what the forecast is for the overall holiday season but a retailing and consumer science to us that we have a lot to get to so let's get started. after a year's delay germany said construction of its north stream to pipeline will resume this week a german agency indicated it may have found a way to skirt u.s. sanctions those that halted the pipeline running from russia to europe across the baltic sea last december the vessel can lay down pipelines without anchors and it can set down pipe at about a 3rd of the speed as a vessel that swiss pipeline company also uses using prior to this well a majority of the remaining section will be in danish waters and pipe laying out will restart in germany territory by the end of this week meanwhile the pipeline operator announced gazprom and its european partners they've provided nearly all of the funds for completion of the pipeline the company said almost 100 percent of required funds have already been provided by the shareholder and financial investors the us is expected to announce new sanctions against the pipeline in the

coming weeks. the united states is imposing new sanctions against a chinese tech company for doing business with venezuela the u.s. treasury department accuse a chinese national of tronics import and export corporation of supporting the illegitimate maduro regimes efforts to undermine the next on democracy as artie's alex my hilbert explained the move is ramping up tensions with the 2 nations just ahead of the transition of power here in washington. it's the latest move by the u.s. to try to contain venezuela and this time washington scene was to hit 2 birds with one stone the u.s. treasury department has imposed sanctions on the china national level trying to import and export corp the chinese company is accused of providing software training and technical experts to venezuela's government which the u.s. would like to see removed from power. u.s. secretary of state mike pompei all sent out this tweet the u.s.

is sanctioning p.r.c. tech firms c e e e c for enabling the majority regimes efforts to undermine democracy in venezuela their support to restrict internet service and conduct digital surveillance against political opponents is robbing venezuelans of a democratic future while the us has unsuccessfully attempted to install venezuelan politician want guy go as ruler of the country venezuela's president nicolas maduro continues to remain in power and his government is recognized by the united nations as well as backed by cuba russia and china meanwhile china is criticizing the u.s. move against the company from that country saying that not only is it an attempt to interrupt business between 2 sovereign nations but it is also illegal the may find the relevant actions of the united states are purely a pretext to suppress relevant enterprises in venezuela and china and china urges the u.s. to abide by international law and the basic norms of international relations to take concrete actions to correct mistakes and revoke all kinds of illegal sanctions

in recent weeks the trumpet ministration has issued a number of sanctions against china and russia in what some analysts believe is a part of a last gasp before a new government arrives in the us in january as for this particular strike against china many believe that there's more to it than meets the eye aside from the ongoing trade tensions between the states and the asian superpower the u.s. is peeved that china resumed accepting direct oil shipments from venezuela china officially stopped buying oil from the south american nation for over a year following u.s. sanctions on but as well as state oil company p.b.s. a but with china u.s. relations at what some call an all time low china is once again buying crude from venezuela in fact as the u.s. attempts to tighten its grip on but as well and china has recently nearly tripled its crude oil imports from that country. to bloomberg that israel and oil exports surged to more than half a 1000000 barrels

a day in november with nearly all of it heading to china all things considered year over year that's still a 48 percent drop in oil exports for venezuela venezuela has the world's largest proven oil reserves and its energy industry has been a primary target for american sanctions in its long standing regime change operation against the country venezuela's oil revenues account for approximately 99 percent of that nation's export earnings as for china it intends to continue working with venezuela and promises to protect its businesses from american interference to a shelter china will take the necessary measures to safeguard the legitimate rights and interests and chinese enterprises of the company at the center of it all trying to national i like tronics important export corporation trades and electronics including equipment used for military and construction purposes the u.s. has not specified what provoked the sanctions against the firm for boom bust i'm alex my love it. and what the trumpet ministration moving forward with its

blacklisting of chinese companies the big question for u.s. investors how will this blacklist affect neutral funds well joining me now to discuss is. campaign list bence one ben as alex mentioned the u.s. is continuing its blacklisting of any firms that it claims really supports the chinese military and alice is extended to any firms that actually might work with the country of the us well what does this mean for these investors. well it could mean a lot of things i mean if you're an investor and you don't know obviously you can get in trouble for it you don't know but what it does mean is there will probably be a pretty strong realignment of some of these mutual funds that do deal with technology companies because remember what the u.s. government is doing right now is you know about 89 chinese companies that they say are supporting chinese military but that doesn't mean that they're doing direct sales so the military is developing any kind of technology or equipment that can also be used by the military so it's a pretty broad redefinition of what it means to be supporting the military the

other thing that's important to know here is that china in its 5 year plan has done something kind of unique where they are taking military they are taking consumer products they are taking essentially every form of technology across the board and consumer sector and they're saying all these things should work together to promote china and move china forward so what that really means is that really any chinese company could be seen as supporting the chinese military because of the chinese view that everything should be kind of have this synergy between it to move the nation forward so we're talking about china and now venezuela you have kind of a messy situation between these 2 entities and what that actually means for consumers or for investors rather is an issue of whether or not investors can say i can safely have my my funds in those mutual funds because i'm not exactly sure what it's going to mean for me long term if you know i'm invested in something and i don't know what's violating sanctions or not well even if the fact that these companies are in china all together that automatically then puts them in this branch. well you can that's the thing is that so far what the u.s.

government is that is it's targeted specifically $89.00 companies but what i'm telling you is is that what china has done in terms of its own kind of 5 year plan for redefining the country and moving everyone forward is that there's a lot of crossover so you know here we have certain companies like you know raytheon we have boeing we have certain into t's right that we know are selling to the u.s. military those would be military contractors but it doesn't work that way in china what china has done is they are saying every kind of technology company should be also helping the military should be helping the government everyone should be working together so just because you create technology that's in use by the military doesn't make you a military contractor here in the u.s. i'm sure service members and the military uses apple i phones and they use enjoyed i'm sure they do but does it make the military contractors and does it mean that they're supporting the military specifically as a company but that's the way the truck with ministration has redefined companies

that are in china that work with military well they're insisting to we heard the u.s. is cracking down specifically on the chinese talent on technology companies see i see claiming that it supporting the material regime is what they're saying. that's right what they're saying is that the essentially this company is helping to suppress information in that country interesting right that there's a technological company that is suppressing information that is helping the material regime to stay in power that is sincere in search results online that is cracking down on the ability of people in venezuela to learn about what's going on in the world and certainly within their country that is sincere in search results there's a lot of allegation here about the way technology is being used to suppress the people of venezuela but i find it very interesting that we're sitting sarah in a moment where most americans would say that is happening here every single day so why are we saying shooting this chinese company and not saying shooting google when they do it to people right here in the united states because it is happening every

day and we see it in these big american tech giants and it's probably not going to stop us very much a hypocritical boom bust co-host ben so ana thank you as always for your thoughts and insight you got. holiday shopping is looking a little bit different this year because of cover 19 all stores across the country started sales in october in order to avoid these overcrowded malls lines were shorter on black friday as in person shopping decreased but the spike in online shopping adobe reported cyber monday had a new record of $10800000000.00 in online sales its forecast for the entire holiday season a whopping $184000000000.00 this is a 30 percent increase from last year so for more on retail and holiday shopping. and consumer science professor at the university of arizona dr sabrina home professor thank you for joining us today these estimates from adobe they seem extremely high given the circumstances that millions of americans are struggling

financially due to job losses from cover 1000 are americans just not doing as bad as we thought financially. well that would be wonderful all right but you have to also consider that the growth of these online sales come at the expense of the reduced in store sales for traffic in stores to creased or over the last year so although are we still expect that there would be a slight increase in overall sales lose a little one to 2 percent but was the goal to americans financial situation while some are doing a lot worse and only if you are doing better but spending patterns for the whole yet already changed rate saw and saw another of the spending has shifted maybe towards the end of this year and given that we saw that consumer spending was down in spring and summer months due to the to the corporate demick and spending who are friends are spending on family and friends for gifts is for many maybe the only

option to have some sort of like house for to close a normalcy right now so they probably don't want to give up on those purchases and i want to ask you about than the credit card here i mean since the start of the pandemic americans have been at least trying to to save some money that we've seen that they've been paying down some credit card debt earlier this week we heard from one of our guests that once americans pay down that credit card that it's like all the sudden they feel rich again right could this holiday shopping season reverse this trend of paying off debt and actually accruing more when buying these gifts. well i want to do is on american solution list on the holidays pretty much every year but unfortunately the dogs who have a lot of it usually also are willing to you know dig in deep throat get in deeper and so while many will be spending on gifts using their credit cards they may also be spending less on travel and transportation is here so hopefully overall that will take some strain off finances for some families and maybe also to

a less credit card. as i'm sure they're trying to at least at this despite amazon workers they they say they were on strike and protested across 15 countries on black friday some even went into cyber monday over their business practices will they still announce that monday for 2020 amazon was the largest holiday shopping season in the country's or the company's history that is are people just not giving up on amazon. not likely though this is also part of an ongoing trend amazon has been receiving about every dollar spent online during the holiday season for a couple of years. and actually a couple of other winners this year are good and wal-mart at the top in terms of gaining in terms of online spending but amazon will try many consumers just go to auction for all the diverse products that they might want to buy and they also

started out the holiday season and hurt our shopping frenzy this year it was already in october so they pretty much set the stage for a while is now cyber months and the holiday season and they're just so much so on now i don't see on some of the trunk. especially given a lot of prime members right who get the free 2 day shipping when they don't want delays especially during the holiday season even there though there may be some delays e-commerce is obviously picking up not just this year but in recent years mostly during the pandemic especially but but really what what are we going to see because some people just want to go straight to to the mall and pick up the toys they don't want to deal with getting anything through the mail or are we going to see an increase in curbside pick ups as well and are are these companies are these stores going to run out of the products. hopefully not right so how does a pick up and in stock you. drive through will pick up on all that has gone no more

than 50 percent so that's only an alternative said another shoppers are already aware of and if they don't want to delay access to credit so i don't want people shipping and the need to pay for shipping it's very. on many people's minds and it's the shipping costs are going to increase probably pretty much so so and its options were correct and pick up was not tested by anybody pretty much prior to the pandemic but it's likely going to stay even if the pandemic ends and it's an important tool for retailers and i'll drool still you know or use their stores as fulfillments centaurus and not have to rely on the shipping services but it's of course not the same as so hunting and browsing through stores looking for treasure that probably will have to wait until you know how the other side of this and save return to the store so imposed storage is us and australia hunts program will have

to wait a little longer it's really interesting this how this curbside pick up has more stores have brought into into doing so as to getting people with so they don't even have to come into the store right and just taking out curbside a lot of stores had done it before but like you said it wasn't really tested so it'll be interesting to see how how it turns out especially when it comes to returns after the holidays whether that they'll offer me some sort of curbside pick up or they'll have to return things through the mail which could further delay the mail system as dr sabrina retelling and consumer science professor at the university of arizona thanks so much for taking the time to be with us today. thanks for having me. time now for a quick break but when we come back. how treasury secretary steven. before the senate banking committee on the carrier will explain why they remain at odds over federal loan programs are they going to break your the numbers of the.

bank you have. to. park a board if you. book is a little me. because well good luck. to. you one of my. little did the job as a. only

. one or you'll remember our part of our number. and it's. going to give you some of the. join me every so st simon sure and i'll be speaking to get a little the full picture. i'm sure. i'll see you then. we're segregated and they're all my social class lower middle class people also in poverty by 1st name if you're born into a poor family if you're born into a minority family if you're born into a family that only has

a single parent that really constrains your life chances people die on average 15 years younger than if you're born into generational poverty. so by every day she you meet your needs and the needs of your family. welcome to max kaiser financial survival guide. looking forward to that without. this is what happens to pensions in britain don't just. watch kaiser report.

on tuesday federal reserve chairman jerome powell and treasury secretary steven chu and gave their quarterly carries our testimony before the senate banking committee were neutral and powell urged congress to provide more aid for small businesses so for more on today's testimony stimulus we are joined by boom bust co-host christine and founder and chief market strategist of the technical traders dot com chris remedial and chris let's start off with you this is the 1st appearance of power and management together since they disagreed over the expiration of several emergency fed loan programs that were set set up after the pandemic what came out of that meeting. yeah it was a pretty painful meeting to listen to and you know i didn't really get a whole lot out of the you know we want the chairs act kick into place in my opinion how stressing the importance that the fed has these lending programs because it really is critical for the credit markets and unfortunately they're going to expire december 31st and it's really going to affect

a lot of people and really what we need to see i think are some of the stimulus plans kick in and help where are you going to say you know those funds could be used elsewhere as or almost 500000000000 dollars that could be used in this attack but he wants to use it you know other ways so there's still of this kind of gridlock trying to figure out which way to go i mean when you look at it carlos talking about you know the outlook has become extraordinarily uncertain boat the future with cohere in the vaccine and all these things coming together so we're going to still at this gridlock trying to figure out where these findings going to go the circlip through or and what the new stimulus plan is going to look like and we truly are and a gridlock what we're both are kind of opposing ends here but today kristie lawmakers also on tuesday unveiled their their bipartisan $900000000000.00 coronavirus stimulus package and an effort to really break through this stalemate

as virus case as it will they're continuing to search what does that package contain. well now after months and months of congressional inaction i was actually kind of optimistic today to see something potentially on the table here so this is roughly a $980000000000.00 proposal that includes $200.00 new new $1000000000.00 in small business aid such as p.p.p. loans $160000000000.00 in state and local government relief and another $180000000000.00 to fund a supplemental unemployment benefit through march so notably more than half of this funding about $560000000000.00 is provided by me nugent clawback of fed facilities so this proposal would not include another direct payment to most americans this is meant to be an interim package to provide additional support until president elect joe biden takes office in january so currently it is still unclear whether or not this proposal will be adopted before the end of the year when many of these programs are set to expire so these programs include an unemployment insurance

extension federal student loan payment markland and in the action protections so it's actually very critical that these lifelines do not expire and hit americans who are already struggling to cover these costs so if these unemployment programs expire at the end of the year about $12000000.00 americans could lose their benefits and that on top of all of this the federal government will likely need to approve more funds to streamline the distribution of additional cobra 19 back scenes in the coming months so i would say that it is optimistic that some work is getting done here but let's not get ahead of ourselves the bipartisan compromise that was originally put forward during the fall was rejected by palosi own chris who it's been rejected several times for several months now this is far less than democrats had hoped for that number of $108000000000.00 is there any possibility that you think this will pass. oh it's tough i mean. yeah it's really tough yes and it's going to cross or not i think something's going to happen

and some court is going to give us i mean the department just don't seem to want to want to make something happen. you know i'm going to see something that's what it's it's going to be just that he will speak to a speaker nancy pelosi this afternoon so i'm sure we'll will hear something even if nothing comes out of it all restart negotiations much like we followed through a few months ago that really got us nowhere kristie i do want to ask you about the price to reach a new all time high it was above 19900 or 89200 summer 1st after nearly 3 years it did come back down a little bit on this tuesday what do you make of this what's next for a coin. well but one of the entire could the space is just going to continue to mature and then as it does we're going to see adoption grow and subsequently the compound the network effects take root so we're already starting to see it with the huge institutional demand this year that we've been talking about so let's look at grey scale great scale recorded all time high net inflows in november and said that

more institutions invested in cryptocurrency streams 3rd quarter of 2020 than ever before as there are still no b t c e.t.f. yet something that we've been waiting for for 2 years greyscale but quite trust is really the closest thing to a big point investment vehicle so our average allocations for institutions range from 2200000 back and there were last year 29000 to now this year 2900000 in the 3rd quarter and here's the real kicker so as much as some people like peter schiff love their gold gold right now isn't really keeping pace here gold prices are continuing to slide down more than 14 percent since the all time highs august and it's now down for the 3rd straight week and more over last week gold saw the largest weekly outflows ever as investors seem to be selling the hayseed he had been asked to include great numbers selling gold into big quine and the rest of the crypto economy so many high profile investors have actually reported that they were

liquidating their entire gold positions back into an all points and so when this happens do you guys aren't retail these are big high net worth implodes and those are going to be the guys that support the network and be the bedrock support to propel prices even higher especially in light of all this new stimulus that we now expect to get done next year it's interesting because big and bold we're both going up in the same direction around the same lines not too long ago and now we're seeing the opposite effect chris i do want to turn to the o.e.c.d. that now expects china to account for over a 3rd of world economic growth in 2021 is going to beat the united states and become the world's largest economy the contribution of europe in north america will remain smaller than their way in the world economy what's going to happen in this reset in the world order in the aftermath of covert 19. yeah i think i think they're going to take over and they're going to become the big leaders i mean united states been fighting to control and be the leaders but china is definitely

muscling in powering ahead they've got a massive economy they're doing really well with the coven situation and you know they're they're a powerhouse to deal with a name should become the next leader it could be if you roll or so i think it's not something you should be surprised to see and i think we've kind of been seeing this slowly unfolding for many years and this could be the breaking point here well especially because even before the pandemic people were thinking that china was going to to overcome are overtake the u.s. and become the world's powerhouse right kristie. i think that that was certainly one is expecting china certainly has a lot of women too much right now they are fast tracking in order to develop their independence such as establishing their own semiconductor supply chain advancing their technology getting their board into artificial intelligence so tyga certainly the next frontier are what they are set to conquer but in terms of also having a mature financial market that is going to be the next step for china because investors are going to be drawn to put their copple in

a country if they feel that it is a place where it's safe for them to invest financially and not us previously what was the allure of america. so china will have to develop their financial market as well as. in in addition with their technology market well the u.s. will have to step it up once again when with co-host christine and chris for me on founder and chief market strategist on the technical traders dot com thank you both for being on today. that's all for now you can catch must on demand on the portable to be available on your apple and android devices or simply check it out and about t.v. we'll see next time. when things become more extreme which you used to do when there's

a site for you to norm's not necessarily in a good way. as the. right is an extremist but the reality is. financialization has its limits the accounting tricks of stock buybacks and money printing have their limits and in saudi arabia we see a brilliant example of what happens when a country decides to go into financialization instead of let's say diversifying into actual productive you can. they. always gauge with a good or confrontational. don't get into any conversation or start answering questions just ask.

you're more likely to walk free if you're rich and. you've got. one now. so you should be seen in here and a whole lot more than you're saying if you don't take that advice easy going to dig yourself.

russia's president vladimir putin gives an order toughened nationwide vaccination against that 19 with the sputnik v. job starting next week. throngs grapples with a crisis of public trust in the police force and the brutality cases as the ruling party is full steam with drawer bill criminalizing the filming of office. and one of the worst shocking lockdown violations in the problem to make a top european parliament member for an anti l.g.b. tea party quit soft or trying to free police raids on what's being described as a male sex orgy.