Economy is the worst behind us fair question when will we see a downturn and why im going to divide my explanation into 3 parts and im going to you know what lets do this i want to go over to the wall so i can do this for you let me go over here so i can show you what it is that were seeing as far as some of the trends go right theres a theres a debt burden in our country right now we talked about this before its like no other ever experienced in our nations history Household Debt is above 14 trillion dollars thats how much the average american someone like yourself may owe right so let me try and break this down for you into 3 key parts that many of you may find well relatable thats why we put this line graph up here for you and i want to start with auto debt its been going up now for about 3 straight years thats the blue line that you see right. There look at that line look at the trajectory thats taken you know what this number represents right here that number represents 1. 35 trillion dollars now i want you to look at Student Loans thats represented by that are in july and that you see right there this is important its actually going up now that ones been going up for more than 10 years and its 1. 00 trillion 1. 01 trillion dollars wrap your head around that number now now lets add up Credit Card Debt same thing taking place right now Household Debt is what were talking about its standing right now at about 1. 00 trillion dollars now just to put all of this into perspective in 2008 our entire economy had a meltdown right banks collapsed because of a mortgage debt of how much how much was that debt back in 2008800 1000000000 dollars thats less than any one of these write less than the student loan less than the auto less than the credit debt individually so now lets take a look at Something Else lets look at how Many Americans are not drawing an income right now according to Fortune Magazine just today numbers hot off the press that i just checked the real unemployment in america right now is probably around 16 percent thats a big nut right may go even higher for a couple reasons that we cant get into right now but lets compare that to the bust that we experienced in terms of unemployment back in 2008 at its worst absolute worst unemployment back then was around 10 percent so what do we have ok what we have. We have american saddled with record debt americans not getting an income. So then why is the economy still chugging along and why is wall street going up a lot of people happy to be asking right now it has to do with the fact that the government has been stimulating the economy the cares act so many income providing bailouts etc but you know whats an even bigger part of this explanation its a word called forbearance see that word up there forbearance heres a big nut almost 8 percent of all americans have gotten permission from their banks as mandated by the government to not pay their mortgages theyre not paying you wonder how theyre getting by theyre not having to pay their mortgage thats their biggest debt thats 800000000000 dollars 800000000000 dollars in unpaid principal but heres the question what happens 6 months from now when that Government Program runs out and they have to either pay it back or devalue least start paying again. So heres what we have right now historic that historic numbers of people with no income and forbearance that allows those folks to not pay their bills until 6 months from now when they have to do what. Suddenly pay their bills. Then what. Were going to drill down on this because we think its a very important scenario and because we like to drill down on stories like this to give you context and perspective here on the news with rick sanchez where we believe its time to do news again. Heres our list of the questions we think youll be asking tomorrow d is economic crash inevitable if so when. Will new videos of alleged police abuse spur more protests and how promising is a new russian drug to combat coronavirus. So lets do this lets get right to the question of how we might or might not survive economically joining us now john grace. Founded investors advantage corps also a prolific speaker on the market from main street to wall street also joining us is veteran journalist ben swan who hosts boom bust right here on r t america ben i think we should start with you given what i just what i just presented at the start of this newscast which is it boom or bust. They were looking at a huge bust on its way i think youre explanation of forbearance was incredibly timely and incredibly important for people to understand because everything were going through right now is really about delayed reaction so the fed has been working to delay problems within corporations in the stock market the federal governments been doing that theyve been delaying things and so everything right now is in this kind of mode of delaying you havent had to pay your taxes because federal taxes were moved into july and so theres been this effort to delay but delaying the problem does not make the problem go away it simply sets a new timeline for that problem and so what were watching is this incredible moment. Where the u. S. Economy is in a recession where we have millions of people who are still out of work right now as you said theyre being told you dont have to pay your obligations right now that will come some time later and yet were watching the stock market right now and its coming back with a vengeance but that has nothing to do with reality either thats all about the Federal Reserve pumping money and the treasury pumping money into the system and investors say oh this is great because it doesnt matter how bad things get were going to get bailed out by the most powerful forces in the country theyre going to protect investment not protect main street the question is how long can these powerful forces in the country end our government itself continue to protect us maybe asking the question more colloquially john grace is this when the gravy train ran out and what happens then. Well we might be just about there rick and i agree your opening was fantastic it really setting the case here i mean this kind of looks like you know maybe my one of my favorite cartoon characters right y. E. E. Coyote and road runner where they were run on the surface off the cliff and then they are there in you know a lot for a few seconds and then make bigger out how low they are going to go thats where i think we are right now i mean we just crossed the threshold of a recession yes to take 2 quarters that are negative weve been saying for a long time we increase the odds from 20 percent december to 80 percent in march and 100 percent in april that will be it has to be in a readers but this thing has not been on Solid Foundation for a very long period of time lets understand were all doing the same thing everybodys trying to look like their car dash it whether its a consumer whether its businesses will talk about that one or whether its governments everybodys on borrowed time we take we could just put scotch tape and duct tape but the problem will just disappear we think which in the Central Banks could just fix everything and make the problems go away life doesnt work like that the economy doesnt work like that so this may very well be the end to this this carousel and when the music stops everybody has to get off when i hear people asking so what if the economy is a back and ready in 6 months we just continue the forbearance we throw more money at it and if its not ready a year after we keep doing that how long can we do that every lead even a viable workable option its not a solution so the it is an option right its an option in terms of short term how do you keep the short term going for as long as you can i love the the analogy of wiley coyote because what were hoping for is that as we run over air if we run long enough theyll be bland on the other side and well be ok thats kind of the philosophy here but the problem is is that there. Its a nature transfer taking place nationally right now by the way in terms of the business sector as there are a few major corporations like amazon and facebook that are doing extremely well during this time and theres a massive shift moving jobs and economy away from Small Businesses and into those corporations and that money is not going to flow back whenever we do cross the land on the other side and theres one other pitfall that we didnt even mention what id love to get you 2 gentlemen back maybe later this week and we can go after that which is the price of goods interestingly enough or all going up in america go to the Grocery Store and youll probably be able to see it for yourself stagflation oh my thanks to both of you john grace great stuff and so on as usual i look forward to seeing you guys again. Meanwhile today theres a new video that has emerged of a incident between a new Jersey Police officer and an africanamerican motorist and we should probably warn you that you might find this video disturbing ok here it is it happened just a few weeks ago they trooper new jersey pulls over a man apparently driving a dangerous speeds of over 100 miles an hour as a trooper places gordon in the police car a scuffle ensued and gourds i mean then and so thats whats. Going to. Places them in the car about whether somebody gets out of the car. Get out of the people. Theres not to be. 53 its of the back of. Theres a scuffle. And there you hear the shots. Theres a trust but. Now the investigation of. This new case is now being investigated by new jersey prosecutors while by the way on the same day that this case and another one that has suddenly become apparent george floyd is being eulogized. Laid to rest in his hometown of Houston Texas meanwhile many around the country are remembering floyd with protests including in our Nations Capital former correspondent ashley bags is now joining us live trying to keep an eye on how things are going there pick the story up for us from there if you would actually. Not so right rick im here at 16th an 8th story not too far away from the white house and as you can see there are hundreds of people who have gathered here today with their cell phones and theyre taking pictures of signs that are on the street for example that say save her name say his name remembering the motto our very ironic taylor and of course george lloyd i mean you have people that are taking pictures of this wall where people have posted posters on this gate that say things like as long as it takes black lives matter vote and silence is violence now its been 15 days since former officer derrick children killed george floyd in minneapolis by placing his knee on his back and although all 4 officers involved in georgias death werent charged many people are saying theyre going to continue protesting until Police Reform across the board. Now people are continue to protest floyds the dad he was laid to rest in houston today like you said rick i want to take a look at what some of this family had to say. This member of the. Holy. Ghost was. In my living. I think go on forgive me give me my only personal superman for publishing. Your office will show no remorse watchman so leave his. Big lead it comes just for you. But you just push harder why must you system because. Laws were already put in place for the African American system to do. These laws you can be sure i know more hate crimes these so was it make America Great again but when has america ever been great. A few days ago d. C. Mayor. You know the words black lives matter on this street down here and named it blank lives matter plaza although many thought it was a bold move people are saying that wasnt enough people are asking about is there in other mayors across the nation to the fun the police and allocate those funds to marginalise communities over many algos mayor jacob fryer has already stated that hes not going to fund the Police Although people in that city have been asking for years that that take place citing the deaths of the land ok to steal and to mark clarke saying that Police Brutality is a serious issue in minneapolis and st paul i dont want to serve or get out we are in the middle of a pandemic not this time it appears protests will continue on for at least a few more days and you pair that with the reopening of some cities experts are warning about qubit numbers will increase now according to the National Guard spokesman members of the d. C. National guard have tested positive for corona virus and although Officials Say most of the National Guard that arrived here in d. C. They will be leaving by wednesday but those who may be sick or risk or at risk of infection will not be released from their title 32 orders until the risk of infection or illness has passed now this news comes after 2 National Guardsmen and nebraska tested positive for the virus. Now rick more protests are expected to continue waiter into the evening and i will continue to bring you back to you sir glad youre there actually thanks so much for your reporting we appreciate it this is the nerds with rick sanchez youre watching our special coverage will be right. Join me every thursday on the Alex Salmonds show and ill be speaking to guest of the world of politics sports business im show business ill see you then. Lawyers for Prince Andrew are fighting back against accusations by u. S. Prosecutors that the duke of york has been stonewalling their attempts to interview him about Jeffrey Epstein pitting the royal saw against the department of justice of the United States of america as epstein sort of life continues to make headlines even after his death are to correspondent john harvey files a story for us. Its a Battle Royale the high end british attorneys for Prince Andrew digging in against the u. S. Department of justice and claims that the duke of york has been stonewalling the investigation against philandering pedophile jeffrey obscene in a statement blackford l. L. P. Of london wrote this week quote the duke of york has on at least 3 occasions this year offered his assistance as a witness to the d. O. J. Unfortunately the d. O. J. Has reacted to the 1st 2 offers by breaching their own confidentiality rules and claiming that the duke has offered 0 cooperation in doing so they are perhaps seeking publicity rather than accepting me assistance proffered in response u. S. Attorney Jeffrey Berman fired back that Prince Andrew yet again sought to falsely portray himself to the public as eager and willing to cooperate with an ongoing federal criminal investigation into sex trafficking and related offenses. Committed by Jeffrey Epstein and his Associates Even though andrew quote has not given an interview to federal authorities has repeatedly declined our request to schedule such an interview and nearly 4 months ago informed us unequivocally through the very same counsel who issued todays release that he would not come in for such an interview the back and forth comes just 2 weeks after netflix released a new documentary titled jeffrey abstain filthy rich and which we hear from the numerous survivors as theyre called to his crimes and also new allegations about Prince Andrew seemingly sleazy behavior on epsteins notorious pedophile island. Why would she be saying those things in a b. B. C. Interview back in november 2019 that the duke of york tried to downplay his relationship with abstained and denied ever even meeting or knowing one of his most high profile victims virginia robert frank but in the netflix dock a former Telecommunications Worker on epsteins little st james island described in detail having seen Prince Andrew cuomo riding up against a topless teenage Virginia Roberts by the pool u. S. Attorney general william barr in an interview with fox news confirmed prosecutors want to formally talk to Prince Andrew to provide some evidence in the Ongoing Investigation of epstein maintained he has never been a target of the d. O. J. Investigation but more so one of the powerful players in the sordid saga of epsteins life that continues to unravel even after his death for the news with rick sanchez john oddie. There is good news from russia for the global fight against. The Russian Health ministry has approved yet another remedy to heal severe forms of this disease that means less people will die from the complications that are caused by covert 19 years arties. Volleyball where theres explosive story from moscow. Covered 19 seems to loosen its grip slightly as a new remedy has arrived introduced by russian scientists for patients hit hardest by the disease the ministry of health has registered yet another drug for treating complications caused by code 19 called levy line mob with his trade name the medicine is to help patients with severe course of the disease when the so called side to kind storm develops this condition is an excessive inflammatory reaction of the body to the introduction of the virus which leads to tissue damage in particular palmeri with a possible fatal outcome and initially the drug was created to treat a remit toit. But due to its mechanism of action it later underwent clinical tests as part of the fight against career. Virus infection and the results tend to be very positive according to researches if the drug is used in advance when the cytokine storm is just about to develop and not at the moment when it has already developed then the life threatening effects of co the 19 can be prevented doctors recomme