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tv   Boom Bust  RT  August 7, 2021 1:30pm-2:01pm EDT

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the this is in by someone vision. sure, you can't afford to miss. i'm merge of love it and i'm going to bore in washington coming up several business groups have moved on lobbying the buying administration to resume trade talks with china straight ahead. boom bus, christie. i am professor richard wolf are both on hand to discuss and to be united states has called on major tech firms to help tackle ransomware lever report on the efforts combat the recent wave of cyber attacks. then crypto currencies are storing in the wake of a major development for a theory. i will bring you up to speed along with the latest comments on who has the authority to regulate crypto. we have a fact here today, so let's dive right in. we leave the program with the latest on the state of trade talks between the us and china. now president biden said he would do away with
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former president trump terrace while he was on the campaign trail. he has since done the opposite. and the latest round of talks between china and the us resulted in nothing more than verbal accusations back and forth. that's why nearly 3 dozen of the most influential business groups in the country came together to send a letter to the treasury department and the u. s. trade rep calling on the, by an administration to both resume trade talk and to cut tariffs on chinese made goods in it. they wrote, quote, due to the tariff, us industries, phase increase cost to manufacturer products and provide services domestically making their exports of these products. and services less competitive abroad. so joining us now to break down the latest boom less co host kristi i and professor richard wolf, post of economic update and the author of the sickness is the system. christy, let's start with you here. now these business groups include farmer,
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micro chip companies and pharmaceutical companies. so what about the trade war has brought them all together and why are they sending this letter now? yeah, so 30 of the most influential business groups in america, they're all calling on biden to resume these negotiations with china because essentially they want to reduce the import tariffs that have become a tremendous drain on the u. s. economy and subsequently their businesses. so the tears on chinese electronics and clothing and other goods having kept in part to ensure that china fulfills its obligations under the 1st phase of the trade deal. the business growth emphasized that aging had fulfilled quote, important criteria and obligations in the agreement, including opening markets to us financial institutions and reducing some regulatory barriers to us agricultural exports. so there's a growing sense of frustration with us business groups. and it's funny because it literally is all politics and political agenda. politicians are supposed to represent the people in the interests of the people. but right now the people want
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a fees fire in the trade war. they want the parents to be redacted. so it's not what anyone wants except for washington for some reason. so they're really not listening to the actual constituents and the people. and then for their part, chinese officials have now told america that they will not act on these trade issues until the administration makes clear that it accepts a phase one deal. in addition, the groups are also urging the u. s. to grant company exemptions from some parents and begin the process of lowering tabs on chinese goods in general. because with this rising global inflation, all these businesses need every single cent they can get. now, professor wolf, we've heard the argument from both the biden administration and the trump administration, that the us need to stand up to china. but is there any indication that the trade war has actually helped us businesses? and to that point, if parents aren't the answer, what is the answer in a trade more or a trade dispute? that is to say, between the 2 worlds, 2 largest economy?
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well, let me in to the easy point. first. the government of the united states under mister trump, imposed a set of our ups whose major purpose as many of us said, was going to be a burden of taxation on american companies importing those goods from china. and now having to pay the united states government attacks with the trunk, kept saying that china would pay the tax because he didn't want americans to understand that they not the chinese were going to pay it. and now we can see that the result was bad for business and obviously bad for the american people. and given the performance of the chinese economy, the damage done, there was either the same or less than what was done here. so that was a failure. number one, number 2, here's the single most important fact to keep in mind. trying to the people's republic of china is the largest and the fastest growing market for goods and services in the world dwarfing the united states. larger now,
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then europe and all going to be even bigger in the head. so any business man or woman in charge of a corporation would understand you've got to be in there. you've got to be able to participate in what is the biggest? i'm the fastest growing market, and that's why all these companies are doing exactly what they are letters show. by the way, it means that the quiet diplomacy under the table didn't get the job done. so now they're going public, which is a great deal of pressure on the biden administration. so, one has been learned here is that the chinese are not a small economy. they're not a weak economy, they're not susceptible to american pressure. they have their own agenda and kristi's last point, which i thought was really excellent. the business community got nothing out of
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this trade war with china. the master of the american people got nothing. so this is a political game in which looking tough plays to some kind of mentality here in the united states. that doesn't want to trace the reality that the american position in the world economy is no longer what it was. the ascending power is china, and that has to be come to terms with because the alternative is unthinkable. and yet we keep saying the same policy is from both trump and now by then and professor i want to bring up another point and all of this, which is a major target of the trade war. that was, of course, wal way. and the chinese telecom giant just announced on friday that it's quarterly revenue is down 38 percent. is this just another one of the ways that us sanctions are having an impact on it? now i think there is
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a global company and they're dependent on many more things and just the united states, the impact of the sanctions and so on. yeah, that was probably something, but it doesn't account for most of that. 38 percent companies that provide electronic equipment like wild way and others. i've had a rough time because of called id and even more because of the shutdown of many economies around the world to accommodate struggles against call. i think you are seeing many of those companies focusing on getting through a very bad period. this combination of an economic, global crash and a global pandemic of combination. we've never seen before at the same time. and so they're all figuring out what do we do to get through this, but there's no evidence that while way is having markedly different struggles. yes, they got a sanction that made it a little harder for them than another company. but these are small judgments. they
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are not basic threats to the survival of that company, nor others like it. hey chris, they have about 32nd black, but i mean, what's your take on the whole while way situation with seeing their revenue down just quickly? yeah, i mean china is cracking down on itself and they're cracking down on foreigners and the entire tech industry has now been kind of decimated a little bit short because none of the investors really know what's going on. china government can literally come down and enforce new regulation, new anti trust regulation on the when. so essentially these tech companies now have to kind of struggle and adapt to kind of figure out what this new landscape is going to be. and all of that is because china is playing defensive in response to all of the, all of the sanction, the unfair terrorist and as well as the restrictions and allegations that the u. s . has placed on them. great insight. as always, professor richard will thank you for joining us again. this again christy, i don't go anywhere just yet. we'll have you back on to talk about the world of crypto later in the show. as
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a theories of ransomware attacks have plagued us businesses. the federal government is now calling on the nation's largest tech firms to tackle the issue. companies like google, amazon, and microsoft are being asked to lend their tech muscle to protect against the ongoing threat r t. trinity chavez has looked into the newest efforts to combat ransomware and brings us the latest from new york today, major tech company joining forces with the federal government to fight ransomware. hackers who have been feeling data from american companies and extorting millions of dollars from them. it's called joint cyber defense collaborative, or j. c. d. c. the ether will aim to improve defense planning and information sharing between government and the private sector. well, initially focus on combat ransomware, when hackers encrypt information and threatened to withhold it until ransom is paid and creating a framework to respond to incidence impacting cloud providers. jen easterly, the director of the cybersecurity and infrastructure security agency, or caesar, set up thursdays,
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black hat security conference that crowd strike palo alto networks fire. i amazon web services, google, microsoft atn, t. bryson and lumen have all agreed to work on the new initiative with the usa. i think that these companies tend to be a lot more efficient. i think that they, they learn things generally a lot faster than public sector entities. because going to keep us on the cutting edge, the effort comes on the heels of several cyber attacks. hackers increasingly targeting major infrastructure installations like transportation hubs, energy facilities, and utility companies. hackers cut off a pipeline to the eastern seaboard for days, allegedly tried to poison a floor of water treatment plans and even held hospital i t systems hostage and stole a massive amount of data in the solar wind tack experts say the attack only further underscore the importance of communication between the public and private sectors, especially as they account for almost 90 percent of the country's critical infrastructure. it's an obvious sign of desperation on the part of the federal
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government that they need to enlist the private sector. i'm trying not to put a negative spin on that. i think it's a good thing, but it's definitely if they didn't need the help, they certainly wouldn't have reached out for it. during the 6 months in office, president biden has come under scrutiny for a series of cyber attacks. and while he signed an executive action last month to bolster us cyber defenses in strength and caesar, the directive standards for private companies was only voluntary and the government could not force them to comply. i think that the by the administration has projected weakness. unfortunately, in a lot of ways, and as a result of that, i think that that made us more of a sitting target for international aggression, particularly in the cyber row. the incidents have made cybersecurity, a major area of concerns spanning beyond the white house. the senate now has even included additional funding for caesar. and it's one trillion dollar infrastructure bill that could be passed by the chamber this week. reporting for boom bus, trinity chavez, r t the
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global markets are mostly up on the weak despite increased concerns over rise in cases of the coban 1900 delta, very worldwide. let's start in russia, where the mo, x is up for the week. the mo x fell off of this week's hive to close on friday, but there were plenty of gains to give it a green arrow after the central bank raised interest rates by $100.00 basis points, a 6.5 percent last month in an attempt to dampen inflation rushes, economy minister, so the nation should look to increase government spending to offset the impact of tightening monetary policy. let's move to asian markets. we have another green arrow for shanghai after last week sell off to the composite lose nearly 4 percent as strange on the global supply chain. continue. economists expect sport out of china to moderate for the month of july for strong growth in china services sector for july release, wednesday, push things up mid week in hong kong. the hang thing is also up again,
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rebounding from the sell off, which caused the index to lose 5 percent last week. as we mentioned earlier in the week, it appears online gaming, maybe the sub sector to catch chinese regulators. i, after another state run newspaper, published an article saying gaming companies should not get preferential tax treatment, which was used to bolster the domestic software industry. this cause chinese heavy weight tens that and that is to each lose nearly 4 percent and thursdays trade dragging down the hank thank tech index by more than 2 percent. and more of the same in japan, the new k is up earlier in the week gaming related business, took a hit on the same factors we saw in hong kong. investors are also keeping an eye on the state of the delta various and is spread in japan after the tokyo olympics wrap up on sunday. let's move to india, the sen sex. it's also in the green for the week, despite the substantial gains throughout the week. shares fell slightly on friday after the country held monetary policy in place with interest rates at 4 percent
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earlier in the week. the syntax fresh record highs as investors anticipate policy would remain and stimulus would continue to flow. as the country recovers from one of the world's worst cove, it at 19 outbreaks and australia, the 2nd it is also up closing at a fresh record high on friday. it's getting 2 per cent for the week. big bags helped to push the index up while by now pay later for after pay had a fantastic week after agreeing to a $29000000000.00 buyout from the square. now the all share in south africa is our 1st red arrow for the week. but, but just slightly, it barely hid into the red. earlier in the week it appeared, it was on its way to records of its own, but that was just too good to be true. the rain fell later in the week as a nation finance minister resigned his position and made a cabinet shuffling following unrest in the country last month. now let's head over to rachel to see how things are shaking out in europe in the u. s. thanks. ran here, we start in london where the 50 is up fueled by strong earnings throughout the week
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. on tuesday alone, b, p saw gains nearly 6 percent as they beat earnings. all of the bank of england says it will leave monetary policy unchanged for now. the central bank did say it is looking to mean the economy office stimulus measures that were put in place at the start of the pandemic. all forecasting inflation will hit 4 percent this year. now nearby the french cack and german docs are also in the green. still looking at some of the same factors we just talked about amid earning season. now, german conglomerate bison crop on thursday announced it had agreed to sell off its infrastructure unit for an undisclosed b, as it looks to restructure. and french stocks were mostly flocked to close out the week. but diagnostics for euro fins did see shares pop more than 10 percent on thursday after reporting record earnings for the 1st half of the year. and here in the us, markets are also on pace to close the week in the green with the s and p 500. and
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dow jones, each touching record hot. of course, robin hood has made big news throughout the week. all about this doc, which is now up around 50 percent after a dismal i. p o. last week and new job of data released on friday showed hiring rose in july, added the fastest pace in nearly a year. non foreign payrolls increased 594-3000, while the unemployment rate fell to 5.4 percent, both beating expectations as companies face a so called worker shortage. average hourly earnings in the u. s. there are 4 percent year over year, while labor participation is up to 61.7 percent, all of which has caused markets to react positively. and before we wrap up, we wanted to take a look at the state of oil. now both brent crude and west texas intermediate fell this week. prices really took a hit over concern, so oil demand could be hurt by new restrictions due to rise and coven cases. all
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just as opec plus members moved to increase output in the coming months. time. now for a quick break, but when we come back, we head back to the crypto currency sector, where a change in a theory has led to a crypto rally across the board will explain state it will be back into the british and american governments have often been accused of destroying lives in their own interest. while you see in this, these techniques is the state devising message to end essentially destroy personality of an individual. lifetime means this is how one doctors, theories were allegedly used in psychological warfare against prisoners deemed a danger to the state. that was the foundation for the method of psychological interrogation, psychological torture,
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disseminated within the us intelligence community, and worldwide among allies for the next 30 years. and how the victim say they still live with the consequences. today the i mentioned that i sat, you know, more than a month up in the last arctic. and when i got back, i had just totally refrained how great we now have it in modern life. so before i go up there, it's like i use hot running water every day. never thought about a grade that has dr. carbonate never sought operate. that was don't have to go out and walk 5 miles down hill. there was stream and bring it back up to get my water right. but after alaska, like i had to do all those things. and so when i get back into my water, my modern work and i turn on the faucet and hot running water comes out and hits my hand was like, oh my god, this is unbelievable. this is the most amazing thing that i've ever had happened to
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me. my life. ah ah, the news a lot of the welcome back. it was a big day for crypto currencies as a theory, him as activated a major change called the london hard ford. now, developers successfully completed the hard fork on thursday,
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centrally changing the underlying code that the crypto currency relies on to run the success of the hard fork sent a theory of price up. but it also led to a bump in big coins, price pushing the crypto backup over the $40000.00 mark. now there's a lot to understand. here's how to break it all down. let's bring back boom. by co host christy. christy. why is the hard for such a big deal? what exactly does that mean? i mean it's a huge deal and eve has jumped up about 4 percent in the last 24 hours on the news . so basically it has always had long standing problems with scaling where remaining secure and it's highly unpredictable with its exorbitant transaction fees when the network gets congested. so basically the problem happened with crypto katie's back in 2017, but has only gotten worse now with the n f t. so thursday, changes to the code are designed to fix many of the issues by burning ether coins and changing the way transaction fees work. so that they're more predictable. so
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1st off, fees are more predictable now because before the upgrade users would participate in what essentially is an open auction on every block proposing transaction fees. so rather than a holding a blind auction, every block, each new protocol, well i'll go rhythmically decide the fee based on the overall demand of the network . and secondly, there also doubling the block size, and this is meant to help smooth out the spikes and demand helping gas fees to stay stable and be more manageable. and then the other big thing finally, is the change in the code that pays the way for ease to point out, which has been in the works for years. this changes it from a very energy intensive proof of work mining system to proof of stake where existing users leverage their ease as mean to verify transaction. and this is b because once it's activated, the entire e, my, me industry as it exists today will no longer be relevant. ok, so one of the other reasons why it's a big deal is that this hard for also impacts other parts of the criptos space such
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as an f t, correct? yeah. and that these are going to be a very big deal because most, an a t t is the actually built and based off of each protocol, and they actually cause a lot of network congestion in 20192020. as i said earlier, the 1st bit of net or congestion came from crypto, kitty's, which was essentially a game where you pair 2 katie's together for the most desirable traits and attributes. and now with f t 's, most of them they're built using ease because as we said, it has the most secure protocol. so that is why most of these guys they leverage is technology has the most secure and most mature protocol as well as they have the most advanced developers working on the entire project. so with n f t 's and with the rise of n s t. and all these outrageous auctions, as we saw from people there has been a lot of bids out for very specific objects, memorabilia and collectibles. and because of that, that has cause a lot of unwanted congestion from people sending simple transaction and peer to peer payments. and because of that,
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all the fees they rose to about $2200.00 per transaction when at the very highest and the peak last summer. so this is meant to smooth all of that out, especially since that and a piece are here to stay as well as the advancement and defy is only going to advance and become more robust as we go on. and christy, why did bitcoin price jump on all this news going to simply rallying off of the positive news and ease. but overall, the technical, they were also set up well into this before we had a little period of consolidation where it was facing out along the $3035000.00 range. and also looking at the flow data hobbler, they've taken this opportunity to skip large amount, the big one in the last few weeks below 40000. so it looks like we might be seeing a little supply squeeze here where the number of big points of pi falls below is spot market demand. and coins are rapidly disappearing from the available market as holders continue to lock them away for the long term. because don't forget,
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unlike the u. s. monetary system, you can't make more big quiet. so the number of big ones mine every day is set and locked. now before we go, we've got about 30 seconds, but i want to bring up the latest comments from the commissioner for the c s t c. he took to twitter on wednesday where he said quote that the u. s. securities and exchange commission does not have jurisdiction over pure commodities or their trading venue, including crypto assets. what do you make of those comments? yeah, that's really contradicted a position that gary against the fcc made earlier this week where he said crypto and all points are all securities. so quinn has a saying that crypt does is more like an asset, a commodity that does not fall under the jurisdiction of the s b c. and in his own separate tweet, former c f t c chairman john carlo said that the c a t c is basically the only agency with the experience to regulate the crypto currency market. and i think this is a very fair statement because of security is a financial instrument, but
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a commodity is not a security. just a commodity is a security is a monetary value. but unlike a commodity, a security is not traded between 2 parties. the fact that crypto is a peer to peer shows that it's traded between 2 parties and it's more along the description of a commodity. a commodity is something that has value in it of itself, like oil, like gold, like cattle. you use it, you spend it, you eat it, unlike a security, so it limits the amount of oversight. absolutely correct. these are out of time. boom bus, christie. i thank you so much for bringing all that down for today. thank you. and finally, with mass delays and cancellation, sweeping the country. american airlines now says it has a new hook to keep customers entertain once they finally take to the skies. it may sound like a joke, but the airlines, as it will allow customers to watch up to 30 minutes of tick tock for free in the air. now granted, they will then have to pay for why fi afterwards. so this new offer really raises
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the question of whether customers are actually getting them at the deal at all. for example, free in flight, why fi is a much more common perch outside of the us with airlines like quantum new zealand and could tar yet jet blue is the only airline in the u. s. to offer why fi, free of charge for domestic flight? and rachel, they just keep shoving in their like sardines, but they're throw in your bone with 30 minutes, a free tick, tock, it's craziness, then paper it up for the 5, you can go by demand on the board, but tv up available on smartphones and tablets through google play in the apple apps or searching portable tv where it will see we can also be downloaded on samsung, smart tv and roku devices, or simply check it out. app portable dot tv will see you next. me i
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i believe it doesn't look like this is off the bus to can you to actually use the machine, which is a big milk put your budget that i came up with. and in the each given famous from credit issued by both of us, choose
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that survival guide. and here's my goal is going to start at a federal reserve shirt. so there are, you don't know what refrigeration came. well look at the rest, the 7 years go to 70 or what kind of report? driven by a dreamer shaped by those in me dares thing. we dare to ask
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the other stuff. and then we need to talk to someone that could touch base with anybody when me and i got a job when i'm in a position that we need to make on it for me, which mobile phone bill. and it isn't about what we're doing today. i'm doing it, but it was easy. i got to watch it to get. how do you think putting up with me going to be as long food? i want me to tell you the other hand that you need that is that quote that we
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should the, this was top stories here when r t, the russian, a rhythmic gymnastics team claims as being an injustice off the gold goes to israel despite the athlete dropping her ribbon, during the performance a jailed hacker who exposed abusive conditions at the prison he's being held in. it's denied telephone access to his lawyers, his wife brands, the move as an active vengeance. bureau of prisons, lawyer telling them that she can only let him speak to them if they have come in the court deadline where she's not applying that requirement to any of the other inmates. fronted, heaving it's rock. now.


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