percent in the 2nd quarter of this year this is its deepest recession on record and this comes after a dramatic fall in output of 2.2 percent in the 1st quarter of this year while the country's statistics agency compared it to an annual rate of about 59.8 percent and u.k. chance to knock said although these are hard times there's still room for hope we're talking about this a few months ago said the hall toilets were coming and today's figures show the hard times that here hundreds of thousands of people have already lost their jobs and sadly many more will. say to people all the tough decisions law ahead for all of us no one will be left without hope or opportunity. but g.d.p. did expand by 8.7 percent in june showing some promising signs still that 2nd quarter really hit it steepest among other rich countries and 2nd quarter u.s. and germany actually lost around 10 percent of their output italy lost 12 percent

france 14 percent and spain 19 percent the bank of england has already warned that the recovery could take until the end of 2021. or more we are joined by peter schiff of euro pacific capital and shawn hyman of the logical investor gentlemen thank you for joining me today sean let's start let's let's dive right into this with the u.k. economy here we're talking the 6 largest a common enemy of the world can we expect continued recovery leading into the fall when coronavirus cases may rise again. i think there's still a rough road ahead for all you know their finance minister had gone on to say that there's going to be a lot more job losses for many more months still to come the bank of england recently also said that they think that it will take until the final quarter of 2021 before their g.d.p. really recovers like it should and so i think they've still got a tough road ahead of them their stocks are a little bit overvalued but not near as much as ours are over here so really the

opportunity in the u.k. economy is in there british pounds so the logical investor where an ethics b. and so that's where i see the opportunity there i'm always there but not on their economy or stock market it's never going to take some time to recover like most peter i want to take it over bring it over here to the united states where the s.n.p. is nearing some record highs let's talk about the democrats and the republicans on the stimulus bill now the democrats in the trumpet ministration they're still miles apart on this next round of coronavirus or at least how is this affecting consumer spending on the economy the market seems to be shrugged off that it's stalled negotiations now but one of the real impacts that we're looking at here. well 1st of all this government spending in fed money printing is not actually an economic stimulus it's a sedative it is actually weakening the underlying structure of the economy unfortunately it's likely to continue and yes what the government is doing is helping consumers spend money they don't have to buy more stuff they can't afford but that's part of the problem part of the solution is for people to spend less and

save more so we can invest more and produce more but unfortunately we're not doing that we're not allowing the economy to restructure all the federal reserve wants to do and the u.s. government is to continue to blow air into a deflating bubble and what they are in the process of doing is creating a currency and sovereign debt crisis that will be far worse than the 08 financial crisis we did there we did see some some some increases in savings account right. well i mean not really i mean sure there are some americans that are probably saving a bit more because there's not as many. places to spend their money but you have a lot of americans who are drawing down what little savings they have and of course a lot of americans don't rely on savings at all they rely on debt because they have no savings and that's part of the problem and that's very true now big tech here it's still leading the market right things stocks especially and and those tesla stocks after its stock split was announced why is the market so convinced that

these tech giants will never be heard by congress and really be immune to all of this market turmoil that's playing the rest of the world. yeah i mean as it concerns tesla i mean really all you're doing there is you're taking a picture of people and you're slicing it in more into more pieces of the pizza you really haven't increased the size of the pizza and that's really all that happens with stock split so it really doesn't add anything economically although it does sometimes excite some of this investors so i don't really see a lot there congress you know a lot of these big companies really have congress to a certain degree in their back pocket but you know that really doesn't last forever i mean even even with the congressional situation these stocks are still in a bubble they're still going to crash they're still going to have like a 2000 like you know crash before it's all said and done who knows where that exact is right now but it's a frenzy and it'll crash no matter what congress is involvement is on that seems to be holding the markets doing pretty well peter i do want to switch over to so

precious metals here gold saw its steepest one day fall on tuesday since 2013 a huge sell off obviously but it looks like it's rebounding now is it going to many people many people hold these precious metals right for a year or so selling after the rise is understandable but are we seeing more than just profit taking as is this the broader momentum over. you know i think is more speculators that are involved in the selling i think the people that you're referring to have been buying gold over the years who are buying it for the right reasons which is as they say. haven from. the basement from all the central banks in particular the federal reserve printing too much money and holding interest rates artificially low to destroy the value of their currencies so it would make any sense to get rid of your gold now when there's still so much downside risk in the dollar another fee of currencies i think 2000 is merely a stopping place to much much higher prices but really it's not the price of gold

that's going up it's the value of currencies that you use to buy gold that's better going down and these currencies are going to lose a lot more value so the price of gold is going to go much much higher and all the speculative liquidations that took place yesterday are simply creating better opportunities for people who haven't bought enough gold and silver to buy some more well this thing and several silver shawn was hit even harder on tuesday plummeted by almost 15 percent but this was its biggest decline since october of 2000 a but some analysts are calling it a mini crash what's the future you see there. yeah i think so we've got a long road ahead of it with with volatility does come some pullback and downside volatility for sure but silver had been in a long range base for multiple years and it's breaking out of that it's playing catch up to gold there is really the perfect storm for metals in general and that's why they're broadly rallying you've got all kinds of political turmoil and certainly stuff going on with china you know there's just looting and rampaging

going on right slow money printing i mean it's just the perfect scenario for metals to rise so you know there will be pullbacks and volatile pullbacks along the way some of them might even last a while but ultimately i see silver going to higher highs and should be no problem going to thirty's and forty's and who knows maybe even come close to 50 again well up peter the producer price index rose 5.6 percent last month now this indicates little inflation for a lot of services and the government's recent stimulus bill why do you think that is. well 1st of all point 6 percent in one month annualized this to a pretty pretty big number and in fact we got 6 tenths of one percent on the c.p.i. that came out today but if you look beneath that food prices really are on the rise there are leading the index higher and i think we're going to see a breakout in energy as well so that's going to be driving prices but look the inflation is coming from the fed in the united states it's the federal reserve that is inflating the money supply and it's the inflation of the money supply that

causes prices to rise and i think consumers are going to be bearing the brunt of all the inflation that the federal reserve has been creating to finance all these government spending and so-called stimulus and so this is just the beginning of a major uptrend in both producer and consumer prices were in stagflation in the united states definitely seen that price increase at the grocery store but the fed said that we're still very far away from the 2 percent target well that's what we expect them to say they're lying you see the fed knows that they can't raise interest rates so they have to pretend there's no inflation to justify their reckless. monetary policy so they're going to deny it as long as they can but it's some point the markets are going to ferret this out but meanwhile gold go above $2000.00 an ounce is a pretty good indication that the fed is wrong that there's a lot of inflation in the pipeline that the fed has created and now they're in denial of its existence that's true these precious metals can't go up forever but i mean even with a little bit of decline they're bouncing right back up so definitely high

dependability there peter schiff of euro pacific capital and shawn hyman of the logical investor thank you both so much for making time for us today thank you but . a new report in the wall street journal claims tech talk once tracked user data by using a method google tried to block well according to the paper's own findings the beijing based used a security loophole to gain mac addresses this address is unique to devices and it can be used by advertisers to build profiles google has policies against this for their android operating system but apple has the same policy but it doesn't appear that apple devices were affected tick-tock responded saying in part the current version of tech talk does not collect mac addresses well president trump has threatened to ban the app over alleged security concerns unless it's sold to an american company reports have grown that microsoft or twitter may be interested but the chinese government will have threatened retaliation if the company is forced

into a deal. already strained relationship between china and the united states seems to be getting worse as washington increases its pressure on the asian superpower well some say this is the fine of a new cold war how that actually remain pretty optimistic believe it all comes down to dollars and cents arteta alex mahela tells the story. tensions are on the rise we see the chinese communist party also for what it is the central threat of our times despite the u.s. rhetoric china has mostly held back on lashing out against the states this however has changed in recent days playing into made regarding issues concerning china's core interests those concerned in the u.s. should discard illusions and flukes and be aware that whoever plays with fire will burn themselves china's back is up after a relentless onslaught from multiple angles by the us government here are some of the major facets initially america's beef with china was all about trade inequities

but now that dispute seems to have turned into a tech battle under the guise of a security threat allegations that china is using tech firms like to talk and walk away to spy on americans have yet to be proven that there is hong kong us back protests raged in the administrative region for a year before the chinese government stepped in introducing a new security law to stop the turmoil this week trying to put the legislation into effect arresting a media tycoon who opposes chinese rule of hong kong which is officially a part of china the white house released a statement addressing the auction saying we are deeply troubled by the arrest of jimmy lai a hong kong businessman publisher and prominent pro-democracy advocate. china says that the us needs to mind its own business and should stop interfering in china's internal affairs which the u.s. is also doing in terms of china's muslim minority in recent years china has endured multiple riots and terrorist attacks from mixed remiss elements in the west of the

country china has replied to the insurgency by building detention centers that the west claims house hundreds of thousands of civilians for reeducation authorities in china insist that the camps are for combat ing violent religious extremism then of course there's covert 19. john is cover up of the will han virus allow the disease to spread all over the world instigating a global pandemic while the us insists that the chinese government covered up the outbreak of the virus many say there is little proof of that some experts argue that either way the global spread of the corona virus is not because of china and the country has nothing to do with the u.s. his approach and struggle with the virus with the global pandemic raging the u.s. found a way to incorporate it in the very touchy issue of taiwan the u.s. cut formal diplomatic ties with taiwan in 1979 switching recognition to beijing as the government of china however this week the trip administration sent u.s.

health and human services secretary alex's are to taiwan he's the highest ranking u.s. official to visit the island in decades and its presence quickly escalated tensions between china and the us besides criticizing trying to response to the coronavirus as are used his time in taiwan to take political jabs at the mainland taiwan as a model for the world in so many respects yet political bullying has kept it from being able to fully shared successes and develop relationships that would all make us healthier wealthier and safer at all these facets to same sions and counter sanctions imposed by the 2 nations there is no doubt that things have escalated but there is hope that china and the u.s. will work out their differences according to president trump's top economic adviser larry kudlow trade talks remain on track in fact senior american and chinese officials are planning to assess progress between the 2 nations within the next few

days potentially easing tensions with tensions high this type of step forward could be good for the world economically and politically some say it could also help boost president trump standings before the fall election for boom bust i'm alex mahal of each. time now for a quick break but stay here because when we return russia quickly dismissed international concern over the same code 19 vaccine on the u.s. strikes on more than 1000000000 dollars deal with the pharmaceutical giant to buy millions of doses of its vaccine as we got a break here the numbers at the. 54

jets and more than 1300 military personnel are headed to heal some air force base in alaska where is that to say come on i'll show you what's the reason for any type of enhanced u.s. military presence in this area rush up. what is it suddenly about the south china sea that makes it so of that it 11000000000 barrels of oil. you take a look at this map who really owns what kind of says no it belongs to us india says no we claim that that belongs to us both of these countries have nuclear weapons capabilities there is reason for concern so that's why we're going to drill down on this story for you today right here on the news with rick sanchez where you know as

we always like to say we do believe by golly it's time to do news again. i don't need. those rules you have some amazing school dean dish if you're maybe if you don't study for the most you by going to vote. each. moment if you wish. allies. of all you. want change or more of a lifestyle change. is your media a reflection of reality. in the world transformed. what will make you feel safe. isolation in the community. are you going the right way or are you being

led. directly. what is true what is faith. in the world corrupted you need to descend. to join us in the depths. or a maybe in the shallows. russia dismissed international concern over the safety and effectiveness of its recently developed coven 1000 ox team russia's health minister said the concerns are absolutely groundless. foreign counterparts who see rivalry in advantages over the

russian drugs are trying to express views that in our opinion are totally groundless in fact many countries used some force regimes of the research however the russian vaccine i will repeat it once more is a decision based on certain knowledge and data. germany france spain and the us have all voiced their concerns over regulatory approval after less than 2 months of human testing and the world health organization said it's holding talks with russian officials on safety and efficacy data still russian officials plan to start mass vaccination in october meanwhile the u.s. government reached a deal with pharmaceutical giant turn up president trump announced his plan to purchase $100000000.00 doses of its experimental coronavirus vaccine that trial is currently in late stage human trials it's testing safety and efficacy on 30000 people in the u.s. already has a similar deals with the pharmaceutical giant pfizer johnson and johnson and other

drug makers for their potential covert 1000 vaccines. and what has become an increasingly correlated rise in the stall of both goals were both safe haven assets have seen their dramatic surge just stall what seems to be as interesting as both the surge and gold price on the rise of big coin to break the $12000.00 mark is the fact that both assets seem to be moving at a almost identical pattern well joining us now from a co-host spend so on and chris christie let's start with you what do you make of the fact that both gold seem to have stalled at the same time well both gold and big quite have been on a tear recently so having a little bit of a breather a little consolidation is actually quite healthy for it but as for the stall is the result of good news is bad news gold and bear coin are both safe haven assets and a hedge against the dollar weakness essentially so the worse the outlook is the more stimulus is a. checked into the economy the weaker the dollar gets which is both very good news

for big queen and gold but now with the potential news of a vaccine and the and all in the works by the end of this year traders are now we wrote out a safe haven assets into a little bit a high beta high risk assets but as we can see from the rebound in both the coin and gold prices today there is still a lot of uncertainty in the near term future especially surrounding the viability of this vaccine there are a lot of questions in the air about that and on the other hand gold coins are both hedges against the u.s. dollar and with the near 10 percent drop in the us dollar since march highs confidence in its status as a world's reserve currency is eroding and in the short term the dollar depreciation can be a good thing and it makes the country more attractive in terms of investments and tourism that is that's the textbook theory at least but right now there is no tourism we are still pretty much locked down on lockdown everywhere and as for foreign investments america's biggest investor was china and china is being singled out and attacked so that capital inflow is essentially gone so the weakened dollar

isn't really helping the economy much at all so there's still a lot of room for both big and gold to rally up in light of the current macros as the money just continue to run down the dollar as we just spoke to peter schiff and about climbing back up so it doesn't look like it's going to. really it's done yet ben obviously this this seems to strengthen the argument the big point is a safe haven assets as we've talked about on the show many times as christine just said but is there a negative side of it coin. was sure there can be a negative side that negative side could be that you could say well big coin is now pegged to the price of gold which you could also argue is much better than being pegged to the value of a dollar right because obviously the dollar is completely inflated at this point and so when you look at whether or not because it's going to be centrally pegged to something gold would not be a bad asset to be pegged to but i don't think that's necessarily the case but there is absolutely a very similar move that's happening right now. between big oil and gold there's no question about that it's almost eerie how close they are but i think that's because

of institutional investors i think it has less to do with the general person who is moving away from the dollar and looking for some kind of safe haven asset to get involved in and if you're going to do that because as we've talked about before because of his portability because of its ease the ease of use of bitcoin is something that a lot of people can get involved with as opposed to gold which i think is much there's a higher barrier for entry if you don't know much about it to get involved in something like gold right well kristie has been surging obviously in search more than 60 percent in 2020 that's up more than 180 percent from some of its mid march lows about 4000 what makes this year surge really different than what we saw in 20 teen when we saw that surge this was before the big drop in 2019 there's a huge difference the last run up we had 20 720000 that was on pure speculation and hype which was great it was a really fun time there were i suppose every single day there was so much promise

so much hope but very little education and very little of delivery on that pipe dream which then led to the crash because all that run up wasn't really real so when you had a couple of go bust then everything started looking really scary and that was the huge bubble that popped and everything crashed because there was really no room no real buyers between the 20000 level and the 6000 level so there were no real buyers i don't know no real hard liners because it was all quick money speculation and we can see and that's what made that crash so spectacular because like all bubbles it just wasn't sustainable so now nearly 3 years later the entire industry has had time to mature and there's actual technology being built actual applications being used growing hash rates not just people in it for the quick money and valuation expectations that have been readjusted and the companies that had survived the crypto winter they have proven themselves to be absolutely integral to the entire ecosystem so this run up that we're seeing right now this isn't based on. speculation every single leg up of this rally has had solid consolidation and in

this rally we're seeing very strategic accumulations by what ben just said institutional investors that is the real difference because we don't have that in 27000 there was no infrastructure for institutional to come in there were no custodians there so those are going to be the really big players and some of the major support that we have moving up well then do you see a difference between this year and 2019 and the other way governments are treating crypto is that different as well yeah there's actually different as well it's interesting because russia in fact just stop short of banning all crypto currencies are they were close to doing that we see china moving towards its own digital currency and i think we're going to see more and more governments moving to their own digital currencies i suspect at some point we're going to see the u.s. government move towards one but what that does is while they would not obviously one point as a competitor big point in other crypto currencies as well right all find themselves in a very unique position because every move a centralized government makes towards a digital currency is

a move of confidence and belief in the system that's already been built before essentially meaning they are validating the concept of digital economies they are validating those digital systems and so i think they'll continue to grow kristie what's your take i think it's actually a very dangerous thing for a central governments to start moving into such digital currency because then essentially just going to be a digital backed government backed currency which is essentially no difference and they're going to run into the exact same problems exact same inflationary problems as we're going to have just an electronic digital form well especially because that's exactly what is the purpose of quite as well and people have confidence in it because it's not government backed but tell us how we have for today boom bust cohost spend so on and thank you for that expert knowledge. that. elon musk space us is taking at starlink project into hyper drive and presentations the federal communications commission the company says it's making $100.00. 20 satellites per month this is all part of the ultimate plan to build

a network of $12000.00 small satellites in order to produce high speed internet anywhere in the world so far the company says over 500 satellites have been deployed making it the largest satellite consolation in the world however despite the spread of manufacturing the falcon 9 rocket only cares about 60 satellites a lot but $400.00 per launch may be coming in the near future so for this time catch boom bust on the man on the ground and portable t.v. apps available on smartphones and tablets through google play on the apple app store by searching portable t.v. portable t.v. can also be downloaded on newer models of samsung smart t.v.'s as well as roku devices simply check it out a portable the t.v. .

is you'll be a reflection of reality. in a world transformed. what will make you feel safe. isolation in the community. are you going the right way or are you being led. what is true. is faith. in the world corrupted you need to do this and. so join us in the debt. already made in the shallows. of the financial rung today with the money laundering 1st visit this christmas in the 3 different. oh good this is a good start well we have our 3 banks all set up here maybe something in your

something in america something overseas or the cayman islands or do we do all these banks are complicit in their tough talk received a soft ball and say hey i'm ready to do some serious money laundering ok let's see how we did while we've got a nice laundry watch for max and for stacy oh beautiful jewelry how about. luxury automobile again for max you know what money laundering is highly illegal. much keyser of course. the sudden fullest and illegal takeover of a government by a small group. so rather than revolutionaries or soldiers could that small group of the corporations 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 take it back. these are sacrifice 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 gerrymandering all sorts of undemocratic practices the wealthy use of the world for the 1st world there's no question that the. same wrong but old rules just don't call. any new world that is yet to shape out disdain becomes to advocate and engagement equals betrayal. when so many find themselves worlds apart. just to look for common ground.

protests by the disputed election and their 4th day as police begin dispersing crowds and arresting demonstrators. after russia claims to be the world's 1st country with a coronavirus vaccine we visit the factory now in mass producing it. a week on since the devastating blast produced much of europe to rubble the family struggled with their grief treating those who lost firefighters in the tragedy. and truthfully when she grows up she can help with hero.