This is the one business show you cant afford to miss. In washington coming up the u. K. Crash into its deepest recession on the record. How it compares to other rich countries around the world Precious Metals are finding their way back commenting on to the can they return to the old record highs have a lot to get to lets get started. On wednesday britain officially entered a recession as coronavirus lockdowns hammered the countrys output well the office for National Statistics show the countrys g. D. P. It plunged by 20. 4 percent in the 2nd quarter of this year this is its deepest recession on record this comes after a dramatic fall in output of 2. 2 percent in the 1st quarter of this year while the Country Statistics Agency compared it to an annual rate of about 59. 8 percent and u. K. Chance to knock said although these are hard times theres still room for hope and were talking about this a few months ago hard times were coming and todays figures show the hard times that here hundreds of thousands of people have already lost their jobs and sadly many more will say to people all the tough decisions law ahead for all of us no one will be left without hope or opportunity. Well g. D. P. Did expand by 8. 7 percent in june showing some promising signs still that 2nd quarter really hit it steepest among other rich countries and 2nd quarter u. S. And germany actually lost around 10 percent of their output italy lost 12 percent france 14 percent and spain 19 percent the bank of england has already warned that the recovery could take until the end of 2021. For more were joined by peter schiff of Euro Pacific Capital and shawn hyman of the logical investor gentlemen thank you for joining me today sean lets start lets lets dive right into this with the u. K. Economy here were talking the 6th largest a common enemy of the world can we expect continued recovery leading into the fall when coronavirus cases may rise again. I think theres still a rough road ahead for you know there finance minister going on to say that theres going to be a lot more job losses for many more months still to come the bank of england recently also said that they think that it will take until the final quarter of 2021 before their g. D. P. Really recovers like it should and so i think theyve still got a tough road ahead of them their stocks are a little bit overvalued but not near as much as ours are over here so really the opportunity in the u. K. Economy is in there british so the logical investor were going to fix b. And so thats where i see the opportunity there im always there but not on their economy or stock market its only going to take some time to recover like most peter i want to take it over bring it over here to the United States where the s. N. P. Is nearing some record highs lets talk about the democrats and the republicans on the stimulus bill now the democrats in the trumpet ministration theyre still miles apart on this necklace round of Coronavirus Relief how is this affecting Consumer Spending on the economy the market seems to be sure of off that its stalled negotiations now but one of the real impacts that were looking at here. Well 1st of all is Government Spending and fed money printing is not actually an economic stimulus its a sedative. It is actually week in the underlying structure of the economy unfortunately its likely to continue and yes what the government is doing is helping consumers spend money they dont have to buy more stuff they cant afford but thats part of the problem part of the solution is for people to spend less and save more so we can invest more and produce more but unfortunately were not doing that were not allowing the economy to restructure all the Federal Reserve wants to do and the u. S. Government is to continue to blow air into a deflating bubble and what they are in the process of doing is creating a currency and sovereign debt crisis that will be far worse than the 08 financial crisis we did there we did see some some some increases and savings account. Well i mean not really i mean sure there are some americans that are probably saving a bit more because theres not as many places to spend their money but you have a lot of americans who are drawing down what little savings they have and of course a lot of americans dont rely on savings at all they rely on debt because they have no savings and thats part of the problem and thats thats very true now big tech here its still leading the market right thing stocks especially and and those tesla stocks after its stock split was announced why is the market so convinced that these tech giants will never be heard by congress and really be immune to all of this market turmoil thats playing the rest of the world. Yeah i mean as it concerns tesla i mean really all youre doing there is youre taking a picture of people and youre slicing it more into more pieces of the pizza you really havent increased the size of the pizza and thats really all that happens with stock split so it really doesnt add anything economically although it does sometimes excite some of this investors so i dont really see a lot there congress you know a lot of these Big Companies really have congress to a certain degree in their back pocket but you know that really doesnt last forever i mean even even with the congressional situation these stocks are still in a bubble theyre still going to crash theyre still going to have like a 2000 like. You know crashed before its all said and done who knows where that exact is right now but its a frenzy and itll crash no matter what congress is involved it is on that seems to be holding the markets doing pretty well peter i do want to switch over to so Precious Metals here gold saw its steepest one day fall on tuesday since 2013 a huge sell off obviously but it looks like its rebounding now is it going at so many people many people hold these Precious Metals right for a year or so selling after the rise is understandable but are we seeing more than just profit taking as is this the broader momentum over. No i think its more speculators that are involved in the selling i think the people that youre referring to have been buying gold over the years who are buying it for the right reasons which is as a safe haven from. Debasement from all the Central Banks in particular the Federal Reserve printing too much money and Holding Interest rates artificially low to destroy the value of their currencies so it would make any sense to get rid of your gold now when theres still so much Downside Risk in the dollar another few currencies i think 2000 is merely a stopping place to much much higher prices but really its not the price of gold thats going up its the value of currencies that you used to buy gold as that are going down and these currencies are going to lose a lot more value so the price of gold is going to go much much higher and all the speculative liquidations that took place yesterday are simply creating better opportunities for people who havent bought enough gold and silver to buy some more well speaking of several silver shawn it was hit even harder on tuesday plummeted by almost 15 percent but this was its biggest decline since october of 2008 but some analysts are calling it a mini crash whats the future you see there. Yeah i think silver has got a long road ahead of it with with upside volatility does come some pullback and downside volatility for sure but silver had been in a long range. For multiple years and its breaking out of that its playing catch up to gold theres really the perfect storm for medals in general and thats why theyre broadly rallying youve got all kinds of political turmoil and certainty stuff going on with china you know theres just looting and rampaging going on right slow money printing i mean its just the perfect scenario for middle to rise so you know there will be pullbacks and volatile pullbacks on the way some of them might even last a while but ultimately i see silver going to higher highs and should be no problem going to thirtys and fortys and who knows maybe even come close to 50 again well up peter the Producer Price index rose 5. 6 percent last month now this indicates little inflation for a lot of services and then the governments recent stimulus why do you think that is. Well 1st of all point 6 percent in one month annualized is 2 a pretty pretty big number and in fact we got 6 tenths of one percent on the c. P. I. They came out today but if you look beneath that food prices really are on the rise theyre leading the index higher and i think were going to see a breakout in energy as well so thats going to be driving prices but look the inflation is coming from the fed in the United States its the Federal Reserve that is inflating the money supply and its the inflation of the money supply that causes prices to rise and i think consumers are going to be bearing the brunt of all the inflation that the Federal Reserve has been creating to finance all this Government Spending and socalled stimulus and so this is just the beginning of a major uptrend in both producer and Consumer Prices were in stagflation in the United States definitely seen that price increase at the Grocery Store but the fed said that were still very far away from that 2 percent target well thats what we expect them to say theyre lying you see the fed knows that they cant raise Interest Rates so they have to pretend theres no inflation to justify their reckless Monetary Policy so theyre going to deny it as long as they can but its some point the markets are going to are going to ferret this out but meanwhile gold going above 2000. Dollars and else is a pretty good indication that the fed is wrong that theres a lot of inflation in the pipeline that the fed has created and now theyre in denial of its existence thats true these Precious Metals cant go up forever but i mean even with a little bit of decline theyre bouncing right back up so definitely high dependability there peter schiff of Euro Pacific Capital and shawn hyman of the logical investor thank you both so much for making time for us today. Thank you but. A new report in the wall street journal claims tech talk once tracked user data by using a method google tried to block well according to the papers own findings the beijing based used a security loophole to gain mac addresses this address is unique to devices and it can be used by advertisers to build profiles google has policies against this for their android operating system but apple has the same policy but it doesnt appear that apple devices were affected ticktock responded saying in part the current version of tech talk does not collect mac addresses well President Trump has threatened to ban the app over alleged security concerns unless its sold to an American Company reports have grown that microsoft or twitter may be interested but the Chinese Government will have threatened retaliation if the company is forced into a deal. Already strained relationship between china and the United States seems to be getting worse as washington increases its pressure on the asian superpower well some say this is the sign of a new cold war all there is actually remain pretty optimistic believe in it all comes down to dollars and cents alex mahela which has the story. Tensions are on the rise we see the Chinese Communist party also for what is the central threat of our times despite the u. S. Rhetoric china has mostly held back on lashing out against the states this however has changed in recent days playing into made regarding issues concerning chinas core interests those concerned in the u. S. Should discard illusions and flukes and be aware that whoever plays with fire will burn themselves chinas back is up after a relentless onslaught from multiple angles by the Us Government here are some of the major facets initially americas beef with china was all about trade inequities but now that dispute seems to have turned into a tech battle under the guise of a Security Threat allegations that china is using tech firms like to talk and walk away to spy on americans have yet to be proven that there is hong kong us back protests raged in the Administrative Region for a year before the Chinese Government stepped in introducing a new security law to stop the turmoil this week china put the legislation into effect arresting a media tycoon who opposes chinese rule of hong kong which is officially a part of china the white house released a statement addressing the action saying we are deeply troubled by the arrest of jimmy lai a hong kong businessman publisher and prominent prodemocracy advocate china says that the u. S. Needs to mind its own business and should stop interfering in chinas internal affairs which the u. S. Is also doing in terms of Chinas Muslim minority in recent years china has endured multiple riots and terrorist attacks from mixed remus elements in the west of the country china has replied to the insurgency by building Detention Centers that the west claims house hundreds of thousands of civilians for reeducation authorities in china insist that the camps are for combat ing violent religious extremism then of course theres covert 19. John his cover up of the virus allowed the disease to spread all over the world instigating a Global Pandemic while the u. S. Insists that the Chinese Government covered up the outbreak of the virus many say there is little proof of that some experts argue that either way the global spread of the corona virus is not because of china and the country has nothing to do with the u. S. His approach and struggle with the virus with the Global Pandemic raging the u. S. Found a way to incorporate it in the very touchy issue of taiwan the u. S. Cut formal diplomatic ties with taiwan in 1979 switching recognition to beijing as the government of china however this week the Trip Administration sent u. S. Health and Human Services secretary alexs are to taiwan hes the highest ranking u. S. Official to visit the island in decades and its presence quickly escalated tensions between china and the us besides criticizing trying to response to the coronavirus as are used his time in taiwan to take political jabs at the mainland taiwan as a model for the world in so many respects yet political bullying has kept it from being able to fully shared successes and develop relationships that would all make us healthier wealthier and safer add all these facets to same sions and counter sanctions imposed by the 2 nations there is no doubt that things have escalated but there is hope that china and the u. S. Will work out their differences according to President Trumps top economic adviser larry kudlow trade talks remain on track in fact senior american and chinese officials are planning to assess progress between the 2 nations within the next few days potentially easing tensions with tensions high this type of step forward could be good for the world economically and politically some say it could also help boost President Trump standings before the fall election for boom bust im alex mahal of each. Time now for a quick break but stay here because when we return russia quickly dismissed International Concern over the safety of its code 19 vaccine for the u. S. Strikes on more than 1000000000 dollars deal with the pharmaceutical giant to buy millions of doses of its vaccine as we go to break here the numbers up close. As the u. S. Economy was booming growing numbers of people when they did. You can work 40 hours d in a week and still not have enough to get housing everybody believes america still is the way of opportunity the reality of those who were not financial ecology and the lack of Affordable Housing for a living minimum wage gave many people new choice to just been a problem with the city knows turn richard and told me stay away oh miss colton since thats the food that there is no answer because yes the requires at least whats the most vulnerable or abandoned on the streets to become the invisible klux. Seemed wrong well we just dont have all. The world yet to shape our these days to come to educate and indeed train because the trail. When so many find themselves worlds apart we choose to look for common ground. Russia dismissed International Concern over the safety and effectiveness of its recently developed covert 19 vaccine russias Health Minister said the concerns are absolutely groundless. Foreign counterparts who see rivalry and advantages of the russian drugs are trying to express views that in our opinion are totally groundless in fact many countries used some force regimes of the research however the russian vaccine i will repeat it once more is a decision based on certain knowledge and data. Germany france spain and the u. S. Have all voiced their concerns over Regulatory Approval after less than 2 months of human testing and the World Health Organization said its holding talks with russian officials on safety and efficacy data still russian officials plan to start mass vaccination in october meanwhile the u. S. Government reached a deal with pharmaceutical giant turn up President Trump announced his plan to purchase 100000000. 00 doses of its experimental Coronavirus Vaccine that trial is currently in late stage human trials its testing safety and efficacy on 30000 people in the u. S. Already has similar deals with the pharmaceutical giant pfizer johnson and johnson and other drug makers for their potential covert 1000 vaccines. And what has become an increasingly correlated rise in the stall of both goals were both safe haven assets have seen their dramatic surge just stall what seems to be as interesting as both the surge and gold price on the rise of big coin to break the 12000. 00 mark is the fact that both assets seem to be moving at almost identical power. Well joining us now is the toast spence won and Chris Christie lets start with you what do you make of the fact that both the gold seem to have stalled at the same time well both gold and big quite have been on a tear recently so having a little bit of a breather a little consolidation is actually quite healthy for it but as for the stall is the result of good news is bad news gold and dick winnable safe haven assets and a hedge against the dollar weakness essentially so the worse the outlook is the more stimulus is injected into the economy the weaker the dollar gets which is very good news for big quote and gold but now with the potential news of a vaccine. And all in the works by the end of this year traders are now we rotate out a safe haven assets into a little bit a high beta high risk assets but as we can see from the rebound in both the coin and gold prices today there is still a lot of uncertainty in the near term future especially surrounding the viability of this vaccine there are a lot of questions in there about that and on the other hand gold coins are both hedges against the u. S. Dollar and with the near 10 percent drop in the u. S. Dollar since march highs confidence in its status as a worlds reserve currency is eroding and in the short term the dollar depreciation can be a good thing and it makes the country more attractive in terms of investments and tourism that is thats the textbooks theory at least but right now there is no tourism we are still pretty much locked down on lockdown everywhere and as for Foreign Investments americas biggest investor was china and china is being singled out and attacked so that capital inflow is essentially gone so the weakened dollar isnt really helping the economy much at all so theres still a lot of room for both big and gold to rally up in light of the current macros as the money just continue to run down the dollar as we just spoke to peter schiff and about climbing back up so it doesnt look like its going to. Really its done yet ben obviously this seems to strengthen the argument the big point is a safe haven assets as weve talked about on the show many times kristie just. But is there a negative side for vick lying. Was sure there can be a negative side that negative side could be that you could say well big coin is now pegged to the price of gold which you could also argue is much better than being paid to the value of a dollar right because obviously the dollar is completely inflated at this point and so when you look at whether or not big queen is going to be. Paid to something gold would not be a bad asset to be pegged to but i dont think thats necessarily the case though there is absolutely a very similar move thats happening right now between big oil and gold theres no question about that its almost eerie how close they are but i think thats because of Institutional Investors i think it has less to do with the general person who is moving away from the dollar and looking for some kind of safe haven asset to get involved in and if youre going to do that because as weve talked about before because of his portability because of its ease the ease of use of that coin is something that a lot of people can get involved with as opposed to gold which i think is much theres a higher barrier for entry if you dont know much about it to get involved in Something Like gold right well kristie big has been surging obviously in search more than 60 percent in 2020 thats up more than 180 percent from some of its mid march lows about 4000 what makes this year surge really different than what we saw in 20 teen when we saw that surge this was before they dropped in 2019 theres a huge difference the last runup we had 2720000 that was on pure speculation and hype which was great it was a really fun time there were i suppose every single day there was so much promise so much hope but very little education and very little of delivery on that pipe dream which then led to the crash because all that run up wasnt really real so when you had a couple of i. C. s go bust then everything started looking really scary and that was the huge bubble that popped and everything crashed because there was really no room no real buyers between the 20000 level and the 6000 level so there were no real buyers out no no real hard liners because it was all quick money speculation and we. And thats what made that crash so spectacular because like all bubbles it just wasnt sustainable so now nearly 3 years later the entire industry has had time to mature and theres Actual Technology being built actual applications being used growing hash rates not just people in it for the quick money and valuation expectations that have been readjusted and the companies that had to buy the crypto winter they have proven themselves to be absolutely integral to the entire ecosystem so this run up that were seeing right now this isnt based on speculation every single leg up of this rally has had solid consolidation and in this rally were seeing very strategic accumulations by what ben just said Institutional Investors that is the real difference because we dont have that in 27000. 00 there was no infrastructure for institutional to come in there were no custodians there so those are going to be the really big players and some of the major supports as we have moving up well then do you see a difference between this year and 2019 and the other way governments are treating crypto is that different as well yeah theres actually different as well its interesting because russia in fact just stopped short of banning all crypto currencies they were close to doing that we see china moving towards its own Digital Currency and i think were going to see more and more governments moving to their own Digital Currencies i suspect at some point were going to see the u. S. Government move towards one but what that does is while they would not obviously one competitor big coin and other crypto currencies as well right all find themselves in a very unique position because every move a centralized government makes towards a Digital Currency is a move of confidence and belief in the system thats already been go before essentially meaning they are validating the concept of digital economies they are validating those Digital Systems and so i think theyll continue to grow kristie whats your take i think its actually a very dangerous thing for a central governments to start moving into such Digital Currency because then essentially just going to be a digital backed government backed currency which is essentially no difference and theyre going to run into the exact same problems exact same and so. Were going to have just an electronic digital form well especially because thats exactly was the purpose of the court as well and people have confidence in it because its not government backed but its all the time we have for today boom bust cohost spend so on interest you i thank you for that expert knowledge and you. Must space is taking at starlink project into hyperdrive and presentations the federal Communications Commission the company says its making 120. 00 satellites per month this is all part of the ultimate plan to build a network of 12000 small satellites in order to produce high Speed Internet anywhere in the world so far the company says over 500. 00 satellites have been deployed making it the largest satellite consolation in the world however despite the spread of manufacturing the falcon 9 rocket only carries about 60 satellites a lot but 400. 00 per launch may be coming in the near future for this time catch boom bust on demand on the brand new portable t. V. s available on smartphones and tablets through google play on the Apple App Store by searching portable t. V. Portable t. V. Can also be downloaded on newer models of samsung smart. Devices simply check it out at portable dot t. V. Well see you next time. Summer solutions thats right we solve all the problem with bringing in the biggest. We know ever bet on the show. Were going to look a very scary d. Word and that of course is. Joining us former. Hes the author of the price of tomorrow deflation is the key to an abundant future caught fire amongst. All communities its really a fantastic book. And illegal government by a small group. Rather than revolutionaries will. Condemn small groups the corporations when you have a tiny group of people who have all the power you have to have some means to make sure the rest of us dont get together and take it back. At least or sacrifice some. Places that capitalism exploited and destroyed for profit and left behind misery poverty environmental devastation and so you see things like Voter Suppression building more prisons you seem gerrymander. Undemocratic practices. In the world for this. Question. Is your media a reflection of reality. Transformed. What will make you feel safe. Nation community. Are you going the right way or are you being led. By. What is true whats his face. In the world corrupted you need to descend. To join us in the depths. Or in maybe in the shallows. Last protests of this future direction and by the end of their 4th day as police begin dispersing crowds on the rest of demonstrators. To russia claims to be the worlds 1st country with a Coronavirus Vaccine we visit the factory now must produce in the treatment. Weve gone since a devastating blast reduced to ribbons when he struggled with their grief including those who lost fought in the tragedy. 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