i think it's because france no longer has the scientific potential to develop such things we are the country of the saw in. column a and go on to really change the health situation in the world for the better and today we're lagging behind france is the only member of the un security council that has not developed its own vaccine. do flu will get the 2nd sputnik 3 job in 3 weeks during his next trip then he can go home with one less thing to worry about. so that's how the news is looking today here not international good to have you company will be back with more stories in about half an hour.

or so seems wrong. just don't call. me. yet to shape out just to become active. and engaged in the trail. when some find themselves worlds apart. just to look for common ground.

this is boom bust one business show you can't afford to miss friendship or in washington coming up as the global summit doctor shortage has weighed on the tech and auto industries the white house met with executives from major firms to get to the bottom of the supply chain issue going to break it all down for us the chair of the u.s. federal reserve says it's highly unlikely we will see a rate increase this year but how long can the central bank keep up its current policies talk about it and later alibaba has accepted a record fine from china's antitrust regulator what will this mean for the future of the e-commerce giant well we have a packed show today so let's dive right in. and we lead the program with what has become one of the most important stories that you just aren't hearing much about the global semiconductor shortage u.s. saudi automakers ford and g.m.

have been forced to cut production at several north american plants because the shortage has become so critical in fact the white house is now stepping in saying it was 0 in on the issue president joe biden is now urging congress to invest $50000000000.00 in semiconductor manufacturing and research during a meeting with top executives from nearly 20 major companies president biden spoke about the situation tying it to his proposed 2 trillion dollar infrastructure package. i was going to say for some time to china and the rest were it was not a way to there's no reason why a marriage where we're going to see an aggressive leader is going to semiconductor reveries and that's going to do it in others so we american jobs plan and i put forward part of them our revitalized american manufacturing and securing our supply chain to invest in research and development as we used to in a very healthy manner but it's also about which more of them it's about investing

in infrastructure and infrastructure not everything 20th century but the 21st century. so what can congress really do to resolve the problem and just how bad is it will joining us now to discuss this boom bust co-host investigative journalist ben swan now ben let's start with what's causing the shortage in semiconductors and how big of a problem is this. well it's actually a huge problem right and if we go across the board looks to me conductor chips are used in all kinds of manufacturing all kinds of electronics from from consumer electronics p.c.'s and laptops and computers tablets smartphones all the way up to automobiles so you know we begin a lot of press about this over the last couple of days because you see ford and g.m. talking about the fact that they're going to have huge shortages they're going to shut down plants because they don't have enough semiconductors to run those plants in that case we're talking about you know possibly as much as a $6000000000.00 loss for the auto industry it's a very big deal there but we're talking about cement conductor chips you know the

auto industry makes up about 8 percent of the semiconductor market 70 percent of the semiconductor market is smartphones it's laptops it's tablets so those are the items that we're going to see a lot of the that shortage begin because supply chain issues so have a lot of products that over the last year were being developed they were being built there's no semiconductors now to complete those products and so there's going to be a huge slowdown or even a lag in this. them that prevents consumers from being able to access those specific items so it's a very big deal in terms of that it's a very big deal because you know as as you heard president biden say there you know china is doing what it can china has stockpiled a lot of sydney conductor chips but there's a huge shortage in between it goes back to corona virus it goes back to the trunk trade war there's a lot of issues dealing with both of those but the reality is right now there are not enough to be conductor chips for all the different applications that there need is for now analysts are saying that it actually could take quite a while before this shortage issue can actually be resolved why is it taking so

long to more of these semiconductor chips actually made. yeah the reason for that is a couple of things 1st of all 7 conductors themselves those chips themselves take some time to develop but in order to utilize a semiconductor chip you have to have this little device it's a called a way for that the semiconductor chips sits on top of when it's placed into a smartphone when it goes into a computer or when it goes into an automobile right sits on these wafers there's a huge shortage of those wafers as well and those wafers themselves take 6 months they take $26.00 weeks to actually build and develop so you have a 6 month lag time in terms of these wafers just to be able to put sydney conductor chips into the devices and the electronics where they would function so even if we were able to have manufacturing ramp up tomorrow even if you had lots of different entities that began to produce the semiconductor chips you can't necessarily place them into the electronics for at least 26 weeks until you can make up

a lag time on those wafers so it is a little more complicated than just manufacturing it's more complicated than that and it is creating a huge lag in the course we also have to remember remember during the trial trade war the trouble ministration really pushed to limit china's ability to access semiconductors and s. in my see that large chinese semiconductor company was banned from doing business with companies in the united states like apple and android so they couldn't place those sigma conductor chips into those devices because of that you have a lot of that that you know business if you will shifted to taiwan will the taiwanese say guess that's great that it came here but now we're out of chips we don't have enough to meet that demand so there's a lot of different things causing this breakdown in the supply chain and quickly ben before we get out of here you know the book by administration is taking steps obviously to deal with this what can they actually do. yes so one of the things i buy the ministrations is going to do is it's going to use this this infrastructure

bill that's come forward in part of their investment into new technology and to emerge it's acknowledged is to fund the development of semiconductor chips right here in the united states made by the united states and used by the united states now how does that actually shape out we'll have to wait and see because there's very few specifics on who would do the manufacturing who would benefit from it samsung and intel would be the most likely to benefit from it but you know how does this actually play out there are very few details but in terms of the principle of it absolutely it's a great principle what needs to happen here for the united states to develop its own semiconductor chips and be less reliant on the rest of the world and as we hear so much about people ramping up to deal with this shortage the fact is it's going to take years to get all of those processes in place along with the issues that you just discussed co-host ben swan thank you so much for breaking all this down for us you've got it. and us federal reserve chair jerome powell has once again said the central bank will likely keep its loose monetary policy until the end of 2021 this

easy policy includes keeping short term borrowing rates near 0 and continuing $120000000000.00 per month in bond purchasing put in place early last year the comments from the fed chair came during an interview with c.b.s. the 60 minutes which aired sunday where he also addressed the increasing concern about inflation as a catalyst for an eventual rate hike comments echoed what he said during a roundtable event hosted by the i.m.f. last week. if it turned out that inflation and particularly inflation expectations were to move up materially in a way that suggested that. they were being heard and that inflation might move persistently well above 2 percent we would react of course that would be our job one of our 2 mandates is price stability the other is not some employment we don't think that's the most likely outcome but we do have the tools to deal with that outcome we will use them to use to guide to guide inflation back to 2 percent if we if that if the need arises but in the most likely case this this this period

will show it will show temporarily higher prices but not persistent inflation. for more on this let's bring in peter schiff he's the chief economist and global strategist with euro pacific capital of the vision of a g.p. peter thanks for coming on i always appreciate having you on the show now you just heard what the fed chair says it is continue to say the recovery will cause a temporary increase in inflation but it will eventually level out but it won't do anything until it actually goes well above that threshold of 2 percent what do you make of the current policy position by the fed well is laughable 1st of all we don't even have a recovery what we have is inflation and it's that inflation that's masquerading as a recovery but the economy itself is a mess it's weak it hasn't recovered all we're doing is spending the money that the federal reserve prints but that money printing that is inflation and that's what's driving the appearance of economic growth but this is a bubble it's a disaster waiting to happen and prices ultimately are going to skyrocket and i

don't care what house says maybe they have the tools to deal with it but they'll never use them because in doing so they'll destroy the house of cards that they work so hard to erect and what tools would you be looking out for the fed to do i know you're not necessarily a power a fan of there is a policy that they've been doing but what could they do in your mind to actually do the right thing even if it might harm the economy in the short term. well it doesn't harm the economy it harms the bubble by popping it but what they need to do is reverse everything they've been doing so they need to start shrinking the money supply and allowing interest rates to rise and that's going to pop bubbles all over the place including forcing the u.s. government to massively cut spending so not only do we have to cancel any future stimulus but we have to take back the stimulus of the past we have to deliver either substantial cuts to government spending or tax increases and not just to the rich but to average americans and so i don't see that happening i just see more and

more inflation and so that is the way all the government is going to be paid for through inflation which means consumer prices are going to go through the roof and is there a midget you're mine and put forward by the fed is that already set in stone there's really nothing we could do beyond what you just mentioned there now i mean we're on autopilot here on the road to inflation and remember the federal reserve said the same thing about the mortgage crisis in the early days of subprime don't worry about it everything is fine it's contained a subprime well they were completely wrong we had a financial crisis now they're saying the same thing about the big rise in consumer prices in producer prices anybody who's not blind can see it and the fed has said oh don't worry because it's all transitory well how do they know it's transitory inflation is just as transitory now as sub prime was contained that they were wrong and they're even more wrong now let's talk about what you could do to deal with

inflation you know gold is generally seen as a hedge against inflation or really any economic worry that we might see and it's been on an upward trajectory over the last week despite a minor decline on monday what's your outlook for gold at this point. well i was down again today i mean a lot of people who hold gold are getting frustrated because they see all the inflation and they're wondering why gold is not reacting well the reason gold is not really moving up is because most of the people in the market believe the fed they believe that the fed will put out any inflation fire before it gets too big they actually think that inflation will be contained when they realize that it won't be that inflation is headed much much higher and there's absolutely nothing the fed is prepared to do about it that's when the price of gold is really going to take off peter schiff chief economist the global stratus with euro pacific capital thank you so much for your time today. oh my pleasure. and as the united states continues to bolster its vaccination efforts setting

a record of 4600000 doses administered on saturday alone it is also seeing a surge in new cases the us has reported an average of 70000 daily new cases over the past week according to data from johns hopkins university this number is right in line with the spike witnessed during the summer of last year meanwhile india has overtaken brazil as the country with the 2nd most infections worldwide behind the united states took a deeper look at these numbers let's bring in our chief correspondent side to have . you know brand so while u.s. kovan 1000 cases and hospitalization and they're all increasing particularly for younger people the good news is is that deaths are going down in fact deaths are down 11 percent and taking a look at the case numbers nationally they're largely stagnant but there is some hiver ability from state to state where newquay says remain low in most of the west and south but they are increasing as you can see in parts of the midwest now in

michigan that their outbreak in that state right now is the worst in the country far higher rate than any other state now that's and hospitalizations there are also climbing other states reporting a big jump new cases have increased about 50 percent in illinois while in minnesota hospitalizations have climbed significantly in the past week to levels not seen since january and deaths tied to the disease there are also trending up too and the same goes for risk onsen and i but now looking on the vaccine from which is good news providers i administer about 3140000 doses day on average in our courting to the c.d.c. more than 68000000 americans are fully vaccinated representing about. 21 percent of the total u.s. population now of course as more and more people get vaccinated we're also seeing

more and more incidence of side effects and according to a new study by the c.d.c. it shows that emerged dern as the vaccine could lead to more side effects and pfizer is now the data revealed that 75 percent of modernity recipients report of side effects after getting just one dose of the vaccine compared to 65 percent of the pfizer recipients out side effects include pain at the injection site fatigue eggs chills and a headache blood according to the c.d.c. they usually only last about a day and that is a sign that the immune system is revving up now there's also concern about side effects from the johnson and johnson vaccine which was not included in this study now other news coming out of a side effects of the johnson and johnson include george od they have temporarily stopped vaccination of the johnson and johnson a vaccine out of one side after 8 people experience what they're calling adverse

reactions while patients in 3 other states north carolina and colorado of also reported some serious side effects brant you know sorry we over the segment talking about in the surge they're seeing it how their numbers of this continue to go up what's going on there yes so in india they're now experiencing the high the highest of the worst surge of the pandemic i should say india right there is in the yellow you see the arrows just going higher and higher there 7 the average is more than 130000 cases per day and if you look at other cases are going on there's also the story about hospitals across the country are also becoming overwhelmed with patients and experts really worried that the worst is yet to come for india now this surge right here also coincides with the shortage of vaccines in india. where our prime minister most of these opponents are blaming for exploiting tens of millions of vaccine doses as they're focusing at home because you know

india they're a major vaccine producer and they've so far exported 65000000 doses to other nations now meanwhile even as india has had a record for cases take a look at some of the footage coming out of india where there are now doing a huge hindu pilgrimage happening right now which health officials say risk of becoming a super spreading event now additionally brand there's also increasing concern about another new and potentially troublesome very and that's been detected in india. r.t. correspondent side tapper thank you so much for keeping us up to date. and time now for a quick break but when we come back ali baba has accepted a record fine from china if you trust regulator what will this mean for the future of the e-commerce giant we'll talk about it and what's moving markets monday that's going to break through the numbers of the close.

some explaining the truth of what's happening in america so you've got these tens of trillions of dollars worth of debt and having to 50 trillion dollars worth of debt which is just another way to say u.s. government treasury bond yeah which are currently 30 years are roughly 2 percent now out of the coupon or the interest on those 30 year paid their pain from taxes collected from taxpayers and taxpayers pay those taxes to the federal government who in turn pay off the bondholders who own those bonds the richest 110th of one percent so wealth transfer mechanism so it's not inflation it's not deflation.

the industry in the media. business he's all about making money making profits and some of the corporations international markets import export do you imagine the number of printing diseases that are in every family it is now due to new viruses own new microbes that's not true so it is due to environment less will see the city though the moment to sit with this sort of muscle who is a really sick human they could only come in to see them to decide. if the same food industry is successful it will create more jobs it will create more value added it will create more growth so i don't see why we shouldn't also fight for the interest something to street except that we have regulation we want

regulation i was in this belief we don't behave as if you don't you that's fine. welcome back a deal has been made between h.s.b.c. and the legal team for a while ways chief financial officer and they hope it will prevent her extradition to the united states may 10 was arrested by police in canada back in december of 2008 seen at the request of the us department of justice washington's main accusation against her is that she misled h.s.b.c. using a hong kong based technology company to sell equipment around which of course would violate u.s. sanctions or the flight from exec to extradition to stand trial in the u.s. has led to another fight over a series of documents held by the british bag but in a hong kong court room on monday the 2 sides confirm that they had struck

a deal to release the documents men believed. they will prove the bank was fully in the know about the transactions does the u.s. has no legal standing for its claims for extradition hearing is expected to be concluded by next month. and chinese that i trust regulators impose a record fine against e-commerce ali baba for what it characterizes as abusing its dominant market position for years now the $2800000000.00 fine announced saturday is the quibbling of roughly 4 percent of the company's $2100.00 revenue in the nation the regulatory scrutiny stems from ali baba restricting merchants from doing business or running promotions on another e-commerce platform the regulator believes these practices hurt consumers limited competition and had a negative effect on innovation in the space for its part the e-commerce giant accepted the fine and said it would take action including reducing service fees and charges for vendors as well as investing in tools to support merchants on the

platform now despite the record 5 shares of the company traded in hong kong closed 6.5 percent higher on monday while shares traded in the us were up as much as 8 percent throughout the day for more on this and was moving markets monday let's bring in michelle schneider she's a partner and director of trading research and education for market gauge dot com michelle always a pleasure to have you on i want to start with ali baba because morgan stanley said in a sunday no despite the record fine amount we think it should we should we think this should lift a major overhang on ali baba and shift the market focus back to fundamentals is this just about putting this behind them and do you see this giving alibaba stock some momentum moving forward. but we certainly saw that in the market today about what's interesting about it is that although it was a private company and state run communist type of country so i should say state run capitalist country and so basically what's happening now in l.a. bob is that they're going to go into becoming

a regulated financial holding company similar to the governing banks in. anna and i think what's the most interesting about this is 1st of all now they will potentially look at another i.p.o. they tried to look at an i.p.o. last year it got reese got all but there's an average pay and this is a part of the story you didn't really hear much about but we were looking at it last week and so related to digital won because the biggest perk. a company to dominate in the space in terms of getting a digital line out is arab pay as a private company that creates an issue for china as a public company state run company it now actually really opens up the ability for that space and so i think that we have to also look at the ramifications of what happens with the digital want to actually becomes a reality beyond just that stuff mastic use as far as the actual stock itself i was like to look at charts so right now you have right into resistance right at a 50 day moving average at 244246 pops over there it looks great it sounds to 35

that's where you have to support. overall u.s. equities are actually mostly muted on monday ahead of big a bigger news week that kicks off wednesday with the likes of goldman sachs j.p. morgan and wells fargo what are we expecting from markets this week and these earnings. well the p s has just been revised up by 13 point one percent by fax which is the 2nd largest revision of since 2002 and there are many reasons for that yields going up demigods going up the fact that they'll be able to do corporate buybacks but also there's the economic at now the banks are expecting a tremendous surge in loan growth so there will be consumer spending expected out of the stimulus checks credit card debt as already gone up that's a 45 percent versus 23 percent and 2019 so again looking at the charts here and you're seeing all of this optimism about the bank earnings and the banks themselves

going forward with the economy reopening reflected in the charts as they are now j.p. morgan your all time highs wells fargo's looks like it's about to take off all the banks look in good shape so unless there's some great surprise we would expect the banks to continue going higher over the weekend michele big quote actually clips the $60000.00 mark for a 1st the 1st time in a month nearing record highs again while it there may actually set a new record just a few dollars shy of $2200.00 what's pushing this latest rally in crypto and should we brace ourselves for another big record. well coin base i.p.o. is the other huge story this weekend that happened wednesday and so a there was a lot of jockeying for mining over the link and coing and also in the theory i'm always so interesting it was the smaller all coins that also did great particularly finance which basically doubled in price so we think that this is really based on

the expectation that we're talking about valuations of anywhere from 20 to 230 $1000000000.00 with an opening stock price of about $300.00 for coin dates that that's what really is happening here so the 16 has been a cap again in big coing and so we'll see what happens over the next couple of days volatility has gone down i think this will all attract more investors michel schneider of market gauge dot com thank you so much for your insights today thank you. finally as the electrical vehicle wave continues u.s. automaker general motors it says expanding its subsidiary for self driving cars in dubai cruise is a san francisco based company but majority owned by g.m. crews will be the exclusive provider for self driving taxis and rivaling services after striking a deal with the dubai roads in transport authority the deal for 4000 self driving cars runs from 2023 to 2029 and will make the 1st city outside the u.s.

to use the cruise origin in all electricity on its vehicle which debuted just last year and the origin is designed without a driver in mind that means no manual controls whatsoever but promises more space comfort and safety. and that's it for this time you can catch boom bust on demand portable t.v. which is available on smartphones and tablets through google play and the apple app store by searching portable t.v. portable t.v. can also be downloaded on your model samsung smart t.v.'s as well as roku devices or check it out at portable dot tv we'll see you next time. seemed wrong wrong just don't call. me. yet to stamp out these things come out again and engagement equals betrayal.

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fighting for their livelihoods desperate business owners in rome clash with police as they demand brought down restrictions are lifted we speak to some of them. to shut down the. real work criminals. joe biden reportedly considers handing in cash to send for american states in a bid to stem the influx of migrants the idea that catches some flak at home with critics dubbing it an insult to americans. and the state of emergency is declared in the so to where writes his flag to be for a 2nd night running for another fatal shooting of a.