tv Boom Bust RT July 8, 2017 3:29am-4:01am EDT
i'm lindsey francis broadcasting around the world from washington d.c. tonight we're going to break down the group of twenty summit in hamburg germany for you we take it down to the basics and then we go big for civility also we've got an arms deal on our hands between taiwan and the united states china is not happy that things unravel at the g. twenty going to explore that and jobs numbers are in i'm joined by former u.s. trading commissioner bart chilton to discuss the implications and other things to stand by room by starts right now.
european commission president john claude younker says the e.u. will not put up with new american tariffs on its steel but the g twenty summit on friday he said one is hearing that some people are thinking about protectionism when it comes to steel imports this type of protectionism happens in the near future it is necessary for the e.u. to react adequately the commerce department is investigating whether reliance on foreign steel impedes america's ability to defend itself and to respond quickly to national emergencies the investigation is allowed under section two thirty two of the trade expansion act of one nine hundred sixty two an example of the white house's reasoning one type of american tank requires more than fifteen tons of steel depending on foreign steel means a u.s. tank depends on that import opponents of the move hold that it is protectionism one o one and threatens free trade. also president donald trump doesn't appear to be
facing a solid one against nineteen on the subject its stance the white house's stance on the paris climate deal at the g. twenty summit as countries such as saudi arabia russia turkey and indonesia send mixed signals over their support of the accord german chancellor angela merkel has softened her tune a bit at the meeting and hamburg what was at first a denouncing of the u.s. stance on the climate agreement when it pulled out of the accord weeks ago has now turned into urging a quote overwhelming majority to embrace the paris agreement the u.s. says it is ready to compromise while it rejects the paris deal promising to tackle climate change on its own. the g. twenty summit happens every year and a meeting of the world's most powerful economies and players ensues simone del rosario is joining me now is to explain who takes part and what the gathering is meant to accomplish lindsay here's a good picture of it we have all of the flags of all of the twenty member states
the group of twenty from the united states to china russia the european union saudi arabia it's a huge group of players that all have different strengths and global interests but they meet every year to exchange ideas on how to attack some of the world's most pressing problems now we can take a look at the players right here on this map is you can see we have the twenty permanent members here in green and they span across the globe and then the presidency can invite other regional representation so this year at the invitation of hosting german chancellor angela merkel that includes norway netherlands singapore vietnam senegal and guinea now let's take away the guests and look at the core twenty that we have right here where two thirds of the world's population lives these countries have some of the strongest economies in the world in fact this group of twenty makes up eighty percent of the global economic output in terms of purchase. power the largest economies in the world are china the u.s.
india japan and germany in that order and all of those are g twenty members g twenty members also account for seventy five percent of all global trade the four largest exporting countries being china the us germany and japan now getting an even bigger picture of the twenty countries with the largest volume of exports worldwide fifteen of them are members of the g twenty why is that important while the whole point of the g twenty is to bring together the most powerful emerging economies to promote international financial stability it was first founded in one thousand nine hundred nine and included nations finance ministers and central bank governors then the two thousand and eight financial crisis happened and that up to the stakes when the crash affected nearly every major economy in the world the g twenty evolved to include heads of state and government which is how it operates today the first meeting of this kale in two thousand and eight was in two thousand and eight in washington d.c. and it set the stage for the most dramatic global finance reform in decades of
course the summit still includes major international financial institutions like the international monetary fund the world bank the world trade organization and a lot of other players lindsey as you mentioned all of these players have a separate stake huge amount of power here what are they actually focusing on at this meeting we see so many sort of side stories what's the aim and what do they need to actually be talking about at these places as you heard i mean the primary purpose of this of course was to focus on global economic issues certainly that was a huge issue when all the heads of state came together after the financial crash they were trying to strengthen the global resilience but the issues have brought into now we have the hosting country germany so we have chancellor angela merkel who wants to focus on climate change free trade and migration which are three issues that very much put her at odds with united states president donald trump she's not the only one though there was a. moment between trump and mexican president in the greek opinion yet though
remember they haven't met face to face since he's been in office because they canceled that meeting they were supposed to have in person over a dispute over who was going to pay for trump's proposed border wall there was this awkward moment they were they were talking together and a reporter shouted out asking if he still wanted mexico to pay for the wall and you can see trump turned to his own people and say absolutely not sure of the mexican delegation actually heard that or not but they had agreed not to talk about the border wall at all during this meeting you had to lease it out the side of his mouth to hold down his reputation real quick here the protesters we see the same thing over and over and over people hitting the streets trying to get their point across it actually happened in fact on what's going on behind those closed doors to the leaders have a stake in this the leaders i don't think would really care about what's happening outside of their meetings what they're trying to do these protesters is just disrupt things so if they can disrupt anybody from being able to get to a meeting like maloney a truck could not and a spouse and so that's what they're really trying to do is send
a message that these twenty leaders shouldn't make decisions for the entire world thank you so much artists amount. my guess is that the g twenty remains a huge hairy deal the nations involved represent eighty five percent of the global world production as we heard earlier eighty percent of global trade and two thirds of the world's population he says the president may use a three pronged approach to the meetings he's got ideas of how those problems should be tackled please welcome former u.s. trade commissioner park shelton bart you penned an opinion editorial for fox business news which is out today important points here in that you wrote that the president gave a good speech in poland yesterday what were the highlights because that really kicked off a lot of what's going to happen well the main thing was that he. formally supported article five of the nato treaty which was was
a big deal you remember he didn't do that at the nato meeting in may and instead he chided the leaders for not paying up enough but that was the first thing and then he did he was pretty tough on rocks or actually talked about destabilizing efforts in ukraine so those are two things that were in question whether or not he was going to do it and i do give him kudos me it really was a good speech i read through it and i saw the delivery and you know he was very presidential back in. february when he gave his semi state of the union he was very presidential when he went to saudi arabia in may and israel and then things sort of broke down and that was a good time for him to get out of town to get out of dodge you just fire james comey the f.b.i. director in the investigation and electric tampering is going strong so. when he's on message he's pretty good but as we know he's not always on message and so it remains to be seen at the g. twenty meeting whether or not is the you know off the cuff unpredictable president
we know or whether or not he's going to be more scripted just look at the ratio they're pretty simple math sometimes going into situations not knowing what to thank you give kudos president transfer what he said and paul and he wrote in this this op ed that. you're hopeful but you're particularly you're not optimistic about his doing much at this two day meeting why is that well i mean you know it's really not in his sweet spot the agenda items that they're going to talk about climate change he's the only one of the leaders at the g. twenty who doesn't support the paris climate accord they want to talk about free trade the theme of this by the way lindsey is the interconnectedness of the world right there and he is mr trump is acting more like an isolationist but the second topic is trade and again on trade he's pulling back when. we see the e.u. and japan. coming close to
a deal between those two countries meanwhile you have president trump talking about he's pulled out of the transpacific partnership talking about withdrawing from nafta the north american free trade agreement and so that's at odds and then the third issue they're going to talk about is immigration where we have many european countries accepting tens of thousands of syrian refugees and in contrast to that you have president trump trying to impose a ban on citizens entering the u.s. from certain muslim countries and building a big and beautiful border wall to not let people in from mexico so the contrast couldn't be more stark so i don't think he's going to be able to go in there and it's not in a sweet spot and say we're like let's go ahead and get a good deal for american prosperity i could be wrong i hope i'm wrong but it just doesn't seem like the cards room table let's talk about this who meeting just got out a short time ago. all right what do we know how far is this posturing going it's always
how you know the leaders after these meetings they sit around they kind of say oh it was great of the graves very positive. what do we know about it and what he thinks we're going to what i think we'll know a little bit more that they do these things called readouts and we expect that we'll get a read out which will give more details now there are only six people in the room and two of them are translators which is a little bit supposedly president putin wanted some more people but they narrowed it down so the deliverable if you will is and good for both of the leaders they came up with a ceasefire to begin in syria on sunday in the southwest twelve twelve o'clock on sunday damascus time we'll see if that holds but good for them they didn't establish any safe zones they talk about these safe zones that they were going to deal with didn't do that yet president trump everybody was looking whether or not he was going to mention to president putin about the election. tampering. secretary of state tillerson did say that he raised it again we don't
know the details around that the response other than the supposedly minister surgery whether we will have no we don't know anything to do with it so we'll see in the readout any more details let's get to something sort of potentially awkward for china's president xi and donald trump arms sales to taiwan one point four billion dollars the u.s. illegally sort of obligated to help them protect themselves china says no way this is our territory do you see any sticking points there for those two guys talking at the g. twenty do you think there's been so many years comes that they will get held up on whether or not increased trade with north korea but look this is nothing new this is the first this is not the first time that the u.s. has sold weapons to taiwan did in the in two thousand and fifteen one point eight billion with the obama administration so i look for that to continue and even though the chinese don't like it i don't think it's going to be any deal breaker dealing with north korea or anything else you think the north korea's going to take
precedence over anything dealing with taiwan this is the first arms sale sent donald trump took office you think this is sort of well what i think i may need to do more of you know the security council they said the other day china was the only member of the security council saying nope we can't we're not going to go into north korea so there is more work to do there all right we've got some more numbers to talk to you about after this break we're going to head to a break and then hit up something some jobs numbers that got to be talked about stick around when we get back we're going to discuss how much money mainstream media is making on their news coverage and we continue here with bart chilton looking into the numbers just after you're out of labor statistics we go to break here's the numbers the closing bell.
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the same time serving the terrorists of cold cash so those people who are in that so situation should understand that they are terror. basile of the dubrovnik in venice are will fix travel destinations so it must be nice to live there or is it. crowds of tourists disrupt the city's economic and social life in general to report this on the smashing good out of them to all such as the traditional story some non scums by him sometime soon as we as my money into a school my days are on my feet while the city has tried desperately not to collapse all powerful corporations collect the profit of vision totally cool with who put this up it will probably go on the dole corvee company. well you can only in the. couple suppose it's immune to. it.
is a tourist phobia feel for them to own identity. and welcome back barge helplessly in the again we're going to talk about some jobs. numbers here june jobs reports two hundred twenty two thousand were created last month that's up from a report on employment rate itself and stop at ten to four point four percent. not only better than made better than predicted and sounds like good news but put those in context for us lot of people out there actually going to feel so so people thought there was going to be one hundred seventy four thousand jobs right there
were two hundred twenty two as you say the good news is both the may numbers and the april numbers were reanalyze than up to revise so the may numbers went from one thirty eight to one fifty two at the fourteen thousand more jobs and the april numbers went from two seventy four to two zero seven thirty four thousand more jobs so those are pretty positive signs and this was the highest employment highest number jobs created since february and of this year sir six months it's the two months higher than two hundred thousand and the average is one hundred eighty thousand you wanted numbers there's numbers there's numbers for us let's talk about these new government jobs for people thirty five thousand new government jobs we're talking about department cuts across the board massive concern for people is that surprising that there's more government jobs now well to
some extent it is when i saw that i was curious too but it's but it's a lot of state and local jobs ok it's not as much the federal government and when the federal government is doing this cutting it means that it puts more of a burden on states and localities so it's those sorts of jobs that. primarily i view are the ones that are being increased and about the numbers educating sort of a sure footed positive economic path forward that's going to looking at these numbers one of the well two things so one i mean let's hope that they're as positive it's a good trajectory into the future you know i'm not super optimistic but if they're not really good but look there's no denying this you were great numbers considering what we thought it remember we're talking you know less than one hundred thousand. i'm pretty positive about it but i just don't know. it's sustainable we'll we'll see as for the fed you know they're looking at yet another rate increase this year i don't think this these this report is going to do anything to sway them down no i
think it's still positive enough now i don't think it will happen at the september meeting i think it will happen if it happens it'll happen in december there's something called the c m e the fed watch and it's essentially people taking a bet on whether or not they think the federal increase rates and it's somewhere in the mid fifty's now that people think that it's going to increase rates and number of the increased rates last time was like ninety five percent of everybody thought they were going to raise rates so not so sure right now even the st louis president of the federal reserve board there jim bowler do the super smart guy raise some concerns about whether or not there should be another rate increase later this year so it could turn out that there's not one but i think it will only be one if it happens it'll happen in december but we're just going to have to keep looking at these numbers and i just you know hope that everything's positive or we're one of the things that's interesting and we're going to talk about this later in the show is microsoft's having
a huge layoff so people are failing that in their own backyards a lot of international layoffs but when people hear you know jobs numbers like this and they're not feeling it in their localities do you think there's sort of a push back against any sort of statistics coming out talking about jobs that are there pushing for the economy or anything like that do you think that people get jaded when they hear jobs numbers they're not they're not feeling it i think that in the presidential elections that had a big sway on how people felt they weren't feeling these high numbers and what one of the conversations you've ever had with people where they just don't feel this well i mean you know i buy spotted off a lot of numbers there in answer to your first question and you can get jaded by those but look numbers mean something they are they represent real people two hundred. the two thousand americans getting jobs is a big important thing and so we've got to we want to look at that we want to see what they're doing we want to know the average hourly wage we want to know which
only took two terms of a percent by the way not not too much and we want to look at the we want to look at for example how many hours they are working there are they working more or less are they all part time jobs by the way the average right now is thirty four point five hours a week is the average amount of our american workforce and that's incredibly low i think it's the african our if you are in france would be maybe a lot international viewers there shaking shaking their heads what do you think i've got to ask you about these seattle and the. five for fifteen real quick before we go about thirty seconds what do you think about the numbers coming about it's good it's bad this is sort of an incubator situation for the nation i don't know i mean i generally i'm looking at the tech stocks which have been such a run they're up right at fifteen percent this year today i think they may have had their best day best increase in two weeks so i look at all of those tech companies as something that i think is they still have
a little bit running room but there is our concerns about whether or not there are a lofty valuation projections but so far they're doing gangbusters i wish i had my own money in a lot of those and we'll see how the they do in the future all right thank you so much from us tony commissioner heartfelt. thousands of microsoft employees have been confronted with the news that they are now out of a job and most of the people losing their jobs work in sales and are located outside the united states the redmond washington based company confirms that it began sending the layoff notices thursday the mass layoff as part of a shake up aimed at selling more subscriptions to software applications that can be used on any internet connected device microsoft's commercial cloud segment is on a pace to generate about fifteen billion die. dollars in annual revenue more than twenty six million consumers subscribe to microsoft office three sixty five service which includes word and excel and other massively popular programs that number has
more than doubled in the last two years some microsoft employs more than one hundred twenty thousand people worldwide nearly seventy two thousand work in the u.s. . let's talk about news who is making the most money on the mainstream's version of the news pending merger and ratings we got to talk about it all things have flipped around a bit donald trump lattimer putin and their respective administrations click bait they just can't seem to get enough in the mainstream please welcome lionel of lionel media who better to pick this apart let's talk about some something in the headlines c.n.n. losing ground to m s n b c the latter is actually focus our stance of delay on more progressive or translation less than plain antitrust stories. a lot of change in the ratings and the perceptions of this media company you check the headlines every
day breaking news breaking news is it really breaking people don't know what do you think is going on here. well you just summed it up perfectly i don't know what you need me for but. pretty doggone good let's go through the bit by bit because this is fascinating first let's talk about c.n.n. that what you first alluded to there are movements within the dare i say the progressive left liberal the audience which which which theoretically is historically always look to c.n.n. and they're saying look you have become the story you have you're talking about yourself all the time let's see what that. looks like their numbers have been dramatically better though some would say still hovering around that baby monitor but still that i was steady but i see here is what i find just. right now since
this is boom bust the real story is the sixty five to eighty five billion dollar merger now business insider yesterday one of the most telling quotes they stick or to jeff zucker. or the president of c.n.n. say you know i don't i don't think about this merger if they when i do my c.n.n. that would have been my call as a head of a deity is they get him in here right away what do you mean you don't think about this that's all you should think about because what they're threatening to do is once this is done as one of the deals theoretically to the justice department which will get to it a moment that they're saying listen please let this go through we're going to kill this is going to go to where the golf channel now. let's assume lindsay that president trump is a sneaky guy let's just assume he holds a grudge and he could be a real mean son of oh yeah i thought as. i know i know but just imagine right now let's see if he says if he does the following if he says no let's see here i
campaigned against this murder murder murder there's a pun in there somewhere there's a floridian split but anyway even though it's a vertical merger. i right now want to kill this i want to kill it and i want to teach them a lesson so what do i do they're going to think it's me i'm going to take this letter signed by elizabeth warren bernie sanders al franken every problem the liberal progressive democrat i'm going to say you know what i think to show you our allegiance and my working with you i'm going to adopt your concerns and i'm going to direct my justice department to kill this merger wait a minute you're doing that because if you know who it's it's another bridge this is what you want right al franken right right progressive community so this is what he's looking at right now because we're talking about something this is huge because remember they want to make their money in entertainment lindsay they
couldn't care less about this this this albatross called c.n.n. but it lionel it made billions during the elections ok it took rolling coverage of donald trump speeches didn't cut to break it wasn't exactly doing that for a lot of the other candidates ad this is a boon for this company it brought in a lot of money they just going to walk away from that. no. locomotor that's it i can go back even further i remember during the first gulf war go for so what that was then listen this is the most exciting story remember what i said we're number when the when this story when the media elder becomes the store with itself that is a formula for. yeah and talent on said platform interesting thank you so much for weighing in on that and we want to bring you back talk about this pending merger
could stack the deck against americans thank you so much lionel why no media have a great weekend you you too that's all for now check out the show on youtube youtube dot com slash boom bust our t.v. thanks for watching the next time. beginning. sixteen she and the coleslaw call it sign big trouble and it's kind of retorts that europe is surrounded by my enemies and one of them at the same moment was president and what about russia you know would let me go to which point tell relations i know.
that i. must tell you this you down the hall will get you to talk you. know he shouted being that does not allow them to just tell you the other side of the mike on the and. by then come. exceptional. by then is assess the long. haul in audience i don't. want. to see so. much so. that you know so it was revealed to the multiple injuries among countrymen to sew for them to give sophie hope the look of the show's real year mars on the phone to the book and the feeling of a powerful social services say yes but in the book in
ballance groups the city of germany as police used to want to cut thousands of hours. t. g. twenty protesters. world leaders summit the presidents of russia and the u.s. met face to face for the very first time reaching some breakthrough agreements in what were extended talks will tell you all about the plus to the pentagon reportedly up to the level of secrecy surrounding its nuclear weapons inspections after a review has revealed the level of incompetence among those responsible for washington's arsenal.