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tv   Boom Bust  RT  October 29, 2020 12:30am-1:00am EDT

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oh you mean there's a downside artificially low mortgage rates don't get carried away that's cause report. this is boom bust for the one business show you care to afford to miss i'm french a boring washington coming up american and european markets are slipping as coping 1000 cases are continuing to search around the globe straight ahead we're going to take a look at the cases around the world and what hope there could be for markets and we take you back to canada to catch up on the extradition trial of huawei c.f.o. men 10 and the state of the global 5 g. race with a packed show today so let's dive right in. and we lead the program with the law.
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this wave of covert nineteen's of fact on markets and the economy western markets are reeling as the u.s. hit a new all time record on tuesday with nearly 72000 new cases of the crow virus reported now the pandemic coupled with a contentious us presidential election is pushing market volatility the pain european stock $600.00 dropped nearly 3 percent tuesday hitting its lowest point since june during the session u.s. markets followed suit with the dollar losing as much as $900.00 points at session lows the tech heavy nasdaq which has performed well amid the pandemic dropped more than $300.00 points the 3 major indices in the u.s. each lost at least 3 percent on the day and we'll get to the economic and now at this moment terribly but 1st let's take another look at the trends in the spread of the virus globally with r t correspondent saya tavenner where are we when's that so brand right now more than 44600000 cases and more than
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1176000 deaths have been reported worldwide from the virus now the u.s. on the other hand they saw just 500000 new cases over the past week and that's the record in daily infections i should say the weekly one now on tuesday the nation saw about a 74000 new cases which marks the 3rd consecutive day actually that the u.s. is setting a record for a high of average daily new cases meanwhile deaths there are also climbing right so it's not just cases because when cases go up they lead to deaths we're seeing a 15 percent increase compared to last week with 983 deaths reported on tuesday now some other states that are reporting record highs are for example wisconsin they are seeing is 75 percent increase from the prior week in deaths while at tennessee their death rates as rose 65 percent nebraska saw a week over. a week increase of 45 percent and 51 states have head average high
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for hospitalisation so brenda obviously we're just not going in the direction that the country needs to be going at the moment sorry tell us about what's happening in europe right now. so right now all these france spain italy britain poland and even germany they're among the nations that are reporting spikes in new cases and that's you know they tried to slow the spread of the virus through targeted restrictions intended to avoid another tough nationwide lockdown but no matter what they have done they just have not succeeded at stopping the new surge and not just in case says but also deaths now france there have just announced that they're going to go into a nationwide lockdown on friday as cases have surged all throughout their country now under their new lockdown this is what's going to be happening people will actually need. to move around and all non-essential businesses restaurants and
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bars they're going to be closed now italy and new curfew that has led to a anti lockdown protests happening all throughout the country not poland now they're joining the list of european countries seeing a surge in deaths now they're also facing a major hospital shortage and in some cases people are actually being turned away in poland and russia hospital beds are out and 90 percent capacity in the 16 regions of the country in britain there reported a 600 and i'm sorry 367 deaths on tuesday and prime minister boris johnson he's facing calls for a new national lockdown while being told of the 2nd wave is going to be a lot more deadly than the 1st because britain has at over $62000.00 deaths so far in germany they have had the highest rate of new cases yet or 14000 in the
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latest figures show that only 25 percent of germany's and care beds are available add to moment as a result germany has also just announced a new partial lockdown that's going to take place starting november 2nd. overall dining and entertainment stablish meant they're going to be close and overnight hotel stay that's also going to be banned while schools they will remain open and i want our viewers to read this sentence because this really shows it's by german chancellor angela merkel and explains how the situation in germany has become she says we are now at a point where we no longer know where 75 percent factions are coming from as you recall germany they were really on top of their game beginning of the pandemic in controlling their virus and contact tracing but it seems that they're actually
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going the other way right now so this is just looking really bad for europe and it just seems cases are growing at the same time that cases and deaths are growing right here in the u.s. brant are 2 correspondents sites have your thanks for keeping us up to date. for more on how this is all affecting the global economy let's bring in some expert analysis from boom bust co-host christiane and richard wolffe host of economic update and author of this sickness is the system when capitalism fails to save us from pandemics thank you both for being here professor wolf i do want to start with you here as the pace of the recovery is already slowing there is the growing desperation for additional stimulus right now all focuses on this upcoming election that we're seeing what is the best possible outcome that would allow us for massive fiscal stimulus in early 2021 and which outcome would yield a stronger near term economic recovery. well we have now an economy that is crippled by simultaneous crises the disease that endemic cope with
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19th and an economic crash the crash actually began in february by racin us of march. blaming the virus is still radio we have crashes every 4 to 7 years anyway and we're having one now the economy went down so badly that what was already happening went into overdrive and what i'm seeing is that our economy is now utterly dependent on the government the government to lend money through the federal reserve and the government to stimulate it with fiscal deficit so at this point the only way for this economy even to stay where it is let alone recover it was just to get a massive injection of more government support my guess is that no matter who wins the election that's the next step because the alternative is a level break down that we've never seen in this country probably in our history
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and nobody wants to be a president over a a situation like that which way will the rich would make it more i don't think you can tell the desperate situation now is not government fire off politicians it's got word by this disease and that terrible thing here of this government to use the summer lockdown and prepare for the 2nd wave do indulge and stop in the ocean it could simply. and we're now paying that price and we have. to shape really most of what's going on and now kristie we led the program today talking about these massive losses we're seeing in the markets stay both here in the united states and in europe the nasdaq in the u.s. was down and into the red for the month now it's been just a nasty day all around for the markets what's getting hit the hardest. well right
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now the u.s. equities are kind of taking a cue from europe as the german dax that dropped over 4.2 percent to the lowest level since late may the footsie also closed down about 2 percent and all the optimism that we had this summer on this me opening try this potential back seen in this miracle balance that pretty picture is quickly fading as chronic cases are mounting so partially u.s. like chicago officials have shut down into our dining and we see more stringent measures being put into place in europe as well so now i have a little deja vu moment the market once again stocks that would be hurt the most lilac downs are slowdowns there had the hardest today so shares of airlines including that dropped around 4 percent as a big fear gauge that spiked about 30 and hit the highest level since june so oil prices that also plunged more than 5 percent the most well into new reeks also as lock downs once again mean lower overall fuel consumption so the nasdaq was the big leader the pledge day and that's getting hit from 2 fronts facebook album and
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twitter kind of lead the decline in big tech as their respective senos they testified in front of senate members and those names fell sharply down between 4 to 5 percent and after nearly 4 hours the hearing wrapped up with little discussion on how to move forward on legislation to reform section 230 or enacted privacy laws. now professor wolf we just had this report talking about the new lockdown measures kristie just mentioned him as well and we see that germany is pushing for the 2nd nationwide lockdown as france's also just pushed a 4 week lockdown as new cases about across europe could this 2nd lockdowns send the economies into an economic relapse what is the situation dorset. yes i'm afraid the answer is yes and the reason is very simple the 1st lot down the 1st wave if you like really whatever track there were into a system you know any kind of. savings
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a company had any kind of reserves had to be thrown in to keep the rain got rain especially when the government stimulus wasn't as generous as they might want so they used up their reserves so what you're now facing is another lockdown risk another delay on no rent but with fewer reserves to bring in hence the greater dependence on literally dollar by dollar lobbying by the federal reserve the government and the same in the european economy so on threat of her prognosis is unless you have ace do good by market your stimulus and we've already had the largest in our history unless you have that you are growing to see a further decline in the stock market and in main street economics as well kristie in your analysis when you see this when you see the open close nature of it if we had just kept the lock down the longer trying to maintain the virus and maybe doing
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a better job of preventing the spread would that have been better as professor wolf just said you know everybody kind of used up all their capital when we went to these closed down now they reopen expecting more and unfortunately they're going to have to close again so kristie would that have been better had we just maintain a longer shutdown. it's hard to say because the situation here in the u.s. it's very different than say in china where they actually maintain the scope of the lockdown so here in the u.s. i believe that if we did actually do a full on lockdown extend the period of time in order to try to fight coronavirus that would have also resulted in a lot of us which would have led to more destruction more business destruction. just more violence out here all because we've already seen that. now kristie as one of managers brace for turmoil in markets going into election business owners and rig retailers are actually bracing for possible social unrest after these elections how are they dealing with this. well there is
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a lot of this tension in the air it's not really clear what will happen after the november 3rd elections but trump has not committed to this peaceful transition of power if he loses so there is again this very high probability that we will see some violent demonstrations again but then this time shop owners and businesses are going to be repaired after being caught off guard earlier this year so now sales of commercial policies that cover damages from societal unrest in the u.s. that has already doubled in october from september levels and many of the shops this is an offices they're facing double digit premium hikes for these insurance policies but they're still paying them anyways because the alternative outcome could be much much worse so again we see them earlier this year in areas such as new york like portland they faced aggressors you damaged buildings smash windows still merchandise under the cover of the piece will be on demonstrations and many many of these business owners they have not been able to recover from that and subsequently lost their entire business so right now the most at risk businesses
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are the high end retailers that are right targets for looting pharmacies grocery and liquor chains and as such this has hit all the global insurance trying to 2nd quarter earnings as zurich interest they reported over 122000000 dollars in civil unrest losses mainly from the u.s. post $126000000.00 and travelers $91000000.00. and professor wolf what do you make of this situation where it appears these companies are preparing for unrest and you can see it on the streets of washington d.c. today obviously there is a situation just a couple hours north of us in philadelphia where there is some social unrest but you're also having seen what happened 4 years ago in d.c. on election day so what do you make of them actually preparing for this i think you know recognizing even though they don't warm to that this is a society in extremist and society that is in many ways starting to disintegrate or too many problems down the road for too many years you have the racial difficult
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vision a country you have a growing inequality and then you have it the country we have already has the severe problems it has with a lot with 25 or 30000000 people unemployed lost income lost jobs it is true much and it's at the same time you cut back on public services which is happening because the trumpet ministration will not give a stimulus to cities and states you're depriving people of more and more of what they need to live they are on edge you expect the police somehow to be a lid on this situation which is asking of the police a function they cannot do and then you get this result i am watching a society disintegrate and seemingly on able to identify a path forward so i am frankly very wary boom bust coast kristie i a professor richard wolfe thank you both for that excellent insight today. thank
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you. and time now for a quick break but hang here because when we return we take you north of the border to bring you up to speed on the extradition trial while wade. plus we analyze the race for 5 g. and where it stands as we go to break here are the numbers at the close of all red arrows profitable. now look forward to talking to you all. that technology should work for people. must obey the orders given it by human beings except where such orders would conflict with the 1st law show your identification for should be very careful about official intelligence and the point obesity is too great. the shia.
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take on various shots and with artificial intelligence will summon the demon. must protect its own existence as exists. in the 1920 s. and thirty's several 100 african-americans moved to the soviet union and many of their descendants still live in russia. looking at the mostly no no rush. yes to. a cyclone things on their way. back home like american suffered from racism and a complete lack of prospects. one by elsa still on. so they decided to leave everything behind and start
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a new life. a country about which they knew nothing at all some of the. proving. ground to. go on. and now almost 100 years later history is repeating itself my great grandfather george time went to russia. probably the worst time to go anywhere why not mean. it when i come here. welcome back sweden's ericsson on wednesday announced it will supply bt with 5 g. cell tower equipment in major cities across the united kingdom the move comes after
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the british government block to walk away from its 5 g. mobile networks demanding u.k. providers remove weiwei gear from their infrastructure by 2027 ericsson says it will provide connectivity for bt as customers in london edinburgh belfast and cardiff dealing with roughly half of the company's 5 g. traffic now nokia eriksson's biggest rival signed a deal with bt in september which made the finnish company bts largest partner in the infrastructure build out carrier started to roll out 5 g. infrastructure in 2019 but coverage areas throughout the west are mostly in major metropolitan areas at this time the build out is expected to gain some steam with the release of apple's new 5 g. enabled i phone 12. the extradition hearing for a while weighs chief financial officer continued on wednesday the defense for men 10 is arguing against her arrest by canadian authorities meg was arrested at vancouver international airport in december of 28 teen while on a layover bound for mexico united states charged her with bank fraud for allegedly
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misleading h.s.b.c. . see about weiwei technologies business dealings in iran causing the bank to break u.s. sanctions so joining us now to discuss the latest is boom but coach and investigative journalist ben swan ben waterman's lawyer is claiming was improper about the arrest yeah they're claiming a couple things the biggest thing is this is all the testimony this extradition hearing right now is focusing on called the abuse of process charge which is essentially saying this that the canadian authorities when they arrested being $10.00 did so under false pretenses that they detained her at an airport that they turned over her electronic devices to the united states that they detained her for 3 hours telling her that there was nothing serious there was nothing really going on here that was of concern that she didn't need a lawyer of course she was denied access to a lawyer during this time and that they allowed the u.s. to essentially scan and monitor her electronic devices during that time so essentially in canada there is just like here in the united states
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a due process that's expected of anyone who's arrested may one's own her lawyers say was denied that because the canadian authorities were working alongside u.s. authorities that's kind of the gist of it no lawyers also argued that the affidavit used to have men arrested was included untrue information what was that information yeah apparently when that affidavit was 1st applied for and this is by a royal canadian mounted police officer a constable by the name of winston yep the day before she was arrested this affidavit that he essentially was received said that main ones o. had no contact in canada whatsoever had no connection to canada she was essentially flying from beijing into canada and that it was treated as if when it was applied for from a court as if she had no reason to even being can it canada in the 1st place of course within a day or 2 that constable found out that was incorrect that the affidavit stated she had no contact with canada when in fact she has 2 homes in canada including one
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in vancouver. or by the way she's under house arrest right now she's been under house arrest since being arrested stay in that home so she actually owned 2 properties there so the point they're trying to make here is that essentially there was something deceptive that was done in order to obtain this affidavit in the 1st place and now of any police officer has actually testified about the u.s. extradition warrant revealing that washington had requested that data on her lap her phone and laptop be secured so that it could not be erased remotely the u.s. involvement seems like a big part of the story does it not i think it's the biggest part of this story what's really interesting about this story is remember that the accusation here is that main ones working on behalf of wall way deceived h.s.b.c. deceived this bank into working with the a rainy and when that goes against u.s. sanctions that is the primary claim that's made against her what's interesting here is that apparently she was they were originally going to arrest her on the plane canadian authorities decided not to because they decided that would be too
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dangerous not exactly sure why it would have been dangerous to take her off the plane and arrest her instead when she got off the plane they took her aside and told her again they needed to talk to or did not tell her electronic devices were being searched for something interesting here apparently u.s. authorities asked the canadian authorities to take her phone and other devices and place them in something called a farraday bag which is essentially a bag that prevents wireless transmission from those devices because apparently u.s. authorities were afraid that it would the phone her laptop would be remotely wiped if that happened so that apparently that happened and then also again that canadian authorities unlawfully seized open search of you and shared content from her personal devices to authorities in the united states so that's really what it comes down to here is a pretty kind of determined set up in order to not only arrest her but to seize her devices and search them without due process what are the political ramifications obviously this was essentially the 1st step in the battle between the united states
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and walk away obviously having different the different situation than say the 5 g. security that has been become such a big issue but what are those and what has been the response from the chinese. well the chinese are very angry with canadian authorities over this apparently trade between china and beijing is at its lowest point. between canada and beijing is at its lowest point in recent memory the chinese are very angry about this process because they believe canadian authorities were deceptive listen there's a rule of law in canada just as there's rule of law in the united states and it was not followed in this case and again we have to make the point here that long zoë is accused of doing was violating u.s. sanctions when she's not a u.s. citizen not living in the united states company where she c.f.o. weiwei is not based in the united states so the question really becomes a brand i think one of why would a private company in another country where the official is visiting another foreign
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country be under any legal obligation to follow u.s. sentients against iran is is is united states sanctions against iran a global thing where everyone around the world must follow this or go to prison i think that's one of the big biggest questions here and then the fact that canadian authorities were really acting at the behest and the orders taking orders from u.s. authorities makes this even more problematic because again it violates canadian due process for the purpose of canadian rule of law overall the united states' involvement in this seems to be one of the biggest points here we'll continue following the story boom bust co-host ben swan thank you for that you got it. and finally with the release of borat subsequent movie film on amazon prime video last week the tourism board of kazakhstan is embracing one of the main characters catchphrases to promote the country now in 2006 when the 1st for a film was released it was banned in the nation after citizens and authorities said
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it was filled with offensive stereotypes and behavior from the film star sacha baron cohen well now this is a whole 180 the new campaign includes 4 very. that show tourist exploring the city's local food in the landscapes of the country and ing with for its catchphrase very nice now according to a press release from the tourism board the campaign is meant to celebrate kazakhstan and show fans of borat subsequent movie film around the world why they should come visit this incredible country now the same release mentions that despite criticism within the country when they were gentle film was released in 2006 tourism to the country had picked up following its initial release and that's it for this time you can catch boom bust on demand on the brand new portable t.v. app which is available on smartphones and tablets through google play and the apple app store by searching portable t.v. portable t.v. can also be downloaded on a newer model samsung smart t.v.'s as well as roku devices or simply check it out
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at portable t.v. see you next time. when else seems wrong. why don't just don't call. me. yet to see pal just can't execute and indeed be close to trade. when something you find themselves well it's a part we just of the common ground. computer
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communication mental and human communication 3 d. does a lot of things to them where you do so the possibility. of being restricted with their brains we've gone with a fine art known group. but even today even just combining true human brains
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together. i mean somebody has a love there with bunty genes. europe starts closing up again as the pandemic spirals out of control with france and germany going back into 2nd national law. freedom of speech or blasphemy protest script muslim countries over france defending the rights empowered to. red state she was beheaded 2 weeks ago showing the students cartoons of the prophet muhammad. on the 2020 us presidential election. the 75000000 americans casting their ballots already the voter fraud concerns run high head of the.

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