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tv   Boom Bust  RT  October 29, 2020 4:30am-5:01am EDT

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week and that's the record to daily infections i should say the weekly one now on tuesday the nation saw about 74000 new cases which marks the 3rd consecutive day actually that the us is setting a record for a high of average daily new cases meanwhile deaths there are also climbing right so it's not just cases because when cases go up they lead to deaths we're seeing a 15 percent increase compared to last week with $983.00 deaths reported on tuesday now some of the states that are reporting record highs are for example wisconsin they are seeing is 75 percent increase from the prior week in deaths while at tennessee their death rates as rose 65 percent nebraska saw a week over week increase of 45 percent and 51 states have head average high for hospitalizations so brenda obviously we're just not going in the direction that the country needs to be going at the moment. tell us about what's happening in
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europe right now. so right now all these france spain italy britain poland and even germany they're among the nations that are reporting spikes in new cases and that's you know they tried to slow the spread of the virus through targeted restrictions intended to avoid another tough nationwide lockdown but no matter what they have done they just have not succeeded at stopping the new surge and not just in case says but also deaths now france there have just announced that they're going to go into a nationwide lockdown on friday as cases have surged all throughout their country now under their new lockdown this is what's going to be happening people will actually need. to move around and all non-essential businesses restaurants and bars they're going to be closed now italy and new curfew that has led to 8 and. a
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lot down protests happening all throughout the country not poland now they're joining the list of european countries seeing a surge in deaths now they're also facing a major hospital shortage and in some cases people actually being turned away and poland now in russia hospital beds are at a 90 percent capacity in 16 regions of the country in britain there reported a 600 and i'm sorry 367 deaths on tuesday and prime minister boris johnson he's facing calls for a new national lockdown while being told that the 2nd wave is going to be a lot more deadly than the 1st because britain has had over $62000.00 deaths so far now germany they've had the highest rate of new cases yet over $14000.00 and the latest figures show that only 25 percent of germany's and sensitive care beds are available add a moment now as a result germany has also just announced
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a new partial lockdown that's going to take place starting november 2nd for overall dining and own attainment stablished months they're going to be closed and overnight hotel stay that's also going to be banned while schools they will remain open and i want our viewers to read this and speak of this really shows it's by german chancellor angela merkel and explains how the situation in germany has become she says we are now at a point where we no longer know we're 75 percent on factions are coming from as you recall germany they were really on top of their game beginning of the pandemic in controlling their virus and contact tracing but it seems that they're actually going the other way right now so this is just looking really bad for europe and it just seems cases are growing at the same time that cases and us are growing right here in the u.s. brant are 2 correspondents are savage we thank. keeping us up to date. for more on
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how this is all affecting the global economy let's bring in some expert analysis from boom bust co-host christiane and richard wolffe host of economic update and author of the sickness is the system when capitalism fails to save us from pandemics thank you both for being here professor wolf i do want to start with you here as the pace of the recovery is already slowing there is the growing desperation for additional stimulus right now all focuses on this upcoming election that we're seeing what is the best possible outcome that would allow us for massive fiscal stimulus in early 2021 and which outcome would yield a stronger near term economic recovery. well we have now an economy that is crippled by 2 simultaneous crises the disease that endemic cope with 19th and an economic crash the crash actually began in february by racin us in march. blaming the virus is still radio we have crashes every 4 to 7 years
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anyway and we're having one now the economy went down so badly that what was already happening went into overdrive and what i mean is that our economy is now utterly dependent on the government the government to lend money through the federal reserve and the government to stimulate it with fiscal deficit so at this troy the only way for this economy even to stay where it is let alone recover where it was just is to get a massive bill injection of more government support my guess is that no matter who wins the election that's the next step because the alternative is a level of breakdown that we've never seen in this country probably in our history and nobody wants to be a president over a a situation like that which way it will reach would make it more i don't think you
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can tell the desperate situation now is not government fire off politicians got word by this disease and that terrible thing here of this government to use this summer lockdown and prepare for the 2nd wave do indulge in stopping the notion it could simply. and we're now paying that price and we have. to shape really most of what's going on and now kristie we led the program today talking about these massive losses we're seeing in the markets say both here in the united states and in europe the nasdaq in the u.s. was down and into the red for the month now it's been just a nasty day all around for the markets what's getting hit the hardest. well right now the u.s. equities are kind of taking a cue from europe as the german dax that dropped over 4.2 percent to the lowest level since late may the footsie also closed down about 2 percent and all the
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optimism that we had this summer on this me opening try this potential back seen in this miracle bounce that pretty picture is quickly fading as chronic cases are mounting so parsley us like chicago officials have shut down into our dining and we see more stringent measures being put into place in europe as well so now i have a little deja vu moment the market once again stocks that would be hurt the most fly lockdowns are slowdowns there had the hardest day so shares of airlines including that dropped around 4 percent as the big fear gauge that spiked above 30 and hit the highest level since june so oil prices that also plunged more than 5 percent the most well into new reaks also as lock downs once again mean lower overall fuel consumption so the nasdaq was the big leader the pleasure that's getting hit from 2 fronts facebook album and twitter kind of lead the decline in big tech as their respective senos they testified in front of senate members and those names fell sharply down between 4 to 5 percent and after nearly 4 hours the
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hearing wrapped up with little discussion on how to move forward on legislation to reform section 230 or enacted privacy laws. now professor wolf we just had this report talking about the new lockdown measures kristie just mentioned them as well and we see that germany is pushing for the 2nd nationwide lockdown as france's also just pushed a 4 week lockdown as new cases about across europe could this 2nd lockdowns send the economies into an economic relapse what is the situation dorset. yes i'm afraid the answer is yes and the reason is very simple the 1st lot down the 1st wave if you like really whatever track there were. you know any kind of. savings a company had any kind of reserves had to be thrown in to keep the rain especially when the government stimulus wasn't as generous as they might want so they used up
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their reserves so what you're now facing is another lockdown risk another delay on no rent but with fewer reserves to bring in hence the greater dependence on literally dollar by dollar lobbying by the federal reserve government and the same in the european economy so i'm afraid of her prognosis is unless you have a good time we mark your stimulus and we've already had the largest in our history unless you have that you are growing to see a further decline in the stock market and in main street economics as well kristie in your analysis when you see this when you see the open close nature of it if we had just kept the lockdowns a longer trying to maintain the virus and maybe doing a better job of preventing the spread would that have been better as professor wolf just said you know everybody kind of used up all their capital when we went to this closed down now they reopen expecting more and unfortunately they're going to have
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to close again so kristie would that have been better had we just maintained a longer shutdown. it's hard to say because the situation here in the u.s. it's very different than say in china where they actually maintain the scope of the lockdown so here in the u.s. i believe that if we did actually do a full on lockdown extend the period of time in order to try to fight coronavirus that would have also resulted in a lot of us which would have led to more destruction more business destruction. just more violence out of her all because we've already seen that. now kristie as one of the managers brace for turmoil in markets going into election business owners and rig retailers are actually bracing for possible social unrest after these elections how are they dealing with this. well there is such a lot of this tension in the air it's not really clear what will happen after the november 3rd elections but trump has not committed to this peaceful transition of power if you mooses so there is again this very high probability that we will see
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some violent demonstrations again but then this time shop owners and businesses are going to be repaired after being caught off guard early this year so now sales of commercial policies that cover damages from societal unrest in the u.s. that has already doubled in october from september levels and many of these shops businesses and offices they're facing double digit premium hikes for these insurance policies but they're still paying them anyways because the alternative outcome could be much much worse so again we see them earlier this year in areas such as new york like portland they faced aggressors you damaged buildings smash windows still merchandise under the cover of the piece will be on demonstrations and many many of these business owners they have not been able to recover from that and subsequently lost their entire business so right now the most at risk businesses are the high end retailers that are right targets for looting pharmacies grocery and liquor chains and as such this has hit all the global insurance trying to 2nd quarter earnings as zurich interest they reported over 122000000 dollars in
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civil unrest losses mainly from the u.s. post $126000000.00 and travelers $91000000.00. and professor wolf what do you make of this situation where it appears these companies are preparing for unrest and you can see it on the streets of washington d.c. today obviously there is a situation just a couple hours north of us in philadelphia where there is some social unrest but you're also having seen what happened 4 years ago in d.c. on election day so what do you make of them actually preparing for this i think you know recognizing even though they don't harm to that this is a society in extremist and society that is in many ways starting to disintegrate or too many problems down the road for too many years you have the racial difficult vision a country you have a growing inequality and then you have it the country we have already has the severe problems it has with a lot down with 25 to 30000000 people unemployed lost income lost
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jobs it is true much and this at the same time you cut back on public services which is happening because the trumpet ministration will not give a stimulus to cities and states you're depriving people of more and more of what they need to live they are on edge you expect the police somehow to keep the lid on this situation which is asking of the police a function they cannot do and then you get this result i am watching a society disintegrate and seemingly on able to identify a path forward so i am frankly very wary boom bust coast kristie i a professor richard wolfe thank you both for that excellent insight today. thank you. and time now for a quick break but hang here because when we return we take you north of the border to bring you up to speed on the extradition trial while waiting. plus we analyze
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the race for 5 g. and where it stands as we go to break here are the numbers at the close of all red arrows a tropical. in the 1920 s. and thirty's several 100 african-americans moved to the soviet union and many of their descendants still live in russia. looking at the risk of no no rush but i thought it was tough to get sick. with a cyclone things on your way. back home but i can merican suffered from racism and a complete lack of prospects. to deal lybia losing show one
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by elsa store on her by doing. so they decided to leave everything behind and start a new life in a country about which they knew almost nothing at all and some of the american reared who were too thrilled with your new. found great crowds. to move a few you're going to call you and now almost a 100 years later history is repeating itself my great grandfather george times went to russia. on probable wars try to go anywhere why not me. when i come here. now look forward to talking to you all that technology should work for people. i robot must obey the orders given by human beings except where such orders to
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conflict with the 1st law show your identification for should be very careful about artificial intelligence and the point of all v.s.e. is to trace trusts ever the shia. like to take on various chozen with artificial intelligence will slowly be. a robot must protect its own existence as only exists. now why. don't you and i. have class. with and then. tom that.
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they. 6 6 are welcome back sweden's ericsson on wednesday announced it will supply bt with 5 g. cell tower equipment in major cities across the united kingdom the move comes after the british government block to walk away from its 5 g. mobile networks demanding u.k. providers remove weiwei gear from their infrastructure by 2027 ericsson says it will provide connectivity for bts customers in london belfast and cardiff dealing with roughly half of the company's 5 g. traffic now nokia eriksson's biggest rival signed a deal with bt in september which made the finnish company bts largest partner in the infrastructure build out carriers started to roll out 5 g.
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infrastructure in 2019 but coverage areas throughout the west are mostly in major metropolitan areas at this time the build out is expected to gain some steam with the release of apple's new 5 g. enabled i phone 12. the extradition hearing for a while weighs chief financial officer continued on wednesday the defense for men 10 is arguing against her arrest by canadian authorities meg was arrested at vancouver international airport in december of 28 teen while on a layover bound for mexico you know. charged her with bank fraud for allegedly misleading h.s.b.c. about weiwei technology and business dealings in iran causing the bank to break u.s. sanctions so joining us now to discuss the latest is bloomberg coach and investigative journalist ben swan ben waterman's lawyer is claiming was improper about the arrest yeah they're claiming a couple things the biggest thing is this is all the testimony this extradition hearing right now is focusing on the scald the abuse of process charge which is
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essentially saying this that the canadian authorities when they arrested being $10.00 did so under false pretenses that they detained her at an airport that they turned over her electronic devices to the united states that they detained her for 3 hours telling her that there was nothing serious there was nothing really going on here that was of concern that she didn't need a lawyer of course she was denied access to a lawyer during this time and that they allowed the u.s. to essentially scan and monitor her electronic devices during that time so essentially in canada there is just like here in the united states a due process that's expected of anyone who's arrested her lawyers say was denied that because the canadian authorities were working alongside u.s. authorities that's kind of the gist of it no lawyers also argued that the affidavit used to have men arrested was included untrue information what was that information yeah apparently when that affidavit was 1st applied for and this is by a royal canadian mounted police officer
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a constable by the name of winston yep the day before she was arrested this affidavit that he essentially was received said that main ones who had no contact in canada whatsoever had no connection to canada she was essentially flying from beijing into canada and that it was treated as if when it was applied for from a court as if she had no reason to even being can't canada in the 1st place of course within a day or 2 that constable found out that was incorrect that the affidavit stated she had no contact with canada when. in fact she has 2 homes in canada including one in vancouver where by the way she's under house arrest right now she's been under house arrest since being arrested stayed in that home so she actually owned 2 properties there so the point they're trying to make here is that essentially there was something deceptive that was done in order to obtain this affidavit in the 1st place i know of any police officer has actually testified about the u.s. extradition warrant revealing that washington had requested that data on her lap her phone and laptop be secured so that it could not be erased remotely the u.s.
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involvement seems like a big part of the story does it not i think it's the biggest part of this story what's really interesting about this story is remember that the accusation here is that main ones working on behalf of wall way deceived h.s.b.c. deceived this bank into working with the arraign ians when that goes against u.s. sanctions that is the primary claim that's made against her what's interesting here is that apparently she was they were originally going to arrest her on the plane canadian authorities decided not to because they decided that would be too dangerous not exactly sure why it would have been dangerous to take her off the plane and arrest her instead when she got off the plane they took her aside and told her again they needed to talk to or did not tell her electronic devices were being searched for something interesting here apparently u.s. authorities asked the canadian authorities to take her phone and other devices and place them in something called a farraday bag which is essentially a bag that prevents wireless transmission from those devices because apparently u.s. authorities were afraid that it would the phone her laptop would be remotely wiped
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if that happened so that apparently that happened and then also again that canadian authorities unlawfully seized open search of you and shared content from her personal devices to authorities in the united states so that's really what it comes down to here is a pretty kind of determined set up in order to not only arrest her but to seize her devices and search them without due process what are the political ramifications obviously this was essentially deferred. step in the battle between the united states and walk away obviously having different the different situation than say the 5 g. security that has been become such a big issue but what are those and what has been the response from the chinese well the chinese are very angry with canadian authorities over this apparently trade between china and beijing is at its lowest point in between canada and beijing is at its lowest point in recent memory the chinese are very angry about this process
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because they believe canadian authorities were deceptive listen there's a rule of law in canada just as there's rule of law in the united states and it was not followed in this case and again we have to make the point here that long zoë is accused of doing was violating u.s. sanctions when she's not a u.s. citizen not living in the united states company where she c.f.o. weiwei is not based in the united states so the question really becomes a brand i think one of why would a private company in another country where the official is visiting another foreign country be under any legal obligation to follow u.s. sentients against iran is is is united states sanctions against iran a global thing where everyone around the world must follow this or go to prison i think that's one of the big biggest questions here and then the fact that canadian authorities were really acting at the behest and the orders taking orders from u.s. authorities makes this even more problematic because again it violates canadian due
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process for the purpose of canadian rule of law overall the united states' involvement in this seems to be one of the biggest points here we'll continue following the story boom bust co-host ben swan thank you for that you got it. and finally with the release of borat subsequent movie film on amazon prime video last week the tourism board of kazakhstan is embracing one of the main characters catchphrases to promote the country now in 2006 when the 1st borat film was released it was banned in the nation after citizens and authorities said it was filled with offensive stereotypes and behavior from the film star sacha baron cohen well now this is a whole 180 the new campaign includes 4 videos that show tourists exploring the city's local food in the landscapes of the country and ing with for its catchphrase very nice now according to a press release from the tourism board the campaign is meant to celebrate kazakhstan and show fans of borat subsequent movie film around the world why they
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should come visit this incredible country now the same release mentions that despite criticism within the country when they were gentle film was released in 2006 tourism to the country had picked up following its initial release. and that's it for this time you can catch boom bust on demand on the brand new portable t.v. app which is available on smartphones and tablets through google play and the apple app store by searching portable t.v. portable t.v. can also be downloaded on a newer model samsung smart t.v.'s as well as roku devices or simply check it out at portable dot t.v. we'll see you next time. an entire village in alaska. if another country threaten the wife of an american.
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we do everything in our power to protect. wanted a skinny thing climate change poses the same threat right now alaska does seem some of the fuss just coastal erosion in the world we lost about 30 feet. 35 feet of ground in just about 3 months while we were measuring. is fast and he says the river is $35.00 closer to how. was. i don't think were part of the thirst for. the maturity to. go in and you may never get out of.
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my teenage gang rules here. i do want to remove. the mind of those who were. but. maybe will be. told. not to. and now it's looking for the yeah i knew you. and ellen the way. you do when you're the monkey little. computer communicate better than humans and their communication. is a lot to thing to do so the possibility of just being restricted with their
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brains we go with the fine art number of growing. even today even just combining true human brains together. i mean somebody has a lot of the advantages. sputnik 5 has to the world. just like its namesake the original sport. the 1st craft of all to leave the. orbit world sidewall many questions remain unanswered about russia's new vaccine the authorities are confident enough to go forward with mass production. puzzles. what the assembly states please we may see you. in the. raid to receive. interest early in their requests. william those of us
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fresh oversee. all right this is happening. will go on the reaction has been exactly the same as it was way back. to alicia nice job last night the world reaction is made of green cheese. but. it's. you have to. join me every thursday on the alex simon chill and i'll be speaking to us from the world of politics. i'm showbusiness i'll see you then.
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europe starts to close up again as the pandemic spirals out of control with france and germany going back into lockdown. the rage felt in muslim countries over a minute defense of the rights of islam so as no sign of dying down the pinion on the streets of paris those divided. even if we have the right to use blasphemy i have new right to my religion i find it important to just reaffirm the family every which we have firmly established from the caricature of the 1st. 2020 us presidential election tools record numbers of early voters with more than 75000000 americans having already cast their ballots but voter fraud concerns run high head of the big day.

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