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tv   Boom Bust  RT  July 22, 2020 4:00pm-4:31pm EDT

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and though the new. miss south and some of the then the she did not i mean i'm just a get a chef here. if. this is to bust the one business show you can't afford to miss or in washington coming up the united states has made the call to shutter china's consulate in houston texas further chilling relations between the world's 2 largest economies straight
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ahead we analyze the rising tensions and how markets are reacting to the growing rift plus as the race break open 1000 vaccine continues to heat up among medical firms concerns about nonprofit distribution are coming to light later we take a look at the quest for a cure and the state of the corona virus spread around the globe and later in the program we analyzed the state of trademark squatting as one n.f.l. franchise announced it would be changing its mascot with a pack show today so let's dive right in. and we lead the program with the latest on the back and forth between the world's 2 largest economies as the united states state department has ordered the closure of the chinese consulate in houston texas now morgan ortega's a spokesperson for the state department says the decision was made to protect american intellectual property and the private data of its citizens following this decision the houston fire department responded to reports of documents being burned
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in the courtyard of the consulate general of china however no further details on this incident were provided meanwhile secretary of state might pump a lot spoke about the situation while in copenhagen denmark on wednesday. we are setting out clear expertise for how the chinese communist party is going to behave and when they don't who are going to take actions that protect the american people protect our security our national security and also protect our economy and jobs that's the actions that you're seeing taken by present trump will continue to engage in those and a spokesperson for the chinese foreign ministry responded to the decision saying china is ready to retaliate if needed. maybe function to the u.s. claims a lack of reciprocity in relations with china this is just it's old ploy that's completely unjustified as a matter of fact the u.s. far outnumbers china when it comes to diplomatic missions and staff in each other's country we urge the u.s. to immediately revoke this rainiest decision should insist on going down this wrong
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path china will react with firm countermeasures the chinese government as a resolute defender of cyber security and we have been consistently opposing in combating all kinds of cyber attacks and cyber crimes we urge the u.s. to immediately stop the smearing and slander against china on cyber security issues . so let's go ahead and take a look at the economic consequences of this latest move and the impact on relations between the 2 countries with co-host kristie i opposed the economic update professor richard wolfe thank you both for joining us today professor wolf i actually want to start with you on this this is a big dramatic move to close the consulate in houston what brought about this decision and what does the u.s. hope to gain in doing this. well to be honest with you and with your viewers this is political. you have to take them on relation. conflict i'm sure that you
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will matter that much but it may come to what we were doing there can be done by the public claims that china in the united states drama. this is drawn up for people who want to believe that. something they were always about the training. and meet made exactly simple number one united states needs to really know it has greater profits for american corporations then they were able to get here in the united states. now kristie sensually the. chinese are basically saying exactly what professor wolf said which is that this is political it's theater it's just trying to rile people up and they're saying that they are ready to retaliate if necessary so what else are we seeing in their response exactly there is no real punishment for closing down this consulate
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but the fact is it really is just a slap in the face and on the political stage as this is one of the world's oldest consulates in the u.s. since the 2 countries normalize diplomatic ties in 1979 so china vowed to retaliate wednesday saying that the u.s. consulate will also be closed. so i mean this is the 1st time in over 40 years that this has happened so it's pretty unthinkable that the 2 sides didn't have any communication at all before escalating this issue so at this point it might be time to consider the possibility that president could decide to sever diplomatic relations with china some day very soon and this is a really an unprecedented escalation so further de-coupling is only to be expected now professor wolf what would be the impact i mean not only on the relations between the 2 countries of the economy if we were to as kristie said if there was to be a full de-coupling of diplomatic relations between china and the united states no of course you say like there's other consulates here in the united states so this
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one in houston obviously symbolic because it's the all this one however you can still do your business elsewhere but what happens if these tires are cut where happens if u.s. pulls out of china and vice versa. well let me just give you a brief idea of what's at stake much of the profitability of american corporations in the last 20 years has come because they moved out of b. and related stakes to take it management more wages to china and of the booming chinese market if that were closed at all you would be slapping many of the biggest corporations in america without you know hurt on their flashlights at a time of an demick and economic crash it is beyond words right. there's no real way to say that. oh no i was going to that we're going to go into markets here professor well if i go ahead and finish your point i apologize. the problem. being is that those corporations also were involved in bringing goods from china
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to deny to the states wal-mart in all their major department stores sell you'll jim mounds of chinese goods to the american working class at very low writers if you like to produce those words didn't destroy paying the wages americans began you want to raise the prices low when at a time when we're already in economic difficulty and that is going thinkable additional burden on the american economy so there's lots of hand-waving like that certain will resume but to really do couple would be a crisis in the best of times and then this situation literally you were recently could see a man trying to get reelected who are literally destroys everything in the process and now professor what i want to add about about u.s. markets they've been in a melt up mode for the last quarter amid the pandemic but now cases are growing
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here in the u.s. again the nation's reopening has been halted and geopolitical tensions between the u.s. and china are higher than ever are we at risk of a market meltdown here and what would be the catalyst for something like that as we see this this issue between time in the u.s. continue to escalate. almost any english now there were reports this morning that a larger than normal number of americans corporate executives are selling the shares of their own company for fear of exactly that that they're very serious so i'm getting in the way of. anything in the way of a stalemate in congress so the best. experts are only glory compensation is was handled by kong congress by the end of this month anything like that or other distillation with these are extremely dangerous alexion games that are being played
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here you know kristie i want to hit on this quick it looks like china is shoring up its strength as choosing paying rally as china's tech champions and promised continued support for their operations what's the latest in the tech race between the china china and the u.s. so on some posing of tech leaders was held on tuesday as the tech war between the u.s. and china continue to escalate so this gathering called on chinese entrepreneurs to align their business strategies and their business interests with national means and this speech came amid the rising tensions between u.s. and china and the desire by some foreign firms to reduce supply chain dependence on the country so this is very similar to what we reported earlier on in the week with and financial opting to list is i.p.o. and shanghai instead of new york china is increasingly turning to groom homegrown tech giants and tech champions to compete with the u.s. in china so in attendance i gather what i'm very familiar names such as hc vision as an as mit as well as other companies in the fields of ai semi conductors and smart manufacturing boom bust co-host christiane and professor richard wolfe thank
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you both for your time thank you thank you. and now for the latest in the race for a vaccine the u.s. has entered a nearly $2000000000.00 agreement with drug companies pfizer and bio intact to produce $100000000.00 doses of their experimental vaccine now if the vaccine is cleared by regulators the government also has the option to acquire an additional $500000000.00 doses as part of this deal now it should be noted the vaccine which has done well in preliminary trials is set for late stage testing later in this month according to the companies involved the vaccine would be provided to patients free of charge and this raises the question of whether drug makers are looking to profit from this pandemic during a hearing in front of a congressional panel on tuesday the chief patient officer for merck said the
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company will be looking to make a profit from any potential vaccine and. cost of them it's premature for us to really understanding the cost basis of leg room so that's the know. during the same hearing a representative from a durned a leading vaccine candidate said they will also expect a profit from their efforts and just a reminder here there is a lot of money flowing into pharmaceutical companies as part of the operation warp speed program merck was awarded just $38000000.00 from the government while mcgurn and noble backs neither of which have ever successfully brought a product to market have received 500000000 and one point $6000000000.00 respectively astra zeneca and johnson and johnson which both testified they would price any potential vaccine at no profit while the pandemic is ongoing have received $1200000000.00 board point or 456000000 respectively and of course that
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list goes on and on so with all of this in my let's go ahead and take a global look at the spread of. the virus with our 2 correspondents so where are things around the u.s. is really heading in the wrong direction with new cases now just in the last 24 hours or 1500 people have died from the virus here in the u.s. which is now surpassed confirmed cases to over 4000000 now globally there's been over 862-2000 deaths about 8600 of the deaths have been in the last 24 hours which brings the total confirmed cases out of over $15000000.00 globally and the top $500.00 with the most cases are in order u.s. followed by brazil india russia and south america but the virus is accel or aiding the fasces in the americas which now can for the half of the world infections and deaths brant you know in the u.s. where are the hotspots where are we seeing surges in cases so
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a lot of states are actually putting record breaking numbers of new cases then there are states with the most cases for example california they were the 1st state to shutdown months ago but now they've become a hot spot surpassing the total number of cases of new york but in california 50 percent 57 percent of new cases in l.a. are reported in people under the age of 41 sort of appears that young people are driving the spread of cases in california and also while new york at what point had the most cases or only 28 percent of the total cases of new york actually active right now versus in california were over 75 percent of the cases are active now other searches are happening in florida and texas in florida right now 90 percent of the 369000 cases are currently active in texas 48 percent of the 353000 of the cases are active in new jersey just like new york that
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have under 25 percent of the cases that are active and then you might think just how much. worse well but will this get well here's president trump on tuesday night who has resumed a starring role in the white house corner of ours briefing after a 3 month gap now the only difference is that he's kept the stage for himself this time without any public health experts. it will probably unfortunately get worse before it gets better something i don't like saying about things but that's the way it is it's the way he that's what we have you look over the world it's all over the world. tends to do that. so our president trump just said it's pretty remarkable having an initial play down the virus and reluctant to wear a mask just until recently but i also want to get to my point earlier that i made just how worse they can get well let's take a look here you know the 1st case of a covert 1000 was reported in the u.s. on january 21st i was 180 days ago we had the 1st case now 99 days later we
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reached 1000000 cases in april right now we took only 43 days for that number to double to get to 2000000 cases and almost half that time to get does 3000000 cases and only 2 weeks later we reach 4000000 cases so now these are the confirmed cases and i want to go to the forecast at cases so this is what we're forecasting that by given the current speeds by august we're going to be reaching $5000000.00 cases and then by october it's also predicted that we could have almost $10000000.00 cases and a prediction also by the university of washington now projects that over 224000 will die by november 1st based on current scenario brant r t correspondent sorry to have injured thank you for keeping us up to date. and time now for a quick break but here because when we return we analyze the state of trademark squatting as one n.f.l.
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franchise amounts that would be changing its masta we bring in some professional mehlis on the subject but as we go to break here the no. at the clubs. ah no team no crowd. no shots. action
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i'll speak. with. no 1st. point your thirst for action. i'm chris hedges the corporate coup d'etat has destroyed our democratic institutions the commercial media is burlesque part of the reality show president's expose the trivial lives seen on contact question more. seen the horrors that are lies the money and evil. put criminals who trash countless lives to add just one more dollar to their millions. they threaten they bribe they'll do anything to keep their crimes in the door but the people they've heard are demanding justice their stories need to be told on america's lawyer.
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dear thanking you for finally. understand you're tired of networks learning new. 'd zealand and. you know me 'd famous for my views. yours truly scotty 'd. i'm holland cook i invite you to climb with me of the mainstream media buyer and from that higher vantage to glimpse the big picture question more. and welcome back the owner of the n.f.l.
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is washington redskins has found himself in a series of fights lately and one of them surround something called trademark squatting in the case of the redskins who have finally agreed to change their name it turns out that a number of possible names are already being held by a man named martin mccauley who calls himself and get this the trademark hog mccauley says that he has offered to give the names to the n.f.l. for free but does what the n.f.l. franchise to donate to organizations of his choosing including those exclusive to native americans now macauley holds the rights to several notable trademark names including monuments americans veterans red tailed hawks and federals now the n.f.l. issue aside this actually raised our interest because what exactly does it mean for someone to trademark squat and how prevalent is this joining us now to discuss his trademark and copyright attorney preston 1st necked and boom bust co-host and investigative journalist ben swan thank you both for joining us today preston i
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want. to start with you you being an expert in this field i know much of an issue is trademark squatting and help our audience to understand exactly what that is. so trademark squatting is the concept of acquiring and sitting on trademark rights that someone else might be more interested in with the hope of precipitating a transaction or getting them to somehow purchase your rights as far as how prevalent of an issue it is there will always be a race to the various intellectual property offices to try to protect rights in a particular name or an invention or something like that but squatting itself the occurrence varies over the world and some countries are better protected and better equipped to deal with the situation the outers and ironically the united states some of the best protections i'd argue in the world to avoid this situation now in the situation of the redskins now this gentleman who has all these trademarks he
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doesn't exactly have any vested interest in the football team besides maybe being a fan so would a good trademark lawyer for the n.f.l. or for the franchise be able to get those trademarks taken out because he's not actually using them in a sports related purpose. i think they have a pretty good chance the united states system requires an applicant at a certain point to prove that they're using the market they're trying to perfect rights and so in this particular case this is trademark card this gentleman and he may have perfected some rights for some trinkets for example cups or mugs or apparel but it's a longer shot for him to prove that he's actually using these marks for professional football team and so in that sense it's probably going to be an uphill road for him to out solid rights arks now ben this is especially big issue for companies that launch in one country and then attempt to move overseas as
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presidentially just mentioned tell us a little bit about that. yeah i think he's making a really good point when he says the united states has a different standard than a lot of the rest of the world and what we find is that this is really a huge problem for american businesses setting football on the n.f.l. side a big issue for businesses that try to you know they create products in the united states they trademark those products and then they try to expand to a global business and what they find is that they move their those products overseas and the trademark is already owned by someone else there and it could be an exact replica of what they've created it can be the exact product that they've created and what we find is that a recent survey actually was done by the u.s. trademark office and found only 15 percent of small businesses doing business overseas know that a u.s. trademark of course is regional and it only applies to the united states and so a lot of business owners think if they go to the trademark office they get a trademark that it extends all around the world and it does not now preston in
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what has become an increasingly global marketplace is something we talk about every day here on blue bus are we seeing more cooperation between nations to prevent trademark squatting. i think there's been some meaningful progress in this area but there are still a lot of gaps and so china is one of the countries of focus in this particular area and i think they've made a lot of improvements they've actually addressed a lot of bad faith filers and are willing to sort of do trademark rates if if people inside their country have attempted to perfect names from overseas companies they've shown a willingness there there are also some treaty mechanisms that allow companies to use. trademark registration in one country. or in another but the fact remains that most of the countries in the world don't require an applicant to prove and that remains a big problem as was mentioned earlier and now
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a lot of these countries people will apply for the marks and then just. now knowing that there are someone interested in them are going to be coming after and i believe or years ago one of them or news or happenings or it was when apple ate and save millions of dollars to check the street for the i phone and now ben as press just push and you know china has been working on this and they just issued a ruling that helps prevent trademark squatting in their country tell us a little bit more about this ruling yeah doesn't pull out prevent it but it certainly makes it easier and well essentially that ruling found is that. essentially if there is a registrant who goes in there and has a disputed trademark they have to show that they had the existence of that applicant's trademark and they reasonably avoided applying for the mark essentially meaning that you have to show that you did not know that i phone was on its way to china before you went and registered for i phone and that you did so in an actual
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innocent way as opposed to you went out found a company that you knew was eventually coming this way and you sat on that trademark so china is trying to make some efforts in this area we'll see how all of that pans out based on the discussion you guys at the beginning of the show between us trying to relations right now well absolutely and i was just going to mention that is i mean when you look at all the intellectual property issues and some of which the government says is at the center of this dispute between china and the u.s. there's a lot there preston fresh necked copyright attorney and trademark attorney as well thank you for joining us ben swann as well to both coasts always appreciate it. and finally video game streaming site twitch dot tv announced that beginning wednesday it would be introducing sports as a standalone category now this is a big move as twitch is parent company amazon has been increasingly getting into streaming live sporting events to launch the new feature a showcase will take place hosted by former m.l.s. soccer player jimmy conrad featuring interactive content from the n.b.a.
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arsenal f.c. and the u.f.c. the site also in out the collaboration with 4 major soccer teams including rail madrid and paris st germain now meanwhile earlier this week rapper logic who recently announced his retirement from the music industry after his final album signed a 7 figure deal to stream exclusively on the platform logic says that he will be streaming games some studio 'd sessions as well as guest interviews and that's it for this time you can catch boom bust on demand on the brand new portable t.v. app built on smartphones and tablets through google play and the apple app store by searching portable t.v. portable t.v. can also be downloaded on newer models samsung smart t.v.'s as well as roku devices or simply check it out at portable t.v. see an extra.
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turn on the t.v. on the back the world of what's happening around me i see shows on the screen and last every t.v. because of the it was near its steady state. after. taking place in the store when i found that there were no. according to even fox news trump is lacking in the polls is this because joe biden is such a brilliant and it or because the party consensus that tends to make. the president still another. brand is a populist in 2006 feet as he is going. 54
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jets and more than 1300 military personnel are headed to heal some air force base in alaska where is that to say come on i'll show you what's the reason for any type of enhanced u.s. military presence in this area rush up. what is it suddenly about the south china sea that makes it so that it 11000000000 barrels of oil. take a look at this map who really owns what kind of says no it belongs to us india says no we claim that that belongs to us both of these countries have nuclear weapons capabilities there is reason for concern so that's why we're going to drill down on this story for you today right here on the news with rick sanchez where you know as we always like to say we do believe by golly it's time to do news again.
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drugs has come from unscrupulous dealers from pharmacies to in every state in the united states we've seen these very sharp increase in the number of people seeking treatment for addiction to prescription opioids. invaded america under the banner of medicine persisted with the pain but instead of trying to wean him off though she did go after dose after dose after dose and really became his drug dealer. patients doctors manufacturers.
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might happen tony on this is america's lawyer last week in new york times opinion columnist a very wise resigned from the paper and accused him of suffering from a severe case of being too politically correct she also alleged that employees of the paper were harassing her some are celebrating wise as if he wrote what others are expressing serious skepticism about it claims so that we're going to dive into that topic and see what makes sense also tonight over a dozen lawsuits emerge against education secretary betsy devos again for helping her nonprofit universities prey on students pocketbooks and then later in the show there's been a fatal shooting targeting the family of a district judge overseeing the case of do its banks involvement with the late jeffrey epstein don't go anywhere america's lawyer starts right now.

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