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tv   Cross Talk  RT  May 4, 2021 8:30pm-9:00pm EDT

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i. this is boom bust still in business show you can't afford to mess time rachel love engine washington coming out china and russia are the hot topics as the group of 7 meets in london so how will the tough words impact the little tensions moving forward blood boil prices rally and new hope for economic recovery in the u.s. and europe but will it be enough to offset the crisis hitting india and brazil. outpolled faces off against fortnight maker absent games in court and a battle over antitrust violations with billions of dollars at stake we have a lot to get to so let's get started. leaders from the 7 most industrialized nations in the world are meeting in london this week to discuss global threats the
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increasing power of china and continued calls to isolate russia speaking at the 1st in person g. 7 meeting since 2019 secretary of state tony blinken said the goal is to balance countering the latest challenges without trying to contain beijing or to escalate tensions with moscow. we are focused. very much on russia's actions and what course it chooses to take. president biden's been very clear for a long time including before he was president that if russia chooses to act recklessly or aggressively we'll respond it is not our purpose to try to contain china or to hold china down what we are trying to do is to uphold the international rules based order that our countries have invested so much in over so many decades to the benefit i would argue not just of our own citizens but of people around the
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world including by the way china. joining me now to discuss is burma's co-host and investigative journalist ben swan now ben let's start with the issue of how the group of 7 plans to deal with the rise and growth of china why do we know so far. yeah it's kind of interesting because as you heard there the end of the lincoln the secretary of state is really trying to kind of play both sides of this right he was to come off as strong as president biden has attempted to do the same thing strong on china but at the same time they don't want to upset china who they cause problems with china certainly problems in terms of trade or international or economic relations so they're kind of playing this carefully so on one side you're saying to europe and to these other g 7 countries the kind of the theme of their talks of china are the west is not over yet to or the west is not done yet and that's kind of the thing that they're using say on silly to me to say that they have a theme but i guess that's the thing they're using and the idea here is that hey
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look it would be able the west still has a lot going for it we're still strong the problem is that none of these countries is doing anything rachel to actually decouple their dependency on china they still need chinese products for just about everything their economies are entirely dependent on china and increasingly in the world is becoming dependent on china building out infrastructure on the continent of africa on the cut in the south america island nations so that's and that's now starting to happen in europe as well so as a result of all of that is the these g 7 countries actually able to stand up and kind of say china we're not done i think we are kind of done unless we dramatically change the trajectory of where these countries are headed yeah that's an excellent point especially when they seem to be saying one thing but then of course doing another thing now this summit is especially interesting because as we saw on the tuesday morning session for the g 7 was focused on china by the afternoon session was planned to be all about russia why did the main issue is expected to be covered
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here. yeah you got so china in the morning and now russia in the afternoon in the go home of the russian talks is let's face it i mean they pretend it's about a lot of different things you know the 2016 interference in the election which of course we all know is nonsense the whole russia gate conspiracy continues to be a trope that's kind of brought out the truth is it really all comes down to ukraine that's what this discussion is about they're talking about how do they keep russia from being aggressive with ukraine having a military buildup on the border with ukraine and they're trying to make the the very strong stance that the united states stands with ukraine as you know you know the goal has been to to really prop of ukraine since these color revolutions that have taken place there and the goal of course of the united states has been to utilize ukraine for a lot of different purposes and so they see ukraine as kind of the way of interfering with russia in a way that says well as long as the russians don't cause problems here we want to have normal relations with the but do you really because you have you know as i
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mentioned these color revolutions going on in ukraine for the last 2 years that has been the source of a lot of controversy. saying one thing and doing another thing ok now you may seen a little bit strange to our viewers but with all that is going on in the world right now why would an entire day of the g. senate and the g. 7 summit rather be spent talking to other world leaders about 2 countries who are not at war with anyone. well that's yeah that's a really good point right which is that the entire day was devoted to let's all talk about the cool kids in the class or maybe the troublesome kids and i'm not even sure what how they how they define them other than maybe the kids in the class that don't follow the rest of us right and so how do we try to get them in line i think that's a lot of what this talk is about it's how do we influence as a bloc as a group in order to force china and russia to kind of fall back into line with the united states at the head of the table the problem is china and russia are not
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going to do that they are working every single day along with other countries like brazil and india and south africa to decouple themselves from the united states to detach from the u.s. dollar as the world's reserve currency to move away from u.s. sanctions that are used to club and beat other countries over the head around the world and so that's all part of the chinese strategy it's all part of the russian strategy china and russia are not necessarily allies but they certainly have the same point of view when it comes to these western powers like the united states and so i think it's kind of self-serving to say we're devoting the entire day to try to get these 2 countries back in line i don't think that's going to happen and definitely a lot of political posturing going on in london today then fine thank you for your time and insight on this one. thank you. oil prices hit a 7 week high as the hope for economic recovery increases among the world's top will consumers the u.s. and china and restrictions are lifted but concerns still remain as india faces
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a continuing crisis and opec plus plans to pull back on production cuts so joining me now to discuss the latest are boom bust. and david mckelvey any mcelhaney financial group david let's start with you or oil futures in new york gain as much as 2 point one percent on tuesday reaching the highest intraday level since mid march is the demand recovery getting ahead of itself considering the weakness we're still seeing in parts of asia india and brazil. there's an element beyond supply and demand and in use here i think speculation is afoot and it's likely focused on inflation so here's my case investors judge both micro and macro concerns and speculation can fall into either of those categories micro aspects tie through the supply and demand fundamentals are always important but there's also the macroeconomic considerations and it would appear judging by the synchronicity of the moves higher in soft commodities and just real commodities oil silver also
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thinking of the all time high set an iron ore and copper last week that speculation on an inflationary surprise is in motion and oil is to some degree and that yellen suggested this week that rates may need to go higher because the on the economy is quote unquote running too hot and i think we need to translate that economic growth is not something the central bankers object to but too much inflation is raising interest rates helps curve the inflation issue and that's where i think you see there a bit trap so speculation on higher oil prices includes a microanalysis but i think we're also getting a bump from higher concerns on inflation yeah a lot of hope for recovery but still lot of moving parts there now kristie despite that gain an oil and the solid earnings by saudi aramco it is reportedly still planning on selling its assets why is that. well saudi aramco has highlighted that it plans to navigate the ongoing uncertainty by utilizing its balance sheet as
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cited as 2020 being one of the most difficult to operate in so essentially it plans on diversify some of its very rich and heavy oil assets the company has fly significant asked sales over the past few months most recently in an announcement by crown prince mohamed meant to sell one per cent of iran go to a leading global energy company now iran co has been in talks to raise cash from other asset sales as well including spinning out their pipeline units so by doing this the oil giant hopes to reduce dividends paid to the government and then to continue diversifying its economy so it's less oil reliant remco it's doing essentially is strategically supporting the saudi economy and the crown prince has been quite vague about the sale so far but it could possibly go to a chinese or indian and in order to increase its access to a foreign market that the $75000000000.00 in annual dividend will actually stay in place until 2023 but may also be be retargeted towards more domestic and that's
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that's later on now saudi aramco has been very supportive of the newly launched sure we don't mess to partnership in the ship programs which will then enable it to be the best in the new south the private sector with about $1.00 trillion $1.23. so they're looking at their own profit specifically there now when it comes to the us david we've talked a lot about inflation and that has been boosting up commodity prices but now it looks like manufacturers are facing shortages as the growing demand for housing cars electronics and other goods run up against supply chain congestion what is happening and is this the beginning of an inflation cycle. supply chain congestion is a contributing factor to particular prices you've had to draw down in inventories slower production in 2020 which was a part of that but there's other inflationary components that get factored in as well shipping cost just being $1.00 example shipping container going back to china was $1500.00 a year ago it's $4000.00 today gasoline is
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a lot higher this year from a year ago this time last year and again those things get passed on to consumers what makes inflation trends either transitory or long term are 2 things one policies which entrenched the trend and i think our current debt to g.d.p. figures would argue for inflationary policies which help alleviate the pressure of that debt the 2nd thing is that consumers begin to respond and they respond with behaviors which are self reinforcing to the inflation trend so if consumers think that inflation is coming they jeans are consumption patterns they accelerate purchases and they put pressures on supplies even further and that ultimately contributes to an increase in costs as well so this is this is i think what we have in motion today we we we will see inflation play out again the federal reserve says it's transitory it's here today it will be gone tomorrow i
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think what we're seeing is. what i described by the average consumer saying no i don't think it is and they're beginning to buy so yes we see supply chains as well what's difficult here is you can't shut down inflation in the traditional way that you would raising rates in this environment is very dangerous we have one of the biggest bubbles in the history of the financial markets in the bond market and you can't raise rates that much as we give you one example if you raise rates let's say to normalize to 3 and a half percent here in the united states. government bond. just that debt we owe the u.s. government owes you'd be talking about a trillion dollars in interest only which would be the equivalent of say 20 percent of our children budget in its rates were to go any higher than say 3 and a half percent you're talking about a very very challenging financial circumstance both for the u.s.
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government but also for corporations so if we see inflation stay there's nothing you can do decide that they don't have the tool set definitely a lot at stake there especially when it comes to the messaging now kristie before we go i want to bring in opec and their share of india's oil imports which fell to the lowest point in at least 2 decades as purchases fell to a 6 year low what's happening there well and now has bought more u.s. and canadian oil at the expense of that of africa and the middle east which produce purchases from opec nations to about $2860000.00 barrels per day so it seems like and is refined i was there diverse the kind of purchases to gross margin and after spending a decade investing in capping their plans to process cheaper tougher crew grades and i guess to reap the benefits so now they can refine heavy sour canadian sands oil rather than being purely reliant on the light sweet crude and also india is the 3rd largest crude importer and consumer they plan to scale further it's imports from us and africa on saudi arabia's decision to raise the official oil selling
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price of shipments to asia in may and the action by saudi was largely conceived as a retaliation to india's plans to cut whose exports on here so the modi government has asked them to increase crude production as it will reduce the demand and lower prices india has complained heavily earlier in the year saying that high crude prices have been hurting the developing country especially in the economic recovery from coma 19 however so far saudi has been called on the format it's excellent points to consider here kristie i david mcelwain e thank you both for your time. thank you. time now for a quick break but when we come back fortnight creator at big games takes apple the court adding to the continued campaign accusing the tech giant of antitrust violations well discuss next and as we go to break here are the numbers out the flow.
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why in the world as you think this is a positive idea for the united states. well i think you will play you exactly the role of a good journalist or to tell them why they had to have been in this exact moment there's all ready so much instability within the middle east that this is probably just one of the many voices on television right now that have ties to those the benefit from going forward thanks. i'd like one of the hosts asked that question with yes and then actually listens to the yes answer and
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then react to that answer a folks dennis miller here i've got a new show. those in command of toxic systems designed to keep us confused distracted and afraid are no match for an awakened mind they lie you win the war they lie you and they tell you what they think they're watching are you watching they are watching. watching on board a bill to be. called the future we don't know something. everyone in the world should experience flu and you'll get it on the old the old. the old according to jess.
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welcome our world come along. to. our culture is awash in lots dominated by streams of never ending electronic hallucinations that emerged fiction until they are indistinguishable we have become the most elusive society on earth politics as a species of endless and needless political theater politicians have morphed into celebrity are 2 ruling parties are in reality one party to corporate and those who attempt to puncture this vast breathless universe of to make news designed to push through the cruelty and exploitation of the neoliberal tore up for so far to the margins of society including by a public broadcasting system that has sold its soul for corporate money that we
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might as well be mice squeaking against an avalanche of sweet we must. pfizer is moving ahead with plans to file for full f.d.a. approval of its covert vaccine which would give the drug maker the freedom to market the shot directly to consumers meanwhile the f.d.a. is also deciding whether to approve the vaccine for children and many parents are not on board archies train a child that has the latest including another group of americans opting out of the vaccine. today vaccinations for teens and children on the horizon the u.s. food and drug administration set to authorize emergency use of the pfizer vaccine
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for analyzed ages 12 to 15 as early as next week a move that would make some middle and all high schoolers eligible to get vaccinated in the u.s. something experts say would be a big step in raising immunity levels across the country pfizer recently announcing the trial results showing the vaccine is highly effective for that age group possibly even more than for adults according to pfizer at the end of march a clinical trial involving 226012 to 15 year olds showed 100 percent efficacy and is well tolerated the f.d.a. now reviewing that data if it's approved the centers for disease control and prevention would hold an emergency meeting and issue recommendations the announcement comes as health officials are worried vaccine hesitancy could make reaching herd immunity in the u.s. difficult if not impossible there are concerns now amplified as new data indicates children in this country represent 22 percent of new cases reported in this past week alone according to the c.d.c. the average number of covert 1000 vaccines given per day in the u.s.
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the 27 percent from a high of 3260000 on april 11th to 2370000 last tuesday a shocking report by the washington post found that the number of police officers getting vaccinated is lower or about the same as the general public in las vegas 39 percent of the employed police officers in the metropolitan police department have received at least one dose compared to the more than 50 percent of eligible adults nationwide meantime in atlanta 36 percent of sworn officers have been vaccinated while ohio's largest police force the columbus division a mere 28 percent of those employed reported receiving a shot and despite a massive effort by the pentagon to promote safety and efficacy of covert $1000.00 maxine's the u.s. military's opt out rate is about 33 percent while nearly 40 percent of u.s. marines. are declining covert vaccinations reporting in new york trinity chavez r.t. . the battle is on epic games is now facing off against apple in court
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months after its viral game fortnight was removed from the app store while apple argues that epic of its policies in the name of increasing its profits epic is arguing that this case is about holding our people accountable for a long history of antitrust violations but a game developer argued in court that apple has brick by brick built its app store into a wall of the garden meant to extract fees from developers who want access to apple's 1000000000 i phone users so joining me now to go further in depth on this topic eleanor talks professor of law at the new york university school of law now professor epic games is launching a truly unprecedented challenge against al gore right now what do you see as the company's overall goal with this lawsuit. thanks and i just want to say a disclaimer at the start which i've done some work at that until i see the
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goal is. to get fair access to apple's operating system it's not even asking for damages it's simply asking for an injunction so it once will to change its behavior to let it get. to give it a fair name and system or let use it then came in system where the premium changes that would be important. yes surely is the case were watching games take on a massive tech giant here and when we're looking at apple it accounts for around 27 percent of the smartphone market and for developers the only way to get their product on an i phone is of course to go through the app store now apple's or sponsor criticism over the required use of its purchase system along with the charge of a 30 percent commission has been to say that's the price you pay for the security and the pristine being part of the apple community so how are those claims viewed
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in an antitrust case. it's really interesting how they're viewed in the united states. the united states and translocated it's not it's illegal to charge too high a price and $1.00 of the things that will say is that what is complaining about so i think is claiming apple's strategies and $100.00 or and competitive and this is the walled garden not letting poor. and of course is that pushes up or allows apple to charge this 30 percent c yeah and it's been interesting to see how about it has approached this case because there shadi has been she used past messages from all employees to argue that it was the tech giants goal to become a monopoly and that it has use in anti-competitive practices but then apple says
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that those in for in this case to establish whether or not apple is guilty of those accusations. right so the documents documents can be very incriminating that they're not the whole story and you suggest there has to be other evidence so as to be other evidence so watch 2 points one is there has to be evidence that apple has monopoly power and 2nd is there has to be evidence that what apple is doing is and a competitive practice so for evidence that it's a monopoly what epic wants to show is that consumers have no good alternative and what they're going to show is once people are on the system they want to be able to access the. right from apple they don't want to have to go to another source it don't want to go to a console it's not a good alternative so what epochal be saying there's no good alternative except to
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go through apple and that apple really does have monopoly power and they will say the fact that apple can charge the 30 percent premium shows that apple has monopoly power and we're saying we're under the 2nd part about what is that competitive and i'll just say one thing here which is the us and tech trust law doesn't make it too easy for epic because under us that they trust a lot a lot of slack is given to a firm that makes a system to use it the way it wants to and they simply says it doesn't have a duty to do to deal with it buyers of suppliers are to be kind of the buyer of the suppliers so this can look very unfair it is very unfair and whether it crossed the line and it's called an anti-competitive act it's another thing that just ethics prepared to prove it but it's not just really is yeah ok
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we've got about 20 seconds here before we go i just want to ask you do you think that we will continue to see cases like this being brought against alcoa when it comes it is antitrust accusations. i think we will and we're seeing them all over the world and all over the rest of the world the easier to prove claims and so apple might just have to fall into line because you and other and forces around the world certainly will continue to follow this case closely professor eleanor fox thank you so much for your time and for your insight today. thank you at region. that's all for now he can catch us on demand by downloading the portable t.v. out for your apple or android device was here next time and as always don't forget to question more.
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i'm holland cook i invite you to climb with me above the main stream media empire and from that higher fan to each to glimpse the big picture question more. thank you for finally changing. your stand your tired networks learn new. ready. incidentally. as they are. no matter what. you know me 'd i'm famous for my views. and they need. yours truly scottie nell
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'd 'd. i think the average viewer just after watching a couple of segments understands that we're telling stories that are critics can't tell me you know why because their advertisers won't let them. in order to create change you have to be honest you have to tell the truth arts he's able to do that every story is built on going after the back story to what's really happening out there so the american public what's happening when a corporation makes a pharmaceutical that chills people when a company in the environmental business ends up polluting a river that causes chancer and other illnesses they put all the health risk all the dangers out to the american public those are stories that we tell every week and you know what they're working. on.
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it folks welcome to dennis miller plus one next up. you know or from vanderpump rules lot of luck can't just had a baby so we hope wishing to answer some questions of she's not in some sort of midday rem cycle because i'm sure she's been. secured a new book of essays called good law and indeed we will right up to the sun dennis miller plus what. hey folks welcome to dennis miller plus one and we're joined today by la la can't you of course know her she's an actress reality television star author of an essay by.


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