there is insane obviously what we have when people have been dating the future of capitalism and you're having it everywhere in the financial plans to the moment it was there what they should be discussing is what type of capitalism are we talking about when you're right it's not the old fashioned industrial capitalism but. even when you say finance capitalism which it's evolved into playing against capitalism is the whole family. pension fund capitalism super sort of military inter-religious in the air and say you. see you know capitalism and the end product of all those it's like a radioactive if process it resolves and do what deflation and get in age ending up in the u.s. feudalism exactly what industrial capitalism was supposed to be twice and and let's talk a little bit further about this because this isn't what we're doing capitalism and

doesn't capitalism allow us to do this we meaning us here doing this show we love to compete we love to put out views that aren't there on the mainstream media capitalism allows us to do that so isn't there a kind of capitalism that doesn't lead to the inequality that we see today because in the fifty's and sixty's there was capitalism that we had a much more equal society. well children are caught up in group date of destruction and his idea was that capitalism would have a kind of competition among the needs to increase productivity so one morning last undersell their competitors and asked the productivity gains on to their customers in the form of lower prices what you have now is a competition among financial getting sort of to see who can and the most financial charges to a given in this that so they don't rate industry. by making loans in the form of i mean with junk bonds in loans to work work great moves it will then you can sell

stock options you work with earnings not to invest in new plant and especially not long term moves which the phone will tell you kiran is to buy their own style or simply depending on to give evidence to raise the price and thereby raise the price of the stock options so you have finance capitalism and still the cost of doing doing business dance to the cost of living whereas industrial capitalism was supposed to lower the cost of what it is so you have our what people think of as and let's look at the lesson turned upside down and how do we change this we don't have a lot of time obviously that's a big question but just to give one example of what i think is a problem you know you have ariane i have been tending to i watched an interview over the weekend talking about how we need moral capitalism men and how she it keeps her up at night and she's thinking about this during the day and you know more fair system and yet her writers boycotted first seven months a couple of guilds in unions because she capitalizes on labor that she doesn't pay

for he doesn't pay some of her writers so this kind of hypocrisy how do we ever really talk about the real problems well i only have mistrust that politicians who talk about morality children like to talk about morality and rick santorum more all of it it's usually the people who. are the sleazeballs of the legal system talked about well if they were going to look at their words now i am yeah and they are really doing for their own can get it so it's what the problem is to put in place a system where people believe the right thing by serving their own interests then now the system and regulatory system and legal system people for doing the wrong thing for being immoral and more i mean it's become self just not the way to come alongside it is people expect it to be back when economics was followed political autonomy or borrow philosophy that's a really interesting point a great one to wrap up on we really appreciate your analysis as always

a nice breath of fresh air after listening to mainstream economists all last week and davos i really appreciate it as always dr michael hudson. all right so now that i'm back from davos i just want to say first thank you so much to our viewers and to the twitter community and to guests like jim rickards and ed harris and max kaiser and stacy herbert who were so super supportive of the coverage and my trials and tribulations at the world economic forum now if you watched our show or read my tweets you know about the experience but this was my first davos so i did want to kind of debrief you on my biggest takeaways on

a personal level now before this i had only really read about davos and learned about it from a chapter about davos and superclass which is a really great book by david rothkopf which jim records actually recommended to me which gave this really good kind of insider e. account so i don't know what i was expecting but i think davos is probably completely different based on who you are and what bad you have and so i can really only speak for myself i'm not trying to characterize the whole thing i'm not trying to paint with a broad brush i just want to give you my personal account of my impressions but some people view this as a leaders meeting the haves all getting together while the have nots are locked out a conversation that's really had a lot this year because of the whole occupy movement and the demands for democratization but what about the have nots that are allowed inside there is this whole hierarchy with in davos it feels like and we've heard the stories of the badges i know it's kind of been believer but you definitely feel that with in davos

with the attendees and the press there is this whole hierarchy ok this i want to burn everywhere you go you have to scan this. this is what security guards see and tell you you can't go there this is what participants see and go i don't want to talk to you you scan it and you get rejected if it's not open if you're not allowed to access that area and your access is pretty limited somebody you think wrote that this is like high school but in high school i didn't need a bad should be considered a cool kid i had no. nothing that whatever that took care of itself anyway if you're a billionaire i'm sure you're rich enough that you're doing your own thing you don't care because you're a billionaire and if you're a businessman judging by the ones i talk to you're mostly concerned with doing business networking but i just got the feeling with with some of these people with the feeling of the group that some are just dazzled by the access and the rubbing

elbows with some of these people and it really makes you realize where the herd mentality and the obsession with the a stablish myth comes from and the desire for acceptance that part is like high school it made me think of some of the things that guess like reggie middleton and others talk about with their herd mentality and why people missed the crash as a result of it back in two thousand and eight and with some of the financial issues facing the country in the world today you know i had a friend that used to work for the obama administration and said that he's seen grown men cry over riding on air force one and i got the feeling that the same kind of thing might upset some of the people at davos now some of the most interesting conversations i had were actually about when there were substantial and about economic problems that went on a deeper level what was when i was speaking with the occupiers who actually wanted to talk about economics and were seriously questioning the way things are or someone for example who works for world economic forum but is in banking and we had

a very content candid conversation about the problems with the banking system and the press team were the coolest most down to earth people at davos they were the best now there's so much going on there you really can't catch everything and there were sessions i couldn't even access or couldn't attend but most of what i heard was the same kind of establishment stuff nothing particularly contrarian or alternative yes inequality was on the agenda but golden from oxford university summed it up pretty well when i talked to him he's been going to davos for fifteen years and said even though it's grown at the end of the day davos over. resents the business elite and people are concerned about inequality yes because yes there is some common humanity but you can only go too far with that that at the end of the day it's about self-interest people are worried about higher taxes and populist movements bringing governments to power that aren't big fans of the rich and most of the people i spoke to weren't panicking over the economic issues we face and after a few days i was like get me out of here i don't want to get stockholm syndrome so

personal feeling as long as these people are the people in charge i don't have a lot of faith that much is going to change i think people see things relative to their situation and when you're flying in to davos in a private jet and partying with prime ministers and c.e.o.'s you're a little out of touch with most of everybody else and if you're trying to hang out and run with the cool kids who are riding in their private jets then that's probably problematic too as far as really understanding the situation for most people and on a personal level i really don't think i ever need to go back until i get a white badge and p.s. a lot of people that tweeted me were very interested in the height of people and there was a picture tweeted with with geithner and christine legarde saying you know how short really is gardner i didn't see him but i do have to say that i did see christine legarde walk right past me and have air kisses with the chairman of society general and she is very tall so there is a possibility that she may be dwarfing tim geithner simply because she is so tall

all of you on that thank you so much for watching feel free to follow me on twitter out more and lyster give us feedback a you tube dot com slash capital account and come back tomorrow for another show.

am. i. it's true this is your cancel will never approve bombing syria i guarantee it russia's foreign minister rules out use of force against syria to settle the crisis there but says moscow never insisted retaining the current assad regime was a condition for peace. and the syrian opposition has rejected the chance for talks with the country's president instead threatening the assad family with a brutal and bloody end. plans to expand the u.s. military presence in asia pacific threaten to backfire in the philippines as some in china call for sanctions against the nation for offering its station more american troops. and in this year's first e.u.

summit exposes deepening divisions within the union its five most members agreeing to fiscal restrictions that critics say is an affront to sovereignty and democracy the top stories this hour. so those were the headlines for you up next started early on the show finds out of the occupy protests in oakland means yet more showdowns with police that much more right now. welcome to the lone show where you get the real headlines with the mercy or can you live in washington d.c. tonight we're going to take a look back at what happened in oakland this weekend as more than four hundred people were arrested and occupy actions so is the beginning of more showdowns with police or is this just a one off then secretary defense leon panetta gave an interview to sixty minutes

the aired this week weekend so we're going to break down some of his words and we're going to take a look at other foreign policy goings on turns out we're still flying drones over iraq and afghan president hamid karzai is planning on meeting with the taliban and saudi arabia so we'll see if that's his way of shutting the u.s. negotiations in qatar and a greek debt deal has been stalled once again get more details on what this could mean for the u.s. for artie's lauren lyster host of the capital account or have all that and more few tonight including it as of half the hour but first take a look at the mainstream media has decided to miss. it so this past weekend sixty minutes aired an interview with secretary of defense leon panetta now was a good sit down with a former cia director that covered a pretty wide range of topics some of them highly important if you ask me the mainstream media however didn't really pay all that much attention to what he said and in fact i'm pretty sure that c.n.n.

was the only network that even bothered following up on some of the secretary statements this morning from what we saw and for some reason their take away was that the following line of panetta is was really wild and shocking. but that is creating some international buzz he says he remains convinced that someone in pakistan's government must have known that osama bin laden was hiding in that country what do you know about the rifts between our country and pakistan and is it getting any better these types of statements from u.s. officials like defense secretary leon panetta certainly won't help especially statements that can't be substantiated certainly a man in his position if he makes a statement like that it's going to create a lot of buzz and that's what's happening in the pentagon backing off from that statement in an effort to mend these very fragile relations. aren't so considering that panetta then reiterated that this wasn't based on any fact this was just his opinion and then the pentagon had to walk it back that's an opinion also has been

repeated about a million times over at this point firstly i would have chosen that as the only clip worth talking about far from it in fact you see one of the most telling parts of this interview with scott pelley was who conducted it was when he decided to ask about the obama administration's killing of anwar lucky the u.s. citizen who was killed in a drone strike in yemen last year and we found out through various leaks that there was a secret legal memo that justified the president ok in the killing of a u.s. citizen without due process although of course there are memo remain secret and according to other reports it will remain so even when attorney general eric holder gives an address how to the national security efforts of this administration now you guys know how i feel about this that was a sad and scary day for what we know as the constitution and the rule of law in this country and yet with the exception of perhaps scott pelley nobody else in the mainstream media really seems to care all that much so just take a listen to what the secretary of defense said when he was questioned about the legality of such a move despite the fact that this person may be

a citizen he is first and foremost a target to threaten sort of people and for that reason we can establish a legal basis on which we ought to go after that individual just as we go f. . bin laden just as we go after other terrorists why because their goal is to kill our people. our and so did you hear what panetta said there despite the fact that a lot he was a u.s. citizen he was first and foremost a terrorist and that's ok to essentially consider him a citizen earth community to essentially not consider him a citizen anymore because his goal is to kill our people now there are a number of issues with that statement that should concern everybody out there let's not forget that the obama administration has never released any of the evidence that they say they have to prove that a lockie was playing an operational role in planning any al qaeda attacks against the u.s. as far as we know a lot he was indeed very vocal in the videos that he posted on you tube but that alone doesn't make you a terrorist so all that we can get from panetta is answer here is that the evidence

doesn't matter due process in a courtroom to prove the evidence doesn't matter if the government calls you a terrorist they can kill you and the rest of us are just supposed to take their word for it b.c. if it didn't and there. this person wanted to suddenly raise questions about whether or not they're terrorists and they were to return to the united states of course they would be entitled to due process that that's something we provide every u.s. citizen and for that matter frankly any terrorist who's a rested we provide due process to that individual as well but if a terrorist is out there on the battlefield and a terrorist is threatening this country that person is an enemy combatant. and when an enemy combatant a whole should go to church. you fire back. all right so here we have numerous other problems that with leon panetta statements he says that if a locket wanted to return to the united states to raise questions about his own terrorist label then he would have been entitled to due process big problem with

that logic is something that glenn greenwald also pointed out today at salon dot com is he there were never any charges brought against a lock in a courtroom the only reason that we even found out that it was on an assassination list is because it had been leaked not because the administration openly said it so how are you supposed to return to the us turn yourself in if you don't even know that you're being targeted and if you have no court room to question it tell us also not forget the statement made by panetta that any terrorist arrested is provided due process well that's just false how about so many of the detainees that are still being held at guantanamo bay the president deemed fifty of them on tribal early on many have been cleared and yet are still being held at gitmo and if you want to claim that it's because they were apprehended on a battlefield and not right here in the u.s. then where do you draw the lines for the battlefield this is part of the problem the dangers of this overly expansive global war on terror is that anything can now be deemed a battlefield by the administration and then here's one more little tidbit for you

today you know and v.a. the president signed on december thirty first of last year the one that codified indefinite military detention into law well it's already being applied to legal rationale take the example of a guantanamo havey as case. versus obama and if you go to the la fere blog today you're going to find the government's legal argument for his detention or forming the author already of the president to detain any person who is part of or substantially supported al qaeda the taliban or associated forces that are engaged in hostilities against the united states or its coalition partners now that is the language of the n.d.a. so saying that is by no means shocking but just so you know it's already being used so there you have it books not only some blatant missing from. coming from the secretary of defense but really poor rationale that essentially says that if we say someone's a terrorist we can kill him and we'll never have to provide the evidence and i'm so happy that scott pelley actually asked him those questions we need more journalists asking those questions but despite everything that was said the complete lack of

respect or adherence to the constitution and the laws put in place the promise due process the mainstream media didn't even blink don't stead they chose to miss. all this weekend oakland once again became the scene of a massive confrontation between occupy protesters and police after an effort to occupy a former convention center in the city protestors relator corralled in front of a y.m.c.a. where more than four hundred people were arrested that includes at least six journalists not of thus far now the day once again saw oakland police using flash grenades and rubber bullets but there are also reports of vandalism by those in the crowd and today the national park service gave the occupiers here in d.c. a deadline to remove camping supplies although as of yet we haven't seen any massive clashes so does the action in oakland over the weekend mean we're back to the events of last fall joining me from oakland is susie cagle freelance journalist

and cartoonist who has herself been arrested at the occupy oakland protests there susie thanks so much for joining us again tonight and i guess i know that you were arrested back in november we spoke to you then i know that you were arrested there on site and then released last night but if we first can step back and just talk about how it is that all of this exactly happened can you give us some details. sure i like the reports that are circulating really jumbled the timeline so it started with my oakland planned move in day to take this i'm used to convention center one hundred hundred year old historic building i am downtown and i'm and take it and use it as a political and community center and i they were thwarted at every turn police clearly knew that this was the goal of the march and they knew just how to walk the crowd of about a little more than a thousand i would say between one and two thousand and day when protesters i've

pushed down some of the chain link fence in front of the convention center many yards away from police things were thrown many yards away from the police fired tear gas into the crowd and the crowd dispersed. back to downtown where these sort of skirmish street battles kind of continued and there were flash bang grenades there are less lethal projectiles and all of those those weapons that we became i was so familiar with back in the fall that haven't really seen in a while in outland and as the day wore on. people kind of regrouped for a little while and then i decided to go for a plan b. another building or potentially several buildings that could possibly have been taken for this purpose since they've been guarded from that convention center i and that march only went on for about two hours before police finally i kenneled

everyone by the y.m.c.a. surrounded them on all sides i gave no dispersal order that i could hear and that's where i myself am five other journalists were were a mistake at all and we were told we were we were being detained along with along with the occupiers so did you did you tell them i press did you show them your credentials was a very obvious to the police a fair arresting members of the media. it was incredibly obvious i and i. because i had been through this before just a few months ago i'm certainly more outspoken against than i was last time i demanded a sergeant and still i was handcuffed for forty minutes and i was told that i had to press that is i had my oakland police department i issued a press pass and also had a press pass for it freelancers gill's that i am

a member here in california and i'm my oakland police department has expired four weeks ago the end of two thousand and eleven because they only get them out for calendar years even though it had for weeks it was already already expired and they told me because that that. has expired you aren't press tonight or you think that they you know the oakland itself has been giving has been given a really hard time the police department there for arresting journalists we've seen a lot of journalists arrest all across the country since the occupy movement really sprang up and just last week we saw on this you know world press freedom index of the u.s. dropped twenty seven spots because of that so you would think that maybe they would be a little bit more careful but so i guess i also have to ask you know who was really making up the crowd yesterday because we've seen in the past too in oakland there were. some cases vandalism there were some so-called black bloc tactics you could see in so you know what was the crowd like yesterday. i would say many people i

came came prepared for a street battle i and many people came prepared with. shields plastic garbage cans cut in half metal garbage can live in korea gated metal and wood shields as well and many people were amassed and i and many people were fully covered head to toe and many people weren't i it's it's i find it troubling to make really broad generalizations about such a large group of people based on the few that are its rights and are throwing things so what do you think my happen next right because we've seen things simmer down a little bit with the occupy movement we've seen some more targeted actions and yet we're still in the middle of winter only three are here on the east coast i know it's not as cold there at oakland but do you feel like some of this is starting

back up we're going to start seeing more of these massive demonstrations maybe even clashes like we saw last fall or was this perhaps just a one off. i think that occupy are right now because they were on this building and because they they don't you know those those tent camps weren't just place to stay i mean they were a political center a meeting ground zero and now occupy all of the occupations they don't have that and so i think that building occupations are going to take on a much more important role in the movement in the future and i think that if that's where and that's where occupy really expense resources spends time i think the next really interesting step even though it's going to be nice outside at least here in california it was a gorgeous day on saturday i think that that's really going to be important for the future. now if we could are so see how some of the attitudes are changing marriage in quiet of oakland for example told the protesters to stop using the city as their

playground and i found quite interesting headline on the fox nation website today when i was looking at it and they tried to tie this to obama's state of the union address and they asked did obama's class warfare rhetoric spark occupy riots in oakland i don't know what do you think of that. i know that. people occupiers and certainly no sense of obama but i do think they were proud of the state of the union address and i think that we all heard some occupy influence on it. i think the mayor is getting a lot she's getting a lot of heat from people over occupy from both sides of things people who thought that that tent camp should never have been established and people who thought that first tear gas canister should never been thrown and the recall campaign against her is actually being led by the more conservative faction so i think that she is

trying to work to to keys those people more than she is trying to appease people who are angry about all of the police brutality that we're seeing are it's easy well thanks for joining us and giving us all the details there and. well today here in d.c. all eyes are on the fierce and square and freedom plaza to save the occupy movement makes it through the day to last friday it was announced of the two encampments would be facing eviction today because of unsanitary conditions and increasingly hostile attitude from eric gray in congress itself is something we touched upon last week when we discussed our isis committee's hearing on how the candidates been able to stand for so long in a public park officials have now decided to enforce a no camping rule both of the parks so basically that would require all camping materials to be removed and for one side of any temporary structure in the parks to stay open notices of the new policies went up over the weekend and one occupier brian last tried.