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tv   Boom Bust  RT  January 5, 2022 7:30pm-8:00pm EST

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technology should work for people, a robot must obey the orders given by human beings, except where such order is 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 a very job with artificial intelligence, real summoning the theme and a robot must protect its own existence with you know, we recorded this episode in the past and this was our future. when are we record it in an hour ago? it predict what's gonna happen in 2022. so it's a real time war with
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this is been bus one business, so you can't afford to miss. i'm rachel roberts born watch been here's what we have coming up here is unfolding and causing done as protests are rubbing over arriving fuel prices in the nation. straight ahead will bring you a full scope of the developing situation. fit as markets are moving in the wake of the latest federal reserve policy state that where the central bank aim to reduce it all, then we'll break it all down. then the great resignation continues this way. the us labor market with a record for point by 1000000 americans winning their jobs in november. well,
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this guy was behind this trend and what it means for the us economy, where the tax so. so let's get started. we begin with continued unrest in a country where energy prices are skyrocketing and residents have taken to the streets in response. there is no question that rising gas prices. it costs frustrations for people around the world. but in context. * on that unrest to lead to the violent protests, the burning of cards, and even members of the country's government resigning altogether. and the catholic president has declared a 2 week curfew in the nation's western region. and in the country's largest city, the restrictions include a ban on mass gatherings and limitations on movement that i use i to dear compatriots. not i appeal to you again. i urge you to be present and not to provocations from inside and outside 3 to the phoria of rallies, and her mister appealed to attack. the offices, civilian and military department are absolutely. here they are,
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crime and punishment may follow joining us that it's got this boom by the co host, an investigative journalist, been swan, ben, this is a crazy situation in terms of detail. how violent have these protests been? so far, yes, so far it's mostly been, you know, property destruction, a lot of vehicles have been burned about 120 vehicles according to the country's president. 33 police vehicles were actually burned as well. there have been some public buildings that have been basically destroyed and set on fire. so, so far that's mostly what they're seeing there. and people taking to the streets. you mentioned the curfews that are in place right now. the goal is to try to keep people inside and to prevent them from coming out. but i think we're really seeing how's it's found and then i'm not an expert on the region at all. but from what i understand, i just was researching this today, is there's been a lot of pressure in that country over the last couple of years. and there is that kind of a pent up frustration among people in that country who feel that being government there is to authoritarian. and so when you had this kind of flip the switch in
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terms of the oil and gas prices, there, it encourage people to come out and take the streets and start making their voices . now we know it's being reported that a lot of this unrest started because gasoline, oil, and liquified gas prices in the country have skyrocketed overnight. do we know what all has caused that to happen? and is there anything that kind of led up to it? well, the main thing that's going to happen is apparently there was a national law that prevented it kept oil and natural gas prices in the country. and the government there lifted that cap. so by removing the cap overnight, essentially what we saw was an increase of about 100 percent in the cost of gasoline. the cost of heating oil that's used in order for people to heat their homes or to be able to cook with that has skyrocketed gone up over 100 percent. and so i think what, what the frustration seems to be there is obviously when the government had a cap on these things, there's a certain sense of security in, by the way,
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a very rich nation target is people felt pretty confident in that. and when you remove that, and all of a sudden, everything skyrockets. again, you're looking at, you know, the pandemic years over the last, what, 18 months? almost 2 years now. the people have been living under pandemic life. i didn't now see the cost of living is going up so high seems to be triggering quite a bit a bit, find a very interesting to because as the nation has pushed for natural gas as well, many people have been converted, their cars and cars. it's time to run on natural gas, and as these prices shut up, it just obviously has caused a lot of turmoil. now russia, obviously bad is a close ally because it's done, which is a former soviet republic and they have kind of issued warning thing. you know, there shouldn't be outside intervention going into the nation. is there any indication right now that russia might get involved in helping out to put down these right? yes, so far it does not sound like they are planning to do that. it sounds like from what russia saying, they're essentially encouraging people to not right to have dialogue with the government to talk with a government, you know,
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the current president right now who's imposing this curfew. has a predecessor who was essentially kind of defacto power. he has now resigned and so now the, the current person we keep talking about as the president has kind of assumed full control there. the question going to be, how much outside influence is there really because the guy who is in power right now is essentially saying that a lot of the trouble makers in the country aren't locals, right? they've come from outside and they are creating the problem. is that true? it's tough to say right now, so i guess it really depends on what we see happen over the next couple of days and weeks. and how heavily does the government cost and kind of crack down on these protests? if it's too heavy handed, we might see more people rise up. we'll see. boom by spend, swan thank you so much for following the story. we'll continue to update things. and now to the latest from the federal reserve, while there has been some uncertainty over how markets would react to the ground, various, the fed has indicated it will move forward with players to continue pulling back on
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the easy monetary policies that were put in place. the beginning of the pandemic. now all the plans continue to taper billions of dollars and asset purchases each month. it has indicated that could start raising interest rates as early as march. now, questions around what the fed will do with this more than a trillion dollar portfolio of treasury and mortgage mortgage backed securities. although some investors expected the fed to wait until 2024 to make any significant changes to its balance sheet. the central bank is now signalling it could start reducing its holdings as early as this summer. joining us out of this guy, hope christie. i know christy, we know that the fed is now looking at raising interest rates for the 1st time since 2018. i mean, given how careful chairman power has been with investors and really not wanting to make any moves without warning. do you expect him to still tread carefully when it comes to raising rates, or even making these expected changes to the changes to the feds holdings?
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absolutely, i think it goes without saying that power is still going to be treading very carefully when it comes to raising rates or any changes in fed policy in order to avoid any tape or tantrum so far. he's been doing a very adequate job at communicating, although a lot of the language is quite off and leave a lot of room for interpretation. so the biggest summary of economic projections now sees about 3 hype this year. the timing of the 1st type will be important, as hawk suggests, it could come as early as march, once the asset purchases conclude. so the latest f o m c meeting saw the fed double . it's tapering of asset purchases to $30000000000.00 a month, which will start in january. but the guy we didn't now left the optionality open as this could be adjusted even higher in economic conditions warranty. so right now it seems very likely that march will be the official lift off date for the 1st type. there's again, also the optionality of pushing it back to may the fed strengths,
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but they'll be taking a data dependent approach once the purchase. so in terms of this data, so far, it's been very disappointing and people are not re joining the labor force while it is still prevalent. so there's clearly an urgency to hire employment number. but at the same time, how stated with in place to above target, the fed cannot wait too long to get maximum employment. and christy, when it comes to the stock market and all of this the 1st session or you know, on monday we felt record highs once again after the s and p had already saw gains of at least 27 percent in 2021. now we keep waiting for those record highs to come to an end at some point on wednesday we didn't exactly have a great day for us markets, although wasn't a bloodbath by any means. but does it seem like we could see that correction at some point in the near future, and how is investor confidence being impacted by fed policy right now? yes, i don't see a very difficult time, and i agree that it will happen in the near future as there is no more fee money to
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pump off the socks. but the residual effects could last for a bit. but as of when you see a lot of people rotating from tech, hydro momentum to these values, cyclical than income stocks. so this is one liquidity that's driving this, not necessarily the interest rates. so when there is liquidity, you go for the momentum because fed is essentially forcing stock and bonds to route . but it's going to pull that liquidity out, want to rotate out into the cheapest and lowest risks name, which right now have been under performing values. so us stocks right now, they're struggling for direction right now after this hearing this message that the fed could potentially unwind a monthly bond buying program at a faster clip than expected. if inflation continues to persist and creep up. but i don't think investor confidence is being that heavily impacted by the fed right now . if anything, i think investors have learned that if they throw a big tantrum than all of the tightening wouldn't stop. so the spent in listening
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to the market and that's a good thing, but it's almost like the fed is now being pulled into the market and that's where we can get some issues because that's on the tail. it's like the dog. yeah, that's a great way to put it and that's definitely something that has been sort of a landmark of chairman, problem time and office. now when we're talking about record highs, we also have to mentioned big point here and had a landmark year in 2021. and now analysts from goldman sachs are saying they see bitcoin taking more market share from gold as a store of value, which could lead it to hit $100000.00. do you agree with that prediction? absolutely. i mean, we've been calling, indeed old for years and years now, so it's actually great that goldman sachs is coming out to reaffirm that belief. so bit playing currently takes up about only 20 percent of that store value market with the flow adjusted market cap of under $700000000000.00 compared to the $2.00 trillion dollars worth of coal that's being held. and so that number is estimated
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to only grow for bitcoin as there is a broader adoption of digital assets. so big playing well, increasingly feel market share from gold as people start to realize all the benefits of that may get better than gold of the store. as a global store value, i should say. so this includes scarcity value, the fact that it has a fixed and limited supply, the visibility, the security level, the portability, and increasingly it's decreasing correlation to the broader stock market. so in all of these category, bit point, outshines gold, which is no more now than a relic of the past. it's great for making jewelry and goblets and necessary for high tech and semi truck, but as a store value. not really. you know, certainly be interesting to see where that digital gold goes from here and when it does end up putting that $100000.00 mark, boom bus, christie, i thank you so much for your insight. thank you. and the port of los angeles has been in the news quite
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a bit over the last year as images showing hundreds of container ships waiting days and even weeks to dock became the picture of the supply chain issues that have impacted rising cost. here in the united states now the 4th executive director says that all of that demands lead to a record $10700002.00 foot containers passing through the port of all a last year. that's 13 percent higher than the previous record, which was set back in 2018. and as for the traffic nightmare for the ships trying to get to the dock officials, they're say they have cleared up a lot of the problems by working to optimize their efforts by directing larger retailers to be more strategic about the cargo. they said, while the buying the administration did get involved back in october and president joe biden himself directed the ports of l. a. and long beach to move to a 247 schedule. that is yet to happen, and officials are saying it isn't needed. however, they did know that the threat of a container dwell fee,
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which would it be imposed on retailers who let their container sit at the port for more than a week has led to a 50 percent decline in their backlog. that right there, that last point, rachel, that is fascinating. but all you had to do is say, hey, you have to pay more. if you don't get this out of here. one is interesting because the fee was only supposed to start out at around $100.00 for each individual day that went over 6 days. so it is funny that as soon as they run money into the mix, you would think that some of those retailers really wanted to get the containers moving in order to get that product moving on once they've brought a penalty in and all of a sudden not made the move and with all of the things that we heard so much about during that time of, you know it's backlog. it's a trucker shortage. there's, there's not enough coming in, but it's like, look, they broke record. so obviously they were doing something. there they go. and time now for a quick break, but when we come back to great registration movement is weeping. the united states as the labor market balance has shifted in favor of workers. on the other side, we'll discuss it in depth. and as we get a break here, the numbers at the close a
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join me every thursday on the alex simon shield and i'll be speaking to guess in the world politics sport, business. i'm show business. i'll see you then what we've got to do is identify the threats that we have. it's crazy confrontation, let it be an arms race is on, often very dramatic development. only personally and getting to resist. i don't see
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how that strategy will be successful, very difficult. time time to sit down and talk. this isn't an orphanage. oh, even susie children have been paid for the fountains house only. yeah. papa little, i have come about my much mom with much and he's got a nice medical michelin and bill nation. oh gosh, no man is violet. mom on is violet. but dana, mom, yes. my city with me. okay. allow me to book a
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book. i love you for obama, you will. i will love me. i'm here. i got your electric and on your bill is to me on the discussion on, on the shuttle. i can redeem the fuel fee. i mean, i and welcome back. in december, you had businesses hired employees there fast. this clip in 7 months after a disappointing showing in november. now, payroll processing firm adp reported private job growth of $807000.00 for the month doubling expectation. the company's chief economist pointed to the economy hitting
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a sweet spot. as the delta vary of cobra, 1900 impact began to wane and the current impact had yet to be felt amid the holiday season. however, as we have discussed here on boom bust, pandemic effects on the workforce are continuing to be felt. in fact, a record number of americans quit their jobs in november, fall open jobs, continue to search. the labor department says that most of those leaving jobs come from the services sector. so what is behind this mass? exodus archie correspondent, trinity chavez has the story. oh, it's being called at a great resignation. a record number of americans are telling their bosses, i quit newly released data from the labor department, says a record breaking 4 point. 5000000 people quit their jobs in november voluntarily with the majority of those employees being women, primarily in the industries where you have to be there in person to work like the restaurant and hotel, industry,
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warehousing transportation and health care sector. where we have seen doctors and nurses overworked, especially since the start of the pandemic. some of the biggest losses were enlarging and food services, which sol, 920000 workers, walk away retail and trade with 686000 defections. and the health care industry, which last 598000 employees, the number of people calling it quits in november, representing a nearly 9 percent increase from october and broke september's high watermark. a 4300000 americans quitting their jobs at the fastest pace ever seen the reasons for so many resignations very. but most of it is due to lack of child care services and health care concerns about coven 19 mainly impacting women in the workforce. other reasons include burnout, a search for better job opportunities, self employment, or more pe, the masses leaving their jobs only exacerbating supply chain and staffing shortages
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. seen in virtually every sector in the us. but at the same time, it's also a job seekers market one and a half jobs are available for every person who's looking for work a total of nearly $10600000.00 job openings right now are currently available, especially in a hotel transportation and health care industries. for boom bust trinity chavez are teeny york for the deeper into the issue with steve burbridge. the host of the steve gruber show and forgotten america and professor reachable host of economic update. and author of the sickness is the system with capitalism failed to save us from pandemic or itself. great to have both of you here for this conversation that roosevelt. i want to start with you on this. i know we have talked obviously about this great resignation in the past on the show. but what the take way when we're seeing such strong job growth at the same time we're seeing we're record number of people quitting jobs. well i think we have to begin by being clear that the one month of the december is very screwy in terms of the importance of christmas. and as you put it, the, the late arrival, if you like, in that month of the,
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the effects of the omicron area. whereas the quitting has been going on now for a rising number of months. it's the more stable the more secure thing to talk about . i would like to bring to everyone's attention that in february of 2020, at the beginning of the pandemic, we have 5700000 americans on employ. today, we have 6900000. i checked the numbers literally 5 minutes ago. in other words, there are more people on the employ. normally that would make workers bore, worried about quitting their jobs because there are so many others. lucky, i think therefore that we will have to face the fact that there's a sea change going on in the american working class. it came back from that pandemic from unemployment over the last 18 months. and it didn't like the kinds of
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jobs being offered. it didn't like the pay packages, the benefits, the insecurity, all of it, and being called essential for 18 months and being sent back into a job where you're not treated with a minimum that essential ought to imply is leading workers to have a whole new attitude that i think is going to change the economy of this country in very profound ways in the months and years ahead. yes, certainly raises a lot of questions about what that long term impact is going to be. as we continue to see a new record, it feels like almost every month and workers quitting their jobs. now steve, what is your take on this? and when it comes to sort of this mass exit is, do you see this is a changing workforce and brought on by the pandemic? or is there more to it? i think it's brought on by bad governance more than anything else. i mean, male in favor wasn't the 1st to point out, but i will cite him here that said, if the government pays people not to work, it is you're not doors, you get a paycheck. them guess what?
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when they're offered a chance to work and it's more difficult, they don't work, they'll stay home to collect the government check. meanwhile, you have 80000 people that are truck drivers that have left. 5 the industry altogether. why? because of all the regulations, all of the roles in the way. and they finally said, you know what, it's not worth all this and don't underestimate the impact of the mandates on people leaving fire departments, police departments, m t's doctors, nurses, you've got people leaving industries all over this country because of mandates in places like new york in california, they say, you know what, i'm close enough to retirement that i don't want to go through this. so people that are maybe late fifty's, early sixty's or maybe had a few more good years in them. they're walking away, you're saying, you know what, i don't want the headache. i don't want to deal with it. i'm just going to go ahead and cash in my chips right now, and you're seeing it on a mass scale professor. well, what's your take on that? i mean, how is the government playing a role in this shifting workforce that we're seeing? well, our government has been bought and paid for by the corporations that run this society
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. i always find it amusing to blame the government. it's a little bit like getting angry at the puppet and forgetting that there's a puppet here that's right behind that. our corporations don't want to pay higher wages. they never have. they want these workers to come back after 18 months of real suffering and simply accept the conditions under which they worked in the past . they're not willing to do it. and you can blame whoever you want until that issue is addressed. you're going to see not only workers quickly, but you're going to see workers changing their attitude, not to walk away from a job. but to now think about joining a union making a union much more militant so that they can improve the job, rather than have to walk away and live without the income, which they are loath to do in a society where prices are going up 70 percent, a year and i mean, steve, i know it's easy to, to make the argument that people are collecting
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a government checks and they're just sitting on their couch and they don't have anything better to do. but i mean, to the rituals point, i mean, there's a lot there is, you know, workers have been taking advantage of it in this country for many, many years. and to have it seems that this is actually putting a little bit of paper in their hands. actually, capitalism has created more freedom in the history of this world than any other single item. adam smith's desire for this country economically created more freedom, more free people, more free ideas, a more free opportunities. the fact of the matter is these people are working with a contract and when the government weighs in, this particular puppeteer is actually coming with cash in his hand to offer those puppets as, as he put it to deaths. but to their tune with other people's money, that's what's truly happening here. it's easy to blame the government, the government wage and makes huge mistakes with policy like they continue to do. here. we see that there are 1200000 more people employ today than the world 2020.
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as he pointed out. the fact of the matter as people are leaving because are being incentivized to leave, whether it's more money in their hand or they just don't want the headaches of the mandates. again, do not over look the mandates and the impact they're having. if jo biden's mandates go into effect in the next few weeks, it will destroy rural health care in america. the reason being small hospitals in this country, those with a $110.00 beds and last have a vaccination rate of less than 50 percent of the staff and faculty. think about that. they can either take their 70 percent reimbursement from the government and their c. m. s checks, or they can say we're not going to do that to lose that money, or they lose half their staff when mandates come in for vaccination requirements. rural health care has paid a very high price for this pandemic, and very poor policies in the government of this country. and people are seeing the impacts all over beyond the coasts. if you get to the center of this country in what i do call, forgotten america, you'll find that health care has been impacted in
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a negative way that is absolutely breathtaking. and generational steve, i don't want to ignore those fact by any means, but i do have one more question because i have about 45 seconds left here, which is, you know, you could talk about the, the government incentivizing people not to work. but at the start of this pandemic, there were also a lot of companies, capitalists, companies with their hands out to say, and we'd like our government check as well, right? i don't like corporate. i don't like to call it crony capitalism. i could call it crony socialism. i don't like that either. there's no question that a lot of companies, the individuals that did not need the paycheck protection program is a very easy example. got tens of millions of dollars handed to them when they had no intention of scaling react or getting smaller. and that's the problem with the one size fits all government program. people that don't need the money, get it anyway. and they go on by themselves. new buildings, a new boats and things of that nature. people that really need it might not get as much as they need to stay in business. yeah. a one size fits all government,
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the the definition of inefficiency and well, resource is, is government is i'm sorry to cut you off the but we are out of time in the show, steve grover and professor richard, what we can talk about this for our thank you so much and that's it for the time on boone, but you can catch us on portable tv at portable dot tv will see you next time . i know we recorded this episode in the past and this was our future when we record it in an hour ago, it predict what's gonna happen in 2022. so it's a real time warp. waller officers are facing an increasingly dangerous environment. we are seeing a growing debate about so called warrior cops the term that i've heard in the militarization of believe this is an admirable vehicle we acquired through the 1033
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program and very free program and the government program that close military property that if it will longer use the local law enforcement with building an army over here. and i can't believe people. i see the thing, an agency elder conflict here. yeah. think of terrorism here because it again a feeling that hey, you have to deal with your higher, who are you putting in a uniform, a sometimes like money in play trick people might they think they go bad. no is what is out the door? very bad trends are coming. good news. you have job security because the world desperately need, but you have to get a
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rapidly escalating situation because i've done with gunshots. heard in the biggest city as the unrest bought by a fuel costs bike continues. huge crowds of passed into the left stranded in the city of alma day after the 5th is made up of the showdown following destructive riots. we speak with the russian who is. yeah, port when protest is stormed the building in the apple building and realized that there was no security code in the room. the airport, although it had been there before the military and employees left the airport in a hurry, not really trying to evacuate care.

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