tv Boom Bust RT November 26, 2020 8:30pm-9:01pm EST
$1000000000.00 or roughly 19 percent of g.d.p. and 2020, the highest peace time and level on record. meanwhile, british finance minister rishi, so nak, announce more than $370000000000.00 in public spending to address the hardships brought on by the pandemic. it will allocate funds for testing and p.p. and support for the national health services among other measures. so for more on this, let's go ahead and other economic news of the day. let's go ahead and bring in blue, bus. co-host christiane and octavia moran's the c.e.o. of optimists l.l.c., always a pleasure to have both of you on the show to talk about these things. octavia want to start with you here though with the british budget deficit. ballooning are these measures unveiled by sinak anough to support the u.k. as it's one of the hardest hit developed nations due to the pandemic. sun is one of the hardest hit nations, and so they're looking at having a budget deficit this year about 19 percent. and that sounds absolutely dreadful, awful, but it's just a touch worse than the us. that's going to clock in a summer 87. and it's a bit worse for him. so the u.k.
is in pretty good company, some of the worst student. i'm not very far in terms of the measures that put into place. i mean, it's really revolving mind a few things. 1st of all subsidies for people who work this could be extended until march. an increase in the minimum wage is going to be introduce them. i think about 100000000000 in terms of infrastructure, spending the next year unclear of the reason to come soon enough that we see the real impact by their own measures. and so the questions all these things enough to really make a difference will not read it because the real problem is the law and the law since the population. and that's not going to be changed by increased spending to school stimulus. so these things will certainly help those people receiving money. it's unclear how it's going to help the economy overall. the real thing that has to happen is these lockdowns after a while one. so people go back to work things back to normal or less. if all that i don't see any way out for them. so it's a really active in what we're looking at is worldwide. it's going to be
a time will tell scenario is once we get out of this pandemic, we can release those lockdowns. then we can really see the growth in really any of these nations that are specifically hurt by the pandemic. correct? absolute, i think is absolutely right. but however, what i do think there's a substantial risk of happening now into the future. is the governments of sort of develop a taste for these kind of lock outs, and that will see this happen in the future, the slightest sign of anything going wrong. so imagine what happens if avian flu comes wind blew or this 3 chases. we both are in west africa. i think the severe reaction will see governments who simply trigger reaction that they'll suddenly slammed on the economy in china. and i think there's a substantial risk that these kind of looked as they come up the trouble lives and have enormous economic damage. and so i don't think we're out of the woods. and i think that the see government behavior change the future. and they can be much more trigger happy in the future. and interesting point there, octavio chris, the u.s. equities are down wednesday as it's pointing out employment data kept sentiment in
check on whether they had actual jobless claims rose for the 2nd week in a row. break it all down for us kristie you know? so right now are definitely had it for a double dip here for the 2nd week as we have the number of americans filing for the 1st time. unemployment rising printing at 778000 or 730000. so you have illinois, michigan, washington and california suffering the largest surge in initial claims. i walk into new claims, fell worse than expected, and i think emergency claims are soaring as americans roll off the standard unemployment benefits. so that kind has been completely off base. so now we're looking at the social tally, the aggregate number of americans who see the unemployment benefits rose over one 130000 last week to well over our 20000000. so i think it paints a pretty good picture now of what we're in for this winter. as the economy is continuing to grow, and we've been saying this, but i don't like meant it's a lagging indicator and it took
a while to start seeing this weakness being respected here. so the downside risk for the economy has only run despite the optimism that this vaccine is imminent and will solve everything. so the data is really showing just how the divided the nation. really, companies are doing that. they've ordered up cash and capital goods. orders are still remaining pretty strong, and there's still some investments going on in durable goods side, especially for a stay at home. consumer electronics are really telling the economy right now. but on the flip side, consumers and workers, they're hurting, has more lockouts restrictions to place. so usually during the holiday season, you get a boost of extra ships, but now those jobs are not going to be there this year. so this flight, a lot of long term damage from this more stimulus will definitely need to be passed soon as soon as possible. in order to get through the next 6 months, but, you know, our coach, they've, you know, the market's been riding this vaccine optimism for several weeks now. but in the latest poll in november,
only 58 percent of americans said that they would actually get back to me with 40 percent said they would be a willing citing reasons such as the rush development timeline and say, the concerns of the many health experts just to be clear on those, those numbers. they anticipate the numbers of people willing to get vaccines will go up as they see the safety after people have actually already had the shots administered. but so is this faxing with the question remains the, is this hype going to turn into a dud and will we see the market dip when things don't quite pan out if they don't pan out with those numbers that we just talked about there? well, i think you're absolutely right the, the, the market has been riding on this vaccine, but on a couple of the points as well. i think another important point is that the election that we just went through in the u.s. has turned out to not be quite as chaotic as some people would see it going into or going to look like it could get very, very messy indeed. and now it looks more or less like we're going to have a smooth transition, and the worst fear is either we're out of the woods entirely. they are still some
room mischief. i think they're all, but we'll see how that plays out. so the vaccine as a the election but also the fed has made noises about being very willing to maintain. and people like janet yellen, censorship treasury was support those 3 things of interest with roxanne, skepticism. you see in the u.s., so grown from a lot more people very doubtful about the u.s. vaccines in general. so it's almost as much the demographics in our operation doesn't take it. but i would also point out that maxine was in many banks in the us a list station trials. and the trials on the success of the plane by with wide eyes in the trials have not been independently verified of this. so it's still very early on that sea trials and 35 years later, we're still waiting for the backs and many trials looks much as much from us as these 19 banks. so i don't think it's entirely clear that will get
a vaccine very soon. i know people talk about progress and a lot of the optimists will see how it plays out, and we're actually to talk about exactly that in just a moment. now, kristie as we head towards the holiday season, shopping at fishley kicks off on thursday. shipping networks are going to be taxed to the maps, but are we going to see consumption pick up in the face of this pandemic? well, granted, certainly an interesting situation. you know, the power base in chile networks are definitely constrained. as the 3 major carriers have been shipping already passed them for months now for ship didn't i? and so this is going to be unprecedented. and with immense, produced in there to be about $10000000.00 packages, a day delays are banks getting christmas. so expectations are that it is going to read only $9100000.00 parcels a day during his $34.00 day period. so last year, for comparison, total capacity was only at $65300000.00 packages. so this is definitely going to be
a new record for our last count of the dhobi analytics predicting a total of $189000000000.00 and on my holiday sales. so that will interest 33 percent increase compared to last year, which is equal to true year's worth of quality e-commerce sales growth shoved all into one season. so however, even as online sales surged over, all of a sales are still expected to remain flat compared to recent. yes. and this comes as the areas that's going to miss, probably going to get an income, continue to shrink as government welfare programs and, and americans are now digging deeper into their stay. so consumption is expected to be modest. so right now, the national retail federation trade group, like many during the early conference call, said that they will not be coming out of the forecast until later this month, given so much uncertainty. but deloitte is only expecting total sales to rise around one percent strength period compared with the fort left, one percent increase last year. but we'll keep an eye on that definitely in the
coming weeks boom, bust coast christiane c.e.o. of optimism well suit. thank you both for your type. thank you. and the president, the european commission says the 1st citizens in the e.u. could be vaccinated before the new year as we just heard there. in new has made agreements with 6 potential vaccine makers to purchase more than 800000000 doses. nearly double the population of the bloc commission president addressed the e.u. lawmakers on wednesday and spoke about the toll the pandemic was taking on the block was nearly 3000 deaths a day. covered 19 was the cause number one for deaths in the e.u. last week. hospitals remain of distress and in some regions, intensive care units overwhelm the 1st european citizens my already be vaccinated before the end of december. and there's finally light at the end of the tunnel.
and yes, as i've said, vaccines are important. but what counts is vaccinations? member states must get ready now. since the onset of the europe has reported more than 350000 deaths due to killed 19 all of this in mind. let's go ahead and take another look at the trends and spread of the virus globally with our g correspondent, side tabular. so where we once are, so we have now officially surpassed 60000000 confirmed cases globally. the u.s. continues to lead with over 32000000 cases right now. now of course, the u.s. is heading into a national holiday, things giving. so i just want to concentrate on the u.s. today. 1st look at the daily case counts. we saw on tuesday 100, almost 180000 cases, an astonishing 45 percent increase new cases compared to only 2 weeks ago. and
that's not all the u.s. is also on pace to surpass 100000 hospitalization, which then of course turns into deaths, which is why we saw such a high number on tuesday. in fact, there were over 2200 deaths the deadliest day in more than 6 months. and, you know, health officials are really begging americans to rethink things given travel yet americans are still traveling to see family for the holiday. despite pleas from public health officials and not to do so. you know about 1000000 americans aboard a plane this past weekend, still less than half the number seen on the same day in 2019. but the highest number of travelers we've seen since the start of the pandemic and the crowds are only expected to grow. you know, next sunday is likely to be the busiest day of the holiday period. all warning signs that people traveling for thanksgiving could increase the spread of the virus . so the question remains is, will things giving turn into a covert disaster?
and for canada's thanksgiving, which they celebrated on october 12th, the answer was yes. you know, taking a look at our friends to the north, canada celebrate their version of thanksgiving about a month ago. now right before there are things giving canada was logging about 222500 cases per day. now just a few days after those cases doubled brant and then followed by their death rates, which also significantly increased after october 12th. and of course, people don't mean to spread cloven 1000 right, but i want to show our viewers just how easy you could spread it without even knowing. now, take a look at this graph. it lays out a 14 day scenario. i guess that we don't have the graph here, so i'll explain it really quickly. so there's a 14 day scenario in which your per cent get scolded then becomes of year ago. so
they want a person gets exposed to cold. it is called him joe. now a day 5, he feels well and gets test that and then becomes negative. now day 10 day 8 jol joined his family members for thanksgiving, about 17 of them while being contagious. then on day 10, joel starts getting symptoms and gets a positive test. then on day 1410 of the 17 family members who had tended things giving the job, develop symptoms and tests positive. and even people who are careful in their everyday lives may view things, giving as an exception of a chance to pretend everything is normal for today. but the virus, unfortunately does not care for the holiday or not, of course. so all hope right now is on a successful vaccine either by pfizer astra zeneca him or during our withdrawal have given world stock markets a lift. so while may be good news for pharmaceutical stocks, not the same for the travel industry. of course, in fact, travel of bending is expected to drop 45 percent from 2019 levels. so
this is how we're seeing all of this of sac, the market, which is why we're bringing you this news that boomers brought. hardy correspondent site 70, thanks so much for keeping us up to date time now for a quick break, but hang here because when we return we'll do a deep dive into the state of the chinese fight against poverty and how they managed to pull off some major feats as we go to break here, the numbers at the close a memory you will notice in your ocean cruise, it was a march toward with the word of the
city, but to lead you to surround us on something you never knew of these, which you see on the local, which is based on your own work or one would you would please leave your speeches to start a little chip time with you, lucas, which you that you know, which is nice. how do you price value? how do you value prices that makes up an economy? and all we've been saying for 10 years now is that if you used money as the underlying unit of measure,
you're going to end up disappointed and in the casino. they've been describing it as this happening right. now you need real money. gold is real money, but it's not really as good as it is. the real thing. join me every thursday on the alec simon show and i'll be speaking to guest in the world of politics. sports business, i'm show business. i'll see you then the world is driven by a dream, shaped by the one percent of those who dares thinks we dare to ask
them what i want them anymore, but i will go on or you will pull you out of the mountains and what about and i didn't do, it will always be the good. is it also home on apache to keep it or don't or don't let you come up with a good man about the how i live and i'm mad at the dam and the minimum time because i'm not bad with them, but only a bit of us dies of them they're gonna do like about nanami,
but i have the only thing it is about their welcome back, new numbers out of china this week indicate that the nation has a limited extreme poverty nationwide. something that the nation's ruling communist party has said is a capstone of its policies, meant to eliminate inequities. joining us now to sculpt host ben swan and professor richard will host of economic update and author of the sickness is the system. when capitalism fails to save us from pandemics, great to have both of you here to talk about this professor. i want to start with you here. poverty elimination by the end of the year is a key facet of the communist party goal to build what is termed a moderately prosperous society ahead of the party's 100th birthday and 2021. how do you perceive this announcement that they have eliminated extreme poverty?
well, it's the caps on, as you rightly say, of some pretty good been saying for quite a few years they've meant to do it. they have given documentation, you have the error of the county inside china that had gotten to the standard of at least no offer to your no extreme poverty. you know, we used to be skeptical about trying any statistics like this, but we've learned over the last 20 years that turns out they're mostly were correct . you can't say good for very long other statistics undercut your claims if they're not true. so i think this is probably the case, and it's a testimony to what this serves. society has been labeled the we have seen the wedding 19, we've seen the way they have grown their economy. we've seen the way there are more of the few economies this year that are still growing and supposed shrinking. and so now they are traveling just that one of the consequences is to do something
about extrusion, are very fulfilling of promise of the communist party. but also demonstrating yet again, that the chinese economy is a remarkable player internet as were ben professor of just spoke about the trustworthiness of these numbers and how they have oftentimes been called into question. do you believe the numbers coming out of china and what do we know about the details behind this announcement at this point, ben? yeah, when you get, when you drill down on the details, i mean, there are some fairly interesting things here. 1st of all, let's start here. china's threshold for poverty is separately low according to an analysis of these numbers that was done by the wall street journal. it shows that even if you talk about these people who were recently lifted out of poverty, we're talking about about 373000000 people or 27 percent of china is still considered poor. because if you use the world bank poverty standard of $2000.00 a year 2000 dollars a year. so essentially, what would that means is that china is kind of setting its own threshold low or
than the international standards set by the world bank. the other thing that's fairly interesting here is that urban poverty is treated separately in this analysis from rural poverty. obviously the kind of the focus of the communist party there and, and pings administration has been to focus on rural countryside and not on the urban areas. so there's been more of a focus there. having said all of that, let's be clear about this as well. the eradication of poverty in china is a real thing based on the numbers that are coming out. there are millions of people living in those countryside, areas who are living much better today. millions upon hundreds of millions of people living better today than they were even just a decade ago or 2 decades ago. so we can quibble over the numbers and whether or not they're exactly on par with what we would call poverty in extreme poverty. but it is true that people have a higher standard of living in these communities where they once did not. and i think that is something worth note, professor if i actually wanted to ask about that, how important is that point that ben just made about the growth that they've seen?
whether it lines up with a western philosophy on what is poverty versus what we're seeing in china. but how important is just seeing that growth in china, you know, especially among the poor there. i think the important one and we can't be sure that had nothing to do with china about where you draw the poverty line internationally. but also here inside united states, for example. now that the issue has been debated, i think much for the any absolute rubble which we can pour all about is the rest debatable question. absolute has gotten better and then had no interest can compare photographs. both of rural and urban china 102030 years ago. no such skylines as you see today. no such evidence across the border in die in
restaurants, leisure activity, cell phone us. i mean that's what i meant before. you can see so many difference the cystic so that if any one of them is far out of whack, it kind of exposes the whole thing. so i'm not surprised. they said this, they want to reach it. it's another feather in their path. and remember, it's what the rest of the world of the majority want, which is to grow, to expand, to reduce the poverty. and they're able to show real progress in that, in that process. professor, whoa, whoa, what can the rest of the world learn from china when we look at this growth out of poverty? well, you know, it's a big debate. and one of the chinese truth is that if you do have a warm day arrangement, to moralize, public resources and drive resource. if you don't give it all to the public,
maybe the soviet union example, and you don't get it or maybe the u.s. and the u.k. . but if you put these things together under a real story and the arrangement, well then she should get things accomplished with that end of mobilization. whether it's finding coated, whether it's surrounded in poverty, but you can't get if you don't do that. and the fundamentalists notion that actually below one of the other, that is what china refuses to go high if it struggles with the u.s. . and it struggled with this tradition and nasho that this is a problem which can do extraordinary things in the way of economic growth. and bet i want to give you the final word on this because the one point people are definitely going to make about this report is also that there is still a large wealth gap in china beyond the poorest and the richest. as you see here in the united states, a pretty much in any country worldwide. how do we part with that?
yeah, what, listen, that's kind of the point here that yes, while china is doing obviously good things in terms of eradicating poverty, its wealth gap is absolutely growing. the 400 richest people in china had their wealth grow by 64 percent just this year. but guess what? that's where china looks a lot like the united states, right? it looks a lot like the west when you see that wealth gap disparity where it does not look like the west is in the eradication and lifting people up out of poverty. we don't look like that. right now, and for someone like myself who says, oh yeah, i believe in the capitalist system, man, the united states is sure, a poor example of what capitalism could look like. instead, it looks like everything wrong with capitalism. whereas china looks like and i like what the professor said a minute ago. it doesn't have to be all one way or the other. they're doing things in a very different way in china, and we ought to pay attention to it. ben swan and professor richard wolffe, host of economic update. thank you both for that expert analysis today. and finally, what better way to promote a book about a treasure hunt inside of a video game and create a treasure hunt inside a video game?
author urges klein has partnered with robot locks as a tie in for his new novel ready player 2, the sequel to the 2011 bestseller ready player one. now, the original book of correspond the 2800 film directed by steven spielberg, which also had a similar event inside the game of the treasure hunt inside robots, will take place across 7 different video game worlds. the 1st of which is already open. those who compete in the in game hunt will be awarded special virtual goods. in a press release, klein said rowe blocks is the closest thing to the digital world he created in his novel. the company behind robot filed paperwork to go public last week and revealed it is over 30000000 daily users 12000000 more than it had just 2 years ago. the game is free to play. the company told the verge in july, half of us, children, and teens, under the age of 16 have played roadblocks amid the pandemic. and that's it for the time you can catch a thought by their odd portable t.v. at portable dot t.v.
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4 teenagers are reportedly charged in connection with the beheading of a teacher in france last month. another person who was taken into custody is a known islamic radical also ahead party journalists are among those injured as a motions run high in the argentinian capital, as fans grieve for diego maradona, ecuador's foreign president. rafael correa, shared his tribute to the late football star. he himself was from a poor family so he.