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tv   Boom Bust  RT  October 24, 2020 1:30am-2:00am EDT

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its 1st large post brags that agreement with japan japanese foreign minister said it is paramount to maintain the supply chain between the u.k. and the e.u. while british international trade secretary list trust called the agreement a landmark trial facing it is to be in the land of the rising sun to welcome in the dawn of a new era of free trade this is the 1st new free trade deal to be agreed since the u.k. once again became an independent trading nation the deal is estimated to boost british trade with japan by $15000000000.00 pound japan already exports $1.00 trillion yen of goods to the u.k. including auto auto parts and other machinery it imports nearly one trillion yen from britain mostly pharmaceuticals medical products and cars the deal will take effect on january 1st 2021 and the u.k. is also working on agreements with the u.s. australia and india as well as other potential trading partners.
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this is your weekly global market walk where we're starting in russia where the molex is up this week russia central bank kept rates at 4.25 percent as it doesn't see a need for special intervention at this time the ruble strengthened against the dollar at week's close moving to asian markets the shanghai composite is in the red losing more than one percent on friday alone it declined earlier week on news that g.d.p. grew by 4.9 percent in the 3rd quarter year over year compared to the expected 5.2 percent in hong kong the hong saying is in the green for the 4th straight week up about half a percent on friday while companies petro china and seen opec really help those gains in japan we're seeing another red arrow here the government says the economy remains an 8th of. dear situation this is obviously due to the pandemic but it's
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showing some signs of growth in india the sun sex is up on the week it's showing some pretty strong earnings 7 of the 14 nifty 50 companies reported higher expectations the sensex is roughly 1.5 percent away from erasing losses this year due to the pandemic australia's a.s.x. is down for the week on a red arrow the ongoing us stimulus saga is hurting the index top iron ore miners rio tinto ltd b.h.p. group lost to 1.4 percent each on thursday as data is showing now manufacturing in the country grew at a slower rate than an initially expected this coupled with the i.m.f. downgrading its projection for growth in the asia pacific region really hurt the index in south africa the all shares in the green the index gain nearly one percent on friday the largest single day gain in weeks the mining sector really helped push
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those earnings up now over to europe in the americas in the u.k. the footsie is just slightly down for the week after actually a pretty strong earnings week financials are to ing pretty well barclays gain at nearly 8 percent on friday alone the u.k. signed its 1st major post brags that trade deal with japan german dax and the french cac both in the red despite the losses indices ended with a little bit of some gains on those earnings investors are eyeing prospects of the u.s. relief package across the atlantic the evil best in brazil is in the green the rail for and point 4 percent on prospects in the government will revise its economic growth estimates next week brazil's g.d.p. is expected to contract by 5 percent this year and mexico the b.m.v. another green arrow here is up for the week despite projections that the economy shrank by 6.9 percent year over year for the month of september president
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lopez or rather it is calling for mexico central banks to further cut rates or interest rates in the u.s. . over to right now we're seeing the s. and p. the dow the nasdaq all down for the week spiking kovan 1000 number and no relief packages are really weighing down investor sentiment some big losses early friday included intel and american express f.d.a. approval of ads anti-viral drug does appear pushed its stock up as much as 4 percent finishing things out here in canada the ts x. is down for the week the material sector is putting pressure on the end and busters are keeping an eye on the u.s. stimulus and of course those covered $1000.00 numbers and that is your global market walk. the 3rd and final presidential debate took place on thursday as the u.s.
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is the last than 2 weeks away from election day president trump and the former vice president joe biden went after each other over a wall street ties that fund raising i could raise so much more money as president and as somebody that those most of those people call the heads of wall street the hedge of every company in america i would blow away every record but i don't want to do that because it puts me in a bit position as you are the one that takes the money from wall street not me i could blow away your records that like you wouldn't leave we don't need money we have plenty of money in fact we beat hillary clinton with a tiny fraction of the money that she was a gentleman for going to john boehner every sort of you should 43 dollars. or more on this and the economy as we approach election day let's bring in rick sanchez host of parties news with rick sanchez rick good to see you. it's always good to see we just heard president chomp suggesting biden is the frontally
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in wall street's pocket and taking all the money from wall street what do you make of this. well 1st of all a couple of quick fact checks a he's right he was able to beat hillary clinton with little money comparative to what the hillary campaign had that's true he also said they have a ton of money that's not true the trump campaign is suffering right now from cash and contributions they've spent most of it while the other guy biden does have a lot of money then there is the argument that he just had about your what a wall street guy by the way there is nothing novel about what we just watched every time we have a president presidential election one guy points at the other guy or the other guy that points at the other guy or other gal and says you know are in the pocket of wall street know you are in the pocket of wall street here's a secret i'm going to share with you and all of our viewers wall street could give
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a damn who wins this election they win with biden they would have won with clinton they win with trump they won with bush and they won big with obama they can short they can go long positions it doesn't matter to them the only people who really could have shaken up wall street and scared the hell out of the bankers would have been maybe somebody like bernie sanders for example otherwise they don't care they're going to be able to make money off of both of these guys no matter what they do in office because in the end wall street knows that the policies that either a republican or a democrat puts in are not going to be that different all things considered well you're not wrong rick another person that might have shaken up things a little bit elizabeth warren but but that's a very rick i do want to talk about bite. the tax plan it to raise rates on the middle class americans on household earnings more than $400000.00 let's assume
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things stay as they are right democrats keep the house and republicans keep the senate and by then once what's the likelihood that this was actually happening in some states someone be taxed up to 62 percent that's i just can't wrap my head around that that's an insane number. but let's put this into 1st got a look at the politics right the politics is pretty simple if biden gets elected right if the senate switches over to the democrats if the democrats maintain control of the house then it's pretty likely that this will happen in some shape or form in fact my sources on wall street and wealth managers who i talk to on a semi-regular basis are telling me that it's already being baked into the cake it's already an expectation that there will be
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a tax proposal by biden at some point which will shake things up and will in fact tax those who make over $400000.00 a year certainly those who make more than a $1000000.00 a year so it seems to me that most people even the folks on wall street have come to understand that at some point you have to put money back in the till look think about it george bush spent like a drunken sailor barack obama spent like a drunken sailor you could say one was because of the war the other one was because of the meltdown now trump is doing the exact same thing and his excuses coded though some could argue he was kind of spending like this before covert but regardless they're all doing the same thing i think are are right now the national debt to 26 trillion dollars that's crazy at some point.
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most would argue you have to start putting a little bit of money back rather than just borrowing and borrowing and borrowing right right and look at that national debt under president trump and went from 104 percent to 136 percent that that number is just. same but more people are just saying let's let's keep you know providing more stimulus let's let's keep printing money i do want to ask you yeah there's since last time we spoke we talked about stimulus there was a lot of back and forth we're still with a lot of back and forth still in the same boat with with all of this under biden there would be more stimulus so he said he would pass that 2 trillion dollars to help businesses is that feasible. well i mean yes they're going to have to pass some kind of stimulus plan biden you heard him last night talking about helping small business people. you put money in and
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yet have to take money out or vice versa right so let's just look at it mathematically let's say biden holds true to his promise and is able to tocs the rich whatever that means and take money to put back into the budget but then at the same time he's going to spend by giving some of that money to small business people and others who are being hurt by the cove in 1000 pandemic well in essence it's a wash so who knows what's going to happen who knows how the politics will fall but there is some expectation that there will be tax that there will be a new tax plan that he will try to undo the trump tax plan and that he will also then spend some of that money on some kind of stimulus plan but it's b.s. to also think as the democrats often try to convince us on the other side that they're going to be able to spend and they're going to be able to cut taxes and there's going to be no effect from that you can do it that way it just doesn't add up i also want to touch on health care i know this is right up your alley americans
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are losing their jobs a lot of them are losing health insurance or from the from their jobs or health care obviously is going up or in the middle of a pandemic still that unless they can afford obama care or cobra with medical debt being a top reason for personal bankruptcy are you surprised the country really isn't concentrating and really discussing this more seriously. well part of that is the poll lab or the media is playing the gotcha game there what did he say what did she say you know i think you and i talked earlier today on the phone as we often do and i think one of the things from our conversation i came away with and i think we both got a chuckle out of this is it's almost like we should just turn everything off for the 3 weeks prior to the election can you really believe anything that biden or trump say or do at this point and i don't mean to cast aspersions on either man or either candidate it's just that they're both in desperation mode everybody right now in any election will say anything to make sure their side wins and gets elected
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so we almost have to careful about all the stuff that we hear going on but yes in the end we should be paying a lot more attention to health care health care is the industry that will drive the u.s. economy for the next $3.00 to $4.00 decades and expect to see a move toward capitation expect to see some kind of move toward a managed care scenario that is to say where right now you have to be 65 or older to get medicare watch that number start to come down because usually you get more valuable results from that type of care where the government and the private sector are involved in providing care for people then you do the other way around where you're just putting out all human care as it's often it's interesting to hear you say that yes they are very much almost on best behavior right i mean president trump certainly behaved i didn't interrupt as much even in a president or
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a former vice president joe biden was it was a little more reserved right before we go i want to get your take it's probably the last time you night will be on it before election night i want to hear your thoughts who's going to win the election because many people like myself not trusting polls at this point or is that even going to be a contested election. i play the numbers and the numbers are pretty straight right now i know people say don't believe polls let's suppose that you believe them or you don't believe them here's what they say at this point so we got biden somewhere about 9 and a half percent nationally that is about 5 points ahead of where clinton was at this point that's important think about something else at this point during the election hillary clinton got dogged by the f.b.i. investigation announced by comi so sure she was up by 5 and a half but that 5 and a half turned into about 2 and a half about the time that the election took place if biden remains at 9 and a half percent the betting odds are he's got a real good chance to win look to see if his polls start to sink
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a little bit right now he's going to he's been steady eddie for the last month right he's stayed around 910119101191011 the other thing we should look at right now biden seems to be ahead somewhere between 3 and 4 points in the state of florida he's up by 2 and a half points in the state of north carolina he's up by 7 points in pennsylvania if that lead stays as it is and those states are called early in other words if he gets a florida call i don't care a lot of call pennsylvania call or any combination thereof the election's over and it's going to be over very early i'm not saying that's going to happen i'm saying based on the tendencies in the trend right now that is still one possibility that most people are talking about because everybody is saying it's going to go away into the night or more and more and more another part of the military that it will about it then going to the house and what happens when they don't reach that to 70 electoral votes that they need rick sanchez host of the news with rick sanchez that
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we're going to keep an eye on especially on election night to watch you and thanks again for your time always great talking. time now for a quick break but when we come back why we released its latest mobile device but it may be the last for a while u.s. sanctions have the chinese telecom giant in a chip crunch we'll get the latest from the bus co-host kristie i am ben as we go to break here the numbers up close. americans love and.
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this was a fundamental part of how our political leadership and our country a large understood the bargain you get a hope and then you know rebel right as the things you don't revolt if you have a stake in the system. be really interesting to dial it back and think about the longer deeper history housings men in the united states not just that question of the american dream but the bigger question of who the dream is and for . is your media a reflection of reality. in a world transformed. what will make you feel safe. isolation or community. are you going the right way or are you being
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led to. direct. what is true watch his face. in a world corrupted you need to descend. more and made in the shallowness. but
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the pandemic knows to you know blood is just blind to nationalities. has emerged we don't have a therapy we don't have the facts in the whole world beat's to be. people. judging. come in a crisis like this this time to time so we can do better we should know. everyone is contributing each of our own way but we also know that this crisis will not go on forever the challenges created the response has been masked so many good people are helping us. it makes us feel very proud that we are in it together.
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the u.s. war on a wild way seems to be creating cracks in the chinese telecom company a new filing by wall way shows that it's been hurt especially in the area of chip supplies and 5 g. technology the chinese tech giant reported a slowdown in revenue growth for the 1st 9 months of the year a day after it a new smartphone that it says could be the last to run on the advanced chips designed by its own engineers joining us now to discuss that bill both co-host benson. ben while he is nearly 6 weeks into a new era in which it no longer has access to these global market for the computing chips what does this mean for a while we're moving forward well it means that the the clock is running so yes we're 6 weeks into an era where there are not obvious source those chips are right
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now while we actually has a pretty good stockpile of chips that they use to build their smartphones and also other telecom equipment but unfortunately that stockpile of chips will really only last them to about the middle of next year or so so beyond that the question becomes where does while we source its ships from and what the u.s. is pretty successfully done is to essentially create a system where any american made chips and chips that are sourced from the united states or dealing with american companies cannot be sold to while away well almost every one of these chips is in some way passing through some kind of american company so it's very difficult right now for what way to access those ships and to be able to build up their stockpile going forward the question will be how did they do that moving forward and i'm not sure that we have an answer to that and definitely not sure kristie somehow way has managed to actually stay profitable at this point but what can we do to really break through this u.s. ban on those chips if anything. well what it can do is it can continue what it has
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been doing already which is just standing a few steps ahead of the game each time and monitoring the turning political tides so as a private company there's very little it can actually do in order to influence and manage politics it play the game it's the us for unfair treatment but that really doing get anywhere so all that legal political that's all just noise and destruction from always core competency which is just pushing innovation and developing superior tech so there is nothing i can actually do to break through the u.s. is ban on the chips and the effort and expense it just diverts precious funds and resources away from r. and d. so rather than fight head on to like break the back end as you say while i was just going to monitor if they made an advance which is what it has been doing so it's now confirmed that they successfully for a trump sanctions by basically does that stop strips so if you think about these restrictions were 1st announced august 17th but then followed a rush to forge microchips and between august 17th the night of september 14th and
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managed to get enough chips to continue supplying chinese carriers through at least 2021 so other steps were also put into place as white house rhetoric turned aggressive in mid 2019 so are we ramped up its output of p s m seems 7 nanometer chamois communications chips which is the most crucial element in its 5 g. base stations so it's not focus on advancing today which is to become more self-reliant so as such has already invested heavily into domestic semiconductor industry and beijing has also made this a top priority recently setting a benchmark to see at least 40 percent of china's semiconductor needs met by local manufacturers by the middle of the next decade will need you mention 5 g. we we've been told and assume time time again that while way is ahead with infrastructure for 5 g. as other competitors other companies other manufacturers these rules by the u.s. are largely impacting while we've ability to build out its 5 g. infrastructure is that right ben. yeah it is it's interesting you know as we're
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having this conversation the old adage i'm sure you guys have heard before necessity is the mother of invention right which is the idea that when you have are put in a position where you've got to figure something out where you've got to figure something out and i think that's where we see right now while way is they are when it comes to smartphones when it comes to microchips when it comes to 5 g. what we see is exactly what christie said they got ahead of the game they stockpile chips so what now well it's very possible that through ingenuity creativity and having a pile of money which they have to deal with you may be able to not just get around us angels but create your own chips or or source them from some other place that give you an example of what's happening with 5 g. so right now yes u.s. sanctions have been very successful at forcing weiwei out of a lot of different countries especially in europe india you know the u.k. they're being forced out however at the same time that's been happening u.s. sanctions have also force and opening in the market for a while way which is in iran of all places because because of u.s. sanctions ericsson the swedish film maker and 5 g.
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telecom company has basically had to abandon its projects in iran and right now wall way is filling the gap there so they've actually found a new place to do business because of us ancients so it's kind of interesting how that works while the u.s. agents are hurting them on one front creating opportunity on another for very much they're actually getting ahead like you said in their own way kristie meanwhile saudi arabia said they would partner with wa way to develop arabic language recognition in ai and train saudi experts in the field that want to go against us thank sions what's the chance that will happen. so this could very well happen and would be very problematic for the u.s. so arabic is a very under-served language when it comes to technology so in order for saudi arabia to spearhead the effort it needs a strategic partnership with someone like to develop arabic language recognition so this makes a lot of sense given that china already has experience and advantage in character based language versus the western phonetic language system so while there is concern from the u.s. about it already saudi arabia argues that this partnership is mainly centered
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around arabic language character recognition and ai algorithms and tools and not related to the 5 g. technology that the u.s. is so concerned about so while this argument may hold up for now there is the potential for conflict if saudi arabia and china begins working even more closely together on other projects that expand beyond this scope into areas such as computing and facial recognition technology i can't imagine the united states being too happy with it especially with looking at saudi arabia as a major ally and what do you get when they were really i was going to say but when it comes to saudi arabia they are so powerful as a lobbying force in the united states they have picked bought and paid for so many politicians here and they own so much tech in silicon valley right now pretty good chance the saudi gets their way i'd be willing to bet that the u.s. somehow overturns or something happens there that's an exception maybe a rare exception. well with co-host pencil and christie i thanks for coming on.
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thank you. paul for now catch him both on demand on the portable t.v. app available for apple on android devices or simply check it out portable dot tv with the effect that. the world is driven by dream shaped by one person. in a day or thinks. we dare to ask. secret prisons and usually what comes to mind when thinking about europe however he even
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the most prosperous can be deceived we've been busy roads along the way to view houses were allowed to leave prison was located only cia people had access to the story for investigators sure how zillion covered the darkest dealings of the secret services but i mean. the great ignore in. full. trying for justice on a. lot of people talking about is this the beginning of china as the world's superpower but they're not thinking about another end of an era and that would be the central banks. know when i'm going to be at their school i don't think about that i don't mean.
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graumann not new dorp or. a kind of war on the only course of action on the now i think it's higher than our. members of the african mafias chroma is them safe and quick passage to europe but once they. leave they are in sleeves and they count util. will not some of them leave your mom and i couldn't you know if this unit can get it out to him. don't buy one. of the they sold the. lead. on court of the import data because the persona that a kid even you scabby the normal.
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clear and sharp come on teachers in france after one of their own was brutally murdered in the capital last week we speak to an educator the. mind is many many things till after my position to be protected. public top court found almost all abortions sparking a nationwide protest impacting the age old question right to life or freedom of choice. and while the conflict between armenia and azerbaijan open when i care about raids on a 14 year old hero saves his family dragging them out of the war also while under fire. from full fledged. tongue got a mean cut on culture.


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