this is the one business show you can't afford to miss i'm going to bore in washington coming up lawmakers around the globe have called on the international monetary fund to accept debts for poor nations amid the cold but 1000 outbreak will bring you up to speed on the requests the economic response has been both timely and appropriate large it may not be the final chapter. plus the head of the federal reserve has issued his outlook on what the economy needs to avoid falling even further we bring you some insight from a former fed insider and later truckers have descended upon the capital of the u.s.

as they bear the weight of the kobe 1000 pandemic we'll take you there with a packed show today so let's go and dive right in. hundreds of lawmakers from around the world on wednesday called on the international monetary fund and world bank to cancel massive amounts of debt to the world's poorest countries due to the coronavirus pandemic now in a letter put together by former us presidential candidate senator bernie sanders more than $300.00 legislators also urged the organization to increase funding to avoid a greater economic downturn now widespread lock downs and stay at home orders have devastated the global economy in recent months with poor nations feeling the brunt of having to deal with both a public health and economic crises at the same time now in a press release announcing the initiative senator sanders said canceling the debt is the very least that the world bank i.m.f. and other international financial institutions should do to protect. bent and

unimaginable increase in poverty hunger and disease that threatens hundreds of millions of people in april the i.m.f. approved immediate debt relief for 25 of the world's poorest nations but senator sanders said more action was needed now the world bank said for its part it's looking for ways to further support poor nations but warned against waiving debt payments claiming it could hurt the organisation's credit rating and hinder the ability to provide low cost funding to member nations now the i.m.f. alone has loaned billions to nations facing economic turmoil both amid the pandemic and prior to the pandemic this includes billions to egypt which recently received an additional $2700000000.00 in emergency financing from the i.m.f. argentina has received a loan of a reported $44000000000.00 from the i.m.f. as part of a larger bailout of the president alberta's of its own nigeria recently received 3400000000 in emergency funding to help with the impact of the pandemic and the list goes on and on greece angola iraq more on the organization and joining us now

to take a deeper look at this issue is professor richard wolfe host of economic update and author of understanding socialism professor wolf always a pleasure to have you here and we value our insight so much how important is this economic support before we get to the bad portion here how important is the economic support coming from the i.m.f. or world bank not just for the purpose of fighting the pandemic but also to prop up these economies that are struggling even prior to the pandemic. it's no doubt an important contribution to keep it in perspective please understand that if you were an opera all of the items on the wrist you just showed it comes to of very small fraction of the kind of resistance united states alone has given to which own businesses and its own local entities around the country so in the perspective of that it's small because these are poor countries and because of their crisis is desperate this is at least something and so it's the proverbial better this than

nothing it does help it end up professor wolf i do have to ask why are these loans from the i.m.f. and world bank so detrimental for these poor nations and frankly i guess in your expert analysis here what can the i.m.f. do if say a country were to default on those loans. in the past when this has happened then it has happened often the i.m.f. usually promises to help them out give them a loan to help them pay back the earlier loan but it always imposes conditions on the loan and those conditions have been terrible for these countries for example you must open yourself up to imports from the advanced part of the world europe north america and japan and when those imports come in they outcompete and destroy local businesses in those poor countries they've had to make their currency

a tradable in world markets which again opens them up when they can't really compete and they have suffered enormously and finally they are like us in the sense that they are tapped down economies small groups of very wealthy at the top who make the decisions the lawyers are the ones that get the loans and then there's the question of whether you believe in trickle down economics or not will the benefits that go to the governments and the rich in those countries trickle down to everybody else the empirical record is not very much and now you know based on what the senator sanders and these lawmakers from throughout the world are saying i mean couldn't these organizations of the world bank and the i.m.f. simply say hey we're going to give you 18 months and then we'll revisit these loans because right now we don't know where things are going to go. sure they could give a delay like that they could forgive the loans there's been a movement for decades to forgive these loans precisely on the grounds that they

had mostly gone to the elites at the top pretty much like most of what the government in this country does who goes to the elite at the top who play in the stock market with it rather than using it for their jobs we had all 4 etc so it's been very burdensome for the rest of the world they get help but the long run cost of whatever help the loan is for whether it's short term or long term is less a valuable in the long term damage of the conditions at cash so what in a way bernie sanders and the other 300 legislators want is they want to know i am asked not to impose those kinds of rock only and conditions and to give them a blanket forgive the debt forgive the debt juki in the in many religions is when you periodically forgive debts because they need so desperately now my fear and i think you'll see that my fear is that if we have the usual whatever they do will

benefit those at the top and precious little of that will trickle down to make the kind of difference at the base of society that in the end is what we need and want and i profess are what i have about 30 more seconds but i want to ask you in your expert opinion what would be the proper action by these organizations to prop up the economy as without all the detriment that we're talking about there. they would have to radically change their politics and put in very different conditions i'll give you 2 examples some of the loans being given even by the united states government go to a corporation on condition that it doesn't fire anyone for the duration of the loan a strain condition should have been done in certain or poor countries an extra senator of this has to go for food or that there has to be a lessening of inequality in the rails id for certain percentage over a little. missions that could make that dip absolutely professor richard wall post of economic update weapon do that again very soon thank you so much for your time.

thank you. and a big day for the federal reserve here in the united states on wednesday as fed chairman drome powell said more measures may be needed to pull the economy out of its current downturn while the economic response has been both timely and appropriately large it may not be the final chapter given that the path and exposed highly uncertain and so because significant downside risks economic forecasts are uncertain in the best of times and today the virus raises a new set of questions. and these biggest questions surrounding the statement what measures as paul talked about he didn't specify but did say that it looks like congress will need to provide more fiscal support we're going to discuss that joining us now to do so is boom bust cosen investigative journalist ben swan and former fed insider and c.e.o. of intelligence danielle de martino bill thank you both for being here today now daniel i want to start with you on this tuesday marked the day the fed began purchasing corporate debt by a special purpose vehicles at the treasury why is the fed going through the

treasury to do this. when the fed is going to the treasury because it's illegal for the fed to hold corporate debt on its own balance sheet that is precluded by the federal reserve act of $913.00 so in order to get around that to circumvent the law if you will the federal reserve has set up a special purpose vehicles on the treasury's balance sheet at which it sees the in which these corporate bonds will be housed and ben i wanted to get more news in here on that too it's been leaked that the trump administration had asked the fed to help out the energy industry at the moment when the industry is facing enormous problems but the fed can actually make that move right. well really they can because they can be bailing out one particular industry over another so what the fed has done though is they are really putting out billions and billions of dollars that are supposed to go back to businesses the problem is that they have this main street linden facility that they put together and if you read through the paperwork

they've actually up the cap on that the paperwork on that now says that you can be a company that has up to $15000.00 employees and up to $5000000000.00 in revenue in order to be eligible to receive some of those loans from the fed so when you hear that you say well wait a minute is this helping those small businesses because remember we have the p.p.p. program that so many businesses have not been able to access and they've been waiting for money from that we have the you know i.d.l. loans that were supposed to go out originally 10000 per business those got reduced in some cases to 1000 for business and now you have the fed coming in and saying well we're going to help out main street but there's a feel like they're helping out main street it seems like it's those same big companies that will be the ones jumping up 1st and grabbing up all that money. you know i want to kind of wrap those 2 together here is why does it feel like the fed why does the fed force to make these moves to actually circumvent the actual federal reserve act at this point. well look it appears and i mean

that the optics are not not positive because you know has been pointed out trying to help a company with 5000000000 dollars in revenues and up to 15000 employees sounds a lot like you're trying to help some of the private equity firms that were lobbying on the hill for the fed to help them bail out their portfolio companies again the optics could not be any worse and especially when you consider that the average p.p.p. loan was less than less than $150000.00 the vast majority of them were less than $150000.00 and we've already seen that hundreds of thousands of businesses in the united states go out of go out of business 2 percent of businesses so. all businesses 3 percent of restaurants have already closed their doors for good i don't think the fed's programs are designed to help mom and pop and i think that that's very problematic it is a lot of this because of the inaction in congress or the fact that congress here in the united states has a hard time getting together so they can actually make those stimulus measures and

the fed has autonomy to make sure they can do that right you know. well that is true and right now there's a lot of conflict because you're starting to see that that the p.p.p. loans haven't even been exhausted yet and congress is starting to get get their bipartisanship is starting to enter into the stimulus framework so one has to get worried that the fed is overstepping its bounds not helping main street enough and that congress is going to end up at a logger heads the closer we get to election and the if i can say something about that real quick to personally i think part of the problem that we haven't exactly what daniel is saying is exactly right that we have this issue of these you know major companies that kind of suck up all the money and all the attention and all the focus and meanwhile and i get a great example of that by the way i know you going to cover it in the show today is the issue of these charter buses and the owners and operators of those companies going to washington and saying why did the airline industry get 25000000000 in

bailouts and we're getting nothing why is it that folks out there who are contractors who are run their small businesses using contractors aren't really eligible for the p.p.p. loans the everything has been designed in a way where special interest groups are able to kind of shape the way that these bills are written and so it's part of the dysfunction of congress is the fact that they are beholden to so many interests and so everything that comes out of congress is shaped in a way to benefit one group over another and finally on the whole congressional and fed you know i did want to ask you the chairman he said today that more stimulus measures are essentially needed from congress what are those stimulus measures that you think the fed is actually looking at and i got 30 seconds you're left. i think that they're looking at a 2nd round of handouts to the families i believe it's maybe up to up to $6000.00 and we do know that that money is immediately put back into the economy but then you see countering headlines that suggest that big screen t.v.

sales went up and you said you have to start to wonder about how pointed and effective these stimulus measures are. both of intelligence and boom bust postpones one thank you both so much for your time. and time now for a quick break but hang here because when we return truckers have descended upon the capital of the u.s. as they feel the weight of the cold in 1000 pandemic we're going to take you there and as we go to break here the numbers at the close.

are on to recruit some degree and you have one little people we can keep blurry i'm going to members i think that lead. to the problem. but do you need to treat the wounded earth week that was really cruel or steal each. business if that was a plan the president. and most of us they mean you. will ask yourself how are you going to survive how are you going to protect yourself. if you go up with the flu than the old local plug in to him or the can put a few of you do you want to. know.

is there is a system in. place. it's using technology where they've been able to x. people's private into. nation on a cell phones and see what you mean if you have crossed offs with somebody who is positively coronavirus and if you are if you have a meeting he seems your message across paul to somebody is just positive please you must be in our in tina. i. think that there was the interesting thing is this all ok polar. are in this a situation. the world is driven by shaped by one person.

in a day or thinks. we dare to ask. good food descriptions sound upper thighs and even for the owners so how to choose the pet food industry is telling us what to feed our pets really more based on what they want to sell us than was necessarily good for the pet turns out that food may not be as healthy as people believe and we have animals that have you know diabetes in our stride they have auto immune disorders allergies we are actually creating these problems it's a huge epidemic of problems all of them i believe can be linked to very simple

problem of diet and some dog owners so heartbreaking stories about their pets streets the larger corporations are not very interested in proving or disproving the value of their food because. already making it to $1000000000.00 on it and there's no reason to do that research. and welcome back let's take another global look at the trends and spread of the quote a virus with r.t. correspondent side temperature side where we today so brand this is where we are right now global cases there are more than $4200000.00 cases now global

deaths we add more than 295000 now u.s. cases there is more than $1400000.00 and u.s. deaths at least 83000 but i want to break down the numbers for our viewers in 3 different categories now all top countries in terms of confirmed cases confirmed deaths and confirmed new cases because each really tell a different story so 1st let's take a look at the top 10 nations with come from cases and when i say confirmed cases it's got a lot of critics argue all these numbers are actually a lot higher than reported so 1st let's take a look at us 1st that leading the way all the way on top and while still slowly lifting estrus trick shuns and that's the exact reason we keep seeing these numbers go higher and higher and canada you'll notice that's not even on this list has extended a ban on non s.-l. essential travel to the u.s. until june 21st and that's because canadian provinces of one tardio and quebec are

against center new york state hit the worst in a u.s. and canada is really being aggressive in trying to contain the virus so that they don't end up right here. in the top 10 and now a russia and turkey are both climbing the list also pretty high in turkey even with these numbers on may 4th president of order one announced plans to ease a social restrictions and opened some businesses now russia on the other hand wasn't even on this list just a few weeks ago but is now a 3rd and on monday president vladimir putin said that his priority was getting the economy back on track as soon as possible but not might be the case any time soon given these numbers now let's take a look at the nation's hit the worst with deaths now the u.s. is still climbing that list would over 80 $4000.00 deaths now the u.k.

is death toll now exceeds $33000.00 worse hit so far in europe and brazil's also suffered their deadliest day since the start of the pen demick and into in the middle east iran remains the highest with over $6700.00 deaths so this is we're looking at in terms of top the nations with come from deaths now lastly let's take a look at this list now this is countries that are getting the top new is confirmed cases within the last 24 hours now number one u.s. again is getting them or most confirmed cases from tuesday now russia is leading the way with over 10000 confirmed cases just in the last 24 hours now despite this increase in cases some regions have already begun to live down restrictions now moving over to latin america. that's also gripped by some of the world's worst outbreaks now chile is also climbing does list pretty high and then in mexico city

on the other hand health officials are actually warning that this number is actually 5 times higher which are given by of fishel government figures but health health officials are saying those numbers differend and in my. mexico city one of the largest city in latin america there's virtually no social distancing with open air markets and some businesses operating normal and their government even claims of the curve has even flattened obviously not the case looking at these numbers and brand short of a vaccine the effect on mexico could be really disastrous but i want to also the scots saudi arabia too that's on this list which just announced a total lockdown for this till the end of the ramadan after new cases soared so we'll see in the coming days if these increase if these increase these numbers decrease given that they're having new lockdown in place right now and you know what country you're not seeing in any of the 3 lists that i discussed and that's china and they have just done a heck of

a job controlling this virus from spreading in fact a 3rd is in war han that's obviously the chinese city where the current a virus pandemic 1st broke out are planning to test get this all 11000000 residents in the next 10 days after this they discovered last week in a cluster of 6 infected people at a residential compound and that's how they're improving their numbers brant r.t. correspondent saya tavenner thank you for keeping us up to date. and independent truckers from across the country have lined up the sherline in the streets of d.c. here in washington that is to say these drivers are doing all they can to try in trouble support for their cause they claim they have been charged high commission rates by freight brokers which is causing them to run at a loss while hauling essential goods during the cold in $1000.00 pandemic even causing some of them to go out of business what these truckers want is the white house to open an investigation into the brokers under the sherman antitrust act arche correspondent michelle greenstein has been following the story and filed this

report. throughout the d.o.j. to investigate these brokerage companies are under the safe food handling. and has a serious sort of federal regulations 49 c.f.r. groups of the. point 3 that say that we as a carrier have the right to review the record of the transaction and the moment that that load has been safely delivered every brokerage company will not allow you to do that i've got hundreds of thousands of requests from different carriers that state these brokers companies say no you do not have that right even though it's our federal right so this is what these brokers companies are a federal violation now and for these truckers price gouging isn't the only issue in addition to a need for covert testing and protective equipment many u.s. truck fleets are seeing a decline in freight volume causing some of the smaller trucking companies to pull their fleets off the road entirely in and out of the epicenter every day with no hazard pay. no p.p. it wasn't until 2 weeks ago that the epimetheus they started to have no b.p.

almost almost a month and a half after this pandemic began while the stock market can be induced into rising by companies buying back their own stock the real economy depends on the movement of goods and in the united states trucking is a huge part of this so you may think this doesn't affect you but it can now on may 3rd trump tweeted in support of the truckers writing i'm with truckers all the way and it's going to work out well but some of these truckers say that while he did tweet that it's past time trying to do something about the price gouging that could put them out of business and that they'll be here for as long as it takes there's a lot of been just as we're trucking this coronavirus exposed what we're actually dealing with and what i would be here until we get it for me. and joining 'd us now on the set is michelle greenstein r.t. correspondent now michelle that was an excellent coverage of that story but there was a nother demonstration here in washington d.c. today and that was a bus companies and they came from all over the u.s. to hold a silent protest which was them in

a motorcade throughout the city what are they fighting for that's right these motor coaches are driving around the capital they haven't actually really specific demand they want $15000000000.00 in the form of the grants and loans guarantees from the federal government. you probably know you know this kind of bus travel has really been all but halted because of the lockdown policies but it being put in place by governments you know in reaction to the cove in 1000 outbreak and so these motor coach companies say that over 80 percent of all their trips have either been cancelled or not booked to begin with right and they also say that over 90 percent of their 100000 employees have already been laid off so the industry is really suffering here and this is an industry that moves about $600000000.00 people per year right you may think of them as tourist bus but they also you know they move the u.s. military they move fema they move you know sports teams school kids etc and they move essential workers so they say that the airline industry got a $25000000000.00 bailout they should get some federal assistance to and when you look at it regionally too like here on the east coast where things are closer you

see those motor coaches and things like that going from from washington d.c. to new york maybe all the way up to boston through philadelphia all of those areas us and then absolutely it can be a very big issue now are they getting any movement on the president's already supported truckers have we seen anything from the president on the bus trip he did tweet in support but what i heard when i talked to some of these people is that they want action right that's why they have a really specific demand they want federal assistance in the form of grants and loan guarantees and they want $50000000000.00 because the airline industry only moves about $100000000.00 more people than they do each year now like i said i saw about 1000 buses in the capital today wednesday i didn't see 1000 greyhound buses right i saw * all these different local family owned rust companies that really can't compete with the bigger chains and they can't operate at a loss for longer periods of time absolutely are to your correspondent michelle green starting to hear so much for you actually reporting on 2 great stories thank you so much and that's it for this time you can catch boom bust on the brand new portable t.v. after billboard smartphones your google play and the apple app store by searching

portable t.v. and as always check this out on you tube dot com slash boom bust r.t. see you next time. good food descriptions sound up even for the owners so how to choose his pet food industry is telling us what to feed our pets really more based on what they want to sell us than was necessarily good for the pet turns out may not be associate people believe we have animals that have you know diabetes in arthritis they have auto immune disorders allergies we are actually creating these problems

it's a huge epidemic of problems all of them i believe can be linked to very simple problem of diet and some dog owners so heartbreaking stories about their pets less treats the larger corporations are not very interested in proving or disproving the value of their food because they're already making a $1000000000.00 on it and there's no reason to do that research. with good reason public discourse is focused on addressing and finally containing the kobe $1000.00 pandemic now the focus is on devastated economies we're in a recession will it morph into a depression will the recovery be you. or an elf. going .

live from the world headquarters of the r t america in our nation's capital this is the news we're. rick sanchez and hello again everybody i'm rick sanchez it's time to look now at something that's very important to all of us recovery numbers how are adjusting how we're getting out of the situation both by the way at the macro level and at the micro level in other words what is wall street getting and what is the average worker getting look whether you're a carpenter in berlin a plumber in new delhi or a house painter in detroit this is going to affect you so let's go over to the wall and let's talk.