cut tariffs on soybeans from 30 percent to 27.5 percent also tariffs on crude oil will fall from 5 percent to 2.5 percent. well meanwhile in light of the corona virus outbreak beijing could invoke a disaster related clause inside the trade agreement that clause would allow china to avoid replications even if it cannot meet the target it purchases of u.s. goods and services for 2020. and oil futures had an up and down day on thursday as . plus technical panel has called for a provisional cut in oil output of 600000 barrels per day in an effort to stabilize prices delegates from oprah plus held emergency meetings this week to discuss possible actions to deal with falling oil but demand in china due to the coronavirus now according to a report from the wall street journal russia has rejected the plea for cuts which has caused oil prices to fall once again now sources close to the situation say russia may be looking for more time to consider the proposed cuts on the news brant crude shot up early thursday morning by nearly 2 percent when it appeared that cuts would be in place however sank more than one percent below the opening price later in the day now the witness similar movements on thursday spiking above $50.00 per barrel before dropping more than half a percent below the price that open and for more on all of this and what it was other news of the day we're joined by michael pentode president and founder at petco portfolio strategies and todd horowitz chief strategist at bubba trading now bubba let's start with the state of oil opec plus has been doing everything in their power to sustain prices or with what's going on with the quota virus and the loss of demand however it appears they're still at a standstill right now and where do we see it going to have an answer real quick oil is gone lower for now and i'll put it a presentiment of the oil is going to lower right now it's in a bear market and it looks to go back into the mid forty's see knew exactly what he's going to say ok michael the dow the s. and p. and the nasdaq probably get situated there they are set for record highs china says that is going to cut tariffs on again these 700 products we don't know exactly what the. you of that is that somewhere within that 75000000000 in us goods with all the news regarding the coronavirus there's a scene like the markets here were set to fall we know that other people see some kind of propping things up in the meantime is this a move to help stabilize the china markets. of course it is just like when china decided to print the people's bank of china decided to print $250000000000.00 on monday and tuesday of this week to try to push up the stock market i mean it's absolutely crazy look the way i look at things as this is the most over valued stock market in history if you look at the metric of total market cap to g.d.p. we are a full 2 and a half times more overvalued today that we were in october of 1987 before the nasdaq began to fall about 80 percent ok so this is the most overvalued stock market in history and 6 that sits in the context of the fact that there has been virtually no earnings growth throughout 2019 so wall street is hoping for this massive rebound in earnings a big boost in judy g.d.p. and what we can be absolutely sure of is that the coronavirus will prevent any significant rebound in both earnings and g.d.p. i'll tell you what the market is going to have to look forward to is the fact that the federal reserve promised under jay powell to start to attenuate the asset purchase program known as q e 4. in april may and june of this year so they're going to diminish the asset purchase program and and the repo facility that's what he said he was going to do in the 2nd quarter that's what the market has to look forward to and it's probably not going to be very good news. and now michael i want to stick with the state of markets related to the coronavirus obviously as you mentioned i mean everything's got artificially propped up right now but we are seeing the world's one of the world's largest automakers toyota warning that they may take a hit on china's sales due to what's going on with the virus now and intend the cable company also made a similar claim to the laser manufacturers which council but what i want to know is like should market watchers actually be concerned. when you see these 2 japanese companies now they're saying there is a concern here so what do you see in their. well as such as the japanese i mean we saw a nike yum brands an apple computer you know those little tiny companies nobody cares about their role because it is these passive managed e.t.f. you know those companies are all warning hey we've got a problem here you know the prime minister of australia mr morrison said there are going to be significant hit to g.d.p. in australia the asian economies are warning all by the way what is the biggest customer for china is europe they are warning of this virus and its impact on g.d.p. so i mean i don't see how earnings and g.d.p. growth can be unscathed by this virus i don't know when it's going to end but they shut down major major cities in china they're still shutting shuttering their borders today so i don't think you one's going to be very upbeat for the market and i as a portfolio managers manager had to take steps to protect my clients by bringing down the net long exposure in the portfolio i did so about a week and a half ago and i'm still in that condition today and i think there's no question the world is too dependent in entirety on china as a manufacturer into the budget let's see if we can bring him back in here because i want to move outside of virus fears if we can you u.s. treasury secretary steven newton he doubled down on the claim the boeing $737.00 max prices would hurt the u.s. g.d.p. he's now telling fox news that growth could be below 3 percent this year specifically due to boeing is he putting too much emphasis on the impact of boeing on the economy we know but we know it means a major player here and certainly they've lost an enormous amount of market share to air bus but is it that big. boy years shoot but again of course i mean they're coronavirus is going to hurt i mean you know again when you've got you've got no planes flying there right you've got a lot of stuff down which is another reason for the lower. prices and oil so this is going to cause a growth problem and i think they're preparing everybody that there's no way they're going to make 3 percent i would say based on what i am now you'd be likely to get to want to have i mean this could be a fairly bad year depending on how long it takes to solve the coronavirus and of course how long it takes boeing to get that plane back in the air so there's a lot of factors here and those are just the 2 major ones that has nothing to do with what else is going on in markets that could create some problems as well michael i know you're kind of fired up of his after it so i kind of want to propose the 3rd question what do you make of this whole boeing situation. well i mean is going is our largest manufacturer and stephanie going to help us with our trade balance when we get the planes back in the air but i mean i i'm i wouldn't certainly blame boeing for the reason for anemic global growth i would rather blame the chew hunger in $55.00 trillion dollars worth of debt that's outstanding now it's up 50 percent since 2008330 percent of g.d.p. that is the. core issue which is troubling global growth today a massive overhang of debt that has to be loved around and by the way the only way that debt is made solvent is by placing interest rates at 0 percent forever and ever amen that's the charge that has been given to central banks i don't know why the heck they're going down this route they will eventually give us inflation and stagflation and eventually blow up the entire market especially the world of fixed income but in the meantime i guess we could just sail along creating massive volatiles in real estate and in equities and in bonds michael president and founder at portfolios strategies and todd horowitz chief strategist at bubba trading thank you so much for joining us today excellent insight. well wall way has filed a lawsuit against u.s. carrier varieties of claiming that the cellular company pay fees for the use of dozens of patents in its networks while the claims of horizon has been using its patents without a license and even though the 2 sides have met apparently numerous times in the u.s. over this issue including just a couple of months ago they cannot resolve it joining us now with details on it for months is the. chinese companies let's face it they're typically the ones especially as of late accused of patent infringement and intellectual property theft in what way is one of those companies and yet now they're suing rice and saying the rice is the one who's infringing on the patents what we know well it's interesting you know that now we're looking at the other side right while way this is a 3rd it's important to note their 3rd lawsuit right now going on in the united states but they are suing for eyes and for using 12 patents one doesn't patents and they're looking for some money here now these reports came out originally about a year ago where they were allegedly asking for $1000000000.00 they've been meeting behind closed doors for the last year and unfortunately were not able to find a resolution so now walk away is taking legal action i want to read you the the why we statement where they say verizon's products and services have benefited from patented technology that while we've developed over many years of research and development while we is one of the world's largest companies with the largest budget for research and development that we know they have a full campus just dedicated to research and development so this is something that's been hurting them and it's not going to go anywhere we'll see how where this goes but we also do know that now while way does pay or has received more than $1400000000.00 in patent license fees while also paying $6000000000.00 of patented technology and they also own $80000.00 patents clovelly 11000 of those are here in the unite. state and it's interesting we were actually talking about this earlier the thing that we have to also look at is verizon who is a large mobile carrier especially here in the united states they also license out their technology to many other people so while ways looking at here is they're saying not only are you taking it but then your life is get out to other broods and that's also important right here because horizon is the one being targeted they have released a response obviously they said lawsuit filed overnight in the very early morning is nothing more than a p.r. stunt this lawsuit is a sneak attack on our company and our nation and the action lacks merit and we look forward to vigorously defending our company and our nation so that's they've come on there a sneak attack on our company and our nation while ways doing a sneak attack on the nation how much of that statement how much of rice's posturing right now plays into this wall way is the big bad boogeyman to spying on everyone and into those fears if they're filing a lawsuit against you even if it's a frivolous lawsuit that's not an attack on the country and you know that's how it's being framed it's really being framed as us versus china right right i mean that's essentially what it is and what we're looking at here especially because verizon or wall way i'm sorry has said time and time again that they are widely known within the industry that they are far more ahead of 5 g. they have also said they own a lot of these patents and not to mention that a lot of this 5 g. technology is built globally so it doesn't just come necessarily from one person right now while we have determined they have evidence to support that there are a dozen patents that rising is using last year they were looking at possibly $200.00 over $200.00 that they were going to sue for and we heard a c.e.o. of way last year a year ago saying that he was concentrating on business grow sure he wasn't going to go through with the last 2 until he had more time and here we are now seeing legal action and probably also dealing with this thing called fighting off the u.s. government ceremonies as they are correspondent thanks so much thank you time now for a quick break but hang in there because when we come back to venezuela is back in. headlines as the u.s. is once again talking about overthrowing nicolas maduro but there is an untold story about what is happening inside been as well as the nation's economy is quickly improving we'll break it down in a report you won't see anywhere else and as we go to break here are the numbers at the close. you know world big partisan movies. and conspiracies it's time to wake up to dig deeper to hit the stories that mainstream media refuses to tell more than ever we need to be smarter we need to stop slamming the door on the bats and shouting past each other it's time for critical thinking it's time to fight for the middle for the truth the time is now for watching closely watching the hawks. and in another one of. the ways are both the food. bank itself movie theater i. was in this way got to talk so hard not to think i know how to decide this moment the work of a coward and i know from the start then if. this is the only thing that we do is music because everybody fights his way to. the floor lukens on the feet kind of is worthless woody allen read the whole movie have a look at that. but i think is this is the funds that this whole company needs. join me everything on the alex salmond and i'll be speaking to guests of the world of politics or business i'm show business i'll see that. welcome back argentina's senate passed a bill on wednesday that would allow the government to restructure debt issued in foreign currency argentina has been dealing with nearly $100000000000.00 in sovereign debt including a 57000000000 dollars package from the international monetary fund now president and as who assumed office in december after running on a platform critical of that giant i.m.f. loan so the country will face issues paying down debt until they are able to actually stabilize and grow their struggling economy fernandez is currently on a diplomatic european trip and found an ally in french president a man your microphone who said france will stand by you and mobilize with the international monetary fund and other partners to help argentina get back on the path of growth of sustainable debt now meanwhile wednesday argentina and economy minister martin guzman and i.m.f. managing director krista lena. discussed the issue in vatican city at a meeting hosted by pope francis guzman reiterated that argentina could not continue to service this lote pope francis who is arjun thai and did not directly comment on the specific situation facing the country's debt venezuela hasn't really made very many headlines lately and certainly talk of overthrowing the country's president nicolas maduro has been relatively quiet that is until this week when the u.s. backed legitimate i'm doing air quotes you can see the president of venezuela one why though he suddenly popped up at the state of the union on tuesday this spent the day with president trump on wednesday at the white house in fact why those presence at the state of the union was really one of the only bipartisan moments of the entire night. ah there we're all americans are united with the venezuelan people in their right yours struggle for freedom thank you very much . so it seems that the effort to remove material from power is back on but over the past few months something fascinating has been taking place in venezuela instead of continuing to push forward with policies as usual the madero regime has reportedly shifted to opening the country up to outside investment and more of a capitalist system according to the new york times quote shopping malls that were deserted just 6 months ago are bustling and imported s.u.v.s course to the streets new restaurants and bars are popping up weekly in the wealthier parts of town there are tables packed with foreign businessmen fashionable locals and government insiders in his speeches madeira is still promoting a vision of venezuela in which all of its resources are shared by all but according to venezuelan economist remember the gap between rhetoric and reality is greater than ever the fight for survival has forced the government to become more pragmatic quote only the narrative is still socialist again according to the times the government has slashed red tape and turned a blind eye to taxation fuelling a boom in private exports of everything from oil to chocolate enriching the politically connected and traditional business elites joining us now to discuss the host of the news with rick sanchez rick sanchez and producer dr rick rivera who has a ph d. in latin american history with a focus on political economies and venezuela welcome to you both thank you and we can actually start with you here because this report 1st is coming out of the new york times so we already have to preface it with that but it's talking about the fact that in rural areas we're certainly still seeing a lot of poverty or lack of water basic resources but in the city of caracas specifically there is this kind of surge that's happening here is there a gap reforming between super wealthy kind of capitalist people in. the cities and the poor people who are the socialists in the rural communities what's true and what's not well as you said this is the new york times and so there's a great deal of misinformation going out around regarding business well sure and the economy is no different just real quick i mean as far as the water is concerned i mean that problem really surfaced last march when the business well as electrical google grid was hacked and soon after a why go ahead declared himself president and that's where you had that water crisis but thankfully that has been largely resolved. as far as your question i mean. people were given the impression that business where law is kind of like soviet russia before the reforms of the eighty's heavily communist of the completely government run qana me know china in the 7 before the seventy's etc but the reality is that private enterprise and capital investments have played a huge important and critical role in the history of been a swell under charges and under my little and so the reforms that are being implemented by my little are yes pragmatic but they're not that huge as the new york times is reporting i think the real story here is that business one us economy is slowly getting back on track there's the impression from investors that the worst of this economic depression really is over and that business well is back in business as it was 5 years ago and i think there's a i think that as well it stands guys as a test case for us or germany and i really believe as strong as this country of ours is in its ability to convince the world you got to go our way or it's the highway sure that somehow this particular administration has created even as much as we've seen before where countries look at the united states and say you know that's not kosher that doesn't seem fair so when a guy like madeira goes to the e.u. or goes around the world obviously russia and china are on the side of the duro and puts his hand out and says i'm a poor victim look at the united states is doing to me he's more apt to be able to get more cash flow actually even some subsidies that are helping his economy whereas he would you know of if the united states were beating him up so this this intervention on the part of the united states i believe is backfiring just as it did in cuba for 40 years rick i want to go to kind of a media perspective on this i mean you've been doing this. for i don't want to insult you or 2 years ago i had to you know see everybody you know double. partisan group of lawmakers making this kind of same push for garrido vs madore of the most of the mainstream media i mean as ben mentioned this is a new york times story don't take away from it but it is that narrative to do exactly what it said to keep it as a socialist communist bad everybody you know capitalist society good so you know that's an interesting theory but you're basically saying is that deep down the united states doesn't want the problem to go away because the problem in and of itself helps them get elected something bill clinton found out when he was one of the last democrats who was able to get votes in south florida and he actually won miami dade county but ever since reagan the the vote in florida has gone republican part of it was because of the reagan mystique but then along came a little boy named elliot gonzalez and that changed everything that was in clinton years and since then florida votes republican and that's continue to vote republican and this is smart politically speaking on the part of the trumpet ministration to have why don't there to tell the people in south florida look we're looking out for you do they really care about changing minutes well probably not but having why don't their gets them votes and gets republicans elected but there is a failure that's taking place here right because if the us has this system set up where they say saying sions are the answer we're going to choke out and the only way to really get rid of them without sending troops on the ground which i don't put it past him to do that i was on a call earlier this week with reporters in the white house and they were having this very discussion about venezuela was hoping for a chance to ask a question because the question was our troops going to be on the ground there and instead the questions were all about you know you know how are the same kids work all the sanctions are working but right now it seems like distinctions are not working if it is true that material has adjusted some of his positioning to say we're going to bring in outside investment it seems like he is. within the last few months has been a pretty good job of adapting to what the us has thrown out in the same way we did a report just yesterday that russia has done the same thing the 24 team of crimea that russia has adapted their economy to work with sanctions if they can't make the people starve enough to push out the government if they can't get the military angry enough to overthrow the government is the u.s. ultimately have a failing policy of sanctions that used to work but doesn't work anymore well the sanctions are certainly affecting business well i mean it really is strengthening the economy it's a blockade really and it's similar to what's going on that's been going on against cuba for 60 years i mean the been a swell as is dependent on oil and their major source for exports is the united states and that market is largely cut off so this is having a huge effect on the economy. it is certainly not just had they just they certainly have adjusted in the sense that sanctions are new to this country and they frankly just didn't know how to cope with them but with help from from allies they are figuring out how to get away from them and oil production is increasing for the 1st time in years and it's capitalist is capitalist economy beginning to grow in some of these cities and i know that's a weird word because i remember but it means a lot of things but here is where the new york times and the establishment media has always kind of gotten venezuela wrong but as well it never went communist ok in venezuela you see things that you would tribute to a communist regime like freedom of the press they still do this day and throughout the chavez years and throughout the years literally had people on the air criticizing you know the government and they still do and they still do so to sit there and say oh it's a horrible communist regime kind of never it isn't and it never really was that's kind of the propaganda that i think we're fed that's not to say it's a. system but it's definitely a different system to try to say as you said the soviet union china oh and venezuela and they're all the same is an ignorant view of it correct it is ignored it would probably the right word choice rick sanchez the host of the news with our aptly named thank you for being here to serve as their doctor and making rivera appreciate you both thinking about it much. and that's it for this time you can catch boom bust on demand on the brand new portable t.v. app available on smartphones through google play and the apple app store by searching portable t.v. or stream us to your t.v. by downloading the portable t.v.'s on apple t.v. and online at portable t.v. or the t.v. is coming soon to more devices and as always you can hit us up at youtube dot com slash boom bust r t nothing ignorant about that the next time you're going to. be. in this community there are people who believe that it's ok to eat this stuff or actually it's really hard there are no jobs and you see that i've got kids and ask and as a parent. i can come up with logical arguments there's a lot of conflict in the game between the close of the conflict i would say. money and most of them money has made. us want to know each other. each other is good because the state of california alone makes 6000000000 dollars a year of prison complex just to get some point in your life where. you don't care and one of my hair is a monster so you don't care mind anything. in the united states presidential candidates debate the future of the u.s. and the world. max keiser and stacy herbert dig into the burning questions of this election cycle one topic every week. tax student debt trade wars corporate money universal basic income and more catch up with what's front running this sunday exclusively on r.t. . is your media a reflection of reality. in a world transformed. what will make you feel safe. isolation community. are you going the right way or are you being. direct. what is true what is faith. in a world corrupted you need to descend. to join us in the depths. or remain in the shallows. passenger plane was forced to make an emergency landing at an airbase in syria for the captured the aftermath of the israeli missile attack on the brusqueness which fence ministry says put the plane in danger. staying in syria damascus defends its ability campaign against terrorist groups with an emergency session of the un security council after western powers accuse it in moscow of endorsing the destruction the sheer scale of destruction both endorsed and patil attended by russia shows that neither they nor the assad regime can be trusted to deliver a ceasefire it is astonishing the desire of some western countries to cross terrorist groups in islam is the moderate opposition.