tv Boom Bust RT March 27, 2019 8:30pm-9:01pm EDT
and later we're on the watch chain as our t.v. producer great job or in of the interviews o'connell of swift on what could be the bright future of watching all of that directly ahead but first we had some headlines. a promise to resign these are global report today is u.k. prime minister theresa may reportedly has indicated to her conservative poly party colleagues that she is willing to resign once agreement is approved ten downing street later released the text of her short speech to conservative m.p.'s in which she acknowledged quote desire for a new approach and new leadership in the second phase of bracks in negotiations this may wrote i am prepared to leave this job earlier than i intended in order to do what is right for our country and our party the resident resignation offer seem to be the last card ms may have left to play and tried to try to get her deal passed parliament and initial reports suggest the move may secure the votes of at least some euro skeptics in her party mrs may's game changing concession landed on
a marathon day of debate and a defacto opinion polling votes on a range of sixteen different bricks and options and parliament speaker of parliament john bercow was expected to call those options to about eight he also insisted that he will not allow a third vote on him on miss may's bracks plan unless it's substantially different from the one parliament has rejected twice. and there are new european rules of the road for internet content providers as the european parliament passes a new copyright law that significantly tightens legal standards for what can be shared online video sharing site you tube as well as google and facebook were among the stakeholders opposing the new law content creators including movie studios and music labels on the other hand argue that copyright protections must be updated for the internet age the controversy is centered on two articles of the wall numbers eleven and thirteen that require a search engines to pay for preview displays or. found news content and
affirmatively assign responsibility for preventing posts of copyright materials to companies critics of the wall including the electronic frontier frontier foundation who criticize those provisions of the new copyright directive as big an overly broad member states of the e.u. will now consider the measure separately. and here to break it all down and delve into the details on both copyright in europe and brags it is hillary for which the sealed strong market hillary because you know with us now hillary first of all with this what happens next with the copyright directive we just discussed it goes to the e.u. member states now and how soon we actually see this implemented if the member states find it to their liking we made a very good point first it has to go to all the member states the twenty seven member states and we know that that consensus won't necessarily be easy to gone or if it is gone it will go into effect in twenty twenty one but here's the issue the swedish. any piece of just come out and said that they actually made
a mistake in their vote there was a lot of confusion over the vote and that's what they have just announced so many of those who voted yes meant to vote no so that is robert confusing as you mentioned article eleven article eleven is sort of called the link tax it actually has unintended consequences some significant celebrities such as paul mccartney and blondie deborah harry have come out in support of it but what they really said is that this they are intensely consequences it's meant to protect the artists by making sure the artists are of course reimbursed but the on intended consequences could be that it actually stifles any sort of creativity. and that sort of is the two sides of the debate on one side we have sharing sites on some activists and groups am that morning up against constant creators and activists and the opponents say the copyright directive will some some call that a law that will kill means that sort of stream interpretation on the other hand many creators are seen. music shared and the income is about reading but it sounds
like on the merits of it yours you think that they probably have perhaps on the side of being too stringent on copyright on the vote absolutely yes they have and actually i would always say to everybody in europe if you don't like what the member state is actually voted for or you have to do is to overwhelmingly send an email to the e.u. and everybody does that they certainly would would would sort of back off on but i do think it's been a mistake in the actual vote not just a mistake in how it's being voted for him but in the actual process right lots of promises problems in europe right now speaking of which jumping to briggs that we have to get your take on this breaking news today about prime minister theresa may basically suggesting she would resign if and when to the deal is passed almost an explicit pro quo with the euro skeptics in her party to get their votes what were viewers need to know about this latest development well two things actually jacob reese mogs just came out and said response said that he would reluctantly vote for
it he knows that he'll be viewed as a traitor he said that he's most unfortunately going to change his mind but he feels that some sort of deal is better than no deal even though he acknowledges is a bad deal for our audience so you asked me to give a perspective i actually mentioned this on the screen news show to explain it to everybody what the current deal is it's very confusing but to make it simple that everybody understands this is like the children and all the relatives of a fan of a two parents decide and vote that they'll be a divorce so the majority have ruled the british public the u.k. public and entirety mostly from england and wales have voted for bracks it right that's like your children and relatives voting for divorce now the divorce agreement which was negotiated by your lawyer your lawyer is theresa may with the divorce that's we negotiated very important it's the same analogy is that one should divorced you will pay alimony and child support to your spouse you will still live in the same house under the same agreements. in that household which is
the same as the trade the whole customs union right and then you're not allowed to date or to get remarried and that's the same as no dating no remarriage the same there's no no external trade deals now would you or any member of our audience male or female take that deal no so here's my analogy to recently offering to resign once the vote goes through is like your lawyer offering to resign once it was over so what was the result you're stuck with a result i must say everybody probably has i have great admiration for theresa may in terms of how it was a statesman like. forms but what jacob riis more has said is that actual statesmanship in guiding through what to the british public overwhelmingly voted for has not been statesman right and i'm certainly looking himself thinking about moving into indonesia themselves in china he is. very interested but yes there's jockeying for the leadership obviously now after she resigned and i would say this my last point is that in joking for that leadership the point has been made that if
no deal had been forcefully stood for in the against the european union they would have had to come back with more compromises and they would have offered a better deal and that is a mistake that was made in so who are you forward shields for all markets are joining us and welcome. and treat issues have been consistently near the top of the global economic agenda during the trump presidency here in the united states now here to talk trading give us his take on all things economic is friend of the show and professor emeritus of economics at the university of massachusetts amherst richard wolffe professor wall thanks for joining us. glad to be here we're always glad when you can join us and i listen. in on the got dates one thrilled to be interviewing you and bart's absence let's start first with the apparent wall until the here in the u.s. trade deficit it hit very high sixty billion dollars for december of twenty thousand but the figures for january released today by the commerce department show a sharp once
a month decline of almost ten billion dollars lending just above fifty billion now in the trade deficit what do you make of first the the result for january that sharp drop and this and those swing does from december what is going on with the stress is it as drastic as it seems. well it isn't very drastic to tell you the truth because this number bounces around quite a bit not as much as it did this last month but not that much less either i think what you're seeing is an enormous level of uncertainty nobody understands where this trade war that mr trump and the republicans have started around the world with europe particularly with china and so on no one knows how that's going to end up no one knows what effects it's already happening there are signs that there are serious effects so nobody knows what plans to make companies can't decide what to buy what to sell who scuse me so there is this uncertainty that makes the numbers bounce around the basic situation which people really have to understand is that
over the last thirty years american corporations left the united states to make more profits to go abroad to pay lower wages around the world and ship all that stuff here the result is that we buy from the rest of the world way more than we sell hence the deficits mr trump would like everyone to believe that it's cheating and the people on playing fair that's silly what has happened is a political seismic shift in which corporations and their the why. made the key decisions close their businesses here move them abroad and suddenly we're not producing here and selling to the world we're producing over there and importing it isn't and that's the story of our deficit. now moving to canada our neighbor to the north they today reported similarly their worst back to back monthly trade deficit
numbers ever in their deficit was down slightly in january but still high nearly three point two dollars to two point two billion dollars american exports there grew for the first time since july of last year what's going on in canada and is there a factor here of their their wall in the trilateral trade fight with china what's going on here with canada. yes it with canada tends to follow the united states in many ways but yes you're quite right to bring the attention to china china is flexing its muscles the canadians were asked by the united states to do an extraordinary thing to a rest aha i level executive of the weiwei corporation at the vancouver airport several weeks ago and they didn't take the steps they could've taken to question all of that to ask that that person be brought into the united states in some other way instead mr trudeau simply threw in the towel perhaps hoping to mollify this to
trump with whom the canadians have a lot of problems and simply said yes we'll extradite her and send it to the united states the chinese protested they did it diplomatically that seemed to make no difference and now they're showing that they are a major player in the world and if you do something they really don't want they at a ball and willing to push back they're doing it to the united states by not buying our soybeans and cetera et cetera and they're doing it to the canadians letting everybody see you have to work things out with us the days of you telling the rest of the world what to do are over. and as you mentioned the canada has sort of been the side car to the united states and to the rest of the world and sort of in a changing world situation it's not clear if that's the best if that's the best future for them but staying with canada the wall street journal reported today that china has rescinded a sect a shipping permit for
a second canadian green handler apparently by terror incorporated a subsidiary and then corp e l c yeah and the trade officials say this was over a pass tainted shipments of green but the canola council in canada says they think they're being locked out and as you said they think it's retaliation for this war way arrest do you think that's exactly is that why. china is doing that are they is it is street quid pro quo retaliation and how vulnerable you sort of alluded to already but how exactly how vulnerable is canada if china actually does choose to retaliate. well i think the burden of evidence suggests that the canadians are quite right this really isn't about pests that are in things if you do an international trade in agricultural products it's always relatively easy to show that there are some impurities there are some things that in there they shouldn't be etc etc this probably is an excuse very thin one and that's probably to let
everybody know what the real story is china is saying look we buy canola oil that's actually the issue in this case we buy canola oil for cooking and so forth here in china we buy it from canada where it's an enormously important grain product and we're not going to play by the usual rules of the game if you don't if you arrest our executives if you side with mr trump in a trade war that you yourself don't support ok that's your decision but then we're not going to simply roll over and play dead we're going to push back we can buy oil from other parts of the world that will lead to you know you have to deal with us differently it's a basic real line ment of the world that we're watching absolutely it's a changing world in regard to glad to have you as our guide richard wolffe professor of economics emeritus at the university of massachusetts amherst thanks as always very time. thank you. catching up with brazil the
current and former presidents are making news former president michel to mare was released from jail this week after four days under arrest on charges of organized crime the case reportedly involves as much as five hundred million dollars worth of illegal payoffs related to construction it in nuclear power plants mr tener left office with single digit approval ratings and was elevated from vice president to the presidency in two thousand and sixteen after the impeachment of his predecessor dilma rousseff and what many of the foreign observers termed a legislative coup meanwhile current president narrow has sparked outrage by ordering the nation's armed forces to celebrate the one nine hundred sixty four us supported military coup in which overthrew president joe outdoor laertes on the upcoming fifty fifth anniversary on march thirty first of all sonora spokesperson said the president does not consider what happened on march thirty first one hundred sixty four a military coup and brazilian mining valley has lost control of seven hundred sixty
five million dollars after assets after prosecutors asked for a freeze on the assets as collateral for expected damage payments and the terminations of operations at valley south upper dam i don't go so go and borrow dickel car use. and. then moving further into the southern cone the mere volley next the key in next and one of us iris has been on shaky ground for the past week argentina word president maurice your macro has implemented australia the measures at the head of the i.m.f. is quickly approaching an election october that has caused some shaking shaking is in the markets and will give a slide over the past week it stood just shy of thirty five thousand points around this time last week but had since fallen to just under thirty two thousand and trading today one key point for the markets movement is the competition that we could face in october which includes former president cristina fernandez de kirchner who embrace some popular positions as president this uncertainty and austerity comes at a time when according to a recent university from
a recent study from the catholic university of argentina nearly one third of argentine citizens live in poverty a number that jumps to forty one percent in one of cyrus with three quarters of a million people added to that list just last year. time now for a quick break but hang here because when we return we're back on watch chain as our producer brant interviews lisa o'connor of swift on what could be the right watching and as we go to break here are the numbers at the end. join me every day on the alex simon sure and i'll be speaking to guest of the world of politics sports business i'm showbusiness i'll see that.
after the previous stage of my career was over everyone wondered what i was going to do next. different clubs on one hand it is logical to sit at home. fields where everything is familiar on the i want to the new challenge and the fresh perspective i'm used to suppressing. what. i'm going to talk about football not the or else in the sink i was going to do. by the way ways of the fly here. do you cranium presidential elections are just days away but a quarter of eligible voters still don't know who to support with thirty nine candidates in the race is the choice too broad of a hops to construct it. as
an officer. to get up off the ground you yasser began to hear him down. heard them freeze on the sounds of an mit grown man in the christening essentially . trying. to push through away from the officer. of his group. they obviously did a kind of lunge for the weapon once missed and then when it happened on tree swung at the two stations didn't hit him i never saw any contact between the two any kind went back to where they were so the officers back here they're trying again fifteen feet apart at this point and that's when the officer pulled his gun in even contrary.
welcome back swedish audio streaming giant spotify announced tuesday that it has acquired park house the podcast network that focuses on crime mystery and science fiction programs the price was not disclosed parkas has already launched eighteen podcast series and plans to launch twenty more this year apple's podcast platform has long been the standard bearer in the podcast business with just over fifty percent of the pod podcast listeners using their app to do so but spotify achieved in one thousand percent market share just a few months ago in september of two thousand and eighteen spotify boasts two hundred seven million users and in february the company announced plans to invest up to five hundred million dollars in podcast production earlier this year spotify acquired two other pod podcast networks gimlets and anchor for three hundred forty
million dollars spotify stock closed at one hundred forty three dollars in ten cents on monday and fall fell about by about ten points on today's news in early trading. black chain technology can be used in a variety of ways whether it is verifying crypto currency transactions monitoring the supply chain or even protecting patient information in the medical field but what about the traditional banking industry our spoke with swifts ahead of capital markets and standards for the asia pacific region lisa o'connor during hong kong hong kong watching week. step to the co-operative of the bank it was set up over forty years ago it is considered. be the oldest private cloud for the financial services industry we have eleven thousand members in our in our cooperative and
those members all leveraged with services in different ways many people know swift as a human company but in fact we do many things to our members can be corporates they can be asset managers they can be brokers they can be banks and they leverage the network for many different things including payments treasury transaction securities transactions except and on top of that we offer value added services things like compliance tools on top of the network also things that help with screening of payments to reduce fraudulent transactions and we also offer consulting and services to our members orders which differ from the traditional. so we are owned by the banks so we are owned by the banks we have a very strong governance structure that's around us but the banks own us and they direct our activities we have a board of directors that is made up of primarily the banks how does play into what swiss does so from a certain perspective we certainly have done
a lot of proof of concepts around watching we started back in twenty sixteen even working on a few of them we've done some research around where as a block chain from a technology perspective we set on the technical committees at the standards organization level to look at the development of a block chain as a technology but in general we've done proof of concept somewhere evolving those as we go but the idea is from a suite perspective not that flushing is always the answer just that it may be a technical solution that is part of the answer and what i mean by that is we always look at what is the business problem you're trying to solve so for example proxy voting is not very efficient business problem and then after that why do we want to solve it and what advantages could certain technologies bring to that and that's how we net everything together how do you start to grow been forward. i think that it's really interesting because swift from its its essence is really a platform company right it's a it's a platform of eleven thousand members and from
a blocked chain specific perspective we are looking at applications in our own right that we might develop and we're also looking at how we might look to work with third party so again back to that proxy voting example what we did was we worked with a third party application provider who looks at everything in the proxy voting chain and does that on the d.l.c. and stems and we looked at how we could bridge our messaging and our a.p.i. and the use of international standards in that platform to make it most efficient for all of the people involved including the banks and the exchange that we're working with in that case how. can you mitigate the issues where you know i mean what i know of swiss is the controversy so how do you mitigate that with all the. broad work that you guys are doing i mean obviously there's the iran sanctions issue and i know i don't know whether you get into better now. but i mean just because what you're saying is this great movement within you know
a group of banks using the block trade and everything but the problem is you know the only media attention you see in the united states about swift isn't about the actual use of the product but it's about the controversy which is very interesting because actually we've been very deeply involved with the federal reserve and the us working with them on their use of international standards and their next generation payment platform. and we've been very closely linked with a lot of i would think very good developments around payment systems in the u.s. but of course that's not the interesting stuff that probably gets in the news but but i would say in general you know we are owned by the banks were directed by the banks and what they want to achieve. i know that as it relates to technology there's been a lot of buzz around swift as well in the press but i would say. a as it relates to cross border payments which is really the core of our business there have been comments about swift maybe not being very fast and taking days to make payments
that lock chain is the answer certainly in our opinion and in the opinion of our members that's not necessarily the answer because we've been working on payment innovations something called the global payments innovation g.p.i. it's just which is actually already today doing three hundred billion in payments today across one hundred forty three currencies so a lot of the challenges that have come from a technical perspective toward swifts i think the numbers speak for themselves and why do you think that swift. doesn't think watching is there i'm not saying we don't think of the answer i think what we're saying is we need to look at what is the question so for example if the question is. you know we want to work on trade finance and making this more efficient in markets and it is not efficient today right and how do we make that more efficient. chain may be and
could rightly be the answer for that and what we want to make sure is that whoever is the best of breed block chain provider that comes out of that battle we help to enable them to knit together the trade finance flows with the actual payments that underlie all of that linking that back to our global payments innovation so that's what we're trying to do is look at what is the question and then lock chain may or may not be the answer from a technical perspective but you have to work through the problem to get there and you have to work you have to be able to fail and ultimately we want to reduce friction take out inefficiencies in the market we want to make sure that whatever is put in place isn't free inventing the wheel and is also backward compatible into what the banks have today because there's no point putting in place a very wonderful solution if it costs too many millions of dollars to connect to it and it creates that friction in the organ. so how can we leverage what exists today and make sure that it's improving smile. that's it for this time you can catch on
direct t.v. channel three twenty one dish network channel or streaming twenty four seven on. the free t.v. channel one thirty two or as always have us up at youtube dot com. so you know. pressure gate to your circus or nightmare take your pick is seemingly settled trump says he's been exonerated but the political left in much of the media do not concur where do we go from here and will the investigators investigate.
the tense situation in venezuela is still all over the news the problem in venezuela is not that socialism has been poorly implemented but that socialism has been faithfully implement from the inside venezuela things look different we're going to announce sanctions against petroleum to venezuela associate the. famous will have a son of a moment to think that empathy and political battle to stay on the path to the map of the moment the focus of the who story isn't new makes him cold in henry kissinger to tell him that it would not be tolerated in latin america an alternative economic and social system could take hold and therefore the policy would be to make. the chilean economy scream so wants now making the economy of venezuela screed.
russia to get out. the all options are open. just so you understand all options are all. moscow must go that is president trumps position following the arrival of russian troops in venezuela warning that all options are on the table. for this prime minister tree said may announces she will resign or is willing to at least but not before she delivers brags that. you and city council meets at syria's request following u.s. official recognition of israeli sovereignty over the golan heights a disputed area on the border with syria. my country's government considers this just.