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tv   Boom Bust  RT  January 13, 2021 3:30am-4:01am EST

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charged with capital murder even though he didn't have the gun didn't pull the trigger didn't intend to kill anybody imagine living in your bathroom for the week with the son of a 23. i felt that i deserved to be. confined within 4 grey walls the phone that she was in. turn on to help him to leave things room. to listen is boom bust the one business show you can't afford to mess up their mom to stay open in washington coming up we finally heard from president donald trump on the big tech fans think big tech. is doing
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a horrible thing for our country and to our country. and i believe it's going to be a catastrophic mistake for them. and john huddy explains just how much twitter stock is taking a hit and whatsapp further clarified its changes to its privacy policy but that's not stopping signal downloads from $38.00 we have a panel fanning's i have a lot to get to so let's get started. president trump finally spoke out against his big tech ban on tuesday and said it's dividing the country think big tech. is doing a horrible thing for our country and to our country. and i believe it's going to be a catastrophic mistake for them. they're dividing and divisive and they're showing something that i've been predicting for a long time i've been predicting it for a long time and people didn't act on it but i think big tech is great is terrible because they are. very very very far gone and that's leading to the same. big
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tech stocks have plunged and backlash against tech giants has grown in recent days twitter shares fell 12 percent on monday with a growing concern about the regulation of social networks r.t. correspondent john hardy has more. the twitter hit list continues the social media site has permanently suspended more than $70000.00 accounts accused of promoting conspiracy theories or violent rhetoric including most prominently banning donald trump from the platform friday concluding his tweets constituted a risk to public safety and could potentially lead to more violence in the wake of these efforts twitter stocks tumbled as much as 12 percent monday and continued to fall today the crackdown has drawn iron criticism from some republican lawmakers who say twitter is attacking the president's right to free speech and u.s. lawmakers aren't alone a spokesman for german chancellor angela merkel said chancellor merkel criticized
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twitter's trunk ban arguing legislators not private companies should decide on free speech and expression regulations european union commissioner terry britton called the chaos on capitol hill the quote $911.00 moment of social media writing in an op ed for politico that by banning donald trump social media companies have quote recognized their responsibility duty and means to prevent the spread of illegal viral content they can no longer hide their responsibility toward society by arguing that they merely provide hosting services yet he goes on to write that the fact a c.e.o. can pull the plug on posts is loudspeaker without any checks and balances is perplexing adding it is not only confirmation of the power of these platforms but it also displays deep weaknesses in the way our society is organized in the digital space for those who either loved or loved the dons daily rants and raves well it certainly is a perplexing time though maybe not exactly surprising twitter and facebook were
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already flagging trumps posts and seemingly moving in the direction of suspending and or banning him altogether but another question critics of the social media slaughter are raising is why so late in the game with less than 2 weeks in his presidency many contend the social media crackdown should have bed. and sooner or not at all others contend it's a dangerous power play by big tech flexing its digital muscles knowing full well that president trumps powers on the eve of his departure from office are more limited that he doesn't have the time or ability at this point to attack the social media platforms that have launched full scale war on him and the hits keep on coming for donald trump deutsche bank now reportedly cutting ties with the dawn a move that would be a major cut in funding for his hotels and golf courses and speaking of which the p.g.a. announced it would strip donald trump's new jersey golf club from a major championship tournament next year
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a move that reportedly gutted the president for boom bust john hoodie. continuing with our tech conversation what's how private fignon the encrypted messaging app soft 7500000 downloads last week a 4200 percent 3rd from the previous week now shares in signal have also soared well that's because mistaken investors put their money in a separate company called signal advance it's a micro cap technology stock and it trades on the over the counter market it's hard to as high as 70 dollars and 85 cents on monday from the 67th just before a tweet by you on musk last thursday that tweet encouraged users to move to signal as a secure way of messaging well joining me now to discuss them with co-host investigators want to be tucker editorial director of the american institute for economic research but let's start with you what was a tweet by you on musk that triggered that. you know it's pretty simple it was
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a good signal that's all it was. essentially say move to these other messaging apps that are encrypted and are safer you mentioned over 7000000 new downloads signal since last week but i'll give you one better than that telegram the messaging app that's encrypted and tied in to block chain technology. well a graham has seen 25000000 new users in just the past 72 hours that's how fast everyone is going to flood into these other encrypted messaging apps and moving away from what's app as a result of some of the missteps that they've made but it's a bigger thing than just what's app it's a bigger thing than just one or 2 companies it is as john just laid out a minute ago in that report we just saw it is an entire move across the board by tech companies by media and by politicians to say there will be only one line of thinking one line of thought allowed and permitted in this country and if you do not agree with that we're going to not only silence you we're going to disappear you and that's why people are rushing to these other alternatives well jeffrey
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what's happened trying to come out now and clarify the privacy policy changes they made there's an exodus of users much like ben said jumping off of whatsapp as a result of these new terms of service that they're obviously having to signal a telegram $25000000.00 followers and just days effort telegram why is that. this is a glorious moment actually in the history of technology after 20 years of ignoring terms and conditions who were just clicking right by them for the 1st time people are getting alert to what these companies are about they don't trust them in the same way they did in the past of shit after all these all this time everybody's uploading all their information trusting the big to big tech to keep it secure you know to retain their platforms with all the bands in the shutdowns in the censorship and the data sharing now people are becoming actually they're losing faith and and respect for and credulity twere is
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a big tech companies so they're looking now at the terms of abuse so when whatsapp said it was going to share a lot of to have with facebook people immediately thought oh yeah you're going the same way as all the others you know used to say don't do no evil now your new slogan seems to be do eve consumers are going to put up with that anymore is the big moment actually in the market for social media technology well it's much like you said people are actually not just bypassing the privacy terms and conditions are looking actually reading into it and what those actually include because oftentimes yes you just you find a platform that's popular whatever it may be tech talk instagram facebook and you don't even read them you said sure and because they're private companies technically they are all are allowed to do whatever they want then what kind of impact is this whatsapp day update having on the overall messaging marketplace or it's i mean a huge effect and as jeffrey said this is an exciting moment it absolutely is in terms of what can be done out there look what's what's app has tried to clarify
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they try to do damage control saying what this is actually about is is connecting data between what's app users and the communications they have with businesses but don't worry you're encrypted messages are so private in the group that here's the problem because facebook as you know owns whatsapp the problem is no one believes you facebook no one believes mark zuckerberg no one believes instagram no and believes stick. no believes you tube and google no one believes amazon anymore the reality is they have told us for years that they believe in a free marketplace and they believe in the free exchange of ideas and every action they have taken over the past 4 years and accelerated up until this past week have gone against what they've said in 2015 mark zuckerberg wrote a post on facebook talking about extremists who wanted him to be tried because he allowed a post that was negative about the prophet muhammad to go on facebook in this long explanation he explained why facebook was a marketplace for ideas it would never be a place for
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a singular ideology here we are 5 years later and mark zuckerberg has completely gone against that and turned facebook into exactly that a marketplace for one single ideology it does completely open the doors and i'll make a prediction here it is going to be because of block chain technology and the development of block chain technology that we're going to see real rivals to these big tech companies because amazon and facebook and you tube and google they think they have the power to shut everyone down the centralization takes up power away and then the rivals that they have obviously they taken a while we talked about this before in the competition that there really is not but now is a time where you're seeing all these other other applications become more and more popular and jeffrey some are even calling in the facebook what have terms of service a privacy disaster do you agree with that. i completely agree with that and i'll make another point here too that i wonder if you've thought about over the last year we've seen the development of an unprecedented amount of snitching that world
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over you know in some countries people get arrested for having posted on instagram pictures of themselves at the beach you know after crime teamed with friends and they're being ratted out and sometimes arrested people are scared these days to even get to post anything about themselves at all it's completely there's no element of privacy consciousness that's alive say that i've never seen before. and since i've been following these these issues people are so afraid to to post their whereabouts even have anything time stamped much less show themselves too close to other people that's had a number of consequences one is that it's made social media unbearably more in. history every now it's just a picture of inch a lot isn't chicken dinners with no no timestamp or location even more than that though it's made people really ask questions what am i getting over of myself in my
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life to these companies and what are they going to do with it these are valuable question these are questions we should have been asking 10 years ago it's so it's about time so these these privacy apps that are encrypted and block chain as as ben says this is the way of the future in the end i think. george gilder will be right his book that came out last year was called life after google we're looking at life after google after facebook after twitter after amazon it's the world is fundamentally changing and it's being driven by consumers that's a critical thing and if specially when these consumers and people over there across the country are looking much like you thought at the new fad new popular applications and they're questioning which is extremely important in the society and the world we live in nowadays when with co-host ben swan and jeffrey tucker of the american institute for economic research thank you both so much for your time today. storage bank became the latest business to sever ties
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with president all trump is after last week's violence on capitol hill bloomberg and the new york times reported the news on tuesday deutsche bank is trump's biggest wondered how he is the bank about $340000000.00 in loans including loans for trump national golf course in miami and hotels in both washington and chicago while deutsche bank declined to comment on the report in a link the post had of the german banks u.s. operations christina riley condemned last week's violence she wrote we are proud of our constitution and stand by those who seek to uphold it to ensure that the will of the people is upheld and a peaceful transition of power takes place the move comes after signature bank or term hold his personal accounts are calling for his resignation this also comes as more and more corporations are cutting political ties with the president. this week russia is scheduled to restart construction of its nordstrom to gas pipeline head
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of press service for the danish energy agency said they received a schedule for the further construction of nordstrom to work on laying the pipeline is scheduled to resume in danish waters on january 15th 2021 and i'm point 5000000000 euro pipeline from the coast of russia through the baltic sea into germany has been a point contention between russia europe and the united states with a pipeline is already 94 percent complete but the u.s. has already delayed the pipeline would impose sanctions last year europe and russia remain committed and determined to complete the pipeline regardless of washington's opposition and they hope the u.s. president elect joe biden will be more open to compromise. time now for a quick break but when we come back we'll take a look at equities and concerns about raising interest rates too soon it could pop a stock market bubble as we go to break here the numbers at the club.
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join me every thursday on the alex salmond show and i'll be speaking to guests of the world of politics sports i'm showbusiness i'll see you then. as the trump presidency comes to win in the country stares into a political abyss divisions are deeper now than ever before and dialogue is almost nonexistent talk of compromise is deemed to be treasonous by many this will hardly change on january 12th.
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let's take a look at the market where all 3 major indices in the united states are slightly up on tuesday after monday's declines investors are watching a rise in u.s. treasury yields and the political turmoil in washington they're also eyeing a potential economic recovery from the coven $1000.00 pandemic big bank stocks are contributing to those gains goldman sachs and j.p. morgan chase they were both up at least 2 percent while bank of america traded 1.6 percent higher for more let's bring in boone. and c.e.o. of openness i'll see ottavio more and see let's start with you it seems like the focus right now is turning to this roath and inflation should we be concerned about the stretch valuation multiples especially in big tech. well certainly since missed a stretch valuations and big tech come in the valuations are actually absolute incredible and they've had stellar performance over time with actual real economy
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some very very badly but i think if you look more recently sort of over the course the past month or so was really interesting is that years now some see financial stocks doing phenomenally well so stocks like j.p. morgan goldman sachs and morgan stanley have seen their stocks pop about 25 percent over the course of just the past few weeks so it seems the focus is shifting tech a lot had a great month the past month but the financial stocks have so it seems that subtraction things are going but i think you're absolutely right we should be very concerned about asset price bubbles it seems that the monetary injections the fed has engineered have simply driven lots of asset prices through the roof and if that were to be removed as stimulus the markets are going to have to come back down there's no 2 ways about it right here would i or on stimulus that's been carrying the markets the difference between now and the economy for the last couple of months christine despite the equities markets today when a market is experiencing somewhat of a boom when it's about bond issuance soared it to the highest level that we've seen in a decade what's going on there. well right now coated is to be blamed for
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a lot of it at that has depleted the local government's resources and budget and also you have the professional low interest rate environment we find ourselves and that also contributed as well so as such on for new projects reach 252000000000 dollars last year according to your response in the senate to so this new borrowing fueled by the increased costs that even governments are facing to cope and i think shut down has basically driven the total amount of outstanding you need debt above 3.9 trillion for the 1st time since 2013 so mester appetite for anything you need has made quite strong central bank rate cuts have left investors searching for yield and yes muni bonds have produced and steady returns last year in a very low interest rate environment so on a relative basis news new names are still quite attractive despite the fact that there were some concerns about the government's credit worthiness and the market turmoil back in march so moody's last month peg the combined financial shock of the
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pandemic to stay at 224 $1000000000.00 and meanwhile the outlook for state and local governments still remains quite uncertain coinstar ravaging the city and the timing of the vaccine rollout remains unclear so many cities that rely on property tax revenues they're going to be in further distress and 2021 as the mac population exodus and business closures are factored into propping values and their valuations get real yes-s. and takes a major haircut so there will be a big valuation hit for local governments so it seems like more muni's will have to be issued in order to refinance and get cash and hopefully investor appetite for these needs will keep up well hopefully but of time yeah there are some not believe that right now at this point interest rates they're actually looking to rise sooner than forecasted i meant 2022 or even early 2023 obviously is a recovery recovery of the economy continues at lana fed reserve president bostic
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when he believes that the emergency much. sure is that the fed has taken to combat the pandemic can start to be rolled back within the next 2 years if not even sooner is that too soon what are the risks of these measures if they're rolled back too soon and then the tightening chokes off off the early signs of the recovery what are some of the measures that could happen. well as i mentioned before i think i think once the fed does come back to increasing interest rates there are certain sectors of the economy that for better or for worse and consciously or unconsciously or unwittingly have become to be dependent on very very low interest rates and those sectors the con we're going to suffer i think i'll try agree with the premise of the question or the fed's policy to say that we've been combating the pandemic with lower interest rates so i'm not aware that the virus really cares that much about where interest rates are or not so really what's going to help the economy more than a thing as christine pointed out is getting with these lockdown measures allowing businesses go back to working people are not eating in restaurants not because
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interest rates are too high or too low and they're not getting on airplanes not because interest rates are too high so that idea that somehow lower interest rates of help the sectors economy i think is a bit false but also bear in mind that u.s. interest rates are actually quite a bit higher than you see certain in the euro zone in the u.k. the swiss franc interest rates or yen interest rates are actually considerably lower than the u.s. so the argument might be made that there is still room for the u.s. at such low interest rates further we've got now got janet yellen coming in to take of the treasury under the pile of ministration she is not of course in charge among the policy but she was previously and she was very much a darvon seem to be of the thought the end economic problem can be solved with lower interest rates or any other personal problem you might have could be solved with interest rates as well so i don't think we're going to see interest rates slip up that high and i think in atlanta is sort of a minority view amongst the board of governors of the fed doesn't really talk for the majority because some are worried about inflation. and rates are going to go up
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higher and sooner and hopefully that won't be the case some start to see more inflation what chrystia talked about the economy here and in terms of of job the nation's undergoing another major at lockdown job opening declined 1.6 percent in the month of november how does that fare for the u.s. unemployment situation. so unemployment is definitely going to be a very big hurdle to clear especially as we have some $20000000.00 americans out of work so that's a very conservative estimate given the definition of unemployment according to the service which already disqualify those making any sort of income the matter how small so the hospitality and leisure and services industry took a big hit as it saw its 70 percent jump in layoffs for the month as the nation added more economic restrictions across the board it contains so total open positions decreased by $105000.00 in november which is a 3.9 percent fall from a year earlier and layoffs increased sharply from 17.6 percent in october to 1
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point 68000000 so those job cuts were led by hospitality and through service industry which shed $263000.00 workers and every single industry has had cuts including health care and social assistance sectors that they also shed about $42000.00 jobs as states and local governments are experiencing very tight budgets and are forced to cut their workforce as well even though health care is in such a dire position right now so while job employment is a lagging indicator we've already seen the labor market started to soften before even the latest virus shutdowns and this by the lockdowns and other restrictions case counts have still continued to rise so we are definitely seeing a shark's stall in the market recovery while the slowing labor market and war seeing public health crisis so this could put a lot of pressure on the incoming by the administration in more deliberate a bigger relief package as with the hiring and job openings at these levels the economy is facing a very very long road to recovery and that's why investors are eyeing the stimulus
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and as we know we've talked time and time again the service sector one of the sector that's been hit the hardest still millions losing jobs in terms of health care obviously being shifted around and even losing jobs because of the pandemic in these major lockdown which is really hurting the economy boomed co-host christine talking renzi will be the last time we chat but thank you for being with us today. thank you. it's just been announced that this month's paris fashion week will be conducted virtually france and much of europe are racing to contain crown of our surges including an alarming new variant that's been deemed even more infectious while although france lifted its lockdown back and meant december public gatherings remain for a bit and with bars restaurants on and our taman venues while they're still shuttered french regulators have prohibited participating designers from inviting guests and the usual media entourage to attend these runway shows which will now be
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broadcast live from behind closed doors that's it for this time and you can catch who most on demand on the portable t.v. which is available on smartphones and tablets through google play and the apple app store by searching portable t.v. or simply check it out a portable dot tv. the
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war in syria has lasted longer than world war 2. has been suffering the most in this almost undoubtedly long conflict regular syrian people. need is more than the many my for many years even. i could see everything with my own eyes and hear the stories of its residents one group in particular russian wives of syrian man. they were opposed to look up to his nationalist movements.
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is you'll be d. a reflection of reality. in the world transformed. what will make you feel safe. isolation could be achieved. by you going the right way or are you being led so. dilate. what is true what is faith. in the world corrupted you need to descend. to join us in the death. or a mate in the shallows. i
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got this 8 millimeter film purely by accident. time period 963 to 65 place damascus. i don't don't know why young. i've watched it many times a man posing the monuments and all poster of the hollywood premiere of town without pity and a fight in a mock so with bruises. i had my doubts if i should waste my time on this but i came back to that film over and over again tracing a sequence of events happening in syria at that time and most of those who worked there the moment i'm revealing. any you know what you see neal curiosity is like a perpetual motion machine it lives on without a lunch break and then suddenly i saw him stop let's take another look now at low
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speed this is key like 0 on a super spy who some consider a national hero and others and evil villain an israeli double o. 7. because it's bad for them and they are the only good at the one sure steal. from headlines this wednesday grim footage from the german chroma tory m highlights the extent of a surging covert pandemic in europe why they claims that the country's ignoring even solidarity on corona virus vaccine purchases. you know what you see there in the restaurant trade for service only i'm sure of it. so what are you doing right now in u.k. police crackdown on locked violators but are caught on camera apparently breaking the very rules they're in forcing. and you tube.

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