tv Boom Bust RT October 30, 2021 1:30am-2:00am EDT
gives us a deal with my food ocean from a small school. well, we'll shoot for the commercial that it was a couple of kids living with a with they pay them by going visitor. you can't afford to miss. i'm ready to love it. the number is born in washington coming up, members of the world's most powerful nations are convening in rome for the annual d 20 meetings. whereas the flu of key economic topics will be on the table will discuss flaws. as we have seen, a whole host of economic data relief this week,
we take a look at how global markets fared then changing course in mid life crisis. well, that seems to be basic plan as it has re branded itself as mazda. later on we'll bring you the latest on the social media giant new strategy. we have a lot to get to today, so let's get started. and we leave the program with the beginning of the latest meeting between a group of 20 as leaders, representing 80 percent of the global economy gather for their annual summit. this year's meeting is held in rome and at march the 1st in person meeting for do 20 members. since the start of the pandemic on the agenda for those world leaders to confront a global recovery, hampered by a series of stumbling blocks and energy crisis, spring higher fuel and utility prices. new coven, 19 outbreaks, and log james jams in the supply chains that have caused massive shortage says for consumers. so let's break it all down. with boom bus, co host, ben swan and christy,
i bet i want to start with you. one of the most pressing issues, certainly among european countries and china is the ongoing energy crisis. how are these leaders dealing with it? well, i think right now they're kind of coming with had in hand asking the, the biggest producers in opec plus specifically saudi arabia and russia. let's face it. those are the 2 really driving forces here. opec, saudi arabia determines exactly what opec does. russia decides, but opec plus does, and so both of those countries will be represented by the way, at this g 20 summit, though, uh both china and russia are attending remotely. but what's interesting about this is right now you have this kind of energy need desperate energy need. prices for energy in europe have quadrupled and quinn toppled depending on which country we're talking about. that is an incredible number to go up in just one year. so what they're dealing with there is absolutely for lack of a better term, savage. right there, the people there are trying to deal with this lack of energy. governments are
struggling with it and what they're demanding is more output from opec and opec plus. now, russia, by the way, cal gas from the state control energy company has agreed because of an order from president putin, to go ahead and release more reservoirs of natural gas and oil to europe, to get them in the reservoir. so that should actually help thing somewhat, but listen, you know, some of the analysts who are looking at this are saying things like, well, russia and saudi arabia better be careful because if they don't start producing more gas than the rest of the world's, just going to move to renewables. no, they're not. not in the next 6 months, not in the next, you know, 3 or 4 months. and especially as we roll to the winter. that's where europe really needs this energy. so at this point, it's really about figuring out what is the best way to move forward. and the truth is, they don't like this because because many of these countries do want to move to renewables . but the way to get that price down is to sign long term deals that last $20.00 or 25 years, not doing the spot market pricing. and certainly as interesting to see how long are
going to let this go on, especially as people are paying increasing prices and the temperatures aren't getting more and more anytime soon as we go along with this season. now christy has been mentioned, the leaders of china and russia will meet remotely. so how important is the u. s. dialogue with trying to specifically during the series of meetings? i mean, this is going to be a very important meeting with all eyes on the u. s. and how it handles its relationships with not only china, but also the rest of the world after spent the last 4 years focusing on this american 1st agenda. so china and the us are expected to be constructive as a work to settle ongoing trade issues and address the macro economic situation that threatens both their girls. so both sides are weary of the inflation pressures, slower growth, weakening financial landscape, supply chains and also other issues. and then also on the agenda, the heads of government are expected to endorse a historic overhaul of international corporate taxes. although analysts one that any new rules would take a long time to actually implement. so meanwhile,
china in the us have agreed to continue communication at all levels on the next steps. which essentially is the same rhetoric we've been hearing. so i really don't think that this will mean much in the grand scheme of things, seeing as we've heard this phrase a 1000000 times before, but still there has been no actual step forward. it's just playing niceties on the world stage and putting on a smile while doing exactly what you want to do afterwards. and that goes for both the china and the us, because the u. s. still has not lifted the billions of dollars on trade terrorists on china, even though that it's hampering the u. s. economy and growth and consumers end up paying for that. and just recently the u. s. fcc revoked the license on china telecom on tuesday. so there actually is a slight escalation rather than a reconciliation going into this meeting. so while it's a great idea for everybody to try to work together, it's easier said than done as that was not a friendly gesture toward the country whom you're trying to build a relationship with and work with. yeah, really the politics as usual,
especially with the binding ministration, kind of falling in line with, with the trumpet ministration did before. now speaking of agreements going into effect of ban. we know that one of the big items which many consider is a victory going into the g. 20 is what appears to be a consensus on a global minimum tax. is this truly on the verge of being implemented? well, it looks like that it is. i mean, we're talking about these g 20 countries have all pretty much agreed at least in theory, to imposing some kind of global minimum tax. and then they have reportedly have about a $130.00 countries that have signed on to this idea. so yeah, it looks like it's probably going to go forward in some form. i imagine it's going to go forward in some form because otherwise what you have is you have a piecemeal system that is going to take effect if not across europe or countries like spain and france, italy, the u. k. they all want to impose digital services taxes on the biggest companies here in the united states like facebook, amazon, apple, google. and so in order to kind of avoid that, i think some of these big companies are kind of leaning into this idea of saying,
okay, let's go with some kind of global minimum tax, because otherwise you're gonna be paying various tax rates across europe. and one of those 2 things is going to happen, right? you're not going to be able to continue to function without something is looking at this as something that he needs because a lot of his bill back better kind of plan is based upon the idea that there will be this global minimum tax of some kind. if he doesn't get that through, it's very hard to push through the rest of it. so he is kind of dependent on it. i know he's pushing forward very hard. and of course, as i mentioned, some of these other countries that once some kind of digital services tax are in agreement with it as well. and i know that after so much wrangling on it, that some of the nations that had provided, you know, the lower tax rates rates like ireland, they eventually move forward with it and decided, you know, if you make the right concessions, we'll go forward. and so we'll see what happens there. now christy, another major issue for the us is to figure out supply chain log jammed. how can the us use the help of other nations to get the supply chain issues?
got about a minute left here? well, i don't think it can necessarily be fixed. as we mentioned, this is a long term issue and not like a bottleneck that can be cleared up just by working a few more extra hours. so by an end is expected depressed for countries to share more information about troubles with the supply chains that they've slow growth and port and factory closures, shortage of shipping containers and right. and demand has also contributed to backlog ports and delays for delivery of everything from consumer staple to high tech and commodities. not to mention with the inflation rising prices. you also have company stock piling raw materials that they will need later on. and hoarding goods. now anticipation of a shortage which is also contributing to this huge wave of temporary demand. so it really looks like they don't know how to fix it. and this is just an attempt to gain more insight via transparency and cooperation from other nation. and it's more of a research exercise to see where the bottlenecks and brakes are. because at this point, there isn't a way to respond to it quickly. certainly be interesting to see what comes out of these talks over the weekend. best christie,
i in men's want. thank you for inside and don't go anywhere. we'll have you both back on after the break. the global markets are mixed as major academies deal with the ongoing energy crisis and central bags discuss rising inflation. let's start in russia, where the mo, x is down by more than one and a half percent for the weak natural gas prices fell by almost 10 percent on thursday. the russian president vladimir putin called on gas problem to start pumping additional natural gas q. europe, as soon as the 8th of november, the exchange route behind the mo, exit self report, and q 3 earnings this week, showing it so record growth in fee and commission income. profit for the company was up nearly 20 percent year over year. moving to asian markets, the shanghai composite is in the red down roughly 3 quarters of a present for the week. although the composite did see some modest gains into friday. industrial profits in china were up 16.3 percent year over
a year for the month of september. according to data released thursday by china's national bureau of statistics. amid the energy crunch call, firm saw losses of nearly 7 percent on thursday alone. and state planners met with in the industry to discuss measures to control, skyrocketing call prices. in hong kong, the hung sun is down nearly 2 and a half percent for the week. a rough earning season for some of the biggest companies traded on the index, pushed it down to its lowest level in 4 weeks mid week. the tech sector also took a hit with heavyweights, 10 set, alibaba and my twan all losing ground with the hands sound tech index falling more than 3 percent on wednesday alone. in japan, we have our 1st green arrow for the week for the new k on thursday, the bank in japan kept interest rate steady. the central bank forecasted inflation would stay below a 2 percent threshold, or at least the next 2 years. while say it expects the japanese economy to grow by 3.4 percent in the fiscal year ending in march, but that is down from
a previous projection of 3.8 percent. now let's move to india where the centex is down by just under 2 percent for the week. on wednesday, the reserve bank of india said it will take steps to remove liquidity from the banking system, causing investors to worry. this may be pointing to movement in the monetary policy . this caused some of the biggest banks on the index to lose ground. morgan stanley also downgraded indian stock to equal weight from overweight as the index has seen massive gains in the last 18 months. in australia we have another red arrow with the assets dropping by more than one percent. retail sales in australia rose 1.3 percent in september compared to the month prior. meanwhile, the nation economy is expected to have contract it by roughly 3 percent in the quarter. ending in september, according to treasury secretary steven kennedy, who told the senate this while it is expecting a large jump in inflation. and in south africa, we have a green arrow for the all share mining makes up a big portion of this index in south africa. and mining related facts have jumped
20 percent this month as metal prices continue to arrive. and as we see, commodity prices continue to arrive. analysts expect this to be a boom for the nation's economy. now let's go over to rachel for more from europe and the americans. thanks friend. here we go. ok, where the city is up. the next had a 20 month high as it saw games for the 3rd session in a row, amid warnings that inflation could hit 5 percent early next year. the bank of england has indicated it could start to raise interest rate soon. a recent survey also found that the public's expectation for inflation next year is now in its highest point since 2008 near by the german dax and french kac are both in the green. the european central bank double down on the claim that inflation is transitory, which is why they say they have no plans to raise interest rates until at least 2023. this, despite the latest data, showing inflation continues to rise, having
a 13 year high this month at 4 point one percent across the atlantic. now to brazil, where the ego of us but is down, it was a rocky week for the index as investors reacted to the central bank raising interest rates by 150 basis points on thursday is the largest increase in 20 years . the reality fell. 1.3 percent losing more than any other currency in the world this week. as brazil continues to battle soaring inflation in the double digit. and over in mexico, the b m. v is up. this is by the news that the country's economy shrank by point 2 percent in the 3rd quarter, marking its 1st decline since the start of the pandemic recovery. last year. the ongoing supply chain shortage took a toll on the services and manufacturing sectors. and while the car making industry has been hit especially hard, there is hope that it will see new business by the way of an electric vehicle partnership with the us. and here in the u. s. the down the nasdaq in the s n p.
all finished the week in the green. this, despite the news that economic growth in the country slowed to its lowest rate since the recovery began, the commerce department also reported on friday that annual inflation is rising at its fastest rate in 30 years. so far, the federal reserve is still expected to announce the start of its plans to taper next week. and finally in canada, the t x is down despite seeing its best session and 5 months on thursday. miners and energy stocks took a hit as commodity prices belt and the week the bank of canada also announced plans to en, quantitative easing and raised interest rate sooner than expected. with the central banks governor even saying, quote, we're getting closer to a full recovery. we don't need q e anymore. now moving into next week, we will continue to keep an eye on the state of ongoing supply chain shortages around the world and their impact on the global recovery. it's, i'm now for a quick break, but when we come back, facebook is looking to turn a new leaf as the social media giant has rebranded itself as meta straight ahead
ah, oh yeah, it has to be rash to be able to afford inside and fired the luxury that for sure. despite having the most expensive outcast 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 as how, how they can choose your customers and dump the sick tone 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,
that's best getting away with murder with food source. oh oh, come back. you've probably heard by now that the largest social media giant in the world. well, it has a new name. facebook cl, mark zuckerberg, made the announcement saying the new name of meta will help the company bring all of its products together while giving new insight into its plans for the future. it is time for us to adopt a new company brand to encompass everything that we do to reflect who we are and what we hope to build. i am proud to announce that starting today. our company is
now metal. we've built things that have brought people together in new way as we've learned a lot from struggling with social issues and living under closed platforms. and now it is time to take everything that we've learned and help build the next chapter. a company formerly known as facebook as pledging take on the virtual reality world with new plans for a net averse get it that will likely get a new purpose to those oculus v. r has says the company acquired back in 2014. so what does that mean for all of the privacy scandals and the concerns over facebook already having too much power as is well, it's brings back as soon as co host benson and kristy i to disguise band. let's start with you here. so what do we know so far about these plans for a med adverse that brought about the name change? yes, so it's kind of interesting because as we've talked about for a few weeks, you know, facebook is, is a pretty interesting company that is now just
a one brand underneath meta. right. and there's a good reason for that, because facebook itself, as a company, i think more than anything has been abandoned. mark zuckerberg not interested in it . you know, facebook was thriving up until about 4 years ago and it's kind of been co op it since then is completely, you know, being utilized to remove anyone who opposes the kind of the neo liberal order. and as we still see, even with the, the new scandals that have come out of the so called whistleblower a big push to completely limit any conversation there. so facebook's been minimized and meanwhile the met averse is the new stuff and it's all about augmented reality . it's about creating a new world's and you never have to leave your home to access of being able to, as they say, live, and work and play and all these different locations. but all from your couch. listen, if you thought that your kids sitting at home on their cell phone, who never does anything and never goes outside me, more was bad now,
way for the met averse my friend in the meadow versus where they will never leave anywhere because their entire existence will be built into these augment of realities. it's not there yet in terms of technology, but it will be eventually. and it's funny because, you know, obviously we keep hearing and we've even said it facebook name change, but it's very similar to what google did when google changed their name, alphabet. and google is underneath the alphabet. obviously different in the situation that clearly off but did not abandon google during that or anything like that. now. 8 christie zuckerberg talked about plans for a future and has been just alluded to where you take part in se, office meetings by simply throwing on a v r headset. i mean, how likely is it actually happened? you know, ben said the technology is behind at this point. so it did looking near the very, to the future. i did this cause, did that invited society because not everybody's going to have this technology or access to it as because it's kind of a luxury well, those are things that within this next decade, most people will be spending
a lot of time in a fully immersive 3 d version of the internet. so he is pushing technology to go in that direction and something that could be where they would let you show up in a virtual space as an avatar or a hologram so that you can actually occupied the space somewhere else. so in theory, this is a pretty cool idea, but in reality, what does this offer in terms of the value that zoom or skype does not? so yes, working from home is now going to be a major trend going forward, but information being transmitted, it's pretty seamless on zoom, virtual classroom demonstrations, pictures, presentations, they can all be done on it. so i really don't see the additional value for the business of hosting a meeting in v r versus resume or other than the fact that it looks pretty cool. and that you're not trapped behind a desk. and you can actually move around it interact with people. but you can actually still do that with zoom by having 5 conversations and messaging with their peers. so it will be a luxury feature, but i don't see it being adopted that quickly by corporate. so i don't think it
will be that divisive of gadget. it will be novel and many companies will certainly adopt especially tech companies, but i don't really believe it'll be a necessity and therefore be that divisive for society. i do feel like it's something like if they could get some sort of big company to hop on board, that might actually show proof of concept, show it work and show where it could be really cool. but there, why is it just facebook internally using it? i'm not sure that's going to work out. also feels like sucker brig may have read the book ready player one and just said let's get on this before some other company does. even though the technology is clearly not there yet. now better what even more serious news here because facebook itself has done the research and has admitted how incredibly addicting its platforms are for users, especially children. what are the long term ramifications of building life around virtual reality? well, there, there are serious ramifications for that. in fact, i would say that we don't even fully recognize the ramifications of where we are now and where we've been for the last 20 years, right?
if you just say over the last 20 years, there's an entire generation of people not just in the united states, but globally, who have grown up knowing only a world with cell phones. know, in only a world with how to access the internet and completely building their lives to this connectivity, we don't know what the ramifications are of that yet. we know that from the internal documents that came out through the was a lower about instagram. we know that teenage girls were more likely to have a bad view of themselves and have low self esteem, but more they were on instagram. same with teenage boys, we know that teenagers were more likely to be suicidal if they were constantly on social media apps. those are very serious things when we're talking about mental health and the mental health of young people, who, by the way, are not going to be young people much longer. these are people who are now going to be moving into adulthood. and there's a new generation who will come up behind them. and i agree with chris the, i don't think there's a real value here in terms of, of the marketplace for business meetings this way. but i don't think that's where he wants to go. i think where they really want to go is create augmented realities
for children because we know through instagram and their projects there, that is his main focus. he wants to focus on kids and children, focus on creating augmented reality for them where they can exist and try to imagine worlds in which they can live. and i think the repercussions of that are much more serious and we're giving them a bit. yeah, that's incredibly concerning, especially when you think of how it impacts kids today. when they go on instagram. they series filter photos will think of if it is actually an entire character you're creating that doesn't match anything close to what you see in the mirror. christy. what's your response to that? how do you think that is impacting the next generation or really this generation as they get older? i think it will be interesting to see the impact of the generation. but really, i think the biggest concern is that people are going to lose touch with reality and how to actually physically interact with their peers and friends. you already hear people complaining about the awkwardness after a quarantine of how difficult it is to get back to social interaction and how
difficult it is get back to gathering and meeting places and striking up a conversation that is more than a text. because in a text you can ignore conversation simply by ghosting. and apparently these days and society is getting towards more and more of a trend where people are more so isolated. and you hear this phrase a lot, especially in big cities where you have kids being a big city. it's been like, i know i'm surrounded by a 1000000 people, but i feel like i'm the only person in the world. and that's kind of like the feeling that a lot of social media has created because you have 200-300-4000 friends on line. and you have this positive feedback loop every single time you get a like you get a comment, you get a positive thumbs up or something like that. but in reality, in the real world, nobody really cares about a nice instagram picture that you take. so the reality is such, so disconnected from social media and a lot of young people cannot reconcile with that. absolutely. and there's a lot to talk about here as this moves forward. thank you both for joining us throughout the entire show. boom bus been swan and chris the i thank you so much
and finally and is what is becoming more commonplace space x is set to launch another for astronauts to the international space station this weekend was, will be the 4th sent to the space station by you on musk lead rocket company, the through crew 3 mission will include 3 nasa astronaut and one from the european space agency. the latest trip to the i assess will use a crew dragon capsule which has been named the endurance on top of the falcon night rocket. and take off in the early morning hours of sunday with the arrival at the space station after midnight on monday. i certainly be interesting to see how that turns out and you're right. it is becoming more and more common places we go on, i mean, and where do you when you look at what blue origin is arguing with basics is the 4th time they've taken to the i assess, they're not happy about that. for the job you get, boom was odd to man on the portable tv app at portable bat tv will see you next time. ah, ah
ah, if you want something done, right, do it yourself. the acronym d i y, i do it yourself, has now become the name fred, use younger of online videos, media company with more than a year away. any sammy herself still that he'll have known. you can't. the wasn't working any more than a drug. so the deal it people use scrap materials and whatever's at hand to rig up all kinds of stuff from household items to pump actions, squid guns, richer company for my freshman longer stuff must be out of my little much more pool with the basement is people want to watch millions of viewers spend or seeing how a person they've never met and who's half way around the world, assembles the contraption. no one else needs to take a 3 arrange to filter again,
which could just move my key when you minute synergies like user g, we're looking at the collector will future pushing, which because backs kaiser's my natural saliva. no, they say my little girl, i've been using that central bag support dot com right now. they stopped he died. i cried. and i just kind of split the whole time out there. no one really thought anything different. you just all thought i just didn't feel good on the way for the surgery, his lungs failed. 30 seconds,
but i killed him. i had gotten stuck with so many needles that day. in 2019 doctor started talking about a new wide spread. does he used it caused severe lung damage? there's a few points that were really the turning all of the patients were diagnosed with a lung injury associated with using electronic cigarettes or vapor products. did he pull this out? if you really felt holy crap, he's gonna die. oh no, he's the better it was. i wouldn't want my worst enemy ever go through that. it was out of breath with
did with a lot of grace. going to apologize. joe biden made some new micron for 1st time since the announcement have been a stray li sabrin deal, which many in paris saw as a stab in the back or so to come this out of his him from form that budget cuts a leading to staff shortages and a lack of hospital beds. this comes as top scientists claims that come from health care systems on the brink of collapse is co read, takes hold. once again, the key at cruise, it's the government is to blame. the shortage of medical personnel and france is the only country in the world that's been cutting funding during the pandemic medical staff to outbreak by this and ready to quit over it. and.