this is a boom bust the one business show you can't afford to miss for in washington coming up we have disappointing jobs data out of the united states as lawmakers appear to be deadlocked on another stimulus package we'll break down the effect on the economy and what's moving markets plus the destruction you sure are in jeopardy how our influence is going to be affected we have a content creator on hand to discuss we have a packed show today so let's dive right in. and we lead the program with the latest job data jobs data out of the united states the private sector added just $167000.00 jobs in the month of july according to payroll company 80 pete now the

growth was disappointing as economists expected between one and 2000000 new jobs to be filed for the month with the actual number falling well below the more than 4000000 jobs that were created in june now despite 3 months of job growth the jobs market has not been able to rebound from that nearly 20000000 jobs lost in march and april at the start of stay at home orders due to the pandemic meanwhile when it comes to government assistance for those affected by the pandemic it appears lawmakers are still deadlocked on the next round of stimulus however there are some moves senate majority leader mitch mcconnell said tuesday he would support a bill that extends $600.00 weekly unemployment checks something that has been a point of contention if democrats were able to reach a deal with the white house on an overall plan for more on the state of the economy and what's moving markets wednesday let's go ahead and bring in boom bust co-host christine christine let's start with this payroll growth is it slowing. down but

that's not the whole story break down the report for us you know saw as you said the jobs numbers that was way worse than expectation that only 167000 jobs added in july so this cussed low down kind of confirms that any sort of a v. shaped recovery that everybody was hoping for that's clearly over and out of the picture and all of that 167000 jobs 166000 were in the services category which makes sense given that the u.s. is a services based economy however only a 1000 of those jobs were actually in the goods producing category so that number actually came in really really low which shows that the manufacturing recession that is definitely here and and will be here for the foreseeable future natural resources mining and construction took a huge hit and now if you look at the gains most of the gains actually came from larger companies while smaller and mid-sized companies they're still struggling and even slashing jobs and within services those gains are primarily in the professional education and health care sectors while information and financials declined so despite these awful a.d.p.

numbers the market actually still green today which shows that bad news is good news as we love to say thanks to trump who said that there will be another big jobs number on friday and that he might might suspend the payroll tax in order to supercharge the economy. seems like the 2 sides are making some sort of progress despite trying to being at a deadlock as millions of americans are now at risk of poverty or homelessness how is the situation with the stimulus looking as not looking that great because by the end of august over $5000000.00 americans they will be unable to cover basic living expenses without the extra $600.00 of unemployment payments that had lapsed last week so right now about $30000000.00 americans are collecting jobless benefits but without that extra 600 dollars 44 percent of them are receiving less than $800.00 a month so by the end of august analysts estimate that about 5400000 americans are going to be financially insolvent and over 9000000 by the end of september. so

these figures are actually pretty conservative good given that they don't even take into account the americans who are who will lose their jobs in the near future in the coming months given that businesses are permanently shutting down and they're not restarting they will not get their jobs back and layoffs have not stopped in the small and as small businesses shutter this vicious cycle will just continue because the job market will shrink and crissy of course whenever there is a concern about the recovery or any type of recovery gold prices go up and prices are rocketing to a new record high on wednesday after smashing past $2000.00 for the 1st time is there still room to run for gold because it seems like no matter what it's going to continually go up at some point well this is actually a really exciting time in gold as the weaker the dollar is as the falling and the falling returns of the u.s. bond market that's driving investors to continually hoard gold and drive the prices up so gold in total of this year year to date has risen 34 percent already as a safe haven climate is safe havens in this climate is really really scarce and

this was a huge deal as gold broke the $2000.00 level for the 1st time investors right now are fearing that the economic stimulus that was released in order to counter this pandemic that will trigger and cycle that will devalue other assets right now real returns on u.s. bonds they have already fallen sharply making the non yielding gold way more attractive so with on going to terry in the u.s. dollar the u.s. yield curve the opportunity cost in the cost of caring for gold that is getting less and less and right now there's also silver silver prices are also surging rising about 48 percent this year year to date as it is a very similar monetary asset very similar to gold but it also benefits from its use as an industrial model as well kristie we all know how hard it is free to talk so positively about the gold market but we appreciate it we'll get the big point sometime later this week co-host christiane thank you so much for that insight thank you. and it seems like almost every day there is a new issue for global economies affected by the crowd. virus and today is no

different in fact we are now beginning to see the effects of how the virus and the economic lock downs which have followed have devastated emerging markets investors are bracing themselves for more defaults and disruptions within these those markets after argentina's deal with creditors was highlighted how bad things have become for some economies in the case of argentina the nation has now reached an agreement with its major foreign private creditors to restructure $65000000000.00 in debt though some analysts believe that this bailout from the fund could involve massive economic overhauls that might be unpopular in the country joining us now to discuss is school bus co-host and investigative journalist ben swan and host of economic update professor richard well thank you both for being here today professor wolf i want to start with you what does this restructure deal look like in argentina and is it a good or bad thing. it's a disaster for the poor country it's really hard to wrap your head around that 1st

of all worried it perks a deal with the private creditors that banks and hedge funds and so forth that lend all that money to argentina we need prime argentino will get the ability to stretch out their debt or delay payments until or later date they still owe the money they didn't really get it released but they don't have to pay as soon as they are wise might it gives them breathing room but here's the basic problem whatever they now do with the i.m.f. as they work out they're probably debts on top of their private debts remember that the borrowing is gone by a tiny group of bankers and politicians at the top they get a lot of benefits out of the borrower but when you have a crash like the global capitalist system now rises how are you going to pay it back and the answer always is squeeze lemanis the people cut the public services or raise the taxes or hold to find the money that won't go to the people anymore

but will go to pay off the debts it's a vicious cycle it's been going on for a long time and with this crisis it means that it has finally hit the right time the 3rd world and then that will wash back and make our economic difficulties greater too it's a very sad process bend to professor wolf's point the total amount of debt owed by argentina has been massive and with their history of defaulting on loans was this to be expected. well you know i think absolutely was to be expected remember this this deal with the i.m.f. is not a very old deal it's only really just a few months old in which this deal was reached and yet as the professor rightly said argentina finds itself in a very difficult position here but mostly the people of argentina more so than anyone else consider the fact the nation owes about $323000000000.00 total but even

as we look at at what is owed i think it's also interesting to look at to whom it is yes the i.m.f. is part of that but there is one american investment company called black rock it is the world's largest asset manager and it controls about half of that debt in argentina and i think when you think about it in those terms you know it's different then a nation state borrowing or with your borrowing money from a nation state in this case you have private equity firms that control the massive debt of an entire nation and therefore dictate the terms of repayment and what does that look like for the people what does it look like for resources in the country what does it look like for issues like you know the energy sector in the country at what point those asset managers have the ability to begin to liquidate or take control of parts of the country or parts of the economy it's a very weird situation right now professor what if you actually spoke about what

this will mean for the people of argentina as this will by a basically be passed out of them how much sovereignty is the nation giving up with this debt restructuring. well he gave up the sovereignty won it decided in the 1st place the bar all these kinds of money look there's a blunt reality they could have reduced their debt maybe even awarded it had been willing to tax the rich inside our duties to raise the money to make that economy work they were unwilling or politically on able to do it so instead they borrowed money to save the taxing the rich and now they want the mass of the people to pay the bill for not having tax the rich in the past you know you can only play that game a certain number of times and squeeze the mass of your people a certain number of times what you're doing up for here is a social explosion when people in argentina and other countries say if not we're

not going to do it this anymore and now ben you know professor of just much of it other countries because our duty to isn't the only latin american nation dealing with this problem problem we have the same situation in ecuador what's going on there. you have so little in fact ecuador just got support from its majority of bondholders are restructuring about $17400000000.00 in debt as well and it is a similar situation happening in ecuador and in fact the leadership of ecuador is very similar in terms of mentality and thought process as the leadership of argentina wanting to go out and borrow these massive amounts of money restructuring debt but i think something the professor said is is true you know in the u.s. we have a tendency to look at latin american countries especially countries that have seen socialist revolutions in those countries nations like venezuela and will say well how could this possibly happen how could the people ever fall in to socialism

without recognizing that exactly what's happening right now in argentina and ecuador are pushing the people towards that kind of revolution because as he said you get a small group of people who dominate the country control the population and ng game the economy for their own benefit and the only answer to that is some kind of revolution robust co-host bents want to professor rolf thank you both for breaking that down for us and you thanks. time now for a quick break here because when we return the scrutiny around video at tic-tac has heated up and its future remains uncertain what will the fate of the planet be the platform for influencers straight ahead we bring in firsthand take on what we can expect as we go to break here are the numbers of the quote all green arrows across the board.

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welcome back as the world continues to grapple with controlling the copen 1000 pandemic let's take another global look at the trends and spread of the virus with our key correspondent saya tablature where we when's that sobran more than 18500000 people around the world have been diagnosed with covered 1000 as of wednesday more than 300008 new cases just in the last 24 hours now the global death toll has surprise 707000 which means nearly $5900.00 people are dying every 24 hours 247 an hour or one person every 15 seconds and you're more likely to die from kuwait in $1000.00 here in the u.s.

than almost anywhere in the world which now has over $4900000.00 confirm that and over 161000 deaths now here in the u.s. california remains to be the state with the highest number of cases florida followed which has surpassed 500000 cases today. wednesday then texas new york and georgia but new york still has the highest number of deaths at over 330001 other state neighboring new jersey has crossed the 10000 mark in its death toll and now look at the numbers globally disease would you give to know latin america has surpassed europe to become the region with the highest number of death toll now the region in fact has not recorded more than 206000 deaths approximately 30 percent of the global total brazil the latin american country with the most affected by cold in 1000 recorded

a total of 96326 deaths now the said mexico the 2nd most affected country in the region now has over 48000 deaths have also occurred in. chile ecuador argentina and bolivia and brand this pandemic was initially actually slower to reach latin america which is home to about 65650000000 people but government officials have since really struggled to control this part of the virus because more than 100000000 people across latin america live in extreme poverty with no way of social distancing and continue to work through our demick and now quickly here is the top 10 countries with the most covert cases right now so as you can see even in parts of the world that don't live in poverty there's been a record number of cases i mean just take a look at the u.s. the number one country with the most cases and this and other nations like

australia japan. sudan ethiopia bulgaria belgium was becca ston and israel have all recently had record increases in new cases as well or 2 correspondents are taboo thank you for keeping us up to date. and now for the latest in the ongoing saga involving social media app tick-tock as we previously reported president donald trump has said he will ban the app in the u.s. by september 15th unless a deal can be made for microsoft or another american company to purchase tick tocks u.s. operations one point that has confused onlookers is the president's contention that a portion of the purchase of the app should have to go to the treasury now white house press secretary kelly mcenaney was asked about this on tuesday but offered little clarification so i'm not going to get ahead of the president on any official

action but he has made that point and he and the secretary pompei i have said that the u.s. acts to the u.s. will take action in the coming days and chinese apps including tick tock tick tock sees me due to the national security risk and we all agree that there needs to be a change especially with take talk electing significant amounts of private data on users it's unacceptable now meanwhile president trump himself spoke to reporters on tuesday and referenced the overwhelming popularity of the juggernaut app. is very successful it does tremendous business in the united states people are riveted by it i mean i have many friends when they saw that announcement they're calling i think their kids love it they don't because it will get to see their kids anymore but they are it's an amazing thing whatever it may be. this week we have discussed the cyber security issues as well as the business implications regarding the situation with tic toc but this all raises the question of how will this move affect those who make tick-tock what it is and that's the content creators so let's

go ahead and bring in one of the top tick tock influencers zach king into the show zach that you so much for joining us really appreciate it today. now i want to start with what the president actually just talked about there it's a highly popular why has tick-tock been able to open that door and become so popular especially over the last 12 months here in the united states. i mean you know has it influenced or on. really in this industry for the last 12 years you know i've been on 6 music we have years ago and so for us the rise wasn't even in this last year that's made it successful i mean there's been a lot of the last year but what they've been doing from the beginning i just a couple years ago was there out there that made it so powerful and that it levels the playing field for anyone who wants to who has a stone and can make a little fun story or a joke or do a dance or whatever maybe there's a ton of different ecosystems and creators on the internet on tick tock but allows

anyone to have the chance to go viral on a totally different level that's that's bigger than we've seen possible with you tube gets bigger than we've seen instagram and by any event so that's why it's so exciting and i think that's the drop not only is it you are but i'm especially for those viewers who are trying to concentrate on the l. because that definitely as a as a viewer of tick-tock even if you don't create your own content it's very consumable so if you're getting a short video it's got a lot of them are music and dance so it gives you something to not only watch but listen to is very enjoyable in that regard now when it comes to this potential purchase from microsoft do you have any concerns about the control of the app changing hands to a different company or an outright ban for that matter how is that going to affect the content creators. so the 2 main options that are present on say right now are then we should be a bummer because there are so many people who love the app to talk but also because there's content creators and i'm not even talking about the content creators like myself who have already kind of expediency charlie not just in the expand it beyond

that there's a lot of creators not yours but it's really not the small kind of us and them just starting creators abutting. creators you just you know last couple months were getting that runway they had moments of growing their audience and then it's going to be shut down the band to be terrible but also they have lost to a company like microsoft or a tech company at least i think you'd see a receptive audience to talk community would be probably thankful that microsoft stepped in took a look at the security concerns and then the apple live but the other concern in that bucket is and you merged it you managements and cheap tick tock innovating to to grow that success even beyond what it is today that would be to question our basic but and to your initial point on the 1st question there which is if they happen to adjust the algorithm in some capacity and then they push the bigger tick-tock stars over people who may not be known that can create a problem for people trying to break through in the industry and i want to talk

about those people because like you said you diversified you have millions of followers across instagram you tube a tick tock and use not started but you were on vine when it was very popular but saw that kind of go away what or what do you kind of give it as far as help to other influencers who are just starting to build on tech that what would you tell them to do as this whole situation is happening. while i was talking to other people that i meet on the way in the same journey as i make sure you're diverse i'm your audience from the get go it's a very beginning i mean not right away but once you have a decent 10000 or 100000 people all you i met that community that really loves your stuff and find creative ways to get their email contact and not because they're going to want to hear from you directly or there's a lot of services now that do text messaging but the goal is to have a direct connection to a small portion of your audience which is the most dedicated and loyal portion anyway and that's you know how it's already a little too late to do that now with

a month left but some things from the get go i think creators need to be thinking about how any platform i wanted. we have to you know how to direct connection these years ago you know it was amazing to reach and then when they put the paper on front of it you know one percent of our audience must for the rest of the post so they had something you always had to think about and space and now it's to graham is officially launching their tick-tock competitor in more than 50 countries they actually watch that wednesday including the u.s. what do you make of this new platform and could this actually kill tick-tock while the app is in limbo as a lot of content creators might move to rails where they can actually make that that kind of impact of their. day intersection of all this time is fascinating to watch there's a lot against it talk and and with the timing of instagram reels coming out it could be another moment like you saw

a snatch of how instagram swooped in the perfect time did their version of stories and it was very successful because everyone you know when you hear there's concerns of privacy i mean your your tendency to be going back to you you already know and where the tension is in the past and if they have the same features i can be an easy transition but in this case i think you're also trying to replicate a culture which you can't just do with one feature i think there's other things that she is doing in terms of course means content creators even starting their fund to help monetize increase that huge something that instagram still really has yet to do and of we're waiting for so i don't know if it. the new real speech or will just swoop in. that powerfully yet but i will tell it really well it depends i think that day it's a temper 1514 at the ban if it actually happens then i think you'll see a lot of momentum behind reels and know that i guess for our audience who maybe

doesn't understand content creators slash influencers quickly can you tell us how this monta zation works and how you guys are able to make money i mean not on your level maybe but on. of the smaller levels there. yeah i mean it's a really simple game play model with brands on you tube you have examples that rolls later the in the broadcaster middle and we'll get a piece of that 50 percent of the ad revenue for those ads but then the other stuff is going out for brands that you're passionate about you know for me for example i'm really passionate lego i love creating he met it's imagined and that's what i want to partner with so take me for example partner with a company like lego and what brand you know it looks like. a creative 16 seconds video in that case and that would be a piece of our monetization tick-tock of social media stars and we hope to have you back thank you so much for your time today. and that fit for the time catches on

portable dot t.v. we'll see you next time. all across the board trying to sit down in the polls and not just by a full interview traditionally incumbency alone is enough to win the election but this time around it is a very strong need and let's be clear this is little to do with joe biden how did we get. how can you explain love i've been to 82 countries i did in 12 but i came here and

in those 3 days i just filled with hope. and. say show. i made my decision to come here because i felt i knew i could build a new life here. you know if you could put his name. joseph. decided that this money is no good to be free. then. my one dream is that all my children 'd find the same kind of happiness i do. i love my home i love cold weather i like the culture i like the history i like everything about it. i know that. russian fama. join me every thursday on the alex simon chill and i'll be speaking to guest of the

world of politics sport i'm showbusiness i'll see you then. might happen tonio and this is america's lawyer last week tech c.e.o.'s appeared before congress to face tough questions about their business practices facebook. amazon google and apple were all grilled about their companies with republicans and democrats actually teaming up against these giants tonight we'll talk about the hearings and what regulations might be coming down the pipeline also a government watchdog has found an unprecedented amount of fraud in the clone a virus relief loans made to businesses we'll bring you the details and later in the show the 2020 presidential election is shaping up like nothing we've ever seen

and we'll take you through all the twists and turns of the past week don't go anywhere america's lawyer starts right now. last week c.e.o.'s from amazon facebook and several other tech giants appeared before a house panel to defend their business practices and answer some really tough questions joining me to talk about that 'd is fair and cousins from trial lawyer magazine fair and you know as i watched this i was surprised at one thing it was almost it was almost a bilateral kind of attack on these folks wasn't it was you know occasionally it is nice to see them actually working together especially against this particular industry this is one that congress you know the federal government at every level has allowed to run rampant for 20 years almost what would a lot of these companies were 1st getting started and now they're trying to play catch up and i think that's part of the reason we.