A live report on the Aerospace Giants latest move and oil. Think as Storage Capacity amid a massive decline in demand we take a look at the petro sector and what lies ahead for energy in a packed show today so lets dive right in. As the worldwide total of corona virus cases has officially clips 3000000. 00 the World Health Organization is director general on monday address the easing of lock downs in europe due to the klein in new cases on the continent. The new hope is was declining number of new cases. We continue to urge countries to find isolate test and treat all cases and tress every call to ease sure these declining trends continue. But the pundit make is far from over w. H. O. Warned that while western europe may be seeing declining numbers there is a concerning upward trend in africa Eastern Europe latin america and some asian nations the director general also spoke about the importance of the world coming together to fight this in future pandemics i continue to call it for the wu to come together in solidarity t. And National Unity to come from this pond and weak but also to prevent the next one and to build save a fairer world for everyone everywhere. Weve not united the virus we exploit the cracks between us and continue to create havoc. Lives will be lost and even life is very precious. And as were seeing more governments prepare plans to ease these lockdowns lets take another global look at the spread of the corona virus with r. T. Correspondent side tavenner sire where are we today so brian numerous countries around the world are in the beginning stages of managing the Virus Outbreak now obviously that doesnt mean that more people arent getting infected it just means that several countries are slowing the rate of infection now take a look at countries like countries like us being u. K. Italy Germany China france so theyre all seem to be flattening out which means that the repair venting and delaying the spread of the virus so large portions of the populations arent actually getting sick at the same time so versus before where this trend was all going up now its all a leveling so that its very good news at the moment. These cases flare now more mean you could see in the u. S. There are still some way days to go there but what are some of the precautions or steps that countries are taking to kind of reopen the economies and remove these lockdowns so i here in the u. S. Americans are showing signs of quarantine fatigue which basically means that americans are venturing out of their homes more for the 1st time since social decision guidelines were put in place in mid march and now with more than 55000 deaths and almost 1000000 confirmed cases some states are already planning to ease some kind of restrictions now for example georgia the fastest state to ease restrictions has actually allowed hair narrow slit nail salon small shops and gyms to reopen last. And today people in tennessee will be allowed to dine at restaurants and muse yury is planning to allow almost every business show but next week in new york has also laid out a plan for a gradual reopening of low risk businesses starting in mid may then there is internationally there are spain the european country with the highest number of deaths after italy which reported its lowest daily death in toll in more than 5 weeks on sunday and in fact on sunday that same day children were able to go outside for the 1st time in 6 weeks and then we have a switzerland where theyre going to be having beauty salons open up at their doors today and shops are going to be actually selling other items except for food for the 1st time in 4 weeks then we have neighboring country germany which has almost 6000. Which has actually that incorrect it says 1600 germany has almost 6000 deaths and but theyre all also gradually easing their restrictions with playgrounds said to open later this week and also you know face max have face masks have become mandatory in schools and shops and Public Transportation in germany and theyre going to be giving find anywhere between 20 510000 euros if violated now meanwhile u. K. Prime minister Boris Johnson is back at work today after recovering from the virus where he announced u. K. The lockdown would actually remain in place and are viewed again by may 7th and italy has recorded their lowest daily death toll in the weeks and people are now allowed to actually move around their own regions but not between regions like for example if youre in milan you could you could go ahead and you could venture around the city but you cant go and visit family or friends for example in venice so you have to stay within your own read. And now italy is also considering restriction commercial flights from other countries into italy but thats still not decided on but salons and bars and restaurants are expected to reopen starting june 1st and this is pretty significant considering that italy had some of the strictest lockdown in order to contain a virus and lastly brand argentina which has been under a National Lockdown since march 20th and with 192 deaths how to ready close its borders and blocked entry to foreigners from affected zones which include europe china and the u. S. And now extended that ban on till september 1st but some activities are not permitted which include a maximum of one hour long logs but only within 500 meters or peoples homes brant are 2 correspondents science adviser thank you for that update and a reminder you can always find the latest news and information regarding the proto virus on portable t. V. s crowbars tracker. And its no big surprise that the coronavirus shutdowns have severely impacted airlines monday brought even more bad news for the 2 of the Largest Aerospace companies in the world at boeing and airbus in fact boeing shares traded lower on monday after the plane maker dropped plans for a 4200000000. 00 joint venture with Brazils Embraer now the deal was 2 years in the making but was canceled on saturday after a deadline passed to bridge gaps in the agreement between the 2 companies but embers says that it was boeing that wrongfully terminated the agreement joining us now to discuss his book the toast and investigative journalist ben swan is been following this story for us ben thank you for joining us on this why would boeing attempt to get out of this agreement if that is in fact what they actually did well i think theyre trying to get out of it for a couple of reasons 1st of all remember as you just said there correctly so this is a deal thats been 2 years in the making and in 2 years ago boeing was in a very different position position that it is now keep in mind this was all before the 737 max jets began to crash in boeings production line went offline before boeing started losing out on hundreds of orders of new planes those orders to go into air bus instead and then of course with the coronavirus and the fact that air travel has been so low you know no one could have predicted that and now boeing finds itself in an even tougher position but the real losers in all of this are going to be the staff of boeing about 16700. 00 commercial planes you know i have been grounded theyre not going anywhere as a result of that but we is also talking about layoffs for about 10 percent of its workforce which is about 160000. 00 people so youre talking about a massive amount of people who may be out of the job and boeing doesnt see how its going to be able to pull out of this so instead they cite irreconcilable differences on an agreement with amber in order to not be able to move forward boeing has actually a big week ahead in the next week boeing will hold its annual meeting report 1st Quarter Results and face the application deadline for a multibillion dollar aid package from the federal government what are we expecting this week here. Well its going to be interesting to see kind of how that plays out because obviously with the aid package boeing just wanted to be given a stack of money which doesnt everybody and 4 they was a going to work out that way so they do have to apply for that money show how theyre going to use it but again when youre talking about a large amount of their workforce being cut you have to look at that and also question whether or not they should be given all this federal money if the because its really taxpayer money if taxpayers are going to hand over billions of dollars to boeing and yet boeing is planning to cut 10 percent of its workforce by laying those people off wheres the money actually go and where is it flowing to especially when right now air travel is not back and boeing has preexisting problems its not like boeing was humming along just fine when the coronavirus had these were problems of their own making and this is definitely been probably about an 800 to 2 year 18 month to 2 year issue for boeing really facing struggles and many of them of their own making and i want to take that away from them boeings biggest competitor the air bus told its staff on saturday that the Worlds Largest plane maker is bleeding cash it unprecedented speed and warned that its survival is in question quickly ben what does this mean for air bus and its employees the same thing but bad news for employees there about 3000 employees have been furloughed in france already air bus does not know how theyre going to continue to pay all those people and theyve been trying to you know get those workers back to work as quickly as possible but in over in france the union is the one fighting is a bus to say workers should not be back right now so again its workers who are being hurt more than anyone else right now boom bust cohost an investigative journalist ben swan thank you so much for that reporting you got it. And markets worldwide are up as the prospects of easing lockdowns and reopening economies is leveling out volatility so lets get an update on what is happening with the toast other bilbos cohost Christiane Christy is joining us from los angeles kristie thank you so much now were starting off the week pretty quiet i mean we were up you know the dow was up 400 yards or so today but this is going to be one of the busiest weeks on wall street what do we have to look forward to. Well today were actually up on the hopes that the economy will reopen soon so states including alaska georgia South Carolina tennessee and texas theyre all beginning to allow restaurants and other stablish rents to start to serve customers looking forward were going to be in the midst of peak q one earnings this week with about 173 Companies Reporting the big ones ive got to be alphabet starbucks pfizer facebook microsoft and apple theyre all slated for later on this week now last week has given us a mixed bag view with some companies weathering the storm better than others however this week will really be an indication of where the economy is that good acting right on the market indicates that traders are kind of prepared for another sell out as recent optimism has flooded the market back up into the overbought territory now the magnitude of over 26000000 and unemployment is being lost here and the com you will feel some of the delayed effects of unemployment in the coming quarters and now on top of that we also have a couple big macro events this week the fed and the e. C. B. Are due to announce policy decisions following the b. O. J. Now the b. O. J. Went all in this morning launching unlimited q. E. They have gotten rid of their upper limit of about 743000000000. 00 per year and will now be purchasing quote as much as necessary so we will hear from the fed on wednesday and the e. C. B. On thursday to provide an outlook and what the response will be on how to continue to support the market the big question is what i was going to do now is Interest Rates are already had 0 and buying up all the Corporate Bonds the only thing left is really what japan is doing right now and that is to start buying corporate stocks as well. You know kristie i want to talk to a little bit about earnings because specifically about the Financial Sector here Deutsche Bank is actually surging on monday after beating 1st quarter estimates but it is warning of a 67 percent decline in profits year over year as you said we could have a lot of earnings coming up this week what are we looking at in that sector and overall because i mean youre saying it looks like we could have a sell off i mean is that really whats happening here. Well right now this statement from the bank was a surprise it sent shares soaring up about 11 percent today they have had a challenging couple of months racked with scandals and restructuring and laying off about 800000 that work of course in its quote radical transformation and that restoring profitability so i mean confidence and sentiment in the name has gone down to an all time low here after the new or scandal that they were involved in last year to the point that it is now in the oversold territory and undervalued so now with its latest earnings front its giving investors confidence that yes this ship can u. Turn around and the restructuring plans to reduce and if it should things are taking hold now so deutsche is kind of being used as the big canary in the coal mine now because it was already struggling last year before the coronavirus it so how it fares in the face of the challenging economic right now is going to be an indicator of how healthy european banks are so this will be right and i doubt that ahead of earnings out wednesday see where the final shoots fall that most likely i suspect were going to get a mixed bag earnings review from the coast christiane thank you or just stick around here because we have some more stories straight ahead that we want to get your take on and time now for a quick but hang tight because on the other side the oil sector is still dolling in the wake of the drop in demand what could lie in store for energy going to break it all down and as we go to break here the numbers at the close. Same wrong rule. The world is yet to shape our lives just. To add to it and in detroit it was betrayal. When so many find themselves worlds apart we choose to look for common ground. Is your media a reflection of reality. In a world transformed. What will make you feel safe. Isolation or community. Are you going the right way or are you being led. By. What is true what is faith. In the world corrupted you need to descend. To join us in the death. Or inmate in the shallows. The us economy was booming growing numbers of people when they need homes. You can work 40 hours d in a week and still not have enough to get housing everybody believes america still is the leader of the reality of it were not financially equality and the lack of Affordable Housing for a living minimum wage give many people new choice. Thats been a problem with the city knows turn to make sure and told me stay away oh miss. The food that. Requires. The most vulnerable in abandoned on the streets to become the invisible clubs. And welcome back Us Oil Prices dropped by more than 25 percent at times on monday did to concerns that storage could soon reach capacity as Global Demand continues to plummet due to the crowd a virus pandemic west texas intermediate futures for june fell by 27 percent to below 13. 00 per barrel at the low for monday. And International Benchmark brant crude also dropped by as much as 8 percent going below 20. 00 per barrel so lets take a look at the state of oil and the commodities effect on the overall economy by bringing back boom bust cohost christy i and rick rule c. E. O. Of Sprott Holdings thank you both for joining us again here rick i want to start with you or oil is now moving into the endgame as we will hit peak Storage Capacity by about mid may now the u. S. Oil sector is decimated with only about 378. 00 rigs out of 650. 00 still running what will remain of the u. S. Energy sector after all this is over. The u. S. Energy sector is very resilient centered schools who are. The real test the ritual is that people will still be trained should the ultimately need to remember if you are in the oil markets you are isis prices they were in fact they were running so if you really means that sure is already being worked on remember the us production ridiculous. The shale based production decline rates are extremely rapid so you will see production decline as a consequence of less sustaining Capital Investment in the restroom in the very near term of course i dont think anybody could estimate his circumstance where the consumption of oil would fall sassed as a consequence of the virus or whatever as a consequence of consumption declines we would run out of storage there are literally is no place along the production and transmission line to cover any more oil and gas and its a circumstance that nobody could. See but the industry coming back yes absolutely the industry will come back itll be a mess. Markets are always messy markets always work. Our and our record i think its interesting because we dont know when this whole thing is going to be over i think you know initially when we saw oil go below 0 last week you know the reason that was mostly because people said oh by june july numbers will be up but itll be back to normal so theyll be able there will be the demand and frankly thats not the case and we dont know when that demand is actually going to come back but i want to i want to cover and i want to talk about Something Else erick because last week treasury secretary Stephen Newton actually selection suggested things that the government could do to help the oil industry including buying fuel for the country in advance although if stores are completely full well thats going to really work out but he also said that the government was open to taking an equity stake in Energy Companies adding that there were a lot more options as well but what do you make of this prospect of the u. S. Government taking stake in the u. S. Oil companies. That horrifies me i dont think the government does anything particularly well i. Need better at doing well in gas Company Analysis and they are at things like delivering mail. Its a bad use of. Taxpayers money and ultimately. To size ation of the oil industry that would occur as a consequence of large pieces of government ownership would do more damage to the industry i believe piracy is done let the markets work take the pain in the near future and the cure for low prices is in fact low prices. I would benefit if theyd. Put some feet of levitation oil and gas business but owners across the country need to understand that what lower prices are is a huge near term subsidy to consumers while rowell prices are very bad treme prices are very good for the consumer economy if you think about the impact the stimulus that the governments are talking about the oil markets is give americans in years more stimulus than the government has and now kristie i want to bring you in here for a little bit of a a global perspective about this because what about the other countries who rely on oil as their main exports countries in the middle east russia and venezuela how are vera counties being affected by this plunge in oil prices. Well lower prices certainly very good for the consumers as rick just pointed out saudi arabia they are suffering now due to the prices tanking out because this is the life blood of the 2 countries theyre the Worlds Largest Energy Producer and both can actually sustain low prices for a while riyadh has taken a very aggressive position cutting its prices down to 5. 00 per barrel as theyre battling out exports to asia asias one of their biggest consumers right now however russia actually has a structural advantage over saudi arabia its closer to ajax and they already have an established relationship with pipelines and dealing capacity of up to 1600000. 00 barrels through the pipeline so transportation from russia to asia is much cheaper than transport from the middle east where tankers are already in short supply now meanwhile to what you said with venezuela that economy is certainly doing much worse their production costs are much higher than saudi and russias and in line more so with the u. S. What the u. S. Had before at about 30. 00 per barrel now 96 percent of their economy is driven by oil exports as all price war has kind of taken a tremendous toll on the local economy giving them given the tight tight correlation inflation has increased making its debt burden which is denominated u. S. Dollars ever the more painful the potential now for unrest in that country is very high as conditions worsen and now food supply is getting disrupted with the lockdowns in the record i want to transition a little bit here what about gold i know youre youre big into this is gold really that good of a long Term Investment as a recent survey showed that one in 6 americans choose gold as an investment what do you make of this. The fact that only one of the 6 americans is attracted to go with the is one of the real attractions fairness the market share that google. Enjoys in the u. S. See things in nature is about one half is about one half of one percent are the 3 decade the earth is about one and a half percent so if google just reverted to me. That would suggest demand for Precious Metals and precious related assets would in fact triple what does well during times when people are concerned about the her under him producing power of sovereign currencies in particular the us 10 year treasury or my suspicion is that quantitative easing or is it should be known counterfeiting the basis of currency the 2nd thing is that the United States is running. Ever marger debt and deficits so that means that what we need to be concerned about the very critical ali the issue of finally being Interest Rate your pain in the u. S. Can your treasury which is to say the way the preserve your purchasing power and your reward for taking risks is at least in real terms in a negative level my friend jim grant goes so far as to call your treasury quote richard free risk so gold challenge is to be another asset that offers richard 3 risks i think goes up to that and thank you so much rick rule c. E. O. Of Sprott Holdings and. Want to get your take on call but alas we are out of time for today thank you both for your excellent insight. And here thank you. And finally the Hubble Telescope is celebrating its 30 Year Anniversary in space to mark the occasion the team of researchers behind the hubble released new images of 2 nebulous in the large Magellanic Cloud a galaxy located roughly 163000 light years from mars in the shots you see the red nebula the n g c 2014 and the blue nobility n. G. C. 2020 now nasa researchers say that these nebulous look like coral reef so they titled the picture cosmic reef meanwhile if that wasnt enough to satiate your interest in space today the u. S. Geological survey has released the 1st geological map of the moon the map which was created in tandem with nasa and the Lunar Planetary Institute is color coded so users can identify interesting geological features in the map also uses apollo era maps as well as recent satellite data to give an indepth look at the surface of the moon and thats it for this time you can catch boom bust on the brand new portable t. V. Episode on smartphones through google play and the Apple App Store by searching portable t. V. And online at portable t. V. And as always you can check us out on you tube dot com slash boom bust see you next time. Sinks. We hear. Ask. Somebody. Yes lets see i guess. I was on the floor some days in my bathroom you know trying praying. Theres time for us to die worms i was having children fever i didnt have any sense of c. Source now from the most you can put the world with you. Recently she goes on the older speech to. Simon is on the grounds of the research. I have heard and. Lose myself to this for me in the 58 ill go to. You are. Welcome your attack to the night this is the comedy show where americans in america uncovering america news are called foreign agents have some good moves through their aggrieved incompetence and hubris are Us Government or a corporate slimeballs with ties on or speeding up the end of the american empire an empire that has brought death and destruction around the world i know that doesnt make a pandemic any more fine you know this is just look at it like god were high school its miserable boring you cant get laid to save you live but after youre done with it you know and to be in high school anymore or maybe that was of my experience i dont know even that fairly Mainstream Media like the independent in britain are now saying the u. S. Is losing its world superpower status due to its failure to lead on the covert 19 crisis and this time it might not recover the american oligarchy or showing the world something
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