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tv   Boom Bust  RT  November 18, 2021 8:30pm-9:01pm EST

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it could be magnified to the point where there could be costs that would be significant to pull countries. border disputes don't go away. they discussed, or something's going to happen. with room bus to one business show you can't afford to miss. i'm been swan member to bore in washington here, so we have coming up cash strapped to china, ever grand group plans to sell it the entire stake. and hank, 10 network taking a at the loss of more than $1000000000.00 as it aims to pay off debt. however, s and p says, a default is still highly likely. we'll discuss how the situation can create a contagion effect in the global economy. then corporate giants are using inflation
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as an excuse to rate prices resulting bill and bigger profit. we'll discuss how the tax is actually making the problem worse. and if we be able to see any really soon, and talk about the rise of the machines amid a labor shortage, the u. s. fuel, by the pandemic, orders are upper robots to fill the void. is this a glimpse of the future of labor? we'll talk shop in the future if we have a patio today, looked into it and we begin with another blow for the china ever grand group. it is more and more headed towards the fault. so china ever grant is the world's most indebted company. we've told you this and it just announced that it's selling its entire stake and streaming services perm hang 10 for $273000000.00. as the castro developer struggles to avoid a debilitating default on this debts. so we'll just move, say the cup, save the company from default. well, that doesn't seem likely as to p global ratings said in a report on thursday that a old is still quote, highly likely,
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for the world's most indebted developer. but let's bring and boom, but co host christie. i'd break this down for us now. chris, the aggregate has said it will sell us entire stake in a company that provides online video game stream or online video streaming and internet home services. so how is the move not helping stem, the likelihood of a default? well, and actually it does help them in the interim till why do you fall by showing up cash. but it's a short term band aid here because the cash flow cycle is problematic because payments are going to keep on coming. and it will eventually catch up because every brand has essentially lost its main business. its core business and name cash flow generator was to sell apartment. but now it can't sell new home real estate prices are dropping, which means that it's main business model. it's pretty much the fund this makes for repayment of a that's unlikely because they're incurring the staggering losses with absolutely no way to dig themselves out. now over the last decade, the value of ever good property is under construction road. so quickly that is far
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exceeded the value of the company's completed projects as well as what the company was able to sell off. so now the chinese authorities want to maximize the number of pre sold homes ever going complete in order to protect the interest of home buyers and for them to repay the contractors and other small businesses that support the firm to void contagious. so in the meantime, evergreen will be selling off whatever assets it can, the video stream a ride sharing, anything else that can afford to offload in order to assure a cache that it will be a very hard battle for them to avoid the fall after losing their crown jewel, even though they keep pretending they're going to continue on this electric car route, i doubt that's going to happen. so i got to say something here. i have continually set on this show, despite what other people are saying that no bailout is coming forever. graham, i still don't think there's one that's on its way. what is happening here seems to be exactly what the government to china wants, right. companies that have too many hands in too many industries like ever grand does. and therefore, here in the us, we would say they're too big to fail, right?
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that's what we would call it. if ever grand crashes without a bailout, i think it sends a signal to everyone else and it falls in line with what the chinese government is saying, right? which is that if you are involved in all these industries and you create contagion, we're not going to save you because we don't want you exactly. and i completely agree with you that china is not going to be stepping in. it signals that nothing is too big to fail, and that will be a very important lesson for the market that's driven by speculation to learn that there is no safety net to catch you and that there are real risks that come with taking on the big but so here in the u. s, we have gotten very comfortable with the idea that the government will fail. our big industry is because we called them too big to fail the us postal service, these hotels and airlines during the cold pen them. all of them essentially got free handout and the cdo managed to get out of all the they'll get all their bonuses and everything. meanwhile, ever grants chairman, she judging has sold more than $1100000000.00 worth of personal assets to prop up
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his battled company. so she has sold several houses in hong kong and fencing as well as a few of his private jet. so this cash, she has been pumping into every grad since the beginning of july, has been used to maintain the basic operation of the business and paying salaries, paying interest, getting the part completed. the money has also gone towards finishing up properly projects, and he's basically the full lifeline of ever grant right now. so he's really betting on his company and putting his money where his mouth that, which is pretty admirable, actually because when the us airline started failing and asking for bailout, i don't see anything up, depart, put personal money to keep it afloat. in fact, that's when they were all like, oh, personal, different then and healthy. you can't touch my personal money. so the method really is that no bailout is coming. and if you want to save it, you have to save it yourself. so it forces the management back against the corner to do whatever they can to save it instead of being like re handout. so it's
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a really unhealthy habit here in the u. s. and unfortunately, is the accepted norm. now, you're absolutely right because u. s. companies would absolutely rather let their company go bankrupt than actually go oh, i might lose a couple of billions my net worth to actually save this company from failure. and to that point, there is a huge concern about contagion in the market overall because a crash of ever grad, many analysts say, will cause multiple other companies to crash, as well as the whole sector may be in trouble. what do you make about? while the chinese government has already empowered the local officials to contain any possible fall out from the ever brand default. so they are aware and they're ready to insulate the contagion effect a city level. and they will be supporting the local businesses and contractors and vendors to ever again and trying to contain that. so that part is somewhat manageable on that city level. the part that is not manageable is the confidence. and when we say that,
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we always say credit is confidence. so the biggest risk would be a credit contagion in the market, which would cause creditors to d, leverage or positions and move on to the for venues. and when that happens, money becomes very expensive to borrow, which means that the world has got to slow down, leading to do of real estate. and all of the other scenarios basically. and with china, g, d, p slowing down practically. so it becomes a very bad domino effect with a china growth engine going out. global growth will look to be briefly as well. so it's hard to predict exactly what will happen, but every brand is big enough that it will certainly have a lot of ripple effects across the industry. if it does fall, i just got to say, if you think about what you said, christie, imagine if, when the airline industry in the united states went to taxpayer for a bailout, and the response from congress was, what do you personally, as the ceo going to do to save your company, i think we have a very different situation here. boom bus. christy. thank you so much. thank you. with inflation in the united states hitting its highest rate and more than 3
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decades then no, and to rising prices inside. it would seem that consumers and retailers alike would be feeling that pressure, but that doesn't appear to be the case just yet ahead of the highly lucrative holiday shopping season. american retail sales surged in october up 1.7 percent compared to september. more than 60 percent from a year ago and get this. that's 21 percent over pre pandemic level. so it would be assume that retailers are feeling the pain as well. right, well actually roughly 2 thirds of the largest publicly traded companies in the u. s . have reported better profits this year in the same period in 2019, that's according data, from fact set. so this raises the question, are corporations using inflation as an excuse to raise prices and take an even bigger profit as their customers feel it in their wallets? joining that's not as ceo or trend for many research tell been good to have you here. so listen, obviously we're, we're in a capitalist system. inflation is hitting so everyone's going to raise their prices . that's what inflation really is. right. but do any corporations,
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do you think feel that they have some level of responsibility to try to help consumers at the point who are certainly not responsible for inflation, which is, let's face it, it's getting worse every week. well, i mean, it's somewhat of a contradictory idea. you just presented in that if the customers were having a hard time affording their good, why are good sales up? and why are the actual units amounts of goods being sold higher than they've ever been including 2019? and, you know, the short term answer is 42022000. and for 21 lot of people got a lot of checks that they put in the bank. we have the highest amount of cash and checking accounts on a percent level of income that we've ever had in the united states. so they build up those cash and they're coming to market, particularly because of the supply chain issues. they want to make sure they get the stuff before their neighbor gets a stop. but is it a responsibility of the company and you know, their responsibility. a company is to the shareholders, it's also to make people better off ways they desire and will pay for. and there is
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no blockades understood. cosco tell what he's picketing at walmart. they've had record of profit because they were able to raise prices and cost you know, as well. so that's how capitalism works. nobody's gouging you know, bite and wants to go after the oil companies forget you got gasoline prices. are you kidding me? oh, your price is 70 percent higher than they were 2 years ago. so i, you know, yeah, i'm not a believer in the gouge part guys. i mean, you make a point here about how everybody has this money. i mean, not everybody, but people were able to save the panoramic when they couldn't go out and actually spend that, you know, retailers like wal mart and target, like you said, they're reporting strong earnings right now. but as it doesn't appear, inflation is actually going anywhere. is this actually sustainable if eventually, you know, people kind of run out of savings, they go back to their normal way of life, is here to say no, because there's
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a couple reasons. first of, you know, here's my 52000 foot level thing on capitalism, right? capitalism is a system by which you make something that is expensive, affordable to the masses, right? i, i pull up my phone here. the 1st one i bought was $2500.00 and it was $7.00 a minute to talk to somebody. you know, over those years. prices have come down, come up for all, that's what capitalism does. and if you take a risk to do that, starting a business, etc, then you get rewarded. if you deliver a value proposition with when i say for the 4000 time, we were still in a pandemic, there's still supply chains that in my old home town of long beach, you can't even see because they're look like they're barricaded with shipping containers. we're not normal yet. talk to me when we're sort of in a normal supply chain world, we weren't a normal, you know, cash reserve basis for people. and then i think we can decide whether, you know,
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inflation is going to be here for forever because capitalism is the cure for inflation. high prices is the cure for high prices. when i can make a much better margin on my business, i'm going to invest to capture some of that margin. it's been self modulating for many, many years, but inflation is not the cause being caused by capitalism, right? is being caused by policy policy, certainly from the fed printing money into an oblivion. and let's face a policy of this administration right now, which the supply chain issues. again, they're not global supply chain issues. their us supply chain issues of not being able to get those goods out of port, or even what we're talking about with gas prices. i know we'll talk about this later in the show. but, but what, what's happening when you have, you know, the u. s, which was the world's largest producer of oil 2 years ago. and now we're not producing hardly anything. so a lot of this seems like it's being created. it's an artificial form of inflation that's coming in. it's not a result necessarily of the market,
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but of policies that are hitting the market i. well, with all due respect, we follow the industry very closely and to say that we're hardly producing any oil . ok, that's just, that's just nuts. we're actually exporting more natural gas that any other country in the world other than you know, cutter. right. so, you know, there's a global market for energy. china right now is buying every spelling he low that goes under the ocean and they're paying twice what they paid 6 months ago. that ripple effect now goes into the united kingdom. where, because, you know, not having enough natural gas, they're burning coal, but natural gas prices have gone up almost 3 times in sometimes 10 x not to the united states boys and girls. you know, everything is connected and to say that the oil gas companies are not producing anything. i didn't, i didn't say they weren't producing anything. i'm saying we're not producing what we were producing. we pipelines that are shut down and talk
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a lot of the price of oil. is it not based upon speculation? and the speculation that we're going to produce even less oil than before. and natural gas obviously, is somewhat different than the actual oil. when we talk about gas prices, well the, the price of oil is what some will pay for it in the, in the spot market. so when you have a tanker full of oil, it goes where somebody's going to pay the most price. it's a global commodity. if not just the united states, but the other issue here is that, yeah, we have had regulation on pipelines, etc. that would, that should be open, that would get more product into the area. no question about that. you know, we have, we have issues with natural gas as well that we can't drill in areas. but the biggest issue is, is that we gave the industry in the capital markets who i am involved and gave trillions of dollars to the fracking. you know, the whole widely go into a well and we go sideways and we blow up with water. and now we get energy. when we quit lending money to them about 2 years ago. and the reason why our production is,
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is pete is because there instead of getting the cash and buying bar where the companies are getting cash or bunker stock back, they're paying dividends. so that's a huge transit. we went from a frank boom to a frack bust because they ran out of money that cocked them $70.00 or $50.00 to drill these wells when they're getting paid $30.00. so that's the, that's the market, you know, coming to grips with reality. all right, to transform research, i wish we could do this longer and maybe there's a whole half hour with you. thanks so much buddy. all right, shout. well, i'm, i know to the fringe of war. gas prices are getting worse by the way, every single week. so to help to stem that, the new ministration has some of the world's largest oil producers, including china and india, and japan to consider releasing crew stockpiles in a coordinated effort to lower global energy prices. and this move comes after
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divide administration pushed opec plus to increase oil production. and so far, the cartel has refused that, as we've mentioned many times on the show, this latest proposal represents an unprecedented challenge to opec. in part because it involves china, the world's biggest importer of crude. now what's happening is industry ministry official. so the united states has requested tokyo's cooperation in dealing with higher oil prices. but he could not confirm whether the requests included coordinated releases of stockpiles. biologic pan can not use reserve releases to lower prices. the official said now ben, i'm just going to let you continue that conversation we just had with mr. cope, it's been present opens that were here and i'd be like, oh, what are you talking about? here's the problem with what i see is happening right now. i understand what he's saying about fracking, and that's, that's when from a boom to a bust. absolutely. but so much of what the oil industry is based on and the gasoline prices that we're facing is, it's not about the reality of what's in the ground right now. it's about speculation. and when there are speculators who are saying you're producing less
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oil and less natural gas than you were before, they're pumping that price up. and by the way, the single idea that the u. s. is producing less, despite what he said, he said, not much less well. whereas producing less than we were before to go to japan and india and china and ask them to give us loyal. it just doesn't make sense to a lot of people in the same thing with the call. so opec as well, that is, it has not made a whole ton of sense time now for a quick break. but when we come back, the pandemic has fueled the great resignation, and now companies are turning to robot to help the labor shortage. we'll discuss this with a futurist straight ahead as we go to break the numbers with them.
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well, the mic no said, you know, born is another piece and you as a merge, we don't have with the we don't on the back seat. the whole world needs to take action and be ready. people are judgment, common crisis with we can do better, we should be better. everyone is contributing each in their own way. but we also know that this crisis will not go on forever. the challenge is great, the response has been massive. so many good people are helping us. it makes us feel very proud that we're in it together with ah, new york,
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it's really what america is about ah, when our mayor took our vase, he was elected because of his campaign on our city, being a tale of 2 cities, the halves and i have not, and those who have not are usually the ones who weren't being buried on holiday. the city is always wanted to forget about how loud city is wanted to forget about the people who are buried there. it's wanted to forget about the fact that there is a potters 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 documents of the inequality that has existed in the city for centuries. ah,
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there is no shortage of growing tensions in eastern europe. there is the growing e u. barrow stand off over illegal migration. there are western reports, russia is amassing troops within its own borders. and of course, there is the self inflicted crisis of european energy supplies. it is no coincidence, some recalling this hybrid war, but who is hybrid war against whom? it really is no thing they cause right on police report and all have in december 2020, a group of anti fascists allowed a film crew access for 3 months. so like if people organization, if an idea that it must be of how the channel out the gate while they may kill their faces. but they can say what they believe in. we believe in helping our community. we believe that our fascism is one of the major threats to united today has gotten proven. this is a chance to see who and teeth are really are in order for me. my 1st amendment
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right and say that my life matter, i have to be onto the pieces that we can't trust the police. we can't trust the government. we can't trust anyone except or so to protect ourselves in that welcome back. so the call, the thing, the great resignation, it's put employers in a tough spot as millions of americans have left their jobs for a whole lot of reasons including seeking better benefits and wages. the bureau of labor statistics reported there were more than 10000000 job openings at the end of september as companies work to deal with those staffing shortages in response orders for robots in north america are hitting record numbers. the association for advancing automation says the total number of robots ordered this year is $29000.00 worth roughly $1500000000.00. now that may not seem like a huge number,
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but consider that that's a 37 percent increase from the year prior. robots and automation can be used in, of course, a number of ways, including an assembly line in self checkouts and retail stores, and even carrying plates from restaurant kitchens to servers. so what does this mean for the future of the workforce and well, this trend continue. joining us now discusses emerging technology futurists in. com . thank you so much for joining us in. now, we've heard years that robots and automation would eventually take over the workforce. is this labor shortage? we're seeing right now. actually going to be the catalyst for this? i think a short answer. yes, it will be. but if you go back into history, you know, the last 100 years off the industry industrialized world, you've had 4 different or 2 or 4 different destro revolutions. and every time there's been a new break to a technology. jobs have suffered, of course, but it's also an opportunity for people to up skill and,
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and to grow within these industries. i mean, we cannot escape industrialization, we cannot go back and turn the clock back and say, no, we need less technology, less automation because the world as we know it right now, we'll stop working of the world that we know right now we'll stop working. that's true. but is moving towards automation simply, just more cost effective. and what is it due to the worker? because with every form of kind of industrialization that we come to, there is a generation of workers that seems to be displaced by that. it may be better for future generations, but there seems to be a generation that gets displaced. are we gonna witness that with the generation? that right now i can't seem to find work. of course, what is happening right now is you've got literally 5 different generations in the workforce. you've got every set of father generations out there working in a, in a factory in a company, in an organization. and what is happening is the skill set that they bring is very
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important to how organizations are now hiring, who are they retaining and so on. so that's just one part of it. the other part of it is profitability. what are organizations and companies in private now, the sectors looking at when it comes to making profits, delivering shareholder value of many times corporations. yes, they get blamed for, you know, not supporting workers, but this is not about not supporting workers. it's about profitability. and machines, robots, both software robots and hardware, robots do some tasks really incredibly, incredibly well. for example, if you look at modern warehouses to the amazons of the world, robotics is making those warehouses work. yes. when it comes to restaurants and serving people and picking up plates, that's just a very, it's very early in the early stages of that. but in a factory floor, you cannot live without a robotic. so what do the workers do?
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do they do they compete with? with robots in that case, there's no, there's no competition. there is no competition because the value some robots to bring to the workplace is irreplaceable. and people cannot do with those tasks where so here's the, the big question i've had. and since the onset of the parent dynamic and really about from about 6 months into now we've kind of seem, you know, we see the great resignation. we say 10000000 open jobs and taking the technology portion out of it, it feels like the workforce has changed. we call it kind of a transition in the economy almost as people are able to tell the work as people are able to kind of be where they want to be. some people even realize, hey, i could stay home with the kids. my husband or wife could go to work, and that is okay these days because we were able to figure it out during the pandemic. we could continue that. going to has that workforce changed in your opinion? i think the other side of the greed resignation is the grid realization where
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workers are finding out that they're worth more. they can do more and they should take care of their health, mental health, physical health and you know, spend more time with family. i think it's a great time for people to do what they really want to do and to work the way that they really want to do and, and support their families and so on. and con, emerging technology future. thank you so much. we'll do this again. thank you. well, finally today, it is a new twist on crowd funding, but maybe doing it a little crypto styles. so here's the story. a crypto collective has res, $27000000.00 in a bid to buy a rare copy of the us constitution. so the document being purchased is one of the 13 remaining copies of the official edition of the constitution as a final draft created for the counter dental congress. according to southern b. now the group buying it is called constitution doubt, because if they doubt all of the, all of the money is being raised in a theory. then to track who gets the se in the organization. contributors will get
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governance tokens, giving them the ability to vote on what becomes of the document if they successfully are able to buy this. now ben, yes, i told you about the story you did, and you gave me a whole bunch of information about something i'd never heard of that for today. it's funny because of the story. when you had seen it kind of on the online, the reporters didn't understand it, right? so i had explained to the constitution, tao, right? the way it works, the centralized economist organization, it simply means it's like crowd funding, but you're an owner. you all want it together, but there's not one head, no one's in charge of it. so one of the big questions is, what do you do if you actually bite us who gets to keep it? who holds onto this thing, right? well, the way it would work is like this. apparently everyone who's involved in the organization has already agreed by going into the dow, that they will publicly display this. and ideally they'll make it free to visitors . that's the power of the doubt. everyone gets a vote. if they lose the auction, the money gets big, gets sent back to the contributors minus the fees. there is no boss. everyone has a say that is the power of the doubt with with block chain technology,
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we've seen so many things pop up. and now this is a whole nother thing that could be taking over. i believe real quick, this is the future of business. it is the future of technology, and that's it. for this time, you could catch boom bus on demand on the portable tv app available on smartphones and tablets, the google play and the apple app store by searching for the tv. and also portable tv can be downloaded on the samsung smart tv or roku devices, or simply check it out at what dot tv. ah i acknowledge it perfectly well into the future. but we can't change our way of thinking now way that we can visualize how we will flint and how we will feel and how our needs will be in 50 years. so our own do our
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own technological devonne, things always further on than our ability to feed. there is no shortage of growing tensions in eastern europe. there is the growing e u barrier stand off over illegal migration. there are western reports. russia is amassing troops within its own borders, and of course, there is the self inflicted crisis of european energy supplies. it is no coincidence, some recalling this hybrid war, but whose hybrid war against whom i saw a message from an unknown account because it had to sell through with my passport as its profile page. i saw pictures of my documents. it was, they also sent a credit contract. i had just 3 days comply with their demands. if the, if i didn't send money, they sent out an online hate campaign that i was supposed to be very dangerous man
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. the us food and drug administration fights of freedom of information requesting court, asking that it be given 55 years to fully release redacted documents relating to the approval of pfizer coven 19 vaccine. you asked, court slams if that door is shut to an american tv station. after one of their freelance journalists was caught allegedly stalking a bus full of jurors in the high profile case of kyle written house, also this hour. well, if they don't want to cooperate with us, fine, they don't have to. it is something we want to anyway. by the way, put in takes a swipe at the military activities of washington and nato in a fiery foreign policy speech. ah.

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