tv Boom Bust RT March 24, 2021 8:30pm-9:01pm EDT
this is boom bust the one business show you can't afford to mess i'm rachel blevins in washington coming out europe is imposing new prescriptions on vaccine exports with officials saying they need to focus on their supply of home just as long as it's not from russia a lot of the car accident off the coast of egypt is hitting the world's oil supply and it's estimated that around 13000000 barrels pretty impacted so far that is one of president trump planning a comeback in the form of his own social media platform and what can you expect from it for the press at all in that we have a lot to get serious for let's get started. german chancellor angela merkel is now
reversing orders for a strict lockdown over easter weekend after the plan to close shops and churches was met with overwhelming backlash she is one of many leaders across europe looking at a rising 3rd wave of kobe it may seem while the bloc struggles to meet vaccine demands it's that crisis which news says is prompting new restrictions on vaccine exports as it struggles to provide for its own citizens officials have largely placed the blame on astra zeneca for following through on contracts with australia and the u.k. but coming up short in europe they called the actions they are taking a last resort the communication of the company's difficult and old times which been done in all the levels from the president of the commissions through the commission the responsible for how it's done to the director general had to resort to the legal action because simply we do not know what else we have to do because if you
have quite a few member states who based they start to see acquiring. the new restrictions are supposed to be in place for 6 weeks but numerous questions surround how the e.u. plans to change course now after the bloc was slow to negotiate with drug makers and then put stock in the companies like pfizer and astra zeneca only to be told they couldn't deliver but while european officials openly say they need more vaccines they are also telling russia that there is absolutely no need for the sputnik the multiple nations within the block move forward with plans to make the russian vaccine available in europe in response to russian president putin question whether the e.u. is acting in the best interest of its citizens when you can we don't impose anything on anyone when we hear such statements from officials there is a question of whose interests are being protected by these people the interests of pharmaceutical companies or interests of european citizens or what are they doing
are they lobbying. but even if certain officials in europe don't want it the russian vaccine has been approved for use in 55 countries and it's now reaching parts of the world where europe is used to having a heavy influence that includes in southeast asia where china and russia are increasing vaccine diplomacy while the. focus on vaccine support has reduced its visibility so joining me now to go further in depth on this topic is professor richard wolffe host of economic update and author of the sickness is the system now per share let's start here with the problems that is facing at home what do you say is the driving force behind what went wrong in europe's vaccine rollout. well the 2 things and they're both really related to the basic economic system that is trying to cope with this pandemic the 1st one is the effort of the large pharmaceutical
companies to secure big markets good prices big profits going to the people they have the most control over as for zeneca is a british and swedish company it has special relationships with those politicians and so you shouldn't be surprised that the u.k. has more astra zeneca than the rest of europe this is unfortunately the way the system works this is a global pandemic it needs a global response and what we have instead is different companies lobbying with different governments to get it then it is astra zeneca promised hundreds of millions of doses to be delivered and have since then been cutting back on the number of those says they deliver different amounts have been cut back one country to another which of course spoke suspicions of one country getting advantages over another europe is an attempt to get together
a lots of different countries this is the worst possible way being driven between them and the other factor is that there's no nice way to say this the chinese and all that societies showed us early in the cold that pandemics shot everything down tight yes in the short run that has economic costs but it solves the problem and in the long run you'll be better off economically to europe did not follow that model neither did the united states and we're now paying the price and certainly as seems like we're watching those countries now figure out exactly what to do while still making sure those pharmaceutical companies make as much as they can when it comes to this profit that doesn't look like they're learning any lessons there. but we're now seeing the e.u. imposing new restrictions setting limits that will prevent astra zeneca from exporting their products and from following through on their contracts with other countries should european leader leaders be concerned about how this could backfire
absolutely it will backfire but they are in a very difficult place out of not had the viruses that were promised. to vaccines that were promised delivered they're in a tough position because their own people are very angry very bitter about what's going on don't want to see other people in other countries vaccinated when they chant get a vaccine and on the other hand you have the reality and there is no way around this that the chinese and russians among others are very willing to exploit most of the vaccines produced in china are not being used in china because they don't need it and so they can export and they're doing that and you can moan and groan about it but it's the reality of how discreet and then they can spin a gamble in some countries versus others and again i hate to be repeating myself
but it's the price we're paying politically as well as in terms of public health and i really does tell you a lot when you have your ups a in that they need vaccines but then telling china and russia i know we don't want those vaccines we want razor and specifically restricted now and i also want to bring the u.k. into this because they've been seen as having a more successful vaccine rollout than you but boris johnson was also recently quoted as saying that this was all because of capitalism is he getting too greedy too soon here. well you know at watching boris johnson you you don't expect much and he is certainly consistently delivering the little bit that one has come to expect it is a colossal arrogance and economic nonsense to credit capitalism capitalism is what pressed all the politicians not to close the economy when the
pandemic it that was a mistake in retrospect but that was pushed by capitalists number one number 2 the only reason the pharmaceutical companies did anything and let's remember we didn't have enough tests when the pandemic hit we didn't have enough masks we didn't have another ventilators we didn't have enough i.c.u. units in hospitals those who are all capitalist decisions not to be ready for it but now with a vaccine 2 things one the government gave them guaranteed contracts to buy at a profitable price millions of doses no risk at all that's not capitalism and number $2.00 subsidies billions of dollars in subsidies to help pay the costs of developing the vaccine for which the government provided the market to coldness capitalism's achievement takes a level of either india logical craziness or ignorance and either way you look you
cut it or is gunson looks as bad as he usually does. he say listens great inside an excellent point as always professor richard well thank you so much for your time. thank you as well. nordstrom to pipeline may be more than 90 percent complete but the by administration is 100 percent devoted to its campaign against it secretary of state blanket has made multiple references to the project during talks with nato members this week in brussels warning that his allies could be the next targeted by u.s. sanctions president biden has been very clear in saying that he believes the pipeline is a bad idea. bad for bad for europe are bad for the united states ultimately it's in contradiction to the us on energy security goals it has the potential to
undermine the interests of ukraine poland a number of other close partners or allies lincoln is specifically calling out germany the pipelines destination and he said he warned the german foreign minister directly during a meeting on wednesday germany has stood by its deal with russia arguing that the north stream too is essential to its economy while the by administration has threatened sanctions it's not clear when action will be take it the pipeline is expected to be fully completed by the end of this year. oil prices rebounded after falling more than 6 percent on tuesday due to a bizarre accident in egypt take a look at these images here that is a skyscraper size cargo ship weighing more than 220000 tons it ran aground while traveling through the narrow suez canal creating what can only be described as a historic traffic jam now so far it's estimated that around 10 tankers carrying
more than $13000000.00 barrels of crude oil will be impacted the waterway sees around 10 percent of world trade and is known to be crucial for the transport of oil in response to the incident energy shares and oil prices rallied on wednesday so joining me now to discuss the latest for us co-host christine and david mckelvey me c.e.o. of mckelvey any financial group david let's start with you here i know we're talking about this incident that just happened but before that we saw that will plunge 6.2 percent on tuesday as the oil futures curve collapsed due to the news over new lockdown measures in germany france and italy is this can tango structure likely to last or will we see demand pick up later on this year. yeah the price drop was a continuation of the trend oil coming off of $70.00 a barrel we've seen profit taking we've seen concerns on the demand side and so
that's a continuation if you look at germany france italy and the idea of more closures coming due to there is a concern really on the demand side suez we hope the short term they have not redirected traffic yet if they do have to redirect traffic you're talking about a 10 to 15 day period but a 2 week period delay in shipments which could have you get a short term impact on the price but we hope that they can relieve the traffic jam as you call it play supply again i think demand is clearly the market focused with the lockdowns and co it concerns denting expectations of of any use. yeah there certainly has been a lot of weight on that demand on those lockdowns are waiting to see if they're going to come back and of course how long they're going to last now kristie we've been talking a lot about europe here and it seems like us oil companies lag far behind their green and green or if european rivals why is that. a big reason for
this is that europeans they're simply investing far more into a nubile energy battery storage evy charging points carbon capture technology and other decarbonise ation efforts 5 european countries right now account for 51 percent of all renewable energy assets held by the world's $39.00 largest oil and gas producers so right now total a c when our s.a.m. royal dutch shell their entire pack what exxon mobil and chevron are mama laggards in a newly released i'm in transition score or from bloomberg the energy transition is really presenting a huge challenge right now for big oil especially after the quantised virus basically decimated the entire industry by sinking demand and consumption so the clean energy is merging as many of these companies face a lot of pressure to do shareholder returns increase profit or even pay down long term those at the all especially in the in the gas and parking industry so that has to be energy index has dropped 15 percent including reinvested dividends since the
start of last year meanwhile in europe b.p. is ramping up investments in clean energy at the expense of oil and gas shall have the power while still have reinvesting gas so it's seen so it seems as a bridge fuel to more renewable future so while a few major oil and gas firms have set ambitious new emission targets recently meaningful action to actually develop low carbon business model still remain quite limited in the u.s. most of these companies are just dabbling rather than committing towards a bigger picture and that's interesting to note especially as we hear a lot of talk about possibly wanting to move more towards renewable energy with this administration. i don't really saying how that's going to pan out over the next 4 years now david i also want to bring back end of this we know that the alliance and its allies are meeting on april 1st to discuss whether to unwind more of their cuts what are the expectations for this meeting here the bottom line is demand starts to stabilize before much supply can be reintroduced the decision is
most likely to be the same as march not having a significant amount of supplies at this point they allowed or they agreed to have kazakstan in russia boost production there's a very small numbers the last time around but something similar perhaps this time i would think that bringing back product to market 1000000 barrels than 2000000 a staging in would be far more constructive for the oil price the gradual nature has to be in line with economic growth economic growth expectations resolution of code concerns again simply put demand has to stabilize before much supply can be reintroduced otherwise you're just looking at a shock to the oil price which does no one any good if your producer or an asylum interesting to see if they keep holding back moving forward especially with some of those new lock downs that we mentioned now kristie here in the u.s. fed chair jerome powell and treasury secretary janet yellen appeared for their 2nd
day of virtual testimony what was the big takeaway from that hearing. well right now essentially boils down to a recovery trait powell said that he expects the economy to experience superior growth and 2021 amid the recovery from the pandemic and the that and the extra stimulus given so despite the fact that many regions of the world are once again seeing rising kovan 1000 chases as the more contagious virus continues to spread expectations are still very high in the u.s. for successful reopening with the pace of vaccination in the country picking up salt powell also indicated wednesday that he really isn't concerned about the recent rise in long term bond yields at all saying that they are here to reflect their optimism about the country's prospects so the yield on the 10 year is up point 9 percent on the beginning of the year at 1.64 percent so some analysts are worried that the rapid rise and climb and rates could weigh down on the economy by making it more expensive for consumers and businesses to borrow but again you get a raise that the recent increase has come from an extraordinary low levels and
we're now back up to a level that we're more likely to see going forward but as we can see from the market reaction today there are lots of complaints excellent points to consider here christi i david mckelvey me thank you both for your time. richard. time now for a quick break but when we come back former president trump has been banned by all of the major social media platforms but how long is untold increases own for the next and as we go to break here the numbers of a close. join me every thursday on the alex i'm unsure when i'll be speaking to get a little the politics sports business i'm show business i'll see you then.
when else truths seem wrong when old rules just don't call. me. yet to shape our disdain comes to educate and in detroit equals betrayal. when so many find themselves worlds apart we choose to look for common ground. during the trump administration the us agreed to leave afghanistan by may 1st the by administration is wavering over this commitment they claim the conditions on the ground are not favorable for withdrawal this begs the question what can be done now that has not been tried for the past 20 years.
always be polite never engage with a negative a good or confrontational. don't get into any conversation or start answering questions just ask for an attorney. charities. definitely don't want to. show one. you're more likely to walk free if you're rich. or if you're poor and. you've got 2 eyes 2 ears and one now. so you should be seen here and a whole lot more than you're saying if you don't take that advice easy going to dig yourself. when we watch movies i think they typically make us worry about the wrong thing they make us worry about robots turning evil but the real threat of the last artificial intelligence is not
that it turns evil but just that it turns very competent but has goals that are not aligned with our goals. is former president trump looking to make his return to social media with the launch of his own platform well that was the indication this weekend from terms advisor jason miller who told fox news quote and this is something that i think will be the high. hottest ticket and social media it's going to completely redefined the game and everybody is going to be waiting and watching to see exactly what trump does c but it will be his own platform. string and boom bust co-host and investigative journalist ben's want but i'm guessing that some of those people waiting and watching are likely to be
a lot of those big mainstream networks that have watched their ratings fall now that they don't have terms tweets to talk about all of the time what do we know about this for him i mean is this something that trump is building himself or is he working with the company to bring his name back into this space. yeah that's a good question i the answer is we don't know i mean the of the honest truth is if you look at what jason miller said over the weekend he really gave almost no details at all right he simply said sometime in the next 2 to 3 months that's a pretty vague timeline trump is going to be coming back with his own social media and it's something that he'll own or he'll control and then when he was asked some questions about it he didn't really have answers like for instance. is he going to sell for is he working with a company well 'd he's got a lot of companies that i've been talking to a lot of companies want to work with he's had a pilgrimage of companies coming to morrow lago to talk to him about it he says along with you know different candidates for office who are running who won his blessing but that sounds like to me the whole thing if we're going to be honest sounds very trump ians to me which is kind of this statement about how it's going
to be the biggest it's going to be the best everyone's going to love it everyone's going to want it very short on details so my suspicion is this is what trump wants to do trump is probably talking to companies about it right now but he has not made a decision because ultimately someone else is going to build it and he wants to own a big portion of it. but it's still going to be the greatest best thing ever to have it because of media of course ok so what would make trump's platform any different than say parlor that conservative version of twitter that was essentially removed from the internet by google apple and amazon or what's there to protect this yeah that really there's nothing that would protect it listen it's that's all based on technology the question really comes down to this rachel is it an issue of the people who are working with trump because trump not building this thing himself the people who are working with him or the companies that are working with him are they trying to simply build an ideological site similar to parlor where you say well we're going to build a competing interest to twitter or to facebook or to you to the problem is of
course just a parlor for example if the president were to say or former president were to say i'm going to sign up with parlor and i'm going to own part of it now it's going to become my platform as well as others the problem is is that an. yes google apple they all have the reach and the power to take that down there are a few technologies out there if you're talking about block chain that allow you to bypass those big companies but i'm not sure that the companies that trump would be talking to are really familiar with this concept of using blog chain to really get around the social media censorship that's out there and the and the silicon valley reach that's out there what amazon proved is that they have the reach to take you down whether you're building separate from these other social media companies or not through their servers they have the ability to get to you the question is is he building a platform that could protect against that or not i doubt that he is but if he's doing this for real then he should be and i think it's safe to say that the day
that becomes involved with block jane will certainly be an interesting one but we will be here to cover it nevertheless and i also want to bring up an unlikely ally here which is senator bernie sanders he recently said that he's not comfortable with trump's twitter ban arguing it could lead to a suppression of users across the political spectrum is he right here. no he's he's wrong because he made it sound like this is something that could happen in the future instead of acknowledging that it is happening right now this is not a question of well you know if if a sitting president says something social media companies don't like they could take him down and that makes me uncomfortable because that could lead to suppression in the future could why are we talking about this as if it's some kind of of exercise in a classroom someplace right this isn't some hyperbole that's been used here this is a literal real world example a sitting president of the united states was removed from social media because the
tech company ownership decided you're not allowed to speak here and by the way it doesn't matter in a free society if you're the president of the united states or the president of the p.t.a. or or or whoever you are right it doesn't matter the bottom line is every citizen either has the right to speak or you don't and the idea that because someone has a title they're more entitle to speak i think is flat wrong so i think sanders got it wrong in a couple of ways he got it wrong because he made it about holding office therefore you have a right that's not true he also made it. again and exercise in what could happen or may happen when it's already happened so the truth is bernie sanders needs to snap to it and recognize that this is happening right now to people across the political spectrum and we either do something about it or we don't but this is not an exercise in what could be. absolutely and certainly when it comes to censorship that's something we're getting to the point where we have all experienced just about great insight as spence ron thank you for your time. thank you. this
jaimee helicopter aboard nasa has perseverance rover is one step closer to taking flight on mars the 4 pound chopper named ingenuity is expected to begin test flights in the coming weeks after perseverance drop the debris shield protecting it during landing nasa released this photo saying the craft has to do some reverse origami and unfold itself as it prepares for a flight that would be the 1st time a craft like this has flown on another planet but a tiny copter will eventually scan mars for signs of ancient life and samples which could one day be returned to earth. that's all for now you can catch broom boss on demand by downloading the portable t.v. out for your apple or android device we'll see you here next time and as always don't forget the question more.
who are. not. i'm not. the beginning but it might be us if you become lost you know you nationally for side. can boy get him. through it. all looks to me with all of you know much. of that if you should be you believe usually. me i could be as nice. easy working with nobody can be when. we watch movies i think that typically make us worry about the wrong thing. they
make us worry about robots turning evil but the real threat of the past artificial intelligence is long but it turns evil but just that it turns very competent but has goals that are not aligned with our goals. america depends on the times and strangers to fund their speculation and their extraordinarily cheap lifestyle from the labor overseas and. so i find it interesting the saber rattling going on in washington d.c. right now because the kindness of strangers kind of bad. heartbeat if stay no longer want to play the u.s. dollar reserve currency and then inflation right now is signaling a 1010 to 12 percent turn inflation rate it just for reality to 24 to 30 percent of pleasure.
is. going to make. this mistake is my mistake i regret that d.p. and apologize to all citizens. german chancellor angela merkel backtracks on imposing an easter lockdown and concedes it was a mistake. because it was a lucky to be ruled by no chris it into a fund that shows you 2 to 3 weeks french hospital chiefs to ring the alarm on a quote unprecedented burden as the country sets horrific new pandemic records for the year yet the government's response leaves the people who will do. and flourishing hate speech and facebook is sued for repeatedly allowing online threats to journalists and.