This is boom, bust one business show you cant afford to miss friendship or in washington. Coming up, the g. D. P. Of the United Kingdom has taken a major hit to cope with 1010 demick, leading to a flurry of borrowing not seen since. Or in times of peace. Plus, could the European Union be rolling out a Coronavirus Vaccine before 2021 . Straight ahead when to break down the potential for the move and where we stand amid the outbreak. And the later we do a deep dive into the state of the chinese fight against poverty. In fact, shown today, lets dive right in. And we need the program with the latest in the economic toll brought on by the kobe 1000 pandemic. The british economy is expected to contract by 11. 3 percent in 2020, according to the u. K. s office for budget responsibility. Now the o. B. Are also update its forecast for the next few years, predicting growth of 5. 5 percent in 2021 and 6. 6 percent in 2022. G. D. P. In the nation will not return to preclude, a virus levels until the 4th quarter of 2022. Now, according to the o. B. , our borrowing is set to reach 526000000000. 00 or roughly 19 percent of g. D. P. In 2020, the highest peace time level on record. Meanwhile, british finance minister announced more than 370000000000 dollars in public spending to address the hardships brought on by the pandemic. This will allocate funds for testing in p. P. And support for the National Health services among other measures. So for more on this, lets go ahead and other Economic News of the day. Lets go ahead and bring in blue bus cohost christiane, an active member, n. Z. C. E. O. Of optimus l. L. C. Always a pleasure to have both of you on the show to talk about these things. Octavio to start with you here though with the british budget deficit. Ballooning. Are these measures unveiled by a tsunami, enough to support the u. K. As its one of the hardest hit developed nations due to the pandemic . Sun is one of the hardest hit nations, and so theyre looking at having a budget deficit this year about 19 percent. And that sounds absolutely dreadful norful, but its just a touch worse than the us. Thats going to coconuts 987 and its a bit worse for him. So the u. K. Is in pretty good company, some of the worst student. I am not very far in terms of the measures that put into place. I mean, its really revolving mind a few things. 1st of all subsidies for people who work this to be extended. And so an increase in the minimum wage is going to be introduce them. I think about 100000000000. 00 in terms of infrastructure, spending the next year unclear of the reason to come soon enough that we see the real impact by their own measures. And so the questions all these things enough to really make a difference will not read it because the real problem is the locked out of the last sentence, the population. And thats not going to be changed by increased spending to school stimulus. So these things will certainly help those people receiving money, some tree house to help the economy overall. The real thing that has to happen is these lock downs after a while one. So people go back to work things back to normal or less. If all that i dont see any way out for them. So its a really active and what were looking at is worldwide. Its going to be a time will tell scenario is once we get out of this pandemic, we can release those lockdowns. Then we can really see the growth in really any of these nations that are specifically hurt by the pandemic . Correct . Absolutely, i think is absolutely right. However, what i do think theres a substantial risk of happening now into the future. Is the governments of sort of developed a taste for these kind of lock outs, and that will see this happen in the future, the slightest sign of anything going wrong. So imagine what happens if avian flu comes wind blew, or this 3 chases. We both are in west africa. I think the reaction will see governments who suddenly trigger reaction that theyll suddenly slammed on the economy and china. And i think theres a substantial risk that these come a lot as they come up the trivialized and have Enormous Economic damage. And so i dont think were out of the woods. And i think that to see government behavior change the future. And they can be much more trigger happy in the future. And interesting point there, octavio kristie, u. S. Equities are down wednesday as its pointing out Employment Data kept sentiment in check on where they initially jobless claims rose for the 2nd week in a row. Break it all down for us kristie you know, some right now are definitely had it for a double dip here for the 2nd week as we have the number of americans filing for the 1st time on planet rising printing at 778000 or 730000. So you have illinois, michigan, washington and california suffering the largest surge in initial claims. I walk into new claims, fell worse than expected. And i think emergency claims are soaring as americans roll off the standard Unemployment Benefits so that the kind has been completely off base. So now were looking at the social tally, the aggregate number of americans who see the Unemployment Benefits rose over one 130000 last week to well over our 20000000. So i think it paints a pretty good picture now of what working for the center as the economy is continuing to get. And weve been saying this, but i dont like meant its a lagging indicator. And it took a while to start seeing this weakness being respected here. So the Downside Risk for the economy has only run despite the optimism that this vaccine is imminent and will solve everything. So the data is really showing just how the divided the nation really, companies are getting that theyve ordered up cash and capital goods orders are still remaining pretty strong. And theres still some investments going on in durable goods side, especially for a stay at home. Consumer electronics are really telling the economy right now. But on the flip side, consumers and workers, theyre hurting as more lockouts restrictions to place. So usually during the holiday season, you get a boost of extra ships, but now those jobs are not going to be there this year. So theres quite a lot of long term damage from this. So more stimulus will definitely need to be passed as soon as possible in order to get through the next 6 months. But, you know, are, you know, the markets been riding this vaccine optimism for several weeks now. But in the latest poll in november, only 58 percent of americans said that they would actually get back to move 43 percent said they would be a willing, citing reasons such as the rush, Development Timeline and saved concern. Ill though many health experts, just to be clear on those those numbers, they anticipate the numbers of people willing to get vaccines will go up as they see the safety after people have actually already had the shots administered. But so is this faxing with the question remains the, is this hype going to turn into a dud and will we see the market dip when things dont quite pan out if they dont pan out with those numbers that we just talked about there . Well, i think youre absolutely right the, the, the market has been riding on this vaccine, but on a couple of the points as well. I think another important point is that the election that we just went through in the u. S. Has turned out to not be quite as chaotic as some people would see it going into or going into it looks like it could get very, very messy indeed. And now it looks more or less like were going to have a smooth transition, and the worst fear is either were out of the woods entirely. They are still some room mischief. I think theyre all, but well see how that plays out. So the vaccine as an election but also the fed has made noises about being very willing to maintain and people like janet yellen, censorship treasury was support at least one of those 3 things of interest with, roxanne skepticism. You see in the u. S. , so grown from a lot more people very doubtful about the u. S. Vaccines in general. So its almost as much the demographics in our occupation doesnt make it. But i would also point out that maxine was in many banks in the us aid at this stage trials and the trials and the success of the plane by with whites eyes in the trials have not been independent verified of this. So its still very early on that sea trials and 35 years later, were still waiting for the backs and many trials look as much as much from us as these 19 banks. So i dont think its entirely clear that will get a vaccine very soon. I know people talk about progress and a lot of the optimists will see how it plays out, and were actually to talk about exactly that in just a moment. Now, kristie as we head towards the holiday season, shopping at fishley kicks off on thursday. Shipping networks are going to be taxed to the maps, but are we going to see consumption pick up in the face of this pandemic . Well granted, certainly an interesting situation can overpower me because actually networks are definitely constrained. As the 3 major carriers have been shipping already passed them for months now for ship to them i am. And so this is going to be unprecedented. And with endless, produced in there to be about 10000000 packages, a day delays are banks getting to christmas. So expectations are that it is going to read see only 9100000 parcels a day during his 34. 00 day period. So last year for comparison, total capacity was only at 65300000. 00 packages. So this is definitely going to be a new record for our last count of the dhobi analytics predicting a total of 189000000000. 00 and on my holiday sales. So that will interest 33 percent increase compared to last year, which is equal to true years worth of quality ecommerce sales growth shoved all into one season. So however, even as online sales surged over, all of a sales are still expected to remain flat compared to recent. Yes. And this comes as the areas thats going to miss probably like reagan and incomes continue to shrink as government welfare programs and. And americans are now Digging Deeper into their stately, so consumption is expected to be modest. So right now, the National Retail federation trade group, like many during the early conference call, said that they will not be coming out of the forecast until later this month, given so much uncertainty. But deloitte is only expecting total sales to rise around one percent strength period compared with the 4 percent increase last year. And well keep an eye on that definitely in the coming weeks. Boom, both coasts christianne our own z. C. E. O. Of up a missile also. Thank you both for your type. Thank you. And the president , the European Commission says the 1st citizens in the e. U. Could be vaccinated before the new year as we just heard there. The e. U. Has made agreements with 6 potential vaccine makers to purchase more than 800000000 doses. Nearly double the population of the bloc Commission President addressed the e. U. Lawmakers on wednesday and spoke about the toll the pandemic was taking on the block was nearly 3000 deaths a day. Covered 19 was the cause number one for deaths in the e. U. Last week. Hospitals remain under stress and in some regions, intensive care units overwhelm the 1st european citizens my already be vaccinated before the end of december. And theres finally light at the end of the tunnel. And yes, as ive said, vaccines are important. But what counts is vaccinations . Member states must get ready now and since the onset of the europe has reported more than 350000 deaths due to killed 19 all of this in mind, lets go ahead and take another look at the trends and spread of the virus globally with our g correspondent side tabular side where we once did so we have now officially surpassed 60000000 confirmed cases globally. The u. S. Continues to lead with over 13000000 cases right now. Now of course, the u. S. Is heading into a National Holiday thanksgiving. So i just want to concentrate on the u. S. Today. 1st look at the daily case counts we saw on tuesday 100 almost 180000 cases, an astonishing 45 percent increase new cases compared to only 2 weeks ago. And thats not all. The u. S. Is also on pace to surpass 100000 hospitalization, which then of course, turns into deaths, which is why we saw such a high number on tuesday. In fact, there were over 2200 deaths the deadliest day in more than 6 months. And, you know, Health Officials are really begging americans to rethink things given travel yet americans are still traveling to see family for the holiday. Despite pleas from public Health Officials and not to do so. You know about 1000000 americans aboard a plane this past weekend, still less than half the number seen on the same day in 2019. But the highest number of travelers weve seen since the start of the pandemic and the crowds are only expected to grow. You know, next sunday is likely to be the busiest day of the holiday period. All warning signs that people traveling for thanksgiving could increase the spread of the virus. So the question remains is, will things giving turn into a covert disaster . And for canadas thanksgiving, which they celebrated on october 12th, the answer was yes. You know, taking the at our friends to the north, canada celebrate their version of thanksgiving about a month ago. Now right before there are things giving canada was logging about 222500 cases per day. Now just a few days after those cases doubled brant and then followed by their death rates, which also significantly increased after october 12th. And of course, people dont mean to spread cloven 1000. 00, right . But i want to show our viewers just how easy you could spread it without even knowing. Now, take a look at this graph. It lays out a 14 day scenario. I guess that we dont have the graph here, so ill explain it really quickly. So theres a 14 day scenario in which your per cent get scolded. Then it becomes their year ago, so they want a person gets exposed to cold. It is called him joe. Now a day 5, he feels well and gets tested and then becomes negative. Now day 10 day 8 jol joined his family members for thanksgiving, about 17 of them while being contagious. Then on day 10, youll start getting symptoms and gets a positive test. Then on day 1410 of the 17 family members who had tended things getting the job, develop symptoms and test positive. And even people who are careful in their everyday lives may view things, giving as an exception of a chance to pretend everything is normal for today. But the virus, unfortunately does not care if its a holiday or not, of course. So all hope right now isnt a successful vaccine either by pfizer astra zeneca him or during our withdrawal have given world stock markets a lift. So while may be good news for pharmaceutical stocks, not the same for the travel industry. Of course, in fact, travel of bending is expected to drop 45 percent from 2019 levels. So this is how were seeing all of this affect the market, which is why were bringing this news to most brant hardie correspondent site savidge. Thanks so much for keeping us up to date time now for a quick break, but hang here because when we return well do a deep dive into the state of the chinese fight against poverty and how they managed to pull off some major feats as we go to break here, the numbers at the close a member of the board was to be in the city, but you might be local if you own what one would you would please leave. Theres a chance to start to look at your bullshit design, which you believe you do it is your media a reflection of reality in a world transformed what will make you feel safe, isolation and community . Are you going the right way . Or are you being led . Direct what is true, what is faith in the world corrupted. You need to descend to join us in the depths for a mate in the shallowness skies or financial survival. When customers go by, you reduce the price. Well, reduce some lower thats undercutting, but whats good for the market is not good for the global economy. Welcome back. New numbers out of china this week indicate that the nation has eliminated extreme poverty nationwide. Something that the nations Ruling Communist Party has said is a capstone of its policies meant to eliminate inequities. Its that its got host, ben swan and professor richard wolfe, host of economic update and author of the sickness is the system when capitalism fails to save us from pandemics. A great to have both of you here to talk about this professor. What i want to start with you here. Poverty elimination by the end of the year is a key facet of the communist party goal to build what is termed a moderately Prosperous Society ahead of the partys 100th birthday and 2021. How do you perceive this announcement that they have eliminated extreme poverty . Well, its to capture on, as you rightly say, of some pretty good been saying for quite a few years. Theyve meant to do it. They have given documentation. You have the error of the county inside china that have gotten to the standard of at least no offer to your no extreme poverty. You know, we used to be skeptical about chinese statistics. But weve learned over the last 20 years, that turns out theyre mostly were correct. You cant say good for very long other statistics undercut your claims if theyre not true. So i think this is probably the case and its a testimony to what this does. Society has been able seen that with a 19, weve seen the way they have grown their economy. Weve seen the way there are more of the Fury Companies this year that are still growing. You know, its always shrinking. And so now they actually, yes, that one of the consequences is to do something about extrusion army fulfilling a promise of the communist party. But also demonstrating yet again, that the chinese economy is a remarkable player in 10 days or ben professor of just spoke about the trustworthiness of these numbers and how they have oftentimes been called into question. Do you believe the numbers coming out of china and what do we know about the Details Behind this announcement at this point, ben . Yeah, we get it when you drill down on the details and there are some fairly interesting things here. 1st of all. Lets start here. Chinas threshold for poverty is separately low according to an analysis of these numbers that was done by the wall street journal. It shows that even if you talk about these people who were recently lifted out of poverty, were talking about about 373000000 people or 27 percent of china is still considered poor. Because if you use the World Bank Poverty standard of 2000. 00 a year 2000 dollars a year. So essentially what would that means is that china is kind of setting its own threshold lower than the International Standards set by the world bank. The other thing thats a fairly interesting here is that urban poverty is treated separately in this analysis from rural poverty. Obviously the kind of the focus of the communist party there and, and pings administration has been to focus on rural countryside and not on the urban areas. So theres been more of a focus there. Having said all of that, lets be clear about this as well. The eradication of poverty in china is a real. d thing based on the numbers that are coming out there are millions of People Living in those countryside, areas who are living much better today. Millions upon hundreds of millions of People Living better today than they were even just a decade ago or 2 decades ago. So we can quibble over the numbers and whether or not theyre exactly on par with what we would call poverty in extreme poverty. But it is true that people have a higher standard of living in these communities where they once did not. And i think that is something worth note, professor if i actually wanted to ask about that, how important that point that ben just made about the growth that theyve seen, whether it lines up with a western philosophy on what is poverty versus what were seeing in china. But how important is just seeing that growth in china, you know, especially among the poor there. I think the important one, and weve had these that range before that had nothing to do with china, about where you draw the poverty line internationally. But also here inside United States, for example, now that the issue has been debated, i think much for the any absolute rubble which we can pour all about is the rest debatable question. Athens got better and then added that no interest can compare photographs, both of rural and urban china 102030 years ago. No such skylines as you see today. No such evidence across the border. In die in restaurants, leisure activity, cell phone you. I mean thats what i meant before you can see so many different cystic so that if any one of them is far out of whack, it kind of exposes the whole thing. So im not surprised. They said they want to reach it. Its another fact feather in their path and remember its what the rest of the world and the majority want, which is to grow, to expand, to reduce the poverty. And theyre able to show Real Progress in that, in that process. Professor, whoa, whoa, what can the rest of the world learn from china when we look at this growth out of poverty . Well, you know, its a big debate. And one of the chinese truth is that if you will have a warm day, a good arrangement, to moralize, Public Resources and drive resources. If you dont give it all to the public, maybe the soviet union example, and you dont keep it all. Maybe the last in the u. K. , but if you put these things together under a real story and the arrangement, well then she should get things accomplished with that end of mobilization. Whether its finding cope with it, whether its around it in poverty, but you cant get if you dont do that. And the fundamentalists notion that actually below one of the other, that is what china refuses to go high. If it struggles with the u. S. And it struggled with this tradition and national we that this is a problem and do extraordinary things in the way of Economic Growth and better i want to give you the final word on this because the one point people are definitely going to make about this report is also that there is still a large wealth gap in china beyond the poorest and the richest. As you see here in the United States, a pretty much in any country worldwide. How do we part with that . Listen, thats kind of the point here that yes, while china is doing obviously good things in terms of eradicating poverty, its wealth gap is absolutely growing. The 400 richest people in china had their wealth grow by 64 percent just this year. But guess what . Thats where china looks a lot like the United States, right . It looks a lot like the west when you see that wealth gap disparity where it does not look like the west is in the eradication and lifting people up out of poverty. We dont look like that. Right now, and for someone like myself who says, oh yeah, i believe in the capitalist system, man, the United States is sure a poor example of what capitalism could look like. Instead, it looks like everything wrong with capitalism. Whereas china looks like, and i like the professor said a minute ago, it doesnt have to be all one way or the other. Theyre doing things in a very different way in china, and we ought to Pay Attention to it. Robust co, as ben swan and professor richard wolffe, host of economic update. Thank you both for that expert in else this today. And finally, what better way to promote a book about a Treasure Hunt inside of a video game . Then create a Treasure Hunt inside a video game. Author urges klein has partnered with ro blocks as a tie in for his new novel ready player 2, the sequel to the 2011 bestseller ready player one. Now, the original book of correspond the 2800 film directed by steven spielberg, which also had a similar event inside the game of the Treasure Hunt inside robots, will take place across 7 different video game worlds. The 1st of which is already open. Those who compete in the in game hunt will be awarded special virtual goods. In a press release, klein said robotics is the closest thing to the Digital World he created in his novels. The Company Behind robot filed paperwork to go public last week and revealed it is over 30000000 daily users 12000000 more than it had just 2 years ago. The game is free to play and the company told the burj in july, half of us, children, and teens under the age of 16 have played roadblocks amid the pandemic. And thats it for this time you can catch a portable t. V. At portable t. V. Well see you next hour. Join me every thursday on the alex salmond show and ill be speaking to guests of the world of politics. Sports business, im show business. Ill see you then its been decades since the fall of spains fascist regime, but old wounds still havent healed from going into the open to those who do things because to me from you know you me in the past at the source me note of that and they seem to, you know, of newborn babies were torn from their mothers and given away and forced adoption. I dont only want to even to this day mothers still search for grown children to look in hope for their birth parents. The man widely considered to be the greatest footballer of all time, Diego Maradona has died at the age of 60. Donald trump, kids in use to pardon a number of key aides before leaving office with the latest being former National Security advisor michael flynn. Doubts are raised over the astra zeneca covert vaccine. As a us study claims, it doesnt work well. A lot of older people and European Partners of russias north stream 2 gas pipeline. Slam u. S. Efforts to derive