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tv   Boom Bust  RT  March 25, 2021 10:30am-11:01am EDT

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here's here's among brannaman has support to her mother's body isn't actually employed by the restaurant. even look this is just the government to be your people have gone crazy they're fed up with all the lockdowns and quarantine do you have a feeling that people in chechnya have got tired too in a ready to revolt. and i don't think scepticism c.e.c. help was provided for those too nice i saw with my own trucks loaded with the tedious on ian's bread will help just provide it both body mind them on say they had. neither went to hospital and both seem in full house now. that was quite a journey of people and their clients and their hospitable and they're always willing to help on the one hand but on the other they are cautious and they seem to always keep something for themselves especially when they talk with an outsider
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they always mindful of what they're saying to you i guess this is part of the cultural code chechen society which went through 2 bloody wars is tough it is closed and close knit at the same time. and their experience of getting through this pandemic might be different from what people have in europe the united states the rest of russia but it's hard to tell that it didn't work out at the end of the day so this is it were a flight out of back to moscow and what that means well for one that means that i have to put my mask back on.
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when we watch movies that i think they typically make us worry about the wrong thing they make us worry about robots turning evil you know what the real threat of the past artificial intelligence is long but it turns evil but just that it turns very competent but has goals that are not aligned with our goals. so what we've got to do is identify the threats that we have it's crazy from day shouldn't let it be an arms race is on the off and spearing dramatic development only really i'm going to resist i don't see how that strategy will be successful very critical daryn time to sit down and talk.
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business boom bust the one business show you can't afford in this i'm rachel blevins in washington coming out here up is imposing new prescriptions on vaccine exports with a visual saying they need to focus on their supply of home just as long as it's not from russia a lot of the car accident off the coast of egypt is hitting the world's oil supply and at the estimated that around $13000000.00 barrels could be impacted so far. is one of president trump planning a comeback in the form of his own social media platform and what can you expect from it for the press at all that we have a lot to get so useful let's get start. german chancellor on the americal is now reversing orders for a strict lockdown over easter weekend after the plan to close shops and churches was met with overwhelming backlash she is one of many leaders across europe looking at a rising 3rd wave of cove it may seem while the bloc struggles to meet vaccine demands
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it's that crisis which says is prompting new restrictions on vaccine exports as it struggles to provide for its own citizens officials have largely placed the blame on astra zeneca for following through on contracts with australia and the u.k. but coming up short in europe they call the actions they are taking a last resort the communication of the company's difficult and old times which been done in all the levels from the president of the commissions to the commission the responsible for how it's done to the director general. to resort to the legal action because simply we do not know what else we have to do because if you have quite a few member states who base the structure she quoting. the new restrictions are supposed to be in place for 6 weeks but numerous questions
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around how the new plans to change course now after the block was slow to negotiate with the drug makers and then put stock in the companies like pfizer and astra zeneca only to be told they couldn't deliver but while european officials openly say they need more vaccines they are also telling russia that there is absolutely no need for the sputnik the as multiple nations within the block move forward with plans to make the russian vaccine available in europe in response to russian president putin question whether the e.u. is acting in the best interest of its citizens. when you can we don't impose anything on anyone when we hear such statements from officials there is a question of whose interests are being protected by these people the interests of pharmaceutical companies or interests of european citizens or what are they doing are they lobbying. but even if certain officials in europe don't want it the russian vaccine has been approved for use in 55 countries and it's now reaching
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parts of the world where europe is used to having a heavy influence that includes in southeast asia where china and russia are increasing vaccine diplomacy while the. focus on vaccines support has reduced its visibility so joining me now to go further in depth on this topic is professor richard wolfe host of economic update and author of the sickness is the system now per share let's start here with the problems that is facing at home what do you say is the driving force behind what went wrong in europe's vaccine rollout. well there are 2 things and they're both really related to the basic economic system that is trying to cope with this pandemic the 1st one is the effort of the large pharmaceutical companies to secure big markets good prices big profits going to the people they have the most control over astra zeneca is a british and swedish company it has special relationships with those politicians
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and so you shouldn't be surprised that the u.k. has more astra zeneca than the rest of europe this is unfortunately the way the system works this is a global pandemic it needs a global response and what we have instead is different companies lobbying with different governments to get it then it is astra zeneca promised hundreds of millions of doses to be delivered and have since then been cutting back on the number of those says they deliver different amounts have been cut back one country to another which of course stokes suspicions of one country getting advantages over another europe is an attempt to get together a lots of different countries this is the worst possible way being driven between them and the other factor is that there's no nice way to say this the chinese and all that societies showed us early in the cold that pandemics shot everything
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down tight yes in the short run that has economic costs but it solves the problem and in the long run you'll be better off economically to europe did not follow that model neither did the united states and we're now paying the price and certainly as seems like we're watching those countries now figure out exactly what to do while still making sure this pharmaceutical companies make as much as they can when it comes to this profit that doesn't look like they're learning any lessons there. but we're now seeing the e.u. imposing new restrictions setting limits that will prevent astra zeneca from exporting their products and from following through on their contracts with other countries should european leader leaders be concerned about how this could backfire absolutely it will backfire but they are in a very difficult place out of not had the viruses that were promised. to vaccines
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that were promised delivered there in a tough position because their own people are very angry very bitter about what's going on don't want to see other people in other countries vaccinated when they can't get a vaccine and on the other hand you have the reality and there is no way around this that the chinese and russians among others are very willing to exploit most of the vaccines produced in china are not being used in china because they don't need it and so they can export and they're doing that and you can moan and groan about it but it's the reality of how this korean then they can spin a gamble in some countries versus others and again i hate to be repeating myself but it's the price we are paying politically as well as in terms of public health and i really does tell you a lot when you have your ups a in that they need vaccines but then telling china and russia i know we don't want those vaccines we want to use one of the specific very strict now and i also want
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to bring the u.k. into this because they've been seen as having a more successful vaccine rollout than you but boris johnson was also recently quoted as saying that this was all because of capitalism is he getting too greedy too soon here. well you know at watching boris johnson. you don't expect much and he is certainly consistently delivering the little bit that one has come to expect it is a colossal arrogance and economic nonsense to credit capitalism capitalism is what pressed all the politicians not to close the economy when the pandemic it that was a mistake in retrospect but that was pushed by capitalists number one number 2 the only reason the pharmaceutical companies did anything and let's remember we didn't
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have enough tests when the pandemic hit we didn't have enough masks we didn't have enough ventilators we didn't have enough i.c.u. units in hospitals those who are all capitalist decisions not to be ready for it but now with a vaccine 2 things one the government gave them guaranteed contracts to buy at a profitable price millions of doses no risk at all that's not capitalism and number $2.00 subsidies billions of dollars in subsidies to help pay the costs of developing the vaccine for which the government provided the market to coldness capitalism's achievement takes a level of either india logical craziness or ignorance and either way you look you cut it or is johnson looks as bad as he usually does. he say listens great inside an excellent point as always professor richard well thank you so much
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for your time. thank you as well. nordstrom to pipeline may be more than 90 percent complete but the by administration is 100 percent devoted to its campaign against it secretary of state blanket has made multiple references to the project during talks with nato members this week in brussels warning that his allies could be the next targeted by u.s. sanctions president biden has been very clear in saying that he believes the pipeline is a bad idea. bad for bad for europe are bad for united states ultimately it's in contradiction to the use on energy security goals it has the potential to undermine the interests of ukraine poland a number of other close partners or allies lincoln is specifically calling out germany the pipelines destination and he said he warned the german foreign minister
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directly during a meeting on wednesday germany has stood by its deal with russia arguing that the north stream too is essential to its economy while the by administration has threatened sanctions it's not clear when action will be take it the pipeline is expected to be fully completed by the end of this year. oil prices rebounded after falling more than 6 percent on tuesday due to a bizarre accident in egypt take a look at these images here that is a skyscraper size cargo ship weighing more than 220000 tons it ran aground while traveling through the narrow suez canal creating what can only be described as a historic traffic jam now so far it's estimated that around 10 tankers carrying more than $13000000.00 barrels of crude oil will be impacted the waterway sees around 10 percent of world trade and is known to be crucial for the transport of
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oil in response to the incident energy shares and oil prices rallied on wednesday so joining me now to discuss the latest for us co-host christine and david mckelvey me c.e.o. of mckelvey any financial group david let's start with you here i know we're talking about this incident that just happened but before that we saw that will plunge 6.2 percent on tuesday as the oil futures curve collapsed due to the news over new lockdown measures in germany france and italy is this can tango structure likely to last or will we see demand pick up later on this year. yeah the price drop was a continuation of the trend oil coming off of $70.00 a barrel we've seen profit taking we've seen concerns on the demand side and so that's a continuation if you look at germany france italy and the idea of more closures coming due to there is a concern really on the demand side suez we hope the short term they have not
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redirected traffic yet if they do have to redirect traffic you're talking about a 10 to 15 day period but a 2 week period delay in shipments which could have you get a short term impact on the price but we hope that they can relieve the traffic jam as you call it play supply again i think demand is clearly the market focused with the lockdowns and code concerns denting expectations of of end use. yeah there certainly has been a lot of weight on that demand on those lockdowns are waiting to see if they're going to come back and of course how long they're going to last now kristie we've been talking a lot about europe here and it seems like us oil companies lag far behind their green and green or if european rivals why is that. a big reason for this is that europeans they're simply investing far more into a noble energy battery storage e.b.e. charging points carbon capture technology and other decarbonise ation efforts 5 european countries right now account for 51 percent of all renewable energy assets
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held by the world's $39.00 largest oil and gas producers so right now total a c. when r a s a and royal dutch shell their entire package exxon mobil and chevron are mama laggards in a newly released i'm in transition score or from. the energy transition is really presenting a huge challenge right now for big oil especially after the quantised virus basically decimated the entire industry by sinking demand and consumption so the clean energy is merging as many of these companies face a lot of pressure to do shareholder returns increase profit or even pay down long term those at the all especially in the in the gas and parking industry so that has to be energy index has dropped 15 percent including reinvested dividends since the start of last year meanwhile in europe b.p. is ramping up investments in clean energy at the expense of oil and gas shall have the power while still have reinvesting gas so it's seen so it seems as
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a bridge fuel to more renewable future so while a few major oil and gas firms have set ambitious new emission targets recently meaningful action to actually develop a low carbon business model still remain quite limited in the u.s. most of these companies are just dabbling rather than committing towards a bigger picture and that's interesting to note especially as we hear a lot of talk about possibly wanting to move more towards renewable energy with this administration. i don't really saying how that's going to pan out over the next 4 years now david i also want to bring back end of this we know that the alliance and its allies are meeting on april 1st to discuss whether to unwind more of their cuts what are the expectations for this meeting. here the bottom line is demand starts to stabilize before much supply can be reintroduced the decision is most likely to be the same as march not having a significant amount of supplies at this point they allowed or they agreed to have has extended russia boost production there's a very small numbers the last time around but something similar perhaps this time i
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would think that bringing back product to market 1000000 barrels than 2000000 a staging in would be far more constructive for the oil price the gradual nature has to be in line with economic growth economic growth expectations resolution of code concerns again simply put demand has to stabilize before much supply can be reintroduced otherwise you're just looking at a shock to the oil price which does no one any good if your producer or yaml say i'm interesting to see if they keep holding back moving forward especially with some of those new lock downs that we mentioned now kristie here in the u.s. fed chair jerome powell and treasury secretary janet yellen appeared for their 2nd day of virtual testimony what was the big takeaway from that hearing. well right now essentially boils down to a recovery trait powell said that he expects the economy to experience superior girls and 2021 amid the recovery from the pandemic and the that and the extra
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stimulus given so despite the fact that many regions of the world are once again seeing rising killed in 1000 chases as the more contagious virus continues to spread expectations are still very high in the u.s. for a successful reopening with the pace of vaccination in the country picking up so powell also indicated wednesday that he really isn't concerned about the recent rise in long term bond yields at all saying that they appear to reflect more optimism about the country's prospects so the yield on the 10 year is up point 9 percent on the beginning of the year at 1.64 percent so some analysts are worried that the rapid rise of climate rates could weigh down on the economy by making it more expensive for consumers and businesses to borrow but again you get a raise that the recent increase has come from extraordinary low levels and we're now back up to a level that we're more likely to see going forward but as we can see from the market reaction to there are lots of comments excellent points to consider here christi i david mckelvey me thank you both for your time. time
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now for a quick break but when we come back former president trump has been banned by all of the major social media platforms but how long is it until he creates is own well the next time as we go to break here the numbers of a close. america
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depends on the kindness of strangers to fund their speculation and to fund their extraordinarily cheap lifestyle made from the labor overseas and. so i find it interesting the saber rattling going on in washington d.c. right now because the kindness of strangers can evaporate in a heartbeat if they no longer want to play the u.s. dollar reserve currency again and then inflation right now is signaling a 10 from 10 to 12 percent turn inflation rate adjusted for reality to 24 to 30 percent inflation.
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americans love. this was a fundamental part of how our political leadership and our country at large understood the bargain you get a hope and then you know rebel right that's the things you don't revolt if you have a stake in the system. of the really interesting to dial it back and think about the longer deeper history housings men in the united states not just that old question of the american dream but the bigger question of who the dream has been for. is former president trump looking to make his return to social media with the
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launch of his own platform well that was the indication this weekend from terms advisor jason miller who told fox news quote and this is something that i think will be the hottest ticket in social media it's going to completely redefined the game and everybody is going to be waiting and watching to see exactly what trump does 'd but it will be his own platform for more on that bring in boom bust co-host and investigative journalist ben swat but i'm guessing that some of those people waiting and watching are likely to be a lot of those big mainstream networks that have watched their ratings fall now that they don't have tribes tweets to talk about all of the time why do we know about this platform i mean is this something that trump is building himself or is he working with the company to bring his name back into this space. yeah that's a good question i the answer is we don't know i mean the of the honest truth is if you look at what jason miller said over the weekend he really gave almost no details at all right he simply said sometime in the next 2 to 3 months that's
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a pretty vague timeline trump is going to be coming back with his own social media and it's something that he'll own or he'll control and then when he was asked some questions about it he didn't really have answers like for instance. is he going to sell of course the working with the company well he's got a lot of companies that i've been talking to a lot of companies want to work with he's had a pilgrimage of companies coming tomorrow lago to talk to him about it he says along with you know different candidates for office who are running who won his blessing but that sounds like to me the whole thing if we're going to be honest sounds very trumpy and some me which is kind of this statement about how it's going to be the biggest it's going to be the best everyone's going to love it everyone's going to want it but very short on details so my suspicion is this is what trump wants to do trump is probably talking to companies about it right now but he has not made a decision because ultimately someone else is going to build it and he wants to own a big portion of it. but it's still going to be the greatest best thing ever to have and i think that any other media of course ok so what would make trump's
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platform any different than say parlor that conservative version of twitter that was essentially removed from the internet by google apple and amazon or what's there to protect this yeah that really there's nothing that would protect it listen it's that's all based on technology the question really comes down to this rachel is it an issue of the people who are working with trump because trump is not building this thing himself the people who are working with him or the companies that are working with him are they trying to simply build an ideological site similar to parlor where you say well we're going to build a competing interest to twitter or to facebook or to youtube the problem is of course let's just take parlor for example if the president were to say or former president were to say i'm going to sign up with parlor and i'm going to own part of it now it's going to become my platform as well as others the problem is is that an . wes google apple they all have the reach and the power to take that down there are a few technologies out there if you're talking about block chain that allow you to
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bypass those big companies but i'm not sure that the companies that trump would be talking to are really familiar with this concept of using blog chain to really get around the social media censorship that's out there and the and the silicon valley reach that's out there what amazon proved is that they have the reach to take you down whether you're building separate from these other social media companies or not through their servers they have the ability to get to you the question is is he building a platform that can protect against that or not i doubt that he is but if he's doing this for real then he should be and i think it's safe to say that the day that becomes involved with block jane will certainly be an interesting one but we will be here to cover it nevertheless and i also want to bring up an unlikely ally here which is senator bernie sanders he recently said that he's not comfortable with trump's twitter ban arguing it could lead to a suppression of users across the political spectrum is he right here. no he's he's
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wrong because he made it sound like this is something that could happen in the future instead of acknowledging that it is happening right now this is not a question of well you know if if a sitting president says something social media companies don't like they could take him down and that makes me uncomfortable because that could lead to suppression in the future could why are we talking about this as if it's some kind of of exercise in a classroom someplace right this isn't some hyperbole that's been used here this is a literal real world example a sitting president of the united states was removed from social media because the tech company ownership decided you're not allowed to speak here and by the way it doesn't matter in a free society if you're the president of the united states or the president of the p.t.a. or or whoever you are right it doesn't matter the bottom line is every citizen either has the right to speak or you don't and the idea that because someone has a title they're more entitle to speak i think is flat wrong so i think sanders got
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it wrong in a couple of ways he got it wrong because he made it about holding office therefore you have a right that's not true he also made it. again and exercise in what could happen or may happen when it's already happened so the truth is bernie sanders needs to snap to it and recognize that this is happening right now to people across the political spectrum and we either do something about it or we don't but this is not an exercise in what could be. absolutely and certainly when it comes to censorship that's something we're getting to the point where we have all experienced just about great insight as a. thank you for your time. if you can this tiny helicopter aboard nasa as perseverance rover is one step closer to taking flight on mars the 4 pound chopper named ingenuity is expected to begin test flights in the coming weeks after perseverance dropped the debris shield protecting it during landing nasa released this photo saying the craft has to do some reverse origami and unfold itself as it
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prepares for a flight that would be the 1st time a craft like this has flown on another planet but a tiny copter will eventually scan mars for signs of ancient life and samples which could one day be returned to earth. 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 will see you here next time and as always don't forget to question more. when we watch movies i think they typically make us worry about the wrong thing they make us worry about robots turning evil but the real threat of the past artificial intelligence is not that it turns evil but just that it turns very competent but has goals that are not aligned with our goals.
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us regulators force astra zeneca admits job is less effective than previously claimed inconsistency in trials. of drug queenside side a book called anti racist by the washington post is ridiculed for offering parents so-called book learning material for toddlers and put it up for debate we have to do something new for me instead of the naive lout that happens. could you shouldn't books 3. talking about on the one me just absolute. on the special reports we try.

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