nile delta all the theories about cyclone rock or brick the finish though the facts that we found out that he died through are his war against the axis and he was captured by the axis and we know that they tied his hands and they hit him on the face and they throw him in the ground and they hit him a game but his soldiers were able to take him to the workshops the mummification workshop to move him. a look at main stories this hour now u.s. president joe biden has announced a return to multilateralism at the munich security conference and his presidential debut on the global stage biden said his commitment to nato is unshakable the president also used his speech to push back against what he described as russia's attacks on democratic countries i know the past few years of strain and tested our

transatlantic relationship but the united states is determined determined to reengage with europe to consult with you earn back our position of trust a little ship which even is these goals is going to depend on a core strategic proposition and that is the united states must renew america's enduring advantages so that we can meet today's challenges from a position of strength well the united states special envoy for climate has urged governments to do more than the ban minimum on climate change is warning comes after the u.s. officially rejoined the paris climate limit on friday 3 months after its formal withdrawal by the trumpet ministration went into effect before the secretary of state said if efforts to reduce carbon emissions are not stepped up the whole world will suffer the consequences. what we do or don't do in the coming

months and years will make all the difference it's a threat multiplier when tensions are already high somewhere and resources are increasingly scarce the embers of conflict just burn brighter and when farmers can no longer make a living because the weather is so extreme and unpredictable they become increasingly desperate many according to some studies hundreds of millions of people will be forced from their homes forced from their habitat for the place they've lived a life. and it g 7 leaders have pledged more money for the un has come running a virus vaccination program which ams to inoculate poor countries the e.u. says it will double its contribution to call of x. promising a total of $1200000000.00 u.s. president joe biden is vowing $4000000000.00 upfront is the program coming up next .

why are billionaires making trillions of dollars in the middle of a pandemic i'll ask economist and former greek finance minister yanis varoufakis. down as a fact is that you so much for joining us on outfront. it's a pleasure recently study found that since the start of the coronavirus pandemic the world's 10 richest men have seen their wealth increase by a combined half a trillion dollars that's more than enough money to cover the cost of vaccination

for everybody or on the planet who should be held responsible for this kind of gross inequality and injustice the crash of 2008 our generation's 1929. nothing is that has been the same since then come to think of it immediately after 2008 the great in the good the central banks primarily and of course governments got together at the g. 20 level if you recall april 2009 and this started to flow during the financial markets by means of state money printed by central banks primarily for 12 years even new york of 19 hit we have been creating this guy and of bush did use financial market and environment with stagnation for the real economy pretty well capitalism for small businesses medium sized businesses with some large businesses and then covered 1000 comes and hits us we do a lot more of that q.e.

stuff money but in think the financial markets now have an exit at the stratosphere whereas the lurch of the economy is tanking. that is ulta is the top 0.01 percent are doing very well thank you and the rest of the global society is suffering you talk about 2008 i want to push on that a little bit more because in 2008 you're right we printed more money. we gave it back to corporations who bought back their shares and begin to invest this was the fix in 2008 and it seems to be our same strategy here during the pandemic is it that we've learned nothing or is our darkie just indomitable what what's the answer for this replication of the process. it seems that those. in positions of power of authority like the bourbons they forget nothing and they learn nothing. and you know why is business not investing so they don't want to invest it's not

some conspiracy they look at aren't any look at the little people who are being subjected to stringent austerity whether they're in greece not just in greece and puerto rico but even in germany in france in the united states of america the vast majority of people have been treated to a steady cutbacks. even the obama stimulus never went to the little people ran out of path very quickly states where cutting so had 12 years of austerity for the many and socialism for the finances that is at these companies look at aren't in the see people who do not have the capacity to buy new expensive stuff so they don't invest in it that dacre money that the state prince and as you go to could put it they go to the stock exchange and buy a back their own shares this is wasted energy it boosts inequality and creates the nation for the many you talk about the stock exchange and also the u.s. economy right now the u.s. economy is in shambles last year it shrank by 3 and

a half percent that's the worst we've seen since the end of world war 2. unemployment is higher than it was during the 2008 financial crisis and yet wall street. we did pretty well in 2020 and it's not just the u.s. if we look in the u.k. we see a very similar thing we see the london stock exchange up 2 percent on the very same day that the news broke that the economy was shrinking there seems to be a huge gap between what the markets are saying and what reality is saying why because you no longer live under capitalism capitalism has morphed into what i'd call it back not feudalism in the sense that you don't have a competitive capitalist economy with bush who is competition you've got some very few very few platform companies that effectively own the market the don't want to license just their own it like amazon and instance once you are into amazon or facebook you're not got to tell if you are in a kind of soviet regime owned by one man really. and that arrest of the

the market economy is shrinking it isn't stagnation money is being pumped by central banks struggling to keep the whole thing the whole show on the road the money ends up with a large corporations that already have savings that they're not investing because of the little beagles in begin it it so they go to change and buy back their own shares so you have the london stock exchange the franc for slugger to change the buy just a change you know and of course new york doing remarkably well at a time when the vast majority are suffering you mention this idea that we're no longer in capitalism and i read something a speech of yours at the launch of the project for peace and justice this year you said capitalism has already morphed into something even worse as you said i call it techno feudalism but we don't even have capitalism the amazons of the world the facebook of the world power by public money by the bank of england european central bank the fed they are combining the worst of the state with the worst of private monopolies but if these companies haven't operates and they're being propped up by the state of tech companies that are the ones with all the power and they're not

accountable to any electorate what do we do what's the solution 'd. we get organized it's what it's the way we got out of it you know i thought it dead in the regimes in previous centuries is the way that we posed democracy upon the ruling class and remember ruling classes never wanted democracy even the liberals of the 19th century and that is something that those who are criticizing china today must remember british liberalism you know that went hand in hand with capitalism was under democratic we're condemned to fight the same struggle again and again for democracy the idea of every day people pushing back against these corporate oligarchy is pushing back against corporate power fighting the markets is something that we're watching in real time in a certain kind of way in late january we saw the reddit rebellion where social media users took on wall street hedge funds by turning the game or until they drove

up stock prices and now only make cash for themselves but the advertised short selling in which you know wall street investors bet against struggling companies like a game stop which is obviously the target in response of course we saw the trading at robin hood spin trading for a specific securities inviting kind of bipartisan outrage is this kind of resistance the new type of resistance that might actually generate change is this what we need to do is it impossible to say that well it's a mixed picture. it is not evolution it's not occupy wall street through financial means which is where 6 months ago or published the political science fiction novel called another now you will excuse me for plugging it but in it. that kind of revolution. would involve financial engineering an element of that we saw in game stock an element of that but he was not everybody and the interesting aspect of the game stop episode is that indeed as you mention you had 4400000 people getting

together to make money right it's not was not purely ideological of course it was. to make money but a substantial proportion of these millions of people didn't care about so much of it making money they didn't even even mind losing the money to put in it they wanted to sock it to the hedge funds so there is an element of ideology there there's an element of collective action through financial. is that what's missing if there is a kind of capital going to get a capitally anti-corporate impulse there it's organized action what makes that in your estimation distinct occupy what you call a movement in this seems like more of just a singular tactic what would make it a full fledged movement is replicable. well to think things are missing the 1st is a manifesto. what we want to put in place of these financial markets that are broken they're not working for humanity they're working for the finances what would

markets look like if you removed this virus of finance illustration from it and the 2nd thing that we need is an alliance between different kinds of people and different movements it is rendered headed crowd get together with trades unions get together with climate change activists in order to pursue. a vision for the world that is when we're going to have a revolution one thing that might be surprising to many is their stimulus spending in the united states was actually much bigger than it was in europe if you look at deficit spending by the u.s. government it was nearly twice as much as europe which is very interesting because the e.u. is more progressive on these issues around housing around health care etc when it comes to public spending in general we would intuitively think that it would be the e.u. that would spend more why is the e.u. spending so much less responsible with by comparison will you permit me to challenge the this perspective i would love. to figure opinion has always been more

conservative when it comes to public spending in the united states remember the americans have no deficit for the. now richard nixon there on the 15th of august $97.00 to $1.00 famously blew up the burton would system and said ok it's our currency it's your problem that's what he said to the europeans and the started spending as if there's no tomorrow and the 2nd phase globalisation you know if you want to financialization the 2nd post-war phase after the 1970 s. was predicated upon the united states becoming a huge vacuum cleaner using its trade deficit to suck into its territory the net exports of germany of holland of japan and of course labor of china and creating the world as we know it. whereas the european union think of what happened after 2008 we had created come to think of it just think of this what created the central bank. without a state or a pleasure to have it's back. and 19 treasuries or governments without the central

bank to have their back so when the banks of france germany creates portugal ireland collapsed they didn't do what their british did or what the americans did which is to tell the the central bank bring the money to save them no they transferred wealth from the poorest of the europeans to the finances as a result is who had 12 years of stagnation of austerity you know in europe is just a bismo compared to what the american 6 perience so yes even though there is a social democrat i think if you want a forcing europe doing the good on those when capitalism goes through a spasm america always a response more in a more keynesian fashion if you want even ronald reagan was a king president compared to anything that we've seen in france or in germany and that is our is that every crisis global crisis leaves europe weaker and more

injured and wounded compared to the united states than the previous crisis how much of that response the keynesian response that you that you mention is due to accountability there are mechanisms for example the us fed is accountable to congress is accountable ultimately to an electorate in a sense whereas the european central bank which you mention is not the e.u. commission is not how much of this is ideological or how much of it is about the sort of mechanisms and structures of government there isn't why the united states managed to get together is pretty big very very sponsor of the political system in the united states to previous crisis firstly the creation of the fed in the 1st decade of the 20th century was due to financial disaster and then much more importantly 1929 and franklin roosevelt's new deal which created. it in a sense all of those institutions like the federal deposit insurance corporation

the social security and medicare and later when the great society of l.b.j. got was all started and these are all the institutions that were put in place and which the european union never had especially the european munter union so when 2008 took place you know americans did not need to rely on politicians doing that i think because those mechanisms were there and automatically absorbed a lot of the shock waves whereas in the european union we had you know a comedy of errors. produced a great deal of inhumanity if you look at the way my company was treated if you look at the way that the german workforce was being treated all those years condemned to stagnation because we've never had those federal institutions want to pivot a little bit and talk about the disproportionate impact that the that the pair the mic will have at least according to the u.n.

on women women will be pushed into extreme poverty for example there's a woman margaret remind she's a single mother of 5 from south sudan she makes a living selling beings at a local market since the pandemic her income has dropped more than 50 percent that's just one example of what we're talking about in the u.s. women lost one 156000 jobs in december men gain $16000.00 jobs that means that women account for more than 111 percent of all job losses that month how with the solutions that you believe in remedy the various forms of gender inequality that we see globally what data again sexism cannot be solved means we have to be clear on this but what we must understand at the same time is that when you have a deep recession the 1st people who get hit are women ethnic minorities. generally the weaker the young those who are you know under 20 the very old they're

the 1st people that we can suffer the most during a recession so any delay in responding to espouse of this financial lies through. google is not we have by keynesian means exacerbates the pain that the victims of patriarchy have been suffering so on the one hand we need to replace the lost incomes we are placing them anyway you know the central banks are printing a lot of money but they're giving it to their own people they're not giving to the women and then they're giving to the pour they're giving it to those who don't need it to the bases of the world you know and the corporations of the world that they get to the stock exchange and invest in their own shares again. so we in a sense you know franklin there were those with who was not a revolutionary and he was not a left winger had that idea that in order to stabilize capitalism is even from the

perspective of a capitalist you need to look after the weak who are the greatest victims of capitalism see abuse it. i want to think a little bit more about these solutions are you say that patriarchy and sexism can't be resolved through kinsey and means i guess my question is what kind of interventions can we make bet would yield some kind of equality on this front for example what would paying women for all domestically do is and as a possible solution would you make of that or i'm totally against being women for domestic duties because that assumes the domestic duties are a woman's job and as a male of that as a member of the defective sex and that is as if i don't feel i have the right to say that are what the basic diffidence that is universal and goes to everyone but what if what i was thinking about i guess what i mean though is if we recognize that a large part of why the domestic sphere is not invested in is because we see it as

women's work it as part of a picture of vision could we say that our domestic labor not just for women but for everyone would be compensated as a means of even ing out the playing field as a means of providing more economic justice for women around the world who are often consigned to the domestic sphere. but you know a universal basic dividend let's say a payment of let's make it modest $1000.00 a month to each individual you know would do that without the bureaucracy are having to decide who is a domestic worker and who is not there would be no punitive state deciding if you were eligible you are not and that allows couples. households to decide who is going to do their washing up who is going to stay at home and look after the children look after the elderly without the state interfering in the distribution of these robes another issue in addition to the gender question is that of race to

the pen demick has revealed structural racism in new ways as well if you look in brazil for example people of afro descent are 40 percent more likely to die of cold it is. in their white counterparts in the united states african-americans are one and a half times more likely to be infected or die of covert than their share of the population . one of the reasons for this of course is that we have these economies that are inherently racism rooted in colonialism and slavery and such how do the solutions that economists like yourself offer account for this kind of structural racism this kind of deep seeded historically rooted inequality allow me to deflect for a moment i'm one of those privileged white men who has spent to look down in his elation nice place and only because there's an army of people out there doing all the work you know from guard to garbage men and women tool and nurses and doctors to supermarket employees to amazon warehouse workers and so on and right

now the. proportion of. ethnic minority of the people doing those jobs is much higher because of the history of exploitation and the history of racism any move towards the moving the structural privileges of people like me is going to ameliorate the situation that you described and it will cause. a more balanced distribution not just a finger but also burdens let's talk about the i.m.f. for a moment you. i see you light up a little bit i know how much you love the i.m.f. . you can obviously very critical of the i.m.f. the international monetary fund in 2016 used a phrase that i found very interesting in the fiscal waterboarding when they impose strict austerity measures on greece but the irony though is right now many progressives including some of the largest humanitarian groups are actually calling

on the i.m.f. to disperse a multi trillion dollar covert relief package that use funds that don't have to be repaid where do you stand on that is this a measure you'd support absolutely i would like to actually stun can it look the international monetary fund is a creature created born during the bretton woods conference in 144 the original idea was a splendid one it with a word like something someone like you know the central bank of the world and the folks for the 1st 20 years the i.m.f. did not do a bad job i mean it had it had to handle the fixed exchange the rangers team thinks changed when bretton woods collapsed. but i have survived. to survive it had the under took a new role it played the role of the bailiff of the wall street bankers the bankers of frankfurt and london. and paris visiting countries

especially in africa in the late night the seventy's and later on in asia and someone affectively it exacting a pound of flesh from the local population on behalf of the international bankers who demanded their silly investments in those countries. that were predatory loans effectively bayed to the full through the privatization of things like hospitals and schools and everything else so the i.m.f. the world was totally transformed and it went from the side of the good to you know to the side where you have really an incompetent misanthropic trickle was it was of an at is correct or not and we're not suggesting that the i.m.f. should be abolished what are those who are suggesting that a number of f s d r's are created in order to fund. scene for every human being put on ground to

fund investment in green jobs in the developing world what we're saying is the i.m.f. should go back to what it was meant to be in $94.00 therefore do we have the capacity to do that right now i mean if you look for example all 189 member countries along with the i.m.f. leadership they're ready to allocate covert funds they're ready to do it it was blocked last year by the us treasury now many speculate the reason was that the top administration didn't want to create any avenues or pathways the funding for iran or china or venezuela but now we have an opportunity here under janet yellen the new us treasury secretary to do something different are you optimistic that we may change course and actually make this happen no but i would be very pleased to come back to your so and say that there was. wrong why why you know why are you not optimistic though because let's face it the democratic party in the united states only managed to win the white house because they supported

a president mr joe biden who is. a very powerful ally of wall street and don't forget as i said before that they are my president operating all these decades since the early 1970 s. as the bailey for what's that and i don't see why they would change now now that they have their. their great friend in the white house even if janet yellen wants to do and i have you know i think that john engler probably does want to do it personally judging by her track record and her academic work things you said even when she was german of the chairman of the fed but i don't think she's going to be allowed to i hope i'm wrong but even that is not going to be enough before you go i have a question for you about the green new deal it's an idea a vision at least for a more just economic future that you've supported both in the e.u. in the united states but why has the left failed to implement such potentially effective policies what we've never been in power i mean here in greece we wouldn't

buy a whole 5 months i'm going became done as like a ton of bricks and destroyed us remember beyond that of course we leftists. have a lot lancer for because we have fantastic. dividing and multiplying and turning against one another. but primarily allow me to say that so that our views do not think that this is simply an ideological matter it's a question of rationality families. never before has humanity had so much money we have the largest by law of savings and he quickly in the history of humanity by comparison the proportion of our savings that we are plowing into investment investment into the future right into the going to. vision being energy you know good quality jobs of can produce that the incomes by which to pay the debts the amount to do with investing has never been lower i was proportion of the total

savings in the history of the world that is stupidity in action and if you don't have to be a left winger i'd we're going to agree with that it's a waste it economic and energy and that should be. our guiding light hearted take the money which is there and invest it into the future of humanity especially you know the green transition which is necessary so that we can have a planet on which to flourish yanis varoufakis thank you so much for joining us.

when freedom of the press is under threat demonstrators and journalists are dealing with internet outages elise intimidation and charges of said dish to shift the focus covering the way the news this covered the listening posts on the jersey.

hello i'm marianne wisely and london with a quick look at the main story this hour u.s. president joe biden says a america is back and ready to rejoin the international community 2nd away from his predecessor's america for us policy and his president. debut on the global stage biden said his commitment to nato is unshakeable stating that an attack on one member is an attack on all president also used his speech at the munich security conference to push back against what he described as russia's attacks on democratic countries.