yes and i hear the desire on the part of policymakers to do to rein this in but i don't think that the market's going to allow it just because every single day it pushes the fed further out on the spectrum and the fed is saying april the minutes reiterated april we will have to see you know if we get through tax season and the fed is truly able to unplugged this because to me it's a monster of their own making. we want to move to the outlook for inflation and employment here right now inflation is steady on the low side with personal consumption rising just 1.6 percent in 2019 despite the jobless rate ending the year at a 50 year low now does the fed intend to return inflation back to 2 percent. well i certainly think that they think that they can but again the inflation metric that the fed utilizes imputes health care costs which is really going through the roof for the average working family it imputes health care costs using medicare and

medicaid reimbursement rates so it artificially depresses this number to $1.00 that you're reading about in the minutes but if you look at the core c.p.i. the core consumer price index which strips out food and energy it has been running at or above 2 percent which is the fed's target for 23 straight months now so i think that there needs to be some soul searching at the fed because the average american family is not going to tell you that inflation is running too low so how would they be able to actually combat this. well they say that they want to get inflation up to a certain range and that is code that is fed speak for saying we want to keep monetary policy easier for as long as it takes to get up to that 2 percent bogey and what how investors rightly read that message is that they're going to continue growing the balance sheet and if need be and we know that the need be could. could

be happening with the coronavirus shock to the to the to the economy not just in china but here in the united states if that means further rate cuts in 2020 that is certainly what the markets have begun to price in now speaking of how does the f o m c participants view the corona virus outbreak is this a threat to global growth and if so how much is there a cause for a material reassessment in the outlook and what would that possibly mean for additional easing next year or this year well so i think the coronavirus is in a way i think the fed is treating it similarly to how it treated the trade war that it's going to be a depressant on supply chains but we also have to bear in mind that we're some of the largest importers of chinese goods in the world and there's also going to be a supply shock when back to school merchandise doesn't get here as we thought that it was going to be the case of the fed could could be carefully treading into getting the inflation it does not want so again i think that the coronavirus has

the potential to act as an external shock and force the fed to cut rates again while it keeps growing its balance sheet at the same time. if we don't get these easing motors that christie is talking about here in the fed decides to slow down and stop expanding its balance sheet the u.s. equity markets will stop making these new all time highs every couple of weeks i think even today we had the nasdaq hitting record highs. because there's nothing actually pumping it up any more are we going to see the correction then and at that point is it actually too late we're falling off a clue. well you know it remains to be seen because right now the fed is playing with fire you've got continuing jobless claims the number of americans collecting unemployment insurance that's been going up year over year since october so 4 months in a row the most recent job openings data show that 73 percent of industries 73 percent of industries have fewer job openings over the same time last year so again

like i said the fed is playing with fire because there are some fundamentally weak underpinnings to the job market to the. u.s. economy that could push push employers to start writing more pink slips and then they're going to have a real problem on their hands if you combine that with the shock of the coronavirus outbreak so to essentially sum it up right now the fed is playing with fire and you don't believe that they'll be able to keep their word of stopping by april. i doubt that the fed is going to be able to keep their word and pull the plug they contrive will see what happens every time they take a baby step back you know sure enough the stock market also takes a baby step back as if to say don't try me because i'm going to disappoint you if you try and unplug all of this massive amounts of liquidity pushing the momentum stocks higher on a daily basis and what they have any additional tools in their tool kit in order to stop the market from crashing once they do take their hand out. well i mean it's

very difficult because if you're talking about negative interest rates or the fed possibly buying corporate bonds or stocks these are things that require congressional approval and congressional approval typically comes when the economy is already in the soup when you're already in recession so the fed could find itself very much being behind the 8 ball on this and again this is this is a monster of their own creation this is frankenstein of the feds making they've put themselves in this book carious position scary outlook for the future dammit danielle de martino booth former fed inside it thank you so much. thank you. and china announced on tuesday it will begin accepting applications for the tariff exemptions on roughly $700.00 products imported from the u.s. including pork beef soybeans natural gas and crude oil now the news comes as the

country fights the corona virus outbreak which we just mentioned that has infected tens of thousands importers will have the opportunity to apply for the exemptions starting on the 2nd of march according to china's customs tariff commission of the state council now the exemptions will only be in place for one year and each application would need to be complete complete the approval process now meanwhile the coronavirus is taking a toll on apple's business the i phone maker warned on tuesday of lower sales in the current quarter due to the viruses effect on their supply chain which has caused the company's stock to plunge by 2 percent shaving nearly $434000000000.00 off the company's market value but worry not here as is generally the case in big tech apple was able to recover the majority of those losses by wednesday's market close. in an effort to mitigate the perceived risk of chinese telecom giant huawei the u.s. is urging even to consider using alternative competitors for their 5 g. build outs specifically ericsson nokia and samsung who claim they are on par with

and just as good as technology wold claim considering that huawei spent 15000000000 dollars last year alone on r. and d. to help it achieve market leadership and has already started work on 60 mobile networks we sat down with any party chief security officer of the usa earlier this week who said this. can handle more speed more amounts of data in terms of latency we are at the front end of the of the latency of the shortening of the response time and in terms of multiple devices we. we can service a whole lot more devices and our equipment provides a much smaller carbon footprint so the energy efficiency can be absolutely tremendous and out of a much lower price point as well and interesting idea that was recently floated by the u.s. attorney general william barton order to combat the rising power fall way is to have the us take a controlling stake in nokia and ericsson now that's an interesting idea but the

optics certainly don't look good here especially when the u.s. is already accusing qual way of being a front for the chinese government now this is just plain hypocrisy at its finest to suggest such a desperate idea the legal battle also continues for a while as it is charged by us with bank fraud and vialli sanctions against iran while way retaliates claiming u.s. prosecutors overlook violations of u.s. sanctions against iran by the h.s.b.c. a claim that h.s.b.c. continued to process around transactions there is new york branch and conceal the conduct from the court appointed monitor holway is now seeking documents from h.s.b.c. of the investigation into the company and reports from the monitor which it says quote appears certain to contradict the allegations in the indictment this comes just one a u.s. judge rejected a separate lawsuit filed by a fall by challenging the constitutionality of a law that banned federal agencies from buying its products the judge ruled that contracting with federal government is a privilege not

a constitutionally guaranteed right dealing a major blow to always broader strategy of fighting washington's pressure campaign . kristie it's fascinating because you know we see a lot of these. cases brought up in courts here in the u.s. but did well i really think they're going to be able to win a court case in a federal court here in the united states when it's our government who is actually ruling against there is already you know going against them is that is why i think what it did was it did manage its image that it is working within the u.s. legal framework in order to bring a very important fact in order to challenge the fact whether this is or is not a constitutional issue and even though they lost the court case. they did bring up some very interesting points to all the listeners who actually listen to their case on what they presented when they presented solid evidence in kit in that case they show that they're willing to work within the framework of the system so that this shows that in future cases you can say that huawei is doesn't follow rules that it just does its own thing that it plays outside the bounds that no longer applies because that shows that they are willing to fall the rules dictate it in american

legal structure and like them or not i mean when any party was actually in studio yesterday he was trying to do that he was trying to say here look we're playing by the rules we're trying to do this these are the these are this is where we are everything and this is where the government believes we are but it felt like it was open and honest and they were trying to do their best to move move things forward yes so it's actually very interesting when you see a company being so transparent specially america when you have other companies such as rising t. mobile all these other companies that were actually caught gone under indictment in recent years for such things such as blackballing competitors squashing competition and all of that stuff so it's actually really interesting to see a chinese company coming and opening their books and say hey we are happy to compete bring it on we'll show you that while the where the best and of course if you missed the full interview with the full show this week with any party from while away the chief security officer weiwei technologies usa you can catch there on port of the portable t.v. app and of course at youtube dot com slash boom bust r.t.

it's time now for a quick break here because when we return the u.s. has now sanctioned russian oil giant rosneft as the nation has ramped up its efforts against venezuela would do a deep dive into the penalties and what it means for the petro sector and as we go to break here the numbers that the club. wants. the atlantic alliance the bedrock of the post world war 2 global security order is slowly but surely unraveling more and more often washington in brussels by virtue of important foreign policy issues today europe has

a choice to defend its interests or fade into oblivion. i 1st heard about wiki leaks. from the helicopter footage in iraq. and i think it down to the people who do you mean and i mean us military who have never forgiven for. this guy's a traitor a treasonous and and he has broken every law the united states illegally shoots out of a. story to have. independent journalists with his computer exposing to see who is a lot of crimes and to a global audience. the idea of developing an anonymous. and applying it to a media organization is what he makes that was the 1st. i didn't the toy interest because he would be for

a short while world and one of the world's most powerful news organizations. founder julian assange. dot and there was a great deal of jealous. towards him particularly why won't he be more like. seem. mean feces on the walls. we have julia. in solitary confinement in the prison for terrorist away team that have a life in pursuit of the person. i don't want to die in prison. and i think that's what he's facing.

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live. live live. live. and very well might continue watching on since last.

you know really. and welcome back the united states on tuesday and sanctions on a subsidiary of russian state oil giant ross now after claiming the company helped the venezuelan government circumvent an american oil embargo now the u.s. treasury department placed the sanctions on iraq have trading as a geneva based trading arm of raw stuff claiming actions from the company aided the government of nicolas maduro now much of this stems from the u.s. decision to recognize one of why go as the rightful president of venezuela over medoro u.s. special representative for venezuela elliott abrams spoke about the decision on tuesday this is a campaign of pressure and it began. 55 weeks ago.

and it was over a year ago continues to mount. i would not say that any individual steps. can be calculated to bring an end to the crisis but i think this is a very significant step and i think you will see. companies all over the world. are now. dealing with rosneft trading. and venezuelan foreign minister. said the action was unilateral claiming that the u.s. continues quote. attacking the venezuelan people. and joining us now to break this down is professor richard wolfe author of understanding socialism and host of economic update 1st of all thank you so much for being here i want to get right to it what do you make of these sanctions that are affecting rosneft. well i think in an earlier program of this of our show here we talked about this ever since

the sanctions put on russia after its activities in the crimea and with ukraine. the graph simply goes up the russian economy has been doing fine and i think it goes to show that whatever the effect of these sanctions and i assume there's some negative effect they are marginal they do not change the basic layout russia has not returned the crimea has been changed its activities in that part of the world in any significant way mr abrams talks about the many weeks and steps of pressure but the fiasco of the united states supporting one why it all and being on able now for a long time to get anywhere with that effort which is an interference in another country's internal affairs goes to show you that these sanctions are mostly acts of frustration because the applying country the united states is not getting very far

with its plans and it's theatrical for your own supporters because it's a sign you're doing something when in fact nothing you've been doing has worked and now i want to address the timing of all of this these sanctions kyra came as russia and belarus have been locked in negotiations with guarding all supplies so is there any coincidence in the timing of all this. i wouldn't call it coincidence but you're absolutely right you're looking at the context which is the international oil market and absolutely it plays. role here basically the problem in the oil market for the oil producing countries and companies is that the price of oil has been too low 'd for many of them to be profitable i'll give you one stock example the fracking sector here in the united states is in desperate trouble because it has borrowed hundreds of billions of dollars to drill all those wells on the

premise of a profitability which requires oil to be at a higher price than it is now anything the government can do anything that happens in the world to brive up the price of oil helps stabilize the underlying anxiety that whole site that could go belly up because they can't cover the debts that they've accumulated so i think you're seeing here by sticking a little bit to venezuela you do something to depress build up the price of oil which has become even more urgent because the coronavirus is cutting activity around the world and that decreases the demand for oil which pushes the price down so that is also playing a role here and now as you mentioned a few weeks ago we had you on to discuss that at that exact report which claimed that russia was thriving amid sanctions and undoing them could create some economic turmoil now if you remember if i remember correctly you weren't always exactly on

board with that exactly that exact line of thinking here but i mean what are these specific sanctions on russia that i think you have any impact on the nation's economy or is this just kind of like you said more of a political move here. it's more of a political move it's more political theater it's to give the venues whalen's who are very disappointed those that support why go those that are enemies of madieu are already has many of them inside that as well and they had been led to believe the united states was going to come in and fix all of this and put them into power a little bit like what happened in bolivia all that's been disappointed the united states has been on able to do that missed them a dural remains with the support of the military and large sections of the population so this is an active choice we're still added to an otherwise wondering population and not just in venezuela but in the rest of latin america as well and

there's one more issue much of the oil that venezuela markets around the world is not being technically sold it is be used to pay debts that the venezuelans have gotten they've gotten big loans from india from china from other parts of the world and they pay back the loans principal and interest by delivering oil so here's the irony when the united states blocks them from doing that they can go to the people they borrowed from they already have the money that they borrowed and explain we can't pay you back for a while it's a little bit of a back handed gift to the venezuelans which of course elliott abrams doesn't want to explain so professor wolf doesn't that and i was actually going to go right to the exactly what you just said there which is they're paying back loans but doesn't that specific situation then i mean you're not really messing with the economy at that as well as much you're saying like you said they don't have to pay the loans

back but now what you're doing is messing with china russia and any other nation who has those loans out to venezuela you're hurting their economy by saying shinning venezuela and obviously now you're saying russia on top of that but so this isn't really working the way they plan. no i think it's making worse their relationships with russia and china and by the way threatening 3rd world countries people that are not directly involved in the u.s. venezuela disagreement or the struggle whatever you want to call it that is something that the all of europe all of our allies they don't want that they reject that they were not willing to go along with the embargo against iran after the breaking of the treaty there and they're not willing to do these things so they're looking at what is being done to rosneft as an attack on them if not immediately in the future in which the united states thinks it can deflate to the whole world who you do or do not trade with depending on

a dispute that is none of the affair of norway or germany or italy or france or russia for that matter other than the fact that russia tends to support the duro but this idea of the united states throwing its weight around that's over i think americans and the rest of the world has to kind of begin to wrap their minds around you can't do this any more the way you once did and pretending isn't going to make it happen in a tragic case is very disturbing image now you know me as reliance industry which purchases made its way that oil said that they're monitoring these sanctions against iran as well alliance says that their purchase of crude from mass when i had been reported to and permitted by the u.s. government so it's harder to impose sanctions on india where the u.s. is trying to hammer out a trade deal with. yeah it makes that it's a perfect example of making life more difficult you can be sure that the public statement of reliance on the other indian companies and the same is true in other

countries the nice polite statements we're going along are public the private activity is the lobbyist for those companies in new delhi or living the indian government know that if the venezuelans are blocked from paying back. in the oil the loans those companies and countries have made it's damaging to india it's damaging to any future contracts it basically in the indian companies wonder who else the united states will have the decide to go after and therefore punish them so you're going to see behind the scenes tremendous pushback from all kinds of countries that's what i meant before united states tend not to do this without incurring more enmity and pushback which is becoming tangible for example around the hallway decision where the europeans are simply not going along professor richard wolfe author of understanding socialism and host of economic update thank you again for your time thank you.

and sticking with india india is planning to switch the world's cleanest switch to the cleanest petrol and diesel starting on the 1st of april the nation will jump straight from euro 4 emission compliant fuels to euro 6 grades what this means is india's petrol and diesel will contain just $110.00 parts per 1000000 of sulphur india is hoping the move to cut vehicular emissions will help fight the pollution plague plaguing major cities now according to reports it took the nation just 3 years to join a handful of other countries were on the same standard. now while canadians are known as being friendly folks there crabs are apparently insanely aggressive we're talking about green crabs from nova scotia an invasive species known for being angry that's also threatening to accelerate harm to the coastal ecosystem by gobbling up soft shell clams and destroying native grass but scientists from canada

have a plan to turn these angry little suckers into biology cradle plastic they do this by crushing of the shell crab shells and extracting chintan a polymer found in crust ation that can be used to make bio plastic that they graze in the oceans brilliant plan right 2 birds one stone they can reduce the number of invasive species and create an alternative to plastic this project is run out of nova scotia sketching national park seaside to make cups and cutlery out of hordes of green crabs while it's still in its initial stages this project shows enormous promise for the future of bio plastics and sustainability this is actually a fascinating invasive species invasive species can be such a huge problem in our water supplies all over the world but so it's fascinating that they're actually moving this forward so what happens to be able to shellfish allergies there's a good question that's if by this time you can catch a boom us on demand on the brand new portable t.v.

ad sales on smartphones the google play and the apple apple. by searching portable t.v. are still mysterious to me by downloading a part of a t.v. app on apple t.v. and online at t.v. quality new will be the bell on my devices very soon see you next time. what politicians do. they put themselves on the line to get accepted or rejected. so when you want to be president. or somehow want. to go right to the press this is what look for free in the morning can't be good. i'm interested always in the waters about how the. press should. have landed alliance the bedrock of the post world war 2 global security order is

slowly but surely unraveling more and more often washington in brussels by virtue of them 44 in policy issues today europe has a choice to defend its interests or face into oblivion. i can't show you my face but i'm going to teach you must store in 9093 this man was sentenced to death they get charged with capital murder even though he didn't have the gun didn't pull the trigger didn't intend to kill anybody imagine living in your bathroom for the week with his son of a 23. to be. confined within 4 gray walls fine it's using. an all to help him to leave this room.

i'm and. 8 people were killed and at least 5 injured in to drive by shootings in the german city of and. so he's president so there's just a matter of time before his country launch of a military operation in the syrian province of age related to something more still describe the case scenario. president emanuel mccraw on pause for an end to so-called islamic separatism and some friends 13th ahead of next month's local elections. u.s. house of representatives speaker nancy pelosi boards europe and the security risk of working with huawei but fails to mention her own purported role in the last u.s. to valence a call to go to new leaders will ask people who.