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tv   Boom Bust  RT  July 28, 2021 1:30pm-2:01pm EDT

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i've worked for years 5 years in this case, frustrated by the code. so i think we have to cut people a bit slack, you know. alright joe, i'm before i, before i close out this lovely panel discussion, are you afraid perhaps that non sport issues or political ones in particular for example could, could become main talking points in the future olympics? no, i'm not worried. i think it's, like i said, i think is a great opportunity. we've seen so many changes already and i'm not worried. i still feel like eventually it will kind of not 5 down, but we will respect respect. but for now i'm happy. and alice, over to you, your comment on that. it's a different hill in picks. let's put it that way. it's an a everyone watching on tv and we're watching, you know, 68000 feet a stadium with every seat vacant. i can't pretend them enjoying it as much as i do . other olympics i have to say, but you know, sports is to be enjoyed by everyone. and i suppose we have to content selves with
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the fact that millions of viewers watching a tv all over the world. i marco over to your final closing statement on the olympics. as you think political connotations and virtual thinking, perhaps according to some might, might take center stage in future olympics. and should that be a concern when it should be confirmed? because we don't want to be just a vehicle for the latest 5 that comes along. the lympics should represent social moles as they changed, but in eastern preventive own century old brand needs to keep, continue to keep that wow, fight. so that we have when we see the olympics of it with their own specific procedures and, and, and habits and ways. and that's the beauty of the olympics. that's what we want to save. we don't want to make it too temporary to transient. and just this waveform, insane them or into medical affairs, come with it, marco gothic a, social activist, joanna, bon morales, and as possible. professor of sociology had after university. all 3 of you, a great privilege, really enjoyed it. thanks for joining us there on our team to national thank you
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and to thank you for joining us as well. bear in mind any stories you think your best to check them out at our teeth. in the meantime, we're back soon with all the join me every 1st on the alex simon show. and i'll be speaking to guess in the world, the politics sport. business. i'm show business. i'll see you then me the the, the, the, the, the
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this is bus one business, so you can't afford to mit branch a board. and i'm rachel blevins in washington. coming up has a cdc take the step back on lifting restrictions, summer warnings, the u. s. could see locked down once again. we'll take a look at how the rise in co cases is impacting the ongoing recovery. was the federal reserve need to debate when and how they should address changing their policy. but is it a little too late as inflation continues before, then the bitcoin has fallen after amazon response. he reports that the e commerce giant was ready to accept the world's most popular crypto currency for payment will fill you in on all the details, facts. so today i write it and we leave the program with the possible economic impact of rising coban, 1900 delta, very cases with the united states. seeing a search in the moving average of daily cases over the last week, canada,
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that bank of america believe this could cause a, quote, sharp pullback in services spending. in the report published on friday, the economists worry that amid the latest wave areas may be forced to reinstitute restrictions which were recently relaxed, this would take a major toll on the leisure and hospitality factor which has continued to see job gains in recent months. and it's not just be of a for that matter. goldman sachs economists, ronnie walker sent a note to clients on monday, sharing the same concerns. cutting the banks forecast for economic growth in the 3rd and 4th quarter of this year by one percent to 8.5 percent and 5 percent year over year respectively. so we'll get to the economic issues caused by the latest wave momentarily. but 1st, let's take a look at the surge in cases of the delta barrier and the state of the global vaccine roll out with dr. japanese, in fact, the specialist at the vanderbilt university medical center. dr. shafter. thank you so much for coming on now. we haven't had you on since the delta barrier cause the
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surge in many countries, even becoming the dominant variance in many parts of the world. we keep hearing how it's more contagious, but less deadly. how does this differ from the cove is drain that we saw over those last 18 months, or at least at the onset of the pandemic? what do we need to know there? well, friend, the, the original strain was terribly contagious. the current strain is even more so, you know, when you get infected with this, with this delta variance, it produces much more virus in your throat, up to a 1000 times more. so when you exhale, you put out much more virus into the environment that makes it much more contagious . you're much more likely to spread it to other people, and it's running through the country. hits the dominant strain today across the country. now let's talk for a moment about vaccine distribution. we know that the i m. s held its world economic outlook update on tuesday, and the agencies chief economist had this to say about vaccine distribution
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worldwide. main, highly equitable access to vaccines. there have been about 3 and a half 1000000000 shots, and i'm so far, but most of them have gone to a few countries. and you have many low income countries and developing countries will even help workers haven't been fully vaccinated. now, dr. schaffner, when we're talking about this ongoing inequality, how big of an issue is this for dealing with a highly contagious strain of coded? well, it's clearly a major issue and it is one that causes many people, myself included, great pain, not only for humanitarian reasons, but also for self interest. you know, we are dealing with a pandemic. that means it's a global epidemic. and these variance that may in the future evade our vaccines, can crop up anywhere. and the distance from there to here is very, very brief. so,
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actually, we want to control this outbreak this pandemic everywhere in order to feel safer at home also. so we need to work even more collaboratively with countries around the world to get them vaccinated while we're continuing to struggle to vaccinate our own people. and now i want to continue on with kind of some news that's happening tuesday here in the united states. the centers for disease control and prevention have updated their guidance to call for fully back their people to begin wearing masks indoors again in places with high transmission rate. what exactly does this mean? i mean, obviously we know that means you have to wear masking for places, but are we at risk of going back to restrictions? we thought throughout the early stages of the pandemic. what concerns are they seeing that's actually making this happen? well, but what's happening is that they are seeing the virus. this delta vary and be so contagious. it's causing an increase in cases across the country,
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not everywhere exactly the same, but there's an increase all over the country with result increase in hospitalizations. and they would like to curb this, so one of the things that they're doing is recommending that local health authorities, if they see cases really rising up, they have the permission with the backing of the cdc to institute more local restrictions so that even vaccinated people when they go indoors these more high risk areas, everybody should wear a mask to prevent transmission and dr. shafter quickly because i was want to follow up on that as well as i mean, are we at risk of seeing the, the heavy restrictions come back or is it, is it maybe a situation where now we've learned a little bit how to deal with a highly contagious strain, whether that is masks reinstating social distance thing, but you know,
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we are an economic show, so not having to shut down the economy the way we did last spring print. i don't think anybody will want or would really accept shutting down the economy as seriously as we had to do last spring. so this is a step back, but it's a step forward in the sense that we are trying to get ahead of this virus by vaccination. and these other things, if we're concerned about further restrictions across the country, we need to look to our neighbors and friends who are not get vaccinated. it's in that population that this virus is being transmitted very, very aggressively. we need to get more people to exit needed across the country just as quickly as we can now on that topic of getting people vaccinated. we're also hearing a lot of talk about vaccine booster shots. is that something that we're likely to see? and is that kind of the case where people would mix different brands of vaccines or how do you think that will play out well down the road?
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for sure. it's likely that will lead a booster in the near term. not so much because 1st of all, our protection that we get from the vaccines is continuing 9 months to a year. it looks very solid and we still haven't had, fortunately, a variant that evades the protection of our vaccines. those would be the 2 major criteria for boosters and down the road. sure. i think we'll be able to mix and match. we need to get some more data before we can say that with assurance. but the need for boosters that's down the road. the need to get people to get their 1st dose. that's job one right now. dr. william shafter of the vanderbilt university medical center. thank you so much for joining us today and, and bringing a little clarity to the topic. thanks for in front of the state of the global recovery to the progress being made here in the us. the federal reserve is meeting
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this week to discuss when and how they should pull back on their pandemic policies . with some official saying it's still too soon. won't others warn? it's already too late. but while chairman powell continues to claim that skyrocketing prices won't be around for long, the i m f is now warning that may not be the case saying that central banks may need to take action sooner than expected. in the case of monetary policy, central banks should avoid prematurely tightening policies when faced with transitory inflation, pressures pressures which should be more prepared to move quickly if inflation expectation show signs of viagra. so what does that warning mean for the u. s. central bank and we'll the fed deliver any surprise move this week. joining us now . this is danielle dean martino, booth c o of quote intelligence. now, danielle, we continue to hear more of the same, but i mean, it's
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a new month. so what can we expect from the fed, and do you think that there will be any surprises this week? i think that the fed is going to, to lean on this latest. this is latest variant of the virus and the potential that it has to slow the economy as a reason to say that it is still having discussions about when it's going to start reducing the pace of its purchases. but they're not there. they're not at the place quite yet to where they're going to make an announcement as to when that might begin. we're looking for that probably more realistically to occur at the end of august with the jackson hole symposium when when, when chair paul speaks. and daniel, it seems that the fed is basically as admitted a recently, that they are divided on a timeline for monetary policy. but, you know, as you just mentioned, we're seeing these increased cobra. 1900 cases specifically of the delta variant rising and talks of restrictions being increased once again as we just mentioned.
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how does that come into play when inflation is at its peak as well? well, it makes for a very toxic bruce, since you asked the question. we're talking about stagflation here in the potential 1st declaration. you know, i don't think most us households are quite aware of the fact that we're kind of the honeymoon is over when it comes to stimulus. check 1.0, stimulus check 2.0. stimulus check 3.2. there is no 4.0. there is no encore coming, and in fact today, cox out of automotive, came out and said that they anticipate that july car sales will be down for a 3rd straight month. and we're, and at the same time we're seeing rental inflation. co star came out with data today in the 3rd quarter rental inflations running at 9 percent and mid tier properties, luxury apartment, rental inflations, running at 12 percent blistering pace. and this morning we heard from case chillers that home prices in united states are running at 17 percent over the prior 12 months. this takes out the peak of the prior housing bubble that we saw years ago.
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so the fed has a real issue want to hand if it's going to see slowing economic growth. but at the same time, a sticky kind of inflation in housing, which is a 3rd to 40 percent of your average us household budget. that's a stack place neary brew and it will be very problematic for policymakers. wow. now speaking of that honeymoon being over, what about housing markets? i mean, home prices were up by record 16.6 percent in may and with the federal ban on eviction coming to an end this week. are we likely to see the pull back on his purchase of mortgage backed securities? well, i think that that is certainly the way that the script would read if the fed was make a little bit more rational about housing and the effect that monetary policy is having on housing with do it, do deference to people who say that that the, the mortgage backed securities, quantitative easing is not having an effect. a record number of homes have been sold to investors in the past in the past quarter. and that compares to again
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the housing bubble peaks that we saw. these investors are buying homes with all cash, but they're using the feds easy money, policies to finance themselves and lever up again. fed policy is doing very direct damage to the housing market and the most direct way that they could try and staunch this is to take their purchases of mortgage backed securities. the biggest risk is the markets are addicted to liquidity. they want $120000000000.00 every month. they don't want the fed to taper anything. and that is the needle that j. powell is going to have to try and thread at tomorrow's f. m. seed press conference . so absolute, if you're selling houses, if you are a bank lending on mortgages, of course you want them to keep pumping that money in. so people keep coming in. they keep buying, they keep pushing those prices up. everybody in the housing industry for the most part, winds, except for of course, the buyer. danielle, now i want to talk about this because this goes along with that. you know,
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obviously there's a concern that if policy has the wrong thing or the fed act to abruptly, it's going to have a drastic impact on the market. but when we continue to see record high after record high, isn't that vol inevitable at some point? and i mean, who, you know, it's going to happen, the markets will eventually have to correct. we know this. but why is it the federal responsibility to even continue to prop up markets with all of this? no, it never has been the fed responsibility to act as a back stop to speculation, to act as a backstop to the stock market. in fact, that's exactly what j powell said initially in his term, when he was trying to normalize monetary policy and failed to do so. and at that moment we all knew, oh my gosh, the markets are addicted in the fed can never take their foot off of the accelerator. they can't even tap on the brakes. and that is a real dilemma for, for fed policymakers. i, i don't envy them, but at the same time, this is the dilemma of their own making. this is
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a dilemma made by fed policy in the 1st place. and you have to say to yourself, at some point, is there going to be a balance, or are we going to just continue stoking financial instability that is going to make the eventual downturn that much more disruptive to the real economy in video before we go, i have about 30 seconds left for this last answer, but i do have one last question. you better drill power to turn it up in february. there's a lot of talk that biden will likely re nominate him for another term. is that the right loop and we talk about all these issues you know, whether it's the right move or not as a moot point, because genic yellen has put her weight behind reappointing j. powell because she wants to make sure that there's continuity in policy. you know, to me, at least because of the magnitude of the financial bubble that we're staring at today. i would say that it's time for a change of leadership. but my opinions not going to count very much divided ministration is already on board with treasury secretary yellen green inside as always. danielle dean martino. bu thank you so much for your time today. thank you
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. and time now for a quick break, but when we come back, amazon has responded to report that it will accept big coin and other crypto currency as payment. we'll take a look at how the response is affecting prices. that's going to break. here are the numbers that the quote, the me ah the ah
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ah, me the welcome back a day after we told you about a report that amazon is planning to begin excepting bitcoin and possibly 7 other crypto currencies in the near future. the e commerce job has now officially denied that report, an amazon spokesperson put out this statement. notwithstanding our interest in the space, the speculation that has ensued around our specific plan for crypt currencies is not true. we remain focused on exploring what this could look like for customer shopping on amazon. that denial was enough to halt and even reverse bitcoin. big
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rally over the past day, the crypto currencies largest in 6 weeks joining the dog, disgusted blue bus, co host, ben swan, and christy christy. i want to start with you on this. so amazon says it's not true, but the report was not just based on an insider, it was also based on job postings at amazon for a digital currency and block chain lead. so what does that tell us? well, i think amazon is denying it, but not fully denied, maintaining that they still have interest in the base. so i do think that they mean by that is they're denying the fact that the, like the report said yesterday that they were imminently. as soon as next year, we'll be starting to accept big coin and potentially their own coin. so i don't think that is true. i think that is a very fast rollout schedule for amazon. so i believe that in their denial, they're saying that the timing is uncertain here because the job posting that is a very, very legitimate reason that animals on looking at it. because as you know,
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they're taking, they're taking a page on facebook page paper playbook because i'm facebook came out the libra association. they drummed up all this hype only to have the entire project. basically be dead on arrival. so amazon doesn't want to repeat of that. and so the potential job post day, the hiring of someone as a block chain lead that will, that would potentially lead up to potentially an amazon coin or maybe even accepting bitcoin on their marketplace. but i do think that they will need to take a step back and do a lot more due diligence and actually figure out how they're going to approach it from a regulatory point of view. rather than be just another complete flop like facebook flood. now been what's your take on this? do you believe that amazon is not truly planning to accept that coin or are they focus instead on their own digital currency? i think the 2nd one is the most likely scenario. i think it's most likely that amazon is looking to do it, and i think they probably will, by the way, accept a point in the future. i think they will accept that theory and some of these others. but i think their ultimate plan is to create their own token,
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and we talked a little bit about this yesterday, something i want to clarify. so as long as amazon create a token is traded only on a platform and does not leave the platform. i mean, chris, the referred to alley bob's alley bucks yesterday. so same type of thing, right? as long as it remains on the platform, amazon can do that, right? because it's just the token is not treated as currency as soon as it leaves the platform. it moves to an extra, to re trading outside of the platform, then it starts to become a currency and then you have all kinds of regulators getting involved and all kinds of regulation you have to deal with. so i think it's much more like what amazon will do with, except on some level, some form of crypto currency payment. but i think they're much less interested in that. and they are in having a tokenize system where there are digital dollars only within their ecosystem that you can purchase and that have value there so that it encourages users to be there and to stay there. and. and by the way, one other important point here we talked about yesterday as well. amazon is
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a company that has many, many shareholders who care about what they're doing and how the company moving forward. and they're not going to get excited. that the idea if the fcc is getting of all the any things they're doing or if the ceo has to go be called a photo congress to tell them they're not gonna like any of that. yeah, what's interesting is one of the biggest things amazon was criticized about was learning from other merchants on their platforms. so it'll really be interesting to see if they tried to use other crypto currencies to then learn for their own amazon token. now kristi, looking through another story back in february, we reported that tesla bought $1500000000.00 worth of coin and the company's new quarterly report. tesla said that a $23000000.00 bitcoin related impairment caused some drug on his quarterly operating income. what do we know about that? well, it was impairment simply meaning that has doesn't report like many of the other tech companies in which they mark to market their assets. so this means that tests
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will only report losses or gains once they've actually been realized. meaning it's sold or divested it's bitcoin and as we know of so far, it's only sold about 10 percent of the brick when holding back in q one in the play to support. it's mentioned that it hasn't sold or bought any big coins in this latest quarter. so without any movement, they're treating bitcoin essentially like an inventory asset, which is how they're in the gap. the world is how it's basically being define. this is very different than how a lot of other tech companies treat acids, other tech companies, they always mark to market their stock at the end of every single quarter by using market cars. so it's very interesting that tesla is doing this via their accounting, but they do have legitimate reasons by saying that it is treating it like an inventory act. it could mean that they are using it could be another signal that they would be using, but quite as a payment asset later on in the future. and been another story we've been also reported in the past about el salvador becoming the 1st country in the world to
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make big coin legal tender. now the i m. s appears to have made a bit of a veiled threat regarding decision in their july update. what was said and we about 45 seconds for you. yeah, it was kind of interesting. you know, you know i am a comes off like a mom's right. so they'll ever name of salvatore. busy specifically here, it's just like, you know, really and it's been like hey, this is probably a bad idea. ready nobody wants to get that's what i like basically said l. salvatore, listen, this is bad for merging and you know, they want to be able to spend time being creating new products and, and working with the customers not deal with all the currency issues. so this might be bad, not just for emergency bad, for the whole country, it might be bad for your economic, but it sounds terrible. it comes off like a bell thread, even though they never named el salvador specifically. it just seems like they're saying don't do this or else we know the i m f has such a great track record in latin america. boom bus been swan and christie. i thank you
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both for bringing this down for us. thank you. and finally, nasa wants to bit astronaut on the moon by 2024. and jeff dave wants to be a part of the action. the blue origin founder who just returned from his 1st 10 minute trip to space is now calling for his company to be allowed to join the contract that was previously awarded to space x and you on must and an open letter to the administrator of they. those offered to waive $2000000000.00 and fees over the next 2 years, as long as blue origin is allowed to contribute to the development and launch of nasa lunar lander, while nasa originally awarded 10 month contract to space ex, blue origin and dianetics before choosing space x alone for a nearly 3000000000 dollar deal phases argued the agency should continue to allow competition in order to get the best possible result. now of course jeff pays us makes this a right this open letter to nasa about
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a week before it's expected that the government accountability office is going to rule on that contract, which eventually went to space act. they essentially suspended it while they researched what the concerns that dynamics and blue origin had of course, nasa. alton said they're not gonna weigh in on this until that is all resolved. but it's, it's kind of hard to figure out exactly what blue origin and bases are getting at here. i guess the assumption would be that they figure will eat $2000000000.00. we'll spend our own money to do that just so we can be part of the lunar lander, because when blue origin logo is on the surface of the moon, that might be the option. absolutely, and $2000000000.00 is nothing to them. not to jeff bay though. i know that all his money, but come on and that's it for this time you can catch boom bus on demand on the portable tv app available smartphones and tablets. google play in the apple app store by searching portable tv port. we'll see, you can also be downloaded on samsung smart tv using roku devices or simply check it out at portable dot tv. well see you next time with
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me . ah, ah, ah, is your media section of reality? in a world transformed what will make you feel safe? tycer lation for community you going the right way or are you being direct? what is true? what is in a world corrupted,
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you need to defend the join us in the depths or remain in the shallows. use algorithms and neural networks have been following us everywhere. we look online because our relationships are what matters most of us and that's how we find meaning and how we make sense in our place in silicon valley c o's don't mention in the slick presentations. however, the ghost workers who train the software humans are involved in every step of the process when you're using anything online. but we're sold as a miracle of automation behind your screen. it's a workforce that seems algorithm is for next to nothing on a very good day to do $5.00. now a really bad day. i could do 10 years where it says removable by design. it's about
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labor costs, but it's also about creating layers of lessening responsibility between those who solicit the kind of work and need it. and those who do it the minds. but it's our life from moscow and international, the death toll of today's explosion that a chemical tack 3 in germany, is expected to rise. officials saying, quoted as little a hope that the missing will be found alive. ecuador revokes julian sanchez citizenship over 2 years after he was forcibly removed by british police from the country's embassy in london. here on the program, we speak to his lawyer. so this was deliberately wrong, illegal, unjust, and contrary to the constitution and human rights, the trot against the phones is a political one and things are getting heated up there. limpid.

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