i join us in the day or remain in the shallows. with this is boom by following business or you can't afford to miss. i'm rachel blevins in washington coming up and we need to come together strongly to stand off too aggressive. the g 7 alliance once again make to russia and china the main topic of their latest meeting. but what can we expect from the massive consequences they are now threatening? we'll discuss what inflation is rising out as fast as rate in nearly 40 years. handling increase in wages hasn't come close to catching up. we'll take a look at the impact on the u. s. economy with the holiday season right around the

corner. then the you, k is economy come to a standstill as the construction sector. take the hit and those tensions over breakfast continued to take a toll. we'll look into whether that fishing war with france could be coming for an end anytime soon. we have a lot to cover, so let's get started. we leave the program with the latest statement from the group of sabbath, as the alliance came together over the weekend to condemn what they call russia's military build up on the border with ukraine along with continue talks on why china could have such a massive economic threat against the rest of the world. now, in regards to the statement on russia, british foreign secretary list trust, describe the meeting by saying the g 7 members are showing a united front. and what we've shown this weekend is the world's largest economies, all united. we sent a powerful signal to our adversary's and our allies. we've been clear. the jedi

incursion by russia into ukraine would have massive consequences for which there would be a severe cost. yes, once again, even after russia has repeatedly deny that it plans to invade ukraine and president putin and biden spoke for 2 hours last week. the g 7 countries continue to focus their attention on russia and china, which may be the reason that the leaders of those 2 countries have announced they will meet virtually on wednesday for the 1st time since june. so joining me now to discuss the latest and investigative journalist benz want, now been, let's start with this plan meeting between the leaders from russia and china this week. what are we expecting to come out of it and how did it come to be? well i think it comes to read because of exactly what you just said. you have the g 7 which has been gathering, they've been talking. this happened back in the summer, as i mentioned in june, happening again now. the g 7 meets and they exclude to countries, right?

they exclude russia and they exclude china. china is not allowed to be a part of this. they're not part of the g 7. russia was part of the g 8 before they were kicked out in 2014 because of issues with the ukraine and crimea. and so now what's the g 7? and so essentially what you have are these 2 countries who say, listen, we're being talked about at the g 7 more than any other nation. so let's talk to each other. what i, i'm betting this happening though. i'm not privy to what whatever's gonna be on that phone call is, is a, an agreement on pushing back against some of these countries. western europe, the united states, and nato countries that are essentially viewing russia as is hostile threat to ukraine and viewing china as an economic threat to the rest of the world. and the reality is, is that russia and china have a lot in common in terms of common interest. common interest in removing the dollar is the world's reserve currency and common interest in their ability to help each other, especially when it comes to issues like energy, where russia has an amazing ability to help solve an energy crisis that china is going through right now. right,

and it is interesting to see how these meetings have almost turned into the regular russia, china meeting, because that's just about all they talk about now on the topic of the latest statement that we did get from the g 7. they say there will be, quote, unquote, massive consequences if ukraine is attacked by russia, do we know what that may look like or even what would constitute an attack in that case? well, i, well that's a really good question. the 2nd part of the question, what constitutes an attack? if you listen to what the language has being used at all, seems to be that ukraine has this, you know, right to its own territory. how important its territory is them for russia to not either militarily, cross into the country or try to take any of that land from them. again, there's no indication right now russia keep saying that they have no interest in doing this. the nato keep saying that russia wants to attack ukraine plans to attack the brain, and that it could happen as early as the 1st part of next year. they would attack ukraine. listen, i don't have a crystal ball so the russians might be lying. but right now,

it seems that there is no reason for russia to attack ukraine. certainly, the one thing that, that russia keep saying is that if you cream were to become a part of nato, that would be crossing a red line so far. and nato is, has not agreed to make ukraine part of the nato alliance. so that's part of it. and then the other part of it is whether or not missiles would be placed in ukraine. specifically, you know, missiles that could reach moscow on a short amount of time, including including hypersonic missiles. so, you know, there's, there's ratcheting up on both sides in terms of rhetoric. the question is, where are the actions coming from? right now, there seem to be more actions on the part of nato than they're due on the part of russia. i guess it remains to be seen what actually takes place next year. yes, certainly, and i know a lot of times are drawn sort of that parallel between what if this was happening on the us border with mexico. what if it was china that was spending millions of dollars over new mexico and really ramping this up? how would the united states be reacting? think we all know exactly how that would play out. but another part of this that the g 7 was talking about where they were expressing concerns,

specifically about china and about what they called coercive economic policies from beijing. now it seems like this is an ongoing theme from the latest g 7 meetings. are they actually doing anything about it? or they just sitting around and complaining about it once again? well, it's a lot of complaining more than anything else because the question is, how do you deal with china? one of the issues on the economic front is that, and most of what western europe depends on most of what the united states depends on, in terms of products. as you know, rachel is created in china. it's built in china and therefore getting away from that. it's very difficult to do that doesn't mean the united states shouldn't be doing that. but if you look at the policies of the us right now, what are the actual policies in place to make us less dependent on china? that doesn't seem to be happening on virtually any level at all. so that's a huge problem. and then the other problem, i think that you face when you do talk about this issue is, is invariably the fact that when it comes to china, china is taking a lot of steps right now to be couple itself from dependency on the united states, especially on u. s. investors, the us stock market valuation for companies,

the expansion of chinese companies into western markets while still allowing western companies to come into china. and so the reason for that, i think is because they're continuing to create a corporate dependency on china as opposed to just manufacturing dependency. if you create a corporate dependency where major corporations have huge investments in china, they will apply a lot of pressure on the government and the military to not strike china or not bring about any kind of retaliatory tariffs on china. because their bottom line as companies becomes dependent on that chinese market and that seems to be happening at an increasing pace. yeah, certainly a lot of say here, and it is notable to see how those words differ from the actions from bus bend on. thank you for your time and insight. thank and staying on the topic of tensions with russia, germany's new government is now responsible for certifying the nordstrom to pipeline while trying to keep their western allies happy. chancellor off shore has

been in office for less than a week now, but he used to visit with leaders and polen this weekend to assure his neighbors that he will use his influence to make sure russia extends its energy contracts with ukraine. meanwhile, germany's new foreign minister noted that the pipeline continues to be delayed because it needs approval from the countries federal network agency as well as the commission. now that could take up to 8 months, which gives the new german government a little bit of breathing room there. but it doesn't do much for the ongoing energy crunch in the region where electricity prices hit a record high last week. as temperature is dropped, the block is in desperate need of all of the natural gas. it can get right now. a growing crisis that could be ease when the nordstrom to pipeline is able to double the supplies coming from russia. and to say that inflation continues to skyrocket here in the united states would be an understatement. as the latest data from the labor department shows, prices have increased at their fastest rate since $982.00. but for many employees

across the country, their annual raises won't include 7 percent just to account for the cost of inflation. 2 and that's the case of google, where executives were specifically asked about their plans to handle the soaring cost of living in this country. now, google's vice president of compensation said there are no plans for a company wide pay increase, but he said they are aware of increasing prices and plan to compensate their employees through bonuses based on their work. but even with more companies offering higher wages as a grapple with an ongoing labor shortage, it's the impact of inflation that is leaving many americans with larger paychecks, but less spending power as they find themselves paying more just to survive. so joining me now to discuss our boom host and john quotes, dean of the miami herbert business school, it's great to have you both on the show today, dean, cultural, start with you. what you make of the current situation. we're in, we're businesses are paying more to higher,

but that increase is getting cancelled out by the increased cost of living. rachel, it's the case, but in november versus october, real hourly wages net of inflation fell. 0.4 percent. reflecting what you said, that wage price increases are simply not keeping pace with price inflation at the gas pump, et cetera. what we're seeing is a large number of work forces in the united states, taking advantage of the supply of labor shortage to go on strike. there is a large number of strikes on the in the u. s. at this time. and the bottom line here is that we're just not going to be able to see a level of wage inflation that is going to keep pace with this current price

inflation. and of course, companies like google don't want to respond precipitously because after all they've been hearing the fed say 4 months that this inflation is only temporary. so why lock in permanent wage increases in response to watts claim to be temporary, retail price inflation based on supply chain challenge challenges? yeah, that's a great point. if you've been listening to the fed, you've been expecting all of this to just kind of go away or dissipate in the months to come. now christy, at the same time we have seen businesses across the board and they will increase prices in order to keep up with the rising cost of both goods and labor. so what is the long term impact on those that survive locked downs in 2020 and now we're struggling to survive. once again, for businesses survive lockdown, it seems that this battle with inflation is their next challenge to be able to survive this price, hike, readjustment period. and there's plenty of repercussions for businesses because

most small business owners, they don't have sticky products. what that means is that it's not something like a cell phone plan or google storage, something that's sticky, enforces repeat, customer buys. most small businesses operate off of discretionary income and as the price of goods and services increase. so portion of discretionary income, wallet shrinks and gets smaller. so other things will be prioritized ahead of discretionary spending, not to mention hiking the prices of these discretionary goods will not benefit them as when previous customers look to alternative cheaper. com. that's when businesses will come. you the scales will benefit, but not the cheaper mom and pop retailers. so apparel cars for example, where notably higher november, rising 1.3 percent and the 5 percent for the year ahead of the holiday shopping season. restaurant prices. i've also like over 5 percent of the last 12 months, which is the largest 12 month increase in 1982. and so one of my very good friends who runs and apparel business, she's reported that on top of all of these pricing issues,

the new increases and minimum wage has been brewed. also, not only are companies force to pay more for workers, they're also being squeezed for inflation, increase manufacturing costs to. so businesses are literally being squeezed from both and, and this is totally not sustainable. and with her business, it's forced her. i'm probably many other businesses to relocate, be allocate and move business away from the u. s. so the us in the end will lose many independent businesses as this continues. certainly as a lot at stake here, especially when it comes to those businesses that are trying to find long term strategies to do with all of this because they've learned it's not transitory now. dean quality and we're talking about inflation. as christy mentioned it's, it is at its highest point in nearly 40 years. in the last year alone, we've seen that gases up nearly 60 percent energy prices are up over 33 percent. and the cost of food in groceries is up over 6 percent. so what are some of the long term impact on the u. s. economy? and i know you mentioned the fed earlier,

is there anything that they can and should be doing right now? most certainly the, the fed should respond by increasing the tapering event's asset program. and the widespread belief as that starting in january, the fed will double its tapering to $30000000000.00 a month. and that'll be a good thing that'll set up the opportunity when that asset program ends early in the spring. that'll set up the opportunity for potentially the fed to consider raising interest rates. now the problem with the raising of interest rate says it's a very delicate issue. because any precipitous raising of the interest rates will of course depress asset prices and cause problems for those small businesses that christy referred to that have taken out loans,

potentially resulting in bankruptcy. so the fed having, having, i think, been a little bit slow off the mark to quench the inflation that was clearly evident. 6 or more months ago is now faced with the dilemma of whether or not to increase interest rates at a pace to dampen inflation. that could result in significant blow back in terms of unemployment. asset price declines and bankruptcy. yeah, they certainly seem to be in iraq in between iraq and a hard place no matter what they do now. kristi, when it comes to what the fed could do, i mean, we know that right now, inflation is more than triple. they're 2 percent target. even if they do move to taper asset purchases faster and even if they do move to raise interest rates earlier, do you see that having much of an impact on what we're facing right now?

well, anything the fed does will have an immediate effect. any effect from tapering is going to be very gradual. so the 1st step is to obviously reduce the amount of bonds they are buying each month. and at this rate, they should be done making purchases by the middle of 2022. what this will mean is that there will be less cheap money floating around less but still a lot considering they literally pumped in trillions of dollars already over the past year, year and a half. so 40 percent of us dollars in existence are printed in the last 12 months . so think about that. that's a tremendously inflated supply. so it's no wonder that we're facing the ramp and inflation problem right now. yeah, and truly the question remains to be seen as when it goes down and if it ever gets to the point of transitory like that, but claim that it would be from the very beginning team john, quality of miami, herbert business school, and boom bus. christy, i think you both for your time and insight. thank you. thank you and time now for

a quick break, but when we come back, we'll take a look at the british economy performance. i supply chain pressures and trade issues persist. and as we go to break here, the numbers at the close look forward to talking to you all that technology should work for people. a robot must obey the orders given by human beings, except where such order that conflict with the 1st law show your identification. we should be very careful about artificial intelligence. the point obviously is to great trust, rather than fear i would like to take on very job with artificial intelligence, real summoning with

a robot most protected an existence with to oh well it shows the wrong one. i just don't move any world. yes to save. how does the because the answer to an engagement equals the trail. when so many find themselves world, the more we choose to look for common ground. oh, is your media reflection of reality in the world transformed? what will make you feel safer?

isolation community. are you going the right way? where are you being that with what is true? what is great? in the world corrupted, you need to descend a join us in the depths. will remain in the shallows. ah welcome back from soaring inflation to an ongoing labor shortage. the u. k. saw its

growth slow to nearly a standstill in october. as as g d p grew by just point one percent, which was notably less than the point 4 percent that was expected. the world's 5th largest economy is still struggling to get back to pre pandemic levels. while that landmark was achieved by the services sector in october, the office for national statistics found that the construction sector saw it's the largest decline since april 2020 was supply shortages, taking a toll on the countries recovery. this all comes as the bank of england, which previously signaled it would become the 1st major central bank to start raising interest rates decides on whether it will carry on with that plan or wait until the beginning of next year. and joining me now to discuss the latest is hillary for which for a number of the british american businesses, the asian, and president of strong mark the green tab on the show today. now, when it comes to the bank of england decision, what all is at stake here, and do you see them actually moving forward with an interest rate type or pleasure to be back with you again, rachel?

and what they're going to do is they're going to look at a lumber of data points. so what we could do is we could look at what a number of economists are saying, several whole shell she's invest tag is agreeing with rory mcqueen. and he's with a national institute for economic and social research as well as john a jonathan gillingham and he's at p w. c. the economic expert saying they really think that most of the issues are due to the supply chain problems and the fundamental underpinnings of the economy in the u. k. on any worse than they have been and the projections are in line. but i do think what they're going to take into account of things like video is just come out with the economic optimism study that they always deliver. and that is at its highest rate, it's been and it's been out for the last 2 months. so business optimism is off. one of the prove points of that about that is that the temporary employment agencies are booming in the u. k. so the labor demand is up, holiday bookings are up in the u. k. so obviously the consumer is very optimistic.

the supply chain issues have also caused a lot of consumer purchases because people are concerned they won't be able to get those christmas holiday gifts prior to the holidays. so that's also what's kept the retail sector, boyd. so my bet is again, look at the experts. i think the probably the bank in england will hold steady because what they don't want to do is they don't want to court they, they don't want to either cause inflation and they don't want to stymie the economy . so will they raise them? that's kind of highly doubtful, given the statistics that you just raised, in addition to the consumer confidence. right. so they may back off a little bit. i know there, i would go so much it play there and then. yeah. right. and another thing here is the fact that, you know, we're not quite out of the, was just whenever it comes to cobit 19 and of course with hers and messages from prime minister boris johnson. he was apologizing after some of the staff members were caught. joking about a christmas party at the height of lockdown last year. yeah. and then it's the same time he was also talking about really warning about a title way, the sections for the latest cobra varian. even though we know that so far,

the symptoms have been more on the mild side. are there still concerns about a possible lockdown? going across the u. k. really? well, you're right, rachel. you're totally right about that was actually allegro. stratton was his pressed press. secretary, who was court actually giggling on camera deflecting, went off the questions about that notorious now christmas party. and it's actually very interesting. i can make the point that is amazing how politicians can be brought down by the simplest things you know, the savings and loan scandal and the keeping scandal in the u. s. was dramatic and actually affected the u. s. economy drastically, but it was too complex for the consumer to understand. whereas obviously, obviously monica lewinsky, everybody can understand and that's what broken down. so they do say that obviously johnson's approval ratings are in the gutter in the u. k. so now to your point, i do think this is going to affect people's confidence in his plan be that he's just issued. and so, yes, there is speculation that that's going to slow the economy down and actually

interesting that you should raise that point because that was in p w. c's projection, i just mentioned jonathan gilling, and she mentioned that that if oh, micron is taken seriously, this could slow down the economy. i will say there's great pessimism across the u. k right now because of that christmas party, not so much that they had a christmas party, but they knew it wasn't as frightening nor as serious as a purported to be. same thing here in the u. s. with nancy pelosi having a head down in san francisco, gavin newsom going to a close dinner party at the french laundry in california. the politicians know that it's not so scary, know that it's not so dive, but they're empowered and they want to remain that want to does raise a lot of questions for the average consumer, the average resume whenever you have politicians carrying on with their normal lives. while they're being told to stay in like down. absolutely, yes. now we've got about a minute left. we want to bring up these ongoing fishing war between france in the u. k. it sounds like it may be cooling down a little bit, for instance saying that they've got 93 percent of the fishing. like right is what they were supposed to have under the brakes that agreement. what's the latest? yes, you're right. fishing was no more. i think the both sides are pretty backed down

the you had a should issued an ultimatum in terms of being off friday. and they actually even said, literally stated that if you could just give us a token, a few more licenses and the u. k. did. but i think the contention has been that these french fishermen need to demonstrate that they have fished in those waters. historically the u. k has also some gps data because a lot of them don't have the documentation that they should have had, you know, what time those that don't have the right kind of paperwork that they should have had in the 1st place. but yes, the percentage has been increased and it's always been in the ninety's. so it's exactly we're basically should be. we'll continue to fall from fishing. where is the saucers words to political scandals and all of your hillary for which thank you so much, rachel, always. and finally, with trade disputes and supply chain issues slamming not just the united kingdom but the entire world right now. some are looking for more sure things in their investment. well, many of turn to the new frontier of crypto currencies or classic routes like metals

as their new haven. a new report shows us that not everything that glitters is gold . well, that's according to a new study from the higher school of economics in russia. it says that lego have shown to be a safer investment. the most of the tried and true methods of the path. the data found that old lego sets on the secondary market typically get a boost of around love, 11 percent each year, topping jewelry, gold and wine, and a whole range of other investments. now the popular danish building toys are a classic for kids around the globe. so now your kids favorite toys can also double as an investment set, who would have thought it gives a whole new meaning to whether or not you're going to get rid of the story that you get too old for them. well, that's it for this time. you can catch boom bus on demand on the portable tv app available on smartphones and tablets through google play and the apple app store by searching fordable tv fordable tv can also be downloaded on samsung, smart tv,

and roku devices, or simply check it out at portable dot tv. we'll see you next time. me . oh right now, there are 2000000000 people who are overweight or obese. it's profitable to sell food that is fatty and sugary and faulty and addicted. not at the individual level. it's not individual willpower. and if we go on believing that will never change as obesity epidemic for that industry has been influencing very deeply. the medical and scientific establishment for what's driving the obesity epidemic. it's corporate in

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ah, oh, anger, mounting in the okay, over new restrictions bring brought in to combat the fast spreading, almo, crowded with even some conservative m. p. 's, comparing the proposals to that of nazi germany. the pentagon says it won't hold anyone liable for a botched drone strike in afghanistan that killed 10 civilians, including 7 kids, one former u. s. military drone pilot told us of his frustration over that decision to see that nothing has changed, even when it's blatantly out in front of everyone's face, how we operate and no one is being held accountable. like we've been talking about this for 10 years now. also in the program of facebook admits in court that it's a 3rd party fact checks and.