tv Boom Bust RT April 10, 2021 1:30am-2:01am EDT
30 minutes with the latest headlines. because the banks are getting so much free money from the government they don't want to take even any risk on any small to medium sized enterprise for anyone looking to buy a house because why take any risk at all if the government just going to stuff trillions of dollars on your balance sheet. this is us the one business show you can't afford to mess i'm a job love and then washington coming up russia and now it is new plans for its 1st digital currency so what does that mean for the u.s. dollar and gillet impact their currencies worldwide plot to buy ministration
confirmed it is blacklisting 7 more chinese companies over national security concerns as it appears biden made even tougher on the aging than trump was that popular a year of record losses the airline industry is now looking to hire thousands of new pilots so will there be enough to fill the gap from those who are leaving the workforce well this gusset all next we have a lot to get to so let's get started. russia is moving forward with plans to create its own digital currency that could be ready for use by 2023 the country's central bank confirmed that the prototype of the digital ruble is expected to be created by december it also confirmed that the currency will live in a hybrid technological platform combining distributive ledger technology and centralize control by the bank of russia this announcement also comes as china rolls. out its own digital currency sparking new questions about how these central
bank players will impact the world of crypto but instead of focusing on that some are claiming we should be focused on bitcoin and its role as a chinese financial weapon that's according to billionaire and paper healthy peter thiel who talked about the world's most popular crypto currency during a recent round table with former secretary of state mike pompei oh he suggested that bitcoin could pose a threat to the u.s. dollars reserve currency status playing upon fear that china could gain control over the crypto and use it to threaten the u.s. joining me now to test it all is boom bust co-host and cryptocurrency analyst bends want all right ben let's start with those comments from feel there what is his biggest concern seem to be. his biggest concern and by the way when you're sitting at a round table with former secretary of state my pump a moretti going to be highly suspicious of what you're about to say but his idea
here is that big coin could become the weapon of china a financial weapon to be used against the west essentially unhinging the us dollar as the world's reserve currency is that true partially true will but let's break it down this way will big coin replace the u.s. dollar as the world's reserve currency quite possibly it will yes but i don't think it so much as going to replace it as a reserve currency what i think is much more likely to happen is that ultimately big cohen kind of becomes the currency through which other currencies are resolved so for instance you know and we're going to talk more about these other countries in a minute but you know china's working on their digital currency russia's going to have their digital currency been as well as theirs when those currencies are being exchanged at some point in the future how do you resolve the currencies well under a reserve currency system you would resolve them in u.s. dollars i think in the future the very near future that will change they will not be resolved in u.s.
dollars they will be resolved in because because it will become kind of the peg by which all these other digital currencies resolve each other as their trade so i think ultimately that's where big place comes in which i think you could argue could actually be a very good thing instead of one nation being the world's reserve currency for everyone why not have a single currency that doesn't belong to any nation state become the currency by which all others are settled that makes much more sense yeah that's an excellent point and it is interesting to see how you got to feel at this round table with pompei o using terms like chinese financial weapon to talk about creating this essentially bring in this other country as the bad guy and said of just looking at where the dollar is headed naturally based on what the u.s. government has done about that ok so now shark tank investor kevin o'leary has also brought china and all of this he's saying that he will only buy mind sustainably and countries that use clean energy and not quote unquote blood coin mined in china
so help us to understand this view of bitcoin. that's going to be a trigger so this is almost nonsensical talk right that what is given to larry talking about it's almost as if he's trying to. set up a blood diamond scenario right by calling a blood point a blood diamond scenario by which we don't accept you know were or buy diamonds that come from certain parts of the world because of the conditions in which the workers are forced into with they mind those diamonds ok all right that makes sense because physical human beings are being harmed in the process of mining diamonds that is not happening with dirty energy he or dirty computers as he seems to be calling them in order to mine bitcoin at the end of the day the capital larry says he's going to put about 3 percent of his worth net worth into crypto currencies or i find it that's because it probably would be not anything else that it's probably going to be
a big point maximalist fine but honestly how do you know where the big coins are mine from how are you able to track or trace whether or not they're clean or dirty 8 this is one of those things that becomes kind of a quasi i religiously stance right we're going to take this stand against these dirty blood coins and we have the clean coal and the dirty going to come from china thing going has come from the west as far as i'm concerned it's nonsense it's nonsensical talk and it doesn't have the actual practical application as you would have when you have a physical tangible asset being mined out of the ground in physical tangible ways and that's an excellent point to consider we're going to have to leave it right there bends on thank you so much for your time today richard thanks. tensions heating up once again between the u.s. and china this time over supercomputers 7 chinese companies have been blacklisted for allegedly helping in chinese military efforts this as the u.s.
is grappling with a shortage of semiconductor chips needed to build everything from smart phones to cars r t's farren fronsac has the latest. it's the 1st trade action against china by the biden administration that will more than likely further escalate tensions between the u.s. and china the u.s. commerce department announcing these 7 chinese supercomputer developer companies are now on the export blacklist this move now bans american companies from exporting technology to the groups without a license so why are they banned and a statement made by the u.s. commerce department quote the 7 added to the entity list were involved with building supercomputers used by china's military actors its destabilizing military modernization efforts and or weapons of mass destruction programs the relevant personages on the u.s.
side should abandon the cold war game in 0 sum thinking friday china fired back at the move saying the us should treat china u.s. relations objectively and rationally and do more things that are conducive to the healthy and stable development of china u.s. relations many would die out containment and suppression by the united states cannot stop the pace of china's scientific and technological progress only strengthen china's determination and will to innovate independently and while china works to innovate independently the move is starting to trickle down across the globe even the u.s. is starting to feel its effects we fully recognize that this is an issue that is impacting industries across the country including the auto industry auto companies particularly general motors and ford are caught up in a global shortage of semiconductors where most come from china including another chinese company that was blacklisted last year our own factories are now shutting
down because those chips are needed to get cars off the assembly line not enough chips you know cars to make next week there's going to be a meeting led by. and he she director and our national security advisor with a number of companies got some private sector input on how to address this issue so this is something that there is a great deal of focus on at the highest level across government despite plant closures a spokesperson for general motors says the auto giant is increasingly confident despite plant closures it will hit its earnings target for the year for boom bust i'm fair in front zack. the votes are in and it appears that amazon warehouse workers in alabama will not be forming the 1st labor union in the company's history despite an ongoing fight that has drawn national attention according to a tally of the votes reported by the wall street journal with around 80 percent of the ballots counted more than 70 percent of the nearly 6000 warehouse workers voted
against efforts to unionize amazon welcomed the news with the company's stock rising one percent to reach its highest level since february amazon had already made it clear that it planned to present every legal challenge possible if the ballots weren't in its favor the alabama warehouse represents less than one percent of the nearly 1000000 workers the company employs across the country. global markets are mixed this week as geopolitical tensions weigh on the east while the west sees record highs we start in russia where the mo x. is down the ruble fell to 5 month lows on friday and stocks took a hit earlier in the week over concerns about a military buildup in eastern ukraine that has drawn backlash from nato and the u.s. and china the shanghai composite is also down losing nearly one percent on friday
after data show chinese inflation rose in march compared to last year the latest earnings report from roughly one 3rd of the companies on the index also showed a decrease in profit of around 8 percent more of the same in hong kong where the hong saying fell just over one percent on friday there was a bright spot however as shares of linq largest a 10 set back been tech companies by 10 percent and its debut on the index in japan the nikkei is also down but it tried to rally with sony and had thought to be seeing gains of at least 2.5 percent to close out the week data released tuesday showed household spending fell for a 3rd straight month in february raising concerns over a prolonged economic recovery moving to india we have our 1st green arrow broke a 3 day winning streak losing half a percent due to losses by some of the nation's biggest companies consumer goods
did see some gains as partial lockdowns returned after india reported a record number of new coated 19 cases we have another green arrow in australia where the a.s.x. closed at its highest level in over a year on wednesday and energy and gold stocks led the gains and the i.m.f. graded its economic outlook for the country saying it is now expected to grow by 4.5 percent this year. here in south africa they all share is down there ran did hit its highest level in 6 weeks on thursday but stocks could not recover as the country reported manufacturing output had contracted 2 point one percent year over year for the month of february the 1st is for the u.k. hitting its highest level since january of 2020 markets are looking at the next stage of reopening in the nation taking place next week and the latest data shows that british construction activity was at a 6 and
a half year high for march and growing where in europe the french and german dax are both in the green german stocks are coming off record highs on tuesday as the country's finance minister warned against fully reopening the economy amid the latest surge and coated cases another green arrow for the best but in brazil the reale top one percent on thursday even as the country's central bank president said the 2nd wave of scene will hurt economic readings and tell lease may moving north to mexico the b.m.v. is also up this week the country's health regulator authorized emergency use of india's kovacs and vaccine as the nation hopes for a speedy economic recovery here in the united states all 3 markets are in the green the s. and p. 500 continues to sit near record highs as vaccine optimism pushes markets up new data released on friday showed us producer prices rose more than expected for the
month of march the largest gains in nearly 10 years and finishing things up in canada that c.s. taxes are final green arrow energy prices coupled with a jump in gold and copper fueled those gains because juries economy also added more than 300000 jobs in march helping optimism over its recovery heading into next week we will continue to look at areas facing spikes in code. cases as well as vaccine numbers worldwide and that is your global market walk. time now for a quick break but when we come back demand for travel is at its highest points of march of last year so how is the airline industry responding amid a desperate need for new pilots in the workforce well discuss next and as we go to break here are the members of the clothes.
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people are helping us. it makes us feel very proud that we are in it together. the slogans who got them some. good news. for those who heard it's a big you're moving in with. we go we're going to. show you this look beautiful the media because a very good. movie just like most of these girls who do films for good goof. go to shows so look i do the same you probably have to show the story should go.
starts to take. it with a little mystery they say look it is it's. testing understand just. don't try. to present it to the internet to. be of interest you don't listen to snippets of what when you look because that is the cousin with you for your supporters to go sure station shouldn't do you should cut off the one who's doing business with. boeing's troubled 737 max is making headlines once again this time the company is
warning of potential problems with its electrical system the announcement comes following a series of production issues with the 737 max jets that caused 2 deadly plane crashes which then led to the grounding of those planes around the world artie's train a child that has more from new york. several major u.s. airlines are grounding their 737 max planes a following the latest problem with this was that the plane model something the company says is being addressed and is now working with the u.s. federal aviation administration to address the latest issues today more than a dozen airlines investigating possible lector cool system problems with the 737 max jet the company said in a statement boeing has recommended to 16 customers that they address a potential electrical issue in a specific group of $737.00 max airplanes prior to further operations the recommendation is being made to allow for further verification that a sufficient group path exists for
a component of the electrical power system while boeing did not identify which 16 airlines are affected by this alert or how many planes are affected by this problem for airlines including alaska air southwest united and american airlines have 737 max planes in their fleet southwest airlines that have removed the 30 of its 58 boeing 737 max planes from its fleet while american airlines remove 17 and united airlines said they're temporarily removing 16 the news comes just months after the airlines resumed flying the jet which had been grounded for nearly 2 years after 2 deadly crashes killed 346 people the federal aviation administration allowed the max to fly again last november after boeing made the required repairs to the jet including updating its flight control software which was a direct link to those fatal crashes still though several countries including china have not yet clear the plane for commercial use but the grounding did cost boeing more than $20000000000.00 all of us unfolding following news united airlines may
layoff roughly 2000 food service workers despite receiving nearly $8000000000.00 in federal bailout money and agreeing to pay millions of dollars in bonuses to company executives the move prompted nationwide protests by those workers reporting for boom bust trinity chavez r.t. . americans are returning to the skies and that's. causing the airline industry from enforcing the layoffs to now looking to hire by the thousands but they're not looking for just anyone so even before the coded pandemic hit last year airlines were already looking at losing a significant portion of their workforce as many pilots will soon be forced out of their jobs the federally mandated retirement age stands at $65.00 for american airlines that means that nearly half of their more than $15000.00 pilots will be forced to retire over the next decade so joining me now to catch on this topic is captain devastator communications committee chairman for the allied pilots
association now dennis the airline industry lost tens of billions of dollars in 2020 and we saw an increase in early retirement packages as a result is there some concern that even if we keep seeing an increase in travel there may not be enough potential pilots to fill that demand. absolutely i fly for american i'm 737 captain as well so that is a big news day but a lot of fronts delta experience just the week prior to the easter holiday weekend we were talking about this concern that american may not have an a pilot's flight schedule coming up this summer they're literally going to double the size of the airline in the next 2 months as far as the amount of slime you're doing and then lo and behold delta had to cancel $100.00 flights over the easter. weekend here so that shows a direct link between not having your pilots ready to go from the sessions you may be there to provide leaves or the early retirements of course that happen and not
keeping up with training and of course uniquely american airlines were the only major lights for a local eyelets which is can be about a year process from furlough to get back up and running and many of those pilots while they are back and getting paid they are not flying because that p.s.p. is paying their salaries but they just don't have the room the train them so we're concerned and we want to we want to win this recovery we want to be there for our passengers when they arrive and they're booking right now but i'd say if you have the jets ready you have the passengers ready and you don't have the pilots you just have a very expensive static display and we don't want to see that happen wow it certainly seems that way and that's a hard hit when you're talking about a year when you've had billions of dollars in losses and yet now demand is coming back and it doesn't seem like they're quite ready for it now here in the u.s. 65 is the maximum age for retirement for pilots but some would argue that is exactly when they hit their peak of knowledge is there
a push among pilots to increase the age for retirement especially when so many are set to leave the workforce so close together. no there actually isn't we certainly we sighed years ago they moved from 60 to 65 and there was a lot of energy behind that including global changes as well but as far as 65 goes 65 is it you know and. you know you really have to be careful to not let an economic situation or in this case the reality of a pandemic force the citizens that are actually jetted so there isn't anybody really talking about it i've lived through and the talk of age 60 changed and there's nothing on the hill about it there's nothing within pilot groups so a lot has changed since then the end it's 65 and we can get this done everything i talked about earlier there are solutions so that it's a temporary. tightness in staffing we can get through it but these airline
management teams have to work with the unions with the creative solutions that we have and so far they're just saying hey we're going to fly a lot of airplanes come on and we're saying wait a minute that promise to fly those passengers we take very seriously we want to make sure that we can fulfill let yeah that's a really good point and you do want to make sure that you are as prepared as you can be especially when it comes to the training and staying on top of that now another story that's kind of making headlines today is that nearly 1000 food service workers have staged protests against the united airlines at airports across the country and our response to the news that they could lose their jobs this year now they're questioning why united can't pay them when it received billions in stimulus funds and gave millions and bonuses to its top executives are we likely to continue to see a push among workers within the airline industry calling for more transparency on what these top airlines did with the money they received from the government. now
actually no i work for american we're not doing that at united that's kind of a culture good punch for those great folks that make it possible for people to want to fly on my airplane at american this is united so you know i understand and you know scream even allowed it because we'd be screaming to and the p.s.p. is is there and while i don't have all the granular detail clearly they should receive that through the end of september but it sounds like united is looking at well they're talking about you're good to september we may be outsourcing you right after that you know that's. that's not a great way to do business in a people business and the airplanes fly but the people make that happen from below the wing to above the wing as we call it here and. you know i i'm glad we're not challenge with that at american airlines but. as a human condition that's that's really tough to hear all right and it is good that
they're now speaking out about it and were able to talk about it and to bring more publicly to it as well now as we're seeing the demand for travel is picking back at what the t.s.a. saying screen more than 1500000 passengers last weekend marking the highest number since march 2020 most airlines are said goodbye to those empty middle seats so is it safe to say that we're also saying goodbye to be outrageously cheap flights many have enjoyed over the last year. well that's a great point it depends and some of the topics you talk about like not having enough pilots to fly the airplanes if the demand is so strong airplanes are out there it's a demand and supply issue that's up to our management teams to figure out but. you know i actually buy tickets for my family so i know they're going to get from a to b. in our planes are i'm out there slide and they're near full right now depending on where you're going and we're going to the right places an american where people want to go so there may be a reality coming forward. i want you i want all of everyone out there flying that's
my profession so when you look at ticket prices know that the chances are that you know they they will go up we're not charge of that but that's just like any business come out here it's safe to fly and the places that we want to go to are starting to open up you know domestically the bookings look very strong and it comes from our airline and other airlines so we're we've been talking about this it's here and we better execute on it because we owe it to our passengers who were going to be putting their trust in us absolutely all great insight as always captain dennis stager thank you so much for your time today. that's all for now you can catch ben bass on demand by downloading the portable t.v. after your apple or android device must see you here next time and as always don't forget the question more.
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