Transcripts For RT Boom Bust 20240711

I this is boom bust the one business show you cant afford to miss. Im pretty boring. Washington coming up. Russias boasting the efficacy of its v vaccine as one nation has begun to import trial samples. Plus airlines have been battered as a result of cope with 1000 despite a recent bump in holiday air travel. While the dow is setting record highs straight ahead, were going to break down all of those numbers. And later brecks it is back in the spotlight as the dangers of a no deal loom large for one of the worlds top economy showed today. So lets dive right in and we leave the program with another update in the race for a covert 1000 vaccine. Now, following the last week of promising news regarding candidates from pfizer astra zeneca and madonna, russia said tuesday, it plans to produce 1000000000. 00 doses of its vbac scene and provide it at all less expensive cost and then its rivals. Now, Russian Sovereign Wealth Fund said of the situation, the cost of 1. 00 dose of the vaccine for International Markets will be less than 10. 00. Thus, we will be 2 or more, more times, cheaper than foreign vaccines based on m. R. And a technology with similar similar efficacy rates for russian citizens vaccination with sputnik, we will be free of charge. Now for comparison sake, pfizer and biotechs vaccine is expected to cost around 20. 00 per dose. The c. E. O. Of modernity said this week, its drug will cost between 25. 00 and 37. 00 per dose. And the astra zeneca back seen being developed with the Oxford University is estimated at around 3. 00 to 4. 00 per dose, all 3 of which will require 2 doses. On tuesday, the 2nd interim analysis of trial data for russian spin exact b. Was really showing the vaccine had a 91. 4 percent efficacy in preventing a Coronavirus Infection after 28. 00 days and was more than 95 percent effective after 42. 00 days. Meanwhile, hungarys foreign minister of on monday said the country will be the 1st in europe to begin testing. Sputnik be adults and last weekend when those ideas. And actually when i arrived home to read this shit and arrive, gather with the necessary documentation done for the one with their you already have to carry them out, which will help our scientists decide whether their thank scene is recommended for the not very incompetent were not taught and last week the European Commission took issue with hungary sputnik v trials raising concerns that bypassing e. U. Regulators could affect public confidence. With all this in mind, lets go ahead and take another look at the trends and spread of the virus globally with our t correspondent site where things to get. So lets take a look right now were more than 59000000 confirmed cases around the world have been infected, occur in a virus on the u. S. Continues the lead to world infections with the more than 12800000 cases followed by india with 9000000 and brazil with 6000000. Now taking a look at the daily case count, there were almost 180000 cases just on monday. Now thats an 50 percent increase compared to only 2 weeks ago and brand while we think its now its bad news now with 12000000 full cases in the u. S. Theres also a new projection just published by the washington versity in st. Louis that the u. S. Could nearly double its current numbers to reach 20000000. 00 in less than 2 months. So whereas this month in the vendor, we saw 3000000. 00 new cases. That number might triple in december and january, and this prediction also comes a scoop in 1000. 00 hospitalizations. Are exploding nation allied now. The u. S. Is currently on pace to surpass 85000 hospitalizations. A record as 30 of the 50 states reported Record Number of patients this month. Now, in the midwest, a dozen states between ohio and dakotas have been especially hard work case rates are more than tripled than any other region in the u. S. In fact, for many june until now, reported cases in the midwest where you see all the dark colors there rose more than 20 times. Now if you take a look at the daily deaths on the average, were looking on monday. There were 1332 deaths in making the Monthly Average 1500, and thats a huge jump from the countrys row. Elative lee know of roughly 500 average daily deaths in july and with cases and deaths going up. So quickly, officials are now of course, imposing new restrictions and really begging the public to limit gatherings and travel, especially heading into the holidays. Now adding to all of this stress is that some of the new restrictions are also throwing people out of work once again, which would reverse the job gains. John gains since the spring and even pushed the unemployment rates back up again. And we already saw that last week when the number of actually americans seeking unemployments. It rose last week for the 1st time in 5 weeks. And this is very dangerous for the nation right now. Because right now about 20000000 americans are receiving some sort of unemployment benefits, but about how full of those they want to lose benefits. When the 2 federal programs expire as end of the year. And of course, given the political gridlock, no one is anticipating any kind of a new program before 2021, brant, you know, so we just broke down these vaccines for at least the general public. What are we looking at in terms of distribution . So right now pfizer expects to produce about 1300000000 doses in 2021 were as they said, theyre on track to manufacture and they were between 500000000 to 1000000000 doses globally in action astra zeneca. They plan to manufacture 3000000 vaccines, right . 2021 now russia wouldnt agree theyre planning to produce about a production a 1000000000. 00 is next year. But remember this most of these vaccines theyre giving and actually to do says, so whatever that number is, cut that production it half. And what does that mean for a 2021 . Is that anything as early as january 1st . Some which most likely go to Health Care Workers . Then were looking at february and march nursing homes, then most likely and a problem for them or ronna World Population said dont expect a widely available vaccine for every want until at least april and may 2021 percent r t correspondent side thanks for keeping us up to date and it seems like all year long we have heard about the struggles of the Airline Industry. You know, those struggles are part of the reason for the massive bailouts provided by congress over the summer. But were those bailouts enough to save the industry or will a new round of lockdowns send the industry plummeting again . Well, joining us now to discuss our boom bust cohost, ben swan, and christy, i always a pleasure to have both of you on together. Ben, i want to start with you on this. How bad are things getting for the Airline Industry at this point . Yeah, its gone really from bad to worse. Originally, the Airline Industry had projected the beginning of this year. They were going to lose about 100000000000. 00 total. At this point, it looks like it will be one 157000000000. 00 in total for the Airline Industry. Last, i remember, as you mentioned, there were a lot of bailouts earlier this year. Those expired, obviously, were used up by october and theres been no relief packages since then. So the Airline Industry, now that were talking about a possible 2nd round of lockdowns, not just in the united states, but worldwide. Things are not looking good. In fact, several Different Airline c. E. O. s are saying that the aviation industry, this is airbus, the c. E. O. , will not reach precrisis levels brant until the year 2025. That is now the predict prediction in terms of getting back to precode levels. Thats assuming, of course, that the trajectory from here on out is upward rather than stagnant kristie. I want to shift gears and talk about the broader economy and maybe we could call this some good news. The dow hit record highs tuesday following. The trump administrations move to begin the president ial transition process. President trump actually spoke about this record day today. The stock markets just broken 30000 never been broken. That number. Thats a sacred number, 30000 and nobody thought theyd ever see it. Thats the 9th time since the beginning of 2020. And its the 48th time that weve broken records in during the trumpet ministration. And trump was quick to obviously tout that 30000 numbers, but didnt actually mention transition. What was their actual fear in the market about a trend that a transition might not take place or that it might just be delayed . What are you seeing there, christine . I mean there was a lot of speculation and fear are ya recognize, bamber that theyre not going to be used in the transition, especially President Trump back then declaring that were not relinquish his position so easily. So there was no consequence. And in the market price set in a little bit, i think the market comfortable that there will not be any major issues or destruction during this transition period. And so we have today where the dow is breaking over 30001st and this rally has really been driven by an asterisk increase next. The research on the down. So its a bit of a catch up change. Now the big election overhang has that, and this was a big reason specially after johnson is the stray. Should she told president elect joe biden, that the company ministration is making federal Resources Available for his transition into office. So president , he did actually approve of this move, even as hes continuing to. So the market really digested almost constant news. Now whats going to cover you very well, and since coronavirus is now back of headlines, all Political Uncertainty has now reached the back chrystia as a follow up to that we have, we just heard, sire talk about the general population is going to see a vaccine until likely april may, and thats just the start of that vaccination process for of the united states. Were talking about what 350000000 people 1000000 people. So if this all just going to eventually drop out or can these markets sustain these record high and continue to go up . I think itll be difficult for the markets to actually sustain this because the markets are always looking. So they look forward to as president , is a quarter out who carries out the banks that end of this ramesh. How right can happen now and maybe next year. So there could be delays, it could be transition period, it could be were just simply not refusing to take a backseat. So a lot can happen between now and then. But right now as the current projections, people are pricing in one where she wears out. The gentleman seen actually now, but i can just go ahead and you can, i just say about that 2 things very quickly. And i think chris is right about that. But something she said there, that i think we can just skip over is the fact that about 50 percent of the American Population right now says they do not want to take a coronavirus vaccine. Thats going to have a huge impact if stay at home orders. If shut down orders, stay in place until a vaccine comes along and half the population says, im not going to take it. How does that affect the policy that gets put into place that decides whether or not, you know, business is reopening economic shutdowns. The fallout . The other thing is, its important to remember is that even as recently as this week, dr. Anthony fauci said, well, even when a vaccine comes along, we may still have to wear masks and socially distance. So if you own a restaurant or a bar, or if you are in the Service Industry of some kind, you might not be getting back to normal, whatever normal is for a very long time, regardless of the vaccine. An absolute bed i want to hit on another point here. Weve got a kind of a bevy of stories today. When we talk about the incoming biden administration, president elect joe biden is expected to nominate former Federal Reserve chair janet yellen. As the u. S. Treasury secretary, this is and we talked about on monday, not only with this break the gender barrier for the role, but it would place a very distinct set of leadership into the position to turn around this economy. Would it not . So heres the thing, you know, im the fan of the Federal Reserve. I dont like the way it operates. I dont like the fact that it has so much authority over Monetary Policy, which i believe constitutionally belongs to congress. And Congress Kind of abdicated that. And just handed it over to the Federal Reserve. Janet yellen, of course, is like the poster child for the Federal Reserve. So the fact that she will be there. I think if you ever thought there was any thin line between the Treasury Department and the Federal Reserve, that is obviously completely erased. But in fairness, is there really a line there . I mean, what weve seen with steve over the last year working with drone, paul, essentially its just one operation anyway. So i think if theres a positive here, it will erase whatever illusion people have about the Federal Reserve, essentially running Monetary Policy and fiscal policy for this country when theyre really only supposed to run Monetary Policy. So i think it does a race that line. Its a positive in that respect, but in terms of what shes doing, i dont think well see a whole lot change because the Federal Reserve has been running the show for years, including when she was in charge. And even now when jay powell is in charge, and now christie, one last thing before we go here. Now, wed like to talk about record highs. Were hitting the dow today because it is getting close to cryptocurrency path 19000. 00 on its way to those all time highs. Over 20000. 00, will it hit a new high this year . Kristie . I dont think there is any doubt in peoples minds right now market for it will hit an all time high very soon. I mean, were marking cat has already hit an all time high this week to about 3 129000000000. 00. So this breakout is to the new a need the entire market and ranks higher as well. So if they continue to fail in this market, that will only push prices higher. So 1st off as we started out, we see drops in exchange reserves. So this shows that people are moving a bit off of the exchange, indicating that the holy, not stuff like year to date. My mountain on exchanges have dropped 8 percent. So this is really significant because it showed up there are more apt to i then sell at her price almost like the rally. So secondly, we talked about the rising institutional demand in the past month pay pal bought almost 70 percent of all the new lead mine decline and that is only expected to increase. And finally, this market demand is primarily driven by spot demand misspells. Im pretty crisis, production is relatively inelastic. You cant see that mining much more from here. But meanwhile, demand is heiling up. So this market is really leading to derivatives, market right now, and this is really important because the opposite was true last year. The futures market led the rally, then became susceptible to water price movements and some dislocation. But this time its the spot market thats leading not leverage the demand, israel. Well, next time were going to have to talk about exactly how high it can go. Boom bust cohost, ben swan and christiane, thank you so much for breaking it all down for us. Thank you for a quick break, but hang here because when we return, despite the toll of the united kingdom, experts are warning that island nations economy. Straight ahead, were going to dig into the details of where the split stands and as the number that the feel a little world is driven by shaped by the day thinks we dare to ask you to feel welcome you normal. Got called a memory a little know well, you know, but notice in your motion comes your spirit was a march for sides on the give up on the lord was to be with the one that you would need a new leaf in you, but im still playing golf yes, yes. My long and some beautiful new, believe it or leave it. But i hold you to the local Solutions Based on what you look your words meanings lead to such as pathetic a. Look at your bullshit a little. You look to sell shoes. That it looks like something out there. Welcome back. I actually got maker produce pleaded altie tuesday to 3 criminal charges related to its role in the Opioid Epidemic in a virtual hearing with a federal judge in new jersey, the drug maker admitted to not effectively preventing prescription drugs from hitting the black market and paying doctors through a Speakers Bureau to get more to write more prescriptions for its drugs. Now the guilty pleas were part of a criminal and civil settlement announced back in october between purdue and the u. S. Department of justice dealing clews more than 8000000000. 00 in penalties and forfeitures. But the company will only have to pay 225000000. 00 directly to the government. Members of the Sackler Family who own the company have also agreed to pay 225000000. 00 to the federal government to settle civil suits. At this time, no criminal charges have been filed against pacific family members. And as the end of the year nears, there are still questions as to whether british european to go to Union Negotiators will be able to make a postbreakfast trade deal. But irish premier Michel Martin said monday he was hopeful that by the end of the week that we could see the outlines of a deal. Martin said, while there is still work to be done, there has been progress on fisheries and ensuring fair competition. Virtual negotiations have been ongoing since thursday of last week, and also on monday, a spokesperson for the hughes Negotiation Team said while they are committed to a deal, there will be no delay in the deadline. But the end of the year, if you can leave the Single Market on the customs union, there is no possibility to extend the transition period beyond that point. As you know, this january is the days we are trying to get a deal for the us to make sure a future Partnership Agreement is in place with u. K. On the 1st january. You either have a deal or you dont have a do you think thats just to be absolutely clear in the us and to discuss. Lets go ahead and bring in dean of the miami, herbert business school, john quelch and hilary ford, which board member of the British American business association. Thank you both for being here today. Hilary. I want to start with you michael moore, in that he says there has been progress made on fisheries, unfair competition rules, but these are both topics that weve talked about at great length with you on this show. Are we really any closer to a deal hillary . Pleasure to be back with you brand actually yes, i would actually also note that j. P. Morgan and throughout the entire summer, so how theyre all a deal . No deal. 2 thirds for a deal that there would be a no deal. Brax it. Well actually theyve just opt to 80 percent and in terms of the actual content of the agreement, 95 percent of the entire agreement is settled. So theres only 5 percent up in the air and yes, youre right. 5 percent is part of that of the fisheries. You talked about also governance and the level playing field. Those are the 3 issues at stake. But with regard to the fisheries, yes, there has been progress. And also a vandal actually picked up the phone. And as a side to interject us solve as has boris johnson, the 2 of them really want to see this dhamma and they want some, you know, calm and peace with regard to the fisheries. And its interesting that in france, micron is under increasing pressure. And there is a growing fracs, it movement due to the fisheries issue. So he has to settle the bank of england governor Andrew Bailey has warned that the failure to security e. U. U. K. Trade deal could do more damage to the british economy over the long term. Then the coronavirus pandemic, which is wreaking havoc currently. What do you make of that assertion . And what could this do to the economy if there is no deal . No doubt the governor is correct. The covert crisis is a short term suppression of demand. But the brics, it would rip with a new deal would represent very long term disruption to trade flows that would, doubtless have a very severe impact on the u. K. Economy. And on g. D. P. , britain being a trading nation. This is borne out by a study that the London School of economics finalized in which essentially put the magnitude of the no deal breaker. At approximately 3 times the impact on g. D. P. That the covert crisis will have no hilary. We know that the brics, its been going on since 2016, but clearly the pandemic has made it harder to hold substantial negotiations. Or why is the e. U. So against the delay in this transition period. And is the u. K. Even asked for this at this point where you write about the pandemic . Im obviously its wrecked, lots of things internationally, but particularly the e. U. Trade negotiation negotiator. He actually contract to get back in march and lord frost on the british side. Hes at the moment in self isolation. However, once he comes out of that isolation, purportedly vonnie is going to return to london hopefully to finalize things. So yes, it has put some, some problems theyve been doing. A lot of things though, i would say remotely, theres been a lot obviously, like i just mentioned and laden and bars, johnson talking. But it is projected that despite all of this, they will still come to some sort of agreement, mainly because as i mentioned before that its, its, theyre not going to both of them cut off their noses to spite their face. And just as we just talked about, the destruction to g. D. P. Could be worse than the pandemic. So neither side wants to see that german manufacturers and you came manufacturers. All of them want to trade. The only thing that the u. K. Does have is that 93 percent of all the products that the u. K. Buys from the e. U. They can buy from elsewhere. And there have been now trade negotiations with 52 other nations. And thats why the e. U. Doesnt want to delay any thought that because they want to get this done. And he quotes, looking at another dire warning about what could happen with a no deal, the society of Motor Manufacturers and traders. A british car Industry Trade organization actually says the failure to make a deal by the end of the year could cost 70 4000000000. 00 in tariffs by 2025. How big of a concern are these tariffs on vehicles and like you said, trade overall could be thrown off by this. So what are we looking at in your opinion . Have you seen us moving any closer and in quotes . Well that this is another example of an affected industry hyping. The negative for obvious reasons to put pressure on the british negotiators to come up with something. Now in the case of the auto industry, you have a situation where if there is no bread deal, cars being imported in the u. S. Into the u. K. Will be subject to a 10 percent tariff at the port, which will translate into about a 6. 3 percent retail price increase at the same time, there is a certain number of cars that are manufactured in the u. K. By the likes of land rover and jaguar were some ford cars as well. And these, if they were exported to the you will be subject to similar tariffs unless 60 percent of the value added are represented by the vehicle is british made. And we have had a couple of rulings just very recently indicating that the e. U. Is not willing to accept what is called cumulation. That it is pots for example, imported from japan that are inserted into british made vehicles not to be counted as part of the british contribution to the vehicles value of the moment. Only 44 percent of the average british vehicles value is represented by british made components as opposed to the 60 percent required by the e. U. So the end result of this will be a very difficult tower of situation for cars being exported out of the u. K. To europe. And at the same time, the british consumer is hardly going to be assisted by having to pay 6. 3 percent, higher. Prices for imported cars from the e. U. , dean john quotes of the miami, Harvard Business school and hilary ford, which is the British American business association. Thank you both for breaking it all down for pleasure, but thank you for the time you can get the man on the brand new portable t. V. In the Apple App Store or by going to portable t. V. Its been decades since the fall of spains fascist regime. But old wounds still havent healed those on the scene from their mothers and given away and forced adoption to this day, mothers still search for grown children for their birth parents. Well you always will pull you out of the mouth and we will always be the good in the house. Hold on, apache, keep it or dont, or dont let you come up with you through the mammoth that gamma the minimum time has a number. Who knows . But oh, november, they give us a rise of a minute down to the point about nanami. And it is about breaking news this hour. The money regarded as perhaps the greatest footballer of all time. Do you go to the argentinian world cup winner passed away at his home in a heart attack also coming up in the program this hour, further questions are raised to be seen with the u. S. Force saying that the joint british swiss is saying its not very effective when taken by older people