tv Boom Bust RT June 26, 2017 4:29pm-5:01pm EDT
welcome to my rural come along for the. i'm lindsey francis boom bust broadcasting around the world from here in washington d.c. tonight's end of the road japanese air bag maker to cut off files for bankruptcy protection as it faces billions of dollars in liabilities in relation to over a dozen deaths due to their faulty airbags and coal on the rise after seeing record global lows the heavily polluting fuel appears to be making a comeback thanks to a few countries and the fight for fifteen rages on battles for a higher minimum wage around the world continues and we take a look at the debate here in america does a pay increase really mean a bigger paycheck we take a look at a major testing ground to stand by us starts right now.
prime minister theresa may may have failed at shoring up her conservative party's support in the june eighth snap elections but it turns out she's got a strategy to prop up her minority government she has shored up support from northern ireland's biggest protestant party it comes in the form of one billion pounds in extra funding over a two year period it will raise pensions annually by these two point five percent and keep universal winter fuel payments for the elderly in the province in place and the deal with the democratic unionist party will run for the life of the current parliament due to end in two thousand and twenty two listen to what arlene
foster leader has to say about the cash injection r.e.m. in these negotiations. how it's being to deliver for all the people of northern ireland the support measures which we are now. will be to the benefit of all our people. they will boost the economy and invest in new infrastructure as well as investing in the future of our health and education sectors. of other measures in light of this may can now proceed with a bit more confidence that her government can pass a budget along with bracks that legislation as the u.k. embarks on its imminent departure from the european union. and overwhelmed with every big recalls japanese manufacturer to cause has filed for bankruptcy protection in tokyo and in the united states the airbags made by the company can explode with too much force when deploying in a crash spewing out shrapnel that has killed more than
a dozen people and injured at least one hundred eighty it's also created the largest automotive recall in u.s. history affecting forty two million vehicles to cause says it needs the bankruptcy protection to maintain a product's supply and perhaps subsidized carmakers for the recall according to to cut a more than seventy percent of the airbags recalled in japan have been replaced only thirty six percent in the u.s. the tokyo stock exchange is stripping the company from trading as of tuesday. well coal is seeing a resurgence in three major economies in the u.s. is leading the pack the dirty fuel had a record decline last year but its recent rise has scientists worried that the effort to reduce global fossil fuel emissions will be hampered our teens alex were highly which is in toronto with the story alex what is spring the rise of coal here and abroad. well we've seen a lot of policy shifts happening you know with president donald trump who is talking about a call for a long time and it has been pumped up of the states by about nineteen percent over
last year that means that not a poll being mined but really when you look at the whole equation the u.s. is just a fraction of really the big picture the worldwide according to b.p. last year coal production dropped by six point five percent but now the associated press says that up to me it's jumped by six percent that's one hundred twenty one million tons of coal being mined and now you know when you move these numbers around it seems like you know what maybe it's a little bit less a little bit more how much is the u.s. involved here donald trump and china both to switch their policies around they said the they're basically to dig out some more coal for energy but really the biggest culprit here is india even when we saw a drop last year in the percentage of coal use worldwide india was using more coal than it was the year before and it continues to do so so any way you spin it that means that the major economies yes the u.s. is one of the three but think about the populations of india and of china one point
four billion over a beer in china over one billion in india compared to the how many people there are in the u.s. so you see the amount of coal actually being used is that it's a cheap type of fuel and it's a fuel that they're taking advantage of now and as i was for policy shifts in the states that's just a minuscule part of the equation even if donald trump likes to make it sound like a big policy shift well let's talk about environmental obligations not very popular with this presidential administration the u.s. calls on the rise obviously emissions reduction targets are very threatened do you think the u.s. china and india well actually be able to fulfill their existing obligation if the trend goes on well we know about the existing obligations when it comes to the states would president troubles or somebody said he wants a pull out of the paris accord which means that if that does happen there is really no obligation to do anything but like i mentioned the states really in the whole equation is a smaller player even though. those three countries put together they consume house of the world's coal and also they produce half of the world's fossil fuel emissions
so obviously when it comes to the environmental game big players and of course of the coal game as well now taking a step back and looking at the u.s. the long term predictions for the united states are that coal usage will drop anyway over the next decade or so simply because the renewable energy industry is growing at such a rapid rate in china also we saw a real push for renewables their target is to reduce the amount of coal or to at least plateau by two through two thousand and thirty some ambitious figures are saying two thousand and twenty now with this new pump up even last year they were closing down coal production plants they were as well cutting down on the amount of coal produced at each plant and now we're seeing a reversal in that the policies and china have changed in that respect so even analysts are still saying oh by two thousand and thirty they should be able to cap even when you were seeing this rise this year as for india once you get there the real culprit here it's
a country that seventy percent of its alec tricity comes from coal and the demand is just increasing day by day so india is going to be the briley a big player here and they're sticking to the paris of court so if they really stick to their guns maybe they'll be able to make some changes but the way it looks right now coal is a big part of their energy equation that's right thank you so much for coming in on that south we have that joining us from toronto thank you very much thank you. the fight for fifteen minimum wage movement has gained steam across the united states over the past five years and the debate over the alleged advantages and disadvantages of the policy has just reignite it for she has more on that for us right now how is this new study on the wage increase affected things what side of this debate does it actually favor there's always one you know what side is it so
this particular study is certainly favoring the minimum wage take party because the researchers are saying that it hasn't helped the working class and has instead hurt them so that the other side of the argument as you can imagine is not too excited about it. first orders would increase really help. the. lower and middle classes as a result. we're going to start from the top for a second seems like we're being a little confused here so there are a lot of questions to parse through when debating the federal minimum wage first starters wouldn't increase really help the lower and middle classes. as a result how could that impact the need for social services another one to explore is what kind of effect it could have on business and a new study says it isn't that good research from the university of washington found that jobs and work hours in seattle fell after the city voted to raise the minimum wage and it was the lowest paid workers like food servers and bartenders
that were hit the hardest by that on average they made one hundred twenty five dollars per month less the increase wasn't always a problem in the city though in two thousand and fifteen the minimum was raised from nine dollars and forty seven cents to eleven dollars which the researchers say didn't negatively impact low wage jobs the problem started in two thousand and sixteen when it jumped to thirteen dollars an hour so it's not good news for the end goal which is fifteen dollars an hour twenty twenty one jake a big door one of the study's authors said the goal of this policy was to deliver high incomes to people who are struggling to make ends meet in the city you've got to watch out because at some point you run the risk of harming the people you set out to help the study comes at a critical time for the minimum wage debate especially for seattle which was the first city to implement a significant change it's also going to make the debate more complicated considering data published last week reached an opposite conclusion research from the university of california berkeley argued that seattle's minimum wage quote
raises pay without costing jobs and in a few weeks the minimum wage will increase for large businesses in los angeles and san francisco and washington d.c. eventually plan to do the same but with the study in mind the possibility of a way to take in additional cities could change. nice to know who is funding these studies and what their findings purport how is a pro minimum wage crowd actually responded to this i'm guessing not kindly yes and so actually the study was conducted at the university of washington but with funds from the city of seattle which. interesting because they're obviously the ones that passed this measure but the other side of course that are supporting a minimum wage increase are not very happy about it and their main issue with it is that they just have a lot of questions for example the study did not analyze what happened to some of these displaced workers right you know for the ones that lost their jobs were they able to find new ones if they did take them a long time seattle also has
a pretty low unemployment rates of some analysts are saying well let's not jump to conclusions maybe there were better paying jobs that were offered for some of these people that were ones in low paying jobs so it's all as yet to be peer reviewed there are a lot of questions to sort out and as we know there are so many studies on the other side that are you know claiming to prove the opposite so independently funded study and see how that goes we're going to find that out yeah but it's interesting to see when the jobs reports come out they need to give it a a wider swath of time to be able to really study that so thank you very much. we're going to have to break now but stick around because when we return we take a look at the uptick and telling him banks have had nestle saw on monday also trading places a sit down with former u.s. trading commissioner bart chilton to discuss trade between the european union and japan as we go to break check out the numbers in the closing bell.
and all the world's. news companies merely players but what kind of partners are to america play r.t. america. america. we usually just like. to. you're. not part. of the world all the world's a stage we are just. a trial that we have spent countless hours for and through documents that tell the story about. corporate media uses to talk about you are
not. going to be clear picture about how disturbing. for which there. are stories that no one know. might have told. which. would you have for breakfast yesterday why would you pick. up. what your biggest fear was in the army right so let's. go to show you. one thing. now i did you. were. italian banks and that's where you place european stock straight up on monday when
i tell bank and bank up. are now rescued by the italian government the european central bank deemed the banks failing or about to fail sending them into insolvency procedures and this comes with a possible price tag for italian taxpayers of nineteen billion dollars italy's benchmark index footsie meb rallied one point five percent to two i'm sorry twenty one thousand one hundred fifty three ninety six and the socks europe six hundred index climb point four percent to end at three hundred eighty nine zero five the second factor in the european stock nestle billionaire activist. investor daniel loads of third point hedge fund snapped up a one point three percent stake worth three point five billion dollars loeb indicates he wants to cut out the company's stake in l'oreal offering more share buybacks and getting rid of non growth businesses nestle shares jumped four point three percent marking an all time closing high. and in an unusually upbeat annual
report the bank for central banks is raising the alarm the bank of international settlements says the danger of complacency in the face of recovered trade and steady growth could lead to risky lending threatening the stability of a global financial system of the global financial system whether world leaders take heed or at least pay lip service will be evident as we head into the g twenty summit in hamburg germany which is just two weeks away it's important to note here that after president donald trump withdrew the u.s. from the paris agreement weeks ago leaders anticipate his resistance to working and closer cooperation with foreign nations in tackling restless spending issues at the same time it's understood that german chancellor angela merkel is eager to sign up the united states to the g. twenty its financial stability board. and european union and japan are said to be concluding a historic trade agreement striking the accord would create an alliance equaling roughly a quarter of the global economy on everything from cars to cash even cheeze the
arrangement would come in stark contrast to the protectionist policies of president donald trump who has used incendiary words about trade agreements and the role of the united states in forums like the north atlantic treaty organization here to weigh in on what it all means for for us anyway former trade commissioner bart chilton part we've seen agreements. like this in the works for years this specifically an important tool for both parties particularly for the e.u. in light of bracks it's some other challenges facing the euro zone recently how big with this deal. be monumental i mean given the troubles not just with breakfast but with greece and maybe even it'll italy it's a big huge deal they've been working on it for years as you say since two thousand and thirteen they've just completed last month their eighteenth working session so they're really dealing with it and. trying to get it done their goal was originally
by the end of the year but hopefully they'll get it done within the next couple of weeks now japan is a huge trading partner with many countries particularly the euro zone number three after the u.s. and china so get striking a deal with japan would be a big monumental deal it's particularly important for japan we all know that they produce cars and telecommunications they also do a lot of medical in optical equipment trade with the e.u. and from the e.u. as perspective shipping export into japan cars as you know obviously but also a lot of pharmaceuticals and so it would be a good deal for both in really something that been long fought and be a huge matter right so recent history persuaded him to sit ministrations shows us that the u.s. has been somewhat of a leader in seeking to try to get from people business is the global environment labor conditions does this administration's approach to international trade things
like abandoning the t p p we've talked about that and cooperation in general does that send a larger mission about the u.s. just going it alone across the board i think it does i mean you mentioned the transpacific partnership that was a big deal yes it was really led by the u.s. and it was an eleven different nations many in asia including australia singapore japan vietnam and then in south america to peru cheveley maybe bolivia i'm not sure but bolivia and then mexico the u.s. and canada so huge deal and what we are trying to do you. two goals one was to sort of wean the rest of these countries off of china a little bit and have them go once on the us right particularly troublesome now that china is sort of acting like a leader with their built in road initiative that they've done but bottom the second reason that would be a good deal is that these trading partners have relied on china for so long that we
want to give them some comfort to raise their standards as opposed to lowering their standards so both with labor rights and environmental rights and sustainable development so that's what we were pushing is the united states that's changed a lot in this administration and interestingly the other eleven nations that are part of the transpacific partnership they're going to go it alone they're going to do it without the united states so it's so ironic that we in the u.s. had this pushed it and now we're pulling back they're going forward and my guess is china will step in and try to be involved in this going to fill that vacuum right away have got if they've got any smarts which they do europe last month the president saying germans are bad very bad referring to trade says he wants to negotiate directly with chancellor merkel you actually see that happening right now . relations and it's reminded me of h.w. bush rather bad very bad. and he had to have an interpreter the president to come and explain that didn't mean that the german people were bad but interpreter by the
way in the form of gary cole and works for the president but that seems to be a theme with this administration you have to have some of his people come up and sort of the proverbial cleanup crew behind the elephant trying to this one is saying that now yes it's a big job but the bottom line is is that i don't see it happening first of all you've got to be careful what you're asking for when you're criticizing germany i mean he was particularly talking about cars and putting a thirty five percent tariff on cars but guess what they produce four hundred fifty thousand b.m.w.'s they're really not in the part of the bird in the u.s. well and not only that but he's. turning away from that the whole logo you know the concept of the german car absolutely here really like those cars coming out of the same thing by the way with with v.w. i mean they produce in chattanooga one hundred fifty thousand. there there is two thousand workers there they're going to produce the new big s.u.v.s the largest
s.u.v. that if you ever had called and doubtless where else are they going to solve that but here you got it well but hopefully they'll sell some in japan too but there are even with the with the b.m.w. by the way they export of all these four hundred fifty thousand cars they produce in south carolina they export seventy percent of those to one hundred forty countries so before you start getting all down on the very bad german auto experts you might think about how it's going to impact the u.s. and secondly is the deal wouldn't be somebody negotiation wouldn't be with germany it's the eurozone remember all together now so it would be a good agreement with the eurozone not just with germany right it's with the super state as some say now where does this leave us with nafta candidate called it the worst trade deal ever as he does. as late as april he said he was psyched to scrap it lots of pressure from our neighbors north and the south he's now said he'll try to renegotiate ok where does he stand on this now what is nafta stand
right now well there it looks like they are going to renegotiate it and it wouldn't start until august t. he the president had to formally notified congress that he was going to read to go shoot it he did that on may eighteenth and so it can't start till somewhere in the middle of august and both wilbur ross the commerce secretary and robert light hisor of the u.s. trade representative already been doing preliminary things to get their their ducks in a row and look i try to be. as i do a little pollyannish on this there are things that make sense to tweak on nafta i mean this is an agreement that was from ninety three didn't go to affect the told ninety four originally started with we talked about h.w. bush earlier it was really an h.w. bush initiative brian mulroney president salinas of mexico they started it came and into force when president clinton was there so it could be updated i mean the
digital world technology agriculture there's lots of things they could do to update nafta renegotiating will have to see the mexican say we don't want to go shoot any stink and quotas or tariffs so that's off the blaze out of office but now we've got threats from from mexico and corn from elk the absolute out there but let's talk about august i'm a little skeptical as i usually am here about august recess it's august people aren't even watch much t.v. let alone washington at that time it seems a very advantageous time to paul this what does it mean for this town aside from the august time line but what is there already close to one hundred eighty lobbyists who have been registered on nafta so you know this town and lives on these sort of cottage industry. when they see an issue emerge and that doesn't only include different groups it includes a bunch of companies that even include some government so the government of mexico
actually has a a d.c. lobbyist and even the state of sinaloa which has a lot of products that get imported into us and even the province of new brunswick so everybody's getting in on the game. when you talk about what has to be approved in congress treaties like the iran deal that has to be approved by the senate but free trade agreements have to be approved by both the house and senate right so there's a lot of work to do on lobbying things and people are going to be doing it and probably take a little bit of a break in august be brought back i added as going to september negotiate during the congressional recess and then come back and try to hammer something out to help the next seven months on the well but hey good luck to you on where does that leave be. so it's being i'm sorry i'm trying to wrap my head around the entire nafta conversation let's not act on the trade front because we've got so much of this t.p. now after the eurozone going on why should we be looking for in the coming months it's a big question yes i was trying to just go through the list of everything we should
be watching out for but what's really at the top of the list so there's a few things but one thing that's not specifically trade but you'll know this what i say at the g. twenty meeting in which a lot of the seventh and eighth meeting in hamburg germany perhaps president trump going to have a hamburger and from french fry you know they'll say something like it like that potentially but you know that the g. twenty is meeting and there is their theme is shaping in interconnected world and not where he's coming from all right so we'll see how this this goes if he sort of has the big foot and some silly things and has to some of the other g twenty leaders smirking as they did at the nato meeting we'll see about those but then there is the transpacific partnership even though we're not part of it to to continue. you've got to contend now after we just spoke about and the other one asked me about germany earlier but there was also a trans atlantic trade agreement that had been negotiated for i don't know three
four years and that's just sitting around i don't have any hope i'm not going to hold my breath on that but that is the actual vehicle once the present administration gets around to it to trying to foster increased competition and cross border synchronicity on trade with europe but it will be a little bit before they get to a long hot summer thank you very much part shelton former u.s. trade commissioner. over elton john there's a new rocket man in town or more precisely in space over the weekend elon musk's space x. made rocket history with two successful launches and forty eight hours the first rocket launched on friday from bulgaria it carried the country's first telecommunications satellite with it the second took off from vandenberg air force base base in california carrying as well
a payload of satellites now musk took to twitter of course to talk about the launch going on about the improvements the company will make to future rockets he even boasted that he wants to rockets to relaunch on twenty four hour turnaround but up next mars as you might guess mosque is still looking to the stars with more than fifty missions lined up into twenty eight thousand this along with his usual talk of ferrying humans to mars around two thousand and thirty. well that's all for now check out the show on youtube youtube dot com. thanks for watching see you next time.
people have got to know whether or not fair present or support american people deserve to know your difference at this point does it may must guard against the military industrial. we shall never go. to war you should know that there is no magic yes we do but. with a. future. for brokers yesterday why would you put those who. wanted to know how i did to do to live up to more.
exactly did i say comedy gold i'm not saying by the corporate elite. would you go after the corporations that just more your lives profit over people at every turn. over data it's not for me it's like medicine it's like a cancer though all this. stress that the news put you under redacted tonight is a show where you can go to thrive from laughing about the stuff that's going on in the world as opposed to just regular crying we're going to find out what the corporate mainstream media is not telling you about how we're going to filter it through some satirical comedic lenses to make it more digestible that's what we do every week hard hitting radical comedy news like redacted tonight is where it's.
coming up on our to america c.n.n. retracts a story connecting president anil trying to rush a thing at the not only the company's editorial stander legal and media analyst lionel tells us why this is a big deal. for supreme court reinstates president from the travel ban at least temporarily banning visitors from six muslim countries. on a list of demands that's what qatar was presented with in exchange for the sanctions against that country one demand including shutting down al-jazeera that story and more coming up right now.