right here on the newsroom where you know as we always like to say we do believe badawi would strive to do news or don't. i. this is the one business show you can't afford to miss and i'm sure i'm on thursday ok in washington coming up u.k. crash into its deepest recession on the record will explain how it compares to other rich countries around the world precious metals are finding their way back wall mining on to the can they return to the old record highs have a lot to get to so let's get started. on wednesday britain officially entered a recession as coronavirus lockdowns hammered the country's output well the office

for national statistics show the country's g.d.p. it plunged by 20.4 percent in the 2nd quarter of this year this is its deepest recession on record 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 talking about this a few months ago said the hard times were coming and today's figures show the hard times that here hundreds of thousands of people have already lost their jobs and suddenly 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 hit 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 and 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 relief how is this affecting consumer spending on the economy the market seems to be shirt 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 weiqi 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 in 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 will crash no matter what congress is involvement is on that you

know seem 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 a safe. 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 as that are going down and these currencies are going to lose a lot more value so the price of gold is here 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 it's 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 there are broadly rallying you've got all kinds of political turmoil and

certainly stuff going on with china you know there's just no 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 by point 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 who 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 however actually remain pretty optimistic believe it all comes down to dollars and cents artie's 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 action 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 his cover up of the virus allowed the disease to spread all over the world instigating a global pandemic while the u.s. 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 model of each. time now for a quick break but stay here because when we return russia quickly dismissed international concern over the safety of a code 19 vaccine by the u.s. strikes on more than 1000000000 dollars deal with the pharmaceutical giant to buy millions of doses of its oxy as we go to break here the numbers up close.

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russia dismissed international concern over the safety and effectiveness of its recently developed covert 1000 vaccine russia's health minister said the concerns are absolutely groundless. foreign counterparts who see rivalry and advantages of 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 u.s.

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 doses of. it's experimental coronavirus vaccine that trial is currently in late stage human trials it's testing safety and efficacy on $30000.00 people in the u.s. already has similar deals with the pharmaceutical giant pfizer johnson and johnson and other drug makers for their potential covert 1000 vaccine. in what has become an increasingly correlated rise in the stall of both goals were both safe haven assets have seen their dramatic surges stall with seems to be as interesting as both the surge in gold price and the rise of big coin to break the $12000.00 mark

is the fact that both assets seem to be moving at an almost identical pattern well joining us now to talk about co-host spend so on and chris christie let's start with you what do you make of the fact that both the queen and 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 safe haven assets and a hedge against the dollar weakness essentially so the worse the outlook is the more stimulus is injected into the economy the weaker the dollar gets which is very good news for the big quote and gold but now with the potential news of a vaccine. and all in the works by the end of this year traders are now we rotate 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 there 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 u.s. dollar since march highs confidence in its status as the 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 toward. 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 essential and gone so that we can dollar isn't really helping the economy much at all so there's still a lot of room for bit both decline 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 in shanghai 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 that

big point is a safe haven asset as we've talked about on the show many times as chris you just said but is there a negative side for vick. 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 prepared 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. paid to something gold would not be a bad acid to be pegged to but i don't think that's necessarily the case though there is absolutely a very similar move that's happening right now between that coin 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 big has been surging obviously surged 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's surge really different than what we saw in 20 teen when we saw that surge this was before. coin dropped in 2019 there's a huge difference the last run up we had $2720000.00 on pure speculation and hype which was great it was a really fun time there were i.c.'s 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 those 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 out no no real hard liners because it was all quick money speculation and we can's 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 valuations and 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 supports as 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 why. as a competitor big coin and other group of 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 economy with those digital systems and so i think they'll continue to grow chrystia what's your take i think it is actually a very dangerous thing for central governments to start moving into such digital currency because then essentially is 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 it's all the time we have for today boom bust cohost spend so on and thank you for that expert knowledge. that. elon musk space is taking at starlink project into hyper drive and presentations the federal communications commission the company says it's making $120.00 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 $500.00 satellites have been deployed making it the largest satellite consolation in the world however despite the spread of manufacturing the falcon 9 rocket only carries about 60 satellites a lot but $400.00 per launch may be coming in the near future for this time catch

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the world of politics sports business i'm showbusiness i'll see that. coup d'etat the sudden forced and illegal takeover of the government by a small group. some rather than revolutionaries or soldiers could that small group be operations when you have a tiny group of people who have. all power have to have some means to make sure the rest of us don't get together and. these are sacrificed. places that capitalism exploited and destroyed for profit and left behind misery. environmental devastation and so you see things like voter suppression building more prisons you seem gerrymandering all sorts of undemocratic practices. in the world.

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