Intervention such as Circuit Breakers and bailouts now on the other far end of the spectrum of market intervention many are calling for the markets to shut down temporarily to prevent further selling and quote own the shorts the Philippine Stock Exchange has become the 1st to implement this and announce that its suspending trading until further notice after the market wiped out just over a 3rd of market value since the november highs. Is back below 30. 00 after opec canceled their technical meeting this week that was meant to mediate between saudi arabia and russia sources said that it will be hard for both sides to reach a compromise now and then i guess market warns that extreme oil surplus is possible Monetary Policy is now being discounted as cheap or money does little to restore confidence in the average consumer in the face of a deadly pandemic 0 percent Interest Rates wont make up for much of the massive loss of activity and income for companies and consumers. And were now joined by daniel booth author of fed up and in. Take on why the Federal Reserve is bad for america and former Federal Reserve insider so danielle starting off this is the 2nd time that the fed has made a move that the market has now interpreted as being panicked so instead of boosting confidence it actually spooked the market causing this massive selloff right off the open so was the fence response here appropriate could have they have done anything else differently here. Well i think what we have to really focus on is that the fed didnt have very much of a choice the asian markets had priced in a much messier day than weve had today bearing in mind that today was the worst selloff since 1987 but again markets had already priced in the fed coming in and making an emergency move i think that the fed been silent that we might have even seen more disruption in Financial Markets than what we did see today so sadly theyve backed themselves into a corner and they had to deploy all of the weapons that they had all at once and as we see with todays trading that still wasnt quite enough and i think the message in the markets and i think what the market is trying to tell the Federal Reserve is that they need to look to another part of washington d. C. Because the Federal Reserves tools are probably not designed to get down to the average american working american man and woman who is about to be displaced and have their income take a big hit and its interesting that you say that because senator but romney has now actually tossed the idea around of a 1000. 00 stimulus package similar to what bush did i believe in 20072008 when they gave every american i think at the time it was 1200. 00 im sorry i dont have that number off hand but but so they basically returning it through the i. R. S. And giving a 1000. 00 thats the kind of stimulus i assume youre talking about there but what are the implications of hitting this hard 0 percent Interest Rate floor hitting this floor means that virtually all reserve Countries Central BankInterest Rate stimulation tolls wont work. Well it means that the that the federal funds that means that the Interest Rate mechanism has been exhausted certainly doesnt mean that but that was what occurred in 2008 and clearly the stock market took off for the races after that as the fed fired up the Printing Press so but again they also threw out. 700000000000. 00 of fresh quantitative easing in last nights announcement and that also was not enough to me earlier rate the markets i think right now were still waiting for the next shoe to fall with concerns that that next she was going to be in the credit markets not necessarily the stock market now what do you think is going to happen in the credit markets with the crisis in the credit market that is pretty much sparked by big oil would that actually cause us to pretty much fall off a cliff would there be any any way to turn the ship around once that happens. Well its very difficult to say because you have to understand where the credit crisis is coming from you just have exxon mobil for example downgraded for the 1st time since 2016 when Oil Prices Went into the twentys as they did today that thats going to take quite a few Energy Companies down but you also have the likes of m. G. M. The huge casino operator draw down its entire credit line kraft heinz also drew down its entire credit line this afternoon that company has recently been downgraded to junk and because we have 10 trillion dollars in the corporate debt market in america you have to ask yourself where the potential Sleeping Giant lies and where the disruption might come from we have to remember that several years ago when it was our to october of 2018 it was none other than General Electric debt which started off a daisy chain so this point we dont know but we know that this entire cycle has seen the inflation of a huge Corporate Credit bubble in america and that that is likely where the source of risk in the system is existing right now let me mention 10 trillion dollars there is 4. 00 trillion dollars right now that is at risk of being downgraded to junk as we speak sun now Monetary Policy is going to be very limited in its effectiveness thousands of businesses and millions of households are now about to suffer extreme Economic Hardship as theyre starting to see losses and layoffs so is there anything that could be done at this point to prevent the economy from falling into a technical recession. Well i think that that discussion is probably moot at this point and im not trying to be insensitive its just the very idea of social distancing nationwide is so dramatic in an economy that last year was 78 Percent Services it was even a bigger year in terms of the Services Contribution to the economy than your typical year when you see about 2 thirds contribution because Business Investment fell off last year so if youre talking about social distancing in order to get the virus under control. All that is going to put the economy into a technical recession and do so very quickly again the onus falls back now on congress and the white house to help the average american working american so that they can bridge this gap without without bankruptcies and evictions and all of these crazy things that we think of when it comes to true familial hardship in this country things to keep track of former fed and sided and you know too much you know but thank you so much thank you. And as the world takes increasing measures to control the spread of covert 19 the director general of the World Health Organization says nations arent running enough tests which are crucial to understanding and controlling the spread of the virus we have a simple message for all countries just. As test. Test every suspected gays and with the number of confirmed cases shooting up above 175000 with more than 7000 deaths the spread of people is being taken into account as germany has limited those who can across their borders for not only german citizens those who reside in the country but work elsewhere and vice versa can enter the country germany joined austria the Czech Republic denmark hungry lithuania poland and switzerland as european nations with border controls due to the virus argentina will also close its borders to nonresidents for 15 days as will peru here in north america canada has also made a decision to close its borders to those who are not citizens or permanent residents as is always the case some exceptions will be made in each one of those countries countries state and local municipalities are also making a greater effort to promote social distancing in france french Prime MinisterEdward Philippe announced the closure of all nonessential businesses and locations including restaurants cafes cinemas and clubs spanish authorities are taking similar measures as the number of confirmed cases in the country jumped to 8000 with nearly 300 deaths of course in the situation stores like supermarkets and pharmacies will remain open here in the u. S. Cities across the country are taking various levels of precautions the governors of new York New Jersey and connecticut have called on bars restaurants and movie theaters as well to close several other states have made similar measures including massachusetts and washington. And in the midst of the coronavirus essentially causing the u. S. And other countries to grind to a halt there are enormous questions looming about how many cases will their ultimate leigh be how willing will all of this go on and in the short term where will we be struck next and how bad will it be in those areas currently there are 2 companies that are using a Artificial Intelligence to combat proto. Iris the 1st company a canadian startup blue tracked the virus by analyzing news reports social media posts and government documents by doing this is reportedly able to help detect an outbreak the 2nd company is in for vision and they have launched a coronavirus ai solution that helps Frontline Health care workers detect and monitor the disease more efficiently so joining us to talk about how ai is on the front lines the fight against corona virus and to give us an update on how the rest the world is dealing with the virus we join or were joined by boom bust cohost ben swan ben thank you so much for joining us today. Ben when it comes to out how efficient is ai in terms of tracking this virus. Yeah you know i guess thats kind of a big question a big umbrella in terms of what you can do obviously its wide but if were talking about the specifics you know you mentioned that company blue dot and what blue dot is doing is very interesting is taking information specifically from social media posts from news reports from Government Agencies its compiling all of it together and its trying to anticipate where theres going to be an outbreak interestingly guys if you look at what they were able to do blue dot and its a i was actually able to predict some of the locations of where corona virus was going to be the hardest hit before the World Health Organization even declared a public warning about it even before by the way the c. D. C. Did so the ai seems to be working pretty well in that respect also interesting. You have the alibaba now has a power diagnostic system this they claim its 96 percent accurate for those diagnoses that they can detect the virus within a matter of seconds and theyre using a i they say to do that so theres a kind of a wide umbrella here but it seems to be doing at least helping in some books now a lot of the current concerns over the virus are how quickly and severely these cases could build up so many Health Experts are talking about what has happened in italy as a guide for the u. S. And theyre saying about the u. S. Is about 11 days now behind italy in terms of the spread so how does italy provide a possible blueprint for the u. S. Yeah as your question you know italy if you consider the fact that they are the hardest hit country at this point outside of china so you have china and then you have italy has now moved into that 2nd place slot obviously a much smaller population than the United States but what were watching is the number of infections that take place there and then how they begin to spike up they begin to climb very rapidly thats what happened in italy thats what were expecting to see happen here in the u. S. But i gotta remind you guys and i know you guys know this but for viewers out there its important to remember that there are true cases the true number of cases out there and then there are the reported cases and one has nothing to do with the other reported cases means of those just the ones that we know of and thats a very small number right now the true number is probably much higher the c. D. C. Has even taken a couple of stabs at it and they claim it could be as many as half a 1000000 people in the state of ohio they think there could be as many as 100000 cases alone just in the state of ohio so we dont actually know what the true number is and thats one of the reasons there is i think so much for lack of a better term panic on the part of authorities because theyre not sure you know when those numbers continue to climb when they finally get a level off and thats why were seeing so many calls for no public gatherings now but at this point virtually everyone across the world is basically being affected in some sort by the lockdown limitations on events etc now if we look at china is there any clarity in terms of how lockdowns might have actually prevented the continued spread of the disease when they say you know theyre actually beyond the worst oh. Yes china isnt really going to sample the christie you talk to this all day long she she understands shes actually explaining to me well so heres how shes explaining to me which is that you know in china when they Say Something they say youre going to do something everybody does something thats part of being in that top down communist system that they have and so they were very successful at locking down cities about 60000000. 00 people in those cities so you would think they would have still had a lot of spread but they didnt have that in fact when you look at what i just mention about the true cases versus the. The reported cases what we saw was after the 1st lockdown in china that was their initial lockdown the number of actual true cases kind of slowed and then after they locked down those additional cities as well a total of 60000000 people population the actual spread of the virus stopped in china and its been declining in the true cases declining ever since so for china at least this whole process of locking down cities and people corney being quarantined has been very successful in stopping the spread bennis one cohost of boom bust investigative journalist krypto curtis a currency analyst just a friend of our little baby so much for your insight that. Time by i break my hand because i mean i can etc and as weve had many that have all these other recent economic slowdown but hell have been slammed as hard as well 2nd straight after promise we have a live report on how falling demand and the price war has grown into petrol and i get a brain scan the numbers at the clouds. 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And welcome back as the crow virus pandemic continues to take a toll on airlines more american carriers are cutting Flights United Airlines announced sunday they will reduce 50 percent of their flight capacity in april and may the airline said he expects flights to be at most 20 to 30 percent full down from close to 90 percent before the onset of the pandemic united stock is down more than 15 percent on monday alone and down more than 50 percent on the Year American airlines also announced cuts of 75 percent of their Long Distance flights starting monday and going through the 1st week of may in the u. S. Alone they will cut flights by 20 percent in april and 30 percent may now according to a report monday us our lives will ask for 50000000000. 00 in assistance to ease these losses meanwhile in europe German Airlines and their subsidiaries announced they would cut long haul sea capacity by up to 90 percent with european flights only operating at 20 percent capacity things could get worse for airlines as us acting Homeland SecurityHomeland Security secretary chad wolf said all options remain on the table in response to a question of whether the trumpet ministration is contemplating a complete a halt of domestic air travel now meanwhile the present. The European Commission proposed a restriction of nonessential travel to the e. U. Today our g 7 partners that we propose to introduce a temporary restriction on nonessential travel to the European Union why thats because we seemed nonessential travel should be reduced right now to in order