Google Speech-to-Text API Automatic Transcription (Chirp). Treat it as a searchable index of what was broadcast, not a quotation record.
00:00:07of
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00:00:18The US President Donald
00:00:19of Trump's promises of making America great again has turned out to be
00:00:23the opposite, the cost of living for main street has increased with the
00:00:27quality of life to have plumited, this is why the... US president claims the
00:00:31economic cost is a small price to pay for his
00:00:34actions, including the illegal war of aggression against
00:00:39in Eran.
00:00:42in
00:00:51of in
00:00:58in
00:01:05of
00:01:10of
00:01:15of in of
00:01:22The US has had
00:01:27in a disappointing job report for the month of September dashing hopes of healthy
00:01:29of economy for Donald. Trump and the Republicans, meanwile Americans are
00:01:33struggling to keep up with inflation, even though their paychecks are
00:01:37not.
00:01:43Coming up in today's program, US economic slowdown, the US economy
00:01:47has slowed down, promises of trillions of
00:01:49in dollars in investment has not come into fruition, and
00:01:53inflation has impacted costs almost across the board,
00:01:57falling consumer confidence. US consumer confidence
00:02:00plonged to near 12 and a half year low in September with
00:02:04households expecting deterioration in business and
00:02:08labor market conditions.
00:02:10a Our a third headline: highest interest rates
00:02:13inflation, a couple signs of falling consumer confidence, high
00:02:17interest rates and inflation. The treasury has increased the
00:02:21interest rates to tame the inflation, but that comes
00:02:24with a cost. We're going to be discussing those points and a whole lot more with our
00:02:28guests right here. Ashish Prasar, former advisor to the West
00:02:32Asia peace and voy and political strategies and
00:02:36Sergio rasi, full professor of economics and chair
00:02:40of macroeconomics and monetary economics at the
00:02:43University of
00:02:44Freeburg.
00:02:55of
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00:03:08Thank of you for having
00:03:12in me.
00:03:18of
00:03:23of of
00:03:44of
00:03:49Trump and his personal friends and his uh
00:03:53elite are making a lot of money off this war, of course with
00:03:57their - tanking the stock mark. and buying it things
00:04:01at low market value and you know making a ton of money of it,
00:04:05obviously knowing when they were going to either do um do the war
00:04:08itself, but also any other military
00:04:11of strike and the run up to it, they could always play the market and make lot of
00:04:15money. they also knew what industries to back, whether weapons manufacturers,
00:04:19oil, diesel, agriculture, right, they are betting on things and making
00:04:23a lot of money, so a personal level Donald Trump's strategy has
00:04:27been good for him.
00:04:32in on economic
00:04:36and political level, it's a disaster for the United States and the American people of
00:04:40course, right? by basically he's effectively
00:04:44isolating the United States by impacting the entire global
00:04:47economy with his actions by attacking Iran. he's not
00:04:51just, you know, everyone goes, oh he's close the straights and the Americans aren't that
00:04:56a reliant on the straight of Homus, because they don't get all that, well the...
00:05:00producer of course,
00:05:01of and they get lot of world from other parts
00:05:03of the world. the global economy, given the the global economy,
00:05:07given the the extent of global globalization works without
00:05:10each other now. all that all the trade, the
00:05:14straights, it goes, the straights, it goes to
00:05:18all the people who manufacture goods, create goods
00:05:21um who who who need it to do agriculture work all
00:05:25over the world that feed into the American economy
00:05:27in the end,
00:05:28you mentioned diesel already and you know there's only few parts the world where that's
00:05:32really you know refined and he's affecting all that supply
00:05:36and in turn he's hamstring he's hamstromed the American economy more
00:05:40than any of his rivals.
00:05:58The US should actually be a recession where it not for AI who
00:06:01owns 88% the stock market in the US, the
00:06:05top 10% of US households by wealth own about
00:06:0989% to 92% of all US stocks
00:06:13as of recent data, the top 1% alone owns
00:06:17around 54% of equities, the bottom
00:06:2090% of Americans combined own just 10% or less
00:06:24of all stocks, Microsoft, meta,
00:06:28Alphabet, and Amazon now account for more than a
00:06:32quarter of all S&P 500 KPEX, growing
00:06:36a f 75% annual clip with a
00:06:40market value of 6 trillion.
00:06:42Dollars.
00:07:36We're talking about levels of inequality that are beyond now what was
00:07:40triggered the French Revolution. Right, everybody famously knows that the the
00:07:44gap in wealth was so huge that it triggered the
00:07:48French Revolution, like the people over through the government, over through the
00:07:52over through the power structure, well we're back there
00:07:56with the American economy, now whether the Americans will overthrow their
00:08:00government or say enough is enough, who knows, but right now we're
00:08:04talking about very small percentage of Americans who
00:08:07have the majority the wealth in that multi trillion dollar
00:08:11economy. and the rest 90 plus perc who have
00:08:15nothing and live paycheck to paycheck, in some cases maybe six
00:08:18months of savings,
00:08:20you know, they are on the brink of being without
00:08:24healthcare a moment's notice, homeless in year.
00:08:28Americans are surviving and they shouldn't be in one the richest
00:08:31countries in the
00:08:32world.
00:08:40This disparity is only going to create... amongst average Americans
00:08:44against their administration and their leadership and their
00:08:47elite and it should do the richest economy in the world
00:08:51or the second whether it's China or America way the reality is if you
00:08:55look across way the reality is if you look across the board somewhere like
00:08:59China, zero homelessness, a real burgening middle
00:09:03class, um nobody has no healthcare, this
00:09:06is what a rich country of that statue should be aspiring
00:09:10to do, and guess what, "the reality is it's not going to happen
00:09:14unless this real radical reform of not just the election
00:09:17system, but the political elite and their and
00:09:21the and the systems that hold them up which includes federal
00:09:24government, and the the American people cannot
00:09:26sustain this this disparity, because some people are choosing
00:09:30whether to heat their home this winter or eat. should that be
00:09:34happening in
00:09:35the world's number one economy? i don't
00:09:37believe so, and americans need to step up and go beyond election to call for a general
00:09:40strike and shut down the economy." means so things
00:09:43change.
00:10:12This is the social section the program, the central economic contradiction
00:10:16in the USA strategy towards the Persian gulf is becoming harder to
00:10:20ignore. Washington is pursuing an expensive regional
00:10:24military strategy. while the economic costs of prolonged
00:10:27conflict are increasingly transmitted into the US
00:10:31domestic economy, american families are struggling with
00:10:35healthcare, housing, gas and groceries while Donald Trump's
00:10:38wealth continues to sore. critics say his
00:10:42policies are hurting working Americans as his family and
00:10:46allies get richer. the president was has been
00:10:49making more than million dollars an
00:10:53hour since he took off. million dollars an
00:10:56hour um on the theory of uh charativly speaking a
00:11:0040-hour work week um so if you assume he's working 40
00:11:04hours addition to uh the money he draws from his
00:11:08uh handsome white house salary of $4000 he
00:11:11was making more than double that each
00:11:15hour that he's been in off America we have a
00:11:19problem people are struggling we have money for ballroom
00:11:23and gold and money for war. but not for groceries,
00:11:27gas or healthcare. a president who doesn't care, he'll let the
00:11:30American dream slip away. the world is moving
00:11:34forward, america is falling behind.
00:11:37economically, this might be one the worst times ever
00:11:41be an American. people making 725 the minimum wage
00:11:45are paying more to fill up their car per gallon of gas than they're
00:11:49making at their jobs. people are financing
00:11:52groceries, they can't even afford to pay. for their groceries,
00:11:56and forget about buying house, you're paying $1,800 to rent
00:12:00because you can't save any money to put towards a house, we were supposed to be
00:12:04living in the land of milk and honey, low prices,
00:12:07$1.99 gas, affordability was supposed to be so
00:12:11easy, and now it's a hoax. we've been a
00:12:14recession for years now, AI stocks are
00:12:18just masking at all, we are transitioning from
00:12:22capitalism economy to socialist and... Earnest,
00:12:26those that can truly spend are less than the top
00:12:2950%. It's the bottom 40% on welfare, and the
00:12:33top 10%. Otherwise, it's pain and
00:12:36necessities in the
00:12:37middle.
00:12:45Thank you for inviting
00:12:46me.
00:13:30The Iran war for the United States is a bad news in
00:13:34particular for households in United States who are suffering from the
00:13:37increase in oil prices, therefore fool,
00:13:41transport, food, number of goods and services that US
00:13:45households are going to buy in the next months or even
00:13:48years.
00:13:55"gob in the United States is before the war in
00:13:59Iran that began, namely when Trump decided
00:14:02to give a trade war to especially
00:14:06Europe, but also other countries, in particular China because the Taiwan
00:14:10situation, the tariffs that Trump announced and
00:14:14put into practice even though later on had
00:14:18to to change its mind, his mind,
00:14:21these tariffs have been waiting much on the..." price level in the
00:14:25United States as regards goods and services, in particular
00:14:29goods that have been imported directly from Europe or
00:14:32indirectly, and this is why a number of houses have been losing their
00:14:36purchasing power and have been even fired
00:14:40as we earners, now they are in the need of social
00:14:43security assistance, but also this is a problem for us
00:14:47households because Trump has reduced healthcare, social
00:14:51security, pension funds and so forth, so the idea is not the Iran
00:14:55is a problem, but it aggravates the problem for the US economy as a
00:14:58whole.
00:15:10you was consumer confidence near 12 and a half year
00:15:14lowid labor market fears consumer confidence index
00:15:18falls 6.7 points to
00:15:2189.9 in September lowest level since 20.
00:15:2514. Deterioration and confidences across all political
00:15:28affiliations. Job openings dropped
00:15:31256 to
00:15:347.079 million in August. single family
00:15:38household prices increase to points uh
00:15:412.6% year-on-year in
00:15:44July.
00:16:35This is major problem for us. income and wealth distribution,
00:16:39because in fact economic growth is not going
00:16:43to benefit all households, which earners in particular, but
00:16:46only a small part them, namely the the richest housels
00:16:50and also those having a higher proportion their income invested
00:16:54in real estate objects or financial assets whose prices have
00:16:58increased, so it doesn't mean that economic growth is going to make
00:17:02prosperity for everybody, it means that only say the
00:17:0610% the population is going to benefit from economic growth and the
00:17:09rest 90% is going to suffer because firms do reduce
00:17:13employment levels, do even reduce the way level, if they see a
00:17:17high profitability in the financial sector, in financial
00:17:20investment or also in real estate investment, namely
00:17:24the fact that housing is going to build further, further, further
00:17:28constructions
00:17:31in the end this might be
00:17:35also the signal of financial or...
00:17:37or even a real estate bubble that is looming and not to distant future, so
00:17:41economic growth should be for the prosperity of everybody, but in fact
00:17:45in us economy in particular or into financialization
00:17:49or finance led regime of economic growth, only a small small
00:17:53part of households benefit from it, and all only the major
00:17:56financial institutions or transnational corporations benefit from
00:18:00economic grows, while the number of unemployed people increases
00:18:04and the way level of several workers are.
00:18:37This is the info news section the program: US Strategic Reserves:
00:18:41US Strategic Oil Reserves plunges to
00:18:4444 year load. The stock pile has shrunk by nearly a
00:18:48third since Washington began releasing crude in March due to
00:18:52the West Asia supply crisis. US ban on Canadian
00:18:56goods, US ban on 1 billion dollars of
00:19:00Canadian goods takes afect in Donald Trump's latest
00:19:03retaliation. Donald Trump retaliated against Canada's
00:19:06counter. on $20 billion dollars worth of us
00:19:10imports by banning goods on
00:19:14goods on our special investigation
00:19:18reports 6.6 millionts 6.6 million
00:19:22barrels per day of crude oil from Canada. In
00:19:252024, Canada was
00:19:27the largest source accounting for 62% of total
00:19:31imports spain's housing crisis. Spain announces
00:19:34plan ease housing crisis andit. try over eviction
00:19:38of an 87-year-old woman, measures which need to be
00:19:42approved in Congress include extending ban on evictions of
00:19:46vulnerable people. Barcelona saw one the biggest
00:19:50protests due to the housing crisis. French
00:19:53protests over budget cuts. French students
00:19:57protest, public workers strike before budget cuts. More than
00:20:01400 people have been arrested as protesting
00:20:04students clash with the police. Carts include. fourth
00:20:08consecutive annual freeze a state employees base pay
00:20:12as part of a 2 billion euro or 2.2
00:20:16billion dollar savings push a
00:20:19a wider 54 billion euro or again
00:20:2261 billion dollars austerity
00:20:25drive.
00:20:56This is the in-depth section the program, but about a month to
00:20:59go before the midterm elections, the US president is struggling to
00:21:03improve the US economy, poor jobs report inflation not
00:21:07tamed with rising costs on basic items.
00:21:10Americans are a struggling, leaving him to trying to
00:21:14bribe American voters to come out and
00:21:17vote.
00:21:26Americans are suffering from the an affordability crisis.
00:21:2949% of American families can cover the true
00:21:33cost of economic security, meanwile Americans
00:21:37net saving as a percentage of gross national income is
00:21:41down 80% since the year 2000,
00:21:44which leads us to cost burdened households
00:21:48broken down into utilities. and housing, renters and home
00:21:51owners that has spend more than 30% their income
00:21:55on utilities and housing, are considered
00:21:59moderately cost burden, and those are spending more than
00:22:0250% on those costs means they are
00:22:06severely burdened. as you see here, one third of
00:22:09Americans earning a median wage can't afford a median
00:22:13price home where they live. now on that point, let me bring
00:22:17ashish prosher political strategist. um, Ash, the question
00:22:21that I wanted to post to you is that we have a 10-year treasury
00:22:25report which says about 5.28% highest
00:22:28since 2007, 30-year mortgage
00:22:32is like 7.03% of
00:22:36CMBS delinquencies uh, which um stands
00:22:39at about 7.85%. The AI
00:22:43bubble is also in the brink. Is this the beginning
00:22:47of a US financial crisis? without
00:22:51doubt, it's not just the US financial crisis, what's going to happen, especially if there is
00:22:55another attempt by the Israeli occupation in America to start
00:22:59a war with Iran, which nothing is
00:23:02inevitable, looks highly likely, we're going to see a
00:23:06staggered recession start across the west, right? first impact will
00:23:10be Europe, europe is going to collapse, it doesn't, Europe doesn't make
00:23:14anything, doesn't do anything, and frankly people are very
00:23:16comfortable, um, they're not ready for a... and
00:23:20energy shortage the way that it could come if there's a real
00:23:24war that triggers in the middle east and then moreover that will have
00:23:28direct implications on trade with the US, the US economy is
00:23:32already stretched and they already have some
00:23:36things baked in like advertising spend, christmas, thanksgiving, all
00:23:39these things that are baked in that will keep the economy going through spending
00:23:43through through the end the year, but you get to
00:23:47February, there's nothing, that's the dead space next. not just
00:23:50recession, but a gl, but c
00:23:54catastrophic collapse the American economy, if nothing
00:23:57changes. Here, you can see why
00:24:00Americans can't afford a median priced home, average monthly
00:24:04rent is outlined right here, rent has risen sharply
00:24:08since the year 2017 with increase of more than
00:24:1130% between 2019 and
00:24:152023. What is important here is that
00:24:18increases have. outpaced the income
00:24:21growth, just like inflation. now
00:24:25income needed to buy a home, then is our next
00:24:29focus: prospective home buyers must earn
00:24:3248% more to afford a home, now would
00:24:36the afford a home. now with the mortgage rated to have
00:24:39hit above 7%, americans can borrow
00:24:43since their salary will not be able to pay the monthly
00:24:46mortgage payments and finally, last month
00:24:50was another disappointing jobs report which shows the
00:24:54challenges that Donald Trump and the GoP are facing, the labor
00:24:58market just added another 29,00 jobs to be revised
00:25:02down later, the unemployment rate has ticked up to
00:25:064.2%, while wages continue to lag behind
00:25:09inflation in the government's final jobs report before
00:25:13the November, the third midterm elections. now in that final point, let me
00:25:17bring again Sergio Rossy, full professor of economics
00:25:21uh Dr. Rossier sustained um Iran war
00:25:24scenario is what we have on the table here with US GDP about one
00:25:28to one to two point percent below its
00:25:32pre-war baseline combined with higher interest rates and poor
00:25:36labor market are we looking at at this
00:25:39point another US financial crisis especially now that the
00:25:43typical US home now uh cost record of
00:25:47440,000 and
00:25:50$66000 with many and
00:25:54mortgage rates nearing and mortgage rates nearing
00:25:587%. these are not signal
00:26:02for ' financial crisis, but are all signals or
00:26:05financial fragility and instability, which is higher since
00:26:09Trump was appointed as president the United
00:26:13States, because it means that the financial sector is becoming
00:26:16more
00:26:17and more fragile, since number of loans are going
00:26:20to be not repaid at maturity, these are the so
00:26:24called non-performing loans and in particular also the public sector has
00:26:28to pay higher rates of interest has to pay higher rates of interest to refine.
00:26:32finance the public spending that is with debt, and in the
00:26:36end this is going to reduce the public expenditure that
00:26:40benefits the whole economic system, this is going to reduce the employment
00:26:44level and even the wage level a number of sectors and business
00:26:48activities, which eventually will reduce consumption and thereby
00:26:51also increase the recessionary process,
00:26:55which in the end might give rise to financial crisis also because the
00:26:59artificial intelligence sector might be a bubble now, also because of
00:27:03climate changes that the US administration is unwilling to address
00:27:06and by by contras it is refusing to accept to an
00:27:10knowledge and in the end all these might be factors
00:27:14that some up for the next financial crisis to occur
00:27:17say a couple of years when the situation is going to be even worse than
00:27:21now.
00:27:47The US economy is driven by massive AI investment
00:27:51which many economists say it is not enough to sustain the US
00:27:54economy with jobs decreasing and consumer sentiment
00:27:58declining add to that higher interest rates decreasing in
00:28:02investments and loans along with inflation constantly chipping
00:28:06away at the American's pocket books, it does be
00:28:10heading into recession or be heading into recession, or
00:28:14maybe it is in one already. this is the website
00:28:17page of economic divide. feel free to browse through all of our previous programs
00:28:21and tell us how you're doing. i'm and i'll see you next
00:28:25week.
00:28:58In today's show we'll be scrutinizing the way in which the British state is
00:29:02abusing the UK's anti-terrorism laws to harass and intimidate
00:29:06journalists and pro-palestine political activists. this is all about
00:29:10intelligence gathering and community surveillance, and
00:29:14I think it's also about sending a signal
00:29:18that we as the British intelligence services, we as
00:29:21SO15 the Metropolitan police, we're keeping an eye on
00:29:25you. Many these cases now, we've seen have
00:29:29been the result of pressure put on the... the
00:29:32police or the home office or li5 by
00:29:36zionist groups, you identified groups, you know
00:29:38for Israel, campaign against anti-semitism
00:29:41etc.
00:30:00this hours top headlines: Iran slams Trump's claim about an
00:30:04Iranian attack on the American soil, saying US leaders conjure up
00:30:08an imaginary enemy to frighten their own
00:30:11people. Despite earlier denials, the
00:30:14Pentagon admits that the number of troops killed in the aggression against
00:30:18Iran is higher than previously reported with nearly 900
00:30:22entries. And finally, this
00:30:26hour, Trump and Zelinski trade barbs over the announced diesel deal
00:30:30with Russia with the US president saying. Traine needs a new
00:30:33leader.