i. this is boom bust the one business show you can't afford to miss a bore in washington coming up markets continue to surge but those numbers don't seem to fall in line with the real economy as us weekly jobless claims continue to mount and as the fog of uncertainty has clouded the global economic outlook investors are rushing to safe haven assets like big coin and gold straight ahead we take a look at the moves with some crypto pros we have a packed show today so let's go and dive right in. and we lead the program with the disconnect between u.s. markets and actual economic data now weekly jobless claims total 1186000 for the week and in july 31st the u.s.

labor department reported on thursday now this came in below economist estimates of nearly 1500000 jobs lost and fell 249000 from the previous week marking the lowest level since the start of the pandemic now while this all sounds very positive keep in mind the continuing claims are still at what 16100000 despite dropping 584-4008 couple this with that massive contraction in us g.d.p. by 33 percent for the 2nd quarter of this year and you would think markets should be in shambles but that's not the case since testing lows in march at the onset of the pandemic here in the u.s. the 3 major indices are thriving the nasdaq is continually pushed a new record high and now the s. and p. $500.00 well it's just a few percent away from setting new records which were established previously in february of this year while the dow hasn't been able to quite get to precocious teen levels the index has made substantial gains over the last. what so why is that

well to break it all down this disconnect that we're seeing let's bring in some expert analysis from co-host christiane a muslim cheap market analyst that eva trade thank you both for being here now and it's great to have you back so let's start off with you what's propping up this market and clearly this is unsustainable so where are we had it. thanks for having me as always there are 2 major factors that really driving this truck market price of oil of its support from the fiscal and monetary policy front because without this support no matter what the whatever happened there was no way for this market to awful and it's cheap these levels where we are today now the stock market is still waiting for an molests a 2nd stimulus package and that is largely 'd to push the last thing in and as you mentioned and yet the dow index back in the positive territory for this year

because it is down minute a 4 percent why the s. and p. 500 index is written a biscuit often cheating is all kind of less than one percent now what is the other factor the 2nd major factor which has been really driving the stock market is the optimism around prono our respects and that maxine being. like coming to the market before the end of this year this is what the market is really into its painting the market is really feeding that ok there was could be behind us with respect to one of our s. and from here on may as we'll all be looking reach the last ounce that can certainly restrain the recovery economic recovery process but in wouldn't have that much of an economic and personal power that we've experienced back in march or during the 1st what the 2nd quarter of the ship are no i don't want to give nancy here in iowa but i do have a follow up on this you know we often talk about why there are things so pas. but

the question is is there a catalyst that can cause this bubble to burst do you see that happening any time soon or with all of the factors that you just mentioned are going to continue to go up. there is always a possibility because right now market pundits have been comparing the current market means that what happened back in 2007 during the financial crisis remember we have that a 4 string and then the market dropped and a drop to a substantial level so right now there is no doubt that the current. problem are a stock market rally is primarily contribute the contribution comes from retail investors or the us will call that what we would it's right now if these one who has the come out of a market and if the economic data begins to rule over what we're going to do we're going to fall back to the fed we're going to say look for more stimulus package from the fed do for that i mean the fed doesn't have many bullets left in terms of the monetary policy the only thing rich is the left foot the fed

and which is the most common in fact or the most prominent think that for the fed to use is there contribution is there are separation 'd is there any intervention into the into the stock market and i am speaking of direct intervention through the an e.t.f. just like how the fed is doing in the in the e.t.f. of the corporate e.t.f. so i mean that is the only that's the next step from the federal reserve no one can really break this corner a stock market rally if we don't get the coronavirus back seen by the end of this year it's based on a lot of the numbers continue to you. and then the situation continues to go. out of control that can certainly prolong the recovery process that can certainly be you know take that the shit out of her reach 1st still i don't see the stock market crash to an enormous level and of course i want to christiane here now retail has been a. sector that has been hard hit amid the pandemic but now that it's having

a domino effect on real estate what's the story there you know the u.s. retailers they're one of the main groups that have been heavily hit by this pandemic and the subsequent shutdown so we've heard numerous companies now declare chapter 11 and those companies include j. could neiman marcus and taylor even they're all using the chapter 11 bankruptcy in order to quickly get out of their costly long term leases and shutter thousands of stores now but this move kind of threatens to up and huge swath of real estate market and about half a trillion dollars for the commercial mortgage backed securities market so this is quickly becoming a tsunami of retailers now just rejecting their leases which will have big ramifications for the mortgages held by the landlords who are very opposed to this so landlords now are feeling the pain and companies are just c.b.l. and associates the owner of more than $100.00 shopping centers in the u.s. they are now preparing to file their own bankruptcy after rent collections debt so 16 percent of retail prop loans in the sea by m.b.a.'s they were delinquent in july

so now as many as 25000 stores in the u.s. are expected to close in 2020 mostly within shopping malls and this is only the beginning as cushman and wakefield estimates that 10 percent of already occupied retail location a 1200000000 square feet they will go vacant by the end of the year and so officially now more retailers have filed for bankruptcy than any other year on record in history and now kristie as the pandemic continues all parts of this economy fraud is on the rise as well u.s. losses from kroeber virus related fraud have reached nearly 100000000 since march tell us about that yeah so this is a really interesting phenomenon the criminal industry surrounding cove it has been exploding with complaints of scams nearly doubling in most states and this includes all scams and criminal activity surrounding covert from fake stimulus checks to shopping scams and fake cares and a study by the consumer protection group showed that. fornia florida new york texas

and pennsylvania were 5 of the most targeted states combined they account for more than a 3rd of the more than 150000 instances of a covert fraud reported by the f.t.c. nationally so in total victims have now been swindled out of about $97500000.00 to date and this is a really unfortunate phenomenon that in desperation in the midst of a deadly pandemic that is turning people towards a criminal activity in order to make ends meet not that anyone is supporting this but price gouging and other criminal big activities and products can have also become widespread as well promising everything from immunity to cove a cure isn't everything to unsuspecting buyers only to then steal the victim's credit card and identity and now i am i you're sitting there joining us from london right now so and we've talked obviously heavily about central bank intervention here the bank of england is actually saying now that there is a possibility they're not really want to do it but it's in their back pocket of negative interest rates what can you tell us about that. and we know anticipating

for the bank of england's to go down that path and harm if you. take meetings by the. lady are you listening to what the all day with the bank of england has done a lot going to call the massachusetts 'd hawkish but it was always very longish because the president is getting the virus from this program the bank he seems comfortable with what the coronavirus. the infection because these these people believe that it's relatively slight they do not see the situation becoming. as bad as it is in the us you believe that yes. the g.d.p. the unemployment rate and the rest of the low well which is the jobless benefits what you guys probably need are just a big do exist. not to mention the master also.

despite i think. the time is keeping his options and he's not ready to jump into negative territory. spector's interest rate goes christiane and i masama eva trade thank you both for breaking that down for us today thank you. and let's take another look at the global spread of covert 19 in the efforts to control the spread of the virus with r.t. correspondent sorry sorry where are we on the ground right now more than 18800000 people around the world have been diagnosed with kovan 1000 while the global gold gold that's told scuse me has surpassed 714000 but more than 11200000 have recovered now in the u.s.

more than $5000000.00 have been confirmed positive for covert 19 and the death toll now has surpassed 162000 while 52 percent have also recovered now taking a look at the u.s. economy in the u.s. in the u.s. i say nearly 1200000 americans have filed for unemployment last week now that's an increase of about 250000 from the previous week but still it's pretty high and still is the lowest since amended march now as you can see these are weeks right down here still for 20 weeks in a row at least 1000000 americans have filed for unemployment and so far in total more than 55300000 americans have claimed for unemployment since have pandemic began brand and negotiations are taking place right now over the next quarter in 1000 stimulus package which president said on thursday that he would likely. move

forward with an executive order if white house and congress do not make progress in their negotiations will have to see where that goes brant obviously the race for the vaccine is on where are we in the u.s. when it comes to that so right now a 3 companies are working with the u.s. government and which is pouring billions into developing the cloven one teen vaccine now those 3 companies are the most promising and moving quickly very quickly into phase 3 trials which is the final stage before seeking approval for safety efficiency and dosing before it actually hits the market now those 3 companies are mcgurn a pfizer and no over x. now madeira not the 1st one is a bias a company based in can bridge massachusetts and is the only company from these 3 that's developing the vaccine with the help of the u.s. national institutes of health now they're out of phase of 3 trial was announced just last week and it's going to involve about $30000.00 adults at $89.00

a clinical research sites across the country now so far more than half of their participants reported side effects normal for a vaccine which include things like chills headache muscle pain and fatigue now the next one then there is pfizer that's right now developing more than one vaccine when partnership with german company bio and tech now the most promising one is there be n.t. 162 b. to a vaccine and it's moving into a combined face $2.00 and $3.00 also started last week so they're going into phase $2.00 and $3.00 together now if their trial is successful pfizer and bio and tech have said they're on track to seek a regulatory review as early as october and if they get an emergency authorization from the f.d.a. which is very likely the plan to have about a 100000000 doses. by the end of the year and about 1300000000 and by the end of

2021 now those side effects of a bad drug are generally mild to moderate lasting about one to 2 days which also include fever for tea and chills now lastly there is no over which the maryland base bio company entering into phase 3 trials next month so in the fall and phase 2 trials have showed that the participants god the vaccine had levels of anti-bodies 2nd phone call the 19 so that's very positive and on the safety of this vaccine some have experienced severe side effects including muscle pain nausea and joint pain and those have lasted about 2 or 3 days on average so while there is a lot of disagreements between medical experts there is one thing that they all agree on that the quote in 1000 vaccine is not expected to be ready before the end of the year brant argued correspondents are experimenter thanks for keeping us up

to date and time now for a quick break but harry here because when we return safe haven assets are back in the spotlight as the global economy stands on shaky ground just on the other side we break it down with some crypto pros and as we go to break here are the numbers that the put. her. back stars are saying that. they say maybe the girl. closer to the central plank support during the development of the problem might stop. 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 he kept. sick show. i made my decision to come here because 'd i felt i knew i could build a new life. in the companies and. i was a pretty. good decided that this money is no good to be free. 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 like everything about it. and i know that i am. a russian fine.

and welcome back during the pandemic it's no secret that investors have moved to safe haven assets in the past that has been traditionally gold but big coin has emerged as a clear rival interestingly the divide between big corn and gold is largely generational now older investors prefer gold while millennial is are rushing into crypto and because so joining us now to lend their insight is a school bus co-host investigative journalist ben swan and jeffrey tucker the editorial director at the american institute for economic research now but i want you to break down this generational divide for us. yeah it's pretty simple i mean gold obviously just hit an all time high of $2000.00 and older investors who know gold as a safe haven asset they know that it's something that governments around the world

strongly desire and want to be involved in and they know that gold's been around literally for amber and so they anticipate that it will continue to be they are hedging their bets with gold whereas younger investors millennial are leaning towards big coin which some call in our own chris the i calls it digital gold right it's a safe haven asset but it's also much more portable much easier to access and much more fluid obviously then you know gold would be so we're seeing a clear divide between the way investors are moving right now younger investors millennialist they really are interested in big quoting digital currencies older investors sticking with precious metals now jeffrey would this be the case does it mean that it's only a matter of time until big basically overtakes gold as a primary safe haven or is this going to be a situation where maybe as you become more experienced with investing you realize that gold is a little bit more static more safe for you it may not get those big returns but you have the long jetty what are you seeing here now. has

a lot of advantages over gold in some ways because of his portability it doesn't take up space it's weightless is easier to get as you said it's actually more affordable you know you. lot of a lot of. people getting their stimulus checks and. their money. and it's pretty funny it's also fungible with all the other cryptocurrency is you know if you get involved in an exchange. the markets are pretty big so it's got a lot of advantages gold does have advantages of longevity and that sort of thing. but i don't know i mean i see them not so much as competitors with each other as as being part of people's safe haven diversified safe haven portfolios and by the way i've seen this development since 2013 i wondered when i 1st. began and encountered because i began to play with it you know i saw that it was behaving very much like what you think of as a digital gold absolutely and it's interesting because i mean i've been to several

crypto conferences throughout the world and you cover and when you look at that generational divide you really do see it that it is a lot of millennial is out there now is there anything ben that can actually slow down because of rise in this space. yeah i actually think there are a lot of things that can slow it down the biggest thing are governments around the world look we know that the federal government in the united states is not a fan of big coin does not like it sees it as a competitor to the u.s. dollar the i.r.s. hates it coing they do everything they can to make your life miserable if you have it the trumpet ministration doesn't like it but i think beyond that we're seeing rivals in terms of what china is doing with its own digital currency right now which is a central bad digital currency and i think over the next probably 10 years we're going to see most nations around the world if not all of them attempt to move toward some kind of digital currency remember china's digital currency will become effective fully effective they want it by the year 2022 when they host the olympics

that's what they're really hoping for but once china goes this route i would imagine most advanced countries would try to follow suit the u.s. is probably the furthest behind of any advanced country in the world and yet i think we're going to see the u.s. ramp up to this and i think that becomes the biggest competitor and stumbling block for big korean because they won't want the competition you know jeffrey i actually want to talk about this is big because we generally mentioned big point obviously i know you 2 are very well versed in this so you don't see it this way we're talking about because of the situation going to be that safe haven digital asset or is there going to be a different point that maybe takes place eventually as maybe when this regulatory hurdles go away are we really like short changing the future when we always mention bitcoin rather than thinking of crypto as a whole here. has the largest network and let's just be clear this network is actually increasing and for me not the latest increase of the prices or not just to

lose various is not just speculation and you've seen gigantic increases and volume of trading in the whole of 2020 and then after the lock downs came it really started to move and these are these are big numbers big traders and also you know moving lots of money because it's agile it's expensive to use which i think is another stumbling block that i think ben would agree with me that that's a problem with because but but nonetheless this is a serious thing and it's got a huge network it's going to be i think a very long time before in the other crypto competitors will will have the kind of volume and the market cap that big client has to some of these other currencies a smaller cap those are very useful in some ways more useful than becoming but becoming is becoming that thing that it seemed like it was kind of destined to become after the stop scaling which was you know kind of behaving like a like the foundation of a crypto monetary system and our goal is obviously stood the test of time really

it's hitting all time high that we see it right now do you believe jeffrey that it's going to continue to outweigh the newcomers that like crypto currencies and like bitcoin or or will it eventually go down. so i have to tell you that the moves in gold over the last several months have surprised me and i don't think we would be seen anything like this were it not true or this sheer of inflation what the federal reserve is doing right now is utterly insane let me put it in a way i could be more moderate it's unprecedented. and bet you're going to see this. but it's it's just just downright terrifying to look at sort of reserve balance sheets right now so that is what's driving the gold price up right now i think without the federal reserve's actions gold would be kind of the same old boring yellow metal that has been for

the last 510 years and as the prayer endemic continues we're going to keep an eye on this follow the movements of big coin as well as crypto currency and of course gold here on boom bust boom bust co-host ben swan and jeffrey tucker of the american institute for economic research thank you both for your time. and finally now here on boom bust we have talked about the bustling business of video games amid the pandemic as the industry has seen a massive spike in sales streaming in time spent playing and now we are really seeing the effect on bottom lines as giants the field file earnings reports now nintendo reported thursday that operating profit had jumped 428 percent for april through june quarter outpacing expectations now the company's operating profit for the quarter was 144700000000 yen a huge jump from the 27400000000 yen reported for the same quarter last year now a lot of this can actually be attributed to the massive success of animal crossing new horizons which has sold more than $22000000.00 copies after releasing right

around the start of stay at home orders here in the united states consuls council sales were also up as well as nintendo said the switch and switched light sales grew by 167 percent to just over 5 in. half a 1000000 units sold in that 3 month period they were alone as activision blizzard the publisher behind smash hits like call of duty and world of warcraft so revenues surged nearly 75 percent to just under 2000000000 while take to interactive the publisher of the n.b.a. 2 k games grand theft auto and red dead redemption they saw a 54 percent increase in revenue over that same period of time very very and that's it for this time you could catch boom bust on demand on the brand new portable t.v.'s which is available on smartphones and tablets through a play in the apple app store by searching portable t.v. portable t.v. can also be downloaded on newer models smart so smart t.v.'s samsung smart t.v.'s as well as roku devices or simply talk about a portable t.v. we'll see you next that.

must morals would be one in which we do business as usual but guess what. we've prepared for. a lot cheaper reduced mobility you know the jury is a lot cheaper than having. a short term of an american. hero. not. something to go. to it's. like most americans growing up after the war bombs were

a great thing they ended the war they say hundreds of thousands of lives on both sides and that's what my grandfather always said mrs reason for the decision. truman was hoping for a dual strategy one was to drop the bombs and hope that japan would see. the number 2 the americans were trying to send a message to the soviet union there was american poor planning in october 145 of the chosen 20 targets and russia. when almost choked small team brawl holes just don't hold. me to old age yet to say proud disdain if it comes to educate and in game training equals betrayal all. when so many find themselves worlds apart. choose to look

for common ground. join me every 1st week on the all excitement show and i'll be speaking to get a feel of the world of politics sports business i'm show business i'll see you that . if.

l. look forward to talking to you all. that technology should work for people. i robot must obey the orders given it by human beings except where such orders to conflict with the 1st law. we should be very careful about official intelligence and the point. ever. seen with artificial intelligence will summon the demons. the obama must protect its own existence and. if. you.

live from the world headquarters of the r t america in our nation's capital this is the news with rick sanchez it is evening time and america hi everybody i'm rick sanchez and we want to welcome all of you watching from around the world including all of you who are watching on your mobile devices with the portable t.v. app we're going to begin today with the possibility of a war not a trade war not a cold war but rather a real war between the united states and china now you know under most circumstances we would not dare to make this.