the economy and with jeremy cauldrons labor party leading juries are made by seven points we investigate the upsides of right wing media smears a little left lost from the headlines we investigate u.k. trade policy from the bombs the bullets to chicken those are all coming up in today's going on the ground but first as you came back bombs fall on civilians in afghanistan gaza and yemen british police today focus on new liberal estimates about prices at the house of commons up to yesterday's brix it chaos while the ninety nine percent knows what a decade of austerity has done to them for the famine is to paint as rosy a picture is it can all the time he knows full well that entire structures of city of london neo liberalism are under threat because of bricks that it's something not lost on german government funded to each of 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 worldwide euro foreign exchange trade is handled more than only eurozone countries combined and tens of thousands

of these workers here came from berlin bilbao a 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 contract 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 mess 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 at up to a billion to the mass and velocity 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 arguably causes things like this which happened in january out of nowhere the japanese yen traditionally seen as a stable for 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 deal 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 could affect everything from your rent to the price of bread well joining me on british financial statement is professor of sociology at columbia university and to tell me all this is doing professor at the l.s.e. sask is a sand 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 they're eliminating 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 planting 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 a 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 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 do an economic version of ethnic cleansing you said much of the global cities have poor degraded they've displaced the real jobs of teaching nursing virgins the services and so on that's a big being discussed here in britain that's right it degrading 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 to 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 they 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 end when we globalized we deregulate we sort of liberalized to and that is in one 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 it is but the one percent that thirty percent was very rich has managed to gain control let's say over the

best urban space 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 more fire their 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 too. 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 statistics one hundred twenty thousand dead attributed to austerity policies post twenty away there is an invisible history also that we're discovering which is that no healthcare 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 i dying because they have no access to health care they have no and that in the u.k. is not quite that way that the united states city like new york is truly exhibit number one to how not to do it but in the u.s. forty million god eat tonight without food stamps 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 ivan. rather than sir 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 hi fi and high finance so it 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 material a set of the tiriel needs and that goes from the buildings and hence the cleaners 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 recognized 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 that's not the orthodoxy here in the corridors of power i mean you know you have been tweeting quite a bit and you know you would put your. you think that instead there was bailing out banks like r.b.s. and lloyds but learn in the us goldman sachs j.p. morgan citigroup you think they should all have gone bust and we should have put the money in the 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 is 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 how have. finance they they do all kinds of you know very material things as well that they financial lies but my 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 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 know we should have political classes that become experts on different aspects of i think the old mold of our liberal democracy work quite well for a while until the nine hundred eighty s. i think after nine hundred eighty s. it really begins to change say in a city like new york city. 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 professor thank you my

pleasure after the break for me. to join we call been 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 bricks it's fixation we off the director of global justice well the kids are. going underground. country's gone into a nihilistic fever. thank god it hit the road and get out the traveling across america what makes america the scholl of the genius. american hero this is it we've come a point from which all of it has been so we always are on the margins some. culture

listening. oh. we're starting last with is going to head east into the swamp we're going into the belly of the beast i think i want to leave now doesn't know any more ground zero now we may be completely different but to mr. king. put themselves on the line they did accept the reject. so when you want to be president. some want to be. if you going to be pro-choice this is like. three in the morning. i'm interested always in the why. 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 thirtieth anniversary the well 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 to revisit it and tourism is repeatedly said that as safety here at home is guaranteed or is the 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 one single 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 twenty going to fodder anyway so when stanley one of the big writers for the other driving into the been suspended by jeremy corbin's label 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 again. five children journalists yeah paramedics killed one hundred forty five dead and and again so little news about this now the electronic intifada was

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 movement whatsoever to try to create peace and justice in that part of the world will the media's been covering found to go avila's weyler if you 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 but yes because it sounded like modules are not at all not at all life i've been criticizing the european union or my 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 all sister organization is also part of these protests the interest of this will be far off well 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 actually 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 families do mainstream corporate media here breaks it obviously we're going to

talk about the individuals resume the attorney general jeffrey gox 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 brakes which would if we have a brics it and of course potentially sign up to a trade deal with the united states egypt is dead a party maybe to do with the global just as well i mean i just think a. a lot of people who've been told their whole lives free trade is a wonderful thing and it will give you cheaper food and more jobs and so on the they've had enough of that story because it doesn't match their life some what they're experiencing in their 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 caused 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 post 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 chaos prevent corporate media arguably smearing the leader of western europe's largest socialist movement and is the media not as powerful given the journey called when is now actually leading juries are made 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 to going on the ground so we nor one poll by the one who is accurate polls just actually. 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 what we can sad thing is that the the right wing media have absolutely not let up in the campaign against labor particularly that they've been left they've been more strident i would say than at any time perhaps in some election one thousand nine hundred two when with neil kinnock. but of course they

haven't really got the field to themselves and the mall that's the really important point was once upon a time they did have the feel to 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 evolve squawk box yeah you think they make that much difference i do think they make it easier to challenge the narrative of the of the right wing press they don't have it all lair and weigh the really disgraceful thing by the way is the way in which the b.b.c. programme off the program and sky for that matter to a constantly reading out headlines from newspapers i really think that this should be put a stop to what they're reading out when they review the papers yes cyclical propaganda

against cobain ok but any of those journalists is bound to immediately reply to you if you don't realize it is the first time since investigating fascist groups the equality and human rights commission is to investigate the british labor party for presumably being against equality and human rights as it were played very strange state of affairs i mean on this question of anti semitism both as me is that it's very very partial that looking at one of the good anti semitism expressed by other people apart from those who are probably in tow in the dots a prominent. emission is investigating labor has chosen to investigate labor doesn't chosen to examine it in the conservative party and that is a commission. it's been up to baroness warsi a tory has to actually criticize islamophobia in tory party you look in vain i think for balance in many of these things in the book. people may not remember

there would be stories regularly talking about political correctness and the banning of black bin liners the banning of black sheep how do you see the problem getting to this time around they can't do that because the black sheep in the black bin liners story in the burning black coffee story these were about the individual london councils which were left very much in the media flame thrower once the g.l. c had been abolished but if we go back to stories about black bin liners and black sheep and stuff like that no those stories are not so prominent today with the much more prominent stories a propos of stories about muslims and muslims want christmas banned. piggy banks banned muslims want this and that and the other banned those are the kind of myths of today there is a very very interesting. correlation between anti jewish

stories in the right wing price from the nineteenth century onwards to anti islamic anti muslim stories in the self-same papers today it's a fear of. the stranger the immigrant the person who is different and what happens is they're made scapegoats that's what's going on of course in washington. representative. under attack for anti semitism jeremy corbyn obviously called out right by senior conservative margaret hodge as a cold as a racist and conflation of mt zion as a murky semitism a new development here in the media i think it's a new development but not just in the media or i think it's a new development almost on the global scale is that anti zionism and anti semitism seem ninety israeli is if you like being conflated as one ok but isn't there a difference again from the eighty's and before. the phrase british values isn't so

common in even the right wing press or is it still there on beneath in terms of context i mean i should say you had a chance to draw mcdonnell of his he was called out for apparently calling winston churchill and a villain not a hero but other than that what is this concept of british values now in the british press or watching d.d. i mean it's very very hard to know what is actually meant by british valley's when people try and expand upon this not just in the british press but you know that's they need to get the educational software they come up with some very very nice sounding things like tolerance freedom pluralism and all of those things but actually i'm afraid the history of britain is not so rosy now the british citizens having their. national see their citizenship stripped away from them what is really making you division within british society is what side job. is doing the bridges

secretary well i just couldn't finish rated by saying it tony benn obviously never became prime minister but all the things like racism. prejudice these kinds of things they've kind of gone into the mainstream do you think some will see this is a there's a gradual progression even without someone like ben or little in corbin as the premier of britain these values ultimately come into the newsrooms anyway i think what we see in our society today is never greater and deepening divisions within society so for example the talk about the liberal elite and some of the remaining is to say if the people who voted for brooks it's a completely stupid so the culture wars have been partly won and partly lost depends what part of society i think you're in the president had to thank you that's over the show he was done by social media will be back on saturday with one of the world's most famous living philosophers to see that.

the negative interest rate is coming to your bank account soon it's being done on the wholesale level right now between countries and now it's going to come to your local bank account so instead of getting thirty basis points on your money market fund or on your savings account the bank will get negative three percent so that's three percent will be taken out of your account and given to someone that's a central bank says a systemic claim for. the

business. we want. to stay provides a clear majority against leaving the house a deal however i repeat what i have said he saw five. to the house was coming. divisions in westminster deep in his british m.p.'s mostly against the no deal greg says raising more questions even a few chip the u.k. .