Transcripts For RT Boom Bust 20240712

Global efforts continue in the race for a covert 19 vaccine or even a treatment that could help probable pull the pandemic will british regulators approve a global trial to restart testing drug sykora quinn and chloroquine to see if they can prevent infection with copd 19 well the food and Drug Administration revoked emergency use for the drugs after a trial showed they did not benefit as treatments but this cop called trial its going to look to see if the drug can be used as a potential preventative medicine meanwhile on tuesday the European Unions 27 members announced a ban on travelers from the United States citing concerns over the recent krone virus bikes across the country will russia and brazil are also barred the list of countries deemed safe include australia canada japan new zealand and south korea will the u. S. Still leads with the highest number of cases more than 2600000 americans have been infected with the virus leading to more than 125000. 00 deaths of the country that accounts for only 4 percent. One of the worlds population is also accounting for 25 percent of total cases worldwide director of the National Institute of allergy and Infectious Diseases Dr Anthony Fauci appeared before a Senate Committee on tuesday and said hes concerned that the country is going in the wrong direction. We are now having 40 plus 1000 new cases a day i would not be surprised if we go up to 100000. 00 a day if this does not turn around and so i am very concerned we cannot forget that what was thought to be unimaginable turns out to be the reality that were facing right now so relates the kind of appreciation that outbreaks happen and you have to deal with them in a very aggressive proactive way and as a world continues to struggle to contain the corona virus trying to scientists have identified a new strain of flu with a potential to become the next pandemic well that new strain it descended from the swine flu which emerged back in 2009 and is carried out by pigs well professor chiang from Nottingham University in the u. K. Told the b. B. C. Right now we are distracted with corona virus and rightly so but we must not lose sight of potentially dangerous new viruses for the latest on the market. Of the Trading Group and boom bust cohost Christine Christie lets start with you u. S. Equities are headed for their biggest 1st quarter gains in years now both the dow and the s. And p. Theyre on pace for their best quarterly performance since 1988 is this rally expected to extend into quarter 3. Well like the 2nd quarter rally this was primarily driven by the trillions of dollars of new stimulus pumped into the economy and you also have a lot of hope hope for a vaccine hope for economically openings and balance hope that everything is just a temporary blip but as we begin q 3 only one of those tailwinds currently in place and thats going to be the government stimulus now right now the old saying is never bet against the fed because even though its only one tailwind now its a pretty big one so its going to be very difficult for the market to tank when you know when you continue having that safety buoy holding it all up so that doesnt really mean the rally will continue. Higher though you know because this really isnt any positive force driving the market as we enter into this period so likely were going to be pretty rangebound ill trade sideways until the upside or downside and really were just one stimulus disappointment away from a really really ugly day and it looks like the market is really driven by a lot of these headlines adam fed chairman powell and u. S. Treasury secretary steven minucci testified before the House Financial Services Committee Earlier and they offer 2 different perspectives here on how quickly the economy is really going to recover now we heard the treasury secretary talking about how strong it will come back and how quickly it will then we heard powell saying that it was recovering more quickly than expected but still there are a lot of risks that remain with the resurgence of these cases and the steps the states are taking with the reopening or at least backwards that is what do you make of this. I think its pretty transparent one policy can he doesnt have an agenda only he is looking for while managing our economy the best way possible and thats in administration thats not. So cheerleading the economy and i understand why theres an election coming up thats obvious you know who will do what theyre doing but they were the same ones criticizing nala for not cutting routes prior to spend and. Then we would have been seeing a lot of ammunition to what we experience now so ill be watching this game play out and so for every power has been more correct than the administration so hes who im going to listen to Going Forward and if he says theres still a lot of concerns that im still going to be concerned well out of these these new gains that were seeing in the in the market is it really because we hit almost a new lows following the crowd of iris and a few months ago. This is if you for a time in the market i dont think anyone can explain and i think the most logical explanation would be that the government is stock up in the market and the count over did it because theres an election coming up because of all the concerns are yours of the op and the country is going to hit its kind of backstop in the economy but its slowed steroids in baseball you know its fun to watch for people who dont run well once they want to clean up their game. You know it doesnt look so good but thats an analogy i can say for someone who doesnt know about the market is watching this unfold is if you have a clue the game monopoly imagine playing monopoly and youre your own back you up on the funds while everyone else us to play within the rules of the view youre going to win so the government is doing it doesnt feel real it doesnt make sense but you certainly cant buy it thats what its looking like a current christan want to switch over to commodities side Royal Dutch Shell is writing down up to 22000000000. 00 worth of assets and its now revising some of its Long Term Energy price outlook given the covert 1000. 00 hit whats going on there. All the oil markets i will now theyve gone pretty decimated getting hit by a double whammy a ton of supply coming online and a complete lack of demand from all the grounded flights and grounded travel so it shall warn about severe cold related impacts and the ongoing to ration car all Energy Products and right now this write down cost shell shows you drop over 2. 5 percent today even though most of these charges were pretty much expected the Biggest Surprise actually came from low balling their finding margin assumptions over time by 30 percent as its kind of indicates to the market that this expectation is this is the expectation and benchmark Going Forward and that a recovery in prices is not going to happen here and shell is also responding to this new normal by cutting its dividend for the 1st time since world war 2. Too and they also lowered planned spending this year by another 5000000000 to the maximum of 20000000000 so right now this is really a difficult message for shell to get out because it is essentially saying that the long term future demand for fossil fuel its just not there anymore shell is the Worlds Largest fuel retailer and it is now expecting a 40 percent drop in sales in the 2nd quarter and this is likely to be the 1st of many reportings so this was a big fat wake up call for pretty much the entire industry now adam we have about a minute left but let me turn it over to european stocks that are also closing higher on tuesday theyre wrapping up their best quarterly performance in about 5 years whats popping up the market over there whats whats the data showing. Well here you have a couple things number one is to our back stock amerikana me to the tune of 1. 00 trillion dollars so you have that whole dont fight the fed dont fight. But you know youre out there doing what do you to be doing but also europe has been handling this much better than weve got off their numbers are way down versus auster now opening up their countries theyre not including the us or not because were not there. So they have the benefit of our money coming in last theyre handling the virus better so they are closer to returning to normal and so it kind of makes sense if anyone is going to be going up its more likely than not now not to make sense to me i think were going to rust we are logically explain that thats why theyre locked down who are much stricter they lasted a lot longer as well and people were following them which is very different from what were seeing here in the United States i understand the economy has to run but lives are at stake and and unfortunately what were seeing these in these cases that continue to climb it will continue to to make the stock market really volatile but well continue to monitor adam ashe of the adams Trading Group and boom bust cohost christi i thank you for your time today. You know. With more people working from home during the pandemic the risk for hox has search well earlier this month a new walker criminal gang the university of california San Francisco the group attack networks within the school of medicine and a leading medical Research Institution took part in some ransom negotiations citing Important Information for serving the public good well u. C. S. F. Statement added we therefore made the difficult decision to pay some portion of the ransom approximately 1 point one 4000000. 00 to the individuals behind the malware attack and exchange for a tool to unlock the encrypted data and the return of the data they obtained for more were joined by Cyber College and chief security advisor for sun tunnel one morgan right morgan thanks for being with us today good to see you. Good see again sir well lets lets start with this basic question the University Said the information with obviously very important to serve the public good it doesnt look like any patient information or records were actually exposed it paid 1140000. 00 and a go shaded with these hackers is this pretty common. Unfortunately it is you get a lot of people who dont invest in the cybersecurity healthcare is one of those areas actually a good friend of mine is the chief Security Officer for the health icepack one of the Information Sharing Analysis Centers theyre doing better but theyre not doing the job they ought to especially with protecting data i mean hollywood presbyterian was the poster child for the 1st ranch where case now it was really publicized that it health care so if you think about it this way they paid 1140000. 00 in ransom had they spent that money earlier on things like Cyber Security hardening their defenses applying Artificial Intelligence you know really secure things they would be in this position right now and i tell people you will pay one way or the other you will either pay now for the solution to stop everything or you will pay later to get your files backed if you get it back a lot of the research out there even clued in our own shows that about 45 percent of the time you dont get your files back and out of those about 25 percent of those people end up getting attacked again so there is no such thing as honor among thieves sarah i wouldnt trust these guys other than i could from my computer and its even surprising that they got some of them out information back but we are saying that more and more hacks but a recent unisys security report found that less than one 3rd of americans or about 31 percent actually said theyre concerned about their security data but the f. B. I. The Internet Crime Complaint Center that show online crimes have increased by 400 percent why arent americans concerned. You know sarah that is a really good question and ill tell you i think some of that is everything thats going on right now everything from the social unrest to coated to some of these other things when we saw a coded hit we saw an explosion of fraudulent sites covert 1000. People saying they have the cure everything these things exploded i mean rips of scams you know of all types were prof you know were prosecuting theyre just drawing a mentally and i think people begin to get fatigued and people dont take a lot of time to secure their own infrastructure and ill tell you that the fact that you know like say 31 percent you know that is a very small number considering hes had this technology around for years the internets been around you know for 25 you know going on 30 years now so why people are doing it i wish i had the answer to that i mean we do a better job of working our seat belts than we do securing our own computers especially with so many people working from home and definitely for now more let such care is here a little bit were just learning more about the federal Communications Company that made the Telecom Companies like wa and the t. As a National Security risk weve seen this back and forth for quite some time now is this more of a political move or is this an actual threat. Politics involved in any decision with any government i would be shocked no not really i mean of course there is politics involved the United States is engaged with china not only because it coded the attribution of workover it started trade wars things like that but this is not just confined to the trough administration this is going on during the Obama Administration in fact the 2012 Senate Report kind of was laid out the markers for everything to say look these folks are a threat you have people that were members of the Chinese People Liberation Army that are members of huawei and huawei is not a publicly traded Company Neither is a t. V. Soaps are very opaque you cant see whats going on so you know i think that this was the natural culmination of what was going to happen and ill tell you part of this syria is the positioning around 5 g. 5 g. Is obviously a very strategic kind of a play for everybody i know that the 5 Eyes Alliance u. S. U. K. Canada australia and new zealand us was pushing really hard britain said they were going to do it and they pulled back so theyre not going to allow way into certain core parts of their network so you know were saying this is a global play its not just us this is one writer in it but the fact that many no sense a huge message out there to the market i think its interesting after the Us Commerce Department did say that they wanted help in other of these networks Chinese Companies to help with setting standards not too long ago so well see where this goes from here the f. C. C. A thing one thing well continue to see because i know theyve also sent waivers to these companies who can continue to do business so itll be really interesting and well continue to follow and bring you the latest morgan right Cyber Security analyst and chief security advisor for sentinel one thanks again for your time and it was good to have you on. Good to see you again sir. Time now for a quick break but stay here because when we return we take a look at a controversial chinese law aimed at hong kong and what it could mean for one of asias biggest financial hubs and as we go to break here the numbers that the clothes. The primary purpose of history is to understand the past as a guide to understanding the present and future history should not be deemed as feeling nostalgic because a lot of history is facing a shame so how should we find the right balance the statue size the life and so. We go to work so straight home. Thousands of american men and women choose to serve in the countrys military and the decision little sheltered lives every song came to a complete. The day that i was raised to be instructed you know told a shot of what theyd kill me and i see how destroyed while on any screen did me in the me me come in the gram my arm and he right means birthing area if you take into account that women dont report because of the extreme retaliation and its probably somewhere near about half a 1000000 women have now been sexually assaulted in the us military is a very very traumatizing thing tat happen but ive never seen trauma like. Ive seen from women who are veterans who have suffered military sexual trauma reporting rape is more likely to get the victim punished and the offender and almost 10 year career which i was very invested in and i gave a sex offender who was not even with the justice or put on the registry this is simply an issue of our in violence male sexual predators for the large part of target whoever is there to prey upon whether thats a man or woman. Growing tensions between india and china are spilling over into the world of tech well india is banning dozens of chinese based apps including take talk and we chat according to sensor tower about 30 per cent or 611000000 out of tick tocks 2000000000 downloads came from the worlds 2nd most populous country while an animosity has been growing between india and china since a deadly may border clash in the himalayas india accused the apps of being pretty traditional to the sovereignty and integrity of india ticktock denies sharing any information with the Chinese Government and say theyve complied with all indian law. In the midst of protests around the world a new document has been published in hong kong which shows the full scope of a new chinese law to crackdown on protests will the law which is passed by beijing under the guise of National Security calls for penalties up to life imprisonment this law it was drafted by chinas legislator in unusually swift and highly secretive process and would have huge implications for prodemocracy groups well businesses schools and media across the country joining us now to discuss is a boom bust cohost and investigative journalist ben swan and editorial director for the American Institute for Economic Research Geoffrey Tucker good to have you today ben lets begin with you give us a rundown of what this new National Security law includes. Yaz is kind of typical with these kinds of things the language is relatively vague and leaves a lot open to interpretation but essentially it criminalizes and i want to quote here session ist subversive and terrorist activities in hong kong as well as acts of collusion with Foreign Forces that in danger National Security now when you take a look at some of that wording secession a subversive and terrorist you can make a whole lot of things fit into those categories in terms of protests people speaking out even free speech on any level could be on some levels described as these things because these are very relative terms and then in terms of working with Foreign Forces does that mean when groups like the United States come in and try to promote those prodemocracy movements now we can have a debate over whether or not thats a good thing or not for the u. S. To be doing but are those acts now criminalized under this law and it appears that they are. Interesting given that we witnessed those firsthand when you know i traveled our to america traveled to hong kong but jeffrey i want to ask you this law will now be interpreted and now implemented by beijing and not the city court in hong kong what kind of concerns to raise. Look theres this is tremendously concerning and what you see here is beijing acting in a very aggressive way in a time when the u. S. Has never been weaker maybe its not obvious to most americans for read the last 3 months during the lockdowns we have really begun to see the beginning of the end of the american empire really the decline and fall and beijing knows this you know the u. S. Can have almost no influence i was saying at all over what beijings relationship with kong is so we squandered every bit of influence that the u. S. Has had around the world and beijing has definitely taken advantage of that to their own benefit of man then china and their imperial and its really sad to see and of all things u. S. Can do nothing about it well its really no surprise that beijing is actually taking advantage and using this to to to benefit the country then its pretty interesting here though the Business Community and china actually think to be supporting this new law why is that. Well because if youre in the Business Community in china and you dont support or beijing does youre not going to be in the Business Community in china for very long the reality of what is happening there is that many of these major Chinese Companies are taking up offices in hong kong and theyre saying theyre in support of this well listen in the chinese system is not a system that fosters independent thought and certainly does not foster independent action so when you see Companies Like bite dance the owner of tech talk moving into hong kong and buying a new retail space in order to put their offices as they are doing that of course theyre going to say we think this is a great law but what jeffrey said is absolutely correct that we are witnessing a huge decline in the american empire but what were also witnessing simultaneously is the chinese exerting themselves in ways that they happened in the past but theyve been gearing up to for some time the real issue is what do you do about it i mean the u. S. Loves to come in and foster disruption in systems that it does not like or does not think are supportive of it but that again is fast coming to an end its very difficult for the u. S. To try to use the same playbook that theyll use in a place like libya or syria as they would in trying to foster unrest in a place like china its an entirely different game wont back up again i think you know hi jeffrey well you know i think its really important to remember that you have to think back over the last 3 years and us china to relationships you know trying to squandered all of our trading relationships we had weve had unrelenting antagonism you played a very dangerous game of chicken with china and basically lost and so now the u. S. Sacrificed even kind of a diplomatic relationship with china youve got china furious at what the u. S. Has done but as with the terrorists in the trade relationship thats really been. The miss mishandled as a result of us is now sitting here a poor pathetic windswept country the whole worlds banning us from flying there you know europes. And its like its a retaliation for trump you know so we are in a static sinking country right now and china is just like chewing well guess who won that struggle well its been quite quite the attention for the last couple of years like you saying with china because of the trade war now were seeing a possible new terrorist with europe as well so i know relationships with the United States and other countries the way other countries see the United States unfortunately it is deteriorating and unfortunately has a lot to do ever since you know the president came in and destroyed a lot of treaties that weve seen happen over the last few months and Jeffrey Crocker said something go had been this very quickly is very quick but to what jeffrey say it doesnt have to be this way america does not have to be this withering fruit on the vine if we would stop selling discord to create weakness in other places in order to make ourselves strong and instead focus on developing american strengths i think we would be much better off i mean we are the Worlds Largest economy and wed like to keep it that way Jeffrey Tucker editorial director with the American Institute for Economic Research thank you but were going to keep you around for one more question following the next story thanks pfizer for it starbucks and cocacola are the latest companies that say they will stop buying ads on social media will facebook in particular has been the target of the stop hate for Profit Campaign or the group is made up of a number of social justice organizations calling for stricter moderation and rules for hate speech racism and even misinformation but Facebook Says a new policy will ban as which encourage divisions along race religion gender and even Sexual Orientation but last week on this show you said this movement would only work if many more sponsors got involved is that what were seeing here. Well i think its what we may be seen here the real question is going to be how many sponsors get on board with this if facebook does about 800000000. 00 in advertising through companies on its platform if there is a nuff of those companies that say were not going to advertise facebook ok but if a company like cocacola say we wont go anywhere with those dollars the truth is Companies Like facebook can wait them out because the reality is cocacola needs to advertise through facebook and Big Companies do more than facebook needs thats true and a lot of companies other Companies May as well but must cohost investigative journalist ben swan thanks thanks again for joining us today. At this time catch you must on demand on the brand new portable t. V. Available on smartphones through google play on the Apple App Store by searching part of a t. V. Or stream us on your t. V. By downloading the portable t. V. s on apple t. V. And online a part of the t. V. The one guy appear he was a they found him literally dead like this standing. Guard here his girlfriend they were found in their apartment that they just. Cuddled up and they were dead for like 3 days holding each other this wall so people who have lost their lives early today should get this is from akron. That crown is better known as the meth capital of the high and its a city where the number of drug addicts keeps growing every year. I came up when i was 14 my whole family were drug addicts. Throughout much of the 1990 s. And beyond and the doctors were encouraged in some cases incentivized to overprescribe. I mean that enough to sedate the small country. Why you should also hear about people by all that secular stuff man we gotta go get to a dead guy was just crazy knew too much you know when you do it. And theyre succumbing you know one after the next. Israel media a reflection of reality. In a world transformed. What will make you feel safe from. The isolation full community. Are you going the right way or are you being led to some. Direct. What is truth what is faith. In the world corrupted you need to descend. To join us in the depths. Aura made in the shallowness. Secret prisons are not usually what comes to mind when thinking about europe however he even the most prosperous can be deceived within this 0 zone there were 2 view houses were allowed to leave prison was located and only cia people had access to the story for investigators hell villian covered the darkest dealings of the secret services but i mean. The great ignore. Dog or nonsense. P. C. Maybe a sore knee. Trying for justice on oxy. Seemed wrong but. Just dont call. Me. Yet to stamp out just being active. And engaged. The trail. Went on to find themselves worlds apart. Just to look for common ground. Hello and welcome across the uk where all things are considered on Peter Lavelle the primary purpose of history is to understand the past as a guide to understanding the present and future history should not be as good nostalgic because a lot of history is painful and change so how should we find the right balance is statue side the right nancy