i'm not sure if you were going underground is britain's about the u.k. minority government proclaims to parliament its view of the impact of years of mass will sturdy as brussels stands its ground of a brics that's coming up with a show centennial l.s.e. professor sand on vampire finance sucking the life blood out of the economy and with jeremy cauldrons labor party leading juries are made by seven points we investigate the upsides of right wing media smears on the left ross from the headlines we investigate u.k. trade policy from the bullets to chicken bowl a simple coming up in today's going underground but first as you came back bombs fall on civilians in afghanistan gaza or in yemen british elites today focus on your liberal estimates about prices at the house of commons up to yesterday's bricks it chaos while the ninety nine percent knows what a decade of austerity has done to them chancellor felt abandoned is to paint as rosy a picture is he can all the time he knows full well that entire structures of city of london neoliberalism are under threat because of bricks that is something not

lost on german government funded. the city has a lot to lose your a few feet in exports financial services worth more than twenty five billion euros to the new every year more than forty percent of world wide euro foreign exchange trade is handled more than only eurozone countries combined and tens of thousands of these workers here came from berlin bilbao or budapest with out of these perhaps seventeen point four million bricks of voters one of them kicked out for their role of the twenty eight crash but there is another dilemma for germany where european futures contracts are traded it needs to connect with london where most european shares of nearly all foreign exchange happens that is because the bailed out market the catalyzer mass welfare cuts now high frequency trades in millions and billions of a second high frequency traders only account for a small part of all traders yet are responsible for about two thirds of all stock market transactions the high frequency traders. basic strategy is very simple trade

as much and as quickly as possible the profit margin on each transaction is frequently quite small but the small amounts add up to billions do the math and velocity the high frequency trading programs must always be a split second faster than the others and that's only possible when they are close to the stock market the shorter the cable the faster the information can be transmitted except the cables aren't trust enough to trade in billions of a second you need microwave links and while geography means connecting the world's most important financial exchanges chicago to new york has been feasible it's not the same here in europe in fact capitalist ambitions to connect london to frankfurt exchanges have been dashed by dover district council the plan was to build a microwave tower higher than the thousand foot high shard on the kent coast to get line of sight to transform it trades to frankfurt this while the local council copes with the numbers of dead homeless since the beginning of austerity and apart from being a component of an economic system where wage growth is the same as joining the

napoleonic wars what does high frequency trading actually do you believe causes things like this which happened in january out of nowhere the japanese yen traditionally seen as a stable four x. safe haven suddenly saved three percent against the dollar in just eight minutes kickstarting some seriously think the exchange rate gymnastics across the region straightly and dollar to hammering resulting in a full of as much as three point five percent against the dollar to its lowest level in a decade flash crashes as they're known can affect everything from your rent to the price of bread well joining me on british financial statement is professor of sociology at columbia university as its annual visiting professor at the l.s.e. sask is a san thank you so much for coming on today is financial statement day we're going to be hearing lots of numbers growth figures for cost inflation figures walk us debt figures you've called economic numbers a sort of economic cleansing but what i mean is that there eliminate. eating

whatever could be a distraction like really enabling the middle classes with a bit of how the financial system works that's a distraction out that is what i call plenty not to mention poorer neighborhoods you know but even the modest middle class like this is for the financial services industry more than wholesale finance this radical the different from traditional banking the traditional bank is commerce so we are all well called you know high finance is something else it's one way of putting it a bit brutally admittedly it's extracted. it's like mining and once you have extract it you really don't care very much what happens with it it's empty it doesn't matter and the extraction now happens actually from the middle class not even the poor because the poor don't have much that you can extract but the middle classes that are sort of surviving doing ok they become an object for extracting and it all moves up and in the united states we have some very good forceful data that demonstrates this i'm not so sure about the u.k.

that's way that's homework but if you are a statistician working at the i.m.f. or world bank surely you think they're doing the work at home which policy can be organized in native nations to explain how they can change their economy for the benefit of all that's an important point you mention the problem is that they will be in charge of a particular set of elements they do not necessarily see the full distribution there is still a notion that the financial system works to sort of distribute wealth it does it we now know that and there is evidence about that just recently a big article came out demonstrating that so we are in trouble you know we have to change something and it's not going to be easy because right now think of it as mining you take it out you don't care what happens but you can bear predatory capitalism to an economic version of ethnic cleansing you said much of these the

global cities have poor degraded they've displaced the real jobs of teaching nursing urgency services and so on that's certainly topic being discussed here in britain that's right if you're reading well they degrade the lives of the modest middle classes the modest middle classes till about the nine hundred eighty s. i would say in our major cities in the west especially let's just take the case of the united states and let's take the case of the u.k. the modest middle classes where we're unable you know the. parents the children did better than the parents you know there was a real sense of this really begins after world war two especially when we had a real sense that a family could do better the sons and daughters would do better at cetera that comes to an almost a crashing and when we globalized we deregulate we sort of liberalized to and that is a nine hundred eighty six when that begins we have only begun to notice the real impact of that i would say in the last twenty years or thirty years in the nineteen

eighties when it just all begins it took time you know this was not and now what we have i mean in a city like new york for instance you have about a thirty percent that is very rich it's not the super rich but the one percent that thirty percent is very rich has managed to gain control let's say over the best urban spaces so the modest middle classes that the modest accountant the modest professor the modest doctor not the grand ones they are losing ground they have to move farther father out of the city so that is a transformation really of the last few decades now i don't know what is next because i would argue that high finance has sort of reached a point where it is just beginning to decline a bit but they may come up with a whole new innovation that may generate a new cycle of accumulation and as for the poorest they just die in the tens of thousands i mean here we have such as six hundred twenty thousand dead attributed

to austerity policies post twenty two it there is an invisible history also that we're discovering which is that no health care and the new york new york or the united states is far more extreme than the u.k. let me emphasize that that people who simply are dying because they have no access to health care they have not and that in the u.k. is not quite that way that the united states city like new york is truly exhibit number one. two how not doing well in the u.s. forty million going to eat tonight without food stamps so i suppose it's to be predicted but you i don't know whether you were surprised when your phrase global cities became maybe a word used by adverts. rather than search the origin and you also say that global cities have weaknesses and fractures that benefit counter powers the global city is a complex space it has makes room for many diverse actors and let's also remember

the high find the high finance so at marvel so complex so abstract well they need buildings they need cleaners they need fixes they need people who bring in the paper they need etc right so the irony in that is what i want to recover is that no matter how abstract an economic sector might be it still has a mic tiriel a set of the tiriel needs and that goes from buildings and hands the leaders for the buildings the fixers the truckers who bring the paper or whatever else they have to bring in so i don't want us to forget that it could be record. and could we hands valorize you know really recognize the value of these other types of workers that are present even in the most advanced sectors like how fine that's not the orthodoxy here in the corridors of power i mean i know you have been tweeting quite a bit and you know you were put your. you think that instead of us bailing out

banks like r.b.s. and lloyds that learn in the u.s. goldman sachs j.p. morgan citigroup you think they should all have gone bust and we should have put the money in regional development roll out at the most extreme i would say yes but if we see high finance knows how to make more money so i say could we benefit from i also think that we need a certain type of bank that there used to be a lot of which. which makes its money because let's remember these are all money making operations that makes its money from very concrete real stuff you know developing housing for the middle classes etc etc high finance they they do all kinds of you know very material things as well that they financial lies but my argument is can we use some of that intelligence some of those tools some of those incredible instruments to actually generate far more distribute it set

off you know benefits then and then what we have now we can't go on the way where we are really destroying. lots of little shops neighborhood operations you know it's a very destructive moment now as i said i think we've just sort of started to go on the other side of the curve so i'm very curious to see whether there is a recognition you know that and that means also making new law i've always been one of those who has said that when it comes to high finance we have sort of delegated the legal question the governing the legal governance of a complex system like high finance we have sort of delegated that to the experts the time has come for the citizen ri for your average person to say wait a minute why this much concentration at the top one big issue we have in the united

states and because the u.k. is that our political classes are not doing their homework they're not trying to understand finance it's too complicated and has a delegate to what to the financial sector and that repeats itself with other sectors as well it's not just high five years i think the moment has come for us to to to make more demands i also think that we need we need people in government that have expertise on many many multiple. all things we the citizens need to take cognisance that if we want to understand what's happening if we want to be shapers to some extent we have to start making demands the financial sector should not be left it's so complex we leave it to him no we should have political classes that become experts on different aspects of it i think the old mold of our of our liberal democracy work quite well for

a while until the nineteen eighties i think after the nine hundred eighty s. it really begins to eat say in a city like new york city like london is it at that point we need to make a difference there is work to be done you know it's not going to be easy there is work to be done is one image that i sort of like that it professes ask is as a thank you my pleasure after the break for me to see to allow nobody to jeremy corbett to chris williamson this right wing media smearing of the left actually work or is it doomed to fail and what profits from death are made by the u.k. and the e.u. under the cover of the mainstream media's breck's it's fixation we ask the director of global justice now they did all this of all covered up in part two of going on the ground. during the great depression which are old enough to remember that it was most my family were poor working class there wasn't it was bad you know much worse objectively to day

but there was an expectation that things were going to get better. there was a real sense of hopefulness there isn't today today's america where shade by the turn principles of concentration of wealth and power. reduced democracy attack solidarity engineer elections manufacture consent and other principles according to no on. one set of rules for the rich opposite. when you put her into the. truth will switch will is dedicated to increasing power for chills just as you'd expect one of the most into one chill intellectuals of our time speaks about the modern civilization of america .

welcome back joining me now to give you some of the week's top stories is director of uganda you global justice now nick did and nick thanks so much for coming back on that of us with all the web yesterday senator elizabeth warren banned from facebook temporarily for its break up maybe zero hedge bad and good day for information well as she said herself they couldn't have made the case better that she is essentially calling for the breakup of these enormous silicon valley companies quite rightly i believe because as many people have said they actually represent something now from a different era from the gilded age of american history where these robber barons monopolize technology made an absolute fortune out of it and created one of the most unequal societies that we've ever seen and facebook made her case for her by

banning her because she was calling for the breakup of facebook i think. it was a mistake and in fact they're all about building communities and new york completely wrong in fact talking about information let's go to your first story from fox news the great tools of donald trump actually more reported on fox news arguably yemeni tribesmen twenty two civilians killed in country's north more horrendous news from yemen i mean what's happening in yemen could fill all newspapers every single day unfortunately there's very little. news coming out of yemen why should we care about this so much obviously human suffering is one aspect but the fact that this country is so complicit in that suffering is really pertinent the u.k. now one of the biggest weapons suppliers to the saudi regime the weapons that we supply went up by at least two thirds in twenty seventeen despite these horrific stories coming out about how these weapons were being used as the foreign secretary

visited it and tourism is repeatedly said as safety here at home is guaranteed or to be aided by the fact that we sell weapons to saudi arabia it's really incredible isn't it after twenty years in which this country has done so much damage to rafah up the middle east. and we've seen how that has actually created and forged terrorism even if it wasn't dancing all security is completely unacceptable but the fact is i think we are creating a whole generation of people who have witnessed such horrors that it's really difficult to think what the long term consequences of that are going to be difficult to really comprehend twenty million people and to threaten britain involved in killing the most threatening them let's go to the other two are going to fodder anyway so when stanley one of the big writers for the other driving into the been suspended by jeremy corbin's labor but he was very as israel kills palestinians in gaza west bank it's a sad story although really unfortunately that headline could have come from any

day any week from the last twenty years ago and. thirty five children journalists yeah paramedics killed one hundred forty five dead and and again so little news about this now the electronic intifada is a great site that tracks news from the west bank and gaza but in the mainstream news very very very little and again another government that we supply with weapons and all manner of surveillance technologies absolutely no movie. whatsoever to try to create peace and justice in that part of the world where the media's been covering found to go avila's weyler we would think if you're going to talk about thousands dead or injured it is a bit as well but this story from the financial times japanese financial terms emanuel macron is on a slippery slope towards democratic despotism quite something for an ethnic headline this is all to do of course with the yellow vests movement would have been protesting now for many months in paris and other cities around france i think

they've almost become a symbol of the dissatisfaction the disaffection that people across europe feel with the economic system that is currently telling them you know. the free market will make you happy it will liberate you of the european union arguably but yes. sounding like nigel's or others not at all not at all life i've been criticizing the european union or my all my political life and the yellow vests are reaction to that actually this article says that from the extreme right they're not all from the extreme right of this to reorganize ation is also part of these protests by users the interest of this will be far and paris didn't agree more and actually apart from this channel there's been very very little on actually how serious these protests have got now serious protests that mccrone is meeting with really brutal force and absolutely extraordinary that the f.t. here is saying there is a slight here into democratic despotism really important words and i mean this is

got to the stage now where u.n. human rights chief has said the force being used by the french police is excessive if in the mainstream corporate media here breaks it obviously we're going to talk about individuals resume the attorney general jeffrey caulks we can do it with this with the irish independent u.k. government insists high standard in food quality will remain as concerns grow over u.s. farming deal which would only happen if we do have breaks and we. if we have breaks it and of course potentially sign up to a trade deal with the united states egypt is dead to probably maybe do with global justice now well i mean i just think a lot of people who have been told their whole lives free trade is a wonderful thing and it will give you cheaper food and more jobs and so our lives but we know the british government is desperate especially in fox the trade secretary to get on with a trade deal with the united states the united states to be fair have been open and transparent about what they want from that trade deal on one of them is we want to

export more of our food into british markets prospects the problem is a lot of american food that they're talking about is made in highly industrial highly intensive ways horrific levels of animal welfare it doesn't actually even work in that way because american food poisoning is much much higher than we currently have in this is not a regulated by the u.s. ambassador to london who we do invite on this program the u.s. ambassador wrote an article in the telegraph the weekend before last in which he said look europe's got to get real about its agriculture at the moment it looks something like a museum the way we do agriculture in europe well it's have the most profound backlash i think more and more and more people are worried about the story they're worried about the kind of deregulation and liberalization that could be locked into place by u.s. trade deal. we're going to have to get those t. to play cards and leaflets out again because this is this is something really scary

that we need to stop thank you thank you thank you. well how long will brics it's chaos prevent corporate media arguably smearing the leader of western europe's largest socialist movement and is the media not as powerful given the jeremy corbin is now actually leading juries away by seven points according to the pollsters who best predicted the last u.k. general election professor julian petit co-author of the revised culture wars the media and the british left joins me now julian welcome. do going on to graduate nor one poll by the one most accurate pollsters actually last general election showing corbin is head by seven points do you think the u.k. mainstream media has arguably been more successful than in the eighty's when culture wars recounts the propaganda against a left wing labor leader what we can think is that the the right wing media have absolutely not let up in the campaign against labor particularly the left they've

been more strident i would say than at any time perhaps in some. election one thousand nine hundred two and with neil kinnock. but of course they haven't really got the fields and souls anymore that's the really important point was once upon a time they did have to field themselves and it was very very difficult to kind of get any form of redress you would never get redress in their own pages obviously but now you can get redress because there are so many different websites out there and things like the huffington post as well and open. area of all. ok apologies for interrupting our regular programming let's bring you breaking news this hour from london u.k. parliament has voted to rule out a no deal gregg's it things are getting elevated in the house of commons to the current prime minister but for how long the way things are going to reason may is speaking let's listen in the coming days and as if he's not willing to support

leaving with out a deal on the twenty ninth of march then he suggesting that there would need to be a much longer extension to article fifty such an extension would undoubtedly require the united kingdom to hold european parliament elections and. i. i i. i i do not think that would be the right outcome. but so was. the house needs to face up to the consequences. i. think the prime minister for what she says. boredom is generally go in here mr speaker mr speaker tonight this house has once again definitely ruled out no deal the prime minister said the choice was between her deal and no deal in the last

twenty four hours parliament has decisively rejected both her deal and no deal one extension of article fifty is now a never. the responsibility of that extension lie solely and squarely at the prime minister's do it yeah but mr speaker extending article fifty without a clear objective is not a solution parliament must now take control of the situation in the days that follow mr speaker myself the shadow brecht's it secretary and others will have meetings with members across the house to find a compromise solution that can come on support in the house this means mr speaker doing what the prime minister failed to do two years ago. in searching for a consensus on the way forward labor has set out a credible alternative plan honorable members i on of all members across

this house coming forward with proposals whether that's for a permanent customs union a public vote in norway plus. ideas let us as a house of commons work now to find a solution to deal with the crises facing this country and the deep concerns that many people have for their livelihood for their lives their future their jobs their communities and their factories it's up to us as the house of commons to look for and find a solution to their concerns that is what we were elected to do a. point of order misremember yeah kind to mr speaker let's be in no doubt that we are any constitutional crisis i'm not in a constitutional crisis but the making of the prime minister has run the brakes a lot and what we see from the prime minister as a denial of the fact that she's fees to an enormous defeat on not meaningful

bullets heart deal is dead and i am delighted that the house of commons tonight. is given a very clear expression that this house under no circumstances or no time limit once no deal and what the prime minister should have done this evening has come to the dispatch box with a degree of humility yes i said she had failed and to me gently put in place the legislation to withdraw from legislation the fact of us leaving the unit in europe on the twenty ninth of march why has the prime minister not done that what this house needs to do to motivate us to take control of that process we don't need a time limited extension to article fifty it must be open ended on i for one welcome elections to the european parliament here. we know mr speaker must move on and have a meaningful debate about it peoples or ten years of necessity we have to look at

the a vocal review occasion of article fifty but let me see this to the prime minister i beat again that scotland will not be dragged out of the unit in a year year against his will and everything which is going to load it and this high risk is a determination that the best interest of the people of scotland will be as i've been depended european nation yes. i will cut the leader a little bit because the first part of all this and it's good because the speaker now that the house is given a factor it will serve clarity on separate occasions can you give us the benefit of your help and your advice mr how to translate these declaratory motions into practical action. if the right honorable gentleman would forgive me and to be a list even if he won't. i prefer to hear remaining points of order and then to invite the leader of the house to deliver the

supplementary or emergency business statement and we will see walks is intended to take place tomorrow and we've made. tomorrow what it is intended to take place in subsequent days there has been a clear expression of will by the house i rather imagine they'll be conversations amongst colleagues. but what i would say to the right honorable gentleman is. ultimately the house can debate what the house wants to debate and we will see what it wants to debate and what shape events take in the days to come i don't want to express myself more forcefully than that think that would be right but the right honorable gentleman need be in no doubt that these matters will be fully debated and members will have the opportunity to put their for interview and in all likelihood many propositions will come to be tested on.

it the original general forgive me i'll just take the point of order first from mr jacob riis mold thank you mr speaker i wonder if you might be in a position to confirm that as a matter of constitutional fact a motion of this house though important cannot override statute law. ok that's the scene now in the case as a commons us go to london and get an update from our correspondent there and to see if. a few votes taking place in what's been of quite a frantic evening i think fair to say in the house of commons but it seems that we have pretty much got an answer as to what the.