outperform the dollar in a tip for tat move. Russia draws up sanctions against france and germany over the alleged nerve agent poisoning of that says that russias foreign minister suggests the kremlin critic may have been given a toxin outside the country. But we have every reason to believe that what happened to him in terms of Chemical Warfare agents getting into his body could have happened in germany or on the plane in which she was flown to the charity hospital. Prodemocrat Media Outlets try to play down any doubt about the president ial election. Branding reports about probes into voter fraud