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tv   Boom Bust  RT  October 23, 2021 9:30am-10:01am EDT

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we leave the program with an economic story that has been hogging headlines and recent weeks. supply chain issues continue to hamstring. the bible administration, in fact, concerns over how to get more supplies off barges and into ports is such a problem that president biden is now considering using the national guard to help resolve the bottlenecks, 9 of cnn town hall, the president said he would consider using the national guard to move products in order to increase the number of truckers on the rope. so let's go further in depth on what is happening with the supply chain ball next week. boom, less co host, ben swan and christy i. ben, let's start with you here. so what about this plan to use the national guard? i mean, is this something new and profound? you think it will happen and of course would help relieve some of these supply chain issues? well that's, and i think at this point, so many people are thinking, anything's better than what we have right now. right? but the truth is, the national guard plan is actually not a good plan at all. and it wouldn't really work. it would simply be done for optics
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if anything. and the reason for that is consider the fact that number one, when we're talking about all of these shipping containers that are at the port of long beach in the port of los angeles. right. and there's some, 2000000 of them that are in the ocean offshore, waiting to bring those those, you know, shipping containers into the port. the problem is getting those products out of the port requires truck drivers. so the, by the ministration says that we use national guard, but there's a national guard or not full time soldiers, which means that if you're in the national guard, you have a day job of some kind. so for the most part, anyone who has a truck driver license can operate a big rig is already doing that as part of being in the national guard, which means they're already already employ number one. number 2, a lot of the companies that are doing the shipping and bringing these products out, or working for specific companies that need them at wal mart, for instance, right? wal mart has its own trucking fleet that it's sending in to get these products out . so the idea that you're going to now bring in national guard, which somehow create
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a whole new set of truck drivers. not really going to happen last week. there are 60000 truck driving jobs available in the united states right now that are going unfilled. which means that we have a shortage of truck drivers that you can't just invent out of out of mid air. so there's a number of problems here at the national guard thing. sounds like a solution, but it just impracticality. it's not, it would also be interesting to see as we see the labor shortage. their head across the industry is what people would say when they're like, took care of that one, but you didn't take care of this with the national guard, very interesting. they're kristi, you're in l. a. where these jammed up ports are located. reports indicate that since the port of los angeles in long beach port have begin operating 24 hours a day, it's making traffic and nightmare and surrounding neighborhoods. now we know traffic and lay that's unprecedented. what can you tell us about this? yeah, it's an absolute nightmare. by the ports right now in the city of wilmington, the neighborhoods are over run by truck traffic as a result of the limited container storage. and usually most of these trucks leave
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very early in the morning or very late in the evening when there is no traffic. but now these trucks are kind of piling in with all the daily work commuters, as a result of these 247 ships. so it's really taking a toll on the surrounding neighborhood. and as of tuesday there were $63.00 ships burst at the 2 ports and $96.00 waiting to dock to unload, which is absolute insanity as really taking a toll on american businesses who import. so my best friend who runs a fashion label and imports fabrics and patterns and apparel, she just told me that right now it's pretty much impossible to import. she can even calculate the l. d p. the landed, dewey paid prices and costs right now because the last container she received, the initial freight costs was $2500.00. not bad, but then it ended up being 10 x that landed because the container was actually floating at the l. a port for months longer than expected. so it really makes doing business. absolutely impossible. and unfortunately, most retailers have built out supply chains and manufacturing partners overseas. so
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it's not like they can switch manufacturing somewhere else, even if you decide not to manufacture in china. you still go to thailand and you're still going to have the same problem because the bottlenecks is on the u. s. side. not anywhere else, and you will still need to import it over. and it's very similar to what we've seen with the semiconductor shortage. obviously that's not a shipping issue, but the fact is that you've become to rely on one side that you're really in a position where just trying to wrap up production quickly isn't going to help anything right now. now, bad reports indicate that some retailers are now over ordering in order to make up for lack of products, and that is creating an even bigger problem. tell us about that. yeah, i mean, there are apparently a number of retailers who are doing that. they are over ordering, it's starting to cause even more problems, more strain on the supply chain. but, but the reality is like, this is the part of the story. the guy doesn't make any sense to me. so the 4 los angeles is clogged up, the port at long beach is clogged up. 40 percent of all important goods into the
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united states. come to those 2 ports, but no one is asking why. why are they just moving to other ports in other locations? there are other must co sports. there are reports in the gulf of mexico. there are ports in florida. there a port in louisiana. why not move, and i know in some cases amazon for instance, on products that it's dealing with are, is moving though, shipping those ships away from the port of los angeles and moving them to other locations. it may take a couple of days to get there, but here's the reality. at least you're not sitting in the ocean for months at a time, and that's how long some of the shipping containers have been sitting there for months waiting to come in. so the idea that with this can't be done, or that it, you know, can only happen through the port of los angeles, which by the way, port of los angeles just moved to a 24 hour shift and a, the port of long beach. just a couple of weeks ago moved to a 24 hour shift. but in the state of florida, the the governor in florida rhonda said, has just held a press conference in which he said that every single port in florida already
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operates 24 hours a day. that's how florida does it. as opposed to california sit in the ship someplace else, rather than continuing to wait to funnel them through just these 2 ports. and it seems like there's definitely more questions than answers at least in the situation . now, christy, how much it is that like a bottleneck is because of the reopening in the economy, the case has actually been made by transportation. secretary been dead that the economy began recovering too quickly. what are your thoughts on that? it's not as absolutely no quick fix to any of this, and it certainly isn't because the economy would cover too quickly and i love how politicians kind of dismiss a problem by making it sound like something's too good. if i saying, oh, we know there's a lot of obesity in the nation right now, but that's only because we have too much good food and nutrition here. so now the real problem is the u. s. is the long beach ports and the southern california los angeles port handled the most ocean cargo of any ports in the us, but they are some of the least efficient in the world according to
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a ranking by the world bank america. the purchase of imported goods have jumped to levels that the u. s. supply chain infrastructure just can't handle this in contrast with other ports like japan and china. in fact, if we actually take what the transportation secretary said as truth, let's pretend it's the truth for a minute. if in fact the recovery caused supply chain bottlenecks, then china should be experiencing the same congestion and the same bottlenecks because china had recovered faster from cove it and had a sharper v like bout. so according to his logic, china, congestion should be even worse than that of the u. s. but china does it because they have the infrastructure. and while not in the most efficient category, 3 of china's biggest ports are ranked among the top 5 in the same survey. so there's really no quick fix as the union pacific rail executive said that while making the port operational 247 will help incrementally. this is a long term problem. and so far this hasn't even made a dent in it. yeah, you gotta leave it to politicians. it's been
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a story to say that it's because we're just doing too well. that's why we're having these unprecedented issues. boom. bends on. and kristi, i thank you so much for your insight. the while the markets are mix this week as investors continue to keep an eye on the state of rising inflation and the ongoing supply chain constraints. we start in russia where the mo, x is down roughly 1.5 percent for the weak rocha's central bank increase interest rates on friday by $75.00 basis points to 7.5 percent. this was the 6 the increase since the start of the year. signaling more action is possible, as the nation deals with the highest inflation rate since 2016, some of that to keep an eye on in moscow, the chairman of the supervisory board of the mo x says the index expects for major ip before the end of 2021. moving to asian markets, the shanghai composite in the green this week up just under a half
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a percent as economic growth in the nation is slowing china plans to pick up the pace of issuing local government special bonds and effort to increase investment on wednesday of this week policy makers decided to keep interest rates changed in china, and hong kong hung sound is up more than 2 and a half percent on the week. the index are significant gains on wednesday as chinese tech confirms, propped up the market with 10 cent alibaba and my one all seeing big game to close things out on friday. china ever grand group saw it's price jump more than 4 percent in hong kong. fowler reports would be indebted property giant would be able to pay interest due on a dollar denominated bond. in japan, we have a red arrow for the ne k down about one percent. most of the losses came thursday is the index lost nearly 2 percent. as the situation with coven in the nation is getting better, the bank of japan is talking about phasing out its pandemic related policies. moving to india, the sense axis down just over one, present any a prime minister,
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or andrew modi on friday. that economic growth was getting a booth from the nation. the vaccination campaign, 3 quarters of any is more than 900000000 adult. have received one shot while only 31 percent have had the 2nd. several analysts and rating agencies have shared their economic outlook for the nation, as some believe is already back to pre panoramic level and could see growth, but as much as 10 percent in fiscal 2022 and our strategy, we have a green arrow with the s x 200 up under one percent mid week. the financial and mining sectors helped to keep the index and positive territory while the nation expect to return to growth in the current quarter after an outbreak of the delta variant minute from the reserve bank of australia policy meeting earlier this month showed the central bank does not expect to raise interest rates until 2024. and in south africa, the all share is up data from statistics. south africa earliest wednesday show consumer prices rose by percent in september as inflation continues to be
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a problem. meanwhile the iron rep said while it expects the country is kind of me to grow by 5 percent up from the for present projection before that pace will slow moving into 2022. now let's go over to rachel for more from europe and the america . think brent here we start in the u. k, where the 50 is down. this despite rally on friday, after the latest data showed unexpected growth, the purchasing managers in next rose to 56.8, marking us highest points and back in may. thanks to gains in the services sector. however, the bank of england is now warning that inflation could hit 5 percent early next year. now nearby the german dax and the french cack are both in the green, but europe's 2 largest economies are feeling the pressure of the ongoing global supply chain shortages. and both businesses and manufacturing have taken a hit as a result. in fact, producer price inflation in germany has not only reached double digits, it is now hit record high. the pressure is on for the european central bank and its
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upcoming meaning to see how officials will respond now across the atlantic. in brazil, the echo vest is down. it has been quite the weak in the nation. as a central bank has expanded currency swap auctions in an effort to save the reality, but both the currency and the index took ahead. as for senior members of the economy, ministry announced their resignation over reported plans to expand the countries welfare program. all of this was president bolton, our campaigns for reelection next year. and in mexico, the b and b is also in the red inflation rows and the 1st half of october, surpassing 6 percent. it was largely driven by the increasing costs in the goods and services sector, while the government's electricity subsidies came to an end forcing households to increase spending. now the bank of mexico is expected to increase interest rates for the 4th session in a row next month. as it continues to try to hit that 3 percent target here in the united states, dow and the s and p are up while the nasdaq is down for the week. the latest
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earnings reports of cold off compared to the games we saw earlier this year. while social media stock like snap facebook and twitter target hit tax stocks, saw an impressive end to the week with tesla netflix e bay and microsoft hitting new record highs. and finally in canada, the t s. x is up inflation sword to an 18 year high of 4.4 percent. and the countries finance minister confirmed on thursday that broad stimulus measures will be coming to an end. after costing more than $233000000000.00 in the wake of the pandemic and said the government will be introducing a targeted program for hard hit areas that will only cost about $6000000000.00. now moving in and next week, we will continue to keep an eye on the state of ongoing supply chain shortages around the world and the impact they're having on the global recovery. shannon usa is now facing a lawsuit over the performance of its printers. cannon is the subject of
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a class action complaint for more than $100.00 customers, claiming that it's all in one printers, only work as long as they are low on inc. and the lawsuit claims. and even when customers are trying to use their printers to say, scan documents, they become virtually useless once they're in cartridges register as low as a result, they say can is, advertising is false, misleading, and reasonably likely to, to see the public by forcing them to buy more inc, if and when they don't really need it. now, in addition to asking for $5000000.00 in damages, the customers are requesting can and be honest and is advertising moving forward and stop using that claim of all in one for as long as this problem continues. you know, rachel, you know, we like to address these issues when big tech companies take advantage of customers . on the simplest level, obviously we talk about them on the big, broad scale. but this is, you know, who's really printing documents anymore. when you have a phone or a tablet, and sometimes you just want to scan something, you have, you know, maybe it's
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a contract, you didn't decide and you need to send it to, you know, i don't know your landlord or something like that, right? and it is interesting to see kind of canons response or lack thereof to this, you know, when you have an issue like this, i mean, it is 100 people. but at the same time, you kind of wonder, are they going to have some update to address these issues to address kind of this, this thing where it just says that it can't do anything if it doesn't happen? well, absolutely and, and, you know, we, i was thinking about that number, the 100 people think about how many people buy all in one printer is for these purposes. i think that number is going to grow quite a bit in the future. but what you said, candid basically said yes, this is the fact when you don't have a printer cartridges or it's in low, basically the system is erroring out. it won't do anything. and like you mentioned, no, i think a simple update that they could push out tomorrow. we'll fix this whole situation. and it'll be interesting to see if there's another printer company, the size that they're going to come along and create one that truly isn't on one
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top now for a quick break. but when we come back as netflix, when game breaks, netflix records for many across the globe, the central theme of debt hits. many people very close to home. we'll break it down on the other side. as we go to break. here are the numbers at the club. ah. with daniel you are little fish with
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just needed. yeah. it was, i just would say the game and then you would get that is images. it goes up, was good for suppose i have my did some, i would say again to spin you visit his image is but it's like a mom, but it's more sites with your phone was out of the to get the one with all of your plan and some way up all of the bella, we will try to continuously to the shelter bush up with its been decades since the fall of spain's fascist regime. but old wounds still have entailed a finish. because when we find out the nickel fee
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to market people to me, so i will said cutting me in the parentheses. me notice that i understand, i think or oh, thousands of newborn babies were torn from their mothers and given away and forced adoption. that on the late bought about a used young ford fiesta. bitter my old rover is a fellow element. it to this day. mother's still search for grown children, while adults look in hope for their birth parents. with ah, welcome back. it's taken me entire world by storm and millions of people have
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signed up for netflix. just to watch the new head show squid game. it's already been renewed for a 2nd season just 2 months after its debut. and it's brought in 4400000 new subscribers to netflix. and it's set to be this year's number one hollowell costume . are you getting? this is big. so why is everyone so obsessed with ortiz ferrett project shows us the reason debt it's taken the entire world by storm. it's number one in $94.00 countries and it's responsible for netflix as total paid global subscriber base bump to $213600000.00. and just under 2 months. oh, squid game. a survival drama where players are drawn from all walks of life, but they have one thing in common debt and whoever survives wins, billions. the dark dystopian fiction base in an alternate reality. but
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is it, do you think you do better answering questions in your major of spanish education or general knowledge? i hope in spanish. how do you come across the game show? paid off? yeah, a game show where people play to get rid of their student debt. that is 8 her. oh wow. this guy just got rid of more than $40000.00, but most americans aren't this smart or that lucky. right now the average american carries more than $90000.00 in debt, which includes all types of debt from credit cards to personal loans, mortgages, and so it loan debt. but what's even more shocking? who's the most in debt? and it's not who you think? well, many would think it's millennials, it's actually genex who carry more than a 135000 dollars and the red followed by baby boomers and millennials,
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the silent generation, and then those darn kids of gen z, they're just getting started. but according to experian millennials have seen the biggest average increase in debt or the last 5 years, or millennial debt more than doubled. and while those darn kids of jonesy have the lowest amount of personal debt, they actually miss the most payments. were according to experian 12 percent of gens east credit card accounts or 30 days past due. so it makes you think, with all this debt experienced by almost every one. you wonder why the idea of competing for billions and literally putting your life on the line isn't too crazy after all. one that seeing 0 debt quite the opposite actually squid game. it's already renewed for another season. or netflix estimates the new hit show will be worth $900000000.00. and joining us out of this gases are
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t correspondent fair in fraud, zach herself. now, in the fair and when we're looking at, i mean, not figure millennials doubling their dad just in last few years. what are some of the contributing factors there? you know, it's so funny because everybody says kobe, but color really was one of the reasons. but also, you know, you have millennials like myself, like the rest of us here on the said, you know, we want to buy a house. we want to have a baby, we want to get married, that costs money. it's not free anymore, or the or a lot of times, you know, kids would rely on their parents. their parents can't do it because you see baby boomers, they're in debt to. so it's one of these things where they took a personal loans or, you know, they went to the bank and try to, you know, again with, with all these loans and that's why a lot of it completely doubled, especially for that millennial generation. because there go going into that new stream of adulthood buying your 1st home, having your 1st child. so that's why millennials really, you know, double that well, and we've seen so many young people in this country flocked to big cities. it's something that we've seen over the years and i was having this conversation with
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a friend recently there. like why did it feel like our parents that you know, 22. they were able to have a kid, have a house and all that worked out for him. was like, because our parents live in the same city. we grew up in exactly the same city. they grew up and we all kind of flocked to major metropolitan areas. and that's what we're seeing today. absolutely. and you know, the other thing that we're seeing too is i remember my grandfather, you know, he was the, he was, the breadwinner of the family, worked for proctor and gamble. my grandma state home had 4 kids. they had a car, they all went to school. you don't see that anymore. you see the generation of both parents have to work. child care is nearly doubled in the last 20 years and you're seeing just the price of everything go up. but the wages have stayed the same and that's the problem. they haven't moved since the $190.00 or at least minimum wage has moved since around the 1970 s. right, and that's an excellent point and i feel like it seems to be so much more common. you just put everything on the credit card. take out a loan for this and that, and when you're talking about making the same amount of money and i know we cover
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the skyrocketing prices here and boom, bust all the time, which is that everything is more expensive to buy. you're expected to kind of go in those entry level job at the exact same rate and it takes you that much longer to actually get to the point where you're getting somewhere where you're getting where your parents were getting you know, to decade before you. exactly. and you know, i don't want to myself here, but i graduated college in 2009. ok. i remember going in in 2005 and the banks just lined up saying get a credit card, get a credit card and we were like, oh my gosh, all this money on it. and that's why millennials, they have the most credit card debt, and that's what we're seeing today, and it's going to take a long time to pay that off will. absolutely. and one point before we do go, i do want a point is that south koreans are actually say, this is incredibly relevant to them. this is an actual problem that goes on in their country as they have seen, a bankruptcy of skyrocket. since the start of the pandemic over the last several years, so it's definitely big deal hard, corresponded fair project. thank you so much for the delay. and finally,
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the world's richest person because it could become the 1st ever trillion air. according to analysis with morgan stanley, eli and mosque is worth an estimated $241000000000.00, but it's not electric car company tesla that will add the 4th comma instead. it's space acts, analyst adam jonas says space x is reusable rockets, which could one day take humans and cargo to the moon, or even mars could increase investors sediment around the entire sector. now the space company was valued at $100000000000.00 earlier this month, placing it as the 2nd most valuable private company in the world. of course, behind tick tock, maker bite dance. but jonas estimates the value is closer to $200000000000.00 and will continue to rise as it makes more advancement. mosque himself is roughly 48 percent of space. exxon sounds like a smart investment. i'm sure it's something that he is going to be very happy to hear. that's it for this type of catch boom bus on demand on the portal tv app available at portable dot tv. be sure to check out that portable tv app on samsung
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smart tvs, and we'll see you next time with a local mover. they putting additional one, each of the household and that the additional money goes to children, education, and welfare of the household, and then totally, it goes to savings. and if a country as a savings, it can improve itself and produce growth. i think to them say that, but they must us for this moment to be included in the household so that the household income will be higher and the countries in count that will be higher with
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l look forward to talking to you all. that technology should work for people. a robot must obey the orders given by human beings except where such short or is it conflict with the 1st law? show your identification. we should be very careful about artificial intelligence. and the point obviously is to great trust, rather than fear with on very job with artificial intelligence, real summoning with a robot must protect its own existence with when i see black america, i see part of myself when i was growing up like america spoke to me when white australia did not those who say black lives matter is
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a movement we are importing from america. no, nothing of who we are. i lived in a world where white lives mattered. and i was not white. like ms. newman and i wasn't known from black america. i learned how to speak back to whiteness. aboriginal people of iraq more every day. we are at one of them now with the police . we're out with. she speaks, i'm scared that more children are going to grow up in the country that think says no racism, but they're more likely to end up in the criminal justice system. then there are other fellow friends in daycare it states after the wretch to be able to for any science,
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alleging that for sure, despite having the most expensive health care system in the world, we have poor life expectancy. we have higher infant mortality, we have more deaths from treatable causes. so americans are suffering every day from it. it's as if these people don't count. i saw how they can choose your customers and dump a sick so also right and satisfy their wall street investors. no parents should have to see what i saw. if you're denying payment for someone's care, your make life and death decision and determine to get to live and who dies to me this best getting away with murder with
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food this alice top headlines here. one r t and the public mood swings to the right in france, just ahead of the presidential election. and there's no shortage of candidates to meet the populace agenda. america, pulpit, medical agency of myths, funding research on transmitting corona, viruses to humans in china, and something it previously repeatedly denied under oath by the white house is diseased advisor. i'm brittany prime minister, who is accused of selling out working people, but failing to ban the practice, so fire and re high up, which allows employers to give workers less favorable terms and conditions. also in the program rushers defense minister says his german counterpart should.

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