In the world corrupted you need to descend. To join us in the depths. Or a maybe in the shallows. This is boom bust the one business show you cant afford to mess up their mom to stay over in washington coming up jobless claims continue the surge reaching about 26000000 since the pandemic began and now europe is bracing for some similar problems and Congress Wants to replenish the supply of money available to Small Businesses but once again the fund may have already tried it up we have a talk show for you today for less so and ive read it. Currently there are more than 2600000 a confirmed cases of the coronavirus global. The death toll stands at more than 187000 it continues to ravage global economys numbers are in for u. S. Unemployment from last week where another 4400000 people filed jobless claims bringing the staggering figures to more than 26000000 in the last 5 weeks the white house economic adviser Stephen Moore spoke to larry king on politicking earlier and said that it might get worse before it gets better. The summer is going to be a disaster i mean i hate to tell people this but were going to see 20 percent Unemployment Rate in this country and its going to last several months and thats not something i ever thought i would see in my lifetime so its going to take a while for these businesses to get up and running again and so im by the way are never coming back thats one of the reasons ive been so strong such a strong effort for getting the economy open because every day you keep it closed more and more of these great businesses businessmen and women who most of their whole life theyre not coming back so i do think by the end of the summer we could start to see some improvement and that is much needed well senator Mitch Mcconnell said justin some states struggling with high Public Employee pension costs should file for bankruptcy but even President Donald Trump said states will indeed need assistance this while georgia still plans to reopen its economy by the end of this week georgia is allowing beauty salon to tattoo parlors and even bars to reopen but President Trump reversed course when he said he totally disagrees with governor brian kemps plan to open these nonessential businesses which is not aligned with the white houses reopening guidelines meanwhile the i. M. F. Approved a 363000000000 dollar loan to help the democratic republic of congo in fighting the pandemic while the countrys economy is expected to contract 2. 2 percent this year its slashing its growth forecast from the 3. 2 percent now in germany the country is easing some restrictions but chancellor Angela Merkel is criticizing some regions for moving too quickly to reopen she told lawmakers that things will remain very hard. I mean this is im going to i will therefore tell you quite frankly that i flew Supreme Court decisions taken by the federal and state governments on wednesday last week but their implementation since then worries me in part. Some of the. White race not to see grace markel added she has committed to helping the rest of the European Union in fighting the pandemic meanwhile Chinas Foreign Ministry announced its plan to donate an additional 30000000. 00 to the World Health Organization this is up 10000000. 00 from the original donation the contribution comes just days after the white house suspended its funding for the organization over its handling of the crown of iris the w. H. O. Also announced 3 additional vaccines in human trials stages bringing the total now to 6 potential vaccinations but for more numbers and information on the corona virus be sure to check out our portable the t. V. App and look at the section of tracking coronavirus. More jobless claims are rolling in here in the United States as we get the latest nonfarm payroll reports for the month of march well joining us now to discuss it is boom us cohost chrystia i was there and then us we surprised me should have got the latest reading that over 26 americans saw Unemployment Benefits over the last 5 weeks so that basically means that all of the jobs created during the last 11 years were wiped out and about a month so we said earlier on that unemployment is going to be what drives that vicious downward cycle so as we get these nasty prince the risks to the outlook and the recovery is getting greater and this is a very deep hole that we very difficult to climb out of and so while here reports that days are trying to reopen or once it reopened everythings got to get back to normal no thats like simply not true a lot of the Small Businesses have shelter for good so that the recovery will not happen overnight not to mention that there really is no plan for reopening those guidelines that we got last friday. That wasnt really a plan so to reiterate thus far the husband knows that timeline to reopen there are no deadlines to reopen there are no guidelines or protocols to businesses on protective gear testing and i think checkpoint Contact Tracing all of that and theres on top of that theres no federal assistance the president pretty much left it to the states to in the peddling source and secure their own p. P. M. Medical equipment so as a lockdown continues with basically no end date the situation can you need to worsen on all fronts the Unemployment Rate has pushed into New Territory u. S. Manufacturing Services Planned to 27. 4 this month the lowest reading ever well kristie despite these really nasty job prints the market was actually Still Holding on this morning whats driving the sessions today. Well you have a lot of optimism and hope in the market as much of the bad news has been priced in are ready so the market has expected this bad labor report in fact if you recall the last 4 jobs report we got despite the numbers all coming out worse than expectations the market actually still tied up on those days now or remains the dominant narrative yet again today as june w. T. I jumped another 30 percent is trading at about then you know as per barrel as traders anticipate more u. S. Production cuts oklahoma regulators are even helping produce the shutdown well and is prepared to offer relief measures so theres also the not of the rising u. S. Iranian tensions also driving or oil prices now and the dow but elsewhere in the market were all waiting for the house to vote on the next package of the quantifiers relief bill to expand testing and fund hospitals and Small Businesses so thats quite a bit above them in the markets today and that was briefly halted when china published its Clinical Trial deal yet from this of the air that it did not improve patient ringback conditions or reduce the coronavirus pathogen in their bloodstream so we actually spoke about this last friday when we were very skeptical of the anecdotal evidence coming out especially since china about a month early had already discontinued trials so that name is being a bit of a pullback today so thats quite a lot of names and activities driving. Definitely a lot of activity but for more we want to bring in c. E. O. Of Euro Pacific Capital peter said peter thanks for being with us today earnings are out for a week notable groups today were getting a mixed bag here some companies are pulling in a surprise beat names like expedia that were seeing but what else are we seeing with the latest earnings calls. Well it doesnt surprise me that there are a handful of companies that are going to benefit from whats happening obviously if people arent going out and theyre staying in maybe theyre spending money online that might otherwise have been spent through other vehicles but of course all to mentally a lot of these consumers are just not going to have the money to spend theyre going to run out of aid from the government or the government money is going to run out of purchasing power due to inflation but i think the vast majority of companies are going to see substantial hits to their earnings as a result not just of the coronavirus but of the recession that was going to start anyway which the coronavirus is simply accelerated definitely seeing a lot of movement here peter were also seeing the 1st Major Energy Company cut its dividend so it seems like this is the start of the trend of some suspending buybacks and even cutting these dividends which was traditionally the mechanism used to boost stock prices before but how will the market react Going Forward now that we dont have any of these artificial boosters that we once did. Well obviously this is a negative for the market i mean a lot of companies have been able to borrow a cheap and then use the cash to buy back their own overpriced stocks many of these companies are now the recipient of bailout money unfortunately they should be allowed to fail so that new management teams could step up and clean house instead we are perpetuating the management teams that made these reckless decisions but of course the decisions were made based on monetary fall policy that was being provided by the fed and the fed is now doubling. Gallon on that failed policy but yes i think youre going to see a lot of problems for the market the only thing it has going for it is the fed but thats it but meanwhile in order to prop up the market the fed has destroyed the purchasing power of the dollar so what investors should be doing is buying gold stocks because gold and gold stocks will be the biggest beneficiaries of Monetary Policy where you are the goal of and will not just sad but a gold theres also theres a threat now that it could disappear will not necessarily disappear but there will be a shortage of gold what about other Precious Metals or even Industrial Metals that were seeing also go down Copper Nickel well thats because yeah well thats because of a slowdown in production due to work related stoppages from coronavirus and i think that is temporary the question is how temporary but Precious Metals are a totally different story they are a monetary alternative to currencies that are being debased the world over particularly the United States so i think when it comes to earnings gold stocks are going to be among the few companies that see a huge boost to their earnings in fact theyre benefiting from the reduction in Energy Prices because energy is a key cost when it comes to operating a gold mine so gold mines right now literally are gold mines and i think investors are ignoring the potential even though these stocks have doubled off of their march lows theyre still very cheap and i think theres tremendous upside that most investors have not even bothered to notice yet christiania one more question and for you we have about a minute left while this more stimulus help the p. P. P. Program theyre implementing more rules possibly asking for even a return from some of the loans that went out this is this just came out a few hours ago kristie will this help. Well in my help marginally so like think about when it came to the can people like lets face it j. P. Morgan was one of the biggest when they revealed that it provided loans to virtually all of their commercial banking customers well linked funded about 6 percent of the applications for the p. P. P. Is. Now Small Businesses that actually need 4 banks in a lawsuit saying that Large Business loans for relief were prioritized over small farms who were then unable to access the funds and those were the people who needed it the most so that includes a chase and us bank where they were all named in the lawsuit where they claim that they process larger loans into the math the things that they would generate from originating and processing them versus that on the 1st come 1st serve basis of the Trump Administration had originally promised so they are trying to come out and she knew guided this to in order to help so that this doesnt happen again with the additional package things are already saying that they might have run out of money already well see how this all plays out peter schiff c. E. O. Of Euro Pacific Capital and with us cohost christi i think you. Thank you. Massive financial hits keep coming for boeing one of the countrys top defense contractors well the coronavirus halted production of boeings commercial airplanes and now the beleaguered Aerospace Company is being sued for hundreds of millions of dollars and this for refusing to return advance payments over canceled orders for its troubled 737 max but what does the future hold for boeing well for this we turn to legal journalist molly barrows contributor with americas lawyer molly good to see you but lets start with this how has a Coronavirus Impacted the company. Oh my goodness boy i bet boeing just hates to look at the newspaper headlines in the morning when some of their leadership gets up but i tell you right now theyre slowly getting back to work they started production of some of their planes after the stay at home order was issued by the government last month theyre just now starting to get back to work on some of those commercial airplanes but a lot of their facilities are still closed and you know this time last year in the 1st quarter they had produced around 150. 00 planes this year the 1st quarter its 50 planes and thats down from the 60 that was projected and you talk about operating it with some with some loan money theyve got about 14000000000 that they loaned that they took out in loans to help with operating expenses and because of these projections also demand overall expecting to go down because of the Coronavirus Impact in the Airline Industry so hard overall commercial plane production is expected to go down in the future that low number of this year is expected to double to about 14000000000 so its going to be interesting sara to see how they cope with some of these changes brought on by the coronavirus as well as the other legal troubles that he had a lot of legal troubles even before the krona virus like the 737 max of boeing crashes where they want to get those back up in the air within this year by this year by mid year that some say whats going on there. Yeah thats right they dont have word yet on exactly when those planes are going to be allowed to fly they are working with industry regulators to determine when that is going to happen. Of course as you know theyve been grounded since last year when they had those 2 back to back almost back to back deadly airplane crashes caused by that Faulty Software in the anti stall system you know they hold about 52000000000 in advances for those planes they had a lot of orders for the 737 max and now because again that demand is down they are getting some requests back for that money and in so its interesting theres a kuwaiti a kuwaiti Leasing Company that is now sued them just this week for 336000000. 00 basically saying that boeing has wrongly withheld that money when theyve canceled the order that they had for 40 of those 737. 00 max planes well and we may be seeing more lawsuits come up because we know china we reported on the surlier also canceled an order of 29. 00 undelivered planes of their own but molly barrows contributor with americas lawyer thank you so much for that report. Thank you sarah. Time now for a quick break but hang here because when we return were going to continue to follow the story of the rising unemployment numbers not only here in the u. S. But across the globe as we go to break here the numbers at the close. So i mean this is to put on the chain on the list and could you do a little spot thats. But you. Know. How much all those. Earlier i was going near them still. Also be able to show that was there was. A new prince not. So. Nice you. The u. S. Economy was booming numbers of people were made homeless. You can work 40 hours d in a week and still not have enough to get housing everybody believes america still has the lead up to the reality of the. Financial inequality and the lack of Affordable Housing or living minimum wage give many people new choice. Theres been a problem with a cd. Called the stay away all this. Because you know its the records. Most vulnerable are abandoned on the streets to become invisible. As a price of Oil Continues to go down the number of people unemployed continues to go up and as a People Struggle while waiting for their government stimulus checks to hit their bank account turns out that people have already gone their stimulus check well for more on this and latest numbers to bring in a fair and frans out. Fair enough on the surface whats whats going on here all right so again surface level here it does look really really bad because again you do have dead people getting their checks and the government has said that they do recognize that this actually is happening and they feel bad about it but the problem is that is actually a double edged sword see the i. R. S. Is trying to send these payments out as quickly as possible because people are suffering but each state they keep track of death records which are then reported to the i. R. S. But while the coronaviruses killing tens of thousands of people there is a time lag and its ultimately inevitable that some people will get checks do we know how many dead people have even received the