Tucker editorial direction and to toot for Economic Research and who must cohost an investigative journalist but swan lets start with the latest on the turn and this vaccine we know that 30 to 30000 people will take part in this trial but what do we know about how this trial is being conducted. There we know a couple things you did a great job of breaking down here how this all works and the reality is mcgurn is not the only one doing this pfizer is very close they say theyre conducting their own 30000 person trial thats a lot of people to be testing these vaccines i do want to Say Something about mcdermott though when you look at mcdiarmid they obviously have a relationship with the National Institutes of health that is different than other indices and the reason for that is because the in i signed the contract back in december that contract was to begin studying coronaviruses not this particular strain but coronaviruses in general and developing essentially. Artificial. Or in a sequences that could be used to create vaccines its somewhat questionable its never really been done before but dern is the 1st to do this so theyre doing it in partnership with the in the h. And i think you know when you laid out right now those 3 phases of vaccine trials theres actually a phase before all of that that happens before you get to human trials and thats animal testing will do and actually skipped over that step and thats a highly unusual thing its not illegal but a highly unusual thing to have happen so the fact that theyre now entering this massive human trial i think there is some people who are concerned others are hopeful well its very interesting because timing is of the essence with this jeffrey we know that even if these trials are successful it could take until sometime even next year before an actual vaccine hits the market we talked about it being an available to Health Care Workers this fall but it really would have had the market to possibly next year to really to really keep the economy moving forward again is this what its going to take to reopen the full economy and get it moving to where we saw before. Rewriters are immense challenges and production and Distribution Master shushan of these things you know we saw even with testing that weve seen the us has been done a horrible job it just shouldnt test i mean even now as for actually very difficult to get tested and some of the tests dont come back for 7 to 10 days so theres this immense challenges and distribution but but youre right to the men in the Political Class who decided that were just really never going to become a normal country until we have this vaccine and lets be clear this isnt like a smallpox vaccine or a polio vaccine that lasts a lifetime this is really just an immunity booster that lasts for for an uncertain amount of time and to tell you the truth i think theres a lot more public skepticism towards you know what bens head is the base of in untested munity booster than than the Political Class believes and even the flu vaccines are not taken by as many as 4040 percent of the population takes those things every year and its can be very difficult for these things to be to be widely distributed should be decided on believe there will be not for a very long time but on the other hand there is a kind of a psychological boost that comes from this you know if the markets really believe that the policies that are going to open up until we get a vaccine is going to be very good news well thats exactly what you mentioned the importance of this is the distribution of it how whether or not people are actually going to go out and run you know with to get in line to get this vaccine is another issue and the fact that they skipped over the animal testing much like ben mentioned it is extremely important just the expediting of the that axion how safe is it and in terms of ok short term effects but what we can look at some long term damage is that we wont see for years that i want to ask one more question though about wondering how the companys stock actually tumbled on thursday after the company lost a patent battle with that actually made up or as a financial future of its vaccine well what happened and why is it such a big deal you know essentially there was a hearing on thursday and will. Unsuccessfully they argue before us patent trial court and this was the company they were suing its patents held by or brutus biopharma covering limpid nanoparticle or l. In p. Technology in short it is technology that allows modernity to create their particular r. N. A. 1273 that is the strand that they are using in the vaccine the reason this is important sara is because it is that him or in a that modernity is using to create an artificial vaccine this is very important for people to understand well during a is not using corona virus to create a vaccine they have an artificial strand that they have created using m r n a in order to say instead of using the actual virus will do this artificial one it will be safer at a whats your system and cause by proteins and that will cause immunity but what this lawsuit essentially shows is that most dern it does not hold a true patent on this neither does the and i h. So in theory if will durant were able to create this vaccine they would be the only ones who would be able to create it is important there and can i say one more thing its important to remember this pharmaceutical companies have never been slow about creating drugs the idea that suddenly because there is a desire for a Coronavirus Vaccine that everyone says oh will suddenly work faster i think pretty much big pharma has maximized as quickly as they can make a vaccine so the idea that we can suddenly do it now because of sheer sheer will power doesnt make a whole lot of sense yeah definitely interesting to see how this all plays out but i want to shift gears here a little bit jeffrey we know that increased Unemployment Benefits from earlier this year are really that to expire later this Week Senate Republicans they announced and one trillion dollars stimulus plan is about to extend them but to lower the amount from 600. 00 a week to 200. 00 in that even fair to workers. Thats a different whats fair westray i dont know you know a lot of people been made made unemployment unemployed by governments themselves i think in front of a lot of workers point of view theyre like i didnt want to be unemployed so somehow the political system owes me money to compensate for what the lockdowns did to me and i completely understand that on the other hand just from an economic point of view pain people not work is is a very bad idea and its and what is actually doing is rewarding the Political Class for these just lockdowns to keep going on and on and on so what the republicans may be thinking is ok listen son of ice people to go back to work and then theyll put a little more pressure on the political leaders to open up the economy so in a sense its probably strategically pretty smart even if it does seem a little bit unfair than a quick answer here but what else is in this plan well you know theres a couple things they want to do another round of 1200 other stimulus checks nancy pelosi is not going to sign off on this deal though i dont think she wants a 3 trillion dollar stimulus and democrats want to keep the 600. 00 checks the problem is republicans have a very short goal line between now and november its difficult to say were going to cut that that unemployment from 600 to 200 even though they should because what jeffrey said is absolutely true the Political Class is essentially saying you can make more money on unemployment or just keep sending checks to people and well make them happy democrats said they want to do it to the end of the year i think democrats win this fight and it would be ideal if people would just prefer to go back to work which im sure many do but there are definitely thought that you know are making more money off an awful lot if you make more money yeah i think that really exactly well and also a lot of jobs have been destroyed a lot of people just cant go back to work right. And who knows what that come back especially of people who for example work in restaurants or in hospitality that who knows to what extent or when it will try to back to that 100 percent like we were saying before Jeffrey Tucker editorial director with the American Institute for Economic Research and all of us cohost and so on thank you so much for that report. Thanks. The latest tit for tat battle between the United States and china now includes the closure of consulates in each country with officials accusing the other side of being in the wrong all this as questions around the future of u. S. China relations and the massive trade deal between the 2 countries are going to love it joins me to discuss the latest rachel what is china saying about this closure of the consulate well beijing has confirmed that they chose to close the u. S. Consulate in their southwestern province in retaliation to the u. S. Decision to close the chinese consulate in Houston Texas now a spokesperson for Chinas Foreign Ministry spoke out and he confirmed that not only are they saying that they believe the u. S. Is in the wrong here but theyre also accusing the trumpet ministration of violating International Law take a listen. Would you wish the premises of the chinese consulate general our National Property of china according to the Vienna Convention on consular relations and the china u. S. Consular treat you the u. S. Cannot invaded the premises of chinas consulate general in houston in any way china expresses strong dissatisfaction and Firm Opposition to the intrusion into the chinese consulate general in houston. Now after this announcement china essentially gave American Workers 72 hours to vacate the property altogether and we did see a very heavy Police Presence there so it doesnt appear that either side is backing down right now it doesnt and it really looks like its this tit for tat like we saw for nearly 2 years with the trade war but what reason is the u. S. Giving for the closing of chinese consulate or their consulate well the u. S. Is definitely not backing down here and they are saying that they are actually in their right with International Law where this is concerned they say that its their duty to close down this consulate because they believe that beijing is not following u. S. Laws and regulations now we did see a little bit of a Statement Released by the state department in which is spokesperson claimed the decision was made to protect American Intellectual property and the private information of its citizens but didnt really. We provide any further explanation or information for that closure well here we are now in this tit for tat going back and forth once again after trade we saw with the tree were now were seeing it with with the Hong Kong National security bill were seeing it with the closing of consulate which is the latest where does that leave the u. S. And china relations in the future well its no secret that weve seen increased tensions between the u. S. And china over in recent months and secretary of state my pompei o is even saying that every attempt of the u. S. Is made to sort of engage with china is a failure and he said that in a speech where he called on the rest of the world to join the u. S. In sort of putting more pressure on china to take a listen oh yes. Its kind of engagement weve been pursuing has not brought the kind of change inside of china the president nixon had hoped to induce. The truth is that our policies and those of other free nations resurrected chinas failing economy only to see beijing bite the International Hands that were feeding it we open our arms to chinese citizens only to see the Chinese Communist party exploit our free and open society. Now as weve seen Washington Post my moms accusing beijing of hiding information about the coronavirus and the future of his landmark u. S. China trade deal still sort of appears up in the air so not remains to be seen how all of this is going to affect the deal in the long run well it really will especially because again there was so much that went into that deal months years of negotiations and details to get everything even the details in writing there were issues with the language there were issues with the details of what was going to change and when it finally came out it was a huge deal for phase one they were hoping for that phase 2 by november obviously the crowd of various pandemic changed everything china is now retaliating the u. S. Is retaliating the u. S. Is pointing fingers at the alleged mishandling of the pandemic from from china and i was secretary pompei are now saying almost a clearing sounded like a cold war against china so it really will be interesting to see what happens between now and november and if we elect a new president what that even looks like because i know joe biden has also been very critical of china its become a bipartisan issue so well keep following it Rachel Blevins r. T. Correspondent thank you so much for that thank you. Time now for a quick break but stay here because when we return safe haven assets like gold and even bitcoin are on the rise but the breakdown of what may have investors hiding from these risky markets as we go to break here the numbers are but. The saying is that when you speak of money printers in charge. Different thing all that paper money. Is themselves really fills their dad. With dreams of its fiats of primacy thats the ultimate form of supremacy is i print therefore i am and if you can pull the levers of political power with their fear of money if you can acquire assets with their fear of money it gives you that god complex that we have so much of around the world and countries and big corporations and now its all going to come crashing down. A dark industry comes to life in los angeles every night. Dozens of women sells the bodies on the streets many of them underage. Los Angeles Police reveal a taste of the daily challenge if youre going to exploit for a child here in los angeles oh they were going to come out as a officers going undercover as 6 workers and customers to fight the. Ambani and by north its so many people because a cop beat him hes so good that even such a bad cop be sending. Im not anybody. Im here to find the next guy. Who looked up never. To feed let god she even dump out the attempt. To deflect some. Of the deflection board after to say that. That is a god that i got off of me its a. Lot about. That that you cant bank on. Look up. On the bottom theres a bonus which alone can choke not only. Under one name plus and then later today 100. 00 gandhi the new law alone going to. Cease. To go to you mark you join you. On monday oil dropped as the rising number of coronavirus cases continue to stall commercial flights well the tit for tat us china rising tensions also contributed to the drop as investors thought safe haven assets like gold which hit record highs on monday well to break this all down were joined by. And c. E. O. Of my calvin e. Financial group David Makovsky chrystia lets start with you benchmark brant crude prices have risen 120 percent from their april lows they remain above 40. 00 a barrel but with these new spikes in coronavirus still is it safe to say that oil markets have recovered well in the interne you can say that yes well prices did recover and they stabilized a bit certainly compared to when they were negative but the recovery might not continued as it is because the oil is now getting hit from both sides on the supply and the demand side so on the supply side opec implemented unprecedented cuts in order to stabilize prices back in may they will soon begin to relax their restraint and begin pumping more north america as weve seen theyve already began increasing shale production as fracking crews are getting back to work now so you have a lot of increasing supply coming online on that side versus on the demand side thats also going down because china had a record purchasing sprayed back in april when prices were at rock bottom so china began by oil and has now eased off ever since their inventory has increased 28 percent since may as it took advantage of the sale in the oil markets so meanwhile here in the u. S. The summer driving season is shaping up to be extremely extremely weak because vacations states such as florida and california theyre seeing a surge in coven 1000 cases so theyre limiting travel bills driving as well as air travel and demand for both gasoline and jet fuel so flights are now only accounting for 50 percent levels since the start of the year and traffic is still only 40 percent since the big. Any of the year so demand has really towed if not decline without chinas participation so thats going to weigh down on Oil Prices Going forward you know if they were going to continue to see that david now following the closures of the consulates that we just talked about in houston and tendu investors theyre increasingly worried about the escalation between china and the United States are we seeing a risk off rotation or is a smart money still trying to chase alpha at this point. I think theres some smart money seeking the sideline and seeking something of a safe haven in gold and in physical commodities like but i think one of the things that we have to be cognizant of is this is the challenge with the Chinese Government which goes back quite a long time the 9 dash line defined what this in gauge would be and so when we think about the spratleys in the terrorist cell in this car bush a