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tv   Boom Bust  RT  December 1, 2021 11:30pm-12:01am EST

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and money, it's not about the public and given them the service that they deserve. it's not about quality train workers. it's about with things they've been bus one business or you can't afford to miss. i'm rachel blood. i remember it's boring. washington coming up. good. we see the federal reserve increasing its plans for tapering asset her through faster than expected. we'll dive into the latest comments from j, how and what they could mean for the average consumer plus turkeys. lira has a new record low is in place and take the pull on that nation as well. we'll take a look at how the government is responding to the latest losses and we're crypto hurt. these come into play, then here is getting new insight into his plan for
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a global gateway project, but will it be enough to compete with china's adult and load initiative? we'll discuss it on that. we have a lot to get to, so let's get started. we leave the program with what has been a bit of an up and down week for global markets as investors wavy impact at the latest coven 19 variant. well, markets elsewhere tended upwards equities. here in the united states, her negative mid afternoon on wednesday. this comes as treasury secretary, janet yellen and federal reserve chair j power, testified on capitol hill for the 2nd day on their institutions hand handling of corona virus relief. during his comment to congress on tuesday, powell said the fed may have to look a that rolling back quantitative easing at a faster pace than originally plant. but at this point, the economy is very strong and inflationary pressures are high, and it is therefore appropriate in my view to consider wrapping up the paper of our asset purchases, which we actually announced at the november meeting perhaps
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a few months sooner. and i expect that we will discuss that at our upcoming meeting in a couple of weeks and with inflation rising well above the fed's threshold of 2 percent . for the last 8 months, the head of the nation central bank finally admitted rising prices could be more then transitory a word he has repeated over and over recently. so i think the word transitory has different meanings to different people. to many, it carries a time, a sense of, of short lived. we tend to, to, to use it to mean that it won't leave a permanent mark in the form of higher inflation. i think it's, it's probably a good time to retire that, that word and try to explain more clearly what we mean. and for more on this, let's bring in boom, but co host chris, the i. now chris, the how did say they will continue to keep an eye on new data, including jobs, numbers, inflation data, and the impact of the crime before taking a decision on q
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e at next month meeting. but with so much uncertainty, what are they seeing that could constitute speeding up this taper? i mean, for one and a good thing that they've now retired, the word transitory. i think it's dragged on way past its export already. but in any case, there are some very obvious signs as to why they should be speeding up this tapering effort. obviously, we had other control inflation, nominal retail sales, and cor capital of good shipments. still remain about 15 percent above and years ahead of their pre coven trends, which means that global policymakers way over shot with their stimulus. so the supply chain broke early on during the pandemic, and then upstream suppliers were then bull whipped by the massive volatility in point of sales force and demand. and now the f. c is finally starting to focus on the problems caused by this money supply chain, rather than blaming all of these economic imbalances on just supply chain issues. and then secondly, the timing most likely also had to do with the fact that bite and announce power
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reappointment to the fed chair. so his job is once again safe and he potentially feels more freedom to act. and now with the omicron variant looming in the background is the perfect opportunity to send a more hawkish policy message. knowing that he can ultimately quickly pull back and backtrack later on. in order to be more dervish tone, if the cov assigned to vic data worse than yeah, there always seems to be something to blame there. and i know you mentioned powell and his use of the word transitory. and it really does feel like both power and the said have been a great length about saying inflation will only be transitory. and of course saying that for so long now, of course, now he's admitting it's time to retire it. and you said wednesday that it may not start to stabilize until the 2nd half of 2022. so do we have any idea seeing now that is pushing back these projections? well, power leaves at the micro variant on the recent uptake in covey cases poses
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a threat to the us economy and kind of muddy the already uncertain inflation outlook. so the new variant now poses another risk to employment. and in case it becomes more severe and businesses need to shut down again. so now you have greater concerns about the virus, reducing people's willingness to work in person, which would then slow progress in the labor market and ultimately intensify supply chain disruption. and people might also start to hoard products, again, consumer staples, electronics, other good ahead of time. and this will continue to exacerbate the situation and further drive up prices and inflation. especially if we were to see another lockdown, in which case, electronic goods that all have all have the already in short supply microchips, they're going to be the 1st to be snatched up. no, christy, i want to go back to kind of what we were talking about there with the increase in the taper. now we've been seeing the last couple of days, markets here in the united states. they've been kind of up and down the last 2 days . we've actually seen them go down. i mean, are we looking at, if they increase,
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you know, pulling back that queue, if they pull it back faster, that is to say, are we worried about a taper tantra right now? i don't think we're going to be worried about a tape or change them because there's already so much volatility in the market. and the messaging has been very clear, half of the market has wanted them to taper earlier. so i think that they have successfully sidestepped this entire taper tantrum risk. and the market right now is in a very volatile state because they don't know how severe this omicron bearing is going to be. i think that there is a lot of uncertainty in the market, which is going to play on to volatility in the market of itself. that's a very natural thing. i do think that as far as paper tantrum go, i think that we've successfully managed to sidestep that. now when it comes to res, i know we've heard powell say the fed is looking for maximum employment before we see a rate. but considering the unemployment rate keeps falling with weekly jobless claims hitting their lowest point in 50 years. meanwhile, we have
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a worker shortage out there that is left and 1000000 open jobs just in september. what's the takeaway? when you look at those 3 data points altogether, i mean, what does it seem like, but it's looking for there? well, i think it says that the fed has quite the dilemma on their hands because right now the labor market has gone a search. so unemployment has fallen, however, the one thing that stayed the same is the labor force participation rate. that didn't budge. so this measure include people who don't have jobs but are actively looking for jobs. so it is quite concerning because it could highlight a lack of skill and talent required to fill these job openings that we have in america. so with all these close borders and travel restrictions, america is no longer attracting foreign talent to come over. but then other reasons for this could include things like early retirement, lack of child care, fear of contracting the virus, etc. and neither the economic reopening nor rising wages are goofing. any of these workers back insignificant numbers. so this might actually force the fed to rethink
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its views on how far away they are from the maximum employment objective. definitely things that will continue to keep an eye on boom bus, christie. i thank you so much. thank you. and the turkish lira continues to slide as inflation is not only impacting us here in the united states, but economies around the world. in the case of turkey, the lira slid to a new record low on tuesday, after fresh statements from turkish president erred one opposing any interest rate increases. the currency had a lower $13.00 to the dollar, and late afternoon trading, surpassing its previous record low last week. roughly 13.45. so could crypto currency or bitcoin be part of the answer to helping? sure up the finances for those in turkey? well, joining us out of the jobs, it has been the best co host and crypto analyst been font. now been, let's start with what is driving the do value ation of the lira here. why is this currency crashing? yes, so here's a crazy idea for you guys. just imagine in
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a world where money is incredibly cheap and government just prince money rather than having any value attached to it through, i don't know your g d p through products through even war. you just decide you're going to print money into an oblivion and that it should remain the same value, right? that is the insane concept, which by the way, we do in the united states on a regular basis. so let turkey stand as a warning that turkey is going through right now. president or one essentially has this belief that keeping interest rates basically as 0 and printing money, the leora into infinity, should have no consequence for the economy. and he goes as far as to fire, anyone in his administration who says otherwise, anyone who's contradicts this idea and says, maybe we should stop printing as much money. maybe we should slow this down. maybe we should raise interest rate though. you got to be gone. and so as a result of that, the lira is crashing, as you mentioned, into doing horribly right now. and there's no chance to recover that, that slide,
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if you continue with the same policies, again, let us stand as a warning to the united states that this is what is on its way when you just print money out of nothing. and we know this has been a problem that has been ongoing in turkey. and right now we're actually seeing turks abandoned the layer of $4.00 gold and even big incorrect. yeah, absolutely. they are. and what fascinating about that of course, is that you would expect, obviously as, as a currency declines, right, people will go in though purchase dollars with it because it's the world's reserve currency. it's more stable certainly than valera is. gold makes sense to some extent. but if you're the average person in turkey, and how do you really get access to gold, right. it's much more difficult to do. but big coin crypto currency a lot easier to get ahold of. and that's what we're seeing right now. a waiver people who are essentially going after crypto currency and that coin specifically because they see it as a hedge against inflation. and it is a hedge against the place that i know. we talk about this a lot of michelle guys, and i know you've talked to christie about this. is it always
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a hedge against inflation? when we see big coin what may be slides or drops even as we're watching inflation rise? yes, it's still a hedge because long term people are looking at big coin and other crypto currencies as a long term bet that hasn't, even though it's a volatile market, it has long term stability. look at the long term of bitcoin life and where it's gone. and how it's risen versus long term for any kind of a federal reserve note, any kind of feel currency, including the lira. and so one of the thing that's important about that is that when turkey looks at the lira and says, what are we doing with this? and people in the country look at it. what they're looking at is big coin is the answer to exactly this problem. when governments run amuck with the way they treat their currency, your money, bitcoin and other crypto currencies become a balance for that they become a way of kind of weighting against that. and certainly another reason that the u. s . should be paying attention. now, if the government intake is going after officials who aren't happy with the way that they're handling this crisis than it certainly does make sense that they would
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try to go after anyone who's using bitcoin and try to stop that coin transaction. but that doesn't appear to be working right now. why is that? yeah. why it's not working. of course it's not working right because you can't really stop a thing like big coin even though the country is outlawing bitcoin transactions. there outline the purchase of it right now. can you really stop it? no, because as long as you have a mobile device, you can access and find ways to purchase crypto currency and as long as governments please pay attention, janet jaelyn and jerome pow, as long as governments are devaluing the currency that belongs to the people, people will find a way to abandon that currency and find something that has more value, whether it be property or whether it be crypto currency or whether it be gold. they will find a way smart people will to get into something other than the currency that you as the treasury secretary, president of the country, whoever it might be, central bank that you have the ability to destroy when you have the ability to
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destroy my well, i'll find some form of wealth that you don't have the ability to destroy, as certainly a lot of the lessons that can be learned from the scenario. investments on thank you for your time minutes. i thank you. and now to a dire warning from space ex founder you on must, he says the company could be on the verge of bankruptcy if it is not able to meet its quota of starship flights next year. now the goal is to complete a starship launch every 2 weeks and 2022. but the problem is that the company isn't producing enough of the raptor engines needed to keep up with the schedule. in a reported company e mail much, chris 1st to the current raptor situation as quite frankly a disaster and said he would take to the engine production line over the holiday weekend and he encouraged other employees to do so as well. face x is under increase pressure after it was awarded a $2900000000.00 contract from acid to develop the next lunar lander by 2025. the company is also planning to conduct the 1st orbital launch of the starship. as
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early as next month, which would require a whopping $39.00 raptor engines in order to take off. now you mentioned at that pressure that they are under there. they got that contract from nasa. and at the same time, we also know that jeff bezos is filing lawsuit, often as he can against you on most. so you can tell from this reported e mail, that he is feeling that pressure to do something and to make sure to keep up with that quote. and you have to wonder how much of this is, you know, how much that you must knows about publicity for space x. this is what he does. he's a great public figure for a company in the way of actually bringing it to the people. and in this scenario, he knows that having a launch every 2 weeks put them in the news. every media outlet throughout the world covers those logic. so he knows that big time for him. absolutely, it'll be interesting to see what comes out of this. and if they're able to make that quote, i know we'll be talking about it next time now for a quick break. but when we come back, we're being new. it has laid out more details for its global gateway project that
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some say it's meant to compete with belt road. we'll talk over the 300000000000 euro plan. and as it break here, the number that the quote ah ah, the warm drugs started as a way to combat a gray problem. what's the warranty? it's part of the attitude of the nation, not just of north dakota, and it got to be something that you could get elected this time, the fight against drugs still good to try and shake tom. he told us that andrew was
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a confidential informant. this is way too dangerous for him to be doing. clearly they put him in harm's way. a rural college student doesn't just get shot in the head and found in the river like that something else had to be happening. ah ah one of the many paradoxes of big coin is that it wants
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everyone to attack it. that's it makes it strong gossip makes security go higher, that it makes the price go higher. and now we've got some new delinquency on the same attacking bitcoin ah o, come back. the european union is giving new insight into its plans for the global gateway project that was announced earlier this year. officials are saying the price tag would be around $300000000000.00 euros between now and 2027. and the investment would include funding for infrastructure, education, health, and digitalization. president of the european commission describe the plan as
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a different approach to global investment. coming from a democratic perspective. now the gateway is the european union's plan, nor you may college road map for major investment in infrastructure development around the boat. we want to take a different approach. we want to show that a democratic value driven approach can deliver on the most pressing challenges we want to show that it can on one hand, meet not local needs, but also on the other hand, to tackle the global challenges we have. now the has been careful to call the global gateway project, a true alternative to china is bolton road initiative without saying names to actually compete with it. and as it stands, china is europe largest trading partner. and it's also a top training partner for the us. but as a bind administration continues to keep the trump administration's tariffs in place
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while also calling on its allies to put pressure on beijing, it raises questions about how the newest project will be implemented. so joining us discusses us richard wolf, host of the economic update. now professor b u has already been criticized for not having enough of a concrete plan, given that it's a blueprint for the project doesn't include plans for immediate projects. while china already has 13000 projects in 165 countries. sure, we'd be expecting more of a plan from europe at this point. no, because this is not really serious. and the speech that that woman gave really takes your breath away. i mean, it says if she didn't remember that for 300 years, europe colonized asia, africa, and latin america rip these countries off. busy from here to tomorrow, they will remember the europeans on a, remember, they're not going to be able to compete. the chinese started in 2013. they have
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nearly a decade on them. it's much larger what the chinese are doing. the chinese don't want to have a history of being the colonizing country. you know what this looks like to most of us around the world watching. this is using words, because you can't do the deed. you haven't been in those parts of the world, helping them with infrastructure. china has, and maybe history can help us at the end of world war 2, all the old colonial empires. how upon the indians broke away from britain, africa, vietnam broke away from fred. i mean, i did state kind of moved in because it didn't have that colonial history the way those parts of europe did. now we're seeing step to the united states is losing its abilities. that's what the warranty then means. that's what all of the shrinkage of american power, and there's a new game in town. the chinese,
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that's the reality and the poor europeans, they don't want to be left out, but they're late to the game. and they are very little that they are offering. if you look closely at this statement, they're committing $18000000000.00. now the other big number is what they hope to get to over the next 5 years. this is really kind of sad to observe. yeah, and i mean, i guess professor wolf to your point, why then why do this, why make this pledge of 300000000000 euros when you said there's no realistic plan to actually be able to compete with belton road, which is also a one trillion dollar project at this point, at least, so why, why even go this route? i think what's going on is a political dance in europe. the reality is that the europeans, and there's lots of evidence for this, are wondering whether they are alliance with the united states, which is traditional, which they have counted on,
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can be sustained in view of the enormous importance of their dealings already with china. and the reality which they all know that the chinese economy for 20 years has grown 3 times faster than the american. and they're wondering which way to go, but they don't want to make a very difficult choice. so they come to deal with china to keep that going. and they go through this little bit of theater. we just saw about a competition and lots of money and we're going to do it. and they're hoping thereby to keep the americans happy. but it's a temper rising kind of action. i think of going to see it does integrate in the months ahead. certainly does seem like with kind of trying to perform some sort of juggling act. and it's interesting because you hear from some of the officials, they're talking, they're arguing that their plan will be more attractive because quote, unlike china, the e u is not ordering businesses,
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it is partnering with them. however, obviously you would still have its own set of requirements for the countries and businesses it partners with. so if they're going to roll out some sort of global gateway, why don't you think that they've had more of an actual strategy that would be attractive to businesses and countries to get them to sign on if they actually want to compete with anyone, namely china? well, you know, if they didn't seem harsh, they did anything real then they would have to either deal with the fact that they're going to be competing with the us. and they're hesitant about bad or that they're going to be competing with a chinese. and frankly, no one thinks they can do that. you can call them name, you can call them ordering and we're partnering again. the history of european colonialism is not partnership. it is ordering and ripping off most of the rest of the world. and every one who's ever looked at it, including the people who live there, know very well. so this is,
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this is pure verbiage. it has no real purchase on anything. no european country is cutting off. it's linked to china. if any things they are encouraging them, they're making more contracts, and i think that's the reality you're going to see more and more of. yeah, it'll certainly be interesting to see where this project goes. and if we actually get anything out of it more than just the sound bites that we saw so far, professor richard, well, thank you so much for your time and insight. thank you. and finally, it's the scourge of the holiday shopping season. so called box, you know what we're talking about here. say you're looking for the how does the video game console a brand new graphics processor or the fresh of the pair of kicks out there? any hard to find holiday get. you get online, you log in with all of your information just to have the item ripped from your graph by some automated system run by a narrative. well,
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that will just flip the product for a profit on the secondary market. while there may be a reprieve in the future after a group of lawmakers here in the united states introduce legislation on monday to stop the practice is called the stopping grins. box act, which was rolled out by senator richard blumenthal, a democrat from connecticut and co sponsored by a group of democrats, including senate majority leader, chuck schumer, who said of the issue quote, the average holiday shopper is unable to compete with the light speed of the all too common green spot, and then how that ransom by scalpers and 3rd party retailers when trying to buy holiday presents. and i know a lot of us are shopping online right now, and i know you've been through this specifically finding that you go, you get ready to get that new pair of shoes and then it's not there. well, exactly, or you might have mentioned exactly 3 things that i tried very hard to get over the last few years, which are of course, sneakers video we have canceled. and those graphics processes that are sorry to get
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. but the fact is is, you know, now we've also seen people haven't actually resort to boss because if they want to get, say, a present for their child for christmas. and they are not able to get it because they thought about their site. maybe i take that same short cut and that's where i go. but this is a huge problem. and when you look at like the retailers, for instance, a best buy here in the say, the target when they're selling something like this, they don't have, they don't really care who's buying it because they get the money either way, whether goes on the secondary market and doesn't reflect poorly on them exactly as the average consumer who ends up spending more. and a lot of times they do it to get that item to get that parents sneakers, all about getting ready for the holiday season. so we interesting to see where this one that we're going to do more on this, on the show here in the coming days. and that's it for this time. you can catch boom bus on demand on the portable tv app available on smartphones and tablets. you can 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 at portable dot tv. well see you next time
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with ah, is it now you being a no no, no, no, but they did a mirror now i own a millionaire. my love bob, you can thought now along with it a bit a well, i mean i have the collation suburban. i thought, yeah,
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it's not in the that, and i were talking to you all that technology should work for people. a robot must obey the orders given by human beings except where such order that conflict with the 1st law show your identification. we should be very careful about artificial intelligence, and the point obviously, is to create trust rather than fear with take on various job with artificial intelligence. real summoning with a robot must protect its own existence with you, a tool that was bad for your eyes and your posture that it would stop you from having
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real friends and finding a girlfriend. but what they fail to mention is that you can make thousands of dollars every weekend by simply playing video games. a stacy been a couple of them for the reform stuff with georgia was me. the net. okay, much for to do stuff is of course to make video games a high paying job. you have to be gifted and quick witted, and john to offer with respect to chicken us to live in business, to live near bottom. in this santa webpage, bradley up from youngs produce park even started yet galler voice. when you mouse storm, you mothers do it out or you me, i was at mules, florida guy. okay, the owner, but diode that record will still be shocked if, if it's odd to do. i also received a
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call that owns an r t on the phone spreads to $24.00 countries, including now the united states, w. h show signs the alarm. we look at how different countries responding to the virus. also to come this i, we visit the child care clinic. he. moscow is more and more younger patients and needing treatment for kal, you know how children are age from one mom or to 17 years conditions varied severity for children. harris, savannah l. i'm in the intensive care unit, and the car written highest case continues to rock the united states after he takes a university course. he was recently found not guilty of homicide in the killing of 2 black lives matter. protest is last year. and america faces the highest rates and inflation and decades. while corporations are enjoy record profits.

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