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 covert 1000 pandemic will 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 u.s. 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 lockdowns 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 prevent and unimagined . 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 alberto fernandez has worked to push back payments as the nation faces economic struggles 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 morocco pakistan tunisia ukraine and many more have received huge loans from 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 fortune 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 there please understand that if you and all of the items on the wrist you just showed it comes to a very small fraction that resistance to united states alone as given to which own businesses and the. local and these. around the country so in the perspective of

that it's small because these are poor countries and because the crisis is desperate this is at least something and so it's the proverbial better this is than nothing it does help and now 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 elite 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 of term is less a valuable in the long term damage of the conditions attached so what in the way of bernie sanders and the other 300 legislators want is they want to know and i am asked not to impose those kinds of rock only and conditions and to give them a blanket forgive the debt forgiveness is a dent juki in the in many religions is when you periodically forgive debts because

they needed 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 up professor 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 economies without all the detriment that we're talking about there. they would have to radically change their politics and put in very different conditions and give it to examples some of the loans being given even by the united states government go to the corporation on condition that it doesn't fire anyone for the duration of the loan the same condition should have been done in certain countries and extortionate of this has to go or that there has to be a lessening of inequality in. certain percentage over

a little. mission that could make that dip absolutely professor richard wall post of economic update weapon do this again very soon thank you so much for your time thank you. had a big day for the federal reserve here in the united states on wednesday as fed chairman drone 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 ahead is both highly uncertain and subject to 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 or 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 quill intelligence danielle de martino bill thank you both for being here today

now dan 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. well 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 me in which these corporate bonds will be housed. better and i wanted to get more news in here on that 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. 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. you know i.d.l. loans that were supposed to go out originally $10000.00 per business those got reduced in some cases to $1000.00 per business and now you have the fed coming in and say well we're going to help out main street but it doesn't 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 forced 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. as ben 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 dollars the vast majority of them were less than $250000.00 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 small businesses 3 percent of restaurants have already closed their doors for good i don't think defense programs are designed to help mom and pop and i think that

that's very problematic there 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 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. 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're 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 no i did want to ask you the fed 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 your life. i think they're looking at actual a 2nd round of handouts to to 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 say you have to start to wonder about how pointed and effective the stimulus measures are then you'll be martino both of intelligence and boom bust co-host ben swan 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 covert 1000 and that makes we're going to take you there and that's going to break here the numbers at the close. of 3.

back in the 1970 s. . so. you know. so fast in the commercial of somebody you know and. you know. this was a conscious mind. but you know we live in an age where all all communication. in the form.

wrong to recruit them and you have a lot of people where you can keep blurry member i think that at least they have revolved you could probably. body in the street in the birth week that was really steep each. business which was of women resident. was that of a brain you. know will force you to ask yourself how are you going to strip off how are you going to protect yourself a little bit with those off your phone clear view of the fluid in the of lock up one and 2 and a mother can put a few of you to put you in the. world or in the store. i read your series of you just are just as a as there is a system. where you say. it's using technology where they've been able to name x used people's private information on the cell phones

and see what you've seen if you have crossed off with somebody who is positive want to run a virus and if you are if you had a meeting your message the cost on to somebody just wasn't a piece you must be an hour into the. well i think that was the interesting thing is that all people are or are in the same situation. and welcome back let's take another global at the trends and spread of the crowd a virus with r.t. correspondent site have a site where we today so brand this is where we are right now global case says there are more than 4. point to a 1000000 cases now global deaths we had more than 295000 and now

u.s. cases there is more than 1400000 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 for us that leading the way all the way on top and while still slowly lifting as. 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. essential travel to the u.s.

until june 21st and that's because canadian provinces of one taria and quebec are adjacent to 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 and 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 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 it is now a 3rd and on monday the 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 worse with deaths now the u.s. is still climbing that list would over $84.00. 1000 deaths now the u.k.'s death

toll now exceeds $33000.00 worse hits so far in europe and brazil is also suffered there deadliest day since the start of the pen demick and into in the middle east iran remains the highest with over 6700 deaths so this is what 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 increasing 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 this 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 by health health officials are saying those numbers differend and in much of 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 virus 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 discuss 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 sword so we'll see in the coming days if these increase these increase these numbers decrease given that avenue lockdown in place right now and you know what country you're not seeing in any of the 3. that i discussed and that's china and they have

just done a heck of a job controlling those rioters from spreading in fact authorities in war han that's obviously the chinese city where the crown of ours 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 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 and trouble of 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 copen $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. we want to do your day 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 1.3 that say that we as a carrier have the right to review the record of the transaction 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 in 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 and out of the epicenter every day with no hazard pay. and no p p. it wasn't until 2 weeks ago that the efforts here say

started to have no b.p. almost almost a month and a half that it's been there 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 see 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 injustices with trucking this coronavirus exposed what we're actually dealing with and what i would be here until we get answers. and joining 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 then

a motorcade throughout the city what are they fighting for that's right these motor coaches are driving around the capital they have actually really specific demand they want 15000000000 dollars in the form of the grants and loans guarantees from the federal government as 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 canceled 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. get some federal assistance to 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 as many times absolutely so it can be a very big issue now are they getting any movement on the president's ready support of 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 long 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 thanks a lot and that's it for this time you can catch boom bust on the brand new portable t.v. up of

a smartphone through 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. during the vietnam war u.s. forces. it was a secret war. and for years the american people did not know. how much it is a. country per capita. human history millions of unexploded bombs still in danger lives in this small agricultural country. even today kids in laos full victim to bombs dropped decades ago is the u.s.

making amends for that tragedy in laos what help to the people need in that little land on. you cannot be both with yet you will. good food descriptions sound up to tell using even for the owners so how to choose just had food industry is telling us what to feed our pets really more based on what they want to sell us then was necessarily good for the pet turns out that food

may not be a soap the people believe we have animals that have you know diabetes in arthritis and they have auto immune disorders that cut allergies we are actually creating these problems is 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 last 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.

we go to work so you straight home. i am max kaiser this is the kaiser report you know stacy back in the 1970 s. i recall subliminal advertising was illegal you know like soft drink companies would run images so fast in the commercial of somebody you know in a desert you know hydrated and this was went by in your own conscious mind and this was deemed illegal and some ads were taboo but you know we live in an age where all.