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tv   Boom Bust  RT  January 8, 2022 5:30am-6:01am EST

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ever much wrangling over that project, moving to asian markets, the shanghai composite is in there, read down by about one and a half percent. it has been falling steadily throughout the week. top chinese officials called for a broader tax cuts in the nation is concerned over slowing economic growth persist, worries in the property sector continue as developers are on the hook for $197000000000.00 and obligations in january alone. and hong kong hong song is also flat on the week, but made gains to close things out. speaking of the chinese property, whoa, he will remember monday, shares and evergreen group were halted as news broke about the embattled company being ordered in mileage 39 building. but on thursday developer saw some gains as the index is a whole gain nearly 2 percent in japan. we have a red arrow for the knee k down by one percent. and the case saw last is a 3 percent on thursday, react to the down the united states thing. it's 1st loss of the new year. now of course, keeping the future of the fed tightening mountain terry policy in mind. in india,
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we have our 1st green arrow for the week, for the centex, getting nearly 2 percent on the week. this was the biggest weekly gained for the index thing, september energy and it related stacks pushed things up to close out the week. indian national statistics office has predicted the country's economy will grow by 9.2 percent and the current fiscal year. this would be the largest growth since the eighty's propped up by farming mining and manufacturing output in australia. the s x 200 down for the week by just under one percent earlier in the week, shares hit their highest level in 5 months, but fell off as tech stocks dipped on wednesday. following the trends of the nasdaq as a watch for the federal reserves outlook on rate hikes, in response to the crime. very household spending in sydney and melbourne. it low levels not seen since widespread locked downs amid the height of the pandemic. and moving to south africa, we have a green arrow, but market did trend down to close out the week. the ran strengthen against the or
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to close things out as analyst are looking at a central bank interest rate hike early in the year. now let's go over to rachel with more from europe in the american express care. we start in the u. k, where the foot the has a rare green arrow to end the week. this comes despite the nation reporting around $200000.00 new covey cases per day. which is resulted in a sharp reduction of staff or hospitals, transportation retailers and restaurants. now, recent survey from the british chambers of commerce found that a record number of visitors are concerned about inflation and more than half planned to increase their prices in the coming months to keep up. inflation is also a major concern nearby in the year where the french cack is down while the german dax is flat for the week. as we have report it, inflation in germany is now at nearly 30 year high. however, inflation in france stabilized as a slight decrease in energy prices was able to offset the increase in the price of goods. those figures are bringing about hope. the skyrocketing prices may have
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finally hit their peak across the atlantic. now to brazil, where the ego bus is also in the red falling more than 3 percent this week, the nation continues to struggle to overcome an ongoing recession. as industrial production fell again in november, marking a 4.4 percent decline year over year. as it falls to the 6 month in a row, despite multiple interest rate hikes, inflation has remained in the double digit. and it's another red arrow over in mexico for the b and v, while inflation grew less than expected in december, it is still more than double the central banks target, leading to predictions that there will be another interest rate hike for the 6 month in a row the auto sector that the nation relies heavily on also saw production fall to its lowest level in nearly 8 years. as the global chip shortage continues to take a toll on the industry. and here in the united states, the tao, the nasdaq and the s n p are all down for the week. inflation remains near 40 year
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highs. the federal reserve gave new insight into his plans to begin increasing interest rates as early as this march with plans to begin reducing its balance sheet in the months to come. as for the question, when those prices will come down, while the buy an administration claims that has a plan to tackle inflation industry by industry. and finally over to canada, where we have one more red arrow with the t s. x. not only are the majority of canadians concerned about inflation, which is at a 19 year high. but a reason, bloomberg survey found that 90 percent believe it's time to start raising interest rates, hoping it stops those prices from increasing even further. now moving into next week, we will continue to keep an eye on the safe inflation and the ongoing impact of supply chain shortages around the world. and the latest jobs numbers here in the united states are in and the labor department is reporting that $199000.00 jobs were added in december. that significantly less than the $450000.00 that were
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expected. but it does mark the 12 consecutive months of job growth here in the u. s . at the same time, unemployment also hit a new pen. dara pandemic era low with president joe biden, referring to it as a historic moment for the country, but was so many of those jobs being added back following the year of historic lockdown that we saw in 2020 and with job growth falling well below expectation for another month, questions remain as to how it will affect the federal reserve and its definition of maximum employment. so joining us discuss their boom west coast. i and tobin smith theo of transform any research. great, have you both on the show today? christy. let's start with you now. we know there's a federal reserve has been using this term of maximum employment as a target for months now. so are we finally approaching that target and do we know what it could mean for the feds timeline?
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so despite the poor job creation, last month's wages rose and the unemployment rate fell below the 4 percent level that the fed official feels is sustainable. so what that means is that there's really nothing to dissuade the fed from raising interest rate than march and shrinking its balance sheet soon after that. and that's the benchmark that they set . so they're going to try really hard to try to stick to it, even though it doesn't tell the full story. because as of mid december, the economy was missing about 3600000 jobs relative to the employment levels from just before the pandemic began. so there are basically 2 story lines here, unemployment rate improved, but the labor force participation rate and didn't budge at all. and now this measure include people who don't have jobs but are actively looking. so the lack of improvement in the labor force participation may eventually for the fed to rethink its views on how far away they are from maxim boy. and so the latest number suggests that there is still demand for labor,
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but the various factors kept the lid on hiring throughout the fall, such as a lack of child care virus. fear is large savings cushion from last year. and so the rise and also the rise of the crime, prompting more restaurants to shut down or basically just dissuade indoor dining in general. so looking at this 3.9 percent, it only tells half the story. absolutely. now what do you make of this whole situation? because when it comes to the jobs report, we keep seeing results that are far below the reported target. and meanwhile, of course, we have those record number of job opening. so why are those estimates been so far off in the last few months? and is this something that we should be concerned about at all? well, there's a couple of reasons, but let's start with christine. i disagree here. we are at full employment. and the reason is we don't have the metrics. remember all the ways that we measured employment, we're all pretty pan demik, and you could actually get ahold of people, you could actually get to the 80 p report versus other reports and then you had seasonal smoothing. well, none of that applies any more. frank marriage,
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for instance, we have probably 10000000 people that we blocked out of the out of the workforce. they're gone. it's the great, you know, goodbye. well, how do you model that? you don't, we don't still understand how many people have retired. they were when we talked about yet, so you know, in economics, we call this really dirty numbers. but if you just do the really simple math, we are at maximum employment in less 5 or 8000000 people decide next. but the come back to work and i'm going to happen. what does that mean per tobin in your opinion, for the federal reserve at this point? well, the reserve is going to start in march. remember, here's the big headlight. we have had quantitative easing. the other words buying, putting money into the economy for $6.00 trillion dollars since 2010, 2011. we are now going to be in quantitative tightening. we haven't had that can 11
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years. what that means is they're pulling reserve cash money out of the system. and when that happens, if this rates go up, that means that the tech market has done what it's supposed to do, which is crash, was living on fields for, you know, i'd say 3 years. and what's gonna happen is, is energy prices are going to go up that good for energy star, financial stock to do better because they can make much more of a spread on what their cost of buns are. and commodities are going to go up. so there's a lot of ways to make money here, but if you grew up only buying to tech stocks, you're going to be hurt, cowboy, or cowgirl in the next year correctly. where does that put the investors in all a bit that seems like there's still concern that by policy could be too aggressive in their eyes. but then how does that latest job that actually play into this based on what you and what are basically saying here? i mean, it is aggressive and there's this concern that the fed is not looking at the full picture. i mean, i think the latest job number is it was a mixed bag. obviously
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a mis expectations by quite a lot. but the underlying story i think was the lack of availability of labor, which is manifesting itself right now in faster wage growth, which is why we saw wage going higher. because right now the fed officials admit that difficulties actually still remain in the labor market, but they have less to do with monetary policy. and they have more to do with the ongoing disruptions from coven 19. so things like the reopening of schools or childcare are health conditions, etc. yes. be also have a lot of retirement. and baby boomers also go into those numbers. so there are still a lot of factors in play here. and it's not a clean number. as tobin said, but right now the problem still is if raise rise faster than the market is prepared for, it will hurt a lot of the high growth industries, especially the title sector. and this will also put a lot of pressure on the economic recovery as well. right, and i know we've seen certainly a lot of changes over the last 2 years and have had a massive impact on our economy. now toby and when it comes to the end of this latest sort of free money era, driven by the said, are you seeing
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a difference in the way that the public views it specifically when it comes to different generations of americans and the ways that they're investing well look at, we have what the 31000000 new brokerage accounts that stock brokerage accounts, people who never had a brokerage account in the last 2 years. what did they seem for the last 2 years? you buy tech, you by tech, you by tech, to think of them buying an energy stock, particularly if they're a zoom or, or millennial, who think that, you know, energy stocks are, are killing the climate. it's gotta be in, in like twilight zone right now. it's funny that in 2000, when i was a hedge fund manager and we had got out of tech and we got into energy and financial sold and so forth. people thought we were crazy because they just started investing in 1998 and all they bought was tech stock. so this is a massive transformation when, when you go from quantitative easing, the quantitative tightening of a monetary system. it's a whole new playbook, and i'm afraid unless these people are smart enough to watch the show that they're
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playing, they're going to be investing with the old playbook. and we've got a new playbook to make money problem. or as i'll certainly be interesting to see where it goes and we will be here to cover it along the way. tobin smith of transform research and boom bus kristi, i think you both for your time and insight going to be a new 2022. it kicking off with the new round of media consolidation among the move that appear to be on the horizon warner media and cps. looking to sell majority ownership of the c, w network boom bus co host, an investigative journalist. ben swan is looking into the story for us guys among the media moves that are being made are a new round of acquisitions aimed at making media companies not only bigger, but much more valuable. so let's take a look at those. the new york times is bind sports new site, the athletic for $550000000.00. the latest movement strategy to expand its audience of pain subscribers as the newspaper print ads business continues to fade. as of the most recent quarter, the times had around 8400000 subscribers. it has been diversifying as coverage with
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lifestyle advice, games and recipes. how we need to counter a pullback from the politics driven news traffic boom of 2020 or meanwhile, vox news is planning its own expansion with plans to acquire group 9 media, the publisher of sites such as phyllis, now this and the dodo a move that would combine the brands into one of the biggest online publishers in the digital space. the combined company would bring in more than $700000000.00 of revenue, and more than $100000000.00 in profit. and then their shock of selling off the seat of u as warner media and viacom cbs are exploring a possible sale of a significant steak or all of the c w network, which they jointly own. among the suitors in line is next our media group, the nation's biggest broadcaster, and a large owner of affiliates of that network. a keep in mind, these moves come as every major television network has made the move to streaming apps, including peacock, paramount, plus h, b, o. max, disney plus only to be joined on the new side by c and,
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and plus fox nation and portable tv. so what is the point of all this consolidation? well, the truth is, the answer is pretty simple. it really comes down to one of 2 things. either a subscription base model in the future in order to derive revenue from users or the old advertising base model in order to better compete with google, who completely dominates the online digital ad space. reporting for boom bus, i'm been swan and china, franklin frank, only come back. energy prices are on the rise. yet again in europe. as the debate of an annoyance, since you pipeline continues to, rage, will bring you all the details on the other side. and as we go to break, here's the numbers that with
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with, for is your media reflection of reality in the world transformed what will make you feel safer? tycer lation for community. are you going the right way or are you being led to somewhere? direct? what is true? what is great? in the world corrupted, you need to descend a join us in the depths or remain in the shallows.
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while our officers are facing an increasingly dangerous environment, we are seeing a growing debate about so called warrior cops. the term that i've heard and the militarization of believe this is an amber app vehicle we acquired through the 1033 program, very free program and the government program that follows military property that no longer use to local law enforcement. we're building an army over here and i can't believe people. i see those thing, an agency elder, a again, a feeling that you have to deal with your higher practice. who you putting in uniform bands is a powerful thing, is sometimes like money in play tricks and people mind they think they can the bad news. what is out the going very bad, john? good on the good news. you have job security is the world desperately needs, but you have to
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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 that conflict with the 1st law show your identification. we should be very careful about artificial intelligence and the point obviously is to great trust, rather than fear i would like to take on various job with artificial intelligence, real summoning with a robot must protect its own existence with a welcome back. as we have talked about in the last several months,
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europe continues to face rising natural gas prices, prompting worries that the energy crunch could get even worse. european gas prices rose by more than 30 percent on tuesday and jumped another 5 percent on wednesday. now the price at the dutch t t f hub, the european benchmark for natural gas trading leveled off a bit into friday, dipping nearly 10 percent. the prices are still sitting well below december highs, but as temperature is continued to drop in the region, concerns remain. so we thought we would take the opportunity here and it would be good to take a look at what some of the reasons behind the natural gas shortage shooting up prices. as joining us now to discuss in tysons welcome, he's a director of public citizens energy program, tyson always a pleasure to have you on, and always need an expert opinion on these things. now we've covered the unrest and causing style, which has been attributed to rise and gas prices, while there are tensions between the western russia oversupply. but broadly, why are we still seeing the supply issues that are causing it be energy crisis,
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which is pushing prices up, because if you think about it, we understand the oil situation, travel, air, travel, trucking, everything was affected when it comes to oil, but gas is a bit of a different story. yeah there's, there's really 2 issues here. one is the e. u is in competition with for gas supplies from larger markets like asia. and so. ready if you are a supplier, you are going to send your gas where you can fetch the highest price and so prices in the u, they're trying to out bid asia and china for those gas supplies. the 2nd issue here started really a decade or so ago when for a variety of political reasons, the, you wanted to get away from our long term natural gas contracts that were linked to the price of oil. and this was mainly for gas supplies from russia.
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and the you wanted to move towards a spot market for natural gas. and while that made sense several years ago, right now, e u is probably regretting that decision, because by moving those contracts away from long term fix contracts are they're now moving into short term or spot contracts where the prices are significantly higher. and so as long as the e u is going to be competing with other larger geographic regions like asia, and as long as the you has a heavy reliance on spot, rather than long term contracts, there are going to be no susceptible to the kind of price spikes that you continue to see, and it has been notable to see how that demand has shot up, especially across asia over the last year. now a lot of this week, spike in europe was attributed to a pipeline which delivers gas from siberia to europe,
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sending flows eastward from germany to poland. now why is that happening in europe is having these price issues and i know you mentioned as long term contracts. do you see them possibly going back more towards those contracts and they kind of learn that lesson from what they're saying this year? the, i think the e u has to reconsider it's, it's over reliance on the spot market because just as we saw, the united states, a reliance on the spot market can be very hazardous. if those prices become volatile and increase. obviously, having more stable pipelines supply into the e. u would be a big help. and i think there's been a lot of political delays to the north stream too. but if the north string to is allowed to provide a russian gas supply to you, that's absolutely going to alleviate of many of the problems here and,
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and definitely have a significant downward effect on price. and now thanks, i know you guys can follow a lot of these, these types of issues and, and even the politics behind it. i mean, you know, we talked about it earlier in the week that the secretary of fake anthony blink and actually made the point that he said, you know, actually, germany can use nordstrom to as leverage against russia after it seems like there had been a lot of talk from the west that, oh, russia was going to use this to leverage against europe and germany. i mean, do you see it really as a political issue or is this about a knee? oh, this is absolutely political. oh, you know, germany is the most important and biggest economy in the e. u, and they want the nordstrom to pipeline. and democrats originally were lining up against it and in support of issuing sanctions. and the bite administration to their credit is listening to their important ally, germany,
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and saying listen, it is important for stability for an economy and energy stability reasons are for us to listen to germany and support of the nord stream to and so you know, senator ted cruz are from the state of texas. ah, of is going to have a vote on, on sanctions against of nordstrom too. and so far the, by an administration and most democrats are lining up against, ah, that ted cruz sanction bill. and so i see the democrats as seeking to support germany in the e. u to get more stable energy supplies in europe. the also, the recognized ted cruz is really responding to certain natural gas producers in his home state of texas that think that well, instead of russia supplying inexpensive gas through a pipeline, we can move liquefied natural gas exports to europe. but that's really
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a fantasy. only about 25 percent of u. s. l n g exports are going to europe. most of our exports are going to china. it's a bigger market. the prices are going to be higher there. and so really, this is about politics, but it looks like the by the administration is convincing a key democrats that we, that we need to support germany in their calls to get more secure pipeline access for natural gas. absolutely, i would say that i really appreciate your insight on this because this has been such a political issue and i think you really nailed it down there. tightened slocum, of the public citizens energy program. thank you so much. france, i will have to back. so you gotta and finally, some struggling businesses will try to buck their customer base to diversify, while others lean into those that support that. the latter is the case for game stop the video game retailer that grabbed headlines last year. when it's doc became
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one of the 1st means stacks which saw share prices jump nearly 2000 percent at the start of last year. now sources are telling the wall street journal that game stop is working on creating a partnership with 2 crypto companies to share technology and co invest in the development of games that use block chain and technology as well as other and f t related projects. while little information is known about its plans at the moment, the retailer has a website set up looking for creators to join. it's an a team marketplace. as the news broke, the company's stock search 20 percent it open, but houses come down to the meagre gains on friday and interesting to see how that turns. absolutely right, so i think this year is going to be the year of n f t market places. we heard so much about open fee last year, but now we've seen a lot come on to the market for it and that's it for the time you get to buy that demand on portable tv available at portable. that tv will see you next time. me.
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ah, it st. they have to be rich to be able to afford the luxury good for sure. despite having the most expensive health care system in the world, we have poor life expectancy. we have higher infant mortality. we have more data from treatable causes. so americans are suffering every day from it. it's nice people don't count. i saw how they confuse customers and dump the sick. oh, also a to satisfy their wall street investors. no parent should have to see what i saw. so if you're denying payment for someone's care,
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could i, we're driving into the city of alma, perhaps the most dangerous area because i've thought up stories. is that because ac authorities say they have arrested $4000.00 on terra charges, including foreign nationals, the president claims up to $20000.00 to are involved in the unrest. more peacekeepers from russia arrived to help restore road. meanwhile, moscow, pushing back against washington remarks that russian pace keep is wanting to, i believe, has extend with the foreign ministry pointing at the neighboring countries. strong military alliance and traditional ties. and also the south germany titans restrictions the bathroom. the pandemic, despite antique protests intensifying across the country with, we're not laughed when not right. we just want freedom by feel the measures a disproportionate and i find this division in.

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