Us drops much publicized charges against firms a case of being behind the russian troll farm apparently destroying another keep paying for russia gate fiasco. Oh theyve just gone 5 oclock in the afternoon here in moscow are you watching out international that donald trump has put on a brave face on the corona virus pandemic causing turmoil on the Financial Markets is the u. S. Economy heading into a recession well it may be without thinking in terms of recession with a good introduction to the virus once we step i think theres a tremendous pent up demand both in terms of the stock market in terms of the economy and it once this goes away once it goes through and were done with it i think youre going to see a tremendous tremendous surge on monday u. S. Stock markets did suffer their worst trading day since the 1907 black monday crash share prices tumbled 12 percent amid fears over the coronavirus wiping out trillions of dollars in market value meanwhile european markets have been mostly lower on tuesday following up dramatic selloff the day before with more now on the current Global Economic situation his motor. Unless you majored in finance everything thats happening may seem a little overwhelming what is going on why are markets melting down while bankers whirling around like headless chickens and a few minutes with this monopoly set ill explain why everything seems to be crashing and burning what the hell is a fiscal stimulus and why is everyone crazy about rate cuts 1st that said the pieces here are investors meaning millionaires youre middle class with modest savings your pension is here all of them have some money saved up these days you keep your money under your mattress you want to return it right interest a big good pensions you take this money and you put it in the banks depending how smart they are all how greedy they are they promise you x. Amount of profit per month the banks then go ahead and loan out this money to whoever needs it they drive our entire economy the new hotel built in your city the new jet purchased by British Airways the new hips the bar bill down the road from you your mortgage to buy your house comes from the bank so all this money goes into the economy to keep things running and here is how it runs every month these people make payments to the bank here every month the same payment goes back to the bank the bank then pays the investors the investors then put the money back into the bank this is obviously simplifying things but you get the gist of it its a cycle it all works great while it works but then something unforeseen happens like a mortgage crisis or a pandemic virus clubs and pubs are to be closed along with theatres museums do Sports Centers and Similar Establishments and retailers with specifics options. Now is the time to take extra steps we are ordering the suspension of all retail activities with the exception of groceries pharmacies and other outlets selling fancy goods. Suddenly mass shut down quarantine factories businesses come to a standstill people lose jobs stop paying mortgages suddenly people arent paying the banks back and the investors the markets your pension manager they start panicking that is their money stuck potentially lost they see the news pandemic they call the bank they say they want their money out all my money out of the markets out of the dow jones out of b. P. Out of up all the markets crash but the banks dont have it here is where the government step in before this mass panic and a run on the banks the government say the magic word bailout Fiscal Relief lots of words but its the same thing the government pulls money out of thin air the money presses and gives it to the banks so that they can keep paying investors its all pretend play they just simulating that everythings fine by printing ridiculous amounts of money and passing it back and forth between each other the real economy the factories in the businesses these guys are in quarantine and shut down but the entire point of this little show is temporary live this illusion has to work for a little while weeks months to allow the economy to recover to prevent the banks from going bankrupt and recalling all this debt to help these guys get back on their feet and start paying their debts back you dont need to be a new to the economist or an economist to realize how how fickle how fragile this illusion is the collapse of the markets down 10 percent roughly here you know. It states in new york city where im sitting is a clear very profound statement that the entire Investment Community which is not the small people who have a few shares im talking about the people who manage ancient ones who manage bank work for me also and so on have a massive loss of confidence in the government of the United States or in the private economy to get out of this disaster were running on borrowed time they cant keep printing money for too long or inflation goes through the roof money becomes worthless the illusion will eventually wear off even the most optimistic investors can only live in denial for so long and will realize that banks are living in a dream world then it all collapses see the world up until now has been weighing lives vs the economy for all the criticism and ridicule of the world through a child that they shut down everything sacrificed their own economy to keep the virus from spreading the west didnt the west ridiculed that dismiss chinas response as incompetent they tried to keep the markets happy rather than the people safe and what they got america and europe is the worst of both worlds and economy on the brink of collapse and the death toll fast eclipsing that of child that. There will social media feeds are currently filled with pictures of people queuing and panic buying goods as they do brace for lockdowns over the corona Virus Outbreak but some russians who experienced mt supermarket shelves back in 1000 900. 00 to be perturbed the Strong Quarter explains. Stockpiling toilet paper hoarding food long queues everywhere its a common depiction of the soviet union for many westerners except now its the 21st century in the western world reeling from the coronavirus pandemic ringback ringback. Socialism capitalism it doesnt matter what system when all out crisis is around the corner hysteria has already hit the World Economy hard as pandemonium sets in for those who are trying to secure supplies police will hold to a chill or a mock supermarket boring old something old. In all ive been told by constant conflict with the west put a lot of stress on the soviet economy at times there were widespread deficits of certain products threatening to stab people wasnt exactly the kneejerk soviet reaction though many recall waiting patiently in long queues while others say that deficits werent even a big part of their lives was not going to slow the stuff we got all the goods through acquaintances when i was speculate says there was some advance speculates his way was somehow courts i remember speculations was something much is space near the store to be the 1st in line but there is a severe shortage of goods so you might ask why in the morning they were the 1st on the list when you but when we were in spoilt for choice lets suppose there was no red fish but there was herring and milk and Dairy Products water that was all that ordinary people needed well they didnt kill for the toilet paper but there wasnt enough of the toilet paper but they looked at it was humor and didnt really focus on it somewhere lol of my best moments were in the soviet union i do not. Remember the deficit well i do remember it but it was a very long time ago there will be no panic with the coronavirus we should remember a time when there was no toilet paper its all so we know how to live without old paper for a country constantly fighting an uphill economic battle with the west people dealt with adversity quite well in soviet times perhaps they knew that a panicked reaction to crisis could be worse than the crisis itself. Amid the shopping panic a stray lisa largest china sea for markets has set a special hour for elderly and disabled shopper so they can buy basic goods like toilet paper the item which has for a good violence among some shoppers the netherlands in turn has seen a hike in demand for marijuana with people queuing at site coffee shops there ahead of quarantine measures and american shoppers lined up need guns to the sales of weapons and ammunition skyrocketing there apparently. Well the World Health Organization does now say that the corona virus has now killed more people outside of china than inside the country we mar frances almost has imposed an almost total lockdown on its citizens with over 100000 Police Deployed to enforce the quarantine the measure is unprecedented for post war europe meanwhile military trucks have been seen being deployed to the paris suburbs it comes as frances interior minister warns people to stay at home in quality. The message is clear stay at home search these are containment measures similar to the recent spain and italy persons travelling must be able to justify their movements each person will have to carry a document certifying the reason of his eho journey. As it comes out as the radical steps up its efforts to contain the corona virus restricting all nonessential travel for at least 30 days of all nations including austria germany and france have closed their borders are to charlotte n. C. Looks now whether the year a Free Movement could be coming to an end. 3 years populists have been advocating tighter border controls within the European Union which you and the National Governments have criticised yet in 2020 that is exactly what were seeing happening it all started with its silly and border controls being imposed from people trying to leave it early to go into austria but since then a host of other e. U. Countries have done exactly the same we have seen slovenia hungry denmark and now even germany shutting up shop saying its borders are closed shame again which is the idea of Free Movement within the European Union to do that without passports is essentially over well for now at least. A lot. The borders of the entrance of the European Union and the schengen zone will be closed concretely all travel between non european and we were hoping countries will be suspended for 30 days or we are forced to stop Flight Connections to these countries and establish controls at the swiss border just like the ones we have already implemented with italy when youre hungry border in the direction of italy remains closed. Without a valid reason travelling in and out of the can through will no longer be allowed. To burn on entering the Czech Republic were all foreigners except foreigners who were the permanent residents of all residents of. Life in the e. U. As we know it is over museums shops bars cafes schools have all shut up shop in many countries in a bid to pause the peak of the infection rates in france the bees which is the way that people sort of cory to each other with kisses on the cheeks has been pretty much banned people have been awkwardly bumping elbows or knocking their heels together but even that has been petering off as people are becoming more and more whipped up into hysteria that they could get contamination from just being close to another person the governments line is keep your distance from each other yet in the e. U. This conglomerate of 27 countries which are all meant to be singing to the same tune it doesnt seem that theres one rule that all are applying even the European Commission is warning that the closing of borders could actually pause supplies thousands of bus and Truck Drivers stranded at internal borders on parking lots creating more health risk and disrupting our supply chains if we do not take action now shops will start facing difficulties in refilling their stocks of certain products coming. From elsewhere in the Single Market some see the idea of governments in europe essentially locking down their countries as being the start of a slippery slope even warnings that this could be a nail in the coffin for globalization as we know it the Coronavirus Crisis threatens to assure a less globalized world was the pandemic and panic a bates those who believe that openness to people and products from around the world is generally a good thing we need to make a case for it afresh in persuasive ways. And he says this could be a gift for populous parties who have been advocating this this tighter control of borders for many many years and also those title restrictions 19 has highlighted the downsides of Extensive International integration while funding fears of foreigners and providing the gist of missy for National Restrictions on global trade flows of people your pet store oakley has been a cultural hobbits bars its cafes its restaurants hazes of people coming together discussing and debating ideas and some fear that this idea of self isolation as weve been told to do could actually cut through the fabric of that some of also said that it will see the nation fighting loneliness as people self isolate in their homes and their apartments now in italy some people have already tried to overcome that weve seen these marvelous comes together of people singing on their balconies as theres a sense of were in this together oh god. d but the longer that self isolation goes on some say could be weeks some say it could be months for many people their homes which are meant to be their safe haven the place that they go to relax and rest could become more like a prison cell future historians will remember the time 90922020 as the heyday of european global integration which came to an end for the borders of Free Movement. Inclusion etc. All of a sudden we see a complete this mode goes into reverse. The called the consequences would be grave no question i do not expect any return to the status quo ante we will see a different you or i do not expect a disintegrated europe but how this will how this will work out how it will look in. Reality for example with border controls thats a completely different question remey days of the past with no border controls at all i see is permanently over gone meanwhile football is another casualty of this outbreak as europes governing body for the sport has today perspire this summers euro championships the move is an effort to allow domestic leagues they say to finish their seasons and avoid huge financial losses which are projected to be billions of euros the competition will instead be played in the summer of 2021. Still ahead this hour french regulators have fined take giant apple more than a 1000000000 euros over price fixing and other malpractise today deny the allegations well have a look at that story in more detail just up. Join me every 1st week on the alex simon sure and ill be speaking to guest of the world of politics or business im sure business ill see you there. Hello again now the u. S. Does appear to be going back on yet another central plank of its special counsel investigation into supposed russian interference because a federal judge has now approved the Justice Departments request to drop much time to charge charges against companies accused of being behind the claimed russian troll farm i discussed the issue with arties saskia take. Well times russia gate and the infamous Murder Investigation have seemed never ending bought it appears that we might be seeing a ton in the tide because on monday the u. S. Department of justice fall to motion to dismiss all charges against 2 companies but Concord Management and Concord Consulting now these are russian farms which were accused of financially supporting efforts to allegedly meddle in the 2016 u. S. President ial elections before we Start Talking through the whole back story to this lets listen to the exact reason that the d. O. J. Gave for dropping the case in light of the defendants conduct the risk of exposure to Law Enforcement tools and techniques and the boost indictment change in the proof available at trial the balance of queries has shifted it is no longer in the best interests of justice or the countrys National Security to continue this prosecution. So washington says its backed out of the trial on the grounds of National Security and it might be linked to the fact that back in 2019 a confidential information from the meter investigation was apparently and leaked online now the d. O. J. Never got to the bottom of who was behind the leak what do you think ever accused anyone but we can see that clearly this is had an impact and it has stoked fears of the breaches but either way given that the trial was just a couple of weeks ago and it was so high profile it was so much anticipated this is really quite a significant quite sensational backtrack from the Justice Department just give some details then about why these 2. Of this investigation in the 1st place. Could management unconquered consulting are 2 of 3 companies on 13 individuals that were charged in fact were 20 by Rupert Murdoch was a huge and that went on for 675. 00 days despite the resources that was still no concrete evidence but still that didnt stop the hysteria this was something. It was inescapable it was on every t. V. Screen in america 13 russian nationals and 3 Russian Companies accused of a massive effort to meddle in the election if you read between the lines is clearly saying that this was a russian government operation for special counsel Robert Muller has indicted some 13 russian nationals Russian Intelligence Service for a very very long time has had in their playbook the this Information Campaign so as we just heard that is part of the meter investigation 13 employees from concord what charged at the time they were watching for that International Research agency now this is the socalled russian troll farm for concord theyre dropping this case want out sleeping very welcome news that will prepare a 50000000000 dollar lawsuit against the u. S. Government for illegal prosecution and sanctions so well see how that plays out but definitely a massive u. Turn from the Justice Department on a bitter disappointment no doubt for all those who were hoping that this trial would be some sort of vengeance for those who believe that donald trump was elected not by the American People but by the kremlin itself the russian honest mom according to tell us to get the u. S. Dropped the case to protect intelligence secrets. The u. S. Justice department has taken a better words it is going on president step because if you go back to the cold war. The u. S. Just decided not to charge us. Because it would reveal too much about the u. S. Culture intelligence. So its not the 1st time as theyve backed away from it but its a really serious look in the u. S. Justice department. So in other words the u. S. Justice department you know saying a busy day we can go forward with this charge against concord. Because it would reveal too much about how we collect information and how we probably trace the others. And. All to remote review. In russia. France is anti trust regulator has find out for more than a 1000000000 euros the tech giant and 2 of its wholesalers in the country were found to be colluding to stifle competition and to control prices. Apple and its 2 wholesalers agree to not compete against each other and prevent resellers from promoting competition between each other thus sterilizing the wholesale market for apple products what apple does disagree with that decision calling it disheartening and is also vital to a pale the Company Attitude that the move will cause chaos for Companies Across all industries however its not the 1st time that europe has punished u. S. Tech mages for example about a month ago apple was fined 25000000. 00 euro a spy paris for an update that did slow down a world of i phones that in 2017 European Commission ordered google to pay 2400000000. 00 euros and that was for abusing its dominance as a Search Engine and giving unfair advantages to his own Comparison Shopping service however experts we spoke to did say that such fines might actually achieve very much. I think if you were talking about fines of 1xb5xb1cw you start to get some attention but so long as the fines are in the low billions even for such a company like apple or microsoft or whatever the system is that was traded market those approaches are above a trillion dollars so its really you know less than a penny to them its not really its hurts you dont want to pay a 1000000000. 00 fine but its not the kind of thing thats really going to change behavior yet in my in the governments around the world or going to including our own u. S. Government are going to take a much closer look into the degree that High Tech Companies are abusing their market positions in effect operating earmark ways or even are always driving other businesses out of out of existence around the globe so it is a i think a rebalancing of power between the tech giants and the rest of the world treaty its attendant who and in this respect its probably a good thing that the governments are fighting to call the like not the bench. Everybody is going to go to get to some sort of agreement but its the you know the time when google said be good dont be evil which was a company moto in the late ninetys thats over they are whether they actually set out to be or not they are sometimes evil in the markets and they certainly distort the play that the proof replay of markets and therefore theyve got to be contained and the only way is to is to hit them where it hurts which is the person watching out International Things are looking for company the softer no more for months and half a. Now if we have what would be historically considered one of the greatest financial crises of the past 150 years and where does it fall into the category where how do you classify it i think were going to see a global depression and to your point how quickly do we get out of it the activist fed the problem there is that their prescriptions thus far have caused the problem so theyre actually the problem there needs to have been fed the Central Banks need to be removed from the equation because they are the problem. You are no offense but you no longer a young woman in fact you are one of the last living survivors of the nazi ellis asked im aware of that. Leverage debt all your life. And you can never forget maybe you can now auschwitz was a daily life to be inhaled because you would never believe it was a film that didnt go to as a copy of a course for 30 years im open to the curb it. Seems a lot over the inside you will make it right when i get out on loan the farm saw you know more songs that are next to you so you can listen in hopefully bless my heart hurts. The market down continues as an early fed rate cut doesnt work out plan this is boom bust the one business show you cant afford to mess im christiane and im british born washington coming up the Federal Reserve has taken measures to combat the malays of the cope 19 impact we take a deep dive on the move and the way other Central Banks around the world are reacting plus. We have taken other decisions as well as the most important is that we have clues to argentinas borders during the next few days a period that can be extended to argentina supporters of mark lewis and amid the outbreak what measures are some nations around the globe taking to slow the spread of over time we take a look around the world to see which nations have temporary exposed travel to stave the exit out. And later a several industries have been the casualty of the recent economic slowdown a few companies planned as hard as the oil sector we have a live report on how falling demand at a price war has. Been a jam packed show today as bright and. Teachers had its limit down before market open monday as the fed sent the markets panicking yet again as the fed has expanded it all as conventional and unconventional tools which included this