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tv   Boom Bust  RT  September 7, 2017 8:29am-9:01am EDT

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casting around the world from washington d.c. tonight we had to try nowhere break in. to get the latest on what we can expect from the group of five powerful world economies also federal reserve vice chairman stanley fischer says he is resigning it creates a fourth opening on the governing board the fed has a full plate at it as it heads into the end of this year also my guests and i touch on hurricane harvey the cleanup efforts and oil prices as the hurricane leaves the area and barrels toward florida stand by right now. right off the bat hard simone del rosario continues our week's coverage from the
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ninth annual brics summit in china here at the bric summit i had the opportunity to talk one on one with real demetrius he's the c.e.o. of the russian direct investment fund which is a ten billion dollars sovereign wealth fund established by the russian government in twenty eleven now dimitri it did not want to touch on any political topics when i spoke to him but he did say that when it comes to u.s. ancient his funds the russian economy will thrive with or without u.s. support we still can invest was u.s. investors and us and us just going west was the number of transactions including jets commuter were basically fifty percent of the demand came from u.s. investors but also we. investors from china. was a big discussion of how to increase investment so we created. other countries in those jointly and we've invested joint in their own six billion dollars and you from puerto. in russia so we believe that bricks corporation is very important for
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joint core investment going forward for russia right now which countries own which retain is the most attractive right now. and we believe the asian market just very important and there is a major corporation will to live was china but also it was japan as a resume you president of korea it will be an important meeting with korean president in the next couple of days and what you will stalk so asian economies are very important middle eastern economies play a big role but also we continue to call investors european partners as well and for example friends invest it unfolds around eighteen billion dollars in the congo fresh so we believe we'll continue to work with europe and other partners as well outside of the various there are all the same there's strength in france has been weakening mainly because three of the five current he's seen recession last couple of years what's your reaction to that well what we see sexual is very a large number of countries want to join brics and if anything breaks are stronger
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than ever because briggs bank is working ozzie institution so working through the president announced a number of new initiatives including on their g. and a structure is and we see that the number of new countries really want to join bridge club do you see russia being mostly our needs first question yes and definitely we will have a gross of more than two percent this year it was sexual out predictions of beginning of the year said the girls will be two percent of the many people delta said it will be percent percent on the high so russia is definitely the first session was a very significant growth and we expect those girls to continue next year tom around us same shames the former president donald trump took office he said he where positive thinking maybe the sanctions would be lifted what is your outlook on the russian economy knowing that that's not a case well i think it's very important that regardless of sanctions russian economy is growing oil prices are stable and we believe that russian economy will concede. you grow with the lowest inflation over the russian economy just at the
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sanctions and frankly i would trade investment was the us has always been very small and the effect is more significant and in the meantime are our partners in these places and russian economy just completely just to sanctions so you don't believe that there will be a chilling effect for a sanctions that have been well i think in the. destroys business opportunities is highly negative just stories of poor business so of course a very negative but we don't believe they will have a major a sustainable effect on the russian economy which is growing at two percent to you right now you know obviously your focus is on the economy that we have the political relations how the banks are what's your reaction to the taper time that's been happening between the u.s. and russian diplomats the sort of political question no one is you know put as good as a thank you very much in a twenty sixteen global competitiveness report by the world economic forum russia
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hundred eleven out of one hundred thirty eight countries when it comes to foreign direct investment when it comes to improving russia's economy people like dmitri of are committed to climbing. reporting from sharman china. the seven member federal reserve governing board will soon have a fourth vacancy vice chairman stanley fischer has announced he will resign next month for personal reasons his unexpected the partner adds to a leadership vacuum at the top of the fed as it navigate a difficult path fisher is a close confidant of fed chair janet yellen whose own term ends in february his resignation will provide president donald trump with another opportunity to reshape the fed trump has nominated randall quarrels for one of the vacancies as vice chairman for bank supervision and as inflation remains below the fed's target it complicates its course of action on raising interest rates before the end of this year. and attention now to. to fed chair janet yellen seat president donald trump
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has hinted at possibly keeping her at her post rather than naming a new fed chair congress already faces a very crowded agenda this fall it needs to raise the country's borrowing limit reach a budget agreement to keep the government operating and plans to take up complicated tax reform. canada's government is facing international criticism for not being clear on its stance when it comes to nuclear weapons prime minister justin trudeau is that liberals are seen as soft on key issues like nuclear disarmament in the same breath they are asking for action against north korea and response to its nuclear program artie's out some highly veges in toronto with more alex north korea and they're actively working on its nuclear program what is canada saying about the current situation on the korean peninsula plovers kind of wondering what is canada actually saying i mean it's in a state right now were foreign policy can't be taken too seriously in fact this is
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showing a weakness in canadian foreign policy it's soft in the sense that any type of talk about nuclear disarmament can of this kind of stepping back from that but at the same time kind of moving towards a neither here nor there and justin trudeau is backing the words of donald trump when it comes to the sieber rattling that's going on with with north korea in fact justin trudeau did approach the un security council as ask them to take decisive action against north korea now what does that decisive action means nobody really knows when it comes to the us or canada or anybody else for that matter and at this point is just where does canada stand a lot of canadians are asking the exact same question it's being asked internationally now the reason you're seeing a lot of. backing trump is because we're both in nato we're nato countries when it comes to nato countries we try to stay on the same page now this is very disappointing to many canadians domestically speaking it's something that wasn't
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expected from justin trudeau looking at who his father was now his father pierre trudeau who was also the prime minister of canada four times over he's the one that effectively got nuclear weapons off the canadian soil we used to have american use here that were actually the canadians were in charge of them until nine hundred eighty four. lot of americans don't know that a lot of comedians don't even know that so it was his father for maybe reasons that's why trudeau got elected is because of the who his father was and when you see america in a very different way well you're going to see disappointment all right well candidate seeking as we know a temporary position on the united nations security council how will its position on nuclear weapons affect that bed well the security council positions up in two thousand and nineteen and that's exactly what can it was hoping to get but the problem is when you go against the u.n. general assembly you have an issue and that's what's happening here with with this issue in fact this map at this basically gives you a breakdown of what countries are for and against you it's there's
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a treaty that was the that's being put together and this was a sort of last october in a cabinet of united states russia stayed out of this treaty a lot of the nato allies they stepped back china actually abstained so all these countries were saying no to these treaties including canada and again when you were in canada saying no to this treaty this could be a big issue saying that the majority of countries in the general assembly voted for the treaty which it which basically for all nuclear weapons should be dismantled as it stands right now i think a lot of us can understand the nuclear deterrent is there and that's maybe why canada it's sitting on the fence when it comes to this but if they want that seat it's not going to work this way thank you so much alex the whole of us joining us from toronto thank you paul and says the germany i was at one trillion dollars in world war two reparations and maybe even more foreign minister of its hold has told media there it's time to find a way to deal with the fact that german polish relations are overshadowed by the
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german aggression of nine hundred thirty nine and unresolved post-war issues and quote this comes at a tense time for the two countries german chancellor angela merkel recently lashed out at polish legal reforms accusing the government of flouting the rule of law to make favorites judge appointments. also adding to the fuel in that fire poland and germany along with other e.u. member nations can't seem to come to an agreement on how to handle the refugee crisis it's more than just arguments and debates this time around the blocks top court is putting its foot down. he joins us now for more on this bianca what is coming out of the european court of justice while the top court basically said that every member has to follow there were a quota planted on the choice and that's making some members in particular very angry europe has been dealing with the refugee crisis for almost three years now in the time that's passed the european union nations haven't been able to agree on the
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right approach which eventually led to a court battle and on wednesday the european court of justice ruled that every member must follow the refugee quota plan proposed by the e.u. at a press conference following the decision leaders praised the ruling but expressed that there is no time left to waste. the. duck that it was indeed an emergency situation. but as such. as you. the measures that we. through. appropriate. appropriate good to his church. meaning. it's really cool we've seen over the grouch the court fight was brought on by slovakia and hungary the latter of which was less than pleased to hear about the court's decision at
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a separate news conference hungary's foreign minister blasted the outcome as outrageous and argued it could lead to more security concerns. according to the position of the government the decision today by the european court is outrageous and also irresponsible we believe that this decision puts at risk the security of all of europe and the future of all of europe as well and this is surely contrary to the interests of the european nations including hungary meanwhile slovakia has changed its tune since both countries filed the complaint upon hearing the news the country's foreign minister said his government quote fully respects the verdict but that doesn't mean hungry is alone other even members like poland romania and the czech republic support ending the planned too so while the e.u. hopes the decision will in force support a poly policy once and for all it could lead to more internal division. no and it seems to this division what's the latest on that use refugee deal with turkey well
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apparently it's been going pretty well i really news conference on wednesday leaders were praising the decision they said that the deal between the e.u. and turkey led to a ninety seven percent cut in refugee arrivals from the start of twenty sixteen when it was implemented throughout the following year that happened so they're very happy with the way it went which is probably surprising to most people one because of i mean it just kind of goes to show how many refugees were actually traveling there because people think the situation is already so bad and it is but it could have been much worse because apparently there were lots of other people that were trying to get in but ended up being resettled in turkey but the next question from here is will turkey actually get membership in return so thank you very much. for the. time now for a quick break stick around because when we return my guests and i discussed oil prices during the hurricane harvey cleanup and what we could face as hurricane barrels up toward florida also lionel why don't you dio joins us to discuss
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artificial intelligence and place but as we go to break here the numbers at the closing bell. that's this morning. arguing about artificial intelligence like it's going to destroy the world. maybe we'll mark zuckerberg the world so why does he care.
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as oil refineries on the u.s. gulf coast are reopening after the in the aftermath of hurricane harvey's record setting destruction the oil markets responded with a bullish outlook u.s. crude prices rose more than two percent on tuesday with a three week closing high of around forty eight sixty six we watched the price of crude drop even as harvey held off the coast waiting to unleash last week now making landfall it actually disrupted about twenty to twenty five percent of u.s. refining capacity and now we see that much of that is in recovery however we've got a category five storm named erma barreling right up toward the caribbean and florida really raising concerns and threatens to curb demand for fuel so let's bring in chris martenson c.e.o. and co-founder of peak prosperity dot com chris thanks so much for charming and can we get a timeline from you to full or even partial production being reconstituted down the
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gulf. well we still have a number of refineries that are him shut down right now the restarting of course the biggest one there are just restarting no which is a multi-book plant port arthur so i'm looking at about a month to get back to full production and that's if and only if we don't have more trouble a month ok all right that's better than that some estimates we've seen we've seen the price go up it's promising let's look at west texas intermediate now we see that these prices going down and it goes down then we come right up right after the hurricane we saw the drops when it right before it hit landfall then it went down as it came in and now we're seeing it go back up we saw the price gouging at the pump we expected that but many at home were a bit struck by the legging price of oil even as gas prices went up can you explain that for us a little bit. yeah it's a very complex market but we can simplify it like this at first the price went up
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because people thought a lot of the gulf of mexico production would be shut in production of crude oil then once it actually hit we realized that the place you're going to use that oil which is the refineries they were shut down there was nowhere for the oil to go so actually the price of oil dropped and even as the gas of price and price of gasoline was going up so that was the that was the seesaw going on and more recently we saw oil go spiking back up again i think because we had some tracks of erma going into the gulf and that looks to be the explanation for that most recent spike but you have to watch where the oil comes from and where it's being used in a lot of oil production particularly in the eagle ford got shut in because it had nowhere to go the infrastructure was damaged and so that really drove the price ok so speaking of arm what do we see i mean we saw earlier the gas go up the oil drops are a mess coming through barreling through florida category five what do we see what do you project. well all the tracks right now say that it's going to swing
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a little to the east maybe give florida a very bad experience i don't see any impact on the oil infrastructure at this point in time we're going to be looking at other impacts though there are a lot of service industries down in florida banking gold refining you name it so this is a really dangerous storm and it's going to have a lot of impacts and of course the insurance business is going to have i think a pretty hefty bill off of this one all right if we take a look at the global market specifically with brant crude oil prices sharp declines from the end of two thousand and sixteen until now really it's been a full two years of oil sector decline opec seem to be gobsmacked by this hurricane a delegate was quoted as saying that it seems that no event is actually going to move the price of oil as much another said that the market sentiment has changed a lot in ten years when faced with nominet much of a change because of harvey how do you respond to that. well the oil markets really been roiled by a number of things and geopolitics is playing a factor on this i've been surprised as of many that the producers have all been
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producing flat out when it would be seemingly in their own best interest to cut a little bit and get prices back up russia's been producing as much as it can be arabia i think as much as they possibly can with some little wiggles in there and of course it was the us shale production that really was the cream on the top of the story that that really drove things so that's the producer side what we found though was that for a long time for about a year and a half what we had was more production then demand and that always ends up driving the price more than anything that fundamental we saw stockpiles around the world get to very high levels all across the o.e.c.d. country base so with that too much supply not enough the right prices went down but then what about the opec extension to the cuts there was an unprecedented agreement to cut production and russia is already talking about extending that possibly they're coming to the end of that extension can they step into the breach can they cut output enough. but went out for a fourth straight month in july it seems like that they're not able to really focus
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on their agreements although they did try to cut output so do you think opec can ever step into the breach and take control of the market price it looks like opec's lost a number of things including its cohesion because they talk about the cuts but when you follow the actual data we don't see it yet showing up in the production data so so what we're really noticing here is a world that's still pretty much amply supplied with oil that's not conducive for the price of oil going up however there are some wrinkles to this story coming up that i think are going to really move oil to the upside in the coming years ok well saudi arabia i just want to attack this on saudi arabia raise oil pricing for october sales to asia state owned saudi aramco it's official pricing for arab crude asia is on target for between thirty to fifty five cents a barrel more than its benchmark it was expected to raise it and now by that much what do you think. well they're going to try and do that we'll see what happens how long that sticks you know we have some very interesting developments in the whole
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asian sphere not least of which is china moving to an oil futures market that's no denominated in renminbi as well as convert ability into gold for that contract back and so that's kind of an interesting thing that would be the first time that we've seen oil price in something other than dollars in a market that large so this is going to be a very interesting development to track thank you very much chris martenson c.e.o. co-founder of peak prosperity dot com. researchers at facebook's artificial intelligence lab have developed an algorithm training on hundreds of skype conversations to decipher people's expressions their reactions to conversations because it's better to make a bot respond as a humanoid so where is the controversy here let's find some with lionel of lionel media lionel i know you've got your opinions about this his computer is focused on sixty eight key points on the human face people nodded blink to move their mouths during this conversation the computer was then exposed to video of the human who was speaking and could figure out how to decipher the correct response does this
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cario. yes but i'd love to be scared now let's talk about this why do they want rollbar data looks so much like human beings why lin's why what's the purpose what's behind this he think facebook is doing this to be cool or google this is about artificial intelligence they want not robots robots aren't a word rope arch are things that you think they clean your carpet they go back and forth they put together car that's something you program artificial intelligence is something that learns itself it's a learning machine in a programs and so now let me ask you something lindsay i understand you're a cool role phobic clowns you out totally freaked me out i mean i'm not phobic but they're gross out i know i've talked your coworkers your. party
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so long time it was a horror story and i think it is for all the sometimes sometimes we look at something we'll say oh that's interesting it's called the on and the valley and the japanese roboticist in the seventy's came up with this graph when you see something it's that old that looks like look that's all that's interesting all a boy thinks and then you say ok stop and then it becomes more and more human and then all of a sudden it gets creepy and it inspires in you fear and i think about this where you were afraid it's at a vista it goes back to some primordial ambiguity you see this here this doesn't scare anybody and look stupid frankly it looks like ok fine look it's to come up ok great i understand that but as skin texture becomes more in the offing as we learned to play with the epic and this emotions as it reads you lindsay and you can
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look at body temperature you tell when you're. angry it can play games with you hard to get knows when you knows how to push your buttons think of the worst day ever and the worst relative ever and something now what happens is facebook and people in the world of robotics have to realize that they have to be careful with this so called on can the valley this teetering level when cute goes to creepy and fast now do you want to go a little bit darker shall we i don't know why we're here you never know how dark we're going to get how dark we're going to get here well let me ask you something there was already legislation that is going to be in place that says what if somebody wanted to buy under age robots or lie in oh come on now listen to me google this look what's happening around the world it is one of the biggest issues right now serious so is it
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a fake teenager or is it not is it prosecutable. well what's happening is there are many people who are upset with the fact that there are these devices what's happening in these such robot industry in japan they're going to basically want to find a new way lindsay to affect thought sots which we don't like and sure as i am here one day somebody is going to say we do not want you to buy this machine or you're going to say what about this isn't a human being this is an animal it's not real but believe me when i tell you this they are going to become so real and so eerie and so creepily human that somebody one day is going to say we have to stop this and it will be too late remember we said this remember the show mark my words that day is here ok real quick how is the law going to catch up to that. never catches up remember lines law
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the law always lags behind technology and you cannot criminalize a thought no matter how sick it is remember there are humans and all right thank you so much for this lionel lionel media always a pleasure. thank you. thanks for watching be sure to catch us on direct t.v. you can find us on the archie channel three twenty one and if you missed us on directv catch on youtube youtube dot com. thanks for watching the next time. bustling the dubrovnik venice are all travel destinations so it must be nice to live or is it. crowds of tourists disrupts the city's economic and social life to report this on
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the summer. to get out of them and to also show the photograph to traditional story some not scums by him sometimes yes you don't ask we don't spend money into a school but days i'm on my feet while the city's tried desperately not to collapse . collects the profit of you should only food what you put to the supper will probably be global only don't coffee cup italia cologne in the bushes up the on some snuck up the supposed it to me about your daughter and to conduct my mother's . bio treat her. as a tourist phobia fulfill phone tone identity. america has no desire. to occupy north korea. to go when they're in to take out the president of north korea the difference is
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that both china and russia probably are willing to stand by and see all doors korea develop a nuclear weapon and then try to contain it were as were as the rest of the world and then obviously saw that really does a really see does the best strategy. it will make. let me again by making it i would. say maybe naive then a. lot of them i talk to and they. want us going to riyadh all dennis ross for us to allow they love the. jihadist body of get his body at what point the love up on this deal or you hear about this sort of thing you know full keyboard it can be applied to yemen being the full equal. or better say eat out to sea and to free money everybody's c.c.
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want us woman on the bus one nutz. debated in the bar but is it the good. side much good it. was amused that you settle on the same issue in a bun yes. this honesty so. years ago i traveled across the united states exploring america's deadly love affair with a gun if a bad guy tried to get to one of my family member is he would have better
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a lot better and i think they are inheriting whatever my my baby is since my book was published in the year two thousand more than hoff a million americans have been killed in the us and we had a thought to him yes we did yes this is a middle school we go through drills and we put ourselves some real scenarios it was interesting to see who actually got hit. and i just saw i did to return to the subject to track down each gun owner who i'd met and photographed those years of god i don't know this but we are not.
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a top north korean official accuses america of hindering efforts to end the simmering hostilities on the korean peninsula. in a rare interview at a regional economic forum in russia. dozens are injured in clashes with police in south korea in protest against the us missile launches. and the syrian government forces prepare for the next stage of their liberation offensive india. talks of the.


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