some firms are stepping up to fill the gaps left by the epidemic we bring you a live report on how companies are mobilizing against the outbreak and with quarantines and social distancing now becoming the norm streaming sites like netflix have seen their viewership skyrocket but could this traffic pose a problem amid efforts to combat cope with 19 we have a jam packed show today so let's go and dive right in. and markets throughout the west have bounced back slightly after taking a drubbing this week in the u.s. president donald trump is continuing to say he's working to stabilize the economy. but working with congress to provide major additional relief to the workers small businesses in the hardest hit industries we want to make sure that everybody is able to continue on so that when we recover all of these companies and these. great business is very very small and very very large it's not going to be broken up and you have to put it back together that would take a long time and in europe most indices closed up around 3 percent after the

european central bank announced a $750000000000.00 euro package to mitigate the economic impact of the coronavirus meanwhile oil rebounded more than 20 percent after reaching the lowest level in 18 years this was the best day on record for oil there of course huge year to date losses still here there is so much to get the let's bring in who must co-host christiane who joins us from los angeles christy what is happening in markets today . well brant the 1st sentiment every morning still seems to be to sell everything although this morning was the 1st time in a week that there was no overnight limit up or down trying to hold in the s. and p. futures perhaps it is the case that systematic funds now have little left to sell nearly 2600 of the 3100 n.y.s.e. names are currently on the short sell restricted list and we're now approaching quad witching friday tomorrow which has historically resulted in increased volatility so the question is what did that people sell into well at the center of

everything we now see the dollar strain on the system globally between asia europe or here in the u.s. dollar is high in demand the dollar index jumped to its highest level since january of 2017 breaking above $102.00 so why is this so concerning because so much of the systematic risk of having so much u.s.d. denominated debt in so many places the u.s.d. is shooting up an actual reserve currencies are now behaving like emerging markets effects the great british pound to u.s.d. is currently under a $1.15 at a 30. 5 year low the u.s.d. to canadian dollar is down at $1.00 despite oil being up over 20 percent today now because on the other hand remained unscathed bouncing hard on overnight stimulus news up over 18 percent pulling the entire coin universe up with it now meanwhile gold is still under pressure below $1500.00 now as a panic sell frenzy subsided in the am we bounce right off of support at $2300.00

on the s. and p. led by sharp games and big tech names like netflix and facebook in response to more stimulus measures the fed reserve repeated its 2008 playbook wednesday evening and invoked its emergency authority to create a backstop for prime money market mutual funds now this is a 2nd program in 2 days to use a 10000000000 dollar backstop certainly spoking the markets yet again that the financial system is now on life support the bank of england also joined in on the panic launching its 2nd set of mergers to measures this week as q.e. is restarted and the rate is further cut the bank will effectively make an extra 200000000000 pound bomb purchase effectively printing new money in order to push the financial system to support activity and liquidity the e.c.b. also announced a huge money printing program spending $750000000000.00 euros buying government debt and private securities before the end of 2020 now in an echo tomorrow druggies infamous words whatever it takes 5 years ago legard similarly announced that there will be quote no limits on potential financial measures now as people across

america are stay home estimates are that us corpus will lose 4 trillion dollars globally the outbreak will cost corporations $12.00 trillion dollars upwards of $30000000.00 people could be unemployed as a result of layoffs or reduction in work hours as the entire gig economy built on air b.n. b. or we work that relies on shared resources and pooled economies has now collapsed. does this relatively stable day where we only saw i mean it wasn't that stable of course we had a drop of almost a 100 points pre-market and then we kind of came back up but you know we're going up just a few 100 points does that ease some of the volatility we've seen in recent weeks i mean because the vix index is still really off the charts when you see this go it. well i don't think the volatility has subsided at all but the balance is certainly weaker so as we were previously reiterating since last week every single bound every single high that we're making is actually a low or high and it's trading within this channel this very narrow range trend all

of that is trending downward that is indicative of a bear market so certainly it is definitely not the time to buy the dip because every single bounce is getting sold off every single every single rally it's not even a really a rally doesn't have the momentum in order to sustain it to make a new high if you see that every single bounce is lower you can see that we are in a downward trend and we have not hit a floor yet so i think the sell of is going to continue certainly the liquidation phase has passed so there is no more panic sells perhaps as a result that funds just no longer have any more assets to sell so by that i mean that we are close to the floor but that certainly doesn't mean that we're anywhere near a recovery because every single bounce is getting sold off on fears that there will be a future pullback kristie as the boast gets smaller as the boats get smaller here do eventually we stop seeing that we just continue to go down. we will certainly go down to a floor we will have a react valuation of where equity levels are supposed to be there has been this giant or most dynamic divergence between fundamentals and sentiment right now in

the market that we've been talking about for the past year and a half things like over a week work and all these new companies that have sustained astronomically high valuation that they didn't really deserve that's all going to get pulled back and things are going to go back to fundamentals to book value to realistic p.l.u. and that's something that we've actually really need we certainly need this market correction to happen so i think we're going to pull back to a realistic book values because stocks and equities are not going to drop to 0 there is still value in these companies kristie are boom bust co-host thank you so much for joining us today from los angeles. and there is a ton to follow up here so let's get some more expert analysis with richard wolfe professor of economics at the university of a masters there hurst and host of economic update professor well thank you so much for joining us let's start with the decision to launch a 750000000000 euro package to fight the economic impact of the crow virus pandemic now the package will by government and business debt throughout the eurozone and here in the u.s. the fed has injected trillions to mitigate the economic woes created by this

situation now i know you haven't been a big fan of the central bank intervention in the past is this actually helping the situation or is it actually making it worse. well it's probably helping i'll give them the credit they want and they probably deserve it's helping us regain the credit markets it's saying that more and more money will be injected to paper over the underlying crisis but the difference here because they're doing pretty much what they did in 2008 different see that was clearly a credit crunch because people couldn't pay back the sub prime mortgages and then everything built on that summer car this is a very different saying you had an interruption in production you have an interruption in every store in every aside activity in the country sooner or later more or less that's a different kind of crisis and lubricating credit markets is not and

the hesitance to do that for us with small amounts of money without really you know the recognition that it needs a lot but still could still pleading with the banks of the credit you not go into the real economy everywhere else makes me very dubious that we have begun to see the extent of the intervention that will be professor off i apologize to our viewers here because i sound like a broken record as i probably brought this up 3 days in a row now because we're talking about the stimulus in the wake of this and that's a government stimulus and that involves putting money in. americans pockets as well and what that's usually hope to do is provide to support those small businesses that you mention but the fact is as everything is shuttered today and will be shuttered probably for weeks here in the us how is that going to help stimulate the economy doesn't stimulate the economy to pay or it. yes and you cannot repeat that truth and let me give you a simple concrete example if you put a 1000000 people you might think that the low florist shop in your community will

be helped but the florist will explain to you they will not be helped and is already thanks to gather large numbers of people right the conference's fumaroles the scenes that buy flowers for all the traditional reasons that's not going to happen now because it's on state workers will come their stores on i have a customer base that's willing to risk if you've got to take a completely different kind of intervention to deal with this and there's a danger that if you pump this more money in which can create the demand for goods and services if they're not being produced if they are scarce then the richest people lube it up the prices up what's yours and we will have that danger that middle or lower income people will be priced out of a rapidly escalating auction if you like going to services which could introduce

a whole new raft of problems and have been discussed yet and we've kind of seen that obviously with some of the goods like toilet paper and pirelli right now of course but i want to talk in continuing on the u.s. economy here the u.s. jobless claims jumped by 70000 last week according to data from the labor department now if this crisis is actually taken care of in a timely fashion which we don't know if it will or not are these people going to be back to work and enter the workforce again because steve newton the treasury secretary in the u.s. he says that the pandemic could cause employment to spike to 20 percent if proper actions are taken i mean it just sounds so much like we're on the edge of that recession we've been talking about for ever now. virtually everyone i talk to left right and center thinks we are already in a recession and that the real question is whether it will live during a raid into a depression the simple answer your question is if there's going to be helping

these businesses by making loans available the bridge loan idea and all the others being floated around many of these businesses were on the edge of profitability as it is the last business all of that that's not going to be turned around by having a lawn which tells you that in the view to which you know that the. it's to much business is but i know you're at the york city are close to here and are telling me we may reopen but if we had 5 bars we're going to open went to bars if we had 3 dry cleaning us that we were going to consolidate into one of the consequences of this kind of thinking all once again a sign that the kind of intervention you need has to be far beyond what a conservative mentality believes is the superior functioning of the private market the private market failed us public health has been somewhat related to private

profit and a government regulated apparatus captured by that private industry that's our problem and if we don't attack it we are playing around the edges we're not going to the core and quickly professor wolf because i have about 45 seconds left here but when we talk about that recession that we may already be in that depression that we may be headed towards how is the rest of the globe going to face it are they going to hit as hard as the u.s. has been. yes that's already happening the dollar is going up as people around the world desperate to get safe put their money in dollars that means all the bits around the world that are denominated in dollars and there are trillions of those people not kept pace with the dollar they can't afford to buy they're going to do falls that's a whole new layer of catastrophe for our banks and lenders and again. think that also is economist is the lack of planning a lack of coordination the statements bubbling around at that time but without any

apparatus to make them real this is a serious serious. economic system professor richard wolfe host of economic update thank you so much for that excellent insight today and thank you for an cases of kobe 1000 have surpassed 230000 worldwide as the globe continues to grapple with controlling the spread of the virus here in the u.s. officials are reporting the number of confirmed cases has eclipsed 10000 to date more than 150 people have died in the u.s. president donald trump spoke thursday afternoon about the situation and what his administration is doing to push a vaccine forward. so we slash red tape to develop vaccines and therapies as fast as. it can possibly be done long before anybody else was even thinking about doing this and as you know earlier this week we began the 1st clinical trial of a vaccine candidate for the virus and that was launched in record time it was just

a few weeks and that would have taken years to do not so long ago. and a spokesman for the iranian health ministry said the virus is killing one person every 10 minutes in the country as the death throes toll rose above 1200 in spain the health ministry says the number of deaths in the country jumped by more than $200.00 on thursday the total number of cases is now $13000.00 russia and mexico have also announced the 1st deaths due to the virus in china the national health commission announced 8 deaths connected to the virus officials say there were 0 new domestic cases but there were $34.00 new cases imported from abroad italy has surpassed china in total deaths due to cope with 19 reporting more than 3400 as of thursday meanwhile we are continuing to see restrictions on movement of people across borders india's government said thursday it will ban all scheduled international commercial passenger flights into the country for one week and the

prime ministers of australia and new zealand announced a ban on non-citizens entering their respective countries for 14 days. time now for a quick pause but hang here because when we return as product a man has fallen some firms are stepping up to fill in the gaps left by the act but that we bring you a live report on how companies are mobilizing against the outbreak and with quarantines of social distancing now becoming the norm in terms of the sites like netflix have seen their viewership skyrocket traffic pose a problem amid efforts to come back overnight. and as we go to break here the numbers at the close.

everything collapsing against the dollar. so how long will that last probably not a long time because. as we've seen during brain woods or through the plaza a horde of the 1980 s. there's going to have to be a global coordinated sit down to rearrange the global 4 x. market rearrange the global currency grid and the dollar is not the thing we're going to have to match it against because that runaway ballyhoo on the dollar is what's causing this deflation and that's what's causing the depression part.

of the full force. was the song to make sure. people feel and i mean the streets full for you would not only do this move. no. i

. and while the world deals with the growing cases of the coronavirus there's another issue even more critical a shortage of medical equipment to treat those affected plus no easy way to increase production so how can the governments work with private entities to get much needed supplies to health care workers well for that we're joined by our correspondent saya tavenner sayah thank you so much for joining us break this down what's happening here so brad in general hospital search will apply chains work like this try to hospital and nursing home or any health agency and turns into a what they call a group purchasing organization order or so several other met with several manufacturers so what they do is they pull together and order and they play set and

ball and the way when the system works everyone saves money and all the products get in on time but when there are problems or felt all across the system and now individual hospitals can then just plays individual orders and get immediately what they want in that which is the case right now now to give you an example of a world health organization earlier this month a warrant of severe disruption to the global supply of things like gloves medical mask goggles face shields gallons a prendes all caused by rising demand panic buying hoarding and of course misuse and now since the start of the cold in 1000 outbreak price. says surge of course which is what we're seeing and supplies now take months to deliver and martin there's also market manipulation which is widespread and frequently a stocks are being sold to the highest bidder of course so now w.h.o. is working with government and industry together through what they're calling the

pandemic supply chain network which is a global public private collaboration to match up government needs to private companies that can actually manufacture those needs immediately to boost production distribution now just to meet these the current rising global demand w.h.o. estimates that the industry must increase manufacturing by some 40 percent i mean that's huge and then there's also another critical issue is that the supply chains are too strongly strains due to tariffs on china the main supplier of medical goods to the u.s. now the trumpet ministration did recently take some action to ease those terrorists but china and other countries are also blocking exports of their products because after all they're also fighting the pandemic within their borders which is why it's so difficult to get those items to the u.s. at the moment your government specifically working with industries to actually manufacture these needed items so at the moment the virus has brought the entire

global economy to a standstill right just look at the stock market and now american workers are getting laid off at unprecedented paces just like you mentioned and more than a 1000000 workers are expected to lose their jobs just by the end of this month march and even the labor department reported that $281000.00 people filed for unemployment last month and that's 33 percent up from last week and economists are saying is just going to get worse so now governments across the global and c. and across the globe are calling manufacturers to help make products that are running low during the virus outbreak and to get those products immediately to the health care industry and which is the issue that. right and we're talking about the auto industry is now talking about providing starting to manufacture respirators i believe tesla has also got and that's why g.m. for and i'd even gaming company razer has said they're going to start making the masks that you can find right absolutely fascinating we'll keep on this story cya tabun gerard t.

correspondent thank you so much for your time. and it's no surprise that during this time of corentin and social distancing the millions more people than usual find themselves online or watching streaming services but one big question is starting to be asked is whether or not the corona virus could break the internet it's not just about streaming though college high school and elementary school classes in many cases have been moved online millions of people are now using telecommuting software like zoom to work from home in fact there are so many concerns about this potential to crash the internet that the c.e.o. of netflix has met with the e.u. internal market and services commissioner to discuss how to keep the internet running smoothly as the crow virus pandemic forces more daily activities to move online and joining us now to discuss his boom bust co-host ben swan and investigative journalist of course ben what can you tell us about this meeting between reed hastings and from netflix and the e.u.

internal market and services commissioner. yeah centrally the meeting was to discuss whether or not netflix can move more of its programming if not most of its programming over to standard definition that's what the e.u. is asking for they one standard definition on as many t.v. shows and movies as possible they say during this time because the more people who are watching in h.d. in high definition the more of a strain that it puts on the internet services so that's the request that's been made of course netflix says they're working on it to see what they can do to be helpful and to keep the internet running this movie as possible but obviously but it's a it's a much bigger deal than just netflix it's netflix is an easy one to say oh lots of people are doing that but the truth is there's a lot more strain just in terms of the internet worldwide right now because of there's so much streaming going on now to that point there is without question an increased strain on interest services now according to rise in web traffic has increased 20 percent video traffic alone by 12 percent gaming by 75 percent we

talked about that quite a bit on wednesday and v.p.n. usage by 34 percent why is internet net traffic from home creating more problems than say when schools are in session and businesses are using it as they do every day. yeah that's it is a good question 1st of all i suspect that the gaming has increased just by you alone even if you push that number up you know i think a lot of it has to do with the fact that businesses offices and schools have a different kind of internet infrastructure set up then homes do so when you're in your home you don't have the same kind of internet traffic running through as a school would have or as a business would have it's a tiredly different system and because of that what you're seeing are internet speeds would go from as one you know person within that world put it go from 60 to 20 miles an hour they said it's like hitting a traffic jam on your way home and so i think what we're seeing is that a lot of people think oh it'll be easy i can do all this from work i can just do it from home as well but but home internet services are not geared the same way they don't have the same kinds of. upload speeds download speeds all the kind of thing

that you would get inside of a school or inside of a business and now can our current internet and broadband structure actually support like all this high tech video conferencing when so many different groups are using the technology and sometimes i wonder if it's even relevant you could pick up the phone and just have the same conversation because you know so i think that's exactly the point is that right now we're in this moment when everyone says oh there are so many kind of high tech solutions out there for video conferencing and zoom conferencing and we can use screen sharing and we can you know upload files to each other and everyone can be on at the same time but in reality if you want to deal with this problem the better way to do it is to go low tech rather than high tech meaning that you know for universities why do you know verse of these need to have life stream classes going on if you have a lecture why does it need to be live streamed can't that be recorded on video and then uploaded so that you don't have the same kind of strain on the system the same thing for you know a lot of businesses do they need to be streaming a live picture to each other or can they be using very low tech means such as

message boards remember those things that people used to use a long time ago well they're still out there and the opportunity to use them is there and that would take a lot of the strain off of you know says. right now that are struggling so really you have to look at it more of a go low tech rather than going high tech and quickly there's been a joint effort between us telecom companies and the f.c.c. to make sure that americans stay connected what can you tell us about that we got 20 seconds here yeah real quick i mean these telecom companies say that they're not going to cut off service to anyone during this time even people who can't pay their phone bill or their internet bills during this time and they're going to work with somebody and again keep everyone on line as much as possible sounds good but the reality is that a lot of people would necessarily be cut off from that but the problem isn't am i going to get a cut off today it's what will that look like in the future in terms of debt and money that i owe i think that's a bigger problem that has not been addressed but a bus co-host of ben swan thank you so much for joining us today you got it and

that's it for this time you can catch boom bust on demand on the brand new portable t.v. app available on smartphones through google play and the apple app store by searching portable t.v. and of course while your home social distancing watch that or stream is to your t.v. by downloading the portable t.v.'s on apple t.v. and online a portable dot t.v. and you can also find a coronavirus tracker on the portable t.v.'s 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 archie see you next time. blushes and they. could go to more of the beach he could go straight to see me you'll be set it's. not only should we. let him.

be utopia because you know he said he did i can assure you he has it have most but i'm going to have to be. born. in the us but to the south korean his are still to be calm cool and summed up. the mummy of what you called the british mr west but i am oh sure because. each simulating civilization would be able to run using a tiny fraction of its resources. hundreds of thousands millions of runs through all of human history almost all. beings with our kinds of experiences with them to

simulated ones rather than none simulated ones conditional on that are you we should think we are probably one of the simulated ones. as initial subjects who should think yes and. i say oh she's above for you've got closer look at trying to improve. on that because you know to try it. for the. purpose. it was because of global was going to have to use these is it you always do odd just because you have played a bunch of us who've been in this part of the family and you're fighting with the

full version of us. on the left coast of astrophysics much because of the sound. it's 5 am early friday morning here in moscow good morning in the headlines the coronavirus death toll in italy overtakes china and in one city the army is drafted in to help transport coffins out of the area. here moscow starts building a new hospital complex to treat cope with 900 patients but amid early signs of panic buying we look at supply levels in the russian capital. particularly sensitive subject lately toilet paper while. any budget any type of. this clearly enough everyone.