PRESSTV — broadcast
20260926 233000 UTC
432 transcript segments
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[00:00:00] sell their houses, their cars, everything to to finance their
[00:00:03] hospital bills, so there's a concentration of income and wealth and
[00:00:07] of power in the United States, which is eroding the
[00:00:11] so-called American way of life, the so-called American
[00:00:14] democracy, it's less a democracy, it's more
[00:00:17] democracy in name
[00:00:19] in than in reality, when it comes down to it,
[00:00:23] things under Donald Trump are much worse than under former US
[00:00:26] president Joe Biden, this chart here outlines key
[00:00:30] of economic indicators from gasoline prices
[00:00:33] of to of inflation to average hourly earning growth and
[00:00:37] finally GDP growth all better under
[00:00:40] of Joe Biden. Meanwhile, Donald Trump's Iran war has already
[00:00:44] caused US households
[00:00:46] 1,760 each
[00:00:49] since the conflict began less than eight months ago. Most of that
[00:00:53] bill did not come through taxes,
[00:00:55] of about of $930 per household came from higher and...
[00:01:00] energy costs, another $425
[00:01:04] came from higher interest rates linked to the inflationary impact
[00:01:07] of the war. Mudies puts the
[00:01:10] of
[00:01:13] in of household share of additional military spending at roughly $405. Across the country, Americans
[00:01:17] have already spent an estimated $121
[00:01:21] billion dollars more on energy
[00:01:27] of alone.
[00:01:51] a
[00:02:05] of
[00:02:16] of
[00:02:27] The rise in interest rates in long-term interest. affects not only
[00:02:31] mortgages, but all forms of financing to enterprises and
[00:02:35] consumers in the United States. In the meeting just concluded,
[00:02:38] the
[00:02:39] in FOMC of decided to raise the target range for the federal funds
[00:02:42] rate by a quarter of a percentage point to 3 and
[00:02:46] 3/4 to 4%
[00:02:48] a in support
[00:02:48] of the federal reserves dual mandate. The committee is
[00:02:52] continuing its policy of maintaining ample reserves in the banking
[00:02:56] system. Economic activity is expanding a solid pace.
[00:03:00] "well, uncertainty remains elevated, but
[00:03:04] inflation remains elevated. Today's
[00:03:07] policy action will support
[00:03:09] a timelier return to the committee's 2% goal. No,
[00:03:13] of I have lot of respect for him, and he'll do what has to do. I think we our
[00:03:17] interest rates are too high. I think that uh, we're the leading
[00:03:20] country in the world, we're now economic force like like we've never been
[00:03:24] before because of what's happened. We have the greatest investment ever
[00:03:28] made
[00:03:28] in any
[00:03:29] of country by many. times again, we're over now
[00:03:33] 20 trillion dollars of investment coming in, no countries
[00:03:37] ever been there, and with number one, we should have the lowest
[00:03:40] interest rates in the world, because if we wanted to, lot of
[00:03:44] countries that are paying less interest rate only because of us, because they
[00:03:48] do business with us, if
[00:03:49] a we wanted to put tariffs, we stop doing, we
[00:03:52] have the right to stop doing business with
[00:03:53] of them, they would go from
[00:03:55] of so-called of elite country to poverty stricken country, what's
[00:03:59] what's going? in my opinion is the lack
[00:04:01] of of trust,
[00:04:05] of of increasingly fragile confidence in the public finances and debt
[00:04:08] of the United States, so this
[00:04:11] of leads to reduction in demand for bonds and
[00:04:15] this reduces the price and
[00:04:17] of raises the yields
[00:04:18] of these bonds as we have seen. this means that the
[00:04:21] United States is under
[00:04:25] of under vicious circle because high deficits
[00:04:29] lead to... distrust and high interest rates and high interest rates
[00:04:32] affect not only private borrowers but also the public sector
[00:04:36] of the borrower, increasing the the weight
[00:04:38] of the interest bill and therefore the deficit and the
[00:04:42] growth
[00:04:43] of the public debt going
[00:04:44] forward.
[00:04:51] it's a very delicate, i
[00:04:52] of would say fragile situation which has led the United States to
[00:04:56] try to intervene in
[00:04:58] in markets, of not very successful. so far by
[00:05:01] intervening at the long end
[00:05:03] of the
[00:05:04] of the interest rate curve, by buying up
[00:05:07] a long term b to try to prop up the prices and also by
[00:05:11] intervening in the... in the yen
[00:05:14] dollar market trying to avoid
[00:05:18] depreciation the the yen that would be harmful
[00:05:22] to us interest and allow
[00:05:25] Japan to to forestall any initiative to
[00:05:29] sell off its bonds, you see Japan is major holder of US
[00:05:32] treasuries, it's Japan in the effort to contain
[00:05:35] depreciation throws uses its reserves
[00:05:39] and and redeems and as the redemption of
[00:05:43] this treasury bond holdings, then the situation will be even
[00:05:47] worse for the United States, so that's why the United Station
[00:05:51] is doing this two simultaneous interventions in the for exchange
[00:05:54] market to prop up the end and in the
[00:05:57] long-term bond market to prop the the
[00:06:01] prices of treasury bonds in secondary
[00:06:03] market.
[00:06:21] This is the social section the program. Many Americans believe we are
[00:06:25] already a recession, therefore, even though we are
[00:06:29] $41 trillion dollars in debt and climbing, the
[00:06:33] government may be forced to issue stimulus checks to prevent a
[00:06:36] depression. Promise to pay me and
[00:06:40] you and anyone who... which I'm not voting,
[00:06:44] but but anybody who would vote for him and or his party, the
[00:06:47] GoP, uh, they'll get 5,000,
[00:06:51] this is top of by the way, the $2 tariff
[00:06:55] rebates I'm still waiting for, uh, he's in the hole with
[00:06:59] me, Jeff, he's in the hole, he owes
[00:07:02] me, he owes everybody right, uncle Sam owes everybody,
[00:07:06] it's you know it's astronomical money, so I i thought this was
[00:07:09] really important, I know Brandon, you share this too, GOP midterm
[00:07:13] convention uh we heard that president Trump floated this idea of a
[00:07:17] $500 dividend payment, which even socialism
[00:07:21] when we do it, oh my god, even if you're republican, you got to say what
[00:07:25] the is going on here, right? grocery prices in the
[00:07:29] US are up 29% since 2019, not
[00:07:32] 5%, not 10%, 29%, but the bureau of
[00:07:36] labor statistics, food at home index, and the true figure is
[00:07:40] closer to a third, that is federal data, the receipt
[00:07:44] is public. US long-term
[00:07:47] unemployment is at crisis levels, the number of Americans
[00:07:51] unemployed for 27 plus weeks searched with more
[00:07:55] than 155,00 in August to
[00:07:58] 1.93 million, the fourth highest reading
[00:08:02] since December to 2021. As a percentage point
[00:08:06] of total unemployment, this metric rose
[00:08:09] by 1.5 percentage points. last month
[00:08:13] to 27%, the third highest since December
[00:08:17] 2021. long-term unemployment has now
[00:08:20] increased for more than three years. exon mobile
[00:08:24] has shut down one the largest diesel refineries in the
[00:08:28] mid-west, which produces 11 million gallons of gasoline
[00:08:31] and diesel (fuel per day) due to outage
[00:08:35] issues. this comes as diesel prices have already surged nearly
[00:08:39] 90% this year, and the US has entered
[00:08:42] Diesel demand season, trucking, farming and the gas
[00:08:46] at the station all depend on diesel. Diesel is the economy,
[00:08:50] when it stops, the economy stops. Total economic
[00:08:54] collapse is fast and also
[00:08:56] approaching.
[00:09:01] Thank you very much for inviting me to your show, for inviting me
[00:09:05] to your
[00:09:05] show.
[00:09:54] The American system has become a system over the last
[00:09:57] 40 years which has tilted uh economically
[00:10:01] towards the let's say the 1%
[00:10:05] the richest uh in the United States and even towards the
[00:10:09] 0.1%. So in reality it means that the
[00:10:13] numbers are actually very good, however this
[00:10:17] doesn't translate into additional purchasing
[00:10:20] power for americans, because real
[00:10:23] wages have actually stagnated for a long time
[00:10:27] and actually inflation has been
[00:10:30] relatively uh prominent and this means that
[00:10:34] actually average workers in the United States have had to take
[00:10:37] on more debt and this has of course also
[00:10:41] benefited very much big banks, so
[00:10:44] a way the American worker
[00:10:48] is worse off today than he was 50 years ago,
[00:10:52] even though technologically..." "the United States is
[00:10:56] moving on well, and even though even from the point of view of
[00:11:00] GDP, you will never see this kind
[00:11:03] of inequality in
[00:11:07] this kind of
[00:11:07] figure.
[00:11:18] In order to perceive the inequality, one cannot look at the GDP
[00:11:22] number, because that..." kind of inequality would be
[00:11:26] hidden, right? what we need to look at is the
[00:11:30] fact that the United States has become a financialized
[00:11:33] economy with lot the profits going to financial
[00:11:37] institutions and big banks and you
[00:11:41] remember also the consolidation that took place
[00:11:45] after the 2008- 2009
[00:11:48] economic recession, great economic
[00:11:51] recession, actually so many banks, thousands of banks. went
[00:11:55] bankrupt in the United States at that time, and there was a
[00:11:59] consolidation also in the banking industry where the five
[00:12:02] biggest and most powerful remained, and they
[00:12:06] were also the
[00:12:07] one that that were helped by the US government, so you can see a little bit
[00:12:11] what's going on here, and unfortunately the American worker has very
[00:12:15] little possibility to influence
[00:12:18] this this
[00:12:20] process.
[00:12:27] Meanwhile, the US president approval ratings are one the worst
[00:12:31] in the US history, for example, when it comes to the economy's
[00:12:34] condition, month to month favorability continues to
[00:12:38] drop. July registered 76% the
[00:12:41] respondents saying the economy was fair or poor, while only
[00:12:45] 24% said that the economy was an excellent
[00:12:49] or good
[00:12:50] condition.
[00:13:53] On the one hand yes. the dead is very high, the dead is at
[00:13:57] 40 trillion, and that is actually
[00:14:00] around 120% of
[00:14:03] GDP. now what we need to see is
[00:14:07] the the increase in the bond yields
[00:14:11] is is the reason for that
[00:14:14] is a higher risk perceived on
[00:14:18] American on the American government on American
[00:14:21] treasuries, and
[00:14:23] but but
[00:14:24] the but the fact is... but the it's not so much the size the
[00:14:28] debt itself, 40 trillion seems like
[00:14:31] lot, but the US economy is used right, so
[00:14:34] 120% of GDP is
[00:14:38] actually not that high for economy, the size the
[00:14:42] United States and economy with this kind
[00:14:46] of leverage that the United States economy has with the
[00:14:50] help the
[00:14:50] dollar.
[00:14:56] "what is more disturbing for investors is the
[00:15:00] fact that uh basically um
[00:15:03] the deficit, the US deficit
[00:15:05] is um is not being
[00:15:09] is not being covered
[00:15:11] uh so the deficit is increasing and actually the the debt itself
[00:15:15] is also increasing right so it's not so much the fact that is 120%
[00:15:19] the GDP, it's more the fact that the debt is increasing a
[00:15:23] way that is perceived. to be without
[00:15:27] control, without control and even somehow
[00:15:30] pushed on by the executive, and the executive
[00:15:34] itself, basically the white house, should not be..." even in
[00:15:38] the US constitution should not be the soul you know
[00:15:41] uh decider of um the the the way that
[00:15:45] that
[00:15:46] moves.
[00:16:06] this is the inf. new section the program: Saudi oil output. Saudi
[00:16:10] oil output plunges to lowest since 1990.
[00:16:14] Saudi Arabia's crude oil production plunged by nearly
[00:16:17] 2 million barrels per day in August to its lowest
[00:16:21] level in over 35 years. The Iran war and the
[00:16:25] Yemeni Army campaign against the kingdom have a squeezed export
[00:16:29] roots as oil prices surge above $100
[00:16:33] per barrel. Bond markets, trouble brewing in
[00:16:37] global. bond markets, high and rising government debt levels
[00:16:41] pose a problem for bond markets, for which no solution
[00:16:44] seems imminent. yields and government bonds are around
[00:16:48] multi-decades high as investors cast a war
[00:16:52] eye on fiscal deficits and the renewed fighting
[00:16:56] in the West Asia region. US Canada crisis. Donald
[00:16:59] Trump says Canada becoming EU associate member
[00:17:03] could be hostile act. The US president threaten.
[00:17:07] tarifs and said the US could cut some trade with
[00:17:11] Europe over the proposed the status. Donald Trump dismissed the
[00:17:15] prospects of Canada joining the EU as laughable and
[00:17:19] call the US's northern neighbor terrible trade
[00:17:22] partner. Syrian fuel crisis. People don't have
[00:17:25] money. Syrian fuel hikes depen the economic
[00:17:29] pain, higher diesel and petrol prices are pushing up
[00:17:33] transport and food costs across an already imp.
[00:17:37] Overage Syria, sudden government decree drove
[00:17:41] diesel prices up by
[00:17:42] 40%.
[00:18:13] This is the in-depth section the program. The US reports increases
[00:18:16] average US household income and a decrease in
[00:18:20] poverty, yet the general public is not buying it, since
[00:18:24] they don't see relief in their pockets, but rather a
[00:18:28] decrease in their purchasing power, including the ones who are in
[00:18:32] poverty. In this in-depth section we will try to explain
[00:18:35] the discrepancy.
[00:18:45] The situation in the US has reverted to pre-2008
[00:18:49] crisis conditions: 10-year bond yields have hit
[00:18:52] 4.963%.
[00:18:56] 20 year yields have reached a
[00:18:58] 5.382%. 30 year yields
[00:19:02] have climbed to 5.350%.
[00:19:06] All the treasury. secretaries of Scott Beson's measured have hit
[00:19:10] a dead end, bond buyers are now demanding higher
[00:19:13] yields as the previous rates no longer make financial sense
[00:19:17] given how little they differ from the annual inflation rate,
[00:19:21] history shows that such conditions inevitably triggered two
[00:19:25] simultaneous events, recession and a stock market
[00:19:29] crash, guaranteeing a thrilling time ahead
[00:19:33] the orange head showman in the white house, this
[00:19:36] is what we are talking about when it comes to the 10-year bond
[00:19:40] yield, the 10-year treasury yield is its
[00:19:43] highest since 2007 and mortgage
[00:19:47] rates are back near 6.8% rising inflation
[00:19:51] and rising government debt are pushing up borrowing
[00:19:55] costs for everyone, this impacts things like credit
[00:19:58] cards, mortgage rates and loans like car
[00:20:02] loans. Donald Trump's achilles heel US
[00:20:06] gas price, they have hit It's 4.43 per
[00:20:09] gallon today, that is according to the national average
[00:20:13] of course, that's the highest level even for this point
[00:20:16] in September, another reminder that the inflation problem
[00:20:20] is far from over. Now on that point, let me bring in our
[00:20:24] guest Paulo, Batista Jr., former
[00:20:28] executive director at international monetary fund
[00:20:32] or the IMF, and he is also economist and author and he joins
[00:20:35] us, now um... Mr. Batista Jr., the question that I
[00:20:39] wanted to ask you is that we have the oil prices which are above
[00:20:43] $100 per barrel, record high diesel prices, which
[00:20:47] are above $6, and that is... the average
[00:20:50] inflation at least 140 um the basis
[00:20:54] point above the fets
[00:20:56] 2.0% target.
[00:21:00] the Iran war is also impacting the economy. hasn't Donald
[00:21:04] Trump realized how badly the US economy is
[00:21:08] being impacted by that war. Who knows what goes
[00:21:11] on
[00:21:12] in the mind of Donald Trump, but it should be obvious to him as it
[00:21:16] is to everybody else that the decision to attack Iran was
[00:21:20] major mistake, you see, I think one the reasons
[00:21:24] for this attack was that United States became
[00:21:27] overconfident after the success of its intervention in
[00:21:31] Venezuela, which was practically painless for the
[00:21:35] United States, now Iran is not Venezuela as we have
[00:21:38] seen, and this has
[00:21:39] destabilized the the the US as
[00:21:43] a military power, international markets for oil
[00:21:47] derivatives and other products and of course led to
[00:21:51] inflationary pressures in the US and other countries,
[00:21:54] so the inflation rate is now well above
[00:21:57] target, the target for the federal reserve is 2%, and
[00:22:01] inflation is considerably higher, as you noticed, as you
[00:22:05] mentioned in your question, so we have a situation where
[00:22:09] where the United States shot itself in the foot by
[00:22:13] attacking Iran, Iran responded
[00:22:15] by taking control the straight of all moves and this is
[00:22:19] had dramatic consequences for the supply of oil
[00:22:23] and other products. now, no wonder, the inflation is
[00:22:27] hitting new highs. this table outlines increases
[00:22:30] compared to 2019. overall inflation
[00:22:34] has had a 33.1% increase,
[00:22:38] diesel prices, which affects everything. american's
[00:22:42] buy is up 95% ground beef,
[00:22:45] 63.6% increase, but housing experiencing
[00:22:49] a f 54.9% increase, on
[00:22:53] paper, the headline numbers look steller.
[00:22:56] Unemployment sits at a low of 4.1%. The stock market
[00:23:00] is ripping higher on the back of massive
[00:23:04] AI infrastructure spending and household networth recently hit
[00:23:08] a record of $186
[00:23:11] trillion dollars, but underground, everyday
[00:23:15] voters are feeling a completely different reality.
[00:23:20] mortgage rates are flirting with 7%, the
[00:23:23] 10-year treasury yield broke 5% and an energy
[00:23:27] shock tie to the war with Iran has sent gas and
[00:23:31] diesel prices through the roof, high-end income
[00:23:35] shoppers are also feeling the pinch, they are the ones
[00:23:39] who are making over $100,000 per
[00:23:42] year, and enough there are a pressures are behind the
[00:23:46] scenes like tariffs, power hungry data centers.
[00:23:50] geopolitical turmoil, the last one is
[00:23:54] more pronounced these days due to the upcoming mid-term elections
[00:23:58] and the US war of aggression against
[00:24:01] Iran, the federal reserves interest rates
[00:24:05] increased has an anger the US president Donald Trump, this is an admission that
[00:24:09] inflation needs to be controlled, but it has also
[00:24:12] a downside, borrowing is going to
[00:24:16] be more expensive, credit will be coming a cost.
[00:24:20] which brings us to this paradox: a stronger
[00:24:24] economy with higher costs, the number look good,
[00:24:28] economy may look its as it is doing better, but
[00:24:32] higher cost prove otherwise. the democrats a
[00:24:35] predicted midterm focus is affordability at the
[00:24:39] table, mind the republicans pose a risk, one
[00:24:43] the which the voters vallet could decide the
[00:24:46] outcome of that thing. now let on that final point. uh let me
[00:24:50] bring in our other guess Finn Andoren, economist, political
[00:24:54] analyst and member the Mises Institute, the question that I had
[00:24:58] fin, American wages have fallen to 43%
[00:25:01] the national income, for every one dollar the US economy
[00:25:05] produces, workers are getting less of it than
[00:25:09] any point since 1929, we have the
[00:25:13] oil prices which are higher than $100 per barrel record,
[00:25:17] high diesel prices and inflation at at least uh
[00:25:21] has hit 140 basis points above the fed
[00:25:25] 2.0% target uh the question that
[00:25:28] I had is that the Iran war is impacting um the
[00:25:32] situation on the ground as we have been saying in this indeps section of
[00:25:36] our program, hasn't Donald Trump realized what this war
[00:25:40] is doing to his administration and his prospects in
[00:25:44] the midterm elections. Yes, of course, I think he has realized, but
[00:25:48] he doesn't want to admit it, but we need... to think about two things here: on the one
[00:25:52] hand, the US government doesn't always
[00:25:55] care so much about what the people
[00:25:59] think, they prefer to try to manipulate them '
[00:26:03] and what we need to understand is that the US government has foreign
[00:26:06] policy strategies and foreign policy
[00:26:09] initiatives which actually do not concern the people
[00:26:13] at all. most people in the United States don't even know where Iran
[00:26:17] is a map right? if you put map with Iran but
[00:26:21] without borders, very few are even able to to point out where
[00:26:25] Iran is located. so what we need to understand is
[00:26:28] that the strategic priorities, the geost.
[00:26:32] priorities the United States government, sometimes and
[00:26:36] even often, go above or
[00:26:39] Trump the interests the
[00:26:43] people, and this is also a very undemocratic,
[00:26:46] right, very undemocratic, but we all know that the federal government is
[00:26:50] very undemocratic
[00:26:52] and there is very little democracy in the selection the
[00:26:56] president and also the Congressman
[00:26:59] where money does more. than than votes
[00:27:03] in many cases, so so I think we need to we need to consider this
[00:27:07] point um
[00:27:09] and I think that that's was that what that was what I wanted to answer
[00:27:13] on this on this
[00:27:14] question.
[00:27:40] Brand crew toged a high of
[00:27:42] $104.90 Sunday night and was
[00:27:45] trading just below $103 at the time of
[00:27:49] publishing. The national average diesel price in the US has
[00:27:53] surged to record high of $6.51 cents
[00:27:56] per gallon. Farmers are confronting these record high
[00:28:00] fuel expenses at the the fall harvest
[00:28:04] season, according to the non-profit national energy assistance
[00:28:08] directors association, households that rely on
[00:28:11] heating oil are projected to face winter bills that are more
[00:28:15] than 31% higher than last year due to the
[00:28:19] parallel strain on distillet fuel stocks. now the question
[00:28:22] remains, is this sustainable for the American people? or is
[00:28:26] the war of aggression against iran sustainable? this is the
[00:28:30] website page of economic divide for. free to browse through all of our previous programs
[00:28:34] and tell us how you're doing. i'm and i'll see you next
[00:28:37] week.
[00:29:59] Your headlines on Press TV says the US will. never play a
[00:30:03] role in the management the straight offus and in case of intervention
[00:30:07] will be slapped hard in the face. the
[00:30:10] persian gulf straight authority warns all vessels against
[00:30:14] Hurmus transit through unauthorized routes saying the move
[00:30:18] will entil significant risks for ships and their
[00:30:21] owners. and's president says the
[00:30:24] US and Israel are root causes of instability in west Asia
[00:30:28] and are actively supporting terrorists while accusing Iran of terrorism.