i. this is boom bust broadcasting around the globe and covering all the booms and busts of the business world and the impact upon us all i'm daniel britt in washington we're glad you're on board straight ahead on today's program boeing is back in the hot seat as a new recording is surfaced showing executives downplaying the flaws of the 737 just months before the 2nd deadly crash in ethiopia r t correspondent rachel blevins and adam nash of the other mess trading group give us an aerial view on the burning scandal and what it means for the company's stock as much as continue to be on shaky ground the transpacific trade relations may get even worse going forward especially in the tech sector professor richard and to take a look under the cover of the chinese and u.s. economies in the wake of the latest trade difficulties a packed show ahead of us today so let's dive right in. a shocking revelation in

the saga of boeing some 37 max leads our global report today as audio evidence emerges the document's warnings from pilots about the plane safety and pushback from boeing management c.b.s. news 1st reported on the recording which they say was made on november 27th 2018 a month after liner flight $610.00 a $737.00 max crashed and 4 months before the 2nd $737.00 max crash ethiopian airlines flight 302 and march in the recording pilots can meet her demanding that they be informed about whether the planes they were flying when we were equipped with the m c a s anti stall system which is now suspected of causing the crashes a voice believed to be boeing vice president mike sinnott can be heard downplaying the role of the n.c.a.a.'s and the importance of informing pilots. one. so we try to get over. this.

we're now joined by r.g. correspondent rachel blevins who's been closely following the story rachel welcome to must thank you so rachel we've seen from the f.a.a. it's been very curiously been rather defensive with regard to boeing rather than you know the usual regulatory attitude what was told to members of congress as they question f.a.a. officials earlier today about whether they were thorough enough and meeting their safety reviews on 30 some 37 max he has said today and during the hearing we saw a mixture of both criticism and support for the f.a.a. from members of congress some of them noted that by continuing to support boeing the f.a.a. is risking hurting its credibility worldwide they also pointed to the fact that boeing decided to remove a key safety feature from the $737.00 max aircraft and didn't tell anyone and it was an entire year until the f.a.a. found out that they had done that and then may didn't do anything about it as well

but at the same time we also saw members of congress who were very supportive of the f.a.a. and of boeing and they insisted that there have been more than 57000 flights with the 737 max aircraft here in the united states and they're howden than any crashes so they insisted that because of that it means the aircraft is safe right now on the substance of this is there any indication from be evidence so far that the pilots involved in these crashes should have had more training now it's interesting because we look at the investigations from the crashes in indonesia and ethiopia and the investigation say that the pilots did everything they could and that they were just not able to overcome the flight control systems on the plane but members of congress seem to think that these pilots were actually the ones who are in error and that they could have done more in the essentially said that they didn't work correctly. with the flight control system on the planes now that's interesting because it actually brings out complaints like the one you mention from pilots here in the united states who have said that they did not receive proper training to work with this like control system and they've even said that their manuals were

not properly up to date so they're essentially saying that boeing did not give enough information to its customers about these aircrafts well and just quickly that some 3737 max is grounded right now is there any chance it could return to the skies any time soon i imagine it's very cloudy right right along the f.a.a. insisted that they will go through all of the proper investigations to make sure that the software is up today and that these problems don't happen again but at the same time we also know now that the passengers on these flights have seen that both the f.a.a. and boeing have continued to let this plane go in the skies even though they knew about problems so at the end of the day it's going to be up to the passengers whether or not they want to fly even if the f.a.a. says that it's safe still wants to be reported on the story we'll keep a close eye on it or to correspond to rachel thanks for joining us thank you. and here to dive deeper into the market reaction to this news is out a message c.e.o. of the out of mistreating group welcome back adam. thanks for having me it's nice

to be here and i'm going to get to the simple numbers 1st want is happening to boeing in the stock market after this latest scandalous revelation. well it's hard to say if the reaction is due to the scandal because it's also falling is also our number one export are and with the trade war with china that's going to also take its toll on boeing so it's hard to say what's causing it but the stock has definitely been on the downtrend and from a technical perspective which is what i specialize in where it's at now i would not be a buyer of own. right and there is one a striking data point in the mix today a boeing apparently received no orders for some 37 minutes airplane since march 13th according to a c.n.n. report and even worse no new orders for any airplane made by boeing in the month of april how bad is this for them can they get back some of those orders in the future if they resolve the scandal or is this a dangerous new baseline for boeing. i don't think it's

a baseline i think that's more due to the backlog that existed before this crisis happened. there is a big backlog and that would cause there to be no orders the one thing i will say is china they say is on pace to be a trillion dollar airline market and to fulfill their demand they are going to need boeing airplane so i would not take that as the norm i am i'm a contrarian by nature. when you have any kind of skin though i like to buy into that scandal in this case i'm not because it's not just the scandal it's the backlog it's the trade wars there's a lot of other things and then add in the technical perspective so. it's not because the news that i want to get involved it's because of the complete picture there's too many negatives right and you in your 1st answer you mentioned the u.s. china trade talks as an element here you know boeing is apparently.

boeing banked $3013800000000.00 in sales in china for $2800.00 that's roughly 14 percent reportedly of the global total sales and the actual effect of the new chinese terrorists most recent chinese tariff since the weekend and boeing exports reportedly is unclear it's not clear what those tears will apply to if they'll apply to boeing's products but the editor of the global times newspaper a some official newspaper in china said china may stop purchasing u.s. agriculture products in energy reduce boeing orders and restrict u.s. service trade with china so what's your take on the effect of this other set of recent events on boeing. i saw that had and i still wasn't really swayed by that because again i think china's demand for travel makes them reliant upon boeing one thing you need to understand is if they're already flying on boeing airplanes then the pilots have been trained on boeing airplanes they would have to go through another set of training to switch to another airline they

would also need to order all the backup parts the spare parts that they now have in stock for the alternative airline so in the end game could there possibly be a chance yes in the near future i don't think the risk justifies the reward for them to move away from boeing because they need them right and that's something we've seen as well in the reporting that it's not so easy to just switch suppliers with something like an airplane if they were to switch to a competing carrier speaking of or speaking of those competing manufacturers is there any evidence so far of the boeing's troubles are down doing to the benefit of any of their competitors in this case probably air bus would be the most likely candidate are they seeing any bounce from boeing's troubles. no air bus is not seeing a bounce they are the number one competitor to boeing so they are the one to watch looking at their stock price it hasn't moved that much lately their 1st quarter

sales just like boeing's were down again i think due to the backlog in airplane orders but if you look at the end game and let's let's play this out ok right now you have come companies in china that do their manufacturing china to say they're looking to move elsewhere they're looking to move their manufacturing to another country to avoid this trade war it's already starting to happen so if you play this out over the next couple years would it make sense for pilots to be trained on the air bus and then to work towards that as a solution so the china could shy away from boeing's orders yes and i do think because arab has already shown themselves to be next in line they could be the direct beneficiary so if given the choice of the 2 i would definitely. be much more favorable on air boss than boeing that that's much more attractive to me but again i would wait for some movement in the stuff price because this is

a long game in it's not something happening now ok very interesting and a measure of the administration group thanks as always. i was great thank you. i i. i. i. am hopping over to europe there are more developments in the battle over the controversial nord stream 2 pipeline project that would run directly from russia to germany earlier today president alexander vander bell and of germany's neighbor austria rebuffed u.s. efforts to scuttle the project vendor balun who was attending the sochi dialogue forum in the russian resort town said austria is not going to leave the north stream to project an austrian oil and gas corporation o m b especially. in energy giants in austria is one of 5 energy firms partnering with russian state energy company on plans to build nord stream to the others are n.d.

of france rolled out shell and winter's haul and yoona part of germany the austrian leader also notably listed current developments surrounding iran alongside russia e.u. relations on the agenda for his talks with russian president vladimir putin. time now for a quick break but just on the other side markets continue to be on shaky ground but transpacific trade relations may be getting even worse going forward especially in the tech sector professor richard wolfe lens is a hand to take a look over of the chinese economy and their relation and their economic relations with the u.s. in the wake of the trade war and as we go to break here the numbers of the. i. i i. i.

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talk. welcome back there is just concerning agriculture and climate news out of australia as a consonant sized nation has begun importing wheat for the 1st time in 12 years australia is struggling through a drought that has lasted 2 years and counting and dented grain yields by as much as 20 percent the last time australia had to import wheat from 2006 to 2007 was also due to a drought that we reportedly will be imported from canada by the melinda group and will arrive within 2 months leader's office and grain trade associations read strong objections to the imports citing a risk of introducing exotic pasts or weeds from a broad invasive invasive species have been a perennial problem for the island nation. and hoover has won

a major defensive victory in the united states thanks to a ruling from the national labor relations board or n.l.r.b. the n.l.r.b. cited with ruling that drivers are contractors and not employees under the law the designation is a critical point in the escalating fight between drivers in the company because contractors lack even the meager and often often ignored protections that exist for organizing union activity for employees the ruling has wide reaching implications throughout the larger so-called gig economy a model that often involves evading the typical responsibilities of employers and shifting costs and risks on to workers the n.l.r.b. ruling is a welcome legal windfall for which as we have reported it has been under increasing regulatory and political pressure at the local and state level in the united states and another number of other countries. and the trans pacific trade tussle continues to rile markets around the globe but the implications of that spat extend further

than just economics joining us to discuss the issue we're happy to welcome richard wolffe professor of economics emeritus at the university university of massachusetts amherst and the author of democracy at work a cure for capitalism richard welcome. thank you glad to be here welcome back let's just get right to it there is a remarkable calculation floating around $1.00 trillion dollars of stock value was lost on paper or perhaps i should say in cyberspace on monday after the latest tit for tat on trade between china and the united states how bad is this impasse in trade talks and the new terrors for china for the u.s. and for the rest of the world. well here's the problem it is already costing jobs it is already costing money it is now costing huge losses in stock markets and the irony of it all is it's mostly political theater mr trump has initiated a massive tax on americans that is lost sight of tariff is just of word for

a particular kind of tax mr trump is taxing goods and services that come into the united states those taxes will be paid by american businesses and they will shift some of the burden onto american consumers it used to be that so-called conservatives were against massive taxation but now we see the most conservative of all doing the very thing he had said he would never do as a conservative imposing taxes and that disrupts the economy in all kinds of ways the stock market collapse is another one and the irony of it all is this is so that mr trump can position himself posture as the tough leader getting a better deal when the dust clears and i believe a deal will be struck the chinese will say they prevailed mr trump will say

prevailed and we will go on to some other crisis that can keep our president in the news economically this is costly to both sides but it is a cost that is fundamentally politically driven than and aside from the trade talks process the trumpet ministration of course is fighting china on another front trying to banish while away from a role in building state of the art internet infrastructure abroad now there's a report the president is going to sign an executive order banning u.s. telecom companies from using hardware from foreign companies believed to pose a risk. clearly saying that while way can that be effective. i don't think so and i think it's more of exactly the same theater but let me tell you why this is really dangerous most of the world's security operations country after country use the equipment produced by american telecommunications companies companies

that are at least as involved with the united states military the cia and so forth as huawei is with the chinese the precedent here that you cannot rely safely on another country's equipment no matter what guarantees they give you that will be used against china today but it will be in the minds of every other country about the american equipment they have been using and that they were going to use into the future until the united states in a very short sighted way begins to throw dirt into that process for the temporary political advantage of mr trump but for the long term endangerment of international trade now quickly president trump on twitter predicted that china would cut interest rates and suggested at the federal reserve does the same thing the u.s.

could just game over would win the trade war this seems like a new high or low with regard to trump's disregard for protocol with the growth of federal reserve which is wholly here in washington is he going too far this time. yes i think so i think he's getting desperate the chinese have not caved in not a vow to so he looks like he's pursuing something that isn't going to end a very well now he's once again pressing on a agency the federal reserve that's supposed to be independent to get an advantage he did that before because he wants low interest rates to stimulate. the economy in time for his reelection bid next year so this is a kind of transparent effort to raise that question again by linking it to china right fascinating insight as always richard wolfe professor of economics americas at the university of massachusetts amherst thanks for your time. thank you.

if you follow the world the cryptocurrency and blah change technology you have surely heard of the new site coin dust this week the company announced a new partnership to launch coin desk china archies bridgeboro sat down with coin desk managing editor business development in china shop and coin desk china c.e.o. alan seen a consensus during new york watching week to unpack the details of entering the world's largest market. part of what i do is look to expand the reach of coin desk around the world and we try to find territories that are under-served in the sense that there's a lot of block chain and crypto development going on in those territories but there isn't a lot of. hard core coverage of the sector in local language

and so china is a great example where there is just so much happening in blocking development across all sectors and all ways that you can think about. a block chain development and you know. it's certainly available there but only in english and therefore we found a great partner to create a local edition of. just china where we will be producing local content tailored to the local market as well as translating content from the global edition . are we looking at what i want to give this what are we looking at original content or is it just kind of translated from the u.s. version from it was going to well. beginning we're going to transfer the news content to the chinese but then leader will add more local produce content it would be in charge of the rest of the world well you know china because not the

regulation. actually right now because they're treating standing in china you know but germans feel encouraged as a technology event of the so that's why we're going to focus more on technology side resign because they're treating you more but if they go on to watch a technology what it can be done with it really. right so how the technology can apply to the you just need to improve the efficiency of the society because the cost of the for example financial system when you're making a. big leap that side of it with. what it would read it would probably like. to overstep my bounds but china does have certain rules regulating the. rating but also a lot of. freedom of information you know with that if you develop it. well whenever you're doing a partnership like this it's it's really important to find

a company and a partner that you trust because we're essentially giving them the coin best brand in the territory to manage it and to own it in to grow it and we've done a lot to establish clean desk as the. primary. definitive source of information and news and data in crypto block chain sector and it's a trusted brand and that's really important to us and so we did spend a lot of time talking to media companies in china to find one that we not only felt that we could trust with the brand but a company that also had a plan to roll out clean desk in china in the appropriate way to address some of the unique concerns that you address that you mentioned that exist in china in this sector and and allan and his team have a great rollout plan across social and web sites and events to bring the.

in this experience in china and in an appropriate way. you know that i mean what do we let me know which is that are the people of china i mean like with you know the technology but are they in that specific privileged state because well i mean i don't believe it here in the u.s. it's tough to trade in things it could stupidly be we're not going to get better that situation but how we're going to go with the audience with the chinese people looking at this kind of well also talking about blocks in technology actually not too many people very familiar with the technology but rather people are interested to you for you know how can this technology apply to their life you know to improve their lives and for the industry you know there are quite a few coming like a peak internet companies who tried to seize for the technology how to use the technology for example. on financial also the try to do that on the technology to.

transaction cost. of course to other countries so where you know people in china rhino actually has a pretty seach to explore how to use the technology rather than you know already know it very well and we're seeing it used in some of the technology because of the need to go specifically with the black sheep ecology there is faster storage it is everywhere else in the world well so you know for example you know china is a big culture country to know. right now not a company start ups and also becoming tried to use blocks into trees back to the source of the product so that one though at the beginning you know for example the wheat called the c c produced and there how it girl you know what's some chemical added to the. environment. 2 girls to the weeds or something like that so we can

use blocks entire knology trees all the way from the beginning to the end playing the part that. that's it for this time you can catch one last on direct t.v. channel through 21 dish network network channel 280 or streaming 247 on pluto t.v. the free t.v. channel 132 or as always have us up at youtube dot com slash boom bust r t c next time. in 2040 you know bloody revolution of you tube clip the demonstrations going from being relatively peaceful political protests to be creasing the violent revolution is always spontaneous or is it your style or here i mean your list book video in the new bill is that i'm new school in the middle of the former ukrainian president

recalls the events of 2040 and. those who took part in this today over 5000000000 dollars to assist ukraine in these and other goals that will ensure a secure and prosperous and democratic. welcome to maximize their financial survival guide. looking forward to a year that's without. yanks this is what happens to pensions in britain. watched as a report. as

the u.s. ramps up pressure on iran democratic senator bernie sanders accuses donald trump national security adviser of trying to lead america into a war with terror this is happening with iraq. designer faces up to 10 years in a u.s. prison for allegedly smuggling f. 16 fighter jet manuals out of the country he claims he wanted to make his flight simulator game on the list to prosecutors accuse him of conspiring against the u.s. . chinese telecom giant wall way it warns the u.s. its latest move against the company won't make america safer but will hinder the development of 5 g. networks in the country.