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 if you're a 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 and the early ninety's and so on when a situation developed by the similar to this. now this period 6 trillion because if

you look at their wealth distribution to inequality mostly comes from super wealth . literally the top 110th of a percent are just super wealthy. not only is it extremely unjust in itself. inequality as highly negative consequences on the so it is awful. because the very fact of inequality has a corrosive harmful effect a person. you open by talking about the american dream or the american dream is closed and belittle it will encourage you work or you get rich it was possible for a worker to get a decent job. at a core of children go 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. democracy 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. 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 a deregulation. rules of corporate governance 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 776

he read the famous wealth of nations. he says in england the principal 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 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. be

right through american history there's been an ongoing clash between. pressure for more freedom and democracy coming from below and the efforts that elite control and domination coming from above. because back to the founding of the country. james madison the main framer who was as much of a 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 wealthier there are 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 says 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 and say well 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 1st 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 medicine put into. if athens 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 monikers.

if you look at the history of the united states it's a constant struggle between these 2 tendencies democratising 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 1906 for example were a period of significant democratization. sectors of the feel asia that were usually passive campus it became organized active story pressing their demand. and they became more and more involved in decision making and their wisdom and so on. they just changed consciousness and.

minority rights. we don't want. why do. they need. women's rights. in terms of the. american history. of seeking to survive opposition to aggression i'm sorry did i was criticized as well the militant just said they are serious about lawn on the provider of the vietnamese people black people and what people can turn for other people one.

1000000 poor people in america when you begin. to reason of. the system of distribution of wealth the question of restructuring the whole of american society these are all symbolizing the fact. that caused great fear. had. 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 sixty's i did not anticipate the strength of the reaction to it. the backlash.

this is a stick for the water bottle found in the stomach of a fish the brand is spawns of the coca-cola company which sells millions of bottles of soda every day the idea was. let's tell consumers they're the bad ones they're the litter bugs are throwing us away industry should be blamed for all this waste the company has long promised to reuse the plastic. seats to cook out soon. in maine that seems cool sets for something they're plastic christie closely on land on a tank when you lose that special projects funding me toss it in on time for something on the line your best bet is the end of a footy team fun now the mountains of waste only grow higher. you know world a big part of the law and conspiracy it's time to wake up to dig

deeper to hit the stories that mainstream media refuses to tell more than ever we need to be smarter we need to stop slamming the door on the back and shouting past each other it's time for critical thinking it's time to fight for the middle for the troops the time is now for watching closely watching the hawks. this is a period of sort of total war to see whether it's just bush but if. the deal will boil to the minute that it was and i go to the well known to look. losing is its ability. to get is that all you want to go to the brink of the enemy that is said to. me that you all know paul. enough well it was pretty good way to lose a. little bit of what you say too much because you hope i don't get it done but i

come in. here do you really mean you're learning to yell did you answer stormed the lead here so my look from mood should better show during the clue that your cocoa. and they're going to be. whole existence to do something. to put themselves on the line to get accepted or rejected. so when you want to be president and you. want. to go right to the press this is what about 4 30 in the morning can't be good. i'm interested always in the waters in the. first suit 1. what is it calling the coin is magic internet money

a new type of digital currency essential lies digital scarcity chancellor i'm bringing a 2nd for a bank that's called that got us a lot for a reason to call me a civil disobedience a source of optimism because i can control my own financial destiny it's just a new way of coming to consensus it's a game changer in the human history and this is columbus discovering a new world this paradigm shifting technology that transforms economics and finance in a heartbeat the apollo 11 landing on to the moon with max and stacy. 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 poem memorandum. sent to the chamber of commerce major business. leaders supreme court justice. powell warning them that business is losing control over the society. and something has to be done to counter these forces course we put it in terms of defense defending ourselves against outside powers. but 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 1st. 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. 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 becomes the politicized. and they were particularly concerned with what was happening to young people the young people are going to free and independent. 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 have flabby as by campaign staff the executive make decisions that's fine but it's the rest 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 $1970.00 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 2 crucial respects one to increase the role of financial institutions banks investment firms and so on insurance companies. but a $2007.00 break before the latest crash they had literally 40 percent of corporate

profits. far beyond anything in the past. back in the 1950 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 a car one had on hand money. on the back of the reserve bank. to hide providing a. hunting money. to the community by making national. money

for a manufacturer or ongoing hi how many. are going to money on a 100 why people are always needing more and i have a me. that's a contribution to the economy. regulatory system was established banks were regulated the commercial investment banks were separated cut back for risk investment practices the good arm private people. there had been remember no financial crashes during the period of regulation by the 1970 s. that changed. the sort of getting that huge increase in the flows of speculative capital just astronomically increased 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 in the sixty's was very likely to be an engineer 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 1970 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 oil sure into production. 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. spent particularly striking in the united states but happening 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. policies designed to

increase in security. alan greenspan and when he testified to conquers he explained his success in running the economy as based on what he called greater worker insecurity. a typical response. compensation increases has been evident for a few years but as i outlined to some detailed in testimony last month i believe their job insecurity has played the dominant role cheap 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 unionized. no for the masters of mankind trying to make their profits for the population it's devastating. to these 2 processes financial ization i'm sure are part of what led to the vicious cycle of concentration

of wealth concentration of power. etc cherry conway there is to cater for the worlds that exist in america if i go into a big bank bank of america citibank wells fargo bank and i say i want to borrow $100000.00 and i want you to charge 30 percent interest rate on that and then i want the posit that on a $1000.00 that your bank and why you did pay me 5 percent and i want to therefore collect all that. get a tax free ok can i do that now but it back can do that. this is is a stick for the water bottle found in the stomach of the fish the brand is spawns of the coca-cola company which sells millions of bottles of soda every day the idea was that let's tell consumers they're in the bad was there the litter box they're

throwing this away industry should be blamed for all this waste the company has long promised to reuse the plastic. in maine. coast. on my end only staying at special projects funding me. on i'm your best bet is the end of a footy team but for now the mountains of moist only grow higher. so what we've got to do is identify the threats that we have it's crazy. let it be an arms race off and spearing dramatic development only really i'm going to resist i don't see how that strategy will be successful very critical time time to sit down and talk.

as opposed to see on his attorney cory good morning one who puts a little bit. yeah it. was a real you tell you you tell your neighbor are usually goes to know people it's you posting its remit includes you what's good. that's the target. if you ask them if they're finished if you are that you give all. this info go through a period of sort of full schedule for the 1st bush but if. you're doing what you know will. be needed it was my dog of. losing his its appeal

to all of the good of that all you want the solicitor going to put me in the manner that is said to. me that you all know paul. but well it was pretty good way to lose a. crow but you still do which could go on. i don't know but i. hear do you mean you're learning you know did you storm the lead you see them i looked up from moods for bashar during the clue at your concert scenario. i have not swallowed up everything.

and on that. night well you know i've had. a. headline stories this hour the war on whistle blowers continues for us to charges a former intelligence analyst under the espionage alleging he turned over a classified information about washington's targeted assassination program to the media. a dispute or ups in europe over the process that will determine who takes over as the next each new commission president. featuring dollars to respond to donald trump's the solution to russia.