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tv   Boom Bust  RT  March 31, 2020 4:00pm-4:31pm EDT

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and this is the one business show you can't afford to miss branch of war in washington coming up. as a trip to the globe but some regions have been hit harder than others we have a live report on the spread of the pandemic and how different nations have taken different paths to tackle the virus plus as china begins its return to normalcy what impact will the recovery have on supply lines and the juggernauts economy we'll bring you expert analysis and later as amazon stock has shined amid the corona virus outbreak some of its employees are voicing concerns about their health
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and compensation of a packed show today so let's go and dive right in. in the world now has more than 800000 cases of the coronavirus and cost the lives of more than 40000 people here in the u.s. the death toll grew by more than 500 in a day for the 1st time since my on monday during his daily briefing on the pandemic u.s. president donald trump talked about how important the next month will be to fight in the spread of the virus. this is our shared page you had a guilty challenging times are ahead for the next 30 days. and this is a very vital 30 days we're sort of putting it all in the mind this 30 day is so important because we have to get back. but the more we dedicate ourselves today the more quickly we will emerge on the other side of the crisis and as the u.s.
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president touted a newly authorized 15 minute test the nation's leading infectious disease expert dr anthony fauci said we will be in a better position to deal with the virus if it were to represent itself in the future if you come back in the fall it will be a totally different ballgame of what happened when we 1st got hit with it in the beginning of this year there will be several things that have be different our ability to go out and be able to test identify isolate and context trace will be orders of magnitude better than what it was just a couple of months ago in addition we have a number of clinical trials to look again a variety of therapeutic interventions we hope one of more of them will be available. as the u.s. now has more cases than anywhere else we wanted to get a global perspective on how this is affecting the world and for that we're joined by our t. correspondent saya tablature who gives us this report. you know brand here in the
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u.s. so far 1000000 people have been tested for the groaner virus and all the further restrictions on movement are constantly being considered to help stop the spread of the virus the u.s. is now reporting twice the number of cases as china the u.s. has now more than 175000 confirmed cases the highest number in the world and more than 3400 deaths and the outbreak in new york still remains the largest in the nation with more than 1200 deaths now in china today that announced more than 1500 kroner virus cases that had not previously been made public and china so far has about 3300 vets and around the world more than 800000 people have been confirmed to have the virus and nearly 165000 have recovered and more than 40000 have so far died now let's take a look at year over several countries are continuing to see
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a rise in new infections and that's now in italy and spain where the country's combined death toll is almost $20000.00 and that's roughly house of the global total you know really demonstrate the price countries pay when a virus pretty much outstripped the capacity of their health care system now the worst hit country in europe so far italy has over 805000 cases and almost 12500 that's and just today the u.k. and spain reported their largest single day jump in death toll and spain has reported 849 new deaths from the corona virus the highest overnight jump since the start of the pandemic bringing the total number of deaths of the country to about $8200.00 now the death toll in the u.k. also job to $800.00 that's more than 25000 people infected now in germany confirmed cases are around 68000. only $682.00 deaths were according to
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experts germany's death rate is much lower than any other country due to its widespread testing and while germany currently has the 5th most infections in the world it is actually fewer on reported cases among many other countries where testing is really hard to come by now workers in germany will also get some relief as a federal label an agency has an ounce of they're going to pay employees at least 60 to 70 percent of their net salary while being quarantined at home now let's take a look at latin america where while some countries are taking extreme measures to control the spread of the virus others are just downright ignoring it now in argentina with and $966.00 cases and $26.00 steps authorities are arresting anyone who while aids to mandatory quarantine meanwhile in brazil brazilian president wilson naro continues to defy calls from health officials
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looking to prevent gatherings now the brazilian president has even stressed the need to keep their economy running and has clashed with several say governors who have introduced quarantine measures and so far more than 4700 cases and 168 deaths have been confirmed in brazil now let's get a look at india a country with just one government doctor for every 28000 people just imagine that and health experts are currently monitoring india very closely the world's 2nd most populated country after china which currently has over 1200 cases and 32 deaths you know but the m epidemics there could become far worse because much of their population live in tightly packed neighborhoods where it's practically impossible to observe physical distance and finally let's go to iran the hardest hit country
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in the. iran has almost $45000.00 reported cases and more than $2800.00 deaths and more than a year after france germany and britain said they were setting up a trade mechanism to work around u.s. sanctions against iran today they sent a 1st shipment of medical supplies to iran and that trade mechanism you can call it known as n. stacks will continue to deliver humanitarian goods which are not forbidding by u.s. sanctions and justice masa the same 3 european countries france germany and britain all signatories to the iran nuclear deal offered iran an aid package valued about of $505500000.00 to fight the country and their fight against corona virus and thank you so much sayah for that fascinating report and it should be noted that when we actually discuss president discuss aid president trump mentioned russia would be sending a plane full of medical equipment to the us which was confirmed by
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a kremlin spokesperson on tuesday and as always remember you can get the latest news and information regarding the spread of the coronavirus on the portable t.v. apps kuroda virus tracker. and u.s. markets have been battered by the pandemic with major indices having their worst quarter in a decade and markets continued their downward trend on tuesday after substantial gains on monday even with positive manufacturing data coming out of china for the month of march now let's get some expert analysis ot all of this from john paul's dean of the miami herbert business school and boom bust co-host christiane who joins us from los angeles while we recognize the social distancing protocols that everybody around is kristie can you tell us what's going on with the markets here. well brant as we wrap up the 1st quarter of 2020 the dow is off by 22 percent the worst quarter since 1907 and likewise the s. and p. is also off by 19 percent the worst quarter since 2008. 8 and despite the brief
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relief rally that we saw in recent days the volatility is not over and we expect to see a retest of previous lows in order to have confidence of where the floor actually is and this all comes as china's p.m.i. for march came in at $52.00 beating expectations of $45.00 as a stage of strong recovery post virus the national bureau of statistics announced that there was continued improvement in the prevention and control the outbreak in march and a significant acceleration in the resumption of work and while many are hoping for a v. shaped recovery and are pointing to this data point as evidence that equities can bounce back card analysts are warning that this p.m.i. reading does not mean that china's economic activities have returned to normal levels in february the economy was pretty much at a full stop so doesn't really take much to rise from such a low base there's still a significant drag on china's economy as demand for goods and services is nonexistent in the consumer space other headwinds for china on its road to recovery include a potential 2nd wave of infections slumping global demand and lower exports which
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will all result and millions of job losses in china as well given the long tail of the after effects of the chrono virus the march p.m.i. is likely a one off game from a very very low comparison base in february the world bank also warned that as china's growth stalls out it could drive over 11000000 more people in east asia into poverty while most countries in the region rely heavily on trade tourism and commodities and they do not have the luxury of a massive stimulus as their economies contract any recovery is likely to be sluggish the world bank is now calling for stronger action to cushion the shock for the $171.00 of all countries so taking its cues from china and the long road to recovery ahead president trump has called 2 trillion dollars in additional infrastructure spending in the upcoming days for coronavirus stimulus in his latest tweet now while that figure is more so wishful thinking than reality sources report that the total package being consider now is in the range of $600000000000.00. an
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additional $600000000000.00 in stimulus and while this boost is very much needed there will be future consequences for those unlimited money printing currently other countries cannot get away with a 20 percent biscoe deficit paid for by the central banks only the u.s. can give and be doing this given the reserve function of the u.s.d. so this will all push out the ozzie dollar the cad dollar the british pound and all the other currencies in play as well all the emerging markets can roll countries you just talked about well they'll just be pushed back deeper into the hole and they will never be able to dig themselves out of sending the economy further into poverty and thank you so much christine now i want to actually pose a question today in quotes here how is the coronavirus shaping global economies as we look at things moving forward it seems we're reversing on the globalization trend that we've seen in the past in the quote 20th make of this. no doubt that this is a bad advertisement for globalization 1st in the sense that this is
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a global health care pandemic that no one can escape and secondly that the end to locking of economies. that has occurred over the last 20 years both in terms of investment and trade flows is now being challenged by the assertion of national borders in the interests of protection of individual citizens and it's ironic actually that a global pandemic has actually caused the wrists and subnational instincts. but that's equally ironic that when things are tough families friends want to get together and hug each other but this pandemic is such that social destine saying is mandated and you can't even get close to your family and friends at a time of crisis and. great need in now dean quotes christie talked about
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stimulus there and she also mentioned china with their manufacturing data well we've heard about what's happening here in the u.s. but what is china doing to stimulate their economy. while china of course took some very strong and aggressive action to inject liquidity immediately into the markets they also adjusted downward the the. in other words the required to reserve ratio that is imposed on banks. that collectively has is going to account for maybe around about $100.00 to $200000000000.00 of liquidity being put into the economy in addition have been a range of fiscal stimulus initiatives around helping small and medium businesses to survive with adjustments in tax rates and so forth and
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finally a very strong commitment coming out of china to double down on investment in infrastructure particularly high tech infrastructure including 5 g. networks now kristie i've got about 30 seconds left here but from all those points that dean call just made are they what's pushing up that manufacturing data that i mean isn't great but it's better than expected. it certainly is helping a little bit but the total stimulus so far is in the range of about 3.5 percent of china's g.d.p. and that is actually very conservative in comparison to its peers in the u.s. and europe who are pumping about $130000000000.00 and counting into stimulus so china has more of a soft wait and see approach and right now it's currently looking to be the high and the courage to host christiane and dean john quotes thank you so much for your time today. thank you and time now for a quick break but hang here will because we'll be right back and as we go to break here are those numbers at the close.
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is you'll be a reflection of reality. in the world transformed. what will make you feel safe. isolation community. are you going the right way or are you being led. watches. watches.
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in the world corrupted you need to descend. to join us in the debt. already made in the shallowness. micrographs friends aren't slights against you know whites or men for example there's their slights against women or nonwhites so it's always you know the idea is that statements that directed toward a privileged group are interpreted differently than a statement directed toward a oppressed group and so that's kind of the whole framework and it's it's a political framework that's used the result is of course focusing at least on
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certain kinds of minor slights and saying well rather than a north shore then we need to call attention to them but it's not all slight so it's a very political in this country. welcome back after all prices fell to 18 year lows on monday it's a mixed bag for the world's 2 largest benchmarks on tuesday the west texas intermediate the u.s. benchmark rose by more than 8 percent at times throughout the day while the international benchmark brant crude is slightly down renewing those 18 year lows now for more on the state of oil and commodities we're joined by name our chief
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analyst have a trade now and thank you so much for being with here with us and i want to get right to it we know the majority 'd of these oil woes are due to the ongoing coronavirus pandemic and what it's done to travel throughout the world how long is it going to take to get the oil sector on the right track to recover from all of this. i'm saying. we can really see the. remember right. and as you mention. it. i know you guys were having a little bit of a with niam niam signal here today and we're able to to actually hear you know him so i do apologize so let's actually go ahead and move to the next segment and let's go to ben swan and i appreciate you joining us we'll try to reconnect and make this
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happen here go the right way. more current coronavirus controversy for amazon as the company now admits that it did fire an employee who organized the strike demanding greater protections for employees amid the corona virus outbreak now chris smalls a management assistance at the facility was fired on monday afternoon after the strike smalls had organized a walkout to call attention to the lack of protections for warehouse workers in a statement to business insider small said amazon would rather fire workers than face up to its total failure to do what it should to keep us our families and our communities safe i am outraged and disappointed but i'm not shocked as usual amazon would rather sweep a problem under the rug than act to keep workers and working communities safe organizers say that at least 50 people join the walkout amazon says the number was actually fewer than 15 and as i mentioned joining us now is co-host of ben swan an
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investigative journalists as well ben thanks for joining me and i appreciate you being there ready to go when we had a little bit technical issues there amazon has its own side to this story why are they saying smalls was fired. or that their reason is going to get them off the hook but they said that the reason why the fire chris. was late in their bases the . distancing guidelines that have been given stay 6 feet away from people i suppose what amazon is trying to say that in this case by organizing a walkout he was physically closer to people than he should have been so that's essentially the claim that they're making saying that they gave him multiple warnings knots of violate these guidelines and they say that. it's their best workers we can get at and it and chris smalling was caused that to be violated so that and the city led that walk out and now new york state attorney general it issued james called amazon's firing of small disgraceful and said the office of the
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attorney general is considering all legal options as well as calling on the national labor relations board to investigate the incident what kind of injury issues could amazon face over all of this. well essentially i mean look depending on where this happens and obviously new york is a very union friendly state not saying that necessarily these these workers are unionized but even so there are certain laws that protect workers and one of the laws that protect workers is essentially to prevent you from being fired if you go on strike if you are striking for the right reasons now keep in mind if you are striking for any reason at all and you say i'm as i'm going on strike let's do a strike you can be fired for that but if there are certain things like for instance if you believe that your employer or come the company that you work for is putting you in danger in harm's way you have the right to strike and to walk out that is what essentially this guy is saying chris moyles is saying is that amazon
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is putting workers in harm's way because they're not being forthcoming about infection they're not being forthcoming about which workers have contract to covert 19 and they are not keeping their workers safe and that is what he was saying when he led this walkout so the idea that amazon says oh yeah it has nothing to do with that i think most of us are smart enough to recognize that the real reason they got rid of him was he was causing problems for them and it's just another black eye for amazon at the moment brant i would remind you that amazon is trying very hard right now to remake its image in the midst of the coronavirus there's been a lot of talk about amazon being too big not. and this is a moment when it's on could actually look our site is a benefit but we've been doing a been if it to the country and they've been bungling it so our. bet amazon has called the workers' accusations completely unfounded and said that it has taken extreme measures to make sure employees are safe while on the job which has been an
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issue they face well before the coronavirus what do we know about steps that amazon either has or has not taken. well look what we know this we know that in at least 10 amazon warehouses there have been people who were. in those warehouses who have contract id the coronavirus 1000 we know in most cases according to worse has not notified where some employees instead said in between shit they're going in and they're cleaning the warehouse it for us that there was you know i'm sure that 6 feet apart and that keeps everyone safe but we weaved even on the. workers from elsewhere say that they are looking early actions on their social media from fake or from local news or not from amazon management and as i said last week and i would reiterate it today it shows a lack of respect on the part of amazon to not be forthcoming with workers to not
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tell them what's going on in the midst of this crisis right now amazon is actually trying to hire 100000 new workers to come in and work inside of its warehouses because as i said this is a moment that requires a huge response at amazon you would think would 'd be the company that could provide the response necessary for getting people goods and so far they have not treated their workers correctly they seem to bungle the relationships all along the way and simultaneously they are not really you know forthcoming with those employees treating them instead like cogs instead of like people it's fascinating that we're going to keep an eye on as you see more and more people during these lockdowns are going to need services like amazon like insta car and i was in those other companies and the fact is they have to protect their workers and treat them right for sure co-hosted investigative journalist ben swan thank you for joining us . thank you and as the krona virus pandemic continues to decimate the travel and leisure sector air b.n. b. is offering some relief for their users now the u.s.
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based home rental company is allocating 250000000 dollars to mitigate losses by host whose guests have cancelled bookings due to the pandemic their funds will be used to pay host 25 percent of their typical cancellation fees that aid is being offered in every $1.00 of their b. and b.'s $191.00 countries with the exception of china now the company previously announced guess would receive a full refund for cancellations of reservations set between the 14th of march and the 14th of april according to a letter from the c.e.o. brian chesky payments will start going out to hosts in april. and finally as the world continues to deal with this crisis people throughout the world have come together unfortunately there are still some bad actors out there in the early hours on monday a painting by vincent van gogh was stolen from the singer lauren museum located east of amsterdam which is temporary closed due to social distancing measures to prevent the spread of the corona virus now the painting the parsonage garden at
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noon and spring was stolen around 3 am local time as the thieves smashed a glass door at the museum the museum's director rightfully expressed he was angry shocked and sad at the theft now the piece was on loan from a museum in the northern persian of the country and at this time it's really hard to say how much this piece is worth van gogh's are rarely ever sold and when they are they often fetch millions at auction should also be noted the theft happened on van gogh's birthday. that's it for this time you can catch boom bust on demand on the brand new portable t.v. app available on smartphones through google play and the apple app store by searching portable t.v. or stream us to your t.v. by downloading the board will t.v. app on apple t.v. and online at portable t.v. you can also find our coronavirus tracker on the portable t.v.'s where you can get the latest news and information about the spread of the virus as always check us out on youtube dot com. see an extra.
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well done. capture the moment in the christmas count being a condemnation of capitalism was meant yes you know the ghost of christmas future was neoliberalism visiting upon the president to try to warn people what happens when you financial lies the global economy and you do 3 or 400 years with the consumption today christmas being a holiday consumption losing its its significance as a spiritual soulful occasion and here we are you know we've all been very very naughty and we've all been sent to our room and we're all sitting in our rooms now thinking about what we did this is
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a moment of self reflection for the global community to sit in your room and think about what you. call the alternative. real choices binary choice and only choice is if you say. i'm going to find a rethink. of. states to school to provide a new true by the cold ted to stalk. goes he issues with. israel been invited to negotiate to sing about what's being put on the table. welcomed on contact today we discussed the legacy of the great investigative
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journalist i f. stone with d.d. got to plan it all presidents lie. and he also said every government is long run by liars but what's really dangerous is when they start believing the half their pedal they start smoking the hash they're peddling you know and i think that's true and i think there's a there's always been a difference look it's always been a way to advance up the career ladder to become is to not refer to power tell me about it i worked at the premier institution for that exact thing and then if you don't you become a management problem you that's right and stone was a management problem now i'm now the editor of the nation and in 1947 stone who was working for pm we should talk a little bit about we'll talk about that. the great investigative journalist i have stone remains the template for what journalism should be he was a fearless opponent of mccarthyism and the scourge of official liars as d.d. gotten plan puts it in his biography of stone he did what few in his profession
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could he always thought for himself couldn't play it argues that the key to stone's achievements throughout his singular career not just in the celebrated eye of stones weekly lay in the force and passion of his political commitments he would become one of the best known journalists in the country and then because of the ferocity of his integrity and refusal to be cowed by the hysteria and witch hunts over communism a pariah he was placed under daily surveillance his passport was not renewed and he was blacklisted even the nation. magazine would not give him a job at the age of $44.00 he wrote that is total marginalisation made him feel like a ghost his career is a poignant reminder that moral autonomy and independence traits stone had in abundance comes with a price or it is a primer on what constitutes great reporting in an age when celebrity gossip and true.

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