this is a boom bust the one business show you can't afford to miss them on to say ok in washington coming up big health and economic news drove markets up on tuesday but are we past market bottom we have a channel for you that much energy sector is among the worst hit from the start of the pandemic many jobs at risk we have a talk show today so let's go and eyebright a. big health and economic news driving markets up on this tuesday u.k. clinical trial known as recovery found a possible treatment for covert 19 well providing low doses of the generic state

stero a drug dexamethasone to patients with the krona virus reduced deaths by up to one 3rd in severely ill hospitalized patients for patients on oxygen it could death by a 5th will oxford university professor martin landry co-leading the trial said this is a result that shows that if patients who have coma 19 are on ventilators or on oxygen are given dexamethasone it will save lives and it will do so at a remarkably low cost co lead investigator peter or be added it's a major breakthrough doc some of the sound is inexpensive on the shelf and can be used immediately to save lives worldwide meanwhile stocks also jumped off of the u.s. commerce department released data on consumer spending for the month of may after 2 consecutive months of record drops retail sales posted a record 17.7 percent that's more than double previous 8.4 percent estimates well in march it plunged by. point 3 percent in april by 14 point 7 percent retail sales

make up nearly half of all consumer spending and almost 70 percent of u.s. g.d.p. last year americans spent $14.00 trillion dollars well for more we are joined by a tauriel director at the american institute for economic research mr jeffrey tucker and from the trading todd. horwitz thank you gentlemen are. tod we only have you for an hour hopefully jeffrey can can join us in a bit but todd let me start by by asking you this week looks like volatility is back indices reversed courses and they came back roaring after the data that was released on both the trial the pretrial for the steroids as well as a retailers what can you tell us about the new one trillion dollar infrastructure proposal that's also now contributing to to those games. well terrorism i mean the

interface structure below would be great i mean that is something that this country needs so desperately is to rebuild our roads and bridges i mean that would be something worth spending money on and it would put people to work and it would create an enormous amount of jobs not to mention finally rebuilding their broken down structure here but i go again overall i mean we're seeing markets that are really reacting and more of an illiquid condition that create these bigger spikes prac and 4th overall not a lot of change but some of the numbers are broader in the fact there were open is better but the infrastructure to be in a great place to put money into the continuing to hand it out for no return well this is huge because this is something the president trump campaigned on the fixing infrastructure and it looks like we're finally going to see this happen now todd the fed has begun buying individual corporate bonds this week to alleviate this intense credit market pressures but this is on top of the exchange traded funds that it's already purchasing. more shifted to

a more active strategy to contain these market risk what prompted this move. well i think the fed is scared but this shows you the ignorance of the federal reserve that they need to feel compelled that they can't let a free market price that's own asset classes and that's one of the biggest problems that i have with the fed who anybody who wants to try to manipulate the market and try to put a safety net wires or a safety net built underneath the market asset classes will price themselves through a free market have we not learned from japan who is now going on earth 30th year of creating garbage and no real growth of their economy this is the problem that they continue to get involved they should there 1st and they're violating almost you know a ton of regulations which they were built with but somehow they've magic gotten to this point where they get to manipulate rates and not let the markets decide themselves and of course i don't i'm not a big fan of the fed as you can tell and i think they're making

a huge mistake which will lead to another bubble and another major meltdown at some point jeffrey i think we have him in the conversation now thank you for joining us we do have a question about what your own power federally are today what do you make of his testimony before the senate committee. i didn't hear the testimony of society but i will say this i completely agree the feds current actions are disastrous and are creating as many desertions distortions as a lockdown and i'm very concerned that we've got a federal reserve now being a mighty player in financial markets we've never seen anything like this before. said it's completely going outside of its mandate and all my of my fed watching friends are appalled and writing desperate articles about this to condemn this because because the effects of this on financial markets and macroeconomic stability in the future could be devastating this is an untested unprecedented

actions that the fed is taking undertaking right now and they're saying they're willing to to do whatever it takes to keep the economy going there have been a lot of predictions about what market recovery is going to look like and the age of the pandemic i want to play you a clip of what he said but chairman darrell palace that earlier today until the public is confident it is disease is contained a full recovery is unlikely or over the longer the downturn works the greater the potential for longer term damage from permanent job loss and business closures longer periods of unemployment can erode worker skills and hurt their future job. persistent unemployment can also negate the gates made by many disadvantage an artist during the long extension. jeffrey what does this mean for the so called the recovery that so many people are expecting look i was i was actually optimistic about this v. shaped recovery after maybe 2 weeks of lockdown maybe after a month we've been in this nonsense for 3 months the u.s.

is not yet open we're far from it he speaks of public panic but i'm telling you which responsible for the public panic are these government policies with mandatory masking these crazy social distancing things that all this nonsense going on it's got everybody whipped up into a frenzy so i yeah i am now not nearly as optimistic about the status of recovery even before the end of the year like we saw retail sales picking up stuff like that but you know the quick look where we began you know 2 months ago it was a year and a calamity so of course retail sales are back but that's not that is not going to build the capital base that we need for a full recovery there's no chance i wouldn't think of anything remotely like recovery this year and we could be we could be looking at years of suffering not to mention a lot of permanent damage to labor markets and to the capital structures and everything else around the world it's very very bad what todd jerome powell did say that he

believes that we possibly hit market bottom that if we don't see the resurgence of cases of 1000 cases again do you think where do we see it going from here todd. jeffrey your take. ok well i did i say i'm actually not nearly as optimistic as i was so i think we're going to be in for a lot of a lot of suffering you know when you think about the fact that more than 100000 businesses have been shuttered permanently and because there's no coming back from this i mean just driving around doing that right now i see half the small businesses just closed up shop for good this one this is going to take a long adjustment and it's going to be i would say years and politically this is been tremendously destabilizing for the u.s. it seems incredible that only in february we had this world's strongest economy and so much business optimism now america's like it's not just

a fun financial and economic depression it's a psychological depression right i mean it's it's been it's very bad and people are are mopey a business investment i don't think we're going to see anything like a return solid business investment for 3 years until we get absolute assurances that something like this lockdown will never happen again right and we're not we don't we don't know whether or not oh happy again of the 2nd resurgence of killers of acting or how this will recover but the market euphoria was cut short though when when chairman powell said that the central bank what it just corporate bond buying based on the market conditions is it too early for these type of comments i mean to tara to be thinking about taking a foot off the gas pedal. i think probably that was a help a comet helpful comment right now because people are starting to worry about inflation so when you here's the thing about the prospect of inflation it's very highly contention upon as of last day of money right so so usually in an economic

crisis of loss of money would crash like it did after 2008 and that tends to suppress a little bit of the upward pressure on prices but when you see look at retail sales that are going on right now that may not be the case we might not we might be people who develop in very short term outlooks and ready to spend like crazy and get out there and the lawsuit money could stabilize or go up in which case we're going to see a lot of upward pressure on a lot of prices and so in that case yes powell needs to be talking about the him came right now we've got he's got to sop up some of this liquidity that he pumped up into the markets just to to really inflate the an inflatable this is what he did of less couple months well the volatility might continue to go until there's an end to this crime until we can guarantee like you said a full opening of the economy once again jeffrey tucker editorial director at the american institute for economic research and earlier we heard from the top of a horowitz chief strategist at bubba trading thank you so much for making time for us today. the energy sector has been one of the hardest hit during the crown of

pandemic oil and natural gas prices have continued to decline and that means more and more jobs are at risk r.t. saya tavenner reports unemployment over the past 3 months have been the worst since the great depression in 2008 since to pandemic began more than 44000000 american workers have fall find employment but comparing industries across the board with other countries the u.s. oil and gas industry appears to be in a losing battle as the corner virus is still claiming lives worldwide for nearly 3 months the cities across the country have been struggling financially following. stay at home orders due to the pandemic and the us energy industry already in a set of the clown before the virus came along is now reporting record drops in there no more working regs and industry employment but most analysts predicted the industry might soon recover well over the next few months to hits just kept on

coming in april and may alone and 19 oil and gas companies in north america filed for bankruptcy then even more bad news came once again in april as u.s. or prices crashed to a record low falling below 0 dollars a barrel and dropping to their lowest prices on record for the largest single day drop of more than 90 percent and according to the u.s. bureau of labor statistics more than 100000 u.s. oil and gas jobs have been laws during the economic downturn brought on by the current of ours pandemic and in march alone drilling companies are fineries cut more than $51000.00 jobs which is equivalent to 7 years of job grows just wiped out in a single month and another $50000.00 job losses came from or old field service and pipeline companies and most of the energy jobs have been focused in texas home to

the permian basin and eagle ford shale which has more than half of the u.s. drilling rigs. and in the houston area by some estimates they might even lose 200-002-3000 extension 00 jobs in the near future and or all towns across the country are looking at similar double economic blows with states like alaska california louisiana north dakota oklahoma and wyoming amongst our there's facing the potential budget cuts and layoffs and the us energy industries likely to remain in a crisis even despite the opec plus agreement extending production cuts by another month and globally the oil industry is projected to lose $1.00 trillion dollars in revenue in 2020 due to the current arshad thousands and with record low oil prices there are just not a sufficient price for the heavily leveraged u.s.

shell producers so while other industries will start to see the labor demand that lead to a road to recovery or oil and gas workers will just have to wait much longer because when you can't produce it and you can't refine it and you can sell it that's just not a good situation to be in in washington side to have an r.t. . time now for a quick break but stay here because when we return a major step for foreign money in china we'll tell you why american express is getting to him and that work there as we go to break here the number thought that.

if you or a politically correct. nonetheless the experiment being played out in seattle is no laughing matter the ideas of law and order and the legitimate use of force are at stake a piece of advice go visit jobs for chess visits you. the world is driven by a dream shaped by. the day or thinks. we dare to ask.

nuclear power become a battleground in the us in vermont people love demanding the shutdown of a local plant from my yankee is right now my focus because it's a very dangerous oh no clare power plant the owner is attempting to run the reactor beyond its operational limit this case just sort of puts a magnifying glass on where's the power in this country where's it going is it moving more towards corporate interests or is it more in the idea of a traditional participatory democracy is your power lies with the people this case demonstrates that struggle in very real ways our struggle. the simple things workshops and petersburg all public spaces where adults with learning disabilities can engage on equal terms with creative activities like

graphics soon ceramics. cookery and joinery. just leaving. you with what. you are just. one case to come up with. the underlying idea of the workshop is a calendar in which they flew through to find joy. a huge financial start for china as a country has opened up its $45.00 trillion dollars financial market to foreign

investors will over the weekend china's central bank issued a license to u.s. credit card company american express to clear transactions in the chinese mainland well it's a huge move as this is the 1st time this kind of financial license has been issued to any foreign institution now to be clear the license was issued to express technology services which is a joint venture between american express and chinese phone tech firm wheelin digital company but the impact on american express cannot be understated as a u.s. company will be the 1st foreign company with access to the chinese payment market well that payment market has an estimated worth of $27.00 trillion dollars of inquiry the chairman of american express said in a statement we are pleased to be the 1st foreign company to receive this license this approval represents an important step forward in our long term growth strategy and is a historic moment. as china is opening its markets to u.s. companies the u.s.

is moving in the opposite direction with a number of groups encouraging the trumpet ministration to ban chinese companies from entering the u.s. altogether so let's go deeper on this issue and bring. john quality dean of the dead and co-host of boom bust and investigative journalist ben so on john let's start with you a huge mover thing here and certainly a big win for american express is this just the beginning of china allowing u.s. companies more access to their markets. a big win for american express had all of the cod and. also have applications in bug well behind american express in the process american express has been locking on the door of china for 15 years to get those privileges very important it was really really emphasized as part and possible of the. trade deal with china earlier this year it's part of the process of opening up china financial markets to foreign and

especially to american companies but one thing i want to stress is that china has developed very substantial competitors domestically in this payment space including union pay including pay which is part of alley bob we chat pay which is part of $10.00 cent all of these companies are very well positioned to take advantage of the china market and american express in that respect is a bit of a late comer it's going to have to market itself to not only consumers but also to banks as partners and also merchants as partners but i have a lot of confidence in the american express's ability from decades of experience cracking emerging economies to be able to get into china and make something important happen and they've always been known for their customer service and the

experience they provide well we know the trumpet ministration and they've been cracking down on chinese companies like wall way we've talked about it time and time again but now the administration is doing more than just that right. yeah that's right you know as john pointed out certainly with american express is is certainly has been part of that phase one trade deal but on the other side of that you have the u.s. going in kind of in the opposite direction as you mentioned we've seen not only the crackdown on weiwei but really the troubled ministration has been cracking down on really chinese companies across the board in fact there's an effort right now to delist all chinese own companies from the u.s. stock exchanges so there's a lot of pushback against china right now certainly and on the political side of things and part of it is to say let's remove chinese influence from american companies and we've even seen it on the social media side where you have companies like to talk that are chinese own and there are questions about whether or not those companies should be allowed to operate here so the big question surrounding

that and i think what we're really seeing is you know these 2 things happening simultaneously yes the as the u.s. is kind of trying to push china out now we're seeing the chinese as part of that phase one trade deal saying we're going to allow some american companies in so there is a contrast there and but they are like you said of taking part in doing their part and what this china won a trade deal or at least attempting to have from from what it seems now john that china they've been moving to get it economy restarted in light of all this the krona virus pandemic but now china they're seeing a resurgence of cases in beijing that is they're doing some walk down to taking care of that it seems how will that affect moves to restart the economy there. certainly very significant. there is this resurgence an outbreak out of one of the markets in beijing of course beijing being the capital of china it would be extremely embarrassing to the chinese government to have

a significant uncontrolled outbreak in its own backyard and so obviously there is very immediate action being taken to test and trace the for. ochs who have been associated with the market where apparently this al break is thought to have originated i think just as a generalization the chinese over the last 4 to 5 months have developed a very significant testing and tracing capacity which is of course supported by the information that's available from the cell phones of chinese citizens as to where they've been on any particular day of the week at any particular time and so all of that information can be brought to bear to stamp out a potential outbreak pretty quickly so they're all the asli on top of it and determined that nothing is going to get out of control to the point where factories

that have reopened to going to have to shut door small businesses are going to have to be closed again they're going to do everything they can to prevent that happening especially because they are seeing their economy start to recover they don't want to have to shut down all of it again is that you're saying then they're taking these that necessary precautions then we're seeing some similar issues here in the u.s. new rises in some cases with some states how will the u.s. deal with that on reopening that. well i think you know what you just said the china doesn't want to don't think the u.s. wants it either i don't think anybody wants to see us go through another series of shutdowns and lock downs we just got back those may numbers dealing with unemployment numbers and we've seen more people starting to work again we saw retail sales surged by about 17.7 percent that was very good news nobody wants to go back and so at this point i think there's a lot of concern certainly in markets there's concern among politicians and there's concern among business owners in the general public that we're going to go back the

way that we just came which is to go back into lockdowns and to restricting businesses instead of reopening completely and as jeffrey had said in the previous segment you know there's a lot of concern about whether or not a lot of businesses even get to come back at this point a 2nd round for businesses that are coming back a 2nd round of closures and lockdowns might certainly be you know the nail on the coffin if they do survive the 1st round so it's not promising on any level to see kind of a resurgence of cases and then having to go back into the into these lockdowns john what do you think i mean i mean the economy that i have mostly reopened are looking to reopen we're seeing a surge in cases if this in any way going to be contained. well i agree very much with ben the. the forces of momentum now with those who wish to reopen and retrenching back to lock downs would be extremely de

moralizing to consumer confidence as well as inconvenient and destructive potentially to many of the businesses who have been able to survive on the back of the short term government support that has been provided a 2nd stimulus requirement of a magnitude similar to the 1st to cover off a 2nd wave economic fallout would be extremely debilitating to the a cause. well specially because so many people have said that too much was closed in the 1st place now that they're starting to reopen and even president trump said he won't shut down the the states and and the country all together but hopefully there's this new treatment so there's that potentially could help in these pretrial hopefully they're there are other treatments that are also being studied hopefully a vaccine but again all we can say is that we're hopeful for it and only time will tell john called steen of the miami herbert business school and loomis co-host an

investigative journalist been so long thank you so much for your time. that's it for the time you can catch him bust on demand on the brand new portable t.v. out of able to go play on the apple app store by searching portable t.v. on your t.v. by downloading the portable t.v. up on apple t.v. and online a part of the t.v. . the world is driven by shaped by one person with those words.

the dares thinks. we dare to ask. some control from middle close to home most of the night most of our very hard working people who want to get ahead that is either have some some health issues or have some of those trick about luck the whole time joel moon told lies pay for a place to live and missing just a month's rent can get you a victim to gunpoint if anything bad happens to any thing that just throws your budget off slightly. you better catch up real quick or you're going to have a judgment of possession against you and get addicted to anyone that's homeless is history like garbage people look at you like a monster or someone bad or you chose to be there most of the time it's not the

case see how it is to be paul in the world's richest country. in the troubled 19 seventies a group of killers rampage through parts of northern ireland that was coordinated loyalist attacks protect the only population in belfast tens of thousands were forced to flee their homes and what was striking to put these attacks was that the r.u.c. the police actually took part in the attacks so instead of preventing it they were active participants in the burning of coal streets in belfast at the hague more than a 100 innocent civilians women. as the review can seniors and we found out more i was surprised about the extent and of the currents which the pollution was involved in some of those cases the killers would lead to be named into than a gang i think it went to the very very top i think it is the phones. the water where all the patients you thought was going

on and give the go ahead. hello and welcome across doctor all things are considered i'm you know about the people's republic of china a non-conformist utopia or a politically correct well take your pick no less the experiment being played out in seattle is no laughing matter the ideas of law and order and the legitimate use of force are at stake a piece of advice go visit chas if your child is as you.