In the world corrupted you need to descend. To join us in the depths. Or a maybe in the shallows. This is boom bust the one business show you cant afford to mess up their mom to stay over in washington coming up jobless claims continue the surge reaching about 26000000 since the pandemic began and now europe is bracing for some similar problems and Congress Wants to replenish the supply of money available to Small Businesses but once again the fund may have already tried it up we have a talk show for you today for less so and ive read it. Currently there are more than 2600000 a confirmed cases of the coronavirus global. The death toll stands at more than 187000 it continues to ravage global economys numbers are in for u. S. Unemployment from last week where another 4400000 people filed jobless claims bringing the staggering figures to more than 26000000 in the last 5 weeks the white house economic adviser Stephen Moore spoke to larry king on politicking earlier and said that it might get worse before it gets better. The summer is going to be a disaster i mean i hate to tell people this but were going to see 20 percent Unemployment Rate in this country and its going to last several months and thats not something i ever thought i would see in my lifetime so its going to take a while for these businesses to get up and running again and so im by the way are never coming back thats one of the reasons ive been so strong such a strong effort for getting the economy open because every day you keep it closed more and more of these great businesses businessmen and women who most of their whole life theyre not coming back so i do think by the end of the summer we could start to see some improvement and that is much needed well senator Mitch Mcconnell said justin some states struggling with high Public Employee pension costs should file for bankruptcy but even President Donald Trump said states will indeed need assistance this while georgia still plans to reopen its economy by the end of this week georgia is allowing beauty salon to tattoo parlors and even bars to reopen but President Trump reversed course when he said he totally disagrees with governor brian kemps plan to open these nonessential businesses which is not aligned with the white houses reopening guidelines meanwhile the i. M. F. Approved a 363000000000 dollar loan to help the democratic republic of congo in fighting the pandemic while the countrys economy is expected to contract 2. 2 percent this year its slashing its growth forecast from the 3. 2 percent now in germany the country is easing some restrictions but chancellor Angela Merkel is criticizing some regions for moving too quickly to reopen she told lawmakers that things will remain very hard. I mean this is im going to i will therefore tell you quite frankly that i flew Supreme Court decisions taken by the federal and state governments on wednesday last week but their implementation since then worries me in part. Some of the. White race not to see grace markel added she has committed to helping the rest of the European Union in fighting the pandemic meanwhile Chinas Foreign Ministry announced its plan to donate an additional 30000000. 00 to the World Health Organization this is up 10000000. 00 from the original donation the contribution comes just days after the white house suspended its funding for the organization over its handling of the crown of iris the w. H. O. Also announced 3 additional vaccines in human trials stages bringing the total now to 6 potential vaccinations but for more numbers and information on the corona virus be sure to check out our portable the t. V. App and look at the section of tracking coronavirus. More jobless claims are rolling in here in the United States as we get the latest nonfarm payroll reports for the month of march well joining us now to discuss it is boom us cohost chrystia i was there and then us we surprised me should have got the latest reading that over 26 americans saw Unemployment Benefits over the last 5 weeks so that basically means that all of the jobs created during the last 11 years were wiped out and about a month so we said earlier on that unemployment is going to be what drives that vicious downward cycle so as we get these nasty prince the risks to the outlook and the recovery is getting greater and this is a very deep hole that we very difficult to climb out of and so while here reports that days are trying to reopen or once it reopened everythings got to get back to normal no thats like simply not true a lot of the Small Businesses have shelter for good so that the recovery will not happen overnight not to mention that there really is no plan for reopening those guidelines that we got last friday. That wasnt really a plan so to reiterate thus far the husband knows that timeline to reopen there are no deadlines to reopen there are no guidelines or protocols to businesses on protective gear testing and i think checkpoint Contact Tracing all of that and theres on top of that theres no federal assistance the president pretty much left it to the states to in the peddling source and secure their own p. P. M. Medical equipment so as a lockdown continues with basically no end date the situation can you need to worsen on all fronts the Unemployment Rate has pushed into New Territory u. S. Manufacturing Services Planned to 27. 4 this month the lowest reading ever well kristie despite these really nasty job prints the market was actually Still Holding on this morning whats driving the sessions today. Well you have a lot of optimism and hope in the market as much of the bad news has been priced in are ready so the market has expected this bad labor report in fact if you recall the last 4 jobs report we got despite the numbers all coming out worse than expectations the market actually still tied up on those days now or remains the dominant narrative yet again today as june w. T. I jumped another 30 percent is trading at about then you know as per barrel as traders anticipate more u. S. Production cuts oklahoma regulators are even helping produce the shutdown well and is prepared to offer relief measures so theres also the not of the rising u. S. Iranian tensions also driving or oil prices now and the dow but elsewhere in the market were all waiting for the house to vote on the next package of the quantifiers relief bill to expand testing and fund hospitals and Small Businesses so thats quite a bit above them in the markets today and that was briefly halted when china published its Clinical Trial deal yet from this of the air that it did not improve patient ringback conditions or reduce the coronavirus pathogen in their bloodstream so we actually spoke about this last friday when we were very skeptical of the anecdotal evidence coming out especially since china about a month early had already discontinued trials so that name is being a bit of a pullback today so thats quite a lot of names and activities driving. Definitely a lot of activity but for more we want to bring in c. E. O. Of Euro Pacific Capital peter said peter thanks for being with us today earnings are out for a week notable groups today were getting a mixed bag here some companies are pulling in a surprise beat names like expedia that were seeing but what else are we seeing with the latest earnings calls. Well it doesnt surprise me that there are a handful of companies that are going to benefit from whats happening obviously if people arent going out and theyre staying in maybe theyre spending money online that might otherwise have been spent through other vehicles but of course all to mentally a lot of these consumers are just not going to have the money to spend theyre going to run out of aid from the government or the government money is going to run out of purchasing power due to inflation but i think the vast majority of companies are going to see substantial hits to their earnings as a result not just of the coronavirus but of the recession that was going to start anyway which the coronavirus is simply accelerated definitely seeing a lot of movement here peter were also seeing the 1st Major Energy Company cut its dividend so it seems like this is the start of the trend of some suspending buybacks and even cutting these dividends which was traditionally the mechanism used to boost stock prices before but how will the market react Going Forward now that we dont have any of these artificial boosters that we once did. Well obviously this is a negative for the market i mean a lot of companies have been able to borrow a cheap and then use the cash to buy back their own overpriced stocks many of these companies are now the recipient of bailout money unfortunately they should be allowed to fail so that new management teams could step up and clean house instead we are perpetuating the management teams that made these reckless decisions but of course the decisions were made based on monetary fall policy that was being provided by the fed and the fed is now doubling. Gallon on that failed policy but yes i think youre going to see a lot of problems for the market the only thing it has going for it is the fed but thats it but meanwhile in order to prop up the market the fed has destroyed the purchasing power of the dollar so what investors should be doing is buying gold stocks because gold and gold stocks will be the biggest beneficiaries of Monetary Policy where you are the goal of and will not just sad but a gold theres also theres a threat now that it could disappear will not necessarily disappear but there will be a shortage of gold what about other Precious Metals or even Industrial Metals that were seeing also go down Copper Nickel well thats because yeah well thats because of a slowdown in production due to work related stoppages from coronavirus and i think that is temporary the question is how temporary but Precious Metals are a totally different story they are a monetary alternative to currencies that are being debased the world over particularly the United States so i think when it comes to earnings gold stocks are going to be among the few companies that see a huge boost to their earnings in fact theyre benefiting from the reduction in Energy Prices because energy is a key cost when it comes to operating a gold mine so gold mines right now literally are gold mines and i think investors are ignoring the potential even though these stocks have doubled off of their march lows theyre still very cheap and i think theres tremendous upside that most investors have not even bothered to notice yet christiania one more question and for you we have about a minute left while this more stimulus help the p. P. P. Program theyre implementing more rules possibly asking for even a return from some of the loans that went out this is this just came out a few hours ago kristie will this help. Well in my help marginally so like think about when it came to the can people like lets face it j. P. Morgan was one of the biggest when they revealed that it provided loans to virtually all of their commercial banking customers well linked funded about 6 percent of the applications for the p. P. P. Is. Now Small Businesses that actually need 4 banks in a lawsuit saying that Large Business loans for relief were prioritized over small farms who were then unable to access the funds and those were the people who needed it the most so that includes a chase and us bank where they were all named in the lawsuit where they claim that they process larger loans into the math the things that they would generate from originating and processing them versus that on the 1st come 1st serve basis of the Trump Administration had originally promised so they are trying to come out and she knew guided this to in order to help so that this doesnt happen again with the additional package things are already saying that they might have run out of money already well see how this all plays out peter schiff c. E. O. Of Euro Pacific Capital and with us cohost christi i think you. Thank you. Massive financial hits keep coming for boeing one of the countrys top defense contractors well the coronavirus halted production of boeings commercial airplanes and now the beleaguered Aerospace Company is being sued for hundreds of millions of dollars and this for refusing to return advance payments over canceled orders for its troubled 737 max but what does the future hold for boeing well for this we turn to legal journalist molly barrows contributor with americas lawyer molly good to see you but lets start with this how has a Coronavirus Impacted the company. Oh my goodness boy i bet boeing just hates to look at the newspaper headlines in the morning when some of their leadership gets up but i tell you right now theyre slowly getting back to work they started production of some of their planes after the stay at home order was issued by the government last month theyre just now starting to get back to work on some of those commercial airplanes but a lot of their facilities are still closed and you know this time last year in the 1st quarter they had produced around 150. 00 planes this year the 1st quarter its 50 planes and thats down from the 60 that was projected and you talk about operating it with some with some loan money theyve got about 14000000000 that they loaned that they took out in loans to help with operating expenses and because of these projections also demand overall expecting to go down because of the Coronavirus Impact in the Airline Industry so hard overall commercial plane production is expected to go down in the future that low number of this year is expected to double to about 14000000000 so its going to be interesting sara to see how they cope with some of these changes brought on by the coronavirus as well as the other legal troubles that he had a lot of legal troubles even before the krona virus like the 737 max of boeing crashes where they want to get those back up in the air within this year by this year by mid year that some say whats going on there. Yeah thats right they dont have word yet on exactly when those planes are going to be allowed to fly they are working with industry regulators to determine when that is going to happen. Of course as you know theyve been grounded since last year when they had those 2 back to back almost back to back deadly airplane crashes caused by that Faulty Software in the anti stall system you know they hold about 52000000000 in advances for those planes they had a lot of orders for the 737 max and now because again that demand is down they are getting some requests back for that money and in so its interesting theres a kuwaiti a kuwaiti Leasing Company that is now sued them just this week for 336000000. 00 basically saying that boeing has wrongly withheld that money when theyve canceled the order that they had for 40 of those 737. 00 max planes well and we may be seeing more lawsuits come up because we know china we reported on the surlier also canceled an order of 29. 00 undelivered planes of their own but molly barrows contributor with americas lawyer thank you so much for that report. Thank you sarah. Time now for a quick break but hang here because when we return were going to continue to follow the story of the rising unemployment numbers not only here in the u. S. But across the globe as we go to break here the numbers at the close. So i mean this is to put on the chain on the list and could you do a little spot thats. But you. Know. How much all those. Earlier i was going near them still. Also be able to show that was there was. A new prince not. So. Nice you. The u. S. Economy was booming numbers of people were made homeless. You can work 40 hours d in a week and still not have enough to get housing everybody believes america still has the lead up to the reality of the. Financial inequality and the lack of Affordable Housing or living minimum wage give many people new choice. Theres been a problem with a cd. Called the stay away all this. Because you know its the records. Most vulnerable are abandoned on the streets to become invisible. As a price of Oil Continues to go down the number of people unemployed continues to go up and as a People Struggle while waiting for their government stimulus checks to hit their bank account turns out that people have already gone their stimulus check well for more on this and latest numbers to bring in a fair and frans out. Fair enough on the surface whats whats going on here all right so again surface level here it does look really really bad because again you do have dead people getting their checks and the government has said that they do recognize that this actually is happening and they feel bad about it but the problem is that is actually a double edged sword see the i. R. S. Is trying to send these payments out as quickly as possible because people are suffering but each state they keep track of death records which are then reported to the i. R. S. But while the coronaviruses killing tens of thousands of people there is a time lag and its ultimately inevitable that some people will get checks do we know how many dead people have even received these checks so at the moment right now no but we do know that the i. R. S. Has issued 80000000. 00 in payments and ultimately some 170000000 people theyre going to get paid but this you know unfortunately is the 1st time that weve seen this little fiasco happened back in 2009 during the Great Recession 52000000 people got a check for 250. 71 of those people they were dead which was a good 17000000 dollars and one percent of those payments given out well now you have President Trump saying that you know sometimes you just send checks to the wrong person and were going to get that money back but on the legal side of it if you know legal experts do say if you were alive when this stimulus bill was passed and then you died technically you are entitled to that check. Speaking of checks now more people are also are not getting checks what are the latest with the unemployment we know its hitting some record highs oh yes so the dow jones actually projected that last week it was going to be 4300000 people well now its actually higher its 4400000 now you can see by looking here the only good news really sara is that last week there was actually a decline of 810000 but still its 4400000. 00 its the equivalent to everyone in the entire city of chicago and phoenix filing for unemployment believe it or not now the department of labor comes out with their new rate calculation at about 2 weeks but its projected to be around 23 percent the rate during the Great Depression was 24 percent now the grand total over the past 5 weeks its 26500000 this has protesters continuing to take to the streets in some states not even following these social distancing rules there and calling for the country to get back to work arguing that these stay at home orders are destroying the economy my employers let half of us go and those half are struggling to have that are working were struggling because we dont have the other half what im looking to home with family members that i know that have been impacted by this. Thing their businesses on the verge of cant sustain their story longer so i have friends and neighbors you know these businesses theyre gone theyre gone and theres a lot of businesses to be able to. Now the house is expected to vote and approve the 484000000000. 00 Coronavirus Relief bill which the senate did pass on tuesday so now its the house thats going to be sending it over to President Donald Trumps desk which he has promised to sign it pretty quickly now this bill is geared toward Small Businesses and hospitals and another big chunk is 25000000000. 00 for coronavirus testing and sarah you know this bill follows a similar one that was approved last week however that one actually ran out of money so fast it scooped up mainly by restaurants and hotels and national. Chains and that resulted in the latest bill being voted in the house a lot of big businesses to receive some of these loans and now the Term Administration is asking for them to return them to see if that actually happens here in fronsac or to correspondent thank you for that report. Mark terrible news for the economy these jobless jobless claims are continuing to lead to these new historic highs as fair and just reported jobless claims continue to reach these highs in the United States the 4400000 people now the numbers are higher than projected in europe the numbers are similarly terrible in fact new numbers show that as many as 60000000 people across europe could be out of a job within the next few weeks this includes 55000000 workers employed and high risk professions well joining us now to Washington Post and investigative journalist ben swan than a lot of distress here as if the economy really is ravaged by this chronic iris at this point virtually all Economic Indicators are pointing to the worst downturn since the Great Depression depression weve been mentioning that word for a few weeks now its been 6 weeks since the shutdown how does the economy come back from this at this point what listen ive been listening all throughout the show sarah and i think every single guest youve had on has tried to answer that question and i think everyone kind of comes back to the same point which is that the economy is not going to be the same you cant just flip a switch and bring everything back and the longer this continues the longer people are without work the worse it will become and certainly you know you heard those sound bites from people sitting in their cars at those protests who are saying that jobs are going to come back some businesses are not going to come back i mean there is an enormous weight that is on the economy right now as a result of this and you know when you look at those numbers and i know you alluded to it right here at the very end right for you came to me when you look at the numbers of the number of publicly traded companies that receive 600000000. 00 of that Small Business bailout it is disgraceful and i think it should be criminal to be to go in there and to essentially raid that money to say well we are a big fortune 500 company but we have subsidiaries in our subsidiaries are going to write all the. Its just discussed well the Term Administration now saying that theyre going to ask these some of these businesses to repay or to return these loans a centrally how how is that going to work. I do i dont know if theyll return them or not one thing that the trouble going to christians are going to try to shame these companies into returning the money is theyre actually going to publish a list of exactly what Companies Receive money and how much they got that actually might be a pretty effective way to get some of these companies to put money like you know shake shack return 2000000. 00 when their name one floated out there so other Companies May do the same if they know but i got to tell you the one that i think is absolutely the worst of all of Harvard University the fact that Harvard University got millions of dollars through this and then turned around and said not only were they not going to replace repay it they said were going to use it to help cover the cost of tuition for students who have been affected really so youre going to pay yourselves that money meanwhile theyre sitting on about 40000000000. 00 in and. Its just discussed its not just harvard its a few other universities as well and it is it which really is disgraceful here and i hope that this list is published and then people will actually see it but in europe some economists now expect the eurozone unemployment also rate to double from the current rate right now that were seeing at 7. 3 percent it could be as high as 15 percent in the coming months even after accounting for the millions of people who remain on payroll but are technically out of work and losing some of the same come but who in europe do you see as being affected the most. Well the people who are affected the most of the people who are affected most here which are Small Business owners and Service Workers you know people who work in hotels and restaurants those are the people who are being hurt the most and remember when when youre a Service Worker you are dependent on some business to reopen and to bring you back and a lot of businesses are going to have to contract so all those employees who are out of a job right now will not be getting a job when when the lights come back on the doors reopen and so in europe were looking at an enormous problem in terms of unemployment were talking about as you just said 60000000 people unemployed in the next few weeks that number there is more than double what were seeing here in the United States so its an incredible situation and when you hear people use terms like a 2nd Great Depression those term should not be taken lightly lightly its a very serious situation for tens of millions of people around the world it really is and we spoke with a professor Richard Wolfe yesterday who talked about the Great Depression and lets not forget these numbers are close to that he also said to remind people that the Great Depression did not recover the economy did not recover from the Great Depression its right for 11 years its a very long time its a very sad time and its scary pretty much but you know we have to keep an eye and do what we can to help and recover from from all this as we have been so we must cohost ben swan thank you for your time with us so. Thats it for this time you can catch boom bust on demand on the brand new portable t. V. App available on smartphones through google play and the Apple App Store by searching portable t. V. Or stream must buy your t. V. By downloading the portable t. V. App on apple t. V. And online as part of the t. V. As always check us out on you tube dot com slash boom bust our teeth will see you next time. With good reason. Public discourse is focused on addressing and finally each containing the coby 1000. 00 pandemic now the focus is on devastated economies where the recession will it mean if into a depression will the recovery be you. Or anyone else. So small seemed wrong all roles just dont call. Me old yet to stamp out disdain and become agitated and engage with equals betrayal. When so many find themselves worlds apart when you choose to look for common ground. Has changed american lives but pharmaceutical companies have a miraculous solution. Based drugs talk to people who are chronic pain patient and believe that their prescription is working for them on the remedy be said to. Price at the. Grocery dependency and addiction to opiates to long term use that really isnt scientifically justified and all study actually suggested that the long term effects might not just be the absence of benefit but actually that they might be causing long term. Hello there im an electric and youre watching in question broadcasting from the National Headquarters of r t america here in washington d. C. I want to welcome our viewers from across the nation and all around the world here are todays. Top stories 1st corona virus continues to grip the nation now california enduring its deadliest days since the start of the pandemic this as president signs of yet another relief package and then over to the u. K. Where more than 100 m. P. s are calling on the British Government to set up a universal basic income plan to help its citizens recover after the pandemic were going to discuss and a controversial plan to allow serve valence planes fly over baltar