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tv   Boom Bust  RT  November 3, 2021 9:30am-10:01am EDT

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as i have a stand the long vaccine or a booster, and it's shown effectiveness in both of those roles against the delta very. and it has shown a 70 percent effectiveness against infection. and that number is a little bit higher around 75 percent effectiveness in individuals on that 65. now, when combined with other vaccines such as the astrazeneca vaccine, it is also shown air, high efficiency. but when administered as a booster shot against the delta variant is 83 percent effective against infection and a little bit higher than 94 percent effective against hospitalization. now aside from all those figures, the bottom line is the sputnik light vaccine. according to this report, in the lancet and by the russian direct investment fund is that it can accelerate the pace of vaccination in russia. and of course, in those countries that has the have a deficits for those colgate vaccines. yeah, danny armstrong, a huge need for more vaccines around the world. so the middle of all this cove and
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things that's really good news has sputnik light i, you'll find more about what we talked about today online and article conran, of our social is. it's 31 past the our reporting for moscow this or it's been kevin o' information, the team who issue a great day or next programs were on air after this break. oh, it's been 30 years since the soviet union collapsed. mom disco, louder. go to chill or the one to water palm, yet no clue, no talk. so. so shown where your swore trust on one toiler from ukraine was one of the independent states that emerged from the ruins of a superpower of doing or somewhere regardless of your hon. greens come a little more, michel nicholas you semester yet, and less newish in west inner deer, better langon law, to read it of the role as well as a, as a result. so for really the view, the scissors that was for the to school for, for the, for an old version of this,
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a watch at the past 3 decades mean length. the ukraine eye witnesses recall the events. this would be more or less of you to shoot. we'll send the petition to put a new admit order. sure it's, i'm not sure. but if i told them once with wider windows and what other forces were at play, you have to use the room show inch in lush in you. put in the kid what it i'm going to consume when it shows up in them was a little versions. rosalie's. take a look at ukraine, 30 years out, the gaining independence if don't get done with us for dinner unless you mean like unity retorted, was live a will it could be issue okay. of lush will still hold it? still for a
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miss with this is them by doing business. hey, you can't afford to miss. i'm rachel, wanda bridget boring. washington coming up. china has taken steps to ease the nation's energy shortage as opec plus members have phone short of agreed output. we'll take a look at the state of the global energy prices. and at the top $23.00 conference is underway in glasgow. scotland that week, where the world's most powerful leaders are discussing measures to combat climate change straight ahead, we provide a full scope of the commitment to flight greenhouse the mission. then the vine administration is calling for urgent regulations. on fable coin has their value has stored 500 percent in the last year for this guy. we have
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a package here today for dr. wright in 3 with the program with the latest on the global energy crisis. china, so that has increased daily production of coal after power cuts in recent month. rick havoc on the already strain global supply chains. the national development and reform commission, which that's energy policy for the world's biggest coal importer announced this week that production was out by more than $1000000.00 tons by the middle of october compared to the end of september as a nation increases stockpiles. cold futures traded on chinese exchanges are down nearly 50 percent since hitting recent highs on the 19th of october. meanwhile, the price of oil rose slightly early tuesday with brent crude sitting around $85.00 per barrel. after a recent writer is survey pointed to opec plus producers, falling short of agreed production increases. production rose by $190000.00 barrels per day. in october. well below the $254000.00 barrels per day increase. cartel
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members had come to terms up in voluntary outages and limited capacity with some smaller producers. weighed on the total output. let's go ahead and take a look at the state of the global energy crunch. with david mckelvey, he's the ceo of michael bailey financial group. always a pleasure to have you on david. i want to start with the coal situation. doesn't increase, put china on better footing after dealing with those power outages that have further hindered the ongoing supply chain issues. sure, but you know, i think a part of the issue is increasing their production, which is about a 10 percent increase in production. but the real big part of the solution now is returning to normal, cold imports from australia, the polar bureau decided he didn't like doing business for less trailer and dropped imports of most australian products, coal included in retaliation. for ozzy commentary on one co go with 1900 lab creation. so the chinese created the coal supply deficit by trying to swing a stick and make the these pay. and that didn't really work. we have
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a phrase cutting off your nose to spite your face, which i think i think fits. the chinese reduced coal imports from australia by 98 percent. now it's normalizing those imports. it made up for some of that from indonesia, but this marginal 10 percent increase in their domestic production was never the issue. the issue was they cut off supply from australia. so it's a mass. i think it's normalizing now, but now they're dealing with the unintended consequences. of further inflation, vegetables and proteins and it's got a broad based inflation at this point. i know something that we've seen happen a lot really around the world that you have those political tensions. you have those kind of back and forth tit for tat bottles and then you then have to deal with the very real world consequences of them. now moving to the situation with oil, is it concerning that opec plus members weren't able to meet goals set for production after so much back and forth recently? and do you see this being a problem in the months ahead?
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i would flip frame it a little bit differently. i would qualify that opec's production increases are really getting to max target. these are sort of not to exceed levels which could be confused with minimum requirement. and if the production number ends up being slightly below the target, it's not as if they failed, you're just dealing with preferences from 2 different interested parties. so the opec members don't want to see too much supply on the market and the prices suffer . on the other hand, you get importing countries, which would love to see more supply and lower prices. so it's framed as not meeting production goals by those that are unhappy with how high the prices are. and i don't see that as, as a big issue going forward, the target was an increase of 254000 barrels a day. they're at a $190000.00 barrels a day, so they're basically at 75 percent of max target. and i think that's a pretty small gap to fill for your various opec members. so not an issue going forward. my think. i went ahead on something else,
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david on this because during an interview with nbc meet the press over the weekend, us energy secretary, jennifer granholm, stated the obvious. basically, we blaming the cartel for rising gas prices in the country after the white house is of course, called on opec to release more supply. what do you make of this comment? i mean, obviously, oil is that on the global market, which opec for the most part control? yeah, i think that's a fair point. but i think there's the more obvious absurdity of our national energy strategy in the name of the carbon is ation. and with the democrats playing politics and vilifying us energy producers and pipelines, we have reduced us production and prohibited many drilling avenues that would have brought us not only energy independence, but also kept prices down. so biting was elected largely on an anti trump platform, which included not just a verbal smack down for u. s. energy sector, but also real constraints put on capacity growth limits. and, and i think in this respect, you reap what you sow that jennifer can blame opec and clearly they are. price
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mover is definitely a factor. but i get a little annoyed when people in parties can't take ownership of their mistakes. in as a reminder, we're just not dealing with adults in the room, children blame others for mistakes. they like to scape goat. it takes the maturity to own when your policies are, in fact a contract, a contribution to the liability. so i don't think we can separate the administration's environmental actions from higher prices being paid at the 922 percent higher prices. now buy it and it says that energy transition is going to take some time. and i think that's can obvious. we knew that i just wish that he and his interest energy secretary had given that a little bit more for thought. oh, absolutely. i mean, i know that's something we've talked about throughout this energy crunch with many analysts that, you know, maybe the foresight wasn't there when it comes to, you know, the carbon ization and making all of these promises that have kind of trickled down throughout that industry. and we have more of that coming up here in just a moment, david mack,
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of any of mac of any financial group. thank you so much. good to be with the thanks . and now to the latest, from the ongoing cap, $26.00 stomach on climate change, more than $130.00 world leaders have gathering glasgow scotland to raise awareness about the need to act in the name of the environment. so far, the summit has resulted in a pledge to en deforestation with nearly $200.00 or $20000000000.00 committed in funding from public and private donors. along with a pledge to decrease methane emissions by 30 percent over the next decade. the goal is to limit global warming to 1.5 degrees celsius above pre industrial levels, and some world leaders were a little more outspoken about the mission than others. to degrees more, we jeopardize the food supply for hundreds of millions of people whose crops with lucas soon 3 degrees. and you can add more wild flaws in sight, cleanse, twice as many, 5 times as many drugs and $36.00 times as many heat waves. we are disappointing
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that us feel we still have time, notwithstanding scientific conclusions that we must at no decisively ambitiously. 1.5 is what we need to survive to degrees. yes. as she is a death sentence. we do not want that dreaded death sentence, but we've come here to day to see try harder. try harder because our people, the climate army, the world, the planet, needs or actions know. now if all of this sounds familiar, that because that is because a very similar pledge was made by world leaders in paris back in 2015 private figures have also taken a notable role in this week's discussions, including one of the richest men in the world. jeff bezos,
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who has been widely criticized for the impact his company's amazon and blue origin, have on the environment. he claim it was his quick trip to the edge of outer space that prompted him to commit $2000000000.00 to the global d for a station fund. block roxio larry think was also present and he called for private firms to be forced to disclose their risk to the climate claiming they are falling behind public companies. so what else can we expect from this summit? and will these pledges lead to any meaningful changes? well, joining us now to discuss is program director of the energy program at public citizen tyson. it's great to have you on the show today. now, when it comes to a gathering like cop 26, i mean, anytime we see these world leaders get together, we often get these passionate sound bites and he's really grand promises. but is there anything we've seen so far at this summit that sets it apart from the rest will yes, because the united states is now engaged. we took 4 years off under the trump
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administration, and so we're having to make up for lost time. so, just the fact that the united states sent such a large delegation to glasgow ah, bringing together a whole lot of different domestic commitments, is a clear signal to the world that united states is going to be serious about trying to move forward. i know that it's frustrating that some of the commitments are not as ambitious as we would like. we don't see as as much money for the global south for climate resilience and climate investment. but it is baby steps when you're dealing with trying to get so many nations together on the same page to address the global problem of climate change. and so i am encouraged in the general direction. i do think that the united states and china and other larger economies need to uh, be thought their commitments up. but in general,
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i am encouraged by what i'm seeing and kind of you talked about the long game here because that seems to be a common point we've heard. but as the world is kind of faced this energy, i mean, we call it a crisis. we call it a crunch or whatever you might want to call it, where there's issues in all sectors of energy. you know, a lot of analysts, especially in the field of oil, obviously are pointing to the fact that, well, everybody keeps saying that we're going to de carbonized right away and we're moving forward. busy too fast, and we're not having a long enough game to actually get this done and get the right infrastructure in place before it becomes a problem like we're seeing now, what do you make of that? well 1st i don't think any countries like united states or others are talking about ending relying on fossil fuels tomorrow. we're talking about a gradual transition that the, the, by the administration has been clear that there is a role for natural gas there. but if you look at just the explosive growth of
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renewables, if you look at the cost reductions for both onshore and offshore, wind cost reductions for photovoltaic, some of that is hid a little bit of a snag with the supply chain issues. due to copeland around the world, but in general, the cost reductions for renewables continue to to march down. and so i don't see it as unrealistic. a lot of these transitions are from 2030, 2050. that gives an economy the size of the e. u. or the united states, a lot of time to make this transition in an orderly manner that shouldn't result in significant disruptions. now when it comes to this transition that i know kind of like how you mentioned that a, something like this, you have a lot of leaders that give their timeline of what they think, how long they think that it will take them. we heard from india's prime minister saying that they will pledge to reach net 0 carbon emissions by 2070. and then
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there's china, which has yet to give an exact date. now, given that even india's target is 2 decades later than the organizers have caught, 26 are actually wanting. where does that put global tensions on climate change moving forward? well, there is a lot of pressure on china and india. i mean, their missions have been skyrocketing, whereas in countries like united states of the e. u, they've been flat lining or actually a falling off. and so there is a lot of need for china and india to be more aggressive. it's disappointing that china hasn't really provided a lot of firm commitments. i think that there's a lot of tangling right now between united states and china on a number of different non climate related issues. dealing with taiwan. ha, china's firing of hypersonic missiles that i think, depending upon how some of those negotiations play out, we might then see
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a firmer commitment by china. and so climate change as sort of become a negotiating card among some of these top nations. when you're trying to address a whole suite of different diplomatic of issues between these country ploy definitely seems like a climate change and, and you know, saving the environment and things like that should be a situation geopolitically where everybody should be able to get together and kind of come to some sort of terms, but that's not always the case. now we talked about it, their intro there, about the private sector being involved in mentioning larry think. and what jeff pays us is doing. so how important is having the private enterprise getting on board with this and having billionaires throw their money where their mouth is? why i think, you know, these billionaires, you know, have more wealth and a whole lot of nations that are attending this. and so i think it is important that
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the super rich show often make some commitments while jeff bezos does have a lot of, uh, you know, contradictions and some of the business practices with regards to the. and one thing that amazon is responsible for it is a number of corporate procurement and development of renew energy, particularly large scale wind up in north america. and so it's good to see that he's making some commitments of some, some additional financial commitments, you know, devil's going to be in the details about exactly of what that money is going to be invested in. but i do think it's important that sort of captains and industry up participate in these discussions and, and make the kind of financial contributions that they have. yeah, it'll certainly be interesting to see what else comes out of this on that. and of course, how long those commitments last, tyson slocum, director of the energy program at public citizen. thank you so much for your time
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and insight today. it's my pleasure. and the tech rep between the world's 2 largest economies continues to deepen as yet another american tech firm has withdrawn its operations from the chinese market. now yahoo! once the internet's premier search engine has announced it officially pulled out of china as of the 1st of november joining microsoft linkedin. as the 2nd major us platform to leave the people's republic and much like the job networking platform, yahoo! called out the nation's harsh business climate and legal rules as the region behind its departure. the firms decision coincides with the implementation of china's new personal information protection law, which went into effect on monday. much like the g d p r in the u. china is aiming to increase personal data protection with the new law. now this doesn't exactly come as a surprise, though, as the firm has been winding down at services in china for the better part of the last decade. yeah, and rachel, similar to what we've seen with google,
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like most of the services that yahoo was actually providing in china. we're no longer there. right. and it is really interesting to see how you've got these big tech guidance here in the u. s. that continue to get bigger. i mean, yahoo was once the leading search engine that we all paid attention and now it's dying out not only in china, but also here in the united states. absolutely. well, it's time now for a quick break. when we come back, we're going to take a look at the movement here in the vine administration to regulate stable points. we've got all of the commentary from them, bus, christie, i coming up. and as we go to break your, the numbers at the club. ah, a
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at the moment russia in the north atlantic military ally have no official legs. now there is no official dialogue on issues that concern them both. and one of them is ukraine, washington's. we let this drive to, we met ukraine to nato is a red line for moscow. something is going to have to give ah ah
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and welcome back. the bided administration is giving it take on stable coins in a new report that calls for urgent regulation to be enacted by congress. a group of top economic advisors referred to as the president's working group called for stable, going to be regulated as banks and subject to strict rules and oversight by the federal government. now if you're wondering why the government is suddenly talking about stable coins, it's because their value has skyrocketed by over 500 percent in the last year. hitting a market cap of nearly $130000000000.00. as a result, the government is claiming user protection will be put at risk if more oversight is not pursued immediately. so joining us now to break all of this, john is been bus, co host, christie, i r a. christy. what are the concerns here? if stable coins are in fact regulated like banks as this report is calling for? well, here's the thing,
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the trouble with the stable coins that they actually slip through all of the regulatory cracks. they aren't classified as bank deposits. so the fed and office of comptroller, the currency has limited ability to oversee that. the fcc has some authority if they're defined the security. but that's a matter of active debate right now. so it actually will be very difficult to try to regulate them as pain because they basically have to come up with a whole new set of rules seeing if they don't fit into the infrastructure of what the on the back. so a few options available are things such as doesn't eating them as systemically risky. that when the financial stability oversight council could look over them and for them essentially to strict are oversight. they can also try to regulate them as if they were on money market mutual funds. but the thing is money funds them so hard to government rescues already in little more than a decade. so that doesn't seem to fly. and then of course, they can try to create a competing coin to try to help stable going. but apparently,
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according to powell of federal, cdc digital data will make it so that quote, you won't need stable points. you want me, cricket current. if you had a digital us current thing, now i don't know if all that logic but hey, if you think a cbc will make it so that people will use crypt anymore, go for it. and i guess, christine, why talk about the idea of regulating stable coins when you don't have any regulation on crypto currency as a whole bills to me like you would go as a whole, then you know, smaller sacks, you would do stable coins and maybe the more valid coins, utility coin and all of that. so why just focus on stable points at this point. but we're reason, so the us treasury was stable, going to be regulated and helpless. been standards and ensure the path tory institutions including state and federal kind of things. so in a way this is trying to, to protect customers, the policy limit, any potential native systemic impact in the event of a failure. care certainly make that argument that it's meant for customer,
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stacy to have stable, quite regulated. but i feel like i've just read because yes, bank we always see the big sign. your funds aren't sure if i'm at the i see 250000 . but nothing. can you cut the plan? i can have to claim this morning. customers about the country. if they are not on their private piece, so i don't have any money able to actually be insured or but the real reason why people have become confident that they should be on it. basically, the entire monetary system as it currently exist today, where the body for legal tender but they were born can be used to exchange for goods and services and become widely accepted everywhere. then that's pretty much makes the dollar worthless. all right, and we're going to turn this to a separate story here with christie and the reigning and f l m b p. aaron rogers.
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and now it's monday that he is working with cash to convert a portion of his salary into bitcoin. in a video posted on the green bay packers quarterback, twitter account, he echoed the rallying cry, bitcoin to the mood. it's unclear exactly how much broader salary of $33500000.00 will be converted to bitcoin at this time. now it's notable that he's not the 1st professional athlete to offer some of his salary should be transferred to the world's most popular crypto currency. o and f l players. russell couldn't use half of his salary to buy bitcoin in 2020 was john caulkins that he would convert his entire 2021 salary before he was released in may. and of course, when soccer star line messy was signed with paris, saint germaine. the club announced that part of his signing bonus would be paid and the clubs van token. now, christie, we of course, want to bring you in on this one to make this move by some athletes to transfer at
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least some of their salary in crypto. i think it's an amazing move by those athlete because it means that now they're able to take part in the price appreciation of crypto currency, which is far more superior than keeping all their harder and salaries in the bank collecting the bare minimum interest rates. so this is a really smart move, financially professional to operate as independent businesses and brands. and in general they have a high risk tolerance. so these are these, they ask, they also know that they have a limited life and on the field play. and that the rest of their career, they will be living off of their savings. and basically whatever brands and endorsement deal comes a lot, but essentially there's no neil longevity in this in an athlete life. so given the knowledge, it makes sense to be paid in a currency that will appreciate over time and something that is resistant to the inflationary pressures that we see today because it's completely relevant in today's current economic environment. oh absolutely,
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and i know that whenever it comes to differing this trend that you see continuing on, we've got about 30 seconds last. absolutely. i did think that this trend is definitely here to stay as more as these athletes are basically heroes viewers. and they've captured the, i'm all of millions, all across the country as you follow me. so i think that this is great that they have become such influences in that space with high conviction. and they're actually helping to grow mass adoption by their fans. absolutely. been most kristi, i thank you so much for your time and insight on this one. thank you. and that, that for the time you can get both on demand on the portable tv app available on smartphones and tablets, or google play in the apple app store by searching portable tv. portable tv can also be downloaded on samsung, smart tvs, and roku devices, or simply check it out portable dot tv. we'll see next time
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in russia, this close of car was discontinued more than 20 years ago. even though, staying with the bottle and sort of can you sell it to proposal? the sure deal, but it's just important doctors it took 5 years to close the gun up on the will car industry from the drawing board to the 1st finished model descriptions. so we'll go over excellent controls, can you deal with the funeral washington law school? well, we'll shoot for shift from us with a
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i live if i for moscow, this is all it's international headlining this hour. a whistleblower report to the british medical journal. claims that was serious flaws in the testing of phases. cobra vaccine. will us authorities have been reluctant to investigate the unprecedented new low relations between france and his trailer. to take a further plunge after the leak of a text message from president kron on the submarine. deal cancelled between the 2 countries. despite hosting the u. n's climate summit, the u. k. o green pledges come on to screw to these 40 fossil fuel projects look to get approval coming up. we speak to local residents anxious though for one particular one to get the go ahead for them to step forward, really for technology and everything else. the mind should go ahead. who's notice in morning.

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