him here in cutter was the latest on the well come train, of course everything else or all our other had line it stories this our from ukraine. and of course yemen as well. where there is a un brokered agreement just ahead of the month of ramadan al jazeera dot com is wayne, he's got more information on all of that. ah, there's a more details on the latest yemen developments where there has been an agreement for a 2 month truth that's to, to start from saturday. the un envoy for yemen says the saudi led coalition in who fees will halt or offensive operations inside the country. and across its borders, 2 sides of also agree to allow fuel shipments into the port of a data and for commercial flights to operate from the sun. our yemen was already one of the poorest countries in the middle east, before the 8th here. war broke out. now it's facing, whiles largest humanitarian catastrophe. the truce,

which shares the possibility of renewal, coincides with the scar of the holy month of ramadan. it opens the vault to addressing germans urgent committed periodically, normally needs and creates a general opportunity to restart yeoman's political process. this truce must be a footstep to ending yeoman's devastating war ukraine as deny rush and accusations. it carried out across board a helicopter attack on a fuel depot. in the city of belgrade videos appeared to show 2 helicopters, striking the facility in belgrade, setting off a fire, the oil tanks were still in flames as another round of online negotiations with you . to begin on the conflict a red cross convoy travelling to the besieged forces. he's mario full to evacuate. civilians has had to turn around the group saying it had become impossible to keep

going. about a 160000 people have been trapped there with very little food, water or heating. oil in other sources of falling shall anchors president has declared a state of emergency a day after hundreds of protest has tried to storm his home. declaration gives security forces sweeping powers to arrest and detain suspects. thursday, please use tear gas and more to canon. to drive the test is back is been demanding action to cut the cost of living as people struggle with electricity. blackouts are expected to continue for weeks and workers at an amazon facility in new york a voted to form the company's 1st union in the united states. about 55 percent of employees at the staten island warehouse voted in favor of this result is a win for labor rights groups who have tried for years to form a union at americas 2nd largest private employer. was the headlines up front is next. ah,

why are billionaires making trillions of dollars in the middle of a pandemic? i'll ask economist and former group finance minister yacht as matter of factors. ah, donnas, verifax, thank you so much for joining us on up for. it's a pleasure. recently, an oxfam study found that since the start of the corona virus pandemic, the world's 10 richest men have seen their wealth increased by a combined half a trillion dollars. that's more than enough money to cover the cost of vaccination

for everybody on the planet. who should be held responsible for this kind of gross inequality and injustice? the crash of 2008 are generations 1929. nothing has been the same since then. come to think of it immediately after 2008. the great and the good, the central banks, primarily, and of course governments got together at the g 20 level if you're the goal, april 2009 and they started floating the financial markets by means of state money printed by central bank spread for 12 years. even we've all covered 19 hit. we have been creating this kind of boisterous financial market environment with stagnation for variable economy for real capitalism. for you know, small businesses, medium sized businesses with some large businesses, and then coughing 19 comes and hits us. we do a lot more of that q e stuff money,

but i think the financial markets now have her exit at the stratosphere. whereas universally economy is thanking that is all this, the top 0.01 percent are doing very well. thank you. and the rest of the global society is suffering. you talk about 2080. 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 oligarchy just indomitable? what, what's the answer for this replication of the process? it seems that those are in positions of power of authority. i like the bourbons. they forget nothing and they learn nothing. and you know, why is business not investing a solar, they don't want to invest it. so some conspiracy,

they look around and they look at that level people who are being subjected to stringent austerity, whether they are in greece, not just in case in puerto rico, but they were in germany in france, in the united states of america. the vast majority of people have been treated austerity cutbacks, and even the obama stimulus never went to the living people. it 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 other companies look around and see people who do not have the city to buy new, expensive stuff. so the done invest in it, they take that money that the state brings and as you correctly put it, they go to the stomach change and buy back their own shares. this is wasted energy . it boots, inequality, and creates technician for the many. you talk about the stock exchange and also the u. s. economy at right now. the u. s. economy is in shambles. last year it's rank by 3 and

a half percent. that's the worst we've seen since the end of world war 2 are unemployment higher than it was during the 2008 financial crisis. and yet wall street, they 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 ah, 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 market are saying and what reality is saying, why? because we no longer live under capitalism. capitalist has more food to what i call a techno feudalism. in the sense that, you know, you don't have a competitive capitalistic on a me with boys whose competition you've got some very few, very few platform companies that effectively own the market. the dont monopolize it's just their own it to like amazon for instance. once you are into amazon or facebook, you're not in capitalism. you are in a kind of soviet regime owned by one man really. and the rest of the,

the market economy is shrinking. eighties in stagnation. money is being bumped by central bank struggling to give 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 their little people's impact unity. so they go to sort of changing by back their own chess. so you have the london stock of change, the frank for sluggard change the by the change. you know, of course, new york, doing remarkably well at the time when the vast majority, they are suffering. you, you mentioned this idea that we're no longer in capitalism and, and i, i read something a speech of yours at the launch of the project for, and justice of january of this year he's at capitalism has already morphed into something even worse. as you said, i call it techno feudalism. we don't even have capitalism. the amazons of the world, the facebook to the world power 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. if these companies have monopolies and they're being prepped up by the state of tech companies,

are the ones with all the power and they're not accountable to any electorate. what do we do? what the solution we get organized. it's what it's the way we got out of, you know, authoritarian regimes in previous sentence. it that way the tween bose democracy upon ruling classes. remember, one classes never wanted democracy or even the liberals of the 19th century. and that was something that those who are criticizing china today must remember breakfast. liberalism, you know, that went hand in handle with capitalism was under the mccarthy were condemned to fight the same struggle again and again for democracy. the idea of everyday people pushing back against these corporate oligarchy is pushing back against corporate power fighting the markets. it's something that we're watching in real time in a certain kind of way. it in late january, we saw the red it rebellion, where social media users took on wall street hedge funds by turning the game on them. they drove up stock prices in not only made cash for themselves,

but they also sabotaged short selling in which, you know, we're wall street investors bet against struggling companies like a game stop, which is obviously that the, the target in response of course, we saw the trading at robin hood has been trading for specific securities, inviting a bipartisan outreach, 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 sustain that? when it's a mixed picture, it is not that evolution. it's not occupy wall street through financial means that we should wear a 6 months ago, a published by a political science fiction novel called another now. and you will, excuse me for plugging it, but in it i got that kind of revolution that would involve financial engineering, an element of that we saw in game stop an element of that. but he was not the rebellion. that 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 goes on purely ideological, of course it to make money. but a substantial proportion of these millions of people didn't care about so much making money. they didn't even even mind losing the money they put in it. they wanted to suck it to the hedge funds. so there is an element of ideology. there, there is an element of collective action through financial analysis than what's missing, if there is a kind of anti capital, maybe to enter capitals, certainly anti corporate or impulse there. it's organize the action. what makes that in your estimation, distinct, then occupy what you call a movement in this seems like more just a single or tactic what, what would make it a full fledged movement? and is this replicable where things are missing? the 1st is a manifesto, a vision. what do we want to put in place of these function? financial markets that are broken, they are not working for you money, they're, they're working for the finances. and what would markets look like if you moved

this or virus or finance elevation from it. and the 2nd thing that we need is an alliance between different kinds of people and different movements. it is when that edit crowd get together. those threads unions get together with climate change activists in order to pursue a vision for the world. that is why we're going to have it lucian. one thing that might be surprising to many is that stimulus spending in the united states was actually much bigger than it was in europe. if you look at a deficit, been by the u. s. government, it was nearly twice as much as europe, which is very interesting because the e u is more progressive or these issues around housing, around her health care, et cetera. when it comes to public spending. in general, we would intuitively think that it would be the you that would spend more. why is that you spending so much less responsible with in comparison? will you permit me to challenge this perspective? i would love the, i think the european union has always been more conservative when it comes to

public spending that the united states. remember, the americans, i have no deficit for b. no one is a drinks on the, on the 15th of august, $97.00 to $1.00 famously blew up the bretton woods system and said ok, it's our currency. it's your problem. that's what he said to the europeans and they started spending as if there's no tomorrow. and the 2nd phase, globalization, if you want or finance elevation, the 2nd post war phase after the night in helena, the seventy's was predicated upon the united states becoming a huge vacuum cleaner, using its trade deficit to suck into its territory the net, the exports of germany of holland of japan and of course labor of china and creating the world as we know it, sir. what is that the european union think of what happened after 2008 we had created come to think of it. just think of it was created a central bank without a state or a pleasure to have its back and 19 tragedies,

or governments without the central bank to have their bag. so when the banks of france, germany hayes, portugal island collapsed, they didn't do what the british did, or what the american state, which is the federal, the, the southern bank, bring that money to save them. no, they transferred wealth from the poorest of the europeans to the finances and it is alvin who had 12 years of stagnation. all for austerity. that in europe is just an abysmal compared to what the americans experienced. so yes, even though there is a social democrat, i think if you want ethos in europe during the good times when capitalism goes through a spasm, america always every spawns more in a more keynesian fashion, few ones. and even reagan was a king's young president compared to anything that was seen in france or in germany . and the result is that every crisis global cases leaves europe weaker and

more injured and wounded compared to the united states than the previous crisis. how much of that response, the kinsey response that you, that you mentioned is due to accountability. there are mechanisms, for example, the u. s. fed is accountable to congress is accountable ultimately to an electorate in innocence. whereas the european central bank, which you mentioned is not on the commission, is not how much this is ideological and how much of it is about the, the sort of mechanisms, instructions of government. the reason why the united states managed to get together is pretty, very, very sponsor 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 much more importantly, 1929 and franklin roosevelt's new deal, which created in a sense all those institutions like the federal deposit insurance corporation the,

you know, social security and medicare. and later with a great society of l. b. j. that was all strengthened. these are all the institutions that were put in place and which vigor opinion of a head, especially think it had been monday, the 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 were had, you know, a comedy of errors that produced a great deal of inhumanity. if you look at the way my company was treated, if you look at the way the, you know, the german workforce was being treated all those years condemned to stagnation. because we never had those federal institutions on a pivot a little bit and talk about the disproportionate impact that the, that the pandemic will have. at least according to the un on women are 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 the 156000 jobs. in december, men gained 16000 jobs. that means that women accounted for more than 111 percent of all job losses that month up. how would the solutions that you believe in remedy? the various parts of gender inequality that we see globally, what better again, sexism cannot be sold. so kings and 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 minority. this generally the weaker the young. those who are, you know, under 20,

the very old. they're the 1st people that weaker suffer the most during a recession. so any delay in responding to a spasm of this financial, ised, tech repeated lisman, we have, by keynesian means, exacerbates the pain that they are. the victims of patriarchy have been suffering. so on the one hand, we need to replace the last incomes we are replacing them anyway. you know that the central banks are printing a lot of money, but they're giving you the wrong people. they're not giving to the women, and then they're giving to the poor. they're giving it to those who don't needed to jeff jeff basis of the world, you know, and the corporation. so the words that take it to the stock exchange and invest in their own shares again i so we in a sense, you know, frankly over those with horizontal revolutionary. and he was not a left winger and had that idea that in order to stabilize gap, that leaves me even from the perspective of

a capitalist. you new need to look after the week, who are the greatest victims of capitalism. cbs, he, i want to think a little bit more about these solutions, right? you say that patriarchy and sex and can't be resolved through kenzie. i mean, i guess my question is, what kind of interventions can we make that would yield some kind of equality on this front? for example, what would paying women for all domestic labor to do with them as a possible solution? would you make them that? i'm totally against paying women for domestic duties, because that assumes the domestic view. these are a women's job, and as a male of it, as a member of a defective sex. but i don't feel i have the right to say that i want the basic dividends that is universal, that goes to everyone. but if 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. and as part of a patriarchal vision, could we say that all domestic labor, not just for women, but for everyone would be compensated as a means of evening out. the playing field of the means of providing more economic justice women around the world will often consigned to the domestic sphere. but you know, universal, the basic dividend. let's say a payment of let's make it modest, you know, $1000.00 a month to each individual would do that without the bureaucracy of having to decide who is a domestic worker and please, not, that would be no punitive state deciding, you know, you are eligible. you are not and that allows couples of the allows household to decide who's gained to do their washing up, who's going to stay at home and look after the children look after the elderly without the state in interfering in the distribution of these rows. and another issue in addition to the gender question, is that of race to the pandemic has revealed structural racism in new ways as well

. if you look in brazil, for example, people of afro defense are 40 percent more likely to die of kobe in their white counterparts. in the united states, african americans are one and a half times more likely to be infected or dive cove it than their share of the population. one of the reasons for this, of course, is that we have these economies that are inherently races and rooted in colonialism and slavery and such. how do the solutions and economists like yourself offer a count. but this kind of structural racism is kind of deep seated historically rooted in equality. allow me to reflect for a moment. i'm one of those privileged white men who has spent the looked down in his elation nice place. and only because they said army of people out there doing all the work, you know, from god, garbage men and women to nurses and doctors, to supermarket employees to amazon warehouse workers and so on a sofa right now,

the proportion all for ethnic minority people doing those jobs is much higher because of the history of explanation and the history of racism. any move towards that a 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 of income, but also burdens. let's talk about the i m f for moment you i see you light up a little bit. i know how much you love the i m f of that you've been obviously very critical. the i m f ah, the international monetary fund in 2016 used the phrase that i found very interesting. you accuse them of fiscal water boarding when they impose strict austerity measures on greece. the irony, though, is right now, many progressives are included. some of the largest humanitarian groups are

actually calling on the i, m f, to disperse, a multi trillion dollar cobit relief package. that use funds that don't have to be repaid. where do you stand on? that is is a measure you'd support? absolutely, i would like to actually strengthen it. the international monetary fund is a creature created born during the bretton woods conference in 1944. the original idea was a splendid one. it would work like some think somebody like the central bank of the world and the phone for the 1st 20 years. they, i mean it did not do a bad job. i mean it, it had to handle the fixed exchange rate. regime thinks changed when burton woods collapsed. but i, the i have survived to survive it that the and the took and you roll it played that, all of the bailiff of the wall street bankers and the bankers of frankfurt, and london and, and paris visiting countries especially not for the guy in the late 90 seventy's

and later on in asia and so on, effectively exacting a pound of flesh from the local relation on behalf of the international bankers who demanded that they are a silly investments in those countries that were predatory loan effectively be paid to the full little the privatization of things like hospitals and schools and everything else. so the i m f, 's role was totally thumbs formed. and it went from the side of the good to, you know, to the side where you're free incompetent, misanthropic troika was. it was an app that was correct, but not suggesting that the i'm actually abolished what i and others who are suggesting that and number f s the ours are created in order to fund a free vaccine for every human being program to fund investment in getting jobs in

the developing world, what we're saying is the, i am actually go back to what it was meant to be 94. they've all do. we had the capacity to do that right now. i mean, if you look, for example, all 189 member countries along with the i'm of leadership, they're ready to allocate cobit funds. they're ready to do it. it was blocked last year by the us treasury. now many speculate the reason was that the trumpet ministration didn't want to create any avenues or pathways to funding for iran or china or venezuela. but now we have an opportunity here under janet jaelyn, the news your surgery secretary to do something different. are you optimistic that we may change course and actually make this happen? no, but i will be very pleased to come back to your show and say that that wrong. why, why, why are you not? 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, i've has in operating all these decades since then, like the 70s as the bailey for wolf 6. and i don't see why they would change now now that they have their, their great friend, the, the white house, even if janet ellen wants to do. and i have, you know, i think the jungle and probably does want to do it personally. judging by it, had a track record, had a demick work, and i think she said, even when she was german j 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 of vision, at least for a more just economic future that you've supported, both in the u. n. in the united states. why has the left failed to implement such potentially effective policies? we've never been in power. i mean, here in greece,

we were in bible 5 months and then we came down and as like a ton of bricks and destroyed us. remember beyond that, of course we are leftists a lot the answer for because we are fantastic, are 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. if i may say never before, has humanity had so much money. we have the largest pile of savings and the equity in the history of man. by comparison, the proportion of our savings that we are glowing into investment investment into the future, right into the green transition, green energy, you know, good quality jobs that can produce the incomes by which the pay that, that's the amount of investing has never been lower. as proportion of the thought and savings in the history of the world,

that ease stupidity in action. and if you don't have to be a left winger or right winger to agree with that, it's wasted economic energy and that b, r, you know, our guiding light. how to take the money, which is there and invested into the future of humanity especially. and you know, the green transition to which is necessary so that we can have a planet on which to flourish, yellows. verifica. thank you so much for joining us. my pleasure. ah ah

ah, i with

wherever you go in the world, one airline goes to make it for you. exceptional katara always going places to get. ah, hello, i am i am now mazda london with a look at the 9 stories now and yemen, warring sides of agree to a 2 month truce from today. the un envoy for yemen is saying the saudi lab coalition and who sees will hold all offensive operations inside yemen and across its borders. the war is now in its 8th year, as resulted in the world's largest humanitarian crises. the truce.