Transcripts For RT Boom Bust 20240712

Up the latest job numbers are out but actually show where the economy is today. That would take a lot of. Catching up to the global market. Its thursday and the numbers are in for u. S. Unemployment well according to the Labor Department the country saw a job gain of 4800000 for the month of june while unemployment fell to 11 percent this comes as regions across the country allowed for more businesses to reopen and with an increase in Consumer Spending well President Trump wasted no time celebrating the government report and took a victory lap as he said the recent number proves the countrys economy is roaring back todays announcement proves that our economy is roaring back its coming back extremely strong all coming back coming back faster bigger and better than we ever thought possible these are the numbers these are not numbers made up by me these are numbers. They said youre going to have a fantastic 3rd quarter itll be the 3rd quarter the likes of which nobody has ever seen before in my opinion. And the good thing is the numbers will be coming out just prior to the election so people will be able to see those numbers the 4th quarter likewise will be extremely good and maybe most importantly from the standpoint of our country itself next year will be a historic year next year is going to be an incredible year for jobs for companies for growth things are happening like nobody would have thought possible while Many Companies began rehiring in may and june a recent surge in corona virus cases is forcing some states to haul or even reversed plans for reopening now keep in mind there are still 17000000 americans who have lost their jobs and have not yet been rehired well this comes as congress is working on another possible round of stimulus republicans seem to reject the democrats push for 2000. 00 per person a month but even President Trump seems to be open and to support another round of stimulus will the u. S. Officially entered a recession in february for more we are joined by bus cohost. And swann christine lets start with the obvious question here the numbers smashed expectations is there something were missing here there seems to be a bit of a disconnect from reality where were seeing a more states hold their reopening or even close back down where is this economy going. You know so job growth. But i think its way too soon to say that the economy is warring back the thing is the Government Survey this came out in the middle of the month so it doesnt actually account for all the suspensions or rollbacks youre talking about in the regions hit by this resurgence and coronavirus cases and even though it was a good employment its still at 9. 6 percent below its regular in love what with job gains and more importantly were talking about wage growth here are slower on average so average Hourly Earnings fell about 1. 2 percent from may and the average workweek also slipped at 34. 5 hours. And right now in new jobless claims are still pretty high up there with another 1400000 americans filing so right now the industries that have hired the most are primarily in Leisure Hospitality Industry Industries that are known for getting shut down right now with the resurgence so while there was a great headline friend that boosted the markets temporarily theres also a lot of minor detail that needs to be pointed out that do not paint such a rosy picture exactly and i think its really important to highlight what you just said that this does not account for the last 2 weeks where weve seen several several states halt their reopening is because of the resurgence of cases then is this market really just responding to the stimulus provided by the Federal Reserve it seems to be reacting more to these headlines like we said we still have 17000000 people unemployed in the country. Yeah absolutely i think christie was spot on there the reality is this is that when we talk about whats happening with wall street you have an entirely different set of principles in effect as compared to whats happening on main street so were talking about the wall street effect absolutely look theres cheap money out there the fed is pumping tons of money into the into the system and as christine likes to say im quoting here you know a bad news is good news right so its that kind of mentality on main street however where Small Businesses are operating number one is you both have pointed out these numbers are 2 weeks old but number 2 and this is very important to remember too that even for businesses that are open at this point the ones that have not been reshut down the ones that are reopen are still only able to operate at half capacity youre allowed to have half as many people inside of restaurants in many cases staff is not back 100 percent and so you have reduced hours you have fewer people working and so its going to take time to get back to where youre supposed to be the reality of where we are and you mentioned about going to reset a recession in february is that we are in a recession right now and the effects of what happened with the coronavirus lockdowns are not fully being felt yet those will be felt several months still down the road when Small Business owners havent been able to store up anything and to save up when these programs like p. P. P. Didnt really come through for Business Owners and when workers find themselves still being shortchanged eggs ackley especially because we could be looking at a possible new recession but christy following the numbers report the u. S. Dollar slid point 2 percent but the dollar also gained against the yen why is that. Also the u. S. Dollar and the japanese yen both of them are defensive currency so both of them were trading actually with a mild positive bias throughout the entire session in asia overnight session prior to the u. S. Jobs report and traders were anticipating and expecting a worse so they shifted into an its very defensive positions as we just said it came as an utter surprise completely when it came out better than expected so subsequently. Positions were quickly reversed and the us slump does the markets then rallied and traders have to reposition into more risk high beta assets in order to lock in and not miss out on this rally as they have been for the last 2 months so right now the dollars appeal as a statement it kind of diminished as traders now think that it is full risk on as this report at least on the surface supports that that a recovery and a balance is underway and thats the same story but that yes the dollar investors are not warded right now for being cautious and playing defensively in this market well it doesnt look like theyre being extra cautious especially because like we said weve been saying time and time again the Federal Reserve just keeps popping up more stimulus and they know that they have something to fall on so so really where is this free market kristie and then a cohost of the us thanks for being with us and hang here because were going to bring you right back for later in the show to talk about cryptocurrency. The pandemic has quite an impact on the economy and vespers are hoping to take advantage of opportunities in real estate are to correspondent to talk to us we have the details on why some believe parts of the Housing Market may be immune from the uncertainty of coronavirus. Well the unemployment level has improved since may adding 4800000. 00 jobs in june millions of americans are still without work and some wonder if it will last as restrictions are slowly being implemented once again after a resurgence of kovan 1000. 00 cases in states like california and arizona for many uncertainty remains but according to some economists investors in the us are looking on the bright side when it comes to real estate with historically low Interest Rates it may be a good time to invest internationally known and it may end of real estate trend alert says bind overseas gives an investor a better chance of seeing a greater return during this crisis that may in suggest places like mexicos riviera maya colombia and places in europe like italy and as some are not commuting to work this may also impact the markets there has been a trend of people inquiring of real estate in more suburban areas outside of major cities and as for commercial Properties Investors are looking to take advantage of these all time low prices in the United Kingdom home prices are on the decline the most they have been in the past 11 years the nationwide price house index for may revealed a drop of 1. 7 percent from april a reuters poll revealed the cost of real estate in london was expected to drop a whopping 5 percent this year before rising 2 percent next year and 4. 3 percent in 2022 and now hong kong and Mainland China are taking advantage of the cheaper prices in london snatching up as much real estate as they can buyers from this region add up to 15 percent of the International Transactions above 1220000 dollars and 20 percent of real estate priced above 10000000. 00 and a trend happening in Mainland China some real estate firms are looking to list their businesses and hong kong and at the same time investing heavily in places like singapore and bali. Were tourism has taken a catastrophic hit for some as the pandemic carries on into the summer and despite the challenges many investors are looking to pull the trigger on Real Estate Property both domestically and abroad reporting for us natasha sweets. For more we are joined by a Mortgage Broker specialist and c. E. O. Of the l. B. Mortgage real estate and Risk Management debbie boyd good to see you thanks for being with us today. Thank you lets start with the u. S. Now despite the coronavirus mortgage demand had been rising this is now the 2nd straight week where were seeing Mortgage Applications fall theyre down one percent from the previous week is this a sign that its now slowing down for the long run. I dont think is slowing down i think people are busy theyre busy with their lives are busy trying to figure out where their jobs are going to take and making sure that they have jobs taking care of their families its not on the top of mind awareness this is a 2nd wave of refinances so they were much busier in march when the rates 1st dropped but a lot of those people have already refinance now now were getting to the people that are kind of slow to pull the trigger anyway dont refinance it just may take them a little while well and speaking of refinancing it did fall of 2 percent but it is 74 percent higher than it was just about a year ago are we going to see Something Like we saw during the 2008 housing bubble crisis. You know the reason that the housing bubble crisis happened is there was a lot of people that shouldnt have loans with those high risk sub prime loans and i lent on them to we all had to but now you know the restrictions changed after 2008 so were not a longer giving loans to people that cant afford to repay them all those subprime loans went away so that people have had to put at least 3 and a half percent down to be on f. H. A. Loans or 5 percent for conventional loans the Credit Scores had to be better so i think were not going to see that again were not in that same situation again are we going to see some of these Interest Rates a once again go go down for real estate. You know i dont know how much lower they can get ive got rates as low as 2. 99 right now on a 30 year in the 15 years or mid tuesday so thats pretty darn low i cant imagine it going lower so a lot of people have been waiting on the sidelines for them to drop i just dont think theyre going to drop much more its almost free money now a lot of people still are still waiting on them to hopefully drop but rent for a given. This and mortgage forbearance programs that they have been set in place due to the pandemic they are set to expire though are we going to start seeing these massive actions are or will they somehow be extended whats going on there. You know a lot of people took advantage of all of that forbearance policies because they thought it was free money and what theyre finding out in it they found out this right after it happened that theyre going to have to repay that it was only good for 90 days theyre going to have to make it up really fast and i think a lot of people arent going to be able to do that theres a lot of people that did it because they thought it was a convenience at the time they didnt understand the ramifications of how it was going to work so i think we will see pay backs on all that money and i think a lot of lenders are going to have to i dont want to see people get evicted and i think a lot of people took advantage of that forbearance a didnt really need it you know i absolutely especially because it was offered but i want to move sure sees to that for the United Kingdom where the country is seeing these figures drop to their lowest rate since 1900 and a talk show mentioned that in the package earlier the bank of england said that the number of new home loans fell by 90 percent of whats going on there. I think people are just nervous they dont know whats going to be happening youre not going to buy your biggest investment of your life if youre not sure that youre going to use up all your money in your Retirement Plan and youre not going to anything ill fall back on if youre not sure about your job youre not safety with your kids i dont think people are going to dig into their savings to to make that investment so theyre just going to sit on the sidelines and wait well lets jump over real quick to the real estate sector in asia lets take a look specifically at hong kong we know thats been struggling there but despite more than a year of unrest new laws from china any of the pandemic hong kong has seen a jump in home prices jumping nearly 2 percent in just may thats the fastest rise in more than a year theyve had this issue with their real estate for a long time now what could the future hold for asia asias Financial Hub and one of the most expensive Housing Markets in the world. You know because of the pandemic a lot of people have lost jobs i dont play music stream lehi and youre going to find more renters now than home buyers so you have a lot of return a lot of Big Companies coming in from overseas buying apartment houses condos complexes it should have been for Single Family housing or for Housing Developments and they would be putting renters and there so yes its going to get sold but its going to get sold to different people its not going to be a primary house that you can buy yourself now so the mix is going to change specially as like were seeing china really take advantage of these Interest Rates in a low level in the u. K. And in other countries are we going to start seeing more Foreign Investment. I think were going to start seeing more Foreign Investment because you know the investors have a different from frame of mind than you and me do when we go to buy a house its all about already motions investors are very emotionless and so theyre going to let the numbers speak and so if the numbers align a its a very black and white decision its not gray like we want to perfect kitchen and the perfect everything investors dont think like that so yeah they will come in and. And snap up some of the homes that are going to be in forbearance and foreclosure coming up in the us yeah i think so definitely a numbers game for investor is very different when you and i are seeing Mortgage Brokers specialist and c. E. O. Of deal the mortgage real estate and Risk Management boyd thank you so much for joining us today. Thank you. Time now for a quick break but stay here because when we return the golden history is ahead as 83 tons of fake gold bars are used to secure billions in loans will tell you what this means for crypto currency as we go to break here the numbers at the club this. Unilateral Police Station of occupied territory using the legal under International Law this is exactly what Israel Intends to do when it comes to the west bank on this edition of the program we just goes flying israel is doing this International Reaction and the state of the policy. Americans are growing at propitious rates because america empire right because its easy for the top to be everything and leave nothing for everyone else america would be better off if it was not an empire so the collapse of the us dollar will be painful for a period of time but what comes on the other side will be i think a lot more amenable to know. The one guy appear he was a may found him literally dead like this standing up. Here his girlfriend they were found in their apartment that theyd just. Cuddled up and they were dead for like 3 days holding each other this wall so people who have lost their life so early today she yeah this is from akron. Not 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 in my whole family were drug addicts. Throughout much of the 1990 s. And beyond the dark years were incursions in some cases incentivized to overprescribe. Them even to sedate a small country where you should also hear about people well thats a good step when were going to get there go crazy but you know what. They are succumbing to no one ever been there. It should come as no surprise to anyone who watches the show but cryptocurrency is have received a big boost over the past few months as the cove in 1000 pound demick has hit world economies well in the country of india the crypto industry is experiencing some massive growth in fact a new survey of crypto banks and exchanges shows that the number of sign ups and trading volumes in india have been exploding well this comes as the entire gold industry was rattled at 83. 00 tons of fake gold bars were used to secure 2000000000. 00 worth of loans in china so what does this mean for crypto currency will joining us now to discuss and breakdown. And ben swan welcome back chrystia lets start with the gold industry shake up whats going on there and i how is the bt market reacting to this news. Well i actually wish our good friend peter schiff were here today to give us but its really shaken up the entire gold market after this discovery so to put it into context 1840 tons of gold is equivalent to 22 percent of chinas annual Gold Production and 4. 2 percent of the states gold reserves so thats quite a significant amount and that gold was used to collateralize about 2800000000. 00 worth of loans over the past 5 years so that gold ended up being nothing but guilty copper so now the lenders are holding the bag for the remaining 2300000000. 00 of loans outstanding against these fake bars and the thing is the scene in the 1st. When that happened we spoke about this last year when state gold bars were found in j. P. Morgan vault as a new high and counterfeit merged into the gold circulation so right now that really begs the question how much of the overall gold market is fake gold especially now when china who is the Worlds Largest gold producer just found that over 20 percent of its annual production was completely fake so i mean i know of peter love of gold and to his credit the traditional thing he asked that but that was in the prevent coin days so right now do you really want to put your money into something that is so widely counterfeit the say point is basically digital gold and mathematically impossible to counterfeit is verifiable by anyone and as we pretty much talked about before because it is divisible durable portable and more scarce and gold not to mention more fundamental less vulnerable to theft so between the 2 i prefer digital gold many say possibly hackable. Only by you there well its been itll be interesting because called has been a huge commodity metal that precious metal that has been going up recently so definitely came as a surprise but then weve recently talked about news that pay pal may be moving into the crypto space another company is reportedly hiring krypto and block chain specialists what would that mean for crypto dav a company like pay pal for example come on board. Yes so to get things that are one big just to come in that was made right now is not hackable while its can be happy accounts can be hackable but big point itself is not how a couple in terms of a company like pay pal coming in listen for people like me and christie who are crypto enthusiasm and really care about the kind of the fundamentals of decentralized cryptocurrency and you know connecting from the Banking Systems its not necessarily a good thing because pay pal doesnt bring anything to the table really of value in terms of actually expanding the big point space however what big pay pal does do is they could introduce a lot of people to cryptocurrency who right now were not involved in it so im not im not necessarily keen on them getting involved in it because i think with the introduction duction of Companies Like that theyre going to create more red red tape more regulation more problems essentially for people who really are purists in terms of the way they view cryptocurrency as freedom from existing systems paper i was just going to try to bring. Into existing systems but again for people who are on the outside of that who dont really understand it it will introduce a lot of new people to cryptocurrency who i think in the past maybe have been afraid of that but would be more likely to use it if a company like pay pal has their name on it because theyre able to kind of associate with a Bigger Company and possibly be more trusting especially for those who arent as informed on the Digital Currency kristie theres also another currency a crisis that has just imploded this was after months and in the making resulting in. A lebanese pound that lost about 80 percent of its value over the past 10 months whats happening there and how does bt see fit into all of this. So that economic and financial crisis is deepening and love anon as the i. M. F. Now warned that the central bank has accumulated losses of up to 170. 00 trillion pounds so thats on 91 percent of total economic output and almost equal to the total value of deposits held by the central bank so right now as a result millions of citizens are watching their statements and salaries get completely wiped out so locals are kind of racing to convert their increasingly worthless local pounds into dollars to hedge against from further anticipated declines now the other asset that theyre flooding into of course is. Trade at a slight premium due to the demand and thats a really interesting because this is why point is being favored now even among the dollar because even if you were to convert to dollars youre still bound by the strict restrictions of cash withdrawals and transfers youre still stuck and trapped within the Network Within the Banking System where confidence right now is at an all time low as increasingly restrictive capital controls are living right now in lebanon to between 50. 00 to a few 100. 00 a month and transfers of broad were recently kept only 15000. 00 a year for necessary matters so this is really where quite shines because its really the only waterless currency that you can control right now the banks dictate when you can and how much you can withdraw move so they tell you its your money its in your account you just cant touch it so knowing that you really need the money if you cant move it you cant spend it withdraw the money you really own and thats what bitcoin offers like true Financial Freedom that creates a little bit of problems like you said for whoever actually owns about money especially when its tied to these Financial Institutions and you talked about regulation and of pay pal came in for example now lets bring in 2 to the Top Republicans and democrats on the Senate Banking committee who are now planning to introduce legislation this week that would direct the Government Accountability office to study Virtual Currencies role in illicit Online Activity are there concerns about this. Well i think the biggest concern is kind of the hypocrisy here the Senate Banking committee is saying to the g. A. O. You have one year to go and to compile our report to show us how Digital Currencies and Virtual Currencies are contributing to things like sex trafficking Human Trafficking drug activity show us how Virtual Currencies are connected to this but the reason its a little bit hypocritical and certainly its the whole things kind of a misnomer is because theyre not also simultaneously saying and include in that report how u. S. Dollars contribute to Human Trafficking sex trafficking and drug use and Drug Trafficking around the world theyre not doing that and the reason theyre not doing that is because there is a very clear point of view here which is that Digital Currencies are expanding sex trafficking in Human Trafficking and Drug Trafficking around the world but there is absolutely no indication right now that Virtual Currencies are expanding that world youre telling me that if we got rid of Virtual Currencies that with it would go sex trafficking and Human Trafficking and Drug Trafficking absolutely not the fact is that all of those traffickers more than happily take u. S. Dollars they more than happily take gold if you have a dont take whatever you have so the idea that Virtual Currencies are causing a growth in these illicit areas i think is a false one and its one that fits into a narrative that continues to paint virtual and Digital Currencies around the world as being at their core bad as opposed to currencies which at their core are supposedly good and theyre not there are other ways that these are people would find a way to to do so out ways spend so on and thanks for your time here right now for us today. If youre looking for a new hobby while youre stuck indoors theres a new way to get into art without the need for pain or even canvas well lego is unveiling a new line of pop art posters that you can put together yourself piece by piece for later this year these kits will be released with images of your favorite star wars and marvel characters or you can stick to pop art roots with images of Marilyn Monroe and even the beatles lego says some of the kids will have images that can be reconfigured or be included into a much larger artwork all for beatles all for beatles for example. Thats it for this time you can catch him bust on the man on the brand new portable t. V. Out of elbow on smartphone through google play on the Apple App Store by searching horrible t. V. Or stream us to your t. V. By dolly the portable t. V. App on apple dot t. V. Online a portable dot t. V. Well see you next time. The world is driven by shaped by one person with those words. The day or things. We dare to ask. Thousands of american men and women choose to serve in the countrys military and the decision lotos sheltered lives every thing came to a complete. The day that i was raped and be instructed you know told to shut up but theyd kill me and i see i would destroy any screamed at me and he made me come in and you grab my own arm and he write me to his birthing curia 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 rape is a very very traumatizing thing tat happen but ive never seen trauma like ive seen women who are veterans who have suffered military sexual trauma reporting rape is more likely to get the victim punished dont be offended i had an almost 10 year career or chose very invested in and i gave that up to report a sex offender who was not even put to justice or put on the registry this is simply an issue of our violence. Male sexual predators for the large part of target whoever is there to prey upon whether thats a man or one. Time of the time cold parishioners repeat the same mantra sustainability its very important to accelerate the transition to sustainable transport sustainability space where men are more equitable and sustainable while. They claim their production is completely harmless. Because. Companies want us to feel good about buying their products while the damage is being done far away and this is a this must be undone even as i am even looking. Through some moves in music to do nieminen im stunned seemed to be understood so when. Hello there im an election and youre watching in question broadcasting from our to Americas National news headquarters in washington d. C. There are todays top stories 1st 4th of july celebrations across the country it will be a lot different this year due to the pad demick and ongoing protests and a full report well show you the changes taking place here in the Nations Capital and as america prepares to celebrate its independence from british rule today were also taking a deep dive into this countrys colonial past our panel guests will weigh in and then the Washington Redskins are now conducting a thorough review of the team named after a stadium sponsor that act and other mega investors