Around the world on wednesday called on the International Monetary fund and world bank to cancel massive amounts of debt to the worlds poorest countries due to the quote a virus pandemic now in a letter put together by former us president ial candidate senator Bernie Sanders more than 300. 00 legislators also urged the organization to increase funding to avoid a greater economic downturn now widespread lockdowns and stay at home orders have devastated the Global Economy in recent months with poor nations feeling the brunt of having to deal with both a Public Health and Economic Crises at the same time now in a press release announcing the initiative senator sanders said canceling the debt is the very least that the world bank i. M. F. And other International Financial institutions should do to prevent an unimaginable increase in poverty hunger and disease that threatens hundreds of millions of people in april the i. M. F. Approved immediate debt relief for 25 of the worlds poorest nations but senator sanders said more action was needed. Now the world bank said for its part its looking for ways to further support poor nations but warned against waving debt payments and claiming it could hurt the organisations Credit Rating and hinder the ability to provide low cost funding to member nations now the i. M. F. Alone has loaned billions to nations facing economic turmoil both amid the pandemic and prior to the pandemic this includes billions to egypt which recently received an additional 2700000000 dollars in emergency financing from the i. M. F. Argentina has received a loan of a reported 44000000000. 00 from the i. M. F. As part of a larger bailout of the president Alberto Fernandez has worked to push back payments as a nation faces economic struggles of its own nigeria recently received 3400000000 in emergency funding to help with the impact of the pandemic and the list goes on and on greece angola iraq morocco pakistan tunisia ukraine and many more have received huge loans from the organization and joining us now to take a deeper look at this issue is professor Richard Wolfe host of economic update and author of understanding socialism professor wolf always a pleasure to have you here and we value our insight so much how important is this economic support before we get to the bad portion here how important is the economic support coming from the i. M. F. Or world bank not just for the purpose of fighting the pandemic but also to prop up these economies that are struggling even prior to the pandemic. Its no doubt an important contribution to keep it in there please understand that if you and all of the items on the wrist you just showed it comes to a very small fraction kind of assistance the United States alone has given to its own businesses and its on local and around the country so in the perspective of that its small because the some poor countries and because the crisis is desperate this is at least something and so its the proverbial better this. Then nothing it does help and now professor wolf i do have to ask why are these loans from the i. M. F. World bank so detrimental for these poor nations and frankly i guess in your expert analysis here what can the i. M. F. Do if say a country were to default on those loans in the past when this has happened then it has happened often the i. M. F. Usually promises to help them out give them a loan to help them pay back the earlier loan but it always imposes conditions on the loan and those conditions have been terrible for these countries for example you must open yourself up to imports from the advanced part of the world Europe North America and japan and when those imports come in they outcompete and destroy local businesses in those poor countries theyve had to make their currency a tradable in World Markets which again opens them up when they cant really compete and they have suffered enormously and finally they are like us in the sense that they are tapped down economies small groups of very wealthy at the top who make the decisions the lawyers are the ones that get the loans and then theres the question of whether you believe in trickle down economics or not will the benefits that go to the governments and the rich in those countries trickle down to everybody else the empirical record is not very much and now you know based on what the senator sanders and these lawmakers from throughout the world are saying i mean couldnt these organizations of the world bank and the i. M. F. Simply say hey were going to give you 18 months and then well revisit these loans because right now we dont know where things are going to go. Sure they could give a delay like that they could forgive the loans theres been a movement for decades to forgive these loans precisely on the grounds that they had mostly gone to the elite at the top pretty much like most of what the government in this country does who goes to the elite at the top who play in the stock market with it rather than using it for their jobs we had all 4 etc so its been very burdensome for the rest of the world they get help but the long run cost of whatever help the loan is for whether its short term of term is less a valuable in the long term damage of the conditions attached so what in the way of Bernie Sanders and the other 300 legislators want is they want to know i am asked not to impose those kinds of rock only and conditions and to give them a blanket forgive the debt forgive the debt juki in the in many religions is when you periodically forgive the ex because they need so desperately now my fear and i think youll see that my fear is that if we have the usual whatever they do were done if it does it time and precious little of that will trickle down to make the kind of difference at the base of society that in the end is what we need and want and i profess are what i have about 30 more seconds but i want to ask you in your Expert Opinion what would be the proper action by these organizations to prop up the economies without all the detriment that were talking about there. They would have to radically change their politics and put in very different conditions and give it to examples some of the loans being given even by the United States government go to a corporation on condition that it doesnt fire anyone for the duration of the loan the same condition should have been done in certain world poor countries an extra senator of this has to go for school or that there has to be a lessening of inequality in the. Certain percentage over a little. Mission that could make that dip absolutely professor richard wall post of economic update weapon do that again very soon thank you so much for your time thank you. Had a big day for the Federal Reserve here in the United States on wednesday as fed chairman drone powell said more measures may be needed to pull the economy out of its current downturn while the economic response has been both timely and appropriately large it may not be the final chapter given that the path ahead is both highly uncertain and subject to significant downside risks. Economic forecasts are uncertain in the best of times and today the virus raises a new set of questions. And these biggest questions surrounding the statement what measures paul talked about he didnt specify but did say that it looks Like Congress will need to provide more fiscal support were to discuss that joining us now to do so is boom bust cosen investigative journalist ben swan and former fed insider and c. E. O. Of intelligence danielle de martino bill thank you both for being here today now daniel i want to start with you on this tuesday marked the day the fed began purchasing corporate debt by a special purpose vehicles at the treasury why is the fed going through the treasury to do this. When the fed is going to the treasury because its illegal for the fed to hold corporate debt on its own Balance Sheet that is precluded by the Federal Reserve act of 913. 00 so in order to get around that to circumvent the law if you will the Federal Reserve has set up a special purpose vehicles on the treasurys Balance Sheet at which the in which these Corporate Bonds will be housed and ben i wanted to get more news in here on that too its been leaked that the Trump Administration had asked the fed to help out the Energy Industry at the moment when the industry is facing enormous problems but the fed can actually make that move right. Well really they can because they can be bailing out one particular industry over another so what the fed has done though is they are really putting out billions and billions of dollars that are supposed to go back to businesses the problem is that they have this main street linden facility that they put together and if you read through the paperwork theyve actually up the cap on that the paperwork on that now says that you can be a company that has up to 15000. 00 employees and up to 5000000000. 00 in revenue in order to be eligible to receive some of those loans from the fed so when you hear that you say well wait a minute is this helping those Small Businesses because remember we have the p. P. P. Program that so many businesses have not been able to access and theyve been waiting for money from that we have the you know. Loans that were supposed to go out originally 10000 per business those got reduced in some cases to 1000 for business and now you have the fed coming in and saying well were going to help out main street but theres a feel like theyre helping out main street it seems like its those same Big Companies that will be the ones jumping up 1st and grabbing up all that money. You know i want to kind of wrap those 2 together here is why does it feel like the fed why does the fed force to make these moves to actually circumvent the actual Federal Reserve act at this point. Well look it appears and i mean that the optics are not not positive because it has been pointed out trying to help a company with 5000000000 dollars in revenues and up to 15000 employees sounds a lot like youre trying to help some of the private equity firms that were lobbying on the hill for the fed to help them bail out their Portfolio Companies again the optics could not be any worse and especially when you consider that the average p. P. P. Loan was less than less than 150000. 00 the vast majority of them were less than 150000. 00 and weve already seen that hundreds of thousands of businesses in the United States go out of go out of business 2 percent of businesses so. All businesses 3 percent of restaurants have already closed their doors for good i dont think the feds programs are designed to help mom and pop and i think that thats very problematic it is a lot of this because of the inaction in congress or the fact that congress here in the United States has a hard time getting together so they can actually make those stimulus measures and the fed has autonomy to make sure they can do that right you know. Well that is true and right now theres a lot of conflict because youre starting to see that that the p. P. P. Loans havent even been exhausted yet and congress is starting to get get their bipartisanship is starting to enter into the stimulus framework so one has to get worried that the fed is overstepping its bounds not helping main street enough and that congress is going to end up at a logger heads the closer we get to election knowing if i can Say Something about that real quick to personally i think part of the problem that we havent exactly what daniel is saying is exactly right that we have this issue of these you know Major Companies that kind of suck up all the money and all the attention and all the focus and meanwhile and i get a great example of that by the way i know you going to cover it in the show today is the issue of these charter buses and the owners and operators of those Companies Going to washington and saying why did the Airline Industry get 25000000000 in bailouts and were getting nothing why is it that folks out there who are contractors who are run their Small Businesses using contractors arent really eligible for the p. P. P. Loans the everything has been designed in a way were special Interest Groups are able to kind of shape the way that these bills are written and so its part of the dysfunction of congress is the fact that they are beholden to so many interests and so everything that comes out of congress is shaped in a way to benefit one group over another and finally on the whole congressional and fed no you know i did want to ask you the fed chairman he said today that more stimulus measures are essentially needed from congress what are those stimulus measures. You think the fed is actually looking at it and i got about 30 seconds or less. I think theyre looking at a 2nd round of handouts to families i believe its maybe up to up to 6000. 00 and we do know that that money is immediately put back into the economy but then you see countering headlines that suggest that big screen t. V. Sales went up and you said you have to start to wonder about how pointed and effective these stimulus measures are. Both of intelligence and boom bust cohost ben swan thank you both so much for your time. Time now for a quick break but hang here because when we return truckers have descended upon the capital of the u. S. As they feel the weight of the cold in 1000 pandemic were going to take you there and as we go to break here are the numbers that the clothes. You cannot be blown with yeah you want. To replace them do you have a lot of people we can keep but are you im going to members i think that leads. To the problem. But do you even deplete in the earth do we i was really grew our state beach. Business a muslim president. Most of us they knew. If the locals ask yourself how are you going to survive how are you going to protect yourself and me to go to do. The cools off your focus go up to the fluid in the old local plug and if youre in a hole that can put a few what do you want to call close with a little a little do the Little School know it is a. Good post office because it was there if you dont see it but im not where you say. Is wrong is using technology where theyve been able to see x. Peoples private information on the cell phones and see what youve seen if you have crossed offs with somebody who is positive and turn on a virus and if you are if you had a meeting he seemed to misuse the cost onto somebody wasnt a piece you must be in arent. But i didnt have there was a interesting thing is that all people around them or are in the same situation. Is your media a reflection of reality. In the world transformed. What will make you feel safe from. Tyson nation or community. Are you going the right way or are you being led so. Direct. What is true what is faith. In the world corrupted you need to descend. To join us in the depths. Or a maid in the shallows. The world is driven by shaped by one person. The dangerous thing. We hear to ask. And welcome back lets take another global look at the trends and spread of the quote a virus with r. T. Correspondent side temperature side where we today so brand this is where we are right now global cases there are more than 4200000. 00 cases now global deaths we add more than 295000. 00 and now u. S. Cases there is more than 1400000. 00 and u. S. Deaths at least 83000. 00 but i want to break down the numbers for our viewers in 3 different categories now all Top Countries in terms of confirmed cases confirmed deaths and confirmed new cases because each really tell a different story so 1st lets take a look at the top 10 nations with come from cases and when i say confirmed cases its got a lot of critics argue all these numbers are actually a lot higher than reported so 1st lets take a look at us 1st that leading the way all the way on top and while still slowly lifting a stress trick shines and thats the exact reason we keep seeing these numbers go higher and higher and canada youll notice thats not even on this list has extended a ban on non s. L. T. Essential travel to the u. S. Until june 21st and thats because canadian provinces of one tardio and quot bag are a j. Center new york state hit the worst in a u. S. And canada is really being aggressive in trying to contain. So that they dont end up right here in the top 10 and now a russia and turkey are both climbing the list also pretty high in turkey even with these numbers on may 4th president of order one plans to ease a social restrictions and opened some businesses now russia on the other hand wasnt even on this list just a few weeks ago but is now a 3rd and on monday president Vladimir Putin said that his priority was getting the economy back on track as soon as possible but not might be the case any time soon given these numbers now lets take a look at the nations hit the worse with deaths now the u. S. Is still climbing that list would over 84000. 00 deaths now the u. K. Is death toll now exceeds 33000. 00 worse hit so far in europe and brazil is also suffered there deadliest day since the start of the pen demick and into in the middle east iran remains the highest with over 6700. 00 deaths so this is where were looking at in terms of top and nations with come from deaths now lastly lets take a look at this list now this is countries that are getting the top new is confirmed cases within the last 24 hours now number one u. S. Again is getting them or most confirmed cases from tuesday now russia is leading the way with over 10000 confirmed cases just in the last 24 hours now despite this increasing cases some regions have already begun to live down restrictions now moving over to