before we actually see the plan come to fruition we have a standing by several lots to get to so let's get started. with the news of central banks around the world creating their own digital currency as well many have wondered if and when the u.s. might follow suit well now we have a better idea as the u.s. federal reserve has now partnered with mit to develop a hypothetical digital currency over a 2 to 3 year period in other words this is a digital equivalence to cash federal reserve board governor lowell brainard said given the dollar's important role it is essential that the federal reserve remain on the frontier of research and policy development regarding c.b.c.'s but many are questioning its safety and whether or not it will actually bypass central banks well for more on this we're joined by ben so on and christy i ben let's start with you because this is something that we've talked about multiple times on this show that the fed will soon attempt to create its own digital currency now i think it's

fair to say this move doesn't catch you as a surprise break down what this could look like would we have a digital wallet separate from your regular bank accounts. well essentially that's probably what would happen i guess that's what they're trying to get in my tea to take a look at what's fascinating about this is the fed's terminology i've been saying for well over a year the fed was going to do this at some point very soon in fact i think i even said it this week and yet here we are at this moment where the fed is saying well we're going to create a hypothetical digital currency is not hypothetical don't even talk like that right that's a ridiculous terminology the reality is the fed knows that it's way behind the rest of the world in this way behind the cryptocurrency boom that has taken place since 2013 with the advent of big going and then moving forward from there and so they're trying to catch up now while pretending what we're checking safety we're checking security no they're not what they're trying to do is they're trying to figure out how to develop a digital currency and then once they've created that currency to make it the only game in town because i guarantee you the fed has no interest in being

a competing digital currency they want to be the only digital currency certainly in the united states and good luck to them right now when you watch what's happening with big coing now on the rise again headed back towards $12000.00 and probably from there so i think it's going to be an interesting kind of process to watch this happen but there's a 2 to 3 years that's an eternity in the lifespan of digital currency that gives a bit quaint a chance to go even higher but kristie you 2 have been very critical of this idea as government back to jail currencies are not the same thing as crypto currencies are you weary of this move by the. extremely this is very very concerning because the entire point of crypto currency was to have financial freedom and bypassed the central bank as a whole so now it's c.b.c.'s us centrally or something going to counter the exact same problems that we currently have with the us you're going to be subject to the manipulations by the central bank whether or not they want to tighten or loosen their monetary policy they're going to be subject to any of the intermediaries when

it comes to transferring and making payments it's going to be the exact same thing except even worse because every single action every single payment is now. to be monitored and scrutinized and traced so this goes against everything that could the currency currently stands for because banks will have full control over every single penny that you own and him block any transaction for any reason at all so access to your money can be blocked with the click of a button when and if banks need clarification from you which will take weeks thousands of questions and thousands of passwords so essentially the government will decide what you can or cannot purchase so like how many of us have bought alcohol under age if we were to be honest probably all of us at this point that's just one very harmless example but expand that and just imagine the freedom that will be stripped away once every single transaction once every action is being monitored and being okayed or denied so that is the reality of the c.b.c.

ok break this down for us because i've also heard them that you're going to get some money this digital currency the basically the federal reserve would give you money essentially to spend and control even what sectors that money is going to be a risk that could be a very big risk because that means that money that they give you is going to be deemed appropriate or not appropriate for every single action so you do not have any control or freedom or what you want to purchase so that's basically someone telling you hey this is money but you can only spend it for these items whether it's for food or entertainment whatever but you can't spend money that you earn for any other reason other than the reason that they provide you with so this is essential the coming from your bank account stilling to your bank account but you're still looking or might be told are controlled where where you can take your money essentially spend your money as a consumer exactly which is a violation of every single kind of freedom that we currently enjoy right whatever happened to the free market then. go ahead i was going to say but keep in mind too

so that's and i agree with everything chris you say it's the negative side of it right but what's the positive side of all this with the positive side if there is one. is that where did big come from it came birthed out of a rebellion to the banking system the banking system that said we'll control how much money you have where you place it the value in return will control what kind of transactions take place where it's into what parts of the world get your money and so that the controls that were created through the banking system birthed the idea of big point right which was let's remove the banks and go to a peer to peer system so well i think christie is absolutely right that this is what government wants to do with their digital currencies out of that births even more rebellion if you will on the financial front the economic front of people saying so what are the systems where we can opt out and get away from that greater control the tighter government squeezes is always going to have more people who now slip through your fingers because they don't want that kind of control and here's

one more positive that i can think of right now during the pandemic the sectors that are struggling and suffering what about money and said you should spend it here or there to help the factors that are hurting most right. no i disagree i mean listen that's a great you say it in a very noble way yes but freedom means that i make that choice you don't know don't dictate it to me you don't see me in that direction i might be here i understand but then what what would this movie actually mean for the existing crypto currencies like that coin or even if the area well i think number one it's going to give more credence to big coin theory and it's going to give more credence to all crypto currency because what it's saying is that you are in fact ahead of the curve if you get into this space because now governments around the world are chase scene you're they're chasing where you've been and those actions the problem is going to be when government decides it doesn't want competition because there's nothing government hates more than competition and so what they're going to want to do is

is a limit access to these other crypto but i think it's there were too far down the road to that is this what it becomes as an economic revolution do you go back and now say all group 2 currencies are deal with generalized except for the ones that we create with your group those are just digital or deal with generalized and so i think what happens is maybe even as a rebellion to that comes about some form of cash back into society that people use in order to trade because that becomes less traceable right i can't imagine a world where the cashless society and to be honest kristie how does this move a fact ira's policy there refusing to recognize crypto currencies as currencies when the fed is attempting to create the very same thing and then calling it money themselves well it's really not the same thing because crypto currency is what threatens the existence and the 1st place so of course they are as in effect of course they will not acknowledge crypto currency as that is quite a theory of any type of all quite as legitimate legal tender their competitors this new digital currency that the fed wants to develop that while it utilizes watching

technology it is nothing more than just a digital representation of the dollar it's the actual antithesis of what it currently means to be a corrupt a currency as it is a centrally backed unit of exchange essentially. basically a digital representation of the dollar that's absolutely no different than the current alley bucks system which is a reward that you get on alley pay right now. very interesting conversation here thank you so much for breaking it down for us it might take 2 to 3 years but i'm sure this conversation will continue to keep going but. thanks for being with us. here. the pandemic has hit nearly every single factor in the economy but there is one that no one's really talking about lumber that's causing prices to skyrocket on some pretty high demand which means your home or model may take longer than expected artie's john how do you take that the problem. the coded 19 pandemic has impacted everything from cruise lines to construction and it's hitting america's

lumber industry hard as well while single family home demand has actually jumped during the pandemic with new single family home sales rising 14 percent in june and new home sales up 3 percent in the 1st half of 2020 the average cost of lumber is skyrocketing according to the national association of home builders average lumber prices because of lumber shortages due to the pandemic have surged 80 percent since mid april 2020 from a low of $348.00 per 1000 board feet to $627.00 per 1000 board feet as of july 31st and that could ultimately push the cost of the new home even higher construction has remained an essential service in the u.s. and homeowners have renewed home improvement jobs during the pandemic lock down according to industry research that's the good news the bad news is the n h b says the sharp increases in lumber and home prices are unsustainable this home depot in miami is pretty well stocked with lumber but i am also seeing that some of

the shelves are empty. while the home depot and lowes reported an increase in revenue during the pandemic the lumber shortage is now reportedly resulting in empty. in many parts of the u.s. and in august 7th letter to president trump and they h.p. c.e.o. gerald howard asked the president for help in urging domestic lumber producers to increase output while negotiating a new lumber trade agreement with canada writing quote housings potential for growth and to lead the economy forward is limited as long as lumber remains expensive and scarce and the ramifications for job growth are significant housing can do its part to create jobs and lead the economy forward but in order to do so we need to address skyrocketing lumber prices and chronic shortages all this leading to a question is this the construction boom before the bust for boom bust john hardy.

in russia the molex is up for the week after the nation pushed out its kovan 1000 vaccine but also russian oil exports to the united states actually doubled in the 1st half of 2020 this was despite demand issues due to the pandemic let's move to asian markets where we're seeing more green arrows the shanghai composite finished the week just above consumer shares lead gains at the end of the week even though china's retail sales for july they actually fell slightly from the prior year missing analyst expectations and hong kong the hang seng rebounded after 4 straight weeks of losses chinese industrial output jumped 4.8 percent which helped that push banking real estate and airlines also helped with some of those gains in japan the nikkei is also up pushing 6 month highs this week real estate railway and bus

shares will they all saw some pretty strong gains and we see our 1st red arrow of the week in india where the sensex actually fell over one percent on friday alone auto and fred. dragged down by index now in australia the a.s.x. is up for the week the country reported a 22 year high unemployment rate of 7.5 percent now the index actually went up on friday on hopes of that us stimulus in south africa the all shares also up this week it was actually closed on monday for a national holiday but an increase in gold did push the sector up and the mining sector even higher but we perform and banking pushed the index down on friday and let's move over to europe and the americas where we're seeing some pretty similar trends here we have 3 green arrows in europe where the footsie is up on the week despite the u.k.'s plunge in g.d.p. by 20.4 percent for the 2nd quarter of 2020 tourism is down as the country added

france and the netherlands to its quarantine list the german dax and the cac following similar trends here both with a slightly positive week but failing actually are falling on weak economic data from both the u.k. and china and brazil the evo best buy is actually in the red for relatively balanced 1.5 percent earlier in the week as the services sector saw some gains in june this was the 1st time in 5 months now let's move north where the b.m.v. in mexico also another green arrow the bank of mexico key interest rate for the 5th time this year to 4.5 percent it's hitting 4 year lows though in the u.s. the s. and p. and the dow are actually in the green where the nasdaq is actually in the red this comes as lawmakers they're stalling on the next coronavirus relief packages well new unemployment claims fell below 1000000 last week this actually helped bolster

the market a little bit and finally in canada where the t.s.a. is down for the week energy stocks really helped push that index up on friday but it still was a. enough to make up for those losses that they saw earlier in the week now canadian housing starts actually rose by 15 percent in july pointing to that positive recovery and as we've seen for the last few weeks down markets they're going to continue to keep an eye on the latest u.s. coronavirus relief package and even more back team development news and that is our global market walk. time now for a quick break but when we return michigan unveiled its plan for the future of the auto sector but how long before we actually see the plans come to fruition we'll talk to lauren fix the car coach in just a moment as we go to break here the numbers are.

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has the lead up to the reality of it we're not financially equality and the lack of affordable housing for a living minimum wage gave many people no choice you know there's been a problem with the city. because the records resource the most vulnerable are abandoned on the streets to become invisible. l. look forward to talking to. you should work for people. i robot must obey the orders given by human beings except. conflict with the 1st law your identification for should be very careful about artificial intelligence and the point is to create. conflicts because there is charged with artificial intelligence will summon the demon.

obama's protect its own existence as. automakers like both swag and general motors and even ford well they're racing to develop the most cutting edge driving cars but in ford's latest push to market itself as the leader in the autonomy skaar development the company is unveiling its plan for a road to the future our teens turn a chavez has more. just have a global slowdown driverless cars are gaining speed and automakers are betting billions that it's harmless bugel is what we need to get moving again one company is even taking steps on educating the community about the future of transportation

. it looks like the state of michigan is getting a make over well 40 miles of it at least that's because the state along with some private partners are paving the way by assigning dedicated lanes for automated vehicles on a 40 mile stretch of highway between where else but the motor city and ann arbor the vehicles would be linked to a central computer system and would share data from sensors along the roadway and other vehicles coordinating their speeds and allowing them to travel faster than regular traffic making travel faster safer and more accessible the project is being led by cab new and infrastructure startup along with the support of ford general motors as well as out of its driverless car subsidiary we move there set to begin with a 2 year study to figure out whether existing lanes or shoulders could be used or new lanes need to be built as well as how to handle wild life for humans in train the dedicated lanes companies like microsoft amazon and argo ai are already enlisted to help create next level driverless cars but their vans been so deployed fully self driving cars have fallen short some industry experts believe the

ambitious initiative in michigan would be the next practical step in making self driving vehicles a reality and because that reality might be happening sooner than later the michigan science center is taking steps to. educate the public about autonomy technology the institution announcing its partnership with ford motors to create the center's 1st autonomy vehicle exhibit that allows people to sit and learn about the technology through interactive displays and simulation well chinese media has reported on a similar project on a new freeway in china and others have proposed similar ventures in the u.s. industry experts say the michigan project would be the 1st in the u.s. reporting for boom bust trinity charges r.t. . for more on the auto industry let's bring in the car coach lauren fix lauren good to see you now we just heard trinity report on michigan's plan to 2 assigning dedicate the lanes to these a thomas vehicles is the u.s. ready for this. well i do know how the traffic goes between ann arbor in detroit

and it's always backed up so taking away one of the regular traffic lanes to go just autonomous vehicles could be very frustrating to consumers because obviously you're forcing them to be backed up but i think that what ford has been doing and this is a lot of people know this is they've had their own autonomous campus where they've been testing things for years and so have other manufacturers and so they now own argo a and because of that they are trying to utilize that company to get to market quicker than anyone else there are still 5 hurdles before you're going to see them as cars hit the market we may never see them because the biggest hurdle is the weather and that can happen any time as we all know but the other one that is an issue is hackers and there is no fire wall today that any manufacturers been able to put together even the consortium of them in germany to block these potential hackers plus you've got government regulations and insurance regulations well and officials are saying that this wouldn't be for a few couple of years several years actually you mentioned

a little bit about the hocking is a technology even say for this. well they can produce self driving cars they have since 2009 i've actually been in a self driving car and gone from. the west coast to las vegas for a treat show but the only problem that i see is one consumers have to be ready for it and that's a big hurdle and i know they can produce these cars today they can absolutely produced self driving cars but our consumer do consumers want it and can we clear all those government regulations and that is a big issue well let's turn to to michigan who's seen a long history of this leading innovation and the auto industry specifically just like the various other sectors the auto industry it's been flan by the pandemic and the 2nd quarter of this year it actually revenue fell by by half a general motors ford and auto suppliers like. cooper standard is this new version of ford is this part of this innovation to try to help. where

you get ford and all the other manufacturers are all working together to try and get autonomous cars again the biggest problem with coated the impact to the auto industry at least in the u.s. that well mostly globally was getting parts out of china because you can't produce a car that's only 99 percent complete on top of that they're still trying to ramp being back up to get product to market so it's going to take them a while to catch up i think by the fall you'll see the 4th quarter for auto sales will start to improve and globally you're starting to watch that happen as well. obviously comes a pretty hefty price tag we're talking about a lot of money that's supposed to go into this with these the auto sector already struggling and be hit by the pandemic who's in a position to actually fund these projects. we're going to see funding coming from from literally everywhere you're see auto manufacturers investment groups i know china has invested a lot of that for their country as well but there's going to be a lot of investors because who doesn't want to miss that next potentially big thing once we clear at least the bulk of these hurdles i think you will see

a lot of these type of shuttles happening on college campuses and places where we can guarantee that there's less traffic and a safer way to travel and big tac do you see them cooperating as well. absolutely because there's a lot of money to be had here because if all these big companies are getting involved you've got bell helicopters involved boeing's involved everybody is investing in this because who doesn't want to be 1st to market everybody wants to be 1st to market absolutely especially with such innovative technology let's turn it over to china where they actually saw a pickup in sales in the month of july will the country reported an increase of 7.7 percent on that month that's from a year earlier that's a huge increase for them how important is this to china's overall economy. oh it's very important the auto industry number one industry for china across the globe as far as automotive is china they sell the u.s. marketplace and when covert hit obviously they were purchasing vehicles but now they are getting ramping back up and you're watching people purchase vehicles there

was a shortage on electric vehicles that people weren't buying them because they reduce the incentive and when the government wasn't involved in assisting in the purchase consumers went back to looking at gasoline or diesel powered vehicles but it looks like evey's are starting to pick up there is a problem with getting enough infrastructure so they're building nuclear power plants in china and that is jobs which means people have money to buy cars so i think it's starting to ramp back up and china will probably get back to more normal numbers before other countries do this could be part of their be shaped recovery that we're seeing the auto sector we know the united states employs and makes up a huge number of the g.d.p. as it does in several other countries around the world and that definitely being been hit pretty hard by it by the pandemic with all these sales though that we're starting to possibly see a little bit of an increase in the auto sector and needs all the help it can get lauren fix the car coach thank you again for being with us and breaking all this down. thank you. i can be a sense of calm for it when we're having

a bad day or just trying to get through the global pandemic well good news because this air b.n. b. may feel like a time machine back to the ninety's where the last blockbuster is being rented out with a living room set get this it's full of snacks a pull out how much and even a v.c.r. with enough ninety's movies to keep you up through the night well the listing says that you'll have the entire space to yourself so turn up the volume as you crawl up in your pajamas or puffy starter jacket the only catch is you have to be a resident of bend urged to shoot county in oregon it's not clear if it will be open to the rest of us later on. that's it for this time catch you must on demand on the brand new portable t.v. which is available on smartphones and tablets through google play and 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 broken devices or simply check it out at portable dot t.v.

we'll see you next time. i. feel it but it's important that some not just get up but just don't know. which never. hurts you by march. there's a very good. job. they

did. the push to launch a good joke on us about it or some. odd note no crow. no shots no. action to help speak. with dr no 1st. point ch your thirst for actual. facts geysers financial survival guide. causing bob all.

oh you mean there's a downside to artificially low mortgage rates don't get carried away that's cause report. today to the sudden fullest and illegal takeover of a government by a small group. so rather than revolutionaries all soldiers conduct small group the corporations when you have a tiny group of people who have all the power you have to have some means to make sure that the best don't get together and take a back. loser 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. in the world.

of the. headlines in r.t. the german states of the various apologizes after failing to warn 900 people that they tested positive for coronaviruses countries across europe registers spikes in infections. thousands of tourists in the furious having to spark home from france off to london the country on its quarantine list with only 24 hours warning sparking chaos for travelers. pay everything. tight even bones as soon as. there was no way any money back. to impose sanctions on by the ruseva.