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tv   Boom Bust  RT  November 12, 2019 7:30pm-8:01pm EST

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if they think and what the sentiment mean by that they found that raising blazes and later the new york federal reserve has just accepted a major of repo bid good again but does that bode well for the economy overall steve kean author of can we avoid another financial crisis joins us today from amsterdam to delve into the details of the injections and what waves it could have for global markets so many stories to get to in so little time so let's go. we begin with major news on the health care front google has reportedly partnered up with one of the largest health care providers in the nation to access health information belonging to possibly as many as 15000000 americans across 21 states the wall street journal reports that google has won access to health related information through its partnership with ascension which that is the largest 2nd largest the 2nd largest health care system in the u.s. through a collaboration code named project nightingale so what kind of information will google have access to how about lab results dr diagnoses and hospitalization
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records just to name a few in short google now has access to a complete health history including patient names and dates of birth from the journal quote google began project nightingale in secret last year with the st louis based ascension a catholic chain of 2600 hospitals doctors' offices and other facilities with data sharing accelerating since summer but here's the kicker with all of this happening other patients or doctors were notified so of course the 1st question that's going to be raised does this agreement fit within hipaa laws which are designed to safeguard to protect medical information ascension says that it does and that no hipaa laws are being broken. but we also now know this that at least $150.00 google employees already have access to much of the data on tens of millions of patients again google insists that they are in compliance with federal law so the next question does this agreement put your private information at risk by allowing a monster tech company like google to have access to this information and how will
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google use it to answer that question we're joined by dr john dombrowski a pain management physician with the washington pain center thanks for being with us so when the wall street journal broke the story on monday google admitted that ok you know it's not a big deal you know a lot of doctors the patients they don't even know who's handling the back end of technology acting as if this is a department right that's not at all what this is as a doctor number one is it common to know where those 'd health records are going and secondly how different is it when those health records are going to google it makes a big difference now we have electronic medical records everyone is digitized before when you have that paper record no no you have tremendous privacy the government has forced physicians would be digitized so it's easy to access that record data birth social security numbers diagnosis all this is very important and again i'd really this is news to me now they're going to say the happy face of google we want
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to make your life easier doctor better diagnoses smarter diagnoses better lab reports for that i applaud them but this data has tremendous value multimillion dollars who's going to get the benefit of that does the health care system get that money that they're being for or whatever so that's very important other thing that i find interesting why do you need to know patient names why wasn't a blanked out or social how's that relevant maybe rather sir where were you live ok that could be helpful hypertension demographics not so helpful but these other things that's kind of curious for sure now google appears to be using this information to design new software which would be underpinned by a i artificial intelligence and machine learning. which would then 0 in on patients and suggesting changes to their health care and if that's something that could be useful are does that undermine the actual role of a doctor or a physician i think we as physicians eat as many tools as possible and that's great i applaud technology but i don't want technology be used to short circuit the doctor patient relationship that is 1st and foremost we now see patients will go on
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google and they look on the internet this is my diagnosis they come to me to tell me this is what i have a goal that's a good start and starts a conversation but you should never forget what medical education is about all these tools are great but they should not you know for gold medical education or for sure something about the story stinks several things i think one of those is the fact that google has said to the reporter so far who have questions about it that no money changing hands we're not even paying for this we're just doing this for free nothing's free you know but we also know in our own firm friends that is reporting on this later tonight that there are reports that ascension in the walky for instance was getting ready to close maybe 4 hospitals this was in april of 28 they're going to close 4 hospitals were talking about that possibly scaling back another 4 hospitals and then suddenly they got an infusion of $25000000000.00 no one seems to know where that came from i think we'll probably find out soon but suddenly this money you know kind of floods in and then they start acquiring
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companies at the same time a big shift for a company that says we're about to close hospitals and now suddenly is doing this what google is doing is they're taking medical information on possibly as many as 50000000 people and they're using it to build out a business model and this is clearly not being done for the greater good this is developing business so the question is why shouldn't google have to seek permission from these individuals if you're going to build a business based on health care and develop these tools why not seek their permission to see that the state of california the state of california has to make made laws that say if you're getting this information on our public you should pay me for the. information is valuable information is power and that creates a lot of money and i actually had a hostel here in washington d.c. that closed i used to help out there teach there so it's very funny but i mean they it's a catholic they do a lot of good work and they certainly do need an infusion of cash and perhaps google has provided them now google isn't the only company who's pushing for access
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to developing health care tools facebook also recently announced a similar initiative to create a system that takes user profiles to recommend health care checks but what google has done goes far beyond us so at what point does technology start interfering with the health care sector rather than supporting it so let's take the positive you know i see you have these eating habits or something like that you go out a lot you know maybe you should to cut back on your salt to your caloric intake or some guy and then that starts again the conversation but again sometimes they could be very intrusive how do they know i was looking to go to the bahamas you know all this sort of stuff but i'm just going to say a very happy way that made this information could be used for good obviously it's a double bed sword we always have to be cautious with that and certainly patients or the health care industry should be paid for this very because we're going to create a bill multibillion dollar industry for you for keeping these patients healthy and fascinating story we'll have to keep up dr john dombrowski pain management specialist at the washington pain center thank you so much thanks.
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troubled we work startup now controlled by soft bank is in discussions to hire the infamous fixer john the c.e.o. of teen mobile and managed to turn t. mobile around from a distant 4th place lagger amongst us wireless carriers into a strong 3rd place competitor and is in the middle of a merger with sprint that could turn the company into a formidable member of the industry soft bank is intent on turning the company around announcing to investors last week a 3 step plan to cut costs we work still hope to eventually go public once its current mess is behind it and the bears name is $1.00 of the 1st names to pop up as a potential leader for we work as a team mobile and we work apparently run in the same circles softbank is a majority owner of sprint and played a role in installing sprint c.e.o. marcello clar and carr who is also a we work executive chairman then helped to orchestrate the $26000000000.00 merger
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with t. mobile where ledger air is expected to step down from the c.e.o. position once the deal with sprint is completed and that is now one of the many candidates being considered for we were. some very big news for a big point on tuesday as the chinese state news agency actually published a front page editorial on bitcoin for its millions of readers you know china has long had an official stance against big coin even though there is a huge underground market in the country but the official chinese stance on big coin has been warming for instance the state news out of the people's daily recently called blog chain a breaking point for the country to overtake with this latest article which for the 1st time actually focused on big point itself acted as an explainer of big m. it marks a significant policy change toward the world's leading cryptocurrency again this and this is a very big deal because the article refers to as the quote 1st successful application of block chain technology. end quote and that is leading to speculation
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that china could be considering lifting its controversial ban on big going trading which was imposed in 20172 other things to keep in mind one just 2 weeks ago president xi actually urged the industry to accelerate the development of block chain technology and to just one week ago china quietly removed him from the list of economic activities that were no longer to be encouraged and this you know kristie you know this is a very big deal because if president moves in this direction and they actually legalize big mining and push for big going to mean you can see that that number skyrocket has a full strength of the government support behind it and that's the thing when you're looking at a one party system such as china when they decide to do something the entire country follows through in a very very powerful way we've seen that already in the last 2 decades where china said we're not going to be a manufacturing country anymore we're not going to be made in china anymore we're going to be consumed in china after that within
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a span of 20 years the entire nation turns basically from a manufacturing base country into a consumption based country and that's something that's so impressive in order to lift that entire 60 percent of population like that. it's true to the chinese are much more ready it feels like to pursue bitcoin than probably any other major nation in the world because they're so technologically advanced they're chomping at the bit for it so it's kind of interesting too that president xi is kind of becoming like a hero in the big korean world that they're starting to see him in this very positive way exactly and as you mentioned the entire market was previously underground so now they finally have a chance to come back up when 90 percent of trading is already in asia and china is the undisputed leader of the coin mine in the 1st place it's a big deal tire hang here for a quick break but hang here because when we return and fires continue to blanket many parts of california but for many the fight for their homes has just begun arky correspondent atocha sweet brings us the latest on the controversy. the major
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energy company. store for what would be the world's 5th largest economy plus the federal reserve is back in the headlines for everything but does this foreshadow bloom for the global economy author and economist steve keen joins the show after the break to delve into the data and to get a break here the numbers at the close. ties are financial survival. when customers go by you or do sometimes. well reduce a lower. that's undercutting but what's good for market is not good for the global economy. or specter of
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socialism 30 years after the fall of the berlin wall social and is now remarkably popular what explains this how to explain why so many successful believe in privileged people look to socialism to solve social problems maybe it's because liberalism itself is failing. your government our government and all the other major governments of the world know what's going to them when it's going to. but they haven't told you and they haven't told me they haven't announced. imagine something as big as the earth. is going to cause tidal waves earthquakes volcanoes erupt and it's going to chill. so very for a while right. my great grandfather's quote. nobody would care
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about the law or prison so you'd have wallace this should have. a terrible life between now and the. another day another piece of bad news regarding jewel the latest the cigarette company has announced it will cut $650.00 jobs in an effort to cut nearly a $1000000000.00 in costs next year joel had previously said it would cut only $500.00 jobs this latest announcement means the jewel is cutting about 16 percent of its workforce this is on top of the announcement from september in which jul announce that it will cut marketing spending as it halts all product advertising in the u.s. instead the companies are going to focus on advertising products only to smokers
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not sure how you do that but jewel has been hammered over the past few months as it has been largely blamed for teen vaporing which some especially politicians are referring to as a crisis in fact also in september the trumpet ministration remember this they announced that they were readin a ban on flavored cigarettes jewel and all other east cigarette companies must submit applications to keep their products on the market to the food and drug administration by may of 2020. as stocks by the california telecom a p.g. and e. take a massive hit the company is still sorting out to have a $1000000000.00 insurance payout the claim is working to cover losses for fire last year deemed the deadliest wildfires in the state's history but now the governor of california is hoping to delay the settlement r.t. correspondent natasha suite explains why from los angeles. the way it stands right now is p.g. and e. moves forward with the $11000000000.00 payouts insurance carriers and hedge funds would be compensated for the losses tied to last year's wildfire in paradise fire
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victims see it as a slap in the face and believe more needs to be done for those who lost their homes and businesses number we are close to 1st siemens and her son hunter walk with their home once stood now in empty fields new rules over the beautiful candor and here they escaped the deadliest. and most destructive wildfire in california history with their lives lost everything they own. there is a whole life we are plenty in life. need work still hurt to get it it's been one year since the wildfire killed at least $85.00 people and destroyed about 95 percent of the town of paradise blamed for causing the fire is burying every one of its power lines in paradise underground. but that in itself is simply not enough the utility giant agreed back in september to pay an $11000000000.00 insurance claim settlement but now governor gavin newsome is saying the deal is premature this is where the controversy for residents lies according to court documents
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insurers have paid out roughly $16000000000.00 victims in california but many insurers sold off their claims against me to investors like group l.l.c. which owns more than $6000000000.00 worth and abrams capital management which owns a whopping $72000000.00 the court documents reveal about post also owns 4.6 percent of p.g. any stock in abrams 4.7 percent if the payout goes as planned post would reportedly make quite a profit enough to even offset the losses it's taken on its stock holdings from p.g. and e. shares dippin shares fell 1.5 percent to 638 monday but solace like gains tuesday 9.6 percent insurance proposal is scheduled to be discussed wednesday in the us bankruptcy courts in san francisco and in the meantime a wildfire assistance program has been set up by the bankruptcy court with money from p.g. and e. $105000000.00 will be spread across $100000.00 victims for basic needs not already
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covered by fema and los angeles and harshest sweets. the new york fed added $112000000000.00 to the financial markets via temporary operations tuesday the. liquidity additions came in 2 parts one was an overnight repos totally 76400000000 and the other a 35000000014 day repo this was all done in order to help maintain the fed funds rate was in its target range now when the fed 1st started pumping billions of dollars into the repo markets back in september they said this would be a short term liquidity injection that this was a technical glitch due to the end of quarter and tax obligations yet 2 months later the fed continues these emergency interventions if this was a short term plumbing problem why is it still continuing then when the problems still persist as the fed announced that it would resume pomo injecting 375000000000
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each year for the next couple of years apparently this is not to eat because the fed will do so organically but language games aside it's q e on steroids the fed's bailout operations have increased its balance sheet by over for $250000000000.00 since september and now it's not just the short term liquidity that has dried up but it has spread to the c.l.o. markets the collateralized loan obligations market fell 5 percent in october while the equity index has soared to new all time highs these declines in the $680000000000.00 market could be a warning for the one trillion dollars junk bonds market as c.l.o. bonds are made up of just below investment grade or loveridge corporate loans traders are worried about the health of the market as the double b. rated c.l.o. bonds are now just about 5 percent higher than the yield of similar junk bonds and that is the widest spread since early 2016 when declining oil prices triggered
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a massive sell off in leverage loans and with more we bring back the change especially of economics and patriotic and author of can we avoid another financial crisis so steve we're seeing some unprecedented growth and central bank balance sheet right now it is growing literally twice as fast as the last time they enacted q e. so what are the repercussions on n. packs of this on the financial markets. well the fed's been playing the law supports the financial markets since 2010 and of course in the process itself when banki in the belief that pumping up reserves would create loans which is the stupid to export model the mainstream economists till he had said that totally change the nature of the i've been off market so they used to maintain the federal reserve right by using oh the floor and ceiling or color approach where you you have a you have a target in the middle and you can basically because this is a trivial level of funds in the market itself you can slot it over in
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a daily basis and maintain it within that percent band but when they decided to pump these assholes on enormous scale i mean they q.e. was huge what the negative was even even bigger than that ses rescue during the beginning of the at the early stage of the financial process that's completely changed the nature of the market and i think that forgotten what to do that's half what's actually going on here the experience they had they've lost over the last decade they've introduced in a brave new world that they don't understand themselves and they don't understand themselves so the 1st round of quantitative easing back in 2008 it didn't really do what was promised it was supposed to be this infusion right that was going to restore the economy and get things rolling again but as he said it kind of made us an addict it was like being injected and now we can't get off this thing. that's a little i'm going to go back in 2012 which was the early days of q.e. and q again about 2013 there was the the next panic rescue during the cross which is back in september of 2008 which i thought is where you were thinking about there
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and he trembles reserves 100800 1000000000 to 2.4 trillion it literally in in one month when they began q.e. the philosophy was that this would generate a wealth of fix and the wealth effect would cause consumers to spend more and that would boost the economy and fix every. in up well 1st of all the wealth effect only into the wealthy. if because they are boosting the process of existing shares remember they had the s. and p. bottomed at 666 i love that number 666 points and then was turned around by q.e. d. and if there was 4 times that and its holding the cost of the b. reserve isn't that bad then they've been flooded with by buying junk arms off the financial sector or otherwise known as q.a. they've got to do something with the cash they buy shoes and that benefits the wealthy not the not the poor now we know the full spend money when they get it we know the wealthy pretty much relatively speaking darrent and in fact even the federal reserve published the piper saying that they there's no wealth effect from
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shares and there was also supposed to be the trickle down effect and that also never materialized at all so this year alone $37.00 central banks have participated in monetary easing whether it was through lowering the fed funds rate target or open market operations or purchasing securities and treasuries the fed now just printed more money out of thin air than in the entire big quine's market cap so at some point what in society would in countries what in the people at the consumers who never saw any of this money stop trusting the purchasing power of legal tender . well i think the money to an enemy that capitalism faces is now classical economics in whatever form that takes and i would normally dismiss an argument like that because ultimately say that money rules in a unit in a country because of the power of the government itself to enforce those wishes. but you really really have people doing moronic stuff with with banking because they're following economic textbooks which all the central banks flatly maltman
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locking was like the bank of england and the moon is fact the center on the whole idea of creating reserves you don't create laws is wrong it's not have banks operate but i think that mindset still dominates the federal reserve so this this prototype of easing is a pact with the devil because if you stop trying to build a ship process and then the become dependent on on that big boost of ship process farai you have lying bonds and on it goes to buying the financial sector buying shares. they get beholden to iran as being asset maka now they've got to the stage where this is only doing more of the value relative to learnings twice in its history once was 2000 which was the biggest of the valuation in history on the nasdaq crash the 2nd was not in 29 so we're just back in a situation where every time the markets go down they're going to pump it back up again they can do it indefinitely but it's creating a totally out of official world so i think the credibility is declining i don't know if they decided with the context of apparently. one of the best things because
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it has got on board as the federal reserve. steve we have about 30 seconds left so we ask you very quickly you know there is talk now about using mildly negative those negative policy rates in order to help to keep pushing the economy up at what point do savings ultimately be there is going to be rated for everyone if the fed continues to push this idea of 0 interest rates even into negative interest rates i get about 30 seconds here it's crazy is going to that's just undermining the pension funds which are a lot on i'm excited in this room from have you think of the bank accounts to some extent on this so you're undermining the the votes of people whose retirement incomes are on the as far as as i again i said it's the federal reserve is leading the fight against capitalism which is not exactly what it's trying to do but that's what it's cheating professor of economics on page count steve hanke project having a. thank you. well it was
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a day of great anticipation for disney fans you know what i'm talking about because it is the fanatics and i use that term in the most literal way possible love their disney don't they so today of all days and almost unofficial holiday for some people the launch of disney's exclusive streaming service disney plus well just take a moment to let it wash over you yes the only problem here is that with millions of people logged in this morning trying to sign up for disney plus they saw this is the character wreck it ralph may have been for you and other able to connect message wasn't the case for everyone but for many people too many people there were issues with logging on to the new service including all mobile devices roku and x. box one disappointed we didn't have that shot for you because if anyone wrecked. the disney plus customer help account on twitter they blamed the problems on unexpectedly high demand saying the consumer demand for disney plus has exceeded our high expectations. netflix certainly has their competition set out for them one
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after the other line them all up at this point the question is at what point do consumers say i can pay for all of these services every single month and you've got to pick and choose who wins in that and i think disney has a pretty good lunch exactly that's it right this time you can catch them last on track t.v. channel 321 dish network out to 80 are streaming 247 on play t.v. the free t.v. at county 79 or as always you can hit us up at youtube dot com slash boom bust our t. see you back here tomorrow. to my hardest to a dash 1st to campaign. donnish. without
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a regular we keep. the same kind of issue because people tell a facility make us tell us if the ship has suddenly become one thing my mother 100 neighbors who. say. it's. the one who can move the whole thing is a bozo full final thing with the quote as it is you guys just said. yes so we don't know they are the young they have. too much smoke the soup. is still so not to sing that in. the city.
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time of the time cold parishioners repeat the same mantra sustainability. transition sustainable tries board sustainability spain over may not be more equitable and sustainable world. they claim their production is completely harmless . companies want us to feel good about buying their products while the damage is being done far away this is again this point and even ones i mean look. we don't want anyone on einstein seen them and understood. the tense situation in venezuela is still all over the news the problem in
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venezuela is not that socialism has been poorly implemented but that socialism has been phased only implemented for inside venezuela things are different we're going to announce sanctions against a troll to venezuela. have a set up a moment to. get out of that. battle to stay on the path to the mat at that moment the focus of the who story isn't new makes him cold in henry kissinger to tell him that 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 economy scream so wants now making the economy of venezuela screed.
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bolivia's opposition leader in the senate declares herself the country's interim president. of the country and claimed asylum in mexico. the russian foreign minister answers the question at an international forum and gives his views on the blame game between world powers. that is pretty much. everything. will. just sort of mistakes. and e.u. countries refuse to accept former islamic state fighters being sent home by turkey our guest in the story. turkey saying you know what that's enough enough is enough i'm not dealing with your garbage i'm sending it right to your door whether.


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