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tv   Boom Bust  RT  January 15, 2022 9:30am-10:01am EST

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a billing that gets to teams and you must appointment. let's see it. yep. you got the glass doors to deal with them. he did not. and i am no butch, this new book over yet, but the next little only thing that i can pull up. so the loss of these multi point, younger terms, the he may come to know nicholson, he will show which was going to put a new system. now, bush, 19 pasco, and of course with them will your special i will, the yeah, my is what i said, i'm not going to get with her at the play that was to get on the she was in your mind shipping the something that it was just a w that he was as much color. i knew it with soon. losing that needed to do to put a good lean you most of judge the bill and could you produce? teachable was also reason is balise. we'll community ah,
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this is boom bus. the one business show you care subordinate, the average a bore in washington. here's what we have. coming up mid, turbulent year of coven 19 and geopolitical friction. china saw a record trade surplus in 2021 straight ahead. we'll dig into those figures that will take us been around the globe. busy to bring the latest performers from international market, and there's a huge development that could be brewing in the crypto currency sector, as jack dorothy block is waiting further into the industry. we'll discuss, got a lot to cover, started and we leave the program with china's growing dominance in exports, the world's 2nd largest economies trade surplus hit an annual record of $676000000000.00 for 2021. a 26 percent increase from the or prior,
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according to facial data, earliest friday, exports came in at $3.00 trillion dollars up 30 percent for the year. chinese export growth was so good. it's a double digit year on year increase every single month of 2021. the united states remain china's largest trading partner. as the u. s. has been transitioning further into a consumption based economy. china's export to the nation rose more than 25 percent for the year to $576000000000.00. while imports from the us grew more than 30 percent to $179000000000.00. now giving the u. s. a. nearly 400000000000 dollar trade deficit with the nation, china's trade surplus with the world's number one economy has been whitening over the last 2 years after narrowing during the trump administration in 2018 in 2019. and it's that trade war. so let's go ahead and take a little deeper into all of this with boom, boom, co host script the i and john quasi, the dean and the miami herbert business school. they both for being here doing
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quotes. i want to start with you on this. what's the takeaway here from all these numbers is this more about increase production out of china or. busy nations elsewhere, just consuming more. thanks brand. on the demand side, china has done a very commendable job. since the start of coven of clamping down hard on outbreaks of coven and doing its absolute best to maintain production and it's factories and flow through its ports. and the fact of the matter is that other parts of the world did not do as good a job in that regard. and so china has been able to maintain its position as factory to the world. in fact, very little supply chain relocation has occurred from china to other countries despite political efforts in that regard. and then on the demand side brand, you had millions of people around the world, including in the us, staying at home,
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instead of going out and spending money on experiences in the service sector, they were buying more goods to enjoy at home. whether those were automobiles, automobile components, i electronic components, home furnishings, and all of that product as opposed to service expenditure boosted demand. and that, of course, fueled further production demand and china. absolutely, that's an excellent explanation. exactly. what's going on there doing quotes, doubt christy. we've been talking about strange supply chains for nearly 2 years, and there was a lot of talk about how this whole thing with miss managed state side. but there is also the point that the port of los angeles saw a record year of 4 cargo, a 13 percent increase from his previous record in 2018. so it is having more products coming in from china to elsewhere. actually have something to do with the issues that we actually saw with supply chain. i mean,
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it certainly contributed to the congestion that the poor, but you can't blame it entirely on increased import. sure, an increase in imports mean more container ship with goods waiting to be loaded, but the fiasco l o port was caused by the entire breakdown in the supply chain, which runs much deeper than just an increased demand appetite for chinese goods. so it runs the lack of infrastructure and also the georgia workers at the, forth to load and load, move and ship cargo. and part of that was colbert small, as it made everyone short staff, as people called him sick. and the other was just that the us courts are outdated. the ships today are double or triple the size of the ships. the ports were used to seeing 1015 years ago, so they took longer to unload and you need more truck, more train, more warehouse stores to put the cargo. and that infrastructure problem cannot be solved over at night. and as i mentioned, many companies have now shifted back to chinese production to take advantage of the nation 0 cobit policies. so too many that's less disruptive than not knowing what
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new policies are. mandates will come down tomorrow, leaving company scrambling to adapt to the changing regulation. so china is coming out ahead in that respect as global dependence has now shifted back to china from places like se, asia that it's still recovering from their virus outbreak. and the cloud sure. now there's also another aspect of the whole china situation which is that china has obviously face tensions with jelly recently as well. but export to the nation still rose 24.2 percent, while important serge to 40 percent with the 2 sites actually in the r sep agreement, which is the world largest trek agreement, are the tension more public facing than going to be actually economic yes, i think in this case, brent economic realities trumping political posturing. and it's kind of analogous to president trump's relatively inconsequential efforts through the tariff war to rein china. trade in the latest figures clearly show that that was not done
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on a sustained basis. and likewise, the australian government has been subjected to considerable risk constraints by chinese efforts to limit bali imports, etc. but those have also not had the desired result. because in december, the australian positive trade surplus fees of a china was $5000000000.00. and the fact is that china needs iron war and it needs wheat from australia. there are not other alternative convenient sources of supply for these commodities. adjacent to the pacific rim and china therefore needs these goods from australia, just as american consumers need product from china. that's a, that's a great point because that was exactly what i was going to make it the same thing. you see that exact saved that, gotta be
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a chinese australia the same way. the u. s. needs china and going back to that trade more that the trump administration was in the last time we saw the gap actually narrow christy was during the trump administration in 20182019. was there something to that trade where that actually worked in favor of the us or did it just mean we got less cars or life? the product? i don't know, we can definitively say that closing this trade, god worked in favor. the us in trump's overly simplistic view. he said that immense since the u. s. is importing so much it hurts domestic job creation and growth at home. but inherently, a trade deficit is neither good nor bad. a trade deficit can be a sign of a strong economy and under certain conditions can actually reach a stronger economic growth or death at the running country in the future. so the reason why the u. s. can incur such a massive trade deficit is because it has credit and they can borrow money from foreign lenders. and that is basically a vote of confidence that that credit is another source of long term economic
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growth. and that was the case for the u. s. for several decades in the 18 hundreds and south korea also for the same kind of productivity while running trade, that's in the 1980. so no strong trade surplus doesn't necessarily mean strong economic growth, because japan, for example, has run a significant trade surplus for most of the past decades. yet its economy has been stuck in a very low year for most of that time. germany as well runs a very strong trade surplus, but they only register mediocre growth. so the current situation is actually kind of funny because in the short term, trunk close the trade gap a little bit. whether that's a good or bad thing that's subject to debates. but in the long term that he made, that trade got wider than ever because now as a result of trump, policies and strengths of the us dollar, the stronger dollar means that us product or less competitive and foreign goods are cheaper. so whether it's from china or elsewhere, the u. s. is on pace for record import, while exports will continue to get
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a kind on a global stage and quality. i have about 30 seconds. i'm going to be the final word here. well, chris sees analysis is absolutely right in the among metrics of economic health of nations, trade deficit or surplus is not that significant an indicator. but i would say that president trump's efforts right or wrong from an economic point of view did magnify and bring in. so the forefront of political discourse, the competitive challenge from china, and that was a wake up call to many people in the united states who hadn't heard it before. so there are longer lasting ramifications from the trade war. ringback be on the economic impact. absolutely, boom bus christiane and dean john crowds, thank you both for your time. thank you. and global markets are mix for the week of the future. federal reserve policy continues to remain in focus as investors
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continue to keep an eye on the state of inflation, which is still running rampant in the world's largest economy. we start in russia where the mo, x is down for the week, 54 and a half percent stocks in the index to hit on thursday afternoon go shooters said there was no reason to renew talks with the u. s. a nato. after a summit in geneva earlier this week, friday wasn't any better as the nation's largest lenders. burbank fell more than 8 percent at one point on friday, leading to a sell off that saw the mo, x lose another one and a half percent. it's moved to asian markets where the shanghai composite is down falling, just shy of one and a half percent. the index fell nearly one percent on friday despite that positive data regarding its trade surplus hitting a new record high. meanwhile, we also saw chinese producer prices in december slow along with consumer prices in the nation. also reports indicate china will release oil from its national strategic oil reserve around the 1st of february. and hong kong we have a green arrow for the hung sign. earlier in the week,
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chinese property developers soon next side shares far more than 20 percent after. and now it's a plan to support $152000000.00 new shares while getting hong kong plummeted nearly 60 percent after the firms that would not be able to meet a series of obligations. but it was a tech stack rally on wednesday that held up the index with big names like $10000.00 alibaba thing, significant games. we have a red arrow for the ne k in japan following that tech surge on wednesday, the nikkei gained nearly 2 percent for the day on the back of investors soft back. but the run was short lived as the new k closed out the week, losing those gains in car companies. and japan fell along with tech heavyweight sony. moving to india, the sense sex is up this week by more than one and a half percent in text back helped to keep the same sex day in the red for the week or in the green. that is to say for the week the un issued a report this week. it expects the indian economy to grow by 6 and a half percent this year off the pace of the estimates of 8.4 percent in 2021. but
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there are concerns that a 3rd wave of cope in the nation could flow that growth in australia, the assets is down, but by just under one percent, moving into negative territory on friday as the bank in fact really took a hit. their tax tax also fell as investors moved in line with the nasdaq here in the united states and rise in cases of the i'm a crime very in the nation are raising concerns of that flowing economic recovery. and that's the thing we see pretty much everywhere, and the all share in south africa, it's up for the week. the index did see significant gains throughout the week, but fell into friday as we've talked about it with a shop a few weeks for the all shares. investors continue to watch moves by the federal reserve. the world beg, has forecast. the south african economy will grow by 2 point one percent this year, reverting back to pre pandemic level. now let's go ahead and move to europe and be america. starting in london, the foot, the it's up by just over one percent on thursday. the puts the $100.00 close at
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nearly 2 year highs as financial stock lead the gain, but it did take some losses during fridays trading the world. the 5th largest economy grew by point 9 percent in november. taking a ged be g d p. that is to say, back to pre pandemic levels, the french khaki german deck, they're both down for the week. data shows. europe's largest economy in germany, grew by 2.7 percent for 2021. after falling 4.6 percent and 2021 thing that was pointed out here is that that ongoing semiconductor shorted, it's really taking a toll on the auto industry in germany. grants registered a new record of daily cobit 19 and factions this week. but that actually doesn't seem to be having a huge impact on the country's economic recovery as it remains resilient. let's move across the atlantic to brazil where the eco vest, but it's up for the week by more than 3 percent. retail sales in brazil were up in november just over a half a percent. again, a sharp spike in cases of cobra. 1900 in the nation are putting heavy pressure on
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the health care system. and analysts warned that it could weigh on brazil's recovery, moving north to mexico. we have another green arrow for the b, m. b strong commodity prices are propping up the market despite concerns about economic growth. in fact, bank of america on tuesday cut it's judy, people are cast for 2022 from 2 boy, 5 percent to 1.5 percent over week domestic economic activity. here in the united states, the 3 major indices in the tao, the s and p 500 and tech heavy nasdaq, they're all down bags took a hit at the nation's number one, financial institution, j. p. morgan chase bank reported earnings exceeding estimates, but warned that there could be a key profit targets in the next few years, and they sent the entire sector down. now, as we've mentioned throughout the week, investors are concerned about the future of monetary policy in the u. s. as we see inflation search to nearly for decade, hiv friday was a rough day finished things out in canada. the toronto stock exchange is up by more
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than one percent. again, high commodities, propped up the market as a whole, but a little volatility cause things to drop on thursday. something keep an eye on here . economists are warning that candidates, heavy push towards green energy could make inflation even worse in the nation. and moving into next week, we're going to continue to keep an eye on the state of supply chains. those rising crisis talk so much about and any indication we may be getting from the federal reserve on the future of its easy monetary policy and time. now for a quick greg, but when we come back, bitcoin advocate, jack dorothy is waiting further into the crypto current detector. as this firm is set to step into the world of mine and over you all the latest said as are going to break here. the number that the ah,
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it really is happening here in al dante al salvatore. then to be known globally as the home of big coin city and were witnessing the demise of gold as the monetary demonization take place. july, an annual festival in saint petersburg dedicated to dust. i epsky a great writer, thinker and psychologist. people often turn to his work to understand russia and russians perhaps even themselves. they put, they sing a wily beat that changing a rita transforming them as they read that does die esque is unique ability to stay . ascii wants to tell us you can better yourself. he makes you face your true self or we could move beyond conventions. rules of schemes
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welcome back blocked eggs c o. jack dorothy continues to ford to head into the world of crypto currency saying in a tweed on thursday that the fintech firm is building an open bitcoin mining system block formerly square is looking to continue to expand beyond its payments business and into new technologies like block chase back in october, dorsey claim that the company was looking into building a big coin mining system based on custom silicone, an open source for individuals and businesses worldwide. security is out to discuss our boom, co host, an crypto analyst that it's been swan. and david will, he is the ceo of pro chain capital. david, i want to start with you on this. what would an open bitcoin mining system actually mean for the entire sector? what it means for the sector? well, let's 1st unpack what it is, which is i think jack dorsey wants to make that coin mining like the p. c.
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anyone can go ahead by mining greg? plug it in and go ahead and become a minor. jack dorsey's vision is decentralization, decentralization, decentralization. he does not, he's had a, an out right tiff with, with, and recent horwitz and with some other players in the sector regarding defy. he wants bitcoin to be the crypto currency of choice to control all of what is going to happen with respect to financial instruments. going forward, being digitize, what it means for this sector. couple things. first of all, i think the coin mining will become much more prolific. there will be a lot more of it, and that will go ahead and take some power away from the biggest players. because if there are a lot of fragmented players, that would be certainly together on an aggregate basis. they go ahead and have more
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computing power than the biggest out there. and i think that that's great for decentralization if that is the goal. the 2nd thing is probably the power and therefore the environmental effect backlash, that is going to happen from this. if the hash rate, if the computing power is now going to go sky, because jack dorsey is going to put a mining operation in every single outlet. there is in the country, there is going to be an incredible demand for power. and i think that dorsey is probably now going to put himself front and center when the, when the con, the congressional energy committee meets next week to discuss issues relating to power usage and the crypto currency industry. that's why i thought of that interesting story because when you read kind of the comments from the black team that's actually working on this, they made, made several different points. and obviously, you know,
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we talk about bitcoin mining companies where you get to a little bit more of that in the segment. but the fact is, is, you know, when you're starting a company, just because you believe in the technology, you get a small when you're somebody like black who was formerly square, you are huge and could actually put the money behind it. also something that's interesting about putting that computer in every home they mentioned, the idea of, you know, we want it to be quieter, which also to your point david might mean that they're actually going for maybe a little less power in those rigs. and so if they can white and out that the centralization put a rig and tell him it usually vastly makes the network better. but maybe it doesn't take the toll that we would see. like you said, maybe it's like everybody who has a pc going on. but i want to hang on another bitcoin related story on this though, because it's continue to drop to $40000.00 planning place to get close to what is known as the ominous sounding depth cross. what does that mean in your opinion? yeah, we'll talk about that if i can just say one quick thing about the mining by the way, this is already being done and other homes, by the way, with other crypto currencies like hex. so there's already mining rigs that people
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are using, but bitcoin would be the 1st to do this will be interesting to see how that plays out on the big coin issue of the death cross yet look, this is something that gets talked about every single time. big coin starts to come down basically the 50 day, moving average drops below the 200 day moving average. it creates a cross symbol. and basically the idea is once you hit that, then you're going to plunge. and so there's a lot of talk to big coin may drop, 30000 or even down all the way down to 20000. listen, it absolutely might happen. i don't think it will necessarily happen because of this. so called death cross, but it certainly might happen that a lot of what's being discussed right now is the idea that you've got to get some kind of footing at around $45000.00. the bottom line is based upon what was just said, right? it just a minute ago in this conversation should tell you that even if today or tomorrow bit coins value perceived value, i should say drops. because if it's price, that doesn't mean the big coin is, you know, in the cross hairs of a death cross or is dying, right?
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in fact, it's quite the alternative to that big coin is continuing to lead the way as well as other crypto currencies in ex to a completely new financial future. and that's not going to change just because at the moment, some of those institutional investors have pullback absolutely banned our day. but i want to go back to mining because crypto miners that are said to go public soon are likely to face a tough few months following this recent drop off in price and the broader and amid the broader cra crypto market. now, is there an appetite for public offerings for crypto mining at this current time, or would it be best because some of these companies this hold off i think it's better to hold off. i mean, i think the drop in price 1st of all, certainly discourages new entrants into the field. the crypto miners that are public have seen challenges to their share price, certainly through december and now january. i think that this is part of a broader conversation bread when it comes to investment and technology companies and their stocks, which have not done well and that to knock on from what's going on with the said.
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and so i do think that we're going to see some footing, you know, reached soon. i don't think, you know, frankly, the coin has not ruined in the latter part of this week as much as the nasdaq has. so i think that big point is, is, is holding up right now, and i think some of those private minors should go ahead further develop their business, acquired more riggs continue to raise their computing power and then eventually go public. and by the way, just one last point, we're seeing a lot of innovation when it comes to big coin mining in terms of how to power those rigs we approaching are investing in companies that have existing power contracts that are very low. we're also invested in company that uses otherwise, flared natural gas to go ahead and pop powered their rigs. nobody can take issue with that. that's otherwise natural gas. that's going to go ahead and get flared
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and burn off and not used for anything productive. so there is folks that are doing that as well, and certainly there are those that are using alternative forms of energy, renewables. and so no one with environmental concern can go ahead and knock that either. absolutely. unless when i forget volcano powered bitcoin in el salvador, eventually, boom, box, ben swan and david towel approaching capital. thank you both for your time. thank you. and finally, it's no surprise that social media influences have been raking in big box in recent years. and as tic tac has become incredibly popular, its top influencer brought in more than some of america's top business executive. according to a forbes report, charlie de emilio who started posting the videos of herself dancing on the social media app in 2019 made 17500000 dollars last year. the average pay for c, e o. s p 500 companies. it was about $13400000.00 in 2020,
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according to analysis from the wall street journal. in fact, the top tick tock star made more than the ceos of exxon mobil, starbucks, delta and mcdonald. those are some pretty big names there. the next highest earner was charlie sister, dixie at $10000000.00. with addison re at $8500000.00 earnings from the top tick tock. celebrities even grew by 200 percent from the year earlier. and with all of their business dealings, movies, commercials, and all that you can expect that the balloon in the years to come. and that's it for the time you get boom bus on demand on portable tv, find it at portable dot tv will see you next. me now we have e cigarettes, i just heard that it was a healthy alternative to cigarettes. do we trust tobacco companies with their
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message that these new products are actually going to reduce are these are raising the tobacco have been doing over 2 years? ah. join me every 1st aid on the alex simon. sure. but i'll be speaking to guess when the world politics small business i'm show business. i'll see you then.
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yes ma'am. oh oh, risky. in fact, will you elisa, typical there is only 9 but already a university. students that away and rational a new, modest appointment. let's see. yep. you've got the glass doors to deal with them. he did not. no butcher a z a he may come can only cause he with now, bush 19, of course with level you're special. i want to, yeah, my what i said the 1st way, not 1st to get what the plan that was to get on the she was in your mind sitting this, i'm doing that with the with soon lose with when you most of judge luck calling from his teacher was reason is balise,
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we'll come on to a headline for this. our live on our tea. moscow slams washington for alleging brushes preparing a false flag operation to justify it. suppose ukraine invasion class in the program are get the size of the chances of a military needs. so in, so coming was always going to weeks to tensions we have here in creating the plans of the missiles, 5 minutes from moscow. big question is, how do you, how do you deal with a bully or so a massive chemical fire and per se, in new jersey, you're still sending large booms or potentially dangerous smoke into the app. and it's also apparently heading the direction of nearby new york city in the program. also the leader of the indigenous shoshone nation. tell us about the devastating
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impact of nuclear.


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