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tv   Boom Bust  RT  March 24, 2021 9:30am-10:01am EDT

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little by little they say money that the delegates want to be using this is the central plank support dying at the moment we're going to call them right now so you stop to. feel. it always be polite never engage with a negative a good or confrontational. don't get into any conversation or start answering questions just. surviving territories. definitely don't want to. jump one coax. you're more likely to walk free if you're rich. or if you're poor. you've got 2 eyes 2 ears and one now. so you should be seen in here and a whole lot more than you're saying if you don't take that advice easy going to dig
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yourself a hole. this is one business sure you can't afford to miss i'm rachel live in washington coming up the u.s. has place knowing another round of sanctions against china after a 10th meeting in alaska so what does that mean for the future of the trade war between countries but the white house is reportedly planning to call for another 3 trillion dollars in spending measure but how would that impact the u.s. economy after the year of the ref. the stimulus. the chairman of the federal
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reserve is criticizing cisco currencies and saying they will never be a substitute for the u.s. dollar so what does he really mean well discuss it all that we have a lot to get to select get started. tensions between the u.s. and china continue to rise as washington announces a new round of sanctions in coronation with its western allies the highly anticipated measures targeted to chinese officials and in a statement the treasury department accusing officials of being connected to serious human rights abuses against weaker minorities in china's north western region beijing has repeatedly denied those allegations and a spokesperson for china's foreign ministry argued that the u.s. and its allies aren't the ones who should be accusing anyone of human rights abuses given their own records. what they have done is a slander and then offense to the reputation and dignity of the chinese people layton interference in china's internal affairs in
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a series infringement on china's sovereignty and security interests these countries have claimed to be judges of human rights and acted as lecturers of human rights but they actually have human rights records and they are not in any position to blame china or even scapegoating china for their own crimes should the sanctions follow the 1st meeting between chinese officials and the biden ministration last week where washington openly accused beijing of using coercion and aggression and hong kong taiwan in the south china sea beijing in turn accuse the us of violating international law and interfering with china's national sovereignty leaving a number of questions about whether relations between the 2 countries would be any different under the new administration as for the ongoing trade war reports of noted the trade relations between the 2 countries are likely to remain challenged after the in person talk show the president biden does not plan to abandon the trumpet ministrations rhetoric in fact biden has yet to pull back on any of the
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tariffs sanctions or other measures put in place to target china over the last 4 years and that includes the ongoing case against wall ways c.f.o. . is back in a canadian courtroom this week in her fight against extradition to the u.s. her team continues to argue she was wrongfully detained and that her rights were violated by canadian law enforcement officers who are working with the f.b.i. so joining me now to discuss the latest between the u.s. and china is boom bust co-host christine i now kristie i know that the european union was among those to announce sanctions against china so i want to ask you what is the situation between china and you after these latest escalation. this is according to the effort between the u.s. canada and the ear that has taken china by surprise this shank sions agreed on monday marks that use 1st punitive measures on beijing since 1989 and the 4
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individuals that will have the assets in the uk pros and be banned from traveling within the e.u. borders so once again it's all economists so not surprisingly china and pose their own sanctions on 10 people from the e.u. and 4 entities that it believes harms a country sovereignty and china is calling for the e.u. to launch a formal protest and demand that the bloc correct its error to prevent further damage to its relations but right now the e.u. faces a very delicate balancing act over relations with china it currently treats beijing as a rival but also as a major economic are late last year brussels sealed this major investment pact with china after 7 long years of negotiations and the pact will eventually need to be approved by the european parliament but there has been growing opposition to signing off on this deal i mean on the other hand beijing is also warning that the power could be spun into jeopardy if you continue to ramp up pressure that has been spurred on and encouraged by the u.s. so this is likely to have huge ramifications for the relations between europe and
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china if things do not deescalate china were to us as the largest trading partner last year or so is so there will be a huge economic things actually go south especially when most of the european economy is still in a very precarious position struggling to come back from the damages to take over 19 yeah and there are a lot of questions about what those ramifications are going to look like and it's interesting because we've watched the u.s. be in sort of this tit for tat battle with china but now all of a sudden we're seeing their allies come along and join in as well now when it comes to the u.s. what is the outlook looking like for trade relations with china under the biden ministration. well the biden administration has signaled that trade at all costs is not their position and that they will not curtail their views on things like national security in order to have a good trade relationship so that outlook is going to continue to be very strained perhaps not as explosive as it was under the trumpet ministration but definitely something that you nations are going to have a tough time working through and seeing eye to eye on so at stakes once again it's
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one of the most valuable trading relationships and the world china is currently that us has 30 largest goods trading partners $558000000000.00 in total trade and trading body supporting an estimated 911000 u.s. jobs it's also the 3rd largest export market for american farmers with annual trade and agriculture told about 14000000000 so i think china also misread the situation with the by then they had thought that many of the trouble policies and sanctions would be rolled back but now they're finding out that this isn't the case at all because as of friday there have been no moves to ease limits on american sales to china firms including telecommunications giant relaxing visa restrictions on party members or reopening the chinese consulate in houston so i think the timing of the sanctions that's also very deliberate these came just days after the very contentious meeting between the high level u.s. and chinese officials and alaska while the u.s. is saying that the sanctions are not necessarily a reaction to those talks in alaska it's likely that this is
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a very coordinated move that was a deliberate in order to send the message to beijing that the bitumen ministration would be taking a more multilateral approach to diplomacy than trumped it so if the sanctions while they aren't that big of a deal it sends a big message and it's highly symbolic of what's to come. excellent points to consider here kristie i thank you so much for your time. do. federal reserve chairman jerome powell and treasury secretary janet yellen made their 1st joint appearance on capitol hill on tuesday in a hearing on the state of u.s. aka nomic recovery powell continued to warn that the recovery is far from complete despite some progress as yellen touted the 1.9 trillion dollar american rescue plan and the hope that it will help stimulate the economy in the coming months but that's not all the buy administration is reportedly considering pushing for an additional 3 trillion dollars in spending though would be devoted to improving
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infrastructure fighting climate change and reducing economic inequities so joining me now to go further in debt well tonight partner and director of training research and education for the market gauge group now michelle let's start with today's hearing we know there was a lot of tension surrounding this latest stimulus package which was passed without the report without the support rather of a single republican so what was the atmosphere like is congress now questions how the money is being spent. well when you say atmosphere i don't think you mean you have this fear in congress because i think we can probably guess not it's not so great but we're certainly seeing reflection of that atmosphere and what's happening in the markets this week so as far as the stimulus package itself some of the concerns that have come out has been the pace of the stimulus how fast the money has come back and how much that's going to impact the economy whether or not it's going to overheat an economy what is going to be inflation or no inflation the
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vaccine roll out here has helped control a virus to a degree in the united states but not in europe and we're not necessarily in isolation is contrary so all of this really has given the market the atmosphere of the market spoke last week it was all about the yields i think this week it's all about the fact that powell and yellen didn't really do very much to calm things down because they said a lot of things some of which were contradictory that's a really good point i know everyone is sort of watching powell and yellen specifically to see what they're going to say what direction they're going and we saw last week that the federal reserve raised its forecast for 2022 gross domestic product growth to 6.5 percent what you really fast and will pay since 1984 but we continue to hear powell say the recovery is far from complete what do you make of his approach. who helps there you go there's the classic sort of contradiction that
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gets the market scratching its head well 1st of all in terms of the jobs of the 20000000 jobs that were lost only 9 and a half 1000000 jobs have come back some some areas have done very well in terms of coming back others are still lagging maybe they will come back i know one thing about the stimulus that i keep hearing from people over and over is a lot of people aren't even going back to work at this point because they're making more money at home but getting back to powell he said 6 and a half percent and then he said what you said which is that we're not even anywhere near the recovery but then he said 3 point one percent in terms of the following year and he's talking about transitory inflation and transitory recovery so it's really really hard to make sense of everything and then yellen chimes in and says that she thinks that will be at full employment in a year from now so you just have to look at what the market is telling you when the market is telling you that it's just not eyeing it they haven't addressed the short term yields which of relaxed a bit this week but still spiked up last week so that's still very fresh in the
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minds of many investors and they really haven't addressed the idea of the fact that they're going to keep the gas on the pedal in terms of buying so they going to buy about $120000000000.00 worth of bonds every month and also mortgage backed securities but at the same time you had others saying that they're going to raise rates and then of course there's the whole idea of taxes so it's a big whopping mess right now and as i said they didn't do the market really any favors a big mess is exactly what it seems like and it is interesting how your take away could be dependent on not only who you listen to but at what point you hear them speaking whenever it comes to this rhetoric that they're using now we also have to bring the by an administration to this we've seen reports saying that they're looking to pass another 3 trillion dollars in spending bills in the coming months what do we know about those plans and what are the chances that they will become reality. well this is the 1st talk that takes
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a departure from cold it and the money that's been related to come out of it and so it's a broad policy there's not been any major specific details yet but infrastructure and climate are seem to be the 2 biggest parts of it i mean they talked about increasing 5 g. through telecommunications world broadband roads bridges as part of the infrastructure along with rallied the charging stations free community college universal pre-k. the list sort of goes on and on but of course does it have any chance of passing that seems very questionable because yellen also came out and said that she's for an infrastructure a package and she's for this money to come into the market but that it has to be raise revenues from somewhere and you know what that means right rachel that means taxes and you know nobody wants to hear about taxes right now given all the fragility of the market so we'll see what happens with that but those may be best but plans will say yeah definitely found like they will give us
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a lot to talk about in the coming months great inside of you know if michelle snyder thank you so much for your time. but go ahead 19 vaccine from astra zeneca is causing more controversy hours after a u.s. study declared it was 100 percent effective against severe disease now the national institute of allergy and infectious diseases says that may not be the case in a new statement accusing astra zeneca of using outdated information in the trial in the u.s. they're saying the company provided an incomplete view of the efficacy data while trying to build trust in its vaccine meanwhile the vaccine has become the latest point of contention between the u.k. and the e.u. german chancellor angela merkel says she supports a plan to block astra zeneca vaccines from being exported after the company fulfilled those contracts with the u.k. but fell short on deliveries within the e.u.
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. said in a statement that's the message to astra zeneca you fulfill your contracts with europe 1st before digital live ring to other countries has fallen behind in the vaccine race with many criticizing the move to block exports by noting it could lead to retaliation from the impacted countries european leaders have also been called out for temporarily suspending the use of astra zeneca vaccine before health officials prompted them to change course and critics are now saying the e.u. is isolating itself in more ways than one. amazon workers are not staying silent with 3 major trade unions taking part in a 24 hour strike in italy that they say impacted the company's entire logistics operation in the country they are among the many who are now calling for change and it doesn't stop there the company's practices are also being called into question here in the u.s.
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are to use natasha sweet has the latest on why amazon stands accused of violating labor laws. another that i want to see in the e.u. you know play for you know pushing a 50000000 protests from amazon workers take 90 last march after how the mega retailer handled covert 1000 cases in their warehouses results from an investigation by the national labor relations board found that amazon did in fact threaten and retaliate against workers who protested their handling of the pandemic according to the 1935 national labor relations act that is a legal it all started in queens new york are march 18th of 2020 the warehouse was shut down after an employee tested positive for the crown a virus this was the 1st reported covert $1000.00 case for an amazon worker in the country 2 days later the queens warehouse we opened jonathan bailey an amazon employee led the walkouts in queens and issued a federal complaint against amazon according to the investigation a regional manager interrogated bailey for an hour and
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a half he was then written up for harassment the investigation concluded amazon told their workers to not organize without 1st alerted them interrogated employees about a walkout then threatened employees if they discussed protests with their colleagues and amazon spokesperson said while we disagree with the allegations made in this case we are pleased to put this matter behind us now running for city council bailey co-founded amazonian united in my c. the group has helped pave the way for sick leave at amazon and shutting down a local warehouse after a 2nd employee tested positive for covert they are even getting this notice the right to organize to be posted in the amazon queen's warehouse and while it's not recognized as an official union workers in alabama beginning voting process to create the 1st question smalls who followed a class action lawsuit in new york on behalf of all amazon employees is helping to lead the effort well we know amazon to spin a 1000000 it's not billions but millions of dollars plus new tactic so. i was down
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there few weeks ago talking to work. stand in solidarity with the union and i could show you now the work is with us from stephen a lot of misinformation small says he believes there is a 5050 chance of amazon workers in alabama being able to push through and form the 1st official union in the country in addition to new york several amazon groups have also emerged in chicago and sacramento were similar code related trying to have taken place however in the national labor worldview board does not recognize them as an official union reporting for us to talk just roots are. time now for a quick break but when we come back it is no secret the federal reserve chairman isn't a big fan of cryptocurrency is why is he now saying they will never be a substitute for the dollar well those costs next and as we go to break here are the numbers the quote.
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shows seem wrong. just don't. let me. get to shape out just days after. and in detroit equals betrayal. when so many find themselves worlds apart if we choose to look for common ground. during the trump administration the u.s. agreed to leave afghanistan by the 1st by did ministration is wavering over this commitment they claim the conditions on the ground are not favorable for withdrawal
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this begs the question what can be done down there it's not been tried when. the federal reserve is raining on the cryptocurrency parade with chairman powell saying that popular options like big question are not really a useful store of value and adding that the fed is in no rush to create a competing krypto his comments came during a recent panel discussion on digital banking in which powell called crypto currencies highly volatile saying they're not backed by anything and that kerberos are more of a speculative asset that's essentially a substitute for gold rather than for the dollar so joining me now to discuss our co-host and investigative journalist ben swan and jeffrey tucker editorial director of the american institute for economic research ben let's start with you breakdown
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for us these comments made by chairman powell. well ok let's start here the chairman palace in chile gets up and says what i think everyone in the world would expect him to say write cryptocurrency these are not that great they're not really going to be valuable they're not a store of value they're more like gold than they are like the dollar well some of those statements are true it probably is more like gold than it is the dollar because gold actually trend since borders and has value long into the future as i believe crypto currency is like that coin will what is wrong about is his claim essentially that they you know he says nothing backs them and therefore they're not worth anything what backs the u.s. dollar because nothing backs out other than really military force i guess that's the only thing that packs a dollar but intrinsically the dollar doesn't have value if that's why it's called a fee our currency it only has value by declaration so the idea that chairman powell would say this it's not really surprising but the other thing that i think is important here is that what he's saying is really not true this idea that
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ultimately there's not a long term value for crypto currency that's absolutely not true what i believe is much more true is there is not a long term value for any government backed currency that is being printed into an oblivion explain to us german pow how that has value but a crypto currency that's not yeah that's serious that's angele he's saying that it's not nearly as great as the dollar because it doesn't have its own military at least not yet right if you had you know military you'd be fine i guess i'm paralysed that all maybe even the u.s. would be going after them in a completely different way now jeffrey the fed chairman also made the argument that has been made by so many others before which is that crypto is not backed by anything does of dismissal of crypto hurt the industry in any way. no no we've been hearing this nonsense for 11 years so there's not a single becoming owner who hasn't been towed by you know a great uncle that don't buy that a sub backed by anything so the answer is that it is backed by an extraordinary
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legit technology that keeps free trade careful track of ownership. and allows a geographically noncontiguous chance transfer of those rights between any 2 people in the world peer to peer without financial mediation and does so cheaply and rather quickly so that that is the underlying value so the chairman you know listen to that but i tell you what i find so easy about this guy and he's like well it will never be a substitute for the dollar it's more like gold more like gold that's exactly what big craters have been safer to. me to say is more like gold and gold pretty awesome for 6000 years has been a trusted safe haven asset the basis of the monetary system during the world's greatest economic expansion when the 19th century and a good part of the 20th century of the gold standard is after all the gold standard so you've got the chairman the federal reserve saying oh because it's kind of like gold. that it's that's not actually bad ever tyson for the trip industry i would
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say that's a good point to now but i also want to bring up what i've been saying on a lot of headlines lately which are these latest comments from me we the founder of the crypto currency exchange bt see things he is claiming the big question could arise as high as $300000.00 in the latest bond market rally but then plunge 90 percent into winter and that will last for years is that possible. next question i was going to yes i said it's absolutely possible of course it's it's possible that big going to go to 300000 in them and then drop back down to 3000 it lots of things are possible what he's referring to was this idea that bitcoin in 2013 and then again 4 years later and 2017 and now 4 years later in 2021 has had big swings that have seen it go high so what he's saying is in 2013 it went up a lot and then it came back down 2017 it went up 220000 came back down now it's up around 60000 could go as high as he says it's 300000 and then come back down but
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he's not taking into account the why i would say it's unlikely that it will fall into this crypto winter that bobby lee is describing is because of the fact that that in 2013 when big started to come up the 1st time virtually nothing in the world was built on blocking virtually nothing other than bitcoin itself by 2017 that had changed a lot now in 2021 that is a vastly different situation so remember the thing that gives bitcoin real value what jeffrey was referencing a minute ago there is the fact that itself and the technology that surrounds it block change technology which by the way of course as everyone out there who holds any crypto knows is not exclusive to bitcoin blogging technology is not exclusively but but because of that that's the real value the computing power the ability to to bring lots of things into decentralized spaces and building new technology blotching is the future of technology it's also right fast becoming the present of
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technology so the idea that that crypto currency is will also be falling to some dark winter i think is highly unlikely based on that and it's interesting because unlike the dollar we've seen of these decentralized currency it actually grow and change as they go along now we're going to have to leave it right there great insight as always bends on jeffrey tucker thank you both so much spare time. that's all for now you can catch him boss on demand by downloading the portable t.v. out for your apple or android device well being here next time and as always don't forget to question more.
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i'm going to trust my friends you can trust your purpose these words walk. across the progress means bringing reviewers or true longer and you can mean you know start employing them in the use of those young. person's wishes to work beyond you not to compete i'm not so i might be about the best local noise so. much that a stupid piece of news often in the future begin it with a map a us must do not yet you naturally for sides. yeah dish but smooth things can boy get him norm i still. regret the phrase that a. blog post looks all looks to me with all of which i don't know much you
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look at the full support. from the top of that if you should get to build a you believe usually. on she deals in the store and what not dealt with the many a pretty of night. issue working with nobody can be abandoned. is your media a reflection of reality. in a world transformed. what will make you feel safe. isolation community. are you going the right way or are you being that. direct. what is true what is faith. in the world corrupted you need to descend. to join us
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in the depths. aura maybe in the shallows. humanity has never seen such strange natural phenomena befall giant coming to us appearing in the peninsula. one after another. but never doubted for help again you could use your computer for you know i'm done with those of you wouldn't. miss one of the in 2020. how often and where will new crisis appear as i described how dangerous oen day for human the slum on my end is different than 102021 russian scientists came quite close to working out what's going on. they built a full scale 3 d. model of the black hole.
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this mistake is my mistake and mistake must be called a mistake and above all it must be corrected to german chancellor angela merkel backtracks on opposing each the lockdown concedes it was a mistake. hospitals are likely to be rocked precede into violence short of 3 weeks french hospital chiefs ringing the alarm president of the country said new pandemic records for the year are the government's response leaves people bewildered. flora xing hate speech facebook is sued for repeatedly allowing online threats to journalists and this information examine how the platforms crackdowns world.

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