Sit down and eat and all the gas stations are open and the prices i cant believe i was paying a 1. 73 a gallon out there now isnt it ironic that the prices drop through the air are so low now and yet were not allowed to or should be out driving i guarantee you the minute this virus is passed watch those gas prices shoot right up. Well well have to wait and see whether that happens is a heck of a time for you to be back since you said you dont know whats going on lets get into our top story the International Monetary fund has officially declared that the Global Economy is in a recession now due to the cove of 1000. 00 outbreak Economic Activity around the world has significantly slowed down as countries cities and local governments issue stay at home or quarantine orders the. I. M. F. Defines a global recession as an extended period in which economic output falls and unemployment rises many economists say that this recession could be just as bad or even worse than the one in 2009 layoffs have already started bankruptcy their eminence what are your thoughts on how this is going to play out how long can people afford not to go to work. I dont know you know this is an experiment regime on all of us i dont think anybody at least i cant recall in my lifetime ever facing anything like this where really its like volunteer marshal law in a way you know they havent declared martial law but theyre asking us all to stay home to not go out in the course the economy growing stew a halt and the thing that i dont understand is now theyre going to come out with this stimulus package i dont get it the government. Operates off our money how can they simply give us back our money to stimulate the autonomy and then what gets shortchanged because if theyre handing our money back to us then obviously theyre not going to be doing things that they normally do with our money 1. 00 of the big things they ought to do is get the hell out of these wars in the middle east and start taking care of our country and preparing us for situations like were facing right now. Experts say containing the virus is really the best thing for economic recovery now do you think that the u. S. Is doing a job a good job as a whole to curb the spread of this virus what about certain states are there any we can look to for examples like in california. Well like i said brazil im not a doctor but they want us to keep separated by putting us in our houses we dont contract with other people out there like the normal its probably the only thing we can do we need to heed the warning and continue to do what were asked to do. Just as long as they dont try to force it on us were some type of martial law this is a voluntary thing and the one thing i can tell you in traveling across the country this past week i will say this everyone has been exceptionally courteous and friendly something that when i left the country last january was an album and we were divided we were hating each other so maybe the positive thing out of this whole deal is that it will bring us back together as a nation. I agree ive been going to the Grocery Store on occasion and everybodys been really kind to each other sharing you know food with each other if they can obviously safely doing so to not spread germs that i have seen the goodness and humanity even of all this terrible stuff thats going on so that i do think is a Silver Lining now this week instead are amazon delivery workers went on strike demanding coronavirus protection and hazard pay the companys refer to their workers as heroes but they fail to provide these heroes with adequate protective gear as they go out and deliver food goods and services to people like you and i who are stuck at home what do you think about how these workers are being treated by these corporations most of them are independent contractors they dont get Health Benefits they cannot afford not to work and theyre doing all of us a great service. Well and again were running out of plastic gloves were running out of facial protection all of this because we waste our time effort and money fighting these useless wars for 20 years that literally bankrupt our country and makers ill prepared for what is happening now what do i think about the workers ill tell you whos the real some of the real heroes are how about your garbage man i thought about that today because we had a garbage pickup and i thought you know nobody looks at garbage man as heroes but they truly are today because theyre out there where would you be right now if they didnt pick up. The garbage while youre living at home and look at the chances theyre taking in picking up that garbage i sure hope their faces are covered in their hands that they have plastic gloves on but its people that do every day work like that who are truly the heroes in the situation like this it isnt donald trump it is not a big leaders who are the heroes here its the everyday person that takes it upon him him or her self to do the right thing and to look at their neighbors and for us all to Work Together i think that parts wonderful so im going to say hip hip hooray to all the garbage men of america for keep it for picking up our garbage in this time of need. And lets go back to what you said about the war as you know more people are slated to die in america as a result of this virus then died on 911 during the attacks we got we went to war over those 911 attacks and if we brought the soldiers home to go to war on this virus by ramping up ventilators helping with the delivery of food and things to people would be a lot better than having them go out to foreign wars. Absolutely i mean this stuff has to end these for this foreign involvement of our military we need to take care of our country and make our country prepared for things like this its pollution and its Climate Change that are truly going to lead to our destruction not this nonsense over in the middle east this money grabbing garbage that goes on where they use our military as the Security Force while all the profiteers over there rake in all the dough lets start taste and care of our country 1st 1st and foremost and let the rest of the world take care of themselves i think well all be better off. Yeah and we send these soldiers over to war to fight war and they end up dying and putting their lives on the lines in the same thing can now be said of these amazon drivers a nuber drivers you know they put their lives on the line they say that theyve only received a single wipe in many cases to disinfect the delivery vans before their shifts and this is so common in america that we see people being treated so poorly and this coronaviruses really highlighting just how poorly these companies treat the workers. Oh yeah and lets remember Something Else lets lets not get everybody so petrified and stared here and this isnt necessarily fatal if you get it i play gulf of mexico with a good old friend of mine whos a doctor from canada a retired vascular surgeon and i asked him point blank i said doc if you contract this are you going to die he goes absolutely not every flu thats come out throughout the years yes people die from people who have deficient immune systems elderly people maybe young Young Children but if you contract it doesnt mean youre you have a death sentence did means you probably get sick for maybe 55 to 10 days with the most and your body will fight it off and youll overcome it hopefully now certainly there will be tragedies but you know i was driving through nebraska on the way home and so far 41 people just 3 months have died on the highways of just nebraska now if you multiply that out that means nearly 200. 00 people this year only in the state of nebraska are going to die from auto accidents so lets put this into some perspective here yes its a dangerous thing we need to guard against that but it is not necessarily a death sentence if you contract that yes and i think are being that panic is very important now unfortunately this virus has also kicked a mass surveillance into high gear of course the u. S. And other governments around the world are now tracking the movements of coronavirus patients using mobile phone data to curb the spread of the disease the idea is to track those who have been in physical contact with people who have been infected or who suspect that theyve been infected as some of the data thats been collected is anonymous but other data is more individualized privacy advocates say that this kind of tracking might be helpful right now but you know its going to become the new normal or it could be a long after this pandemic is over. To those critics i say its pretty much already going to harm jesse. Well lets remember old clapper and graham and got in front of our congress and sat there and why and said we werent under surveillance this is a couple years ago and then 3 months later we found out were all under surveillance you know it was weird about this whole thing bridgette up for me and all of this the minute that came out and it exploded down in mexico i right away suspected our government of lying now thats really bad when you and then i wasnt put clear on until i spoke to some friends from canada who said no is the least bit hard shyness it hard this isnt just the u. S. Government pulling a false d flag thing because initially this is how i thought i thought oh this is a false flag operation for them to practice martial law well fortunately it wasnt but it is still Good Practice for them to practice martial law just like they did on the bombing in boston at the marathon that was a problem up in the practice for martial law what they did up there but its sad when you cannot trust your government and the 1st thing that comes into your head is something negative that theyre doing something to accomplish something and sneak it over on us and that was the feeling that i initially got from this whole thing now its requiring all of us to Work Together and for all of us to be our role here always to look in the mirror and realize are we doing what we can do best to to stop this epidemic and move on from there and thats really the key is taking responsibility and helping the community to be safer now another Economic News the board of governors of the Federal Reserve have reduced a reserve ratio to 0 percent effective this week the reserve requirement is the total amount of money that a bank must have on hand every night that amount is typically 10 percent of the banks total deposits which is also a little bit bizarre. Now sometimes though the fed uses liquidity rates as a tool of Monetary Policy to influence the countrys borrowing and Interest Rates now in this case the fed is acting on the belief that lowering reserve rates will clear up more cash to than lend out to people and businesses so now banks can basically print money just like the Federal Reserve does to loan out to anyone without Regulatory Oversight on one hand this policy could help people with their mortgages loans etc but on the other hand if theres a run on the banks and everyone goes to pull out their cash in a crisis like this the banks will not have any now thats also the case of the 10 percent reserve just me what do you think about this new change. I say that its a dangerous were walking on the edge right now and made these decisions are going to be huge these economic decisions but we have to let them play out everybodys got to relax a little bit and let them play out and see what happens economically again im confused i govern the state of minnesota and the state of minnesota required a balanced budget by law the federal government dont operate that way and again like i said earlier where are they going to get this bailout money they operate on our money. How is it that they can just create theyre going to just read up more money thats as simple as it is they can just make more money and then add this to the death the debt is ridiculous right now and theyre just going to be allowed to add more to it i guess because where did they get the money from they get it from us if we dont have the money then where did they get the money from that i guess is the trillion dollar question. You know this outbreak is a once in a century event and the economic fallout unfortunately could be to you know the Great Depression happened in 91 years ago you and i are not economists but we are all affected by the falling productivity stemming from this outbreak again how bad do you think this is going to get what is the government really. To do to help people feel better and secure and like theyre not going to lose everything right now. Well you know the main thing is not to panic you know that thats the bottom line take a deep breath dont panic. You know donald trump our president if you listen to him hes a perfect guy he does everything perfectly so theres sort of you know home for him to get us out of this right. Now its time for a break when we return jeff if thats down with professor richard well for more on the Economic Impact of the corona Virus Outbreak well be right back. To the old book. In this community there are people who believe that its ok. Its really hard there are no jobs and you see the kids ask and as a parent. I can come up with arguments theres a lot of conflict in the game between the teams most of the conflicts i would say revolves around money and most of that money is made. This one on each of those email each other is good because the state of california makes 6000000000 dollars a year of prison complexes you get some point in your life where. You dont care. Anything. Join me every thursday on the alex simon show and ill be speaking to guest of the world of politics sports business im show business ill see you then. The war. Professor Richard Wolfe is a marxist economist cofounder of democracy at work and the author of a new book understanding socialism he joins me now from new york city to talk about the impact of the coronavirus professor well thanks for joining me and let me hit you with the simple question here they talk about this bailout money of trillions of dollars now i was governor of minnesota and we have to operate off of the law said we have to have a balanced budget now the feds dont operate that way but they do operate off our money how can they give us bailout money when its our money to begin with and what are they going to deprive by giving this money or does it simply just go on to the National Debt ok jesse glad to be here and hope that i can shed some light on all of this you have to keep in mind that the government. Major agencies that carry out Economic Policy one is the Treasury Department directly under the president and the other one is our central bank in the United States which is called the Federal Reserve system. The treasury can only spend money that comes into the government either as taxes or as money borrowed from anyone in the World Americans of foreigners who will lend to it so when you heard the other day about a Stimulus Program 2 plus trillion dollars that is the treasury and thats what its going to spend and it is not going to tax us for it because that would pull money out of the economy equivalent to what the government is going to spend so thats a wash so what in fact it means is that the government which is already in record debt is going of borrow money from us to spend on us in this society if that sounds a little crazy good then you understand that you and i live this despair thats crazier than ever. Number 2 the Federal Reserve our central bank in other countries its called things like the bank of england or the bank of france we dont call it that thats for historical reasons but its the same institution that we call the Federal Reserve their job is to manage the Monetary System of the United States and that means 2 things to control as much as they can how much money is in circulation and number 2 what the Interest Rates off the terms on which a lender and a borrower strike a deal the Federal Reserve is basically free to create as much money as they think the economy needs. Federal reserve board 12 people led by a man named powell that you know of they sit around they have a staff they make that decision they can basically theres some constraints but not many they can basically print as many dollar bills a 100. 00 bills as they see fit mint as many coins as they see fit create as many Bank Accounts with the stroke of a computer. Touchpad as they see fit and so they have created trillions of dollars over the last few weeks but those are in addition to and separate through on this stimulus plan which is a borrowing in order to stimulate the economy when you put the 2 together. What you need to understand is that its a sign that the breakdown of our economy now is on up car with the Great Depression of the 1930 s. This is already what we are into and were just at the beginning as bad a breakdown of the capitalist Economic System as we have seen it it is therefore something to take im afraid i have to say this to you in all honesty dreadfully seriously and it means that on top of the threat to our health of the virus we now have a threat to our economic viability because our Economic System failed to foresee this failed to prepare for it failed to cope with it in its early phases and were living with the results now professor can you give us a breakdown in your opinion of how this 2. 00 trillion dollars will be allocated for. Sure the bulk of it as should surprise nobody goes to the business community. In the form of loans. At incredibly low interest some of which will be converted into straight out gifts or grants of cash. And thats what the treasury 2. 00 trillion dollar deal is about for the mass of people much less generosity an improvement in the unemployment you can claim if you lose your job and then that unbelievably small or poor of help to the mass of the American People a 2400. 00 check plus 504. 00 children below a certain age if they reside with you in your household it is like these things have always been most of the money for people at the top with the theory that it will somehow trickle down and to keep the mass of people from being as angry as they should be and have every right to be about this lopsided help they give them something and hope that they find Something Better than nothing which it usually is and so they will not complain about the continuation of system that favors as those who have the most in need at least at the expense of everybody else professor wall of water economic predicts for the foreseeable future are we headed towards another Great Depression that simple. At this point while it is very hard to make predictions and i would steer clear of most people who offer them if you push me i would say we are already in an extremely serious recession and we are well on our way to a deep depression something on the scale of the 1930 s. It will be different they didnt have a virus then we do now the economies are different our tix are different so it wont be identical but thats the order of magnitude that we are seeing. Were losing 5000028 1000000 jobs per day in the United States a government that didnt prepare doesnt have a plan doesnt know quite what to do cant even provide the most basic components of Public Health like masks and ventilators and tests for the virus you know viruses have been with us as a human race for hundreds of years thousands of years from the beginning substantial weve had serious virus with the deaths point in the past this is nothing new we did in 1800 we had something called the spanish flu which killed 700000 americans in recent history we had the sars virus the mers a virus the ebola virus and any Government Center any Economic System that wants the loyalty of the people its supposed to serve has to have had ready in stockpiles distributed across america the tests the ventilators the masks the hospitals the bed all of that that would and if the kitchen system would do for the Public Health our capitalist system. Only produces things when theyre profitable and it only stockpiled stains when thats profitable it wasnt profitable for capitalists to produce all those things so they didnt and it wasnt profitable for capitalist stockpile all those things so they didnt the government which could of and should of compensated for that failure of private capitalism to prepare us they didnt do it either because it captured by the mentality of the businesses and the result is we have a much worse situation than we need to have had ought to have packed the failure here is not the virus the virus is a trigger but the virus had its effect in destroying an economy that was underprepared very vulnerable and not in a condition to cope with this and thats the serious thing we to learn look we had 2 of the crashes in the 1st 20 years of this century we had a dot com crash in the year 2000 and we had the subprime mortgage crash in 2008 and 9 we can keep blaming the crashes of our capitalist system on whatever triggers it but if you keep having triggers making you very sick the chances are you have some vulnerabilities in your system that enable those triggers to be so destructive we have a taboo in america were not allowed to be critical of capital income we always have a claim something there on somebody else and now that taboo is costing us very dearly. Professor wolf i want to thank you for your expertise stood a d unfortunately were out of time i could keep talking to you for another hour in fact id love to have you come back don as this thing progresses thank you again professor wall for sharing your expertise with us and for allowing us to understand what exactly is going on in the United States economically thank you very much sir. The war. Issue. Thanks for watching send us your comments on social media well be back next week with more stories ignored by the Corporate Media and remember when the Government Law use the truth becomes a traitor stay vigilant. The war. Years. Do you believe in miracles would seem democrats to you after the joe biden surge on super tuesday for them the fear of the Bernie Sanders candidate see may now be contained however this is far from over taking on trial for the no easy task. The swarms of them so moving. And good news who was before. Much of those who heard the preview. We will were going to. Move. Move. Move show you this new video of live i mean its a good look or a good. Movie i just love most of these girls with the view films good girls. Dont go to shows so look i do the same you want me to show the story to you should go. To starts to. Get to me to do it with the lid of the mist theyd say look it is its. Just testing understands this new its a mash told. To stop the president and hes been trying to force them to do. So as we have producers to go to school to snoop to come up with new it because that is the cousin with you sir your supporters to your machine station shouldnt for you should cook door for the one whos doing the. This is boom bust that one business show you cant afford to miss. In washington coming up Global Markets rally on hope that the coronavirus is finally stabilizing then oil floats on oversupply as the price war between russia and saudi arabia continues and finally the popular view is losing momentum this is due to doom bombing well explain was boom bust cohost of a packed up at the view today so lets go and die by the