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tv   Boom Bust  RT  February 1, 2020 5:30am-6:01am EST

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the plastic is a promise and this is supply in the oceans we keep plastic and obviously plastic in the human body is going to kill you so life expectancy is down banning plastic is not going to change the equation one iota because it's just too far gone so should we care or just consider that humans had a great ride why we didn't then then shuffle off our mortal coil in that house. then this is boom bust one business show you can't afford to miss branch bore down fairmont thank you in washington and here's a look at what we have in store for you today. fred of the corona virus which has
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caused a growth business in the disease of epicenter in china but we take a broader look at both the economic and human toll of the virus and what the infection may hold the in store for the world and the recent surge in economic growth has been cooled by reports of the growing coronavirus but we take a spin around the planet to get a big picture of how international markets have been performing so much to get to so let's go ahead and dive right in. and the latest on the corona virus leads our global report today after the world health organization declared a global emergency related to the virus on thursday china's envoy to the united nations wayne kwan addressed member states in the press to give an update on the numbers of those affected by the virus reporting there are now 9809 confirmed cases in china with 1527 case the patients in critical condition now the envoy added that there are more than 15000 suspected cases now according to mr waring the number of deaths related to the. virus is unchanged at $213.00 china's permanent
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representative of the un also spoke of the importance of the international sort of solidarity in fighting the coronavirus. to a transparent. and open. and this gospel to in promoting international cooperation we have reported to to double the chill. from the very beginning all the relevant information see. guide to this read while the united kingdom has reported the 1st 2 cases of the krona virus in their country as did russia. today diagnosed 2 patients with a new corona virus in the russian territory of the bike lie in the 2 minutes reaching. the patients are isolated and just under strict surveillance they are receiving necessary medical help both patients are chinese citizens. in an
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effort to fight the spread of the virus singapore as health ministry has banned entry of all chinese visitors and those who have recently traveled to china and mongolia will also close all ports of entry to and from china until march 2nd now as we've previously reporter reported airlines have also suspended the reduced trips and out of the country the airlines on that list now include singapore airlines american delta cathay pacific thin air and turkish airlines the head of the allied pilots association which represents american airlines pilots also suggested their pilots assigned to us trying to flights should decline the assignment to err on the caution side now joining us now just because the story is she chen an assistant professor at the university school of public health professor thank you so much for joining us today i want to start with i really asking let's talk about the importance of the travel in the. situation when we're facing
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something like there's a global health emergency how crucial is cutting off travel to and from an authority. you know that will be very important to curb all contain the disease spreading so this is a wearing part and. another analogy is to sing about. 550000000 chinese residents in. that's where similar magnetism to the travel trade and the cards are mobility and recent evidence show that the lockdown really taking if out of the reduce the. feature of this disease saw the international trade international travel card down where main also have similarly fat but that we have also to make sure this is evidence based is not only based on panic because this is exactly what the director general mentioned that with this emergency declare rhaetian the countries should now down 20 than the human travels only because
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of a penny should be evidence based so they do not recommend substantial cut down of the troubles you know going back to the w.h.o. decision of the right there to this a global emergency what does that do to the situation how important is it for them to actually recognize this as an emergency. i think this is a crucial step towards to allow and see it as a global emergency previously only restricted to trying to now we see more and more evidence is spreading to 5. regions and these are human to human transmission emad of all countries other than china and it's a fact. those small countries much more so that's why i think as you said lance and this emergency declaration is more important to those smaller countries who are.
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area one or a boy in their house says in response so called a nation where have those small countries well now you're saying is the coronation of these small countries but it's also happening here in the united states where we're seeing the person to person transmission of the virus how how are experts going to deal with their spread of the virus what are the steps that they're looking to counter the virus with if any. yeah. the local community many us it is the rank this as a minimal risk so they keep watching and the monitoring that situation was over there is human to human transmission by the u.s. house care system is much more prepared and they have a feel cases to star ways so it's not nothing like the china's health care system started with a world crowded or a stretch the one room of work here but the u.s. is more prepared so i think what's worrisome is according to the u.s. c.d.c.
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there is symptomatic transmission so people without developing symptom but the already transmeta those who are us you know and i want to bring something up because you actually talk about the readiness of the u.s. system versus the chinese system now we had a guest earlier this week who has been following the situation he insinuated that the data coming out of china may not be entirely accurate when you take a listen to this. and here's the logic. behind the city 11000000 people it has at least 49000 hospital beds in it and we've all seen the videos swapped meeting rooms are people being sick in hallways that this is a medical system that's on the verge of being overwhelmed or has been overwhelmed listen if you have 2000 cases at the time the reporting is overwhelming you have about a 10 percent serious complication rate that means 200 people are in need of serious or i.c.u. bed care that's not sufficient to swamp a city with 49000 hospital beds so my rough estimate is i think it's off by an
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order of magnitude but that's just guesswork i guess it just doesn't make sense to me to think that they got swamped by 2000 cases now china is working closely with the international community on this and what you actually just said is their system is it ready for this their system is already kind of overwhelmed prior to this so is his claim actually inaccurate based on what you just told us. yeah phone beginning the local government had the incentive to cover up but after the central government step in the quickly share the gene sequence ride with the international community and the with the with the emergency at the global level there is no incentive and no mechanism to cover up because that requires that information sharing even more transparent i think or what could happen is something mentioned the by the last speaker is. the capacity of the local health care system restricted the. ability to measure very precisely for example
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patients who could die at home without having the chance to seek care in the hospital because there is a long line in the hospital and the care system is not a beaut and also all patients of. hospital even. still are suspected cases might not come for him so they have to become firm to case and by then there will be counted as the deaths and i sing to the local capacities is that indeed you sure we are very much concerned about but there should be no purpose for. incentive to cover up at this moment well hopefully they will find a solution to this. which is spreading quicker than we expected and again causing panic to people globally i think professor at the university school of public health chana thank you so much for your insight on this. sensible hammy.
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and on the economic front of the coronavirus china's national bureau of statistics said it will need more time to truly see the financial impact in reporting that the country's purchasing managers index or p.m.i. dropped by 50.0 for the month of january from $50.00 over the last 2 months of the $2918.00 the n.b.s. warned that the survey had been taken prior to january 20th so it did not account for the coronavirus in a statement announcing the p.m.i. numbers the n.b.s. said the impact of pneumonia caused by the new coronavirus has not yet been fully manifested future trends will see if need further observation chinese manufacturing is currently mostly shut down due to the new year celebrations in the country but workers were planning to get back to work as early as next week now authorities have called on many businesses in certain regions of the country to remain shuttered longer in an effort to contain the spread of the disease now here in the u.s. the markets have fallen due to the continued coronavirus news headline by a more than $500.00 point fall in the down jones industrial average and for more on
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exactly this we are broad we're going to bring in peter schiff c.e.o. of euro pacific capital peter there you so much for joining us today i want to start off by hitting on the u.s. markets taking a dive friday due to concerns over the coronavirus and we talked about the dow but actually all markets are down more than one percent really close to 2 percent now is this all about speculation is it a correction of the big gains we've seen recently or is it something else altogether. well 1st of all the coronavirus this is the excuse for the market going down it is not the cause remember investors had been buying u.s. stocks or global stocks for months in anticipation of the u.s. china trade deal so once that deal was signed the market was very vulnerable to sell on the news and so if it wasn't a coronavirus it would have been something else the market was poised for a decline and now that's what it's. and. i mean we're also seeing the concern over
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chinese manufacturing picking back up after the new year celebrations that are in the bucks are we going to see a drag on the chinese economy in the coming months you said this was something that was expected and how is this going to affect companies that rely on china's manufacturing base. well it certainly could i mean will it remains to be seen just how big a drag it is going to be but again i think that there are much bigger problems out there than the coronavirus and so investors who think that that's what this is about right they think it's no big deal because the virus will probably be contained is probably being overblown and maybe it is but simply containing that virus is not going to restore health to the stock market the stock market could be headed a lot lower and people could be very complacent about this decline because they're attributing it to a cause that is not really driving the movement i mean peter it appears that we're seeing this over and over again i mean it's almost like politics is the way the
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markets react to things because it's crisis to crisis it was a trade crisis it's foreign policy crisis now it's a health crisis so i mean is this just the way the markets work now it's purely speculation we have to find a reason to throw all 'd our money in and get it out. of the markets going up because of the fed and i'm sure if it weakens enough the fed will come in with more money printing another rate cut i mean look at the economic news today chicago p.m.i. the weakest in almost 5 years you know we're now down 7 consecutive months in contraction territory that never happens in less were in a recession yet they're trying to tell us we have a great economy look at the retailers other than atmos on which was up today the whole retail space is getting slaughtered look at some of these stocks today down 6789 percent the x r t which is their index of retailers is down i think 6 and a half percent in the month of january if they consume. so strong why are all these retailers collapsing i want to ask you this though on that theme during an
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interview with fox business the u.s. commerce secretary ross was speaking about the virus saying that quote i don't want to talk about a victory lap over a very unfortunate very malignant disease the fact is it does give business yet another thing to consider when they go through their review of their supply chain so i think it will help to accelerate the return of jobs to north america what do you make of this comment is there any truth to it. i think it's wishful thinking in fact i think businesses are going to really happy consider the added risks of moving any jobs back to the united states because there is a pretty good chance that bernie sanders is going to be the next president and that is going to be a very hostile environment to u.s. businesses so they should get as far away from the u.s. as possible. all right i got the read me question of the day from my friend peter schiff here gold prices and their highest level since 2013 of the current bios
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feeds the need for some type of safe haven investment honestly can you break it down for why does this type of global health crisis push up the demand for gold. while a goal is going up anyway again gold was going to go up regardless of the coronavirus that is not why gold is going up it's a safe haven from central banks from the fed from money printing from inflation you know the price of gold finished the month of january up $4.00 and a half percent beating the you know the dow the s. and p. were down i mean the russell 2000 was the weakest of the major indexes and that's the one that's most correlated with the u.s. economy but what's interesting about this gold rally the last time gold was this strong at a january was 2017 it was up 5 and a half percent in january but in that january gold stocks are on fire the g.d.s. j. which is a index of junior gold miners was up 20 percent in january in 2017 this january the index. it was down almost 2 percent so investors are not bullish at all despite the
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fact that gold keeps hitting new highs i think this is a screaming buy this market is climbing the wall of worry gold is going much higher and gold stocks are fantastic by peter schiff never going to not say it but gold is a faith tested by c.e.o. of euro pacific capital so what if you're tired today. meanwhile on to some good news in amazon's stock market as the e-commerce giant reports some big earnings now crossing the one trillion dollar value this comes after their blow our innings report for its 4th quarter and 2019 reaching the trillion dollar market cap amazon shares hit a new all time intraday high on friday rising more than 1.2 percent just in early trading later up to 11 percent of the e-commerce giant also announced it now has
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over 150000000 amazon prime members globally and they saw growth with huge sales during its holiday season but amazon now joins apple alphabet and microsoft the tech giants who have also reached the one trillion dollar value meanwhile its largest competitor chinese e-commerce giant ali baba says that its production and shipments may face added delays this is according to are affected by the coronavirus billionaire and co-founder jack small also pledged 14.5 $1000000.00 to fight the outbreak i mean it's fascinating in a week that we talk about you know a global market meltdown almost as we look at things and amazon has really propped things up and luckily we're going to talk about this coming up after our next break but the markets are actually pushed up by these earnings and they really aren't amazon isn't hurting at least one bit i mean people are still buying people are still shopping even when people are saying. we're close to a recession this holiday spending may not be as high as other holidays but i mean
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you know so but it's so much for the people are going to spend as much of this holiday season for sure right well we'll see we'll see what happens like your time now for a pause a quick break but. on the other side of the break global markets have begun to cool amid the spread of the krona virus we take a big picture look around the world to see how they have reacted plus the day is finally here the united kingdom is now on the edge of its departure from the european union but after the long awaited break what will a relational look like we'll break it down and as we go to break here are the numbers at the close. so so.
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thinking of getting a new one the ones we got in here she. didn't know and still trapped in this tiny little wired you don't need a crate with him he was. freaking out when it's raining anywhere near thousands of breeding dogs are caged in the interview lane conditions on puppy farm i mean 67 years you know they've been locked up in a cage outside you see no protection from the weather the heat you know the cold air the rain the snow the thunder they have no protection. for you. it's 2 kids. across the u.s. crude puppy mills are supported by dog shows and pet stores most of the puppies that are coming from these large scale factory farming kind of operations are being sold in stores even a good businesses are involved like cargill the mom center there's been
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a shocking amount of the organized opposition to adverts to increase the standards of care for dogs bred in commercial breeding facilities most of that opposition is coming from huge agricultural groups and industries that have nothing to do with dogs don't buy dog. this week we're seeing another repeat of last week where markets continue to fall as a coronavirus continues to have an effect on global stock 1st we start in russia where the ruble based mo x. went down had a 7 week low this is despite rising oil prices and some gains during the week but it took a fall on friday as russia reported its 1st cases of the coronavirus then we go to
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asia where the shanghai. remains closed for the chinese lunar new year holiday but it's already preparing for the reopening next week where it's taking some measures that were similar as to ones we've seen before they took nearly 2 decades ago during the sars outbreak then the song in hong kong also plummeted this week down 5 percent in just 2 days and it continued to fall this was as investors returned after 2 days of close over the lunar new year now over in japan where the nikkei also taking a pretty steep turn before taking a big jump earlier on friday and then going back down to buy clothes now in india the sun sets also on the decline as it dropped 190 points just on the day indian markets have been volatile in the last few weeks this is as investors are keeping their eyes on tomorrow's big budget announcement meanwhile shares in australia took a steep fall while trying to recover throughout the week the a.s.x. was down or up rather point 13 percent on the day but they still felt throughout
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the week australian evacuees from china are being kept in quarantine for 2 weeks and finally we go to all shares in south africa that ended on a low this week as growth did not reach the expected points but on the positive gold stocks are doing pretty well in the end now over to brant for europe and the american thank you so much sara now starting in europe the markets are down across the board starting with the cac in france it is down for the week taking a big hit on friday down more than one percent 30 day lows now again much of this reacting to the coronavirus with retail tech and manufacturing stocks taking a hit due to concerns over chinese manufacturing due to that virus now in germany the dax is facing a similar result falling more than one percent on friday alone the losses were headlined by volkswagen which fell more than 3 percent on the week transportation pharmaceuticals fell heavily for the week in germany but on the bright side i saw some gains in the banking sector and in london the footsie following the trend
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closely down more than one percent on friday. alone travel took a big toll on the footsie with british airways easyjet and carnival all posting substantial losses for the week now moving to south america in brazil the evil vest but also down for the week after hitting record highs recently in fact this is the biggest weekly to count climbed in more than 5 months beyond the obvious concerns over the coronavirus sluggish economic data and the brazilian rail hitting all time lows pushed markets down now heading north into north america the b m b in mexico is our 1st green arrow in western markets now the b.m.v. took advantage of president donald trump signing the u.s. m.c.a. at the white house which also helped the peso as well and now moving up the u.s. it's a bit of a mixed bag the s. and p. 500 and the tech heavy nasdaq were able to end the week up while the new york stock exchange was not quite as lucky fears over the chrono virus and what it will do to the chinese economy and manufacturing playing a big role here on the negatives all of these indices dropped by nearly 2 percent
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on friday however with earnings being reported this week and those big numbers from the likes of amazon who are coming off the retail holiday season they were the push things up and get some of those in the positive not on our board during our market walk the dow also took a big hit on friday and going up to the great white north in canada the toronto stock exchange is down mostly due to that coronavirus pushing oil prices down due to a lack of travel so that's what you're seeing there so that is your weekly market walk . and as the united kingdom officially leaves the european union friday the new block of just $27.00 nations will be looking to fill that void of $12000000000.00 euros per year which are generally contributed by great britain u.k. will continue to fund funds to the e.u. and 2020 due to the brag that agreement negotiated between the 2 parties speaking in brussels president of the european council charles michel made a point about keeping a tight relationship with the u.k.
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and working out a trade deal. on the negotiations which will begin with the united kingdom our intention is to carry things out with loyalty with the united kingdom as we have for the past 3 years and also to do it responsibly our message is very clear and strong the european union wishes and wants to maintain the closest relationship possible with the united kingdom but we must also be clear on the subject. meanwhile the eurozone has witnessed slow growth in the 4th quarter of 2019 expanding by just point one percent and set of the expected point 2 percent growth in the block fell to a fix here low of just 1.2 percent and 2019 and inflation in the euro zone ticked up just 110th of a percent to $1.00 but well below the target a placement rate of 2 percent. and european plane maker airbus admitted it was guilty of making illicit payments to intermediaries around the world in order to
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win contracts the details of the allegations were unveiled friday and disclosed the plane make the plane maker reached a $4000000000.00 settlement with the u.s. u.k. and french prosecutors airbus used an annual budget of about $300000000.00 to sway government officials and others to win business court documents revealed these illegal payments went to china south korea russia japan colombia and others now according to court documents that helped boost the company's profit by more than $1000000000.00 the chief compliance officer at airbus said of the situation airbus is relieved to be here today after having had a rather painful past now earlier this week air bus had committed to settle the allegations prosecutors said the fine was cut in half due to airbus cooperation share buses or shares in air bus fell point 9 percent on the news but are still up over the past year the settlement ends a 4 year investigation for the french based company. and finally today your
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friendly neighborhood spiderman will be swinging over disneyland's new adventures campus coming to a california park this summer now according to a video posted by disney parks on friday the animatronic spiderman will web sling in the air over the attraction while doing flips and other superhero esque moves before disappearing below some buildings and out of sight now does the added that the fans will apparently be able to web sling alongside spider-man however it's not clear exactly how the. that's going to work and whether it's safe but those who watched the disney plus series the imagineering story got a sneak peek at the development of spidey as they illustrated how disney's animatronic tech has evolved over the years spidey pretty fun i would be willing to trade up but unfortunately about it for this time you can watch boom bust on demand on the brand new portable t.v. smartphone through google play and the apple app store by searching portable t.v. or 3 months to your t.v. by downloading the portable t.v. app on apple t.v.
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and online that portable dot t.v. portable t.v. will be available on more devices soon see you next time. you know look the plastic is a problem it's in the food supply it's in the oceans we keep plastic and obviously plastic in the human body is going to kill you right so life expectancy is down and banning plastic is not going to change the equation one iota right because it's just too far gone so should we care or just consider that humans had a great ride why we did and then shuffle off our mortal coil and that he owes. during the great depression which you must remember that it was most of the family working. there wasn't it was being you know much worse objectively. but there was
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an expectation that things were going to get better. there was a real sense of hope. there isn't today to do you see america where shaped my the turn principles of concentration of wealth and power. reduced democracy. engineer election manufacture consent. another prince holds according to. one set of rules for the rich. that's what happened when you put her into the. will switch who is dedicated to increasing power for chills just as you'd expect one of the most influential intellectuals of our time speaks about the modern civilization of america.
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to 47 years united kingdom up to a historic day cutting ties with the e.u. as breck's it officially comes into effect but the road ahead for britain is still unclear. the us democrats are not back in getting new witnesses to stand in the donald trump impeachment trial it means a final vote on the president's time in the oval office is expected next week. a sweeping new study by academics up unify us to cambridge finds that democratic discontent in developed countries is at its highest level in 25 years with american citizens.


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