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tv   Boom Bust  RT  September 16, 2021 3:30am-4:01am EDT

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and parents feel a month, the ministration keeps losing credibility. he's losing popularity every day. joe, by and ministration, seems to do something that just make it worse, fight and does not care. he's not doing anything that is bringing back the truck to the face of the american people on both sides of the aisle. he seems to be making matters worse. all right to some of the headlights, for you in brief, a very powerful earthquake and south west. china has killed at least 3 and left dozens injured. a major rescue operation is now underway in the situ. one province of the region has suffered frequent tramos in the past, and in 2008 was hit by one of the deadliest quakes in china's history. claiming 90000 life. hundreds of students on university south of march through athens denouncing the government. the latest round of covey restrictions, under the new rules of ducks, in to, to, for good or negative peace yard to quiet, but in person teaching. currently around the 56 percent of the great population
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have received their injection. the world 1st, the old tourists crew has blocked it off in a space. sex rocket. the for travelers, none of whom are professional after notes will be opening up for 3 days. the crew dragon capture is travelling at an altitude of 575 kilometers. that's about a 100 miles higher in the international space station. or you can always check up any of those stories at your leisure online, at r t dot com. for the meantime, your toes, your program returns at the top of the the, the, the, the the the
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boom, but the one business show you can afford to mit ambridge board. and i'm rachel blevins in washington coming up china belt and rode initiative. get some competition from europe. we'll take a look at the latest plan for a global gateway project and whether it will be taking off anytime soon. plus natural gas prices are skyrocketing in europe, storing 35 percent in the last month. but will it be enough to get germany to clear the north stream to pipeline before winter is here? and since it began, the role of social media has been the democratization of the public fear where all voices can be heard equally. but recent revelation from facebook may show that some users, while they're more equal than others, with fact. so today i've read it and we leave the program with the european union's counter to china's belton road initiative. european commission president ursula, vendor land wide ranging state of the e would dress wednesday, covered
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a number of issues including the cobra. 1900 economic recovery, improving the black status and technology and developing defense capabilities. but another matter that stuck out was the push for the e. u to launch a global gateway. we're pretty good at financing rolls, but it does not make any sense for you up. if we build a perfect road between a copper that is chinese couple of mine that is chinese owned and a harbor that is chinese don't. we will build global gateway partnerships with countries around the world. we want investment in quality infrastructure, connecting people, goods and services around the world. we will take a values based approach, offering transparency, and good governance to our partners. we want to create links and not dependencies. we want to turn global gateway into
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a trusted brand around the world for a little background here, china's built in road initiative is a global infrastructure investment project involving nearly 70 nation's worldwide with the intention of linking exporters to western markets. so what exactly is the you hoping to accomplish with a global gateway, and will it ever actually get off the ground? with joining us, our discuss our bus, chris, the i n. professor richard will host of economic update and author of the sick. this is the system when capitalism fails to save us from pandemic or itself. great to have you both talk about this that christy, i want to start with you. the even seems to be taking a direct shot at china with a similar to the discussion that we've heard about the u. s. d coupling from china with the state of supply chains and decades of history. can wester, great nations really do that? i think it will be near impossible to really decouple, given the close trade relationship that europe currently enjoys the china. i mean,
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this isn't exactly new. this has been in the works with the youth since july earlier this year. it does, however, highlight a greater assertiveness by the you, but in any case, it's going to be very difficult for the you to decouple from china, especially given that they are already weakened by the current of ours pandemic. and they're billions of dollars in debt. and at risk of another economic slowdown. and specifically, the you is seeing to move beyond this, you asia connectivity strategy, and as vowing to build this global clean connected e u, which would allow at the block to turn attention to africa and latin america, which are both key destination for chinese investments. right now, so as of now, there is no price tag for this new plan, but the council has called for a mix of public finance and private investments. and this will prove to be very difficult as the draft document is relatively weak on ways to encourage these companies to beef up investments and locations. that is politicians consider strategic, but the business is being risky. and now once again,
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you have this private businesses caught in the cross hairs of the agenda as a politician. because if you ask the businesses, they don't really care where their materials, their supplies and their goods come from. as long as the cheap reliable force would just try it out. and as a business owner, if you already spent 1000000 building out a trade link between your manufacturer and china and they have been a solid supplier for the last couple of decades, then all of that done in the government wants you to build this author. trade link with de africa, you build a whole new supply chain, their source, a reliable manufacturer. there somehow and hope that they're just as good when there's absolutely nothing wrong with the 1st. for original one in china, it just doesn't make any sense to business owners, and i don't see businesses going for when this entire thing is a power struggle on the world state that has absolutely nothing to do with the private industry is interesting how they don't really come out of the gate talking about just how much it's going to cost now per their roles when it comes to building a global gateway. how would that affect the nations that are already
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a part of the bolt in an initiative? is there a conflict of interest there? there are so many conflicts of interest going on here. it's kind of hard to get your head around, which one to talk about 1st, and which one second. greece, for example, has been savaged by germany throughout the whole period since the so called great recession of 2008. and part of greece's way of coping was to enter into more and more economic relationships with china. china now owned the port of ray, as china has been helping grease. the greeks would never even the conservative greeks would never challenge or under cut. christy is right. that makes no sense at all. the chinese have been working at this for a long time. the chinese are the major player in the world economy right now. and so most of the countries in the world want to make sure that they are have access to are connected to china. they're not going to sacrifice that for
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a big if he relationship with europe, especially because europe can get its own act together. britain won't go with the rest of europe. spain doesn't go with france and germany on half a dozen issues. i mean, you're not, you're not making any logical sense. she's spinning the woman in the leadership role. she's spending an image and i hope, but there's not much substance for us to hold onto here. ok, so she got some big dreams and we're just waiting to see if they actually play out . now. christy another part here is the fact that the commission president also proposed a ban on sales of products made using force and labor taking a direct shot at china over allegations. the chinese government has repeatedly denied. now this is a criticism we continue to hear from world leaders. so how is being responding to the latest claim? i mean, this is another big show,
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a political theater. it shows that the west is kind of taking a hard line approach to china. now that it's become an economic powerhouse, but it still has less of a hard line than that of the us. because if you know the commission president did not, indirectly call out china, and rather just as a reference showing that it knows not to make an enemy out of china when their economy is still so vulnerable. so it was more so forth. the tricks for show that, oh, it cares about these issues and it's making a point when really you're just kind of basic making a passing reference. and this proposed ban has that has been talked about for many, many, many months. but there's been absolutely no action. and also it would be extremely difficult to actually confirm and then enforce the span, given how difficult it is to trace the source of the cotton supply chain and china in response to all of this, they just reject the complaints of abuse is saying that they are attempts to destabilize sheen junk out of bias and political purposes. and professor will only
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go back to something kristy actually mentioned earlier in the, in the her 1st answer. there's also a lot of talk about connectivity project with africa. do you see this is an attempt for the you to gain influence in the region as china has been doing that for years? yeah, i think this is a strange wake up call that they are kind of giving themselves. there's a fundamental problem in africa, namely that the europeans, savage to that continent. i mean the exploitation, the colonialism for decades, if not centuries, depending on what part of africa you're talking about. that was all done by europeans and the africans. don't forget all of this. the chinese have no history of colonialism in africa. they came in and offered an alternative. your opinions didn't compete for decades, as christine, quite whitely said. and so these relationships have been built up. and again,
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why would an african country that is beginning to develop with its relationships with china suddenly via roth, go back to its former colonial masters, who can't get their own act together and risk anything. it's not going to happen. it's definitely an interesting scenario and i think chris, you put it very well when you said this a lot of theatrics. of course, we have to remember, this is the blocks the state of the union address. they're really laying out proposals and grandiose ideas and hopes to gain support for all of that. but we will see what happens. and if china respond in the coming days, boom. but chris, the professor ritual, thank you so much. thank you. thing in the region, the completion of the north through 2 pipeline comes as europe is facing a shortage of natural gas. that is cent price is skyrocketing by more than 35 percent in the last month alone. natural gas prices have already doubled this year,
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and experts are warning they could have a 13 year hy, this winter, as a lack of supply means rising demand. to put that in the context, washington storage of natural gas is 7.6 percent below the 5 year average. but europe storage is 16 percent below the 5 year average hitting a record low for the month of september. all of this putting the pressure on germany to move as quickly as possible to certify the word stream to pipeline. and hope that the increased flow of natural gas from russia will come before temperatures drop and prices rise even more. so joining us now discussing david mckelvey and the ceo of macaroni financial group. now david, it's no secret that we're seeing problems with supply all around here. but how big are the warning signs when it comes to the current natural gas shortage? and what could it mean for europe in the us? in europe, they've prepared for healthy transition to more energy creation from natural gas in
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north stream. true is obviously critical, and commodity prices are on the rise and that reinforces their resolve to complete the project and have it fully operational and that's gonna happen soon. so in the us, we don't have a very coherent energy strategy. sure, we want to reduce our carbon footprint, but no one is thoughtfully engaged in how to put it all together. whether it's a partial solution from nuclear energy. we're even wavering with natural gas as we migrate away from coal. although it's cleaner, it's still fossil. so the current zeitgeist sees a world of renewables as the only solution instead of a reasonable part of the solution. so natural gas remains in a more, i think, a critical piece in a more realistic energy strategy as cheap. it's relatively clean, it's abundant, it's reliable. so if we're concerned about energy costs, certainly here in the united states and downstream from that consumer price inflation. think of this, this is how we structure our policies. the federal energy regulatory commission is
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hiring advisors to look at how we can assign environmental justice issues to existing oil companies and gas pipeline companies. so we're talking about a new, fresh around the taxes for the social, for the social cost of carbon. the bottom line is we're talking about increasing costs here arbitrarily. now i can say that the increase in costs passed on to consumers is ultimately going to be very ironic as a social and political cost for us politicians. they will ultimately bear the brunt and energy always. oh, go ahead. i'm sorry. yeah, but that's, that's, i think that's as close as we come to, to a real concept of justice. is politicians getting a taste or? well, i was going to say the energy always becomes a big political issue here in the united states for sure. i want to go back to jeremy for just a minute because they now have 4 months to certify the nordstrom to pipelines. do you see them rushing to do so, and our supply concerns likely to outweigh political concern? yes, sort of occasions, going to come quickly,
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you've got abundant supply that eases the consumers, energy costs, and any consumer budgetary concern. so i think what you're looking at is smart politicians in germany in particular saying there's going to be a bonus to our constituents. and i would say that the, the only political concerns to worry about at least this is what they have been in past months came from the u. s. and other countries who are involved in supplying energy to, to europe. so when you look at north stream to there's no doubt this shifts europe farther outside of us, spheres of influence and closer to a russian sphere of influence. and i think you already know this, but you know, in march, anthony blinking was threatening germany with sanctions over this pipeline where they kind of resolve the differences. and that was done by july. and now e. oh, you have left is a small amount of domestic opposition in germany, but i think nor stream is a part of
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a long term energy security project in europe. and people know it's been in motion long enough. we're now with the, with, with the finish line and view certification will come quickly. and certainly been interesting to see that play out even with the u. s. threatening sanctions against one of its closest allies. and yet the pipeline is still going right along. now while we have you on, i want to talk about what's going on in the oil market. we've heard that opec is now forecasting global demand for oil. we'll return to pre pandemic levels by next year. this, even as a cartel has pulled back on expectations for the final quarter of this year. so do you see top producers trusting that prediction? and are they going to be able to keep up with demand if it is correct? yeah, there's no problem keeping up with demand even pre panoramic levels. you have opechi of the u. s. you have around the number of countries that would love to bring more supply the market. the commentary has hinged on vaccination targets being realized
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in this demand surging, which i think one of the things that neglect is the israeli findings that vaccinations are not a one and done fix. as soon as you're done with one cycle boosters are required as the efficacy of the initial shots decline rapidly after a 6 to 8 month period. so that may be an opportunity for me to and pfizer, but even a public policy problem. and there's some vaccine projections that are still assuming we're working on a stable base of recipients and building off of that. i think that's basically what opec has been saying. your question is on supply. global producers have ample slack to meet demand. if there is a surprise on the upside in terms of, you know, successful again, successful vaccine delivery demand is where i would spend a little bit more time. we had indications back in july of slowing chinese imports . we should not assume that the through 10 to 11000000 barrels a day has a home. if chinese financial markets take a hit, i think we're close to the credit concerns in china are in the early stages. and
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the total unwind of housing bubble in china could negatively impact the economy. and crude imports to the tune of we would estimate $3.00 to $4000000.00 barrels a day. opec should pay equal attention to chinese financial virginity as it does vaccination rates. the great rhino is in the chinese credit markets. i will continue keep an eye on that and i'll certainly be interesting to see where demand goes from here. david mckelvey, macaroni financial, thank you so much for your insight. thank you. have a great day and time now for a quick break, but when we come back, a trove of new documents shows. facebook allegedly exercised unfair exemptions for some of its most powerful users. straight up. we sort through the claims and discuss as we can break here. the number, the, the, the
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ah ah, ah, in the 1920s infinity and several 100 african americans move to the soviet union. and many of their descendants still live in russia. law. never yet to be truthful. nice things. was that richard lum duck back home. i can merican something from racism and a complete lack of prospects. i just said last month, real. be losing one by one by, by doing the true feature. so they decided to leave everything behind and start a new life in a country about which they knew almost nothing at all. some of the african americans who went to soldiers union in the 1930 found great success to monet,
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boys blown to whom. and now almost a 100 years later, history is repeating itself. my great grandfather, george time, went to russia on probably the worst time to go anywhere. why not mean? what if i come here? i was aah! working machine in the back. she popped in. she said, well, i'm getting ready to go shopping for christmas. and we reason there was a good day by another shooting another safe part of american life shattered by violence. the gunman was armed with an a ar 15, semi automatic rifle. when the issue comes home, it's time to act. when we're filing on this issue, the other side wind by default,
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lady that lived over there. i was walking one of the dogs. she said, why do you wear again? were you scared? that's and i took it off and i think the people need to take responsibility in their own hands and be prepared if those kinds of weapons were less available. we wouldn't have a lot of shootings and we certainly wouldn't have the number that i the the, the, the the welcome back. and new blockbuster report from the wall street journal seems to prove facebook has established a secret tier of elite, the users who are exempt from moderation policies. this,
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despite the fact that the company publicly state it rules its rules, apply to all will joining us now to break it all down the book, but cover investigative journalists, bend swan. i bet i know you're shocked about this story. that fits relief group of users is not that small of a group, correct? yeah, about $5800000.00 superstars out there. celebrities and well known personalities with sensually or given kind of ability to operate within facebook system that the rest of us mere mortals are not allowed to have looked at, you know, 5800000 people's obviously a lot of people. but when you're talking about that, you know, a user ship over a 1000000000 people on facebook. now you're talking about a percentage of people. it's very small. but here's, here's the main story. so there's this program, essentially that was created by facebook called cross check or x check is how it looks when you read it. but it's called cross check. essentially was set up as a way of kind of protecting against, you know, celebrities utilizing information or saying things in and being attacked wrongfully
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right. and what it's turned into now is basically a white list, where if you are a celebrity who gets onto this list, or a well known person who gets on this list, you're free to essentially do whatever you want. you can say whatever you want, all the terms of service and the rules and, and the heavy moderation. that all the rest of us have to undergo every single time or on facebook does not apply to these groups of people who essentially, as i said, are able to kind of operate without any checks and balances. okay, so there's 5800000 people on this one list. well, what about the other list that we all seem to be on? where every single thing we do gets flagged and taken down? i mean, gosh, maybe maybe we'll get the report on that one. but on a much more serious, know, one of the examples in the report dealt with soccer start name are and noun, images. he posted of a woman who claimed he had raped her. so did this cross check program allow that to happen because of his sort of celebrity status? yeah, it absolutely did. essentially name i was able to post these,
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these images and a video of a woman. and as you said, the woman said that she had been raised by him. he says that he was being extorted by this woman. right? but here's the thing is under normal policies under the normal algorithms that govern facebook, the fact that these images were nude would have immediately 5. it would have been pulled down as being inappropriate content. but also this would fall under what's referred to as revenge for that kind of content is not allowed on facebook. and yet for over a day, these images stayed up and according to facebook itself, they believe up to 56000000 people. yeah, 56000000 people view these images had sent this woman messages in some cases attacking her or threatening her. and so what was allowed to stay up. but again, this just kind of shows the fact that we're underscores. the fact that certain people, if you're on this list, the algorithms don't come out and get you right, did the fact checkers don't get you. and so all of these systems that have been set up to flag content that's considered unacceptable. under facebook's rules does not apply to this group of people. but i think this is the big question. i'm not sure
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that there's an answer to it. but if the report said anything about why, why certain celebrities, how it select which celebrities which high profile people can go on this list, and more importantly, why they would say that they need that little benefit of the doubt from the cross check system. well, essentially i don't think it's an algorithm that even flags them, in fact, the program continues to grow and continue to add people to it. but it's actual physical employees that facebook who add people to this list. and it really comes down to how well known you are or kind of protecting, so athletes, or on their comedians are on there. believe it or not guys, even some celebrity animals are on their right. famous cats and pugs that have their own facebook channels. yes. even they are on this white list for being allowed to do what they want. and again, i think the idea here is that facebook says the program was originally started for a different reason. it was to protect means these people, when they will come out and say something from having to for facebook, basically being bashed for limiting their content. right. so if you are
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a famous person and facebook limits your content and you complain about it on another social media to your tens of millions of followers, it's a p r nightmare. so facebook created the system basically to not get backlash from the followers of these groups and instead have as given the card launch to do what they want, leave it to facebook to come up with a protected class for celebrity animals. my goodness. now of course, a lot of this outrage over this program is that it, tracy celebrities, in a very different way than it does with general public. would you say that? that's fair criticism. oh, i think it's absolute fair criticism. i think it's absolutely what they've done. what facebook has done is they've, they've created 2 classes of people, but i think more and more without getting off track here more and more in our society. people feel that that's what's happened, right. there's an ever growing, powerful group of people who run everything and they decide was acceptable and what is not. and then there's the rest of us, right. and so i think more and more we're seeing that in society. and i think facebook as echoing back in the way they have structured the system,
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a small group of elite people who are hand selected and the rules don't apply to them, but they imply and are enforced heavily on everybody else. well, and it seems like that's something we've talked about with censorship throughout social media in generally that these companies are picking winners and losers. and this one, they're really picking the winters who have one and a lot of aspects of society. and then the rest are the losers. boom. but spend one . thank you so much. thank you. and finally, the co founder of apple says he plans to get into the private space business, but his goals are very different from the likes of jeff pay those. and you on musk instead, steve wozniak is launching privateer space, where the mission is to keep space safe and accessible to all human kind. so what does this company all about? well, for now, the official website is still in stealth mode, but report, they're describing it as a satellite company focused on monitoring and cleaning up objects in space. the
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time is just right, as the number of active and defunct satellites around the earth has more than doubled to nearly 8000 in the last decade. with estimate finding there could be around 100000 satellites by 2030. for now, we're still waiting to see what privateer space plans for its future, and it's a good old was can do it again in the world of innovation. well, it seems like as we look at all of the billionaires who have been involved in space, i don't believe was isn't that 1000000000 or club by any means. but the fact is that it's nice to see somebody who is trying to take a step to better space, clean up space a little bit when, especially when we're seeing more and more space mission. absolutely all the vanity flies in space tourism in getting into it. you gotta have somebody who's looking out for the environment. well, it's not the same as it used to be where they're leaving so much up there every launch. now, you know, of course, we see the boosters come back down to earth, so at least they have to clean up that and that's it for this time you can catch boom bus on demand onto the portable tv app available on smartphones and tablets.
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google play in the apple app store. if i search affordable tv where it will cv cannot be downloaded on samsung smart tv, then roku devices or simply check it out at portable dot tv. well see you next. me i have often said transfer fee for the pals for the kids about privacy. what people care about is power. julian sons is become a symbol of the battles of brevity. information is power. that's what's going on. a huge struggle with governments and corporations who want to keep information secret and others who think democratic rights should be pushed forward and people have a right to know what to do. watch alison's help to shift the conversation around transparency and see what that battle has done. to him,
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i feel like julian's life might be coming to an end. we are in a conflict situation with the largest and most powerful employer in such a situation. it's remarkable survivors. all the headlines here, what i think is an optional and it's a job in the back france event. it's frustration us. 3 of its allies, the u. s. u. k and australia. leave it out of a pacific security packed, seen as an effort to count to china. the bottom makes a rather embarrassing flip up while announcing that deal, apparently forgetting the name of the australian prime minister. thank you course and i want to thank that fell down under thank you very much appreciated which premieres.

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