tv Boom Bust RT September 28, 2021 5:30am-6:00am EDT
motherland, i'm back years in the political crossfire between the world, 2 largest academies, while way cfo meant one though, and 2 canadian businesses have returned to their respective homes. straight ahead will bring you a full breakdown of the geopolitical de escalation and in the wake of a bombshell report. fleming, facebook, the lead to toxic practices. gotomeeting has decided to all this development of an instagram for kids. we'll discuss. then we can panic. buying has the shortage, is that gas stations across the u. k? well, take a look at how the government is responding and whether the military will be getting involved to tackle the crisis. we have a lot to cover today, so just dive right in. we leave the program with the latest on the release of wally's chief financial officer, main ones, though she returned home to china over the weekend nearly 3 years after she was detained in canada at the request of the trumpet ministration. but while a deal was made with the department of justice and china released 2 canadian
prisoners in return, that binding administration is signaling. it's still not done pursuing a case against the chinese tech giant at the center of it all. our to turn new chavez has the latest main one joe, one was chief financial officer and the daughter of the company founder ren zang. fay returned to china saturday night after striking a deal with us. prosecutors in an extradition case that as fuel tensions for nearly 3 years between the west and beijing. after more than 1000 days of suffering, i finally returned to my home country the long way in a foreign country and very torture. but when i stepped down the steps and had my feet on the ground, the warmth of the homeland build wind with excitement beyond words, motherland i am. the man was arrested in december 2018 on fraud charges related to alleged wrong sanction violations, but was able to go home after reaching an agreement with the u. s. department of justice to defer her prosecution until late 2022. after which point the charges
could be dropped while beijing has culture a rust a political move by the former trump administration. her legal that'll have strained relations between china, the united states and canada, especially after beijing arrested to canadians on spying charges. shortly after men's arrest and move, many countries have called hostage politics. but just hours after the resolution of her legal battle prime minister justin trudeau announced the 2 canadian men who had been jailed were also freed. i know canadians are very happy that these 2 citizens we've thought of so many times over the past 1000 days are now on their way home. now the deal with mang calls for the justice department to dismiss fraud charges late next year in exchange for her accepting responsibility for misrepresenting her company's business dealings with iran. the deal, the free mang risks backlash in congress were some republicans have accused the biden administration of being too lenient against wall way compared with former president trump reporting for boone bus to trinity chavez. archie,
new york. joining us now, the gas is john quality, dean, the miami, herbert business school. now dean quotes, what do you make of the timing of this release? and what does it say about the binding ministrations policy towards trying to overall? certainly the case of miss mang was an obstacle to perhaps dealing with more important issues around the trade and the investment. but it has to be said that it gave personification to the effort to slow down while ways progress around the world perhaps gave more publicity to the stand off with while way. and i think in some ways was effective. however, what's important to note here is this is as important to day for us, canada relations as it is for us, china relations. this particular extradition case and the canadians,
it has to be said played along extremely appropriately with the requirements of the extradition law. but in the final analysis, canada was being di, what was being put in a very difficult place by this us case against miss mang. so i'm actually very pleased that this is now off the table and that we can get down to serious discussions around the issue of trade and investment and the economic relationship between the 2 countries. right. and that's what i wanted to bring up next. because even though the biden registration has yet to lift any of the trumpet, ministration, tariffs on china, a recent survey problem at optimism among us businesses, the in china has returned to pre trade war levels. i mean, i know we've talked about this specifically even with you many times since biden, to take an office, do we expect him to pull back any of that policy?
or is he still going to say no, that top on china stands still stands in place, especially when we look at it. as you know, he was supported heavily by unions and unions that been critical of what china has done to the united states. what do you make it as to ation? while it would be useful if the tough on china policy initiated by president trump, and the imposition of tariffs had actually produced any constructive benefit for the u. s. competitively or for the u. s. consumer. but all that happened effectively was that in some cases, prices to us, consumers were increased. in other cases, chinese manufacturers doubled down on cost efficiency and became even more productive so that the price increases could be absorbed domestically without being fully passed on to american consumers. by making chinese producers more efficient.
so in the end, if you look at the data, there's very little evidence to suggest that these tariffs resulted in any significant long term shift in the trade imbalance between china in the us and the disruption to the relationship that it caused. while providing a useful wake up, coal regarding china is growing economic power. apart from that wakeup call, it ended up being more destructive than constructive. and does this change any of the policy towards while way? i mean, it seems like the issue with 5 g and why way has nothing to do with what my one joe was actually accused of there. so that doesn't change anything there either. now i think that a discovery was made that there had been these misrepresentations regarding the transactions involving was way certain banks and the government of iran. and that
was used to pursue her as the chief financial officer of the way and send a strong message. but, you know, the fact of the matter is that one way is still a very formidable player in 5, g has a leadership position. the trump administration's efforts against why we have no doubt slowed down the progress of wild way and perhaps reduced its global effectiveness as a competitor. but they certainly have not put why, way out of business. and in many respects, when under pressure, while way has actually improved in its new product development activity. yeah,
and it'll certainly be interesting to see how the binding ministration continues to pursue kind of that fight against this tech giant. now i want to switch gears a little bit to look at another story, which is that china, as we know, has been pursuing a crackdown on tech giant. and executives were given a chance to kind of respond during the world internet conference, which kicked off on sunday. what do you make of the statements that we heard from executives from ali baba intends that thing they support aging goal to narrow the country's wealth gap. even if it ends up hurting their own company. well as no doubt who's in charge in china, and you know that there's one person in charge of china. and the companies that have benefited enormously from the rise of china, that in some people's opinion is facilitated by the policies of the communist party of china. you know, those executives, those founders,
those owners of those companies. a being coal to account now and told hey you have to do a little bit more than line your own pockets. we need to see a spread this wealth, a distribution of wealth. and this is a very similar, very similar story to what we're seeing and hearing in the west where the rich are getting richer and you know, capitalism is being converted from shareholder capitalism to stakeholder capitalism . in many ways, it's analogous, but the chinese government as calling the shots here and basically saying to these companies, don't forget who brought you to the dance and make sure that you leave a big chip on the way out of the door when you go home for the night, yes, certainly interesting to see those responses from tech trans in china,
especially compared to what we've heard from tech science here in the united states . great inside, as always, dean john quality of the miami, herbert business school. thank you for your time. thank you. and facebook has announced it will pause play with the launch its new instagram kids project. the social media app had been developing a version of for children that would be ad free and allow parents to monitor activity. speaking about the situation, the head of instagram, adam azeri told n b c. i still firmly believe that it's a good thing to build a version of instagram. that's safe for tween. but we want to take the time to talk to parents and researchers and safely every safety experts and get to more consensus about how to move forward. so joining us now to discuss the bus co host an investigative journalist, ben swan, ben, you know, it's crazy to hear somebody who's the head of a major social media platform, use the term tweens. i'm sorry about that, but how much of decision is based on the recent wall street journal report the
instagram is actually harmful for young people? yeah, i think it's completely based on that was fascinating about that. wall street journal report is it wasn't the wall street journal who broke this story in terms of doing the research with the wall street journal. there was a published internal documents that belong to facebook. facebook had these documents and in the showed a couple of things that were pretty interesting. they showed that researchers who would talk to teenagers specifically, teenage girls and teenage boys found that of suicidal teens in the u. k. 13 percent of girls who were in that category said that instagram was they were able to trace like to instagram the reason for those suicidal thoughts in boys with about 6 percent. but what's really interesting about this is that on top of that, 32 percent of all teenage girls who were who were surveyed by facebook. by the way, again this research belong to facebook. said that instagram made them feel worse about themselves and about 13 percent of boys said it made them feel worse about
themselves. so what's important about this is this instagram kids project kind of disregarded all of these studies. and again, these are studies that had been looked at and conducted by facebook and facebook, c, e o. mark zocker berg actually cited these studies during internal meetings within the company when they were talking about instagram. so they, they fully knew that this was the case. and yet they were still pushing ahead with this project to build a product specifically for kids. that's bizarre. i mean, you would think maybe if it were some outside 3rd party, then possibly they would be downplaying it, but it literally came from them. okay, so we know that this research came from the internal documents, as you mentioned. so with this instagram kids project meant to help mitigate those issues in any way. no, not really. and that's what's interesting too, is if you look at what the, the draw to instagram kids according to facebook is, it's all, look, we're going to create an ad free experience. it'll be safer and better for your kids. but the crazy thing is that the internal documents, guys, that facebook randy studies shows it's not ads that are the problem. so
advertisements running on instagram that are making kids feel bad about themselves and back. but those internal documents show is it's the core build of the social network itself that makes kids feel bad. the explore page in the way that it's designed, promoting the best videos and the best images. the way that it is designed. instagram is design, makes these teenagers feel worse about their lives and worse about themselves. so if you're going to look at this and say we need to create instagram kids, what you would literally be saying if you were being sincere, is we need to tear down the instagram as it exists right now, and completely rebuilt it into something else. not we're going to take ads out and therefore kids will feel better about themselves. well, and certainly it, it seems like the whole idea of this really is get them and get them hooked as their kids. this is what facebook is thinking and get them hooked when their kid and then they'll come to true instagram. so we get the same algorithm, we get to push the same content, we get the same lot of users, but now we can push the advertising. and in reality, i mean,
that's exactly the point. a lot of these studies show that the reason this causes depression is because people see this idealistic life that they're supposedly, people are living all over the world on instagram, their beautiful lives, they're traveling everywhere. and when you see this, especially as a tween, as they put it, you're going to see these people actually, you know, where you see a kid who is much more well off than you are, who has more things than you are edmore opportunity. and it's going to make you feel even worse, boone, but been swan, thanks so much for breaking down the story. thank time now for a quick break, but only come back a weekend of panic. buying has led to shortages at gas stations across the u. k. so why is the government now signaling that the military could get involved to address the ongoing crisis we'll discuss. and as we go to break, here's the numbers at the clothes, shoes .
ah, ah, land of universal healthcare makes america the country of every man for himself. we have a retirement crisis in this country and we have a health care crisis for seniors in this country as well. so private business has come up with a special mechanism for that. it's called the live settlement market. we are a life settlement provider, which means that we buy life insurance policies from primarily seniors throughout the united states who no longer want or can afford their life insurance policies. if you're sick and for want to live a few more years, you can sell your life insurance. that way you get more money right away and the
company collects your insurance payment off to your debt. and there's a group of people out there, i guess, hoping that people die soon. what kind of motivation is i give them? when i start crying about and dying? that's usually what it's about. it's just the sheer unfairness of it all. look forward to talking to you all that technology should work for people. a robot must obey the orders, given it by human beings, accept where's the shorter that conflict with the 1st law show your identification . we should be very careful about artificial intelligence at the point obviously is too great truck rather than fear i was like, take on various jobs with artificial intelligence. real. somebody with a robot must protect its own existence was
imagine picking up a future textbook on the early years of the 21st century. what other chapters called gun violence school shootings, homeless 1st. it was my job then it was my name was my savings. i have nothing, i have nothing and it's not like i don't try. i look for resources, i look for jobs, i look for everything i can to make this pass. and i end up doing is testing the road to the american dream, paved with dead refugees at this very idealized image of the older america, native americans look past the death that happened every single day. this is a modern history of the usa, america on our t ah
the welcome back. the votes are in and it's still not clear yet who will replace angle and merkle in germany as the 2 leading parties fight for power. so the center left social democrats have a slight lead of 25.7 percent of the vote. and merkle party, the center, right christian democratic union is close behind that 24 point one percent. now if this were here in the united states, this kind of scenario would be highly unlikely in the house of representatives. for example, there are 220 democrats and 212 republicans. meaning that the democrats take the majority, independence and 3rd parties are few and far between. because the assumption is
that they will have no power when going up against the 2 major parties in congress . but that's not the case in germany's parliament where it is a very different story. so the 2 leading parties are now pledging to create governments of their own, which means that they will be lobbying for the support of the green party, which received 14.8 percent of the vote. as well as the liberal, free democratic party, which took 11.5 percent. so not only does this mark the worst showing on record for outgoing chancellor merkel party, it also marked the 1st time the leading party has received less than 31 percent of the vote. on top of that, it also shows a shift of power as the split support from german voters turn smaller parties into king makers as they are being called, where they have the power to decide which larger party they support and who will be sworn in as the next chancellor of germany, i look for time, it starts put it to show the mandate for all parties with state policy responsibility is bill citizens want the government to be formed from the center
las. he's a bond if we do not underestimate the dimension of your challenge is quite the contrary. but we are ready to make our contribution. when ships from the demons you had always fall on me. and thousands of gas stations in the united kingdom ran dry on sunday, amid a shortage of truck drivers, which is creating massive supply chain disruption. the petro retailers association says roughly 2 thirds of its 5500 independent members, had sold out of fuel and the rest based running out soon. the industry is short tens of thousands of truckers in the u. k. due to the number of circumstances, including the cobra, 1900 pandemic, an aging workforce, and 4 and dr. drivers leaving the nation after breakfast. let's go ahead and take a look at what's happening and whether any relief is on the horizon with hillary for which board member of the british american business association, and president of straw mark business development consultants. always quite happy on hillary. i want to start with the situation with these 2 stations running out of
gas, break this down for us because is it an actual shortage or is it like we've seen before, where it's a bit of panic buying and hoarding? yes, that's a pleasure to be back with your brand on. it's rather the latter. i'm not sure. you mentioned the petrol retailers association that gordon bama. he's the executive director. and as he said, most people in the u. k. fill up with petrol, which is what gases refer, fill up with petrol about once a month. you know, the average u. k. person doesn't drive anything more than about a 140 miles less and then driving less than 20 miles a day. but they knew me fill up once a month and now they all filled up over the weekend. not. and people were trying to those, it didn't or trying to because obviously the media, we saw the bbc sent out film. i can. so can, to report on this and it's called some panic buying and it's caused hoarding. whereas the average u. k. driver does not need to fill up over the weekend. right. so the average american is automatically getting flashbacks to the great toilet paper shortage of
2020. right? yes. okay. now i know we've been talking a lot about the labor shortages that have been ongoing. and as we heard the u. k. government in response to it on saturday they announced that they will issue $5000.00 emergency 3 month visa to foreign truck drivers starting in october and more for poultry workers as well. so how will this affect the fuel issues and the worries about the upcoming holidays? i know there's a lot of worries about everything from turkey to gifts there, there's many, many ways. okay, so a couple of factors here on poetry packet you to with regard to the, the shipping and the, all the, all the truck drivers. couple of things here. number 195 percent of everything in the u. k. has to be bought in on the back of a laurie a truck from somewhere. and during the pandemic, you mentioned about the aging workforce a lot. those aging retiring workers who are driving those laurie's, they actually didn't want to be exposed to carpet. so they stayed home number one, number 2, the vocational schools that train those to give them licenses to drive the heavy
goods vehicles, the h g. these only qualified, 15000 people in 2020 that's 25000 people shorter than the year before. so it's $25000.00 a year. less qualifying and to bring point a lot of them going back to europe to their families because they couldn't stay when the u. k. with being locked down. they weren't given access back into the u. k. a lot of people have tried to break blame breakfast for this. breakfast is breakfast. breakfast is not the issue for the aging drivers. i'm for the lack of training. it's all these other issues combining on top and it's actually a storm of this. all these factors now with regard to poultry, actually the c e o of kelly, turkeys, he's supplies 27 percent of turkey's in the u. k was just on a radio station in london, l l g b. and actually he said that he has so many openings across the u. k. his staff have been going to drop centers basically, begging for workers. there are 2200000 in the u. k. collecting unemployment. and
they can't get applicants. maybe people don't want to work in the poultry industry . maybe they want the one to be filtering talkies. but again, there are people who are collecting unemployment and they are not working. so 11 does, is this just a combination of lack of training and also those workers who don't want to work and don't want to drive trucks. they don't want to drive laurie's, there's been an issue for a long time in the u. k, this is going on 25 years poor working out and p social out, and lack of facilities even such as toilet on the major motors in the u. k. and hillary, i want to go back to the story that rachel actually did there about the german elections. what's the take away from that german elections? yeah, for a few things. number one, it is going to be a model no matter what, there is be. no mandate from the german public. you're right there on like we have 2 parties here. there are multiple parties and none of them have a majority. the major parties only have about a quarter of the vote, and there's this projection that they will have to have a coalition that looks either like kenya, because of the colors or the kenya flags, jamaica because it's the jamaican flag, or maybe even like stop lights,
red green and a yellow party, the green party is most likely to be allied with all of the shop. he has the current finite finance minister. and he is of the democrat, the socialist democratic party. and so the socialist party looks like they're going to be the ones probably with that green property that might take leadership. interesting and ankle, america was empower since george w bush, 16 years this has been stability for germany and actually stability for europe. so as the 4th largest economy in the world, the country that i'm most interested probably in what's going on in china because 50 percent of what they sell into your goes through germany. and they're a big ally, all the germany. and this is big going to be a lot of lack of stabilization throughout europe because of this. oh, absolutely. and we've got about 30 seconds left, but do we foresee a major shift in what as you mentioned is europe largest economy here? absolutely. because uncle mark, don't forget, she was at the conservative party. what's in?
what's interesting about uncle michael. she came from the east of germany. she was exposed to socialism and communism when she was younger. so how devastating that could be to businesses. so she was more pro busy and she with less on all the social benefits that olaf schultz is advocating and ran on a platform for social benefits. so i think you will see businesses thriving life and her mandate over those 16 years was primarily due to the success of the german called me well, and i know we've seen some actual response already from the business community. i think siemens their director actually said they weren't too concerned at this point because they don't see a huge shift in way economic dependency. or even despite the fact that this might because i get you exactly right. and they don't see any major threat because no party has a mandate. however, most businesses in germany that have thrived and done well over the last 20 years, hence the good economy in germany. they obviously, with academical gone, they won't be as much support to the business community. absolutely. hillary ford, which of the british america is association. thank you so much for breaking rachel
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mayor club. i don't want the car, the toy your company. sure. it's under which while you're committed, it's not no mac or pc congress. denise, not leave to show the when i would show the wrong one, i'll just don't get to see out the thing because after an engagement equal betrayal, when so many find themselves worlds apart,
we choose to look for common ground in the headlines here on our t reports if i see a plot to kidnap and kill julian us township. so as a global outrage, story has now been corroborated a year off to the allegations with both ed by an investigative journalist but also by art here at the new york considered calling up the national guard to fill in for medic, thousands of stuff could be bought from was a failing to meet a covert of documentation deadline, but some doctors think it'll put the patients at risk. healthcare is either going to suffer from slower i think they should offer testing as an option. that angle america.