joined by chris christie's a market analyst on the co-host of boom bust here on the r t america chrystia i think you probably heard that quote that i read from forbes magazine where they're warning the united states specifically the trouble they're saying look you know stop calling out everything out and do with digital currency is a joke stop attacking it and instead you should be jumping on board they were right they're absolutely right i mean china's progress towards testing and launching its digital currency has only gained momentum during this entire pandemic crisis so now for the u.s. that means that they have even fallen further behind as they have pretty much already lost the battle over 5 g. and right now this entire thing this threatens the u.s. its financial dominance because the pressure is on for the u.s. to also respond and to create their own form of central back to the currency because if china successfully launches this c.b.c. it could result in the widespread adoption of this digital r. and b. to be used in emerging markets economies and international trade so country i

and ben swan welcome back chrystia let's start with the gold industry shake up what's going on there and i how is the bt market reacting to this news. well i actually wish our good friend peter schiff were here to put it into context 1840 tons of gold is equivalent to 22 percent of china's annual gold production and 4.2 percent of the state gold reserves so that's quite a significant amount. and that gold was used to collateralize about $2800000000.00 worth of loans over the past 5 years so that gold ended up being nothing but gilded copper so now the lenders are holding the bag for the remaining $2300000000.00 of loans outstanding against the fake bars and the thing being the 1st time that happened we spoke about this last year when state gold bars were found in j.p. morgan vault as a new high and counterfeit merged into the gold circulation so right now that really begs the question how much of the overall gold market is fake gold especially now when china who is the world's largest gold producer just found that over 20 percent of its annual production was completely fake so i mean

look there's cheap money out there the fed is pumping tons of money into the into the system and as chrystia likes to say i'm quoting here you know a bad news is good news right so it's that kind of mentality on main street however where small businesses are operating number one is you both have pointed out these numbers are 2 weeks old but number 2 and this is very important to remember too that even for businesses that are open at this point the ones that have not been really shut down the ones that are reopen are still only able to operate at half capacity you're allowed to have half as many people inside of restaurants in many cases staff is not back 100 percent and so you have reduced hours you have fewer people working and so it's going to take time to get back to where you're supposed to be the reality of where we are and you mentioned about going to reset a recession in february is that we are in a recession right now and the effects of what happened with the coronavirus lockdowns are not fully being felt yet those will be felt several months still down the road when small business o

are they friends say wanted to be with you and fashionistas chrystia or would you wish it was the would you pull of one of the for new stimulation or are they and i mean going to finish the feast seal it should feel pushed you before we're going to see was really what he's going to go good luck if i never work for raja donald trump and flooding your putin and i were 2 part documentary analyzes the difficult relationship between russia and the west and between their presidents how does their rivalry and their dangerous mutual admiration affect the rest of the world to some bullies trump and putin starts august 3rd on d w.

are they friends say wanted to be with you thank you chrystia or would you wish it wasn't really a full of fun among the funniest munition or are they and i mean he's living in filth english that he's still in the building field which you would believe me but he's using the what he's going to be going to give much of my demo boards for raja donald trump and then flooding your printing were to par jochum entry analyzes the difficult relationship between russia and the u.s. and between their presidents how does their rivalry and their dangers mutual admiration affect the rest of the world to some bullies trump and putin starts august 3rd on d w. a one welcome to the nation overall environment show. i am sound from kampala here in uganda of course will also be covering the effects of the current of virus pandemic in africa here in uganda for.

even more needy chrystia even the day that she. left the earth by. the spider's web is a mouse that illustrates the global network of airports some secret prisons used by the cia for its extraordinary renditions. dick montes 1st report identifies 4 types of things that we used departure points stopovers and collection points where suspected terrorists were picked up and little reports where detainees were held for months or even years. are not going to saw all. me just almost given and you can call to duty to. have been. on the scene so key it up or a toy report cause a. committee covering the chain even if it's over any they were cheated and they get. it and the vizier name gets their computer mean to the store . to see if it is whole. they will be. quite. good oh my push all the my fit. be bleak don't look at washington d.c. it don't look. recusal d. good girl s. was a. good football if it may have done a place look like it might it be. it will want to couple could present port jim a separate market for the classical leg q.s.t. may do. not doubt de

are they friends so long to be with you thank you chrystia or would you wish it was lovely i'm full of come up with nothing is new or are they enemies when he was the feeling that if you see you with a better feel pushed you away from his usual what if he's going to go give me shit i never work for i just donald trump money we're putting our 2 parking entry analyzes the difficult relationship between russia and the us and between their presidents how does their little money and their dangerous mutual admiration affect the rest of the. bosom bullies trump and putin starts august 3rd on d w. i . alfonso davies one of the been does latest fastest rising stars this season last. 19 years young and a fascinating back story with the.

might be just a last minute starter in the market before we get locked into a narrow trading range chrystia so i want to kind of follow up on that you talk about this some are boring time where it's traditionally we see that sell in may and go away but at this point we're dealing with a pandemic economic situation country throughout the u.s. at least is changing day to day so are we really going to see that kind of boring summer or are we going to see more of this going throughout the rest of the year. absolutely because you already see liquidity starting to drop and when you have a liquid it's hard to drop that means that it's going to get cases of wild swings and volatility simply because. if we do have another panic sell there's not going to be many people who are going to be able to buy so when you have low liquidity die gives a case for deeds dramatic swings and that's when it gets very dangerous so even though the summer months might be very boring you're bound to see a lot of volatility too and now we seem to be a rally off this back of the overnight asian markets that triggered this

joining us now to discuss our boom bust co-host ben swan and chrystia i ben let's let's start with you and let's start talking specifics here now this does the nation it means a walk away and will not have access to the universal service fund why is that so significant. yes so just to give viewers an understanding of what this is the universal service fund is essentially a huge pot other the f.c.c. uses to essentially provide telecom service to rural parts of the country areas that are not urban that do not have a lot of access to cell phone towers and those kinds of things and so the universal service fund has about $8300000000.00 in it and then that money is used to essentially pay and subsidize telecommunications companies to go out and make it worth their while to place towers and telecom communications equipment in the areas where it's needed but they might not make a big profit off of it so that's what the point of it is essentially what this this decision says is e.t. in what way cannot be a part of that system as as telecom companies they cannot receive any of that money that w

to market analyst chrystia christy. should we be worried i mean these are some of the companies that most of us grew up with right absolutely right now like the name so you just listed these are mom and pop businesses these are large mega cap businesses and as you said books by those who've been around for over 200 years bloomberg actually reported that the list is even bigger as of now there's over there's about 117 u.s. companies with with market caps over 15000000 that have declared that have now officially declared and filed for chapter 11 bankruptcy so right now that list is going to grow even longer as we get into the 2nd wave or potentially the 3rd wave and the sectors that are being hit the hardest are going to be the oil sector and consumer sector as those sectors were already in very bad shape before this entire coronavirus started and so now with the added pressure additional pressure these are going to be forced to either consolidate or lay off your market analyst a new study these trends that i know you're

an eye on and maybe either investing in or competing with china in this endeavor thanks so much chrystia as usual doing a great job explaining these types of stories to us we appreciate it 3 major american banks are stockpiling money over fears the coronavirus recession could get even worse let me tell you who they are j.p. morgan chase wells fargo citi group have all set aside almost $30000000000.00 that they say is going to be there to try and cover it. loan payments that americans are increasingly unable to make loans include credit card debt that americans are making business loans mortgages in forbearance that are sometimes being delayed in some cases up to a year that people are telling their banks look i'm not going to be able to pay my mortgage for at least 6 months in some cases a year depending on the bank depending on the terms joining us now to talk about this is jason hartman jason is the founder and c.e.o. of platinum property investment network he's also a very prolific investor in his own right. i guess the takeaway here jason is that banks are looking like they're gettin

of calvin the financial group david makovsky chrystia let's start with you benchmark brant crude prices have risen 120 percent from their april lows they remain above $40.00 a barrel but with these new spikes in coronavirus still is it safe to say that oil markets have recovered well in the interne you can say that yes well prices did recover and they stabilized a bit certainly compared to when they were negative but the recovery might not continued as it is because the oil is now getting hit from both sides on the supply and the demand side so on the supply side opec implemented unprecedented cuts in order to stabilize prices back in may they will soon begin to relax their restraint and begin pumping more north america as we've seen they've already began increasing shale production as fracking crews are getting back to work now so you have a lot of increasing supply coming online on that side versus on the demand side that's also going down because china had a record purchasing spree back in april when prices were rock bottom so china began by oil and has now eased off ever since their

for the latest on the market i'm joined by adam mash of the trading group and boom bust co-host chrystia kristie let's start with you u.s. equities are headed for their biggest 1st quarter gains in years now both the dow and the s. and p. they're on pace for their best quarterly performance since 1988 is this rally expected to extend into quarter 3. well like the 2nd quarter rally this was primarily driven by the trillions of dollars of new stimulus pumped into the economy and you also have a lot of hope hope for a vaccine hope for economically openings and balance hope that everything is a temporary blip but as we begin q 3 only one of those tailwind is currently in place and that's going to be the government stimulus now right now the old saying is never bet against the fed because even though it's only one tailwind now it's a pretty big one so it's going to be very difficult for the market to tank when you know when you continue having that safety buoy holding it all up so that doesn't really mean the rally will continue. higher though you know because this really isn't any positive f

. >> chrystia freeland, what can i say?pion. >> reporter: it would be like a liberal governor calling mike pence their hero. >> we have the same basic information for people, and the politicians made the right decisions based on advice, and that helped us. >> reporter: also critically important, the u.s.-canada border remains closed to all but essential travel, and anyone entering canada right now must quarantine for 14 days. and the eu has deemed canadians as safe for entry, unlike americans. and yet here, too, missteps have had tragic consequences. more than 8,500 people have died, the vast majority of the deaths linked to crowded and poorly staffed seniors' homes. >> i've seen a lot of bad stuff happen, but i don't remember anything with this level of sadness. >> reporter: prime minister trudeau admits it's been a national shame. and in that contrition, canadians see a willingness to recalibrate the country's response to the virus based on an unwavering deference to science. yeah, jim, at every turn, they have tried to d

. >> chrystia freeland, what can i say?utely champion. >> reporter: it would be like a democratic governor calling vice president mike peps thence thei. >> we were all coming together, had had the same basic information for people, and the politicians made the right decisions based on the advice and that helped us. >> reporter: also critically important the u.s.-canada border remains closed to all but essential travel and anyone entering canada right now must quarantine for 14 days, and the eu has deemed canadians safe for entry, unlike americans, and yet here, too, missteps have had tragic consequences. more than 8,500 people have died, the vast majority of the deaths linked to crowded and poorly staffed seniors homes. >> seen a lot of bad stuff happen, but i don't remember anything with this level of sadness. >> reporter: prime ministers trudeau admits it's been a national shame, and in that contrition canadians see a willingness to recalibrate the country's response to the virus based on an unwavering deference to scienc

. >> chrystia freeland she is a champion. >> it would be like calling mike pence their hero. >> we havehe same basic information for people and the politicians made the right decisions based on advice and that helped us. >> reporter: also critically important, the u.s./canada border remains closed to all but essential travel and anyone entering canada right now must quarantine for 14 days. and the eu has deemed canadians as safe for entry. unlike americans. and yet, here too, missteps have had tragic consequences. more than 8,500 people have died. the vast majority of the deaths linked to crowded and poorly staffed seniors homes. >> seeing a lot of bad stuff happen, but i don't remember anything with this level of sadness. >> reporter: prime minister trudeau admits it has been a national shame and in that contrition, canadians see a willingness to recalibrate the response to the virus based on an unwavering deference to science. you know, that deference to science continues even on canada day. it was on wednesday. you know, erica, events were canceled long ago. there were only virtual e

krista. >> my name is chrystia and i teach at balboa high school. something that i heard alluded to but not quite ex police station italy named by parents and educators and students was the issue of petagogi and my -- what i'm gathering from all that was said this evening is that by and large sfusd planning on essentially teaching to the best of our abilities, obviously, in crisis learning mode, from a distance and so what i wanted to actually bring to the table and i recognize that ultimately it's on the board to decide what they want to do with this, given that plans are already being made, is that we really engage in a deeper shift that follows as allison collins said, ro renamig this. one thing that's come up in a lot of conversations with colleagues of mine throughout the district, is the idea of as much as possible, looping students with their existing teachers or with teachers they might have already had. and by doing so essentially prioritizing youth development and mental health and it's require to happen and i understand for me with my spe