Transcripts For RT Boom Bust 20240713 : comparemela.com

Transcripts For RT Boom Bust 20240713

Issued a new sanction on iran to punish the regime and crack down on its few remaining sources export revenue the latest sanctions target metals as well as construction manufacturing textiles and mining making basically the entire iranian economy also limits to any nations that have diplomatic ties with the u. S. China is now caught in the middle as it has long been irans largest trading partner maintaining a friendly cooperation spokesperson addressed the new sanctions monday in beijing. For a long time china and iran have been conducting mutually beneficial and friendly cooperation in various fields under the framework of International Law it is lawful and justifiable and not harming the interest of innocent 100 it certainly should be respected in our tent we urge the u. S. Side and media to stop all the wrong practice of sanctions against chinese businesses we will firmly dip into the law and interest of chinese dont see anything that we china is now calling for the u. S. To immediately halt sanctions on Chinese Companies for maintaining business ties with iran as a reminder on critical oil exports were already sanctioned in 2019 but india and china still remain employed given their necessity for cheap crude Chinese Foreign Ministry Said beijing opposes unilateral sanctions and called for washington to stop punishing Chinese Companies for importing these basic necessary commodities. And boeings new chief executive officer David Calhoun has officially taken the helm of the embattled Aerospace Giant calhoun who served as a member of the companys board of directors for many years was put in place following the firing of former c. E. O. Did a small and berger in december troubles related to 2 fatal crashes of 737. 00 max jets which led to the ouster of berger have have cut more than 50000000000. 00 off the companys market value and now on that news u. S. Treasury secretary steven minucci in things that the loss of value could affect the overall u. S. G. D. P. By up to 50 basis points telling Fox News Sunday for this year weve been looking at 2. 5 to 3 percent as i said it may be closer to 2. 5 because of the adjustments of the boeing numbers and joining us now to take a deeper look into the state of u. S. China trade relations china trade relationship and boeings effect on the economy are peter schiff c. E. O. Of Euro Pacific Capital and todd bubbles or was chief strategist at bubba trading now i want to start with you with the situation regarding by. What do you make of the treasury secretarys assertion that this one Aerospace Giant is poised to cause an issue for the overall growth of the u. S. U. S. Economy moving forward. As you know brian thank you have me back its a big deal because theyre the biggest export of that we have so its going to have a direct effect on g. D. P. And certainly it has slowed sales and that will allow you know air boss which is their only really main competitor to possibly because of the sales from there i mean this whole thing has been really a mess and thats what happens and you let a company bed with a Government Agency and they get a plane thats been told things like thats going to definitely hurt the g. D. P. Going forward and you know what do you think already boeing has lost over 62000000000 dollars off of its mark do you think theres a chance of recovery here. Well im sure over the long term theyll be a recovery but in the short run certainly you know this will weigh on our exports which also could weigh on the dollar you know ive been thinking the u. S. Dollar was headed lower anyway but if we end up with bigger trade deficits in part because we have fewer exports of aircraft that is going to be another factor of many that i think will be weighing down the dollar and the u. S. Economy and now peter but we want to shift gears sort of start with peter here 1st now chinas currency is now gaining momentum as the market is optimistic that a trade reconciliation is underway now the r. And b. Is now at 6. 00 against the us dollar climbing one percent from its august lows but its still about 7. 5 percent weaker compared to before the 1st tariffs were imposed by the u. S. In 2018 now do you think the market is cautiously positioning itself for a deal or does this lack of enthusiasm signal investors dont believe that a phase one is truly going to happen despite it being scion dealer in 2 days. Well a phase one might happen because a phase one is in significant the real deal is supposedly phase 2 thats the one thats not. Not going to happen so if anybody thinks were going to have a substantive deal theyre wrong but the reality is i think the chinese yuan is undervalued relative to the dollar and i expected to rise rather dramatically over time and thats not going to be a good thing for the u. S. Thats going to be a bad thing because its going to make imports more expensive for americans so its going to reduce our standard of living and i do think ultimately its going to push up Interest Rates as well as the chinese a lot of other creditors are no longer lending money to americans and so we have to draw from our own savings pool which is extremely shallow it means the Federal Reserve is going to be printing a lot more money as it monetizes the debt that the chinese and other nations no longer want to buy and this is going to further lower the American Standard of living. Now bubba it is said that the u. S. Is going to be removing chinas title as a trade manipulator as part of a space one deal so what do you have to say to that do you agree with peter that that currently the army is undervalued. May or may or may not be undervalued the one problem with the bear with the one it does not trade freely so its always and by the Chinese Government so you could never get a true read of what theyre trying to do with their currency i mean theyre going to keep that current so youre low d as long as they can because again all theyre trying to do is offset the terror so we keep buying their goods i dont agree at all with peter here that its going to explode to the upside because their government will not allow it to explode outside that is one currency that is totally controlled that is pinned could only move x. Amount per day other than the 3 following rus the currency now if the a currency systems another story which is a joke altogether but in the case i dont think that there its going to change whatsoever and peter i want it weigh in here peter go ahead and give us your reaction to that. While too busy trying to get the sun out of my face because as you know that unfortunately theres no sun coming into a window here so i didnt even get to hear what was saying i was too busy trying to do this but. Its actually i agree. I agree with you peter a little bit but i used to say that because they are one is so true a government controlled they do not allow it to free float nor trade as far as it should in either direction which is one of the issues that will want to know the big it the big mistake that the chinese made over the years is undervalued their currency i mean they did that deliberately because they wanted to maintain exports to the United States but i think that was a key mistake i mean it helped america because we got to live beyond our means but i dont think it did anything for the chinese economy it helped undermine it because they cumulated a huge pool. Of u. S. Dollars that they ended up doing things with that created malinvestment pseudo distortions i think the best thing that can happen to china is to simply allow their currency to appreciate to reduce their exports to the United States because we cant afford to pay for those products to let their own nations consume those that production so that their own people can benefit from their hard work but unfortunately americans are going to have a rude awakening when all of a sudden we have to live within our means and our means have been dramatically diminished over the years we havent been investing we havent been saving weve been relying on overvalued currency to import what the rest of the world produces and we have a say very much weve just been borrowing money to consume and all this is going to come back to bite us now but overall we are now at all time highs in the market but it seems that the stock market is completely divorced from the economic reality and the Auto Industry has contracted and gone worth of retail pocalypse continues with more Big Box Stores closures the u. S. P. M. I. Has been in contraction for 5 months in a row now and its at the lowest level weve seen since 2009 so what does all this tell you and how would you position. You know right now is telling me the markets are going to go up until they dont and about it because things differently they should go see a doctor because again these markets will at some point melt down but for today and for now theyre going to continue to go higher in till they dont as long as the cheap Monetary Policy is in play theres no place else to go they have forced everybody into the equity market which is not a good thing and is it to peters point however i dont know that we could live beyond our means i mean i dont believe that we can hear theres no inflation and ask a farmer if there is inflation in this economy when their input costs are going up in the meantime theyre outputs are coming down so theres a lot of issues here but the markets will go higher until they dont and again anybody who thinks they can time that out and say that this is the top of the market is not because it cant be done its been tried and many have been broke trying to predict the top it will go down and youll have plenty of time to get out if you dont panic once it starts to sell off but for now the way it looks i had all the reasons why we should go lower if you are. Going to think i dont think people are going to have time to get out i think with this this is a bubble its going to pop i agree theres no way to know you spotlight you know what areas that you have time to get out of blow you know now you have time to get out of no one youve got time to get out not every time you really have to get out with except with a given head you know because the minute it drops everybody says the correction is over youve got to buy the dip so i think most im not saying that theyre right for profits vanish. You know like its going to say that theyre right oh peter its not just going to be its not just going to be that people are going to lose dollars when the stock market bubble pops but the dollar bubble is even bigger and when that pops even the dollars you havent lost are going to lose most of their value so i think americans are going to be wiped out in the u. S. Stock market and the bond market maybe people are going to be surprised at how much of their wealth they lose playing it safe in the bond market because youre not played safe and youre playing with dynamite there there are no u. S. Dollar denominated assets that can be considered safe right now it is a giant casino and yeah you know people think that the economy is good because theyve managed to blow more air into the stock market bubble of the bond market bubble but the economy is in worse shape now than its ever been its in far worse shape than it was before Trump Took Office mainly because he continued to pursue the failed policies of obama who pursued the failed policies of bush all weve done is spend our way. For 150 years its going to be over almost every decade but 2 so again you could be right but i i would tend to doubt that the United States is going to collapse because of all the issues that you pretend to bring to the party. Horowitz peter schiff thank you so much were to do this again really soon because you guys are obviously fiery about this that we got to get to get more from you thank you so much for your time today. Ok. For modern china sales fell for the 3rd year in a row and 29000. 00 and the company is bracing itself for the kleins in the broader industry in 2020 sales declined 26 percent year over year partially due to the softening economy and trade dispute with the u. S. And also in part due to the rise of pride. Chinas autumn market is set to contract by 2 percent and 2020 and for its additional sales decline in the value segments to combat this sport announce that it will continue to put more effort into strengthening its product line up with more Customer Experiences to mitigate precious and improved dealers possibility for plans to launch more than 30 new ma. In china over the next 3 years which about one 3rd of the fleet will be electric vehicles. Time now for a quick break but hang here because when we return as technology continues to progress so too have concerns for privacy investigative journalist ben swan joins us to take a look at privacy in the cell phone sector and later as retail giants continue to grow more and more dominant in their sectors some regulators are a competition crackdown molly barrows tribute to americas lawyer takes a look at how india is looking to take on amazon and walmart in the extra space and as we go to break here are the numbers of the clothes. On this edition of crossfire we conduct a postmortem of the recent us around conflict what has changed in what bodes for the future issues the mainstream Corporate Media refuse to discuss. You are no offense but you no longer a young woman in fact you are one of the last living survivors of the nazi yeah. Im aware of it. All your life. You can never forget there. Was a day in the life to be inhaled because you would never believe it. One can. Copy the course for 30 years and nothing be heard of it at all she saw a lot offered by a good sign. When i get out on the farm saw you take my son to the next you so he can listen in hopefully the blessed god heard. Seemed wrong. When all rolls just dont call. Me lol yet to shape out these days to come to add to it and engagement equals betrayal. When so many find themselves worlds apart we choose to look for common ground. The world is driven by dreamers shaped by one person with those words. Dare to ask. Googles Parent Company alphabet will soon be the 4th Big Tech Company to join the one trillion dollar club google success comes out is the biggest beneficiary to Global Online advertising the Advertising Division brings in 99. 6 percent of the companys revenues with Revenue Growth accelerating to 26 percent year over year googles other revenue includes cloud efforts and that it represents a substantial upside for investors google is increasingly trying to make themselves more than an advertising and Search Engine company but also is Services Company with hardware and platform capabilities as google is poised to hit this milestone the company is undergoing a leadership transition cofounders larry page and sergey brin and now its last month that they are stepping back with sunder pichai who will be the new c apple was the 1st company to reach the one trillion dollars mark in market cap followed by amazon and microsoft these 4 Tech Companies have since been surpassed by saudi aramco who now has a market value of 1. 9 trillion. The new push by Privacy International is calling on google the developer of the android operating system to remove something called bloatware now if youre not familiar with that term think about when you get a brand new cell phone or even a p. C. Computer that is already stuff. With preloaded apps and these apps cannot be removed from the system now Privacy International is leading a coalition of more than 50 organizations which is demanding google give users the opportunity to delete any and every app from their device part of their open letter to the group sent to go from the group sent to Google States weve the underside agreed gree with you google c. E. O. Sundar pichai that privacy cannot be a luxury offered only to those people who can afford it and yet android partners who use the trademark and branding are manufacturing devices that contain preinstalled apps that cannot be deleted often known as bloatware which can leave users vulnerable to their data being collected shared and exposed without their knowledge or consent joining us now this is just this is investigative journalist ben swan ben thank you so much for joining us today now i think the 1st and most part question here is now where it can be annoying sure but is it actually harmful to the user in most cases its just kind of sits on your phone it takes up space or is there more to it that were missing. No i think there is more to it than that and its the problem that we have with so many apps guys over and over we see this problem right which is that many applications go into your system and essentially take information from you that its theyre not really supposed to have or in many cases dont even really need to have so what youll find is that some of these preinstalled apps will automatically access your camera features your pictures your videos your contacts lists even though you havent given permission to do so or again it might not necessarily need to do so because we all know that the real product everyones after is data and so what we see with bloatware is that and im sure you guys have experience as you go onto your phone youre trying to make space and you have about you know a half dozen to a dozen apps that are sitting on your phone and you say i dont ever use this i dont need this i dont even want this but theres no way to actually remove it and so Privacy International is saying to google that people should have the right to remove any app thats on their system that they do not want to have now the letter also claims that the devices carry the quote google play protect badge but in actuality 91 percent of the

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