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tv   Boom Bust  RT  January 18, 2022 1:30pm-2:01pm EST

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president had to say, and what we've learned about the performance of the chinese economy in 2021, that manufacturers and the u. k. are feeling the heat from storing inflation. we'll take a look at how those rising prices are impacting the post breakfast era. was as the crypto space continue to expand, the 1st european nation is taking steps, a curvy influx of advertisement. we'll look into what's going on in spain with lots of get to let's go and we lead the program with the latest economic data out of china where growth flowed in the 4th quarter to 4 percent bringing the total growth for 2021 to 8 point one percent. now, while it was less than expected, it comes after a year in which beijing launched crackdowns on both the tech and real estate sectors, as it continued to recover from the pandemic. now addressing the world economic forum virtually on monday, chinese president shooting paying pointed to plans to promote common prosperity in the year to come. we have realized
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a moderately prosperous society in all respects and won the battle against poverty both according to plan and found a historic solution to ending absolute poverty. now china is marching on a new journey of building a modern socialist country in all respects. now, all tensions continue between the u. s. and china also building between the u. s. and russia, president, she argued the focus right now should be on turning away from a cold war mentality and focusing instead on developing new drivers of economic growth and facilitating cross border trade. if major economies slam on the brakes will take, you turn in the monetary policies, there will be serious negative spell offers. they will present challenges to global economic and financial stability. and developing countries would bear the brunt of it. and joining us out of this gas has been less co host, christy i. now, christy,
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what do you make of the latest economic data from china? i mean, we saw growth decrease from near by nearly one percent from the 3rd quarter to the 4th. is that to be expected, given the slow down in china as real estate sector? well, yes it is to be expected as the recovery has been losing steam since the 2nd half of 2021. so growth got dragged down in the 4th quarter by, as you mentioned, the slow down in the real estate which was then further amplified by the spill or effects from the ever grant problems. and other defaults by high profile property developers. china also struggle with renewed cobit outbreaks as well, which for its businesses to raise restrictions and effect areas, and that affected consumer demand, especially for the services sector. things like major travel and restaurants. and now looking forward, though, if china continues to stick to a 0 cobit strategy, domestic demand is going to be under some series pressure. because right now there is absolutely no sign that china will loosen or relax this kind of policy anytime
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soon. so the government will be ready with some sort of monetary policy measure, if there is any sign of a nice they can slow down. meanwhile, the government is tried to maintain this very delicate balance of trying to put the squeeze on tech and real estate, which are 2 sectors that have gotten very delicious. but at the same time trying to maintain a very controlled growth of these 2 very important sectors to the economy. now, christy, there's also been a major focus on china. the industrial production, given the impact that has worldwide and data shows rose more than expected in december. at the same time, auto production grew for the 1st time since april, up 3.4 percent year over year in december. what signal is that giving us for the year to come? well, it shows that china is still going to remain the dominant manufacturer of the world, at least for the foreseeable future. because during the trump administration, there was a big push to move companies out of china, and he made things very difficult for companies with deeply rooted supply chains
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entrenched in china. and as a result, we saw a handful of them look elsewhere for production and places like se, asia, indonesia and india. we talked about the migration out of china for manufacturing and it, and they, those small countries benefited greatly from that, pushed by trump. but unfortunately though many of these places, although pricing wise, it was very comparable to china for the labor, but they still didn't have the manufacturing infrastructure to handle the volume. they not only not lack the skilled labor, but also the supply chain knowledge and also access to major porch which then tacked onto the cost of transportation and then the overall cost of goods which made them move completely inefficient. so now after the comb with him demick, china's manufacturing sector remained intact and stronger than ever, with many disruptions around the world, china still managed to deliver goods in the country, is more result resilient than ever. and now, as you mentioned, since the fact that the auto manufacturing industry grew in china as well, that is
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a big indicator because auto industry is notoriously difficult to sustain. and auto industry support the wide range of business segments both upstream and downstream. which leads to this multiplier effect for growth and economic development. so in china, the auto industry contributes roughly 7 percent of g d, p output, and that number is only growing. wow, and it certainly can't be understated just how much countries like the u. s. rely on china, but even so, i want to bring up the comments we heard there from president she, he's saying that the world needs to focus on working together rather than approaching confrontation. is that a direct shot at the u. s. given the increasing tensions we've seen with both china and russia, well, it's a more of a message that there is a fine line between competition and confrontation, and a reminder that there is very little to gain in a confrontation. so much of this confrontation has been focused on, on a civil level more specifically on ideology economics and disinformation campaign.
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and the fact that china's growth is outpace in the us and will overtake to us. that appears to be a major threat because no one like being booted down to number 2. so it's difficult to not view the competitor as the enemy. so you see that in sports rivalries all the time on a political stage. there's so much more at stake and more to lose in terms of power, influence fine and cetera. so rather than accepting that, this is just part of the same cycle, the same rise and fall, and the power that existed since the beginning of civilization, the u. s. is going to be a bit confrontational and flex a little bit while it can what it views of the so called threat. so yes, that is going to contain of flex russia and that china. and in the meantime, china is just going to be watching very carefully at the u. s. played look on how it treats russia. absolutely. now, chris, they want to have one more thing and i have about a minute left here. but president, she also talks about common prosperity in 2022 and he's talking about global
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cooperation here. does the international community play a role in influencing china when actually they've asked for last bit fluids from the west, at least. so how does that going to work out? well, the international community got a bit spooked by china's common prosperity goal as they kind of interpreted it as an egalitarian at them. so presidents shooting pain had to be state for the international community and clarify that the 2 are not the same thing after the markets were rattled. because under this policy, china has been b shaping the countries business and cultural landscape targeting the spin tech sector education and entertainment, celebrity culture. and so he attempted to ease some of these concerns, insisting that china still remain committed and open to receiving foreign business . and in that respect, some of these policies are pro private sector pro entrepreneurship and pro small businesses will continue to be core for the coming year in order to ensure a fair environment. and other policies have also played a role in shaping china. the china policy also include of course,
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the carbon emissions agenda. china repeatedly stress ledges to peak carbon emissions by 2030 and then new trolley by 2060. we'll certainly continue to follow how those policies play out in the new year. boom bus. kristi, i thank you for your insight gift and we can't talk about the problem of ram, but inflation without touching on how people are expected to pay for the rising cost of goods. the pressure is being felt over in the united kingdom as manufacturing industry group make u k release data. on monday from a recent survey which found only 2 percent of companies involve had frozen pay this year. the same survey last year found about a 3rd of respondents had done so, and the majority of pay increases have been around 2 to 3 percent well below what the inflation rate is currently which is sitting above 5 percent expected to get much worse in the u. k, the high end for wage increases is 14 percent, but that is few and far between. as of now,
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this all comes amid the backdrop of skilled labor shortage. a minimum wage increase, and appending tax increase in the u. k as well. so joining us out, discuss differently for which he's the president of straw mark, business development consultants and board member with the british american business association. hillary, always a pleasure. what's happening here with manufacturing wages in britain, while we're seeing more action than we might have feel last year? is it enough amid all the factors that are going on specifically as crisis continue to arrive and they face that labor shortage. which res, wages is going to get more people in the door will pleasure to be back with you again. bread, but a few things actually over the weekend. it was interesting because it was in the us . we have so many empty shells. and there were a number of means of photographs, movies, empty shows in the u. s, particularly at k, not kroger, et cetera. there was saying in the u. k, like gosh, amazing how bricks it has his global ramp. an agent who has these are these issues that are affecting the entire world. and a lot of it has come down overseas from overhaul, from coded from supply chain issues. but yes,
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you're right. the u. k is deemed here particularly hot. why? because 95 percent of all goods, of course, are shipped into the u. k. but a few things you mentioned earlier on our maybe it's rachel that mentioned that make you k on survey that at one of them actually was conducted with p w c. and that found that 73 percent of senior executives are actually saying that the opportunities in the u. k outweigh the risks. one of the things that's very interesting from all these surveys is that on the shoring is much more likely to occur in the u. k. so actually i will likely a lot of these global supply chain issues are going to be very beneficial for actual question. you came manufacturing, which will help wages and help you fame manufacturing in what ways? well, obviously the needs to be more resilience because of the supply chain disruptions that we've seen and a few things on friday, the u. s. senate who began to force us contract as a pastor of a board to the for a bill that will make us the for defense contractors,
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wind out all of that purchasing of ran minerals from china by 2026. what does this mean? this means that there is an opportunity in the u. k. in yorkshire. they're beginning to mine read or of minerals, and that will be very beneficial yorkshire in the north of england. so i think also you seem a nissan c e o in the u. k. also, they're opening up a new plant in sunderland are basically because of the supply chain issues. so the bottom line is all these disruptions have seen manufacturing investment, improve in the u. k. delroy and p. when you say see that's of a the saying increased investment in the u. k. what happened in 2022 bought yes. remains wages right now remained stagnant because there's a lack of those wages behind or that investment. and certainly we've seen how the disruption type continue to play a role. now also last week make u. k said it's members expect things to be better in 2022. but the projects, it still remains a concern as it creates challenges to the industry. now as negotiators work to
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resolve all of the post breakfast tension between the e u and the u. k, do you believe that they are keeping their interest in mind? i think, yeah, i mean this is about my business and industry always keeps their interest in mind. i mean, a best employees, not necessarily. i think what's interesting to see though is you look along the stock exchange and they just read that for the proposal last week. that was proposed that was reported in the city i am. and that was to erase the normal lines between public and private companies in terms of investment and access to capital. so i think what you're seeing is a lot of organizations focusing on how can we attract investment in the u. k. now, can we also the supply chain disruption? make sure that we keep things on shore in the u. k. and then also, the other thing is not to the u back further, a feel for trade investments that come from. absolutely, no hillary, you know, as we're talking about post breaks that britain,
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there's more talks happening this week to go through their set to as they say intensified over the northern ireland protocol. foreign minister lives trust. she's also in the new exit negotiator. she basically was more conciliatory this time saying, we want to work out a deal. is that a better move? are we looking get a better conversation now rather than saying, we're ready for article 16? well, yes, brown. i think you saw actually a shift this week. not been when michael go with an office and not not in the form of law february. have we seen a point so off of the meeting and showing them that they're an intent. they had a meeting over the weekend and actually i believe that this was all is trust idea of self. and that was instead of just assume shot, she actually hosted a 2nd that came over and he stayed with her. and over the weekend they actually had sort of some of them well slam and kent apple pie, what did that mean? they issued a joint statement afterwards and this is
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a very different tone. busy you're absolutely right. i think this is going to mean what i think this means a joint statement coming out from them and soften the tone. and yes, you're seeing a completely different tone come out from her office. absolutely hurry forward of straw mark, business development consultants. thank you so much for your analysis today. and mortgage rates here in the u. s. are out for the 3rd straight week, even heading their highest points since march of 2020. at the start of the pandemic, the 30 year long right. hit nearly 3 and a half percent last week from 3.2 percent the week before. now this all comes one year after mortgage rate hit a record blow. now, as for what's behind the increase we've seen in recent months, well, you can thank inflation which remains near 40 or highs in the us while the federal reserve is reducing asset purchases and planning to increase interest rates. starting in march, their actions really haven't had an impact on these rising prices just yet. now the and the increased mortgage rates combined with the skyrocketing housing prices
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we've seen are bringing about concerns. they could impact would be home buyers in the months to come and sign up for a quick break. but when we come back, spain has moved back down on crypto advertisement. at the european nation is make an effort to rein in the unregulated sector. it's going to break for the numbers with ah yes me, i'll be right with you. at least the typical there's only 9 but already 8
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university students that away on slash a new modest appointment. let's see. yep. you got the there's doors to deal with a, with no recalls here with no bush, 9, nebraska and of course with level your special. i was the yeah my but i just have a 1st grade and i was thinking what the plan was to get up to him was in your mind it was something to do with his teacher was reason is balise. we'll come with it. 6 too,
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so intense interrogation techniques used by the u. s. officials were basically designed as techniques to break down the human mind. if you force a human being to stay in a certain position doesn't take very long to the pain involved, to become absolutely excruciating. but nobody's lane finger on you. you are doing it to yourself. and we started adopting those techniques when i was station in mosul among them wordpress positions sleep deprivation and type of therm. yeah. there's already beginning to be evidence that these old techniques are now being used on immigrants and children, whatever you do in war comes home. nobody has been held accountable for the torture that happened in the past. the moral authority, the made america war later sacrificed the shimmer of effective interrogation
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a gothic. we'll find out about the skate accordingly. anybody's keith is going to push and push it. if i had a fever there, should somebody sound like a few minutes? i thought it was 3. see what i still love the sound. we started at the paradox on the vehicle near to your school. because if you believe about video, hope all right, from what you, what would be with you know, what this was our up on the middle of the you, why i like it. but here for a little, for pretty weaker, clear from a brush up the direction of the new blue with the the
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welcome back. you might have noticed large numbers of crypto ads are starting to pop up just a few weeks ago. we told you about crypto dot com, 700000000 dollar purchase of the naming rights to the staples center. and you've probably seen their high profile ads during matt damon with the tagline. fortune favors the brave. but not all governments are on board with these measures. in fact, spain's government has just moved to rain in crypto asset advertising. spain is placing restrictions on so called influencing promotion of crypto currencies in a parent 1st for the european union. joining us our discuss our boom co host and crypto analyst been swan. and jeffrey tucker, he's the president of the brownstone institute that i want to start with you. what specifically is being doing to rein in influence or promotions? yeah, well they're essentially doing is saying you can't promote crypto if you are
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a celebrity or an influence or, and they're the 1st country, as you mentioned in the you to actually do this. a lot of this was actually spurred by a famous soccer player who was essentially endorsing by nance. yeah, you know, coming out and saying, hey, you know, where do i buy crypto out or learn about crypto i'm buying through by nansen. so he's sending a lot of people in the finance, right, but it's not the only country this doing something, singapore, actually, it's called the monetary authority of singapore and they have actually made it illegal. get this to, to advertise crypto at all or crypto products in newspapers, magazines, broadcast media or even in social media, essentially saying the crypto is dangerous and so they don't want to allow people to invest in these, in these, you know, crypto assets. and so what you're really seem right now is, is a huge shift that's taking place to determine whether or not crypto is safe and whether the public is safe buying it. or we can have one or a whole argument here. but part of what makes all of this, i think a little trouble. some, especially for someone like me is there are a lot of a lot of bad players in this space who do take advantage of people. and it's easy
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to do that when you have people who are driven by, i would say kind of the tick tock, trend of investment, right? where they're influenced by buy mean coins rather than knowing anything about the crypto space in general. or, and, and also makes you wonder what qualifies as advertising those crypto on social media. i mean, if the average person gets on there and they say something along the lines of, hey, i just bought this crypto from finance. i mean is not going to send the government after the innocent question that goes along with it. now jeffrey, whenever it comes to both of these cases, it appears that i and then both the governments are saying that these criptos come with significant risk and the influencers are not following the same regulation as others in the financial product. advertising would, is there any truth to that? yes sir, is. so, and free speech has not been allowed in financials for very long time. and your typical hedge fund cannot advertise anywhere. they can even have a facebook page,
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linkedin page. so what, what does some advertising to me anyway? it is mostly a democratic exercise, but here's my information. everybody can have access to it. that's good. yes. you know, i've been on tab scott downsides too. because rackets and scams also use advertising times an industry. but financials have been long restricted in their free speech rights, and what they can come out take. so that the way to understand what's going on here and see what other countries is. you know, it's been a long effort for like a year or 2 or longer to try to regulate criptos that way they regulate regular financial. so of course that's going to impact on free speech rights and that's come to the u. s. for search. and so crypto companies and exchanges will not be allowed to advertise and enrolled in the way they'll be treated like hedge funds,
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arch day, or a lot of talk companies, which is, you know, they get the cab speak out and what to dances, limit it kind of limits the information flows only to the lead to have access. so to ultimately answer democratic, but it's also consistent with the way. financials are normally irregular. yeah, i'm glad you brought up the u. s. as well now, been there have been some issues with influencers, pushing their audiences toward crypto here in the us. correct. what's going on there? yeah, absolutely. and there's a lawsuit that was just filed against kim car dash ian and floyd. we may weather junior because they were both pumping. a going called if theory a math. right? so kim, hard as she and, you know, puts up some poets, hey guys, what do you know about crypto? i just heard about this. also one called a theory, a max, and the employee may whether, when he was, you know, and that was one of his latest fights, talked about the theory and max, he talked about it, i think, coin miami, at one point he's actually booed off the stage because he mentioned that there
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emacs, but he allowed for purchases of tickets to his fight in the theory. max, here's the problem, right? this is actually, i think, a great example of, of, of the issue. so jeffrey's right, when he says some of these rules kind of push people, push, push all the game to the elite, right? it allows these, these a leads to have control of the system crypto suppose to break that but stupid people. and i do mean stupid like him card as she and employ may, whether right, they're smart business people, but they're stupid when it comes to this industry because they're, they're treating it like it's, it's makeup. they're treating it like it's something that is easy to buy. you know, if you're gonna go buy some energy drink, it's not the same thing. and so when you go out and shill a coin like it theory a max until people buy it. if you want to create rules on it, here's what the rules in my opinion, should be. don't ban influencers from talking about it. require that if you're going to influence people to buy something that you yourself must own it and you can't pump and dump it, you can't throw it away. and then you have authentic influencers. who are, are thin, typically saying, here's something that i believe in,
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but that's not what's happening by the way. a theory emacs just for the record has no connection to ether or actual if theory is just in the name and it's lost. 97 percent of its value since it was pumped and dumped by celebrity jeffrey, i got about 45 seconds. you could finish it off here yet, no events right about this. i mean it's, it's extraordinary. them the number of coin felt that are willing to paint people just endorse them. you know, this goes on every day all the time. and i don't know, i, i listen how can i wanted me to think this is the wild left crypto? this is the price you pay for an innovative technology. you know, others can be scamps, years out there, all the time, a pain, people, lot of money to that stupid things. that's just the alternative is a cracked on, on free speech and eliminating of information only to allude circles. and i, i think in general, a principle of freedom as you know in the long them going to be beneficial to
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everybody. but however, the buyer beware. right? also the bus bed swan and jeffrey tucker of the brownstone institute. thank you so much peggy. and finally, it appeared, the largest retailer in the united states is playing up its position and the crypto and block chain game. i hope they don't advertise it illegally race. that's right. in the filing with the us patent and trademark office, wal mart lays out a service involve encrypt current, these nf fees and block chain technology, which could be used by customers in an online community. now you may remember a fake press release back in september that said, the retailer would begin to accept the light coin as payment, sending the all coin skyrocketing before eventually falling when it was announced that it was not issued by the company. now unlike that situation, this comes from an actual filing with the government, so at least we have that. but we should know that many filings of this sort are based on ideas and projects in the works that may never come to fruition. now this
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comes in more and more major brands are trying to stake a claim in the multiverse. so i've a question for you. are you ready for the meta verse? i don't fully understand it and i'm trying my best i know you can buy property and f t. i feel like the buzzword really, because i think i understand a lot of the technology, things that are going on behind it. but it is a matter of you just keep your own metaphors play. don't worry about it. i'm not question that walmart understands it either, but i guess we'll find out if there's money to be made there there. and that's it for the time. you can boom by the on demand on the portable tv app available on smartphones and tablets. you google play in the apple app store by searching portable tv, portable tv. you can also download it on samsung smart tv and roku devices or simply check it out at portable dot tv. well see you next. me yes, i would screens that more you i leased
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a typical there's only 9 but already a diversity students that are way i'm national a little deeper on the get the teams anymore appointed. let him live. i think why the doors to deal with them. he did have no bluetooth unable to go, but oh yeah, but that's a little only thing that i think with yahoo jumps that he may come from no recalls. he will show control center program, use them now. bush night nebraska is not personable. you're special, but i will the yeah my but i say the 1st way enough was to get what the plan was to get push him was and you mentioned in the something that it was, if the double you that it was, it was as much color. i knew it with soon lose with when you most of judge the blanca from his teacher or was also reason is balise. we'll come with it. 6
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