Year now the Economic Growth was a sharp rebound after the worlds 2nd largest economy contract by 6. 8 percent year over year for the 1st quarter of this year now china was the 1st nation worldwide to start lock downs and stay at home orders in january but most restrictions have since been eased more positive data came as industrial output jumped 4. 8 percent year over year for the month of june better than initial estimates from economists now some experts see these data points as a sign of an economic recovery for china however retail sales fell by 1. 8 percent for the month of june worse than analysts expectations but better than the loss of 2. 8 percent in may now meanwhile here in the United States the u. S. Commerce department announce retail sales for the Worlds Largest economy grew by 7. 5 percent in june after a massive jump of 18. 2 percent in may now this of course comes as restrictions have softened in certain areas of the country despite recent spikes in coronavirus. Cases and as is generally the case on thursday the Labor Department released the latest numbers regarding jobless claims here in the u. S. Initial jobless claims came in at 1300000 for the week ending july 11th now this marks the 17th the straight week in which claims eclipsed 1000000 now according to the data more than 51000000 people have filed jobless claims since the end of march for more on this debt is the state of equities lets bring in some expert analysis from Octavio Renzi c. E. O. Of optimists as well as goo bus cohost christi i thank you both for being here today now christine i want to start with you what does this report mean for chinas economy and is the recovery there well underway. Well it seems like the recovery balance post corona seems to be strong and activity is looking like its returning to normal china is now the worlds 1st major economy to report positive Economic Growth after the crown of iris however what was really really unexpected that you mentioned earlier is this drop in retail sales for the 5th straight consecutive month now this was definitely not expected and could be quite problematic for the rest of the world because as you know china is the Worlds Largest consumer especially in the luxury goods segment so this actually could be quite problematic for every other exporter and seller and so now the major question still remains on whether or not this momentum seen in the 2nd quarter of this year will continue on into the 2nd half of this year when theres still a lot of underlying structural damage so itll be hard to continue to grow if chinas Consumer Recovery still remains sluggish and then on top of that theres still this escalating confrontation between china and the u. S. We job markets and disruption by the summer floods so its just what we like to say like good news is bad news we actually saw that today because the shanghai index plunged 4. 5 percent on this report that it beat expectations on the surprise beat that looked like good news however the market fell due to fears that this good news would force the government to enact more medicine or to tighten Monetary Policy to cool off the recent sharp rise in the market in our tovia activia i actually want to move on to equities here ernies we continues as we see reports out of the bank of america where profits fell by more than 50 percent for a loan losses how concerning is this to you especially if we continue to stay in a low Interest Rate environment for these big banks. Well i think among the big banks in the u. S. Youre seeing a real sort of bifurcation in 2 directions so is the retail and commercial banking thats taking a big hit is it in terms of the low doses and reserves but i would point out these of cost losses rather than actual losses so these big banks being very very conservative managing their Balance Sheets and saying were going to put a lot of money aside to make sure that sings if things get worse and. Delinquency rates keep going up there will have an awful lot about it she has to say whether thats so delinquency rates on loans are up a bit but not as much as you might think given the state of unemployment in the economy in these terrible job losses numbers that weve seen coming out of the u. S. On the other side of the house however on the Investment Banking side Trading Asset Management things are going swimmingly well so we saw Morgan Stanley come out with its best corker ever Goldman Sachs did very very well and that those big other commercial banks seed bank j. P. Morgan weve also seen the Investment Banking activity do very very well indeed and thats all been engineered by the fed with the fed is just piled so much money into the u. S. Markets the markets bounced up very sharply and Investment Banking is doing very very nicely thank you as a result of the us now kristie is sticking with earnings here to tesla is actually set to report earnings soon and after this massive rally it is now on par with shares of google and other consistently profitable heavyweights so what are the expectations going into this Earnings Call for elon musks baby their entire. I shares have actually quadrupled emprise this year with volume nearly tripling this week from the 6 month average so the rally boosted tells us market value now to 325000000000. 00 so for everyones reference tesla is now over 3 times the size of the entire s. M. P. Autos and part sector even though that the overall share of the global autos market has only represents a point one percent growth from 2017 to now only point 8 percent in 2020 so the street is hoping that this quarter finally tesla could surprise the market with a quarterly profit which would put the stock in to join the s. And p. 500. 00 within 3 to 6 months so we talked about this before it because this would be a a major step to for tesla to be included because it would bring about liquidity to the stock and more access to the stock there passive and thats a miracles so im now their potential catalyst that everyone is looking forward to is this battery day call on september 22nd where the company would unveil its quote. 1000000 mile battery and showcase advances that put the company ahead of its competition in terms of its Battery Technology so this is about it that would supposedly last for decades and withstand all type of weather and terrain but right now all in all tesla is still extremely overvalued you see the momentum slowing down and kind of telling right now currently the stock has topped off its rally and a settling down as even momentum traders are kind of settling down and cautious and getting out of it ahead of her just in case. We just talk about the weekly jobless claims are still coming in above 1000000 for the 17th straight week now in the u. S. And coming in worse than expectations these are signs that the long term damages are beginning to mount with permanent layoffs beginning to climb what do you make of this and will this recovery bounce actually plaxico. Well in terms of the jobless claims i think extrude going to be difficult to compare that with Historical Data because we dont quite Different Things the eligibility for Unemployment Benefits thats been low so its been expanded in almost all sorts of people who in the post would not an eligible now in its will and the benefits have been massively expanded as well thats of course could encourage more people to file so its really hard to say what do these numbers mean with the numbers in the past in the possible mean wouldve been a horrific number now quite happy its coming down in the right direction but were still very very high but its so hard to say it was sort of very much in terra incognita we dont know exactly where these are going to have to compare this historic to so very hard to say on that front and i think anyone knows what its going to go to school in themselves and the noodles so i would be prepared for more numbers coming out this way its going to continue for some time but bear in mind it might not be as bad as it looks because its not we will to the pasta talking about Different Things were mentioned in a different way and weve got different benefits at the moment now octavio and actually follow up with that because are we going to see the u. S. Start to follow the same trend as china which we actually talked about seeing some Economic Growth you know the market has been on a tear so we start to see the fed in if we get a good 2nd quarter print and start to look at maybe bringing those Interest Rates up a little bit stopping. What are you seeing here. Im seeing q. E. Forever basically and i think the market has had this sounds like engineered exclusively by the feds money tree largess and pumping it treatment of dollars into markets buying up every bone they could find and money of course finds its way into the equities market quite quickly the fed is that its the only game in town makes marcus we just heard about tesla i would say its also for reflection of all this very easy money coming into the market and pushing up stock prices in fairly bizarre ways the fed i believe knows as i think the market knows a rule and as soon as the fed starts to draw it were going to see some real unpleasantness in the market so they have sort of painted themselves into a corner just today the head of the new york fed saying its soft assumes to raising Interest Rates again the economy is going to need all support for years to come so i would say its good because of using for as far as the eye can see and as soon as they saw the thinking about increasing Interest Rates and saw indications of the market there even considering that were going to see a gnostic correction coming down then kristie whats your take on the situation. I think is absolutely right because right now that the market has been entirely supported by the fed and the central bank but china on the other hand theyre saying theyve theyve been through this already in 20142015 they say well how dangerous it could be at the market gets to overheated too quickly so that is why right now the they have been gradually withdrawn liquidity from the market for about 89 consecutive days now which is why the shanghai composite suffered this bad of a print today even when they actually posted some very good numbers that the expectations so the u. S. Has been painted itself backed into the corner because right now if if we all of a sudden started to tighten the quiddity we would most likely see a crash much greater than that of the shanghai composite today. Cohost kristie i think you both for that expert analysis. As we continue to discuss the economic storm brought on by the cold 19 pandemic lets go ahead and take a global look at the spread of the virus with our 2 correspondents are to have a day or so where are we worldwide so brenda right now in the numbers are just just keep going higher confirmed cases over 13800000 right now globally global deaths over 589000 looking over to the u. S. Now theres more than 3650000 cases and deaths now have reached over 140000 jest in the last 48 hours i want to go over the numbers of new cases that are currently affecting the 10 most again affected countries now the u. S. Of course that is leading but whats different here is that its followed by india and brazil and now south africa thats actually taking the place of russia and russia falls after south africa and now again in latin america theres of course that Mexico Colombia and peru now here we have also iraq being added to the list which was replaced with chile and iran is continuing to stay right here on the list of new cases now also want to go back to the u. S. And the hardest hit hotspots which remain to be california arizona texas and florida and now in california theres been over 9600 new cases reported in the last 24 hours and the state is currently setting a record for hospitalizations and i. C. U. Admissions now brian theres also talk about a possible new lockdown in Los Angeles County now in arizona which is the most resistant state in the country when it comes to face mask now they have over 3200 confirmed new cases. Just in the last 24 hours and morgues are also filling up in arizona there also seems to be a serious medical staff shortage in the state now moving over to florida theres another day of soaring cases now the Sunshine State recorded nearly 14000 new cases thursday bringing the total number of cases to more than 3 115000 others also currently more than 8600 people currently hospitalized across the state and as a wednesday more than 50 hospitals have reached intensive care unit capacity and 0 beds available and in miami where the main of the outbreak is hospitals have reached 95 percent capacity now moving over to texas right here where in counties that have skyrocketing hospitalizations and are bringing in refrigerator trucks as morgues are starting to fill up now and while hospitals are starting to get full and tech says it has also prompted the federal government to convert a hotel into a Health Care Facility so as you can see these hotspots remain to keep increasing brand but most are there has been some controversy over where and facemasks around the United States how are local municipalities handling mus so currently there is no federally mandated were a face mask but the center for Disease Control prevention says everyone should wear masks cover when they go in public so while some states continue to make this a partisan debate some u. S. Retailers these big names that you see right here are taking this in their own hands and announced plans to require customers to wear masks while inside their stores but here is the problem brand if any of these retailers that you see right here are in states like georgia they can actually make customers wear a mask and why thats been. Because georgia governor a republican has issued an order no finding all local local mask mandates definitely bizarre rules there from the governor our chief correspondent side tabular thank you for keeping us up to date. And time now for a quick break but here because when we return the price of copper copper recently driving optimism for the Global Economy moving forward but is this gold warranted straight ahead we dig into the details and as we go to break here are the numbers at the close already profitable. Or her. Or. Her. Or. Her. The money is in my. Name because it was me. That. When we were in the same. Scene the following to him but im before. Him but. Now im not moved on. Thats right weve entered the global depression still longer recession to get the recession. Or depression this will last a few years. And welcome back with the Global Economy struggling thanks to the coronavirus there are few bright spots that bullish investors seem to be grasping onto one of those is copper in fact copper is seeing the quickest rally it has had in years as the industrial metal is surging now up 35 percent since march joining us now to discuss cohost an investigative journalist ben swan and our friend from ca and c. E. O. Of Euro Pacific Capital peter schiff thank you both for joining us as always today now ben why is copper doing so well right now. Well as you said because it is an industrial metal and so its has a practical use that other Precious Metals may not have so obviously when we talk about homes a copper is a major component there are even cell phones so there is a use for it that youre not going to get with other metal certainly that youre not going to get with precious metal like gold a lot of bullish investors are kind of leaning on copper right now hoping that the rise in its price shows that the economy is coming back in certain places around the world certainly as you guys talked about in the 1st segment with the issue in china right now so we are seeing a kind of a surge in the price of copper in china right now and it is up quite a bit since march about 32 percent so copper is doing well but that doesnt necessarily prove anything because remember just because investors are bullish on something doesnt mean that its going to be a sign of anything other than investors hoping that something does well peter whats actually happening with Precious Metals right now especially gold seems to be edging a little bit higher at this time what are you seeing here. Well 1st of all the idea that gold doesnt have any practical uses is just not true i mean gold does have industrial uses is just that the monetary use of gold often out shines that but if gold didnt have real use properties then it wouldnt be have any value in it it couldnt be a store of value but yes i mean whats truly driving the price of gold now is a awakening realization that the u. S. Dollar is headed much lower were basically threatening to print it into oblivion and other Central Banks are you know following in our footsteps i dont think theyre being as reckless as the fed but still people around the world have to look for alternative stores of value they cant just hold currency because theyre going to be taxed to death by inflation and so the demand for gold is only going to get higher from here so the price is going much higher i think all metals are going to be driven higher by inflation so im bullish on copper to. Too but for Different Reasons than bullish on gold i mean sure gold is used in industry but i think the demand for it as a monetary alternative from both Central Banks and from private citizens is going to rise dramatically in the months and years ahead and. Silver is in a tough spot right now even though it should be rallying against the u. S. Dollar it really hasnt been able to get above the 20. 00 level is that going to change anytime soon. I guess were going to wait and see if it changes i mean i think what peter said there is true that all metals are probably going to go up somewhat but silver seems to be lagging quite a bit it also has a lot of industrial use and by the way just to be clear i didnt say gold has no industrial use i said its not to the extent certainly as copper right copper obviously is going to have a much greater industrial use having said that though look i think silver is surprising some people maybe peters not surprised by it i know hes actually predicted on the show before that silver was going to take longer to get to rice but i think some investors are surprised by it because you would expect it to be doing better than it has been its kind of lagging where it should be and not exactly sure when thats going to turn around. The u. S. Actually peter before i get to the next question i was going to ask you what do you see and when it comes to silver. Well look i think silver is an incredible bargain i mean bargains tend to persist for a lot longer than you think i do think that theres a chance that weve seen the low price of silver in terms of gold for the cycle silver has moved off those lows but historically the relationship you know silver is still very very cheap i have a feeling that one silver breaks out its going to have a spectacular move i dont know when thats going to be but i think smart money is accumulating it until it does i do think there are some people that have been buying gold and shorting silver as a spread and i think at some point that spread is going to be unwound if you know that process hasnt already begun but i have a feeling. Once we get through that 20. 00 range i mean were barely above 19 i mean were trying to get up there but i think once we could really get to you know handler 20 hand on the price we could have a very quick move around the 30. 00 level so there is a lot of upside in silver so people should just be patient and wait for my i feeling is that its not going to take much longer at this point although how much longer i can tell for sure and updated as to where i want to go next the dollar strengthened on thursday as investors focused on 4 chinese retail sales it said of the stronger than expected Economic Growth last quarter how are struggles in the chinese economy actually affecting the u. S. Dollar at this point. Well i think problems anywhere in the world boosts the dollar because the dollar does have this mystique about it as being a safe haven asset and so when people are worried about their own currency they seek out refuge in the dollar i think thats a mistake i think theyre going from the frying pan into the fire theyd be better off looking at gold rather than the dollar or even other currencies that i think are you know superior to the dollar but you know a lot of people expected a much bigger dollar rally. Around look at the dollar index in march got up to about 103. 00 but here we are now back down to barely above 96. 00 so the dollar has been trending down much to most peoples surprise but that is not a surprise to me i have been expecting a weaker dollar and i think the dollar weakness is just beginning i think this slow decline is going to turn into a freefall i think when the world really appreciates a predicament that were in and the enormity of the money that were going to be printing and the deficit were going to be financing with debt monetization by the fed i think the dollar is going to fall through the floor and thats going to usher in a whole new set of economic problems massive stag fly. Nation something that weve never dealt with in this country and we did it in 1970 s. But that was just a small taste of it and in order to get rid of it that required 20 percent Interest Rates so if you can imagine what would happen to the u. S. Economy today if Interest Rates even got halfway to 20 percent given the enormity of the debt we now have absolutely not now ben i have an interesting story i want to hit on here before we get done we talked about commodities are tied to gold copper all that now and now were going to head of course because a lot of the here dozens of high profile twitter accounts were taken over by big coin hackers who posted messages on behalf asking for covert 1000 donations and those posed as they posed as billionaires bill gates Jeff Bezos Elon musk Mike Bloomberg and what more and buffett as well as former president barack obama and v. P. And president ial candidate joe biden did they actually get away with anything and how did they actually pull this all off yes i think this story is less of a big story its more of a twitter security story but it is pretty interesting because you got about it they claim they got about 100000. 00 so theres no way to verify that because that is a lot of times when these things happen the actual people asking for the money will actually move over the money into accounts to make it look more successful than it actually was the reality is this if you post for an hour that youre president barack obama saying please send me a coin so i can match your donations how many of his followers number one are even going to respond to that number to even have access to coin fast enough to do it and they were only on for a few hours to be able to do this the bigger story is the fact that twitter turned around you know they even said fairly some of our employees were compromised and so theyre trying to figure out where this came from was it internally and employees working for twitter who did it or were they clicking on links and lost access to it so i think thats the more interesting story is the tech side of it and how did the company like twitter get taken advantage of so quickly and so for peter schiff of Euro Pacific Capital capital and you could catch a marathon interview with him and joe rogan on the job rogan experience as well and boom. Cohost bence what thank you both for your time and that is it for today you can catch boom bust on portable t. V. And that can be found a portable t. V. Next that. Is anyone safe in the era of wrong conservatives are to fight for him to monetize then shout about those with the easy ones now the mob is turning on its own wrong thing demands conformity and does not bring dissent is freedom of speech now only the one. Problem drugs dont always come from unscrupulous dealers but from pharmacies too in every state in the United States weve seen very sharp increase in the number of people seeking treatment for addiction to prescription opioids and invented america under the banner of medicine persisted with the pain but instead of trying to wean him off though she just goes after dose after dose after dose and really became his drug dealer so whos to blame patients doctors manufacturers all the governments. During the vietnam war u. S. Forces also bomb to neighboring laos it was a secret war. And for years the American People did not know. How much it is officially mouse can rebound country per capita. Human history millions of unexploded bombs still in danger lives in this Small Agricultural country Jordyn Wieber going to continue to happen. Even today kids in laos full victim to bombs dropped decades ago is the us making amends for the tragedy in laos wont help to the people need in that little. If youre born into a poor family if youre born into a minority family if youre born into a family that only has a single parent that really constrains your life chances. Generational poverty. Fight every day you meet your needs and the needs of your family. Immediately you see you dont need. Him you dont need your music you dont need even. Just you have just to get it. Just. When you are. Actually i think he sees it be could be charged in terms. Of price. Needs to be tracked. Her life. All over the place. And the full tilt to the. Other. Women. The British Foreign secretary accuses russia of meddling in the u. K. General election. Still cant blame on moscow the kremlin strongly denies the allegations. Study in germany says Vulnerable Children were fostered by sex abusers for decades and that the authorities probably knew about. It. Demonstrator and police in new york several officers suffered injuries including an n. Y. P. D. Chief earlier in solidarity with. Those are your headlines for more of the stories you can head
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