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tv   [untitled]    September 10, 2012 5:30pm-6:00pm EDT

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but the threat of jail would speak louder if it happened william black associate economics professor for the university of missouri kansas city school of law and that's going to do it for us here for now for more on the stories we cover go to youtube dot com slash r t america. download the official publication so choose your language stream quality and enjoy your favorite. t.v. is not required to watch on t.v. all you need is your mobile device to watch on t.v. any time. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and realized everything you thought you
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knew you don't know i'm tom our market is a big issue. hello and welcome to this important debate on whether capitalism has lost its compass and i would even say moral compass this is the first time russia has hosted the apex summit it's an organization representing big and small rich and poor countries from the asia pacific area more than twenty world leaders are attending this annual
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event including presidents from russia and china the u.s. secretary of state was just here and prime ministers of australia and new zealand also here in what about stuck in russia's far east is nearly one thousand this is business executives and entrepreneurs' to disk. the important economic financial and corporate issues facing this region and the world and perhaps no issue is bigger than the current state of the global economy and whether capitalism has lost its compass its moral compass let's keep the moral element here i think we all can count so that's what we're debating and i have a great panel right here arguing that capitalism has lost its compass general and there he is the former c.e.o. of the global institute for tomorrow and he's author of consumption omics asia's role in reshaping capitalism and saving the planet next we have frank you can rictor he's a german entrepreneur and chairman of the russes group a based international
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organization on the other side of the coin capitalism is just doing fine at least as an idea jim rogers at the end or known distinguished international investor and author of a gift to my children thank you to explain the title of that book and we also have a volley in it here is the. and plus group c.e.o. and one of russia's largest diversified industrial cunt conglomerate so please welcome our panel right thank you. and i to take a poll here and i want you to be honest and i don't i really don't want people to stand in the middle raise your hand if you think capitalism is lost its compass raise your hand if you think it's lost it's come ok does that automatically mean all the rest of you think it hasn't raise your hand if it hasn't lost it's going ok jim item sure you bought these people off ok ok it's not scientific but it looks
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like eighty percent believe that it's still on track and twenty percent of you don't believe in. the capitalism is lost it's come so jim you say it hasn't why. capitalism is so far the best economic system which has been developed it has many many flaws yes no question about that but everything else is even worse everything else that mankind has ever trapped the problem peter in the last few years is not so much capitalism at least in the west in the west the governments have gotten in the way and the governments refuse to let people go bankrupt we don't have to we don't have pure capitalism that's your problem we don't have we turning don't have to happen we have a governmental and capitalism without bankruptcy is like christianity without help they've got to let people go bankrupt and the government keeps bailing out its friends what happens can wait a minute here i'm very happy this goes with the debate. and they bail them out. well i live in hong kong so please don't do not confuse me as they get to capitals
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and i think this is the important part of this conversation i think some of the highest rates of the world but the discussion should shouldn't be i think the cold war discussion of you know your capital this you went to camp was i think that's probably a lazy way to discuss this information persists. for me it's in perspective my five view that capitalism may be the best thing we've invented so far but we're suggesting go the end of this thing if we think it's the only form so the point i would like to finish up with saying is. the fatal flaw of capitalism and we can talk about the banks and hedge funds and stuff like that is that it's absolutely rely. on promoting relentless consumption for and externalizing cuts i'll finish by saying because you've really given the about ninety minutes to imagine that in twenty thirty five point five six billion asians can aspire and live like america
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is the height of responsibility this is simply not possible but this is not an environment of discussion it's a discussion about how therefore do we create prosperity that delivers on the social dimension which is fundamental to creating any form of capitalism but my pipe and point is asia should not aspire to replicate the exceptionalism of american capitalism ok let's talk about an emerging market some would think i mean it's calculus and people frankly mean that there are twenty three million people unemployed in the united states in fact in spain alone young people fifty percent i mean how do you tell capitalism these day i don't understand what capitalism has to do with social responsibility to burnish their divorced this is completely different same the fundamental nature of capitalism is individualism and gays and greet all the good things of our nature the stuff you want out of our good nature is always something you want to get ahead in life was to get the help that helps
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like that you can live something for children and think about the good sense you can do with wealth one created but this is the checks and balances in the future now where maybe more established in places like united states which but less established in places like russia. well secretion and creation of businesses which can care for those consumers some consumption is good because can create businesses that build take care of those consumers fundamentally we're talking about the way to develop the old the will to develop the free enterprise and focus on doing. does not surprising visit where the vice president potential vice president to come to do it for republican nomination is a key in the middle of the night and right because this is this is the center of of what america used to be seventeen used to be and frank jumping on this and definitely lost his compass peter and i would see him capitalism is here to stay
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but this attained capitalism on your penis you know i'm based in surrey and when i came here to asia i feel a bit like an outsider a lot of actually europe bashing going on actually you were just in the white i think the tulum kind of schools why this year of bashing is going on a lot of the. asian by europeans and we shouldn't bash anymore but it europe and the united states stop lecturing the world as well you know you're right for you should all the time but you know and place peace in my mind my language we're going to be back but some people see we are bloody capitalist our banks are destroying our financial systems lot of clear in the system but it's not a school of you to say we're not capitalists anymore maybe you're. all socialists or even marxist europe usually only works thirty five hours a week we have seven weeks of vacation maybe you're complacent we're complacency in troy life of course we like to go to our mountains and lakes and what we really
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have to do is to whom reposition capitalism is to preserve capitalism but we have to get rid of the short term profit taking. i wish to recreate a link between the social the public and the capitalist short term like we are in germany people who fail should be allowed to fail and go bankrupt what's happened now in the west every time somebody gets in trouble they call up the government say bail me out safely save me but then they capture the pain nothing that the gem they did that to the banks they did that they didn't and did not even the banks if you consider the article we don't have our history preschool bankrupt or no one has remarried bankrupt like i say why in the united states the government bails out the banks for instance and it wasn't just the banks the banks are us coming out of the world apparently for a sham and keep going keep going tell you why i think. first you've got you have to provide for that wisconsin that's not socialism gender but you have to to promote
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alertness consumption you have to do two things you have to control constantly at a price external of resources and under price externalities when you do that you have to do something else you have to fight any attempt or regulation this is become the mantra of business fight regulation this is not that healthy that regulation is no good except that when you eventually get to the stage where there's interest rooted in undermining regulations that you have something else that happens you begin to have this interest usurping the state ok but then you assert the state it's a good one a very that we're in. some ways distinctly in all this where is the state has to be a lot of people go sail and lot of people say with the big capitalism that's what i'm going to call them have captured it. the state is in the wrong place and shouldn't be where it is because they're currently in europe the problem is not this was underlined companies the problem is a bunch of government officials who couldn't agree on a single thing right so i can. let states lock my door into the affairs and
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consumptions ways always good because it's a size of supply and demand equation you need to have to market to create supply not to create supply you create companies that produce products of people who consume and let. them do you know anybody who didn't want a better standard of living for themselves for their children and grandchildren you know in him and being in history i hazard i want to live there and it does a false question of course i don't know anyone who knows what is entitlement to you know free just to buy another house. instead of living that's not that's not the point i'm talking about i agree they should i think it's only mortgage i think we constantly use this cliche turd i'm sorry to suggest that any one to say is that there must be limits but i want to talk about the asia pacific region that is the way five billion people can live like americans so we're going to have to think about it very differently one billion asians getting richer has already rocked the
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world another does it will do him a thing things to so us and if this franchise is the majority i am saying if you want to address the poverty issue in creation for stability we are going to need to try stick still so your saying that the one billion asians should always be poor because you said they should be poor girl to you or your i hate to say you oversimplify just got through saying one billion asians can i say right now thank you i'll start with you.
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the first submission of free accreditation free transport charges free the maintenance free risk free studio type priests. the old free broadcast quality video for your media projects and free media. tom. wealthy british style songs. on the tirelessly. market. has come to. find out what's really happening to the global economy with max concert for a no holds barred look at the global financial headlines tune in to kaiser report.
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more news today violence is once again fled the film these are the images the world has been seeing from the streets of canada the for china operation today. look. looking well into the future syrians technology innovation all the latest developments from around russia we've got the future covered.
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i've. seen. and this is typical of this result of reaction people dumbed down the conversation this is dumbed down conversation i have not said people should be taught the reverse will happen because the majority of asians will be left behind and if you want to get the majority at
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a minimum level and car ownership is not the basic rights of life and right now i want frank to germany we got a thing again people don't use and european type of capitalism i think that's maybe the worst thing to do if i let me let me let me tell you let me tell you you know i'm a i'm a liberal not in the maybe american different issue but in the old british tradition in the last two years actually i talked a bit more for the social approach i think we have to go against speculation speculation is really at the heart of all this market failures happening right now think about the whole library scandal in europe to european banks is really like a little microgram lie more ok ok so that's good and you know the little slice of the year and what we really need to do is to think about the public good on printers of course to make money you know that we all make money and it's a good thing even spending that's money and it's good consumption but this particular boat all those people with all the chops this to create employment fifty percent of unemployed spanish people it's really
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a shape you know i believe it's awful in maybe what we need maybe you know what do you sing we need better government in europe usually aims like most governments are in the pockets of the banks. and i think that the radical jihad go ahead for ethical discussion we have really at the moment we are in the country which for seventy years tried to implement the very simple theory that everybody should be equally poor and have a little bit and a little bit of reverence i never said that so please be very careful because that is a simplistic. you know but what i would say what you did say was does one say you did say that you and mao tse-tung and joseph stalin should decide who gets why did you say that. these are great lines. please be very clear this is the oversimplification that takes place the twenty first century cannot have this rhetoric of the twentieth but the fact that because their economic growth will last ten years primarily because come this million chinese on the religious ways to
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leave them and agree to the city and they now want to live with less they want to have life they want to have a car so i think there is a perhaps it will the car that will drive the gentleman i'm going to be a bit authoritarian is my pen ok i want the audience to participate i want questions it's go like with jim rogers how to plan because. when they decide well disparate. support there was huge wealth disparity under the communists did you ever come you're not old enough to remember but if you had gone to moscow and leningrad or know it was the beers you cannot believe the disparity most russians were standing in queues all day long while the leaders of the communist party branch have had twenty five so he had a hundred cars he had one hundred automobile ok can you talk about how to leave them in it what about capitalism in russia if you have a critique of that it won't bring in lenin because that's long gone and nobody wants that again ok i enjoyed it and you know i'm
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a communist the boy educated in china is the definition of capitalism sure ok so i can bring back to my. question who wants to want to feel that i was told i would give the definition of life always and i was like ok i want to definition from both sides both sides who want to feel that all my friends that's good for grazing i would tell you that in china. the best capitalist in the world even though you call yourselves common. all right on this side of the panel that's not stephanie from capitalism i want a definition from a white man what is crap about that if you go you go what is happening now ok i think you know we need on the newest opener a squeaky wheel gets into on planet earth the heart of capitalism making money right in the things we don't need less capitalist but more capitalist in the ideal of rules everybody should be a capitalist not depending on the state but unfortunately they're not living the
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ideal ric's so i think capitalist should give back to society should pay taxes to secure a very traditional i only knew i wasn't going to roll with all their triumphs and told them some point to point out that trying to make money and well to start the model telling them what these should be doing instead of for allowing them to the would do but which created companies and jobs well ok as long as more and more people behind us always keep the moral compass the chance that i had and i answer your question very briefly again i would try and answer it by saying this is not about whether we have a new definition of capitalism the definition from a chinese point of view i would say one point two billion people in china cannot have access to a dream of having a car that you and i know that i go to time listed as a great leader in the finance or its definition of capitalism that whole world be how do you provide access to the most basic needs of people which is food water housing public health and education all right we have another question a question what's the alternative if where if we're saying capitalism this last
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company wanting to rank first go ahead because you get a traditional view it's social capitalism right so we have to give back to the site to actually be on the team can try to run but i think i disagree on one thing the chinese should own their cars they can download it to it because you know we can carry one point we can in the aragon like that saying we are europeans we own cars we americans the russians own cars but the chinese shouldn't but you're living on the populated continent now the question here here over. very quick question how do you give your name your said john john keogh how to capitalists balance the confrontations with corruption good sort question good when jimmy body has corruption where you're christians buddhists socialist communist everybody has corruption now yes they should all go to jail you ask me they have lots of people in wall street and then the banking industry should be in jail right now the president the new york stock exchange should be in jail right now but their losses go on top of that. when we have a young lady a parent can figure out
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a way not to be eliminated we have a beautiful russia yemen i think you want to ask you ask the question go ahead when we look at capitalism which is very traditional model of capitalism whereby the company is responsible for its shareholders now and the car companies are not just one people for their shareholders we have the concept of corporate social responsibility should we change to a mode of capitalism that is reliant on the corporate contract where a company is a sponsor all stakeholders involved and that would be sustainable and twenty years of work with some of the biggest companies in the world in corporate social responsibility it's all very good but much of it is flimsy it doesn't really deal with the core issues i've talked about that essentially companies need to produce more to produce more they will need to use resources externalized costs etc
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much of corporate social responsibility has become a p.r. exercise and flimsy argument so i don't think that's really the reshaping of capitalism. on this side of the panel i was just going to say yes that's wonderful everything you just said and most corporations stay in business after satisfy everybody but in the end somebody has to pay for this is the main. one and tell me how to hang on one second as someone else said the problem is socialism you eventually run out of other people's money somebody has to pay for this. ok yes the the taxpayer will pay for. this how you got a question right here we're going to go to the break. right there when i was discussed voices future russia question you're familiar with greg smith resignation letter to new york times from goldman sachs in the letter he briefly describes the money is more important than clients in the bank business and do you think that that's the
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case with capitalism in american other parts of the world people put money ahead of the consumer i'm sorry this is a case of the failed model of the investment banking because if they wanted more money they would think it was very close so. i think just to move on i think we need to move away about from a dozen banks i agree i mean that's just one element the discussion we should be having is how do we should we shape. capitalism to fulfill the needs of a constraint planet not an environmental discussion where the greatest proportion of the population are going to be living in the asian pacific my argument is the current month of externalizing cost and pricing things down will not deliver on that prosperity which we want to share it's not about c.s.r. it's not about investment banks it's a much wider political question how do we deliver that and that is the discussion
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because it's a political discussion from moscow based on entrepreneur are we not confusing confusing terminology actually capitalism in the economic system based on private ownership of means of production and what you're referring to is really is are matters of spirituality and moral duty why are we burgeoning in an economic system with these with this liability should it not be the other part of life and social activity that should be taken care of the spirituality and morality whatever you can i. have to agree with jim is the best system there is for what it should be which is an economic system it's a system of how my argument is purely economics argument about externalizing because i was not talking about morality of religion at all and this is the problem the moment you talk about something against the status quo then you must be a hippie you must be some angry person or you don't understand or you must be on
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the higher moral ground most of this is not about morality it's about pricing capitalism as it slides stands today thrives on underpricing my argument for asia is we need to reject this will need to reshape it if a compass is to be found for capitalism it will have to be made in asia as a good point genuine a drop in center and it's clear you don't understand you're right how are you going to prevent one billion asians from having a better standard who's going to decide what is about. just tell me what most people want to lexis if they want to so i'm not trying hard i say i'm against that but i know i'm saying but a better standard of living is not a car ownership you and i live in asia mode asian cities need more cars like i have lost my what beijing saw different set up that would result in a visit they want because they want to they want to live they feel they have it it's a huge there they can have it no. i'm not saying it i'm saying the reality will be they can go together because they can of course the can yes they can. cite for them
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right out you know the consumer is made up about morality we have to talk about them or it may be that americans might have you on mars but the asians will have no idea that they merit actually have everyone in the world will have a car but the americans if they continue down the path they are now frank we have to talk about morality i think they're like the of australian friends to move from shareholder value to a speaker level you including everybody today actually president calderon talked about principles and he talked about principles in the governmental context but we need also principles in drilling off on benefit capitalism and if we stick to principles to go today to washington d.c. or to profit you feel i feel there's a lot of corruption actually we call it corporate advocacy all of it. all in a hole in your pocket maybe there's a certain avoid this so i think it's pretty important but we really want happens if you tried to regulate big businesses small businesses and a business to install a lot of things on top of them which tried to extract money in
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a way which is which is not in the market system let the businesses who are close them great access and let the government distribute the money to what they were unprivileged is in there with the state is fundamental to making the rules otherwise we have chaos i mean let's take car ownership i'll bang on about cars the roads are not made by the car companies it's made by the state. i mean no one no doubt you know done by that done all right dumbass jay all right well i need to change gears here ok i think that we we finesse this what is wrong with couples and . download the official publication so choose your language stream quality and
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