In the last 24 hours, combining virus dynamics with oil dynamics. That is a distinction of this crisis. Francine and i am looking two to european lets get to first word news in new york city with viviana hurtado. Viviana we begin with a uturn from President Trump on the need for an economic stimulus he now says he will seek a payroll tax cut and belief are Industries Hit i the new coronavirus. Today the president is promising to unveil what he calls very dramatic action to support the economy. Bloomberg has learned for now the package will not include help for airlines and others in the travel industry. Now to italy it will become the first country in the world to attempt a nationwide lockdown. It is trying to stop the spread of coronavirus in europe. Almost 500 people in italy have died from it. A prime ministry imposing a travel ban. He has told italians, stayathome. Some of the worlds biggest banks predicting the European Central bank will cut Interest Rates thursday. J. P. Morgan a
Do you want to go through the data . Tom yeah, let me go through the data. The news is in conversations. Limit 12. 55 with a massive curve flattening, oil down at the bottom, speaking volumes. Next screen, please. The vix is a good litmus paper, not moving here with futures down, 40. 94. I am not sure what the implied 5. 0is, but im guessing will be a good place to start. That is the yen. What is absolutely telling, there is persistent yen strength through the japanese day and the london morning. The 30year bond. Third screen and i know francine has a more europecentered view. This is the chairman powell screen. What will they do before the market opens . This is what they are looking at. The twoyear yields from the u. S. , u. K. That is stunning on the United Kingdom, maybe near a negative yield in japan and down to germany as well. Francine . Francine first of all, we did have the iaea headlines crossing the terminal moments ago, oil demand dropping for the First Time Since 2009, whi
And china will sign a pact which will see beijing buy more American Products in return for greater access to its markets but questions remain over when the greater part of the tariffs imposed by washington will be lifted. From the conversation on todays top stories at r. T. Dot com of the report is international and in the u. K. And ireland coming your way stay with us. Im max kaiser this is the kaiser report we are in rehearsal for cars report the musical. Got the congas we got the guitars i got the band i got the drummers write the song Stephen Sondheim i dont know hes going to fail or not hes ill but weve got some major folks involved in this project going to hit broadway oh man im excited stacy i want to talk about its a good story that relates to your congress because of course you need the congress for a you know war to beat the war drums of war exactly because what is the old saying on wall street dont fight the fed. I feel the 1st song of our musical coming together. To fit. We
Eric holder tim geithner remember in 2008 they came out with the holder doctrine so about moral hazard institutionalized moral hazard they said every time you banks commit fraud every time jamie diamond commit fraud we are going to cut those laws out of the books were going to eliminate laws against financial fraud whenever you commit fraud oh by the way of jamie diamond by citibank or travels corp violates classical oh well well just get rid of glass steagall to accommodate jamie dimon because thats the eric holder doctrine thats the Jimmy Geithner doctor and thats the ben bernanke you doctor and thats the doctor thats a jay powell doctrine is forget all rule of law for people with a lot of cash from the food. In terms of fighting the fed and this war with the fed and this war with economics and Business Cycles for example. Were in this sort of benign totalitarianism is where they dont have to lock up short sellers for example remember during the financial crisis it always emerged tha
Takes half of our taxes and for them to keep getting more money from us the taxpayers are going to drop bombs everywhere they do it willy nilly without any thought about what theyre doing whatsoever they had a few it commercial airlines i dont care and then the fed prints tons of money and then they go blow it again and that money printing leads to the stock market going higher which makes everyone think theyre geniuses and that the god like and that see our strategy of bombing innocent people makes sense really just a crock and print more money and then the fed accommodates of course because we do so for National Security and the stock market hits a new all time on that everyone gets really smart and think oh my genius im making so much money is go bomb more people go kill more civilians in school submersed olders print more money and then the stock market goes i or thats the cycle that were in now its called genocide for profit its school of america. Well of course one thing the fed