and both of those would be equally exciting to the team ultimately perseverance may dig up evidence that life existed on mars at some point in the ancient past that could be a sign that life is widespread in our solar system our galaxy and the far flung reaches of the universe and that we are not alone robert oulds al-jazeera los angeles. you're watching i was there with me said hello robin a reminder of all top stories u.s. president joe biden has declared his country is back to sweeping away his previous i says america 1st foreign policies biden address the munich security conference seeking to reassure allies sidelined during the trip as 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 and leadership achieving his these goals is going to depend on a course to the 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. wealthy nations have pledged to pour more money into the un's croad virus vaccination program kovacs which aims to inoculate poor countries that you promised $1200000000.00 while the u.s. says it will put in 4000000000. 0 has seen excerpts of a u.n. report which accuses an ally of donald trump erik prince of violating a libya obs and bargo the competition will report alleges that prince said weapons to abolish a commander who was trying to overthrow the internationally recognized government security forces have opened fire on hundreds of protesters on the streets of the

somali capital mogadishu the violence broke out as a presidential candidate led a barge to denounce the delay to elections. government has released dozens of pro-democracy activists from jail as the country prepares to by the 2nd anniversary of a popular uprising algeria's president of the. announced the move to appease their fear that protest movement which forced former leader of the lizzie's beautifully from power in 2019 the dutch senate has approved a new law which gives legal backing to the government's quote of virus nighttime curfew the legislation was hastily drawn up after a court last week sided with the curfew campaigners ruling the restrictions were scrapped the government has seeking now to overturn the decision but friday's senate vote means the appeal court case is redundance more news that half an hour upfront is next. on counting the cost of the prosperous president we delve into

just how wealthy blood america putin is at a time when the rest of russia isn't bandpass the rise of mean stops where there's plenty of money to be made in almost none of it is about the core business. counting the costs on al-jazeera. why are billionaires making trillions of dollars in the middle of a pandemic i'll ask economist and former greek finance minister yanis varoufakis. yanis varoufakis thank 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 vaccinations

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 but i know for 12 years or 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 good capitalism for you know small businesses medium sized businesses with some large businesses and then covering 1000 comes and hits us we do a lot more of that q.e.

stuff money but in think the financial markets now have exit 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 they didn't 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 are 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 puff 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 sea 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 we no longer live under capitalism capitalism has morphed into what i'd call a techno 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 a gap in their lives you are in a kind of soviet regime owned by one man really. and that este 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 or they're not investing because of the legal 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 have been up 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. 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 are 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 i had 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 they 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. does that then what's missing if there is a kind of capital maybe at a capitally anti-corporate impulse there it's organized action what makes their in your estimation distinct then 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 this replicable where to think things are missing the 1st is a manifesto a vision what do we want to put in place of these times the financial markets are broken they're not working for you money 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 a good crowd get together was delayed as 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 and has always been

more conservative when it comes to public spending in the united states remember the americans have no deficit for being. no 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 start is 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 of his 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 sparse room 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 mundo 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 middle 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 beans 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 gained $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 bases of the worlds 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 the rules with who was not a revolutionary 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 where you say that paycheck and sex and can't be resolved through keynesian 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 isn't as a possible solution would you make of that or i'm totally against paying women for domestic duties because that assumes the domestic duties are to women almost a 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 our what the basic diffidence that is universal and goes to everyone but for the most i guess what 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 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 you know $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's not there would be no punitive state deciding if you were eligible you are not and that allows couples. households to decide who's going to do their washing up who's 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 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 the 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 at the international monetary fund is a creature created born during the burthen woods conference in $144.00 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 ability bay to the full through the privatisation 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 we're going to 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. a scene for every human being program 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 of 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 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 the i.m.f. has in operating all these decades since the early ninety's seventy's as the bailiff or was 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 jail one 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 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 and i was 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 viewers 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 buyer 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 flattish yanis varoufakis thank you so much for joining us. oh geez there are we know in a case where some of the stuff you compensated civilians we listen to the only music you hear is the only the most beautiful music in the world is silence we meet with global news makers and talk about the stories the on the edges their own. fate

may not be top of the table. they might not have the biggest stadium. but they stand just tightens in the face of the fascist fall rights movement. if you want to show the world that the good guys come sometimes when they are the force behind jim it's simply phenomenal and. the fun to make football fun you see you jump into the street there is a lot going on in this and julia not global community when i talk about the misinformation i think we are more afraid than we are aware be part of the debate don't ever take anybody's one word because there's always a difference when no topic is off the table we have been disconnected from our land we have been disconnected from who we are good enough to keep the new and be part of today's discussion this stream on out is their. understand the differences

and similarities of cultures across the world sentiments when you will be the news and current affairs that matter to you. the united states will work closely with our european union partners and the capitals across the continent from rome to regular to meet the range of shared challenges we face u.s. president joe by. and says america is back as he reaffirms washington's relationship with europe which saw tension as other donald trump. follow him down george lucas's out as a red line.