Transcripts For RT Boom Bust 20240713

Or others who ply their spiritual wares maybe legitimately im not equipped with the ability to tell whether theyre correct or not thats for others to decide then you also have a variety of people who during this will make statements about the cause of this so called conspiracy theories now again im not saying anybody in particular but youre going to see everybody from every walk of life used dish some how i am ive heard radio promotion sometimes tawdry despicable so whatever the human imagination can provide thats what youll see. Im out today fanaa is the does continue that we will have around the clock coverage from our studios in london and also washington thats where were heading next in about 30 minutes from now so do stay at home and stay with. Join me every thursday on the elec so i will be sure and ill be speaking to us of the world of sports im sure. This is boom bust the one business show you cant afford to miss. In washington coming up some of the worlds Top Oil Producers look to strike a deal well tell you how markets are reacting to possible and the latest price for nearly 17000000 americans have filed for unemployment in less than a month thats creating and numbers not seen since the Great Depression then the white house may have an idea to track how to run a virus and where people are getting treated but what does it mean for privacy and security have a show for you today so lets go and get. The Global Pandemic still taking thousands of lives the universe hold that toll is now at nearly 94000 that with more than 1500000 confirmed cases the u. S. Remains the country with the largest number of cases with more than 451000 the death toll continues to climb with nearly 16. 1000 fatalities the main model used by the white house now predicts even fewer deaths its down 260400 15 thats down from the 82000 shown on tuesday well new york state alone has more confirmed cases than any other country with more than 200000. 00 the centers for Disease Control and prevention put out new guidelines for essential workers if theyre asymptomatic is the vice president. Thank you go back to work if they do several things as we say here take their temperature before they go to work where facemask at all times and practice social distancing when there were meanwhile europe is also seeing signs of a potential slowdown but its models show the death toll will surge 2151000 deaths during the 1st wave of the pandemic scientists are predicting that this wave will end on august 4th at the top of that list is the United Kingdom the country reported 939 feet televisa on wednesday alone that brings the total death toll to more than 7000. 00 a spokesman for british Prime Minister Boris Johnson said johnsons condition continues to improve this is after his 3rd night in intensive care well italy could be easing some of its stringent lockdown restrictions by the end of april while spain reported 683 deaths in the past 24 hours this is a lower number compared to the previous 2 days but still with more than one 152000 factions meanwhile russia surpassed 10000 cases president Vladimir Putin announced an extension of a nonworking week for the country until april 30th in iran the countrys Health Ministry reported 117 more deaths bringing the death toll up to more than 4100 the countrys Supreme Leader has suggested a ban on Mass Gatherings this is right before ramadan is set to begin later this month. Logically we are going to be deprived of public gatherings for the month of ramadan those gatherings are meetings for praying to god listening to speeches which really valuable in the absence of these meetings remember to heed your prayers and devotions in your lonesomeness. For more numbers and information on the coronavirus be sure to check out our portable dot tv app and look for the section tracking coronavirus. The organization of Petroleum Exporting countries and Oil Producers they held a Virtual Meeting seeking to find a solution to the plunging oil prices but can all of the key players make a deal that will actually last well for more were joined by our to. Legends and move us cohost Christine Rachel lets start with you what happened during their thursday meeting well sara the price war between russia and saudi arabia appears to have reached just cease fire as 2 of the Worlds Largest Oil Producers agreed to a Historic Deal this according to reports that saudi arabia agreed to remove 4000000. 00 Barrels Per Day from its april production levels while russia agreed to cut 2000000. 00 the deal was made during a Virtual Meeting between opec members and other Oil Producers amid a need to respond to the drop in demand from the ongoing walked down over the koran a virus pandemic as a result Global Oil Demand has dropped by an estimated 30 percent resulting in a push to decrease the markets oil supply by around 20000000. 00 Barrels Per Day this tentative agreement would lead to cuts of 10000000. 00 Barrels Per Day until june with the numbers tapering off in the following months while russia and saudi arabia have indicated their willingness to cut Oil Production they have also said that a deal would depend on whether the u. S. Agrees to join but despite ongoing talks with the saudis and support for other countries being required to reduce production the trumpet administration has fought back against placing limits on u. S. Oil and insisting that production is already falling on the stone. And in a statement the u. S. Energy Department Said quote with regards to media reports that opec plus or require the United States to cut in order to come to an agreement the report demonstrates that there are already projected cuts of 2000000. 00 Barrels Per Day without any intervention from the federal government meanwhile or prices were up ahead of the meeting thursday with a Global Benchmark brant crude oil futures up 3. 9 percent at over 30 4. 00 per barrel and the u. S. Benchmark west texas intermediate up 5. 9 percent at over 26. 00 per barrel this deal comes a weeks after a breakdown in talks over production cuts between russia and saudi arabia that resulted in a price war and increase in production which sent Oil Prices Falling to their lowest point in 18 years now sara it still remains to be seen if washingtons participation is going to be a Sticking Point in all of this to come into a final deal and if all of these Top Oil Producers are going to be able to come together to bring stability to the markets as is coronavirus lock down continues well thank you rachel a lot going on over there kristie what is this doing to global markets. Well earlier this morning as rachel said oil dumped as much as 12 percent on the reports that saudi arabia and russia have and reach some sort of a deal on the output cuts with some sources that a number could be as high as 20000000. 00 Barrels Per Day however that papa stated as investors awaited confirmation and Additional Details to be released such as how the cuts will be divided among the countries and how long will they be in place for many are skeptical that these cuts are not as large as theyre being touted to be the street had been expecting something in the range of between 10. 00 to 15000000. 00 Barrels Per Day so by purposely overshooting expectations the oil cartel intended to do sentiment and rally the prices in the short term but in the long term though many analysts think that theyve shot themselves in the foot or promising something that is not achievable so. I mean that sounds familiar to lot of people right sounds exactly like President Trump purposely overshooting expectations and trying to add trade purchases earlier this year with the 50000000000. 00 mark well now traders didnt have to wait long at all for the pump to be feted as Oil Prices Turn negative on the latest news in the tape that cut of only 8500000. 00 Barrels Per Day were greeted between russia and saudi arabia last may only through the month of may and june once again at the buy the rumor sell the news with oil train down over 6 percent and the day equities however rose on optimism that the curve is flattening wrapping up its best week since 2008 after the fed gave more details on how they will support the economy amid the coronavirus pandemic the indexes rose one percent and the weak up 12 percent on the s. M. P. As the u. S. Markets will be closed tomorrow in observance of good friday now the rally has been attributed to a chinaman various ways to get stocks out of the oversold territory fiscal policy had also assisted sentiment though it will be difficult to get the schwinn the duration and impact of the coven 1000. 00 is still unknown weekly jobless claims have jumped by 6600000. 00 which means that 16000000. 00 americans thats almost 10 percent of the workforce have now lost their jobs in the last 3 weeks the largest increase has come from california michigan and new york now in order to tackle the mounting problems facing the economy the fed announced plans to inject an additional 2. 00 trillion dollars into businesses in order to backstop the u. S. Economy the central bank also revealed plans to buy Corporate Bonds both added Investment Grade level as well as a high yield or junk bond now think about that for a 2nd 2 weeks ago it was merrily Investment Grade bonds but now it has expanded to reach junk bonds as well so the question remains when will stocks and equities come into play similar to what japan is doing now that would really be the last nail in the coffin for the free market of us coast kristie i. N. R. To correspond. Thank you for that. On thursday the u. S. Department of labor announced like christy said another 6600000 americans filed for unemployment altogether about 16800000 people have now filed unemployment claims for benefits in just the last 3 weeks now those are record numbers were talking about here record lows the lowest since the Great Depression when 8600000 people lost their jobs but that however it was in a matter of 2 years well lets bring in c. E. O. And strategist will intelligence former Federal Reserve insider danielle de martino danielle thank you for joining us today i want to look at having me and start with the employment now were looking at a loss of about 10 percent of the workforce in just the last 3 weeks j. P. Morgan saying that it could go as high as 7000000 now will it. I think that we will indeed see a 4th subsequent wave 4th subsequent week because if you look at the most populous states in the nation were talking about florida new york california as specially texas texas has a huge backlog of Unemployment Insurance the servers are simply overloaded georgias come up in terms of states that are locking down after me after the east coast and after the west coast lockdown same situation with florida Unemployment Insurance system simply cannot keep up and we know that is a portion of the labor force that these large states have a much lower percentage that are actually collecting Unemployment Insurance in other words the next 2 weeks were going to see waves continuing to come through as these claims are processed so yes i think that were going i think that 17000010 percent of americans one in every 10 workers i think we need to consider that still unfortunately and sadly and tragically a starting point but let me ask you this when it comes to the Small Business loan the are being offered to these Small Businesses theyve already laid off people were not seeing the rehiring process yet because they still have to sum it up locations into the big. Right so how how bad is this actually going to get i mean these are numbers that are worse than the Great Depression. They are worse than the Great Depression and you know sadly we think that we live in the Information Age but the communication from the administration the communication from the Small Business administration has clearly been convoluted weve had to do piecemeal bandaids on this Small Business lending throughout the entire week and now youve got the Legal Community up in arms because such a large proportion of Small Businesses in america have independent contractors self employed they dont qualify to apply for these loans so youve got also a backlog of people who have no choice but to lay off their workers because theyre not w. 2 employees so the work is cut out it seems like the Federal Reserve is doing Everything Possible for the largest employers in the country and for investors on wall street but one week later after the rollout of this as be a program youve still got way too many Small Businesses left behind i want to move on to the International Monetary fund they are scheduled to me next week for their virtual theyre taking them virtual their spring meetings but head of the i. M. F. Crystal george said that the pandemic is that turning up Global Economic growth sharply negative that the world is facing a worse economic fallout since the Great Depression that if the pandemic doesnt ease after june it could be much much worse than we could only see a partial recovery in 2021 thats still what 7 months from now it 89 months from now what are your thoughts. Well i think what were learning especially if we look at the microcosm of the deep south in the United States is that covert 19 is not necessarily weather agnostic its not necessarily going to be less contagious just because the warmer weather is setting in and to the i. M. F. s point that has tremendous implications for the emerge. Markets for africa for india for countries with much much less in the way of Health Care Infrastructure and the way that it could pull down the Global Economy at one estimate this morning that said that estimates right now where coke at 19 is. 195000000 people losing their jobs worldwide and again this is under the assumption that were going to be able flatten the curve and that covert 19 responds to warmer weather were not sure of that we just know that its only been around since mid november we cant draw any conclusions just yet especially if its going to be cyclical but the i. M. F. Did double its lending capacity 200000000000. 00 but who knows whether or not that will even be enough that i want to have on to the Federal Reserve we talked about it you mentioned it earlier they announced plans to inject another 2300000000. 00 into business and revenue pinch governments chris you mentioned earlier today is this going to happen just a quick 32nd answer if you will. I do think i think that the fed is definitely willing to do whatever it takes theyve shown that theyve crossed that red line in the sand into junk bonds and showing that theyre willing to bail out investors so you know i jokingly tweeted out earlier today somebody said what are they going to be buying stocks and i said check back next went next thursday morning before the jobless claims reports come out they might be buying stocks by then and they could be lending to individual companies as what their next step could be essentially from what were hearing but former fed in. Both thank you so much for your insight. Thank you stay safe. Time now for a quick break but hang here because when we return well continue the conversation of unemployment and what it means for good workers like hoover and taxi driver if we go to break here the number is up to close. The world is driven by shaped by those. Who dares thinks. We do to ask. I dont trust medical authority at all ever and the reason for that is i had this horrible autoimmune disorder growing up and it turns out it was completely alleviated with very drastic dietary measures and i went to a number of doctors to discuss what happened to me and i was basically laughed at like diet is not an issue with autoimmune disorders so my suggestion to people who have Health Issues they cant figure out if theyre going to see a medical professional and theyve been going for 10 years and theyre still in the same place and they should probably take it upon themselves to Start Testing things out testing out diet testing out exercise and try and figure out things on their own to. Before the break we spoke to danielle de martino i do want to clear that up the Federal Reserve is injecting 2. 00 trillion dollars not 1000000000 trillion dollars into the Small Businesses but moving on to the coronavirus pandemic its driving unemployment numbers in the United States to heights not seen since the Great Depression we discussed earlier but even as a number of skyrocket Companies Like are looking to pass new laws that will allow them to keep treating employees like contractors with only partial benefits legal journalist on this effort and the pushback its getting really good to see you lets start with who is now proposing Something Like this correct. Yes so this is their baby the c. E. O. Wrote a letter to the president saying hey you know in these got this spin on it essentially that says we want to treat our workers evenly they should have access to some of the same Unemployment Benefits that full Time Employees if you will are considered and thats the gist of what i got out of you know what he was trying to say but he was sickly was to have a Legal Definition that defines redefines really employment so that he can validate the Business Model that he has now which is essentially using these workers as part Time Employees if you will with only access to partial benefits that their contract workers is what theyre called and he wants to basically make that official if you will in a legal sense and so its got a lot of pushback from a group of about 50 labor groups including gave workers rising Legal Aid Society to name a few and theyre urging lawmakers not to listen to this there theyre saying look these theyve already misclassified these employees this contract workers and as a result they were living paycheck to paycheck and they have been hit among some of those that have been hit the hardest by this coronavirus. Pandemic so theyre urging lawmakers again not to listen and are even saying you know were rather appalled that any of these Ride Sharing Services would even propose a law like this but its an issue thats going on across the country and its similar to a bill or actually a ballot referendum thats trying to make it onto the ballot in california to have voters vote on something very similar to what it is suggesting to the president theyre suggesting to the voters of california in answer to a law that was recently passed in california that made it harder to define these contract workers as that sort of ball you know in between the cracks employee that only gets partial benefits theyre trying to make it so these companies have to pay more benefits well and what about the broader aspect of this the more general looking at the gig workers like cab drivers for example in new york city theyre Union Workers how are they surviving during this pandemic. You know theres a couple of great articles that are out there talking about what these cab drivers are going through from california to new york to washington d. C. Like you mentioned i mean its beautiful weather outside 9 many parts of the country this is the time of year when you would have spring breakers all the governors and this did not close the beaches of florida but you know its a big its a big business booster and this time of year whether youre going to see the Cherry Blossoms in d. C. Or taking a trip to a big city like new york or San Francisco and so these hotels are empty people are traveling whether its a cab driver or. Driver a ride sharing driver work or you know restaurant staff theyre all losing money and they a lot of these folks are living paycheck to paycheck and they dont have the you know options to fall back many of them with those Unemployment Benefits that perhaps a legally defined full Time Employee would have so you know they are struggling there theyre reliant on savings what little they have also Credit Card Debt and again this is the reason why these labor groups are saying now is not the time. To try to legally redefine what employment is we need to be having these companies that are benefiting from this flexible contractor work model be the ones that are pouring money and not the taxpayer into these increased Unemployment Benefits like youre saying with the stimulus package and the money the federal governments pushing towards helping people in these difficult times and theyre saying these corporations that are benefiting from this flexible contractor Business Model should be the ones helping as well a lot of doctors that weve talked about Manufacturing Technology it seems like nearly every sector that were looking at has been hit in pretty hard by this coronavirus molly barrows contributor with americas lawyer thank you so much for your time. The. White house adviser Jared Kushner has reportedly a task for thats reach out to a range of Health Technology companies about creating a national her on a virus Surveillance System where the goal of this system according to politico is to give the government a near real time view of where patients are seeking treatment and for what and whether hospitals can accommodate them well according to 4 people with knowledge of the discussions but what does this mean for privacy and Civil Liberties well joining us now to discuss that boom bust cohost and investigative journalist ben swan ben more privacy concerns possibly here what do we know about this database. First of all to give you an idea of how intrusive this database may be a lot of people with knowledge about it are referring to it sarah as the patriot act for health care that is so intrusive this would be it would actually be a database that has been compiled from private Data Companies gathering information on people where they are when they go to the hospital what theyre seeking treatment for how many hospital beds are available and it would basically comprise a massive database of order the truck the coronavirus and again listen. Coronavirus its a serious issue the economy is facing a lot from it people are facing a lot but at this point it has not been proven to be this deadly plague wiping out the world so the idea that we would invade into massive areas of surveillance in order just to prevent it from continuing in the future just seems a little outlandish a little outlandish to say the least but are there issues here that go beyond just privacy yeah there actually are issues so you know you have the privacy issue which obviously is a huge concern for a lot of people when it comes to Civil Liberties and remember when we talk about Privacy Health care privacy federal laws and state laws there are so many laws surrounding Health Care Privacy right now that creating that gigantic database with everyones medical information and it just seems like its right for hacking and how it can even be legal it doesnt even make sense but beyond that you also have a lot of companies that are reaching out to the administration to help be a part of this because theres big money in this process were talking about probably hundreds of billions of dollars worth of contracts that would be awarded to companies to pull all these databases together remember what we just saw with the pentagon and amazon that 10000000000. 00 deal for the jet i contract for Cloud Computing well this would be an even larger contract probably so you have a lot of private Companies Getting in that reeks of cronyism and these companies that will profit off building databases to track you in the end our Health Information why not just that but now some Health Care Professionals are also voicing their concerns about this type of network right why is that. Well they are and one of the reason that they are is because again Health Care Information is extremely sensitive so when you Start Talking about using private companies to build databases for Profit Companies to put this all together working with the government to track and surveil people and to put together these lists of their Health Care Information it reeks of many of the trappings that Health Care Workers what about all the time the sensitivity of that information can it get out if it gets into the wrong hands what can be done with it and also again how are people tracked from that you know whats fascinating about this this corona situation right now is how much Bad Information keeps coming out it even with those databases right now were seeing and we got a reputable were seeing so many issues with pneumonia cases suddenly coronaviruses responsible for every pneumonia related death in the country when in years past the numbers suddenly this year for pneumonia would be way down and coronavirus way up so theres a lot of problems with collecting data and properly analyzing that not just that but i want to ask you one more question then as far as universal testing how much of a Consumer Confidence while that actually help when it comes to universal testing a lot of people calling for it saying that the only way to end this pandemic whats your take on that well look theres there is a lot of talk about universal testing right now the question becomes number one on the test accurate and number 2 what does it mean if you test positive for corona virus does that mean that you are now going to walk around with an ankle bracelet on does that mean youll be monitored everywhere you go because thats happening right now in kentucky theres a judge in kentucky who has people Walking Around with electronic ankle bracelets on because they have coronavirus so that the state knows where they are because that goes into a whole other level of surveillance like you said especially a 50 or 20 percent whatever that number is of people are Walking Around asymptomatic thats even more dangerous than with cohost and so on thank you so much sir thanks. Well thats it for this time you can catch him bust on demand on the brand new portable t. V. s available on smartphones through google play and the Apple App Store by searching portable the t. V. Or 3 must your t. V. By downloading the portable t. V. App on apple t. V. And online a part of the t. V. As always check us out on you tube dot com flash boom bust our teeth you know that. So much that we really dont need thats what this whole lockdown is teaching so many millions of people but most of their lives are all wasted on stuff thats unnecessary costly redundant and doesnt promote social good at all. With the coronavirus now officially declared a pandemic the world faces the additional burden of an Oil Market Collapse this comes at a time when demand for crude was already blown some are calling this the ultimate perfect storm how this all ends his buddies gents. Hello there im an illustrator and youre watching in question broadcasting live from our to American National headquarters in washington d. C. We want to welcome our viewers from across the nation and all around the world here are your top stories today 1st chaos as the corona Virus Outbreak is now taking over several prisons nationwide with protesters rallying to release the inmates a full report next plus australian m. P. s are calling for julia songs to be released from prison and instead be subjected to home detention as coded 900. 00 spreads inside belmarsh prison then over to the International Space station