now it's now about 30 percent off its all time highs investors are digesting nonstop news flow of companies shutting down operations countries sealing borders and infections spreading in normal circumstances a large policy response such as this weekend would put a floor under risk assets and support recovery however the fear is exponential and markets are questioning what else monetary policy can do in mitigating coronavirus induced risks investors are liquidating 1st and asking questions later prefer in cash in the front and nowhere is this more obvious that in gold that has crashed down to 14 sixty's in just a few days silver has been taking a beat down as well down to its lowest level since 2 $1009.00 and for the 1st time in human history has silver been this cheap relative to gold meanwhile as the fed announces $700000000000.00 money printing scheme bit coin has surged almost 15 percent its gain was short lived as it is not immune to the liquidity crisis however a big point reined in volatility and avoided heavier losses without any external

intervention such as circuit breakers and bailouts now on the other far end of the spectrum of market intervention many are calling for the markets to shut down temporarily to prevent further selling and quote own the shorts the philippine stock exchange has become the 1st to implement this and announce that it's suspending trading until further notice after the market wiped out just over a 3rd of market value since the november highs. is back below $30.00 after opec canceled their technical meeting this week that was meant to mediate between saudi arabia and russia sources said that it will be hard for both sides to reach a compromise now and then i guess market warns that extreme oil surplus is possible monetary policy is now being discounted as cheap or money does little to restore confidence in the average consumer in the face of a deadly pandemic 0 percent interest rates won't make up for much of the massive loss of activity and income for companies and consumers. and we're now joined by daniel booth author of fed up and in. take on why the federal reserve is bad for

america and former federal reserve insider so danielle starting off this is the 2nd time that the fed has made a move that the market has now interpreted as being panicked so instead of boosting confidence it actually spooked the market causing this massive selloff right off the open so was the fence response here appropriate could have they have done anything else differently here. well i think what we have to really focus on is that the fed didn't have very much of a choice the asian markets had priced in a much messier day than we've had today bearing in mind that today was the worst selloff since 1987 but again markets had already priced in the fed coming in and making an emergency move i think that the fed been silent that we might have even seen more disruption in financial markets than what we did see today so sadly they've backed themselves into a corner and they had to deploy all of the weapons that they had all at once and as

we see with today's trading that still wasn't quite enough and i think the message in the markets and i think what the market is trying to tell the federal reserve is that they need to look to another part of washington d.c. because the federal reserve's tools are probably not designed to get down to the average american working american man and woman who is about to be displaced and have their income take a big hit and it's interesting that you say that because senator but romney has now actually tossed the idea around of a $1000.00 stimulus package similar to what bush did i believe in 20072008 when they gave every american i think at the time it was $1200.00 i'm sorry i don't have that number off hand but but so they basically returning it through the i.r.s. and giving a $1000.00 that's the kind of stimulus i assume you're talking about there but what are the implications of hitting this hard 0 percent interest rate floor hitting this floor means that virtually all reserve countries central bank interest rate

stimulation tolls won't work. well it means that the that the federal funds that means that the interest rate mechanism has been exhausted certainly doesn't mean that but that was what occurred in 2008 and clearly the stock market took off for the races after that as the fed fired up the printing press so but again they also threw out. $700000000000.00 of fresh quantitative easing in last night's announcement and that also was not enough to me earlier rate the markets i think right now we're still waiting for the next shoe to fall with concerns that that next she was going to be in the credit markets not necessarily the stock market now what do you think is going to happen in the credit markets with the crisis in the credit market that is pretty much sparked by big oil would that actually cause us to pretty much fall off a cliff would there be any any way to turn the ship around once that happens. well it's very difficult to say because you have to understand where the credit crisis

is coming from you just have exxon mobil for example downgraded for the 1st time since 2016 when oil prices went into the twenty's as they did today that that's going to take quite a few energy companies down but you also have the likes of m.g.m. the huge casino operator draw down its entire credit line kraft heinz also drew down its entire credit line this afternoon that company has recently been downgraded to junk and because we have 10 trillion dollars in the corporate debt market in america you have to ask yourself where the potential sleeping giant lies and where the disruption might come from we have to remember that several years ago when it was our to october of 2018 it was none other than general electric debt which started off a daisy chain so this point we don't know but we know that this entire cycle has seen the inflation of a huge corporate credit bubble in america and that that is likely where the source of risk in the system is existing right now let me mention 10 trillion dollars

there is $4.00 trillion dollars right now that is at risk of being downgraded to junk as we speak sun now monetary policy is going to be very limited in its effectiveness thousands of businesses and millions of households are now about to suffer extreme economic hardship as they're starting to see losses and layoffs so is there anything that could be done at this point to prevent the economy from falling into a technical recession. well i think that that discussion is probably moot at this point and i'm not trying to be insensitive it's just the very idea of social distancing nationwide is so dramatic in an economy that last year was 78 percent services it was even a bigger year in terms of the services contribution to the economy than your typical year when you see about 2 thirds contribution because business investment fell off last year so if you're talking about social distancing in order to get the virus under control. all that is going to put the economy into a technical recession and do so very quickly again the onus falls back now on

congress and the white house to help the average american working american so that they can bridge this gap without without bankruptcies and evictions and all of these crazy things that we think of when it comes to true familial hardship in this country things to keep track of former fed and sided and you know too much you know but thank you so much thank you. and as the world takes increasing measures to control the spread of covert 19 the director general of the world health organization says nations aren't running enough tests which are crucial to understanding and controlling the spread of the virus we have a simple message for all countries just. as test. test every suspected gays and with the number of confirmed cases shooting up above 175000 with more than 7000 deaths the spread of people is being taken into account as germany has limited those who can across their borders for not only german

citizens those who reside in the country but work elsewhere and vice versa can enter the country germany joined austria the czech republic denmark hungry lithuania poland and switzerland as european nations with border controls due to the virus argentina will also close its borders to nonresidents for 15 days as will peru here in north america canada has also made a decision to close its borders to those who are not citizens or permanent residents as is always the case some exceptions will be made in each one of those countries countries state and local municipalities are also making a greater effort to promote social distancing in france french prime minister edward philippe announced the closure of all non-essential businesses and locations including restaurants cafes cinemas and clubs spanish authorities are taking similar measures as the number of confirmed cases in the country jumped to 8000 with nearly 300 deaths of course in the situation stores like supermarkets and

pharmacies will remain open here in the u.s. cities across the country are taking various levels of precautions the governors of new york new jersey and connecticut have called on bars restaurants and movie theaters as well to close several other states have made similar measures including massachusetts and washington. and in the midst of the coronavirus essentially causing the u.s. and other countries to grind to a halt there are enormous questions looming about how many cases will their ultimate leigh be how willing will all of this go on and in the short term where will we be struck next and how bad will it be in those areas currently there are 2 companies that are using a artificial intelligence to combat proto. iris the 1st company a canadian startup blue tracked the virus by analyzing news reports social media posts and government documents by doing this is reportedly able to help detect an outbreak the 2nd company is in for vision and they have launched a coronavirus ai solution that helps frontline health care workers detect and

monitor the disease more efficiently so joining us to talk about how ai is on the front lines the fight against corona virus and to give us an update on how the rest the world is dealing with the virus we join or we're joined by boom bust co-host ben swan ben thank you so much for joining us today. ben when it comes to out how efficient is ai in terms of tracking this virus. yeah you know i guess that's kind of a big question a big umbrella in terms of what you can do obviously it's wide but if we're talking about the specifics you know you mentioned that company blue dot and what blue dot is doing is very interesting is taking information specifically from social media posts from news reports from government agencies it's compiling all of it together and it's trying to anticipate where there's going to be an outbreak interestingly guys if you look at what they were able to do blue dot and it's a i was actually able to predict some of the locations of where corona virus was going to be the hardest hit before the world health organization even declared

a public warning about it even before by the way the c.d.c. did so the ai seems to be working pretty well in that respect also interesting. you have the alibaba now has a power diagnostic system this they claim it's 96 percent accurate for those diagnoses that they can detect the virus within a matter of seconds and they're using a i they say to do that so there's a kind of a wide umbrella here but it seems to be doing at least helping in some books now a lot of the current concerns over the virus are how quickly and severely these cases could build up so many health experts are talking about what has happened in italy as a guide for the u.s. and they're saying about the u.s. is about 11 days now behind italy in terms of the spread so how does italy provide a possible blueprint for the u.s. . yeah as your question you know italy if you consider the fact that they are the hardest hit country at this point outside of china so you have china and then you have italy has now moved into that 2nd place slot obviously

a much smaller population than the united states but what we're watching is the number of infections that take place there and then how they begin to spike up they begin to climb very rapidly that's what happened in italy that's what we're expecting to see happen here in the u.s. but i gotta remind you guys and i know you guys know this but for viewers out there it's important to remember that there are true cases the true number of cases out there and then there are the reported cases and one has nothing to do with the other reported cases means of those just the ones that we know of and that's a very small number right now the true number is probably much higher the c.d.c. has even taken a couple of stabs at it and they claim it could be as many as half a 1000000 people in the state of ohio they think there could be as many as 100000 cases alone just in the state of ohio so we don't actually know what the true number is and that's one of the reasons there is i think so much for lack of a better term panic on the part of authorities because they're not sure you know when those numbers continue to climb when they finally get a level off and that's why we're seeing so many calls for no public gatherings now

but at this point virtually everyone across the world is basically being affected in some sort by the lockdown limitations on events etc now if we look at china is there any clarity in terms of how lockdowns might have actually prevented the continued spread of the disease when they say you know they're actually beyond the worst oh. yes china isn't really going to sample the christie you talk to this all day long she she understands she's actually explaining to me well so here's how she's explaining to me which is that you know in china when they say something they say you're going to do something everybody does something that's part of being in that top down communist system that they have and so they were very successful at locking down cities about $60000000.00 people in those cities so you would think they would have still had a lot of spread but they didn't have that in fact when you look at what i just mention about the true cases versus the. the reported cases what we saw was after the 1st lockdown in china that was their initial lockdown the number of actual true

cases kind of slowed and then after they locked down those additional cities as well a total of 60000000 people population the actual spread of the virus stopped in china and it's been declining in the true cases declining ever since so for china at least this whole process of locking down cities and people corney being quarantined has been very successful in stopping the spread bennis one co-host of boom bust investigative journalist krypto curtis a currency analyst just a friend of our little baby so much for your insight that. time by i break my hand because i mean i can etc and as we've had many that have all these other recent economic slowdown but he'll have been slammed as hard as well 2nd straight after promise we have a live report on how falling demand and the price war has grown into petrol and i get a brain scan the numbers at the clouds. blushes

and then she chewed the cheek a total more than the bleach he cut a hole for each seam your he said it's not that it's indeed some chances that always shifting against. you did a. beautiful

building in a circle included at least then you got a use of it i was called but i'm coming too much in the scheme to show. for which we believe you shirley's. given to us but to the south korean is are still dumb not to eat some corn summed up. the mummy approachable british mister worst i am all sure but. what we've got to do is identify the threats that we have it's crazy confrontation let it be an arms race move his arms off and spearing dramatic development only personally i'm going to resist i don't see how that strategy will be successful

very critical dying time to sit down and talk. one else seemed wrong wrong why don't we all just all. the world get to shape our just the cons. that's ok and in the game training equals betrayal. when so many find themselves worlds apart we choose to look for common ground. to stand up as a nation such as has shown to us and investors that were at them. as a little she's a mug for for you look at short term food for. your mind that these guys have to

try to. produce. this because the global world 'd was going to have to close to this needs it in your voice you just of us have the displeasure of us moving this focus of the funding you're fighting with the left are going to have. a little less chaos to push us about 4 to 6 months because in the south.

and welcome back as the crow virus pandemic continues to take a toll on airlines more american carriers are cutting flights united airlines announced sunday they will reduce 50 percent of their flight capacity in april and may the airline said he expects flights to be at most 20 to 30 percent full down from close to 90 percent before the onset of the pandemic united stock is down more than 15 percent on monday alone and down more than 50 percent on the year american airlines also announced cuts of 75 percent of their long distance flights starting monday and going through the 1st week of may in the u.s. alone they will cut flights by 20 percent in april and 30 percent may now according

to a report monday us our lives will ask for $50000000000.00 in assistance to ease these losses meanwhile in europe german airlines and their subsidiaries announced they would cut long haul sea capacity by up to 90 percent with european flights only operating at 20 percent capacity things could get worse for airlines as us acting homeland security homeland security secretary chad wolf said all options remain on the table in response to a question of whether the trumpet ministration is contemplating a complete a halt of domestic air travel now meanwhile the present. the european commission proposed a restriction of non-essential travel to the e.u. . today our g 7 partners that we propose to introduce a temporary restriction on nonessential travel to the european union why that's because we seemed nonessential travel should be reduced right now to in order to

not to spread the virus for those of. us in the european union or by leaving the european union but also to avoid non-essential travel not to have more potential strain on our health care system. and has been as this and travel takes a hit due to the crowd of virus oil prices are down yet again monday further denting the global demand for crude oil joining us to discuss all the chaos affecting the energy markets is r t correspondent. what exactly are we dealing with in terms of the oil surplus well at the moment we are facing the largest supply glut in history last time we had such a crude crude surplus was between 20152016 at 360000000 barrels but adam oh man that could reach between 801300000000 barrels so here are the few reasons 1st we had slower than anticipated growth in china so of course the demand was down then came the chrono which really slowed down the economy and then

brought down the demand for energy markets more bad news again for energy markets then all of a sudden when we had this pandemic and which has really slowed down the economy all of a sudden and we had the largest the biggest oil nations on the planet starting a or oil price war and then now in this by this supposedly really good news from the feds oil markets are just not reacting well the u.s. benchmark has plunged below $30.00 while international brant crude has crashed 10 percent also below 30. dollars per barrel so no matter what the u.s. government is doing right now energy markets are just getting scooped spooked for there are just so you know good news at the moment for energy market service in the midst of all this the u.s. actually decided to purchase crude from strategic petroleum reserves. which really was or what we need to know about that well the u.s. plans to buy 77000000 barrels for the s.p.r.

strategic petroleum reserves within the next 2 weeks now s.p.r. has the capacity to hold about $713000000.00 barrels not currently it holds some $635.00 now the main reasons behind us government to replenish the s.p.r. is to take advantage of course the extremely low oil prices and it's also to give some kind of support to the u.s. shale industry at $77000000.00 barrels purchase that could bring that could give the shell industry about $2400000000.00 now whether that's enough to give the shell industries some kind of relief that's very questionable because even with the $1.00 trillion dollars injecting back to the markets we saw markets move very little so that still remains to be very questionable so at this point that brings us to our next question what can energy companies still gain well where can they actually profit at this moment well take a look at this chart i'm going to have to put up for you these are our u.s.

shell producers and they know they need they require the price of crude to be very high you know even some in the $72.00 ah $80.00 range previously in previous years and that's no longer the case due to technological advances right we have hydraulic fracturing horizontal drilling so oil prices at the moment need to be in the $40.00 range for them to make any kind of profit now shell producers have mostly budgeted it for $50.00 to $65.00 to make any kind of profit for 2020. falling 50 percent this year 31 dollars a barrel only a handful of you. shell producers can actually make any kind of profit and that's because drilling cost producers about $20.00 per barrel to actually make any kind of profit so that leaves shell producers facing prices way above their costs of production and only a few handful of producers can even make any could even stay afloat and like for example in north dakota there's only 6 producers that could actually still make

a profit at this level in the permian only a dozen can and this is from a few 100 shell producers are we're talking about and to give you an example like occidental they have their the one of the few that has their cost is below 30 dollars a barrel but this by their low cost advantage their shells are critter shares are being currently traded $12.00 and that's about 65 percent down from previous years so even having such a low cost advantage it's not doing energy stocks any kind of favor so the moral of the story is there is absolutely 0 good news happening right now for any energy company when oil prices are at this low and so we have there's a little bit of time left but i did one just ask you this i mean visit oil price war that's happening right now with this have happened had we not had the coronavirus and this complete you know shutdown of the airspace space i mean legally is just shutdown where people aren't flying anywhere with this so it still

might have happened because we still had such a lower demand and asia so that we still had a crude prices are very low so biggest producers like saudi arabia like russia like iraq like to you a still needed to bring up the price of oil but never did they think by doing this it could actually get so much lower there are to correspond to thank you so much for me. ali baba co-founder jack ma is making good on a promise to send 500000 coronavirus test kits and 1000000 facemasks to america in his 1st ever tweet posted photos of a china eastern airlines jet loaded with pallets of test kits and masks headed to the united states the jack ma foundation and the ali baba for and foundation said they had previously donated supplies to other countries in need including japan south korea italy iran and spain ma isn't the only billionaire stepping up the bill and melinda gates foundation has also announced it would give $100000000.00 to the

effort to fight the spread of the virus other chinese tech companies including 10 cent tic-tac owner by dance have pledged resources to fight the pandemic as well. by this time you must on demand on the brand new portable t.v. app unveiled on smartphones think google play and the apple app store by searching live on t.v. our stream team my darling of my one t.v. app on apple t.v. and online. and you can also find our coronavirus tracker on the portable t.v. app where you can get the latest news and information about the spread of the virus and as always check us out on you tube dot com slash boom bust our team so you next time.

as a nation. to get some of those. for the. ritual to improve. your mind that these guys have to try as. well. because. just because the global was going to. got too close to the incident you know by which you. must have played upon festival business for some of the family and you're fighting with a fight for the full version. of the left for. much position to show. for it. so what we've got to do is identify the threats that we have it's crazy

confrontation let it be an arms race off and spearing dramatic development the only posts really i'm going to resist i don't see how that strategy will be successful very critical time time to sit down and talk. you are no fan speed you're no longer a young woman in fact you're one of the last living survivors of the nazi ellis asked i'm aware of it. all you like. you can never forget the now auschwitz was really like to be inhaled because he would never believe it wasn't a human to go to as a hobby of course for 30 years and over the cover of it it all seems so logical for by the side to make it right when i get out on the farm saw you i want

to take my son to her next place and hopefully bless my heart hurts. u.s. market suffers its worst selloff in more than 3 decades and with fears over the coronavirus with president trump warning of a possible recession. france declares war on 19 with the e.u. taking its efforts to contain the pandemic to a new level and an increasing number of member states temporarily closed borders. the borders of the entrance of the european union and the schengen zone will be closed we are forced to stop flight connections to these countries and establish controls at the swiss border without a valid reason travelling in and out of the country will no longer be allowed. and scrutiny of us tech giants by european regulators i phone maker is ordered to pay

more than $1000000000.00 euros.