100 died spikes in cases positive tests is not the same as spikes in people dying this disease kills only the vulnerable it doesn't kill school kids and that's the issue here and the hysteria to shut our whole country in our condom in our schools down is hysteria that's not rooted in this science that this doesn't this just doesn't hurt kids. well the lie. is that actually if i think right now the new york city is talking about a land where you would have cancelled a school for 2 days then 3 days and i'm wearing and i think if the virus is control there's. very little stations and very little deaths then. actually i mean do you wish the best you're balancing kids having a quality education that he deems safe and that everybody so you know so so

yeah. you know if there's less patient in the fires under control of course you can have some kind of or but. it has to be you know really exaggerate and so would say and i think you know me and i think you are is actually doing pretty well given that again very posh is. just the point briefly to bring up with you don't trump is threaten to withhold federal funding from schools that do not reopen due to croon of ours is not going too far right now in the midst of the pandemic. no in fact when you have the california teachers union saying we're not going to open schools no matter what will they actually said they will not agree with opening schools to the police or defunded i'm not sure what defunding police has to do with it but if you're going to have all the kids to public schools in california are saying we are not

important let kids stay at home and learn on line they can learn on line all kinds of programs that don't take taxpayer money what are you going to do with the buildings if all the kids are home are they going to cut the taxes are they going to sell off the buildings are no longer using it's preposterous but i say we take them at their word if they think it's not important to go to a public school let's put all the kids and have them all do on law. school and let the federal money go to the kids and morning just to fit in one last point with you the president of the american federation of teachers has said many teachers may quit if forced to go back to work before things are safe do you think a mox walk is likely we have about 30 seconds. i hope you know. people. want to know. oh you did well and have. 9 been the same i mean i do think this is and you felt i had workers are standing up for themselves you know hell there are nurses teachers grocery store clerks they're asking for better wages

better working conditions because they realize how important they are in this and i think that's a really important thing and holy day may not. have been prevented but i think. people should not risk getting sick ok thank you bieber did you say ok now that i think they need to stand up for kids or john thank you john on morning joe on former missouri state senator john ludden morny lawyer former counterfeits for new york city council thank you both for a spirited debate enjoyed having you on the program thank you thank you thank you. love is your lot for knowledge from. america picks up the month left the top of the hour on global screens hope you'll join the team in washington then have a great weekend and also use and buy from us.

this is a boom bust the one business show you can't afford to miss in washington coming up china's industrial output bounce back in q 2 but how do other sectors of its economy fare we analyze how the global economy is handling the consequences of the corona virus pandemic plus the price of copper popper recently driving optimism for the global economy moving forward we'll bring you in-depth analysis we have a packed show today so let's dive right in. and we lead the program with economic data out of the world's 2 largest economies as the globe continues to grapple with the copen $1000.00 pandemic let's start in china officials are reporting the

country's g.d.p. grew by 3.2 percent in the 2nd quarter of 2020 compared to the same period last year now the economic growth was a sharp rebound after the world's 2nd largest economy contract by 6.8 percent year over year for the 1st quarter of this year now china was the 1st nation worldwide to start lock downs and stay at home orders in january but most restrictions have since been eased more positive data came as industrial output jumped 4.8 percent year over year for the month of june better than initial estimates from economists now some experts see these data points as a sign of an economic recovery for china however retail sales fell by 1.8 percent for the month of june. worse than analysts expectations but better than the loss of 2.8 percent in may now meanwhile here in the united states the u.s. commerce department announced retail sales for the world's largest economy grew by 7.5 percent in june after a massive jump of 18.2 percent in may now this of course comes as restrictions have

softened in certain areas of the country despite recent spikes in coronavirus cases and as is generally the case on thursday the labor department released the latest numbers regarding jobless claims here in the u.s. initial jobless claims came in at 1300000 for the week ending july 11th now this marks the 17th the straight week in which claims eclipsed 1000000 now according to the data more than 51000000 people have filed jobless claims since the end of march for more on this debt is the state of equities let's bring in some expert analysis from octavio renzi c.e.o. of optimists as well as blue bus co-host christi i thank you both for being here today now christine i want to start with you what does this report mean for china's economy and is the recovery there well underway. well it seems like the recovery balance post corona seems to be strong and activity is looking like it's returning to normal china is now the world's 1st major economy to report positive economic

growth after the crown of virus however what was really really unexpected that you mentioned earlier is this drop in retail sales for the 5th straight consecutive month now this was definitely not expected and could be quite problematic for the rest of the world because as you know china is the world's largest consumer especially in the luxury goods segment so this actually could be quite problematic for every other exporter and seller and so now the major question still remains on whether or not this momentum seen in the 2nd quarter of this year will continue on into the 2nd half of this year when there's still a lot of underlying structural damage so it will be hard to continue to grow if china's consumer recovery is still remain sluggish and then on top of that there's still this escalating confrontation between china and the u.s. we job markets and disruption by the summer floods so it's just what we like to say like good news is bad news we actually saw that today because the shanghai index plunged 4.5 percent on this report that it beat expectations on the surprise beat that looked like good news however the market fell due to fears that this good news

would force the government to enact more medicine or to tighten monetary policy to cool off the recent sharp rise in the market in our tovia activia i actually want to move on to equities here ernie's we continues as we see reports out of the bank of america where profits fell by more than 50 percent for a loan losses how concerning is this to you especially if we continue to stay in a low interest rate environment for these big banks. well i think amongst the big banks in the u.s. you're seeing a real sort of bifurcation 2 directions so is the retail and commercial banking that's taking a big hit does it in terms of low doses and reserves but i would point out these of cost losses rather than actual so these big banks being very very conservative managing their balance sheets and saying we're going to put a lot of money aside to make sure that things if things get worse and. delinquency rates keep going up there will have an awful lot about it she has to say whether that's so delinquency rates on loans are up a bit but not as much as you might think given the state of unemployment in the

economy and these terrible job numbers that we've seen coming out of the u.s. on the other side of the house however on the investment banking side trading asset management things are going swimmingly well so we saw morgan stanley come out with its best call whoever goldman sachs did very very well and that those big other commercial banks citibank j.p. morgan we've also seen the investment banking activity do very very well indeed and that's all been engineered by the fed with the fed is just piled so much money into the u.s. markets the markets bounced up very sharply and investment banking is doing very very nicely thank you as a result of the us now kristie is sticking with earnings here to tesla is actually set to report earnings soon and after this massive rally it is now on par with shares of google and other consistently profitable heavyweights so what are the expectations going into this earnings call for elon musk's baby their entire. life shares have actually quadrupled emprise this year with volume nearly tripling this week from the 6 month average so the rally to tells us market value now to

$325000000000.00 so for everyone's reference tesla is now over 3 times the size of the entire s.m.p. autos and part sector even though that the overall share of the global autos market has only represents one percent growth from 2017 to now only point 8 percent in 2020 so the street is hoping that this quarter finally tesla could surprise the market with a quarterly profit which would put the stock in to join the s. and p. 500 within 3 to 6 months so we talked about this before it because this would be a be a major step to for tesla to be included because it would bring about liquidity to the stock and more access to the stock there passive and that's a miracle so i know there are potential catalysts that everyone is looking forward to is this battery day call on september 22nd where the company would unveil its quote. 1000000 mile battery and showcase advances that put the company ahead of its competition in terms of its battery technology so this is about it that would supposedly last for decades and withstand all type of weather and terrain but right

now all in all tesla is still extremely overvalued you see the momentum slowing down and kind of telling right now currently the stock has topped off its rally and a settling down as even momentum traders are kind of settling down and cautious and getting out of it ahead of her just in case. we just talk about the weekly jobless claims are still coming in above 1000000 for the 17th straight week now in the u.s. in coming in worse than expectations these are signs that the long term damages are beginning to mount with permanent layoffs beginning to climb what do you make of this and will this recovery bounce actually plateau. in terms of the jobless claims i think's extrude going to be difficult to compare that with historical data because we're looking at quite different things so the eligibility for unemployment benefits it's been low so it's been expanded in almost all sorts of people who in the post with no knowledge will know i did school and the benefits have been massively expanded as well that's of course could encourage more people to file so

it's really hard to say what do these numbers mean with the numbers in the policy in the possible mean would've been a horrific number and now we're quite happy that it's coming down in the right direction but we're still very very high but it's so hard to say it was sort of very much in terra incognita we don't know exactly where these and then have to compare this historic to so very hard to say on that front and i think anyone knows what it's going to go to school in themselves in the newton cells so i would be prepared for more numbers coming out this way it's going to continue for some time but bear in mind it might not be as bad as it looks because it's not we comparable to the possible talking about different things will measure in a different way and we've got different benefits. at the moment now octavio and actually follow up with it because are we going to see the u.s. start to follow the same trend as china which we actually talked about seeing some economic growth you know the market has been on a tear so we start to see the fed in if we get a good 2nd quarter print and start to look at maybe bringing those interest rates

up a little bit stopping. what are you seeing here. i'm seeing q.e. forever basically and i think the market has had this bounce like engine exclusively by the feds montra large s. and pumping in trillions of dollars into markets buying up every bond they could find and that money of course finds its way into the equities market quite quickly the fed is that it's the only game in town exit markets at the moment what we just heard about tesla i would say it's also pretty reflection of all this very easy money coming into the market and pushing up stock prices in fairly bizarre ways the fed i believe knows as i think the market knows a rule and as soon as the fed starts in the drool that liquid is it we're going to see some real unpleasantness in the market so they have sort of painted themselves into a corner just today the head of the new york fed was saying it's far too soon to talk about raising interest rates again the economy is going to need our support for years to come so i would say it's going to be quantitative easing for as far as the eye can see and as soon as they start thinking about increasing interest rates

and saw indications the market even considering that we're going to see a nasty correction coming down then kristie what's your take on the situation. i think he's absolutely right because right now he did mark it has been entirely supported by the fed and the central bank but china on the other hand they're saying they've they've been through this already in 20142015 they say well how dangerous that could be as a market gets to overheated too quickly so that is why right now the money they have been gradually withdrawing liquidity from the market for about 89 consecutive days now which is why the shanghai composite suffered this bad of a print today even when they actually posted some very good numbers that the expectations so the u.s. has been painted itself back into the corner because right now is if we all the sudden started to tighten the quiddity we would most likely see across much greater than that of the shanghai composite today to the emergency c.e.o. of optimists who both co-host christiane thank you both for that expert analysis thank you.

ben as we continue to discuss the economic storm brought on by the covert 19 pandemic let's go ahead and take a global look at the spread of the virus with archie correspondents are savage are gone where are we worldwide so brenda's where we are right now in the numbers and she's just keep going higher confirmed cases over 13800000 right now globally global deaths over 589000 looking over to the u.s. now there's more than 3650000 cases and deaths now have reached over 140000 jest in the last 48 hours i want to go over the numbers of new cases that are currently affecting the 10 most again affected countries now the u.s. of course is leading but what's different here is that it's followed by a india and brazil and now south africa that's actually taking the place of russia

and now russia all falls after south africa and that again in latin america there's of course. mexico colombia and peru now here we have also iraq being added to the list which was replaced with chile and iran is continuing to stay right here on the list of new cases now also want to go back to the u.s. and the hardest hit hotspots which remain to be california arizona texas and florida and now in california there's been over a $9600.00 new cases reported in the last 24 hours and the state is currently setting a record for hospitalizations and i see you admission now brian there's also talk about a possible new lockdown in los angeles county now in arizona which is the most resistant state in the country when it comes to face mask now they have over 3200 confirmed

new cases just in the last 24 hours and morgues are also filling up in arizona and there also seems to be a serious medical staff shortage in the state now moving over to florida that is another day of soaring cases now the sunshine state recorded nearly 14000 new cases thursday bringing the total number of cases to more than 3 115000 others also currently more than 8600 people currently hospitalized across the state and as a wednesday more than 50 hospitals have reached intensive care unit capacity and 0 beds available and in miami where the main of the outbreak is hospitals have reached 95 percent capacity now moving over to texas right here where in counties that have skyrocketing hospitalizations and are bringing in refrigerator

trucks as morgues are starting to fill up now and while hospitals are starting to get full and tech says. it has also prompted the federal government to convert a hotel into a health care facility so as you can see these hotspots remain to keep increasing brand and no sorry there has been some controversy over where and facemasks around the united states how are local municipalities handling this so currently there is no federally mandated were a face mask but the center for disease control prevention says everyone should wear a mask cover when they go in public so while some states continue to make this a partisan debate some u.s. retailers these big names that you see right here are taking this in their own hands and announced plans to require customers to wear masks while inside their stores but here is the problem brand if any of these retailers that you see right here are in states like georgia they can't actually make customers wear

a mask and why that's because georgia governor brian kemp a republican has issued an order notifying all local local mask mandates definitely bizarre rules there from the governor r.t. correspondent sorry to have it or thank you for keeping us up to date. and time now for a quick break but heading here because when we return the price of copper copper recently driving optimism for the global economy moving forward but is this warranted straight ahead we dig into the details and as we go to break here the numbers at the close already are profitable.

is anyone safe in their. conservatives are forming the monetized in shadow but those with the easy ones now just turning on it's wrong thing demands conformity and does not dissent is freedom of speech. in the uk. and welcome back with the global economy struggling thanks to the coronavirus there are few bright spots that bullish investors seem to be grasping onto one of those is copper in fact copper is seeing the quickest rally it has had in years as the industrial metal is surging now up 35 percent since march joining us now to discuss the west coast an investigative journalist ben swan and our friend from c.s.a.

and c.e.o. of euro pacific capital peter schiff thank you both for joining us as always today now ben what why is copper doing so well right now. well as you said because it is an industrial metal and so it's has a practical use that other precious metals may not have so obviously when we talk about homes copper is a major component there are even in cell phone so there is a use for it that you're not going to get with other metal certainly that you're not going to get with precious metal like gold a lot of bullish investors are kind of leaning on copper right now hoping that the rise in its price shows that the economy is coming back in certain places around the world certainly as you guys talked about in the 1st segment with kristie the issue in china right now so we are seeing a kind of a surge in the price of copper in china right now and it is up quite a bit since march about 32 percent so copper is doing well but that doesn't necessarily prove anything because remember just because investors are bullish on something doesn't mean that it's going to be a sign of anything other than investors hoping that something does well and now

peter what's actually happening with precious metals right now especially gold seems to be. edging a little bit higher at this time what are you seeing here. well 1st of all the idea that gold doesn't have any practical uses is just not true i mean gold does have industrial uses is just that the monetary use of gold often out shines that but if gold didn't have real use properties then it wouldn't be have any value in it it couldn't be a store of value but yes i mean what's really driving the price and other central banks are you know following in our footsteps i don't think they're being as reckless as the fad but still people around the world have to look for alternative stores of value they can't just hold currency because they're going to be taxed to death by inflation and so the demand for gold is only going to get higher from here so the price is going much higher i think all metals are going to be driven higher by inflation so i'm bullish on copper too but for different reasons that

bullish on gold i mean sure gold is used in industry but i think the demand for it as a monetary alternative from both central banks and from private citizens is going to rise dramatically in the months and years ahead and. silver is in a tough spot right now even though it should be rallying against the u.s. dollar it really hasn't been able to get above the $20.00 level is that going to change anytime soon. i guess we're going to wait and see if it changes i mean i think what peter said there is true that all metals are probably going to go up somewhat but silver seems to be lagging quite a bit it also has a lot of industrial use and by the way just to be clear i didn't say gold has no industrial use i said it not to the extent certainly as copper right copper obviously is going to have a much greater industrial use having said that though look i think silver is surprising some people maybe peter's not surprised but i know he's actually predicted on the show before that silver was going to take longer to get to rice but i think some investors are surprised by it because you would expect it to be

doing better than it has been it's kind of lagging where it should be and not exactly sure when that's going to turn around and. peter the u.s. actually peter before i get to the next question i was going to ask you what do you feel when it comes to silver. well look i think silver is an incredible bargain i mean bargains tend to persist for a lot longer than you think i do think that there's a chance that we've seen the low price of silver in terms of gold for the cycle silver has moved off those lows but historically the relationship silver is still very very cheap i have a feeling that one silver breaks out it's going to have a spectacular move i don't know when that's going to be but i think smart money is accumulating it until it does i do think there are some people that have been buying gold and shorting silver as a spread and i think at some point that spread is going to be unwound of you know that process hasn't already begun but i have a feeling once we get through that $20.00 range i mean we're barely above 19 i mean

we're trying to get up there but i think once we can really get to you know handle or 20 handle on that price we could have a very quick move around the $30.00 level so there is a lot of upside in silver so people should just be patient and wait for my i feeling is that it's not going to take much longer at this point although how much longer i can tell for sure now peter this is where i want to go next the dollar strengthened on thursday as investors focused on 4 chinese retail sales at that of the stronger than expected economic growth last quarter how are struggles in the chinese economy actually affecting the u.s. dollar at this point. well i think problems anywhere in the world boosts the dollar because the dollar does have this mystique about it as being a safe haven asset and so when people are worried about their own currency they seek out refuge in the dollar i think that's

a mistake i think they're going from the frying pan into the fire they'd be better off looking at gold rather than the dollar or even other currencies that i think are you know superior to the dollar but you know a lot of people expected a much bigger dollar rally. around look at the dollar index in march got up to about $103.00 but here we are now back down to barely above $96.00 so the dollar has been trending down much to most people's surprise but that is not a surprise to me i have been expecting a weaker dollar and i think the dollar weakness is just beginning i think this slow decline is going to turn into a freefall i think when the world really appreciates the predicament that we're in and the enormity of the money that we're going to be printing and the depth of says we're going to be financing with debt monetization by the fed i think the dollar is going to fall through the floor and that's going to usher in a whole new set of economic problems massive stagflation something that we've never

dealt with in this country and we did it in 1970 s. but that was just a small taste of it and in order to get rid of it that required 20 percent interest rates so if you can imagine what would happen to the u.s. economy today if interest rates even got halfway to 20 percent given the enormity of the debt we now have absolutely not now ben i have an interesting story i want to hit on here before we get done we talked about the cloud is a type of gold copper all that now and now we're going to head of course because a little bit here dozens of high profile twitter accounts were taken over by big quint hackers who posted messages on behalf asking for covert donations to those posed as they posed. as billionaires bill gates jeff bezos elon musk mike bloomberg and what more and buffett as well as former president barack obama and v.p. and presidential candidate joe biden did they actually get away with anything and how did they actually pull this all off yes i think this story is less of a big story it's more of

a twitter security story but it is pretty interesting because you got about it they claim they got about 100 $1000.00 so there's no way to verify that because it is a lot of times when these things happen the actual people asking for the money will actually move over to money into accounts to make it look more successful than it actually was the reality is that if you post for an hour that you're president barack obama saying please send me a coin so i can match your donations how many of his followers number one are even going to respond to that number to even have access to that coin fast enough to do it and they were only on for a few hours to be able to do this the bigger story is the fact that twitter turned around you know they even said fairly some of our employees were compromised so they're trying to figure out where this came from was it internally and employees working for twitter who did it or were they clicking on links and lost access to it so i think that's the more interesting stories the tech side of it and how do the company like twitter get taken advantage of so quickly and so for peter schiff of euro pacific capital capital and you could catch a marathon interview with him and joe rogan on the job rogan experience as well as

co-host ben swann thank you both for your time and that is it for today you can catch boom bust on portable t.v. and that can be found at portable t.v. see you next time. we are segregated. by social class most of the things people don't know so when they 1st. if you're born into a poor family if you're born into a minority family if you're born into a family that only has a single parent that really constrains your. life chances. on average 15 years old if you're born into generational poverty. every day so you meet your needs and the needs of your family.

lives from the world headquarters of our to america our nation's capital this is the. rick sanchez ok here we go higher everybody happy friday i'm rick sanchez here to welcome all of you who are watching us from all over the world including those of you who are watching us on your phone using the portable t.v. mobile up i'm going to share some frightening videos that are coming out of the south china sea with you today it's quite a sight to behold but before i do that let me take you back to what was going on in that same.