mankind almost every major innovation is dependent on energy and real marvell that a high-tech revolution of the 1990's but that is largely driven by electricity to manufacture the chips and components of components and needed to operate laptops and personal computers. that is the challenge because the idea we need to ramp up the amount of energy available which means more transition mines and more resistance to seven thank you for your time. i appreciate it

[applause] >> can i say i appear for one very important reason. because you're brilliant president has inspired me, as he inspires you and i have been inspired iran many continents around the world with a vision of a global network university. this is a vision born out of john's great and deep thinking. the addition forged out of a view of the interdependence of civilizations around the world. . .

to be a small part in a great project which is one of the path braking initiatives that is going to change our world for good over the next few years and i believe that you who are students and supporters of new york university are privileged to be part of the project is cui to change not just your country but change the whole world. i started off as a lecturer in a university when i was somewhat

younger and universities as you know stand for of to activity, rationality, impartiality, the pursuit of truth, and these are all the qualities you have to leave behind when you go into politics as i found out. [laughter] i have a bit of time on my hands, as jonathan expand come over these last few months and voluntarily, and i looked at what my predecessors had done and had achieved when the israelis, the great primm and mr. left office he started writing poetry and the fact that nobody was interested in reading it or even hearing it didn't seem to worry him at all. when a prime minister of the 19th century left office he ran and was commented on at that time just to mention what the papers would have made of it now, the media, he ran what he called the did nightclub for fall when a women and he used to go to the streets of london to try to rescue prostitutes and

raising into questions what his motives were. [laughter] and then we had a great primm minister and lloyd george who is probably the only prime minister of britain who has made the pages of playboy because his own behavior. churchill resounded in 1959. the resolution he made, winston churchill, never to drink before lunch time to read and when he retired he changed it that he would never drink alcohol before. we had a primm minister who would have a recent meeting clash with the biggest event of the political calendar he always chose a race meeting but when he retired he said it was nothing to the politics, it was his horse winning the greatest greasing politician in the grand national. so i decided i would do something far more productive. i would work with new york

university. [laughter] so i am very privileged to be here today. [applause] when i was chairman of the international monetary we had meetings in washington, and this is what i want to speak about a very briefly before you are asked to free to ask any questions you wanted me to continue the discussion. we had a meeting a few years ago and there were demonstrators outside the meeting and they were complaining about globalization and all the effects, and i looked around the posters that were being displayed about that rally and there were all sorts represented, but there was one person that stood out and someone had put on their water "worldwide campaign against globalization." [laughter] and you understand -- you understand what people meant. in france the had an antiglobalization campaign which was very simple, and said "note to 2009," and that was in 2008.

a clearly a narrow approach. but i want to see what has been happening over the last few years and what is likely to happen over the last few years raises profound questions about the global economy, our global society and our role as citizens for the future come and any great city, and this is the greatest city of america, new york in any great cities are profound questions we've got to think about. the good news and bad news is about globalization is the difficult news for america and europe to expect is for the first time in 200 years of industrial history, for the first time, for the first time even going through the wars and depression and wars again, we have reached a position where for the first time europe and america to get there are being held produced by the rest of the world particularly asia, out manufactured come out exported and invested by these countries, and was highly surprising that at some point europe and america, 10% of the world's population, would start being

the continent that would produce more of 50% of the world's goods and manufacturers and the world's exports. and if you thought about a single factor of our generation, this massive change, this restructuring of the world economy that is taking place, you would probably be worried about the security of your job and the security of your children and the security of your savings and investments for the future because we are seeing a massive shift in the industrial productive potential of different parts of the world. but there's a second change that's working its way through and it's really going to be seen over the next few years as perhaps the most powerful driver of world economic growth because the billion people who are producers in asia and china and india, but also in the emerging market countries of brazil and russia and south africa and so on, they are not going to be content with being producers, they want to be consumers as well. as of the biggest driving force of the next ten years will be the rise of the middle class is

in all the different countries and continents that we call emerging markets at the moment. and this is a huge opportunity for the world economy to grow again. this is the exit strategy for the current set of financial crises that we've got. this is the opportunity for american ingenuity and dynamism and innovation to show that it can produce goods, high technology goods, custom built goods, sophisticated goods, knowledge based goods that are going to not only sweep the markets of america and europe, but sweep those huge new consumer markets of the future. so the world economy can rebalance. the world economy can create jobs. the world economy can create growth in the future. the world economy can consume the financial crisis that have been deep indeed it is a structural change happening between europe and africa, asia and the rest of the world, but to do that you cannot pursue orthodox policies because you're at a point of transition in the world economy.

you cannot invest in education and training and skills and technology and science. if you do not to have the goods and services will be the most sophisticated and the ones people want to buy. and america with its great in invented genius and ability to create companies of the world can be one of the great beneficiaries as new era. because you're creating a supermarket in asia that's twice the size of a consumer market in america and the second thing that's going to happen is that if we trade freely with other countries and don't become protectionist speaking to the shares of the market but there's a danger of protectionist sentiment at the moment because we've got a problem here because we have imports coming from other countries. the devotee of the we are now. we've got an opportunity here because we've got a huge export market is that free trade can on a was to benefit in the future and the third thing to have in the future if we are going to make the most of these new opportunities that are unheard of since the industrial revolution is there's got to be

global cooperation. if countries don't work together than we will find the world will grow more slowly and more people will be unemployed and have lower standards of living that is possible than if we work together. and i think the biggest test of the next few years is whether america and europe and africa and asia can working together in cooperation to build economic policies that mean that you have sustained growth and environmental improvements, sustainable growth in you can create jobs. and i estimated to can create 50 million extra jobs and this would help america used it this period of unemployment if we have coordinated policies across the world. so the message i have from my experience and learning from what we have to do to counteract the financial crisis in 2008 and in 2000 - that there are a global problems and the need global solutions. you can't have the financial stability in america if this financial instability and every

other country. you can't have good environmental policies in america that work if they are going to be undermined by bad environmental policies elsewhere. and you can't have growth without trade and that means that you have to cooperate with other countries to do so. this week is the week of the nobel peace prize been awarded, controversial as you know, to a chinese citizen. but some of you may have heard the story of alfred nobel, who was the founder of the nobel prize. he woke up one morning while on holiday in france she was asleep and he saw a newspaper that had wrongly an obituary of him even though he was perfectly aligned and he got a terrible shock because the obituary said of alfred nobel and was a mistake because it was his brother who had actually lost his life. the obituary said this was one of the most notorious and

infamous man who was responsible for more debt than almost any other because he was a manufacturer of armaments and sold them with impunity to vol of the world and allow the army is to fight each other with his weapons. and nobel was so impressed by this criticism of him that he decided to change his life and hence the nobel peace prize and the prices of science and physics and math fanatics and his intention to do something good in the last few years of his life that he thought would undo some of the damage he had done in their early years of his life. the world can change. like a well change, the world can change, and we can actually do things better in the future. one of the great things i've been asked to do in the last few weeks, it's 50 years this year since john f. kennedy won the presidency of the united states of america. it is 50 years in january since

he gave that famous inauguration address that many of you will have red and of sort and be inspired by as i was and many other people were coming and in that inauguration address the there are many great phrases and sentiments and the implications to do good. ask not what your country can do for you, ask what you can do for your country. never negotiate from half year, never fear to negotiate. the torch has passed a new generation. in fact, richard nixon was asked if he were an opponent in the election which of these lines he would love to have given himself that he had been the president, and he replied the line is i accept the presidency of the united states of america. [laughter] i was asked by people compiling for the kennedy library if i would read some of the words from this inaugural address, and they've asked people from every continent of the world from

india, china, let it america, europe, to read a section of the great inaugural address, and they compiled a list of international speakers reading of this address in a new way for a new age. and the parts that i was asked to read was divided we will certainly fail. you might, however, we can work together to abolish the great evils of our time, ponder, illiteracy, poverty, conflict and war. in light of these are the sentiments that should influence us as we move forward. we've just seen the great global crisis. it is with the lives of large numbers of people avoid a bully. we can build a better economy in the future, and i am suggesting one of the ways we can go about this, but we can under and that by an ethical view how different continents can work together and share ideas and benefit from each other's faces, traditions. there is nowhere better to start

learning the lessons about the past, sort of to influence the future, then this great university is to the credit of your president is now leading the first global network university of our time, the first in our history and one that is certainly going to change the world for good. thank you for the opportunity to address you. [applause] >> it was a great crisis, and gordon brown has written a great book on the call beyond the crash a crisis in globalization in which he touches on in that many of the things he just sounded in the interest of letting the audience be part of this and going to ask one question and then open up to do, all of you. one of the most gripping scenes in the book is, and you conveyed that what you do when your flight back from america on

september 26, 2008, as the world was on the brink of the financial collapse you just left a meeting in the white house on board the plane typically were not sleeping, yielding the black felt pen that you use you wrote a phrase on the piece of yellow legal paper, and then all the second piece of legal paper another phrase, and those two phrases played a decisive role in rescuing the world from what could have been a relentless downward spiral. do you mind telling the story and how you got the americans to come around? >> it's fascinating what was happening at that time but it's also frightening. if you think back to the period when lehman brothers had collapsed and the markets have frozen and nobody quite knew which was the next institution that was going to fall, and nobody quite knew how we were going to get out of this, and people were sort of grappling around the solutions because we

didn't quite hit understand how serious the crisis was. we had tried just about everything and so had the americans. we tried to provide liquidity were short term finance to the banks on the grounds that this was simply a cash flow problem if you like rather than a structural problem. we tried to give the bank's money. then we tried to persuade the banks that they should get extra capital through rights issues said they had been issuing shares and trying to get people to them and the hidden unsuccessful. all at the time we were getting your order to the point at which point banks wouldn't be able to handle the cash to the customers because they just did not have the money coming in in the way that was necessary to, despite the fact the fed and the bank of europe were providing resources to them for a short period what time. and i sense the problem was not short term finance.

and i sense the problem couldn't be solved in an ordinary way. and i have had people working over the last few weeks before then about what was the real position of the banks, will was the true position because of these diseased assets and the property that was going down in value so quickly, the companies were collapsing and that is the whole value of the companies lost the balance sheet. and i realized that we have a situation where we had the opposite of what we felt the system was about. we have capitalism without capital. the banks didn't have enough capital, and one banker said to me i am only beginning to understand the risks i've been taking and i said that's a bit late. and another one said to me all i need is overnight finance and the next day his big was collapsing. and he needed billions of pounds of capital to underpin his institution. so i talked to george bush in the white house and i talked to a lot of bankers and wall

street, and i talked to all the other presidents and prime investors who were here in new york for the united nations meeting, and we couldn't get a consensus. nobody quite knew how bad the problem was. i realized we had to banks, actually three banks that would have collapsed within a few days if we hadn't acted. so i was away back on the plane and i realized we have got to -- we, the government could have got to capitalize these banks. we've got to buy shares of these banks. we have the effectively got to semi nationalize the banks of the wise to keep going. we didn't put capital income nobody else would come and they couldn't survive on short-term funding because they have been a very unable to pay out money to people who were calling all the banks to the service for them. as as i was coming back on the plan was working with one of the great advisers we had not sleeping which i would rather have done on a flight back from the united states and we said recapitalize now we have to

restructure the banks immediately and we were going to put up when we decided about 50 billion pounds which is six tecum seven come $80 billion, and we decided that we would have to do that. and then i said how could be persuaded the links would deliver shareholdings even when there was such a great position but they were not admitting the gravity of the position. so we would have to say to them under no circumstances would we get any more support from the government in something or liquidity unless the agree to our proposal. so we would have to give them an ultimatum. either you agree to our proposals or we will stop funding you. it wasn't as good as taxation without representation that was capitalization without the liquidity without recapitalization in that not a very elegant with that is what we had to do. and so in the next few days, we try to persuade the rest of europe and to persuade the americans that this was a way

forward. america was -- >> by a unit of troubled assets. >> yeah, by ebal these assets and we felt that is not cui to solve the problem, but gradually people started to realize this was the only way forward. we need an announcement. nobody else was going to follow immediately. but by the weekend the europeans and invited me to their meetings of the agreed to do it and by tuesday, the americans agreed they would recapitalize the banks as well. so we managed what would have denied a situation in a few days from then when you couldn't have gotten your money from a cache plight and certainly businesses wouldn't have been able to pay for the employees because the banks would have been unable to meet the commitments. it was a real crisis and i think it is only by understanding the debt and severity of the crisis that you could also understand the difficulties the president obama and others had been trying to get out of that crisis. it was so severe and so fundamental if the markets

frozen completely then you've got a long way back from a situation so desperate and so severe the hope. so we structure the banks and decide we would approach the other countries to do that and then we decided you've got to refloat the world economies and you've got to have resources in the world economy so it can start to go again and then we move towards what was april 2000 my where we had the gene 27 per for the first time all the big countries and the agree to underpin the world economy by the dalia dollars of resources never done before or never tried before, but i see the combined decisions of all these countries america, europe and china and india are being part of this as well and we avoided what could of been a great depression. we have a great and terrible recession but it didn't descending to the great depression that we've had in the 1990's. we've got a lot of lessons to learn and i try in the book to say the global financial system

that works but we've also got to get back to the growth pretty quickly because you can talk about an economic policy that's working if you've got 10% of your citizens unemployed it's just not something that any civilized society wants to tolerate it can do something about them and these are avoidable redundancies we've got to do something about. >> there's microphone to the ogle of people could just one another. there's one over there. yes, sir. >> "fourthe american financial m in the u.k. and other places do you think what we did in this country after the recession was adequate, and the second question is less about economic policy than it is about another partx of the global civil soci and the disinformation. i wonder if you could see something about the diplomacy and security leaks, and security

after wikileaks and the julian asange situation. what we need to deal with situations like this? >> it's to talk about secret diplomacy now, isn't it? [laughter] it's one of these terms people will talk about with caution in the future. can i say first of all of the financial reform what i feel is missing at the moment is that we do things in a coordinated way. i think one of the problems that caused the financial crisis was if you had one financial center like new york or london that could be doing all the right things, it could easily be undermined by another financial center that is in a race to the bottom standards and so there is no doubt that a lot of the problems arose and new york and

in london, but there is also no doubt that a shadow banking system developed which was being operated for a series of regulatory and tax havens. and if you have the trees to the bottom where people could move the money from a place that has got regulations and rules that make sense, the place that is really competing for business on the basis of the laxity of its standards then you have a problem, so my colleague would be if we are setting rules and regulations for the future that america and europe and the major financial service of the world now hong kong and singapore and as well as the european and american center that we coordinate our rules and regulations and standards in such a way and in a transparent way the race to the bottom because i certainly filled with british institutions that to follow the money you had to go to almost every part of the world and it ended up in tax havens and regulatory havens

that were if you like lowering the standards that we've got to expect if we are going to have proper financial stability for the future. so the lesson is that whether america and britain are doing the right or the wrong things. they're trying to do the right thing at the moment. the lesson is futile to coordinate them another regime will offer itself as a lacks ratio and cause further problems in the future. as far as diplomacy is concerned, there's nothing that has come out of these tapes that suggest in most cases america is not pursuing an honest and principled foreign policy. there's certain parts of the new question in certain parts that nobody would lack certain decisions that are strange to some people but generally speaking what we see is an america that is trying to play an honorable role in the world and trying to do its best.

adis of course the implementation of these sentiments that become the issuance of many different parts of the world where you are working for peace in the middle east and working to get your troops out of afghanistan that you have a stable of can stand where you are working to insure pakistan is free of terrorism, where you are working to see list nuclear proliferation. these are the aides of president obama's policy and i don't think there's much ahead seen in the disclosure of the e-mails and everything else that suggest that is anything other than the wish of the americans to achieve, but obviously they are in their response for me and other people and some of the things i you said you just have to accept that. >> [inaudible] and as you know, as the emerging market has great potential, chinese economy is growing

really sparse. so my question is how will you comments chia's role on the road of recovery and how will you commend your personal experience with chinese leaders and china? thank you. >> i don't think that there is any country that did more to stimulate this economy to keep the world economy as a whole moving forward them to china. if you look at the figures the amount of extra construction, the amount of extra investment and stimulus in the economy was greater in china than almost any other country in the world and the capacity over the last 30 years to take forever million people out of poverty and that is a great achievement that i know from talking to president hu jintao that they are rightly proud of. now we can have a disagreement with china about human rights

and about the freedom of the press, but we also must seek agreements with china about the future. my argument in the book is if china, india, asia, america and europe in particular but with africa and latin america as well coordinated our policy, if china was able to raise its consumption of goods and services so you would be able to take more people lot of poverty more quickly, the will to grow your middle class and a faster rate than previously planned, and the same time indonesia and japan and other asian countries were able to do likewise, then you would have such a boost to demand in the world economy that the american and the european economies would be able to move forward as well because they would be able to export goods to the rest of the world come in and i just say that the biggest

single change you can see the next few years we have already seen massive change to the productivity of the chinese worker and the asian growth in the last ten years. but the biggest change you will see the next ten years is this billion more middle class consumers wanting to buy goods including the branded goods, the technology driven goods that we produce here in america and in europe and that will be the biggest boost to the world economy that could happen and that will create thousands of jobs here in america because we are in a position to export as is britain and europe to the rest of the world. as a china is absolutely vital to the economy not just because of what it can do for itself, but because what in combination and in concert the rest of the world can do to boost world growth and jobs so we need more dialogue and discussion and i believe that the best thing that could happen to push for the

next year or two is china agreed to consume more and american invested more in its education and technology for the future coming year of tackled its unemployment, and of course we've got africa and the different continents of the world. a global agreement could make that possible and i don't think that we are so far away from getting the idea onto the agenda so that the next g20 that is a part of the next discussion. see you can see how important i think china's rule in the economy is going to be. >> good afternoon mr. prime minister. i am a senior at the school of business undergraduate business school at and why you and i hit the terrific privilege to study my freshman year in london. i hope he will be able to drop by at some point if you haven't already furious and equity columnist to give us advice. 's i would love to come back with you. i saw you last night on the daily show and i know you mentioned the markets need

morals. i couldn't imagine more. i am studying it now for my senior research and i would like to know from you what ethical principles drive you if you have in the advice for a 21-year-old such as myself who holds the morrill contest and hopes to be able to continue to hold it and live by it as i enter the workforce. >> that is a very in question and i am not joking when i say we need economists in britain so think about coming to work in our country as well. you know it's a central question of the political economy. what is the morality that is going to underpin the successful marketplace and the study of economics is changing quite fast now because in the 80's we were talking about the efficient markets model. no people were talking about the beah neuroeconomics to try to explain why people don't always act rationally and why fairness

if you liked your, your rational exuberance sometimes does the behavior that you see in the marketplace. and i feel we are going back to the study of the political economy and i think that will be something in the economics student will want to play the part in examining in the future years and does understand the political economy it started with adam smith who had to be a citizen of the town in which i grew up and now a member of parliament serving in the house of commons and adam smith lived in this town and was born there and grew up there and it has a 2-mile [inaudible] can you hear me? and this to my all estimated he would look out every morning and would see ships coming in and out that were trading with the rest of europe and this was the middle of the 18th-century.

and because he saw this trading taking place, he then fought trade is the engine of growth, then he realized to trade if you have to specialize and to specialize you had to have the proper division of labor between those who did certain tasks and those who did others. and his whole theory of how the economy worked was both from this idea that looking out he could see the trade was actually transforming the whole economic landscape in the time in which he was born. but adam smith for the moral sentiments that he also wrote was far more important than that occurred on trade and the wealth of nations and he always said this was the most important thing he was trying to contribute to the

entrepreneurship that is vital to the success of the economy but adam smith also said you've got to sell you fairness and responsibility and the value that we think are important in our everyday life, friends of yours who don't show integrity or you can't trust and are not responsible and don't do their duty and was off the backs of other people rather than help contribute to the common good and the same way he said the economy and we but now is a big multinational companies and finance companies if they don't exit fees values that it's a danger that we will have as we had two or three years ago markets that don't solve regulate, but markets that self-destruct. so i would say the values that he wrote about in the 18th-century par still the values that got to guide our

economy and of the 20th century was a battle between markets and states, what power should markets have and governments have come and one side saying the markets will and the other side is saying the state ought to be far more important. the 21st century i think people will say markets in the states can both become vested interests. they can both to power at the expense of the ordinary citizen and the public interest, and to control and temporal and supervise the operation of governments and markets the have got to be visibly underpinned by clear ethical values and test the markets and how the government is working according to these values is the integrity can they be trusted, or the operating in a fair manner, and i think these are the values he's got to look for in a company and in a country where we are operating as well as the value that you have a lawyer in the families and the neighborhoods where you live.

it is the case for the political economy becoming more important in the study of economics in the future to and that's why i would urge everyone thinking of the economics and business finance to read some of the great works of the political economy which shows that the economy consistently prosper where there is trust, integrity, responsibility and people accept that in the response to then be allowed to do everything they want to do with their enterprise and the competitive environment to have got to exercise that responsibility and not be reckless in their risk-taking at the expense of others so these are the values that i think our age-old that come out of our experience of learning lessons from the crisis. >> thank you. you have my vote. i wish we could stay for another hour what we have time for maybe one or two more questions. >> hello, i also from china, so

i have one question regarding china. what specific suggestions or advice you have for china to boost its consumption which use it is important and significant for china to do and addressed itself in the trend of the globalization? >> some of you may know that the amount of the national income consumed in america, consumed something like 70%. the amount of consumption in china is about 35%. so china is producing a great deal but only one-third of what it is producing is being consumed by its own citizens and that is why china can do more to help itself and to help the world economy. in the 19th century britain and america which were among the first countries to industrialize germany and france, not one of these countries committed themselves during the period of industrialization to the reduction or abolition of

poverty. they have fought the let the will to do something about what welfare programs that they were never explicitly committed to the abolition or the reduction of poverty. china is, india is, african countries are and that is to the great credit of the countries that is a commitment. so what we have to do? brigety safety net so people have health provisions. they've got to create a safety net so people that are unemployed have some form of income. we have to create a safety net some people who are retired and elderly have a provision for the retirement and if these can happen and at the same time people are in a position to use some of the savings to buy homes and in a position with high wages to buy the goods they want to buy and putting the goods we take for granted in this country in china is that path to become a middle class country with large numbers of people earning their own homes and in a position to buy consumer goods

with not just of chinese people would help the rest of the world because instead of america consuming and more and here up consuming more, then china would also be consuming a great deal and the demand and supply in the world would be in balance which is not the moment. the chinese understand this and want to improve the safety net and want to do more to help the people calling into the towns to get jobs, what did for people of poverty, but if we were to advance that more quickly in the next year or two and if we had an international agreement which china felt comfortable about because that was a part of the agreement the different countries would do certain things this would take the heat of the currency and out of the balance of payments which is the latest issue discussed at the she 20 it will be china doing what it wanted to do but we did it more quickly than perhaps it planned to and would be boosting the consumer demand and exports and production and around the

world, so china can play a major part in rebalancing the world economy but also getting growth in america and europe, and i think the events of the next ten years are clear that china is going to consume more if we can move out faster than a lot of the unemployment we are likely to see the next few years could be avoided. >> we have time for one more brief question. go ahead. i'm sorry everyone by the answers are too long. >> i wonder if you can comment on the fall of the crisis developing in europe. i'm wondering if you think the mechanisms that are currently in place, both of the current fund in the plan for the new mechanisms after 2013 are going to be sufficient to contain the crisis as it is developing in portugal, spain and other countries. are there other mechanisms that he would agree? >> let me just say that the euro

is the single, its introduction was very controversial. britain was one of the countries and i was partly responsible and decided not to join the euro because we thought it was difficult to manage and the same time the was a huge amount of skepticism and other words people are skeptical whether the bureau could work in the long run. in fact there is a lot of skepticism in britain as well and there was one skeptic being interviewed on the bbc which many of you know about in the news program and he was being asked why he was so skeptical and hostile and empty of the euro and why he was against anything there was european and the interview eventually out of frustration said white argues against it? is it ignorance or apathy? and the man replied i don't know and i don't care. [laughter]

the euro at the moment is undergoing difficult times because increase has got a financial problem. it finds it difficult to get the tax revenues in and it's got a big public sector. spain has a different problem. spain has got banks that really were over lending particularly in the property sector, something that happened in america, particularly also in ireland as well which has a huge problem because it overbuilt property and it's got a huge bank debts as a result of the lending money to the property developers that could never pay the money back and you've got portugal that has a lot of private debt sold to people outside of portugal itself and people with an asking if you have all these problems and have all these help for the individual countries, can the euro is all survive? i think it's got to survive even the white did not want britain

to join the euro. i think what to make a decision you have to make it work, and it can be done to make it work. you've got to bring together the three difficult issues. the fiscal deficit, the bank like ability such as talked about and the inability to grow, and if europe can only solve its fiscal deficits but not grow the massive unemployment, if it can not solve the bank liabilities then you got big, big problems ahead because banks will not be lending money to businesses and you will have low growth in the way steve got to have a meeting of the leaders to get together to look of the problems and find a way forward in one swoop dealing with these problems and ideas how you might do this but it's important to do this in private and then see the initiative from the market because the countries are being picked up one by one so you hear about greece a few months ago and then ireland a few weeks ago and portugal and spain next if you have to seize the initiative and one of the lessons we

learned in 2009 when we had the threat of the world depression was if the governments don't act together and lead rather than be led by the markets, then you will get into the huge problems and a downward cycle it spiral you can't get either so my recommendation is that the euro group together to deal with these problems that have to be dealt with together otherwise you will have continued crises in the area, so my recipe for the future is greater cooperation in the area to deal with what our real problems that arise from the failure of the banks as well as some problems associated with the return of economic growth. but we have to avoid in america as well. 10% unemployment in the euro area, 10%, 938% unemployment in america, this calls for international action for all of us to work together because we are all faced with similar

problems where the resources of the economy and people themselves for being the denied the chance to realize the workplace and what is the purpose of the economic policy if it does not include getting people into work so they can be prosperous by their own efforts and not have to rely on social security or charity surely the important element of the next stage is getting more people back to work and getting young people the sense that they will have opportunities in the future. >> three quick announcements. first, in a few minutes the prime minister will be signing books and the lounge across the hall. could all of you remain in your places until he has left? second i want to thank all of you for coming. it's been a fascinating discussion. the beginning of something very important that gordon brown will lead here and around the world at nyu, and finally, on your behalf, and he quoted this person earlier let me thank someone who almost more than anyone i've ever met six

simplifies president kennedy's inside the leadership and learning are indispensable to each other. the world has a lot to learn from him and so do we at this university. thank you very much. [applause] >> this event was hosted by new york university. to find out more, visit nyu.edu. why nonfiction?uth >> well, the truth was it is fos my son.n th eight years ago on the night my son was born i said i'm going to write a book that lasts hislasts whole life, and i was e. i was coming back from the hospital. it's that great moment when you can dream anything for your child. he can be the president, nice person, generous person, all

realism, i'm going to write a book that lasts my whole life. i came home and started writing rules for him to live by. there you go. pictures of it. what i wanted was, i'm going to write rules down. love god. two, be nice to the fat kid in class. things i thought were important for him to know. the truth was i knew nothing about being a father. so a friend of mine told me the amazing story about the wright brothers. every time they'd go out, they'd bring enough materials for multiple crashes. they knew they'd fail. they would crash and rebuild. i said i love that story. i want my son and daughter to know that story. if they have a dream and they work hard, that's the book i'm going to write. not a book of rules, but a book of hero. heros for my son is rosa parks,

mr. rogers, to jim henson. >> where's barbara john? >> that was a teenager. it has someone like martin luther king jr., but also regular people. barbara johns was a high school student and civil rights activist. barbara johns at a time when in 1951, basically saw a school bus ride by her and her school bus was broken down. there was another one that was full of the white kids going to the good school. they had no books, no materials, horrible school. she organized a walk out. we are going to protest it. forget about it. she's one of the unknown people. her test case as they walked out was one the cases used in brown v. board of education. where did it come from? a teenager. a teenager is one of the people

responsible for it. so the book is filled with, a guy named frank shankwits. he found out about a boy with leukemia that also wanted to be a police officer. he had a motorcycle made. he find out the boy with leukemia goes into a coma. he goes to the hospital room. as the boy is unconscious, he says, i want to put motorcycle wings on him. he pins the motorcycle wings, at which point, true story, the boy wakes up and smiles. the boy eventually goes back into a coma, eventually dies. on the way home, frank looks at his buddy, you know, we made that kid really happy for just one day. we should do that for other kids. that's how the make a wish foundation was born. i want my son to know that stories.

that's what heros for my son. celebrating the people that can take one dream and change the entire world. >> we've only got a few minutes with brad meltzer. we'd like to hear your heros. numbers are on the screen. go ahead and start calling in now. who's on the cover here? >> you know, it's funny. everyone think it's my son. i have two sons. my publisher wanted me to pick between my kids. i'm not stupid. it's my good friends rusty and elizabeth's son. the last hero, is my favorite hero. my mother. she died two years ago from breast cancer. before she died, my publisher was shutting down. i didn't know if anyone would take care of my contracts.

i called my mom and i said, mom, i'm so nervous about this. she said i'd love you if you were a garbage man. she's not taking a crack. my uncle was a garbage man. i say that soaking in her strength. for anyone out there, the last two pages are blank. your heros are here, and your heros stories are here. you take this book, and give it this holiday season and put their picture. write one sentence about your father, grandfather, military member, what they mean to you, that would be the most beautiful page. i wanted my book to be something that you can give to anyone at any age. >> you've included two contemporary u.s. presidents in the book. who are they? >> the book has no politics. nobody is in it for political reasons. i did george w. bush and barack

obama. bush is in there because of the amazing story when he was flying. he was one the youngest pilots in world war ii. his plane was going down. two men on the plane with him. as the plane crashes, and it's crashing into the ocean, he maneuvers the plane so they can get out before he can. uses the moment of selflessness. he lets them out first. peaks out, he's crashing, some -- vomiting, crying, terrified. he told me he still thinks of the guy. he became the president of the united states and never told anyone that story, never ran for it, never self-promoting. i want my son to that have humility. barack obama, not because of any political reason. no one knows where he's going to be in the end. what he represents, whatever your politics are, is one of the greatest ideals in all of america. that's that anyone can be president. i want my son to know that

anyone can be president. i want my daughter to know that anyone can be president. they were both put in there. >> how did you get to know george h.w. bush? >> i write thrillers. i talk to imaginary people. i got a fan letter written by george h.w. bush. i don't care what your politics are, you are the former president, you write me a letter, i'll send you a free book. >> brad meltzer is our guest. first call. maryland, go ahead, please. >> caller: yes, brad, i wanted to thank you for creating such a wonderful book. i think it's extremely important that people really understand that, you know, the heros are not just the people that are famous. but i like that you did put in people who are not famous. and kids would have an opportunity, not only your son,

but anyone who's giving this gift to their family to let them know that ordinary people not only can do extraordinary things, but also be truly extraordinary. by pursuing their goals, dreams, going after it, trying to make a difference. i want to thank you for this. that's something that i share with my family. >> thank you. >> host: who's your hero? >> caller: my hero is my mother. she was an african-american woman from the south, had a nice education, and vice president of institutional trading is what my brother, and i have my masters. >> guest: and that's exactly right. you know, the thing is that we all know and say our heros are george washington, martin luther king jr. or eleanor roosevelt and these amazing people. the real heros are the heros that we live with every day. that's vital. i should tell you do you want to

talk about the hero who i spent my time with, my son, my oldest son jonas. this is the moment that i gave him the book. i've waited eight years. it's called "heros for my son" i'm telling my son. he doesn't care about eleanor roosevelt or rosa parks. he's looking through the athletes. he finds roberto clemente. you know what being a famous athlete, nothing. it doesn't make you a better person, nicer, you know what selling a lot of books and being on the best seller list, nothing. doesn't make me smarter. it means people read the books. roberto clemente is in there not because he was a baseball player, because there was a earthquake in nicaragua.

he sends three planes for help. they were stolen. he was so determined to make sure the plane gets there, the fourth one, he gets on the plane. it crashes in the ocean. killing everyone on board. he's not a hero because he died. he's a hero because he got on board. i'm waiting for my son to say i'm the greatest hero. he said, dad, i'm sad. my book has backfired in my face. he comes racing into the room on his own, he grabs the book and says, dad, who are we reading tonight? i said what about roberto? he said i like him. i said why? because he gave his life for people. we complain about there's no good heros, we focus on athletes

and celebrities. we have a say in who our kids emulate. >> host: florida, you have 15 seconds. >> caller: thank you very much. my hero is a man named miriam frye. he was a man from a white protestant family. he saved some people from the nazis in europe. he saved so many using them to get passports and visas to get out of france and into spain and eventually to the united states and save them. and save their bodies intellectual work for the western world. that is a hero of mine. > host: thank you. thank you, caller. >> guest: great hero. in fact, we put in the book, my

favorite person is meet geese. i had anne frank. she's the woman that save and hid anne frank's family from the nazis. they come rushing in and raid her house. at that moment, she could say i didn't know they were up there. she never apologized. what she instead does, she tries to bribe the nazis. don't take these people away. they tear up her place, the one thing they discard is the one red book, anne frank's diary. she's the woman that history doesn't know about. she's the one that saved the diary, she preserved it. when otto frank said my daughter is dead, she never read the book. handed it to her father, this is her daughter's legacy to you. that's the reason that we have anne fra