very large so yes we're we're in a bad situation i think and britain. half a trillion of this quantity of easing and even voices in the military people see committee at the bank of england saying it's not working yet well there's voices everywhere now even some of the top x. central central bank governors raising questions about q.e. mario draghi in his announcement talked about the need for governments to do more expanding fiscal policy and that's a view that's becoming increasingly prevalent i think amongst monetary policy makers governments aren't yet getting the message that we still haven't seen expansion in fiscal policy to create demand in the economy that i think is so you need the roots of the response problem to what we have right now are the roots to be found in postings because. i know you've been writing about the fact that we keep emphasizing household spending rather than innovation and

progress and the fact that money supply may not be the most important thing here it may be money allocation as someone from the chinese communist but anyway yes i think that is exactly the problem there isn't really a supply story problem there's a demand side problem the demand is coming from speculative speculative type demand so there's lots of demand from households to get mortgages to buy houses house prices keep going on as demand from investors to buy financial assets but there isn't enough them on from businesses to invest in innovation in capital investment paying pays it always is a group think they think that entrepreneurs small businesses big corporations they will be investing thinking it's all about the private sector and they'll do it yeah i think it is about to do that i think the theory of quantitative easing is basically that if the central bank buys up the safe. assets the government bonds

some of the corporate bonds that are held by institutional investors those institutional investors will then by own slightly risky of bones from the real economy from medium sized and those firms will then use that money to invest in capital investment productive activity in reality where there isn't enough demand in the economy what you've seen is those investors just buying other types of financial assets buying up real estate in capital cities around the world which is why people go to rent a flat exactly which is why you know young people can't buy buy flats anymore i'm not just in london the us and european cities as well increasingly this is a religious this great faith because the economists about that is the private sector so part of it i think is a lack of confidence in the potential of the state in the potential of government to actually do useful stuff to actually direct the economy in a way that is socially desirable you know what we need is

a kind of green new deal approach for example where we look to create decent well paid jobs in the sectors where we actually really need new job safely in the middle end of it because if the data shows i think your institution as we've published since the thirty's homewards it has been the state that hasn't really the best of the evidence suggests that actually when central banks and ministries of finance collaborate and coordinate their activities where the government says we're going to do this big expansion in infrastructure we're going to spend this on r. and b. and the central bank finances support financing through its monetary policy or has credit guidance policies that direct bank lending into those sectors most needed then you tend to have more successful outcomes not everywhere of course there's always exceptions there's always those involved ways and you will south american failed states but in countries with mature institutions and democracy. that's not

generally the case well they know they even lie about interest rate in the city of london as we know from libel until say a german corben government starts nationalizing everything and green new deal. policy doesn't look likely to change given what the e.c.b. did you think it may be at the loose local level that people can start creating recreating in the economy say with the brixton pound which you have to explain yeah yeah i think we should certainly be encouraging local and regional efforts to get more control over economies i think what we really do need actually is more regional banks actually say banks he's focus is not the world as we have in the u.k. and big banks tend to want to make big loans right they don't tend to want to support for example small businesses transaction costs are just too high the risks are too high they'd much rather make big planes with. as the backing is the collateral but actually in the act that doesn't help create

a more productive economy it just drives up house price and so so i think we need to you know the german model is quite a good one they have a big stake investment bank there k f w sitting behind regional public banks that actually then lend to me and middle sized companies to support innovation to support new kinds of products so that would be a more interesting model in scotland that have just launched a national investment bank that we had voiced nicholas sturgeon on actually i am a p.p. . england the u.k. doesn't have such an institution actually one of the few advanced economies where we don't have a big state investment bank. thank you well in the united states 2020 democrat presidential contender tools he gathered holds a town hall today in iowa after the d.n.c. refused to allow her to thursday's debate in texas not one mention of president trump firing his 3rd national security adviser john bolton was made at the democrat debate but joining me now via skype from california is former senator and twice us . central candidate microphone senator thanks for coming back on the show so you've

called it wonderful news for a safer world what do you make of her d.n.c. media are already criticizing don't jump for sacking move john bolton as the 27 national security adviser joe scarborough on m.s.n. we see owned by the same own as a c.n.n. and sky news backers of biden and warn all saying you know bolton wouldn't cozy up to america's enemies like the president would that's why he went oh it's an embarrassment of the democratic leadership it really is bolton this was probably the most significant warmonger in recent history and to be able to give him many kudos when when he was fired and he has fired not resigned and think that this will be smersh is up his image for quite a while because bolton was on the verge of creating an invasion of iran

has responsible for our attitude towards russia and china and the force north korea. and what he was appointed what it was that you very person except pessimistic situation where now that he fired is going to limit the possibility of donald trump setting off a war by accident he will do it on purpose is a he's not i don't think you're warmer he shot a lot of other busy problems but that's not one of them and so did the democrats would we stand for and there's like i say it's worse in the bearish religious shows you that the likelihood that by then you get selected or a conventional democrat gets elected we're going to be able to see the same ole same ole where democrats are to. this is interesting. yes republicans because

bolton is a popular around the world we had mike flynn his predecessor on this show actually didn't seem to want to war on russia but so you're saying they're basically we should be more confident that the trump white house wouldn't want to go to war with well there is an economic war already against venezuela iran cuba syria russia you think that we're in safe hands well i think we are very safe when you say there's a war distortion of the sanctions are kind of war ready that killed just as many people as the violent wars. but now the our troops to make a deal with a new body it is ridiculous there's no we have no right to go up sanction anybody. but bolton was at 10 initiating

a war in the fact that he's no longer there and pompei 0 is just there and then t. shirt and it will suck and do anything that trump wants but the latter is a truck going to war at this point and his russian personally and to putin is is should be applauded and also that north korea you mention the democrats anyone who despise john bolton as national security adviser they shouldn't think that joe biden. or maybe i don't know maybe even elizabeth warren evelyn kemal arris of the democrats for the 2020 the elections necessarily will be different on foreign policy when it comes to wars. i grew up there totally i think that the only change we have to end the decent foreign policy is for early senators to get elected and told she get her to be selected sites president then will be kerry and she to reverse the course of our desire to be

a lame hire you shut down your 2020 campaign and as you said you're endorsing bernie sanders for the president of the elections next year we know from wiki leaks what the democrats did to try and destroy bernie sanders chances last time around in favor of hillary clinton you're still supporting bernie sanders now but you don't think the d.n.c. is going to do the same thing so yes they try i don't love to be successful but douche no question but at the leadership in their own party is not supporting bernie sanders and also told she cared because both of them represent. many it was you schechter the mill vote just your complex and i know the toll she ever going to try and stay in from the october debates she was she was she you know the process just the way they shoot me when we get there and she has got to say

the proper number of donors. over or over 1200. what happened to her happened to me is that they didn't put my name to make sure my need appear in a number of polls of another because you have a c. it's not a good draw as the about all d.n.c. parts as i'm just going to briefly ask you given the announcement from netanyahu about the annexation of yet more land illegally under international law bernie sanders is tweeted against israel for the proposed further an accession of the west bank do you think you expect c.n.n.'s n.b.c. talking heads that alone d.n.c. the establishment clintonite obama right type people to accuse him of anti-semitism . no because bernie is of course jewish and so you can accuse him and he's not said anything that would lead him because he went on soldiers in the course when you're talking about you know you're talking about one of the 8

criminals in the whole pencil of leaders whole. question of prayer but i just told you that. the 2 young loses the election and. you know because the persecution and the crimes that he's. coming back but 1st he's going to lose and i hope so. thank you after the break did boris johnson oversee the slashing of resources dedicated to tackling the greatest threat to climate climate change while serving as britain's top diplomat we speak to the man who was his chief environmental advisor to david king. part 2 of going underground . join me every thursday on the alex simon sure i'll be speaking to get

a feel of the world of politics or business i'm show business i'll see you then. thousands of american men and women choose to serve in the country's military and the decision that has shattered lives every donkey until a complete. and total being struck in here you know all the shot all what they kill me and i see how destroyed my life any screamed at me any mimi come in any damn eye on the right means birthing area if you take into account that women don't report because of the extreme retaliation it's probably somewhere near about half a 1000000 women have now been sexually assaulted. the u.s. military rape is a very very traumatizing tapping but i've never seen trauma like i've seen women who are veterans who have suffered military sexual trauma reporting rape is more likely to get the victim punished than the offender and almost 10 year career

which i was very invested in and i gave a sex offender who was not even going to justice or put on the registry this is simply an hour in violence male sexual predators for the large part of target whoever is there to prey upon whether that's a man or woman. welcome back this week scotland's high school drooled boris johnson unlawfully shut down britain's parliament on tuesday the supreme court will scrutinize whether the new prime minister misled the queen will be johnson as previous when it comes to preventing scrutiny over nothing less than global catastrophe johnson's former advisor and u.k. special representative for climate change so david king joins me now so david welcome to going underground so i'm going to say surely to sell with i mean you've got a center for climate repair in cambridge operating time just celebrate britain is the 1st country in the world to declare a climate emergency. does britain have reason to be proud about self well i

think britain has been playing a leadership role in action on climate change since the year 2000 and believe it's fair to say without britain's actions the paris agreement in 2015 wouldn't have happened just to back that up. i was chief scientific adviser with blair from 2000 for 8 years and subsequently i was brought back into government by cameron during the coalition government period i was given 165 climate it had been embassies around the world know the country had taught full time trying to test these a climate always in a different diplomatic outpost hearing to hear the best literally around the world that we could move them around so i signed 3 agreements with china for example and we moved 22 climate attaches into our embassy in china and the like only talk to get china is in the middle of expanding all of the biggest environmental programs

in world history they don't look upon you as being to any blair favors for the iraq war all the rest of it not in the saloon for not environmental disaster for my reputation in china in many african countries in india i would say is very very high people listen to scientists say blair and cameron cameron of course famously who posed with the huskies to election the body they would you pay tribute to both of the early deciders with the environment and then comes may and this is what you're referring to the prime minister may says britain will not only reduce its emissions by 80 percent by 2050 but we will head for a net 0 emissions by mid century 1st country in the world to state that and then we have this statement we have a climate emergency absolutely right. i would say we need to be very very worried about the future of humanity if we don't get

a grip on the state of climate change as it is today and of course you mention those on voices and you are on the record as saying the board strengths and you didn't know when he was foreign secretary about the fact that most of them were then fired we lost not fired we lost 100. of the planet hashi's during boris johnson's period i saw him he said he didn't even know this had happened the reason i'm saying they weren't 5 they were redeployed which is the biggest department in the british government today for brics suddenly you've got a department soaking up people from other ministries who from climate change will when discussing important things with their counterparts in the embassies around the world going into bricks that if you say this is what happened be done will saying they went aps repairing for it yet no deal yet. that's not to say that boris johnson did you knew that he knew that this was happening and to stand i mean he is

on the record i understand he said good god i didn't know that when you told him that they'd be redeployed well i think i think the real question is and i have another interaction with the prime minister in his role as mayor a few weeks into his period as mayor he called me and asked me to carry commission into the future of the thames estuary airport he's in there on the record as saying he wants you to chair the old. book and i said. i know what you think you know i had proposed the development of 2 asymmetric islands in the thames estuary so that if there was a tsunami coming up the tim these 2 items would destroy the tsunami and instead of london so the thames estuary would be where the tsunami would come in that would build up force up the thames estuary and destroy. now this was

a proposal then several people looked at the maps of my goodness we could put at least 6 runways almost 2 either and forest picked it up and said we need a new have port for that and i said but if it's a nominee does hit this we lose our ip. the net result of all of this was i i said i would be prepared to chair that commission but i was prepared to cherry commission to look into the future development of the thames estuary but he announced to the press to us that you were going to chair the. so i stepped put his arm around me and said so they've it is agreed to chair this commission and i said afterwards can i have a word with you and he said sure and i said do you remember what he said not cheering the commission into the future and he just rubbed his head and put his head down and said oh silly me silly me sorry but never mind the press will have

deemed to have got it wrong i mean he didn't so did he know that he was in effect lying about your now that i'm not a cycle that. you have to be very expert on climate change. when it comes to policy or on an international scale you mentioned actually the tsunami after was we haven't we've had earthquakes in the past couple of weeks in northern england the imagist we haven't got the earthquakes or the like that produced tsunamis what was it like working for boris johnson given that obviously his government was in favor of fracking indeed the liberal democrat current deputy leader ed. avi was the climate change minister said fracking does not endanger the climate targets of this country and of course. george osborne no it in the evening standard here in london says that he said that we should invent shale gas extraction on afraid that fracking is a very real risk to our future in terms of climate change we should not be fracking . leakage of methane from the united states is causing more climate

change than before me thane is about 100 times more serious as. a gas for climate change them carbon dioxide you've told successive governments this so when he is not going to instead of the liberal democrats took fracking money why do you think that this current government. let alone the tourism a one said that what you're saying right is that all worthy of attention so here's the here's part of the problem we have a camera government led by cameron saying action on climate change and i'm supporting it and then his minister in debt for was cutting out all the legislation that was preventing us from overstepping the mark and this action was running against all the actions on managing climate change so it wasn't

a coherent approach different ministers were acting in different ways and i just ask you though about the own voice would it be true to say that you stopped the redeployment of further voice because i said that policy was all going to to reduce the number of climate change over was when i left i was given a promise that no more would be lost do you get the promise because of a non-disclosure agreement or it was quite as it was it wasn't quite that but it's fair to say that the foreign secretary me please not to go into the public domain talking about the law and he was. here i am a few years later and very very worried about coherency in government actions on time of change you can get a prime minister saying one thing in a minister of government behaving in the opposite direction we tell me about this center in cambridge that you started because. i mean the time limits before climate

catastrophe getting ever shorter what is the function of your center in cambridge basically the whole point of the climate negotiations has been to reduce emissions of greenhouse gases to a net 0 that is the whole point but at the moment we're at $412.00 parts per 1000000 of carbon dioxide in the atmosphere the pre-industrial level was $270.00 you have to go back 3000000 years to get to 420 possibly a 1000000 and sea levels 10 meters high so that that is the long terms threat of where we are today so even if we hit 0 tomorrow we have another job to do but the 2nd thing is what is happening in the arctic region and really what is happening in the arctic region is what is causing all of this big series of disasters happening around the world if we look at the arctic region ogg thick ice

was expected to melt slowly and by 2100 if we didn't do something about climate change it would finally expose the arctic sea to day hauffe of the optics is exposed already so what what you have is the arctic circle is now heating up at $2.00 to $3.00 times the rate of the rest of the planet now why is that a problem but 1st of all greenland is right there next to the arctic sea when all of the greenland ice melts sea levels globally will rise by 7 meters 7 meters means law. this is indefensible even a couple of metres london is indefensible. with the before the ice core data came out that showed us that it was real climate change is real. did you see the fact that it was made climate change 3000000 years is nothing compared to the life of the planet you see direct correlation is here that presumably the the man in the

white house who wanted to buy greenland the other day doesn't based on your experience as chief scientific advisor this has absolutely no doubt in my body that the warming up of the planet which is very real the rising sea levels which are very real all of these effects or due to 2 things one is removing forests in order to plant. agricultural activity the 2nd thing is discovery of fossil fuels and burning them to create the industrial revolution that is what's called climate change if we're going to move on we have to treat. the whole fossil fuel era as a posteriori and move into the clean energy era and i believe we can easily do that and we can grow our economies as we do that but secondly we have to remove the

excess stuff we've put in the air already now i believe there's a 3rd action which is and we have to rephrase the poll because we won't get it cool enough fast enough by simply reducing greenhouse gases in the atmosphere which is very very big you don't think it lets off the fossil fuel companies off the hook the big fossil fuel companies it will be the politicians that will be the people that you used to advise when you were advising government my fear has always been that as soon as you start talking about taking greenhouse gases out of the atmosphere the. the fossil fuel industry would see this is a fig leaf they would just carry on business and say they could do without the climate repair center at cambridge has 3 objectives to the 1st we must reduce emissions to a net 0 the 2nd we have to remove greenhouse gases at something like $2.00 to $3.00 parts per 1000000

a year we couldn't do it faster than that which means it'll take 40 years to get us back down to about $350.00 parts per 1000000 and the rephrase of the poll and rephrasing the poll is a challenge of the order of landing a man on the moon but it needs resolve and it needs finance to back it up so david king thank you and that's it for sure will be back on monday be all of us are black wednesday when your liberal financier george soros broke the bank of england and force the objection of the pound from european exchange rate mechanism years later here on $300000000000.00 to the taxpayer was used as an argument to keep in touch with social media don't forget to subscribe pleasure. today there are good terrorists and bad attitudes the bad news in yemen the united states deems to be a threat the good of those one in syria the cia and u.s.

military were engaged in covert actions really throughout the world. where they were assassinating populist leaders they were backing up right wing military funding an army just was there's no. more because there's always a small. profit. this is our last show in paris and then we go on to other countries oh my so excited. you know that you've heard about it we're going to talk about it and we'll talk about the french economy yup they have one of. the good ones. that he. could work. with. you all i don't.

recall. when he does it's always you know the false so. you can sleep. with someone not so most of them not to know something. that you're going to do with the book you just wrote a song to me she's on that sound a softball i'm not sleepy town this time i don't. need to promote. only wonderful school even if you think the continued communities of the police report for the way. i still. see the fisa. law.

this hour's headlines stories chinese tell a judge huawei say it is ready to sell the key elements all of its speed mobile internet. technology. she with a view to addressing concerns that its equipment poses a security risk. also i had a feud between soft perianth your punk shadow over the upcoming 2021 pick games in tokyo sold over the use of.