would later be named. to the very very top i think it is. the. lead.

has changed lives and pharmaceutical companies have a miraculous solution. based drugs to people who are chronic pain and believe that their opioid prescription is working for them in the remedy. to the price at the. dependency in the addiction to opiates to long term use that really isn't scientifically just right now a study actually suggests that. the long term effects might not just be the absence of benefit but actually very very right because in the long term. this is

a boom bust that one business show you can't afford to miss there montevideo going to washington coming up as unemployment remains unpredictable. inflation is the ball will break it down and what that means the u.s. economy going forward in the united states and the world could lose over a trillion dollars in lost for them in terms of take a look at the numbers and see just how countries are adjusting to the dramatic drop in international travel have a lot to get through so let's get started. it's thursday and u.s. unemployment numbers are in more than 1000000 americans filed for jobless claims for a 2nd consecutive week well the labor department reported it with a weekly drop of 98000 but this is down from the 1100000 the previous week now this also marks the 22nd time in just 23 weeks the jobless claims are above 1000000 claims dropped below the 1000000 earlier this month but only for one week now this was since the start of the pandemic in march still these. numbers remain

historically high more than 14500000 americans are collecting traditional jobless benefits that's up from 1700000 just one year ago well commerce department also revised estimates of 2nd quarter g.d.p. and said it fell at a 31.7 percent annual rate that's slightly less than the 32.9 percent that was originally reported lysol comes as lawmakers have yet to reach a deal on a new coronavirus relief package. meanwhile the federal reserve announced thursday plans for a new framework that will likely allow them to keep interest rates lower for a longer period of time will. change their view of the literal inflation rate of 2 percent is most consistent with our mandate to provoke promote both maximum formant and price stability finally we continue to believe that monetary policy must be forward looking checking into account the expectations of households and businesses

and the legs of monetary policies effect on the economy thus our policy actions continue to depend on the economic outlook as well as the risks to the outlook. well for more we turn to boom bust a co-host an investigative. one ben let's start with what the obvious here now no. federal reserve new framework what does that exactly mean. the new framework basically means that the federal reserve is completely changing how it views inflation how it views its role in america essentially meaning that whatever the rules were for the last 10 years are no longer the rules the way that the fed has essentially approached unemployment the way that the they have approached this mandate they have from congress which i'm not sure i agree with of helping to reach full employment the way that they essentially view the economy as a whole and their own policies which i think a lot of people are arguing including myself are actually hurting the nation in

terms of fiscal responsibility in terms of the value of the dollar that all those things are essentially being thrown out the window and there's a whole new way according to drone pile of looking at the federal reserve and what it does and essentially saying that markets can be treated in a completely different way than they used to be treated almost acting as if there's been some kind of evolution in the markets that mean that the old rules no longer apply and i don't think i agree with that well informed claim it used to be at one point about 4.5 percent now they're looking at their a possible different number and looking at what they've done and what obviously hasn't worked but federal reserve chairman jerome palace says that this move it's in line with the fed's mandate to to help reach like you said the full employment listen to what he said a revised statement emphasizes that maximum employment is a broad based and inclusive goal this change reflects our appreciation for the benefits of a strong labor market particularly for many in low and moderate income communities

in addition. to insist that our policy decision will be informed by our assessments of the shortfalls of employment from its maximum level other than by deviations from its maximum while as in our previous statement. change major subtle but it reflects our view that a robust job market can be sustained without causing an outbreak of inflation is this really going to help these communities he's talking about i don't know that it necessarily well 1st of all i've got to say that the whole announcement from drill power you've got to admit it seems super weird right he sounds like a robot of the ways talking is very stiff 7 he's of are citing numbers in a very bizarre way to the whole thing in and of itself was strange but essentially i think when you break down what he say what he's really saying is we can continue to pursue the policies we've been pursuing which is printing massive amounts of u.s. currency holding interest rates at near 0 and no worry about it because it won't

cause inflation that's essentially what he's saying and that if there is a little bit of inflation just a little tiny bit it's ok it's not a big deal we can manage it when in reality what we're seeing is the devaluation of the dollar not just here in the u.s. we're going to see it massively devalued as far as the way other countries view it we know you and i talk about this all the time that other countries are decoupling from the dollar as quickly as possible countries like china and russia india south africa brazil those brics nations getting away from the dollar is quickly as possible we're watching gold increase at a rapid pace we're watching cripple currencies increase so all of that i think plays into the fact that what jerome powell is telling us is not the reality of how other nations or investors are viewing this he's saying one thing when the reality i think is something totally different while looking at this as a historic. plan to what the federal reserve a thing that they want to keep the average the average rate at 2 percent meaning

that it can go a little higher what would that even look like. well that's what we don't know right because what they're telling us is it won't look any different than right now what they're essentially telling us is we can change what historically we have done in the past and it's not going to really affect anything and and businesses will come back and jobs will be there and don't worry but the reality is and you and i both know this as well that the effects the market effects and forget about wall street the market effects in terms of small businesses in america entrepreneurs in america the job situation in america we have only begun to feel the effects of what these lockdowns have done so while wall street is jumping up and down and kind of moving and as christie likes to say good news is bad news and bad news is good news in reality what the fed is not taking into consideration are these essentially waves of unemployment that are yet to be felt the waves of. people losing their

jobs the waves of people being removed from their homes and losing out where they live all of those things are going to hit the market in a substantial way in the coming months we haven't even felt those yet but what drone policy telling us in his best robot in person ation is that in fact nothing's really going to change and it's all going to be the same and trust us because we're the federal reserve and we have the power i mean make it so i mean technically a let's play devil's advocate here we know how you feel about the federal reserve but are not that up to help the free market in a free market. no i don't i don't think they are i think they're set up to help the market and they're certainly in a position where they help those who control the markets big businesses massive banks they are all fed by the federal reserve but remember the federal reserve is a private entity it is not a government entity and so it acts as a private entity but it has control over monetary policy for the entire nation that

is bizarre in and of itself why is a private entity in control of our money supply in control of interest rates in control. all of the value of our currency and yet again there are private companies that they actually have no through this year a duty to the taxpayer well ben i want to bring an dean of miami business school dena john pollitz to join in on the conversation ding quality i appreciate you being with us today we know how ben felt about the speech here today it was somewhat strange i will admit what was your take. well i was very much enjoying listening to ben's commentary i think i have a slightly more moderated view i think actually the. federal reserve has been doing a good job of monitoring the inflation situation i think making the tradeoff that moving towards an average inflation rate as opposed to

setting a 2 percent maximum ceiling is a way of liberating market forces and facilitating assuredly lower costs mortgage interest loans lower car loan costs and thereby stimulating the economy and hopefully getting some of the enormous number of people 27000000 people or so back to work as soon as possible and taking a risk here on stimulating inflation in order to correct the unemployment situation and i believe it's a well judge move. quite the opposite from what we heard from ben these qualities i want to shift gears here a little bit about that president trump saying that through the covert relief package he signed into law that the administration actually saved over 50000000 american jobs how accurate if at all is this assessment. well i would never

want to comment on the accuracy of the president of the united states but let let me just say that we had some commentry later that clearly stated that the the 51000000 is the number of jobs in all companies that were approved for a p.p.p. loan by the by the government and so it's a little bit over a getting the all millet to claim that all 51000000 jobs were saved as a result of these loans but that is the fact on the lying the source of the 51000000 statement well. the unemployment numbers are continuing to climb this week they're still up over a 1000000 like we saw i'm sorry from last week the week prior to that unemployment benefits are not what they used to be weeks ago how is this going to go moving forward. well certainly the there's

a great difference of opinion of course between the democrats and the republicans about what the level of stimulus needs to be and the democrats essentially went for 3 trillion dollars republicans went for one trillion the democrats tried to split the difference of 2 trillion the republicans declined that offer and have now put forward a package of represents around about $500000000000.00 not likely to be agreed upon i think by the democrats but in that package there is provision for the extent that for the extension of the added on employ. remember that approach but at the level of $300.00 slash $400.00 rather than the 6 on $100.00 that was in the original package no doubt if that would proceed or if nothing would happen there will be more and more on employed americans who will be up against the wall

in terms of exhausting those savings in order to keep their rental rental payments or car payments afloat and a lot of them already have and the numbers are supposed to continue to go up if they're coming down any time soon john quality of the miami harvard business school thank you so much for your time who must co-host ben swan stick around we're going to have you on later in the show. has been. the world's richest man just got even richer while amazon c.e.o. jeff bezos is now worth an estimated $204000000000.00 which keeps him in 1st place for the richest man on the planet a title he's had since 2017 but he's not the only one who's making money in the middle of a pandemic will artie's fear and fronsac joins me now to discuss fair and 204000000000 what do you even do with that kind of money i know seriously you know he really is the most loved and hated person in america right now because i mean he did bring us

amazon but he's also made almost $90000000000.00 just throughout this pandemic since january and he's changed the game completely and what's funny is baseball's actually would have had more money but he went through a little sticky situation last year a divorce where he actually gave his now ex-wife 25 percent of amazon stock now worth a whopping 63000000000 so when the divorce was actually finalized his ex-wife mackenzie scott officially became the 14th richest person in the world overnight 2nd richest woman but as you mentioned bezos isn't the only one you see here you've got jeff bezos 204600000000 you've got bill gates with microsoft 116 were. our our knowledge 115 zuckerberg with facebook 109 and then elon musk with tesla and you can actually believe that there are now more sente billionaires on the planet than ever before and that actually got me thinking you know right now we have about 30000000 americans who are unemployed as you mentioned before during this pandemic and while

the house and the senate failed to even meet and talk about a 2nd stimulus payment to help those people out if they did find 25000000000 dollars for the post office believe it or not it got me thinking what could these billionaires do with the money let's do some math if they each gave $10000000000.00 for some of them a drop in the bucket do the math $50000000000.00 divide that by $30000000.00 those $30000000.00 unemployed americans could each get about 16 founder of the oculus exactly and that's something that americans definitely need to you know today so almost a month ago to the day you did have jeff bezos he was in the hot seat testifying before the house judiciary committee where he was called out for basically killing your brick and mortar mom and pop shops now this was his answer or lack there of when he was asked point blank does amazon have access to 3rd party seller data on its platform well here's the response. can't answer that question yes or no but i

can tell you is we have a policy against using solar specific data to aid our private label business but i can guarantee you that the policy has never been violated do category managers have access to nonpublic data about 3rd party products and businesses. and the fact that we have such a policy is voluntary i think no other retailer even has such opposing. policy we would treat it like any internal policy and if we found it so inviolate it we would take action against them you have access to data that your competitors do not have so you might allow 3rd party sellers onto your platform but if your continuous. monitoring the data to make sure that they're never going to get big enough that they can compete with you that is actually the concern that the committee has and there you have it nothing well what was even more disturbing about that hearing bezos richest man in the world wasn't even asked a question in that big tech hearing you had apple facebook google not

a question until 82 minutes and really people really you know it was interesting in here much from him but let's shift gears here a little bit fair and speaking of you know when the middle of a pandemic and the rich are getting richer california is actually voting on a new law this week and it could potentially really buy these small businesses that are already hurting a lot or have already been you know abolished by the pandemic you know it's 2020 just keep you know mess and more you know you got california it's the consumer protection bill a a.b. $3262.00 it what it would do is that any on line or electronic retail marketplace would actually have the same liability standards as those brick and mortar stores now meaning let's say you buy a product that harms or hurts you you can sue the company that you bought it from however c.e.o. of etsy josh silverman he says that this is going to wipe out amazon competitors completely because amazon is strictly a middleman when it comes to their business model adding that amazon supports this bill and bad face them saying quote amazon's goal is to be the only place to buy

stuff online hobbling mom and pops that sell unique items in their own shops or more frequently since kovac through marketplaces like etsy small businesses struggling now more than ever will ultimately bear the brunt of the overbearing burdens of a b $3262.00 amazon does say that it does support this bill only though if it quote holds an online marketplace all my marketplace is liable regardless of their business model but you know let's be real amazon knows that it can take on any of these lawsuits it's got a ton of money and now jeff bezos with 204000000000 it's interesting 100 or ability when you look at all their pictures they all have the worst haircut too and the bases with no hair no so at all $340.00. well you know what would you do with that . r t correspondent for and thank you for being with us. time now for a quick break but stay here because the return united nations says the world could lose over a trillion dollars in lost tourism and we'll take a look at the numbers and see how countries are adjusting to this dramatic drop in

international travel as we go to break your the numbers up. there is no such thing as money and there is no inflation and there is no deflate. the only thing there is to think about are interest rates and interest rate a part of the value the money is a poor girlishly golden bear you can keep interest rates near 0 so that if you are a white guy like me on wall street your cost of borrowing is 0 if you're a black guy living in the ghetto your cost of borrowing is 2000 percent it's called interest rate apartheid and it's practiced right here in america and all over the world the ghetto of high interest rates if you don't mark borrowing money to 0 percent of you living in the ghetto and that's. join me every thursday on the elec so i'm unsure when i'll be speaking to get us through the world of politics. i'm sure i'll see you then.

on wednesday the u.s. commerce department added several russian research entities to its sanctions list alleging involvement in chemical and biological weapons while the list included a russian defense ministry facility working on testing the coronavirus fire. scene well the agency deemed the entities to be acting contrary to the national security or foreign policy interests of the united states well unlike other sanction programs the move imposes new licensing restrictions on russia's embassy ambassador or at least new restrictions on the united states well us russian ambassador to

washington took to facebook and rejected the allegations saying it seems confusing to us especially since no evidence was presented well familiar vague terms are used such as there is a reasonable cause to believe we would like to receive some clarifications from our colleagues regarding these groundless allegations. that cover $1000.00 pandemic has wiped out industries across the board and perhaps none more than travel and tourism well as a result of the outbreak the united nations has forecast a loss of more than one trillion dollars in losses around the globe in the sector which has already led to massive employee layoffs and while travel has slowly begun to resume around certain parts of the world strict safety measures remain in place limiting the amount of travel but are permitted to enter or leave certain countries for a deeper view let's turn back to boom bust. of journalist ben swan ben let's start

with europe where travel has been slammed a new world travel and tourism council actually reports that it's us to meet the u.k. lose nearly $29000000000.00 from its economy this threatens about 3000000 jobs in the country what is the u.k. government doing to address this hit. well of those 4 and all they can really do is deal with stimulus because unfortunately not just in the u.k. but all across europe there isn't a whole lot that's happening in terms of reopening travel routes or getting tourism back up and running and that's because most of europe including the u.k. is still under a series of lock downs and economic lock downs as well as social distancing so there's a lot of concern about what this looks like in fact most analysts are looking at it saying that the travel industry for europe and specifically for the u.k. won't be coming back until at least the middle of next year which means that the losses will only be compounded at that point and there are a lot of low cost carriers including in the u.k. that are looking at having to shut down completely so whether or not there are

certain companies that even survive all of this remains to be seen when we know the recovery is obviously facing this battle of europe they're seeing in our recent 3rd and co 19 cases spain france and germany they're logging their highest daily cases since april do you think that this recent uptick it has to do with that travel. i don't think it has to do with travel in fact because there's so little travel that's actually taking place the reality is this if we're going to get outside of the politics of it in most of these cases it seems like what we're being told about staying at home is not preventing the spread of coronavirus in a lot of these countries that's why over the weekend there was a huge protest in the in the nation of ireland where thousands of people turned out saying that they want it in the lockdowns because it's hurting them and it's not preventing the spread of corona virus a lot of other countries are starting to take to the streets it to you know that same reason they're saying that it's not stopping the spread and

a lot of these countries are never going to shut down completely again because they know what it did to their economy but in china air travel has actually increased at least domestically as we're going to forward keys airports actually reach 86 percent of 21000 levels earlier this month now it's expected to fully recover by next month but still international travel avi. isn't expected to recover even come back for years should we forget overall about international flights for the foreseeable future and just stick to domestic traveling and i think for china in particular that's ok because china has such a strong domestic air travel program and so many people travel by air between cities in china that it really won't hurt them they can mitigate those costs especially when it comes to those international flights so i think you're right about that they can kind of forget about the international travel part of it because where you're going to go from there i do know that in terms of the international travel china is offering incentives especially to students around the world trying to get students to come into china but whether or not they are taken up what remains to be seen that's fair he true now i do want to get to this we've

talked about this before how you know the american passport no longer is what it used to be you were banned from visiting many other countries around the world most are actually vacationing domestically there is something that caught my eye though on the some that are caught actually breaking rules an american that actually facing fines for violating travel restrictions to our neighboring country canada yeah this young guy who apparently is in trouble for sneaking into a national park twice each across the border broke the rules in order to get into a national park which doesn't make a whole lot of sense but if you look at what's happening in terms of of canada and mexico by the way you know the some administrator has put very strict rules on nonessential travel coming in from canada from mexico in mexico in that case you're talking about wait times at the border of up to 10 hours local businesses exactly and the u.s. for example california san diego border is one of the biggest in the world most traffic is at that border those closures have been extended i think 2 or 3 times

now but there are still people trying to travel back and forth who are facing some sort of fine or punishment the west coast an investigative journalist bent on thank you for your time. that's it for today but you can catch us up on the boom bust on demand on the brand of horrible t.v. op which is available on smartphones and tablets through google play and the apple app store by searching portable t.v. . in the troubled 19 seventies a group of killers rampage through parts of northern ireland that was coordinated. population. were forced to flee their homes. these attacks was a p.r. you see the police actually took part in the attacks so instead of preventing they

were active participants in the burning of coal streets in belfast. more than a 100 innocent civilians were. seniors and we found out more i was surprised about the extent. to which the solution was involved in some of those cases the killers would lead to be named. i think it went to the very very top i think it is. the water where politicians. give the go ahead. so what we've got to do is identify the threats that we have it's crazy confrontation let it be an arms race in a. very dramatic development only personally i'm going to resist i don't see how that strategy will be successful very. time to sit down and

talk. hooper joey are they being used. for a. boy. or a. preposition. for just you know pretty. well yes. so it's a good news. they take your word for. these other stories of men who contemn. life without fashion without a sense of style with things that might be seen as weakness in this masculine world but they still demonstrate incredible strength of spirit to live as they choose.

for the. very same very modestly that i have done more for the african-american community than any president says abraham lincoln. as black lives matter protests and go to see the sheer week salmon politicians are using me on the rest me she is election campaign i also to come on the street the death of teenager u.k. authorities to consider a virtual trial for the wife u.s. diplomats accused of killing him and fleeing the country. she was the last person to risk it is absolutely clear and now that the united states government does not have either a legal or moral right to. kind of disturbing report finds muslims get this proposed.