Is confirming today that its going to be testing a mobile app for storing and exchanging the on not as a paper entity by the way but rather as a digital entity 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 head of the game at this point force forbes one of the worlds leading business periodicals is warning the white house right now to try. But 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 trump should unveil a u. S. Answer to big coin to rival chinas digital one should the white house he that 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. Is the list of the questions we think youll be asking tomorrow is the United States making a mistake by not competing with china and Digital Currency what are global bankers doing about unpaid mortgages and other loans well tell you and why did an opinion editor quit and call out her employer the New York Times 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 vying 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 mates 101. 00 of the largest apps in china with nearly half of 1000000000 users it is owned by chinese tech giant 0. 10 and it has about 65 percent share of the market this makes. Perfect testing ground for trying to central bank backed by Digital Currency its a project that is 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 and still a lot of questions about how this Digital Currency will work in comparison to actual crypto currency yes 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 read 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 will 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 always so good at being able to put those stories together and explaining them to us and now were joined by Chris Christies a market analyst in the cohost of boom bust here on r t America Christine i think you probably heard the quote 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 his entire pandemic crisis so now for the u. S. That means that they have even. Falling 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 of central back to the currency because if china successfully launches this c. B. C. It could result in the Widespread Adoption of this digital r. And b. 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 populace or for that matter any populace 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 in their regular news in for the last so many groups of years i mean that is kind of emerging economies to begin with because that is actually the economies that are most comfortable with using things as Digital ContentDigital Currencies such as china and such as india countries emerging economies with large populations of 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 will just be another form of legal tender that china is offering so its a central bacterial 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 paper. So they already familiar with how to pay digitally this is just taking it 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 roy 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 christiane 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 loan payments that americans are increasingly unable to make those 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 blames the banks for being too liberal in their lending guidelines and giving out a bunch of liars loans the ninja loans meaning you know no income no job doesnt matter right and so now the banks or 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 were even during is that you know this kind of vicious circle this cause and effect where the banks over correct and im 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 it 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 fearing and that is that so many people out there are going to hold 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 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. If 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 going on 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 a 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 renter getting some sort of loan work out on a mortgage either side renter or or homeowner but there are there are there are 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 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. You know i dont know its hard to tell id say that 1st the pandemic goes were probably in the 3rd inning ok so. Its still early were were in the 3rd inning you know 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 a lot of Consumer Products and so thats the supply demand shock that we talked about on a prior show great stuff as usual Jason Hartman joining us to talk about some of the things that may be happening. 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 that rick sanchez if youre watching our special coverage when we come back were going to talk about whats going on with the coronavirus surge all over the United States and one place in particular with a where it is well be right back stay with us. I think it plainly hosts ask the question. Actually listen to the answer. To that. Ive got a new show. On the larry king question listening learning you know ive always said i never learned anything when i was talking its important to a list of. Questions and more. Ive seen the horrors that arise with money and evil. Corporate criminals who trashed countless lives there just one more dollar to their billions. 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Theyre welcome but im rick sanchez more and more information is being released about former Jeffery Epstein fix or delay in maxwell remember maxwell has been accused by many of the women who epstein raped they say she was an accessory that she was even in the room sometimes and kind of took part as sick as that may sound that is why all of these new details about her as she awaits her new trial are getting a lot of attention and putting the latest revelation that she may have married all married are to correspondent john harvey has more on this story. A federal judge denied bail for killing maxwell who pled not guilty to the charges of sex trafficking and the abuse of minors during a hearing tuesday this is prosecutors revealed that maxwell is secretly married though she refuses to give the name of her spouse to investigators another bombshell in a case that continues to drop bombshells sordid as they may be match well according to officials posed as a journalist using the alias jen marshall who along with a man described as her husband purportedly a retired british soldier and author named Scott Marshall but the 1000000. 00 New Hampshire state or federal agents arrested maxwell july 2nd assistant u. S. Attorney allison moe told federal judge Allison Nathan during tuesdays hearing quote in addition to failing to describe in any way the absence of proposed cosigners of a bond the defendant also makes no mention whatsoever about the financial circumstances or assets of her spouse whose identity she declined to provide to Pretrial Services machel has been linked to tech company c. E. O. Scott borgerson who according to various reports left his wife several years ago for maxwell whod been staying with him at his manchester by the sea state as recently as last year its perhaps one of several dozen places maxwell has stayed in the past year. According to prosecutors nationals lawyer mark owen said it was an effort not to evade federal officials but instead to protect her privacy from the media and for her personal safety but judge nathan wasnt buying it denying maxwells request for a 5000000. 00 bail agreeing with prosecutors that she poses an extreme flight Risk Associated Press reporter larry new meister described maxwell seemingly engaged and then dejected appearance at the video hearing you could see. Maxwell shrinking is the hearing went on in the beginning she seemed in gaze she was looking at the screen in front of her and was writing things down and seemed genuinely interested but i think if she saw the writing on the wall and started to realize that the judge was going to keep her in custody until trial you could see your hang your head she looked dejected disappointed and at one point even seemed to wipe a tear from underneath one eye maxwells trial is scheduled for july 12th 2021 its expected to take about 3 weeks the question now will she survive her pretrial detention in federal lockup or meet the same fate as her former boyfriend and alleged partner in crime jeffrey abstain from the news with Rick Sanchez John heidi that is one whale of a question that john hardy just popped up