tv Boom Bust RT May 27, 2020 10:30pm-11:01pm EDT
i. this is the one business show you can't afford to miss branch of war in washington. the e.c.b. is forecasting a major hit to the euro zone economy due to the covert night outbreak and this comes as the european union is i a major stimulus package to save the region's economy and if it coronavirus continues to pound brazil as the latin american giant is now the new epicenter of the virus we break down the toll the disease is taking there and around the globe and later. a new era of private space development lies over the rise and what could the future
hold for the growing sector we have an expert panel standing by with a packed show today so let's dive in. and the eurozone economy is doing worse than initially expected facing a recession as bad as the european central bank's worst case scenario according to e.c.b. president christine legarde now economic output in the block is said to contract between 8 and 12 percent this year alone guard pointed out a previous estimates of the milder downturn are now out of date the e.c.b. will release official projections for economic growth and inflation in the block and next week meanwhile the european union on wednesday proposed a 750000000000 euro recovery package to help member states deal with the recession brought forward by the ongoing coronavirus pandemic president of the european commission spoke about the situation. a must be to invest together and our common good we will be bullied by raising i'm president i'm. funding at european
level we will be focused by channeling the funding to the new priorities that will shape the future. and to achieve this we're setting up the next generation e.u. were 750000000000 general we will use the bulk of this money to help member states recover from the crisis and build up their long term resilience cut the city. and for more on the state of world economy of let's bring in professor richard wolffe host of economic update and boom bust co-host christine . let's start off with you professor wolf we actually had a question here for you actually the vice president of the e.c.b. has actually backed the unprecedented stimulus packages launched in the region and now fiscal deficits are expected to widen even further what are the financial repercussions of this and is there any other alternative. well the
situation has been allowed to be cheerier a euro hold sure a unified way through or were economically a bit hard to achieve when last launched the reform and it's a little it can eat crash and do its own 8. oregon roman is really i think they are actually going to grow an enormous amount of money it made that very well may not be enough they had hoped to somehow just glide through we're not looking at her long term consequences at all what the borel. rachel missed out one guide from commentary consequently in that way they're like the united states that your girl huge amount of money cross your fingers don't look very hard at what the crimes of one. because unless you get through this crash there will be nothing to worry over our because risk. really finally crash it's that revelry intensity
that makes them mad who are admitted they are earlier predictions were out of date they're going to head home to prove them very very serious a problem for europe and now kristie kind of the same point the same day that the e.u. proposes a $750000000000.00 euro recovery fund japanese prime minister shinzo abbay approved a new $1.00 trillion dollars stimulus package what's included in that package. well this package is really significant not only because of the sheer amount in the package but also the scale of it it significant as it includes direct spending measures higher medical spending rent subsidies and business subsidies now this new package will take depends total spending to combat the crowd of virus to about $2.00 trillion dollars or about 40 percent of gross g.d.p. and to further modest putting this into perspective this spending is now approaching the size of the u.s.'s who is currently sitting on top with $2.00
trillion in 8 programs so now in order to fund this japan will issue an additional $31.00 trillion yen and government bonds which will push the new j g being issuance in this fiscal year to a new record of 90 trillion yet and analysts suspect that this may not even be the end of it and there could even be potentially a 3rd round of helicopter money and does japan make face the very real possibility of a credit downgrade which would be just disastrous for the economy now professor wolf i want. to hear because as hostilities intensify between the 2 sides how bad could relationships between china and the u.s. actually get could this turn into another full on cold war and what will it mean for the economy going forward and i just want to point out that you know we've had some new news about the c.f.o. of wall weigh in there canadian court case as well for extradition so there are a lot of things happening here that are not going to help necessarily relationships
between china and the united states. well i think what you need if i can agree with a historical parallel which is really all we have. is a little bit like what happened after world war one as part of the great depression contrie strategy to get it through with a minimal they quickly discovered that you know hold. and of capitalism will heal itself but won't turn out to want real well so then they try to get it law and with a little then ill. little isn't enough and they have to go and which more then every instant be resistance so then they turn as you can see we're doing to be ashamed of his anger trying to push themselves at the expense of somebody else badmouthing of our marriage dumping on immigrants and now the cold war revival with china it's a way of deflecting attention from the difficulties at home there's somebody embroiled out here are going to go all the answer depends on how desperate to start
and support and since the initiative here comes from the united states and not from china various kinds of reasons the bottom line now is how desperate it will. come as we get closer to election time to face a crisis which they will need to blame on someone and the work to make that someone china is what we're watching. now kristie i want to talk about this because we have the r. and b. actually crashing to record lows against the u.s. dollar amid these tensions between the u.s. and china what's happening in this escalating battle between the 2 superpowers on your own your opinion there. while the reason for that particular leg down this morning appears they coming from 2 of china's most valuable u.s. listed mega cap companies who are now pushing ahead with multibillion dollar share sales and hong kong now this comes as u.s. lawmakers are putting additional pressure on chinese companies are to disclose
their financial information either that or face delisting from exchanges so the companies now are netting which is an online gaming company and j.d. dot com the economist dion has often compared to amazon the 2 companies are aiming to raise about $2.00 to $3000000000.00 in a june listing and by doing that google china is also exploring options of doing a secondary less than hong kong or elsewhere and now this is a have major ripple effects across the entire investment community as china has arranged the premier growth. re and a major allocation in any investment firm portfolio so a back one could argue that the entire ball rally in the last 10 years apparently driven by the child's growth he says so by restricting access to investment opportunity this will severely impact returns and my delisting where essentially just invoking another barrier and restricting capital flow in the market so this will have the tremendous results and opportunity lost on both sides as companies won't have access to u.s. capital and u.s. will have access to china's growth professor richard wolf and kristie arcos
a boom bust thank you so much for that expert analysis. thank you and let's take another global look at the trends and spread of the coronavirus with our 2 correspondents tablature where we worldwide today so brand worldwide the virus has affected nearly 5800000 people and killed over 350000 here's what's going on globally so i made this pie chart and i'm looking at down by regions that have kept some countries although i happen not mentioning them to show for example in north and like in europe there are other countries being affected so 1st i'm going to be talking about confirmed cases so the most cases have been in north america obviously in the u.s. where there's been 1700000 cases and 1100000 cases which are actually still active and as of may 20th each state that had imposed a stay at home order has begun lifting the restrictions and people are allowed in
some places to go back to restaurants and offices and places overall worship now moving over to europe these 5 countries have been hit the worst u.k. has at over 267000 current cases followed by spain 236000 which italy is not too far behind 231000 france and germany are behind these 3 but their numbers are significantly lower and all of european countries have started easing some kind of restrictions for example in italy while foreigners can't visit yet locals are flocking to their beaches now moving over to asia where russia and india have had the most confirmed cases in russia currently has over 370000 cases and moscow will began to gradually ease some restrictions starting june 1st and india has about 157000 cases and most of india's cases are concentrated
in the in. western area which is home to the financial hub and then we have south america where brazil and per rule are seeing a number of confirmed cases now brazil still has the most at 400000 cases but many health officials worry that number is actually about 20 times higher now over to the middle east. is still leading with a 140000 cases and their newly elected 268 member parliament met today and images from the meeting showed that many did not even wear masks and did not observe a social distancing either now lastly in africa right here south africa still has the most confirmed cases with over 24000 where they will begin to ease restrictions starting june 1st and i want to go over to the next chart which shows which
countries have the new new list cases so u.s. and north america is trending with the most cases but it's actually that trend is going down which is why some states are starting to lift a lot of restrictions and so what's really significant in this picture is that some countries are appearing to have significant increases in new cases in asia russia and india are seeing new increases daily and even lower to south america brazil is still seeing the most chile and mexico are also following in new confirmed cases that we're seeing within the last 24 hours now moving over to the middle east were as iran has had the most confirmed cases could tar and saudi arabia are catching up where they're getting a lot of new cases and then we have in africa you can see this right here but south africa still leads in confirmed cases but at
a very low number and then lastly we have. europe which united kingdom has had the new cases but lastly i want to talk about the number of deaths which has had 100000 in north america in the us this yesterday actually and now what's the difference is that in europe to mortality rate is a lot higher as in the us the mortality rate is about 5.9 percent in europe differs between 11 to 16 percent and in south america brazil is also still leading with number of deaths in mexico asia and china there is about 4600 deaths and but with the crazy thing here is verses in asia with a population of 1400000000 people we have in the us population of 330000000 where the mortality rate has been a lot higher. correspondents are tabular thank you for keeping us up to date.
time now for a quick break here because when we return a new era of private space development lives over the horizon but what could the future hold for the growing sector we have an expert panel standing by and as we go to break here are the numbers at the close. part of something is better than nothing and losing money is part of the money
laundering model as a model of business model and we look at the. valley like the ones you mentioned we work. there. they're all losing money exponentially so then you have to ask well maybe the model is to lose money and so there's laundering the money laundering the money. but i'm also the most companies you know i've been.
told. yeah most came in nobody goes from going to matches to see you just pull you pull your coke. and move some and i'm going to hit a safe enough to let me see you live in a little you kind of this. little kid is. they. come over to your list to. laugh and. sway or both of the food. itself movie theater. plus we've got 2 dogs so hard not to think i know how disappointed to see them walking and i know from the start then if. this is the only thing that we
a private company has carried humans into earth orbit with a final destination of the international space station to nasa astronauts retired marine corps colonel doug hurley an air force colonel bob franken will take flight in space x. crew dragon capsule atop the company's felt in 9 rocket the rocket will take off from the historic pad 39 a florida's kennedy space center the same starting point of apollo era era missions including the moon landing in 1990 now after the falcon 9 launches the crew dragon into the upper atmosphere the capsule will separate from the rocket and begin heading towards the space station the falcon 9 rocket will then return to earth where it is supposed to land on a drone ship in the atlantic ocean northeast of cape canaveral for reuse this also marks the 1st launch of u.s. astronauts from u.s. soil since 2011 since then the only way to set astronauts to the i s s has been on russian rockets launched from kazakhstan now when it comes to the cost of these flights a 200-1000 report from nasa is office of the inspector general says seats on russian
soyuz launches have cost as much as $86000000.00 each and roughly $55000000.00 on average over those last 10 years of the same report estimates seats on the crew dragon will also cost about $55000000.00 with all that said let's take a look at the significance of this moment and the future of commercial spaceflight with the executive director at the center for space commerce and science and rick tumlinson who is the founder and chairman of space fund as well as the co-founder of the space frontier foundation thank you both for joining us on this massive day here. rick i want to start with you i how monumental is the 1st manned space flight to enter the international space station put on by a private company how big is this. this is huge. you know this is where we've been listening to for. 30 years and this is the beginning we
believe. that it is ryan school were. human beings in the space not using the gateway or the airline. that the government now has and instead of opening it up more and more people were that we could expand create an industrial plant. and gentlemen i have some unfortunate and breaking news right at this moment it appears nasa and space x. have been forced to postpone the flight i know there is some weather conditions that were coming up we're getting multiple pool reports from multiple sources but that doesn't take away from this conversation because this is still a monumental moment i believe they're going to reschedule it for the weekend so erin i want to talk about this more we just mentioned the cost of these flights costing nasa roughly $55000000.00 versus the upside of more than $85.00 when we're launching out of kazakhstan are these savings going to actually make
a big difference in space exploration. oh absolutely. so it's something to not it's not just about the percy cost but also about how many people you can send at one time so you think about the international space station and this is the primary purpose of this crew dragon it requires constant nature maintenance and part of that is due to age but also because we're in a how this environment with a lot of experiments and kind of learning as we're going so the savings on percy plus being able to send additional people at one time that really allows us to maximize the potential of the i assess offers and now rick are there are some major concerns about having private companies becoming the leaders in space flight and exploration i mean it's not always the most trustworthy situation when you put a private company in charge of something that is so important obviously on these 1st several we will see the most everything take precedent and safety and
everything but there are the concerns that as people get complacent in the private sector and they start to try to cut you know save money is that a concern for you. you're inferring that we should trust the government more. by that. the goal here is if you can transition from government science and exploration activities in space to the opening of a space in the front sooner where people can build businesses and routes well now that we eventually know their homes instance we want to get there but the only way to get there is to begin to know our flow of taxpayer funds and start creating revenue streams that allow us to do that and what's now also working with companies like space x. and the other providers that's starting to create a bit of a competitive market using the purchasing power of the government and this new
station we're in pushed cars now so more and more people can. you know more. now erin obviously and as rick actually just mentioned we've been focusing on space x. but because of their big news which was 1st up today but of course there's virgin galactic and blue origin as the other big players as well are there plans to actually make these companies profitable and how exactly would that work. well. i think we have to remember that all of these firms are dealing in transportation right so yeah we're going from the from earth to space and that's very big and powerful but the way to be profitable and chance because when the transportation industry is to be able to leverage economies scale to be efficient and be able to increase your frequency of deliveries so they'll get there it just brought a stage at this point where their concepts showing that they can do this safely and
reliably and to the point where as we see that we're going to see them become more profitable because they'll get better and better and overcome that learning curve and now rick obviously this flight was set but one of the big things that we've heard about it is tourism and i think to what you kind of mention of i want to this is a bigger term but colonization maybe is not the right one how can the private industry sustain itself with nasa and the ultra wealthy as their only customers. i guess that's and we can stay away from the work colonization some of whom i understand i don't mean correct you so much on this it's much more enduring the achromats great. claims. everything's going to change out there somewhere or time conversations going to go you know. i do believe that it's. we will start you know basically and i want to be really clear you have to eat a lot of this to make money name
a new climate. of this and then once they start doing it and building that infrastructure and transportation. then we're going to see lots of private companies coming in and you're kinds of products. that are beneficial and if he were to get you could think. rick thomason air and pay go thank you both for their expert analysis i wish it was better news that we would get to see this launch happen on wednesday afternoon but unfortunately we are not and right here in studio we're joined by host of the news with rick sanchez rick sanchez himself who has been following the story. unfortunately we've had a cancellation rick what happened so here's what happened just about 3 minutes ago we 1st heard mission control start to ponder the possibility that this thing might be cancelled then we heard the flight director say if you could just give us 10
minutes if you could just give us 10 minutes we know the window will be clear sounds like there was some conversation going back and forth as to what they could possibly do i'm not expert in you know maybe many things about iraq and so there's no want of a but what we do know is that they were fueling the rocket a rush or they were fueling the rock liquid acid i was waiting out yes. but they had to pull the plug they had to pull the plug that the conversation seemed to be about whether there was a front in the area that you look you know florida and certainly i know a florida and what happens in florida is that you literally have friends that come through could last like a half hour then they leave and it's a beautiful bright sunny day well they just happened to catch one of those forms that were coming through they've been negotiating whether or not they'd be able to clear that window since early this morning and we've heard it in the conversations and they kept telling us that there was a possibility they would have to cancel that just about. oh i would say about 3 or 4 minutes ago we 1st started hearing the 1st inklings from the flight control
operator saying look i don't think we're going to be able to do this but we can't be sure yet if we could just get 10 more minutes we could make it if we could just get 10 more minutes we could make it now you know at this point we were looking at what 433 right there was no way that they were going to be able to do it at 433 so that's when they pulled the plug admitted in our college call john he told you earlier that it had to be exactly 433 so he said exactly so unfortunately that did not happen the news with rick sanchez rick sanchez thank you so much for coming out to give us that update here if you have the time to that's it for this time you saw the demand on the brand new portable t.v. at the belmont smartphones through google play and the apple app store by searching portable t.v. or stream it to your t.v. by downloading the portable t.v. app on apple t.v. and online exportable dot tv keep an eye out for a variety of new content coming soon find out more portable about keeping the next time.
the washington world's still others say washington and can see he lives in a paper. cup and planning another one of. psuedo food. bank itself mukti about. closing this way got to talk so hard not to think of the mother disappeared this moment the work of a coward and i know from the start then if. this is the only thing that we do is music because everybody fights his way. to. the floor luke and the film will sound is more facility that you have called the evil of the truth of. what i
think is this is the fans that is a constant. thank. you. live from the world headquarters of the r.t. america in our nation's capital this is the news with rick sanchez well again everybody i'm rick sanchez to all of you who are watching us from all over the world on this very special day whether you're doing it on regular t.v. or on the portable television app we are so glad that you are there the mayor of a major american city today is saying that it should not be a death sentence in america to be black those are his words that's a remarkable statement from an american political leader and it comes on the heels .