What’s going on with wages? Today’s Boom Bust takes us into some interesting reports. Danielle DiMartino Booth is giving us some insight into new Fed data on reservation wages; why are Americans willing to take less pay? Patrice Onwuka from the IWF is back and she has a take on a some new data from the Bureau of Labor Statistics on women’s earnings. Meanwhile, Connecticut is facing a budget crunch and Bianca Facchinei has the scoop. That and more on today’s Boom Bust!
The U.S. fight against Covid-19 continues to heat up as President Biden has announced that nearly all adults in the nation will be eligible for a vaccine within the next month. Plus, with the economic uncertainty from coronavirus ebbing, it seems that cryptocurrencies are here to stay while the adoption process has been rapid. And, U.S. ten year treasury yields hit a 14 month high amid optimism over the economic recovery.
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The European Union cuts its Eurozone growth forecast for 2016. Despite this being the third year of consecutive growth for the European Union, growth is slow and will slow even further. Ameera David weighs in. Ameera also highlights a new smart Gmail feature that will be able to scan your email and offer quick replies. Then, Ameera and RT correspondent Manuel Rapalo update their earlier discussion on Airbnb’s fight in to stay legal in San Francisco and discuss Expedia’s $3.9 billion deal to buy Airbnb competitor HomeAway. Afterwards, Paul Craig Roberts gives us his take on the elimination of two popular social security claiming measures, part of his interview with Boom Bust’s Bianca Facchinei that will air Friday.
After the break, Boom Bust’s Edward Harrison sits down with Steve Keen, head of economics, history, and politics at Kingston University to get his thoughts on the path forward for China, emerging markets, and the global economy, as well as to assess whether politics in Portugal are radicalizing. And in The Big Deal, Ameera and Edward Harrison talk about the scandal surrounding former stock darling Valeant Pharmaceuticals.
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As phase one of the U.S.-China trade deal has cleared a major hurdle, the fate of agricultural purchases are still a little hazy. Professor Richard Wolff joins the show today to give us the macro-view on trade and the world economy. Plus, Bitcoin has been sloping despite international economic concerns, but could a rally be just around the corner? Naeem Aslam of Think Markets joins us from across the pond to give us his outlook for cryptos in the wake of trade calamity in the United Kingdom.
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The fate of Germany's largest airline rests in the hands of its shareholders as Lufthansa appears set to receive billions of dollars from the German government. The bailout package had been held up for several weeks as the airline’s largest single shareholder dropped his opposition. Meanwhile, Apple held its World Wide Developers Conference, where the tech giant is looking to switch to self-sustainability as it plans to ditch Intel chips in favor of its own. Meanwhile, Microsoft announced it would be shutting down its live streaming platform Mixer and attempting to move viewers and broadcasters to Facebook gaming.
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Edward sits down with Andrea Terzi – professor of economics at Franklin University Switzerland and research associate at the Levy Economics Institute. Andrea tells us what Greece needs to do to improve their economy and gives us his take on the effects of the ECB’s proposed quantitative easing on the economy and inflation.
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The top story: Goldman Sachs staff can donate to Hillary Clinton but not Donald Trump. Ameera David has details on the explanation. Then, Boom Bust’s Bianca Facchinei reports on the EU’s grant of 348 million euros in aid for Syrian refugees in Turkey as well as the 13 foot wall Britain is building in the French port city of Calais to block refugees from entering the UK. Afterwards, Edward Harrison talks to Kingston University Head of Economics, History & Politics Steve Keen about the Australian economy.
After the break, Edward speaks to writer, investor, and technologist George Gilder about the ideas in his new book "The Scandal of Money: Why Wall Street Recovers but the Economy Never Does" why over-reliance on the Fed hasn’t worked. And in the Big Deal, Ameera is joined by Edward to discuss economist Hyman Minsky’s hypothesis on the instability of stability.
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Markets have had a tumultuous day as hopes of a quick recovery fade and the US Labor Department reports nearly three million new jobless claims. These steep declines also come as the US Federal Reserve warns of a prolonged recession. Meanwhile, as digital currency is seeing a ray of hope during the COVID-19 pandemic, Telegram has halted its cryptocurrency project. It is officially abandoning its Telegram Open Network (TON) and "Gram" cryptocurrency after a lengthy legal battle with the United States. Plus, sector after sector has faced the wrath of the COVID-19 outbreak, and the media is no exception. While television ratings are up due to people staying home, revenue for advertisers is spiraling downward. And with movie studios paralyzed due to the pandemic, the film industry has been able to bank on syndication rights rather than box office draw.
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We’re just learning that hackers used an online service run by the Internal Revenue Service to access the personal tax information of more than 100,000 taxpayers. The IRS says it’s all part of an elaborate scheme to steal identities and claim fraudulent tax refunds. Keep in mind, tax returns can include some of our most personal information, including social security numbers, birthdates, number of dependents, spouses, you name it. Boom Bust guest host Ameera David weighs in.
Then, Ameera is joined by Ann Pettifor – director of PRIME Economics and senior fellow of the New Economics Foundation in London. Ann tells us that she thinks the latest wins in Spain and Poland say the mindset of Europeans right now is one dominated by insecurity if not outright job loss. Her take on the anti-establishment trend across Europe is that it results from these factors and has increased the favorability of nationalist parties, buffeting the European project.
After the break, producer Bianca Facchinei gives us a look at other major finance stories of the day including the FIFA investigation, the Chinese Renminbi, Vox and Recode, and the Time Warner Cable purchase.
Afterwards, Ameera and Boom Bust host Erin Ade talk about how Brazil’s economy is expected to contract by nearly one quarter this year in dollar terms. Meanwhile, the corruption scandals at Petrobras weigh on the electorate’s consciousness as the economic downturn in Brazil takes place. Erin tells us how bad Brazil’s finances are right now and what the government is doing in order to restore investor confidence.
And in The Big Deal, Ameera and Edward Harrison continue the discussion on anti-establishment candidates in Europe and what it means for the future.
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Ashlee Banks gives us the lowdown on Amazon's facial recognition software!
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