problem drugs don't always come from unscrupulous dealers but from pharmacies to in every state in the united states we've seen a very sharp increase in the number of people seeking treatment for addiction to prescription opioids oids invaded america under the banner of medicine persisted with the pain but the sort of trying to wean him off though she just goes after dose after dose after dose and really became his drug dealer so who's to blame patients doctors manufacturers all the governments.

seem wrong. just don't call. me. yet to say proud to stay active. and engaged equals betrayal. when so many find themselves worlds apart when she still looks for common ground. this is a boom bust the one business show you can't afford to miss i'm there on thursday in washington coming out of the federal reserve leave rates unchanged as recovery even

though out and congress continues to debate and stimulus and california going up for amazon in the company from ground 0 but. for employees as the company continues to grow thanks to online shopping we have a lot to get it started. in a new confrontation with 2 trading partners on wednesday the u.s. treasury labeled vietnam and switzerland as currency manipulators treasury secretary stephen newton called the decision a step to safeguard economic growth treasury will follow up on its findings with respect to vietnam and switzerland to work toward a limiting practices that create unfair advantages for foreign competitors well this latest move comes months after the trumpet ministration opened the investigation into vietnam's trade practices the report actually dates back to prepare times and covers activity from july of 200-1002 june of 2020 the swiss national bank denied the allegation and said its monetary policy would be unchanged

and that it remains willing to intervene more strongly in the foreign exchange market vietnam has not yet responded. on wednesday the last federal reserve meeting under the trumpeter ministration took place while fed chairman jerome powell reiterated his promise to help the economy until it reaches a full recovery with regard to interest rates we continue to expect it will be appropriate to maintain the current 0 to one quarter percent target range for the federal funds rate until labor market conditions to reach levels consistent. the committee's assessment of maximum of climate and inflation has risen to 2 percent and is on track to moderately exceed 2 percent for some time. in addition as we noted in today's policy statement we will continue to increase our holdings of treasury securities by at least $80000000000.00 per month and of agency mortgage backed securities by at least $40000000000.00 per month until substantial further progress has been made toward our maximum point and price stability goals powell is

also urging lawmakers to pass more fiscal stimulus so for more on this let's turn to boom bust co-host christy i and. insider danielle de martino both danielle let's start with you as expected the federal reserve held benchmark interest rates near 0 markets however they had been looking for some potential tweaks to some of its asset purchasing programs or the updates there and how is the market reacting to that. well you know i think the riskier corners of the market you know the nasdaq closed in the green today because the fed did tweak the language instead of saying that they were going to continue with their asset purchases with the quantitative easing program in the coming months which was what the prior statement had said they said that they're going to continue until they see substantial progress on their economic metrics they didn't name or quantify what those targets were going to be and i think that that open ended commitment if you will is what was what was

pleasing to markets even though some investors may have been disappointed that they didn't increase the maturity of the treasuries that they're committed to buying some were hoping that the fed might hint at something like yield curve control capping rates and some are even hoping that the fed would say that they were going to hard to get america even take a step backwards on this independence that has been so established so i don't think by the participants it will be a death blow to the entire shale and oil industry but the industry is definitely going to be feeling some of the pressure over the next 4 years as generous subsidies are taken away and investment money becomes part. well i want danielle i want to turn it back to when they announced a really new action or to aid the u.s. economy other pushing for stimulus they did say now that they are projecting its rate to remain near 0 until 2023 what kind of impact are we looking at here in and you said earlier talked about the limited resources what are some of those limited resources or tools that they can bring still. well you look now that janet yellen

is is treasury secretary or one she is confirmed by the senate which shouldn't take any time at all because she's familiar and welcome by both parties on both sides of the aisle i think that the fed's tool box has the potential to get much larger. janet yellen has advocated for buying equity she's advocated for negative interest rates under the under the crew certain circumstances so you could see the fed's tool box expand until and if that happens and some of it depends on whether or not the senate flips to the democrats or remains in the hands of the republicans until that happens though the fed it really has its hands tied because it can't can't can't put yield curve control into the market when the 10 year treasury yield can't even hit one percent it's a little hard to cap something at one percent if it can't even cross that that barrier and as far as as increasing the maturities of the purchases there's

a limited pool of longer dated treasuries that's one of the reasons that jay powell continues to pound the table and say that more fiscal stimulus spending is needed because he wants for more of the treasuries that are issued in order to fund that stimulus the new treasuries that are put into the market to have longer maturities than what he's got to to buy right now in the open market given the structure of the u.s. debt he's really pushing for congress as well to act on this matter salute christine i want to turn to big point here it reached the 20000 level we've been talking about that this was the 1st time in history on one day of a trade at 5.6 percent higher it's taking its year to date going to more than 180 percent what's behind this rally. so yeah there's certainly a lot of tailwind behind this rally as we talked about last week and last week we actually had a lot of bears who doubted that even 20000 for a year and really all evidence points to the contrary so the momentum behind point

right now is. very strong propelled by institutional demand the increasing perception among investors a big point is a true store of value and the fact that we have stronger network on the mentals than ever before so the c.m.e. between futures market recently knocked $1270000000.00 an interest ranking just behind ok acts as the 2nd largest in global market so institutional investors are not investing in brooklyn with a short term strategy many of them are increasingly viewing it as a digital store of value and as an alternative to gold so the perception of coin as a hedge against inflation and a stable store of value makes it a really compelling asset for the broader financial sector so we recently had michael say my costar declaring that point is the world's best treasury reserve asset and it is a solution to a store of value problem faced by every individual every corporation and every government on earth and finally as we said the network fundamentals are big point they're stronger than ever as a network is now moving $500000.00 per 2nd around the globe so in other words one

transfers 4.6 $3000000000.00 in value per day so the network is also 10 times more secure than in the late 2017 as a hash rate and the mining difficulty both continue to hit new highs this year so now you have the combination of low selling pressure from miners and institutional increasing holding activity a growing number of whales and all those rising institutional adoption now all converging so that's only going to make 2021 even more exciting for a bit well definitely a lot of people are questioning and we were just talking about a days ago that whether or not it was going to reach 20000 by next year don't expect it to happen so soon former fed and both with co-host christi i thank you both for your time today. thank you. as coronavirus case of 3rd throughout the nation california is being hit especially hard while economies of big cities like new york are suffering officials in california are looking to pinpoint cases that

amazon they're asking how effectual workers will be protected or to correspondent atocha suite takes a look into what the company is proposing. amazon reveals it's now wanting to offer testing for employees after it was reported at least 20000 of its workers contracted code 19 during the pandemic and now california's attorney general is calling out the mega retailer for yet to comply with a subpoena issued 4 months ago regarding protection at the workplace as business continues to soar for amazon during the pandemic officials are concerned over the safety of workers now after facing pressure amazon is offering freak over $1000.00 testing for essential employees in california workers will also receive compensation for time travel wholefoods workers are also being encouraged to get tested weekly however accommodations have been slower to roll out for those employees including part time and seasonal workers this all comes as the occupational safety and health administration in california issues new guidelines

for employers amid seen a spike in chronic virus cases the new rules require the workplace to offer free testing after multiple outbreaks are reported in october amazon said at least $20000.00 workers tested positive for covert $1000.00 between march and september according to the company this is 42 percent lower than expected but california's attorney general it's a viewer basara said the online sales giant has not provided enough information on its chronic virus safety protocols and claims amazon has been quiet about the status of infections at its shipping facilities his office sent to subpoena back in august and this week has asked a judge to push amazon for more specifics today amazon has failed to adequately with our woful requests for information into the company's coronavirus cause and the status of over 90 uses of bama zone facilities across the state but there was office disclosed the investigation in a court filing in late july were an employee accuse the company of not doing enough

to safeguard staff while safety protocols are being looked into in california the nation's biggest city is seeing a drastic reduction in residents and revenue. as a result of the krona virus a new study conducted by unicast unveils roughly $70000.00 new york residents have left the city during the pandemic this is led to a loss in $34000000000.00 or burger new for the big apple the study shows that 3570000 have actually left the new york city area but another is 3500000 immigrated leaving a net loss of 70000 but it's not just the number of people according to the study demographics are making a big impact those who left reportedly made an average of $140000.00 annually the new influx of residents are making closer to 82000 a year now this all comes as just like here in los angeles new york has also seen a massive surge in corona virus cases the governor of new york applying a ban for now on all non-essential gatherings of any size all non-essential

businesses has also been closed reported in los angeles and suites are. on one face southwest airlines that expects boeing $737.00 x. jet deliveries through the end of 2021 of the shipment includes 16 least aircraft and southwest expects to return to revenue service by march well this will be following active pilot training that is in a regulatory filing southwest said given to continue to surge in coburn 1000 cases and depressed revenue environment the company continued to experience softness and leisure passenger demand and bookings for december 2020 average daily core cash burn went up to $12000000.00 in the 4th quarter that's up from the previously estimated $1011000000.00 the company shares fell 1.2 percent in premarket trading. time now for a quick break but when we come back all that holiday shopping online may be a big one fall for china will break down how the pandemic is affecting trade with

the u.s. as we go to break here the numbers at the close. the u.s. economy was booming doing numbers of people when they needed. you can work 40 hours 'd a week and still not have enough to get housing everybody believes america still has the lead up to the reality of those who were not financially equality and the lack of affordable housing or living minimum wage gave many people new choice you know

there's been a problem with the city the law has turned the rich out and told me stay away i don't want isn't. the food if there is no way it's because you know it's the requires at least the most vulnerable or abandoned on the streets to become invisible clogs. you know where this is really. interim ation presence. that is the ultimate reality of this thing we call the you here to here to change it to touch it it shape soul it. doesn't change it was. all about it. 2020 was supposed to be the year that we thought trade with china decrease at least that's what we were told as we watched trade tensions rise between the world's 2 largest economy the united states and china now as we enter the last few weeks of

the year the numbers are telling a different story in fact it's now clear that americans are stuck at home and there are by far my. chinese goods than had been anticipated and joining us now to discuss been this co-host and. juan and host of economic day author of sickness is the system professor richard wolfe thanks for joining me today but ben let's start with you what do you what do we know about the numbers here yet the numbers are pretty staggering and we're talking about china reporting for the month of november record high exports and we're talking about something like $75430000000.00 as a trade surplus we're talking about 21 point one percent a surge in exports compared to the same month in 2019 now think about that creed coronavirus pandemic and we're looking that during the coronavirus a 21 percent increase in exports for china on top of that we're also talking about a 46 percent increase in goods coming to the united states that's $51000000000.00

also a record and what are these goods instead of americans going to restaurants or movies or on vacations because they're stuck at home they're buying stuff very expensive stuff very cheap stuff a whole slew of stuff and they're buying it from who else they're buying it from china that surprise you that because the more it less expensive or. it's not that surprising that people are buying it because of the pricing it's that what is surprising is the fact that china has been able to deal with the issue of exports so there was a big conversation about supply chain issues remember last year we talked about this quite a bit going into the phase one china trade deal about supply chain will the supply chain issues be broken because of coronavirus that has not happened because in the 2nd quarter the chinese reopen factories got people back to work got products made and they have plenty of products to ship around the world well professor one of

these numbers like ben said that they're much higher than what analysts had even predicted what does this mean going forward for the u.s. and china trade relationship what's going to happen. well i think the 1st thing to understand is something we talked about on this program then and we have rich is that there's a kind of wishful thinking here in the united states that things in china are a problem things in china difficult these things in china look at you look at how do we use it like any economy but the bottom line is correctly so is that yes to all of the trade war talk after all the tyrants after all it will be predictions what has happened is that the chinese economic system i did or not as to appear for entertainment if i reached prepare for contain the damage of the global economic crash. prepare for and contain the aggressive traditions of the

trumpet ministration through terrorists and trade wars and when all it just leaders that have the numbers that summarize and then show you that this is an extraordinarily resilient economy able to generate economic growth in one of the old russia years when virtually every other country is showing various degrees of climate it is a game changing report in terms of coming to grips with the reality of what the chinese have been able to it really is and china has obviously the 1st one to see the pandemic and how they handle that was obviously very different from the rest of the world the rest of. the country decided to handle it obviously a different system but ben we like you say you talk about the supply chain and many predicted that the crown of earth would cause even more disruption more issues to that and even production issues in china that didn't seem to happen that's not the

case why is that. yeah i think it comes down to a very different model than china and i think professor we've just said there about like it or hate it. right that is that is the key here so this is has to be a completely agnostic view of what's happening you can't talk about these issues and be passionate about them in terms of whether china is right or wrong if you look at the numbers you just have to be agnostic and say what china is doing here's why it is working whether it's right or wrong and why it works is because china has a top down system that says this is what we're going to do this is what we expect from our people does this what we expect more factories that everyone gets in line and they do it everyone is not fighting each other in china overproduction they're not fighting each other over what's going to be made or where it's going to be made when entire factories were flipped and turned into hand sanitizer factories and then flipped back into you know creating play stations and that is the kind of

symmetry that only comes from a top down system again it's not about whether it's right or wrong it's about the fact that it's effective and that's why china is able to pull off the numbers of cools off then it's not nothing really right or wrong in their own system it what worked for them rick literally numbers are showing i mean facts are there right professor well based on these numbers though what do you believe the u.s. china relationship is going to look like in 2021 now considering how increasingly dependent the u.s. and other nations have become on china's production capabilities looking at these numbers i know we've talked about this before but with these numbers where are they going to go. i think you're quite right to take this up that the vitamin ministration is going to have a kind of moment of truth they're going to have to decide whether they go in that direction more or less like the trumpet ministre through a new cold war a new set of confrontations whole lean even though i don't think the evidence is there that if they pursue that kind of a policy they'll get

a different result from the feeling of the trumpets ad which these numbers show or to go the other what to say look as we did in the previous 20 years in which the chinese economy grew but united states also had a great successful growth of its own to work out a share regime of the world economy between the 2 countries are on the ground at the end up a little better place the them with collaboration then with confrontation mr biden is going to have to make that decision and these new numbers will be a push i think in the direction of a lot peroration stronger than what we might have seen if these numbers had not yet come out right worthing these numbers which are a game changer but they have gone for the chinese over attack now some other thing they're talking reports about going after them on rare earth minerals ben what's

your take where are we going from here. well i will see where we go from here i think the professor's right of an ultimate lee by the ministration has to decide what it's going to do how it's going to treat trade and the relationship with china but listen just talking about these numbers this is not good for the american worker right when we look at the american worker the fact that we have so many people sitting at home unable to work in this country watching what china is doing but i don't think it has to be a 0 sum game it doesn't always have to be that our success is dependent on your failure too much too much about economics is based on that idea that in order for us to succeed someone else has to fill i don't think it has to go that way but unfortunately unless the attitude in washington changes that believes that if we continue to seek comfort well within that the purpose once upon a time i know it's wishful thinking here but that was what globalization was about turning to other countries working together and collaborating these numbers obviously are showing the chinese have have been able to do so they've been able to

contain the virus to control obviously with a different system a different technique then but it's working for them but we will see how the united states and china the world's 2 largest economies are there and they need to somehow find a way to collaborate and one way or another bill with co-host ben swan professor richard wolfe as always it's a pleasure having both of you today. thank you. that's all for now you can catch boom bust on demand on the portable t.v. app or simply check it out at portable dot t.v. the next time. we may need just mom and move keep moving we.

need to look good to. see digital not just a little mom who nestles the kids live they do it does look at that isn't a mobile though i. model manage. their virtual not. even get to. his 4th graders who would care to know. who believes in this and say. hey why are people in debt so much well you know housing is very expensive and

education is very expensive and health care is very expensive because of all the money printing that's being done to help people manage their expenses come up quite a job.

headlines the 17th of december worrying news about pfizer's new covert vaccine a health care worker in alaska is reportedly rushed to intensive care with an allergic reaction after getting the. germany reports its highest coded daily death toll on the same day it enters a new low with much of the rest of europe posting grim new pandemic records in the run up to christmas. head to good old russia gate's mainstream media play moscow again this time for a major how could u.s. government institutions despite you know official findings from u.s. officials themselves. news from russia vladimir putin is set to hold his own you'll q. and a session.