Transcripts For RT Keiser Report 20240713

A lot of problems associated with that but thats the big question stacey it is all about this one issue that you and i particularly you have been talking about for years to be an options trader and what is options trading all about but managing risk right well that was a tool developed to manage risk but when that didnt work all the time 100 percent of the time bankers got their friends like jay powell lets look at this tweet from you are you ready for monday jay powell goes but. I get my spanish comes in handy there to know how to roll those are yes but once theyre Risk Management tools starting in 1987 when the portfolio insurance crash the markets the fed came into the rescue and thats the fed puts well then weve seen since that any time that the bankers and all their huge amounts of derivatives whenever theres a problem there the fed comes to the rescue i. E. Theres a problem with distribution of risk in the supply chain of risk doesnt go away the risk is still there but it just keeps on getting deferred either into the future or to some group of suckers like you know Pension Funds risk cannot be created or destroyed its persistent within the markets and options and derivatives allow you to separate risk from reward and to trade it separately thats what the options volatility formula which was a nobel way. Prize winning formula is all about to split almost like youre splitting energy from matter or splitting risk from reward and so what bankers on wall street have been really good at doing is making sure that they dont have any risk and that their risk somehow always manages to end up in pension accounts or in the labor markets where labor never seems to make decent wages and they get the reward. And thats how you have this wealth and income gap develop over 30 or 40 years because its the ability to make rewards with 0 risk has become very efficient for those in the banking business friends of wall street exciter a so this Current Crisis the covert 1000. 00 crash we had this enormous drawdown trillions of trillions of dollars of market value evaporated on one day the question was can the vat and Central Banks do another risk trick to make sure that theyre protected friends do not have to take any losses and so they increase that derivative pile to an extraordinary levels thats where you see the evidence of this risk trickery is in the way to rivet of market and you can quantify that and get an understanding of exactly how big this market is and at the moment it looks like they are being successful in making sure that the wall street folks will not be bearing in any of the negative consequences of this cove in 1000. 00 crisis you could always tell when a con is happening when its theres a lot of complexity and theres so much complexity about even this latest stimulus package which looks like its a benevolent gift to the people but in fact theres trillions more in exotic instruments of stimulus package that reflects the exotic instruments of debt packages that are being bailed out so youll never be able to understand that but in terms of simple numbers where you can find the fraud where you can see the con happening is in certain numbers and in terms of risk being to furred lets look at what happened in the meat space and this is a remarkable chart from new york city this is a chart of new york city and the cases per 1100000. 00 people so showing you how dangerous certain areas of of new york are. If you see it the darker it is that its poor areas the bronx queens this is a elmhurst area which is in the news around the world with the worst hospitals there overrun Rikers Island brooklyn around j. F. K. And Staten Island these are where all the working class lives those people having to work those people who are essential to the economy have been deemed essential the Food Delivery Services supermarket Workers Pharmacy workers all the sort of people theyre getting infected while the banking class right there in manhattan where you dont see any of very low level of cases relative to the rest politically speaking the term is gerrymandering so gerrymandering is when you have political subdivisions created within a state or a region to allow for political manipulation and for the interests of the moneyed class to be protected and the interests of the poor to be continuously exploited thats gerrymandering so in Financial Markets financial gerrymandering is this risk trickery that im speaking about and so like a pension fund is in the poor neighborhood because it has no way to protect itself from derivative risk reassignment into their pension accounts and that and that reward is kept by the hedge funds and its dumped into Pension Funds Pension Funds or toxic waste dump of risk this year financial jerram enduring means that the returns are always going to be horrible and so yeah politically you see that happening quite starkly by that map youre showing you see the regions cut up and thats because of political jerram and bring in an attempt to exploit the Political Division thing to sustain the status quo well exactly at that map what its saying and in the meat space is reflected in our financial space and in particular the monetary an Economic Risks that are being offloaded on. To the ordinary person since 2000 but especially 2008 and then now this crash what weve seen is the interventions from the fed have taken any of the like little risk that the bankers are taking themselves for their bonuses and their Profit Margins and like j. P. Morgan stressing out over whether or not to pay a dividend and can they stop paying their dividend they dont want to risk that so they take that through inflation through the quantitative easing through narrow through all these policies of taking their packages of risk all their derivative packages off the Balance Sheet of the banks and now hedge funds and private equity and now they also might the fed might be starting to buy. Muni bonds and so theyre taking the risk of all the power fall onto the Balance Sheet and that balance she is your Balance Sheet thats the ordinary americans Balance Sheet the 335000000. 00 who arent the elite they are the ones that are risking not only their currency and possibly a hyperinflation and the future and thats a political event when people lose faith in the actual currency so youre seeing that offloading of risk to the opposite of you know that map shows exactly the people taking risk in the economy and in the Monetary System the leader in all this would be japan right they took their debt to g. D. P. Passed 100 percent of g. D. P. Past 200 percent there i think thats 300 percent and so im ericas going to be 100 percent very soon so to get the 300 percent thats another 405060 trillion in debt which i fully expect to do look the free market capitalism has its roots in the work of out of smith and the enlightenment in this and which also brought us in that age darwin in the his work and terms of evolution and. And Natural Selection and this was echoed by show mr i believe with his idea of Creative Destruction that there is a churn in nature and in economics where its all as hues toward perfection and excellence that survival and that is when you snap that connection and by rewarding the freaks and rewarding the colonial masters america now has become the colonial empire of hedge funds that have colonized america and this goes completely against anything anyone could interpret from the constitution and they they derive their power from the Federal Reserve bank which is the successor to the bank of england and the bank of england the card of ben franklin was the number one reason america staged the American Revolution to get away from the bank of england because that was the sponsor of colonialism now we have the fed which is the sponsor of the new american colony alyssum of hedge funds citadel one of the biggest had funds they then turn on barrows by hiring ben bernanke you former fed chairman to come over there and during this ballot process bernanke he is a direct colonial connection to a monopolist oligarch the whole hedge fund tune the Federal Reserve and theyre negotiating and theyre front running and theyre High Frequency trading and theyre trading derivatives and they are interfering like a jerram mannering ghetto blaster booster political hack to undermine our law by standing in a so we have this and merging under class well of People Living out there and zombie land and the next step will be to vilify them and to scapegoat them and to say that theyre less than human and then we know where that goes lets continue on this theme of the supply chain of risk because theres always risk. In the world in nature the antelope bounce in your cross the field has to get to you know her family or friends over there but the risk is Alliance Going to right thats the risk and thats why they develop thats why they can run so fast and jump thats like their Evolutionary Defense against a lion attacking them and ripping them to pieces but here we have a system which is so stale now because there is no risk for it the lion has a risk as well the lion has the risk of possibly starving to death because the antelope is way too fast for and it cant catch the answer low so you know there is there supposed to be a distribution of risk and each member develops a defense mechanism they have deferred all the risk that they should have been taking and because they were handsomely rewarded for taking risk on your behalf so lets look at what the cost is going to be of the so far 6. 00 trillion there is now a face for they can add more chileans to future liabilities and here is what moodys is saying moodys says expects u. S. Federal debt to rise to around 93 percent of g. D. P. In 202079 percent last year and 2019 and continue its upward path to about 120 percent by 2030 by 2030 there aint going to be any boomers in the economy having to work and subsidizes thats going to be on generations e especially theyre going to be emerging into this graduating from university into that economy laden with this debt to pay off all that risk taken by the likes of Jamie Dimon Lloyd blankfein every single hedge fund now and and private equity guy on wall street yes it will be a permanent weight on the economy for. The subsequent generations who will have to live under the enormous cloud of having debt 2 to 300 percent of g. D. P. Making it virtually impossible to compete we can only marginally survive as you said risk doesnt disappear. Its just been rolled over into the future you cannot create or destroy risk you can only move it around and if you can move it around successfully you become. Billionaire i am going to take a break when i come back with more coming your way. This is a story of women and women with troubled histories and complex court cases you know some of us did really believe. Was out there but were not. In the person thats. A cheesiness and b. They are considered the most dangerous of criminals shes in a still. Probably off 23 hours of the day tell me that its not enough attention to the world of women on death row. The world is driven by shaped by our own person. Who dares thinks. We dare to ask. Welcome back to the kaiser report on max keyser time now to go to chicago and talk with jon najarian old friend the happy that im on the show today hes also the cofounder of market rebels and of course he is the star of c. And b. C its half time report john welcome here max great to be back with you feels like much more than a month since you and stacy and i were tone vais conference out in vegas that was a good time but just preceded all the bad times that were in right now i feel that we were just ahead of the way as it as it was crashing everywhere across the country and we got out of town you know vegas obviously is pretty hard hit by all this and you know i wanted to have you explain a little bit to folks you know we talk about trading a lot we talk about big point to talk about stocks bonds and macro and i want to talk a little bit about the regional difference between new york and chicago because its a very important to Financial Centers in america and they feed off each other sometimes sometimes they are competing with each other but how do you see that relationship chicago versus new york john in all deference to the friends of mine on the New York Stock Exchange they dont have traders on the floor for the most part those folks are very good at what they do but they are brokers not traders on the new york floor and of course theyre gone just as the chicago traitors are gone because they couldnt figure out a safe way to keep several 100 people on the floor of either the chicago board of Options Exchange or the merc slash board of trade so they basically shuttered the floors and everything went to either global banks in the case of the commodities exchanges or. On any of the myriad of electronic exchanges for the cboe and the rest of the derivatives exchanges so the big difference i think max is there used to be about lets say give or take 250 people left on the floor of the c b o e now they call it see both Global Markets but they were in the fix s. And p. 500. 00 and the triple a q now theyre gone theyre all up stairs and theyre having a really hard time treating from up stairs as most of us did max when i migrated upstairs 2004 so you know its been 16 years that ive been up stairs all those traders that are used to still being on the floor. They are trying to survive in a brave new world and having a very hard time doing it and because of that theres more volatility even more than there would have been otherwise during this drop so youre saying that there are key role of Market Making on the floor by traders with their ear to the market who are looking at actual trades as they take place in the absence of that with the migration of more trading up stairs as you call it and more reliance maybe i Computer Trading the volatility is increasing so you you are positing there that there is a vital role for humans to play in these markets and maybe a migration to purely electronic markets we lose something is that correct. That is what im seeing exactly max instead of having hundreds of treaters in a period where they all hear the same information at the exact same 2nd now theyre all up stairs responding to whatever theyre looking at some of them are watching bloomberg or c n. B. C. Or fox news some of them are just on squat boxes you know who hollers we used to call max where people are just giving them color if you will for orders youre not seeing every order and since youre not seeing everywhere or youre backing off your bids and offers are much wider and i posited back then before it happened that this would increase volatility in and of itself and certainly it has since the i think it was 17 or so of march in the Derivatives Market and in the Options Market it was the beginning of a momentous occasion in the whole history of securities in that the options volatility formula from the late seventys early eightys you had the ability to separate risk from reward and separate risk as an as an entirely separate asset class and this is what people dont understand these days lets talk about the wealth and income gap a lot of it has to do with the fact that the top 110th of one percent knows how to trade peer risk to hedge themselves and to profit from volatility whereas the vast majority of people are tends to be where their risk ends up going classic toxic risk dump being a pension fund thats passively managed and just ends up accumulating a lot of risk that comes from the sharpies and the pros who know how to trade risk is that what you think about that statement i think its exactly accurate i think that. Its true that a minority of people under. Stand about volatility and about Derivatives Trading max youre of course right about that i think its out of the 120000000. 00 securities accounts in the u. S. Only about 6 or 8000000. 00 of them even are papered up meaning that theyve signed off on derivative agreements whether its futures or options and youre right options and futures are Risk Transfer vehicles so if somebody wants to basically bet on corn having a banner year this year because demand is up or supply is down those 2 usually work in concert to push prices up or down when we got that youre transferring the risk of that farmer in this case of corn over to a speculator or over to a big producer of the end product like kelloggs or General Mills or whatever and the same sort of thing who works in stocks there are some folks who are not comfortable with the sort of ups and downs that we see in the stock market and so they try to set a floor by owning some of that protection if you will some of that volatility so that they dont suffer when we have these big draw downs which we know virtually every year were going to see at least a 10 percent drawdown at some point even if its very sharp and quick and v. Shaped and every once in a while we get one like weve got right now max which we dont know how long this goes on but we know the volatilities up and the people that didnt have protection just to your point exactly are the ones left holding the bag in American Finance there is that myth of the lone trader that guy who sticks to is model or has nerves of steel and becomes quite wealthy theres a whole many industry around this the books. That go by the name of trading wizards and others and it all goes back to Jesse Livermore and confessions of a stock operator is probably the 1st book really outlining how to be a professional trader as you say theres a difference between a traitor and an end bester my question is here we are in 2020 the volatility is intense markets seem to be disconnected in many ways as youve just described that trading signals and market signals seem to be throwing off a lot of noise versus signal but the question is do the laws and rules that jesse live for laid out the twentys and the early thirtys do they still apply can you still do is still have room in america for the i think the phrase in chicago is all you need to be rich is a pencil and a pad of paper you know indicating all you need it is to get down there on the floor of the exchange and you have you have nerves of steel you can you can be quite quite wealthy is that still working is a still alive the time frame has changed it used to be max when because i know you started off and that you were a driven have trader is well when we were down on the floor you know that we were as immediate as it got because there was no direct interaction into the pit back then the best you could do is hand signal something into a pit and people would react to it that was immediate as it became and even that was no guaranteed fill now if you point and click on a price you can have that price the problem is that there are a lot of computers that are making those prices and taking those prices and they do both of those at light speed literally as close to the speed of light as the internet or as a direct connection to a data center start market you know whether its malala in new jersey or current or at new. Jersey or wherever the c. M. E. Has their data center all of that is happening literally just this far from the speed of light so if youre trying to point and click and take that market or make a market for one of those you loose because they are trading and making moves in thousands of a 2nd much faster than a human being can so my timeframe and virtually every trader i know max has had to move out their time for him to be maybe 10 seconds 30 seconds you know somewhere much longer into the future which means of course that against those machines youre taking much more risk so the machines became the Market Makers and we tried to be the market takers and we have to wait just like you said with a lot of paper ive got to sit here and you know sort of figure out the levels i want to buy and sell at and then if we get there try to execute as that level knowing that i cant depend on the market on the screen i have to have my own levels that im entering because what i see on the screen is already gone well my understanding is that Goldman Sachs is actually working on a way to trade faster than the speed of light so that they could go backwards in time and still my clients in the past. Well if anybody could do it goldman could right now lets talk in you know mentioned about the proximity of technology to the prices and wait heard about this during a lot of talk when High Frequency trading was in the news and High Frequency trading relies on proximity of servers to these exchanges they actually park a computer server next to the exchange they get a fraction of a millisecond advantage i could stand that these guys are siphoning capital out of the markets like somebody with siphon gas out of a neighbors car and that their destructive low. Blankfein argued with charlie rose once that theyre no theyre adding liquidity and theyre there for key to the function of the market how do you say that theyre both right but. When blankfein says what theyre doing is adding liquidity those h f ts High Frequency traders the algorithms and so forth theyre adding liquidity in microseconds again liquidity that you and i cant access max because literally by the time you would see it by the time your eyes sees it its already at a different price like i say theyre adding liquidity but at this only at the same speed of the people that are responding to it and you and i cant respond to 1000th of a 2nd so when finds right theyre having liquidity but its also right that whoever is doing this has siphoned off billions of dollars every single week this is the problem that that is i think your analogy is spot on that its just like somebody stuffs a hose into your car and is just steal one off you know some small percent hopefully not the whole tank but theyre stealing gas every single minute of every single day john i got to cut it off there fascinating thanks so much for coming on the show thank you max love you the love it is mitchell buddy all right well thats going to do it for this edition of the kaiser report with me max kaiser and Stacey Everett want to thank our guest john that jared out there in chicago and he say about the sand base have time for all the time when theyre up and running well or on twitter if youre trying to catch just a kind of the report i signed by a. Join me every thursday on the elec simon chill and ill be speaking to guest of the world of politics sports business im showbusiness ill see you then. With the coronavirus now officially declared a pandemic the world faces the additional burden of an Oil Market Collapse this comes at a time when demand for crude was already low some her calling this the ultimate perfect storm how this all ends is place gets. To. Keep going to. Lead. To nothing. But come a she places she teaches. This is r. T. U. K. Were live from Central London and welcome to our viewers from around the world which is waiting for the governments daily Coronavirus Press briefing with the Prime Ministers still intensive care at a London Hospital and not be coming your way in a few minutes from now in the meantime our headlines at this hour. 891 people are reported to have died from corona virus in the u. K. As ministers hint down is likely to be extended beyond this weekend thats as the Prime Minister remains in intensive care. Economic experts warn the world could be heading for a crisis worse than the Great Depression almost a century ago id be talking to an Economics Expert surely. A psychiatrist claims and he just starts could learn something from the forces on how to deal with the pressure of the situation ill be speaking to the man himself. Will interrupt headlines now if we can cross lied to the government and Daily Briefing on the coronavirus with dominic rob good afternoon and welcome to todays downing street press Conference Im joined by chris witty chief medical officer and supply treatments the chief scientific advisor. Can i start with an update on the Prime Minister hes still in intensive care but he continues to make positive step forwards and hes in good spirits. And i can also report from the governments on going monitoring and Testing Program that as of today 243421 people have been tested for the virus 65077 have tested positive and the number of people admitted to hospital with coronavirus symptoms now stands at 16784 and of those have contracted the virus 7978 have sadly died and our thoughts and our prayers are with their families and their friends. The whole country has been practicing a stringent form of social distancing for 3 weeks now precisely because were doing everything we can to minimize the bleak numbers that i just read out. And for that i want to say a massive thank you to everyone who has gone the extra mile during this very challenging period. Thank you to all of those who are looking after us in our time of need the n. H. S. Workers on the front line who have treated the sick saved lives and tended for those who sadly could not be saved. For the doctors and nurses who have died of coronavirus was caring for others we will never forget their sacrifice we will never forget their devotion to helping others. I also want to say a big thank you to the carers the Charity Workers all those looking after or even just keep going to all those in their local neighborhood. You are the lifeline to so many people in our communities. Thank you to the workers who keep the country running the supermarket workers the delivery drivers the technicians the cleaners the Public Servants who just keep going determined to keep providing the Daily Services that we all rely on i think youve certainly made us all think long and hard about who the key workers are in our lives. Thank you to the volunteers who have stepped up across the country whose big hearted sense of responsibility defines British Community spirit at its very best. And a massive thank you to every Single Person who stayed home to stop this terrible virus from spreading youve helped protect the n. H. S. And youve helped to save lives. Now as we look into the look forward to the long bike holiday easter weekend i know some people are going to start wondering is it time to ease up on the rules so i say thank you for your sacrifice but also were not done yet we must keep going. Let me just explain a little bit about why thats so important. Today i chaired a cobra meeting with. Senior ministers officials and represented representatives from scotland wales and old knowledge as well as the mayor of london so that we could take stock and assess where we are right across the United Kingdom. And at this stage the government is continuing to gather all of the relevant data to obtain the fullest picture possible of the effects of the social distancing measures that we put in place. Now all the early signs suggest that they are having the impact that we need to see its too early to say that conclusively. Sage will meet next week to discuss the latest evidence and will keep the measures we put in place under review as we said on many occasions now will be guided by the science at all times so we dont expect to be able to say more on this until the end of next week and let me just be again very clear about this the measures will have to stay in place until weve got the evidence that clearly shows weve moved beyond the peak. And i know these restrictions take that toll take that toll day in day out of peoples livelihoods on peoples quality of life on peoples Mental Health. And i appreciate that its often the Little Things that hurt the most with the Easter Bank Holiday coming up on we spend it with my 2 boys 7 and 5 years old with their grandparents doing an Easter Egg Hunt and i know theres going to be lots of people who would normally be planning a family get together or just getting out in the sunshine with friends and loved ones. Unfortunately right now we just cant do those sorts of things. And im really sorry about that. But just take a moment to think of the progress that weve already made following the guidance staying at home denying the virus what it needs to spread more easily and to kill more people. Its been almost 3 weeks and we starting to see the impact of the sacrifices weve all made but the deaths are still rising and we havent yet reached the peak of the virus so its still too early to lift the measures that weve put in place. We must stick to the plan and we must continue to be guided by the science. Party our immediate priority remains to slow the spread of the virus and to save as many lives as possible and thats why we have to continue to ask you all to keep complying with the guidance and as weve said consistently from the outset its vital we take the right decisions at the right time in the morning and the most important thing right now is that people continue to follow the governments guidance until weve got the evidence that the virus is firmly under control so that means please do stay at home to protect our n. H. S. And to save lives. After all the efforts that everyones made after all the sacrifices so many people have made its not ruin it now its not undo the gains weve made lets not waste the sacrifices so many people have night. We mustnt give the coronavirus a 2nd chance to kill more people and to her own country. I know its tough going but this is a team if that and well only defeat the stars for good if we all stay the course. To please stay home despairing Holiday Weekend for everyones sake and i will turn to support trick to give us an update on the very latest data supergroup to you thank you very much. Delivering todays number 10 press conference he gave an update on the Prime Minister is saying hes still in intensive care but remains in good spirits he will say richard he said look down measures would have to stay in place until we have reached the peak of infections deaths well joining me now here in the studio with more almost weve just heard is. We hear that the lock down the continuum absolutely the lock down measures are set to continue at least for the time being of course officially we want to see a final decision next week dominic rob just alluding to the fact that for now they will remain in place and thats because so far to date nearly 3 weeks into this lockdown measures the government is suggesting that we are seeing some positive impacts from these measures we are seeing that the level of deaths at this point in time somewhat flatlining so we are seeing some positive effects he also mentioned that he hosted the cobra meeting today with the devolved nations to assess where the entire United Kingdom is really act and as i say positive measures are being seen at this moment time but it is too early to know if the measures that is what dominic rop is saying of course you remember when Boris Johnson announces lockdown measures on march 23rd almost 3 weeks ago it did come with a guarantee and not guarantee it was to have a review of these policies so next week could really be the crucial time to see whether or not this extension will be put in place a further than that of the time though that were. A lot of brains eyebrows particularly from the medical offices and the science experts who really thought that within a 21 day period there is not nearly enough time to make a substantial amount of progress to see any policies like lockdown being lifted well today we know that wells is also one step ahead of the United Kingdom who has officially said that next week it will not be lifting any extension measures but as weve just seen from dominic rob it seems like to could follow suit next week now all of this comes those jeremy hunt already suggested that a whole month could be the amount of time that we really need to see further progress being made on the plus side though today for people that a particular concern with these lockdown measures its not really being seen that theres an appetite from government level is heightened them at least not to see any crackdowns or downs when it comes to these measures of crow course across europe youll see various models after extending theyve in fact issued curfews and harsh penalties on people flouting the lockdown measures dont make robbo today really stressing over this is to parrot that its exceptionally important for the public to remain at home despite the fact we will be seeing some quite good weather youll remember just a few weeks ago when we had quite a good weather weekend many people took to parks and really flocked to these measures so the government is really really the public to remain vigilant and stay at home of course as i mentioned the devolved nations scotland and Northern Ireland looking to follow suit and earlier we heard from nick a sturgeon who said its almost guaranteed that theyll extend the measures to. Shut you thank you very much indeed for that update well earlier i spoke to medical expert professor paul hunter while he couldnt comment on the problem and says to specifically he did elaborate on some of the generalities of intensive care treatment. If you get to the point where you are requiring that degree of treatment and the outcome is quite poor and i think youve got to look as well at the fact that it is not necessarily the people most at risk of dying that are actually going on on to intensive care units the average age of people being admitted into intensive care in the recent court was still only about 60 years old so. You know it is it is not the be the age groups that are most at risk that are tending to be to be being treated just how well do you think the country is prepared for this now because there are some suggestions that we could be the worst affected in europe let me look at the figures in spain and italy that is seriously worrying. Yes and though those figures come from the. Group called the institute of Health Metrics in seattle they were predicting very high numbers of deaths in the u. K. Im not sure that theyre right unfortunately. You know we will have to wait to see who is right on this but it certainly is not something that we can assume that we will get away lightly and. It may well be very. The World Trade Organization has warned of an economic downturn on the similar scale to the Great Depression of the 1930s some of the more positive forecasts suggest that the Global Economy could decrease by 13 percent but that is still larger than what was experienced during the credit crunch over a decade ago others have predicted a bleak a future suggesting it could shrink by a staggering 32 percent meanwhile the ucas economy is also predicted to shrink but economists have said that g. D. P. Was already in decline before the pandemic dropping by point one percent both services and construction sectors flat lined after breaks that the general secretary of the trade union body said that the government needs to implement a recovery strategy while the discuss over 19 is affecting the economy im not joined by seen electra in macro economics dr tony sime tony good to see you you see he said were hearing some slightly conflicting views from economists about the impact on the World Economy but its still looking pretty bad bearing in mind all this has happened virtually overnight hasnt it. Weve got a great little uncertain moments things are moving very rapidly but the key thing here is that if our restrictions stay in place for 36 months if we dont have to move into sri travel ressam strictures of absence will start next year at least not she we have a back seat in the community really we are lucky in a light era and weve got them much faster than it did in 93. 00 it is so they saw it coming did they the Great Depression in the thirtys they had time to prepare a strategy the reduction in world trade took place over the period of 3 years were not in a period of 3 months for the world traits its a class by 3rd so its really quite stark in terms of its difference as well as its impact but book we have to recognise economies do recover from these sort of calamities dont they were can we learn any lessons from the Great Depression and and other serious recessions weve heard. Well the key thing that came out of the Great Depression was that when countries coordinates of their policies when they Work Together at then they recover it economically what were seeing here is what weve already had trade restrictions put in place in terms of the movement of medical equipment in terms of food and culture going to commands this certainly out of the these restrictions at different times that theyre going to countries that after a quarter nates a lot better than they have been in the past to ensure that we return to economic normal conditions in this its going to take quite some time to do so and mentally. Understanding or i should say Mutual Understanding between economies when it comes to trade deals for example do you think well see that the Global Economy is actually perhaps uniting in some ways well i would hope so and it is absolutely necessary the key thing is about my factored goods nowadays is that they have been made the different components are made in so many Different Countries and the supply chain is international so you need countries not just the coordinates in terms of policy has been terms of legal if these restrictions on travel on trade together so that supply chains can work effectively in our Multinational Companies can be added by 2 or before creating the products that we like and the jobs that we need so any according to experts was already stagnating before this pandemic so think things are looking pretty grim for us. Theyre looking to interact we want the yes the there were difficulties there were uncertainty around breaks it obviously and thats part of the key issue here and in the medium term we dont like we dont like uncertainty we dont know if were going to have good jobs or income so therefore we cut back on spending businesses dont him best when theres uncertainty and we had that before with drexel looming now we dont know when this was crisis is going to pass and so therefore done certainty we people are cutting back on the spending if theyre keep their jobs and nice having a serious impact on the economy as well of course everyone looking for some glimmer of hope and theres even talk from the media about when will this lock down and also pressure on the government to come up with an exit strategy lifting restrictions will of course mitigate the worst of the slump but were course we dont know how that could happen or when it will happen after absolutely and thats thats part the issue here are high streets or retail shops are suffering because a lot dont thats had an effect on our National Economy is going in much longer before we can freely move from one country to another and thats why the effects on International Trade is so much there just a final thought is it not even over optimistic think once the restrictions do lift everybody will start getting back to work everybody will start spending money and the economy could recover pretty quickly theres always a permanent effect of shock such as less world trade after the financial crisis 1012 years ago grew it grew at half the rate it did before 2008 shots are closed they will all reopened businesses are closed they want all reopened so theyre on longer term permits and next to this crisis dr tony sign thank you for being with us. And thats it for the moment more news after a short break. Is your media a reflection of reality. In a world transformed. What will make you feel safe from. The isolation or community. Are you going the right way or are you being led. Watches. Watches play. In a world corrupted you need to descend. To join us in the depths. For a mate in the shallowness. Join me every thursday on the alex simon show and ill be speaking to guests of the world of politics sports business im show business ill see you then. Leading psychiatrist has claimed that n. H. S. Stuff could learn from those who have been through traumatic experiences at wall professor Neil Greenberg says those who work in the armed forces know how to deal with being on the front line here and on the side of the doctors from Kings College london been devising a Mental Health strategy he believes its strong leadership and on side effect to preparation a vital for ensuring the wellbeing of n. H. S. Stuff. Well im now joined by the psychiatrist himself professor Neil Greenberg neal thank you for being with us working on the coronavirus front line and in a war zone to many may appear to be very Different Things so what is the link here. Well we know that troops who go to challenging places and go to war often encounter moral decisions which are really really difficult to deal with sometimes you dont have enough equipment you dont have enough information and you have to make very quick decisions it was only and theyre not always right they are the best ones this is you can take the time but inevitably they dont always work out right and then what happens is people then back and they can think about what happened and through guilty or shameful and we call that sort of situation if its particularly difficult a mobile injury injuries to ones moral ethical code and so the Current Situation Health Care Professionals again on the health care front by having to make difficult decisions perhaps not with the most equipment that they would really want to have they may also not have the right training ideal amounts of training and it this may mean that in spite of the best Decision Making they can do it doesnt always work out as they wish now whilst Health Care Professionals are pretty used to dealing with life and death situations its part of the job normally they do so knowing that they gave the very best candidate the best chance that someone would would pull through but in the Current Situation it may be that the best is not available and the efforts that they made me made when they were back up than cause them to feel they didnt do enough the reading some of your work and in the not you say that good leadership as well as properly preparing and supporting and its a star will avoid developing longer term difficulties are are you seeing the effects of your work in the way that youre helping in h. S. Staff cope with this is the strategy working. I think there isnt been an awful lot of efforts made across the n. H. S. To really take peoples Mental Health their seriously one of the n. H. S. Has always been interested in starts Mental Health theres often lots of different pressures on trusts and and maybe Mental Health hasnt always been high up the agenda in the past but i think there has been a build recognition here that this is a real immense but highly important task and the hospitals that trust. But i work with the certainly putting in place plans that if they work out as we hope they will should make a girl positive difference to the Mental Health of Front Line Health Care workers the whole of the workers as well sorry carry on yes sir just so its also worth saying that the n. H. S. Nationally of course of england and also in the developed ministration is also putting in Place National support measures as well so its not just what local trusts are doing its what the n. H. S. As a whole is also putting in place force the the medical professionals that theyre seeing horror and death but of course they have been no medically trained in what way are they being affected by this unprecedented crisis at the moment facing them well yeah absolutely as i say you know Health Professionals are used to dealing with death and bereavement and such things but normally that it doesnt happen in such a large dose you know all at the same time and normally is to say that they have you know a decent amount of equipment they have the right training and they have some time to think about if this isnt in the Current Crisis what can happen and what is happening is that theyre getting in a rush of patients in their beds nearly full start to happen to work out is and we are top of that theyve also got to deal with the stress that they and their families are experiencing for the rest of us are because of the restrictions in our lifestyles so you put that together and you have potentially a really challenging set of circumstances for staff to do and a huge demand to support them and of course you are trying to help but is that support forthcoming you are the Resources Available to help those who could actually be mentally affected of perhaps on a permanent basis after all of this just fine to me well actually you got to think about that but what we do know is the most important support is lots of people like me you dont want to be wandering d around i see units trying to get counselling frontline staff we know makes a huge difference is making sure the supervisors and the he is colluding look after each other and our studies in other winners ations up place people in harms way show that if you can build the proper bonds within teams actually you do make a massive difference and that seems resilience so deval. For people like me is to try and help the members be able to talk to support each other whilst keeping an eye out for the ones who cant be supported and then the professionals like me or should be there as we are to try and do some Early Intervention and help people and we very much want people and organizations to adopt a nick in the pot approach so we dont let things get to crisis point with Health Care Professionals but we we help them up front and that their supervisors are able to have a psychologically sat the conversation with them and that that really does help thank you very much for joining us and good luck with your work professor Neil Greenberg thank you. Well with n. H. S. Resources diverted from other areas to help tackle the pandemic those with Serious Health conditions such as cancer a worry that they wont get the treatment they need a shortage of intensive care beds and the reed purposing of operating theatres to help handle the overspill as there to many therapies and surgeries being delayed an agreement between the government and private clinics means thousands of high priority Cancer Patients will be treated outside of the n. H. S. But many more have yet to be rich shojo with charges and doctors fearing that critical patients may become hidden victims of the pandemic. Discuss the ongoing uncertainty for those with serious illnesses im joined by cancer patient the killer of each evans thank you very much nicola for joining us. And a very difficult time for you to tell us a little bit more about your situation ok so i was recently diagnosed with secondary. Recurrent press conference. I had a lot of treatment about 5 feet 5 years ago and undergoing treatment and unfortunately its returned and it needs an operation sooner rather than later than and then ongoing treatment again and when you get that operation you sooner or later any news on that. It was canned thought i had operation shut you up for next week and it was cam salt and i made a huge fuss about it and i asked my m. P. To contact me very very urgently and its very important that have the operation because im a full time parent kara and educator. Sign and i really need to be here for my kids so good news you are going ahead with the operation and we do believe that some progress is like yourself being outsourced to private clinics but what about your situation this will be outsourced to a clinic but its an n. H. S. Clinic. And the tet the consultant hasnt operated that before so his very. Being very very cautious and very careful to make sure that everythings safe so you are a little concerned about having the surgery at another Medical Center of course you will be in safe hands and perhaps better the fact that youre not in the hospital where there are other patients perhaps hopefully i mean i dont know what the situation is to go through testing on monday. Cope at 19 before i have the surgery and that will be in the car park actually in the car nicolo we are thinking about it just briefly then finally communication between you and the n. H. S. Which is clearly under huge pressure how is that gone. I cant fault them the press catamaran maze thing theyre just i cant fault them out got so much happening ration for them and the n. H. S. As a whole theyve been under so much pressure for such a long time and they are just i just cant praise them enough and i know so many will be echoing your sentiments today thank you very much indeed for sharing your experience and your situation with us we really wish you the very best of luck nicholas thank you for joining us thank you and thats it for the moment more news in half an hour. I dont trust medical authority at all never and the reason for that is i had this horrible autoimmune disorder growing up and it turns out it was completely alleviated with very drastic dietary measures and i went to a number of doctors to discuss what happened to me and i was basically laughed at like diet is not an issue with autoimmune disorders so my suggestion to people who have Health Issues they cant figure out if theyre going to see a medical professional and theyve been going for 10 years and theyre still in the same place they should probably take it upon themselves to Start Testing things out testing out diet testing out exercise and try and figure out things on their own. Who moved. Much of those who couldnt. Really. Move who didnt look beautiful who needed good. Move just like most of us go through the view food good good. Good good issues where do we distribute what we can use to do the issue go. To starbucks to. Continue to do it with those little glimmers then see who gets. Him to touch them understands theres. Been many true mr president please introduce more. It. Will be of interest to greatness or to snap them up when you look over the girls are. Really supportive to your question as they should or shouldnt be you should cut off what was delayed be the. Right