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tv   Boom Bust  RT  February 13, 2020 3:30am-4:00am EST

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now at 2020 we have the global potential pandemic here and people's fear is compound by the fact that nothing in the global economy is anchored to anything so . and so you have this remark shrilling paranoia by disorientation in a world of any kind of solid anchor and it's only going to get more chaotic. in 24 to you know bloody revolution to correct the demonstrations going from being relatively peaceful political protests to be creasing the violent revolution is always spontaneous or is it you know lawyer who lives. in the. new school in the middle of the former ukrainian president recalls the events of $24.00 g. and. those who took part in this today over 5000000000 dollars to assist ukraine in these and other goals that will ensure
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a secure and prosperous and democratic. the boom bust one business show you can't afford to miss one and i'm british born washington coming up the u.s. government says it will finally provide evidence of how huawei is a threat to u.s. national security we have a live report plus what is go happening on the ground in china during the fight against the coronavirus we speak with a reporter in china to get his perspective and outrage it has taken place has the u.k. quietly lifted some sanctions against russia we take a look at a report you won't see anywhere else a lot going on this very busy day so let's. started. and we begin as the united
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states says it will finally provide evidence that while way is a national security threat officials now say that while waking and covertly access mobile phone networks around the world through back doors designed for use by law enforcement. stop so back doors the same ones that the u.s. government has demanded that cell phone companies build into their systems right and yes back doors that the attorney general and senators like lindsey graham are demanding that facebook and apple add to their systems for law enforcement can be accessed by someone other than law enforcement that is breaking news of course they can we all know that that's the real story here but as for wall way u.s. intelligence shows that while way has had this secret capability to access those back doors for more than a decade so here's how it works according to the wall street journal quote when telecom equipment makers sell hardware such as switching gear base stations and
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antennas to cell phone carriers which assemble the networks that enable mobile communication and computing they are required by law to build in ways for authorities to tap into the networks for lawful purposes where u.s. intelligence agencies claim that while way has built equipment that secretly preserves its ability to access networks through these interfaces without the carriers knowledge though these officials have also not provided details of where they believe that while way was able to do so joining us out of the about 4 months or a month as they ok so sarah lot to dig into here but the u.s. is claiming that it's known about while wade being able to have this access and being able to do all this really since 2009 that's what he levin years ago they've had access 11 years of access could all this be because. 2009 was still 4 years before edward snowden's revelations if the u.s. knew about it did they keep it quiet and keep it secret because maybe by chance the
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u.s. was also using those backdoor supply well they very well could've been but let me kind of take you back i mean you just said what the wall street journal reported while we have since to continue to deny the allegations that they use or equipment to spy and again it's been over a decade about 11 years since we are at least the u.s. and all agents knew about this right but it started then since the early 4 g. date so it takes us back way way back to when we didn't even know that these existed the u.s. very well could be hiding or having had this for that purpose because you know we do know that the u.s. has used this type of software to spy now the details of this information were not released as to how wall ways backdoor how what exactly it is or how they use this backdoor to spy on us so that remains unclear again we're kind of back to square one and now we know that one of the big push from the united states government has been towards germany and the united kingdom telling them essentially don't walk
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away the right all of your 5 g. infrastructure now today we get this revelation and both officials from both nations had previously told the u.s. prove it and give us an alternative so have they proven it and what is the response from the our allies there well even the u.k. who made the decision boris johnson prime minister allowing wall weighs 5 g. into their their 5 g. networks right into the country's 5 g. networks said that they would still continue with it but they haven't responded since to these after these reports but we do know that u.s. officials apparently according to these sources the wall street journal also cited this u.s. officials went to berlin to speak to members of angela merkel's government to notify them of this and show them the evidence but again we. i don't know what the evidence is and germany actually said that they're not worried about it and their deutsche telekom their largest carrier said that they're not worried because they have it's illegal entry management system which was built by
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a german company so think about the irony of this you have u.s. officials showing up to meet with the administration of angela merkel they say hey we've got to warn you the chinese might be spying on you from the same government where we know the n.s.a. hacked angle of merkel's cell phone and was listening to our conversations i think at the end of the days there this is kind of what the issue is for the u.k. and for germany and for a lot of a lot of these countries we just did this whole report yesterday the washington post broke the story about these encrypted devices that the cia secretly owned a company that sold these encryption devices over the course of 50 years to $120.00 countries and was using those devices to spy on not just adversaries but also on u.s. allies among them germany among them the u.k. so at the end of the day is part of the lapse here between concern for europe versus how the united states sees it is that so many of these countries say china
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might be trying to spy on us but the u.s. is spying on us and has been spying on us so why is one. countries spying on us better than another well that's where the question lays as lies and especially because the united states again hasn't provided that evidence of the back door i mean that they continue to call for it while we actually released a quote a response saying that they do nothing wrong they have here to the form of accepted logistics their equipment suppliers that they are actually accessing accessing customer networks what they want and i access without authorization of visibility and it's impossible to do so so they're saying still that they do not fall under this backdoor and that they are still looking for the evidence they want us to come forward with our course one of their money as they look i'm sure much more to do on this story that you continue to follow with thank you.
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and with chinese authorities still working to get control of the coronavirus there is a lot of information coming out of china about what is happening on the ground the worldwide death toll from the diseases at least 1100 people but social media has been blowing up lately with videos like this one that show people dropping to the ground and in some cases men in hazmat suits jumping out of vans to retrieve bodies are these videos real earlier we spoke with an anchor with c g t and out of beijing to get an idea of what is happening on the ground in china and we began by asking about these videos and whether they are legitimate or not. well you cannot be non in the beginning people especially in we were trying to get a hold of things this was a new epidemic and people were trying to get on top of things there were tragic losses that was there was a battle against against a limited resources so those were tragic events but we've got to see the focus.
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as soon as beijing the central government is aware of the situation there has been a concerted national effort the national campaign against this epidemic you saw tens of thousands of doctors pooled from across the country to the i.c.u. use to the hospitals. to fight this epidemic you saw 2 makeshift hospitals build in 2 days to fight this epidemic the situation right now is that's a grim there are numerous challenges on the ground but there are signs they're hopeful signs that things are stabilizing for example the new suspected cases and new confirmed cases are both dropping in the past couple of days and also the new cases new infections outside the epicenter have been dropping actually for 7 days in a row 4 times as many patients recovered and those who died what about those videos
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as i mentioned of people caught in the collapse of the street that are circulating through social media is there any truth to those videos or is that essentially what we call here fake news well i have seen some of those videos but i cannot claim that i've seen all of them i'm not familiar with those specific videos that you're citing but i'll say this they're war tragic losses and for a city of 11000000 people we're talking about tens of thousands of infections so this epidemic was new to one so in the beginning there was a lack of medical resources that there was a lack of experience in dealing with a new epidemic so i wouldn't be. surprised if in the beginning there were people who fortunately and tragically were not attended to in a timely manner but let's also be fair with the other to see the full picture that is not always available in the western media that. there has been a concerted aggressive national campaign against this epidemic. we've seen travel
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bans locking down of one city a city of 11000000 so that the rest of the country and indeed the rest of the world can be spared of this epidemic and there are signs that things are stabilizing and you know like you mentioned there's kind of a slowdown in what people are characterizing now as a slowdown in the situation with the coronavirus the death toll as we mentioned here r.t. is over 1000 as you mentioned tens of thousands of cases is there anything we're missing on about this situation because you know we're on an island similar to the way you are when we're getting information about this we've got to see a few things 1st of all. in the beginning. there should have been more information and the better emergency response system even china's top leadership recognized that i think this epidemic for china especially its provinces i mean
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this empower these across the country at the local level a big lesson that is you have got to have more transparency in the were there to deal with a public emergency event but it's also fair to say that in face of this crisis there has been mobilization you've got to give credit where credit is due in beijing has been quick to respond saying it was made aware of the situation you see its capacity to mobilize. 11 makeshift hospitals for example in a couple of days to hospitals to brand new hospitals in 2 weeks and also sending tens of thousands of experienced doctors and nurses to from across the country we know the manufacturing has slowed down across china including many factories of the manufacturing of i phones automobile parts it's all kind of ground to a halt what does it look like in terms of workers what's happening there are a lot of workers just staying at home staying in quarantine and what does it
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actually look like on the ground well. look. provinces are china's manufacturing powerhouses the also host foxconn the manufacturer of i phones that you just mentioned. why am i saying saying this because the epicenter is a lot of migrant workers that work in those assembly lines and then they return home before the spring festival. where you know they see the virtual lockdown it is a shoe of concern but i think the impact on the assembly lines on chinese manufacturing sector on china's economy is expected to be short term and. it's not just me who said that the international monetary fund predicted that the impact on the chinese economy is expected to be long term i think china is a lot of fiscal and monetary policies in place to boost the economy once the
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epidemic is over in fact you just c.p. b.o.c. china's central bank injecting one trillion yuan or $170.00 around $170000000000.00 u.s. dollars into the market to boost the quality making lending easier and if sars is of any indication remember when sars was a rampant in china in 2003 the chinese economy went from 11 percent in the 1st quarter. to 9 percent in the 2nd quarter but when the epidemic was contained the growth rate bounced back to 10 percent and that grades continued for the subsequent weeks quaters and years so i think the chinese economy will remain resilient you've seen new growth areas in fact the online they're in the sector to the economy online sales distance and learning those are deficient intelligence and take that up so those areas are expected to be new growth areas actually coming
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back only stronger also there is. consumption talk to many of my chinese friends who are locking themselves at home these days thanks to this epidemic and they're saying that they crave for a party or they crave for a beach vacation so those pent up demand in terms of retail tourism hospitality will come back stronger on a lot of people of across the world praying for a quick end to the coronavirus when juan thank you so much for your time. thank you . and soft bank profits have fallen by 99 percent as the japanese company faced massive losses at their $100000000000.00 vision fund on monday soft bank reported profit of just $24000000.00 in the quarter marking october through december of 2019 a steep decline from a profit of nearly $4000000000.00 in the same quarter of the year prior now the vision for a loan posted a loss of 2.0 $5000000000.00 for the quarter doubt 3 and
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a half 1000000000 dollars year over year you're going to remember that softbank spent around $10000000000.00 to bail out we work at 2019 after the office sharing startup failed to go public this along with their investment which has dropped in shares by 8 percent since their i.p.o. in may now soft bank c.e.o. my muscle yoshi sun noted it be overreach in investment during their earnings presentation saying at the moment i think that aren't. next fund size it should be a little bit smaller because we have cause concerns and anxiety to a lot of people. but time now for a quick break but hang in there because when we come back now that brags it has taken place has the u.k. quietly lifted some sanctions against russia we take a look at a report you won't see anywhere else and as we go to break here are the numbers at the club.
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am going to fulfill the repeated promises apologise to the people and promise if you. will but the. there. are you one of her. no. telling.
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welcome back the u.k.'s brags it from the e.u. has obviously made headlines worldwide not surprisingly as the u.k. is now be charting its future but part of that future will be new trade deals around the world including with the united states but what didn't really make headlines and it actually happened rather quietly just after breaks it was finalized was a lifting of anti-dumping duties placed on russian exports specifically a metal products like aluminum foil seamless metal and cast iron pipes pipe fittings made of steel or cast iron and more so anti-dumping duties those are protectionists tariffs that the domestic government imposes on foreign imports that it believes are price below fair market value part of the reason for this move might be simply because now that the rules aren't being set by brussels the u.k. feels that he can reestablish trade with other countries like russia but part of it may also be about giving the u.k.
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some leverage when it's time to reach trade agreements with the u.s. and again with the e.u. joining us now to weigh in on this and other economy issues. host of economic update and danielle de martino booth a former fed insider thank you both for being here. so richard let me begin with you on this question these these antidumping duties they essentially are price controls on russia by lifting those duties does the u.k. not give themselves some leverage when it comes to steel exports from the united states or coming from europe. perhaps a little but i see this more as an act of desperation you know the british have now disconnected themselves from a major global trading bloc europe and so they're now but twixt and between they have to please europe still because they trade with them they have to try to build some sort of relationship with the united states just as a time at a time when the united states is becoming more inward focused more nationalistic itself and they're looking around for who they can make some kind of deal with to
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try to find a way as now a relatively small economy in a world dominated by much bigger ones i see the deal with russia as as a kind of desperate grabbing for what might be possible and also a defense against what is now going to be done the against the british for example the europeans which includes now spain are taking a position of the spanish side against british staying in gibraltar which is going to affect them things like this are part of the renegotiation that the brags that issue has provoked and this is a quick follow up to that how do you see a u.s. u.k. trade deal kind of coming together and do you think it will get done before the 2020 election in november since so much of this clearly is political. well i don't see much of a real deal being done i see a fake deal a little bit like the phase one with china where there's lots of rhetoric and lots
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of promises and lots of hoopla as they kick the can down the road mr trump doesn't want to look like he's giving away anything mr johnson is desperate not to be looked at as america's poor role if you put those 2 things together and the difficulties in the way of a substantial deal between the united states and britain are enormous and will not be quickly overcome and danielle no don't worry i have a lot of fed insider talk for you today here so fed chair drone powell spoke before congress on tuesday and talked a lot about the strength of the u.s. economy he returned in front of the senate today and he added that the fed will use quantitative easing aggressively as the word he put it if needed to fight an oncoming recession now clearly the fed is propping up the markets and the u.s. economy but how long is that sustainable. you know i think that is the most open ended question you could possibly ask and i think markets are clearly giving jay powell the benefit of the doubt right now because they are completely sure going
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off any risk from the coronavirus even as things like oh i don't know us still me steelmakers real and u.s. oil producers continue to have multibillion dollar write offs because the price of oil is so low but again markets are convinced i think that jay powell is going to move from treasury bill purchases to treasury coupon purchases that would make the banks very happy because they happen to own treasury coupon securities and that the fed is going to grow its balance sheet as much as it needs to to make sure that they're able to sustain this economic expansion that is basically what powell has said to congress and now aside from from intervention here paul also raised some concerns about the deficit and what's going on in the u.s. here as we look to a deaf. one trillion dollars why is there not more concern coming from washington about those numbers really going up and down. well it seems that deficits no longer
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matter if it helps that the feds quantitative easing run rate is about $100000000000.00 a month that are more than make up for the sins of overspending our way into debt as a country if the fed is able to effectively monetize whatever it is that congress wants to spend it so i'm i was at a big conference last night and i was stupefied at the general sense among people investors big investors in the audience that debt and deficit simply do not matter anymore yeah richard to that point i mean then you made the comment about there shrugging off fears the markets are shrugging off fears of the coronavirus it seems like the markets are shrugging off fear of everything it's kind of her point here which is that nothing is scary because the fed's going to bail us out and there's going to be quantitative easing forever q.e. infinity at this point. well you know the history of capitalism is a history of successive booms bubbles and busts i don't know why i was surprised
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now as before we're convinced that whatever we're doing to bubble up the economy will last forever will never come back to haunt us we believe that each time in the past we were overwhelmingly surprised with very few exceptions when it blew up in our face in the dot com bubble in 2000 we were surprised again in 2008 when it blew us blew up in the subprime and now we're being surprised again really come on the disinterest in the fed the deficit by the fed is parallel to the over interest in it before these are political fads pushed mostly by the people who have something to gain one way or another and nobody wants to face the history which they ought to because then the burden would be on why the let a bubble like this develop again. given the recent history of seeing what it has cost us as a nation and it is interesting then you know as we are interested in a election season that we're kind of in the midst of it right now there is
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a lot of talk right now about a lot of issues and what we're not hearing is any talk about deficit spending or control on that it's like both parties or in total agreement at least on this particular issue that it's a non-issue westword you know it's truly remarkable but when you talk about crossing the aisle when it comes to debt and deficits that is where you get. total harmony between the democrats and republicans both parties want to spend and keep the checkbook open and they know that the debt ceiling is uncapped through the election until june of 2021 and it looks like they've got every intention of spending every penny that they can knowing again i think that the fed is going to backstop those that debt writing up by way of monetizing it richard will host of the economic data and former fed insider danielle de martino booth thank you both so much. thank you. and a federal judge in the united states dismissed some of the charges against their
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nose founder elizabeth holmes on tuesday the court will keep charges of wire fraud in place now according to the initial indictment holmes and the company's former president romesh by wanny coaxed doctors and patients to use the company's blood testing services despite knowing their notes was not able to produce accurate and reliable results in specific tests now the court ruled that since tests were paid by the patient's health insurance they did not lose any personal money or property and using the blood testing services now the court added that there was no evidence that holmes and balwadi had encouraged doctors to misrepresent the test to their patients always about money both pleaded not guilty to 11 counts of conspiracy and wire fraud when indicted in 2018 and kind of a fascinating take on from the court on that because essentially they're saying you can lie to the customer you can make the customer believe that their results are something that they're not but as long as the insurance companies pay for it nobody
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suffered any harm as if the only harm that could be suffered is monetary i mean and it appears to me there would be quite a bit of insurance fraud would in fact. not an insurance fraud but also putting people you know everything that they went there with it's really remarkable. well that's it for this time you can catch boom bust on demand on the brand new portable t.v. app available for smartphones through google play of the apple app store by searching portable t.v. or you can stream us to your t.v. by downloading the portable t.v. apps on apple t.v. and online a portable t.v. portable t.v. will be available on more devices very soon and as always you can hit us up at youtube dot com slash boom bust r.t. see you next time.
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the holder doctrine eric holder former attorney general under obama this is the idea that banks are systemically important they can't be prosecuted because this would be a danger to the society as a whole but what's remarkable is that this idea has bled over into other industries now boeing has a major scandal on its hands and it's claiming that a systemic lee important in the law doesn't apply to us other agricultural companies are saying now we're systemically important we're above the law now that is leading to beyond a kleptocracy this becoming a i think it's a crack
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a stock or c. is the right word it's ruled by the least qualified are now in charge of running the economy and there's also obviously catastrophic. a u.s. patrol clashes with residents in a syrian border town resulting in the death of a boy while turkey threatens syria's forces inside its own updates on the way. italy's former interior minister faces a trial charged with illegally holding more than $100.00 refugees at sea as the senate votes to investigate the politician. the german city of dresden commemorate 75 years since the 2nd world war bombing campaign which left an estimated 25000 dead we speak to a man who narrowly escaped the ordeal.


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