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this is boom bust the one business show you can't afford to miss in washington coming up. you can do the same thing but even for more money just by putting on tariffs it's a profit it's approximately a trillion dollars a little bit more as i understand it and u.s. president donald trump is contemplating new tariffs on china in the wake of the corona virus outbreak we'll go over the new threats and how the virus may throw a wrench in the trade talks plus following renewed optimism on the easing of coronavirus lockdowns international markets had one of the best months in history we take a walk around the globe plus as the companies remain under lockdown around the world what constitutes. where does cryptocurrency fall in that designation we bring

in a boom bust for insight into the packed show today so let's dive right in. and u.s. president donald trump on thursday escalated tensions with china over the handling of the coronavirus pandemic saying the trade war between the world's 2 largest economy is now of secondary importance. we signed a trade deal with is supposed to buy and they've been buying a lot actually but that now becomes secondary to what took place with the virus the virus situation is just not acceptable you know the situation stems from the u.s. president's assertion that china could have done more at the onset of the pandemic . this is something could have been contained at the original location and i think it could have been contained relatively easily china is a very sophisticated country and they could have contained it they were either unable to or they chose not to. trump was asked whether the u.s.

may retaliate by not paying its debt obligation to china in response he suggested further tariffs against china may be in order. i can do differently i can do the same thing but even for more money just like putting on tariffs so i don't have to do the you know. it's a product it's approximately a trillion dollars a little bit more as i understand the trillion dollars but we could do that. i think probably a little bit of a more forthright manner you start playing those games and that's tough you know we have the dollar to protect we want to protect the sanctity of the dollar and the importance of the dollar insignias currency in the history of the world. and for more on all 'd of this and market reaction to the news of the day let's get some expert analysis from peter schiff c.e.o. of euro pacific capital and boom bust co-host christine peter i actually want to start with you here u.s. national economic council director larry kudlow is saying that china will be held accountable for it now it being the coronavirus pandemic how do you hold

a country responsible for a pandemic isn't that like trying to hold the country responsible for an earthquake or any other type of natural disaster. yeah it's certainly very difficult to put the blame on china or to try to assess financial responsibility or liability but you know the mere threat of potentially not paying the chinese on their bonds to default or selectively cancel out obligations that the chinese own is very dangerous road to go down because not only could that scare the chinese into selling but it might scare other creditors into thinking that we may do the same thing down the line to them but you know when trump says that he can he's going to punish the chinese with carrots and get the money that way look at chinese don't pay the terrorists any terrorist put on chinese imports are paid by american consumers so if that's true plan it's the americans who are going to pay not the chinese absolutely now kristie there is actually

a shifting focus from the virus back to a breakdown in relationship with the 2 worlds largest economies here what is that risk here when we talk of new tariffs that. and as peter said now i know the president to downplay the idea of not paying off that debt but what are the risks that we have here. well there's definitely material risk here because we saw that already and 2019 now and no one wins in a trade war it harms sentiment damages business productivity especially in an environment that is already so fragile wrecked and we can in the wake of the coronavirus so has the potential to completely fly in any hope of a you shaped recovery so we all remember the volatility we had in 21000 in the algos going into overdrive every ringback single morning on trump's tweets well the same thing will happen again and a big risk off move will send the treasury back down to 02 back down to distressed levels so even without the crown of ours us today the trade war between us and china lowered global g.d.p. by almost a point so couple that now with the pen and the result it's going to be devastating

and i think that the path that we're on at this right there is and in every kind of decoupling between us and china we saw what it looked like in 2019 a supply chains that took decades to build up were strained and kind of rooted well the u.s. doesn't want to be dependent on china for manufacturing capability well that's fine but that just means i will see the price of goods soar in the future as companies try to scale domestically and plus the tariff so we'll see the price increase in the consumer goods rise drastically you know peter to kristi's points right there which you talked about volatility are we in in store for another cycle of volatility that that we might start dropping down back to those really maybe retest those lows that we saw in march as so many analysts have actually called for already. well we could actually take out those lows i mean 1st of all the rally was simply a function of the fed the fed bought this rally with inflation they printed a lot of money and they're buying up a lot of dead and that's what's pushing up the market but also the market began to in to dissipate a rebound in the economy when we you know turn the light switch back on it

everybody goes back to work and i think the markets have overestimated what we're going to recover to because i think we're. it's going to recover from a depression to a severe recession and i think the market's going to sell off as investors really start to realize just how bad the economy is going to be even after everybody gets the green light to go back to work well exactly peter and i've been saying this for weeks on this show is that look i mean when you see what's happening here when that light switch is flipped everybody is unfortunately not going to go back to work it's just you know we've already people have been hurt enough and a lot of these payments and things have been deferred you know christie i want to go back to you it's hard to know what the economy will look like once it reopens analysts are trying to price in the recovery and the magnitude of the bounce but we can look at china to see how they are actually recovering what's going on there. and i agree with peter completely on that that this entire balance has been way too optimistic on reopening we can look at china because china is about

a full 3 months ahead of the u.s. on the coronavirus curve and what they found is that simply we opening is not enough and that has not resulted in the return of consumer buying now that is particularly important while we're talking about the u.s. because the consumption accounts for about 2 thirds of economic activity and i think the market is starting to realize that now that means priced in way too much we have all this data now coming from the big earnings call and it's been shown that we've got too optimistic in the past few weeks just loading up on hope and optimism and the fed and the possibility of a real thing so today we're definitely getting a big sell off in the market went down about 2 and a half percent certainly not as violent as the capitulation that we've seen in march but you think pull back and the spark was of course the possibility march as well also now that we you know morning national manufacturing survey and everything coming in below expectations once again now peter i want to hit this quick before we wrap up here treasuries are getting a bit up today on the china tariff threats it's like 2100 all over again but here's

the red meat what about gold is this rise sustainable or is this just another bubble waiting to be popped and i have about 45 seconds for you. well look nobody should be buying. i mean we're basically warning people against the added dangers of all the treasures people should be buying gold gold was up today too but it should be up a lot more and it's going a lot higher as that people start to really appreciate the risk in u.s. treasuries and the u.s. dollar and peter schiff of europe capital and christiane thank you both for that insight but chris i want you to stick around want to get more of your take on something in the 2nd half of the show. equities are mixed on the week as a possibility for a treatment of coping 1000 raises hope despite the concerns of more trade tensions between the u.s. and china now most world markets are closed for friday's international labor day holiday but let's start in moscow where the axe is up on the week now the ruble

pushed to its strongest reading against the u.s. dollar in more than 6 weeks this before losing about 1.2 percent overnight in asia asian markets are all green this week again in hopes that gilead sciences vaccine has a positive effect on treating the coronavirus the shanghai composite is closed for the holiday gained 4 percent for the month after seeing steep declines in march when they were hit hardest by the credit now sentiment improved as the virus seems to remain contained in the country and positive news on potential treatments now the c.s.i. of 300 gained 1.2 percent and the tech focused china rose by 1.9 percent in hong kong the hang saying same thing it is green but it was also closed for the holiday itself some significant gains this week for 3 days in a row the index crossed above its 50 day moving average japan's nikkei was actually open on friday finishing just slightly in the green after a volatile week stocks slipped on friday afternoon by 2.4 percent semiconductor

manufacturer tokyo electron dropped more than 5 percent while the topics index also dropped. 1.81 percent moving to india this is it was also closed for the holiday but finished that week shares jumped more than 3 percent on thursday alone again on encouraging data from the coronavirus drug trials now the index finished out april gaining 14 percent that's the largest monthly gain since 2009 let's move to australia where we see our 1st red arrow for the week the a.s.x. was down 5 percent on friday alone its worst day in 5 weeks major minor b.h.p. shares plunged more than 6 percent major banks commonwealth bank of australia and australia and new zealand banking group all saw a loss of 4 percent each in their shares and then we're going to go to south africa for the all shares it ended the week in the green mostly in response to easing some of these lock downs now going to go ahead and take a walk across the studio here and we want to take

a look at markets in europe and the americas where we're seeing very very similar trends as the discussion of vaccines and reopening economies is really starting to pick up some steam here so we're going to go with footsie the cac and the dax they are all up in the green the pan european stocks $300.00 saw its biggest monthly increase since october of 2015 this spot eurozone g.d.p. contracted by a record 3.8 percent in the 1st quarter in london the footsie close slightly higher on the week after a plunge on friday after president threatened china once again with more terrorists over the alleged mishandling of the pandemic now nearly all sectors were down with energy taking the largest hit now in france the cac closed on friday for the international holiday saw some gains this week france entered a recession as g.d.p. fell by a record 5.8 percent now the sharpest decline for europe's 2nd largest economy since records began in 1909 the german dax is following along with the trend in the green for the week and closed for friday's haliday let's move across the atlantic

to ebo best in brazil is coming back from its 9 percent plunge last week. 2 top ministers resigned in less than 2 weeks it was closed for the friday holiday and the index though is even though it's got a green arrow this week is still down 47 percent this year aside from the ongoing pandemic political turmoil it's crippling the south american country now let's move north to the to mexico where the b.m.v. it's also closed for the holiday but it was up for the week in the u.s. all 3 major indices in the dow s. and p. and nasdaq and the week slightly down wall street posted its largest monthly percentage gain for april in decades but stocks tumbled on friday after the new flare up between the u.s. and china over the possibility of new tariffs are racing all of this week's gain and then finally we're going to move up to canada where the ts x. . stock exchange is finished the week up but just slightly as the next futures fell for many of the same reasons we're seeing elsewhere lower oil prices are also

affecting the index as well so as we look forward into the month of may all seem to be both potential treatment of the coronavirus and america's next move when it comes to escalating tensions with china and that is your global market walk. and time now for a quick break but hang here because when we return essential versus nonessential is a debate has raged a big global lock down but where does cryptocurrency mining fall into the mix straight ahead we take a deep dive into the topic with a boom bust panel and as we go to break here today's numbers at the close.

we go to work so straight home. yes let's see i guess. i was on the floor some days in my bathroom you know trying praying. it was just a moment i'm waiting senator thank you very much i want to explore we once knew it

was time for western without words i was having children fever i didn't have any sense of say source now. most young. girls would you. recently she had us on the obesity issue. that one time when he was on ground 0 for research. i have didn't. push myself how close are they for me in the 58 i'm going to. go. kind of financial survival job today was all about money laundering 1st to visit this cash in the 3 different. oh good this is a good start well we have our 3 banks all set up here maybe something in your something in america something overseas in the cayman islands or do we do all these banks were complicit in the progress we were just after did mccoll and say hey i'm

ready to do some serious money laundering ok let's see how we did while we've got a nice luxury watch for max and for stacy oh beautiful jewelry how about. luxury automobile again for a match you know what money laundering is highly illegal for a watch guys record. join me every thursday on the alex salmond show and i'll be speaking to guests of the world of politics or business i'm show business i'll see you then.

and welcome back one of the more interesting side effects of coronavirus lockdowns are the impacts being made or not being made to the environment there are reports of the ozone layer being restored in parts of the world due to decreased greenhouse gas emissions and pollution and while we are seeing cleaner air and a better environment some industries like cryptocurrency mining have continued so does this mean that activities like mining are not as bad for the environment as some critics have claimed well joining us now this is just the 2 of us co-host christiane and ben swan thank you both for being here as always now ben i want to start with you over the last few years there's been a lot of claims being made about bitcoin mining being terrible for the environment what were those flames well it was basically everything everything that was wrong with the environment could somehow be traced back to big question whether it was using too much energy whether or not it was causing you know with fossil fuel usage to be too high and there was there were

a lot of different claims about it that essentially acting as if and i'll quote one of the articles the oceans were burning and boiling because of big oil and that was the way it was treated for a long time the problem is is that right now as you just pointed out we're seeing a lot of environmental effects of these lockdowns we can you know argue about the political social side but there's no question that environmentally the world seems to be better off as a result of it and as that's happening in mining has. continued in fact according to some analysts it's actually very close to its peak high worldwide right now and yet the environment doing better so apparently because i was getting a bad rap for all the things that were being claimed about how mining was ultimately destroying the environment so cars and traffic and things bad for the environment because of mining maybe not so much 1000 kristie what about all of this how has this pandemic or stay at home orders affected because of mining this is a work that you have to leave your home to take a part in in many cases correct in fact i believe that when you could go to work

you could actually just set your computer to do it if you're not talking about big bitcoin you know bitcoin mining farms and yet these countries because money is being called essential and in other places it's being locked down completely. well we're talking about 2 different things here because mining farms they usually don't have a ton of stuff on hand but know it is work you actually do have to leave your home to take part in if you're directly in the mining operations if you're part of a mining pool and merrily contributing your own computing power over at home and you're working off with a larger mining pool that's completely different you can be in your heart right you don't even need to leave your home but then the actual operations of a mining farm it actually works closer to a power plant or utility plant it runs 247 there always has to be stuff on hand all the time even if it is a skeleton crew so that presented a question of whether or not it's a central business that's caused by differently in different regions so in places like canada mining is considered an essential business as canada they do have energy subsidies they tend to be very friendly crypto friendly other places like argentina it's not just like here in california cannabis is considered an essential

business other places it's not so at all that vary from place to place so that's what makes it very different for mining operators to have a competitive advantage because simply their geographical location contribute so much to their operations places like canada china russia they have significant they are significantly cheaper due to the friendly and supportive regulatory environment along with a subsidized election the costs which is one of the main costs for all of these operators are no no chris this is a really dumb question but it is the concern when they want to lock down these situations and want to stop the mining is it because the power consumption overall is that what the concern is well especially what we have stay at home orders. simply because they don't view mining as a necessary essential good service that it's necessarily need that everything that is considered essential business now is related to food supply and the transport of medical equipment so they're saying that mining because all the only thing of transporting is these huge mining rates and moving them from location to location

that is not needed and that logistics and i think are the better diverted for use the hospitals with masks and other ventilators and are talking about more on the essential front here now kristie there's also talk that crypto miners who were once seen as being part of the dark web could actually turn their mining regs to help fight covert night scene is this correct and how does that work. well it's actually a fascinating and one of the coolest examples of modern day distribute crowd computing so it's a collaboration as we know it's crucial during these times of global crisis and right now there's a group called fully at home that they launch a new initiative that involves individuals across the world to offer up and contribute their computing hard power to simulate the common 1000 proteins in order to find a potential treatment or cure so this is very similar to sharing your computer hardware for mining operations so by stimulating the proteins scientists are then able to understand how they work and they can then decide that design therapeutics are to stop with the komen 1000 protein folding at home right now is calling on

volunteers to contribute their idle computing power to run the simulations and this initiative made very successful strides years ago in the fight against evil so with more stimulation 2nd run in a short amount of time the faster of what we can get a care so now crypto miners are of course in a prime position to help out with their massive rigs and their g.p.s. so it's all working for a great cause. and i know this wouldn't be actually like a mining of the crypto for the monetary purpose where we talk about like a big big coin mining farm couldn't they put all of their resources into this to help this make push this cool technology. yeah i think the absolutely could i mean the reality is this though that that bitcoin and cryptocurrency one of the powers of it is to not be centralized so yes you're absolutely right and chris is right when he talks about these these farms and the big rigs that they have but one of the great things about crypto currency is the ability to diversify in decentralized technology and that and also includes using rigs or computing power that's broken

up over a large group of people geographically as opposed to everything being centralized so there's a lot of power also away from the farm side of it and just among those cryptocurrency miners who are able to do this from their own location and i'll bet i want to diverge a little bit off of the mining sector here in crypto but speaking of the dark web which i mentioned earlier there there are some reports that some people are offering blood that allegedly belong to recover coronavirus patients for sale on the dark river web as a passive vaccine what do we know about that yes so essentially the idea is you go and you get blood from somebody who has recovered from kobe 1000 of corona virus and then that blood carries antibodies in it and the blood plasma specifically you would inject into your system and it would help to give you antibodies which could then essentially make you immune to contract and coronaviruses the same concept as a vaccine is very similar in a lot of ways and the truth is that there is a medical science behind this in fact doctors actually do this there is

a lot of talk about people who have recovered and using some of their blood with antibodies in it and giving that to patients so it's not it's not that it's a voodoo science but the idea that you would buy it on the black market or on the dark web and by your own supply of it that seems very strange and of course it's not the only thing i mean you can find lots of different items on the dog related to ventilators and face masks and everything like that but this might be one of the more kind of bizarre ones just because of the fact that it's blood and you don't know what you're getting when you buy anything and not just on the dark web you don't know what you're getting when you buy things in lots of different locations you certainly don't go shopping for. lead someplace where you don't know where it's coming from well ok there are a couple questions i have here but i mean how do we know number one that if the blood being sold on the dark web actually has the antibodies in it and actually is of a crow virus patient which is my number one concern and are there legality concerns about selling blood on the not just the dark web on the web in general well look that's a really good question as far as legality is the truth this is there probably is no

federal law about selling blood but there probably are state laws that deal with that so it might be different from state to state that location to location that could be very possible but you know the fact is you don't know it look there are people who go and they attempt to get botox injections right and some hack person will say i'll do it for really cheap and they inject mineral oil in your face and your face is sagging afterwards because it wasn't even botox there are people who do that with something like botox imagine going and finding blood and someone saying trust me i got this blood from a legitimate source but i'm selling it to you out of the back of my car it just seems like a very strange way to purchase something and certainly anything whether it's blood or not that you would inject into your system you would have to take great measures to make sure it's a legitimately what it supposed to be a boom bust co-host spence wanted christie i way to end it on a very bizarre note thank you both for your expert analysis today. thanks very. much and finally a little back and forth from the movie been surrounding an unlikely blockbuster trolls the world tours now as movie theaters around the world were forced to shut

their doors 'd due to the ongoing pandemic universal pictures decide to release the sequel for the digital rental on the 10th of april though earlier this week it was reported that after 3 weeks on demand the movie brought in $100000000.00 in rentals now according to universal pictures the distributor collected roughly the same amount of revenue as the 1st trolls film had collected during its 5 month theatrical run now this could change the way the company releases movies in the future according to n.b.c. universal c.e.o. jeff shell who told the wall street journal as soon as theaters reopen we expect a really. movies on both formats as a sentiment a sentiment shall actually echo during universal's parent company comcast earnings call later in the week and this did not sit well with the c.e.o. of amc theatres who took issue with the idea issuing a public letter saying releasing the latest troll's film digitally was an exception in unprecedented times now adding effectively immediately amc will no longer play

any universal movies in any of their theaters in you not in the united states europe or the middle east but it didn't end there etc world the parent company of regal said it was issued a statement thursday calling on studios to respect theatrical windows if they want movies played in their theaters but stop short of a full out ban and that's it for this time you can catch boom bust on the brand new portable t.v.'s of able on smartphones to google play and the apple app store by searching portable t.v. or you go to portable dot t.v. and as always check it out on youtube dot com slash boom box r t v and i found. this to do muscle groups with the movie the slowest new christmas a come to me little book with the bridge. more than my gosh w. other which she set out to do you expect but it was pretty good it. definitely

walking the learn don't generally not under no one are watching you and march. wasn't watching you need you but she's a little bit better. than you. could shake her house thank you. i guess you know we're going to talk about martin about now that jobs are not really needed you know that. part of this lockdown people the millions of millions of people to use in their job would have some in material impact on the fortunes of the economy as a whole but it only affects the surface. as a. matter of fact it's a great opportunity if you're in the banking only to see stocks trading higher and bank stocks higher workers are needed taxes are needed when you can.

money go burn. brazilian president joy of old small receives a court order to. state governors accused. when eating becomes a national duty was his residence just dog eating fries twice a week to save tons of potatoes as industries are left reeling from the pandemic. which is police are preparing themselves for. the country comes out of thousands of young people face losing their jobs. and new evidence suggests that f.b.i. agents. brain before the u.s. national security advisor to russia in 27.