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This is the bus the one business show you cant afford to miss on fairmont a stale day in washington coming out of Senate Republicans unveiled the much awaited counter proposal on another trying to fire a stimulus package but it doesnt come without democratic criticism its frustrating because theyve delivered for 3 months when there would steer various very serious cliffs that hurt lots of people. In us and australia officials are holding their annual summit on tuesday china is expected to be a primary focus for those discussions we have a pact so today so lets go and. Big stimulus this week as the g. O. P. Rolled out their new one trillion dollar krone virus relief package bill on monday Senate Majority leader Mitch Mcconnell unveiled up plan dubbed the heels are we meaning Senate Republicans ministration have been consulting over the last few weeks to come up with a realistic proposal. With what we think is an appropriate amount of Additional Debt to be good to the economy at this time. We think it is about a trillion dollars. And weve allocated it in a way that we think makes the most. For the country at this particular time. Already theres a split between Senate Republicans on the bill but next come to go sheesh and what the democrats this is ahead of some looming deadlines all Senate Minority leader Chuck Schumer called the relief package totally inadequate perhaps the most controversial is the unemployment a that runs out on friday and Unemployment Insurance their proposal is fraught with all kinds of problems 1st you dont tell someone whos lost his or her job to know fault of their own that youre getting a 30 percent pay cut. That is just not fair and not right there are so many people unemployed they need to help 2nd this program which we extend till january 31st in the heroes bill has done more to remove people millions of people from poverty or prevent millions of people from going into poverty than any other. Well republicans have criticized the 600. 00 a week benefits they argue that quite often the unemployed workers are actually earning more money on unemployment than on the actual job in may the democrat run house approved a plan to extend those 600. 00 through january for more on the market and were joined by bill with cohost christy i and c. E. O. Of open healthy octavio morency a fabulous start with you i want to start to dig into this chrono virus relief bill thats now going to congress there are still several points of contention one of them i just mentioned was the decrease in Unemployment Benefits what are some of the other issues were looking at. What i think were basically talking about the overall scope and scale of it is a question is that one trillion was a 3 trillion over all but one big point of contention is the amount of aid to local and state governments so the democrats true to their cause want a greater amount of relief to state and local governments and republicans are being rather stingy on that front theres also a question that various things have been some snuck into this bill. Might sort of reduce Social Security payments in the future so its basically the Unemployment Benefits the size the relief checks that families are going to get and then also the aid to local and state governments those are the 3 points of contention but i think both sides want to find a solution here they both want to get stimulus out into the market so i think theyll find some sort of compromise fairly quickly it sounded like a speaker or House Speaker nancy pelosi said that theyre ready to start these discussions that will probably take a few days ottavio there is there are some big banks that might be benefiting from this what came out of that. Well big banks would benefit me because the other points in there like Student Loan Relief and things about solar and luis and so the big banks are looking at a problem with their feet looking at a cliff and saying were going to have a horrible loan in short order so theyre very much afraid that theyre going to have a problem with people defaulting on loans basically credit cards and answer. Lines of credit this kind of release is of course going to make you that much easier for people to carol lins and will basically bail out the banks and direct you so the banks look like theyre going to be some some easy going into looking out with as far as the loans theyre giving out kristie the fed is extending its Lending Program until the end of the year now now that was originally set to expire in september on the 30th while that may sound like a good thing initially Goldman Sachs is actually issuing a massive warning now on an inflation threat to the u. S. Dollar as a reserve currency whats happening there is there are we looking at possible hyperinflation well so its kind of like what we were saying yesterday with the massive failures of the central bank the constant manipulations and the interference faith and right now is that all time low and Goldman Sachs basically is shining a big spotlight on this growing concern on inflation saying that the dollar is now in danger of losing its status as the worlds reserve currency now thats a really big warning because right now you have congress as you just spoken about closing in on another round of massive stimulus you also have the fed Balance Sheet which is now inflated to over almost 3 trillion so u. S. Policy right now is triggering currency defacement fears that could end the dollars reign as being the dominant global force in f. X. Markets so right now the dollar spot index is at an all time low in decades right now and this is something that didnt really happen overnight this is something that has been growing in fears in many people many many investors for multiple months now because right now you have gold skyrocketing and money printing historically has always always triggered inflation the government is to base in there and pushing real Interest Rates to an all time low so now going back to what you said extending its Lending Program now for another 3 months that really shouldnt come as a surprise to anyone because the fed has already printed themselves into a corner and the only way out is to basically continue printing so these Lending Programs are now pretty much as permanent as death and taxes so we should be expecting probably. Another 3 month extension and another and another afterwards theres a lot of stimulus going into about investors are keeping an eye on the Federal Reserve meeting thats taking place on wednesday i do want to change gears here and talk about the euro well that its near a 2 year highs traders are obviously betting on the euro against the u. S. Dollar because of the rate were looking at chris you just mentioned its reflecting some concerns about america and their inability to contain the virus but there are some European Countries now that are tightening some controls to cut a spike in even a possible 2nd wave of the crown a virus is a euro a real threat to the dollar as a recovery funds jointly issue debt will offer now an alternative to u. S. Treasuries as a safe haven. Where i just wholeheartedly agree with what christie had to say about the fed pumping more money into circulation and deep bass in the currency and i think thats whats a play more than anything else that i guess looks like its out of control in the u. S. And fairly well under control in europe so that leads to the the assumption has to be even more money printing coming down the turnpike in the u. S. So i think thats the real issue the fed has injected trillions of dollars into markets you know really an unprecedented move in matter of weeks they come in 3 or 4 trillion dollars on the pump into the market and bear in mind the fed has also got all sorts of other facilities that theyve created the commercial paper facility the Corporate Credit facility the 2nd remark a facility the prime theres a whole host of new facilities a whole alphabet soup of them and these things just get can go so theres going to be more and more money coming in there and thats what i think has currency traders concerned is that more and more dollars that mean this could be worth less and less so i dont think its a question of the euro being a stretch to the dollar its more the dollar being a threat to itself and undermining itself more than anything else well christiane the topic of this falling currencies levanon as now entered hyperinflation with 400. 62 percent annual inflation rate and food prices rising by almost 200 percent just this month whats a situation like there was probably a word of warning like giving the us a firsthand glimpse of what it looks like our country to be in hyperinflation so right now there are 2 ongoing hyperinflation economies you have levanon where as you just mentioned the inflation rate is about over 400 percent and also venezuela where the annual rate is 2219 percent so other emerging markets right now are also experiencing some sort of inflationary problems but none as drastic as these 2 theres also zimbabwe syria sudan and iran theyre all facing surging inflation thats quickly ramping up but the underlying causes of all these inflations scenarios are always the same the government starts running in larger and larger fiscal deficits and then they have to call on the Central Banks in order to fund these deficits because simply taxes and bond financing mentors theyre not inadequate and not enough so theyve got to fire up the printers again and the central bank then virtually has to fund basically the entire government fiscal operation so right now the lebanese pound has already lost over 80 percent of its value against the us dollar food and clothing costs have surged almost 200 percent and the citizen savings in the banks are literally frozen the banks have no more dollars to exchange and have imposed very strict capital controls and strict withdrawal limits in order to avoid complete collapse which is really scary as a citizen because all of a sudden your life savings are basically in accessible and its basically becoming increasingly worthless day by day so in these 2 regions youve actually seen massive flight to safety such as gold such as crypto currency as well as that has really started as citizens and quickly realize that the only way to have Financial Freedom is to basically bank yourself do you agree with christie here is this where the United States even could possibly be heading as we we keep on a feeding stimulus to to the market. Well ive heard addictions of a pending. Hyperinflation the u. S. Since the financial crisis in 2008 and somewhat before that and i suppose the fed has always been able to sort of hold back a bit more to go kowtows out of control so i wouldnt expect to see a symbol like scenario i think the fed is smart enough that they would know about states have to raise Interest Rates quite dramatically like we did on the paul volcker when inflation was out of control they raised Interest Rates through the roof. Inflation under control the question is does this spin out of control for the fed and do they go down in sort of as a ball way scenario i think thats highly unlikely i think was more likely to happen as well see inflation to come up its going to be very very unpopular and the fed will then jack up Interest Rates the markets will crash absolutely all that is actually what the Federal Reserve is there for kristie one more question before we get the s. And p. Is still on track to the best july in 7 years here in the United States whats helping that well a lot of the only thing thats pretty much helping you know theres a massive fed stimulus because right now you have a lot of investors who are chasing this alpha because of all of this capital thats employ a lot of money and nowhere to park except for u. S. Equities in order to get returns because basically with Interest Rates so low you cant really park in treasuries if youre chasing alpha on and with no planet to change those Interest Rates for now at least the Federal Reserve is what theyre saying i mean im sure it will only continue to go where it will go from here octavia it more on the c. E. O. Of openness and boom less cohost christine thank you both so much for breaking this down for us thank you. On tuesday officials from the United States and australia are holding their annual summit where the conversation is expected to include plans for future exercises in the South China Sea this is amid the increasing tensions with beijing but will the 2 allies me have. Joins me with the latest rachel what did we hear from from the United States about these talks or weve heard secretary of state my pompei o talk about wanting to really ramp up this campaign of getting all u. S. Allies to put pressure on. China and today following a meeting with australian officials defense secretary mark s. Chimed in and he said that part of where that Pressure Campaign is going to target is it right there in the South China Sea take a listen to what he said earlier these exercises not only bolster interoperability but also send a clear signal to beijing that we will fly we will sell and we will operate wherever International Law allows and defend the rights of our allies and partners to do the same. Amid these challenging and Uncertain Times the u. S. Australia Alliance Remains a powerful force for stability and prosperity. Now the South China Sea is a body of water known for being rich in Natural Resources while china claims it has historic rights to portions of the sea it is run into territorial conflicts because the region also includes the exclusive Economic Zones of brunei indonesia malaysia the philippines taiwan and vietnam and weve seen the us really insert itself right into those conflicts and its now calling for increased military exercises in that region and it wants australia to help which will put it of course directly in conflict with china the South China Sea has especially in the last few years been a huge point a major point of contention between china the United States and other countries but rachel i want to ask you this what does australia say what position are they taking in this whole conflict well up until this point australia has tried to sort of be the neutral party here whenever it comes to the South China Sea but that all changed last week when they follow the formal complaint with the United Nations against china and that followed a confrontation with the chinese warship and in this complaint australia specifically said that they see all of chinas claims as having no legal basis when it comes to the South China Sea now if we take a look at the text of that complaint they went on to say the Australian Government rejects any claims by china that are inconsistent with the 1982 United Nations convention on the law of the sea in particular Maritime Claims that do not adhere to its rules on baselines maritime zones and classification features now not only is this a significant shift in policy but the timing is also incredibly notable here as we have australias foreign minister in defense minister in washington for talks with the Trump Administration at a time when they are of course looking to a sickly involvement in the region well china has been very vocal about protecting their sea or their waters that they claim are theirs what have they said in all of this what china was very clear to fire back to this complaint and they accused australia of trying to provoke a conflict intentionally to show their loyalty to the United States now we saw in our. That was published recently in the global times which states that the relationship between china and australia has now deteriorated to a very bad point and the chance for a turnaround is slim in the near future one of the main reasons is that australias policy lacks independence and its current choice is to closely follow the us lead now as many may remember earlier this summer we saw a dispute break out when australia accused china being behind a cyber attack china fired back and the result of that was that china put tariffs on barley from australia and it even banned so certain be from certain for firms in australia now at the time australia didnt really fire back they didnt retaliate so many are saying this meeting as a way for australia to kind of come back around and Counter China while also showing their alliance with the us also trying to be careful im sure are to correspondent Rachel Blevins thank you for that report thank you. And im only a minister and i feel was found guilty and one m. T. V. Trial is sentenced to 12 years in prison well discuss one of the Worlds Largest financial scandals as we go to break here the numbers at the. End illegal takeover of the government by a small group. Revolution reason just thats. When you have a tiny group of people who have all the power you must have some means to make sure the rest of us dont get together and talk about. These are sacrificing. Places that capitalism exploited and destroyed for profit and left behind misery poverty environmental devastation and so you see things like Voter Suppression building more prisons you seem gerrymander sorts of democratic practices are well in the world are well into. Question the. On tuesday china announced hong kong will suspend extradition treaties with britain canada and australia well the move comes in retaliation after they took similar steps over hong kongs new security law Chinas Foreign Ministry spokesperson wang when ben said the decision deviates from judicial cooperation. Canada australia and the United Kingdoms wrong actions of politicizing judicial cooperation with hong kong has severely damaged the basis of judicial cooperation between the Hong Kong SpecialAdministrative Region and Canada Australia and the United Kingdom and has deviated from the fairness of justice in the legal system maintained by judicial cooperation he went on to add that new zealand is also that on that list who along with the other 3 countries are members of the socalled 5 Eyes Intelligence Alliance well canada and australia suspended their tradition treaties earlier this month and britain became the latest one to do so last week but the u. S. Also signaled its plan to do the same with the tongue extradition treaty. A Major Development in the one scandal is former malaysian Prime Minister and on tuesday was sentenced to 12 years in jail and handed a fine of 210000000. 00 ringgit which is worth about 50000000. 00 but rosat is already planning his appeal. Right you won appeals to the Appeals Court will be submitted as soon as possible for you on this case and this appeal will be heard as soon as possible to because i want to continue my struggle to clear my name. Is also facing 4 other trials including an investigation from the u. S. Justice department well joining us now for an update host and investigative journalist and so on than what was even found guilty of doing. Yet in this case he was found guilty of several things legally receiving funds from this one in the be which is essentially the Sovereign Wealth Fund in malaysia into his personal Bank Accounts up to 10000000. 00 that there are accusations that he has received up to 700000000. 00 worth of he says hes returned a lot of that money and then also abuse of power was 1. 00 of the charges that he was also found guilty on but as you mentioned this is the 1st so thats one of 5 so theres 4 more trials that he has to go forward with so easy certainly not out of the woods by any means and its a huge scandal i mean theres obviously a lot that goes into this story its a its a massive web its not just before Prime Minister resigned but a massive web of people involved in this essentially taking advantage of this Sovereign Wealth Fund that by the way he was the one who instituted it in the 1st place years ago and pushed for the creation of this wealth fund that was supposed to bring by the way massive Foreign Investment into malaysia instead it didnt instead it created about 12000000000. 00 in debt exactly in its surface that he use this money to term ali he has properties for luxury goods to even buy 1000000. 00 necklace or jewelry for his wife this is a very big deal and one of the worlds biggest financial scandals but lets be clear isnt the only one facing prison time here and some of these massive fines right so this can also involves other high profile malaysian businessmen and even executives who. Goldman sachs it does in fact thats what one of the things u. S. Justice department is looking at is certainly the Southeast Asia head of banking for Goldman Sachs is in trouble here facing potential charges himself in this but apparently a lot of this has to do in the Goldman Sachs side with them helping to essentially vouch for these bonds that were being created as part of the Sovereign Wealth Fund in order to again attract Foreign Investment into malaysia that Goldman Sachs allegedly knew wasnt going to be used properly was going to be mishandled and there are a number of people who are involved in this who reportedly been a fitted in the terms of tens of millions if not hundreds of millions of dollars i mentioned when i reported on this last week that one of the more interesting elements of this is the movie wolf of wall street had actually returned. Tens of millions of dollars to the malaysian government when it was found out that money that was essentially taken out of this 1. 00 d. B. Fund was essentially used to help fund the wolf of wall street so that money was spread everywhere and quite a few people were in on it and whats interesting about this is we dont usually see sarah people in these high profile positions not get away with it so many times theyre able to financially benefit and escape in this case is thats not happening well and the odd thing here too is that rock is now appealing priming to appeal saying that he want to clear his name that hes hes done nothing wrong and that now so if he does appeal the verdict could then be partially or even completely overturned. In theory but i doubt thats going to happen look when youre facing multiple other trials what else can you do you have to try to appeal it because one of the things he has to hope for it at this point is that he some of these other jurisdictions that are looking at prosecuting him will treat it as if the u. S. Justice department for instance has a policy of what they call not piling on which essentially means that yes you were found guilty in this one jurisdiction youve already had to pay a fine you already have prison time so were not going to keep going after you as well were not going to pile on so if you appeal this and you hope to drag it out one of the things youre hoping to do is to try to stay away some of these other jurisdictions from coming in and hitting you with a heavy hand but i doubt its going to work the fact that he was has already been found guilty in this case and been severely sentenced a fine of almost 50000000. 00 is not a small fine especially when youve got 4 more trials ahead and that would take years to do anyway but the u. S. Justice Department Like you mentioned is investigating this as well any word on on how that trial my impact the u. S. Investigation. Well it certainly should continue to push the u. S. Investigation forward based on the fact the result as you mention was found guilty here so certainly shouldnt dissuade them as i mentioned the u. S. Justice department has this policy of not piling on what theyre looking at trying to do is essentially get some followings involved here on Companies LikeGoldman Sachs possibly up to 2000000000. 00 return thats what theyre considering doing but they may ask for more they may ask for less its hard to say i would say right now where the kind of Political Climate is you would expect the Justice Department to come down hard on this because as the malaysian people and the malaysian courts find more and more in justice here and try to resolve that certainly you would think the u. S. Justice department would not back were keeping an eye on that for you a boom bust cohost and a basket of journalist ben swan thank you for that. During the pandemic you may be catching up on your favorite movies from home as a future of movie theaters remains uncertain but one designer is taking inspiration from the movies themselves in order to make the next safer theater will almost cinema a design firm based in france they want to create a new movie going experience which may look a little familiar to some star wars fans out there well the idea of small pause for groups and families of families and friends and it looks a lot like the Republic Senate 1st seen in the phantom menace well almost cinema claims the design will mean every seat is the best in the house the firm is looking to open up a theater just like the one you see here by next year thats it for this time catch boom bust on the man on the brand new portable t. V. App which is available on smartphones and tablets it will play on the Apple App Store by searching portable t. V. Level t. V. Can also be downloaded on newer models of Samsung Smart t. V. s as well as broken devices or simply check out a part of the portable the t. V. The next time. We go to work. Straight home. I dont know crow. No shots. Are cheesy belch. Loads for no reason to. Switch your thirst for. Those secrets anymore i q source in the discredited trump rush occlusion report from 2016 is on last and its revealed that is his evidence was based on ballroom conversations. Facebook takes a year regulators to coax claiming that competition probes are an invasion of style for Christmas Day and the irony is not lost on Data Protection campaign with. President trump both as federal forces in the city of portland off the weeks of blank lines massive protests criticism mounts for local leaders who accuse him of abusing his power. Plays all the headlines here on Oxy International you can follow all the latest developments on our website www dot com were back again in an hour and