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 countrys 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. We talking about this a few months ago said the hard times were coming and todays figures show the hard times that here hundreds of thousands of people have already lost their jobs and suddenly 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. But g. D. P. Did expand by 8. 7 percent in june showing some promising signs still that 2nd quarter really hit it hit 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. Or more we are 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 6 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 all you know their finance minister and gone 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 pounds so the logical investor where an ethics b. And so thats where i see the opportunity there im always there but not on their economy or stock market its never 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 next round of Coronavirus Relief how is this affecting Consumer Spending on the economy the market seems to be shirt off that its stalled negotiations now but one of the real impacts that were looking at here. Well 1st of all this Government Spending in fed money printing is not actually an economic stimulus its a sedative it is actually weiqi 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 in 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 in savings account right. 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 very true now big tech here its still leading the market right things 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 in 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 crash before its all said and done who knows where that exact is right now but its a frenzy and it will crash no matter what congress is involvement is on that you know seem 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 to 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. You know i think is 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. The basement 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 fee of 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 use 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 here 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 this thing and several silver shawn was hit even harder on tuesday plummeted by almost 15 percent but this was its biggest decline since october of 2000 a but some analysts are calling it a mini crash whats the future you see there. Yeah i think so its got a long road ahead of it with with volatility does come some pullback and downside volatility for sure but silver had been in a long range base for multiple years and its breaking out of that its playing catch up to gold there is really the perfect storm for metals in general and thats why there are broadly rallying youve got all kinds of political turmoil and certainly stuff going on with china you know theres just no looting and rampaging going on right slow money printing i mean its just the perfect scenario for metals to rise so you know there will be pullbacks and volatile pullbacks along 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 by point 6 percent last month now this indicates little inflation for a lot of services and the governments recent stimulus bill why do you think that is. Well 1st of all point 6 percent in one month annualized this to a pretty pretty big number and in fact we got 6 tenths of one percent on the c. P. I. That came out today but if you look beneath that food prices really are on the rise there are 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 these 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 the 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 ferret this out but meanwhile gold go above 2000. 00 an ounce 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 who 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 fine of a new cold war however actually remain pretty optimistic believe it all comes down to dollars and cents arties alex mahela tells the story. Tensions are on the rise we see the Chinese Communist party also for what it 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 trying to 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 us 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 remiss 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 at 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 model of each. Time now for a quick break but stay here because when we return russia quickly dismissed International Concern over the safety of a code 19 vaccine by the u. S. Strikes on more than 1000000000 dollars deal with the pharmaceutical giant to buy millions of doses of its oxy as we go to break here the numbers up close. Some are so lucians thats right we solved all the world problem with bringing in the biggest genius to the way we know that have ever been on the show today were going to. A very scary. Jeff booth hes the author of the price of tomorrow why deflation is the key to an abundant future this book has caught fire amongst. All communities its really a fantastic book. Vault. In the early ninetys. A psychologist 6 only just proposed to the west but incentive to social experiment wanted to live paedophiles and neglected boys experiment was a. Mobile. Home. Group to believe that sex with older men would help with the boys socialization over 30 years many children were paedophiles to raise. Were. Just. Going to go over. I dont. Use some of my. Dishes if youre. A mouse you. Know the. Moment. Our life. Change or more our life changed. Russia dismissed International Concern over the safety and effectiveness of its recently developed covert 1000 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 doses of. Its experimental Coronavirus Vaccine that trial is currently in late stage human trials