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tv   Boom Bust  RT  October 6, 2020 9:30am-10:01am EDT

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amounts of pressure on the cover of the russian government alex on the south now of this house and gold all noticed by moscow this to say we consider these decisions to be at odds with international law they clearly failed to facilitate dialogue and in effect amount to meddling in internal affairs as soon as we get any news out of that meeting and a date any news that comes before that meeting i'll be bringing it to you here on out. your reporting there so that's how things are looking so far she's they often here in moscow back again as usual in about this. nuclear become a battleground in the u.s. in vermont people have demanding the shutdown of a local plant for my yankee is right now my focus because it's a very dangerous oh no care power plant the owner is attempting to run the reactor
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beyond its operational limit this case just sort of puts a magnifying glass on where's the power in this country where's it going is it moving more towards corporate interests or is it more in the idea of a traditional participatory democracy is or power lie with the people this case demonstrates that struggle in the very real ways a struggle on r.t. . one else seemed wrong why don't we all just don't call. me. yet to shape out these days become educated and indeed from an equals betrayal. when so many find themselves worlds apart we choose to look for common ground.
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please. look. up the windows in the cinema and all about the battle in the struggle of i'll go to sleep. people you want to make i wonder why it was you know my little hut the police here we hope to believe but there we are are also friends so that the words are still slow but the still beautiful to do something this year please. please. please make sure the world little chills lewisham oh please please i'll be about the other doctor there's a fairly large dose i will go in but i was overwhelmed with a little back to the world and that little each.
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leaf of the 2. this is boom bust the one business show you can't afford to miss i'm sorry montevideo friend washington coming up global markets are reacting to find president trump health is improving and his tweet just hours ago as well as hoped for more stimulus we have a panel standing by the airline industry is hoping for another stimulus bailout but will the industry both passenger confident after administering rapid coven $1000.00 tests have a lot to get to fill out to get started. internal documents reviewed by bloomberg show exxon mobil is planning to increase annual carbon dioxide emissions the documents revealed exxon's output will be the size of the entire country of greece . in a statement exxon said these projections are an early assessment that does not include
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additional mitigation and abatement measures that would have been considered the next step in the process being the same planning document illustrates how we have been successful in mitigating emissions in the past this comes as rivals b.p. p.l.c. and royal dutch are moving in the opposite direction in this 2 to curb oil and 0 emissions the internal documents also show exomes 200 $10000000000.00 investment strategy yearly emissions it's expected to rise 17 percent by 2025. days after testing positive for a covert 19 president donald trump took to twitter and confirmed hill will be released from the walter reed medical center on monday evening stocks are still rising this as u.s. lawmakers seek to end the ongoing gridlock that has kept them from passing that 2nd stimulus package rachel blevins now live from walter reed with the details rachel.
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yes sarah president trap is now saying that he feels better than he has in 20 years after just a few days of treatment here at the walter reed medical center now even though it is to be released monday night there are still concerns for his condition moving forward considering the fact that it has been less than a week since he was tested positive work obit now in the same way that we saw the markets react to his diagnosis last week we're now seeing them react once again to all of the optimism that is coming out of the white house as a result of that on monday the as you 500 was up 1.7 percent the nasdaq index climbed 2.2 percent and the dow jones industrial average was up 1.6 percent and there's also been a lot of optimism surrounding democratic and republican lawmakers and whether they will finally be able to come together to put out yet another stimulus package now house speaker nancy pelosi is saying that progress is being made we know. this week the senate is expected to take a vote on a bill and they say the bill will include
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a $105000000000.00 for education $16000000000.00 for coven $1000.00 testing 31000000000 dollars for vaccine development and $15000000000.00 for child care grants now it's not clear yet if that bill is going to be the magic one that passes and get support from both sides considering the fact that the numbers in it have been heavily criticized by democrats who say that republicans are doing the bare minimum for the american people now meanwhile out here at the walter reed medical center behind me you can see that there are crowds of supporters that are out here for president trump they've been out here every single day and on sunday he decided that he was born to join them in a way by taking part in a motorcade parade now president europe was seen in the backseat of a car wearing a mask and waving at his supporters and not move to a lot of criticism from many who questioned whether the secret service members involved were truly being taken care of and provided for and whether they were risk
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as a result of those critics included in attending physician at walter reed who took to twitter to write every single person in the vehicle during that completely unnecessary presidential drive by just now has to be quarantined for 14 days they might get sick they may die for political theater commanded by trying to put their lives at risk for theater this is insanity now we're just a few weeks from election day here and we do see you really trying to show strength in the face of this coded 1000 diagnosis and we know that we will continue to see mounting pressure surrounding both his health and whether or not lawmakers are going to be able to come together to pass a stimulus package any time soon reporting from outside walter reed great job love and. for more we are turning to the partner of director of trading research and education for market gave dot com michelle schneider and euro pacific capital c.e.o. peter schiff. michelle let's start with you about the united states and global
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stark's stocks that they are reacting to trump's improving health condition now leaving the hospital on expectations also that washington will reach a deal a stimulus deal what do you expect to go on this week. well 1st of all nice to see you again sara one of the it's very interesting is we have to sort of break the stock market down into different pockets so what we're really getting the most today in terms of the sectors was the biotechnology space and that has really very little to do with the stimulus and a lot to do with how quickly trump at least has perceived to gotten over the symptoms and of course we know part of it was the cocktail that he's receiving using part of the to regenerate on drugs but he's had other drugs as well so the hope and incentive occasion for the drug companies to continue with symptoms that they can deal with and vaccines is very strong and that really helped the market as well as that whole biotech space as far as the rest of the market trumps health may
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have had not as much to do with it as not only do the hope of the stimulus but also sort of banking on potentially a biden way and is what the market looks like it's reacting to because starting friday and even though the markets swooned with the announcement of trump being l. the small caps the transportation and the retail sector are what we like to look at as the real inside of the u.s. economy actually a closed green and those gains continued again with even though the nasdaq in the spying the balco zing up the idea of the u.n. which is the russell 2000 closing up even stronger so yes there's part hope on stimulus there is part of good news about getting better and of course proving to people that maybe it's not as scary which is of the message she wants to deliver and then there's also the part of the polls and i don't when and what that means for the overall economy going forward well it's interesting because the pools us. hillary clinton winning 2016 so
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a lot of people skeptical to even believe the polls at this time peter you've been very doubtful that another round will get done before elections where less than a month away from them has that viewpoint change or do you still think the market is bubbling up on on this false hope. well it's certainly possible that we can get another round of so-called stimulus but none of this stimulus actually helps the underlying economy and it doesn't do anything to increase productive output of the economy it does stimulate the markets and makes stock prices go up so clearly there is and is interest for that but that doesn't help the actual economy all it does is the base the value of our money we very well may get another one of these phony stimulus is before the election but i think the prospect of a biden victory is decisively negative for both the economy and the stock market the only silver lining in that cloud from the perspective of the stock market is since
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the economy will be so much weaker underbite in that the fed will be called on the do even more monetary stimulus so they'll be a lot more inflation create a lot more money printing in a biden ministration at a trumpet ministration although we're going to get a lot of both regardless of the outcome but will probably have even more of a if if by did wins then trump and so that could provide more fuel for the stock market bubble but remember taxes on corporate earnings are going to rise substantially not only at the corporate level but on the individual level because corporations are subject to double taxation so we're talking about massive increases on corporate taxes effective tax rate that substantially reduces the value of those corporations so it's going to take a massive amount of air to blow up a bigger bubble given that the fundamental value of stocks will be so much lower under biden than would be the case. trump well michelle you mentioned at the action
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coming up and that the markets reacting to the polls and a possible biden victory but we're weeks away from that election and much like peter just mentioned wall street is going to to possibly see these higher taxes and even tighter regulations that others are saying much like peter also said the fiscal stimulus there would be more of it under underbite and that would sort of help stocks what do you think. well i think it's really difficult to make any kind of assumptions of what's going to happen and who's going to win but i do believe we can look at the market right now and as of right now with wyden ahead in the polls whether it's real or a mirage and given the fact that it's no secret that corporate taxes will go up as i said the u.s. economy in terms of what we're looking at in terms of the small caps which is the manufacturing within the united states it's not these large corporations transportation which of course is the demand side of the economy how goods are moving and retail based on the fact that we are
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a consumer based economy given it's a huge percentage of our g.d.p. all have rallied over the last 2 days could it just be sort of a rotation after there was too much money in the in the tech sector in that sector and that's come on it's possible that all reverse biden actually wins and it's also possible but i think there is one other thing too that it really doesn't matter one thing i actually totally agree with peter on is about inflation if the dollar track continues the way it's going which has been going south and the fact that there's been so much shortage in terms of food was supply chain disruption climate change where you want to use that term or not it just is a fact that the food shortage around the world right now china actually has employed a clean plate will now where half portions are being given at restaurants this will create a possible inflation which could turn into a stagflation which means both the democrats and the republicans will have very little to. to be able to do to avoid that so the dollar is something that i would
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keep the very the guys on right now no matter who wins well seeing the dollar peter we just saw a rise in gold prices on a weaker dollar right now there's been this long term cycle where gold actually tends to bottom out every 8 years or so i believe the last a low we saw was in 2016 so we won't really see one or the next one until 2024 does that mean it's only going to remain going up from here. by the gold is now building a new basis of chord around the old all time record high we know we've got up to 1900 back in 2011 and then gold sold off and pulled back down to earth 1000 but now we've really broken through those highs and i think once we finish building this new base of support gold is going significantly higher and yes in that same environment the us dollar is going to lose a lot of value not just in terms of gold where will lose the most value but in terms of a lot of other currencies that will lose less value than the dollar and so that
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does mean the cost of living in the united states is going way up and so you know people who are staying at home and who are living off of government checks those checks are not going to buy nearly as much because the price of everything they need to live is going to be getting higher and higher and higher so the value of those benefits is going to go lower and lower until ultimately if we completely destroy the value of the dollar and we have hyperinflation then none of that matters it doesn't matter how much money the government says you if you can't buy anything with it so matter how much money the government sends you or what party sends you the money either way you are looking at a lose lose situation here michelle snyder director of trading education and research at market gauge dot com and peter schiff of pacific capital thank you both so much for your time today. thank you or your. u.s. airline industry is looking to test passengers for covert 19 and hopes of bringing life back into the actual in the street well since
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a crown of iris emerged air travel has dropped by 70 percent in the u.s. and from believe testing might help people gain that confidence to fly once again artie's alex mahela todd the story with hundreds of planes grounded. u.s. airlines are hoping to take off once again by implementing a new coronavirus strategy industry is planning to make over $900.00 tests available for passengers before they board flights airlines including united american alaskan and jet blue have announced programs which will offer mail in tests that will be sent to passengers homes or rapid tests at airports hopes are by implementing testing passengers would feel more confident to fly while lifting the need for travel restrictions and mandatory quarantines in the states many are seeing this as a possible lifeline for the airline industry which has been ravaged by the coronavirus september 30th was the last day of a $25000000000.00 federal bailout package which assisted with payrolls in the
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industry and the airlines were hoping to see a new pandemic plan take effect last week the republicans are blaming the democrats for the lack of action was just days ago because the fertile of more than 32000 jobs combined at united and american airlines nancy pelosi has said numerous times that she would keep us here to get it done that was in july. she made his way all summer but who did she really make way small businesses that have now declared bankruptcy are those people that are employed by them there are now out of work or those at their unemployment do not get the extra benefit or what about the airlines could she not see past politics for wants politics aside it is estimated that the u.s. airline industry supports approximately 10000000 jobs and accounts for 1.7 trillion in u.s. g.d.p.
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. while not necessarily a solution the idea of using covert 1000 testing as a way to boost the airline industry is not new and has become commonplace in some countries for months france germany and iceland were among the 1st countries to announce covert $900.00 testing for passengers their airports in russia a diagnostic test is being offered at one of moscow's biggest international airports with results being returned within an hour and talking about russia that country and finland have kicked things up to another notch by introducing man's best friend into the mix finland has already deployed dogs in helsinki's international airport to sniff out those with covert 1000 in less than a minute at a 94 percent accuracy rate according to some studies while in russia dogs are still in training louis gates rickover we have 2015 work on dog i believe will have the 1st read all of them by december concurrently there is not a single test that offers 100 percent accuracy the rate at which the tests fail to
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detect the virus in a person who is actually infected known as a false negative rate ranges from 2 percent to 50 percent depending on the test never mind the concern for false positive results at the facts that people who are tested a few days in advance have time to catch the virus before flying and that testing is optional it is obvious that the danger of catching corona virus on a flight is not gone in addition the tests are pricey in the us they cost between $80.00 and $250.00 while some health experts hope that a quick and accurate test will be made available at airports in the future for now they believe that even if all passengers on a plane are tested masks and physical distancing should still be recommended the latter being quite difficult in a plane full of people for boom bust i'm alex my high leverage. crime now for a quick break but fail here because the return young. between the u.s.
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and to continue but there's a new twist on the social media. and as we go to break here the numbers up close. eye. i. us economy was booming numbers of people. you can work in a week and still not have enough to get housing everybody believes america still
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has the lead up to the reality of the we're not. living minimum wage many people neutralise. it with the city. returning. the food that is the way it's. the records. used in abandoned on the streets to become invisible it's. a new twist in the ongoing saga between the united states government and social media company to talk new reports indicate that tech talk hired a former chinese diplomat to oversee its global content policy unit which decided what content should be allowed on the short form video up that former diplomat chis ng worked in china's embassy in iran for 4 years prior to taking up that role with
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tic toc a post he held until early this year joining us now to discuss our boom but. and ben so on kristie give us some more background on the saying and why this news could affect the relationship between the united states and tech talk well i think 1st of all this headline is being blown way out of proportion the fact that the administration wants so badly to somehow be able to tie tech talk to the chinese government that is now trying to pin everything on the face of one man that this one man somehow symbolizes all of. beijing's influence is and all of the c.p.s. ideology so that's just plain ridiculous and that's pure association fallacy where you think is a is b. and b. is c. then therefore all of b. is d. so 1st of all like these are very sensationalist headlines that we're looking at calling him a high ranking member of high ranking former chinese diplomats touting that he was
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a really big deal and i mean if we look at the facts most many people work at the embassy and right now he is just another suit because he does work at a chinese embassy in tehran for 4 years those are all the fact that we actually know so the fact that it was his job is not any proof of closeness to beijing and there's no direct evidence that thai influenced any decisions on behalf of beijing during his time at tech talk so and then let's look at what he actually did he wrote guidelines for what videos were acceptable on tick tocks platform but also for other apps including hello which is a tool for networking app as well as the go video which was a video app so he was hired based on his previous experiences not because of its previous role in the public sector so right now that these headlines are coming out and made to sound like such a big deal it's going to be very troublesome for the relationship between the u.s. and tech talk going forward and frankly it makes it look like the u.s.
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is just grasping at straws at this point and sure tech talk has deleted and removed some of its content that are considered very controversial which has resulted in some outrage and apologies but how is that different from any other u.s. apps we have instagram removing all the cannabis related posts all of the time facebook may shadow ban content lots of political content as ben is all too familiar with if not outright moving that and then we also have apple which they sometimes just remove your app from the app store without notification it removed numerous block chain wallets numerous gaps on the. vice currency mining and many many more well then pretty making a point here and i thought the claims against tech talk were in regard to an issue of security and national security issue that we're looking at but this is obviously is about a different issue this is about content and more about censorship right yeah this is about change the subject right originally the subject was it was all about debt
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is your data secure it is to talk sharing that data with the chinese government that was what we have been hearing now all of a sudden this claim is christie said is based upon one person saying well because he worked in the chinese embassy he has a direct tie to the chinese communist party and therefore he has this huge threat now here's the thing you know there are accusations that tick talk has since sort of removed posts that are critical of the chinese handling of the week is obviously a very big issue and it's definitely it is worth a discussion and it's worth looking at whether or not to call to talk has been doing that whether it's the result of this guy or someone else if ticked off because then that is a problem but my frustration is that's not the conversation we're having the conversation the u.s. is not having is not one where they say that social media companies need to be sincere free platforms they don't believe that at all in fact the u.s. government encourages censorship of content they encourage facebook and instagram and you tube and google and apple as christine was saying his sins are all kinds of content but look at mark zuckerberg just as an example saying that within 2 weeks
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of the election they won't even allow political posts we posed that all right how is that not election interference 2 weeks before an election you're not going to allow any content to be placed there google coming out and saying that any leaked documents that come from company into things like wiki leaks would be banned from their platforms and if anyone puts them up on youtube any information from leaked documents you'll have your account removed so it's not about the u.s. taking a stand and saying we believe in sincere shipped free platforms they're saying we want to control censorship on those platforms and we're going to accuse the chinese of doing the. meaning that we're encouraging right here in the united states every day a completely different subject much like you're saying then christiane to turn to to chinese chip makers semiconductor manufacturing international corporation or make they've taken a preliminary exchanges with the u.s. bureau of industry and security regarding some export restrictions is there any chance that they'll see the u.s.
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back off some of those attacks that the they're now facing no i think it's going to be foolishly optimistic 1st make to think that there will be any backing off or reconciliation at this point since both china and the us have made clear that the decoupling is now in full effect and both sides are determined now to be very self-reliant so for snake to think that they will be treated any differently or with any less hostility than take talking huawei that's basically burying its head in the sand and ignoring all the warning signs of its predecessors so both fall way and tick tock they've denied any allegations of tooth and ties to the chinese government and the fact that there has been no evidence never deterred the u.s. from these accusations but this administration right now they've brought in the term of national security way beyond that of any previous administration when it comes to china right now national security is defined as data basically all data all chinese tech is apparently suspect according to this administration so whilst
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mick they're still playing ball with the us and jumping through all the hoops set out before them in order to obtain these special licenses in order to continue to use us parts it knows that these days are quite numbered at this point and the us has ceased to become a reliable trading partner so earlier this year smic raise a $6600000000.00 listing on the star exchange in order to fill up this war chest and kick start the manufacturing industry and more advanced technology sounds a little too familiar here we saw this play with with wall way not too long ago and that to continue as well boom bust co-host christine and so on that thank you for your time today and for helping break this down. thank you. for now you can catch the man on the. available. i.
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were. i. i. the world is driven by dreamers shaped by one person with those words.
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no day or thinks. we dare to ask. for you forced into heading to the battle between armenia and azerbaijan russia's intel change says that the series from terrorist organizations including jabhat al nusra travelling to the conflicts mccormack out of. also the the former coronavirus holtzapple new york city sees another wave of infections if these are rolling out your street shoes the s. starting with the decision to shut down the city's schools in the british government red faced up to 16000 positive cases were missed because of a technical error in the national tracing system and.

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