credibly by the anglo-american media and that's because they wanted to minish the role of russia. and stalin who actually defeated hitler. be so to add to. the good in each. other the. one. but on the better side going to. the soul that is dismissed. instead of. having to be. if you will still be stuck or your muscles from your. business to that of ocean. if you go chill the. we think you minds be soldier the boot she's wearing.

the sold out so to move the polls will put you more than you'll get all the issues to deal with summarizing the police force. this is the one business show you can't afford to miss i'm rachel blevins and washing said. facebook status former president trump will remain suspended for now just as he rolls out what his team is calling his new clock for all of us got a lot of drug makers in the u.s. have been quick to come out against the flyers front of murder and seek open.

that's the labor to help struggling countries so why are they now blaming china and russia that treasury secretary janet yellen is walking back to the claim that the federal reserve may be forced to raise interest rates after her comments are at the local sell off we have a lot to get to so let's get started. former president trump announced his long awaited return to the internet with a new platform just one day before facebook's oversight board issued an official ruling on the suspension of his account the board set it up held facebook's decision to suspend trump back in january on the basis that his post during the capital riot severely violated the tech giants rules and encouraged and even legitimize violence but while the board said the ongoing risk of serious violence justified the suspension at the time it also said it was not appropriate for facebook to impose an indefinite suspension so joining me now that's what all of

this means is boom bust co-host and investigative journalist ben swan now ben the board found that facebook and appropriately termed the suspension indefinite why is that right so it's basically parsing words here they say the term indefinite was inappropriate because it violated facebook's own published guidelines that essentially say within 90 days of a tweet going out that essentially you are either or going to tweet excuse me a post going up that you either have one of 2 things happen either you receive a temporary suspension for a set and particular number of days or you can receive a permanent suspension from the platform but they said because it was indefinite and there was no clear timeline given it was inappropriate so what the this kind of board of oversight has done is essentially said ok in this case that was inappropriate you can keep him suspended right now but you have to make a ruling on how long it will be is that a temporary suspension if so for how long. if not it's

a permanent suspension which means you're gone forever interesting ok so does that mean that facebook will now have to create at some point a point at which trump can return to its platform not necessarily right so if it's a permanent suspension they don't have to let him back on and keep in mind it's not just facebook that's done this twitter suspended trump indefinitely or permanently i believe it was a term that they use you to permanently banned and they removed this channel so it's a couple of interesting things here is facebook going to stand up and say yeah we're going to go ahead and move forward with a permanent suspension if they don't and it's just a temporary suspension or he's already been off for months now so you would think if it's going to be temporary that the time's up and he's back on i have the suspicion here that what you're not going to see is trump be allowed to return before the 2022 midterm elections i think it would be very unlikely they'd allow him back before that but in the event that they do it would have to be sometime relatively soon because you're not going to say 3 and a half years that would be

a ludicrous amount of time for suspension so how long is it actually going to be we just don't know and it's interesting that they're now issuing this ruling all of a sudden when it's been a few months since we've been talking about this now another thing that we've also talked about and been sitting around waiting for is to see exactly what trump's new platform is going to look like ok so he officially launched what is team is calling his own social media platform of some sort it is something that he's talked about for months but the big reveal turned out not to be so big after all what can you tell us about it yeah i mean honestly it's a little bit of a in that it's not a social media platform i think part of the problem is language to write a social media 'd platform is a very specific kind of into t.v. meaning you have an interview where people and users are able to interact with each other they're able to share content they're able to upload content that's what social media platforms are this is clearly not that clearly what this is that's a it's a blog. that's really what it is it's very similar to twitter it has characters

similar to twitter and if you were to take a screenshot of it as you're showing it on the screen right now it looks a lot like a twitter feed that's kind of a clean version of twitter by the way a lot of the even the like buttons don't work on it right now i think there's a little heart that you can click if you like the post but there's no real share in there's no interaction among users so is it the social media platform it's not what i would say that that is that that the mistake that trump is making it through all of this is that he has an enormous social media presence and in an enormous number of people who want to follow him on social media he needs to work with or establish some kind of platform where people can actually interact and it's bigger than just him otherwise it just becomes a blog and it gets poked fun at and i don't think it furthers his cause any yeah and i know we've talked a lot about how parlor kind of went through all of the issues and they caved on a lot of things are we in this place now where there's kind of this gap where there's a lot of people looking for some sort of social media that they can actually speak

out on but the market just hasn't provided it yet the market has not provided it yet i think that's exactly right the problem that we have right now is that the companies that have come along you know. linda franklin those frank speech. michael and oh that's his name they've been friends oh i call friends. michael and of the my pillow guy right he launched his and it's it doesn't work the whole thing's broken parlor gets taken down we gets taken down and so the problem is that the technology is not being applied correctly in order to make something that's truly free speech everyone is dependent on the same social media companies apple and google and amazon you've got to break dependency from that and you have to bring together voices into one place where the user is the center of the experience that's one thing that facebook got right for a long time not anymore twitter got right for a long time but not anymore is the ability of users to be the center of the universe not the star personality of the conservative new moved. none of that can

be the star the focus has to be on the user the demand is certainly there now and we just have to see what's going to come along and if we will finally get a better platform once and for all that is actually user friendly but sun appreciate your time today thank you. the buy administration now says it will support a wall trade organization waiver for vaccine intellectual property rights supporters say it will help countries like india and south africa to manufacture lifesaving doses but drug makers in the u.s. have been quick to criticize the plan reportedly warning that it would allow china and russia to exploit the technology meanwhile a company like pfizer that chose to profit off of its vaccine is now doing just that here's our 2 used her new job as with the latest on just how much pfizer has made in the last 3 months. and 2025 were developed a covert 1000 vaccine in record time and since doing so the company has raised its

forecast for 2021 code in 1000 magazine sales by more than 70 percent to $26000000000.00 and experts say the demand for governments around the world could fuel its growth for years to come. this week by a pharmaceutical company pfizer releasing its earnings report showing just how much money it's cold in 1000 shot is generating. it shows that axion brought in $3500000000.00 in revenue in just the 1st 3 months of this year roughly 24 percent of its revenue. based on contracts as of mid april that call for $1600000000.00 doses of the shot to be delivered this year pfizer expects the vaccine to earn about $26000000000.00 in total revenue for the year from its previous forecast of about 15000000000 while the german drug maker did not disclose the profits it derived from its vaccine it reiterated its previous prediction that its profit margins on the vaccine would be in the 20 percent range that would translate into

roughly $900000000.00 in pretax vaccine profits in the 1st quarter this while the company plans to file for full vaccine approval from the u.s. food and drug administration at the end of the month and it also said it expects to apply for emergency use authorization for a booster shot. that could protect against coven 1000 variants during the 2nd half of july meantime the f.d.a. is poised to authorize pfizer and biotechs coronavirus vaccine for teens and children 12 to 15 years old and by next week still though the company's kovan $1000.00 vaccine is disproportionately reaching the world's richest nations according to the world health organization as of mid april wealthy countries have secured more than 87 percent of the more than 700000000 doses of coated $1000.00 vaccines dispensed around the world while poor countries have only received point 2 percent now pfizer says it is committed to making its vaccine accessible globally and announced on tuesday that it has shipped 430000000 doses to 91 countries or

territories reporting a new york trinity chavez r.t. . joining me now to discuss is professor richard wolfe host of economic update and author of the sickness is the system her for us or let's start with pfizer here clearly they have profited heavily off of a successful vaccine but that wouldn't be possible without a partnership with bio on tag which included $445000000.00 and funding from the german government should pfizer have any say on whether a waiver is issued for its vaccine. well it seems to me the most elemental notion of more ollivier ethics and i've ever heard of would have to answer that question yes i mean basically here we have the choice the profit of the corporation pfizer or the health and literally the life and death question for the 7000000000 people on this planet the new york times yesterday made crystal clear that in rich countries something like one out of 4 people have been vaccinated but in poor

countries where the overwhelming majority of our planet lives it's one in 500 that have been vaccinated that there is no excuse and when fines are says it's going to make it accessible they said that their c.e.o. said that last year too and it's it's way too little it's way too late the export of vaccines from both china and russia and even until recently from india are way greater than anything the united states has done or even contemplates to do and i think the long term effects of this will be something we all here in the united states will regret and there truly is a lot at stake here and of course time is taking you know like you said this is something that they've been saying for a full year in l. and it's interesting because reports are saying that drug makers like pfizer and

madonna which chose to profit off of their vaccines they want to protect the intellectual property because they claim it would be exploited by china and russia but the m r n a technology has been decades in the making with research conducted around the world so why do you think we're seeing a push to brand it as american technology all of a sudden. i believe that is a pure facade that's just a way to appeal to the public at a time when there's lots of other noise that's hostile to russia and china so your cash in on that what they're protecting their intellectual property is a fancy term for their profits they don't want to make this available in other parts of the world not just russia and china india south africa loads of other countries have the machinery they have the laboratories they just need the formula to go ahead and produce this lifesaving

a vaccine and everyone knows including pfizer that if everybody else in the world can do it then no one is going to pay big bucks for the pfizer version because they'll have the generics available elsewhere as we already see between branded drugs and generic equivalents here in the united states so yeah lots of talk about russia and china bottom line they want to continue to make big bucks the numbers you quoted earlier are are really profound 3 they have $4000000000.00 in the 1st quarter this is a blockbuster profit opportunity for pfizer and that's what they are protecting and they really do have a lot of control right now and we're talking about i mean just a handful of pharmaceutical companies but now have unprecedented control over covert vaccines in the us and book could be around the world so what are the long term dangers of allowing these companies to essentially make policy decisions for

the federal government and how significant is it that the buy ministration is now moving to allow that waiver. well i think there are many ways to into the question but let me give you one example the rest of the world is now being treated to a harsh reality on american corporations with at least the tacit support of both the trump administration and apparently the biden administration at least to this point are prepared to make money by denying the rest of the world life saving technology the rest of the world besides being angry and bitter is going to take a lesson you'll have to be free of dependence on the united states you have to have your own sources that you can rely on because you cannot rely on the united states because its companies and its governments put profits 1st in the long run that is

in makes dreamily dangerous thing to do for the united states it's going to have to depend more not less on the rest of the world in the years to come now on the trail is a case that when actions speak louder than words professor richard won't thank you so much for your time and insight thank you. time now for a quick break but when we come back janet yellen is now walking back her comments copiers her claim that the federal reserve may be forced to raise interest rates it was heard by markets there around the world for those gaffes and that and as we go to break here are the numbers out that close.

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is more of an aftershock financially. such a. good. one. but on the but i was going to the book are useless and that is news to me just when you consider moving. me emotionally i mean she might just go if you will still be stuck or you muscles from the media which mrs jenner put up ocean. shield above should. conform business to compassion and that. we think she minds be.

soldier because also the boot she's wearing. boots which. so the hold up sort of a personal opinion with. some of ours in the police force to this whole. the u.s. trade deficit hit a record 74400000000 last month as demand picks up in the u.s. while the countries it relies on for imports have been slower to recover and it was the topic of economic recovery drew

a strong reaction from the markets in response to comments from treasury secretary janet yellen while she initially said the federal reserve may be forced to raise interest rates to keep the economy from overheating she then fact track she is neither predicting nor recommending that the fed raise interest rates as a result of president biden spending plans so joining me now to lead us co-host christine and joseph gets the founder and c.e.o. of strategy marketplace so joseph of all let's start with you the deficit with china increased 22 percent while the shortfall with mexico grows 23.5 percent now during the trumpet ministration biggest trade deficits were highlighted as a major problem that must be corrected what about now what is the problem with the trade deficit keeps on growing. well i have about a 100 page power point for you guys if you want to stick around for an hour but since i don't want to bore you and your viewers on that i think let's just break

this down really really separately for everybody 1st and foremost when you have a lot of that sports and you have few imports it does make things good for the americans who are buying you know products because it makes everything really really cost effective for them and they can buy more on the flip side what you don't see on that and this is where economists tend to disagree and have arguments over is that now you're giving a bunch of money overseas to other countries in the case of china and mexico what they're doing is they're coming back and they're buying government bonds which is actually increasing the u.s. debt to those economies and so that's why the trouble ministrations said that this is a little bit of an issue because we keep spending and spending overseas you know forget about community factually jobs and forget about all the other jobs that are you know take it away when that happens think about all the debt that we're now going to incur and we're starting to periods of inflation and you can't really pay those debt it were gay sions that's where it becomes problematic for the american economy

yeah a lot of concerns about inflation not a lot of talk about the debt there but now kristie up on the agenda today yellen says the u.s. is pushing to end the global race to the bottom on corporate taxes so what is the purpose of global minimum taxes. well the purpose is to essentially try to close all the tax loopholes that allow for american corporations to shift our names abroad the u.s. is now trying to take a 2 pronged approach towards its goal of implementing a wall minimum tax for corporations and the white house is trying to stop friends from relocating their home operations to countries which are tax rates and that objective is not the 1st priority as the administration seeks to raise taxes on companies in order to fund biden's packages and yellen says that the u.s. has been in talks with member nations in the o.e.c.d. however a few countries have publicly stated that they actually endorse the global minimum tax idea u.s. companies have. and where they establish domiciles and low tax countries and

joining the company ministration corporate taxes were slashed to 21 percent and the 2017 tax cut provided further incentives for countries to actually repatriate profits that they stored overseas and this brought back american dollars to then invest in upgrade infrastructure cap ex an r. and d. but apparently that's not good enough anymore and now that's local minima tax is going to be used to help on the crazy expensive spending programs on the administration's agenda but here's the thing this plan has such a small chance of success that it's really not even worth talking about because for starters let's look at the incentives for joining versus staying out there's absolutely no incentives here for other countries take ireland for example where they just famous words double the irish dutch sandwich in the poll if a small country like ireland stayed out of a free trade regime like the u.a.e. it would be like shooting itself in the foot but on taxes if it stayed out on any global tax deal it would actually ensure that it can still have a tax code that would allow it to remain more attractive to global corporations

than most countries so you can be sure that it will be fighting to stay out of any global minimum tax regimes and other small island countries and tax havens such as kamen who are dependent on these dollars for their economies will furthermore be disincentive ice to joy so there's basically no war for them to do it all will destroy their economy. and furthermore it also works like a very poorly on americans political foundation and reawaken constitutional questions about the balance of power between central and southern national governments and the various powers between federal state and local jurisdictions are all come back to politics and exactly what one administration is doing versus another at the end of the day now staying on these comments from yellen joseph of u.s. stocks are rebounding on wednesday as yellen walks back comment she made earlier suggesting that rates might rise break it down for us is there a real risk of the economy overheating or is it still too early to tell. well the

unwritten job description of yelland in the fed is to keep the american public so we've seen this throughout history where you know we were hidden hereis or insulation or maybe the markets were behaving in a way that weren't so favored ball and you would hear that the steadman come out and you know roll back some of the things they said previously before they you know made changes. are we still in in a period where it could have been and were over a solution yeah i believe we might be a we're already seeing it with gas prices we're seeing in the grocery store right now people are sitting on all this surplus cash from stimulus and they're ready to get out as the economy opens back up and we're seeing this isn't even the rental car industry in airlines people can't bring a car in hawaii they're renting you halls because they're out of cars other states that people are traveling to they're having similar issues and i'm hearing the people smother people saying you know the same plane ticket that i could have got just a few years ago crito it seems more expensive now now again inflation is going to

be a little tough for them to manage i think she rolled it back a little bit seen that you know the markets did react you have negatively the other day but overall i'd be a little concerned in most people are talking about inflation on almost every single call that they have with their corporate corporations and other businesses yeah there is still out of concern now before we go kristie i want to ask you about the fact that in the 1st 100 days of biden's presidency the richest 100 americans saw their fortunes grow so now he is making moves to offset this by taxing the highest earning americans what do you think of this and is this fair. you know it's really not fair because america is founded on capitalism and now you're basically punishing those who are successful in order to fund an overreaching slashing package and while these packages claim that it will create millions of jobs recent history actually shows that it just distorts the free market and expands government power which ultimately is a drag on the economy and puts us in

a perpetual spend then tax scheme on steroids and history has shown that governments use these periods of crisis and instability like to expand their reach and that is exactly what is happening now because this was actually brought innovators of the incentive to actually build wall term value which will actually stop all job dest creation and innovation and the firms are looking at a mass exodus from stocks as investors blocking gains and sell out i mean there's absolutely no point in holding names if capital gains are going to be taxed at the same rate as income and that will change the entire investment landscape which will spell doom for the market and all that we tell traders that robin hood actually built out so biden's tax hike well again rank america dead last with or britax rate 7 points higher than china and drag the u.s. back to having the highest combined corporate tax in the developed world which is 9 percentage points higher than the average of developed countries. will certainly be interesting to see exactly what the by an administration is folks who do christiane

gifty thank you both for your time thank you. that's all for now you can catch boom bust on demand by downloading the portable t.v. out for your apple or android device will see you here next time and as though we don't forget to question more.

right now of the. libyan people who are overweight or obese it's profitable to sell through the seas frenzy and sugary insult each of the victims it's not at the individual level it's not individual willpower and if we go on believing that will never change this obesity epidemic that industry has been influencing very deeply the medical and scientific just felt. some of what's

driving the obesity epidemic it's corporate bosses. the top stories in our to you know starts its largest military exercise in decades right on russia's doorstep with the alliance claiming that the drills in albania are transparent and defensive tempers for a in the waters off jersey with britain sending its navy is a dispute over fishing rights with france boils over and parents in the u.k. are sounding the alarm about their government's approach to long we speak to a mother whose son has been ill since last autumn. as a mom when you see your son really factoring and there is no why. you still help us no dogs really know what to do. russia registers a one shot for one of its vaccines.