tv Boom Bust RT March 4, 2021 8:30pm-9:00pm EST
and to pay for them as long. as about the obvious and true that. he's employed. thank god it's not crock that's. just the type to use a pen to type the next. moment on it. was the fastest my least been. if you get. them to the left will miss them but again it was on the. this is boom bust the one business show you can't afford to miss i'm french born in washington coming up china's rising tech is said to be discussed at the national congress as the rest of the world is continuing to fight against the copen 1900
demick will discuss it plus the european union is now reviewing the efficacy of russia's v. vaccine as the bloc continues its rollout and later the oil prices are spiking its major players have decided to maintain output levels straight ahead we'll dig into the details of the pack show today so let's dive right in. and we leave the program with china as the national people's congress convenes friday in beijing the country's ruling communist party uses the gathering which will mostly be held virtually due to the pandemic this year to discuss economic and social policy the economic focus is expected to move away from the copen 1000 recovery to more long term planning while in the past the event generally has been about domestic policy international issues like tensions with the west over technology are starting to take center stage in fact back in october following washington's decision to cut off china's access to u.s. processor chip. party leaders in the country said this year's economic priority
would be making china a self-sustaining technology power for more on that in the state of trade between the united states and china let's bring in john quelch dean of the miami herbert business school bus co-host christi i thank you both for being here christy i want to start with you what issues are we expecting to be discussed in beijing this week . while the big domestic policy at hand is to promote technological independence that has become a think priority ever since the trade war and sanctions which have revealed china's dependence on u.s. semi's so this agenda is to prioritize tech is meant to propel the economy into the future and establish itself as a global superpower so the 5 year plan is to boost the domestic market and reduce its dependence on the outside world and some other key issues that this meeting will address will also include growth targets analysts estimate that girls will average about 5.5 percent year over year compared with a target of more than 6 percent in the previous plans then there's also the
stimulus withdrawal analysts expect that students withdraw to be mild and focus on reducing excessive debt growth and the direction set for economic policy is likely to be towards normalisation so fiscal and monetary support will likely be taper but not completely withdraw and also investors will also be watching out for more specifics on how the government will reach its goal of. greenhouse gas emissions by 2030 and achieving carbon neutrality by 2060 and finally the biggest issue of course is the technological aspirations and at the center of the beijing wants to push to develop new technologies for critical components such as microchips so more resources will be allocated toward science and technology are in deep financial reform will also be a big topic as a 5 year plan well into further open up the financial system to foreign investors and reduce the limits on chinese investors moving cashel receipts and of the shows are considering making the last listing will more widespread however at the same.
in time beijing is also tightening its grip on technology giants such as ant grip on what are you know are to curb their growth and the financial services given their enormous presence in the online payments market doing well what does all this mean moving forward will we see a shift in technological dominance from the west to the east within the next few years. while i think we're moving from the tariff war to the technology war there's no doubt about that but the us has multiple advantages apart from its current leadership in perhaps 30 or so technology areas that are critical to innovation. particularly important to note is the u.s. has maybe 15 out of the top 20 research universities in the world the recent research assets and infrastructure within the us public and private sectors are really very substantial and the u.s.
is now totally aware i think that it is in a technology fight with china and therefore is going to double down further on r. and d. investment particularly in basic research and that is more likely i think now with president biden in the white house so. a few years depends what you mean by a few years but it's going to be beneficial to consumers and prosperity worldwide to have technology competition this intense between china and the u.s. that's going to help the consumer in the long run kristie i want to follow up on something we talked about earlier this week president joe biden's team says it's going to use quote all available tools to fight china's unfair trade practices what is using challenges does the administration see with china on the trade front aside . from technology. all of the inside the biden administration is continuing to
tough on china's stance in order to try to contain and figure out how to coexist with the rising superpower so that by now i'm going to station conducted a comprehensive review of the u.s. trade policy towards china where outlined several issues of concern including intellectual property protections market access restrictions as well as censorship so this comes as biden's nominee for the u.s. trade representative awaits for senate confirmation so if it comes armed thai will inherit a long list of unresolved trade and tariff disputes from former president transom ministration and part of that list of course includes phase one of the trade deal that has been delayed due to coat it so during her confirmation hearing last week she said that china needs to live up to its commitments under the deal but analysts are still very skeptical as far as trying to buy over 2 $100000000000.00 more in u.s. goods and services which seems highly unlikely at this point and this is the latest sign that tensions between the powers will continue under the new administration
the u.s. is still threatened by china's technological edge and in the report there was absolutely no mention of cooperation or coordination with china and this sends a very dangerous signal as biden has the resources to improve ties with china but it looks like rather than deescalating he is taking the same course of action as its predecessor and usually at the same time it's not shy away from any competition either biden has so far and more repeated calls from beijing to get bilateral relations back on track so the administration needs to make a very firm decision about what direction he wants to take for the next 4 years whether that be cooperation or confrontation it did quote this is something we talked to you about before president biden took office now of course he's only been in there for about a month but a half so it's hard to see exactly but analysts had expected tensions to deescalate with china with the new administration do you see it getting any closer to that or will he be pressured to escalate it take. a hard line stance against china again
and how do you see all of this shaking out. well president biden has a very substantial set of domestic challenges and it's unlikely that he will risk political capital in the short run by deescalating the china stance of the previous administration rolling back the tariffs for example i would regard that as unlikely in the short run but the public rhetoric against china i expect the rather colorful rhetoric of the previous administration to be replaced by. strong words but strong words couched in diplomatic language i think where president biden can make considerable progress in the short run is by rebuilding alliances with the european union and with other countries in asia that perhaps the trumpet ministration didn't nurture as well as
it could have that will enable the biden administration to shore up a strong stance against china with a collaborative support from its allies around the world that's going to make china are a little bit more. willing to come to the table than in the previous situation where we had the e.u. and the u.s. really at odds with each other and china was able to divide and rule between them if them interesting to see what happens dean john quality of the money or a business school bus goes kristie i think you both for that expert analysis. thank you. and the european the medicines agency that used drug regulator says it has started rolling reviews of russia's sputnik vico but 19 vaccine early reviews are meant to speed up the approval process by allowing researchers to submit findings
as they come in in real time rather than waiting for final trial data to be released despite the review by the a.m.a. e.u. officials say they have no current plans to add the russian vaccine to its rollout while clarifying the regulators decision would only be based on health related criteria currently no talks are only going to integrate discipline exacts in the portfolio i would like to stress however that strategy is a joint strategy that needs a strategy which has been designed and implemented with as the member states commission and member states together and so member states and commission may decide at any time to integrate all those vaccines into the vaccine politics have nothing to do with the fact that you consider that would consider a vaccine safe and if you cases were not it's based on the assessment of the vaccine. in january hungry was the 1st member state to give sputnik
emergency use approval. so with this in mind let's take a look at the state of the vaccine rollout with our 2 correspondents it's our before we get to the vaccine numbers let's take a look at global cases well outside right here in the u.s. where newly reported cases and now they both rose from a day earlier as a public health officials and experts warn that a recent drop in infections is showing signs of planning now the possible stagnation that we're seeing right here in cases comes as more states are rolling back restrictions showing a significant drop from highs reached in january and this move is also created a lot of friction between individual states like texas and the white house with president biden criticizing state leaders for loosening restrictions calling it a big mistake now health officials on the other hand are still urging americans to continue to wear masks and practice social distancing now here's the other 4
countries that are seeing the morse significant cases at the moment going to start out in india where new cases are beginning to increase again after months of consistent consistent decline now india is dealing with all sorts of variants of the virus plus they have been very slow to start their camp vaccination campaign now even though you know india is already the world's biggest vaccine producer in fact most of the code in 1000 vaccines that the rest of the world is using is right now being manufactured there yet most indians don't have access to it right now india aims to vaccinate about 300000000 people in by july but they're nowhere near track to meet the target brand now 30 is not looking good at all either in fact for the 2nd consecutive day. resilin has registered record highs not
just in cases but in depth now they're also struggling to secure distribute and administer coping 1000 maxis and health officials are very worried that if brazil is unable to control the spread of the virus it could become the epic center of the mutation of the virus which could potentially be more infectious and a lethal now moving over to europe in italy and france that's seeing the most increase in cases now that. in optic in cases is mostly contributed to the very end 1st discovered and britain and that's responsible for all the new cases that's happening that they're now in order to combat that increase italy they just joined france in the one shot approach aimed at saving as many doses as possible due to the vaccine shortage that europe is facing right now and again the theory behind that is to reconsider whether doses intended as
a 2nd shot could be distributed as a 1st dose instead to offer at least some protection to a great number of people that way dad least get to control the increase in new cases brant and sorry we're hearing more discussion about vaccine passports once again what can you tell us about that well you know right now for anyone thinking of traveling internationally later this year you'll likely need to prove that you're vaccinated now governments and businesses are considering a way for people to prove that they're been vaccinated were a salt called vaccine passport that could determine whether you can travel even state a hotel or even visit a bar or restaurant now u.s. is right now looking to join a list of nations that are looking into creating a digital code in 1000 vaccinations certificate now so far the european union and china both said they would move ahead with plans for a vaccine passport and now some countries are also looking at this. past border not just for travel but also every day i get t.v. news for example the u.k.
government recently announced that they're going to reconsider whether a proof of vaccination will be required to visit bars and restaurants or simply just return to work visit because originally they said they would not looking to a vaccine possible but now they are and in israel where a vaccine passport was launched last week now it is it allows israelis to have done vaccinated to go to hotels and jim now saudi arabia they have launched a similar program well iceland they're willing out of vaccine password to enable foreign travel now obviously all of this opens up a whole different range of conversation about security or your data and having your life being governed by your health status brant or g. correspondence i have a trip thank you so much for keeping us up to do. time now for a quick break but here because when we return opec plus members have decided to
maintain current production levels when we come back we'll take a look at what this means for the oil industry as we go to break through the numbers of the quote. economies to cherry writing rapidly but the government is redefining c.p.i. redefining g.d.p. redefining everything and all the metrics and let the chips in the back of their redefining all these measurements to give a different to give a more favorable picture of something that is deteriorating.
that. close a little love. luanne a little going on in jeans only. those who don't consume don't tell you that means i can do it on joyful dealing with a stand on the most room in that are equal going to tens of thousands only consistency make that connection don't consume don't we don't see don't mind lol you live up to those on the solution soon times out of the answer to all the sitting on. the east.
metabolife small molecule bodies make. it and make less of it as we get older this is one of the things i work on it's. because we have less of it we become more prone to infection and the crazy thing is that $119.00 sars could be to one of its ways of attacking the body to deplete the body even more of the chemicals which we need to fight infections. welcome back some a group of some of the world's most powerful oil producing nations met thursday to
discuss the next phase of production policy amid the ongoing krone virus crisis now as we have been reporting for months ministers representing opec and opec partners also known as opec plus have been meeting regularly to discuss levels of oil production the 2 most influential members of these groups are saudi arabia and russia and ultimately they decide whether to increase or decrease worldwide production levels joining us now to discuss this and other many other issues is not a muslim chief market analyst with eva trade and co-host of investigative journalist ben thank you both for being here last night i want to start with you and begin with these opec cuts members actually decided not to increase production at these meetings what happened and how is this going to affect global oil supplies . or going through how many nations i think the market was very much interested in cease fire. on the market because obviously we have seen a recovery but the masses from opec is very clear that on weak recovery that we're
seeing around the globe is still very much joe and there is still enormous amount of us in that because of these don't. i wanted to stop putting extra supply on the market because that would. stick with vices but there is another issue and it is well i'm not it's how high oil prices are really poor the enormous amount of detail going to this ongoing inflation debate that we're hearing and that is creating an enormous amount of thing among investors that create this and then i want to shift gears a little bit to u.s. jobless numbers come out and once again numbers are good with around 745000 people filing unemployment benefits for the 1st time last week what does that mean overall for workers in the u.s. economy ben well it's certainly not good i mean you know we like round numbers
right and one of the numbers that comes out of this is that this is not the 50th 50 50th we can row in which we have seen the overall jobless claims coming in higher than they were the worst week of the great recession back in 2008 so what we're saying is 50 weeks in a row it's been worse than it was in 2008 olten really what that means in terms of numbers is about 10000000 people continue to be without work and another 7000000 people have stopped looking for work altogether so the numbers are necessarily surprising is kind of what we expected to see i think analysts expected about 7 150000 jobless claims to be file 745000 what it came in as but it's still not good news and we just in terms of getting people back to work getting the economy moving again. we're not in a good place and it doesn't look like we're making a whole lot of progress to get back to a good place and now knowing we're seeing a major sell off in u.s. equities thursday to your point earlier about after fed chair drone power said the economic reopening could actually cause inflation to rise temporarily what's
happening in markets and how significant is the sell off. you know really reminds me of watching another episode from a saint. or as you say another episode of the same merely because we've seen this taper tantrum back in 2012 and the. market is already inside and i think you know powell has very clear message that it's ok for him to stomach a little bit of higher interest rates in the short term however if the situation does get out of control and his last game going out of control then the reaction then starts to the asset purchase program or who bring it to east program to address the inflation 3 ships are thinking why now what are we seeing in the hall and it is very essential to pay attention to this one what he's seen in the market is how. much this is marked down
this is nothing to worry about on a longer time because we have more people who are getting right see an economic recovery is on the right track. and i want to switch gears again here. president joe biden's pick for chairman of the f.c.c. gary gensler actually says he's open to the use of digital currencies but says investors must be adequately protected is this a good thing for the crypto industry. yeah but i'm crypto 'd i mean i guess gary gensler could be a positive in that yes that he if he runs the f.c.c. if he believes that digital currencies are the future and they're on their way that's a good sign ultimately what does it mean in terms of regulation that remains to be seen i think it's important to recognize though that there has to be clear guidance given by the f.c.c. on these issues because at this point it's still very unclear what constitutes and i c o n s
t oh you know the initial point offering initial securities offering that come through crypto currency so there's a lot of confusion about what that consists of you know one of the things again sort of said in the past is he says that that crypto currencies are rife he says with scams well actually that's true that's not an untrue statement the problem is though is what is he classified as a scam does he believe that only certain group of currency should be allowed to exist and others should not i mean we don't know the answers to those questions and honestly i'm not sure he knows the answers to those this cryptocurrency landscape will shake out to be in the future so we just don't know and now and i am crypto currency exchange crack in theo has made headlines saying that because it will be the world's global currency and that the price of $1000000.00 per coin 'd is possible within the next 10 years if anything's possible but what do you think is the right. ok i think one of the comments very much acro what we
listen and learn from citibank as well because citibank thomas they came out and then they also said it's quite says on a tipping point it can either become currency focal 'd trade or it can just be another speculative bubble what we believe at in our research is that i think the adoption brayed with respect to big corning has become enormously healthy if you look at the flow of coining towns of purchase out into action changes it becomes evidently clare that more family offices and institutions are mine because their role is very very different they come in a last number and there's a consistency of it and there's no selling of those particular flows or all on those orders so i think the path of least resistance is certainly skewed to the upside on a time 100000 or so very much a number which you will say that ok well one seems to look like today but i think
100000 is a very realistic number for illicit this year. chief market analyst with every trade and boom bust co-host ben swan thank you both for your expert analysis. thank you. and finally a space x. starship prototype exploded just minutes after landing following a high altitude test wednesday evening of the s. and 10 rocket which had no passengers on board reached 10 kilometers of altitude before returning to earth and successfully landing prior to the explosion the last 2 starship prototypes s n 8 and s. and 9 also explode on impact as they were unable to slow down enough at this time it is unclear what happened with s. and 10 now the test flight of the starship rocket comes the day after japanese billionaire. and space x. offered an opportunity for members of the public to fly around the moon free of charge with the deer moon project initially announced the mission back in 2018 but
the plan has changed from flying artist into lunar orbit to taking 8 members of the public on the trip the billionaire says he will pay for the entire journey and for those looking to apply there are $2.00 key criteria as i was says going into space needs to advance whatever activity are into and you must be willing and able to support other crew members who share similar aspirations the mission play is that you space x. starship rocket and it's set to launch in 2023 and travel further than any human has in history and that's it for this time on boom bust you can catch us on portable t.v. we'll see you next time. during the vietnam war u.s. forces. it was a secret war. and for years the american people did not know. how much he's
actually. happened. human history millions of unexploded bombs still in danger lives in this small agricultural country jordyn wieber. even today kids in laos full victims of bombs dropped decades ago is the u.s. making amends for that tragedy and. help to the people need in that little land of mines. russia e.u. relations are at an impasse the kremlin has made it clear it will no longer tolerate the e.u. lecturing about values in so-called international norms and the russians have had enough of the e.u. interference in russia's internal politics he refuses to treat russia as an equal partner until this changes this bilateral relationship appears to be on hold.
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the european medicines agency says it will begin assessing russia's sputnik the vaccine within the block with the block seeking to speed up its vaccination program that's a some e.u. countries have already started receiving the shot we heard from some from the head of the russian fund that backs the vaccine so ridiculous the major european leaders should be very different matter of the standard sort of search would reach between russia and europe and the political. a chinese professor in the u.k. is attacked by 4 men while out jogging in what is believed to be the latest case in a growing number of racially motivated assault the victim told us asian people have become targets due to the coronavirus. is not.