i'll see that. 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 fact 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 lead 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 1 of the economic

outlook we are projecting a deeper downtown in 2020 and a slower to company in 2021 to growth to 2020 is projected at minus 4 point one percent which is 1 point one percent 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 forecast 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 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 full cost on the one hand you could get positive news you could have this 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 a 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 am after being able and willing to correct their own that now we can see room g. projections and to take into account how serious is the i'm in the relation of having to tell my colleagues here the united states that this is the worst collapse of capitalism since the great depression of the 1930 s. 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 and no danielle the i.m.f. chief economist also spoke about the role of central banks in fighting this economic crisis as well substantial monetary 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 money policy central bank independence has to be maintained and 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 that the european union went into recession with interest rates are already in the negative the same goes with with japan so i think to the i.m.f. point there 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 that 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 bubbles saying that this bubble is the real mccoy as far as bubbles go and you're denny of your d.n.a. research is saying 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 and is the fed actually worried about this bubble bursting or are they just trying to keep everybody's head above water at this point. well i think right now the fed is 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 of 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 indebted corporate america balance sheet so we're setting ourselves up for a monumental decline and to your dennys point this truly is the mother of all bubbles and if the fed doesn't have some kind of 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 requote zings of the u.s. economy and what that's going to mean for these lofty valuations professor wolf i want your opinion on all of this fed intervention what are you looking at here 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 whether federal reserve cannot stop supporting the financial markets because it has

tried and that she has know that even the last few weeks of cutting that at had already troubling results they can't stop it but they realize that if they don't they are in fact 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 going 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 the show we often talk about how the stock market is not actually tied to the economy but what 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. then you know 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 are allowed at 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 say begin to shelter in place 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 call. that is 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 i 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 take 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 and your other guest pointed out reservations at restaurants currently backwards and that. and that's 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 past 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 had been funded by the federal reserve

then crashed down and be as accurate if not more so this time than it was a few months ago. professor richard wolfe host of economic update c.e.o. of quill intelligent former teligent and former fed insider daniel de martino both thank you both for joining us today. thank you. markets real over reports of a surge in corona virus cases let's take a look at the global trends and spread of the crow virus with r.t. correspondent saya tabular now we know that nations are doing everything they can to fly and those curves but how well are they doing right now or brand someone you know better than others and others are just aren't can see a surge in cases now the u.s. and brazil abo. doing worse followed by india and russia not countries that are looking better and are illustrating that they are flattening the current 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 us with a population of 330000000 they have conducted over 29000000 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 122-212-5000 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 people yet they've only conducted about 12000 testing per 1000000 population now india the other hand they're doing a lot worse now they're done just $5000.00 test per $1000000.00 population and

india with a population of $1300000000.00 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 did 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 the pandemic 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 the. we're having the record number hospitalizations now for example in their destroy ported record number of deaths today and california

gess 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 opened back on may 4th while gyms and stores were 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 2100 cases they announce that restaurants would not be open for indoor service any time 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 every mandated a 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 here because when we return could we soon see if in tech giants moving into the cryptocurrency space will bring you a boom bust panel understand the sector and as we go to break here the numbers at the close. i know no crowd. no

shots. actually felt speak i. mean well it's true no 1st of all. points your thirst for action. we start to add to. the good can each other than the men. but on the butter side going to the booklist muscle that business from just. east of. the emotion learning t.m. must go if you will still be stuck or you muscles in the course of your knee which mrs cheney has just located off a coach of the church. compassion

that. we think she minds be soldier she's also the boots she's wearing. to challenge so so looks like to move the opposing opinion was with going on the show stuck in the summer watching the police force send us all the. and welcome back nations throughout the world are struggling to combat the coronavirus as it continues to ravage economies sending some into recessions no economists claim an increase tax on the wealthy might help alleviate some of this pain but so far not many have done so just days before russia's scheduled to vote

on constitutional reforms russian president vladimir putin announced a tax increase for the wealthy as a way to stimulate the economy. some a little of what it was since the beginning of the pandemic was the main goal was to keep the basic revenue of russian households implemented help people and solve their problems to support the economy as it was through them. 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 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 goods produced in the country raising the vet 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 and other cryptocurrency to more than 300000 w3cw users globally through its mobile subsidiary then mail some reports indicate that the service could be available in the next 3 months or even sooner joining us now to discuss our bus co-host spence juan and christi i ben i want to actually start with you here how big of a push was this 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 christie 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 humus company like 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 managed 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 you know kristie we know the other payment processors have gone down this road before pay pal's primary fin tech rival square launched 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 processes jumped on board the bandwagon and it's not because they're necessarily believers are quick to think it's yes or anything but because of the opportunity because it's profitable and became trendy and 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 i had. they he meant stepping and self appointing themselves to be the good keepers the middleman to get access very selective point they said ben just mentioned when the entire point of crypto is to cut out the middle man 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 be quiet the more people continue to do news and

adopt it and the more powerful that middleman gatekeeper becomes so right now in a really good position to capitalize on this opportunity saying that they are ready to have that partnership with on 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 his ability to the average person but then on the wall there nor completely entrusting an intermediary to hold and store and transact your funds which is completely defeating the purpose of that line 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 or 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 a dollar and that's an exchange of alue 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 an asset so if you say i'm going to purchase you know some bitcoin today the i.r.s. as 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 to. 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 drownd 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 is out there is always a huge process of the on boarding fee but then the other bigger issue is the fact of the courty decline and all of the top $3.00 quine's are going to be the most likely going to rebel those are going to be the most liquid and therefore the most accessible so whenever you have a middleman such as a pow doing all the transactions for you of course want to limit their risk and exposure so obviously in our to do that they have to have now quick access to spot

markets with all the exchanges so the way that to limit their risk of 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 the all coins simply because there's not a lot of training. 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 of 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 especially this above breaking through that barrier. well it did take a little dump this morning but we are still wholly 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 26 so that's

actually quite exciting but if we look at where the open interest is concentrated the majority is that 10011002 the upside but on the downside we're looking at the 9000 strike which is currently in the money so now looking at the slow 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 to 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 that quite option expert by a mile right now this week so it is expected that the aftermath could be quite. boom bust co-host 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 on the apple app store by searching portable t.v. it also bought it on apple t.v. devices or simply just go to portable t.v.

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a propaganda for. every single part of america pretty much just doesn't do what it says it does the food companies don't make food the car companies don't make cars the computers don't make computers they don't do what they say they're doing all they're doing is they're gaming the system by getting a free pass from the fed if you're part of the privileged class and then you know whipping that up to d.c. it's payday for the executives. in the middle of the computer the middle of the hey folks dennis miller here still come india from my home joined by a dear friend today fellow s n l a law and although he was there with the original permutation right smack dab in the middle of it create an roseanne roseannadanna and many more alans why bell

right after this dennis miller plus one. and hey folks welcome to dennis miller plus one i'm very excited today usually want to guys nice i sometimes find their comedy incipit usually when a guy is brutal i sometimes find their comedy insightful to find a nice guy who's comedy smack on the nose right on the button killer insightful is truly to find the motherlode my guest today is you must allensworth bow out on his best known for his work on s n l but also you know billy's show 700 sundays you work tempt him on that. i think he's consulting producer with larry over target enthusiasm his new book i am in the midst of reading it and i'm in a treasure trove of reading apropos of nothing by woody allen and the now book the

actor both making a lot laugh lines my life helping funny your people be having funny people be funny are now out in stores and online alan how are you my friend made then it's how you do embody. beautiful the book is killing me and the cover were very clever to put that like almost a post it memo about essence and you get the i just that that is such a clever design was 8 euros now with about a year earlier he sent me a couple of cover designs that made me laugh but then i thought ok there are that there in the course of the next year we'll discuss it no one brought it up in the next thing i knew that was the cover and i went ok but yeah yeah it sort of makes sense and if you if you'd dine for a picture of me on the back you have my face by whole face yeah you have that harried comedian.