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tv   Boom Bust  RT  June 28, 2019 12:30pm-1:01pm EDT

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summit meeting in japan. and in cities like china american studies that standing by to explain how the. major aging nations the nation. and the rest of the world. california has found an international ally in their fight to preserve clean air standards and mitigate climate change are key correspondent alison ahead of that joins us from toronto to break down the fighting you know lions and the later ones who has hit the brakes after tearing it up over the past week miller the c.e.o. is on him to figure out what's going on with pins that he's got to show that is to go and dive right in. a bold demand that head of a sheetrock meeting at the g. 20 summit leaders are global report today as trying to reportedly insist that a lifting of the u.s. ban on the tech giant be a part of a resolution of a transpacific trade fight the wall street journal cited chinese sources familiar with the negotiating strategy and the other conditions president xi jinping will suggest for creating what the business paper characterized as an optimal bilateral
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relationship the report also listed a lifting of punitive u.s. tariffs and an abandonment of previously floated pledges to increase purchases of u.s. products among the proposals chinese negotiators will bring to the table and osaka japan has negotiated for their part are said to hope just to pick up where the 2 sides were before talks broke down. meanwhile ahead of his arrival at the g 20 u.s. president donald trump seemed to open a new rift with allies even as the fight with china drags on mr trump tweeted a complaint about india's decision earlier this month to increase tariffs on $1400000000.00 of u.s. imports across $28.00 counted tori's mr trump urged his grievances with indian policies ahead of his thursday meetings with prime minister modi 1st in tandem with the g.'s g. 20 host japanese prime minister shinzo on ebay and then separately move that upset mr trump was a delayed response to the trumpet ministrations increase tariffs on aluminum and steel the union government deliberated for
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a year before hitting back the choice of the trumpet ministration and made to revoke prized unprofitable g s p stands for 5000000000 dollars in indian imports may have tipped mr modi to retaliate. and joining us live in the studio to give us his expert insight into the g 20 and all the issues on and off the agenda that are moving the markets is senior asia pacific specialist at the institute for china american studies welcome back 1st of all countries up on what's happening in sort of the g. 20 pre-game sort of speak what should we know about what's happened thus far and what should we be watching for want to really gets going. we should be watching for 3 things in particular 1st it is the tree. meeting and where will they can put the create conflict back on the rails and try to reach for a solution. secondly we should be looking to regard to whether our. truck we should be looking at the meetings trump is going to have with other major
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leaders particularly vladimir putin i mean they never get to sit down these are the 5 members 2 of the foremost powers on your bill never talk about heads of state level so that's an important meeting and the 3rd thing we should be looking out for is given american you need actual some real this summit devolved down to 19 plus one scenario which you did to some extent in hamburg germany last time or america 1st become america a little bit so we should be watching for that and then on the lingering u.s. china trade and terrify we noted that the chinese delegates indicate a wall street journal that they were putting onto the table several conditions for traitress among them lifting the ban on our way now china seemed notably cautious or perhaps conservative in their response but this demand now seems much more bolder and they clearly chose to send a signal at a flagship us business outlet is trying to shift into a bolder approach and can they secure these concessions yes china is shifting to a bold approach but a little background out here has always been part of the negotiation it's been
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not up front but it's a behind and even i think of a couple of weeks back stephen merchant. mentioned that. if well where is able to give us comfort on certain certain areas we would be looking to remove some of the bans on here's the interesting factoid well this can happen. whoever is under the scanner i'm under bans for a variety of reasons you know there's last year's air national defense authorization act ensured that there would be a normal 3 procurement from who our way are there's an executive order placed which is evaluating our supply chain style consulate chains here and the role of adversities chinese adverse trees perhaps in that supply chain but here's the really interesting factoid when while we was placed on the into t.'s list that was done for national security reasons related to that arrest of the lady miss manning
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which relates to iran sanctions sort of if we can have comfort on that front on the iran sanctions front and have some sort of agreement on their you know they can be off the entities list and that is primarily what they seek so yes the chinese have been aggressive but there is a window an avenue for this for this for there some of their demands to be met frankly and before we go too far with this report that they've demanded a lifting of the waterway ban i should note the south china morning post had a much different take the post reported that the u.s. and china had essentially agreed to a trade truce to be confirmed at the talks citing one source in beijing and 2 in washington what's the truth here and what should we make of the fact that we have conflicting reports on such a basic point that's a good point i would i would actually submit that there isn't that big difference between the 2 reports the chinese are for him on the who are being front but they
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are also not doing it in ways that would torpedo all of the larger negotiations so they want it to be front and center not just as part of the backdrop in the trade negotiations going. forward but they were don't want to do to scuttle those negotiations and they want to get back on back on the rails the interesting point again out here is much of this dialogue is one of donald trump's creation he would likes to have leverage going inside the chinese have given a lot they've walked back a little but now the chinese are actually saying at the table you know we gave you a lot you need to give a little and donald trump is in the dial m.r. of how much he gives at what point he calls a trade war of if he calls the trade war off or no and he doesn't want to go into real action with a trade war frankly because it's hurting farmers ranchers and a lot of folks back you're so he's in the dialer mouth who's making and the chinese are doing this hard but but in the broader context of having
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a successful negotiation now there's as well lot of friction between the u.s. and other a stance of our allies ahead of the g. 20 summit japan the e.u. and remarkably india the u.s. president was tweeting complaints about india's recent tears against a fairly small amount of u.s. products just as he is that to me with indian prime minister narendra modi now are we seeing the u.s. on another front of trade hostilities and could this action affect the u.s. india security alliance no i don't think it will affect the u.s. and their security alliance but india is coming under the scanner of the trumpet ministration are the trumpet ministration has absolutely make it made of norm that they might have if section 3 or one cares against india the way they had against china they have literally made it known that what india will lose is many of those h one b. visas of the which are prime prized by indians and and 80 percent or 70 percent of those go to india and so they it's a leverage point and these are the 1st or bleakley been made known to the indians
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but what i would submit out here is look question is whether the u.s. government has the bandwidth to do and fight so many fights simultaneously remember the u.s. and. see a trade agreement has to be ratified on the hill like tell you who is spending a lot of time on the florida for cation e.u. and japan are 2 issues there and one just doesn't move the bandwidth to 0 to take this fight to india all perhaps will this happen in early in the next term if gets reelected a lot of balls in the air 0 groups of ice thank you so much for your time you will . force european business has been struggling and the company announced that it will cut $12000.00 jobs by the end of next year to try to turn the business towards profitability this is part of a cost reduction overhaul as ford faces stagnant them and a huge investment cost to build low emission cars in europe to meet the new e.u. emission targets which will come to terms and 2021 ford europe has been losing money for years and has been under pressure to restructure its operations after
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arch rival g.m. recently gave up on his european business altogether opting to sell a tip ago this is nothing new for investors as ford in the past has slashed jobs closed factories and killed vehicles in europe and 20122016 earlier in the 1st quarter of 2019 this is the 4th overhaul this decade that ford is restructuring its money losing operations in that region but demand for cars in europe is falling and the industry surveys predict sales will stagnate or decline in the next 3 years ford says that it would intend to double the profitability of its commercial vehicle business in europe supported by a restructured joint venture in russia and a strategic alliance with volkswagen. california has found a partner in the fight to reduce air pollution with the state not seeing eye to eye with president trump when it comes to vehicle emissions california has gone north of the u.s. border to make a deal with more we're joined by our chief alex mahela which in toronto. alex
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california is seen by some as a green leader now the state has bypassed the u.s. federal government and partnering with a foreign country in order to get things done tell us about it. let's let's be frank here the candidate in california have actually been working together for a while to get things done so this is not some sort of reaction to what's happening with the trumpet ministration from him from either party really that the 2 parties themselves have been talking about 1st of all lowering emissions in light vehicles or light trucks as well as working together to enhance and to push forward the green vehicles such as electric cars so this has been a project a long time in the making and now they are actually pushing forward with it now one thing to keep in mind here is that canada is saying yeah we want to push forward with you but they have not agreed to a standard like california to reduce emissions so it's something kind of us looking into but it really hasn't latched onto it yet if you look at right now canada and the u.s. are in tandem when it comes to lowering any type of greenhouse emissions and
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emissions from automobiles and other vehicles this is something that is actually a rarity in this world other countries all have their own standards but canada the us have tied their standards to each other now the stricter standards that exist right now are in california and 13 other states and for president trump well that's something that he's not really into at this moment for canada and california canada my job on board but you know trump's really worried about the states within his own country when it comes to those he just doesn't like it one bit now thinking about president what exactly that he want from the us. what president trump is talking about you know he's looking back at what president obama former president obama put into play and that's this reduction in greenhouse gases in the reduction in emissions from automobiles and there's a plan for that and president troublous say no let's put a pause on this he wants to stop at the 2021 emissions goals here's a graph this basically describes everything for you it's
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a projected emissions under obama and under trumpet out here's the here's the thing as you can see in this graph the difference equals to hundreds of millions of tons of c o 2 is being released into the atmosphere now california and other. states would actually like to reject this relaxation that trump wants to push through and that is putting them head to head with the federal government actually there is a threat the administration has threatened to challenge california's legal right to do this but back in 0970 this is where california got this right just simply because of the smaug that was affecting cities like los angeles also you know what we're seeing here from the federal government is just a lack of will to discuss this and to push this forward so california and the 13 other states well that might be going it alone as for president trump no decision has really been made at this point and alex quickly the climate crisis is also on the agenda at the g. 20 in japan but not everybody is on the same page what's the latest. as we know president trump is a bit of a climate skeptic so obviously not on the same page with somebody like france's
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micro who's been pushing this forward who is a big proponent of the pairs accord and here's the thing it's all about the language what's going to be pushed through at the g. 20 that the final communique from the g. 20 when it comes to climate change micro wants to see the paris accord in there he wants to push these countries forward he wants to push the efforts forward and he wants everybody to be on board with doing some then making drastic changes obviously president trump start on board but here's a key issue here investors managing more than $34.00 trillion dollars in investments around the globe that's nearly half of the world's investment capital they put together a letter and they're saying they want governments to act on climate that's what they're telling the g. 20 a and if everybody anybody knows investors and money that's president trump so maybe he'll listen to them money talks are actually correspondent alex miller it's thanks for joining us. thank you. time now for a quick break but stay tuned because when we return that coins bull market bull has
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hit the brakes after tearing it up over the past week rocking miller the c.e.o. betsy on is on hand to figure out what is going down within seconds and as we go to break here are the numbers of that close. it seems wrong. to shape our. culture. and in. the trail.
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choose to look for common ground. we're going to st petersburg international economic forum and the topic of our panel is are we witnessing a paradigm shift in the global economic order the answer of course is yes it's a matter of degree. people as a short period that we had and i'm all for will be a new globalization period that will be networked driven i predict that america will become a subscription service like netflix you all subscribe to america and they have to offer you a value proposition to keep your subscription alive. as we speak large organize care of in our on the march to the united states.
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$70000000.00 a player coming and going to carrying. no swarms remains morning. this is a virtual invasion of our country. so far because anything we say. that i met him and i'm in doubt are no for nothing up in the form of. you know it's going to stuff it in. a nice powerful. as you do is you know we're going to see a more google's you noticed. that. most people think just stand out in this business you need to be the 1st one on top of the story or the person with the loudest voice of the biggest read in truth to
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stand down the news business is just the dance the right questions and demand the right answer. question lol. in more g 20 preparation news there is an item from the crime blotter to report a member of the brazilian president gyre bonsa narrows entourage was arrested in spain after police found 39 kilos of cocaine in his bag when the plane he was on landed in seville en route to osaka japan sargeant men while silva rodriguez was traveling with members of the president's advance team in a separate plane from the president when police found 37 bundles of the stimulant in the airman's bag the incident raises a number of inconvenient questions for the brazilian president who was elected on
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pledges of an iron fisted approach to crime as he arrives on the world stage and seeks to build confidence among foreign investors back home mr bronson are expressed confidence earlier this week that brazil's lower house of congress will pass a spending cut package before their recess and july. u.s. economic growth accelerated in the 1st quarter however the export and inventory boost to activity masked broader weakness in domestic demand g.d.p. increased at a 3 point one percent annualized rate unchanged from prior readings but consumer spending was revised lower growth and consumer spending accounts for more than 2 thirds of u.s. economic activity which was revised down 2.9 percent from 1.3 percent the weakest in the year excluding trade in tory's and government spending the economy grew at only a 1.3 percent rate in the 1st quarter this is the slowest rise of domestic demand since demand since the 2nd quarter of 2013 the u.s.
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central bank last week signaled interest rate cuts as early as july citing rising risks to the economy as momentum growth is slowing with manufacturing sliding and the trade deficit widening again. economists polled view the 3 point one percent figure as exaggerated with trade chance to china and mexico unsettling businesses and dampening can see. confidence which partly negates the strongest labor market in decades. while many are alarmed by the sudden 18 percent drop and big point in the last 24 hours the rest of us hostlers aren't even sweating it we're actually chairing that because we now get the chance to have a healthy consolidation and the pull back now i want to make a point to something that was said earlier this week by frequent boom bust guys peter schiff when there was doubt that because it is a store of value and he said. i don't think they're correlated to reality i think people are gambling with crypto currency is just the way you would gamble with a casino but that doesn't mean i would advise portfolio managers to take the
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allocation to buying lottery tickets or you know or going to las vegas now where all the naysayers that say that bitcoin is not an emerging store of value let's take a look at the definition a store of value is an asset in which you can exit out of out at a later on time at the same value if not more in the comparative currency bit coins has been around for less than 10 years and in this short period of time there is only 40 days when you would be in the red buying into it 40 days that's nothing and that means for the rest of its existence you would be positive and that's incredible that's an emerging store of value the last few days we see real institutional volume coming in and we saw buy for big client $8000.00 vacant yesterday afternoon and grants greyscale investment trust surpassed $17000.00 meaning that investors are paying about a 40 percent premium to market in their order to buy big point spots these are exciting times and this pullback is just another buying opportunity to accumulate
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and now with more we bring back rocky miller a bit see in so rocky now this 18 percent drop is barely a 5 percent correction most of the traders are familiar with bitcoin patterns and are expecting a 30 to 40 percent correction but this doesn't look like that to me i think this is just a low pullback maybe back to below 10000 what do you think. yes of the 10000 mark is is really important like right now there's still a lot of support at 10000 there are considerable amount of traders out there that are waiting to you know pick back pick pick back up at that level ones that have missed the last parts of the bull run so the support indicates that you know the 10000 level will stay for a little bit longer than i think some people are predicting now it is also a very psychological level you know $10000.00 mark mark for it to have been crossed it's really brought out what looks like a retail full mo in this because they did the price acceleration from $98.00 to
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$13.00 kids have been just in a matter of days so you know if it goes below the 10 k. mark for a slightly extended period of time we could see that 30 to 40 percent pullback but as you said there's a lot more institutional volume there's in fact just a lot more volume if you look at bitcoin at the height of you know 2017 when it was trading at 20000 dollars global turnover was daily turnover was 19000000000 now it is 44000000000 that is a magnitude larger and you know this is showing in the infrastructure as well we've had outages in bold and point base and sometimes that also tends to instill some kind of fear and a little bit of pullback but the level is very important yes now big question dominance is right now at 61 percent and that is high and the cycle it seems definitely long for now that we see more institutional involvement when are we going to see the point start to pick up. yeah the big question dominance of 60
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percent is kind of in line with was again trading at the height of you know the 1920 thousands what's been interesting is that this this run up in coin has not been met with all coins in the trading circles there's a lot of talk about all coins you know. being low. lagging behind bitcoin in the run up so there is you know dissipate and that it will it will happen but really if you think about what's been happening in terms of pulling out certain support for all coins or by nancy pulling out of the u.s. the access to all coins is becoming a question and i think that that is going to weigh heavily on some of the old coins but at the same time would be quite dominant reduces you see quite strong points like theory and pick up and leave the void where bitcoin is you know leaving room there so this just really goes to show all coins that have a solid value proposition and usage are going to you know follow along the
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footsteps but you know because it's been there for 10 years it's proven itself and that's still going to be the gold standard in rocky we attributed some of this rally to facebook's for e into crypto currencies by introducing libor is introducing the masses to what is crypto currency some sort of a pseudo crypto if you will but isn't it really one of the selling points of crypto is to bank beyond banks libra can be used by people who do not have bank accounts to link it to link to it or credit cards there's nothing about how libor will lower fees to convert the money into libor money and that is the essential challenge of consumer banking so how is libor supposed to deliver on the promise of the cryptocurrency. that is the $1000000.00 question a. yes so i mean if you think about it the only way for it to achieve what it's saying that you know it's wants to achieve is if lever becomes
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a currency in the true sense where there are people that are on back to that are earning libra because the on ramp becomes the biggest question if you don't have a fee because you don't have banking accounts you have the problem as you as you pointed out so you would have to earn that currency and there would have to be sufficient avenues for you to then spend that current. for real utility food water you know brett for it to be really meaningful you know as we talked about even last week it's it's too close or too early to say if there are any plans for any of that at this point it seems just like a you know asset backed currency at this point well waiting to see how they fix this problem rockey miller the c.e.o. of bits and thank you so much for your time thank you. and finally there has been a boom recently in the meatless meat sector with the likes of beyond meat and the impossible burger popularizing vegetable based products that look like hamburgers
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and other meats now fast food sandwich chain arby's known for having the meats is rolling out message to bulls meat based product that looks like a vegetable arby's chief marketing officer jim taylor said of this call an area masterpiece plant based meats are the latest incarnation of making vegetables look like what americans really want which is great tasty meat 1st will be known as the merits a carrot look alike that is made with 100 percent arby's turkey breast according to the fast food chain the merit contains the vitamins found in iraq here it yet has no care it also contains 30 grams of protein and nearly all the vitamin a one needs to meet their daily allotment this is like such larry's marketing ploy to me that they actually say that this they have 100 percent the daily allotment of vitamin a which is what carrots have because they're probably good for eyes or you could just eat a carrot but now i want to see what you make of out of a salad yeah the pictures are interesting but i think i have to see this thing in real life before i decide if i'm going to eat it. that's it for this time you can
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catch boom bust on directv channel at 321 dish network or streaming 247 on that a t.v. the free t.v. app channel one very tim or as always had us up at youtube dot com slash 2 most are so you know. when the whole make us manufacture come sentenced him to public wealth. when the roman plus is protect themselves. when the final merry go round certainly the one percent. we can all middle of the room signals. the real needs.
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that are owed to. go behind or to feel good but so. far good. of it is that people. just fitted the mother ship it. to move. them in to fish you know not just because. they are the house of. god since we. need. to move the unit. scared or to. give the learning. system definition in.
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the midst of the new shit. this is a sticker from the water bottle found in the stomach of a fish the brand is part of the coca-cola company which sells millions of bottles of soda every day the idea was that let's tell consumers there are the bad ones there the litter bugs are throwing this away industry should be blamed for all of this waste the company has long promised to reuse the plastic. special projects funded. on the. phone now the mountains of waste only grow higher.
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than. the leaders of the world's most powerful countries meet at the g. 20 summit in an effort to ease a growing trade tensions and find solutions to a slew of political crises. but with. a little. we have not seen each other since the helsinki meeting of the us if you work together they gave us great opportunities for follow up on that. one of which was largest waste management firms is convicted for attempting to send tons of contaminated household rubbish to china wrongly labeled as paper for recycling.


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