let's get started. in the latest controversy over the nordstrom to pipeline it appears derek insurance group one of switzerland's largest insurers is dropping out of russia's project this would make it the 3rd firm to pull out following threats of u.s. sanctions according to reuters the outgoing trumpet ministration is preparing a final round of sanctions on companies involved with the pipeline their insurance did not comment specifically on customers but said they have a comprehensive compliance framework in place and are committed to fully comply with any applicable sanctions regulations while the nord stream q. backers said the pipeline can proceed german media reported the group has delayed completion once again the 1200 kilometer pipeline running from russia to europe across the baltic sea is now 94 percent complete. speaking of pipelines the future of the keystone x.l. could soon be in jeopardy president elect joe biden will have the authority to

cancel the permit for the $9000000000.00 project us soon as he takes office while construction of the pipeline is already underway from canada to nebraska and has hit several road blocks since it was revived by president trump and then concerns from environmentalist and native tribes a judge put a hold on the permit back in april arguing that the u.s. army corps of engineers did not take into account the impact it would have on endangered species but in an attempt to garner bind and support the pipelines developer has promised to make a series of changes which include a pledge to power the pipeline using only renewal energy to complete its construction using a union work force and to eliminate all carbon emissions by 2030 biden has yet to say whether it will be enough. more 4th quarter earnings reports are set to be released this week as investors are eyeing company results. ahead of president

elect biden's inauguration although u.s. major indices are closed equity futures in those industries are trading flat over the holiday weekend many are expecting their earnings recession to continue but there could be an end in sight for more on line by michael had to so portfolio strategies and. the of openness i'll see i am michael i want to start with you here we're expecting a big week of earnings that seems to be the market's focus right now so after seeing a jump in banker earnings last week what do you expect to see in the coming days. what you're hearing from the by the ministry should there be more regulation on the banks short term that might hurt banks but the main thing you have to worry about when you worry about what banks will be earning is the deal per that's spread between the low term interest rates and the 10 year treasury note we're example now i believe that's really going to white now. only going through the 2nd quarter of 2021 that is spinning lowered sure you know low low interest rates at the 00 range

for a very long time for many many years to come and yet i see a super spike in the 10 year treasury no all the way to 2 percent from where it is right now on c.n.n. so that's going to be very good for bank earnings going out in the you know 3 month time frame go ok this is certainly something to keep an eye on now octavio i want to bring you in here we're seeing unemployment claims still hitting nearly $1000000.00 per week in the u.s. yet the market continues to hit new highs is this just a tale of 2 economies one of the stock market and one of the job market here what say you. well a certain thing it's a question of sort of the stock market being largely divorced from the reed economy and almost entirely divorced from it but i think the only real reason for that is the federal reserve's policies in terms of flooding the market with the criticism that has gone straight into the stock market of the bond market and driven those prices through the roof and so the valuation of companies has little to do any more

with their actual underlying economics the real game in town is the fed and so everyone watching the fed seeing what they're doing how much more money they're going to pump in and how long they're going to do it for and as soon as that ends everyone's going to be looking for a chair to sit down on the last one standing is going to lose out so once the fed stop printing all this money and sausage jacked up interest rates again who knows when that will happen then be it might be a few years into the future we will see these markets correct quite sharply i believe so certainly all our eyes all eyes are on the fed right now now michael last week fed chairman jerome powell repeated his stance on keeping interest rates low and having an average inflation rate of 2 percent for the u.s. dollar won't miss it ever be possible especially when americans wages have remained stagnant for the past 2 tag gave for the past 3 decades. first of all i want to say how much i love. is that i agree with everything he just said you know there's nothing more misunderstood on wall street than inflation ok right now you have

a tremendous not inflate of inflation in asset prices look at stocks bonds real estate is an artifact the average market cap to g.d.p. ratio going back from the beginning of time till today is about point 6 we are now almost 2 times the market cap of equities is almost twice the value of the underlying economy and it's just like octavio said it's because the fed is printing a $120000000000.00 each and every month a 1000000000 in treasury purchases and $40000000000.00 in mortgage backed securities so when they stop when they taper this time it's going to be an absolute disaster but you're you're asking me about inflation inflation is going to come because we are going. to france 4 trillion dollars more this year than we did last year we already printed 4 trillion dollars under president trump's last year in office we have already by the dozen even sworn in so it's negatives 3 days from being sworn in as well as $1.00 trillion dollars in gold really and right behind

that is going to be almost 2 trillion dollars this will stimulus package money is going to go just to wall street and soon to go also in the form of checks being mailed you consumers directly and that is the most unproductive way oh growing your debt you have a massive increase in unproductive and be all monetized by the fed if you get inflation it's 2nd quarter 2001 you want to have a super spike in interest rates and then i believe it will all come crashing down by the 3rd quarter you could have a fiscal drag on the calamity it was or is going to make a lot of noise about tapering it's going to crash the stock market is that look like a lot like my $987.00 and then you'll come back down again lather rinse repeat ok and notable prediction there and it certainly does seem like whenever it comes to the u.s. government they are more than happy to continue to print money in order to address their problems now it's have you know it seems like more countries are motivated to

shift away from the u.s. dollar right now according to a recent financial times report figure opinion commission said quote global financial markets are too reliant on the u.s. dollar to cushion financial tensions and stability risk is this something the u.s. should be concerned about right now. well i think people been talking about the u.s. dollar losing its status as the world's reserve currency for some time the fact is it still is and it doesn't look like anything terribly better to put your money into as a reserve currency so the euro is hoping to take that role take on that mantle and do that i mean i did read that report that they put out any it was kind of embarrassing to read i thought it sounded a bit like a bunch of 3rd rate salespeople trying to encourage people to buy your. basically saying you should go out and buy some more euro's you should hold your nose as your reserve currency and that's much special things and constant repeating that mantra of course they would like to be in the same positions the us be able to print money as quickly as the us they're not far behind but the us does have an advantage there

of all as a reserve currency so i don't think the us dollar will be pushed away any time soon any alternatives i don't know what people to turn to the euro the yen bitcoin i don't know that there is no other game in town or it. will go unless i am like i was. saying things that we've might find mutambara singh thank you so much for the complements of my name and i'd like to return the comment i did actually read your book back in 2013 about the coming debt crisis and how things would fall apart there i think you were saying that about gold as well i must say i am heavily into gold that's my largest position is gold but i think you have to admit it was been somewhat surprising how long the us have been able to hold on and carry on this game it's i think caught us by surprise a bit now ok michael what's your response i want to have some oh well i don't think these are going to be at least make an old as in johnson you know $16000.00 an ounce what this in dollars outperformed the s. and p. $500.00 since the year 2000 and i toggle my after an act of strategy so you know i

sell gold and i go sometimes i'm completely flat but right now only a 5 percent go because it's not like rising real that you think well when the fairways are under richard. you're just told us. they were not going to raise rates . intil we have a 2 percent rate from station for an entire year that's the way the fed measures it the core p.c. the flater me my god if you have 2 percent per year on the core p.c. a bit later you're talking about a real rate of inflation probably close to 8 percent if not double digit so you're probably going to get inflation it's in the come from the fed monetizing treasury that you know you have the unholy alliance of the treasury and the fed now so you've got to you've got to own some gold you don't like bitcoin but i tell you this you better have an active strategy because you will want to be short stocks when they cringed roots you know center octavia was there anyway it's a beautiful name 1st name last name is all beautiful to me it's not real of

italians here on russian t.v. but i can tell you this when the fed pulls the plug on their q.e. program and starts raising it rinses rates a market is going to crash and you want to be aware that when i are talking i'll send it back to you is there anything that the buy an administration can do or even will do to strengthen the reliance or the confidence in the u.s. dollar right now. well i think they're going to do their very best to try and undermine that so i think they're going to be spending a lot more money and we're going to see michael pender's theory really put to the test here and see how quickly they can really engineer the economic crash they're going to be spending a lot more money they're going to be doing things like raising the minimum wage quite aggressively they're going to be forgiving all sorts of debt and creating all sorts of new debt so it's going to be interesting for years i will say that i agree with with with michael's assessment that once the fed starts increase interest rates things are going to look really bad but the real problem there is that everyone else is watching that as well so soon as it starts to look like the fed is

thinking about raising interest rates people get a run for the exits and they're going to run at the same time so that crash is going to happen sooner and harder and far less likely. is right and i have 2 years that's why am i my model i have an inflation deflation economic cycle model and look at why we're as. they will give you the advanced warning that you need i can be long but you probably can get out of harm's way. if you look at iran or it was i know that this is one of those topics that we could talk about all day long but we're going to have to leave it right there michael planned to append over for e.o. strategies and not tabio marandi of openness i'll see thank you both so much for your time thank you thank you very much. as the nation's capital prepares for president elect joe biden's inauguration the incoming administration is providing more details for a plan to vaccinate 100000000 people within 100 days and in the middle of the pandemic in this transition health secretary alex

a czar is resigning from trump's cabinet art is truly a child that joins us from. our attorney why is a is our stepping down right now. that's right rachel well in his resignation letter says president trump's actions and rhetoric have tarnished the administration's legacy the letter which was obtained originally by the new york times reads the attacks on the capitol were an assault on our democracy and on the tradition of peaceful transitions of power that the united states of america 1st brought into the world now is our plans to leave his post on january 20th when president elect joe biden is sworn in president trump though he will not be attending he is scheduled to leave the white house just hours before the inauguration rachel. now charity reheard the last week that joe biden was releasing his plan for how to address the pandemic moving forward we remind us of some of what was included in that. absolutely so president elect joe biden plans to hit the ground running as soon as he is sworn in on his 1st day with

a pandemic and unemployment being top priority he says he wants to distribute 100000000 vaccines in his 1st 100 days in office he also has reiterated his plan to sign an executive order to mandate masks in all places where he has the authority to do so meaning all federal properties across the country and interstate travel companies like trains and airlines the president elect also says that he will invoke the defense production act to accelerate the manufacturing the materials needed to administer the coven 1000 maxine he also plans to deploy fema and the national guard to set up and build vaccine clinics across the country in addition getting the word out about immunizations will also be top priority mean that he we will start to see t.v. commercials and billboards messages radio and social media ads as a part of a public information campaign to rebuild the trust in the vaccine he also recently rolled out his ambitious 1 point one trillion dollar stimulus proposal called the american rescue plan and here's what's in it $1400.00 stimulus checks to eligible

americans increasing the federal unemployment boosts to $400.00 a week extending a and p. c. programs through september extending the federal addiction memorandum until september creating a $15000000000.00 grant program for small businesses outside of the paycheck protection program $350000000000.00 for state and local governments outside of the vaccine distribution and other code related items and increasing the national minimum wage to $15.00 per hour but this plan still needs a legislative approval rachel. thank you. time now for a quick break but when we come back beijing in flopping new thinking about washington and can continue tensions between the 2 countries but will it be enough to keep the u.s. away from taiwan massive back right after this. nuclear

become a battleground in the u.s. in vermont people love demanding the shutdown of a local plant from my yankee is right now my focus because it's a very dangerous oh no claire power plant the owner is attempting to run the risk to beyond its operational limit this case just sort of puts a magnifying glass on where's the power in this country where's it going is it moving more towards corporate interests or is it more in the idea of a traditional participatory democracy is power lies with the people this case demonstrates that struggle in the very real ways though a struggle on o.t. . the world is driven by dreamers shaped by one person or those with.

the dares thinks. we dare to ask. right now all the. people who are overweight or obese it's profitable to self. and sugary and salty and addictive it's not at the individual level it's not individual willpower and if we go on believing that never change this obesity epidemic that industry has been influencing very deeply the medical and scientific establishment. so what's driving the obesity

epidemic it's. why the pandemic no certainly no borders and is blind to nationalities. but you. as americans we caught up with you we don't look actually in the whole world beat's to be the chief. judge of. commentary in crisis what is interesting to modern times we can do better we should . everyone is contributing way but we also know that this crisis will not go on forever the challenges crayford to response has been masked so many good people are helping us. it makes us feel very proud that we are in it together.

china is now saying it will impose sanctions against certain u.s. government officials after the trumpet ministration lifted restrictions on its relations with taiwan a spokesperson for china's foreign ministry said the measures are being taken against those who quote behaved badly and harm china's national sovereignty the us most immediately stop meddling in hong kong if they are saying china is internal affairs on their various pretexts and stop endangering china's national security and not go further and further down the wrong and dangerous path the so-called fact sheet is just another list of lies concocted by the u.s. side to fully reflecting the attitude of concern to u.s. politicians putting public safety aside for their own selfish interests this

regarding life defying science indulging in promoting conspiracy theories and eagerly spreading political viruses. these measures are just the latest in an ongoing conflict between the u.s. and china that has become a hallmark of the trumpet ministration so joining me now on the couch at all the film bus co-host and investigative journalist ben swan. let's start with where beijing stands here what has caused so much anger on their side. yeah if you listen to those that you just played they had a whole list of things they were angry about right but what this really comes down to is the fact that about a month ago my pompei o secretary of state talked about the u.s. relationship with taiwan which as you probably know is that is a huge issue for china right so the united states has for the last many decades at least 40 years really not had a normalized relationship with taiwan that they have something they call the one china policy which we just centrally recognize that china is as one official

government taiwan of course as they are the actual official government of china there's a whole dispute between china and taiwan over this but what the trip ministration has done for the last few years is they have in many ways normalized a relationship with taiwan that other administrations have not normalized so for instance selling weapons directly to taiwan that is a very new thing the trumpet ministration has been doing and now talking about what might come pale what talked about was kind of setting china aside and having these direct communications and relationship with taiwan in going around beijing to do so and that makes the chinese very angry and so essentially what the chinese have said as a result of that is you don't have a right to do this you are embarrassing china you are damaging our relationship by doing this you're probably catering and therefore we're going to impose sanctions on u.s. officials because of this it really has been interesting to see how the trumpet ministration a sort of gone where the u.s. hasn't gone in decades whenever it comes to relations with taiwan and that's likely

while we're getting some of those fiery comments from china and response now a big question surrounding these talks and sanctioning u.s. officials of course involves the who so who exactly is going to be sanctioned here . yeah that's a great question and the answer is i don't know nobody knows because all that was said about how u.s. the u.s. officials would be sanction those specific u.s. officials were actually mentioned in all of this which is fairly interesting that they didn't list any individual so i wonder if this is not a bit of a bluff you come out and you make these statements with only what 2 days until you have a new administration sworn in you know president elect biden will become president on wednesday and what does that mean what means that your entire administration is about to turn over so the fact of the chinese did not name names indicates to me that what they're saying is in preparation for the next administration that's incoming we're going to let you know right now that if you continue these policies

and if you continue to deal directly with taiwan instead of going through us if you reverse course on this one china policy that as i said has been in fact in decades and that's not to defend the policy by the way it's just been in effect for decades if you were to say if you can decide you're going to continue to do this by the administration then we will take action against specifically named individuals where in your administration i think that's what they're doing ok so is there any indication at the by an administration is going to kind of pull back when it comes to a lot of what we have seen trying to do specifically with china and taiwan or is it looking like biden is going to kind of do what a lot of us presidents have done and just carry on the same policies as their predecessor what say you so that when we talk about u.s. presidents carrying on the policies of their predecessors that can only really apply when the predecessors and those who come after are essentially believing in the same policies right now as you said a minute ago diverted dramatically from many of these policies and by the way

that's what you can argue the trump has so much support from the republican side of politics in america he redefined the republican party by going way outside the norms of what politicians normally do and some people to light. that and some people adore it so that's why there's so much division over him but the problem the bidens going to run into is that going into obviously this particular election season season there was a lot of discussion about hunter biden and his relationship with china and about joe biden and his relationship with china so the question becomes do you keep these policies in place that china does not like and are critical of or does by didn't walk of those back quietly because you know there's going to be a lot of criticism if he does that perhaps biden is beholden to that chinese authority or it certainly has been interesting to see how a lot of republicans and trump supporters have been quick to label him as beijing by then but we'll see exactly what he does when he gets in office now let's turn it back to china and their economy they have posted some very strong numbers to

indicate that they are now growing faster than their economy was even before the coven 1000 pandemic what's happening there. a lot's happened. the chinese economy has actually increased by 2.3 percent in 2020 now that is actually the slowest it's an increase in 1976 but what's remarkable about it is that it increased at all we're watching economies all around the world including here in the united states that have significantly significantly contracted china's economy managed to actually grow through 2020 now there's a couple of different reasons for that the biggest is that china responded very quickly to the coronavirus in terms of getting their operations back online so while here in the united states we've had a lot of talk about shutting down the economy china has not kept their economy shut down they restarted the supply chains as quickly as possible and they have really focused on developing relationships around the world and getting products from

china into places around the world so one of the things that china did that the rest of the world did not is they did not lock down for long it was a very short lock down and they did not stay in la. all right well we're going to have to be right there great insight as always boom bust co-host and investigative journalist ben swan thank you so much for your time it's weird. richard branson's virgin orbit says it has successfully launched a rocket carrying satellites completing its mission the launch on behalf of nasa featured a customized boeing 747 with the rocket which fired into orbit from 35000 feet this was the 2nd attempt after a failed attempt months before the satellites will help perform a variety of missions from weather observations to cleaning up space debris virgin orbit is a sister company of richard branson space tourism company virgin galactic certainly a lot to look forward to. that's it for this time you can catch

a boom bust on demand on the portable t.v. app which is available on smartphones and tablets through google play and the apple app store by searching for more simply check it out app or to hold dot t.v. we'll see you next time and as always don't forget to question more. i. so rumors as soon as you see.

him on those he just came up with a ticket did you hear that oh. i'm talking is a very international community. media used to try to flee. to this it doesn't. need to eat. those who pushed them but the one who used to care for business for their new coffee. is everything reduced polluted with just one cup of tea do with me of the. 5 they have and with affected all day but i decided not to take people's life. with my gave you the.

senator's financials while i don't find any i prize on a teacher's. face almost 5 years i still have some of my ex from the future so crack up watched kaiser. this week taste awful like absolutely awful 1st came coded then a 2nd wave of the food is coming now the virus is mutating and i'd walk 2 blocks away from the apartment and i would get confused as to call to get not. meanwhile patients who recovered from covert started to report some unusual aftereffects the symptoms were different but. my hearing has been ok i think it's one of those things where it's like researches all over the world are trying to. this is. very.

there have been many complaints of. joint pain and fatigue in the u.s. . i talked to multiple doctors. have a hard time with. one of those people that they consider. it seems inevitable. regulation in the wake of the. domestic air.

in germany politicians are at loggerheads over how to solve the worsening kobe 1000 crisis as public support for tougher restrictions drops. and. also this hour local mayors in france bends their anger over vaccine shortages and logistical issues as the country's jabber a lot of faces teething problems we heard from one of the regional nationals and the main thing and this is just a joke we have to go get the facts you know sales. following a wave of allergic reactions california calls for a batch of madera not with jobs to be withdrawn it comes as a number of countries also trying to allay vaccine safety.