tv Boom Bust RT April 21, 2021 11:30pm-12:00am EDT
in question which we know. of newborn babies were torn from their mothers and given away and forced adoption only. to this day mothers still search for grown children while adults look in hope for their birth parents. and i knew neither one of the. ways of the food. bank itself mukti if i. was in this way got to talk so hard not to think of the mother disappeared this. day i was and i just thought that if. this is the only thing that we do is music because everybody fights his way. to. the floor you can feel the fee the economists will persuade
ministrations $2.00 trillion dollars spending plan because of the impact it could count on china will just got a lot tighter and is under pressure to take action on the north stream q pipeline but could it do more harm than good on a project that is already in your completion then then most of you leave it platform to accept that point providing even more access to the world's most popular crypto currency we have a lot to get to so let's get started. by an administration is fighting an uphill battle as it works to gain support from republicans for the proposed $2.00 trillion dollar economic plan but while that would make the government's infusion of capital into the u.s. economy $7.00 trillion dollars in just over one year some are claiming congress should support it because of the impact it could have on china the latest plan
would include $621000000000.00 for roads bridges public transit and electric vehicle development 580000000000 for manufacturing research and job training efforts 400000000000 to care for elderly and disabled americans 300000000000 for drinking water infrastructure broadband access and electric grids and 300000000000 for a ford. well housing and public schools now former treasury secretary jacob lew who served under the obama administration suggested the plan would help the u.s. compete with china's massive belt and road initiatives but while it may bring the u.s. up to speed in certain areas concerns still remain about the impact it will have would have on global inflation so joining me now to go further in depth on this topic is boom bust co-host christy i now christy let's start with this claim that biden's plans to bolster the u.s. economy could help the country to compete with china's belt and road and initiative
i mean is the u.s. really falling behind in certain areas here. well yes tynan's felton road initiative has gained a lot of traction in the last few years but at the same time the u.s. under former president trump actually retreated and became more isolated to the rest of the world stage so the us is still quite strong and a leader in many areas such as technology innovation and education but then in certain areas like climate change stay anthony blinken said that the u.s. is falling behind china in the race to seize opportunities created by climate change so one can actually warn that china's distinction as the largest producer and exporter of renewable energy technologies such as solar panels wind turbines batteries and holding a 3rd of renewable energy patents that threatens the state of the u.s. and these markets so this speech came ahead of president biden's virtually hosting 41 of the leaders this week probles summit on climate change and he warned that if the u.s.
doesn't catch up america will miss out on the change on the opportunity to shape the world's climate future and lose out on countless jobs for the american people now obviously lincoln apparently underscored the push by the administration to invest the 2 trillion dollars domestically into infrastructure and technology in a way to reduce the u.s. its own greenhouse gas emissions and also to become a leader and exports of such products and technologies to other countries and yes to made of that 2040 the world will face a $4.00 trillion dollars infrastructure gap in this area wow and it is interesting to see how even in those places where the u.s. is saying that they need to compete with china there's also a lot of criticism of china and everything that is doing so how is china responding to these escalating strategic competitions a bit saying with the u.s. . well prior to all of this the consensus in beijing was that the relationship between the u.s. and china would actually get better with the incoming administration but perhaps
that was a little too optimistic as now the new consensus is that the u.s. china relations will still remain rocky for the foreseeable future and the market counter that china appears to be pursuing a 3 pronged mean term strategy so 1st they want to continue maintaining a non hostile external environment and then focus on domestic priority meanwhile they will continue to reduce dependence on america and also continue to expand the reach of chinese influence over c. so in particular beijing has been allocating a huge amount of capital to push china down the path of technology in the so domestic development is now focused on things like semiconductors as we talked a lot about ai biotech aerospace etc and also faced with the prospect of being cut off or having curtailed access to american supply chains chinese leaders have also pushed to diversify their economic relationships with other nations and also to strengthen the sufficiency so china's rising living standards have fueled the
external demand for commodities as well as things like a lot of luxury goods and other sectors so this demand has made trading partners that specialize in these industries more dependent upon exports to china for future growth so in 2028 b.n. lot became china's number one trading partner with the e.u. moving to number 2 and the u.s. then falling down to 3rd place and also in 2020 china also became the largest recipient of foreign direct investment thereby displacing the u.s. from its role as the largest magnet for foreign capital wow that is really interesting to you especially when you see the ways in which china was kind of looking to see whether or not the binding ministration was going to do anything differently it doesn't look like they are in terms of sanctions at least now when it comes to this 2 trillion dollar infrastructure plan why is china so opposed to it. well there's this fear that the proposed 2 trillion dollar infrastructure program would cause inflation at home in the u.s.
that would then the export it so economists call this infrastructure bill to the lot of that it will put a normal pressure on emerging markets central banks to raise rates in order to avoid massive capital outflow of the u.s. its level of activity is likely to be quite high in the coming months as well so it actually may force the fed to taper sooner than many had originally expected and china is especially fearful of this proposal as a rent to trigger imported inflation so should u.s. interest rates rise as a result of the infusion of trillions and trillions of dollars other countries would also be forced to raise rates in order to mirror the of the u.s. but then should the fed keeps rates steady in the face of the play ssion that would lead to kapil sweeny in the other direction exiting the us and flooding into higher yielding emerging markets and this is something that really concerns china as they are ready and 2020 dealing with huge capital inflows and while this is a good thing in moderation beijing says that it was worried that the infrastructure
package allowed the fed's decision to keep interest rates low that would pump cash into the chinese economy creating a map that imported inflation problem and central bankers and other emerging markets such as brazil russia turkey they've already raised rates last month citing inflation concerns and analysts expect that inflation would rise more quickly than the fed is forecasting and it is in fact not transitory as they make it out to be so if the emerging markets can expect tougher times ahead and the u.s. dollar while they remain swiped strong in might even triggered the falls and other countries such as argentina brazil zambia all of which carry high dollar denominated debt and have very weak currencies even with all of that progress towards economic recovery there still as always is the concern of inflation globally not just here in the u.s. grain and side as always kristie i thank you so much for your time. the north stream to pipeline may be nearly 96 percent complete but president biden continues
to face pressure from both republicans and democrats to put a stop to the landmark project while the latest sanctions against russia covered a host of allegations they stop short of including the pipeline and although u.s. officials have threatened national gets their allies in europe over their involvement reports of also noted that biden is hesitant to saying ssion europe's top economies because the u.s. is relying on them to rally support in efforts to counter china raising questions about whether those harsh threats will ever turn into actions joining me now to discuss is professor richard wolfe host of economic update and author of the sicknesses the system all right professor we saw that the buying and ministration has no fear of imposing sanctions against russia especially one as over these broad claims of election interference but why do you think they chose not to take action over nordstrom to. well i think they're afraid of offending the europeans
for germany and other european countries the north stream project brings them an enormous important access to gas cheaper than any alternative that they could face therefore crucial to their economic presence and their future and frankly they don't like the united states telling them they should not do it they don't want to be dependent on high price guess they don't want to be told what to do if the feelings to listen to the pressures from the trumpet ministration and remember unlike the americans perhaps the europeans were really shocked by the support for mr trump's aggressive policies towards europe support not only in the republican party but in the democratic party and the party generally and they are not secure with the united states anymore and the power of the united states to
call the 2 loops is being shown them other places by them saying no we're not going to stop this project we've invested billions in it we need it and you're not going to tell us what to do it's a pretty blunt situation it really does seem that way and it's interesting to see it specifically how the biden ministration has responded because it seems like they want to set themselves apart from the trouble mr ation but then at the same time they also feel like they have to come out in opposition to this pipeline and you know it's interesting because in recent years we've seen how the u.s. has increased sanctions against both russia and china and yet at the same time both countries have used it as an opportunity to become more thoughtful efficient and to move away from the u.s. dollar should there be more concern here in washington right now about how this strategy could backfire in the long run. no question there should be but it is
equally certain that won't be long term policies are very difficult for people who are short term politicians nobody in washington who is now in a position of power knows whether he or she will be there after the next election or what conditions will govern what they can and cannot do and the rest of the world now understands this very very well so no one can count on what the long term effect looking tof this of in russia and china trumped in biden does it this is an old staple but because it's been used so often like other ploys it's less and less effective even here at home and even more declining in effect in the us around the rest of the world so this is the scene largely as political theater but the danger is real that the united states will go total so far as to
actually get involved in punishing other countries and to protect themselves they are now taking steps to become self-sufficient as you said but even more important and that's what the bell the road initiative is about to russia and china working together the world's largest economy by population together with the largest economy by geography appealing to the 3rd world that it may now be time not to go with the united states but at least to put your eggs in multiple baskets and thereby shift global power the united states is in very deep difficulty facing these situations and it looks often like we're striking out in desperation not making neither a short nor a long term strategic plan that's an excellent point as well now when it comes with of a. going to the nordstrom q we've seen germany stand by this pipeline do you think
this is a case where the u.s. is kind of losing its care or is germany looking at the u.s. and knowing that they are going to be needed the tool when it comes to confronting china or another world power like that i think great question i think you're seeing here what we used to call great power competition the kinds of things that put germany against britain in the united states and france before world war one countries trying to position so that their industries will succeed their competitors industries will be hampered this kind of maneuvering is frightening to me and to many who know it's tree because it so often ends up in warfare i'm very worried i don't think the europeans are naive they're noticing that their rising political economic power is china not the united states and they're also wondering
where they should maneuver whether they should choose between those 2 or whether become a 3rd power themselves and they're having that debate at home and they're not receptive to the kinds of pressure tactics of the past where they used to fold the minute in the event american president said something those days i think are over and we're seeing it around the nord stream pipeline and there certainly is a lot of stake care act 1.3 consider professor richard well thank you so much for your time. thank you. could facial recognition be the next technology coming to an airport near you it's an idea that's been considered for years with many privacy advocates warning against it but in the age of coded 19 the lack of contact it could provide is being seen as an advantage by a california city looking to get in on the latest technology archies natasha sui
has a story. less hassles is a better way of living so i think this will be an awesome procedure if it goes through and makes life easy for everybody the san francisco international airport and united airlines are teaming up and their program does just that it's offering a futuristic and fast check in at the airports the 1st in the u.s. the slow touch biometric unable to system is currently being tested on select a mastic flights passengers participating in the program link their driver's license to their facial scan at check in are able to drop off their bag go through security and even board with no paper trail those behind the trial say the system could make traveling safer during the pandemic this goes for both agents and passengers as last documents are being exchanged back and forth and then any other touch point on your journey we just take a quick photo it verifies your identity verifies that you have a boarding pass but the technology
a switzerland based company said is already being used at other international airports including athens and beijing a 1st in the u.s. citizens there focusing on domestic flights which reportedly makes up about 80 percent of the u.s. airline market siddhis is the technology offers more safety during the pandemic while cutting down long processing times at airports however there are privacy concerns with this system but according to state at the bow much information is stored locally at the airport and is automatically deleted after flights some say it's all about the convenience when i fly a great deal for business you know 150000 miles a year ago i do this pretty regularly anything that serves me a little bit of. or. clear i do all of those things artificial intelligence has come a long way it's still not perfect according to a study from u.c. davis artificial intelligence isn't reliable especially when it comes to people of color in davidson a u.c.
davis computer science professor says. the machine is not biased it has no moral compass it's just see more white faces in the data it was trained on before and so it's learned to associate that with normality davidson said adding more people of color to the data will enable machine learning but it may not solve the issue completely now if this trial is successful the technology could expand to other u.s. airports across the country the white house is pushing for the technology to be used at the 20 busiest airports in the u.s. reporting for boom bust and touches sweets are tea. time now for a quick break but when we come back benbow becomes the latest pop warm to accept backwashing giving even more access to the most popular cryptocurrency and what's the latest on the internet probation known as those point well those got that all met and as we go to break here are the numbers of the quote.
interesting week in the world as bit quaint has retreated from its all time highs a theory and has risen once again and the hottest krypto on the internet those coins didn't do as well on joe's day as investors had hoped so let's break it all down with co-host juan and jeffrey chucker editorial director of the american institute for economic research jeffrey let's start with you what happened with bitcoin and why has the price retreated from the all time highs by about $10000.00 . because those highs in riddick you know are ridiculously high so what you see actually is a kind of rallying around a certain price discovery in the hover temporary it happens to be the astronomical increases in decline over the last 6 months or just beyond belief i would have expected honestly based on my patients the crypto prices over the last 7 years that
i would have repeated a lot more but we're holding pretty firm now last i checked it was at $35.00 which is actually frankly unbelievable and if anybody had to have told me 6 months ago that we've been looking at these kind of prices i would just be completely amazed but we're going to continue to see this sort of price discovery go on i'm a more and more convinced that the that's the fundamentals of the crypto market of have changed to what they used to be ever more confidence investor confidence have more institutional backing there are more democratic participation in crypto and all that amounts to a firming up of the existing price and a place to higher prices in the future that's my estimate it really is crazy to think how much things have changed even just in the last 6 months and now ben we're now talking about venlo which is owned by pay pal it just announced a way to put crypto in the hands of everyone and it's more than 70000000 users what do we know about the venice strategy here. yeah the most strategy is essentially
how do we get more people to utilize our platform in order to purchase big coin like calling the ferry i'm big cash those are the ones that you can buy if you've been though you have to spend at least a dollar in order to do it but you could if you spend a dollar or more you can now purchase these digital assets a love that's a significant move all of the asli at times out with what just happened with coinbase the incredible value that went into coin base that spike in the price of the coin so we don't makes total sense you also have to look at what's happening and now we're going talk about those caught in the middle but so many new people buy into the crypto space right now and a lot of them do it through some kind of web based application whether it be coing based or robin hood now than most give people who you know what 70000000 people have it on their phones gives them an opportunity to purchase certain digital assets certain cryptocurrency is directly on that phone that's it's a pretty remarkable thing when it comes to moving forward kind of the spread of
currency across the culture yeah really is and it's making it even more mainstream now jeffrey i know there's a lot of excitement about cryptocurrency it but at the same time there's also a lot of talk that governments around the world will continue to ban crypto currencies but at the same time some analysts believe that policy then india china and nigeria are not actually as bad as they may think why is that. well and by the way the talk in washington about restricting the on ramps and off ramps of crypto and making them submit to this money laundering legislation is might be part of the reason for the slight pullback in price so yeah i mean this is always been kind of a i don't know what you call it the cuban seal of crypto who is that you know it's perfectly free and wonderful for everybody to use within that ecosystem but getting n. and getting out you have to deal with the regulators and this is the way that governments can make inroads into into the thing so we're seeing ever more governments you know
talk about this and there is of course is this deep the memory of the time when in the u.s. in particular f.d.r. got rid of gold and told everybody to turn it in it wasn't that successful but it was a mandate and people were prosecuted for it so you know governments do that krypto i would say the answer to that is no and the reason is that crypto is not like gold is not physical it does exist within the realm of the internet and you can't get rid of it any more than get rid of i mean it's true you can control some aspects of it but crypto is here to stay i mean that that ship has sailed and there's just no chance for bands and governments can try they can always try but in the end they're not going to be successful the power of it right there now ben we have to talk about doherty day so what internet posters claim was going to be a massive day for dos quine and when said the price possibly to
a dollar fell flat and instead the price of dough dropped by 30 percent what happened there yes 30 percent yesterday another 15 percent today look here's the problem with those coins there's nothing wrong with people buying into and have nothing wrong with the well being a part of it if you bought in last september or november you're looking at massive massive profits as a result of that all of that's great here. what happens in the crypto world though is that you get all these people who get from oh i missed out on this and so they start trying to come in all together and then all you need is a couple of people to push an idea like hey on this is what they did for 20 we're going to all push it to be doe's ringback day and we're going to raise the price to a dollar or 60 $0.09 and the problem is that when you jump into that you're going to get burned 3 wallets control more than 60 percent of the market at some point they're going to take profits and i think that's what happened while certainly a crazy day all around well great insight as always ben stein jeffrey tucker thank you both for your time. that's all for now we'll see her next time and as always
don't forget to question more. psychiatric drugs are essential for millions of patients. 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 they're mostly disastrous suddenly stopping a drug can cause withdrawal symptoms more serious than the condition it was meant to treat instead of the beneficial effects of these different medicines ending up to something wonderful very often fix it up to something terrible. trying to medicate life itself i just think i was in like i was just scared i was
a scared little girl i was 24 and like. the didn't have to be so complicated. i think that will be an interesting new chapter in all of this is that after all the jobs have been shipped to china the majority of american landlords will be chinese. most people will have lost their jobs from china. chipped
in probably from china and if they can afford a house someone in china. lattimer putin warns western nations against confrontation saying that moscow's response will be asymmetrical and hard if it's red lines are crossed. mass rape child murder and ongoing trauma a damning new report sheds more light on how france enabled the foreseeable genocide of hundreds of thousands of one in 1904 also. clashes brake.