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tv   Boom Bust  RT  November 24, 2021 1:30pm-2:01pm EST

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we're back in 30 minutes with the latest headlines. join us again that ah, for the recent reason, house verdict is a cautionary tale for many in power ideology trumped anything resembling justice. the jury thought otherwise. unfortunately, our leads when more times than not, they were informed by their ideology and they were pursuing a revolution from the top down with this is them bus one vision? sure, you can't afford to miss. i'm rachel blood. it bridge born was like that coming up
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in order to come back, the surging energy cost, the united states and other nations have taken the major step to have their oil reserve. well, discuss the move of your prices are coming back down to earth and president biden. has nominated jerome how to continue to help the federal reserve, but what could that mean for you? the u. s. economic recovery, amidst biking inflation. we're in to discuss and in to the ongoing semiconductor chip shortage on the horizon, lauren fixed the car coaches on hand to break down the latest efforts and investments to solve the ongoing issue. we have a package here today for dive right in. we began with the latest on strategic petroleum reserves and how the bind administration now plans to open it up, along with a coordinated effort with other countries to relieve ongoing all shortages. president joe biden said tuesday that the administration will tap the strategic petroleum reserve as part of a global effort by energy consuming nations to come 2020 one's rapid rise and fuel
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prices. so today i'm announcing that the largest ever release from the u. s. strategic petroleum reserve tell, provide a supply we need as we recover from this pandemic. in addition, i brought together other nations to contribute to the solution india, japan. republican korean, the united kingdom have agreed to release additional oil from their reserves. and china may do more as well. this coordinated action will help us deal with the lack of supply, which in turn helps ease prices. the bottom line. today we're launching a major effort to moderate the price of oil and effort that will span the globe and its reach and ultimately reach your call, your corner gas station god willing i. let's bring in boom by co host, an investigative journalist, ben swan, to discuss this further. now ben, i know we've obviously talked quite a bit about this in the past several weeks, and you said this was a needed action. give us the numbers on what the administration is doing in terms
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of this release. yes. so it's pretty interesting. obviously we're talking about about 50000000 barrels from the s p r. you guys mentioned the strategic petroleum reserve, about $32000000.00 barrels will be on the exchanges over the next several months about $18000000.00 additional. what was already going to be out there. so what's interesting about this is i am kept saying, you know, for a long time, something needs to be done. somebody needs to be done. the question is, is this the right move? and so as you guys know, on monday i was, i was fill it in over there in d. c. and didn't interview about this. and one of the experts that i talked to at that time said, even to open up the s p r, even to open up the strategic petroleum reserve, will not give enough oil to actually change the price. we're going to find out pretty shortly whether or not he was correct about that. but i think that is the big question. is enough oil actually going to reach into markets and not just from united states, but as was mentioned here, japan and, and south korea there's,
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there's multiple different countries that are part of this initiative. china and india as well. are those reserves going into the market, going to be enough to actually stabilize the price, or because there is a very finite amount of strategic petroleum reserves, not just in the united states, but globally, can opec just weight this out and say, well, we'll see how much it actually affects the price because you all don't have enough oil to actually be able to really, truly shift the speculative price. right. and i know, speaking of that price, we've been watching the buy in the ministration. try to put the pressure on opec. and it seems like when it comes to the overall coordination here, clearly this move is aimed at opec and opec plus. is there any chance that the move will force opec hands so to speak? so again, i guess it all, it all remains to be seen without question though. this is what you have to at least acknowledge this. whether you agree with president biden or not on this move, it is a bold move. no question about it. not only to be able to tap into the s p r,
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but also to be able to bring other countries in. as you guys get off the top, this isn't a storage move in that it's never been done before to be able to pull together this kind of coordination. and it really is being done to say to opec into opec plus countries. hey, we can do this without you. but in reality, as i mentioned, can't really do that. that's not true because because there's a finite amount of natural gas. c and oil sitting in those strategic petroleum reserve. and it's also important to mention that there is a way to do this because the united states, as you guys know, just a very short time ago, 2 years ago was the number one producer of oil in the world. and the number one producer of energy in the world. it was incredible of what was being done by the ministration, had obviously frozen temporarily those leases of certain oil and natural gas drilling licenses. they had frozen that they've now loosen that in the last couple of days. as well,
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i think that affects the price much more than this moves up when bed. i guess the question that seems kind of odd here is that like you have this kind of but if we're going to put it this way, a u. s. coalition against opec is that kind of an unprecedented situation? obviously. i mean, you know, they've wanted opec to really more supply, keep prices low anyway. but for this much tension is that, is that a new thing we're seeing it is a new thing is i, as i said this has never been done before. and it is, it is interesting to see what, what the short term strategy is and long term strategy strategy is short term strategy. no question about what you're really trying to do is you're saying, look, we're going to put out as much as we can right now. in order to drop the price, right? because again, the speculative nature and so that totally makes sense. but remember, there is a risk here, and is that a strategic petroleum reserve? is supposed to be there for strategic purposes and for emergency purposes and high gas prices, even though they are, they are an emergency to the consumer. in the end user, they are not
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a national emergency. and so there is a risk involved here and go in and tapping into your reserves, instead of just saying, hey, we're going to open up and we've talked about this before, right? the drill baby drilling, right? whether you're a fan of drilling or not, if you open up drilling, if you open up the, the not only drilling of oil and natural gas, but now the distribution of it. if you open that up, you have a much stronger hand as opposed to dipping into your essentially emergency supply, and that's what's happening fairly important boys to consider their bus spend. swan thank you so much for following the story. thank and further invite and has confirmed he is still bedding on j pow as he sets the fed chair up for a 2nd term. but in addition to the normal pressures that come with running the world's largest central bank biden is also putting his trust and power vision for leading the u. s. to a full economic recovery before biden's own 1st term comes to an end. however,
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that remains a tall order with inflation 30 or high and power leadership just beginning to slowly pull back from its unprecedented policies. they've included $120000000000.00 and bond purchases every single month after flooding the market with cheap money with the help of congress passing trillions and stimulus. the binding administration is now moving to spend even more with the officials arguing it will be anti inflationary. this time around. so joining us now to discuss the latest this jeffrey tucker, president of the brownstone institute. now jeffrey, we know that biden's decision to re nominate j. powell didn't really come as a surprise. but what does it say about where the u. s. is headed in terms of monetary policy, given the current state of the economy. i think there's a lot of confusion out there, so i'm sorry about my rise smile. both measures like going to spend more money and that's going to control inflation. you know, you just kind of get
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a little confused like what you and i don't remember to learning that and, and economics at all. so got a lot of cause and effect mix up here. and ironically, this is related to your last to worry about the oil price. you know, that release of the strategic petroleum reserve is not going to affect the price as my, my production. i think that the price pressures are coming not summer from supply restrictions, but they're across the board. you know, they're, they're affecting the wholesale prices of, of everything. the producer price indexes definitely the double digits at least. and depending on the sector, we'll look at as much as 2040 and even 75 percent price increases year over year, and it's affecting consumer prices. so, you know, for a while the administration was able to make excuses. oh, this is just this industry. it's just that industry as to thousands, just lumber is just clothing as just turkeys for thanksgiving, whatever the thing is, but bursting across the board price pressure. and at some point you have to admit
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that this is all about monetary policy. you can't conduct the kind of monetary policy that pals conductor last 2 years and expected not to have some major impact on prices over time. we've been spared some of that by virtue of the crisis style atmosphere, this driven velocity down. but even that starting to turn around with its f inflation expect changed expectations, change in the other direction, which could really set off some very scary price trends about how i, you know, i don't think there are things he can do. he can co volker, but i don't think he's prepared to do that. he got this job on the promise. he's gonna continue to play politics and, and try to reverse a biden's falling poll number a. he might rue the day that he got to reappoint metal because i'm afraid the way trends are going. histories not to treat them out well. and you know,
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i want to go back here in place to point because, you know, you make a great point about how they tried to blame it on every single thing i said. whereas we pointed out, many types of the show for a while the administration just kept saying, the economy is recovering just too fast, we're doing too well. that's why in places getting crazy. and also when you pull out those consumer price numbers, a lot of people will say, well, if you take out the highly volatile energy and food numbers, well that it's not quite so bad. well, there wasn't a weather event that created the problems with the food industry or the oil industry. so those are very relevant in this situation, but going back to power. i mean, is this purely a political move by bite into just like you said to be trying to keep those of failing approval numbers up. so is that really where he's going with this? and especially, you would have thought maybe he was going to go the other way with l. brainard, who maybe has a bit more of a progressive view at some see it. yeah, that's right. politically, i mean, maybe his advisors might have preferred, you know, a kind of dramatic change with that. but you're really looking at
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a kind of a scary moment right now. and i think what, what button wanted to do was preserve a census stability at the fed. and some continuity, you know, the parents of normalcy, god knows we've had enough disruption as it is. but the problem is that my readers situation is a matter what, how is doing right now? the damage is already been done over the last 20 months. like i say, you've got those very interesting numbers the, the velocity of money, which really impact on price pressures. and those are trying to move in an upward direction. most people start worrying that they're going to have less purchasing power the dollars in the future than they do right now. and that incentivizes people to, to spend, which could really kick prices into overdrive very, very quickly. in fact, that might have already happened. we have to remember that all the prize numbers that we have, some major aggregates are old information. consumers right now in the streets? no, the things are trying to look pretty scary. they looked at what they paid for beef
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this time last year compared to this year, they're digging through their freezers and finding prices that are up more than 100 percent. so it's trying to get really scary out there, and consumers are aware of that. so right now i think the buy demonstration is just plain with optics and, and politics. whether and what extent taking control if i have it's really grave doubts. at some point you can make events, ticks your own course, regardless of what the administration wants. well, i'm glad you bring consumers into this because i know for many they're seeing the prices rise at the grocery store. they're looking at buying christmas presents. they're looking at their electric bills, and they're so much going on yet. they look at the binding administration re nominating power and they have to kind of ask the question, is this the direction they want to keep going? do you see that having an impact on the administration overall? i mean, is binding. going to be taking responsibility? not just for power, but also for power policies. well,
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so right now the idea is to treat power, not as a problem cause or but a problem solver. we'll see how long that could go on, because actually he is the source of the problem is not, is not the solution. they're going to be looking for every way to controls prices. apart from pressuring pal to raise interest rates and stop the bond purchases. and that's, that's going to be kind of scary, this, the strategic petroleum reserve thing is just as far as i'm concerned, just big distraction. what's going to be very interesting, and this happened last week was when the by demonstration on least the f t c. to look into a charges of dow gene on the part of the energy companies. so that's very interesting because if you start enforcing and he can do this as president, god knows present has a lot of power these days, right? if you start enforcing anti gouging laws across of the whole sector, wholesale prices and commodity prices and gasoline prices and, and sausage prices and clothing price, you can do end up with ed with
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a de facto situation of kind of universal uh, price controls without ever having you know, instituted those things in the old fashioned sense and what, what is that going to lead to? it's going to lead to more shortages which we're already experiencing. it doesn't look good. my friends, i'm sorry to tell you. yes, certainly a lot of stay carried away. interesting to see what power does as he moves forward and of course howling they keep claiming that inflation is only temporary. jeffrey tucker of the brownstone institute. thank you so much for your time. and italy just handed down $225000000.00 in find starting to us tech giant apple. and amazon. the country's trust authority ruled the companies were in violation of italian law back in 2018 when they came to an agreement that limited who could sell certain apple products, which included apples beats headphones on amazon's marketplace in italy. now the watchdog says the company individually chose the coveted sellers in
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a discriminatory way that stifled fair competition. they also argued that apple and amazon limited cross border sales and prevented buyers from having access to the best deals on the products. now the news of the decision was met with a strong response from both companies with apple saying it disagrees with the decision and worked with a range of sellers for its products, while amazon called the 77000000 dollar fine, it is being required to pay disproportionate and unjustified amazon also said it relies heavily on 3rd party sellers to make its business model a success. now i know it's interesting because whenever we hear this criticism specifically of apple, they almost say that they're fine with having sort of an elite club because they say that that's not only what sets their products apart. but that's also what insures that they know that their products are genuine when it comes to those sellers. so they didn't seem to have a problem where i mean, which to also to be fair on amazon can be a problem where you don't get a genuine product. but also that the same time we've seen this time and time again,
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the amazon has gone ahead and they basically said we're going to pick winners and losers here. and, you know, with the losers are the consumers. yeah, absolutely. to want to be interesting and see what comes out of this mind. we know that at the end of the day, $200000000.00 is nothing for 2 companies like these. and i'm now for a quick break. but when we come back to the relief for the semi conductor shortage, that is way down. the global economic recovery for this gas is just on the other side. and as we go to break here, the number that's a and people is building the cars right on police report. if you have in december 2020, a group of anti fascist, fill out a film crew access for 3 months. so like if people organization, if an idea that it must be opposed,
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that you can't allow the game while they may kill that. but he says, but they can say what they believe in. we believe in helping our community. we believe that fascism is one of the major threats to the united states as gotten reuben, this is a chance to see who and t for a really are in order for me to extract my 1st amendment right and say that my life matter have to be on to the teeth that are all american. we can't trust the police . we can't trust the government. we can't trust anyone except ourselves to protect ourselves in. oh is your media reflection of reality? in the world transformed what will make you feel safe? isolation for community. are you going the right way or are you being
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that somewhere? direct? what is true? what is great? in the world corrupted, you need to descend a join us in the depths or remain in the shallows. i saw a message from an unknown account because it had a with my passport as its profile picture. i saw pictures of my documents. it was they also sent a credit contract. i had just 3 days comply with their demands to see if i didn't send money. i, they sent out an online hate campaign. i was supposed to be a very dangerous man. who better buy a survival guide and the federal reserve. so
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there you go, get a back. oh no. what with creation came, we get the rest, the 7 years bill with the report the welcome back. while it's still unclear when the ongoing semiconductor shortage will end it appears, check giants may be trying to make sure the same situation doesn't happen again. the wall street journal is reporting that samsung is finalizing plans to build a $17000000000.00 chip making plant in central texas citing people familiar with the matter. the facility in taylor, texas will create roughly 1800 jobs, but isn't expected to be opertitional until 2024. at the onset of the chip shortage,
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we talked about the incentives and subsidies being given to companies to bolster production here in the u. s. and the case of samsung is no different, as taylor will give the company breaks on property taxes about to 92.5 percent over the 1st 10 years. and japan is also making moves to bolster the ship industry as the nation has a lot of $5200000000.00 of its 2021 supplementary budget to support the industry government. we use 2 thirds of the funding to invest in a new factory for t s. m. c. in southwest japan. the rest will be used to establish new factories with other companies. however, the specifics have not been finalized yet. and as we've discussed, major automakers are trying to get ahold of the chip shortage after the issue has cost flowed out the production board. and now the last week it entered agreement with us semi semi maker, global foundries, develop trips, and general motors is we're going to stablish new relationships with them. big names in the field as well. joining us now to discuss is the car coach laura and
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effects. now laurie with some people believing or some analysts that is to say, not just people, i'm sure they have their opinions as well. but some, they're saying that the insurance could last into 2023. do you think automakers are forging these partnerships will actually. 3 future proof the business, so they don't have the slowdowns in production that we saw recently. well, i don't think manufacturers ever want to be here again. so they're doing what's called making themselves vertical, controlling the chips where they're made, trying to get them back here in the u. s. there are incentives for that. but in addition, being able to know what's going on in the chain instead of buying them from some suppliers, which was the problem. so while you're building a vehicle, you're waiting for a component to come or an assembly to come. that was made by another company. they were getting the chips from a some supplier. so if they didn't come in that kind of put everyone behind and they've got vehicles that are 3 quarters built, waiting for safety systems or center screens or something along those lines. so
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this created a big problem. so ford and jim are working together to try and figure out ways to make this work. i know that this is a big, important factor because they need to sell vehicles. they're short about 3 to 4000000 vehicle sales. that's a lot. that's profit said sales that impacts not just their stock. it impacts the unions. it impacts literally everybody, including our economy and for consumers it impacts them cuz they can't get vehicles . yes. speaking in that supply chain, i mean you're seeing it happened right there. and i know that we've talked to you a lot about the skyrocketing car prices that we've seen over the last year. and kelley blue book recently reported that used car prices rose by roughly 5 percent in the 1st half of this month. our inventory issues still causing problems there to oh, absolutely right now on average for last year, you're looking at cars, me being on average about $500.00 more than what the window sticker says,
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which is crazy because i, year and a half ago we were looking at prices where you were get discounts of the $262700.00 off the sticker price. so now we've gone the other direction. a lot of dealers are kind of taking advantage of this, but for consumers investing to do is order a vehicle, give it the we want and be patient and wait, i'm waiting for vehicle myself. it's going to take about 6 months, and i want to move through some news and to be a v space. revene has obviously been a bit of a, a wall street dark darling since its recent i p. o. but it shares a fall considerably in the last few days after the company in ford amounts, they would not be following through with plans to co develop a t v of their own. why have they decided to abandon this plan? well, i have driven the river and i think that a great job, but you look at what they're building. this is great. but ford is already got a production line set up for the monkey and the lightning with tons of sales. so why would they want to partnering with someone else who's going to take some of their profits? jim farley, who's running the company is doing great job coming up with
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a lot of new product. i have not driven the lightning yet, but i have driven the review and i've driven the maki and the maki g t. so i'm telling you that they've got a lot of new product coming on general motors of everybody does. and if you start bringing in other people's platforms, that might save you some money, but it also could cost you because ravine is backlog and trying to produce vehicles as quickly as they can. so for ford, having their own battery plant, putting $11000000000.00 into kentucky in tennessee means they'll be able to control just the batteries. but the production of those electric cars are smart to keep it in vertical. well, and i mean when, you know, i know we talk about the great technology of a company like ruby and obviously we've talked about tablets so much in recent years. but the fact is, i mean, you look at what their i p o did. and how big their evaluation exploded. i mean, how do we put the, put that together when you really go, they barely have any products on the road yet? well, they had a lot of money in the past, and you had amazon, you had cox, automotive, you had forwarded. other companies that have all invested into review or jays plan
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to build out the brand. he's the ceo of the company. they purchased a plant in the middle of illinois. they're ready to ramp up and go. it does take time to produce a car, just like any car manufacturer like lucid their stock is also been doing very well . got to remember when you're producing this, there's a lot of height behind it, but no one has more hyped than tesla. one, speaking of that hype, we're also hearing apple saying it wants to head in all this, with its mission for an apple car. now i have no idea why they didn't call it an i car, but the tech diet is hoping to have a fully autonomous one by 2025. morgan stanley says this could make an impact on the industry. so can apple really make inroads with this extremely competitive auto industry? can they live up to the hype, so to speak? well, if apple comes on the market, they better come on strong and they have to have the steering wheel. i know they're talking about no steering wheels, no petals. i don't know how many consumers are gonna want to jump in on that. but i do know that if apple comes out with a car like they do a phone,
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there are air pods or watches. no matter what's on the marketplace, they do take a huge chunk of the market. that's going to be the case again. but it all depends on design because part of what happens in the car industry, if it looks like an egg or it doesn't look like it blended with the road or it looks to obtuse for the rest of the cars on the road. apples not going to be able to sell it to they have to come on strong, they have to do their market study. this is called the tightened project. we've heard all kinds of rumors, including in the industry on our side. they've taken a lot of internal executives, so i'm hoping that when they do pull it out, it's going to be good. it's not going to necessarily be autonomous. but being electric will be great because we still don't have all the rules and regulations for autonomy and consumers do not want vehicles that don't have petals and steering wheels to me. that's an amusement ride and i'm out. lord bigs the guards that you so much. thank you, and that's it for this time you can get boom bus on the portable tv up at portable
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dot tv will see you next time. mm hm. the recent written house verdict is a cautionary tale for many in power ideology from to anything resembling justice. the jury thought otherwise, unfortunately, our leads when more times than not, they were informed by their ideology and they were pursuing a revolution from the top down. when i was showing wrong, when i just don't hold any world, yes to shape out. this thing becomes the advocate and engagement equals the trail. when so many find themselves worlds apart,
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we choose to look for common ground. ah. shoot, don't seem an official, mister fisher from mind that the, from the check hockey. uh huh. yeah. and some dinner been washed of discussion and want to hear the phone. yes. the makisha posted in this. there's actually a new besides bexla me at the what the now there she can usually should almost fail. so what i'm going to look up in did is it took the test once initially, right? yes, the key moment switched she slightly, as she shared with
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a broken knees from the u. k. you are a huge fire has broken out at plastics. recycling trap 3 in yorkshire cost plumes of what sphere to be toxic smoke into the sky. our locals have been evacuated from the area 27 people that offer an overcrowded dingey cap sizes in the english channel and the worst tragedy of its kind in the coastal waters between the u. k. and frogs. a coalition really struck in germany for a new government, and chancellor and the finance minister all of shelves will replace angular marco and says he'll introduce mandatory vaccination. and as a whistleblower in the u. k. claims the state funded clinic is closing girls who don't like pink and ribbons or.


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