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tv   Boom Bust  RT  August 11, 2020 8:30pm-9:01pm EDT

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what is true what is faith. in a world corrupted you need to descend. to join us in the depths. or remain in the shallows. by the pandemic no certainly no borders and is blind to nationalities. has emerged we don't come with me we don't look back seeing the whole world needs to be. judged as commentary crisis at least 10 times. we can do better we should. everyone is contributing each or own way but we also know that this crisis will not go on forever the challenges create the response has been masked so many good
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people are helping us. it makes us feel very proud that we are in it together. this is the one business show you can't afford to miss. they're going to washington coming up to russia the country house the world's 1st vaccine we're told at 19 but many are waiting to see more data will actually get a better understanding of the start with an infectious disease or an airline doctor taking off after a bump in travel number and hope for a pocket bailout for the future of travel it remains unclear we have
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a lot to get to know let's get started. russia announced approval of the world's 1st coronavirus vaccine but this doesn't come without any concerns over its safety and effectiveness on a video news conference russian president vladimir putin emphasized that the vaccine is safe and effective while critics argue the treatment only went through small trials. that i will do i know it has proven efficient and forms a stable immunity and i would like to repeat that it has passed all necessary tests one of my daughters has been vaccinated in the sense she has taken part in the experiment after the 1st shot of the back scene she had a temperature of 38 degrees celsius 100 degrees fahrenheit on the following day it was just over 37 degrees 98.6 degrees fahrenheit after the 2nd shot the temperature went up slightly and then it was all over she's feeling well and has a high number of antibodies you can use the moscow based institute well it developed the vaccine and sputnik 5 as
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a homage to the country's 1st space satellite there have been 2 rounds of testing so far and chief executive of the russian direct investment fund said face 3 to clinical trials well they're scheduled to start as soon as this week. is starting right up there just trace so basically it will start as of to morrow will go on should also in august as i said in the u.a.e. and saudi arabia in philly because hopefully also in brazil and those countries will be trials also that will be published. well officials said large scale production will start in september and could be available in mass as early as october and reportedly nearly 2 dozen countries they're already placing orders for the vaccine c.e.o. of the russian direct investment fund said that it had already received orders for a 1000000000 doses meanwhile tens of thousands of people will receive the vaccination in russia well the country hasn't yet published any data on the vaccine but this is pretty normal for russia for example sputnik the satellite was orbiting
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in space for nearly a week before the country disclosed its launch in 1957 well we can probably expect a similar approach to sputnik the vaccine in 2020. on this on the krona virus vaccine we bring in dr william schaffner with the valuable university matter. or dr schaffner thank you for joining us today let's start with this 1000000 dollar question there's no published data even though we just heard from the r.t.i. after saying that the results from the face 3 trial will be published though is this mark seen going to be safe and effective. well we certainly hope so and the phase 3 trial of course will tell us that one patient even though the prime minister's daughter is not sufficient to get a vaccine out to hundreds of thousands if not millions of people and there is a little bit of confusion about how quickly this vaccine will be distributed to the
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population or whether they are going to wait until the results of that phase 3 trial are available which is of course the way we intend to do it right let me ask you this dr we've seen a mcgurn also start their face 3 trial here in the united states how what's the difference between mcgurn us trial and what russia is announcing that they've completed a phase 2 trial and are just starting on face the trial. i'm not sure there is a big difference as long as there were reports of course that russia was going to start immunizing the population at the same time it started its phase 3 trial that's where the difficulty came in no it sounds as though as described the phase 3 trial is quite comparable to what's happening here in the west well earlier this month dr fox he said the u.s. wasn't you as a vaccine that was developed by china or even russia but other countries like announced are starting to place their orders of billions if this vaccine ends up
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working is a u.s. going to fall behind will it stand by what it said. oh i think it will stand by what it said because for us to accept vaccines. developed in other countries our food and drug administration would have to be closely involved in the design and the analysis of those studies and we haven't seen those well we haven't yet and the f.d.a. has been very vocal about being involved in all of this it's interesting how they weren't as involved when it came to these antibody studies there were certain testing of the krona virus but they definitely want to take when it comes to the vaccine but speaking of vaccines here in the united states many expected it to be here before election day but many are saying that it'll probably be available later this year but some experts are even saying that there is no way it's going to happen by november 3rd yet here we are seeing russia already actively distributing
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about seen to the public to the hundreds of thousands is this a victory for russia or are there still too many unknowns with their vaccine. oh their own nose with their vaccine and of course there are unknown as with any vaccines that we are developing here in the west the steven among the food and drug administrator the commissioner has been very clear and very rigorous about the nature of the evidence that will be required before we can say honestly to the u.s. population this vaccine is affected how effective it is how safe it is and who should get it we need to have that very clearly in mind as we talk to the people in the united states well as we're seeing here we're seeing some record timing for the rush the global rush for the vaccine shouldn't these countries from the united states russia china name the country shouldn't we all be working together toward getting a vaccine. well i think there are over 150 scientific
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groups around the world actually working to develop vaccines against kogut and that's to the good there are many different approaches that are being taken and we sure can use as much help as we can get will definitely end because much like you mentioned there is going to be a rush to get this vaccine out even of a vaccine does become available you said the f.d.a. will obviously need to want to be very involved with what the process but a recent gallup poll actually shows that one in 3 americans or 35 percent say they wouldn't get a free f.d.a. approved vaccine if it was ready today what does this say about public trust in u.s. government. well actually what it says is that the public is pretty sensible here we have a brand new virus about which we're learning more every day we're making brand new vaccines in the using methods that haven't been used extensively in the past so
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a little bit of healthy skepticism is appropriate they meet it's our responsibility to get the information now when it's ready in a clear enough fashion so that we can convince our fellow citizens to come in and roll up their sleeves get the vaccine and help all of us together to try to get this vaccine this virus under control all and much like you said dr ilex like this is obviously supposed to be a global of her an effort to find a cure for people to feel safe but assuming the best case scenario that we're looking at and there's a vaccine there are currently being developed and deployed that one of them actually works will cover 1000 ever really go away because many say that will either need a booster a vaccine after the 1st one or a vaccine may not be enough to to really help your immune system. i think we can be sure that this virus is not just going to disappear i think like influenza it will
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be part of our life we hope in a very very profoundly reduced fashion. and we hope to get there you know large measure through the use of vaccines extensively and once that happens i think we can have a covert virus under very very good control but it will take sustained attention and it may well be as you suggest that every so often every year every 5 years we may have to get a booster. but that's true of many vaccines that we take as adults and they offer the flu season every year as well so i guess that could be some sure that miller dr you're the expert here i want to ask you this if you were a volunteer for example for an experimental vaccine that's going in to face trial and then you're going to be followed essentially for 2 years right we have been
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having this conversation here in the studio and i'm sure others of you would like to know how are you then being going to be prevented from getting a new more effective vaccine in the meantime or is that open that you can just even if you're in a trial you can go in and get a new vaccine wanted to mailable. one of the conditions of being a volunteer in a trial is that you can pull out of the experiment at any time for any reason we don't restrict your freedom of course we would like people to remain in the trial so that we can get the final answers unadulterated by these complications of getting additional vaccines that would make you ineligible would make the data from your particular contribution difficult if not impossible to interpret so obviously we would like to keep everybody in the trial for as long as possible. that's the hope for it and that some of these trials one of them of the many that we've we've
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looked at and mention work so that we can become go back to a new normal i guess that is after what we saw the last year because that's definitely a new normal that is dr william schaffner with the vanderbilt university medical center we really appreciate you making time for us today and and i getting your expert insight. thank you so much it's good to be with you. airline stocks are seeing some big gains this week as investors are eyeing a nearly $25000000000.00 relief package won sunday t.s.a. saw the highest single day total passengers of more than $831000.00 people that pass through t.s.a. checkpoints now this was the highest since mid march despite the increase t.s.a. traffic is still 70 percent down compared to last year well the airlines financial losses continue to grow when executives are warning it could cost tens of thousands of jobs without government support together american and united airlines warned more than $60000.00 employee jobs are at risk for more on the sector we're joined
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by allied pilots association communication chairman dennis dennis good to see you thanks for being with us today this is a great to be back with you this is a particularly crucial season we're looking at a summer peak vacation time that we we normally see and we're seeing some highs but what's going to happen after the summer demand fades away that travel rush. well and i'm a pilot for american airlines and i've been out there flying and so we saw exactly what you reported an increase in flying it came down into a play it so with the resurgence and just as you talked we saw over 800000 throughput since he has say that's great to see that's 9 times as many folks 900 percent increase from the very low point back in april 12th still a long lot of runway to go as you mentioned we're going to come into the fall season which is what we call a shoulder season so travel decreases as well but there's a lot
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a lot of static in their kids are going to be back at school there's certainly a pent up demand but that's juxtaposed the concern for where do you go and what can you do when you get there i think that a lot of people have realized that airline travel being on an airplane with the mess with the help us. filters in the air flow that we have going through is a safe environment but where do you go and what do you do when you get there is a key component of travel and i thought much data out there that says that you are more at rest to getting contracting corona virus if you travel on a plane especially when you're you're wearing a mask or it's only it's not at 100 percent capacity but yes people are very pent up after being walked down so because of this could we see it sustain travel if cases begin to fall in and americans and feel safer taking the skies well especially after these these last couple of months. i think you're right and
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actually there is evidence that it is actually safe to travel as in we've not had any best of. outbreaks that have been traced to an airplane so the data shows that it is safe we wouldn't be flying i would be flying is get them so i knew my best years were saved so where does it go from here where do our passengers decide to fly it's going to be of critical importance as you mention with the cares act we are currently in stand along with other unions many republican senators now have signed off on the congressmen and women and the democrats as well with an extension for the care sector we've got to be there when our passengers want to fly and we saw this summer that they are ready to get back at it if and when they believe it's safe and they have a place to go if we're not there flying the airplane it takes up to a year to retrain us if we get all laid off or many of us do so we're going to lose the recovery if we're not ready to roll nestlé the cure's investment the extension
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of that investment is so critical at this time it's so vital and we're looking at such a big timeline now the airline relief package simulate that wasn't included in the executive order that president trump signed over the weekend but they're both parties that they look like they might be ready to start negotiations again although there is no date on when that could be one. could we be looking at in october or is there hope that they can reach the steal and what kind of offer or a package could we see for airlines in october. well we sure hope so we know that our elected officials including president trump who is affirmed his support of the airlines know how important it is to our free trade into our national security and in october when it comes we want to see an answer closer in and that can be handled as we speak but i want to add that it's not just airline jobs and are actually $76000.00 notices that have gone out the u.s. there is a ratio of a little over 13 jobs outside the industry that are generated from airline jobs so
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when you multiply that out simple math is you've got over a 1000000 jobs on the line if they don't come up with an extension cares a good space equally holding fuel for us until we get to as your doctor who so eloquently. stated all the situation get us to that back seeing all of that's got to intersect and if it does it the right time we will not lose this momentum it will be on our way to recovery globally not just in the u.s. on much like you said that we're seeing more airlines start to to require a mass there is no national mass mandate but because the airlines are really enforcing people wearing masks i've heard of people's experiences where they say that people are walking down up and down the aisles requiring people to wear a mask so i'm sure that's also increasing the the safety measures and the trust that people put on one flying on planes but it's all part of it thanks to you and me of the employees and the people that they keep these airlines running dentist
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hater of the allied pilots association we really appreciate your time and being with us today. thank you. time now for a quick break but stay here because when we return we break down the game's growing out of wall street and what russia's vaccine it could mean for the global economy as we go to break here the numbers of the cloud. this. in the early ninety's. just proposed to the west but experiment wanted to live paedophiles and neglected boys experiment was
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a. good model. on what your. girls. with older men would help with the boys' socialization over 30 years many children were paedophiles to raise. boardrooms or she didn't just go for good research going on through the roof. seemed wrong. to shape out. the conflict as a whole. because the trail. find
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themselves worlds apart of. common ground. join me every thursday on the alex salmond show and i'll be speaking to us from the world of politics. i'm sure i'll see you then. this week german officials dismissed the latest u.s. sanctions threats over the construction of the north stream to gas pipeline republican senator some a lot are threatening to impose crushing legal and economic sanctions on the port
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needs on the german baltic sea well during a joint press conference with his russian counterpart german foreign minister. said those threats will not work. for this transatlantic relationship with the united states goes deeper than just day to day development yet we must make it very clear the tensions between partners are definitely the wrong way and ultimately it remains our so are going to surgeon where we get our energy from no state has the right to dictate europe's energy policy was right and this also will not work. well russian foreign minister sergei lavrov said they'll continue to work together and that washington's criticism is a misrepresentation of the facts which are still participants of the campaign nord stream to including russian participants german participants and others are determined that this project should be completed if. the u.s. are use a pipeline is a severe threat to the national security of the u.s.
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. equities continue to grind higher today as traders rotate out of tech names and back into the reopening trade names that would benefit most from a real. of an economy such as cruise lines and airlines like we just spoke of while sentiment lifted on more hopes for a vaccine despite the uncertainty of further crowd of our stimulus that's aimed at supporting these struggling americans joining me now to help the theo of opium us and boom bust co-host christine octavia let's start with you is it too soon to be so optimistic that a vaccine will be the cure all solution here and that everything's just going to resume like it was before and return to normal isn't the damage already done here. the damage is definitely done but i'm not trying to agree with the very premise of your question i think what we've seen in the market some fall today is quite the opposite so we're going to you know sort of bizarre scenario right now with good
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news is actually bad news for the markets so let's assume this vaccine works as advertised and prove it 19 goes away and everyone is back to normal working is that before one thing goes away is the entire stimulus package and all the monk should policy that's been pumped into the markets and is so well actually quite the market and we did actually see in that last sort of the trading on quite a decline there and we saw a big big hit in the gold market today so gold was down about 5 percent today for this very reason so gold has been superseded as a safety bet against inflation coming from montreal to see if the economy returns to normal monetary policy to us return to normal and that would be very bad for gold would be very bad for tech stocks and we bad for the stocks overall so we're in a very strange environment right now good news coming out of russia if this works it actually works i'm rather skeptical about it but if it actually does work is going to be actually quite stock market if it actually turns out that it is working as advertised very really are kind of saying that volatility that we spoke of and no
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longer hopeful for that you shape are or that v. shaped recovery not even a u. shape at this point but kristie part of this damage to the economy is in the small business sector that's where the most part were goes and. accounted for because data is really very scarce there now yelp actually is showing that more than 80000 local businesses they are permanently shuttered between the months of march and july but what impact do these small businesses have on the overall economy small businesses have a huge impact on the u.s. economy collectively because firms with fewer than $500.00 employees they actually account for about 44 percent of all of us economic activity and they employ almost half of all of american workers so most of these businesses they were inherently financially fragile to begin with as a majority of small businesses they only have about 2 weeks of cash on hand at the start of the crisis so even as the economy began to reopen active employment has been reduced by 39 percent with services and hospitality taking even harder hit exceeding 50 percent so at the start of the crisis most people believe that this
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would be temporary lasting only through june and july however the longer that things kind of dragged on the more unsustainable the outlook became so while yelp is only showing about $80000.00 local businesses shutting down a recent harvard study believe that this number is likely to be much much higher coming in at about 110000 small businesses that have permanently closed across the country based on data by a line of bull so closures on such an immense of massive scale such as this one could devastate the entire country's economic growth dragging down employment even more and small businesses that are determined to remain open it's really difficult because they now have to keep up with the constantly changing local guidelines and so as this continue we will most likely see local communities fall into poverty especially because a lot of these small businesses and businesses overall aren't even working at 100 percent capacity which is why we're seeing the unemployment numbers continue to grow. let's turn over to relations between china and the united states now they're
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continuing to deteriorate as new u.s. sanctions really they're adding the uncertainty for these global banks that are looking to tap to the chinese market what's the latest. well. so far we've sort of seen a bit of a tit for tat kind of going on between the u.s. and china so the chinese and the americans have respect for it puts sanctions on certain individuals politically connected people the u.s. put sanctions on the chief executive of hong kong the chinese have put some sanctions on some u.s. senators people like marco rubio and ted cruz it's not entirely sure what those chinese sanctions actually consist of i don't think ted cruz has too many accounts bank accounts in china that are going to close down most or taken over by the chinese government so it's a bit unclear what those sanctions really mean in practice but i think it's largely symbolic at this stage so i think you can only hope that it stays that show the stage remains symbolic but i think the broader picture really is that with hong kong now being more fully integrated into china hong kong's viability is
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a big financial center in asia is really under strict and in a very big and very serious way and i think obviously markets like singapore and taiwan will step into that sort of pick up just like that in particular cynical will be sort of the destination for those funds coming in the coming rights and yes some are already saying part of that quick quick answer here kristie political tensions they continue to escalate here there's putting investors in a tough spot on where to put their money they usually try to ride on chinese investment real estate that is what's happening here. year over year because sales volume of us poppy valued at $2500000.00 and above bought by chinese capital that plunged by 68 percent year over year the 1st 6 months of the year already especially in cities such as los angeles new york and chicago and whereas investments in the industrial property that was hit the part of strength in my 92 percent followed by residential and then finally commercial assets so as not to say that all of it stemmed from coronavirus of pullback also came as david just mentioned affection between us and china as investors just wait on the sidelines to
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see how the political theater shakes out for sure it's not going to stop here ottavio monsey feel of them and with co-host christi i thank you for your time thank you. that's it for this time of the next time. during this year we talk about all those crazy problems out there and then during the summer we hit you with solutions that's right so lucian's and today we're going to be talking with o.b. no sue of calling floor dot dot u.k. . illustrations but exploited this time not just get up but just tell them. which not . eat enough. food
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for she marched over i'm going to. put a. post but the focus of the. day . this. will. be pushed to monsignor thomas moore some. i know to no crow. no shots. actually just felt. well it's true
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no small. points your thirst for action. russia says it's developed the world's 1st corona virus vaccine although clinical trials have yet to be completed the health minister says it's been tested and is safe hears from the head of the russian sovereign wealth fund that's invested in investing in the research. myself my wife my. parents. witnesses report gunfire and explosions in the capital minsk as. a 3rd arrest following the disputed presidential election.
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democratic candidate for president.

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