but you sure you 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 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 is. because the very fact of inequality has a corrosive harmful effect markers. you

open by talking about the american dream or the american dream is closed and diluted it will infuriate 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. 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 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 the 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 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 over 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. 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 hear argument suppose everyone had to vote freely and say well the majority of

the poor get together and they were going to use 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 hurried tradition goes back to the 1st major book on political systems aristotle's politics. is. of all of them the best is democracy at any point said exactly the flaws that medicine pointed out. 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 and try to reduce inequality. so the same problem if said solutions one is reduce inequality will have this problem and the other is reduced muckers. 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 theft elation that were usually passive and the city became organized active 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. really don't want. did. women's rates. force it to say. in terms of the environment you think that america has.

a boring of my own safety that's survival opposition to the creation of i was. serious about lawn on. the vietnamese people for our own people and what people interned for other people 1. 1000000 poor people in america and when you begin. to raise. the system of distribution of wealth the restructuring. these are all symbolizing to say. that caused great fear.

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 did not anticipate the strength of the reaction to it. the backlash. i think 10 years since crust of started 10 years i think it's time to shake things up maybe change the branding maybe the format here's what i've been thinking about next season. briggs related episodes filmed on an island 10 experts fight it out for a trophy what do you think ok a more affordable option $25.00 text birds. and one red rose another suggestion. jeopardy parody no political cookout where we will literally wrote

the elite. late night show it's a rare form of these days and it's cheap all you need is an old microphone in a printed banner. to leave me with one of my girls i can do this and laughter politics gone wild like music. ok crosstalk is not about hype it's about meaning 10 years of talk and still going strong. peter if you want to change something why don't we get rid of the bow tie no that is too much. says he stressed to. this or that the british facet of the bill of books should have yet to. see opposition was to

your seat then taste of taste it is he's a cia which cost a lot. to which he never happened and i know what you mean and i respect you took a moment in the air force to share. or to go to the show to promote your bonus for c.b.s. to get. it to mr ellsworth support of i'm still with them to spirit over for this interview for you both cities that it's a studio actually of course to be broken for sure. and speedy. expressed. the barbarians the vandals of wall street are now actively plundering your bank account with a negative interest in astronomy canonic policy there is no economics behind it that would see you to any school of economics that has ever existed as dr michael hudson has said since the bronze age it's just out right for harry as i'm.

going to. be. there has been an enormous concentrated coordinated business offensive beginning in the seventy's to try to beat back the go into early and 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 lobby later 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 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 to the 1st. major report of the a trilateral commission is concerned with this. called the crisis of democracy. trilateral commission is liberal internationalists other 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 you can't deal with all these pressures so therefore they have to return to passive that they become the politicised. and they were particularly concerned with what was happening to young people the young people are going to free and 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 are 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 flub is by campaign staff the executive make decisions that's fine but it's the rest of the special interest of 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 in peril of this. was just redesigning the economy.

since the 1970 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 break before the latest crash they had literally 40 percent of corporate profits. far beyond anything in the peste. back in the 1950 s. as 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 likes a bank savings to productive activity in a bank car one had on hand a reserve of money received from the holders to monitor on the matter to be the reserve bank can create granite call behind the providing an. auditing money on banks serve the community by making the national credit available for many purposes for a manufacturer to meet a payroll during my coming period to unlock and remodel her car and her money on her own reason why people are always needing more granting and i have immediately available. that's a contribution to the economy. regulatory system goes

a step blish banks were regulated the commercial investment banks were separated to back for risk in this practices that could harm private people. there had been remember no financial crashes during the period of regulation by the 1970 s. that changed. the sort of getting the 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 manipulation. it's own 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 the director of

a major american corporation back in the fifty's and sixty's was very likely to be an engineer and 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 and complicated ways and it's very unclear that they're doing anything that it's 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 in 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 into on the part of working people. spent particularly striking in the united states but happening worldwide it means. that and american workers in competition with 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 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 conquers 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 in security are going to be under control. they are not going to ask for say decent wages were a decent working conditions or the opportunity to free association meaning unionized. now for the masters of mankind that's fine they've made their profits but for the population it's devastating. for these 2 presses financial ization and offshoring are part of what led to the vicious cycle of concentration of wealth concentration of power. played. live. live live.

live. live live. live. live. live. live live. live . live. live. oh. please.

list. just so. slim. and very well welcome to you watching on since last. ready ready ready. i am sure there's need to stop it from continuing to grow. i just never felt very good about the idea of bringing children into the world because i didn't feel like things were in very good shape that a life was just going to be

a lot of software program. that. there was no reason the more. you take things that already made the nose on the move something else that you need to give your love to everybody's scared to talk about it certifiable is truly dependent on us addressing this issue and if we can even talk about it if we can even have a conversation about it then. we're in trouble. well you know the cars they were kind of adopted because we were called pirates for so long. i mean they're in this small ball of sniffs at

a hard pool of chips and it's getting. a lot tougher than. the little self to be told fish already 90 percent of the dot and wall in the collar. you conduct 15 scoops 75 tons too long and they do it several times a day with a big fleet so no you get an idea of why the ocean is all. we have to understand we can all stay still and just. be with him this will be his deal going to the ouster of. i'm doing this because i want the future world to the future can generations to have out and enjoy the ocean we have.

the world is driven by a dream shaped by one person those with. no dares thinks. we dare to ask. you. i. know i'm.

not going to get. among the week's big stories the united states could potentially be smuggling tons of weapons and munitions. with militants in the middle east supporting to documents obtained by both kerry and investigative journalist. i'm right behind you. there you. don't think they are. britain's prime minister had a turbulent week suffering defeat after defeat so no deal breaks and attendant parliament. prime minister should simply follow his convictions on the resign who visit me what. she did i could see.