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tv   Boom Bust  RT  November 16, 2021 9:30am-10:01am EST

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the there says boom, but no one better show you can't afford to miss reggie boring. washington covering up ferris's supply chain disruption will think back when president biden, and she prepare for their face off at a virtual summit. instead, taiwan is expected to dominate the agenda. we'll discuss what's the head for the hotly anticipated discussion. then rapid inflation is making millions of tumor. think twice when holidays shopping on sunday, treasury secretary janet yellen worn american muscle in as price are expected to keep creeping upward. we'll talk shop about when the economy might normalize, and later britain and the you remain in a tug of war over the trade following the contented breakfast deal, we'll discuss. we got a lot to get to the top right and we leave the program with a virtual summit between us president joe biden and chinese president. she's in ping being held monday evening. this is
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a highly anticipated call between the 2 world leaders. and there is much to talk about are despite lingering concerns about supply chain disruption and tariff. taiwan will take precedence when the 2 leaders this talk. now we've watched the island region become a tipping point for us china relations, especially after us, special forces are found training the taiwanese 1000000 mil military. that is to say this, while china has dispatched more than a 100 aircraft over surrounding water in the south, china sea activating tie was missile defense systems. joining us now to break down what is expected, are boom by the co host, spend swan and christy i. ben, i want to start with you on this. now, it seems like the economic tension pleasing the 2 sides would really take precedence here. so why is all of this focus being put on taiwan right away? well, i think there's a couple of reasons for it. the biggest is because i think china is really pushing this issue. in fact there's been a number of editorials that were published on monday in china. that specifically
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speak to this issue that president g is going to essentially tell us present, abide in the us, needs to take a step back to back away from its stance on taiwan and to accept the fact that china is, is committed to re unification with taiwan. in the foreseeable future, the quote here from the china daily english version is quote, no matter the cost. does that mean that the china is willing to actually provoke all out war over taiwan? it's possible, we don't know, that's the case, but it certainly is kind of at the forefront of this discussion. as you mentioned, you would think supply chain issues a lingering tariff. there's a lot of issues that could be talked about here. and those are all taken a backseat at this point to tie one. you also mentioned that there's been a lot of provocation over the last few weeks from both sides as we've talked about, you know, china flying a number of military aircraft over the time when he's aerospace. that's been happening with great frequency and increased frequency. but at the same time, we're also seeing the u. s. continue to provoke,
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sending worships into the south china sea in ways that are provoking china. so the real question of what this all comes down to is, how serious is china about reification? if you listen to what's being said, it seems that they are very serious about it. and how willing is the united states to get into it all out war over taiwan. i don't know that we are willing to do that . and christy on that note divide administration has said from day one that they want increased competition with china, not conflict. how does that play into the issue of taiwan? it doesn't really doesn't, because competition means just focusing on your own work, whether it's technology, national defense, 5, g biotech, whatever. and it's just trying to advance a field further developing better techniques and products and then the marketplace will actually dictate the winner of that said competition. taiwan has absolutely nothing to do with competition. it is the u. s. putting into china sovereign affairs, which basically and that the u. s. is putting itself in the middle of conflict and
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has absolutely nothing to do with it. so totally backtracking on what they had said that the us wants competition and not conflict. so it is expected that present she jane pain will use this meeting to worn by then to step back on taiwan issues as beijing is resolved to realize national re unification. and to answer the question, china is extremely serious about this because it has always been this one, china policy always been for hundreds of years and that is not going to change. and so this is a matter of china sovereign affairs. so in order to reduce the risk of a collision between china and the us, the us has to prioritize its objectives, what it alternately wants to achieve with china going forward. and then for the us tie, one away can be seen as a pon and its competition. this competition with china, because this would mean that china would continue to exert its economic and political power spreading its influence. and this is something that the u as a starting to view as a threat because the u. s. has always been a huge exporter of culture. us entertainment, us pop culture, fashion,
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trans way of life. these are all things that have been exported due to the u. s. as influence, and now that influences being undermined by china and china's way of life. it's very interesting because obviously there's a lot of pressure from the business community to keep exactly what you just said going where we can export our culture to china. but obviously there have been some concerns in recent years over that now been expected that in the discussion will also surround the issue of climate change. what would the by the ministration be asking for from china in that regard? well here's, here's part of the problem with the questions about climate change, right. is that yes, essentially what the white house, the signaling in advance of it is that look, they're going to impress upon china that this isn't really something that they're asking as a bargaining chip. this is in china's best interest. but here's here, the factor trying to doesn't care about climate change right now. they care about energy care about cheap energy for their people. and so china is rapidly,
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as you guys know, building a large numbers of coal powered plants and getting them online. and they have been in this rapid process of doing that kind of the single worst thing if we're talking about climate change policy is single worst thing you can do and try to make a very clear wife. because we are concerned about getting energy to our people. that is their, their form of thought. and so i think this kind of fits into though the discussion about taiwan right. there is the cultural disconnect between the waiting united states thinks about to be about these issues and the issues that the biden administration excuse me wants to put forward to china and the way the chinese receive it. so when it comes to taiwan, you know, there's this idea, hey, you just need to listen to us and let us weigh into what you're doing. and we're going to stand with taiwan. and there's all these ideas of kind of, you know, the way the u. s. once you to do it, versus the way that china views it, which is that the u. s. has never been weaker in their mind. the u. s. has never
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been more prime to be toppled from its position of power in the world. and china is actively doing that in many ways, but i don't think they're doing it simply for the sake of toppling in the united states. i think they're doing it in order to do what they believe is best for china . and believe it believe that that being really is concerned with this idea of re unification as kind of the crown jewel in his administration, in the time that he's been in power. i think this would be the thing that would kind of be his, his key note moment if he can pull it off. and so i think he is absolutely committed to moving forward on it. and now chris, i have about a minute left, but the real question is, where it economics show, we started talking about these pairs from the trump administration. do we actually anticipate that this issue will be covered during the discussion? looks like that's actually going to be taking a back seat here because according to a senior bite in the ministration the, these points are not expected to be a very significant point of discussion. so given how high po,
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follow the u. s. trying to trade and have have been this revelation that they will not be high on mondays agenda was actually unexpected. and the fact that supply chain issues are not being significant. this was a big surprise given the unprecedented global supply chain disruption. but so far, the white house has refused to offer many concrete details about monday's agenda. and so while the, by the ministration isn't placing these topics on the agenda, the care is expected to be a major policy priority for beijing. so most likely they'll be the ones to bring it up. why are we going to say it seems like maybe they're setting up for they thought there might be multiple virtual summit in the future, and that's when they'll get to those economic issues that are so important as well . my co how it's been swan and chris the i thank you both. thank you. from sony to tesla. it's a b, m w. there's an ongoing shortage of semiconductor chip that become a choke point for tech industries around the world. but while intel has pitched a plan to boost its production of the thought after components, the by ministration disputed its plan to ramp up manufacturing at
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a plant and trying new china according to people familiar with the issue cited by bloomberg. the president has continued trumps crackdown on chinese tech like while way and v t rejecting fcc license request by both companies citing concerns over national security and a push for more domestic manufacturing. this while the gap continues to widen between supply and demand for precious semiconductors and their components. so it looks like you still may be out of luck when shopping for hi and electronics as experts estimate the chip shortage could last through 2023. and by the administration, officials took to the sunday shows over the weekend to address rising inflation in the country as we talked about recently in october, consumer prices rose 6.2 percent year over year. the highest rate in more than 3 decades in an appearance on cbs is face the nation treasury secretary jenny yellen, was asked when we could see inflation come down to the federal reserves. target of 2 percent say it will all depend on the state of the pandemic. and the quote
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successful response from the white house. the sentiment was echoed by national economic advisor, brian d steering appearances on sunday as well. the also told a b c news that the recently signed infrastructure bill would help to stabilize strain supply chains and flow inflation. meanwhile, after consumer prices hit a 13 year high for the euro zone and october, european central bank president christine, the guard admitted it will take longer to decline than originally expected. the concession came during an address to the european parliament economics committee, where her comments suggests that the e c, b, will revise upward, is its expectations for rising prices and put off any interest rate hikes in the coming years. so what is the take away from all of these wranglings? rising prices? well joining that discuss is octavio mirandi. he's ceo of optimist. l l c. now octavio, i want to start with the us. it seems like gallon is trying to say all of this is
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due to the pandemic, which we've obviously heard for over a year and a half now. but we also hear all the time that it's easy monetary policies from the fed that have contributed heavily to these inflationary pressures. what's your take on the i think there's absolutely no doubt that it's directive because of the feds monetary policy. they just pumped an enormous amount of liquidity in the market, and that has to have an impact on prices. eventually, i might have an impact later on down the road, but certain is going to be impact. now you could argue, i'm not, i'm not to be favorable towards this argument, but you could argue that the fed had no, no choice, but to print all this money in response to the pandemic. i'm not sure that's, that, that's the argument. but i think that's probably what you're saying, but i think there's no doubt the proximate cause, the inflation is this enormous wall of the quitters you creation. and it's coming home to roost, that i fear it's actually going to get worse. you know, consumers and corporation, the u. s. are sitting on a lot of cash still. so during the pandemic, a lot of consumers and corporations put
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a lot of money aside and didn't spend it. now as they start to feel more comfortable and look at things and they say look like we tend to manage, they're going to spend that money driving up to mon, further and driving up prices. so we're not out of this by any stretch of imagination. it's not looking good in terms of inflation and i don't think the administration is going to help very much on that front end. it's interesting because we've also heard the administration say over and over again that the economy is doing too well, and that's why conflation is up. we've recovered too fast, too quickly. now they're saying, well, it's going to take the pandemic kind of work and it's way out before prices come down. now obviously the white house is also pushing this $1.00 trillion dollar infrastructure bill and a 2 trillion dollar social spending package. so they're going to say it's going to help with these problems. but is there anything you're actually seeing that would back up these huge spending bills actually bringing inflation down? know, and i think they know it is not gonna help inflation. i mean, you could argue we need to get money to certain places and we need better infrastructure. we need to spend money on that cost,
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look at the amount of money they're gonna spend on construction on roads, on buildings and things of that. so at least it's also very energy intensive spending as well, which is what construction is. so they can be in boosting the government's demand for construction goods for construction workers, for energy that's going to drive those prices up. the social spending bills will put more money into people's pockets, might argue that's a good thing, but that will certainly increase the mom as well and increased prices. so i'm not sure i think they, they're fully aware of this and they just want to sort of say, we're going to spend the money anyway. and we're going to pretend it's going to help the place. i don't believe i actually believe that this going to help. and obviously remember during the height of the pandemic, what was one of the main inflationary concerns construction goods, and that's exactly where that's going to be a problem as well. now, meanwhile, nearly 2 thirds of the biggest, publicly traded companies here in the united states have reported bigger profit margins so far this year than they did for the same period in 2019, which was prior to the onset of the pandemic. that's of course, according to data from facts that so what does this really tell us about all these problems with supply chains and inflation?
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that money just going all the way to the top? especially when there's inflation. it can boost corporate earnings in a certain way because a corporation is selling its goods at today's price. and the cost of creation is goods of basically yesterday, price, as those prices increase as that effect where you basically say the corporations going to do a bit better and as a result of that inflation. but i fear what, by doing ministration is going to do next. i mean, inflation is going to increase, i really wouldn't be surprised if somewhere in 2022 by the middle of the year. we saw price is increasing over 10 percent the, i think we're well tractor to achieve that. and the bite ministration is going to see this is an enormous political liability and going to have to do something drastic about it. now we're already hearing some senate democrats closing ideas about banning us oil exports, which would of course crush usa oil companies profitability. but i think they're going to do something more dramatic than that at some stage in 2022 before going to mid term elections. and basic, put something to place like price controls and wage freezes and stuff like that,
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which would be a disaster for large corporate so you can find it very, very difficult, profitable, under that kind of scenario. and i think that's very much what we're going under the, by the ministration. they're going to show you something spectacular to get inflation under control. and i want to hit on the, in the be before we go, as we mentioned that there at the intro, what's the outlook for the eurozone prices continue to rise? well, i think the e c. p has, has put so much into the market and manipulated market so much and kept interest rates so low in basically next, next total for years and years now they're fully committed to continuing that. so i don't expect the be to change a path and policy necessarily a seismic shift. so i think when to see more of the same from the c, b, they're going to carry on an ultra ultra low industry policy. and till inflation really gets up and then they'll step in and then the markets will suffer as a result of that. but for the time being, i don't expect any change. there are the ceo of up north l l c. thank you so much.
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thank you. and and i'm now for a quick break, but when we come back, the u. k is still hoping for a solution with you on northern ireland freight as the post wreck, the battle continued. on the other side, we'll discuss with hillary ford, which is going to break here. the numbers of the clothes with this was a bargain that was may 2025 years ago under clinton, as a matter of fact. and they've brought china into the world trade organization that w t o. this was the quid pro well, that we're going to essentially give america a huge break on flat screen tv. but within 2045 years,
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we're going to bankrupt the country and that's what's happening now for empowering ourselves to be more efficient quicker with our transactions. but with that comes a trade off every device b as a potential entry point for security attack any machine, depending on it's an extension of traditional time. the defenders have always been one step behind the attackers. both with them was one comes option in the offering. it's not a matter of, if it happens, it's a matter of went for new york. it's really what america is about in
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our mayor took office, he was elected because of his campaign on our city, being a tale of 2 cities, the haves and i have not. and those who have not are usually the ones who weren't being buried on hard. i the city is always wanted to forget about whole out. so he wanted to forget about the people who are buried there. just wanted to forget about the fact that there is a potter's field, that there was a place where difficult stories are hidden. the fact that we're using inmates to maintain this active burial site, where 1000000 souls are buried, where so much of new york city history is buried, is document of the quality that exists in the city for centuries. ah, a wrong one, i just don't a to fill out the scene because the advocate
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and engagement equals the trail. when so many find themselves, well, the part we choose to look for common ground. ah, welcome back. the u. k is still open to a compromise on issues related to post breakfast trade in northern ireland, according to a spokesperson for the prime minister boris johnson. when asked if britain was ready to trigger article 16, an emergency provision in the bracket deal this week, he said the quote aim still remains to reach a consensual solution on this, we are going to be continuing intensified talks between the 2 teams on friday of last week negotiators for the e. u touted the progress made and talks as things move forward. i actually each and
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welcome the changing tone of discussion with the david thrust to day. and i hope this will lead to tangible results for the people in northern ireland. i prefer to have a joint solution with the u. k. government. but if we are to amend our own e will legislation something we are committed to do the need to find the solution quickly. we will therefore intensify our talks next week or more and then this with bringing him forward board member with the british american business association. now, hillary, obviously we've been talking about this for several weeks. it seems like we're always close to a deal. everybody's all amicable and then they go know we're ready to trigger article 16. where are we for real? okay. well, pleasure to be back again with you. we're somewhat farther along and the e. u has conceded many of the checks and the border regulations and stipulations
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that they had, they've conceded something like over 80 percent of them. so that's really good, particularly the ones on medicine. i think they're the free flow of medicine to northern ireland for reasonable. it seems like the line in the sand, though, is this european court of justice that the u. k. really does not want to have to defer to a part of that territory that is going to be overseen and ruled by an external court. and that i think it's something that the e u has said, you know, if the u. k, is willing to negotiate on that. this is unrealistic so that they're expecting that the u. k. will, i don't think the u. k is going to negotiate further on that well and now also bloomberg is reporting that many ambassadors from the you are actually kind of preparing what is to be said sanctions or actions against the u. k. if they do go the route of article 16, what would happen there? yes, actually they were referring to it as a matter of option. and a lot of options actually starts. 7 with things like suspending portions of that trade and cooperation agreement,
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but even escalating that all the way up to terminating trade portions from that trade and corporation agreement. and then retaliated with perhaps things like targeted tariffs. and then also another way of option is to then increase, increase the amount of board of checks and the each member state of the you could actually impose their individual powers on british goods. and also ending all of the, the data flow between the u and the u. k. so there's a lot of options they have on that ladder. and now you, you're right, is preparing those to go out to the member states to discuss whether they'll actually implement any of those on this lateral options or impose them on the u. k . so if they trigger article 16, they could essentially trigger a trade war that goes on between the united kingdom and the you at this point. yes, absolutely, but there is talk, although that could then be escalated to the w t o, the world trade organization. and that isn't such a terrible thing because then there's an independent arbitrage that comes in. and i
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think that's something that isn't necessarily negative for the u. k, i think they've much all the have the w t o than the european court of justice. and what would that mean for boris johnson? number one, politically in the u. k. as so he's kind of been over. see this all breck that goes right and, and also, i mean, worldwide with his standing well, couple of things that worldwide, what the e u has a lot to lose in the e. you has to be careful because hungary and poland right now. a questioning some of the standards in the e u. legal system. so the e you wants to make sure that it's holding fast, cuz it's got to demonstrate to holland on hungry and poland that you can't disregard any parts of their law and jurisdiction. so they're concerned about hungary and poland. and the u. k. has to be very careful about the reputation reputational damage, particularly with the u. s. you know, we've seen that actual a bond leaving with, with the white house with biden. and so the u. k. really doesn't want to jeopardize the relationship with the u. s. so i think both sides have reputational damage from
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this. now, going back to the initial part of your question about boys johnson, you know, he in origin had originally said this was a well baked deal. well, it's looking not to be such a well, big deal officer role, and there are too many parts that need to be negotiated. and there is a lot of obviously the people in the u. k. very disgruntled about this because there's lack of certainty and lack of certainty certainly is hurting businesses. now the only thing is it's very difficult to separate the damage of cove it and a lot downs from the damage of the bricks that fall out. you can't really separate the 2, but the e u is pointing to southern island and saying look, southern island is doing better than the rest of the u. k. so they did come out better for the lockdown. and then obviously you just mentioned this, the ursula vendor layer was at the white house last week. and he kind of alluded to the fact that the bite and administration was essentially in the use court here when it comes to the other. they kind of clarified that they were like, you know, continued support for northern ireland and economic ties is what we're looking at.
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so they didn't really go too far. but right. i mean, does that concern boars? johnson as well when you have the white house kind of say, hey, we back to the you with well, yes because he's kind of been slapped down by the u. s. and the u. and sort of ganging up on him. however, of course, fighting and the u. s really has to keep a foot in each camp because the u. s. doesn't want to also alienate the u. k. one of the strongest best allies that the u. s. as a high people can say that the special relationship is over all they want, but the u. s. has always historically dependent on the u. k. for military support, international support and legal support. absolutely. will hillary for which board member with the british american business association. thank you so much for joining us. event. and finally, with ongoing supply chain issues, it is becoming increasingly difficult to get your hands on one of these latest generations of video, game counseled. but you might have a chance if you're willing to spend a pretty penny. now we're not talking about hitting the over inflated retail market . that would be just too easy. instead of gucci is producing 100 limited edition,
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x box one series x councils. now, according to the luxury brand, the council will include custom gucci, branded x box controllers, a hard case for storing and traveling with your new device, as well as a laser cat monogram of the letters g g on the council itself, of course, that stands for gucci as well as gamer speak, good game. it also comes with a price tag of wait for it here, $10000.00. now, while it may seem like no one would pay that premium for a council, you can get for just $500.00. if you're able to get one new customer market has been blowing up in recent years, and of course it's so hard as we've talked about with the supply chain, could straight with the semiconductor shortage. it's very hard to get your hands on . one of these news cancelled as it is and that's it for this time you can catch boom bus on demand on the portable tv app available on smartphones and tablets through google play in the apple app store by searching portable tv. portable tv can also be downloaded on samsung, smart tv, and roku devices,
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or simply check it out app portable that tv will. the next time me the there's a patch of water around the sea island, the in contention between canada and the united states. government has suddenly become optimal for loss, or our population here exploded. one of the most valuable fisheries that ever existed. suddenly you had made an canadian fisherman in these water. at the same time jousting for position and tensions or high violence is bound to happen. this is the last land border dispute between canada and the united states. it could be magnified to the point where there could be costs that would be significant to poke countries. border dispute don't go away. it's assessed, or something's going to happen.
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who are all driven by dreamers shaped thing is in in there's things we dare to ask in a 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 order is it conflict with the 1st law show your identification.
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we should be very careful about artificial intelligence. at the point, obviously is to rate truck rather than fit with very job with artificial intelligence. real, somebody with a robot must protect its own existence with we're allowing ourselves to be more efficient quicker with our transaction. with that comes a trade off. every device is a potential entry point for a security attack. any machine pending. it's an extension of traditional time. the defenders have always been one step behind the attackers. both with was one girl disruption in the offering. it's not a matter of,
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if it happens, it's a matter of went with breaking news and artsy, water, cannon and tear gas are deployed by poland as it continues to resist the dams, by migrants to storm the border from ballad ruth, in order to reach the you'd also a head, the brushing defense ministry. sloane is the u. s. as hypocritical after washington criticized moscow for testing a weapon in space when it's done exactly the same and well, nobody likes to pay more. on average, we have the money to do so. as mainstream u. s. media outlets claim that americans are better off under joe biden,
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despite inflation hitting a 31 year records.

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