in the limelight abysmal productivity growth has plagued the united kingdom for a decade sapping its underlying strength and undermining wage growth countless explanations and solutions have been proffered and now the debate is raging again after a proposal that fixing it be made one of bank of england's core tasks before i go on i want to show you that it's actually been way more than a decade that productivity has been collapsing it has been collapsing since about one nine hundred seventy six i put that when the u.k. received a bailout from the i.m.f. at three point nine billion dollars in march of one thousand nine hundred six but that's the worst we're at the worst right now in the united kingdom since seventeen ninety four the problem with them we solved in two words to work problem solve raise wages raise wages. you know what is a productivity is g.d.p. per man hour raise wages and now you've got more g.d.p. because you've got more people spending money out there which is how you calculate

g.d.p. so the a way to raise your g.d.p. is a give people more money to spend money and therefore you're going to give more g.d.p. per man hour that's it but of course it never happens because the worker the wage earner of the surf the subject of the british crown is considered to be expendable and they get nothing i think that could be more of it than just wages because if you look at it you know i posit that it's you know it's been a lot to do with the demoralization that follows the precarious introduction of neoliberalism and the the end of there is no such thing as society the fact that you're not part of anything you're just one job bag and donuts up against these nameless faceless shareholder corporations that it's you against them and i think margaret thatcher your prime minister aren't going to. for you it's you against

them and to put this into international context by the way of just how bad the situation is in the united kingdom let's look at their arch rival france to put it into international context it takes a british worker of five days to produce what a french worker produces and less than four growth in output per hour has yet to recover to its pre-crisis trend and many economists fear that leaving the european union could see britain fall further behind by depriving the economy of productivity enhancing foreign innovation and investment and i bring up france because not only did they bring a founts and that basically the french can work one less day a week and still produce as much g.d.p. as the ordinary british worker but the last time that productivity was so bad in the united kingdom was seven hundred ninety four and when i looked up the history of seven hundred ninety four great britain it does say that not only did

they rebuilt theatre royal laid open but british troops captured a march of seven hundred ninety four martin eek from the french in april they signed a treaty of alliance with prussia and netherlands against france and in june they captured port au prince in haiti from the french so they were kind of at war with the french back in seven hundred ninety four but who's getting the last laugh right the french unions the french because the french are out there in the streets fighting for wages so their productivity is higher as expressed as a fraction of a g.d.p. look i mean in the britain in the united kingdom to solve this problem they want to include prostitution and drug dealing in the calculations of the government to come up with a g.d.p. number that's desperate they are to avoid just giving workers livable wages i think it's just the motto by which your society and culture run. so the french actually

have one of the lowest union union indications around the world partly because they go by egalitarian galatz a fraternity liberte and when we've been there you and i lived there for many years and what we saw was that if one group of workers was on strike other groups of workers would go on strike to support those not that their union told them to but that they as individuals realize that they are society against their government the french government is always afraid of the people of france the opposite is the case in most other nations that the people who are afraid of their government and here in the united kingdom i would say that since the introduction remember i say that the collapse of productivity started in one nine hundred seventy six when the i.m.f. came in and what this i.m.f. bring but structural adjustments and neel liberal policies and they say outsource your government outsource privatized all your ing your resources and get rid of society right but the as you point out the union membership may be perceived as

base of smaller and friends but they are is solidarity and it was across all party lines so they're out there fighting for what they know is the important thing higher wages in the u.k. of course they have been gutted any kind of agency and unlike france russia and america there was never a revolution in britain true but now let's look at this productivity situation and just how bad it is have stark it is so the problem is of course not unique to britain productivity has gone slowly everywhere since the financial crisis holding back wage growth but none the less than south in the decade before the two thousand and eight recession productivity grew by about two percent a year since the recovery began its average less than point two percent with only a minimal improvement expected in the coming years according to a b o e bank of england analysis worker efficiency on a ten year rolling basis is at its lowest since the industrial revolution. good.

you know like one obvious solution another obvious solution was they were going to build a rail system from london up north and connecting the country into becoming a more dispersed economically in terms of opportunity and they shut that down because they don't want anyone in the north to have jobs they don't want anyone else out of london or the city of london to make any money whatsoever it's lords and serves to create the there's a queen and then there are subjects to stand in the qana me that we're we're used to talking about or again the thing i want to point out is that something happened in two thousand and eight and something particular happened in two thousand and eight you and i have been covering this and kai's report since two thousand and eight what happened in two thousand and eight is the global financial system collapsed in the united kingdom the banks were bailed out by the taxpayer so the united kingdom came in and they rescued royal bank of scotland they rescued lloyds they rescued northern rock all these banks that collapse they took care of them they took over and they all therefore they have zombie banks they have zombie

companies they have the quantitative easing in negative interest rate policy in zurich all that stuff is kept zombie company you know mr will say in the second half royal bank of scotland as part of their bailout they turn around and they killed tens of thousands of british small to medium enterprises the s. i mean and smash and grab and took that money for them some exactly why they don't have any friction growth in wages because they've got predatory oil bank of scholars it's right in the name isn't it yet it's not just wages g.d.p. it's output is actual things that you create cars. you know products widgets televisions furnace is lights you know art finance like things like that they are producing less the ordinary worker goes in for eight hours a day and they produce less the other thing i think could be part of it and they're still all trying to figure out and the bank of england and all. think tanks have

thousands of economists on the payroll but nobody could figure out what is going on why this collapse of productivity the other thing that has been part and parcel of the past decade is the introduction of things like air b.n. b. and you know or remember a lot of drivers now work in london but where does that g.d.p. get counted for example is surely their wages that were driver wages those but i know in europe were operates not as a taxi service they say but they're algorithm their software and if they said in the netherlands so is netherlands capturing capturing their g.d.p. so there is a lot of you know basically london is a laundromat and it is a butler a global butler so how are they capturing where is the g.d.p. actually being captured where is the ultimate g.d.p. being captured or are they a transportation system sold to governments in europe yet they get into government but the french government owns british some of the national rail infrastructure and

people in britain put their car in to go use the rail system the money is going to france yes going to the electric grid as well and the electric good idea so the government just sold everything off they sold the cow and then they're buying the milk. that they're not the set of his having the the milk from the cow then why because all of the rich list keeps going exponentially higher they're just grabbing grabbing grabbing because the average person the subject of the queen has no agency there for serfs again it's the worst in seventeen ninety four back in seventy nine hundred four things weren't working so good for france the united kingdom united with all sorts of nations around the world and attacked france here france is getting the last laugh there they get to work one day a week less and on top of that currently in collapse shows flaws in government outsourcing this is the way the u.k. government. looks at the situation they basically blame the government rather than

karelian and these outsourcing companies you know this is part of that neoliberal i.m.f. restructuring sort of thing is get rid of your public services hand into the private sector to these groups like karelian who are supposed to deliver efficiencies and all that sort of stuff but the government's overriding priority for outsourcing is spending as little money as possible while forcing contractors to take on acceptable levels of financial risk the commons public administration select committee said as a result of the government's preoccupation with costs and peace found that the government has had to renegotiate over one hundred twenty million pounds of contracts since the beginning of the twenty sixteen alone to ensure public services would continue so everything i've just said sounds dire amplify that times ten what the introduction of one simple word exit because the only thing hiding this catastrophe unfolding in britain for the past fifteen years or so was its connection to the e.u. and the ability to have its own currency and yet have passport rights into the e.u.

they take those away and you have essentially greece on steroids and all those banks in the e.u. in america are going to attack the u.k. unmercifully and drive into bankruptcy yeah and a lot of people don't realize that one of the opt outs that the united kingdom had was part of the why they why u.s. banks and other global banks wanted their passport and rights into europe when the u.k. allowed caviar to war so i could sell fraudulent products it was up to the customer who purchased your product to determine whether or not it was fraudulent whereas in europe you have to actually act on behalf of the you have to basically admit whether the product is fraudulent you have to act on behalf of your client i'm going to miss burton i really am except for the moment but it was a fun country for a thousand years and then it kind of peter the way anyway we're going to go to the second to as mentioned neil mitchell whistle blower guys going to blow the roof off royal bank of scotland like we've never done. before states and go away much more

coming oh wait a minute i have to stretch aside others for a second of that to be more productive two one a k don't go away stay right there. join me every thursday on the alex salmond show and i'll be speaking to us from the world of politics school business i'm showbusiness i'll see you then. apply for many clubs over the years so i know the game and so i got. the ball isn't only about what happens on the pitch for the final school it's about the passion from the fans it's the age of the super money kill the narrowness and spend the tribute to the twenty million and one player. who it's an experience like nothing

else not to because i want to share what i think of what i know about the beautiful guy a great one more chance with. the base it's going to take. the new global economic war is unfolding in the realm of education the right to education being supplanted by the right to access educational loans higher education is becoming just another product that can be bold and sold so there's not just about education anymore it's also about running a business where you good. luck with this also kind of economic. want is the place of students in this business model before college was born now and an extremely more high education the new global economic war.

i know. that. was. a good. welcome back to the kaiser report imax guys are you know on this show we talk a lot about bank stars we hate banks ears and there's no oh of banks thursday and whatnot there is a man who has done more than just talk about it is actually going after them

they'll walk on back to the kaiser report could see it's been a well neil mitchell scottish businessman he's taken down the backstairs we've been on the show before. the attack on royal bank of scotland and you have not given up this is amazing so you really some documents related to lloyd's ex boss tell us what these documents were and what they proved. an internal officer of lloyds bank was asked by the director of risk at the bank to investigate a few years in the bank she. must attend she did an amazing job wrote one hundred sixty page report. was then fired by the bank was then absolutely abused and or five years they have absolutely destroyed. she deserves all the credit for it the bank the government the regulator. you know we have the support for five

years it's been kept secret police to put a copy and each and seize of a core piece but it's never commit the public domain to the victims of never seen so so r.b.s. in their option the group whereas now we know better bol and torching and crashing blowing apart thirty thousand up to thirty thousand british businesses depth to seize those assets it's part of a orchestrate it smash and grab fine. natural terrorism avenues that were in a while but that is exactly what it is so now you've got the smoking gun here well the thing was that they regulate to spin investigating r.p.s. geology since two thousand and thirteen when i was last on the show and they finished that a port nearly two years ago and that report was suppressed too and i managed to get

a copy of that in february of this year and i leapt out onto. the internet so now we've got bertha reports it for the benefit of the victims and these are two reports that the british government never wanted the people of united kingdom to see and they have kept them secret for all this time and i felt that when i managed to get copies and i worked very hard to get copies of both but when i got copies it was in the public interest it was in the national interests of our country great britain to get these reports and to show exactly the extent of collusion between the government the regulators and these two banks and it's no coincidence in fact it's quite deliberate that it's the royal bank of scotland and lloyds each course. these are the two banks that were built so it's different state below it's the state support the regulated by the state the majority were majority owned by the state and it is your right to see a state sponsor of terror some certain entree to the state run institution state controlled state funded state controlled orchestrated the b.b.c.

yeah the state funded broadcaster as also got a little slime on their birds where the b.b.c. got a copy of this one six six in august of last year from a whistleblower and when the. i on the news and six o'clock on a bank holiday weekend. they were then threatened by as you know a state broadcaster then threatened by the state regulator the financial conduct authority and the individual journalists were threatened with. arrest and criminal prosecution and jail time for if they deal to publish anything in this report or leak it. that's the extent to which our government and regulates us of going and trying to cover this up so just to be clear now just got a little bit more detail now they have the document with the lawyers and this could go into that a little bit what what what is the what's going on what exposes is a forty billion pound black hole in that accounts it shows that fourteen billion was lost to shareholders in the rights issue it sure is that the damages from the

each force reading criminal investigation isn't a few million as the bank of over said it's actually over one over a billion there was even an examples of money laundering the last one was eleven million pounds that were not not reported to the regulator so that a poor shorts that had this information been feeley available to the stock market that the forced marriage of of lloyds and each boss could've taken place and the and the rights issues should not have taken place right so this is a shotgun wedding more or less that was there it came out of that crisis yeah as the state's trying to scramble to keep their buddies in the city hall even though that meant huge sacrifices by the taxpayer was forced to bail out. r.b.s. royal bank of scotland which is still majority owned by the public i mean they were bailed b.s. was bailed out with forty six billion of british taxpayer money they've made cumulative losses over the next ten years of fifty eight billion there was

a two hundred fifty eight billion toxic asset insurance program that the government backed that the public don't know about. and you know the this bank continues to suck up. taxpayer money and all the bank. it seemed tonight be well all the only government now wants to do is they consider a basket case and they just want to sell the shares and try and bury the entire problems the bank still has right to be fair now so far as british media goes it there was some reporting on the channel four johnstone. at the b.b.c. once again it's a state run state controlled propaganda outlet they were very loath to actually reveal the documents they had in-house was there any justification for them not prevail as ever made listen last week when when they knew that i was about to leak the turnbull report they promised to do something quite spectacular on the b.b.c. news they filmed

a police commission osan to other people and then at the very last minute yet again the story was pulled off you know a lot and as i want being impartial enough to say nothing about that made me say if they don't like the answer you have me more impartial. then i steverson of the fox news is fair and balanced more impartiality until you say exactly what we want you to say which has been my experience with the ok so you've been going after this for years has the u.k. banking sector cleaned up at all sense of the that last financial crisis no we need we still need significant changes in law and regulation and in practices and most particularly in culture what are the next steps that going forward do you feel at this point that you actually are making some we're winning now finally cementing some points here where where are we on the spectrum there well since we last spoke and so in the last few months and certainly since the leaking of documents sentiment has changed remarkably dramatically we've now got a situation where six hundred fifty m.p.'s in our parliament across parties

including backbench government m.p.'s talk of this is being the one issue that unifies the house six hundred fifty m.p.'s absolutely not on the stand a seat and in northern ireland and indeed in in the republic of ireland the mainstream media get it banking and business journalists get it they don't necessarily feel. leda portrait. when you say these m.p.'s are now aware of it i mean that there's going to have another inquiry that has a commission about discussing the possibility of an inquiry then they'll have an inquiry and then some lord from sun r.b.s. will have to get up there and threaten the everybody on the committee either do it we say or we're going to have a cue from the land that we own because we are not a land because our monarchs and aristocrats and there is no democracy in this whole island they are under a cloud somewhere in the pacific and it can all go to hell and that's the message that comes out of parliament every fricken day at the end we're going to be a different male i mean you don't add it up because you're scottish. and you're absolutely right what we're seeing is the trace you select committee have done

nothing they keep having interviews to keep publishing letters but they don't actually take real indirect action there are committees you know having workshops and and and talking shops and of the completely lost focus and my absolute focus is getting justice in compensation for the victims of elephant terms of r.b.s. and and lloyds bank trying but we are going through the political muscle nations what they need says the prime minister to order a public inquiry into r.b.s. in a public inquiry into lloyds into management and misconduct past and present it also requires criminal investigations it also requires what i call personal jeopardy we no need to start making individual identified bankers in r.b.s. and lloyds passionately responsible with pestilent going to belittle the are named in the lloyds report that are lists they've actually listed the guilty and

a hold on those three things or talk about their first as the inquiry what you just talked about that is a dead end of this country number two would be criminal prosecutions they go to great lengths to prevent any criminal prosecutions any criminal indictments whatsoever because the law works in their favor and all the space laws work in their favor if you even suggest that they should be criminally indicted you. and be charged libel taken to court and thrown in jail by a banker because he doesn't like being called criminal you know they are criminals so the third thing that would be public shaming is that that public shaming is there any appetite for that and do you think that might ever happen where your start to see people publicly castigate these these these you know as a threesome i was just saying that oh the breakfast not going well you know we need cooperation against terrorists and like to release a baby put down the high heels get into some sensible clothes and realize that the bankers are amongst you you're looking at a whole parliament fall of all the terrorists are here do something about an hour shut up now we should have we should have some senior bankers in r.b.s.

and lloyd's publicly shamed named and shamed we should have them in court whether it's through police investigation or private criminal prosecutions and ultimately we should have some heads on spikes i would say the total london that's what it's going to need we're going to need the chairman and chief executives past and present of both r.b.s. and lloyd's taken their jokes and unprosecuted that's what we have to get right ok now ok the conversation is getting to that level of intensity where we speak in these terms that are you know violent and of course we cannot promote violence absolutely not however the historically speaking it's as if there may say this if there is no deterrent for criminal behavior don't expect the criminals to change their behavior and there are no adequate deterrents in the united kingdom to stop financial terrorism and there is nothing on the drawing boards today so the people

and stop just the banks victims this sixty five million british people are being victimized dalí by terrorism and theresa may does nothing about it that's absolutely correct and you said earlier thirty thousand lost mckeown in its sea chief executive r.b.s. has written. two partly sixty thousand plus british businesses that may have been under fire when affected by geology we're talking about hundreds and hundreds of thousands of job losses we're talking about families and whole communities being affected we're talking about considerable ill health home repossessions and in fact dozens and dozens of suicides people hanging on themselves because because because they've been destroyed by the banks disgusting absolutely is disgusting the amount we've got to wrap it up there before i throw up as usual when talking about the british banking system when the prime minister but mail i got had a tail you are keeping it real body keep keep don't it now don't they do it again

because you're scottish. banks well that's going to do it for this edition of the kaiser report with me max kaiser and stacey everett like to thank our guest male mitchell if you want to find us on twitter. don't bother until next time by. it's hard to imagine the decades after the war a nazi don't tell was still active and rich in the nineteen seventies criminal had as the chair of its board a man convicted of mass murder and slavery at auschwitz a german company growing until it developed from the demise of drugs it was promoted as completely safe even during pregnancy it turned out to have terrible side effects what has happened to my baby is anything paul you know she said she's just got choked up minix and i don't mind victims i have to this day received no

compensation they never apologized for the suffering that not only want the money i want the revenge. i've been saying the numbers mean something they matter to us is over one trillion dollars in debt more than ten white collar crimes happen each day. eighty five percent of global wealth you want to be culled from bridge eight point six percent market saw thirty percent rise last year some with four hundred to five hundred three per circuit per second and bitcoin rose to twenty thousand dollars. china is building a two point one billion dollar a i industrial park but don't let the numbers overwhelm. the only number you need to remember is one one business shows you can't afford to miss the one and only.

join me every thursday on the alec simon show and i'll be speaking to us from the world of politics small business i'm show business i'll see you then. seventy submissions. two. hundred sixty days of. the russian w.b. . underbrush. show you how. the crimea bridge was built. with the construction really you need to try. to help the cause of crimea. most of those while google more familiar with it

a bit but. pale says hell think you summit with lot of a success unleashing a storm of criticism from all ends of the us political spectrum and the american media. i don't know which side is the bride and which side of that is the groom anderson but it's sort of feels like we're in a way you have been watching perhaps one of the most disgraceful performances by an american president's today's press conference in helsinki was one of the most disgraceful performances by an american president in memory. facebook admits classifying thousands of russians as interested entries that supposedly for advertising purposes raising concerns over who might really want to target such users. also this hour full french honors.