to go up to one hundred fifty miles that is just what well that's that's the land base and ship based missile defense systems we've got those in japan and around the around north korea it would shoot down for example a north korean missile a missile but here's the problem north korea has exhibited something else for that i don't hear anybody talking about and that has to do with the ability to orbit satellites their ability to orbit a satellite and they've demonstrated this twice or stew up there right now and we have no idea what's on them the fact is that that satellite those satellites could become new miniaturized nuclear weapons orbiting the world and we and then on command they could be detonated anywhere and that is what i meant crazy nuts that is why some of us think that they're really angling at to have that capability i mean this is it's typical of what a poor less defensive country can do against a much larger and capable i mean the david goliath type of scenario and the problem

is is that if they were to explode this missile or this nuclear warhead satellite three hundred miles we have no defense against that and we create a massive e.m.p. or electromagnetic pulse that could knock out vulnerable electronics on the ground given our given our our dependency on technology today that would be catastrophic michael maloof former pentagon official thank you so much for being here as your. call for quick break but stay with us because when we return author and economist steve keen joins us to answer the question can we avoid another financial crisis will be right. the far right. isn't just on the march it's taking violent mother's action like. yes you know again i see things will deny the actions which will usually

split into which we take different names how do you view that. complex web of which are. fundamentally the united states and russia are have been for decades two scorpions in a bottle each capable of destroying the other but only at the price of being destroyed itself and putin said well these weapons will overcome u.s. missile defenses u.s. missile defenses were totally ineffective against russian forces already so that will be more effective against russian forces.

welcome back lego's new c.e.o. is trying to steer the company through a fall in north american and european sales the danish maker of construction toys suffered a seven point seven percent decline on sales for last year their first in thirteen years and a seventeen percent drop in operating profits c.e.o. knowles christiansen who took over in october warned that there is no quick fix to lego's problems the company still managed to outperform competitors mattel and hasbro in overall annual say sales to take the top title of global oil seller but mattel and hasbro have also suffered from falling revenues and sales drops leaving lego as the biggest fish in the small pond lego's troubles also come as a toy maker has raised its profile in recent years with lego movies and more licensed toys from brands including star wars.

and with all of the efforts by the troubled ministration to relax and strip away some of the dodd frank financial reform and consumer protection laws from back in two thousand and ten it's a good time to ask can we avoid another financial crisis and we're fortunate to have with us the author of that book steve kean can we avoid another financial crisis see if thanks for joining us again so is it possible can we avoid another financial crisis well we're avoiding this financial crisis in the same way you might avoid breaking your leg after jumping off a cliff because you've already come down a substantial hot from a excessive level of profit and climbing back up again to have another journalist fall off that same cliff is a bit harder when you've got a pair of broken legs and that's really the wild paraphrase america's situation it had a financial cross' because of a debt bubble private debt bubble that's fallen a bit off of the crossest but you still have a historically high level of private and you want have another cross in terms of

a precipitous decline like a cut back in two thousand and seven two thousand and eight in if i'm going to get much of a. wind behind your back any anymore either so in that sense america and the u.k. if avoided across this by having one and not having probably recovered from it but the rest of the world places like china australia canada belgium norway sweden i think they're in for the run version very shortly you know steve you mention in your book and when folks looked look at qana missed like minsky you know they they contend that we will revert to forgetting the lessons of the past and and given what we are seeing in the u.s. and hopefully not too much in other places where they're trying to pull back on some of the responsibilities that were placed upon financial regulators do you think we're headed for what he said that we're going to go bright back to some of these problems again. well we haven't learned the lessons from the cross' that's

certainly true and if you look back to the great depression we could have learned from that process about what to do what to do and how to avoid another one to really avoid letting huge amounts of private data came to light one small but with completely failed to learn the lesson every time and of course the regulators when i start to think everything is ok again from the neo classical mainstream economic perspective they have they start stripping a lie all the all the missions we put in there to prevent that same sort of behavior happening one small so the behavior will recur and we're certainly saying that right now the same sense of euphoria will come back in again but as i said it's a bit like having head across us already and not having reduce the debt by anywhere near as much as it fell after the great depression the headroom for another boom isn't quite there so i think what's going to happen instead is the regulators will as well as relaxing the laws a little so i think oh we can put interest rights up again we can stop cutting government spending and they'll retreat shrink some of the day leverage ing that

gave us the process in the first place exactly well i want to go back to what there is this thing i know you're aware of it but for viewers it was the financial crisis inquiry commission the f c i c and they came out with a report they were authorized by congress i think it was two thousand and eleven and they talked about two primary culprit now these are different than what you talk about but i used to do this little poem steve about thing one and thing two and the first thing was. the regulators and lawmakers were a problem because they lessened regulation the last time i went through the thing you're talking about and the second thing was that the captains of wall street took advantage of it so i give you my little quick poem light markets dark markets big markets small red green and black markets they traded the malls they were burning up the fiber there was fire on the phones and then what they did they traded bundles of toxic mortgage loans and the risk was so. portable it was so easy to use

that sometimes they wondered just whose risk they might lose and they traded and traded it's what kept them alive and they did so this trading twenty four seven three sixty five thing one and thing two what could possibly go wrong now so f c i see talked about those two things but you're really focusing on debt and why why is it explained that how death debt is different and why that gets us back into the same old same old structure where we lose sight of the lessons and fall into the trap again steve. well the fundamental reason it matters is that when you borrow money if you're in an individual purpose if you let's say have an income of one hundred thousand u.s. dollars a year and you you you're maxing out a credit card every year by ten thousand dollars your total tending is one hundred ten thousand and you're the most popular person on main street of course then you get to the side you've maxed out three credit cards you are thirty thousand dollars

and you think oh i've got to stop paying my debt back so rather than spending one hundred ten thousand you spend ninety thousand and you pay ten thousand off a credit cottage a cheer that manger will spending falls by almost twenty percent now that is the laws at the individual level and conventional economics says all well you know when bill spends he borrows off stave so bill can spend more steve less than the when bill replies he's got less and staves got mole and it all balances out in the wash that is wrong completely categorically wrong because when one person leads to another there's no money created but when a bank creates a loan it also creates a matching amount of money which the recipient then spends so bank boosts the money supply and it boost demand at the same time so a rising period of deadlock you had private debt lucky had from about ninety two through to two thousand and seven gives you apparently prosperous economy but as soon as people find they have to stop paying that down all the banks stop wanting

to extend that dead the right to growth of credit credit the right across the debt stops credit disappears it can go from positive to negative and that's what happened in two thousand and seven so you went from having credit being equivalent to fifteen percent of jay paid him on a six percent now the economics the discipline says that doesn't matter because it's the see saw they completely wrong the central banks are telling that these now the bank of england than the bundesbank and you have a twenty percent fall in aggregate demand which is the by anybody's definition across us that's why it matters but it's still ignore it by mentioning economists like paul krugman larry summers and all that crowd. now steve when you look at some of the numbers coming out some of the figure is in the u.s. and about debt that is accumulating and people failing to pay their mortgages on time more than they have and i don't know if it's six or seven years do you think we're beginning to see some of the indications that we are headed down this rough road yet again. i mean you if you look at the peak level of private debt than

america accumulated during the bubble it was about one hundred seventy percent of j.j. pay through the daily bridging off to the process of people going bankrupt a debt ridden written off and so on it fell by about twenty percent of g.d.p. to one point five times a day pay it's now rising again it's rising at a right of about seven percent of g.d.p. every year now what i think is going to happen is that as that starts to occur and you have the federal reserve believing everything's fine again because they completely ignore this issue they'll stop putting interest rates up trying to head towards that right of at least say three percent they used to get four percent as their right of interest in the gold saga three percent this time and the put the publications in in the congress may not they might go with trump on the infrastructure spending which will boost the economy through the government spending more than it takes back in taxes but in the poll rons of the world have their way they'll start cutting government spending cutting it spending on the poor

of course and continuing spending on the rich and what that will most likely do the rising cost of debt and the dog michigan out of money being created by the government will trigger what happened back in not in thirty seven and that is a private sector will go back into reducing its debt levels again that was called the roosevelt recession when it happened because unemployment which had fallen radically from twenty five percent of the population at thirty two down to eleven percent by thirty six rose again to twenty percent everyone see the same ra's but i think what you're going to see is a bit of a boom the regular the policymakers will get comfortable thinking everything's back to normal again put the rights up reduce government spending and bang the private sector will start cutting its spending once more to pay back that debt and will go back into another slump and that's really a wash and repeat that chapin has been doing now for twenty five years. yeah well it looks to me like a lot that you say may happen is going to start happening i don't know pretty pretty soon here i mean the the us federal reserve looks like they're going to go

ahead and boost interest rates not just now and in march but in the next several months and the e.c.b. looks like sometime later this year so we could be well down that path hey steve anybody wants to read your book can we avoid another financial crisis they should do so it's very interesting but you've also written a comic book about economics as well tell us about that a little bit all that that's what he said. and more and less is not idle. taking the calling out of economics and in a funny sort of way i was had to fly out to give a conference speech and in kent kind of a couple of years ago and i was reading larry summers that's larry on the cover there and he invented this concert be called the feria which stands for the full employment real interest right and this is never being used as a term in economics have a full and this one paper it was that twenty one times and i was reading this thing

in thinking a lot of bollix it was frankly and thinking it's almost like some particular excel abida or quantum physicists discovered some new fundamental particle and i realize that was a great lawn to send up the whole idea so i wrote a satire on that basis and then that's what's been illustrated by fabulous cartoonists and then going across to a similar conference in france i was reading about these two french economists called council can. who write a book talking about non-orthodox economists being what they called economic the nihilists now in france to novelists is pretty much accusing of being a holocaust denier. and i thought well but frankly populous and i wrote a satire about them as well saying they were part of the. warning about the outbreak of a dangerous new virus called reality which was a take on economists in the in the midwest of america and the only way to avoid the virus was to complete avoidance of reality was the only technique that it worked to

keep you as a mainstream economists and i finished up with a rich satire on david ricardo who though we know him as the father of the author of comparative advantage he was also a swindler and this is actually historically true and i had a fair bit of fun blending his actual role swindling he's felt stockbrokers over who won the battle of waterloo with swindling the world over the idea of comparative advantage and this is all basically to take the take the mickey out of economics because it desperately deserves to be taken less seriously take the mickey in the pill not in the mickey mouse because it is still a cartoon but anyway we look forward to reading it we thank you for your contribution to the dialogue and particularly in your contribution to boom bust steve came the author of can we avoid another financial crisis thanks for being with us. thank you. that's all for this time thanks for watching be sure to catch boom bust on you tube at you tube dot com slash boom bust

archie we'll see you next on. their spread for a single purpose. they have a superman. they start training very young. they months of intensive schooling. rats. and they save lives. well you know the cars they were kind of adopted because we were called pirates for so long. i mean they're into small boats next to the hard pool of ships and it's. not something. the limo self did big cold fish already ninety

percent of the dot and paul and conner. contemplations coops seventy five tons they do it several times a day with a big fleet now you get an idea of why. we have to understand we could not stay still and just. be with miss d. is the deal going to go. i'm doing this because i want the future world to future generations to have and enjoy the ocean we have. fearful reality ransoming now fazer people uploading their minds to an app and they're willing to trade their physical body in exchange for the promise of

immortality because remember as we've shifted from the physical to the purest spiritual i guess you could god we've also lost all values associated with the physical plane the all respect for gravity dollar spec for a plurality ethics and now been reinterpreted in a gravitational list ethical list valueless back you of moral turpitude which is now the new reality or heaven as some may call it. kristen trumps money in funding practices are still surprising the recent deployed minutes of my companion john bolton to death nutrition on friends and foes alike in page will a third of all in american politics. time

about email bend of the internet you might even want to get. them but again. carol going to die me biting my mom come on me i'm a god. thingy that had to be. made into a movie chandila back in email so you just had images to see so if you want. to get a new little bit of an actual get at the me i've got to go to london city to get a. patient a full handling and hopefully in time to kill before you can take his own home.

as you can pass the rights to the policeman exposed to a nerve agent in this crippled poisoning incident commanding officers bravery in calling for cooperation with britain and examining the case. you can first to gauge is read the offices of political consulting john cambridge analytical over a major data breach which has landed face book at home water. and a police officer dies of his injuries following friday's terror attack in the south of france bringing the number of fatalities to four being held as a national hero for swapping places with one of the supermarket hostages.

ten pm saturday evening here in moscow my name is kevin zero in this is art international thanks for joining us for this latest thirty minute update. russia's ambassador to the u.k. has written to the policeman who was exposed to a nerve agent in the english city of souls following the poisoning of a former spy and his daughter with more details. the letter to detective sergeant nick bailey thanking him for his actions following the poisoning it extended moscow's best wishes and voiced hope the officer will make a full recovery and be able to return to a normal life as soon as possible it went on to express sincere gratitude for his bravery and an assurance that russia had nothing to do with this reckless incident the investigation is ongoing and the o.p.c. w. the organization for the prohibition of chemical weapons continues to investigate we've also heard from the head of the secret ministry of defense lab important down you know we've got the highest levels of controls of security. around the work that

we do here we would not be a low top three if we had lack of control that could result in anything leaving the four walls of our facility here the russian embassy has reacted to his comments saying that they amount to admission that the secret facility is a place where new components of military grade poisons are being researched and developed and that most notably mr eight at the head did not deny the existence of chemical weapons stocks referring to the disputed possible sources of the nerve agent in question moscow has openly condemned the attempted murders as an act of terrorism and denied any involvement despite that though it seems the relations between the two countries are continuing to deteriorate and the situation doesn't look likely to get better anytime soon british pm to raise in may has rallied her european counterparts calling for a united front against russia the strike russia poses respects no borders this is about the standard to get

a hold of against the russian structures we want to cool did meet our reactions which we will now to detail once the coordination is ready but we're both germany and france agree that those reactions will be necessary in addition to the recalling of the ambassador. it's an act of aggression against the security of the sovereignty of an allied country which is still a member of the european union at present a man calls for a reaction the russian ambassador to the has now been summoned and told a decision will apparently be made on monday with regards to what actions will be taken against moscow if any we have different positions different. interests. about different traditions. political landscape in europe russia and this is why it's not so easy to keep. the group.

together from moscow standpoint several attempts have been made to work together with the british authorities firstly following the incident that russia says it's tried a number of times to ask for a joint investigation secondly moscow says that it's requested a sample of the nerve agent again so that it can assist the ukase investigation and russia has now also set up its own inquiry but how this will pan out is still unclear is no investigation can be completed without crucial information from u.k. authorities so what next for those of us watching this saga unfold all we do know is that this investigation into the perpetrators and source of the nerve agent is going to take some time and in the meantime we can only watch to see who makes the next move. british investigators have raided the premises of the political consulting firm cambridge analytic or over a major data bridge scandal the company is known for having worked with donald

trump's election team in twenty sixteen and is under investigation for allegedly mining the data of some fifty million social media accounts scandals also put pressure on facebook with u.s. lawmakers now calling for c.e.o. mark zuckerberg to testify before congress over in germany meantime facebook representatives have already been summoned to face questions over the data breach. for a long time we've had the impression that unless you apply a lot of pressure nothing happens within facebook and obviously they try to run the business with a minimum of resources and any issues raised over social responsibility i'm not welcomed with a lot of enthusiasm or at least that's the impression i get. the fallouts already hurting facebook billionaire tech entrepreneur musk deleted his personal page and those for a space x. and tesla car ventures been to wiki leaks editor jewel in the sunshine also lashed out at the social network on twitter others are rushing to do the same too with the hashtag delete facebook trending it's the latest in the look rather in the latest

edition of our teaser online series in case you missed it with our one hour only polly boy takes a sideways look at the cambridge analytical scandal issues. in case you missed this on the sacrificial alter this week is cambridge on the list of casts. ok we're going to take a scavenged information from millions of space but profiles and hold the highest bases that they could use it to target votes is the don't go on behind don't jump am bragg's it was a lot of playing it up they've been paying more attention to your facebook profile than the sweaty shakey guy in the office you can't get enough of your photos from our florida getaway back in two thousand and fourteen of course back it turned twelve the use of data to win elections was innovative in twenty eighteen is evil that has something changed cambridge on the internet is based in britain a country where interfering in elections is a gentlemanly pursuit if there is little enterprises based as in the western world

would be sanctioning russian oxygen by now. only route you know who that was russian. do you think you voted based on a crashing economy immigration inequality or corrupt politicians learn facebook made you do it these sinister practices of targeting very much as are unique in the history of politics that is a blow for all political t.v. and election post i'm politicians who coddle babies and newspapers and human sprit . news just in we're getting reports of an election that has actually been won because voters listened to the issues and made an informed decision to take that away we're not reading break news here goddamn it so what can you do while the founder of north south has gone on twitter to tell us too much

time delete facebook but they're all still the social network to tell us what to do . because you show the next tonight an update on the situation in syria is war stricken eastern ghouta russia's defense ministry says almost five thousand militants along with their families have been given safe passage out of the region and sent to rebel held it live province in the north the deal was brokered by moscow and will help bring the remaining insurgent pockets and syrian government control these pictures of video ages erupt lee they show buses with a vacuum some of the fighters are going to be escorted to italy by the syrian army we hear meantime as the pushchair assad's government retains control of eastern ghouta over one hundred six thousand civilians have also been able to flee the carnage and devastation there is no sign of describe life in that embattled region . i'm at work with rob didn't want to let us go first we suffered so much that we

would have left a long time ago but we simply couldn't while the militants shooting at you yes as a said they made us suffer a lot we were there for a long time and could not leave everything was very expensive the would do when there would be wanted to us only once a day and we were receiving very little of the food which had been sent to us and now. i was playing football and i didn't realize what happened at first then i found myself in this condition it. focus on what's happening in front of the last twenty four hours and a fourth person has died the result of friday's terrorism in the south of the country in which a gunman hijacked a car and took hostages at a supermarket in the small town the attacker pledged allegiance to islamic state numbers eventually shot dead by special forces the latest victim is a police officer left tenant colonel a knob. he had been labelled a hero indeed for volunteering to swap places with

a female hostage yesterday he managed to leave a mobile phone on for the authorities outside the supermarket to listen in when they heard gunfire of course the police moved in there they discovered but tom had been shot he succumbed to his injuries on saturday morning or some detail then on what happened on friday the government hijacked a car on the outskirts of the town of cursor on it around ten o'clock in the morning shooting dead one passenger and seriously injuring the driver shortly afterwards he opened fire on a group of police officers who were out jogging when one of the militia shoulder the gunman then drove to the nearby town of trevor where he stormed a supermarket and killed two civilians and a police officer is what one eyewitness or. pleasure in the movie i went shopping with my wife and sister in law after some time we had an explosion well several well you seem a bit i saw a man lying on the floor and another person who was agitated very.