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20261011 063000 UTC
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[00:00:07] of
[00:00:10] of
[00:00:18] The US President Donald
[00:00:19] of Trump's promises of making America great again has turned out to be
[00:00:23] the opposite, the cost of living for main street has increased with the
[00:00:27] quality of life to have plumited, this is why the... US president claims the
[00:00:31] economic cost is a small price to pay for his
[00:00:34] actions, including the illegal war of aggression against
[00:00:39] in Eran.
[00:00:42] in
[00:00:51] of in
[00:00:58] in
[00:01:05] of
[00:01:10] of
[00:01:15] of in of
[00:01:22] The US has had
[00:01:27] in a disappointing job report for the month of September dashing hopes of healthy
[00:01:29] of economy for Donald. Trump and the Republicans, meanwile Americans are
[00:01:33] struggling to keep up with inflation, even though their paychecks are
[00:01:37] not.
[00:01:43] Coming up in today's program, US economic slowdown, the US economy
[00:01:47] has slowed down, promises of trillions of
[00:01:49] in dollars in investment has not come into fruition, and
[00:01:53] inflation has impacted costs almost across the board,
[00:01:57] falling consumer confidence. US consumer confidence
[00:02:00] plonged to near 12 and a half year low in September with
[00:02:04] households expecting deterioration in business and
[00:02:08] labor market conditions.
[00:02:10] a Our a third headline: highest interest rates
[00:02:13] inflation, a couple signs of falling consumer confidence, high
[00:02:17] interest rates and inflation. The treasury has increased the
[00:02:21] interest rates to tame the inflation, but that comes
[00:02:24] with a cost. We're going to be discussing those points and a whole lot more with our
[00:02:28] guests right here. Ashish Prasar, former advisor to the West
[00:02:32] Asia peace and voy and political strategies and
[00:02:36] Sergio rasi, full professor of economics and chair
[00:02:40] of macroeconomics and monetary economics at the
[00:02:43] University of
[00:02:44] Freeburg.
[00:02:55] of
[00:02:56] of
[00:03:00] a
[00:03:01] of
[00:03:03] a
[00:03:08] Thank of you for having
[00:03:12] in me.
[00:03:18] of
[00:03:23] of of
[00:03:44] of
[00:03:49] Trump and his personal friends and his uh
[00:03:53] elite are making a lot of money off this war, of course with
[00:03:57] their - tanking the stock mark. and buying it things
[00:04:01] at low market value and you know making a ton of money of it,
[00:04:05] obviously knowing when they were going to either do um do the war
[00:04:08] itself, but also any other military
[00:04:11] of strike and the run up to it, they could always play the market and make lot of
[00:04:15] money. they also knew what industries to back, whether weapons manufacturers,
[00:04:19] oil, diesel, agriculture, right, they are betting on things and making
[00:04:23] a lot of money, so a personal level Donald Trump's strategy has
[00:04:27] been good for him.
[00:04:32] in on economic
[00:04:36] and political level, it's a disaster for the United States and the American people of
[00:04:40] course, right? by basically he's effectively
[00:04:44] isolating the United States by impacting the entire global
[00:04:47] economy with his actions by attacking Iran. he's not
[00:04:51] just, you know, everyone goes, oh he's close the straights and the Americans aren't that
[00:04:56] a reliant on the straight of Homus, because they don't get all that, well the...
[00:05:00] producer of course,
[00:05:01] of and they get lot of world from other parts
[00:05:03] of the world. the global economy, given the the global economy,
[00:05:07] given the the extent of global globalization works without
[00:05:10] each other now. all that all the trade, the
[00:05:14] straights, it goes, the straights, it goes to
[00:05:18] all the people who manufacture goods, create goods
[00:05:21] um who who who need it to do agriculture work all
[00:05:25] over the world that feed into the American economy
[00:05:27] in the end,
[00:05:28] you mentioned diesel already and you know there's only few parts the world where that's
[00:05:32] really you know refined and he's affecting all that supply
[00:05:36] and in turn he's hamstring he's hamstromed the American economy more
[00:05:40] than any of his rivals.
[00:05:58] The US should actually be a recession where it not for AI who
[00:06:01] owns 88% the stock market in the US, the
[00:06:05] top 10% of US households by wealth own about
[00:06:09] 89% to 92% of all US stocks
[00:06:13] as of recent data, the top 1% alone owns
[00:06:17] around 54% of equities, the bottom
[00:06:20] 90% of Americans combined own just 10% or less
[00:06:24] of all stocks, Microsoft, meta,
[00:06:28] Alphabet, and Amazon now account for more than a
[00:06:32] quarter of all S&P 500 KPEX, growing
[00:06:36] a f 75% annual clip with a
[00:06:40] market value of 6 trillion.
[00:06:42] Dollars.
[00:07:36] We're talking about levels of inequality that are beyond now what was
[00:07:40] triggered the French Revolution. Right, everybody famously knows that the the
[00:07:44] gap in wealth was so huge that it triggered the
[00:07:48] French Revolution, like the people over through the government, over through the
[00:07:52] over through the power structure, well we're back there
[00:07:56] with the American economy, now whether the Americans will overthrow their
[00:08:00] government or say enough is enough, who knows, but right now we're
[00:08:04] talking about very small percentage of Americans who
[00:08:07] have the majority the wealth in that multi trillion dollar
[00:08:11] economy. and the rest 90 plus perc who have
[00:08:15] nothing and live paycheck to paycheck, in some cases maybe six
[00:08:18] months of savings,
[00:08:20] you know, they are on the brink of being without
[00:08:24] healthcare a moment's notice, homeless in year.
[00:08:28] Americans are surviving and they shouldn't be in one the richest
[00:08:31] countries in the
[00:08:32] world.
[00:08:40] This disparity is only going to create... amongst average Americans
[00:08:44] against their administration and their leadership and their
[00:08:47] elite and it should do the richest economy in the world
[00:08:51] or the second whether it's China or America way the reality is if you
[00:08:55] look across way the reality is if you look across the board somewhere like
[00:08:59] China, zero homelessness, a real burgening middle
[00:09:03] class, um nobody has no healthcare, this
[00:09:06] is what a rich country of that statue should be aspiring
[00:09:10] to do, and guess what, "the reality is it's not going to happen
[00:09:14] unless this real radical reform of not just the election
[00:09:17] system, but the political elite and their and
[00:09:21] the and the systems that hold them up which includes federal
[00:09:24] government, and the the American people cannot
[00:09:26] sustain this this disparity, because some people are choosing
[00:09:30] whether to heat their home this winter or eat. should that be
[00:09:34] happening in
[00:09:35] the world's number one economy? i don't
[00:09:37] believe so, and americans need to step up and go beyond election to call for a general
[00:09:40] strike and shut down the economy." means so things
[00:09:43] change.
[00:10:12] This is the social section the program, the central economic contradiction
[00:10:16] in the USA strategy towards the Persian gulf is becoming harder to
[00:10:20] ignore. Washington is pursuing an expensive regional
[00:10:24] military strategy. while the economic costs of prolonged
[00:10:27] conflict are increasingly transmitted into the US
[00:10:31] domestic economy, american families are struggling with
[00:10:35] healthcare, housing, gas and groceries while Donald Trump's
[00:10:38] wealth continues to sore. critics say his
[00:10:42] policies are hurting working Americans as his family and
[00:10:46] allies get richer. the president was has been
[00:10:49] making more than million dollars an
[00:10:53] hour since he took off. million dollars an
[00:10:56] hour um on the theory of uh charativly speaking a
[00:11:00] 40-hour work week um so if you assume he's working 40
[00:11:04] hours addition to uh the money he draws from his
[00:11:08] uh handsome white house salary of $4000 he
[00:11:11] was making more than double that each
[00:11:15] hour that he's been in off America we have a
[00:11:19] problem people are struggling we have money for ballroom
[00:11:23] and gold and money for war. but not for groceries,
[00:11:27] gas or healthcare. a president who doesn't care, he'll let the
[00:11:30] American dream slip away. the world is moving
[00:11:34] forward, america is falling behind.
[00:11:37] economically, this might be one the worst times ever
[00:11:41] be an American. people making 725 the minimum wage
[00:11:45] are paying more to fill up their car per gallon of gas than they're
[00:11:49] making at their jobs. people are financing
[00:11:52] groceries, they can't even afford to pay. for their groceries,
[00:11:56] and forget about buying house, you're paying $1,800 to rent
[00:12:00] because you can't save any money to put towards a house, we were supposed to be
[00:12:04] living in the land of milk and honey, low prices,
[00:12:07] $1.99 gas, affordability was supposed to be so
[00:12:11] easy, and now it's a hoax. we've been a
[00:12:14] recession for years now, AI stocks are
[00:12:18] just masking at all, we are transitioning from
[00:12:22] capitalism economy to socialist and... Earnest,
[00:12:26] those that can truly spend are less than the top
[00:12:29] 50%. It's the bottom 40% on welfare, and the
[00:12:33] top 10%. Otherwise, it's pain and
[00:12:36] necessities in the
[00:12:37] middle.
[00:12:45] Thank you for inviting
[00:12:46] me.
[00:13:30] The Iran war for the United States is a bad news in
[00:13:34] particular for households in United States who are suffering from the
[00:13:37] increase in oil prices, therefore fool,
[00:13:41] transport, food, number of goods and services that US
[00:13:45] households are going to buy in the next months or even
[00:13:48] years.
[00:13:55] "gob in the United States is before the war in
[00:13:59] Iran that began, namely when Trump decided
[00:14:02] to give a trade war to especially
[00:14:06] Europe, but also other countries, in particular China because the Taiwan
[00:14:10] situation, the tariffs that Trump announced and
[00:14:14] put into practice even though later on had
[00:14:18] to to change its mind, his mind,
[00:14:21] these tariffs have been waiting much on the..." price level in the
[00:14:25] United States as regards goods and services, in particular
[00:14:29] goods that have been imported directly from Europe or
[00:14:32] indirectly, and this is why a number of houses have been losing their
[00:14:36] purchasing power and have been even fired
[00:14:40] as we earners, now they are in the need of social
[00:14:43] security assistance, but also this is a problem for us
[00:14:47] households because Trump has reduced healthcare, social
[00:14:51] security, pension funds and so forth, so the idea is not the Iran
[00:14:55] is a problem, but it aggravates the problem for the US economy as a
[00:14:58] whole.
[00:15:10] you was consumer confidence near 12 and a half year
[00:15:14] lowid labor market fears consumer confidence index
[00:15:18] falls 6.7 points to
[00:15:21] 89.9 in September lowest level since 20.
[00:15:25] 14. Deterioration and confidences across all political
[00:15:28] affiliations. Job openings dropped
[00:15:31] 256 to
[00:15:34] 7.079 million in August. single family
[00:15:38] household prices increase to points uh
[00:15:41] 2.6% year-on-year in
[00:15:44] July.
[00:16:35] This is major problem for us. income and wealth distribution,
[00:16:39] because in fact economic growth is not going
[00:16:43] to benefit all households, which earners in particular, but
[00:16:46] only a small part them, namely the the richest housels
[00:16:50] and also those having a higher proportion their income invested
[00:16:54] in real estate objects or financial assets whose prices have
[00:16:58] increased, so it doesn't mean that economic growth is going to make
[00:17:02] prosperity for everybody, it means that only say the
[00:17:06] 10% the population is going to benefit from economic growth and the
[00:17:09] rest 90% is going to suffer because firms do reduce
[00:17:13] employment levels, do even reduce the way level, if they see a
[00:17:17] high profitability in the financial sector, in financial
[00:17:20] investment or also in real estate investment, namely
[00:17:24] the fact that housing is going to build further, further, further
[00:17:28] constructions
[00:17:31] in the end this might be
[00:17:35] also the signal of financial or...
[00:17:37] or even a real estate bubble that is looming and not to distant future, so
[00:17:41] economic growth should be for the prosperity of everybody, but in fact
[00:17:45] in us economy in particular or into financialization
[00:17:49] or finance led regime of economic growth, only a small small
[00:17:53] part of households benefit from it, and all only the major
[00:17:56] financial institutions or transnational corporations benefit from
[00:18:00] economic grows, while the number of unemployed people increases
[00:18:04] and the way level of several workers are.
[00:18:37] This is the info news section the program: US Strategic Reserves:
[00:18:41] US Strategic Oil Reserves plunges to
[00:18:44] 44 year load. The stock pile has shrunk by nearly a
[00:18:48] third since Washington began releasing crude in March due to
[00:18:52] the West Asia supply crisis. US ban on Canadian
[00:18:56] goods, US ban on 1 billion dollars of
[00:19:00] Canadian goods takes afect in Donald Trump's latest
[00:19:03] retaliation. Donald Trump retaliated against Canada's
[00:19:06] counter. on $20 billion dollars worth of us
[00:19:10] imports by banning goods on
[00:19:14] goods on our special investigation
[00:19:18] reports 6.6 millionts 6.6 million
[00:19:22] barrels per day of crude oil from Canada. In
[00:19:25] 2024, Canada was
[00:19:27] the largest source accounting for 62% of total
[00:19:31] imports spain's housing crisis. Spain announces
[00:19:34] plan ease housing crisis andit. try over eviction
[00:19:38] of an 87-year-old woman, measures which need to be
[00:19:42] approved in Congress include extending ban on evictions of
[00:19:46] vulnerable people. Barcelona saw one the biggest
[00:19:50] protests due to the housing crisis. French
[00:19:53] protests over budget cuts. French students
[00:19:57] protest, public workers strike before budget cuts. More than
[00:20:01] 400 people have been arrested as protesting
[00:20:04] students clash with the police. Carts include. fourth
[00:20:08] consecutive annual freeze a state employees base pay
[00:20:12] as part of a 2 billion euro or 2.2
[00:20:16] billion dollar savings push a
[00:20:19] a wider 54 billion euro or again
[00:20:22] 61 billion dollars austerity
[00:20:25] drive.
[00:20:56] This is the in-depth section the program, but about a month to
[00:20:59] go before the midterm elections, the US president is struggling to
[00:21:03] improve the US economy, poor jobs report inflation not
[00:21:07] tamed with rising costs on basic items.
[00:21:10] Americans are a struggling, leaving him to trying to
[00:21:14] bribe American voters to come out and
[00:21:17] vote.
[00:21:26] Americans are suffering from the an affordability crisis.
[00:21:29] 49% of American families can cover the true
[00:21:33] cost of economic security, meanwile Americans
[00:21:37] net saving as a percentage of gross national income is
[00:21:41] down 80% since the year 2000,
[00:21:44] which leads us to cost burdened households
[00:21:48] broken down into utilities. and housing, renters and home
[00:21:51] owners that has spend more than 30% their income
[00:21:55] on utilities and housing, are considered
[00:21:59] moderately cost burden, and those are spending more than
[00:22:02] 50% on those costs means they are
[00:22:06] severely burdened. as you see here, one third of
[00:22:09] Americans earning a median wage can't afford a median
[00:22:13] price home where they live. now on that point, let me bring
[00:22:17] ashish prosher political strategist. um, Ash, the question
[00:22:21] that I wanted to post to you is that we have a 10-year treasury
[00:22:25] report which says about 5.28% highest
[00:22:28] since 2007, 30-year mortgage
[00:22:32] is like 7.03% of
[00:22:36] CMBS delinquencies uh, which um stands
[00:22:39] at about 7.85%. The AI
[00:22:43] bubble is also in the brink. Is this the beginning
[00:22:47] of a US financial crisis? without
[00:22:51] doubt, it's not just the US financial crisis, what's going to happen, especially if there is
[00:22:55] another attempt by the Israeli occupation in America to start
[00:22:59] a war with Iran, which nothing is
[00:23:02] inevitable, looks highly likely, we're going to see a
[00:23:06] staggered recession start across the west, right? first impact will
[00:23:10] be Europe, europe is going to collapse, it doesn't, Europe doesn't make
[00:23:14] anything, doesn't do anything, and frankly people are very
[00:23:16] comfortable, um, they're not ready for a... and
[00:23:20] energy shortage the way that it could come if there's a real
[00:23:24] war that triggers in the middle east and then moreover that will have
[00:23:28] direct implications on trade with the US, the US economy is
[00:23:32] already stretched and they already have some
[00:23:36] things baked in like advertising spend, christmas, thanksgiving, all
[00:23:39] these things that are baked in that will keep the economy going through spending
[00:23:43] through through the end the year, but you get to
[00:23:47] February, there's nothing, that's the dead space next. not just
[00:23:50] recession, but a gl, but c
[00:23:54] catastrophic collapse the American economy, if nothing
[00:23:57] changes. Here, you can see why
[00:24:00] Americans can't afford a median priced home, average monthly
[00:24:04] rent is outlined right here, rent has risen sharply
[00:24:08] since the year 2017 with increase of more than
[00:24:11] 30% between 2019 and
[00:24:15] 2023. What is important here is that
[00:24:18] increases have. outpaced the income
[00:24:21] growth, just like inflation. now
[00:24:25] income needed to buy a home, then is our next
[00:24:29] focus: prospective home buyers must earn
[00:24:32] 48% more to afford a home, now would
[00:24:36] the afford a home. now with the mortgage rated to have
[00:24:39] hit above 7%, americans can borrow
[00:24:43] since their salary will not be able to pay the monthly
[00:24:46] mortgage payments and finally, last month
[00:24:50] was another disappointing jobs report which shows the
[00:24:54] challenges that Donald Trump and the GoP are facing, the labor
[00:24:58] market just added another 29,00 jobs to be revised
[00:25:02] down later, the unemployment rate has ticked up to
[00:25:06] 4.2%, while wages continue to lag behind
[00:25:09] inflation in the government's final jobs report before
[00:25:13] the November, the third midterm elections. now in that final point, let me
[00:25:17] bring again Sergio Rossy, full professor of economics
[00:25:21] uh Dr. Rossier sustained um Iran war
[00:25:24] scenario is what we have on the table here with US GDP about one
[00:25:28] to one to two point percent below its
[00:25:32] pre-war baseline combined with higher interest rates and poor
[00:25:36] labor market are we looking at at this
[00:25:39] point another US financial crisis especially now that the
[00:25:43] typical US home now uh cost record of
[00:25:47] 440,000 and
[00:25:50] $66000 with many and
[00:25:54] mortgage rates nearing and mortgage rates nearing
[00:25:58] 7%. these are not signal
[00:26:02] for ' financial crisis, but are all signals or
[00:26:05] financial fragility and instability, which is higher since
[00:26:09] Trump was appointed as president the United
[00:26:13] States, because it means that the financial sector is becoming
[00:26:16] more
[00:26:17] and more fragile, since number of loans are going
[00:26:20] to be not repaid at maturity, these are the so
[00:26:24] called non-performing loans and in particular also the public sector has
[00:26:28] to pay higher rates of interest has to pay higher rates of interest to refine.
[00:26:32] finance the public spending that is with debt, and in the
[00:26:36] end this is going to reduce the public expenditure that
[00:26:40] benefits the whole economic system, this is going to reduce the employment
[00:26:44] level and even the wage level a number of sectors and business
[00:26:48] activities, which eventually will reduce consumption and thereby
[00:26:51] also increase the recessionary process,
[00:26:55] which in the end might give rise to financial crisis also because the
[00:26:59] artificial intelligence sector might be a bubble now, also because of
[00:27:03] climate changes that the US administration is unwilling to address
[00:27:06] and by by contras it is refusing to accept to an
[00:27:10] knowledge and in the end all these might be factors
[00:27:14] that some up for the next financial crisis to occur
[00:27:17] say a couple of years when the situation is going to be even worse than
[00:27:21] now.
[00:27:47] The US economy is driven by massive AI investment
[00:27:51] which many economists say it is not enough to sustain the US
[00:27:54] economy with jobs decreasing and consumer sentiment
[00:27:58] declining add to that higher interest rates decreasing in
[00:28:02] investments and loans along with inflation constantly chipping
[00:28:06] away at the American's pocket books, it does be
[00:28:10] heading into recession or be heading into recession, or
[00:28:14] maybe it is in one already. this is the website
[00:28:17] page of economic divide. feel free to browse through all of our previous programs
[00:28:21] and tell us how you're doing. i'm and i'll see you next
[00:28:25] week.
[00:28:58] In today's show we'll be scrutinizing the way in which the British state is
[00:29:02] abusing the UK's anti-terrorism laws to harass and intimidate
[00:29:06] journalists and pro-palestine political activists. this is all about
[00:29:10] intelligence gathering and community surveillance, and
[00:29:14] I think it's also about sending a signal
[00:29:18] that we as the British intelligence services, we as
[00:29:21] SO15 the Metropolitan police, we're keeping an eye on
[00:29:25] you. Many these cases now, we've seen have
[00:29:29] been the result of pressure put on the... the
[00:29:32] police or the home office or li5 by
[00:29:36] zionist groups, you identified groups, you know
[00:29:38] for Israel, campaign against anti-semitism
[00:29:41] etc.
[00:30:00] this hours top headlines: Iran slams Trump's claim about an
[00:30:04] Iranian attack on the American soil, saying US leaders conjure up
[00:30:08] an imaginary enemy to frighten their own
[00:30:11] people. Despite earlier denials, the
[00:30:14] Pentagon admits that the number of troops killed in the aggression against
[00:30:18] Iran is higher than previously reported with nearly 900
[00:30:22] entries. And finally, this
[00:30:26] hour, Trump and Zelinski trade barbs over the announced diesel deal
[00:30:30] with Russia with the US president saying. Traine needs a new
[00:30:33] leader.