Markets up on this tuesday a u. K. Clinical trial known as recovery found a possible treatment for cobra 19 while providing low doses of the generic state steroids drug dexamethasone to patients with the coronavirus reduced deaths by up to one 3rd in severely ill hospitalized patients for patients on oxygen it cut death by a 5th while Oxford University professor Martin Landry coleading the trial said this is a result that shows that if patients who have coma 19 are on ventilators or on oxygen are given back some of the stone it will save lives and it will do so at a remarkably low cost co lead investigator peter or be added its a major breakthrough docs some of the stone is an expensive on the shelf and can be used immediately to save lives worldwide meanwhile stocks also jumped off of the u. S. Commerce Department Released data on Consumer Spending for the month of may after 2 consecutive months of record drops retail sales posted a record. 17. 7 percent thats more than double previous 8. 4 percent estimates well in march it plunged by 8. 3 percent and in april by 14 point 7 percent retail sales make up nearly half of all Consumer Spending and almost 70 percent of u. S. G. D. P. Last year americans spent 14. 00 trillion dollars well for more we are joined by a tauriel director at the American Institute for Economic Research mr Jeffrey Tucker and from the trading todd. Horwitz thank you gentlemen are. Tod we only have you for an hour hopefully jeffrey can can join us in a bit but todd let me start by by asking you this week looks like volatility is back in just these reversed courses and they came back roaring after the data that was released on both the trial the pretrial for the steroids as well as a retailers what can you tell us about the new one trillion dollar infrastructure proposal thats also now contributing to to those gains. Well terrorism i mean the role of the great i mean the other something that this country needs so desperately is to rebuild our roads and bridges i mean that would be something worth spending money on and it would put people to work and it would create an enormous amount of jobs not to mention finally rebuilding their broken bone structure here but i do again overall i mean were seeing markets that are really reacting and more of an illiquid condition that creates these bigger spikes pracon 4th overall not a lot of change but some of the numbers are brother in the fact there were open is better but the infrastructure to be in a great place to put money into the continuing to hand it out for no return well this is huge because this is something the President Trump campaigned on the fixing infrastructure and it looks like were finally going to see this happen now todd the fed has begun buying individual Corporate Bonds this week to alleviate this intense credit market pressures but this is on top of the Exchange Traded funds that its already purchasing more shifted to a more active strategy to contain these market risks what prompted this move. Well i think the fed is scared but this shows you the ignorance of the Federal Reserve that they need to they feel compelled that they cant let a free market price its own Asset Classes and thats one of the biggest problems that i have with the fed who anybody who wants her to manipulate the market and try to put a safety net wires or a safety net built underneath the market Asset Classes will price themselves through a free market have we not learned from japan who is now going on earth 30th year of creating garbage and no real growth of their economy this is the problem that they continue to get involved they should therefore theyre violating almost you know a ton of regulations which they were built with but somehow theyve magic gotten to this point where they get that manipulate rates and that let the markets decide themselves and of course i dont im not a big fan of the fed as you can tell and i think theyre making a huge mistake which will lead to another bubble and another major meltdown at some point jeffrey i think we have him in the conversation now thank you for joining us we do have a question about what your own power federally are today what do you make of his testimony before the senate committee. And in his assessment of society but i will say this i completely agree the feds current actions are disastrous and are creating as many desertions distortions as a lockdown and im very concerned that weve got a Federal Reserve now being a mighty player its in Financial Markets weve never seen anything like this before. Said its completely going outside of its mandate and almost of my fed watching friends are appalled and writing desperate articles about this to condemn this because because the effects of this on Financial Markets and macroeconomic stability in the future could be devastating this is an untested unprecedented actions that that the fed is taking undertaking right now and theyre saying theyre willing to do whatever. It takes to keep the economy going theres been a lot of predictions about what Market Recovery is going to look like in the age of the pandemic i want to play you a clip of what he said but it chairman Jerome Powell said earlier today. Until the public is confident that the disease can change full recovery is unlikely or over the longer the downturn works the greater the potential for longer term damage from the job loss and business closures longer periods of unemployment can erode worker skills and hurt their future job. Persistent unemployment can also negate the gates made by many disadvantaged hurt as during the law expansion jeffrey what does this mean for the socalled the recovery that so many people are expecting. Look i was i was actually optimistic about this v. Shaped recovery after maybe 2 weeks of lockdown maybe after a month weve been in this nonsense for 3 months the u. S. Has not yet open were far from it he speaks of public panic but im telling you which responsible for the public panic are these Government Policies with mandatory masking these crazy social distancing things that all this nonsense going on its got everybody whipped up into a frenzy so i yeah i am now not nearly as optimistic about the status of recovery even before the end of the year like we saw retail sales picking up stuff like that but you know the quick look forward began you know 2 months ago it was a year and a calamity so of course retail sales are back but thats not that is not going to build the capital base that we need for a full recovery theres no chance i wouldnt think of anything remotely like recovery this year and we could be we could be looking at years of suffering not to mention a lot of permanent damage to labor markets and to the Capital Structures and Everything Else around the world its very very bad what todd. Powell did favor he believes that we possibly hit market bottom that if we dont see the resurgence of cases of 1000 cases again where do we you see it going from here todd. Jeffrey your take. Ok well i did i say im actually not nearly as optimistic as i was so i think were going to be in for a lot of a lot of suffering you know when you think about the fact that more than 100000 businesses have been shuttered permanently and because theres no coming back from this i mean just driving around doing that right now i see half the Small Businesses just closed up shop for good this wind this is going to take a long adjustment and its going to be i would say years and politically this is been tremendously destabilizing for the u. S. It seems increase. Ratable that only in february we had this worlds strongest economy and so much Business Optimism now americas like its not just a fun a financial and economic depression its a psychological depression right i mean its its been its very bad and people are are mopey a Business Investment i dont think were going to see anything like a return solid Business Investment for 3 years until we get absolute assurances that Something Like this lockdown will never happen again right and were not we dont we dont know whether or not oh happy again of the 2nd resurgence of michael there is a vaccine or how this will recover but the market euphoria was cut short though when when chairman powell said that the central bank what it just Corporate Bond buying based on the Market Conditions is it too early for the type of comment i mean to tara to be thinking about taking a foot off the gas pedal i think probably that was a help a con and helpful comment right now because people are starting to worry about inflation so when you heres the thing about the prospect of inflation its very highly contention upon as of last day of money right so so usually in an economic crisis of loss of money would crash like it did after 2008 and that tends to suppress a little bit of the upward pressure on prices but when you see look at retail sales that are going on right now that may not be the case we might not we might be people who develop very short term outlooks and ready to spend like crazy and get out there and the lawsuit money could stabilize or go up in which case were going to see a lot of upward pressure on a lot of prices and so in that case yes powell needs to be talking about the in cambridge now weve got hes got to sop up some of this liquidity that he pumped up into the markets just to to really inflate the end inflatable this is what he did of less couple months well the volatility might continue to go until theres an end to this cry with until we can guarantee like you said a full opening of the economy once again Jeffrey Tucker editorial dry. At the American Institute for Economic Research and earlier we heard from the top of the horowitz chief strategist above the trading thank you so much for making time for us today. The Energy Sector has been one of the hardest hit during the krona virus pandemic oil and Natural Gas Prices have continued to decline and that means more and more jobs are at risk r. T. Sites have injured reports. Unemployment over the past 3 months have been the worst since the Great Depression in 2008 since to pandemic began more than 44000000 American Workers have fall for unemployment but comparing industries across the board with other countries the us oil and gas industry appears to be in a losing battle as the corner virus is still claiming lives worldwide for nearly 3 months cities across the country have been struggling financially following stay at home orders due to the pandemic and the Us Energy Industry already in a state of the klein before the virus came along is now reporting record drops in the not more working rigs and industry employment but most analysts predicted the industry might soon recover well over the next few months to hits just kept on coming in april and may alone and 19 oil and Gas Companies in north america filed for bankruptcy then even more bad news came once again in april as u. S. Or prices crashed to a record low falling below 0 dollars a barrel and dropping to their lowest prices on record for the largest single day drop of more than 90 percent and according to the u. S. Bureau of statistics more than 100000 u. S. Oil and gas jobs have been laws during the economic downturn brought on by the current hours pandemic and in march alone Drilling Companies are fineries more than 51000. 00 jobs which is equivalent to 7 years of job growth just wiped out in a single month and another 50000. 00 job losses came from world Field Service and Pipeline Companies and most of the energy jobs have been focused in texas home to the Permian Basin and Eagle Ford Shale which has more than half of the u. S. Drilling rigs. And in the houston area by some estimates they might even lose 2000023000 extension 00 jobs in the near future and or all towns across the country are looking at similar double economic blows with states like alaska california louisiana north dakota oklahoma and wyoming amongst our theres facing the potential budget cuts and layoffs and the Us Energy Industries likely to remain in a crisis even despite the opec plus agreement extending production cuts by another month and globally the oil industry is projected to lose 1. 00 trillion dollars in revenue in 2020 due to the current of our shutdown and and with record low oil prices there are just not a sufficient price for the heavily leveraged u. S. Shell producers so while other industries will start to see the labor demand that lead to a road to recovery or oil and gas workers will just have to wade monch longer because when you cant produce it and you cant refine it and you can sell it thats just not a good situation to be in in washington side to have an r. T. Time now for a quick break but stay here because when we return a major step for foreign money in china well tell you why American Express is getting to start a game and that work there as we go to break here the numbers that the. Listen stop letting online algorithms dictate what you get to want to go to portable dot tv slash downloads to get killer television its completely separate im talking Award Winning comedy awesome Sports Coverage inside so frank still tastes like raspberries on a spring day takes so hot theyll burn your face off thousands of videos more added by the hour did i mention free its its free go go get it portable t. V. Oh you know. Take a bite. I like it when the hosts ask a question for the guests and then actually listens to the guests answer and moan and react to that answer a folks Dennis Miller here ive got a new show. You know it doesnt really matter where youve been but batterers is where youre going right well see you Church Generations look back at the establishment media as the lead in the water pipes that drove the romans mad do you find yourself watching t. V. To turn your brain off to relax i want you to watch t. V. To turn your brain on im rick sanchez its time. To do news again. A huge financial start for china as a country has opened up its 45. 00 trillion dollars Financial Market to Foreign Investors will over the weekend Chinas Central Bank issued a license to u. S. Credit card company American Express to clear transactions in the chinese mainland well its a huge move as this is the 1st time this kind of financial license has been issued to any Foreign Institution now to be clear the license was issued to express Technology Services which is a joint venture between American Express and chinese phone tech firm wheelin Digital Company but the impact on American Express cannot be understated as a u. S. Company will be the 1st Foreign Company with access to the chinese Payment Market well that Payment Market has an estimated worth of 27. 00 trillion dollars Stephen Corey the chairman of American Express said in a statement we are pleased to be the 1st Foreign Company to receive this license this approval represents an important step forward in our long term Growth Strategy and it is a historic moment. And as china is opening its markets to u. S. Companies the u. S. Is moving in the opposite direction with a number of groups encouraging the trumpet ministration to ban Chinese Companies from entering the u. S. Altogether so lets go deeper on this issue and bring in john quality of the. Cohost of boom bust and investigative journalist Ben Swan John lets start with you a huge move were seeing here and certainly a big win for American Express is this just the beginning of china allowing u. S. Companies more access to their markets. A big win for American Express card all of. These are also have applications in birdwell behind American Express and the process American Express is promoting on the door d of chile no for 50. In years to get those privileges very important it was really reemphasized as pond possible of the. Trade deal with china earlier this year its part of the process of opening up china Financial Markets to foreign under specially to American Companies but one thing i want to stress is that china has developed very substantial competitors domestically in this payment space including union pay including pay which is part of alley bob we chat pay which is part of 10. 00 cent all of these companies are very well positioned to take advantage of the china market and American Express in that respect as a bit of a late comer its going to have to market itself to not only consumers but also to banks as partners and also merchants as partners but i have a lot of confidence in the American Expresss ability from decades of experience cracking emerging economies to be able to get into china and make something important happen and theyve always been known for their Customer Service and the experience they provide well then we know the trumpet ministration even cracking down on Chinese Companies like wall way weve talked about it time and time again but now the administration is doing more than just that right. Yeah thats right you know as john pointed out certainly you know with American Express is is certainly has been part of that phase one trade deal but on the other side of that you have the u. S. Going in kind of in the opposite direction as you mentioned weve seen not only the crackdown on weiwei but really the troubled ministration has been cracking down on really Chinese Companies across the board in fact theres an effort right now to delist all chinese own companies from the u. S. Stock exchanges so theres a lot of pushback against china right now certainly on the. Nicol side of things and part of that is to say lets remove chinese influence from American Companies and weve even seen it on the social media side where you have Companies Like to talk that are chinese own and there are questions about whether or not those companies should be allowed to operate here so the big question surrounding that and i think what were really seeing is you know these 2 things happening simultaneously yes the as the u. S. Is going to try to push china out now were seeing the chinese as part of that phase one trade deal saying were going to allow some American Companies in so there is a contrast there and but they are like you said of taking part in doing their part and what this china won a trade deal or at least attempting to have from from what it seems now john that china theyve been moving to get at the qana mean restarted in light of all this the coronavirus can damage but now china theyre seeing a resurgence of cases in beijing that is theyre doing some walk down to taking care of that it seems how will that affect the move to restart the economy there. Certainly very significant. There is this resurgence an outbreak out of one of the markets in beijing of course beijing being the capital of china it would be extremely embarrassing to the Chinese Government to have a significant uncontrolled outbreak in its own backyard and so obviously there is very immediate action being taken to task stand trace the folks who have been associated with the market where apparently this al brake is thought to have originated i think just as a generalization the chinese over the last 4 to 5 months have developed a very significant testing and tracing capacity which is of course supported by the information thats available from the cell phones of chinese citizens as to where theyve been on any particular day of the week of the. Any particular time so all of that information can be brought to bear to stamp out a potential outbreak pretty quickly so theyre all the asli on top of it and determined that nothing is going to get out of control to the point where factories that have reopened to going to have to shop or Small Businesses are going to have to be closed again theyre going to do everything they can to prevent that happening especially because they are seeing their economy start to recover they dont want to have to shut down all of it again is that youre saying then theyre taking these necessary precautions but were seeing some similar issues here in the u. S. New rises in some cases with some states how will the u. S. Deal with that on reopening that. Law i think you know what you just said the china doesnt want to dont think the us wants it either i dont think anybody wants to see us go through another series of shutdowns and lock downs we just got back those may numbers dealing with unemployment numbers and weve seen more people starting to work again we saw retail sales surged by about 17. 7 percent that was very good news nobody wants to go back and so at this point i think theres a lot of concern certainly in markets theres concern among politicians and theres concern among Business Owners in the general public that were going to go back the way that we just came which is to go back into lockdowns and to restricting businesses instead of reopening completely and as jeffrey had said in the previous segment you know theres a lot of concern about whether or not a lot of businesses even get to come back at this point a 2nd round for businesses that are coming back a 2nd round of closures and lockdowns might certainly be you know the nail on the coffin if they do survive the 1st round so its not promising on any level to see kind of a resurgence of cases and then having to go back into the into these lockdowns john what do you think i mean i mean the economy that i have mostly reopened are looking to reopen were seeing a surge in cases if in any way going to be contained. Well i agree very much with ben the. Forces of momentum now with those who wish to reopen and retrenching back to lock downs would be extremely de moralizing to Consumer Confidence as well as inconvenient and destructive potentially to many of the businesses who have been able to survive on the back of the short Term Government support that has been provided a 2nd stimulus requirement of a magnitude similar to the 1st to cover off a 2nd wave economic fallout would be extremely debilitating to the a cause. Only specially because so many people have said that too much was closed in the 1st place now that theyre starting to reopen and even President Trump said he wont shut down the the states and and the country all together but hopefully theres this new treatment so theres that potentially could help in these pretrial hopefully there there are other treatments that are also being studied hopefully a vaccine but again all we can say is that were hopeful for it and only time will tell john called of the Miami HarvardBusiness School and who must cohost an investigative journalist ben song thank you so much for your time. Thats it for this time you can catch boom bust on demand on the brand new portable t. V. Out of valence smartphone through google play on the Apple App Store by searching for a book t. V. On your t. V. By downloading the portable t. V. On apple t. V. And online a part of our t. V. The next time. Welcome to on contact day we discuss the protests that have erupted in over 140 American Cities and the executive editor of black agenda report. And the blackness leadership plans actually seems to be more angry and different this in some respects. Like this leadership. This is sometimes. Its funny. After this is cleaned. Up again to describe. These funny gestures by cops and and. Leaders to be. A just a room submissive to. The poor city to persian distraction designed something peoples attitudes towards students to lose. Shouldnt suitable anyone. The ruling elites no longer have legitimacy they have destroyed our capitalist democracy and replaced it with a mafia state what the roman philosopher cicero called the commonwealth a raise public up public thing or the property of a people has been transformed into an instrument of naked pillage and repression on behalf of a Global Corporate oligarchy we are serfs ruled by obscene lee rich on the potent masters who loot the u. S. Treasury pay little or no taxes and have perverted the judiciary the media and the legislative branches of government to strip us of Civil Liberties and give them the freedom to commit financial fraud and theft. The loss of control over our system of rulership the misuse of all Democratic Institutions the electoral process and laws to funnel money upwards into a handful of oligarchy while stripping us of power ominously means that the ruling elites can no longer claim the right to have a monopoly on violence violence employed by police and security agencies such as the f. B. I. Which have devolved into Occupying Forces to protect the exclusive interests of a tiny ruling criminal class exposes the fiction of the rule of law and the treason of the ruling elites the current waves of protests are correctly targeting the commodification of blackness by the state Brittany Friedman a rockers University Professor told black agenda report we do not need the car still state to save us she went on because the car still state is the one that is killing us but where do we go from here with more than 10000 arrests by militarized police of largely nonviolent protesters and the indiscriminate use of beatings pepper spray