tv Boom Bust RT October 19, 2021 5:30am-6:00am EDT
ah, this is boom, bought the one bid there show you care to for dement. i'm principal and i'm rachel levins in washington and counting at china's grove has taken ahead of the government's latest crackdowns combined with supply chain shortages and extreme. whether we'll take a look at what it means for the future of the world's 2nd largest economy plus another day. another controversy for facebook as a social media giant is speaking out against report, clamming their a i, technology for the staff, the ongoing legal issue facing the company. then we take you to europe where you continue to grapple with supply chain issues and it's coven recovery. we bring you the latest coming from the head of the block central bank, but the troubles with globalization is a lot to get to look go. and we lead the program with the latest on the economic
recovery in china. we're government data shows the country experienced a slow down in the 3rd quarter as year on year growth fell more than expected. the country was hit by supply chain shortage is extreme flooding and an energy crunch that the growth of 4.9 percent down from the 7.9 percent we saw in the 2nd quarter in response, a spokesperson for china's national bureau of statistics referred to the slow down caused by energy shortages as a short term issue. mostly this young boy with these measures being able to little, tight supply of hold on electricity has been any impact on the economy. a little subsides since september, electricity generation has been growing faster and my phone, so overall the tight supply of energy in short term and the impact is controllable . joining us now to go further and up on this is boom, best co host christy i. now christy, i mean we're still seeing growth in china just not quite as much as we did in the 2nd quarter, is their cause for alarm here. given that china was the only major global economy
to see growth during last year. slow down. i mean, it's slightly call far alarm here because the war has been just dependent on trying to be the growth engine just trying to run the g d p. so the growth engine halter lives, everyone else out of the economic depression that we could be. and so can major bank have already turned their full we are trying to g d p forecast. now a china is getting hit or multiple front. you have the power outage is going on in the factories because the government, i mean could it be which is just killing the results sector and then we have the sluggish consumer spending. so try me at the moment and as there's just so much dry right now with things like the old brain dragon koran merits right on the top. and also the terrorists are still in effect. and now christy, the chinese government has been working to cut carbon emissions into increase its reliance on renewable energy. but given the current conditions, could we see the government taking a step back and increasing the use of coal at least in the short term?
absolutely, because it's mike and i love green tech and all where we stand currently with renewable green energy. it's just simply not there yet to supply at the current level of energy consumption. because think about how heavily subsidized. 8 energy is whether we're talking about solar, wind, hydra, without the sub seen tech wouldn't even exist because they can't survive on their own and compete with fossil fuels in terms of cost. so economy of scale had not been reached yet, and the green tech to make it efficient and not to mention the technology is just not there to make it truly sustainable and reliable. because in a year like this in 2021, we had worse johnson in the u. k saying that we didn't get us when this year, so we don't have enough electricity kind of thing. we didn't get enough rain this year. so all of this is really whether dependent which makes it very, a very unreliable source of energy. so as much of politicians like to push their
agenda and that very last the goal, it's simply not feasible. the development and advancement of technology that in april green pack is not subject to the deadline of politicians, which is why this entire agenda to be percentage by 2030 and then the net carbon neutral by 2050. it's just kind of ridiculous because they're almost picking arbitrary years and dates down the road and making sure it's great to go. but what is it really based off? and christy, i wanted to follow up on that because you make a great point. but then why make those arbitrary deadline? why was trying to making that move? if the case is that, hey, the technology is not ready and you're looking at a country that consume so much energy. all is really well. the entire point is to set the goal and that's what i said. it's great, is that a lot of the schools, but the thing is politicians, they aren't in tune with the entire tech sector. the tech sector has their own roadmap and their own pipeline. they have their own objectives,
this funding concept, developmental costs, and you really can't push the development of technology until it truly becomes stable until you truly have a timeline and a plan for how to implement things. you just don't know so tech and their time like it's very arbitrary. sometimes it takes years to develop certain things and not mentioned have enough batteries. and that's a big thing with hydro, with for when a lot of energy consumption actually get put back into the ground, it doesn't get use, it gets done simply because unlike oil, coal, natural gas, we simply don't have the storage capacity. we don't have the batteries to actually store the power that we generate off the very difficult to maintain forge. so a lot of technology just isn't develop yet as much as politicians love to set goals . you can't tell a company, hey, and then this somehow invented, i don't know how you're going to do it, but somehow invent to implement the development. by the way, make it economical and cost efficient. it's like, you can't tell them to do it. so the political sector and the text that are on 2
completely different ways. so it's very difficult for them to get on the same page . sure, it's great to set the very high attaining goal because we all need to go on a road map. but the way that they're implementing this is just kind of ridiculous and not realistic. yeah, that's a great way to explain it. and i know that this is certainly been a year of politicians kind of setting goals all over the place. now another aspect here is inflation, and we know that china has managed to keep inflation under control, especially when compared to other countries around the world. but at the same time, annual factory gate prices grew at their fastest rate on record, given how much the world relies on manufacturing from china. how does the recent increased and impact the state of global supplies, especially right now. all the produce a price and next for us about 10.7 percent and september compare with your earlier which is the highest rate of increase since 1995. so a lot of the price increase has been caused by the rising commodity prices as coal prices intensify. and again,
we're going to be very ambitious goal of the carbon neutrality which put persistent pressure on the commodity prices, which is then passed downstream to firms, which is basically going to cause a don't know if that downstream with the costs and may not be passed down to the end consumer and importing nation. and as you can see now, that's how we get into an inflation cycle. and with china being the biggest manufacturer world, that effect will be even more so pronounced. and we will expect to see a rise in pretty much all products across the board from high tech, and then used to consumer staple paper towel, covert supplies, and also luxury goods. and then the worst part of all of that is that this is falling right in the 4th quarter, or consumption is supposed to be the main driver of gdp going into your and so if everything starts to get more and more expensive, but payroll doesn't pace with that of inflation then the consumers are going to be feeling very tight. come this holiday season when the dollar isn't going to stretch as much as it used to. certainly
a lot of daycare in the world is watching. what happens in china boom bus. kristi, i thank you so much for your time and insight on this one and get new claims about facebook have emerge, claiming that the company's a algorithm cannot detect hate speech as well as the company can play claims. that is to say, facebook's vice president of integrity, guy rosen, wrote in a blog post sunday that the prevalence of hate speech on the platform had dropped by 50 percent over the past 3 years. but the wall street journal now reports that internal documents show that 2 years ago facebook reduce the time that human reviewers focus on hate speech complaints and made other adjustments that reduce the number of complaints that in turn hope create the appearance that facebook's artificial intelligence had been more successful in enforcing the company's roles than it actually was. so joining us now, this guys is boom, both co host an investigative journalists, been swan. now been,
i know we were shocked to hear that facebook has not only a president, but also a vice president of integrity here. and now we're learning. in addition to that facebook's employees found in march that the company's a i, systems were not removing very much content that violates its rules, correct? yeah, it's pretty interesting and look at all really comes down to money. so basically, 2 years ago, back in 2019 facebook had a lot of human moderators who were looking at this content and then remove it. and they said, we're going to move away from that. we're going to move to ai, artificial intelligence or user algorithms. and those algorithms will be able to detect and flag hate speech and violent content, etc. the problem is, according to employees, it's not getting them. in fact, employees are saying that only about 3 to 5 percent of all of the hate speech on the face for platform is actually being caught by the algorithm. what's really interesting is that facebook's own engineers say it's actually less than that. they say only 2 percent is actually being caught by these a algorithms,
but it's about money. it's a lot cheaper to run the algorithms then to hire people to do this. and so that's what facebook is moved. do they claim that it's working really well, but the engineers and the employees say it's not right. if you're claiming to be one of the world's biggest tech companies, maybe you want to make sure you have technology that does the job. but who am i the facebook, theo mark secretary also said he believed facebook a. i would be able to take down quote, the vast majority of problematic content before 2024. it's part of facebook claims that the journals reporting is wrong and that the detection rate was above 97 percent. so how do we know which side is correct here? well, we don't really know which site is correct and as, as i said, facebook engineer say it's 2 percent face of management says it's 97 percent employees a. it's only 3 to 5 percent. we actually don't know what that, what the truth is, but here's the problem that a lot of the, the critics of facebook i've been saying is that when you ask for specifics, how do you get to your conclusion? when you go to the company and say, okay,
you're saying 97 percent of all this content is cost. show us how you're coming up with that figure. they go silent, they don't want to say how they're getting to that number and that's problematic, right? if you are the, this big technology company and you're saying our, our, the works and here's how it works. and this is the end result, a very definitive not percent of this content that we're trying to since are out is getting censored. and then someone says, show us how you reached that conclusion and you can't, or you won't. that's a problem. but i also want to say this, i think a lot of what we're seeing right now with this slow drip drip drip into the wall street journal is not necessarily a good thing. as you guys know, i'm not a big fan of facebook. i don't like mark zuckerberg, i don't like a lot of what the company does, but the game that's being played right now, that essentially says facebook's an awful company. and therefore, the answer is for government to take control of the algorithms or some outside group to do that. that seems to be every time we do one of these stories, that's essentially what's being called for is that facebook is not competent to
manage its own systems. i agree, there's a lot of problems with facebook, but i don't think the answer being prescribed to give it over to some regulatory agency to run the algorithms is the answer. then the question then becomes, what is the wall street journal and getting out of this, right? because they're sitting there doing all of the sort of in that the reporting isn't just that they're getting the clicks on it. and that kind of goes in at least makes them look good. i don't think that's the case. listen, i don't want any proof of this is simply my opinion here, but i believe the wall street journal, whoever is pushing these stories out, has a motivation. and i think that motivation is to ultimately see mark sucker berg no longer in charge of the algorithms facebook or the way the company is run. look again, i have a big disagreement with the way, but facebook does a lot of what it does. but i don't think the problem is, is that they're not sensory enough content. i think there's sensory in the wrong kinds of content. they're very good at sensory and political speech, but they're not very good. it's sensory murder, videos and people having oregon transplant stuff. that's the truth. one of the complaints about this
a system is that it doesn't seem to be catching very graphic videos. it's not catching content being put up by drug cartels, but it is catching on the other hand, somebody who says something that's labeled as violation of community guidelines or medical misinformation like they're very good catching political stuff. they're just not very good at catching truly harmful content. like when drug cartels are posting or human smugglers post on facebook, the algorithm seems to ignore that content. so again, i don't think the problem is necessarily that there isn't enough censorship. it's that is being pointed in the wrong direction. right. and certainly there are people across the country who don't like mark zuckerberg don't like facebook, but at the same time, we all have to remember that whatever happens to that tech giant will end up impacting the rest of the internet as they go along. boom. but bends on. thank you so much for your time on this one. thank you. and now for a follow up to a story we have been covering a last minute deal was made saturday to avoid a strike of film and television crews,
which would have seen nearly $60000.00 behind the scenes. workers walk off the job, representatives from the international alliance of theater stage employees and the studios and entertainment companies which employ them, reached an agreement for a 3 year deal before mondays deadline. despite an agreement, it's still phases of vote from its members. now meanwhile, my name mark a 5th day since the united auto workers members working for john deere went on strike. roughly 10000 workers at 14 factories across the midwest officially started their strike on thursday of last week and a bid for higher wages. deer had offered an immediate increase of 5 to 6 percent, but union members rejected the offering, pointing to the companies, estimated $6000000000.00 and profit this year. along with the skyrocketing inflation we've seen over the last year. now, as farmers throughout the country, worry of the impact the strikes may have on them. the company is staffing is factories with non union salaried employees right now. and rachel, now if you're
a union member, you would call these people who are the non union salaried workers. they would be called scabs. but the problem is, is when you put people who are not trained to do a job, this is part of what a union really does. it's beneficial to a company. they make sure that people who are trained on the right machines and things they're ready to go. they know what they're supposed to do. and labor porters were already reporting a late last week and that there were 2 or 3 different incidences that happen inside of these factories when these non union workers were actually working. oh my goodness. and i know we've talked so much about the supply chain and talking about how john deere, farmers, i mean we're talking about instrumental pieces of our supply chain. you would hope that they would get something worked out, especially when they're talking about a possible 5 percent raise. in the same time, we're talking about 13 year highs when it comes to inflation. i mean, everything is more. right. and i mean, they're looking at, they're saying you're making a profit, this is our moment to shine. and like we talked about last week when we did this
story, the real thing is, this is a big labor union movement. and yes, the labor unions are working together saying you strike will strike all the stuff. is just everybody kind of coming together and seeing the same thing happening right now. prices are going up, wages are staying the same profit they're being made at the top level. and they're saying, hey, we have an opportunity here, we can actually capitalize because, like said, or like you said, the farmers who are concerned that this could really affect them on the supply chain issues. they're saying, hey, this, this is really prefer to get another that frustration is being felt truly all around. absolutely and time now for a quick break. but when we come back to the head of the european central bank to the globalization of the block has made supply chain disruption even work. on the other side, we'll dig into the issue as we had a break. here are the numbers of the close news.
them. we had the sub prime crisis that resulted in many printing that made the top get richer. we have the color crisis, which has resulted in the top getting richer because of all the money printer. and we had a war in afghanistan go on for decades, which resulted in money printing in the top get richer, you know, and, and, and, and he can get into the other, you know, into some other areas as well, really making some hard, making hard questions. ah, that is of us to point, but also we have seen the daniels provided with castile with just needed to ask you about it because i just glued say the game and then you would you that is images,
it goes up as good for supposedly got my did on i would say again to spend music images so we come up with hope was out of the to get the vote. if i get all of your group plan done, my up. all of bella is ready to leave you to the shelf will shop with a garage is driven by dream shaped banks. 10 percent of those with
there's sinks. we dare to ask in a welcome back. the globalized nature of the european union's economy puts more risk during the supply chain was we are currently seeing, according to the president of the european central bank. since 2000 the blocks multilateral trade deal has helped the e. u double, it's g d p to 14.7 trillion dollars and fostered tens of millions of jobs. but i'm in the supply chain disruption. easy be president christine. the guard says europe
must adapt during the i. m. s 2021 per jacobs lecture on saturday. she added the block must use it. economic weight to support reciprocated trade openness globally, while strengthening its own domestic demand to insure against a more volatile global economy. regard. also took issue with the just in time inventory management practices, where companies receive goods as close as possible to when they actually need them, saying it is highly vulnerable to systematic shocks. businesses are also concerned that supply chain issues could take a toll on europe, the economy moving into the highly lucrative holiday season. joining us now discuss is hillary orbit. she's board member with the british american business association and president of dr. mark business development. consult with hillary, i want to start with the concerns being brought board by with guard here. how has the globalization of the you trade made it more susceptible to supply chain was well pleasure to be back with the brand. and of course, a lot of this has to do with all the trade that the you dealt with china about 22.4
percent of all goods going into the you come from china. so when you have a global supply chain like that, with the pandemic, it's obviously going to have intense glitches. one of the things that's happened, of course is that if there's even so much as one worker in a chinese factory or a chinese port that is testing positive for cove, it the entire factory or the entire port to shut down. so that has caused immense amounts of not just glitches, but also hold off. and then you mentioned prior to this segment you mention about the hollywood potential strike in the u. s. at least 176 strikes this year, 1711 in october. so i can't speak to the exact number in the across the you, but a lot of it has been due to these labor issues as well. so she's talking about just in time practices. there are also a lot of labor issues and those have contributed as well both and so it's sort of a confluence of both things where it is. seems like there's kind of those glitches in those frustrations really all around. now i know when it comes to this sort of
just in time approach to the inventory, is there anything they can do to get away from that right now? well, i think your business is never going to do anything that's less cost effective and less efficient. however, if you look at what the german call manufacturing industry is going through particular with regard to semi conductors on the volkswagen, c, e o has been basically lab bossing this whole situation because of course they can't produce cars. it's not due to their lack of planning is that they didn't know about the semiconductor shortage in advance and the ceo, siemens barbara humped and she's also said, look, this is not a supply economy anymore. it's demand economy, there is intense demand. so now to answer your question directly, or that one can do instead of just in time, is to basically analyze one's entire pipeline and say, where have those actual, which is a code who other supplies and where are, where is that happening? like too many goods coming from china, you capital your eggs in one basket, i think that is what's happened. it's been too dependent, a one country for cheap labor and for cheap products. and so all of the, obviously the margins of these companies have done very well on the profit side,
but now they've suffered from it. so i think you're going to find a lot of companies saying, is that a globalization? let's go back to localisation and let's see what we can source products closer to home. they might still want sort of like a dusting time approach, but they might want to sort that more locally. i think that's what you're going to see across europe and across across the u. k. well, natalie is make it easier because you will have less transit time was. you'll also be a little bit more easily communicating your issues for sure. and that's how local businesses they go to localisation. and now we've often talked, you obviously about the prospects that economy in the u. k. and it seems like when you look at this and her kind of rain, the alarm about globalization isn't the kind of what got us into breakfast in the 1st place. they were saying we want more autonomy in our trade in our economy. i actually find it somewhat higher on the all the global as to now land, boston and globalization. because yes, there are many issues with it and any issues that make it not work. so with regard to the u. k, of course. yes,
the more trade deals that the u. k. dog out of the autonomy that they now have, the more they're doing the opposite of what it just said, they're not putting all the eggs in one basket that diversifying that going across the globe. the e u isn't doing the same kind of trade deals. in fact, the u. k is now starting up negotiations with mexico looking to do a massive trade deal with mexico. and in fact, the u. s. need to look out for this because there's going to be so many trade deals that you case made. they'll be back to the table as a 5 top a negotiator with the u. s. navy, what before, for the exactly. the reason you just mentioned, brand autonomy means autonomous decisions. right now we've got about a minute left. i want to bring up sort of a counter argument to that, which is what we heard recently from french finance minister, bruno lemaire, he told the b, b, c, that leaving the has essentially made it worse for the nation. where do you make that? the frenchman started to say that people reported that what you're going to say prospects, it was really good and we will get to that is what he's going to say. but of course, he's got to say that he has not got the same amount of trade agreements going on, and he's not able to do that. and the g d p actually for the u. k. better that of
the e u in august. a lot of that was due to the services sector, opening up in august in the u. k. but they better that you hillary ford, which of the british american business association. thank you so much for your time . the pleasure. brandon rachel. and finally, we have an update for you on that russian film crew that made it their mission to create the 1st ever movie film in space. they made it back safely, land in cars, it's done after spending 12 days at the international space station. the actress and director involved were accompanied on the return by a season ca not who had been at the i assess for $191.00 days, bringing his overall total to $531.00 days in space. the crew film themes for their upcoming movie, the challenge which a doctor traveled the space to treat a sick patient. now this is fascinating, this, this is played out. i mean, we see so many movies that say they take place in outer space, but this one actually does. do you think this is just the beginning?
i think it in just the beginning, i believe. and i may be making this up completely up to my head, but then tom cruise say he also want to do go at one point. i mean, i'm sure for those actors to that have done sort of versions of this where it's very space like they're now looking at what these extra notes have done and saying, well, wait a 2nd, what do we get up there? what an experience? next step, rachel, i've heard it and i'm not a 100 percent. sure. we'll have to check with the boss boom bust in space that i can do more. check it out. and then maybe that's it for the time. you can catch boom bus on demand on the portable tv app available on smartphones and tablets. you google play in the apple app store by searching portable tv where it will be can also be downloaded on samsung, smart tv and roku devices or simply check it out at porterville dot tv. well see you next time. i
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headlines her one r t, the polish prime minister ups, the ante in a feud with brussels, accusing ego institutions of usurping power and undermining democracy and british families of suing the government over the death of their elderly relatives and lost juice, covert wave in the program we hear from a nursing home clinician who says the authorities broke their promises to kaufman, that being completely honest at the time, who said it of people in nursing homes and town homes been almost a forgotten loss which we still are. this is about what the government promised was happening.