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tv   Boom Bust  RT  September 11, 2020 5:30am-6:01am EDT

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to support the economy create coverage and to save god medium term price stability . no warning from the international air transport association revealed the delivery of any future traveler packing will require careful planning call that the largest single transport helen ever we have a lot to get to let's get started. on thursday the european central bank announced its plan to keep interest rates unchanged e.c.b. president christine legarde said they were closely monitoring inflation to reach a level close to but below 2 percent. we will keep the key e.c.b. interest rates unchanged we expect them to remain at their present a lower levels until we have seen the inflation outlook robustly converge to a level sufficiently close to what below 2 percent within a projection or royson and such convergence has been consistently reflected in
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underlying inflation dynamics this comes as the euro continues to strengthen last week it hit a 2 year high following the meeting the euro jumped point 8 percent since march it's risen about 11 percent against the u.s. dollar while a guard also said the bank will continue its purchase under the pandemic bond buying with the lope of $1350000000000.00 euros the program is set to continue until june of 2021 well that number is expected to increase before the end of the year. come on the state of this state of the global economy we are joined by boone was co-host chrystia and founder and chief market strategist of the technical traders dot com chris for me and chris let's start with you although the e.c.b. decided against any major policy action this thursday analysts they're still expecting like i said the increase in the total amount of the program before the end of the year how is this recovery actually tracking and will there be any further monetary easing by the e.c.b.
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given the rise we're seeing of the euro. yeah it's really tough to say i mean there are definitely putting a pause or keeping things where they are i think it i think all countries really are trying to get a grasp on where the momentum is with all the fiscal issues going on in interest rates so really everything's kind of just being held kind of a standstill i think we're just kind of playing the waiting game to see how things are going to unfold and keep lots of gun powder dry i don't think there's a huge i mean there's a crisis going on but i think they've got time to hold on to things and remain the same until they get something that forced their hand to have to take action right now they're keeping things the same providing stimulus and they're just going to let the economy see how it unfolds here looks like there is and there may be some more action coming later this here chrystia let's look at the united states in the housing market here now we would have expected it to to have a slowdown or sharp slowdown like the rest of the economy but instead what we're seeing are the applications to purchase
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a home at single digit year over year increases what's going on here. you know this was a little bit of a surprise as the housing market typically slows down at the end of august but this has been a really strange year so far as that has defied most trends so instead of slowing down mortgage applications to purchase homes actually rose 3 percent last week and we're 40 percent higher from a new year ago so the year over year comparison is usually just in the single digits so this shows up purchase demand is running significantly higher and so we can attribute that to a couple things one to the fact that buyers are still getting significant incentives from low mortgage rates so for 15 year fixed the rate declined to a record low of 2.62 percent on conventional so we also see that the average loan size is also continuing to increase hitting a high of over $368000.00 highlighting some pretty strong overall demand for buying a home right now so some of this can also be attributed to pent up demand from the busy spring season earlier this year that we never had as
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a pandemic just shut down the entire economy and so as a whole by. the market continues to remain pretty strong that's not the full story when you look at then the whole renting market because a looming wave of addictions is just on the horizon as the new c.d.c. eviction moratorium just simply kicks the can down the road to deal with next year when the evictions are going to come up probably that we're going to be seeing until next year even next year through this recovery now chris this is very important here the united states senate just failed to advance on that skinny g.o.p. bill to provide about $300000000000.00 in new coven 1900 now that's far from the 3 trillion dollars a democrats originally wanted now this would have been a stopgap measure and likely the final vote on the pandemic relief before the november elections what are the consequences looking like now if no additional aid gets passed because it doesn't look like it we'll. yeah this is a i think this is really big i mean not having any aid i mean the market here is not like he never seen the stock market already start to sell
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a lot of obviously if there is going to be aid for schools postal system small businesses which are really the heart of the country this is going to disappointing fear in the people and that is not a good sign of people who are going to struggle you know this whole recession this whole pandemic has caused a really unique scenario where big large caps are cleaning up and doing exceptionally well holding the stock market up and taking to new highs but really the heart of america all the moment pop shops restaurants people waiting all those people are suffering and if they can't get support that is when things are really going to crumble and so this is really important they need to get a plan together because i think this is really going to start to affect and this is where the recession could start to kick in where people realize ok there isn't that support that's needed for the people who really need it it doesn't matter about the multinationals these huge tech companies it's is the small people that need these plans of small businesses and if it's not coming it's it could be a pretty bleak outlook as we go into the elections well chris one thing is the
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economy in another is the are the markets right and without the stimulus the people need the money where is it going to come from is even going to like you said a lot of mom and pop shops small businesses have now closed because of this now christine these these weekly job claims oh i'm a worrier worse than expected last week as continuing claims that they rose of of the previous week hitting 13380000 now it is the pace of the recovery slowing down and people were pretty optimistic about it a week ago. yeah the pencil recovering has definitely plateaued a bit as the labor department parted 884001st time filings for unemployment versus the $850000.00 expected so the continuing claims as you just mentioned was also an indicator that the strong jobs improvements throughout the summer that we had that might be tailing off and trying the fall season so now apparently. the line in the sand for a plant a good news on initial of job claims has become just the 1000000 mark so despite the fact that the data came in worse than expected the market kind of just shrugged
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it off a little bit because at least it came in under $1000000.00 so it's digesting it as not bad but there's no doubt that the pace of the rebound that was forecasted to happen in q 3 and q 4 is still a long ways off if you look at the pace of hiring so the jump in unemployment claims it's coming mainly from the pandemic unemployment assistance program which is namely for the self-employed and gate workers so it implies that many still can't find steady full time work and since april part time employment has really gained a much greater share of employees who are laid off as businesses struggle to forecast cost and cut labor expenses so 4 months into the recovery now part time employment is at 60 point one percent versus 47.9 percent for full time employment so we're still quite a long ways off from normal right now well as you mentioned we're we're still obviously a far ways off we're still looking at jobs that may not be come to full capacity to
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a 100 percent for another year or that people are waiting until a vaccine possibility but chris we're 6 months into the pandemic and looking into this recovery the so-called recovery is it aren't jobless claims close to a 1000000 still pretty high. i think it's very high i mean people i think got that shock and awe from the much larger numbers earlier and now a 1000000 looks like nothing just like you know back in 2009 you're looking at a $500000000000.00 below that looks like you know a drop in the bucket for what's happening now so people don't seem to think that these numbers are that big anymore but they're huge and that's a lot of unemployed lot of jobless claims and it's not good but the thing is the stock market masks the average person doesn't really get a feel of how bad the economy is because they keep seems stock market move higher and higher and they think that that means things are good but there's a huge disconnect between the stock market and what's really going on with jobs the economy so it's definitely got a lot of people kind of thinking in the wrong direction there's
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a difference between investing money in the market with people who actually have it and those who are struggling to make ends meet with feeding families and you know there are some statistics that are even having saying that more than 50 percent of the millennial is are moving home moving in with their parents cause they can't even afford to pay around anymore and that's are working remotely it's it's obviously helped them a lot boom bust co-host christine and chris brown whelan founder and chief market strategist of the technical traders dot com thank you both for your time today. facebook could soon be stopped from sending european user data to the us while ireland's data protection commission sent facebook a preliminary order to suspend the data transfers however facebook didn't directly respond to the matter in a blog post facebook's vice president of global affairs and communications nick clegg confirmed the inquiry while this approach is subject to further process that followed it could have a far reaching effect on the businesses that rely on c c's and on the online
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services many people and businesses rely on he added id p.c. argues data transfer as will they cannot in practice be used for us data transfers this comes after the european court of justice ruled data transfer between the e.u. and the us doesn't adequately protect the privacy of european citizens well it could face a fine of up to 4 percent of its revenue or $2800000000.00 if it actually fails to comply. the global race for a crown of our stocks in continues even though one major pharmaceutical has already placed its covert $1000.00 trial on hold and while u.s. government officials claim a vaccine could be ready for early fall or even a winter well there are some serious concerns worldwide as to how effectively and safely these new vaccines can be delivered and then administered well turning a child is covering all of this and more from new york. concerns are growing over when a coronavirus vaccine will actually be developed and when that does happen how it will safely be delivered globally all this as some companies are facing major
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setbacks in vaccine trials today the world is anxiously awaiting a coat of iris vaccine health officials still optimistic a vaccine will be ready this year the international air transport association now telling governments to plan for the mission of the century to ensure the vaccine when available reaches every part of the global calling it the largest single transport challenge ever the company said in a statement the potential size of the delivery is enormous just providing a single dose to 7800000000 people would fill 8000 boeing 747 cargo aircraft land transport will help especially in developed economies with local manufacturing capacity the vaccines cannot be delivered globally without the significant use of air cargo but as several kovan 1000 vaccines are in the late stages of clinical trials astra zeneca is trial is facing some major setbacks after one of its participants in britain reportedly got sick with an unexpected illness lots of
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clinical trials. we don't know how serious it is we've to figure out. how the adverse event what the adverse event was was it really related to the vaccine and this is why we can't rush that stuff now the serum institute of india the company alyssa to manufacture a 1000000000 doses of astra zeneca vaccine is positive its own clinical trial after receiving notice the drug controller general of india is investigating the matter meantime concerns are growing that if developing a vaccine takes longer than expected it could create a k. shaped economy in which circumstances for wealthy people who can afford to isolate are improving and for everyone else it could get worse in the engine head of us rate strategy at b.m. 0 capital markets says the case narrative is gaining traction as the tale of 2 recoveries conforms well with the ongoing outperformance of risk assets and. and real estate while frontline service sector jobs risk permanent elimination but so far only russia has approved its own vaccine for use and has started to administer
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it to moscow's medical community 1st as a part of an ongoing trial and 6 when you speak as the infectious disease specialist i perfectly understand that the most significant and effective way to fight against any infection is a vaccination and that's what's offered at the moment that's why my decision is conscience but now a group of scientists are questioning the reliability of the results of early stage clinical trials of russia's sputnik 5 vaccine in an open letter to the editor of the lancet medical journal 27 scientists say that the data published by russia's gay malaya research institute of epidemiology and microbiology was incomplete and showed some unlikely patterns the scientists were also concerned at the lack of the original numeric data presented in the study saying no conclusions can be definitively drawn on the reliability of the data presented specially regarding the apparent duplications detected meantime began only a research institute about di meola g n microbiology counters that statement and says that all the results that were
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published are completely authentic and accurate and were even examined by 5 or viewers at the lancet reporting in new york trinity chavez r.t. . time now for a quick break but stay here because when we return a new flare up between the u.s. and china as a trumpet ministration moves to provoke more than 1000 student visas to chinese nationals will discuss with our panel next and as we go to break here the numbers that the. join me every 1st day on the ballot so i will be sure and i'll be speaking to get a feel of the world of public. small business i'm show business i'll see that.
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i refuse to be on the side of people who want to take a gun to kill each other i want to stay and work intellectual should always stand i think order should step hold up no to violence no to bloodshed yes to think. less. war like. there's a war of liberation of the little more than sure they're. going to put it down as the guy. was only as a name for their list and that those was the most moved closer and. closer to the. chief those don't you see. the point was to be used to move the book with their skulls discovered that those
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with use of this is a 1000000000 years ruth but nothing to me of course 3. shots seemed wrong but all quotes just don't call. to me. yet to shape our disdain he comes to the ticket and gains from it equals betrayal. when so many find themselves worlds apart. choose to look for common ground.
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the back and forth between the united states and china well seems to cross the line almost every day well today there's a new fallout after the trumpet ministration has moved to revoke the visas of about 1000 chinese students the state department has set the number of revocations out
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1000 while providing a long list of abuses by the students but they're not providing many details while acting homeland security secretary chad wolf says his department is blocking those student visas for certain chinese graduate students and researchers with ties to china's military fusion strategy to prevent them from stealing and otherwise appropriating sensitive research china's foreign ministry is pushing back calling the actions outright political persecution and racial discrimination. we wouldn't be u.s. government took measures that damage there were 2 different rights and interests of china shouldn't start in the us it is outright political persecution and racial discrimination in seriously violated the human rights of chinese students studying there the us should immediately start. suppressing chinese students who are under various excuses of the recent or chinese students studying abroad safeguarding their logic about rights and interests in a court of law china reserves the right to make further responses to this matter.
quote
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joining us now to discuss has been with co-host an investigative journalist spence juan and jeffrey tucker editorial director of the american institute for economic research jeffrey let's start with you the chinese government is calling this as you heard it right political persecution and racial discrimination are they right. that's hard to disagree with that certainly looks like and feels like if it was just awful for these graduates to say didn't they didn't do anything they say they had confidence in the u.s. educational system and uprooted their lives and came over here and are learning being peaceful in the u.s. government just decides just throw them out in the interest of escalating even sure there's this concept for china but this is really reaching peak i guess kind of soul b. you know to take it out on the graduate students like this is i think it's it's actually a pauline and i have to say it's un-american you know and it's only going to further the conflict between the 2 countries and we know that
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a lot of foreign exchange especially from trying to come here and benefit and actually end up working for a lot of american firms so it's really interesting how how this is playing out and they're now talking with students but one of the most hotly contested issues between the u.s. and china is now the forests of tick tock while the deadline given by president trump was september 15th it looks like the parent company by dance well it's not going to make that least that's what we're hearing what do we know about that situation. yeah. they're not going to make that deadline september 15th with the deadline and we had heard a couple weeks ago that they were days away from an announcement and then all of a sudden the chinese government created a new law revised the law and essentially said you're not willing to talk and so by dennis hasn't done that but now what they're talking about doing is something that's fairly interesting which is they're trying to negotiate with the trump administration and with u.s. regulators to say or what if we give some of the operational control of tiktaalik over to a u.s.
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company but we still retain ownership that way we're not actually selling it without chinese approval but a u.s. company will now control it and we have operational control the problem with doing that though sara is that it will fly completely in the face of what president trump said because it would not restrict or prevent the chinese government in theory from being able to access that data which is the main reason the trumpet ministration says that tiktaalik cannot belong to buy tickets but these talks are actually happening and we've heard some differing reports where they're saying it's not going to happen and then because it's so close but the talks are happening. yeah that the talks are happy what i'm saying is that what china has said all along is that this is a theft of a chinese company that essentially the u.s. government through president trump is attempting to steal a chinese tech company and give it to an american company if the trumpet ministration goes along and says ok you don't actually have to relinquish control of tick tock but operations will now flow to microsoft and or wal-mart but by the
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end can still own it that flies in the face of what they've claimed because what they claim is that by dance will hand over data to the chinese government under this agreement is by dance the owner of the company not going to have access to any data and only american companies would have access and if that is the case wouldn't that still violate chinese law which says that you cannot sell those assets even if you were taking ownership you're still selling the part of the company that under chinese law has been for bait to be sold. well jeffrey what about what ben just said here is a term administration also in a position where they can no longer allow a compromise because it will play into these accusations beijing has made all along . but i don't know how the trumpet ministration expects to follow through with this demand that and set another country still the u.s. a software product was it's a little bit like if beijing demanded to buy general motors you know and if we didn't sell that to chinese company they would never sell another american car in
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china we would be outraged by that that's very similar to what's happening here so i don't bring uncharted territory i don't know how this trump gets his way on this and you know i wouldn't be entirely surprised to see some kind of compromise along the lines that ben is explaining even if it contradicts what ministration says because i think there's a real problem here that what trump is demanding is just so crazy and implausible i don't see how it actually really ever happens at it and i don't see how china ever let's let's such a deal go through so i think it's possible there be some kind of ownership share. going on between the u.s. company and china and then ministration will announce that it was this glorious victory and encourage all you know if you used to talk again now that the safe kind of like we are only here 10 a trade or a. band that we know the u.s. or anwar way was meant to essentially and the company right but was that actually
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managed to not only survive but they've become much more independent with the talk company has now launched its 2nd version of its operating system is while we're really stronger now than it was even before the trumpet ministration began attacking it well not in terms of of their 5 g. build out but yes in terms of their actual telecom system in terms of selling phones on their operating systems yeah they are because up until the trauma ministration began this process. while away took the easy path which was to use the enjoyed operating system so google was on every android phone with the drug administration accidentally did they didn't intend to do this but they accidentally did was actually ran google off of the largest smartphone maker in the world while we have become even in spite of all this the largest seller of smartphones in the world and those smartphones now all contain wild ways operating system not google so it's not been intentional but it's been a huge success for
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a while in terms of that now let's be honest about it it's because they're selling those phones in china but as escalates it's very possible that u.s. companies like apple will wind up getting kicked out of china as as both sides continue to escalate this war. it is a growing like you said but. jeffrey the public didn't really know what walk away was before this that u.s. china trade war started i mean realistically i didn't really know much about why the way it is that giving them free publicity as well. maybe so i have a lot of friends that were buying by way phones right when this thing broke out and were disgusted that what the trumpet ministration did so who knows i mean you know ben you might actually even consider the possibility that while way phones become popular united states everybody wants to get away from google and some people want to good alternatives to tap so maybe a wall way operating system run phone is could have a market future in the u.s. today could be better than google i mean we're not sure yet but we'll see when it
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comes out next year jeffrey tucker of the american institute for economic research and when bus co-host and of us to get a journalist ben swan thank you for joining us today. a new contest by the original inventor of jelly belly will could be the closest you will ever come to living out that willy wonka and the chocolate factory well to start you have to be the 1st of a 1000 people to pay $50.00 for a ticket to enter will this automatically puts you in a drawing for david hine candy factory which you can use to start your own company and if you're not sure where to start from there will a candy making course at the university of wisconsin is also included but even if you still don't win the drawing while a ticket also gives you a riddle which then you have to find a gold dog tag in your home state which you can use to claim a $5000.00 prize. that's it for now where you can catch most on demand on the portable t.v. which is available on smartphones and tablets through google play and the apple app
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store by searching portable t.v. the next time. is you'll be a reflection of reality. in a world transformed. what will make you feel safe. isolation whole community. are you going the right way or are you being led. away. what is true what is faith. in the world corrupted you need to descend. to join us
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in the depths. or a made in the shallows. problem drugs don't always come from unscrupulous dealers but from pharmacies to in every state in the united states we seem very sharp increase in the number of people seeking treatment for addiction to prescription opioids invited america under the banner of medicine persisted with the pain but instead of trying to wean him off though she just goes after dose after dose after dose and really became his drug dealer so who's to blame patients doctors manufacturers all the governments. join me every thursday on the alex salmond show and i'll be speaking to guest of the world of politics small business i'm show business i'll see you then.
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you just have to fly between 2 kinds of smooth and as fast as you can. do much at a fellowship the producer with push for the quebec. massless nature 1st from the bleachers the. the original stories impersonal suspense of course were all russians in competition in the extreme the specified route between the lines with the fastest time just. really. there really for you.
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in the headlines this lunchtime. kids ations over the alleged poisoning of opposition activist alleged in the valley russia's u.n. envoy questions who actually stands to benefit from the fallout. these school uses and can raise questions well. being speech. states will take in the company is this is new information europe's largest refugee camp in greece which has been destroyed by fire most of them will be hosted by germany however many are raising doubts as to the broader effectiveness of the e.u. response. on france said sinew daily record with almost 10000 coronavirus cases.

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