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tv   Boom Bust  RT  October 5, 2021 5:30am-6:01am EDT

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this crisis will not go on forever. the challenge is great, but the response has been massive. so many good people are helping us. it makes us feel very proud that we're in it together with a miss with this is boom, bought the one business show you care to coordinate on branch of boron washington coming up. be pandora papers have shaken global leadership circles. as investigated reports, i've uncovered how many heads of state hide their funds offshore. straight ahead,
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we dive into the bombshell revelations and how those implicated how they're responding. plus winter is approaching for the northern hemisphere as energy prices heat up with some ex forecasting oil hitting $100.00 per barrel. we'll discuss and the rec that follow continues to unfold. busy as the northern ireland border issue persist later on, we go over the ongoing tension. we have a lot to get to what go and we lead the program with what could be the biggest story of the year so far, a massive trove of documents known as the pandora papers are giving insight into the way some of the wealthiest people in the world off share shore their money. the pandora papers are a follow up to documents released a few years ago, known as the panama papers. so what exactly do these new documents show? boom bust coast and investigative journalist, ben swan, looking into the story for us. we'll bring the so called pandora papers consist of
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about 11900000, confidential documents from 14, a financial services firms and legal firms. now, the international consortium of investigative journalists, vetted these documents, and to be honest with you here, a lot of what's in these documents won't surprise anyone the idea, the powerful and wealthy people are using tax loopholes and tax havens in order to not pay taxes. what might surprise people or some of the names that are specific to these documents? let's start with some of the biggest revelations surrounding the king of jordan abdulla. the 2nd document show that he use an english accountant in switzerland and lawyers in the british virgin islands to secretly purchase 14 luxury homes worth a $106000000.00. that includes a $23000000.00 property in california overlooking a beach. his lawyers point out that none of this was purchased from the country's treasury and all came from the king's own funds, citing quote, security and privacy reasons to whole property through offshore companies,
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pakistan's prime minister, as well as cabinet members and aids. they had been named in the league, the prime minister, m rom cons inner circle, including current and former cabinet ministers, quote, secretly, own an array of companies entrust, holding millions of dollars of hidden wealth. they gave them to pakistan, the prime minister has to react, and he already said all the $700.00 awesome dillard's so whose names are on the list will be investigated. it's good enough. check prime minister andre babich, who was currently running for reelection, quote moved $22000000.00 through offshore companies to buy a lavish estate on the french riviera in 2009 while keeping his ownership secret baptist insist that he did nothing wrong and that his political opponents are attempting to smear him. the ish, for instance, here mister bardo says that i with laundry money madonica, let me say this, this is important. the money was sent out of a check bank. the money was given and it was my money, and it returned back to the czech republic, a bill if the papers also reveal azerbaijan,
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ruling family traded around $540000000.00 worth of u. k. property in recent years. in fact, more than 300 current and former politicians appear in the pandora papers. those journalists say, among them 14 sitting heads of state, including the dominican republic, president kenya's, president, the check republics prime minister and ukraine's president. former heads of state are also named including former u. k prime minister, tony blair and his wife, who saved around $422000.00 by using an offshore company to purchase an almost $9000000.00 office in london's marrow bone area. according to the guardian newspaper, there was nothing illegal about the deal, but a quote highlights a loophole that is enabled, wealthy property owners not to pay a tax that is commonplace for ordinary britons. one of the most troubling revelations for the u. s. is the role of south dakota, nevada, and other states that have adopted financial secrecy laws that rifle those of offshore jurisdictions. a former vice president of dominican republic,
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finalized several trusts in south dakota to store his personal wealth. and shares of one of the country's largest sugar producers, according to the washington post you, especially the only thing that catches the eye in the pandora papers is a demonstration of which country is the world's largest offshore, an tax lacuna. this of course, is the united states. the paper is also revealed that the international consortium of investigative journalists embarked on a treasure hunt for antiquities suspected to have been looted from cambodia by the late arch dealer douglas lach ford. the post reported that latch for it in his family, established trust in tax havens. shortly after investigators began linking him to looted artifacts, dozens of looted artifacts tied to the indicted dealer, remain in prominent collections, including at the british museum and the metropolitan museum of art in new york. but what these papers seem to highlight more than anything, as i said at the beginning, is really nothing that should shock anyone that there really 2 sets of rules established in the world. when it comes to tax havens and wealth. one rule that is
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established for every one else, and one rule for the elite and the powerful who actually create the rules, but also create the loopholes which they take advantage of for whom best i'm been swan. and joining us now to discuss is professor richard wolf, host of economic update, and author of the sickness as the system. when capitalism fails to save us from pandemic, st or itself, professor will always a pleasure to have you on. and when we saw the story, obviously there's one person to go to and that's professor richard wolf. so, i mean, none of this is obviously surprising, but that point that been made at the end of that package, right there was very important. this illustrates that there are 2 sets of rules. does it not? absolutely. i congratulate been that is the key point. the only thing i would add, besides that there's 2 rules. one made by the group that is age them and the other one imposed on the rest of us is that the amounts of money that are involved here,
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if you add them up so that you have a sense of the enormous part of money that should be a message to everyone that we could have a program to deal with climate control. we could have the upgrade of our neglected infrastructure that the congress is red wrestling with without taxing the rest of us. if we simply went after the people who are hiding their wealth and they do it, it's not directly to avoid taxes. well then, like tony blair to reduce their taxes and the, the only other thing i would add that people should be aware of when it becomes difficult in other countries, for americans to hide their wealth. and indeed for others around the world. then they're doing it now in the united states. they've gotten the legislatures of south dakota, nevada, and other states,
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to create secrecy laws. the very thing that the united states tried to get switzerland to stop doing, we, as a nation, are now permitting. it's an extraordinary operation in which the united states of bets, the program that deprives us of the resources with which we could solve our problem . well, and i want to go to that south dakota in nevada issue because you made a great point and what i don't understand in reading this is i understand if you want to be like delaware, you want allow people to incorporate. yes, there's less taxes and you can work things around. but when you start looking at the financial secrecy laws, why is it beneficial to, to us states, to actually allow people to park money like it is the cayman islands? i really appreciate you sometimes you asked me questions. i know how to answer. there are all kinds of fees and all kinds of commissions that are a so that the people in south dakota who handle the transaction can charge wild
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amounts of money. did all the people in nevada because this is a really good service. you allow politicians to high, by the way, a politician who hides his wealth, whether or not he's cheating on taxes, is obviously denying the owners of his or her country information that they have every right to in deciding who they want to run their society. so there's no excuse, well, this is my own money. you shouldn't be doing it with any money, your own or money that you have taken from, from the government. but nevada, south dakota, and by the way, under american states are considering following soon because they want their law firms and their banks and their accountants to get the business of managing all of this because it'll help them. i mean, it's a collection of people profit tearing off of something that is
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a social imposition that we should have both had. it's interesting because even prior to the panama papers, there was a big conversation about people who are offshoring money. a lot of times in the united states, we were discussing big business doing so to evade taxes. but after the panama papers we saw with world leaders, we saw with other a leads who are just an offshoring funds. you know, even president trump, before he ran when he was running, he even said he's like, if you close the loop, all people won't do it. we can, you know, we can do that. how do you legislate around something like this? so that way to your 1st point about putting the money back in the coppers to improve a nation like the united states, to approve infrastructure. how do you even go about that when you're saying there are nations there even states now in the us who just allow it? well, the 1st thing is to understand that long ago the business men who put their wealth in these hidden tax havens for their corporations and for themselves. personally,
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they understood that the best way to make sure that politicians weren't tempted to make a political career by outing them was to help those politicians shut up those accounts for themselves. so they wouldn't be pointing the finger at anybody else left that finger, come around and pointed them. so the business people brought the politicians in often by making partnerships to set the deal as to what we do about it. let's be blunt. if a place like the british virgin islands is doing this, how long would it take for the american navy to show a ship a few miles offshore and say to them, hey, stop this or else or the british, if we find a 20 year war in afghanistan no one can tell me that the british virgin islands, where a lot of this goes on, or any of the other jurisdictions that are playing this game, are no match for the concerned a new man states,
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britain and so on. it's because the rich countries want is that they look the other way and allow these little jurisdictions to play the game. professor richard wolf, always speaking truth to power. thank you so much. and you and oil prices rose again on monday after opec and it's oil producing allies said they would continue with their current plants gradually increase production. brent crude was up as much as 2.5 percent eclipsing $81.00 per barrel. it's highest point since september of 2018. while the u. s. benchmark west texas intermediate was up as much as 3 per cent topping the $78.00 mark. in a statement released after monday's talks, members of the cartel said they had reconfirmed, the pro action adjustment plan, which was the output increased by $400000.00 barrels per day in november. meanwhile, bank of america set in a note released friday that the global energy crunch could push the oil prices beyond $100.00 per barrel for the 1st time since 2014. amid the crunch european
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natural gas benchmark, dutch t t f hop. so november prices hit just shy of $100.00 euro, that would be the equivalent of roughly $190.00 per barrel of oil. so how will the surgeon energy prices affect the global economic recovery as the northern hemisphere heads into winter to drill into it? all of this bring in blue bus, co host, christy. christy with price is heading their highest level in years. why wouldn't opec make a move after plans, or i'll move to alter the plan that is to say and actually increase their production. well, they decided to not increase production and go off track as the o. thank joint technical committee reviewed the market outlook and cited a high potential for another outbreak of the don't to variance as we headed to the winter months. so a surgeon delta would certainly slow down economic productivity and reduce the demand for oil. so opec market is now balance and will continue to monitor the
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situation rather than loosen up the production to flood the market and drive prices down. so opec loss is continued to feel the pressure to ramp up production. however, they are scared of a potential for weight, so they're avoiding making any big moves and they'll regret later because they overreacted and also with well price. now above 80 nice producers. they're happy at the price. the level that makes consumers uncomfortable, not angry, but just uncomfortable. and the producers very happy, cautious. so given this dynamic opec isn't absolutely no rush to increase production in kill their own profit. and right, that's an excellent point because sometimes we forget when it comes to opec, their goal is to hit a perfect balance with just how much will you pay? a bank of america actually says oil prices could hit $100.00 per barrel as we just mentioned. how are these rises in energy price is going to take a toll on the ongoing economic recovery we're seeing throughout the world? well, oil is a commodity and
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a major input whether we're talking about the consumer at the gas pump or a manufacturer. so, and the price of oil goes up and then manufacturers input prices and costs go up. so those cost will be passed downstream. eventually to the consumers. so an increase in oil raises the cost of virtually every component of the economy, which leads to inflation. so this means that the dollar will not stretch as far and consumers will have to make choices on what to sacrifice. and america is a nation built on consumption. so when that halters then everything was slowed down . and now we're also getting into the crucial holiday season, where retail spending is going to be a key driver as economy. however, as seamless paychecks get, spend, and payroll is not increasing at the same rate as inflation. most americans are going to find things are going to be quite tight this year as a cost of basically everything from food to consumer, staples and electronics. go up. and now kirsty, where the actual gas prices continue to rise, especially in europe and asia,
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how do we expect this energy crunched to actually last, especially as much of this world is actually headed into cold weather mugs? that is unknown right now. i, the supply and demand balance is in a very carrier spot, europe and asia. they're facing shortages right now, especially as you get into the winter, which could potentially be dangerous. production isn't something that you can just start overnight either. so it remains to be seen if fears of this 4th weight materialize or not. because if it doesn't materialize and we remain utilizing oil and gas at the same clip at this summer. now we'll definitely see a crunch and prices rising to reflect that. and the thing is that it's kind of our fault, the usb pull back on production because of being emissions and the green agenda. europe also did miss that same thing. nation. they slowed down on coal burning plants in order to put down emissions started china. and so basically we kind of dug ourselves into this our own whole by trying to come out the screen agenda when we weren't ready to make his head yet. and we'll continue to cover this story boom
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bust chris, the i thank you so much for your insight. today, thank you. the biden administration is set to reengage china in trade. talk this week as the world's 2 largest economy, remain at odds over lingering sanctions and obstacles us trade representative catherine. ty, we'll discuss a range of issues this week over a phone conference with chinese vice premier lu. ha, particularly calling on the peoples republic to abide by the phase one agreement inked under the trump administration. ty is also expected to confront china over what it is dubbed unfair trade practices, intellectual property rights, and the nation subsidies to domestic industries. the talks come at a vital moment as both nations grapple with a supply chain shortage caused by the ongoing. busy coven 19 pandemic at issue, which could be smoothed out with the u. s. as planned to possibly ease some tariffs with partial exemption and time now for a quick break. but when we come back pro breck that tensions continue as the u. k
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threatens the trigger safeguards measures, amid a dispute over the northern ireland port protocol. we'll discuss whether a deal can be made to ease trade woes. that's going to break here, the numbers of close. oh ah, [000:00:00;00]
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a driven by drainage shaped banks interest out of those with theirs sinks, we dare to ask on the way of life. the reindeer leading and traditionally nomadic lifestyle in the tundra is similar to a parallel reality. i while the main drive, the hood,
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women carry the weight of the household work on their shoulders. i'm the one she'd man, if you want. hello the in the vast expanse of russia, there is a spot where a house wife could secure a regular employment standards. it's in the final semester. i'm sure i'm sure we don't like any jennings. ah ah, welcome back. the united kingdom on monday threatened to initiate safeguard measures as part of the brexton agreement. if the european union would not agree to make changes to fix the issues with trade in northern ireland, david frost, the you case chief brackson negotiators spoke about the issue at
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a gathering of the u. k. a governing conservative party. so we worried right from the start that the price called would not take the strain if not handled sensitively. as it has turned out, we were right. the arrangements have become, have begun to come apart even more quickly than we fade. if we can agree something better, as i would like us to do, we can get back to where we wanted to be an independent britson with friendly relations with the based on free trade. that we cannot wait for ever without an agreed solution soon. we will need to act using the article 16 safeguard mechanism for its part. the eas says triggering article 16 would be quote, extremely unhelpful. for more on this, let's bring in here for which is board member of the british american business association. always a pleasure to have you on hillary. okay. first major question here. what happens if
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they trigger article 16? well, pleasure to be back with you again, brent. article 16 is viewed by the you. yes. to be somewhat drastic and to be exacerbating an escalating matters. but what it is, as, as you heard that the, i'm david frost, that the bucks it minister said it is to assure safeguards it's put in place so that if anything was considered a disturbance to the protocol or any disruption of trade or many other issues, it could be in vote. what exactly would happen now to answer your question. so there are 3 main areas of it. one is that it would basically strictly limit any discussions, any changes to those which were being affected by the protocol. in this instance, it is of course the import of eggs, meat we talked about, the sausage was and all these inputs at a going into north and on. i'm from great britain that are being checked. and of course northern ireland is part of the u. k. so number one, it's strictly limited to just those issues. number 2 is supposed to be only those
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that are necessary, so those that are necessarily affecting it on these over a vague thomas. but the most important, probably part of the safeguard is that it means that every 3 months, negotiations can then be reopened to discuss those that have been suspended. so what this will basically mean is that any of these checks will be suspended. article 16 and law allows either side of the party bay city to suspend those agreements that are in place. so it means that those checks at the border would cease and desist and that's what the u. k. ones, the u. k. wants a practical solution to making sure that trade is not disrupted. so in that situation, then if those checks were to go away with article 16 for linda, right? temporarily here, that's the point i wanted to make there. now the you for, it's part of course says this is a bad idea and they essentially say, now we're not going to renegotiate because we have no plans for that. you figure it out on your own or don't do this, don't do article 16. so are we just had an impasse here?
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well, it's a pity that the you has an address, the command paper that the conservative party did put forth in back in july on board johnson has said, look, we either need to ditch it or fix it for the u. k. suspected this is no them out as part of the u. k. and a c'mon paper outlying solutions was presented to you just to you has not addressed that. so the you isn't coming back to the table with any solutions at all. and now we know they're having the tories or having their conference right now, dis, just gathering, discussing their plans that seem to be called bill back better. i think i've heard that one before a time or 2 before here in the united states. but as we talked about earlier in the show, there's this discussion about the energy crunch and europe and the u. k. are facing gas shortage is right now, did they address that? what they might do to actually handle that? yes. and by the end, as you just mentioned, it isn't just limited to the u. k. people want to blame brakes. it for absolutely everything there was an earthquake, they blamed broke it. so it's not just about breaks it. but one thing that has happened is that i'm, as of today,
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200 military personnel had been deployed to drive. the laurie says that the trucks that deliver the fuel around and actually this is actually being a north sound of south divide because it's the petrol stations. that's gas stations in american petrol stations in the south ending on southwest and around london that have been the worst hit about 22 percent of them have run out of fuel overseas. this dense population there, and there has been speculation. me, a lot of the media has basically sort of wellness op because the average u. k. person we think we discussed before is only needs to be usually philip less than once a month. but this is cause most people to go out and fill up. so the army has been deployed, which is supposed to ease things. one of the other issues for the u. k. in particular, has been so many wind farms when stored to offset energy demands. and basically it's been windless. so the wind ceasing has caused an exacerbated these energy concerns. and as we've heard, and we heard christie mention it to, i mean a green energy play. and if not, well, thought out can create issues like i say,
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holding tanks. i and i have about 30 seconds left with this last one, but obviously as part of breaks it, there was a big discussion about u. k. u. s. trade deal. now, liz, trust, she saying it's not the end. i'll be all, we'll figure it out. was almost out of that call. yeah. bank bill endo, on there actually focusing on pivoting quite a lot now to the i'm trans pacific to try and secure an agreement that particularly with india on basically is because you remember that it was on vice. president biden was a part of obama's administration when obama said that the u. k. would be at the back of the queue back of the line expects it went through. so the youth you can us have not thought finalize the trade deal. however, when boys johnson was here just a week ago, he did manage to make sure that all of the terrorists were listed on scotch whisky whiskey. there is now british beef being imported and all the restrictions on british lamb. so this an immense amount of trade going back and forth, i think let's trust is sensible. what she's doing is she is lowering expectations and not putting pressure on the u. s. to finalize that deal, whilst pivoting to the rest of the world, particularly the asia pacific region,
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all i know is you gotta make sure there's no tariffs on scotch whiskey. that's for sure, hillary forwards. thank you so much for pleasure. planing the story for us and that's it for this time you can catch boom bust on demand on the portable tv app available on smartphones and tablets. you google play in the apple app store by searching a portable tv. we'll see you next time i'm doing, but there is an end again, you can only collateralized the same thing so many times you can only sell the same, don't it so many times before somebody figures out that hey, there's no, don't it here that's just the whole and that's what's happening in america, they're trying to survive on the hole in the don't it. and they're saying we sold this whole in the, don't it 15 times, a, goldman sachs. and we got rich because we got paid a fee on the collateral ization of the home the don't it. and now that everybody else, america brooks, they don't generate enough income for us to tax,
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to pay down the debt that we incurred by deregulation. and are emma's training going back to reagan? now they're out there a conundrum. they're like, what do we do? imagine picking up a future textbook on the early years of the 21st century. what are the chapters called gun violence school shootings, homelessness. first it was my job and then it was my 3rd billing was my savings. i have nothing. i have nothing and it's not like i don't try. i look for resources, i look for jobs, i look for everything i can make this pass and i end up doing is passing the road to the american dream paved with dead refugees. it's this very idealized image of older america. native americans look past the dance to happen every single day. this is a modern history of the usa by america on
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r t o. these are the 4 people who pulled the trigger and survive something i'm survive of. one of the hardest things that i had to face was not having a face at a low expectation of life. i accepted accept the fact that i made that we had no fears. general change pretty fast for shots different stories behind the bullets. ah ah ah ah ah ah,
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with all ah ah, but that lives with his allah live on r t and facebook stuff was one of his worst outages in its history. for 7 hours, millions of people were disconnected from the world's biggest social network. along with instagram and watson and even company engineers had their electronic passes, deny systemic abuse and cruel indifference. that's the damning conclusion of a probe into the french catholic church, revealing 216000 the cases of clerics abusing children in the last 17 years. on europe, energy crisis deepens with italy bearing the brunt record gas prices have as many

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