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tv   Boom Bust  RT  April 15, 2021 1:30pm-2:01pm EDT

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and don't want to dismiss. someone to believe as we've done for telling you at least 32. this is a boom bust so one business show you can't afford to miss and washington coming up the big point rally rages on as its price has been driven even higher by the wall street debut of point b. straight ahead we break down the price spike and what the listing means for the fin tech sector a lot in the wake of china's crackdown on ali baba the nation is issuing a warning to its other major tech firms they have to we'll take
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a look at china's latest moves and the reasons behind the nation's pressure play and later in a year of coping 1000 economic uncertainty that has seen millions of workers lose their jobs well c.e.o. pay has soared we'll analyze the growing inequality we have a packed show today so let's dive right in. and we lead the program with massive news on wall street and we are just talking about the earnings from some of the nation's biggest banks crypto currency exchange queen based started trading on the nasdaq on wednesday reaching a market value near $100000000000.00 this is the 1st major cryptocurrency business to trade publicly in the united states and as wall street awaited coinbase the 1st trade between set another record topping $64000.00 now outside of the world's most popular cryptocurrency a theory i'm also record highs on wednesday so let's dig into the details and bring in a co-host and crypto analyst her name is chris christie coinbase is head in the public
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markets as we just talked about as people just pour money into cryptocurrency but is that market cap of about $100000000000.00 that actually reasonable. well yes absolutely if you look at some of the latest techniques and i heard a story like yours it's not playing allen's here where he needs your robots or at least that is right at. least as well as to come. out as it's the smallest direct week where you just. saw the 1st one result 9 slaughter me your average $1000000.00 and the number of money to impact a news conference. 3 months earlier 6 point one there i am right now because when you're not spare time you were under senate 30100 percent respectively in the last year and in the short term when you just well i meant reichert. in the long term however earnest let me at the center of what it calls the don't economy and helping
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to build up a whole ecosystem in the marketplace for people action center so many analysts they're calling us directly to see a watershed moment for the industry as it's basically arrived at the street quite a ways has more users and more revenues that many of the largest players there is more probable than any other major exchange so this kind of validation puts a lot of skeptics like records and your sense. of how do you meet a valley there to ny office and frustration with the disruption coming out so because any industry any company that can watch an i.q. of this size is without a doubt that you know it's to the private market to america and the fact that us records nice list has it and already it open up at me one that's very small it's where out there now kristie do we see other exchanges following in coin bases footsteps now that is really paved that road towards mainstream acceptance on wall street. sure i think we'll see
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a couple others not of time so maybe crack you were just playing us is it is us primal never considering going public and well i'm 21 you know but i don't think we'll see it when you walk up to ikea like house on a later biotech's outrageous. war because if you recall i was always going to come and wait because whatever industry or segment is higher ground the moment we're in does work yes because all of the investors and they are right that when you do so i tend to spoil the party as people get in there. so it's a good thing that we probably won't see that here i don't think the market eats it so firstly i mean i was one of the snotty appear transactions which means no more i mean the basic point the entire point of no bank to hold your finds no middleman us friends it's hard. and no investment bank got its huge commission to sell your company in order to raise funds that was the entire point i see
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a listener. in order to completely i ask wall street so i admire point based on what they've accomplished they make it to easy to use and easy to buy for regular retail investors it's very impressive and i are close. but at the end of the day point me and crack and that kind of still high morale is the job done by look at the trend and exactly what it points out to you money and distraught so it wasn't cracking at all your exchanges in their early teens and the ram that they want to snuff out so it's kind of ironic but in a way i get that it's necessary in order to the silicium mass adoption allows for. some not to you know not all who are just 20 and out that while this is a huge moment for wall street and i'm sure colors everywhere are very grateful that price got this isn't really a turning point for the new yorker. and now kristie quickly before we get out of here you know we hear so much talk about because but really we're in the middle of
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all season now and the theory i'm obviously leading the way is it sets another record why is the performance so i got 40 seconds for you. well each night now for me very different because the point is more current well airing this more. transactions are monitored in transactions are it's existed well instruction so over the next couple years you're going to be very big because i think it's you know maturation of the networks and we have at least 2 player coming online with a lot of developers are not very familiar on the development let. us co-host christi i thank you so much will continue to follow the story. and the chinese government is issuing a stern warning to dozens of internet and tech companies about the price of violating antitrust laws now the warning comes as regulators recently issued a record $2800000000.00 fine against tech giant ali baba over similar violations
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joining us now to discuss this boom bust host investigative journalist ben swan now ben let's start with this fine against ali baba what specifically was it for. a fine 2800000000 u.s. dollars is what it really comes down to for violating essentially chinese 80 trust laws since 2015 the idea here is that alibaba was forcing certain merchants to open up marketplaces or markets on their platform that as part of this is essentially you know forced movement it violated the law it's a principle in chinese markets called one from 2 and if i can share with you just real quick what that means it refers to this idea that merchants are forced to have exclusive partnerships with certain platforms like alibaba in order to operate on their site you can't just be on the site you have to have exclusivity on their site so it's something that exists kind of in the chinese marketplace pick one from 2
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and the chinese government says that alibaba has been violating this principle since again 2015 so they issued a fine which really amounts to about 4 percent of the company's profits from 2019 the under the law they had the ability to go all the way up to 10 percent they settled at 4 percent of their profits from $21000.00 but that's essentially kind of like the warning for the 1st time and then don't do it again and now that $2800000000.00 of course sounds huge when you talk about you know funds or any sort of fine but the fact is their stock price went up and jack ma the founder of ali baba he gave about $2000000000.00 on monday alone just from that so he's making a lot of add up. with that l. as the backdrop the chinese government has now issued this warning to dozens of companies what are they telling these companies to do. yes intercompany is like you know tencent indeedy essentially everybody who's operating some kind of a mobile platform in china or an internet service company and what they're being
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told is take heed you cannot violate these antitrust laws in china or we're going to hit you with similar fines maybe even larger fines and collectively these this group of internet companies has already responded to the chinese government saying that they will essentially comply and they will make sure that they're not in violation of it the idea here is to not stifle i know that sounds crazy brant saying this coming from china right is to not stifle competition it isn't on stifle what is happening in the in the tech space in china and to allow for more competition it's weird to think that it is a communist government of china that is pushing for greater competition in that space but that's what they say that they're doing and i think here's the other important thing is that yes the 4 percent fine against it's relatively small the question is if you're a smaller company than alibaba which many of these companies are are you willing to take an even bigger fine or or what other penalties come along with that and i
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think a lot of these companies are saying that least they will get in line and as you said you know it's a surprise to some people that it's a competitive behavior is being cracked down by the chinese government do we see other countries beginning to take similar approaches with tech firms i mean we hear a lot about it in the west about these h s violations but what else are we seeing worldwide yeah i would say this and this is kind of again it's kind of a weird statement to make but the reality is that the chinese right now are leading the world in terms of cracking down on competitive behavior by tech companies again it's a crazy thought because here in the united states we're not cracking down on anticompetitive behavior by tech companies at all in fact we're allowing tech companies to only get larger and there is no remedy for that even though we have on the books many different anti trust measures in europe they're looking at antitrust right but they haven't been forced to see anything. so the idea that the chinese government is cracking down on this and saying we're not going to allow tech companies to get to the behemoths size where they actually hurt the rest of the country and essentially
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the concept they're pushing there is that these companies need to recognize they have an obligation and a responsibility to the nation as a whole not just to their profits and their bottom line that is what the chinese government is saying i would say the west should take a page out of that book what it's interesting because as you said they all accepted this this letter basically saying we will do our best to not do that you would never hear an american or european company when issued a antitrust violation like that ever say anything something similar to say oh we're startled we'll get on the right track page 2 of us co-hosted investigative journalist ben swan thank you so much. as the future of the johnson and johnson coping 1000 vaccine remains up in the air we're getting new data regarding the efficacy of one major vaccine used in the united states mcdermott said tuesday expects he was more than 90 percent effective
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at protecting against crowbars for up to 6 months after a patient receives a 2nd dose citing new data from a phase 3 clinical trial the company said the drug is 95 percent effective against severe disease over that same period of time but at a comes as more questions are being raised about just how long coated vaccination will last in patients for more all this and the latest carbonite in case numbers let's bring in our key correspondent site after site or brand you know what all this talk on vaccines i want to remind everyone that clip in 1000 is still growing significantly with more than 4400000 new cases reported just last week globally clase is cases climbed by 9 percent last week and that's the 7th consecutive weekly increase meanwhile deaths jumped 5 percent and just here in the u.s. while cases are up the good news is that deaths are down 27 percent which again is very good news now meanwhile federal health officials continue to suspend the use
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of the johnson and johnson coated vaccine until they could fully investigate reasons behind the 6 recipients who experienced a rare blood clot after receiving that vaccine so far what we know is that all 6 were women between the ages of 18 and 48 and that they developed the illness within one to 3 weeks of the vaccination now one of the 6 has died and the 2nd is currently hospitalized in critical condition and if you take a look at how many people have so far godden the johnson and. vaccine which is about 7000000 actually a little over 7000000 the blot clot appears to be effect is one out of every 1000000 people injected with the vaccine so the risk of dying from this vaccination is incredibly small now by contrast couvade kills one in 8 people who are infected or over the age of 75 and one in a 1000 infected in their forty's among doe's who develop now the white house said
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that the pause will not have a significant impact on the nationwide vaccine plan since the majority of the vaccine stock in the u.s. comes from 2 other manufacturer pfizer and mcgurn on that the u.s. so far has gotten over 123000000 of the pfizer vaccine about 100000000 for the johnson and johnson about 17000000 which means that the u.s. has over 10000000 doses that they currently are not using and i also want to stress that this is not just affecting the u.s. right now south africa they've also pause their use despite being its preferred vaccine because of its effectiveness against a south african very analogous trail announced that he would not purchase any doses whatsoever meanwhile in europe where they just passed a milestone of $1000000.00 covert related deaths have also the sided to delay the
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rollout of the j.j. vaccine were several countries were expected to start administering a dis week now this is a double whammy for europe was not just overwhelmed by supply shortages but also concern about a similar use with another axiom developed by astra zeneca now that a vaccine has not been authorized from urgency use in the u.s. and out of the 34000000 who have received astra zeneca shots in britain the e.u. and 3 other countries 222 have experience. blood clots while 19 have died now majority of these cases also mild woman under the age of 60 and about a dozen european countries suspended the use of astra zeneca all last month but all except denmark have since resume use staff to the vaccine was called by health officials safe and effective by denmark has become the 1st european country to stop
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using the astra zeneca vaccine all together so we'll see in the coming weeks if more countries follow brant r.t. correspondents i attempt to thank you so much for keeping us up to date. and the man behind the largest ponzi scheme in history is dead it $82.00 bernie made off died wednesday in federal prison while serving a 150 year sentence for his fraud which cost tens of thousands of people as much as $65000000000.00 over the course of 4 decades 2009 made off pleaded guilty to fraud it other charges for taking in funds then paying new investors with old funds all while falsifying investment returns and account statements he was churned in by his own sons after confessing his business was a lie at least 2 of his victims took their own life after their losses while some lost their homes as well according to the a.p. made off died of natural causes the last year made off was denied a request for compassionate release he claimed he was suffering from a terminal kidney disease among other health issues only some of his victims were
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able to recover all or part of their losses through the bankruptcy process. time now for a quick break but when we come back c.e.o. pay as skyrocket the midst of the pandemic despite massive layoffs and job cuts on the other side we take a look at the disparity and as we go to break here the numbers are close. to what we've got to do is identify the threats that we have it's crazy. let it be an arms race. spearing dramatic development only. exist i don't see how that strategy will be successful very critical. to sit down and
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talk. what's needed national will discover that it will when he believes in the lessons that solicit it. from the regular more. more your partner are going to be moving from that. water source i.q. herbalists lucifer mr delicious that in the guise of it i'm just. it is not my achievement mr davies our 5 years of plans were conceived. and carried out by the people themselves who would produce or even flirted with the idea of making a film like this probably be branded as crazy. how was the sentiment during the war the soviets were brave heroes resisting the nazis that's going to change of course
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after the war but once the cold war begins. i look at. this is a free place but really what is strictly defined by. the business and this is ideology. when i'm on a call to dream. which is true i think equally it's a problem. and welcome back it's no surprise that many americans have really felt the pain of the coping 1000 pandemic despite recent months of job growth and economic expansion there is still of a lot of room for recovery in fact recent data from the u.s. department of labor shows there are nearly 8000000 fewer americans employed than
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before the pandemic took hold in march of last year as stores were closed and consumer spending took a hit you would think those at the top of some of the biggest u.s. based companies were losing out as well but that's not the case cornett analysis from the wall street journal c.e.o.'s of more than $300.00 of the biggest public companies in the united states saw median pay reached $13800000.00 in 2020 up from $12800000.00 for the same firms and 2019 no pay rose for 206 of the $322.00 c.e.o.'s according to the journal's analysis the median increase was just under 15 percent we should note that while many c.e.o.'s gave up some or all of their salaries at the height of the pandemic salary generally only takes or makes up for about 10 percent of total compensation with most coming from equity awards and bonuses so for more on this let's bring in professor richard wolffe he's the host of economic day and author of the sickness is the system what capitalism fails to save us from pandemics or itself which is now available in e-book for former
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professor wolf i mean that book right there the. it tells us that you know pretty much all about this right here and i know we make this point so much on the show especially with you but as you look at this type of data coupled with the fact that the stock market is adding near record highs just how divorced is the corporate world from the real economy facing main street here in the united states. it's so divorced as you rightly say that me only the issue isn't anymore these numbers which come with the kind of relentless drumbeat driving home the growing inequality but the real question is how long the mass of the american people are going to tolerate this i mean you cannot have a starker example during the pandemic the last year march to march we had almost 60000006 all americans have to have some kind of unemployment for some it
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was only a couple of weeks for some it was the entire year and when you were employed you become burdensome you use up any savings you might have had you become the person who has to lean on family and friends and community at a time of great difficulty for them as well to know that this is happening to hear the leaders talk about we're all in this pandemic together and then to get the kinds of results you just reported it is an astonishing system that works this way and i think it will not be tolerated that much longer and professor wolf i want to bring up a specific situation at the department store macy's though this is more of the same but despite your points over the summer macy's and out that it would cut $3900.00 good restructuring efforts amid the pandemic while planning to close $125.00 stores over the next 3 years but meanwhile its c.e.o.
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saw compensation up 7.5 percent making $11100000.00 mostly from incentives i have i mean was the takeaway we see employees suffer while executives benefit. yeah i mean and you see it in another way if i could in you know elaborate a moment absolutely the business roundtable one of the most respected associations of c.e.o.'s in the country was asked and surveyed their their c.e.o.'s and they got a 98 percent result they were opposed 98 percent of them to president biden's proposal to raise the corporate rate of brought a tax on profit from 21 to 28 percent which i should note is only half way back to what it was 35 percent before trump dropped it so this modest half way back was too much for these corporations c.e.o.'s so please know they are crunching
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down on any effort to tax them to pay for infrastructure which will help them because it might tax them and at the same time they give themselves higher pay packages you're right it's a level of disconnection of the people at the top from everybody else that is in the history anyway a sign of a system reaching the end of the it's tolerability and professor walther this brings me to my next point greatly the commissioner of the i.r.s. actually told lawmakers in washington tuesday that between the years of $2112013.00 the average of unpaid taxes every year was at $441000000000.00 now there's a lot of reasons but saying some of this has to do with evasion by the wealthy and a large corporations who tend to park money offshore as a key factor there i mean this goes right along with what you're saying what do you make of this whole situation. well you know there's research from emanuel sigh as
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and everyone's up an end at u.c. berkeley it shows as well that numbers like the ones you just quoted are also hidden as a matter of course in tax havens the cayman islands luxembourg the stories go on and on if you add up the laws that they've changed what they're lobbyist so that they can take the doctrines and exemptions and the offshore hot and the high heating i mean yes to getting away with bloody murder paying taxes while they pay themselves bigger money and this thing is now you can't really point at this one or that one it's a systemic problem they're all with a few exceptions but they're all in this game they justify their increases by pointing to somebody else who got an increase and so you get this crazy disconnect professor richard wall post of economic update thank you so much for your insight today thank you. and finally trading card in collectible maker
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tops is getting into the world of non fungible tokens now the company will launch its 1st letter ever n.f.t. baseball card collection on the 20th of april the digital cards which have been approved by major league baseball are digitally enhanced and creatively reimagine from the physical cards that you would buy in a store with some even featuring cool little animations now the n.f.t. baseball cards will be available through the world 'd asset exchange or wax block chain and the m l b had previously tried to use the a theory in block chain for a game where users could buy and trade cartoon biohazard but that idea really never gained any traction this latest move comes amid increased interest in both the world event of keys and sports trading cards and collectibles and that's it for this time you can catch boom bust on demand on portable t.v. available on smartphones and tablets through google and the apple app store by searching for portable t.v. which you can also download it on newer model samsung smart t.v.'s and roku devices simply check it out portable dot tv next time
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a boom bust. the industry. is. all about making money making profits in some of the corporations international markets import export do you imagine the number of printing diseases. every time you leave it is not due to new viruses own new microbes that's not true so it is due to. the sea that not going to say yes' or that moment to sit with the mayor of this sort of most of those are really your security could only come in to see the way to the south the. if the so food industry is
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successful it will create more jobs it will create more value added it will create more so i don't see why we shouldn't also fight for the interest something into st cloud such that we are british and we want regulation i was in just a nice freedom behave.
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psychiatric drugs are essential for millions of patients rather they want that pill that they hope will take care of their problem thoroughly and rapidly in the short term they really work the problem is in the long term and mostly disastrous suddenly stopping a drug can cause withdrawal symptoms most serious than the condition it was meant to treat instead of the beneficial effects of these different medicines early up to something wonderful very often or for a fix it up to something terrible. trying to mitigate life itself i just think i was in like i was just scared i was a scared little girl i was 24 and like. i didn't have to be so complicated.
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like freeze dried water just add water. and then after that it's art just to have the art here's a telephone for $100000.00 all you need is the ark to go with it but you got the joke and just you don't have the artist at heart it's freeze dried are freeze dried box it's freeze dried. it's it's salt as if it's something in it. what it is of the says it is. russian follows washington will pay the price for harming relations between the $2.00 countries about suffer the u.s. and the expulsion of 10 russian diplomatic personnel while yet more sanctions are slapped all moscow for what the by the administration was elected meddling. coming up on the program this hour the french parliament passes a controversial security bill human rights groups fear it will threaten efforts to
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call it a lisa.

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