gallia legs to earn money. that's right these assholes are completely not accountable and we're just getting more and more to do that. totally destabilize the global economy you need to protect yourself and get in for kaiser. this is boom bust the one bit the show you can't afford to miss i'm going to bore in washington coming up with the international monetary fund has issued a grim outlook for global growth in the wake of the coronavirus but when can we see a rebound we have expert analysis on hand to go over the details plus could we soon see if in tech giants moving into the cryptocurrency space will bring you a boom bust panel on the state of the sector but the facts show today so let's dive

right in. and we leave the program with the international monetary fund's announcement that the global economic downturn due to the corona virus pandemic will be worse than initial estimates. so compared to the april and economic outlook we are projecting a depot downtown in 2020 and a snow to company in 2021 to growth to 2020 is projected at minus 4 point one percent which is 1 point one percent is points below our april focused now this reflects the fact that in the 1st tough economic outcomes came in somewhat worse than we had anticipated and because there is no medical see you should we are expecting social distancing to persist for more for a long time into the 2nd half. and downgrading the growth forecasts for 2021 the i.m.f. expects a growth rate of 5.4 percent instead of earlier estimates of 5.8 percent the fund is predicting an 8 percent contraction in the united states. gates in 2020 while

the eurozone economy will decline by 10.2 percent brazil will take a 9 point one percent hit with the economy of mexico shrinking by as much as 10.5 percent just this year now the organization also pointed to a catastrophic toll on the labor market due to the pandemic saying there klein in work hours for the 2nd quarter will be the equivalent of losing $300000000.00 full time jobs worldwide the funds chief economist also spoke about the unpredictable nature of the pandemic making it difficult to judge where the world's economy will head in the near future so there is tremendous uncertainty around the focused on the one hand you could get positive news you could have based news on the scenes and on treatments and great a policy support and that can trigger a fast as a cavity but on the other hand there are important downside risks to ease that the virus could come back up you could have financial tightening that could lead to dest distress. and for more on this let's bring in some expert analysis from c.e.o.

of quill intelligence and former fed insider daniel de martino booth and host of economic update professor richard wolfe thank you both for joining us today that professor wolf i want to start with you here what do you make of this latest global forecast from the i.m.f. is this what you are seeing in the world's economy or do you think it might be much worse and what are you looking at when it comes to recovery. no i think my hat goes off to the i.m.f. for being able and willing to correct their own the now we can see real g 8 projections and to take into account how serious is the i'm in the relation of having to tell my colleagues here in the united states that this is the worst collapse of capitalism since the great depression of the 9030s we don't know how deep it will cut we don't know how long it'll last or one thing we know for sure is that it is already the most severe contraction and if history is any guide the ramifications of that with us and hurt us 30 years to come. now daniel of

the i.m.f. chief economist also spoke about the role of central banks in fighting this economic crisis as well. we have actually wanted to reach and fiscal support we need to be continued but appropriate safeguards should be put in place there should be proper fiscal accounting fiscal transparency and when it comes to one of the policy central bank independence has to be maintained. with the i.m.f. advocating for central bank intervention danielle if this is going to be the new normal for the foreseeable future. you know i can't see a different path forward that the federal reserve for one has had such an impossible time trying to extricate itself from its very large balance sheet its attempt at quantitative tightening failed and the fed was was the chief central bank on planet earth that was able to normalize the most for as little as it

accomplished headed into this next crisis when we saw the european union went into recession with interest rates are already in the negative the same goes with with japan so i think the i.m.f. point that it's going to be very difficult for central banks to step back from where they are given the projections for how long this this downturn is expected to be we're not expected to get jobs back for years and years to come so i think the central banks will become a permanent fixture of sorts and now we're hearing a lot of bubble talk of these days earlier this week we talked about jeremy grantham the investor who called the last 3 financial bubble saying that this bubble is the real mccoy as far as bubbles go and you're done e of you're done the research that if the fed continues to flood markets with liquidity it could risk the greatest financial bubble of all time now do you know is this a real concern of the fed actually worried about this bubble bursting or are they just trying to keep everybody's head above water at this point. so i think right

now the fed is is is it's the latter the fed is trying to prevent this bubble from popping but the problem is that in doing so it's unleashed all kinds record junk bond issuance even as companies are being downgraded to junk they're issuing bonds on the open market we've had the most brisk few days in high yield issuance in history we tacked on over a trillion dollars of debt to an already over in debt at corporate america balance sheet so we're setting ourselves up for a monumental decline and to your denny's point this truly is the mother of all bubbles and if the fed doesn't have some kind. internal recognition of this maybe not external maybe they're not speaking about it publicly but internally there has to be a tremendous amount of discussion about the potential ramifications of a 2nd wave of reclaim the u.s. economy and what that's going to mean for these lofty valuations and a professor of i want your pinion on all of this fed intervention what are you

looking at here and do you buy this as the biggest financial bubble in history. it sure looks like it and i would have to argue that we are in one of those very dangerous situations where the federal reserve cannot stop supporting the the financial markets because it has tried and they choose not that gold even the last few weeks of cutting that and had already troubling results they can't stop it but they realize that if they don't stop it they are in fact beating a rising stock market at the same time that the underlying economy is going extremely other way it would be hard to imagine this having a happy ending and i think it speaks to a level of problems that have not been that are blowing up inside of our economy and that i don't want them this system can cope with and that's the future i think

we've raised and now on this show we often talk about how the stock market is not actually tied to the economy but but we constantly see movement on economic data and when the u.s. equities saw substantial losses with news outlets attributing it to obviously the increase in covert cases that we're seeing here in the united states and this economic data from the i.m.f. danielle what is really going on here what are markets reacting to i mean after we've seen is this really just a normal ization after what we saw this last week with some pretty substantial gains. so i think a lot of us in the world of economics these days rely on addict data so to speak anecdotal data and i can tell you that the drive time to the studio is half of what it was just 2 weeks ago this afternoon and that we've seen reservations in route restaurant reservations in many of the cities that have reopened come crashing back down as people still begin to shelter in place it doesn't matter if the government is mandating it a lot of people that they're seeing the data these are some of the the highest

income earners in the nation and they're deciding to close their pocketbooks up again and to shelter in place once again this is going to have a ripple through effect on the economy and i think that's what markets are reflecting most of all today professor wolf what are you saying i mean we've saw this record run in tech obviously again when we talk bubbles tech is obviously there just keeps going up and we saw that record run actually kind of and today as we saw markets not i don't think plummet but we lost what 6700 points on the dow what are you seeing here when it comes to the u.s. stock markets. i think i see extreme anxiety just as your other guest wanted out reservations at restaurants early backwards and. invest everywhere that you ring out for trying to game. out on the wrist upswing funded by the last and how soon will something happen whether it's in

the damage or whether it's in the underlying weak economy to make people begin to think like cutting the reservation they want to cut their exposure to the market and once that begins with the loss the level that have been funded by the federal reserve or the crash down and be as accurate if not more so this time then it was a few months ago. professor richard wolfe host of economic up the c.e.o. of quill intelligent former teligent and former fed insider daniel the martino both thank you both for joining us today. thank you. and as markets real over reports of the surge in corona virus cases let's take a look at the global trends and spread of the crow virus with our chief correspondent saya tablet or no so we know that nations are doing everything they care to and those curves but how well are they doing right now or brand some are doing better than others and others are just starting to see

a surge in cases now the u.s. and brazil are both doing worse followed by india and russia and that countries that are looking better and are illustrating that they are flattening the courier are spain u.k. iran peru and chile and mexico but there's something else that i want to i want to take a look at that amongst the countries with the highest reported cases now for example of the u.s. with a population of 330000000 and they have conducted over 20 $9000000.00 tests now that's $90000.00 that's about $90000.00 per $1000000.00 population of the u.k. and russia have conducted a lot more testing they've done anywhere between 101-222-1250 extension 00 per $1000000.00 people but i want you to take a look at this for example brazil now they have a population of about $212000000.00 people yet they've only conducted about

$12000.00 testing per 1000000 population now india the other hand they're doing a lot worse now they're down just 5000 test per 1000000 population and india with a population of 1300000000 people so expect those numbers in india to go up significantly in the coming days as they do more and more testing the same for brazil. can you break down the numbers here in the u.s. where we put it so specifically 7 states are reporting. record high numbers obama hospitalization since to pandemic now the u.s. is also recorded its 3rd highest total with over $36000.00 new cases and again that's the largest single day increase since the start of dependent but it's also not just about the cases you're right it's also how many of those infected would eventually need critical medical care and overwhelm the health care system and

that's where again these 7 states come in a story where they're having the record number of hospitalizations now for example in arizona they have just reported a record number of deaths today and california jess hit a record today with more than 7000 new cases and texas more than 4000 people are hospitalized now that's more than double the number at the beginning of june and and these 7 same states are also among the 1st and most aggressive to reopen for example florida most restaurants and stores open back on may 4th while gyms and stores are actually in full capacity in early june of the same went for texas and arizona but to give you a comparison you know a state like maine that's fewer than 20 $100.00 cases they announce that restaurants would not be open for indoor service anytime soon so we're obviously

seeing a trend here the sooner the states open up the more cases that we're seeing right now and because of all these spikes in numbers states like new york new jersey and connecticut have just announced a 14 day mandatory quarantine for travelers coming from states with a 10 percent infection rate or higher and right now these states all have that 10 percent infection rate or more plus something else i want to point out is that none of these states that you see right here ever mandated to wearing a mask in public but again expect all of these to change because as you recall new york started with as the epicenter of the virus but now they're only at a 1 point one percent infection rate brant so correspondent thank you so much for keeping us up to date. and time now for a quick break but hang here because when we return could we soon see a phone tech giants moving into the cryptocurrency spray it will bring you a boom bust panel understand the sector as we're going to break here the numbers at

the close. live. live. live. live. live. tower read out really turn on the t.v. on the about the world and what's happening around me i see shows on the screens but in last every day because the fake news near it sits at

a state to maybe go in small little enough business with half the plum brick by brick globalism make you smile how plenty off that in this war but i found a network that question. he's right is that space civil strife climate change example will be cool simply lists all the mainstream wants to do was keep us clear he wants the right you can't keep a silenced critical point seize hold to spake to you question inside direct we don't take sides we walk the walk artsy america of means real talk.

you can be both with the yeah. i'm holland cook i invite you to climb with me the mainstream media and from that higher fat which to glimpse the big picture question more. welcome back nations throughout the world are struggling to combat the crowded virus it continues to ravage economies sending some into recessions no economists claim an increased tax on the wealthy might help alleviate some of this pain but so

far not many have done so just days before rush is scheduled to vote on constitutional reforms russian president vladimir putin announce a tax increase for the wealthy as a way to stimulate the economy. some of the chill of what it was since the beginning of the pandemic was the main goal was to keep the basic revenue of russian households keep the employment to help people and solve their problems to support the economy through them. and taxes will increase from 13 to 15 percent for those earning more than $5000000.00 rubles that's the equivalent of roughly $72000.00 american dollars this is the 1st tax hike on wealthy russians since a flat tax was introduced in 2001 the country's g.d.p. is expected to do decrease by 6 percent due to the pandemic russia won't be the only nation raising taxes during the pandemic beginning in july saudi arabia will impose a 15 percent value added tax on all good produced in the country raising the vat rate from its current 5 percent level. and huge news in the digital currency

world as digital payment giant pay pal is reportedly looking at whether or not to offer direct sales of bitcoin in other cryptocurrency to more than 300000 w3cw users globally through its mobile subsidiary then mild some reports indicate that this service could be available in the next 3 months or even sooner joining us now to discuss arbusto host ben swan and kristie i ben i want to actually start with you here how big of a push would just give kryptos currencies like bitcoin. yeah if you want to know how big it's going to be goes back to right now when you had a little bit of a pause there when you almost said 300000 had to correct it 300000000 users using pay-pal worldwide that's how big this is on we're talking about the ability for pay pal to reach into audiences that that where big coing and alternative coins have never been before just to give you an example of how big we're talking about you

know coinbase is probably the most famous exchange in the united states for big coin they have about 11000000 users 11000000 on coinbase buy nance which kristie is very familiar with knows the guys over there by nancy very well they're the largest in the world they have about 15000000 users so when you're talking about a company of the heene this company like pay pal possibly stepping into this space and introducing about 305000000 users to cryptocurrency it's a very big deal the real i think issue is whether or not it's just because or which alternative coins are all coins get to be a part of this is well because if you are in all coins and you manage to get on the pay pal's platform it would send you skyrocketing so it'll be very interesting to see how that part of the story plays out kristie we know the other payment processors have gone down this road before pay pal's primary fin tech rival square launched bitcoin transactions in its cash app in the 1st quarter of the service generated 306000000 in because revenue alone now is it only

a matter of time before pay pal gets into this space at this point. yeah it was doubly only a matter of time before all of these legacy payment processor has jumped on board the crypto bandwagon and it's not because they're necessarily believers are kept on the busiest or anything but because of the opportunity because it's profitable and became trendy and pay pal just like square and facebook libra they're all seeing this as a very lucrative opportunity so at this is a big deal but it's also kind of sad when crypto which was designed to be free and get access to the masses but instead now you have the tech and the he meant stepping and self appointing themselves to be the good keepers the middleman to get access very small margin point base and then just mentioned when the entire point of crypto is to cut out the middleman but sadly we do kind of live in an age of convenience and so the easier the more convenient the more dumbed down and at makes it for the ordinary user to get access to bit quiet the more people continue to do

use it and adopt it and the more powerful that middleman gatekeeper becomes so right now in a really good position to capitalize on this opportunity seeing that they are already have that partnership with base so by offering to sell script on the platform they acquire within reach of its 300000000 active users so it's a double edged sword on one hand it will increase their points exposure and visibility to the average person but then on the other nor completely and trusting an intermediary to hold and store and transact your funds which is completely defeating the purpose of the name but quite now ben we know that crypto currency faces that a lot of regulatory hurdles specially here right here in the united states so what is that what is standing in the way of pay pal actually going down this road if you were saying that we could see it in as soon as 3 months maybe even sooner so what's in the way of this well i think there's a couple of things remember the that there is a still a big disconnect between the way the i.r.s. views cryptocurrency and the way the rest of the world these crypto currency so

here in the u.s. when we talk about crypto currency we refer to it as a currency an actual exchange of value the same as with the do. dollar and that's an exchange of value and so that's how the general public views crypto currency the i.r.s. use crypto currency as property or as a as a as an asset so if you say i'm going to purchase you know some bitcoin today the i.r.s. says you just purchased property not that you that you're trading currency so there is a big kind of disconnect between the way the government in this country and government agencies view cryptocurrency versus the way that it's viewed on these platforms so even though or a pay pal is treating it like you know any crypto currency like it is a currency but i also want to say very quickly to christie's point i think this is important you know she was mentioning that there is kind of a standard view of how it should be for if you're a purist for big coin or a purist for crypto currency that you're supposed to be cutting out the middleman and that is absolutely that is absolutely accurate the problem that we're going to run into with a company like pay pal coming in is that it will also help to drowned out or crush

smaller crypto currencies that have different function than that coin and might in some cases even be more effective or a better technology than that point but because people can access it in a very convenient way or as she said a middleman in between which a lot of people like the idea of those alternative currencies are going to get crushed. kristie is there something that stands in the way of getting onto an exchange like this or why is it so different sometimes you see only 5 coins offered obviously because it's offered everywhere but how do you how do you get as many coins onto a platform as possible. well one thing that's a always a huge process of the on boarding fee but any other bigger issue is the fact of the cordy decline and all of the top $3.00 quine's are going to be the most likely going to rebel that are going to be the most liquid and therefore the most accessible so when i have a middleman such as doing all the transactions for you of course want to limit

their risk and exposure so obviously in our to do that they have had a quick access to spot markets with all the exchanges so right that to limit their risk. holding all of these assets to minimize the price fluctuations is to of course transact in the most liquid currencies and that's the barrier for a lot of you all coins simply because there's not a lot of training volume and i know kristie i can't let this segment go without talking a little bit about the price of because what are your thoughts on the price a big point seemingly being stuck around $9600.00 of course today as everything went down a drop down to 9300 but what are you seeing here why is it having a hard time specially this month breaking through that barrier. well then take a little dump this morning but we are still holding well above the 10 day and the 50 day moving average so we're kind of mirroring the equities market a little bit but the big reason why we are currently stuck in this $1000.00 range is basically the derivatives market the derivatives market is continuing to grow and there's currently a record setting $1000000000.00 notional set to expire this friday the 26th so

that's actually quite exciting but if we look at where the open interest is concentrated the majority is at 10011002 the upside but on the downside we're looking at the 1000 strike which is currently in the money so now looking at the flow data a good amount of traders are selling these 10011000 strikes and buying the $1000.00 so that's why there's so much resistance at the 10000 because of prices start to rise the call sellers are going to take a short positions to keep the market from scaling the 10000 mark so it has to stay within this range into expertise for all of these call sellers to profit so this is definitely the largest they quit option expert by a mile right now this week so it is expected that the aftermath could be quite all . ben swan and christiane thank you so much for breaking all this down for us. and that's it for this time you can catch boom bust on demand on the brand new portable t.v. up a billboard smartphone through google play in the apple app store by searching portable t.v. could also find it on apple t.v.

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corrupted you need to descend. to join us in the depths. or a maybe in the shallowness. path and tonio and this is america's lawyer facebook has created a new tool that they're pitching to corporations to help those companies bust labor unions before they even get started tonight we'll tell you all about this new product and how faced. might be using it to spy on you and your coworkers also tonight trump may boast that the american economy is 2nd to none but an international audit shows that workers' rights and protection of the in the u.s.

is downright abysmal later in the show pollsters report a widening gap between donald trump and joe biden in the lead up to the 2020 lection how much of this divide is driven by fear and anxiety and how could that change between now and november don't go anywhere america's lawyer starts right now . facebook is trying to help other companies prevent unions from forming with a new 2 called facebook workplace the tools going to give employers an overhead look at what employees are saying to each other and i have fair and cousins from the trial lawyer magazine and all around just great journalist who writes about these types of things to talk about it fair and listen this this is. we have watched zuckerberg turn in from this this hero of the left to this dark dark character who understands money matters right so now this is his new money plan

talk about right it's this platform called facebook workplace and what it is is it gives an employer like wal-mart or starbucks those are 2 companies who are using this their employees can log into their facebook workplace and it's like a regular facebook interface except it's only for those employees so they can talk to each other about work related items they can you know talk about what happened on the shift and things like that but management and this is how facebook pitched it management at those companies has the ability to filter out certain words basically what they called content control by doing that by preventing certain words from popping up like in their presentation they said unionize union union i don't use those words they actually can control the flow of these conversations and almost influence the way these employees are thinking and speaking this you love this part of stuff.