So sit on the open much to me mama its just that i know i know. This is boom box the one business show you care to forget miss job or in washington coming up. I postpone thoughts with johnny you know why i dont want the. U. S. Trade talks with china have been put on hiatus after President Trump claims he does not want to speak to the agent power we dig into the comments of what it means for Trans Pacific relations in the age of kobe night team plus the u. S. Dollar is struggling to stay above read. The lows as the Federal Reserve minutes are taking center stage we bring in insight from a former fed insider our what to expect in the nations central bank and later bull run has picked up again uncertainty of the 10 demick what is the hype here to stay we have a boom bust table standing by to catch us up on the crypto search show today so lets dive right in. And we leave the program with the latest in trade negotiations and trade negotiations between the United States and china u. S. President donald trump told reporters tuesday he had cancel a planned aug 15th review of the trade agreement between the 2 sides continue his criticism of chinas handling of the crow virus pandemic. You know why i do what. I do want to deal with what they did. Or i dont want to. Do it out. To the world. They stopped it from going. So thats correct. Meanwhile white house chief of staff mark meadows told reporters tuesday the mandated review of the agreement had not been rescheduled as of yet but insisted trade representative robert light hisor has been in regular contact with his chinese counterparts now the Chinese Ministry of Foreign Affairs for their part spoke more broadly about the strain on u. S. China relations on wednesday. At present sino u. S. Relations in serious and difficult times because for some time the u. S. Government has unilaterally troubles and one tonally adopted in the series of words of interfering in chinas internal affairs chinas interests in seriously damaging u. S. Relations we urge individual american politicians proceeding from the well being of the people of china the United States and other countries in the world to listen to the voice of the International Community to achieve cold war thinking to look at china and sign a u. S. Relations objective to walk in the opposite direction with china to make way to promote sino u. S. Relations to return to the track of the coordination and cooperation and stability. And joining us now to discuss is host of economic up there professor Richard Wolfe richard a professor wolf its always a pleasure to have you on the show i think there is a big question here when we talk about the cancellation of these trade talks is this trade deal dead. Absolutely not let me be as career as i know how to be. Listening to President Trump explained that he wont talk to john or because of what they did to this country its a desperate effort to transfer the blame for not being prepared to recall the virus for not being able to jenny know for the roth fact that the United States were forced under her feet worlds population of the world thats 25 percent not the whole the and the corridor thats to blame not on china which no one else in the world can see it is an extraordinary act having said that the rhetoric im proud china is not matched by were let me give you 2 examples over the last week surveys were done big businesses in hong kong with all the noise about what the chinese did in reasserting their authority no one in china no Major Business is leaving china or has any plans 2nd example bring american chinese traitors dont the asian great and great change American Companies in china need a recently released survey 80 plus percent of the businesses there have no plans to remain in because they dont believe theres anything more then their role jury why the president in a difficult election will look as though he can bash the chinese rather like it bash immigrants and others in the past this is not a bad trade trade it is a hostage held probably election and most of the players that matter here believe that once the election is over none of this is going to be continued very much further and pontificating about what might happen in the election if President Trump is and. That is obviously discussion for another day but i think the question here is a lot of attention is given to President Trump because he likes to say a lot of things but what do you make of the chinese reaction to all of this posturing from the United States you know theyve been very hardline about everything thats going on with this tech war as well as trade and while away tictac and all of that what are you making of their reaction to this. You know we action strikes me as cautious share hole very much the opposite of. Draw. We provoke them polish is surely a response and i think that for 2 reasons as long as this is rhetoric as long as this is the right general electoral posturing if it doesnt fundamentally affect it joining me here ok and the truth of the matter is if you go into your neighborhood the Department Store they ask majority of chinese things that were on the shelf a year ago or theyre on the shelf again this year right now and still the fundamentals havent been changed and let me add because its true if the chinese were really upset they could add and they would have taken action against american corporations in china comparable to what the u. S. Has gone to Chinese Companies here theyve done nothing wrong with stuart so call the always insightful professor richard roth host of economic update thank you so much for breaking it down 4th today pleasure thank you. And the u. S. Dollar fought to stay just above 27 month lows as investors were waiting on the release of minutes from the Federal Reserves july meetings now you will remember the federal open Market Committee declined to and now its any new policy steps at the end of those meetings though in the minutes released where the officials at the meeting agreed that the Ongoing Public Health crisis would weigh heavily on Economic Activity employment and inflation in the near term and was posing considerable risk to the Economic Outlook over the medium term now adding that they will hold Interest Rates at a range of 0 to 0. 25 percent until they are confident that the economy had weathered recent events and was on track to achieve the committees maximum employment and price stability goals onlookers had hoped for a look into a crystal ball of sorts which might point to the. Policy stance ahead of septembers meeting so lets begin with former fed insider dealing with belgians. Thanks for joining us again. Great to be here now what are your Key Takeaways from the. Minutes released wednesday. Might my Key Takeaways come down to 3 words at some point there was verbiage that said that policymakers have been considering other steps at some point that diverge is from what was said what has been said by policymakers what was said in a previous statement was was at future meetings at upcoming meetings so the lack of specificity really did get underneath investor skin and we saw stocks close down which as you know is fairly unusual in this environment when all they seem to do is be able to go up but investors were definitely not encouraged by these minutes they were disappointed and now its just much of theres the next policy meeting is set for september it will be the last before the upcoming november elections what are we anticipating coming out of these meetings or are we going to see any policy change. Well i think that there is still a significant possibility that we do see significant action at the september 16th f o m c meeting but i think that message is of the minutes today is that the fed is trying to push back on the congress the fact that its it feels its tools are limited in terms of meeting Small Business needs and that that the federal government that Congress Needs to come together with the administration and put together a stimulus bill that the fed will happily then monetize do more q. E. To to fund but i think that that was the main message now if markets are to step back and if there was to be a deep correction and i say deep i cant even say with a straight face but its stocks were to go down by 10 or 15 percent i think that that would certainly prompt the fed to move regardless of whether or not Congress Remains at loggerheads through this september the 16th meeting well its always hard to say because congress will remain deadlocked as we are in a contentious election cycle right now and i dont want to look at something as you talk about stocks possibly dropping 10 to 15 percent which is hard to say with a straight face as you just mentioned now with all of these concerns about the u. S. Economy apple actually had a market cap of 2 trillion dollars on wednesday becoming the 1st publicly traded company in the u. S. To hit that mark and of course it should be noted that just over 2 years it took just over 2 years for the company to double its valuation what do you make of this latest milestone. So i think that apple hitting 2 trillion dollars is emblematic not just of the fact that they have they have a massive franchise they have a massive footprint theyve created their own ecosystem if you will but its also a reflection of the fact that the fed is going to continue to print 120000000000. 00 a month the fed is actually buying apple bonds as if apple needs any help at all from the Federal Reserve i call that a travesty thank you very much but its emblematic again of the fact that the Federal Reserves Monetary Policy what theyre doing right now is growing their Balance Sheet it continues to go to the largest players and increase. The size of u. S. Monopolies which does not by the way benefit main street in any way and weve seen that with i think the top 12 richest americans have actually gained somewhere around or are now worth about 21 trillion dollars and weve seen that just happen this week amid a pandemic which is devastating the economy former fed insider and c. E. O. Of Quill Intelligence daniel de martino booth thank you so much for that insight. Thank you. I. An australia has entered a deal with british drug maker astra zeneca for a potential back seen it would supply to its entire population free of charge the government announced tuesday now the vaccine developed by astra zeneca and 30 university is in late stage trials involving thousands of volunteers showing Prime MinisterScott Morrison issued a statement praising the deal saying the oxford vaccine is one of the most advanced and promising in the world and under the deal we have secured early access for every australian if this vaccine proves successful we will manufacture and supply vaccines straight away under our own steam and make it free for 25000000 australians and as the race for the vaccine continues lets take another look at the trends and spread of the virus globally with r. T. Correspondence i have your diary where are we wednesday so grand right now more than 22000000 people have been diagnosed with called it 19 some 15100000 have recovered while more than 780000 have died in the u. S. Cases are nearing 6000000 while deaths are all mad at 175004 granted i want to discuss vaccines because thats the only hope right now given that these numbers just keep going up and up so right now researchers around the world are working on developing more that 165 vaccines for the corona virus 31. 00 of which are currently in human trials and while vaccines typically take years of research and testing before even reaching the market scientists right now of racing to produce an ineffective vaccine by next year and even some by the end of this year so lets take a look and for the sake of time im only going to discuss the ones in phase 3 and the wants are already approved so for the 1st the ones in a phase series of 1st we have my during our now thats the 1st u. S. Company to conduct phase 3 trials and if successful theyre expected to hit the market by april of 2021. And there in there is a bio and. Pharmaceuticals now thats a collaboration between a german american enter any Pharmaceutical Company working together and right now theyre working with 30000 mile in tears in the u. S. Argentina brazil and germany and if successful in trials theyre expected to deliver about 100000000 doses to the u. S. By the end of this year then there is can see no biologics now there is a Chinese Company that already released a vaccine for a limited use on the Chinese Military while its also working on face to trials in civilian use in saudi arabia now theyre expect their release date has not been an ounce then there is a vaccine developed by the british Swedish Company astra zeneca which we discussed earlier and theyre working with the university of oxford and theyre doing their study based on a chimpanzee study now that vaccine is now in phase 3 trials in england india brazil south africa and the u. S. And if if their trials are successful which and theyre extremely aggressive in their trials so theyre expected to start delivering emergency vaccines as early as october then we have the. Institute of my logic products now theyre developing as c. A vaccine which the state owned Chinese Companies see you know far put into Clinical Trials now their Church Chairman they announced earlier this month that a vaccine could potentially be ready for public use by the end of 2020 now pseudo farms also testing a 2nd vaccine now this one is developed by the beijing institute of biological products and theyre expected to be ready by the end of this year and then we have the private Companies Biotech now they have launched phase 3 trials in brazil and indonesia now theyre expected to be available by march of next year 2021 lastly there is there murdoch childrens research institute. Based in australia now theyre working on the same vaccine that was developed 100 years ago to fight to reclose says and they have not announced yet where and their release date for the vaccine is going to be now these are 2 companies that have released small amount of vaccines for either a limited or early us 1st there is a can see you know biologics now thats the same Chinese Company i discussed earlier which released a vaccine for limited use on the Chinese Military then there is the russian game ally of research and institute which earlier this month announced that he had granted the worlds 1st Regulatory Approval for the covert 1000. 00 vaccine after just 2 months of human trials now the demo institute is expected to submit the results of their Clinical Trials later this month and vietnam so far has agreed to purchase anywhere between 5250000000. 00 doses of that so well see in the coming months whether any of these deadline set by these companies or governments goes as planned grant r. T. Correspondent sorry turner thanks for keeping us up to date. And time now for a quick break but hey here because when we return we analyze the surge in big oil as investor uncertainty looms over the Global Economy as we go to break here the numbers at the close all red arrows across the board. I. Was a pandemic notice that you know borders just like nationalities. Is a. Judges. Commentary crisis sleep listening to. We can do better we should be. Everyone is contributing its your own way but we also know that this crisis will not go on forever the challenges crave the response has been much so many good people are helping us. It makes us feel very proud that were in it together. This. Summer a solution and i hope my guest room just sort of all out during this series now today were covering the big dollars a big global as a state what comes next with the investment manager lawrence. Lawrence local. Shows seem wrong but old roles just dont hold. Any old belief yet to shape our disdain to come out ahead and in gains from it because the trail. When so many find themselves worlds apart we choose to look for common ground. Welcome back big quinn has had a very strong run as of late shooting above the 12000. 00 mark as recently as monday but is the bull run now beginning to slow some analysts say that while things have been surging big actually have a tough time establishing a foothold above 12500 in the near term as bullish positioning in the market is starting to look overstretched joining us now to discuss is. One and christy our thank you both for being here today christy i got to start with you on this one im going to ask you point blank is because bull run about to come to a halt. Then i respond point blank no just because the coin rejected the 12400 mark doesnt mean that the rally is over the trend line is still intact suggesting that this correction is nothing more than a very healthy pullback and so there are a couple of reasons why you had this rejection namely that the there is a significant resistance near the 13000 mark as well as high funding rates so pullbacks in general theyre Pretty Healthy and weve seen this and in previous cycles where youve seen wrap it up surges followed by very sharp corrections and this minor pullback and i do mean minor this is only a 1000 which is nothing for this was very very minor this was nothing more than something that allowed funding rates to neutralize and over leverage positions to get flushed out which is exactly what happened so in all likelihood we will get some consolidation at the 12000. 00 level similar to what we saw at the 11000. 00 level that weve been kind of trading around for the past week or so so a big client is still acting above the 100. 00 day and the 200. 00 day moving averages which is very bullish and more importantly demand and Adoption Metrics still remain very very healthy and favorable as a u. S. Dollar index just hit a 2 year low. As we talk about going above 12500 there are some concerns that well never reach the lofty goal of 100000 because there are certain number of hardliners out there who dont want to let it go of their big point until they become or it becomes worth 6 figures is that a real concern. I dont think so in fact i think the idea that if you are holding onto your big going then you dont want to use it or spend it or trade it thats youre contributing to a problem its completely wrong look the bottom line is thats what got big going into trouble going back into 2017 in the very beginning of 2018 was that you had people in there who were not truly invested in big coing in terms of the actual value of the token they wanted to get in and then flip it for cash thats not the value of big coin and so ultimately the fact that big cohen has a set number that have already been created and the fact that there are only going to be a certain number of holding on to them is actually going to make them more valuable so i dont think it will weaken that the idea that if more people would trade them and move them around that the value would grow faster what that might be true but that was a problem in the past and i think that is avoiding that problem kind of with the infrastructure thats being built around it right now chris i want to follow up on that because it is that an issue that the worlds most popular cryptocurrency faces which is there are so many different schools of thought as to what you do with it whether you hold on to it whether you spend it whether you trade it regularly is that an issue i dont think its an issue at all because that is kind of where all coins come into play because right now i like to kind of compare the. U. S. Dollar euro because all the all kinds right now they trade against the u. S. They dont trade against us to t. N. A. On trade against all of them do trade against their coin and all of the they serve a specific purpose whether or not theyre use for currency transactions or moving currencies or whether it is actually for Payment Processing bitcoin itself is not a good payment processor because it does take time hash rates are expensive and it does take time to transfer and it is not as seamless as say repl so there are different purposes for every single. Line as it stands alone it is a store of value now christiane to follow up on something we wanted to talk about yesterday regular time for now there has been a lot of outrage over potential changed. Happening at the u. S. Postal Service Although the postmaster general actually said tuesday that the u. S. P. S. Would suspend operational changes until after the november elections but amid this crisis the u. S. P. S. Just filed a pen for a system to use blocked train to secure mail in voting what are your thoughts on this i think its a little late in the game to implemented something as ambitious as this considering that elections are a couple months away and theyve merely just decided to file a patent for that so most likely nothing will be ready in time for the elections and they will still have to deal with the mail in ballots so this patent that was published is something called the secure Voting System where a voter receives a code in the mail and confirms identity and the correct ballot information the system then separates the voter identity from the votes in order to ashar ensure anonymity and stores the votes on the distributed ledger so all of this is very ambitious and given the current changes that are happening over at u. S. P. S. The complaints of packages getting held up for weeks if not months going missing are undelivered its very unlikely that Research Building testing and implementation will be done in a couple of months prior to elections given that u. S. P. S. Is already are already facing issues with staffing as well as compensation issue is so i think its very coincidental that theyre rolling this out now especially when the new postmaster joy is being asked to appear in from the House Oversight committee to answer for all of these internal problems and seems like hes trying to deliver a solution a little too little too late but whats your take on the situation. Agree its too little too late theres no way thats going to happen in time for a november election absolutely not i mean at this point its impossible if you look at what the state of washington has said who does by the way a pretty successful job with mail in voting theyre really the only state in the country that does they say that setting up a successful mail in voting Group Program can take anywhere between 5 and 10 years to do it so the idea that youre going to also back that with block chain based technology in 3 months not going to happen but having said that there. Had been a lot of pushes over the last few years to move voting to a blog same basis that not just mail and voting but all voting so that there is an actual trust the system built into the election system and i think thats something that we should see in the future and thats something that should be worked on that is just of already been done in the past but it should be worked out in the future to get us there because i think a lot of the questions that surround Election Integrity and fraud in the elections could be answered by using blocking and i want to go back to because im here for a 2nd because theres actually an interesting stat about 98 percent of big coins purchased between 2013 and now are worth more than they were purchased for. Quickly before we run out of time here what does that say about the overall value a big point. Yeah i think it shows that it was a great investment for everybody whos gotten involved in it for the most part they have succeeded on some level of having a store of value thats worth more today than it was the day they bought it 98 percent print that means that even taking into account that shuji dip that we saw in 2018 where a lot of people said oh look it was terrible it wasnt good after all actually it has but 98 percent of those who have been involved in it are seen more value so i think it only goes to prove theyre not just big point by the way but all coins as well thats the place to be boom bust cohost ben swan and christi i hope you guys are part of that 2 percent always a pleasure. Hope not to do things and thats it for this time you get to boom bust on the man of the brand new portable t. V. App which is available on smartphones and tablets in the google play and Apple App Store by certain portable t. V. Portable t. V. Can also be downloaded on newer model model Samsung Smart t. V. s as well as roku devices or simply check it out at portable dot t. V. Well see you next time. Someone else shows seem wrong. I dont really see just dont call. Me. Yet to see. This day because thats ok and in detroit because the trail. Went something to find themselves worlds apart we choose to look for common ground. Crazy. Just. Waiting for the moment of complete and total societal collapse i never knew it would happen this. New york alone has become a place of dozens and dozens of demonstrations were driving through. New yorks. Worst on the side cheating in the city. Going. To some of the seems to. Be going to the 2nd grade so were not even done with the 1st one. Little let me say no. Its a mass whats going on behind those walls the richest country most powerful. Has the worst response theres. Nothing. Thats going to be so great. That. Were going to have maybe and. Maybe. This truly has become a symbol of the current new york. People and take to the streets for an 11th day port of their president telling him to go. There is discord over the flag being flown. New leaders say they dont recognize the results of the. Top officials that brussels warning against any external interference in the crisis. Foreign minister also urges