This is the bus the one business show you cant afford to miss on fairmont in washington coming out Senate Republican unveiled the much awaited counter proposal on another trying to fire a stimulus package but it doesnt come without democratic critics that. Its frustrating because they did their work 3 months for now would steer various very serious cliffs that hurt lots of people. And us and australia officials are holding their annual summit on tuesday but china is expected to be a primary focus for those discussions we have a patch so today so lets go and dive right a. 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 that plan dubbed the heels act. We manage 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. 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 truly knows its 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 it speaker 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 sort 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 country is of course going to make you that much easier for people to carol lins and will basically bail out the banks in direct 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 of faith and it 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 debasing their feet 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 it busters 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 with its near 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 the 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 coronavirus is a euro a real threat to the dollar as a recovery funds jointly issued now an alternative to u. S. Treasuries as a safe haven. Well 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 i guess looks like its out of control in the us and fairly well under control in europe so that leads to the the assumption has to be even more money printing coming down the pike in the u. S. So i think thats the real issue the fed has injected trillions of dollars into the market you know really an unprecedented move in matter of weeks to come and 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 that prime theres a whole host of new facilities a whole alphabet soup of them and these things are just getting going 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 do 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 462 percent annual inflation rate and food prices rising by almost 200 percent just this month whats the situation like there are 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 inflation right 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 problem but not 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 inflation 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 there are inadequate and not enough so theyve got to fire up the printers again and the a 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 excess of all 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 to shape up 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 fitting feeding this 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 moments ago kowtowed out of control so i wouldnt expect to see a symbolic would 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 and so there was a bubble a 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 although that is actually what the. All reserve is there for christie 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 is 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 off 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. The c. E. O. Of openness and west coast christie i 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 how. This joins me with the latest rachel what did we hear from from the United States about these talks well 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 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 you 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 were ever 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 followed 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 they do not have here 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 how to time when they are of course looking to escalate 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 quick 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 trying to being behind a cyber attack trying to fire back and the result of that was that china put tariffs on barley from australia and even banned so certain b. 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 evans thank you for that report thank you. Im only a minister and i was found guilty and one m. T. B. Trial is sentenced to 12 years in prison well discuss one of