A little over 1000000000 euros by anticompetitive practices. By their thanks for joining us this is. U. S. President donald trump has said the American Economy may be heading into a recession the coronavirus pandemics causing turmoil in Financial Markets will wide despite drastic action from Central Banks to limit the damage. Is the u. S. Economy heading into a recession well it maybe would not think in terms of recession would think in terms of the virus once we stop i think theres a tremendous pent up demand both in terms of the stock market in terms of the economy and it once this goes away once it goes through and were done with it i think youre going to see a tremendous tremendous surge. A monday the u. S. Stock market suffered its worst trading day since 1970 prices tumbled by 13 percent amid fears over coronavirus with more on the current Global Economic situation is all right get the. Unless you majored in finance everything thats happening may seem a little overwhelming what is going on why are markets melting down while the bankers whirling around like headless chickens and a few minutes with this monopoly set ill explain why everything seems to be crashing and burning what the hell is a fiscal stimulus and why is everyone crazy about rate cuts 1st that said the pieces here are investors meaning millionaires youre middle class with maga savings your pension is here all of them have some money saved up these days you dont keep your money under your mattress you want to return it right interest a pretty good pension so you take this money and you put it in the banks depending how smart they are how greedy they are they promise you x. Amount of profit per month the banks then go ahead and loan out this money to whoever needs it they drive our entire economy the new hotel built in your city the new jet purchased by British Airways the new hips the bar bill down the road from you your mortgage to buy your house comes from the bank so all this money goes into the economy to keep things running and here is how it runs every month these people make payments to the bank here every month the same payment goes back to the bank the bank then pays the investors the investors then put the money back into the bank this is obviously simplifying things but you get the gist of it its a cycle it all works great while it works but then something unforeseen happens like a mortgage crisis or a pandemic virus clubs and pubs are to be closed along with theatres museums do Sports Centers and Similar Establishments and retailers with specific suctions. Now is the time to take extra steps we are ordering the suspension of all retail activities with the exception of groceries pharmacies and other outlets selling force of goods. Suddenly mass shut down quarantine factories businesses come to a standstill people lose jobs stop paying mortgages suddenly people arent paying the banks back and the investors the markets your pension manager they start panicking that is their money stuck potentially lost they see the news pandemic they call the bank they say they want their money but pull my money out of the markets out of the dow jones out of b. P. Out of up all the markets crash but the banks dont have it here is where the government step in before this mass panic and a run on the banks the government say the magic word bailout Fiscal Relief lots of words but its the same thing the government pulls money out of thin air the money presses and gives it to the banks so that they can keep paying investors its all pretend play they just simulating that everythings fine by printing ridiculous amounts of money and passing it back and forth between each other the real economy the factories in the businesses these guys are in quarantine and shut down but the entire point of this little show is temporary live this illusion has to work for a little while weeks months to allow the economy to recover to prevent the banks from going bankrupt and recalling all this debt to help these guys get back on their feet and start paying their debts back you dont need to be a new to the economist or an economist to realize how how fickle how fragile this illusion is the collapse of the markets today down 10 percent roughly here a year now. It states in new york city where im sitting is a clear very profound statement that the entire Investment Community which is not the small people who have a few shares im talking about the people who manage ancient ones who manage bank work for yours and so on have a massive loss of confidence in the government of the United States or in the private economy to get out of this disaster were running on borrowed time they cant keep printing money for too long or inflation goes through the roof money becomes worthless the illusion will eventually wear off even the most optimistic investors can only live in denial for so long and will realize that banks are living in a dream world then it all collapses see the world up until now has been weighing lives vs the economy for all the criticism and ridicule of the world through a child that they shut down everything sacrificed their own economy to keep the virus from spreading the west didnt the west ridiculed that dismiss chinas response as incompetent they tried to keep the markets happy rather than the people safe and what they got america and europe is the worst of both worlds and economy on the brink of collapse and the death toll fast eclipsing that of chives of the World Health Organization says the global death toll outside china from corona virus is now overtaken that inside china france has imposed a near total lockdown on citizens with more than 100000 Police Officers deployed to enforce quarantine the measure is unprecedented for postwar europe. Remodelled the message is clear stay at home search these are containment measures similar to those with spain and italy all persons traveling must be able to justify their movements each person will have to carry a document certifying the reason of his or her journey if. It comes as the European Union radically steps up its efforts to contain coronavirus restricting all nonessential travel for at least 30 days several nations including austria germany and france have closed their borders and looked at whether the era of Free Movement could be coming to an end. For years populists have been advocating tighter border controls within the European Union which you and the National Governments have criticised yet in 2020 that is exactly what were seeing happening it all started with italy and border controls being imposed from people trying to leave it to lead to go into austria but since then a host of other e. U. Countries have done exactly the same we have seen slovenia hungary denmark and now even germany shutting up shop saying its borders are closed shanking which is the idea of Free Movement within the European Union to do that without passports is essentially over well for now at least if. The borders of the entrance of the European Union and the schengen zone will be closed concretely all travel between known european and were opinion countries will be suspended for 30 days or we are forced to stop Flight Connections to these countries and establish controls at the swiss border just like the ones we have already implemented with italy when youre hungry border in the direction of italy remains closed. Without a valid reason travelling in and out of the can through will no longer be allowed. To burn on entering the Czech Republic or all foreign those foreigners who are the permanent residents are all residents of. Life in the e. U. As we know it is over museums shops bars cafes schools have all shut up shop in many countries in a bid to pause the peak of the infection rates in france the bees which is the way that people sort of greeted each other with kisses on the cheeks has been pretty much a band people have been awkwardly bumping elbows or knocking their heels together but even that. Has been petering off as people are becoming more and more whipped up into hysteria that they could get contamination from just being close to another person the governments line is keep your distance from each other yet in the either this conglomerate of 27. 00 countries which are all meant to be singing to the same tune it doesnt seem that theres one rule that all are applying even the European Commission is warning that the closing of borders could actually pause supplies thousands of bus and Truck Drivers stranded at internal borders on parking lots creating more health risk and disrupting our supply chains if we do not take action now shops will start facing difficulties in refilling their stocks of certain products coming from elsewhere in the Single Market some see the idea of governments in europe essentially locking down their countries as being the start of a slippery slope even warnings that this could be a nail in the coffin for globalization as we know it the Coronavirus Crisis threatens the globalized world was the pandemic and panic a bates those who believe the openness to people and products from around the world is generally a good thing we need to make a case for it afresh in persuasive ways. And he says this could be a gift for populous parties who have been advocating this this tighter control of borders for many many years and also those title restrictions 19 has highlighted the downsides of Extensive International integration while funding fears of foreigners and providing the just said mysie for National Restrictions on global trade flows of people your pet store oakley has been a cultural hobbits bars its cafes its restaurants hazes of people coming together discussing and debating ideas and some fear that this idea of self isolation as weve been told to do could actually cut through the fabric of that some have also said that it will see the nation fighting loneliness as people self isolate in their homes and their apartments now in italy some people have already tried to overcome that weve seen these marvelous comes together of people singing on their balconies as theres a sense of were in this together oh god. d but the longer that self isolation goes on some say could be weak some say it could be months for many people their homes which are meant to be their safe haven the place that they go to relax and rest could become more like a prison cell future historians will remember the time 90922020 as the heyday of european global integration which came to an end free borders of Free Movement. Inclusion etc. All of a sudden we see a complete this mode goes into reverse. The the consequences would be grave no question i do not expect any return to the status quo ante we would see a different either you or i do not expect a disintegrated europe but how this will how this will work out how it will look in in reality for example with border controls thats a completely different question dreamy days of the past with no border controls at all i see is permanently over gone. Fear Domestic Abuse could see a spike amid the Coronavirus Crisis well have more on that story later this hour. U. S. Tech giant apple has been hit with a fine of more than 1000000000 euros by frances competition or 30 the company and 2 of its wholesalers in france were found to be colluding to stifle competition and control prices apple and its 2 wholesalers agree to not compete against each other and prevent resellers from promoting competition between each other thus sterilizing the wholesale market for apple products apple disagrees with the decision saying that it is disheartening and to appeal it the company also pointed out that the order will cause chaos for Companies Across all industries however its not the 1st big fine that france has made up or coughed up for lately just over a month ago in fact it was slapped with a 25000000. 00 euro penalty for a Software Update that was found to slow down older i phones and its not just apple google was ordered to pay the french government 500000000. 00 euros last year too in connection with a tax fraud columnist and elizabeth new take political analyst charles will tell they believe that those fines do not make a big deal to the Large Companies like apple. I think if you were talking about fines of 1xb5xb1cw youd start to get some attention but so long as the fines are in the low billions even for such a company like out on or about microsoft or whatever the system hes got his trademark opposing approaching or about a trillion dollars so its really you know less than a penny to them its not really its hurts you dont want to pay a 1000000000. 00 fine but its not the kind of thing thats really going to change behavior yet in my in the governments around the world are going to including our own u. S. Government are going to take a much closer look into the degree that High Tech Companies are abusing their market positions in effect operating the or out ways or even monopolies driving other businesses out of out of existence around the globe so to see i think a rebalancing of power between the tech giants and the rest of the world treaty its attended war and in this respect its probably a good thing that the governments are fighting the color like not eventually everybodys going to going to get to some sort of agreement but its the you know the time when google said be good dont be evil which was a company moto in the late ninetys thats over they are whether they actually set out to be on the all sometimes evil in the markets and they certainly distill the play that the free play of militants and thats all theyve got to be contained and the only way is to is to hit them wait cuts which is the process. They come about with them when used in just a moment see you after the short break. Now if we have what would be historically considered one of the greatest financial crises of the past 150 years and where does it fall into the category where how do you classify it i think were going to see a global depression and to your point how quickly do we get out of it the activist fed the problem there is that their prescriptions thus far have caused the problem so theyre actually the problem their names have been fed the Central Banks need to be removed from the equation because they are the problem. Seemed wrong. Just dont hold. Me to these yet to shape out these days to come out ahead and engage with equals betrayal. When so many find themselves worlds apart and we choose to look for common ground. Freddy said to the door shut all the little track there was and was new york it was on the track the star was sure of the chief we are stuck you feel and i industries for war for your clothes or now dont i do it is me going for bush but i will push yourself harder sure i mean kick your ass know. Youre going to. Come back as ever more people across the globe and up holed up at home because of corona virus Domestic Violence activists have been sounding the alarm about a surge in cases abuse is about power and control and then abuse or can use any tool to exert that power in control including the National Health concern such as covert 19 we expect rising tension and likely rising violence which makes everybody more vulnerable the survivor and children in the home. To say pandemic or related restrictions worldwide will make it harder to help Domestic Abuse victims they point out that people at risk still have someone to talk to though as advice hotlines will remain open to the host gina loudon says communities need to look out for the vulnerable. When ever people are cloistered in close areas for long periods of time emotions are naturally heightened this is normal so when you have people who are already emotionally vulnerable our or in bad emotional relationships those emotions are also deepened and and a lot of times heightened and so it can lead to some of the worst unfortunately and so you can see spikes in Domestic Abuse i dont think its the job of government or the role of government to monitor the Emotional Health of people necessarily but there are a lot of ways for people to sort of self check neighbors can check on neighbors Family Members can check on Family Members and to help your neighbor out or help your Family Member or friend out and especially those who are vulnerable for whatever reason and this is certainly one of those reasons you might want to do some checking on people and then move to reduce Public Contact several states across australia will suspend roadside police breathalyzer tests for drugs and alcohol and some took over 900 factions spiked over the weekend this is ucas been made to minimize the risks to queensland Police Officers and the community. The Police Commissioner in consultation with the minister for Emergency Services has determined Police Officers may decide it is not reasonable to undertake stationary r. B. T. And in the current climate will strayer currently has around 370 cases of corona virus 5 of them have been deadly all citizens returning from abroad must go into self isolation for a period of 14 days you can list jennifer the master and former u. K. Police officer