wanted to the legendary mexican mariachi artist, be sent day fernandez. any time in the finally, there was a bittersweet doner for the food lighters, one best rock album, best rock song, and best rock performance awards. just over a week after the groups drummer taylor hawkins, died unexpectedly at age 50. the band did not attend the ceremony. robert al jazeera los angeles. ah, let's take you through some of the headlines here now 0. now, hong kong lead a kerry lamb is announced. she will not seek a 2nd term. lamb's 5 year term has been marked by anti government protests and the security cracked down, the followed. a successor will be picked next month. going,

boy, you'll notice i when young there is only one consideration and that is family. i have told everyone before family is my top priority. they think that it's time for me to go home. this is my only consideration ukraine, that is, allies have accused right? sure. of committing war crimes after the discovery of mass graves and the bodies of civilians in boots, in the near keith, germany's defense minister says that you must consider the banding, the importation of all russian gas. christine lumber. comments followed the reports of atrocities committed by russian forces. russia insists its troops were not involved. china has sent its military and thousands of medical workers to shanghai as it battles, a new wave of covey. 19 infections, all 25000000 residents. i expected to be tested in one of the biggest public health responses, china's largest cities under a 2 stage locked down since last week, confining people to the home. serbia's incumbent president is celebrating

reelection. it was a land slide when filings on the voltage with nearly 60 percent of the vote. speaking to support, he said the war in ukraine had affected his campaign. all a shall anchors, cabinet ministers have resigned except the prime minister. earlier on sunday, hundreds of people including opposition members defy the curfew. the process about the country's economic crisis. the government declared a state of emergency are for violent demonstrations. it's banned all public gatherings and blocks social media. and pakistan supreme court will decide if the prime minister's decision to dissolve parliament is valid and run cons order on sunday. plunged the country into a political stand off is moved, derailed the opposition's no confidence vote against him, which he was widely expected to lose. those are your headlines. the news continues after up front. emmett, the ongoing ukraine, russia will some neighboring countries in russian attack on their soil. do you take

that as a serious possibility of, of russia or attack? i think there is serious possibility and absolute certainty is for who would like to do it on ins, deputy foreign minister, pamela gibbons, he talks, how does era, why are billionaires making trillions of dollars in the middle of a pandemic? i'll ask economist and former greek finance minister, dallas verifax, ah, dallas verifax. thank you so much for joining us on up front. 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 the goal, april 2009. and they started to re floating the financial markets by means of state money printed by central banks printed for 12 years, even we've all covered 19 hit. we have been creating this kind of boisterous financial market environment with stagnation for the real 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 the ursula 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 2000 re i want to push on that a little bit more because in 2008, you're right. we printed more money. oh, 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 why is business not investing it so that 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 even in germany, in france, in the united states of america. the vast majority of people have been target, austerity cutbacks, or 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 the money that the state brings, and as you correctly put it, they go to the stock change and buy a buck their own shares. this is wasted energy. it boots inequality and creates destination 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 jumped to percent on the very same day that the news broke. 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. capitalist has morphed into what i call a techno feudalism. in the sense that, you know, you don't have a competitive capitalistic on me with boys who's competition. you've got some very few, very few platform companies that effectively own the market. the don't monopolize, it's just their own. it like amazon finances 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. it is in stagnation. money is being pumped 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 the little people's impunity. so they go to, so changing my background shares. so you have the london stock of change, the frank for sluggard, change the bias of change. you know, of course, new york doing remarkably well at the time when the vast majority are suffering. 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 this year he said 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 centers age that way. the tween bose democracy upon ruling classes. remember ruling classes never wanted democracy, even the liberals of the 19th century. and that was something that those who are criticizing china today must remember bruce liberalism, you know, that went hand in hand with capitalism, was entered the mac, i think we're 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 is something that we're watching in real time in a certain kind of way. it, in late january, we saw the red it rebellion, right? 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, or 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 ab robin hood has been trading for specific securities in writing a kind of 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 even possible to sustain that? when it's a mixed picture, it is not that of a listen. it's not argue by wall street through financial means. i wish it where i 6 months ago i published a book, i believe got 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 so in game stop, an element of that. but he was not that he 1000000000 that interesting aspect of the game stop episode is that indeed, as you mentioned, 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 garrison than what's missing, if there is a kind of anti capital, maybe not. anti capitals, certainly anti corporate or impulse there. it's organized the action. what makes that in your estimation, distinct, then occupy what you call a movement in this seems like more of just a single or tackling what, what would make it a full fledged movement. and is this replicable? where 2 things are missing? the 1st is a manifesto, a vision. what do we want to put in place of these fine shot 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 had been

moved? this are virus of 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 trades 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, or lucian, one thing that might be surprising to many is that a stimulus spending in the united states was actually much bigger than it was in europe. if you look at a 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 or these issues around housing, around a health care, et cetera. when it comes to public spending. in general, we would intuitively think that it would be the e that would spend more. why is that you spending so much less responsible with in comparison, where you permit me to challenge this perspective. i would love that. 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 dish or drinks on the, on the 15th of august, $97.00 to $1.00 famously blew up to the burden woods. as the men said, okay, 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, you know, if you want or finance elevation, the 2nd post war phase. after the 19 and the nag, the seventy's was predicated upon the united states becoming a huge vacuum cleaner, using its trade deficit to suck into instead of 3 the net, the exports of germany, of holland on 4 of japan and of course labor of china and creating the world as we know it, sir. what as it would have been in thing of what happened after 2008, we had created, come to think of it. just think of it where it 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 americans did, which is the bell, the, the central 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 of austerity that you know, in europe is just an abysmal compared to what the americans experienced. so yes, even though that is a social democrat, i think if you want ethos in europe during the good times when capitalism goes through a spasm, america always responds more in a more keynesian fashion, free ones. and even reagan was a kings and president compared to anything that was seen in france 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 king's in response that you, that you mention is due to accountability. there are mechanisms, for example, the u. s. fed is accountable to congress is accountable ultimately to an electric 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, is about the sort of mechanisms and structures of government. the reason why the united states managed to get together is pretty 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 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 that with the great society of l. b. j. that was all strengthened. these are all the institutions that were put in place and which vigor 1000000000 overhead, especially when one of 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, of 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 country 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've never had those federal institutions want to 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 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 loss of 156000 jobs in december, men gain 16000 jobs. that means that women accounted for more than 111 percent of all job losses that month. up. how with 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 in means we have to be clear on this. but what we must understand at the same time is that when you have a deeper session, the 1st people who get hit are women ethnic minority. this generally the weaker the young. those water, you know, under 20,

the very old. they're the 1st people that weaker suffer the most during the recession. so any delay in responding to a spasm of this financial eyes to take a few, that is not we have, by keynesian means exacerbates the pain that the, 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 seller banks have pending a lot of money, but they're giving you the wrong people. they're not giving to the women, and then they'll give it to the poor. they're giving it to those couldn't needed to jeff jeff bases of the world, you know, in the corporation. so the words that they get to the stock exchange and invest in their own shares again i. so we, in a sense, you know, frankly over those with wasn't that evolutionary and he was not a left winger and had the idea that in order to stabilize got their lives. even from the perspective of a capitalist, you need to look after the week,

who are the greatest victims of capitalism, cbc. i want to think a little bit more about these solutions, right? you say that patriarchy and sexism can't be resolved through kenzie and means, 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 libra do isn't as a possible solution? what do you make of that? or i'm totally against paying women for domestic duties. because that assumes the domestic duties at women's job and as a male of it, as a member of the defective sex. but these are the, i don't feel i have the right to say that i want the basic dividends that is universal and goes to everyone. but, but 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 patriarchal vision. could we say that all domestic labor, not just for women, but for every one would be compensated as a means of evening 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, a $1000.00 a month to each individual. you know, would do that without the bureaucracy of having to decide who is a domestic worker and who is not. there will be no a punitive state deciding you are eligible. you are not. and that allows couples of the allows and households to decide who's going to do their washing up, who's going to stay at home and look after you know, the children look after the elderly without the state in interfering in the distribution of these roles. and another issue in addition to the gender question is that of race the pandemic 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 in their white counterparts. and united states, african americans are one and a half times more likely to be infected or dive colby 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 that economists like yourself offer account. but this kind of structural racism is kind of a deep seated historically rooted inequality allow me to reflect for a moment. i'm one of those privileged white men who has spent the lockdown in his elation nice place. and only because there is an army of people out there doing all the work, you know, from god's garbage men and women to nurses and doctors, to supermarket employees to amazon warehouse workers and so on and so forth. right

now, the proportion of ethnic minority people doing those jobs is much higher because of the history of explanation. and the history of racism any more 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 of income, but also burdens. let's talk about the i m f for moment you i see you line 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 guzman, 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 corporate 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 will work like some things i'm going to like the central bank of the world and the phone for the 1st 20 years. the i'm and it did not do it a bad job. i mean it, it had to handle the fixed exchange rate regime. things changed when burden woods collapsed. but i, the i have survived to survive it that the and the dog and you roll it played that, all of the bailiff of the wall street bankers and the bankers to frankfurt and london and, and paris visiting countries especially not for the guy in the late 90 seventy's

and later on in asia on effectively exacting a pound of flesh from the local relation on behalf of the international bankers who demanded that they had a silly investments in those countries that were predatory loan effectively be paid to the full, through the privatization of things like hospitals and schools and everything else . so the i m f role was totally transformed 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 absolutely 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 are saying is the, i am actually go back to what it was meant to be 90 for the fall. 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 f 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 the 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? 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 wall street. 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 the 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 chairman joe, one of the fed. but i don't think he'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 when we came down and as like a ton of bricks and destroyed us, remember beyond that, of course we are leftists a lot longer for because we are fantastic than 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 that the incomes by which the, the pay that, that's the amount of investing has never been lower as proportion of the dot 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 a 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 blanket on which to flourish, yellows, verifica se, thank you so much for joining us. my pleasure. ah. the latest news, as it breaks the russians were met with fierce ukrainian resistance to punish harkey if their if cat is historical with detailed coverage as the u. s. and other countries imposed sanctions on moscow. russia has been offering oil and other commodities to india and other impulses from around the world to lyrical up

position, need 87 both and for that they need members of your own political party to turn against them. frank assessments, what are the political risks of panic? russian oil gas for western leaders will sanctions on russian energy exports possibly for such informed opinions. france is not abandoning to fight against yet is still reserved media. they're going to be attacking from nisha and from char critical debate. could china actually help in russia's invasion of ukraine in depth analysis of the days global headlines inside story on al jazeera, iraq, a nation riddled with land mice, and an expert dedicated to defusing them. one by one equipped with only a knife and a pair of wire parties, he faces death every day. but does his work make him

a hero or a target? witness? the d minor on al jazeera ah talk of more sanctions on russia after reports of massacres near ki iv moscow says it soldiers, i'm not responsible. ah, i'm sammy zaden. this is al jazeera alive from dell hall. so coming up on kong the the says she will not seek his 2nd 5 year term is chief executive in next month. selection shall anchors in.