Is confirming today that its going to be testing a mobile app for storing and exchanging the war on not as a paper entity by the way but rather as a digital like for example. The world learned about this when this screenshot appeared on social media take a look at that right there see it you can see there from the image that this appears to be sort of a Marketing Tool to get citizens chinese citizens comfortable with the idea of using and trusting Digital Currency now its important to mention that china is stressing that this really is quote only a test but is it and if it isnt why are they so ahead of the game at this point force right forbes one of the worlds leading business periodicals is warning the white house right now the trepan ministration not to continue its present course of banning and attacking cryptocurrency in fact let me show you this recent headline from forbes it says quote why try should unveil a u. S. Answer to bitcoin to rival chinas digital one should the white house he bet advice so what are we going to do were going to have to break this story down for you right here on the news with rick sanchez where we remain convinced that stories like this show that it really is time to do news again. Part here we go with a list of the questions we think youll be asking tomorrow is the United States making a mistake by not competing directly with china in Digital Currency. What are global bankers doing about unpaid mortgages and other loans stuff incredible story by the way a lot of dimensions to that and then why are near riots breaking out in israel and whats it all got to do with Bibi Netanyahu all right lets begin with the question of what china is doing and why it may be critically important to almost any and every person who uses money to Exchange Goods and services this quotation supposedly uttered by Meyer Rothschild in the 1700s may best explain this story and im going to give you the quote he who controls the money controls the world right now the u. S. Really controls the money but china is buying for that control and testing Digital Currency may be some say a step in that direction lets begin today with our t. Correspondent ben strong. Well thats right rick b. P. B. O. C. On the peoples bank of china is moving forward with testing out its brand new Digital Currency the 1st major test of this Digital Currency and yes it appears that it will be done through a very Popular Food Delivery Service called nates 1 may 21 of the largest apps in china with nearly half a 1000000000 users it is owned by chinese tech giant 10 cent and it has about 65 percent share of the market this makes maine 2 on the perfect testing ground for trying to central bank backed by Digital Currency its a project has been underway now for over 6 years chinese authorities are pushing to have the Digital Currency fully operational they say and then use by 2022 for the olympics that will be held in china a place where they can showcase for the rest of the world this Digital Currency still a lot of questions about how this Digital Currency will work in comparison to actual crypto currencies we do know this that the chinese currency will be linked to a holder smart phone number and transactions will take place through it and that been pretty interesting here reg reports indicate that not only will you be able to use an. App in order to buy and sell in Exchange Using this Digital Currency but that the technology would be designed in such a way that you can actually tap your phone to another phone in order to make a transaction the idea is to simulate the process of paying with cash handing cash back and forth between 2 individuals but again all of this on Digital Currency and all of that happening through a smartphone for the news with rick sanchez. Thank you so much been always so good at being able to put those stories together and explaining them to us and our doing but christiane christies a market analyst on the cohost of boom bust here on the r t America Kristie i think you probably heard that quote d that i read from Forbes Magazine when theyre warning the United States specifically the Trump White House theyre saying look you know stop calling out everything having to do with Digital Currency is a joke stop attacking it and instead you should be jumping on board they were right there absolutely right i mean chinas progress towards testing and launching its Digital Currency has only gained momentum during this entire pandemic crisis so now for the u. S. That means that they have even fallen further behind as they have pretty much already lost the battle over 5 g. And right now this entire thing this threatens the u. S. Is financial dominance because the pressure is on for the u. S. To also respond and to create their own form a central back to all currency because if china it successfully launches this c. B. C. It could result in the Widespread Adoption of this digital arm be to be used in emerging markets economies and International Trade so countries would actually no longer be beholden and dependent on the u. S. Dollar for trade. Is the chinese populous or for that matter any populous anywhere in the world ready for Something Like this that is so revolutionary how do you get people to suddenly start using Digital Currency instead of their credit cards and their regular cash that theyve been using for the last so many hundreds of years i mean that is kind of why i stressed emerging economies to begin with because that is actually the economies that are most comfortable with using things as digital con and Digital Currencies such as china and such as india countries emerging economies with large populations of unbanked people people who dont have access to a bank account to actually dont own credit cards who have never own credit cards but every single one of them own mobile phones all of them are connected to the internet and because of that all of them have been using accounts such as things similar to pay pal cash than most things like that where you transact digitally not necessarily with a bank account this would just be another form of legal tender that china is offering so its a central back to jail currency within the digital wallet that all the citizens are already very accustomed to using in china people already accustomed to using alley pay and hourly bucks which are very similar to pay powell and pay pal buck so they already familiar with how to pay digitally this is just taking a step further and making it so that instead of issuing out alley bucks which is specific to only alibaba companies this is going to be legal tender issued by the central bank which is going to be accepted everywhere countrywide seems like forbes is right that you know its something that if nothing else we need to be keeping an eye on and maybe either investing in or competing with china in this endeavor thanks so much chrystia as usual doing a great job explaining these types of stories to us we appreciate it 3 major american banks are stockpiling money over fears the coronavirus recession could get even worse let me tell you who they are j. P. Morgan chase wells fargo citi group have all set aside almost 30000000000. 00 that they say is going to be there to try and cover it. Loan payments that americans are increasingly unable to make loans include Credit Card Debt that americans are making Business Loans mortgages in forbearance that are sometimes being delayed in some cases up to a year that people are telling their banks look im not going to be able to pay my mortgage for at least 6 months in some cases a year depending on the bank depending on the terms joining us now to talk about this is Jason Hartman jason is the founder and c. E. O. Of Platinum PropertyInvestment Network hes also a very prolific investor in his own right. I guess the takeaway here jason is that banks are looking like theyre getting stingy with their money and about to become even more stingy down the line is that am i reading this properly. Well yes rick you know during the Great Recession everybody blamed the banks for being too liberal in their lending guidelines and giving out a bunch of liars loans and ninja loans meaning you know no income no job doesnt matter right and so now the banks are are being more conservative theres no question about it even as they have stockpiled between the 3 big banks that you mentioned about 28000000000. 00 we are seeing Mortgage Applications for both purchases and refinances go through the roof i mean consumers homeowners and home buyers cannot resist these low rates its causing an artificial boom in the Housing Market and theres a lot of repositioning as we talked about when i was on with you prior people moving to the suburbs but one of my fears is that it will see what we have seen happen or had seen happen after the Great Recession or even during is this you know this kind of vicious circle this cause and effect where the banks over correct on one side of the. Pendulum you know it swings back and forth right there too liberal and then they become overly conservative and then that really hurts the Housing Market hurts the economy overall so thats one of the things we need to be mindful of is that lets hope they dont over correct it is good that theyre being careful for sure but over correction is just as bad let me take you in a different and interesting direction that conflicts somewhat with what you just postulated and with what a lot of people are saying and fairing and that is that so many people out there are going to owe so much money and theyre taking all this stimulus money but many cases they dont have jobs and theyre not going to be able to pay down their mortgages oh my god the sky is falling and that means that eventually were going to have one hell of a bad economy right ok. You know lets go in a different direction and suppose that all these people are actually not idiots and because the government is putting money in their pockets theyre able to use it in a wise way and help boost our economy down the road what. Is this pie in the sky or is there a possibility that this could happen as well. You know its a its a very interesting point you raise rick because you know the basis of wealth for the individual the family or the society is Capital Formation and what a lot of people are doing right now although we dont have any you know very detailed statistics on this yet but a lot of people are using their unemployment money their bonus unemployment they may not really be unemployed you know a lot of people are good workers and you kind of cant tell their own business its very hard to really know and what theyre doing is theyre not paying their housing payment theyre not paying rent theyre not paying their mortgage theyre in a Forbearance Program and theyre stockpiling cash so interestingly its so strange these are strange times where in some some people are actually going to come out of this pretty darn well even if you think they have a hardship because it might show up that theyre on a Forbearance Program or theyre living in an apartment and not paying rent or getting a reduced rent or getting some sort of loan work out on a mortgage either side renter or or homeowner but there are there is theyre using that to save money because theyre living in their house for free or at a reduced price so youre saying that by them stockpiling this cash what we could accept actually have is the opposite of what many are predicting that we could have either a big or small boom economy somewhere in the near future. Yeah i dont know its hard to tell id say that it is 1st the pandemic goes were probably in the 3rd inning ok so. Its still early we were in the 3rd inning and and weve got a ways to go the economy is definitely in trouble theres no question about that but there are definitely some bright signs talked about before theres a shortage of supply and housing automobiles lot of Consumer Products and so this is the supply demand shock that we are about on a prior show. Great stuff as usual Jason Hartman joining us to talk about some of the things that may be happening from up on the ground perspective which is where he lives by the way which is not theory or thesis but actually whats going on pragmatically thanks again jason appreciate it thanks rick this is the news with rick sanchez and youre watching our special coverage when we come back were going to talk about whats going on with the Coronavirus Service all over the United States in one place in particular will stay where it is well be right back stay with us. Ah no t. V. No crowd. No shots. Actually felt. Going to let me stress both of those 2. Points your thirst for action. Im chris hedges the corporate coup detat has destroyed our Democratic Institutions the commercial media is burlesque part of the reality show presents expose the trivial see on contact question more. Ive seen the horrors that arise with money and evil. Corporate criminals who trace countless lives to add just one more dollar to their billions. They threaten they bribe theyll do anything to keep their crimes in the door but the people theyve heard are demanding justice their stories need to be told on americas lawyer. Dear you are thank you for finally. Understand youre tired of networks ready. No matter what. You know me d im famous for my views. Yours truly. Im holland cook i invite you to climb with me of the Mainstream Media and from that higher fan to glimpse the big picture question more. They welcome back im rick sanchez were going to turn now to the corona virus pandemic where today the hot zone continues to be south florida several sources and the medical community that i have spoken to over the last 48 hours are telling me that they fear that hospitals may be on the verge of running out of 2 things that are very cryptic critical the medicine rendez of here for example an intensive care unit beds but its not just florida where this surge is taking place its all over the United States and in many cases in hotspots all over the world our responsibility to you is to try and highlight some of them and tell you whats going on so lets go over now to our t. Correspondent sites have been here shes the map all the kind of break all these numbers down for us where you got more than 13500000 people around the world have been diagnosed with the virus 7900000 of which have recovered and more than 585000 people globally have died with the u. S. Brazil u. K. Mexico and italy accounting for most of the deaths now just here in the u. S. More than 3500000 confirmed cases 45 percent of which have recovered while 139000 people have died rick. But i also you know just like you said i want to take a look at the next map that i want to put up and there is also new hot spots that are emerging all throughout the states. Throughout the u. S. I should say as states like oklahoma and the vatican are reporting Record Number of new cases and also hospitalizations and deaths and as these numbers keep climbing you obviously see that this pandemic is far from over specially here in the u. S. Thats now reporting on average about 62000. 00 new cases per day rick and thats triple the average just a week ago you know its interesting as you show us that we see look at look at that map everybody just right behind cya there look at that red area as it seems to accumulate around the states of South Carolina georgia alabama mississippi parts of texas but the but the real ground 0 there seems to be florida writes here yet not thats exactly right because you know we saw the news surges and the majority before where in texas california and florida but like this is the thats the thing rick florida has about how the population of california and about 25 percent less than texas and as of tuesday florida has the number 2 death rate in the country in fact the number of new cases reported in florida alone over the past week surpasses the total count on most European Countries and if florida was its own country it would have the 8th highest case in the world but this is the thing where as new cases in florida are mostly in the Miami Dade County before theyre now spread all over to in Orlando Jackson will tampa St Petersburg i mean all around florida this is really going out and going around the virus and currently 54 hospitals have reached i. C. U. Capacity in florida. With 0 beds available is 0 beds now 10 of these hospitals on their Miami Dade County and now there are 40 hospitals to i. C. U. At 10 percent of valid vailable capacity or less and i mean just really bad news for florida but i also want to make another point so both the c. D. C. A