their head with dreams of its fields of primacy and that's the ultimate form of supremacy and is i print therefore i am and if you can pull the levers of political power with your fear of money if you can acquire assets that there figure out money that gives you that god complex that we have so much over around the world and countries then big corporations and now it's all going to come crashing down. the world is driven by shaped by one person with those. who dares thinks. we dare to ask.

this is the bus the one business show you can't afford to miss on fairmont in washington coming out senate republican unveiled the much awaited counter proposal on another trying to fire a stimulus package but it doesn't come without democratic critics that. it's frustrating because they did their work 3 months for now would steer various very serious cliffs that hurt lots of people. and us and australia officials are holding their annual summit on tuesday but china is expected to be a primary focus for those discussions we have a patch so today so let's go and dive right a. big stimulus this week as the g.o.p. rolled out their new one trillion dollar krone virus relief package bill on monday

senate majority leader mitch mcconnell unveiled that plan dubbed the heels act. we manage senate republicans ministration have been consulting over the last few weeks to come up with a realistic proposal. with what we think is an appropriate amount of additional debt to be good to the economy at this time. we think it is about a trillion dollars. and we've allocated it in a way that we think makes the most. for the country at this particular time. already there's a split between senate republicans on the bill but next come to go sheesh and what the democrats this is ahead of some looming deadlines all senate minority leader chuck schumer called the relief package totally inadequate perhaps the most controversial is the unemployment a that runs out on friday and unemployment insurance their proposal is fraught with

all kinds of problems 1st you don't tell someone who's lost his or her job to know fault of their own that you're getting a 30 percent pay cut. that is just not fair and not right there are so many people unemployed they need to help 2nd this program which we extend till january 31st in the heroes bill has done more to remove people millions of people from poverty or prevent millions of people from going into poverty than any other. well republicans have criticized the $600.00 a week benefits they argue that quite often the unemployed workers are actually earning more money on unemployment than on the actual job in may the democrat run house approved a plan to extend those $600.00 through january for more on the market and we're joined by bill with co-host christy i and c.e.o. of open healthy octavio morency. start with you i want to start to dig into this

chrono virus relief bill that's now going to congress there are still several points of contention one of them i just mentioned was the decrease in unemployment benefits what are some of the other issues we're looking at. what i think we're basically talking about the overall scope and scale of it is a question is that one truly knows it's 3 trillion over all but one big point of contention is the amount of aid to local and state governments so the democrats true to their cause want a greater amount of relief to state and local governments and republicans are being rather stingy on that front there's also a question that various things have been some snuck into this bill. might sort of reduce social security payments in the future so it's basically the unemployment benefits the size the relief checks that families are going to get and then also the aid to local and state governments those are the 3 points of contention but i think both sides want to find a solution here they both want to get stimulus out into the market so i think they'll find some sort of compromise fairly quickly it sounded like it speaker

house speaker nancy pelosi said that they're ready to start these discussions that will probably take a few days ottavio there is there are some big banks that might be benefiting from this what came out of that. well big banks would benefit me because the other points in there like student loan relief and things about sort and luis and so the big banks are looking at a problem with their feet looking at a cliff and saying we're going to have a horrible loan in short order so they're very much afraid that they're going to have a problem with people defaulting on loans basically credit cards and answer. lines of credit this country is of course going to make you that much easier for people to carol lin's and will basically bail out the banks in direct so the banks look like they're going to be some some easy going into looking out with as far as the loans they're giving out kristie the fed is extending its lending program until the end of the year now now that was originally set to expire in september on the 30th

while that may sound like a good thing initially goldman sachs is actually issuing a massive warning now on an inflation threat to the u.s. dollar as a reserve currency what's happening there is there are we looking at possible hyperinflation well so it's kind of like what we were saying yesterday with the massive failures of the central bank the constant manipulations and the interference of faith and it right now is that all time low and goldman sachs basically is shining a big spotlight on this growing concern on inflation saying that the dollar is now in danger of losing its status as the world's reserve currency now that's a really big warning because right now you have congress as you just spoken about closing in on another round of massive stimulus you also have the fed balance sheet which is now inflated to over almost 3 trillion so u.s. policy right now is triggering currency defacement fears that could end the dollar's reign as being the dominant global force in f.x. markets so right now the dollar spot index is at an all time low in decades right now and this is something that didn't really happen overnight this is something

that has been growing in fears in many people many many investors for multiple months now because right now you have gold skyrocketing and money printing historically has always always triggered inflation the government is debasing their feet and pushing real interest rates to an all time low so now going back to what you said extending its lending program now for another 3 months that really shouldn't come as a surprise to anyone because the fed has already printed themselves into a corner and the only way out is to basically continue printing so these lending programs are now pretty much as permanent as death and taxes so we should be expecting probably. another 3 month extension and another and another afterwards there's a lot of stimulus going into it busters are keeping an eye on the federal reserve meeting that's taking place on wednesday i do want to change gears here and talk about the euro with its near 2 year highs traders are obviously betting on the euro against the u.s. dollar because of the rate we're looking at chris you just mentioned it's reflecting some concerns about america and the and their inability to contain the

virus but there are some european countries now that are tightening some controls to cut a spike in even a possible 2nd wave of the coronavirus is a euro a real threat to the dollar as a recovery funds jointly issued now an alternative to u.s. treasuries as a safe haven. well i just wholeheartedly agree with what christie had to say about the fed pumping more money into circulation and deep bass in the currency and i think that's what's a play more than anything else i guess looks like it's out of control in the us and fairly well under control in europe so that leads to the the assumption has to be even more money printing coming down the pike in the u.s. so i think that's the real issue the fed has injected trillions of dollars into the market you know really an unprecedented move in matter of weeks to come and 3 or 4 trillion dollars on the pump into the market and bear in mind the fed has also got all sorts of other facilities that they've created the commercial paper facility

the corporate credit facility the 2nd remark a facility that prime there's a whole host of new facilities a whole alphabet soup of them and these things are just getting going so there's going to be more and more money coming in there and that's what i think has currency traders concerned is that more and more dollars that mean this could be worth less and less so i do think it's a question of the euro being a stretch to the dollar it's more the dollar being a threat to itself and undermining itself more than anything else well christiane the topic of this falling currencies levanon as now entered hyperinflation with 462 percent annual inflation rate and food prices rising by almost 200 percent just this month what's the situation like there are probably a word of warning like giving the us a firsthand glimpse of what it looks like our country to be in hyperinflation so right now there are 2 ongoing hyperinflation economies you have levanon where as you just mentioned inflation right about over 400 percent and also venezuela where

the annual rate is 2219 percent so other emerging markets right now are also experiencing some sort of inflationary problem but not as drastic as these 2 there's also zimbabwe syria sudan and iran they're all facing surging inflation that's quickly ramping up but the underlying causes of all these inflation scenarios are always the same the government starts running in larger and larger fiscal. deficit's and then they have to call on the central banks in order to fund these deficits because simply taxes and bond financing mentors there are inadequate and not enough so they've got to fire up the printers again and the a central bank then virtually has to fund basically the entire government fiscal operation so right now the lebanese pound has already lost over 80 percent of its value against the us dollar food and clothing costs have surged almost 200 percent and the citizen savings in the banks are literally frozen the banks have no more dollars to exchange and have imposed very strict capital controls and strict withdrawal limits in order to avoid complete collapse which is really scary as

a citizen because all of a sudden your life savings are basically in excess of all and it's basically becoming increasingly worthless day by day so in these 2 regions you've actually seen massive flight to safety such as gold such as crypto currency as well as that has really started to shape up as citizens and quickly realize that the only way to have financial freedom is to basically bank yourself do you agree with christie here is this where the united states even could possibly be heading as we we keep on a fitting feeding this stimulus to to the market. well i've heard addictions of a pending hyperinflation the u.s. since the financial crisis in 2008 and somewhat before that and i suppose the fed has always been able to sort of hold back a bit moments ago kowtowed out of control so i wouldn't expect to see a symbolic would like scenario i think the fed is smart enough that they would know about states have to raise interest rates quite dramatically like we did on the paul volcker when inflation was out of control they raised interest rates through

the roof. inflation under control the question is does this spin out of control for the fed and do they go down and so there was a bubble a scenario i think that's highly unlikely i think was more likely to happen as we'll see inflation to come up it's going to be very very unpopular and the fed will then jack up interest rates the markets will crash absolutely although that is actually what the. all reserve is there for christie one more question before we get the s. and p. is still on track to the best july in 7 years here in the united states what's helping that well a lot of the only thing that's pretty much helping is a massive fed stimulus because right now you have a lot of investors who are chasing this alpha because of all of this capital that's employ a lot of money and nowhere to park except for u.s. equities in order to get returns because basically with interest rates so low you can't really park in treasuries if you're chasing off on and with no planet to change those interest rates for now at least the federal reserve is what they're saying i mean i'm sure it will only continue to go where it will go from here. the c.e.o. of openness and west coast christie i thank you both so much for breaking this down

for us thank you. on tuesday officials from the united states and australia are holding their annual summit where the conversation is expected to include plans for future exercises in the south china sea this is amid the increasing tensions with beijing but will the 2 allies me how. this joins me with the latest rachel what did we hear from from the united states about these talks well we've heard secretary of state my pompei o talk about wanting to really ramp up this campaign of getting all u.s. allies to put pressure on china and today following a meeting with australian officials defense secretary mark chimed in and he said that part of where that pressure campaign is going to target is it right there in the south china sea take a listen to what you said earlier these exercises not only bolster interoperability but also send a clear signal to beijing that we will fly we will sell and we will operate we're ever international law allows and defend the rights of our allies and partners to

do the same amid these challenging and uncertain times the u.s. australia alliance remains a powerful force for stability and prosperity. now the south china sea is a body of water known for being rich in natural resources while china claims it has historic rights to portions of the sea it is run into territorial conflicts because the region also includes the exclusive economic zones of brunei indonesia malaysia the philippines taiwan and vietnam and we've seen the us really insert itself right into those conflicts and it's now calling for increased military exercises in that region and it wants australia to help which will put it of course directly in conflict with china the south china sea has especially in the last few years been a huge point a major point of contention between china the united states and other countries but rachel i want to ask you this what does australia say what position are they taking

in this whole conflict well up until this point australia has tried to sort of be the neutral party here whenever it comes to the south china sea but that all changed last week when they followed the formal complaint with the united nations against china and that followed a confrontation with the chinese warship and in this complaint australia specifically said that they see all of china's claims as having no legal basis when it comes to the south china sea now if we take a look at the text of that complaint they went on to say the australian government rejects any claims by china that are inconsistent with the 1982 united nations convention on the law of the sea in particular maritime claims they do not have here to its rules on baselines maritime zones and classification features now not only is this a significant shift in policy but the timing is also incredibly notable here as we have australia's foreign minister in defense minister in washington for talks with the trump administration how to time when they are of course looking to escalate involvement in the region well china has been very vocal about protecting their sea or their waters that they claim are theirs what have they said in all of this what

china was very quick to fire back to this complaint and they accused australia of trying to provoke a conflict intentionally to show their loyalty to the united states now we saw in our. that was published recently in the global times which states that the relationship between china and australia has now deteriorated to a very bad point and the chance for a turnaround is slim in the near future one of the main reasons is that australia's policy lacks independence and its current choice is to closely follow the us lead now as many may remember earlier this summer we saw a dispute break out when australia accused trying to being behind a cyber attack trying to fire back and the result of that was that china put tariffs on barley from australia and even banned so certain b. from certain for firms in australia now at the time australia didn't really fire back they didn't retaliate so many are saying this meeting as a way for australia to kind of come back around and counter china while also

showing their alliance with the us also trying to be careful i'm sure are to correspondent rachel evans thank you for that report thank you. i'm only a minister and i was found guilty and one m.t.b. trial is sentenced to 12 years in prison well discuss one of the world's largest financial scandals as we go to break here the numbers out there. i. saw a. lot of this group. revolution reason. that's. when you have

a tiny group of people who have all the power you have to have some means to make sure the rest of us don't get together and talk about. these are some. places that capitalism exploited and destroyed for profit and left behind misery poverty environmental devastation and so you see things like voter suppression building more prisons you seem gerrymander sorts of undemocratic practices are well in that world are well there's. no question that the. conservative media tell us the political left in the united states has become radicalized. in their socialism profoundly changing the country on the other hand

by many in his claim nothing would fundamentally change so we should visit or is it as always just. on tuesday china announced hong kong will suspend extradition treaties with britain canada and australia while the move comes in retaliation after they took some more steps over hong kong new security law china's foreign ministry spokesperson wang one then said the decision deviates from judicial cooperation. canada australia and the united kingdom's wrong actions of politicizing judicial co-operation with hong kong has severely damaged the basis of judicial co-operation between the hong kong special administrative region and canada australia and the united kingdom and has deviated from the fairness of justice and the legal system

maintained by judicial co-operation. he went on to new zealand is also then on the list who along with the other 3 countries are members of the so-called 5 eyes intelligence alliance well canada and australia suspended their extradition treaties earlier this month and britain became the latest one to do so last week but the u.s. also signaled its plan to do the same with the tong extradition treaty. a major development in the one scandal is former malaysian prime minister and on tuesday was sentenced to 12 years in jail and handed a fine of $210000000.00 ringgit which is worth about $50000000.00 but rosat is already planning his appeal. right what appeals to the appeals court will be submitted as soon as possible. and this appeal will be heard as soon as possible to because i want to continue my struggle to clear my name. is also facing 4 other

trials including an investigation from the u.s. justice department well joining us now for an update host an investigative journalist and so on than what was even found guilty of doing. yet in this case he was found guilty of several things legally receiving funds from this one in the b. which is essentially the sovereign wealth fund in malaysia into his personal bank accounts up to $10000000.00 that there are accusations that he has received up to $700000000.00 worth of he says he's returned a lot of that money and then also abuse of power was $1.00 of the charges that he was also found guilty on but as you mentioned this is the 1st so that's one of 5 so there's 4 more trials that he has to go forward with so ease certainly not out of the woods by any means and it's a huge scandal i mean there's obviously a lot that goes into this story it's a it's a massive web it's not just for prime minister resigned but a massive web of people involved in this in essentially taking advantage of this

sovereign wealth fund that by the way he was the one who instituted it in the 1st place years ago and pushed for the creation of this wealth fund that was supposed to bring by the way massive foreign investment into malaysia instead it didn't it said it created about $12000000000.00 in debt exactly in its surface that he use this money to term ali he has properties for luxury goods to even buy ww dollar necklace or jewelry for his wife this is a very big deal and one of the world's biggest financial scandals but let's be clear isn't the only one facing prison time here and some of these massive fines right so this can also involves other high profile malaysian businessmen and even executives who. goldman sachs it does in fact that's what one of the things u.s. justice department is looking at is certainly the southeast asia head of banking for goldman sachs is in trouble here facing potential charges himself in this but apparently

a lot of this has to do in the goldman sachs side with them helping to essentially vouch for these bonds that were being created as part of the sovereign wealth fund in order to again attract foreign investment into malaysia that goldman sachs allegedly knew wasn't going to be used properly was going to be mishandled and there are a number of people who are involved in this who reportedly benefited in the terms of tens of millions if not hundreds of millions of dollars i mentioned when i reported on this last week that one of the more interesting elements of this is the movie wolf of wall street had to actually return. tens of millions of dollars to the malaysian government when it was found out that money that was essentially taken out of this $1.00. be fund was essentially used to help fund the wolf of wall street so that money was spread everywhere and quite a few people were in on it and what's interesting about this is we don't usually see sarah people in these high profile positions not get away with it so many times they're able to financially benefit and escape in this case is that's not happening

well and the odd thing here too is that rock is now appealing priming to appeal saying that he want to clear his name that he's he's done nothing wrong and that now so if he does appeal the verdict could then be partially are even completely overturned. in theory but i seriously thought that's going to happen look when you're facing multiple other trials what else can you do you have to try to appeal it because one of the things he has to hope for at this point is that he some of these other jurisdictions that are looking at prosecuting him will treat it as if like the u.s. justice department for instance has a policy of what they call not piling on which essentially means that yes you were found guilty in this one jurisdiction you've already had to pay. if i and you already have prison time so we're not going to keep going after you as well we're not going to pile on so if if you appeal this and you hope to drag it out one of the things you're hoping to do is to try to stay away some of these other jurisdictions from coming in and hitting you with a heavy hand but i doubt it's going to work the fact that he was has already been

found guilty in this case and been severely sentenced a fine of almost $50000000.00 is not a small fine especially when you've got 4 more trials ahead of you and that would take years to do anyway but the u.s. justice department like you mentioned is investigating this as well any word on how that trial might impact the u.s. investigation well it certainly should continue to push the u.s. investigation forward based on the fact the result as you mention was found guilty here so certainly shouldn't dissuade them as i mentioned the u.s. justice department has this policy of not piling on what they're looking at trying to do is essentially get some fines involved here on companies like goldman sachs possibly up to $2000000000.00 returned that's what they're considering doing but they may ask for more they may ask for less it's hard to say i would say right now where the kind of political climate is you would expect the justice department to come down hard on this because as the malaysian people and the malaysian courts find more and more injustice here and try to resolve that certainly you would think

the u.s. justice department would not back we're keeping an eye on that for you have been west coast an investigative journalist been spawn thank you for that. during the pandemic you may be catching up on your favorite movies from home as the future of movie theaters remains uncertain but one designer is taking inspiration from the movies and sells in order to make the next safer theater will almost cinema a design firm based in france they want to create a new movie going experience which may look a little familiar to some star wars fans out there well the idea of small pause for groups and families of families and friends it looks a lot like the republic senate 1st seen in the phantom menace well almost cinema claims the design will mean every seat is the best in the house the firm is looking to open up a theater just like the one you see here by next year that's it for this time catch boom bust on demand on the brand new portable t.v. app which is available on smartphones and tablets will play on the apple app store by searching portable t.v. will t.v.

can also be downloaded on newer models of samsung smart t.v.'s as well as devices or simply check out a portably portable dot t.v. the next time. you meet people because they call you short that even such a bad. i'm not. going to find the next guy. live on. the field with.

the flick. some new c.e.o. slaves to the deflection board it's comforting to say. that is going to bed when i got up from idiots are. going to laugh about the. fact that you can't buy a gun to get the look up. long long while the name. on the bottom is a playlist which alone control can not only. handle a new person and later ne 100 gandhi the new law alone gunned. down the phrase trust me to keep you know to you then don't mock you then damon join you.

chose seemed wrong but old rules just don't hold. any new cold yet to shape out just days to come out ahead and in again from an equals betrayal. when so many find themselves worlds apart we choose to look for common ground. a dark industry comes to life in los angeles every night. dozens of women sells their bodies on the streets many of them underage. los angeles police reveal a taste of their daily challenge if you're going to florrie for a trial here in los angeles all they were going to come as you see officers going undercover as 6 workers and customers to fight the early 6 trade.

that. was. also secret anymore a key source in the discredited trump russian collusion report from 2016 of them asked this were filled that his evidence was based on poverty and conversation. face the takes the e.u. regulators to cold claiming their compensation probes are an invasion of staff revathi and the irony is not lost on data protection campaigners. stand trial both as federal forces in the city of portland after weeks of black lines months of protests criticism outs from local leaders who accuse him of abusing his powers. but those are your reminder of the headlines from here on r.t. international this hour you can follow the latest developments on our web site.