European central bank announced a 750000000000. 00 euro package to mitigate the Economic Impact of the coronavirus meanwhile oil rebounded more than 20 percent after reaching the lowest level in 18 years this was the best day on record for oil there of course huge year to date losses still here there is so much to get the lets bring in who must cohost christiane who joins us from Los Angeles Christy what is happening in markets today. Well brant the 1st sentiment every morning still seems to be to sell everything although this morning was the 1st time in a week that there was no overnight limit up or down trying to hold in the s. And p. Futures perhaps it is the case that systematic funds now have little left to sell nearly 2600 of the 3100 n. Y. S. E. Names are currently on the short sell restricted list and were now approaching quad witching friday tomorrow which has historically resulted in increased volatility so the question is what did that people sell into well at the center of everything we now see the dollar strain on the system globally between asia europe or here in the u. S. Dollar is high in demand the dollar index jumped to its highest level since january of 2017 breaking above 102. 00 so why is this so concerning because so much of the Systematic Risk of having so much u. S. D. Denominated debt in so many places the u. S. D. Is shooting up an actual reserve currencies are now behaving like emerging markets effects the Great British pound to u. S. D. Is currently under a 1. 15 at a 30. 5 year low the u. S. D. To Canadian Dollar is down at 1. 00 despite oil being up over 20 percent today now because on the other hand remained unscathed bouncing hard on overnight stimulus news up over 18 percent pulling the entire coin universe up with it now meanwhile gold is still under pressure below 1500. 00 now as a panic sell frenzy subsided in the am we bounce right off of support at 2300. 00 on the s. And p. Led by sharp games and big tech names like netflix and facebook in response to more stimulus measures the fed reserve repeated its 2008 playbook wednesday evening and invoked its Emergency Authority to create a backstop for prime money market mutual funds now this is a 2nd program in 2 days to use a 10000000000 dollar backstop certainly spoking the markets yet again that the Financial System is now on life support the bank of england also joined in on the panic launching its 2nd set of mergers to measures this week as q. E. Is restarted and the rate is further cut the bank will effectively make an extra 200000000000 pound bomb purchase effectively printing new money in order to push the Financial System to support activity and liquidity the e. C. B. Also announced a huge money Printing Program spending 750000000000. 00 euros buying Government Debt and private securities before the end of 2020 now in an echo tomorrow druggies infamous words whatever it takes 5 years ago legard similarly announced that there will be quote no limits on potential Financial Measures now as people across america are stay home estimates are that us corpus will lose 4 trillion dollars globally the outbreak will cost corporations 12. 00 trillion dollars upwards of 30000000. 00 people could be unemployed as a result of layoffs or reduction in work hours as the entire gig economy built on air b. N. B. Or we work that relies on shared resources and pooled economies has now collapsed. Does this relatively stable day where we only saw i mean it wasnt that stable of course we had a drop of almost a 100 points premarket and then we kind of came back up but you know were going up just a few 100 points does that ease some of the volatility weve seen in recent weeks i mean because the vix index is still really off the charts when you see this go it. Well i dont think the volatility has subsided at all but the balance is certainly weaker so as we were previously reiterating since last week every single bound every single high that were making is actually a low or high and its trading within this channel this very narrow range trend all of that is trending downward that is indicative of a bear market so certainly it is definitely not the time to buy the dip because every single bounce is getting sold off every single every single rally its not even a really a rally doesnt have the momentum in order to sustain it to make a new high if you see that every single bounce is lower you can see that we are in a downward trend and we have not hit a floor yet so i think the sell of is going to continue certainly the liquidation phase has passed so there is no more panic sells perhaps as a result that funds just no longer have any more assets to sell so by that i mean that we are close to the floor but that certainly doesnt mean that were anywhere near a recovery because every single bounce is getting sold off on fears that there will be a future pullback kristie as the boast gets smaller as the boats get smaller here do eventually we stop seeing that we just continue to go down. We will certainly go down to a floor we will have a react valuation of where equity levels are supposed to be there has been this giant or most dynamic divergence between fundamentals and sentiment right now in the market that weve been talking about for the past year and a half things like over a week work and all these new companies that have sustained astronomically high valuation that they didnt really deserve thats all going to get pulled back and things are going to go back to fundamentals to book value to realistic p. L. U. And thats something that weve actually really need we certainly need this Market Correction to happen so i think were going to pull back to a realistic book values because stocks and equities are not going to drop to 0 there is still value in these companies kristie are boom bust cohost thank you so much for joining us today from los angeles. And there is a ton to follow up here so lets get some more expert analysis with Richard Wolfe professor of economics at the university of a masters there hurst and host of economic update professor well thank you so much for joining us lets start with the decision to launch a 750000000000 euro package to fight the Economic Impact of the crow virus pandemic now the package will by government and business debt throughout the eurozone and here in the u. S. The fed has injected trillions to mitigate the economic woes created by this situation now i know you havent been a big fan of the Central Bank Intervention in the past is this actually helping the situation or is it actually making it worse. Well its probably helping ill give them the credit they want and they probably deserve its helping us regain the credit markets its saying that more and more money will be injected to paper over the underlying crisis but the difference here because theyre doing pretty much what they did in 2008 different see that was clearly a credit crunch because people couldnt pay back the sub prime mortgages and then everything built on that summer car this is a very different saying you had an interruption in production you have an interruption in every store in every aside activity in the country sooner or later more or less thats a different kind of crisis and lubricating credit markets is not and the hesitance to do that for us with small amounts of money without really you know the recognition that it needs a lot but still could still pleading with the banks of the credit you not go into the real economy everywhere else makes me very dubious that we have begun to see the extent of the intervention that will be professor off i apologize to our viewers here because i sound like a broken record as i probably brought this up 3 days in a row now because were talking about the stimulus in the wake of this and thats a government stimulus and that involves putting money in. Americans pockets as well and what thats usually hope to do is provide to support those Small Businesses that you mention but the fact is as everything is shuttered today and will be shuttered probably for weeks here in the us how is that going to help stimulate the economy doesnt stimulate the economy to pay or it. Yes and you cannot repeat that truth and let me give you a simple concrete example if you put a 1000000 people you might think that the low florist shop in your community will be helped but the florist will explain to you they will not be helped and is already thanks to gather large numbers of people right the conferences fumaroles the scenes that buy flowers for all the traditional reasons thats not going to happen now because its on state workers will come their stores on i have a Customer Base thats willing to risk if youve got to take a completely different kind of intervention to deal with this and theres a danger that if you pump this more money in which can create the demand for goods and services if theyre not being produced if they are scarce then the richest people lube it up the prices up whats yours and we will have that danger that middle or lower income people will be priced out of a rapidly escalating auction if you like going to services which could introduce a whole new raft of problems and have been discussed yet and weve kind of seen that obviously with some of the goods like toilet paper and pirelli right now of course but i want to talk in continuing on the u. S. Economy here the u. S. Jobless claims jumped by 70000 last week according to data from the Labor Department now if this crisis is actually taken care of in a timely fashion which we dont know if it will or not are these people going to be back to work and enter the workforce again because steve newton the treasury secretary in the u. S. He says that the pandemic could cause employment to spike to 20 percent if proper actions are taken i mean it just sounds so much like were on the edge of that recession weve been talking about for ever now. Virtually everyone i talk to left right and center thinks we are already in a recession and that the real question is whether it will live during a raid into a depression the simple answer your question is if theres going to be helping these businesses by making loans available the bridge loan idea and all the others being floated around many of these businesses were on the edge of profitability as it is the last business all of that thats not going to be turned around by having a lawn which tells you that in the view to which you know that the. Its to much business is but i know youre at the york city are close to here and are telling me we may reopen but if we had 5 bars were going to open went to bars if we had 3 dry cleaning us that we were going to consolidate into one of the consequences of this kind of thinking all once again a sign that the kind of intervention you need has to be far beyond what a conservative mentality believes is the superior functioning of the private market the private market failed Us Public Health has been somewhat related to private profit and a government regulated apparatus captured by that private industry thats our problem and if we dont attack it we are playing around the edges were not going to the core and quickly professor wolf because i have about 45 seconds left here but when we talk about that recession that we may already be in that depression that we may be headed towards how is the rest of the globe going to face it are they going to hit as hard as the u. S. Has been. Yes thats already happening the dollar is going up as people around the world desperate to get safe put their money in dollars that means all the bits around the world that are denominated in dollars and there are trillions of those people not kept pace with the dollar they cant afford to buy theyre going to do falls thats a whole new layer of catastrophe for our banks and lenders and again. Think that also is economist is the lack of planning a lack of coordination the statements bubbling around at that time but without any apparatus to make them real this is a serious serious. Economic system professor Richard Wolfe host of economic update thank you so much for that excellent insight today and thank you for an cases of kobe 1000 have surpassed 230000 worldwide as the globe continues to grapple with controlling the spread of the virus here in the u. S. Officials are reporting the number of confirmed cases has eclipsed 10000 to date more than 150 people have died in the u. S. President donald trump spoke thursday afternoon about the situation and what his administration is doing to push a vaccine forward. So we slash red tape to develop vaccines and therapies as fast as. It can possibly be done long before anybody else was even thinking about doing this and as you know earlier this week we began the 1st Clinical Trial of a vaccine candidate for the virus and that was launched in record time it was just a few weeks and that would have taken years to do not so long ago. And a spokesman for the Iranian HealthMinistry Said the virus is killing one person every 10 minutes in the country as the death throes toll rose above 1200 in spain the Health Ministry says the number of deaths in the country jumped by more than 200. 00 on thursday the total number of cases is now 13000. 00 russia and mexico have also announced the 1st deaths due to the virus in china the National Health commission announced 8 deaths connected to the virus Officials Say there were 0 new domestic cases but there were 34. 00 new cases imported from abroad italy has surpassed china in total deaths due to cope with 19 reporting more than 3400 as of thursday meanwhile we are continuing to see restrictions on movement of people across borders indias government said thursday it will ban all scheduled International Commercial passenger flights into the country for one week and the prime ministers of australia and new zealand announced a ban on noncitizens entering their respective countries for 14 days. Time now for a quick pause but hang here because when we return as product a man has fallen some firms are stepping up to fill in the gaps left by the act but that we bring you a live report on how companies are mobilizing against the outbreak and with quarantines of social distancing now becoming the norm in terms of the sites like netflix have seen their viewership skyrocket traffic pose a problem amid efforts to come back overnight. And as we go to break here the numbers at the close. Everything collapsing against the dollar. So how long will that last probably not a long time because. As weve seen during brain woods or through the plaza a horde of the 1980 s. Theres going to have to be a global coordinated sit down to rearrange the global 4 x. Market rearrange the global currency grid and the dollar is not the thing were going to have to match it against because that runaway ballyhoo on the dollar is whats causing this deflation and thats whats causing the depression part. Of the full force. Was the song to make sure. People feel and i mean the streets full for you would not only do this move. No. I. And while the world deals with the growing cases of the coronavirus theres another issue even more critical a shortage of medical equipment to treat those affected plus no easy way to increase production so how can the governments work with private entities to get much needed supplies to Health Care Workers well for that were joined by our correspondent saya Tavenner Sayah thank you so much for joining us break this down whats happening here so brad in General Hospital search will apply chains work like this try to hospital and nursing home or any Health Agency and turns into a what they call a Group PurchasingOrganization Order or so several other met with several manufacturers so what they do is they pull together and order and they play set and ball and the way when the system works everyone saves money and all the products get in on time but when there are problems or felt all across the system and now individual hospitals can then just plays individual orders and get immediately what they want in that which is the case right now now to give you an example of a World Health Organization earlier this month a warrant of severe disruption to the Global Supply of things like gloves medical mask goggles face shields gallons a prendes all caused by rising demand panic buying hoarding and of course misuse and now since the start of the cold in 1000 outbreak price. Says surge of course which is what were seeing and supplies now take months to deliver and martin theres also market manipulation which is widespread and frequently a stocks are being sold to the highest bidder of course so now w. H. O. Is working with government and industry together through what theyre calling the Pandemic Supply Chain Network which is a Global Public private collaboration to match up government needs to private companies that can actually manufacture those needs immediately to boost production distribution now just to meet these the current rising Global Demand w. H. O. Estimates that the industry must increase manufacturing by some 40 percent i mean thats huge and then theres also another critical issue is that the supply chains are too strongly strains due to tariffs on china the main supplier of medical goods to the u. S. Now the trumpet ministration did recently take some action to ease those terrorists but china and other countries are also blocking exports of their products because after all theyre also fighting the pandemic within their borders which is why its so difficult to get those items to the u. S. At the moment your government specifically working with industries to actually manufacture these needed items so at the m