Reported 1500000 more americans filed for unemployment last week this is up from the expected 1300000 well this also marked the 11th straight weekly decline in applications but also the 13 consecutive weeks or week where jobless claims remain above 1000000 well this is a total of more than 45000000 americans have filed for unemployment as a chronic virus continues to slow the u. S. Economy and with many states reopening and some old jobs are turning the total number of people receiving unemployment actually slightly fell well to talk more about the markets we turn to our panel. Last Trading Group cohost chrystia i am lets start with you unemployment data came from came back and its worse than expected but Something Else was also quite unexpected there we were getting it were seeing people getting Unemployment Benefits rather that are than there are actual on employed workers how did this happen. So when the cares abt what was put into effect in march to really loosen the rules on who could go after unemployment which contributes to that but also people are only considered unemployed if they look for jobs in the last 4 weeks they discount a lot of people who have given up on working for jobs and with people kind of discarded find a job market or maybe afraid still get in corona virus theres less people than been looking for work plus theyve really picked up how much you get paid for unemployment so youre seeing a lot more people get it and thats where that disparity comes in with the numbers where theres more people that are receiving you know harassing on foot well originally adam correct me if im wrong but i believe the unemployment numbers took into account those who werent looking for jobs because of the pandemic is that still the case. I dont believe so i thought its only within the last 4 weeks and then outside of that its not counted. Thats thats what i. Heard on the stock market now for you but i believe its just the last few weeks i see ok christie meanwhile there are still some huge backlogs in the unemployment payments to millions of americans what is out looking like now. Well right now there are still a lot of americans who lost their jobs during the crisis and theyve been unable to collect their unemployment checks like just on twitter alone you can see from these photos these massive lines in kentucky in the capitol where you have massive lines of people flocking to the State Capitol Early Morning wednesday in order to see person help in person because they havent been able to get on the phone or do it online so most of these states not just kentucky theyve been overwhelmed with the 10s of millions of unemployed Insurance Benefits claims that are filed and most of these systems have been in adequately staffed or just load balance to handle this surge of demand which has resulted in crushing Computer Systems clogged phone lines it further compound the problem so now we have more than 20000000 americans who are currently receiving checks and but many others are still unable to even access their 1st time check and benefits are struggling now to pay for food and rent and now in california where im at the backlog has now officially top over 1700000. 00 in 2 months so that means 1700000 California Workers who filed claims during those 2 months they are still waiting for their 1st time payments you said these lines are form because people cant even get a hold of them but out of going off of this looking at this this backdrop has this expectation for the v. Shaped recovery thats been overly optimistic that people have been expecting how can we get this bounce back in the market and how is it pricing in when new unemployment claims are back up over a 1000000. Its a really good question i think when you talk about what you do specific about. Because this is the stock market which is. And weve seen some. Remind me of the internet bubble and. Just. When they were. Just really. Its not natural but if you talk about the economy. Thats not going to be recovery. With jobs. You know. The world is not going to be better placed in the stock market is not because the world more could be should recover yes. No i dont know its not and its definitely been been the roller coaster of that weve been seeing in the market with the volatility and much like you said with this possible 2nd resurgence kristie let me turn things to a little bit of the tension there has been between china and the United States secretary of state my pompei i just met with chinas top diplomat yang joshi on wednesday what came of this meeting. All right now diplomatic observers are saying that this meeting showed that both nations they do not want their bilateral ties to be derailed especially ahead of the u. S. President ial election so expectations were fairly low for this meeting but at least tempers were kept in check as they discuss very sensitive topics such as taiwan hong kong the china belgium wrote initiative the high tech race the arms race as well as others so afterwards the u. S. Released a statement stressing the importance of american interests and the need for fully reciprocal dealings between the 2 nations across commercial security and diplomatic interactions meanwhile china also released in their statement that it hoped the u. S. Would be accommodative and push their bilateral relations back on track for coordination cooperation and stability and also reiterated that chinas stance on hong kong and taiwan was purely an internal affair and opposes any sort of foreign interference so now while the meeting was quite tempered theres clearly a strained relationship not to mention the fact that this meeting it was not. Publicly announced in advance and its still not clear to to this point which side had proposed it to begin with which really highlights the tension and the mistrust right now that now permeate between the worlds number one and number 2 economies and we saw this play out over and over again after the trade war which is still in effect they only signed a phase one or probably wont be seeing the face to any time soon and i want to move over to commodities when will or will ever the u. S. Shale rebound to prepare endemic levels do you see this happening. I mean. Its not going to be something i see how. Near term future. And that goes along with all the should be kind of groove you know. Like myself it was important to me for a 100 days i dont im signed you know comfortable so im going out playing golf but i still want to get on and there are. People that i know that have worked in offices their whole lives there. And as the number spike in other areas is something i think that goes with with no not with start up again and how fast well get there but you know if you ask her yes yes it will come back but the bigger question that i worry about these Companies Like your chance of. You know. The last is we come back and thats where you get into a piece of survival look at it you could start to see more m. And. Companies look to consolidate and. So. Id be really nervous if i was in that industry and i needed in the near term because i dont think youre getting the Energy Sector has definitely been hurting a lot kristie about a minute left but the u. S. Production has plunged by 600000. 00 Barrels Per Day is this the new normal. It certainly does seem to be the new normal because right now were taking were taking production cuts all around the world and especially places such as the middle east. Thats russia such as venezuela which rely more much more heavily on the oil economy than the u. S. So those economies are definitely hurting and at the 1st chance it gets whenever demand actually rises again theyre going to be theyre going to be surging oil back into the market thats only going to drive prices down so the u. S. Is going to be more so Collateral Damage in the midst of all of that especially because they are looking for more of these cut out of mush of the Trading Group and boom bust cohost christine thank you both for your time today. And. There are now fears a trade war could erupt between the United States and europe after u. S. Leaders walked away from negotiations over taxing big digital Companies Like google amazon and even facebook will some European Countries plan to move forward with new International Taxes anyway which could then lead to the u. S. To retaliate with tariffs on some of their products were legal journalist molly barrows together with americas a lawyer joins us now with more molly good to see you why are european leaders proposing new International Tax rules. Well there they say its long overdue that there needs to be a major update and overall these International Taxes in order to bring it up to the modern digital era theyre basically looking at big Digital Companies that are based in the u. S. Getting corporately tax in the u. S. But not having to pay corporate taxes anywhere else in the world where they have hundreds of millions of customers and are raking in hundreds of millions of dollars each year so youre being countries have started to levy these digital taxes in the past year and they had them on hold as long as the u. S. Was willing to negotiate well this week u. S. Trade leaders said were not like in this it looks like its going to move forward regardless and they feel like theyre being unfairly targeted essentially because the current rules say you can only be taxed in the country youre producing the product you have to have a physical presence in order to be faced with corporate taxes but these countries are still i mean these companies are raking in a lot of money in these other countries where theyre not based but their customers are because its a digital era and the u. S. Says well you. Were going to write these rules to where companies that make a certain amount thats what theyre proposing is that companies that meet a certain income threshold are the ones that are taxed that immediately makes a number of these very Big Companies that are based in the u. S. Targets is what u. S. Trade leaders are saying they feel like theyre being discriminated against so theyre not happy about and thats why they walked away well at least it looked like there was supposed to be a conversation about this weve seen the United States the great wars with other countries in the last couple of years and some took a you know you managed to to get into one with china the worlds 2nd largest economy and that caused a lot of harm to to the economy especially to certain sectors like farmers for example but how is a potential trade war now stemming from this and break it down for us what would that look like with the European Union right like you said sara we cant afford another trade war with any country at all much less dozens and thats essentially what you could potentially be looking at because theres 140. 00 countries that were part of this group if you will that was trying to negotiate new tax rules and the United States has been seeing this coming for some time its no real surprise that they dont want to participate i think people realize that they dont want to see their Companies Paying taxes but basically what the us is saying is hey if youre going to if youre going to make us pay taxes which we think are unfair then were going to add tariffs on to your products so some countries say theyre going to wait before they move forward were talking about tax rates of anywhere from 2 and a half percent to 7 percent from countries like italy france hungary a few in many many others but france is saying you know what we dont care that you walk away were going to go ahead move forward with our digital tax i think 3 percent and thats when u. S. Trade leaders said you know what you can do that and then were going to start taxing your goods france including shipping of champagne. Basically other i dont like shopping items purses bags or yes only do all the good i mean its a shame much like you said we cant afford another trade were not only because of what weve seen with the u. S. In china. But because of what the world is experiencing recessions all over the European Union the United States just turned into one so a lot of companies or countries already hurting but are u. S. Companies still subject to this new tax. Actually no because current tax treaties i mean they are they are they dont have any control over is what im saying current tax trees dont exempt us from being able to say were not going to pay it i dont know exactly how that will break down if they just keep walking away from negotiations but i dont think this issue is going to go away and thats why there is a real threat of a trade war and the leisure mentioned before donald trump president all trumps trade war thats ongoing with china this could potentially be a problem here as well because hes. Launched a series of trade investigations into numerous European Countries basically saying hey are you unfairly taxing us if you are 7 then were going to put more tariffs on you so its this tit for tat retaliatory attitude that could potentially lead to even more economic problems not just at home but across the globe so you know u. S. Companies may think they have the choice to walk away but you know the biggest thing that these tax taxes the new tax system or actually has going for it is that you know theyre outside the scope of tax treaties so they the u. S. Doesnt really have a leg to stand on to say no we dont want to pay it well there were already taxes implemented over the air bus issues that we saw with the United States putting tariffs on certain products from from europe so i mean only only time will tell but it doesnt look like you said like this will go away i hope and pray that we dont come into another tit for tat trade war because again the United States and other World Markets cannot afford any more money barrels contributor with americas lawyer thank you so much for your time. Sarah. Time now for a quick break but stay here because when we return chairman Jerome Powell says the Federal Reserve is ready to buy a Corporate Bonds to keep the market moving but critics say it gives the fed too much power to pick winners and then pick losers as we go to break down the numbers on the. Tara reid outbreed i turned on the t. V. On the about the world it was happening around me i see shows on the screens but in last every day because the fake news narratives that a state lead to maybe cooling his clock build enough prisons with farm after barbara fabric globalists to make it my own house plenty off this endless war but i found a network that will question science great news that space civil strife Climate Change savile will be called simplify lists all the mainstream wants to do is keep us quiet you watch the right you cant keep a silenced critical point says both perspective question inside direct we dont take sides we walk the walk our t. V. America of means real talk. You cannot be lonely with yeah you like. Im holland cook i invite you to climb with me both of the Mainstream Media buyers and from that higher frantic search to glimpse the big picture question more. The World Health Organization has welcomed the preliminary results for the steroids xom at the cell in that country critically ill kovan 1000 patients published earlier this week however w h o chief ted rose added on gabriel said research was providing green shoots of hope and should be reserved for serious cases in which it has been shown to provide benefits all this while the agency hopes for a vaccine by late 2021 were hoping that didnt 2021 that we will have 2000000000. 00 or one or 2 or 3 effective vaccines to be distributed around the world because of all the investments going into this week lets see we will have 2000000000. 00 thats by the end of 2021. We should be able to vaccinate at least these priority populations. There are about a dozen kovan 1000. 00 vaccines in early stages of testing worldwide the w. H. O. Is currently working on developing an allocation framework for how these act scenes that would be distributed. For having a better idea of how the Federal Reserve banks Corporate Bond buying program will play out will corning to fed chairman Jerome Powell the program will entail mostly individual company debt rather than Exchange Traded funds well powell told the House Financial Services committee on wednesday over time will gradually move away from e. T. S. And move to buying bonds powell said its a better tool for supporting liquidity and market functioning well joining us now to discuss the film best cohost investigative journalist and michael pentode but lets start with you explain this Corporate Bond buying program to us and exactly how it works you know a lot to talk about here but essentially back in late march the fed announced they were going to embark on really 2 facilities which they said would jump start this 9. 00 trillion dollar corporate debt market and what they said they were going to do was essentially go about buying bonds directly from the issuers in one case and in the other case that with them purchased them on the open market now as you just said that german drone powell on wednesday came back and said that rather than doing that through e. T. S. They would now kind of focus on buying them directly from the issuers themselves so thats kind of the general picture of what this consists of but obviously theres a lot of details when you really look into how the fed is going about doing this and whether or not they even can be doing this under the way that the laws are shorter right now it is and its been criticized for it now its a big move on their part from what theyve already done michael what makes this program so unique though compared to other efforts by the fed it to keep this u. S. Economy moving forward. Well 1st of all banks ramiele the program so 1st it was the size you know from the wave of the Great Recession already through the peak of the feds Balance Sheet that was 7 years in duration and instead of crisp and 3. 00 trillion dollars well you know what in less than a year the feds Balance Sheet increased by 3. 00 trillion dollars it is now 7. 00 trillion dollars in size and by the way the feds Balance Sheet is supposed to be something composed of government guarantee debt a small city buying sure asia reads results resupplying funds for the fed funds market which is overnight lending between 2 banks were to actually get the rate to buy junk bonds collateral is a Loan Obligations treasury and the fed are set up for usual orses and not many people care because stocks are almost back to an all time or Michael Powell thing that the fed to keep markets going to keep market liquid but there is obviously a lot of criticism in this program. Yet good market who is that were in the feds mandate i thought it was full employment stable prices of course they were places presence now means 2 Percent Inflation and thats a symmetrical target so now it has to be above 2 ringback were the same duration and amount that it was low to and right now the way the fed measures inflation is 0 so this is whats happening now opens the treasury market the Municipal Bond market the Corporate Bond market to jump on the market the c l o mortgage and by proxy the Real Estate Market and the stock market theyre all in a massive bubble all by the Federal Reserve if you never simple a hole remind you that in 2019 they were reducing the size of the best Balance Sheet went from 40 m. Chilean to 3. 7 trillion and the wheels fell on the economy it went bad security and lower rates retire. Since you already have it 1. 74 percent so theres traps never a want to spend its going to grow and grow and grow and so we sat and played our way into it with all the right had already been lower and had already been lowered prior to preplan demick but i think people forget that so i guess the point you bring up a good people forget how much the fed actually how many of these entities the fed actually own but better go have. They only i mean im sorry and recent years are going to them for i was watching some other channel say c. N. D. Yes i would say your name channel and they should and this is where they say this is not really relevant in the room because they are not buying assets oh well market prices below they are the mortgage or certainly these mortgage prices we should be very concerned doesnt sound like a free market these days ben michael just pointed out some of the biggest problems right now but theres been other criticism to indicate that what the federally is doing isnt even legal is that true well its not really legal because its exactly what michael just said he made several great points there but essentially what youre talking about is the fed has a mandate for unemployment as he said they they deal with Interest Rates they keep those Interest Rates low theres a lot of questions even about the tactics theyve already used in the devaluation of the dollar as a result of what the fed has been doing but heres where this is especially significant is what michael pointed out here is that ultimately the fed right now is buying junk bonds they are buying essentially bonds that look if you go back to 2008 what was the problem that we had we had bundled junk bonds that is essentially crashed the market the 1st time the fed is now going out and buying these up right now and saying that this does fall within their mandate because essentially the fed is pretending that its mandate is to save the u. S. Economy it is not the mandate of the fed to save the u. S. Economy and by the way when the fed decides unilaterally that this is now its mandate it also means that the fed is deciding what saving the economy equates to and the fed doesnt that have the authority to do that and to decide what it has the authority to buy and to take up so essentially whats happening is the market is being flooded now and the only thing the fed in the past has been allowed to do is buy up these e. T. S and now theyre saying were not going to do that anymore were going to go directly to the issuers. Of these junk bonds and were going to buy directly from them where is the accountability in that process and there is 0 well about lets turn it over right now to the employment numbers weve talked about this early in the show weve seen the Unemployment Benefits rise to new levels paul is now saying that those should be extended beyond july while others are saying that theyre going to deduct the weekly unemployment check that people are receiving why is that so essentially whats happened is this that with the Unemployment Insurance and issuance thats been going on since coronavirus came along congress up the amount that simply people received by the additional 600. 00 the problem with that is by upping that to 600. 00 and that was supposed to last until july 31st by doing that youre essentially making it. Basically a better value for someone to be unemployed and receive that check than they were having the job that they lost as a result of coronavirus so there are a lot of workers out there who say right now im making more money through unemployment than what i was getting right by actually going to work so i dont plan to go back to work or im going to hold off as long as i can the problem is yes youre trying to help people in the short term by saying we dont want there to be a big shortfall but what Jerome Powell is telling congress is that is that Congress Needs to extend this and keep it going indefinitely in even give a timetable for when to do it he just says continue with past july and keep it going and if you do that your d. D. Incentivizing businesses to reopen and people to get back into the right force not that i internet dangerous thing thats why investors are so into the market michel last question the fed will probably not lift all companies with so much stimulus that not all sectors what does have strong factors that were looking at some stock strong picks in your opinion. Well 1st of its a bit better is very great and hes got great here and. There i would say this that it is 29000000 people unemployed right now so if youre out there buying momentum stocks and stocks you could get crushed were really were you know high right now you cant really buy the bond market because a 0. 7 percent thats and youre offers little to no protection option i mean the. Role i would say you have to do is you know some Precious Metals farmland. And maybe some place you know platinum that where were you hiding i mean i want an active strategy long and short term as you said you were very well for us thank god but if youre a passably manage youre going to get slaughtered well absolutely and i will see how much more the fed plans to do because they wont stop until they said that the recovery is maybe in a few years michael pentode president and founder of pent up Heart Failure strategies been best cohost and best again of journalists and so on thank you both for your time today. Thats it for this time you can catch him bust on demand and catch us on youtube dot com slash boom bust our team wealthy in acting. Look. The guy down the block from where you. Are fanning. Stop being. Created an extension on a sound she bought a new boat he got a new car plus 5 new cars he brought another new he brought a lot of jewelry hes live in a large would you say. Well on that street just forced. Into that. Because hes able to make money and spend that money would you say that i mean thats not hard to comprehend. If the epidemic continues as a disease the economies will not recover we will not trade tourism. Investments we will have continuing very deep economic crisis. Hello and welcome to redacted tonight v. I. P. Camp today i talk with journalist photographer filmmaker and creative activist eleanor goldfield shes also the cohost of my podcast common sense or but she has a new film a new documentary out called hard road of hope about the long term destruction of the land and the people of West Virginia its a beautiful and powerful film but she has also been covering the recent protests against Police Brutality so well be getting into that as well later in the show naomi cure vonnie will break down the militarization of our police and handers really will get into the insurrection act of 1807 which trump said he wants to use to go to war with protesters but 1st heres my interview with eleanor gold eleanor thanks for journeying all the way from our podcast to my show i appreciate it. Thanks so much for having me i want to get to the new film and a moment but lets start with the nationwide black lives matter protests youve been at some of them as have i but you were pepper sprayed and saw some harsh Police Action can you talk about that and how journalists have been treated so far in these protests. Yeah i think its an interesting thing that the folks kind of erupted in shock folks that arent already familiar with alternative journalists and and all of the things that we have to deal with but