heard them freeze on the sounds of an mit me grown man with misleading essentially officer. john. wished it away from the office or the joy out of his group. the obvious or did they kind of lunge for the weapon once missed and then when i haven't done trace one as i just patients didn't hit him i never saw any contact between the two any kind of back to where they were so the officers back here there try again fifteen feet apart at this point and that's when the officer pulled his gun and he bit on tree. so what we've got to do is identify the threats that we have it's crazy going for indication let it be an arms race is on offense very dramatic development only i'm going to resist i don't see how that strategy will be successful very critical time to sit down and talk.

to our the. love that we're going to.

be. during the great depression which i'm old enough to remember there was and most of my family were unemployed working class there wasn't it was bed you know much worse subjectively than today but there was an expectation that things were going to get better. there was a real sense of hopefulness there isn't today. inequality is really unprecedented i'm sure that total inequality it's like the worst periods

in american history. but history find it more closely inequality comes from the extreme wealth in a tiny sector of the population fraction of one percent. there were periods like the gilded age in the twenty's the early ninety's and so on when a situation developed by the similar to this. now this period six tree because if you look at their wealth distribution inequality mostly comes from super wealth. literally the cup one tenth of a percent are just super wealthy. not only is it extremely unjust in itself. inequality has highly negative consequences on the so it is awful. because the very

fact of inequality has a corrosive harmful effect on a person. you open by talking about the american dream or the american dream is classman dillard it will encourage you or kurt. get rich it was possible for a worker to get a decent job. in a corps of children to school. to a collapse. imagine yourself in an outside position looking for mars. what do you see.

in the united states when there are professed to like democracy. in a democracy public opinion is going to have some influence on poesy. and then the government carries out actions determined by the population and that's what democracy means. it's important to understand that privileged and powerful sectors have never liked democracy and for very good reasons. not to say puts power into the hands of the general population

and takes it away from them. as kind of the principle of concentration of wealth and power. were. concentration of wealth yields concentration of power particularly so as the cost of elections skyrockets which kind of forces the political parties into the pockets of major corporations. and this political power. translates into legislation that increases the concentration of wealth so fiscal policy like tax policy the deregulation. rules of corporate governance and a whole variety of measures political measures designed to increase the

concentration of wealth and power which in turn to yield more political power to do the same thing. and that's what we've been seeing. so we have this kind of vicious cycle in progress. you know actually it is so traditional that it was described by adam smith in seven hundred seventy six he read the famous wealth of nations. he says in england the principle architects of policy are the people on the society in his day merchants and manufacturers. and they make sure that their own interests are very well cared for however greed is the impact on the people of england there are others. now it's not

a merger of manufacturers it's financial institutions and multinational corporations the people who adam smith called the masters of mankind and they're following the vile maxim all for our selves and nothing for anyone else . they're just going to pursue policies that benefit them and harm everyone else. and in the absence of a general popular reaction that's pretty much what you'd expect. right through american history there's been an ongoing clash between. the pressure for more freedom and democracy coming from below and the efforts it elite control and domination coming from above.

goes back to the founding of the country. james madison the main framer who was as much of the believer in democracy is anybody in the world that they nevertheless felt that the united states' system should be designed and indeed was his initiative was designed so that power should be in the hands of the wealthy . because the wealthy are their more responsible set of men and therefore the structure of the formal constitutional system placed most power in the hands of the senate or the senate was not elected in those days it was selected from the wealthy men as madison put it had sympathy for property owners in their right. to read the debates at the constitutional convention. madison the major concern of the society has to be to protect the minority of the opulent against the majority.

and here argument suppose everyone had to vote freely as they will the majority of the poor get together and they would organize to take away the property of the rich and he said that would obviously be unjust so you can't have that so therefore the constitutional system has to be set up to prevent democracy. which is of some interest that this debate has a horrid tradition goes back to the first major book on political systems aristotle's politics. he says of all of them the best is democracy and at any point said exactly the flaws that manderson pointed out.

if absent were a democracy for free men the poor would get together and take away the property the rich. well the same dilemma they had opposite solutions aristotle proposed what we would nowadays call a welfare state to try to reduce inequality. so the same problem that solutions one is reduce inequality will have this problem and the other is reduced democracy. if you look at the history of the united states it's a constant struggle between these two tendencies democratizing tendency that's mostly coming from the population pressure from below and you get this constant battle going on periods or gratian periods of progress in one thousand nine hundred six for example were a period of significant democratization. sectors

in the fucking lation that were usually passive avocet it became organized a good story pressing their demand. and they became more and more involved in decision making and activism and so on. they just changed consciousness in ways. minority rights. we don't want. why do. women's rates. force it's

a. concern for the. americans as. they supplied boring atlantic seeking to provide a position to creation through to those who criticize us. they are serious about lawn on the provider of the vietnamese people black people and what people can turn for other people one. million poor people in america when you begin. to reason. the system of distribution of wealth. research. american society these are all symbolizing say. that caused great fear. thanks.

to anticipated the power of a should have but it didn't then to speak the power of the reaction to the civilizing effects of the sixties i did not anticipate the strength of the reaction to it was the backlash. join me every thursday on the alex salmond show and i'll be speaking to guests of the world of politics sports business i'm show business i'll see you then.

the money philosophy is dead right so the money velocity what measure of how money is being alone down from bank to bank to bank bank bank which is a measure of economic health is dead and it the money printing continues to increase sunset i'm asking the question why is the money not getting into the economy they're printing more of it. and i want. a shout out to get a former soldier that a. hospital was honestly had left pulled out of. gaza of the gaza. hospital just.

us and make them so not just any mission a second there how you can and must have a reason and that hour that you don't need it the passage on the sat there for isn't and never was never closed and. there has been under norma's concentrated coordinated business offensive beginning in the seventy's to try to beat back the golan tarion efforts that went right through the nixon years you see it in many respects over on the right you see it in things like the famous powell member and the. sent to the chamber of commerce major business lobby later supreme court justice powell warning that

business is losing control over the society. and something has to be done to counter these forces course he puts it in terms of defense defending ourselves against an outside power. if you look at it it's a call for business to use its control over resources to carry out a major offensive to beat back this democratizing wave. over on the liberal side something exactly similar the first. major report of the a trilateral commission is concerned with this. called the crisis of democracy. trilateral commission is liberal internationalists in their flavors indicated by

the fact that they pretty much staff the corridor ministration. and they were also told that democratizing tendencies of the sixty's and so we have to react to it. they were concerned that there was an excess of democracy developing. previously passive and obedient parts of the population or sometimes called the special interests who were beginning to organize and try to enter the political arena and they said that imposes too much pressure on the state can't deal with all these pressures so therefore they have to return to a city and become the politicized. and they were particularly concerned with what was happening to young people the young people are going to free. independent.

in the way they put it there's a failure on the part of the schools the universities churches the institutions responsible for the indoctrination of the young there for it's not mine. if you look at their study there's one interest they never mention private business and that makes sense they're not special interest they're the national interest kind of by definition so they're ok they're allowed to you know flub is by campaign staff the executive make decisions that's fine but it's the rest of the special interests the general population who have to be subdued. when that's the specter it's the kind of ideological level of the backlash but the major backlash which was unparalleled this. was just redesigning the economy.

since the one nine hundred seventy is there's been a concerted effort on the part of the masters of mankind the owners of the society to shift the economy in two crucial respects one to increase the role of financial institutions banks investment firms and so on insurance companies. but a two thousand and seven break before the latest crash they had literally forty percent of corporate profits. far beyond anything in the past.

back in the one nine hundred fifty s. this for many years before the united states economy was based largely on production. in the united states as the great manufacturing center of the world. financial institutions used to be a relatively small part of the economy and their task was to distribute unused assets like a bank savings to productive activity buying our way to. money. on the back of. a bank. be highly providing an. outing money banker of the community by making. money for a manufacturer to meet a man or on going. to an. arm and a money on a why people are always needing more cramming and i have

a media. that's a contribution to the economy. regulatory system was established banks were regulated the commercial investment banks were separated cut back her risk investment practices the good arm private people. there had been remember no financial crashes during the period of regulation by the one nine hundred seventy s. that changed. the story getting that huge increase in the flows of speculative capital just astronomical increases an enormous changes in the financial sector from traditional banks to risky investments. complex financial instruments money manipulations and so on increasingly the business of the country isn't production at least not here.

the primary business here is business. you can even see it in the choice of directors so a director of a major american corporation back in the fifty's and sixty's was very likely to be an engineer and as somebody who graduated from a place like mit maybe industrial management more recently the directorship in the top managerial positions or people who came out of business schools learned financial trickery of various kinds and so on. by the one nine hundred seventy s. say general electric can make more profit playing games with money than you could buy producing in the united states. you have to remember that general electric is substantially a financial institution today it makes half its profits just by moving money around in a complicated ways and it's very unclear that they're doing anything that sort of value

to the economy. so that's one phenomena let's go financial ization of the economy. going along with that is the oh sure introduction. the trade system was reconstructed with a very explicit design of putting working people in competition with one another all over the world. and what it's led to is a reduction in the share of income on the part of working people. it's been particularly striking in the united states but having worldwide it means that an american workers in competition with a super exploited worker in china. meanwhile highly paid

professionals are protected they're not placed in competition with the rest of the world far from it and of course a capitalist free to move a workers are free to move labor can't move but capital can well again going back to the classics like adam smith as he pointed out the free circulation of labor is the foundation of any free trade system but workers are pretty much stuck the wealthy in the privileged are protected so you get obvious consequences and they're recognized in fact praised. policy is designed to increase in security. alan greenspan and when he testified to congress he explained his success in running the economy as based on what he called greater worker insecurity. a typical restraint on. compensation increases has been evident

for a few years but as i outlined in some detail in testimony last month i believe that job insecurity has played the dominant role workers and secured are going to be under control. they're not going to ask for say decent wages were a decent working conditions or the opportunity to free association meaning unions. now for the masters of mankind that's fine they make their profits but for the population it's devastating. for these two processes financial ization and offshoring are part of what led to the vicious cycle of concentration of wealth concentration of power.

because i was going on the phone line smoke i don't make an impediment in the muslim on muslim for appointments to november i got a lot of focus and stuff to get a. lot of thought up on the ball but they just let me get this thing. she was you making. noise i just. jumped on barfield up sign on my book you go to the british course that's enough of them stop. i mean the guy

. that doesn't want any of the. fifth amendment. to take. what politicians do. put themselves on the line to get accepted or rejected. so when you want to be president i'm sure. somehow i want. to like to be close it's like the fall tree in the morning can't be good. i'm interested always in the waters about how. things should. go you have to get up off the ground or serve begins a. game. sounds

a. grown man mislead essentially the officer. drew his. twisted away from the officer. of his group. the obvious or did they kind of lunge for the weapon once missed and there would have been done he swung and didn't hit him i never saw any contact with. any kind when back to where they were so the answer is back here there again fifteen feet apart at this point and that's when the officer his gun anybody.

that. you know. during the great depression which old master remember there was most of my family were. there wasn't it was bed you know much worse objectively day but there was an expectation the things were going to get better. there was a real sense of hope. there isn't today today's america was shaped by the turn principles of concentration of wealth and power. reduced democracy attack soloed. engineer elections manufacture consent and other principle holds according to. one set of rules for the rich. poor.