in a world transformed. in a world transformed. what will make you feel safe. tyson lation what will make you feel safe. tyson lation for community like. are you going the right way for community like. are you going the right way or are you being legacy. director. was right you being legacy. director. what is true was his faith. in the world because truth was his faith. in a world corrupted you need to descend. corrupted you need to descend. to join us in the death.

or remain in the shallowest to join us in the death. or remain in the shallowest.

do . during the great depression which i'm old enough to remember there was. 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 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 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 better. there was a real sense of hopefulness there isn't today. and today. inequality is really unprecedented i'm sure that inequality is really unprecedented i'm sure that total inequality it's like the worst periods of

american history. total inequality it's like the worst periods of american history . but if you're fine. 'd but if you're a find it more closely inequality comes from the extreme wealth and more closely inequality comes from the extreme wealth in a tiny sector of the population fraction of one percent. in a tiny sector of the population fraction of one percent. there were periods like the gilded age. 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 the twenty's the early ninety's and so on when a situation will rather similar to this. now this period 6 tree because if you look

at their wealth. of this period 6 tree because if you look at their wealth distribution the inequality mostly comes from states tradition the inequality mostly comes from super wealth. wealth. literally the cup 110th of a percent are just super wealthy. early the cup 110th of a percent are just super wealthy. not only is it extremely unjust in itself. inequality as not only is it extremely unjust in itself. inequality has really negative consequences on the so is a. highly negative consequences on the so is all.

because the very fact of inequality has a corrosive harmful effect because the very fact of inequality has a corrosive harmful effect for some. person. you open by talking you open by talk about the investor conversion theory. part of the part of the american dream is close mean diluting it will encourage you work or get rich the american dream is classman diluted it will encourage you to work or you get. which it was possible for a worker to get a decent job. it was possible for a worker to get a decent job. at a core of children who are schooled. in a core of children who are school. to a collapse. to

a collapse. imagine yourself in an outside position looking for more imagine yourself in an outside position looking for mars. what do you see. what do you see.

in the united states where there are. in the united states where there are professed to like democracy. professed like democracy. in a democracy. in a democracy public opinion is going to have some influence on posse. or c.

public opinion is going to have some influence on posse. and then the government carries out. and then the government carries out actions determined by the population and that's what democracy means actions determined by the population. that's what democracy means. it's important. it's important to understand that privileged and powerful sectors have never liked or didn't understand the privileged and powerful sectors have never like democracy and for very good reason . democracy puts out the markers again for very good reason. democracy puts power into the hands of the general population and takes it away

from them. or into the hands of the general population and takes it away from them . and it's kind of the principle of concentration of wealth and power. and it's kind of the principle of concentration of wealth and power. concentration of wealth yields concentration of power. concentration of wealth yields concentration of power particularly so as the cost of elections skyrockets

which particularly so as the cost of elections skyrockets which kind of forces the political parties into the pockets of major corporations and forces the political parties into the pockets of major corporations. and this political power quickly translates into less. and this political power. actually translates into legislation that increases the concentration of wealth so physical play ssion that increases the concentration of wealth so fiscal policy like tax policy deregulation was a like tax policy deregulation. rules of corporate governance a whole variety of measures. rules of corporate governance a whole variety of measures political measures designed to increase the

concentration of wealth and power political measures designed to increase the concentration of wealth and power which in turn to yield more political power do the same thing. and that's what we've been seeing. which in turn now 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. so we have this kind of vicious cycle in progress. you know actually it is so traditional that it was described by adams and you know actually it is so traditional that it was described by adam smith in 1776 he read

the famous wealth of nations. in 776 he read the famous wealth of nations. he says in england the. he says in england the principal architects of policy are the people on the society in his day merchants and the principal architects of policy are the people on this i. eddie in his day merchants and manufacturers. and they make sure that their own interests and you factors. and they make sure that their own interests are very well cared for however greed is the impact on our 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 institution multinational corporation the people of england there are others. now it's not

a merger of manufacturers it's financial institution multinational corporations the people who adam smith told the masters of mansions the people who adam smith called the masters of mankind and they're following the vile maxim over our selves guy and they're following the vile maxim over our selves and nothing for anyone else. they're just been nothing for anyone else. they're just going to pursue policies that benefit them and harm everyone else. and anyone to pursue policies that benefit them and harm everyone else. and in the absence of a general popular reaction that's pretty much where you'd have a sense of a general popular reaction that's pretty much what you'd expect. expect

. right through american history there's been an ongoing clash. right through american history there's been an ongoing clash between. pressure for more freedom in the mash between. pressure for more freedom and democracy coming from below and efforts that elite cannot perceive coming from below and efforts it elite control and on the nomination coming from pros.

could this fact because of this in founding of the back to the infantry founding of the country interest. james madison the main framer who was. james madison the main framer who was as much of a believer in democracies as most center of the believe any for any but about accuracy is in the end were able to let it be in the world but the faith that they nevertheless felt that the united states system should be designed and indeed nevertheless felt that the united states system should be designed and indeed with his initiative was designed so that power should be in the hands of the with his initiative was designed so that power should be in the hands of the wealthy. because the wealthy are the more responsible set of men the wealthy. because the wealthy are the more responsible set of men. and therefore these trend there for

the for the formal deal struck constructional sideris to move the police to most formal constitutional system placed most power in the hands of the senate or stream for the past hour and it was no hurdle in heck did and in most of days 10. or the senate was not elected in those days it was select from the wealthy who would possibly metronet in the swill metal things that it would have had met and it was met just simply put it had sympathy for property owners in their right. to see for property owners in their right. if you read the debates at the constitutional convention. madison's if you read the debates at the constitutional convention. madison the major concern of the society has to be to protect the minority of the other the major concern of the society has to be to protect the minority of the opulent against the majority. feel and

against the majority. and here argument goes everyone had to vote freely. and had argument suppose everyone had to vote freely as they will the majority of the poor get together and they would organize to take a 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 you can't have that weighs the property of the rich and he said that would obviously be unjust so you can't have that so there so for there the freedom to the constitutional system tim has has to be to be set up to prevent her but then to not produce.

which is of some interest that this debate has a heart which is of some interest that this debate has a hard tradition goes back to the 1st major book on political systems aristotle's public tradition goes back to the 1st major book on political systems aristotle's politics. he says of all of them the best is democracy all it takes. he says of all of them the bed. just as democracy at any point out exactly the flaws that madison pointed out. at any point out exactly the flaws that madison pointed out. if athens were a democracy. if athens were a democracy for free men the poor would get together and take away the property the

rich. pay for free men the poor would get together and take away the property the rich. well same dilemma they had opposite solutions aristotle well same dilemma they had opposite solutions aristotle proposed what we would nowadays call a welfare state and try to reduce inequality posed what we would nowadays call a welfare state and try to reduce inequality. so same problem after it's aleutians one is reduce inequality so same problem after that solution one is reduce inequality will have this problem and the other is reduced democracy. it 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 2 tendencies 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 i was at the margaret izing tendency that's mostly coming from the population pressure from below and you get this constant battle going on periods or aggression peer 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 significance of progress in 1906 for example were a period of significant democratization. and democratization.

sectors i think elation that were usually passive sectors i think elation that were usually passive and the city became organized a good story to see their demand and the city it became organized a good story to see their demand. and that. and they became more and more involved in decision making activism and so he became more and more involved in decision making activism and so on. it just changed consciousness and.

it just changed consciousness in ways. 'd minority rights. freedom why are. minority rights. freedom why are. good. because they need one of these. women's rights because they need one of these. women's rights to come in this case and we'll see. if we can mend this patient well. if we force it to say. yes in terms of the you think.

in terms of the you think that america is. nice or i give my an american as. nice a boring of miami. scene that he says oh you know. this is. true i'm sure you know i was criticizing. a little of the militant to be a bond is this is a. serious attempt no lawn on the bridge provided for the vietnamese people for our own black people and for our own. provided for the vietnamese people for our own black people and for our own what people can turn for other people one day we must ask a question. and turn for other people one day we must ask the question on a 1000000 poor people in america when you begin to ask that person on

a 1000000 poor people in america when you begin to ask that person to raise an impressive amount of money system about a broader distribution of wealth the reason a person amounts to the system about a broader distribution of wealth the question restructuring. in society the question of restructuring. in society these are all civilized and. these are all civilized and it's a. great feeling. post could beat feet here.

i hadn't. anticipated. i hadn't. anticipated the power of i should have but i didn't anticipate the power of it the power of i should have but i didn't anticipate the power of the reaction to the civilizing effects of the sixty's i did not a reaction to the civilizing effects of the sixty's i did not anticipate the strength of the reaction to it. anticipate the strength of the reaction to it. the backlash. the backlash.

of all those. who all do. no dares thinks. the day there's

things. we dare to ask. we dare to ask. cooked additional subversives. cooked additional supposed to not of what was an ounce of to linger some of these it's just a village a look in his mind's eye not on what was it gets up there to linger some nice it's just a village a look in his mind no. no no. cinema you have seen him if you can also post here. see him do you have seen him if you can also post. look with a showing of the blue chip especially since last when i. looked with

a showing of the blue chip a skeleton is lost when the chip. in the political shit movie you have just keeps going to believe you think it will show you you have to sleep study to blow it up shipping. you up a new most adult book it loads of shipping. yep and most of the book is the work of the person able much still to say no i don't know what to do when we have the posting it will have still mostly notes i don't know what the full. a quick over. a quiz the latest loses in the for us. special boys was the latest loses in the for us. but arsenal boys look like the fool yet of pluck that this was going to do so. that the feel yet of pluck that this was going to loose

a. listers through some really stupid old school at the. nurses through some really stupid old school it's. what politicians do something to. put themselves on the line what politicians do something to. put themselves on the line they get accepted or rejected. so when you want to be. they get accepted or rejected. so when you want to be president or injury. or some want to be rich. to life as an injury. or somehow want to be rich. and to the right to be president it's like that before 3 in the morning can't be good. to be president it's like that before 3 in the

morning can't be good that i'm interested always in the wives in the house. i'm interested always in the wives in the house. question. and question. there. has been an enormous concentrated coordinated business offensive beginning in the seventy's to try to beat. there has been an enormous concentrated coordinated business offensive beginning in the seventy's to try to beat back the egalitarian efforts that went right through the nixon years back the

egalitarian efforts that went right through the nixon years and you see it in many respects and over on the right you see it in things like the you see it in many respects and over on the right you see it in things like the famous pell memorandum . sent to famous pell memoranda. sent to the chamber of commerce major business lobby later supreme court justice powell the chamber of commerce major business lobby but later supreme court justice powell warning them that business is losing control over the society. warning them that business is losing control over the society. and something has to be done to counter these 1st. and something has to be done to counter these forces course he puts it in terms of the defense defending ourselves against out of course

he puts it in terms of the defense defending ourselves against outside power. power. if you look at it it's a call for business to use its can. 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 trover resources to carry out a major offensive to beat back this democratizing wave. way. over on the liberal side isn't exactly similar to the 1st over on the liberal side

isn't exactly similar to the 1st. major review report ordered of the. drug trade after a lateral commit mission is concerned in terms of this. go but the press corps of those who can practices of. credit or a commission of liberal international had asked for a mission and it was in their liberal will finally nationalist in their flavors indicated to bed at effect that the act that they prefer but still stand after the court order that ministry should ration. and they were also told that. they were also told that democratizing tendencies of the sixty's and so we have to react to it democratize ing tendencies of the sixty's and so we have to react to that. they were concerned

that there was an excess of democracy developing. they were concerned that there was an excess of democracy developing. previously. previously passive and obedient arjen population are sometimes called this passive and obedient arjen population are sometimes called the special interests who are beginning to organize and try to end. the political arena and national interests 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 the space it that imposes too much pressure on the state can't deal with all these pressures so therefore they have to return to passivity and become pressures so therefore they

have to return to passivity and become the politicized. people in this us to convince or burn into you are particularly concerned with what was happening to young people the people young people put it into your own 2 feet are you going to get independent it. is always it. is always a put it there's a failure on the part of the schools the universities church 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 just the institutions responsible for the indoctrination of the young there for is not mine. and therefore raise my mind.

if you look at their study there's one interesting never mention. if you look at their study there's one interesting never mention private business and that makes sense they're not special interest they're the national 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 interest kind of by definition so they're ok they're allowed to you know flub iest by campaign staff the executive make decisions that's funniest but i can't. pain and stiff the executive make decisions that's fine but it's the rest the special interests the general population who have to be simple but it's the rest the special interests the general population who have to be subdued. to.

win that's the specter it's the. one that's the specter it's the kind of ideological level of the backlash but the major backlash a kind of ideological level of the backlash but the major backlash which was unparalleled this. was just redesigning the economy which was unparalleled this. was just redesigning the economy. since the 19. since the 1970 is

there's been a concerted effort on the part of the masters of men to 7 days there's been a concerted effort on the part of the masters of mankind the owners of the society to shift the economy and to try and the owners of the society to shift the economy in 2 crucial respects one to increase the role of crucial respects one to increase the role of financial institutions banks investment firms financial institutions banks investment firms and so on insurance companies. by 2007 and so on insurance companies. by 2007 right before the latest crash they had literally 40 percent of corporate profit break before the latest crash they had literally 40 percent of corporate

profits. far beyond anything in the profit. far beyond anything in the past. passed. back and they. back in the 90. 50 is this for many years before the united states economy was based learn 1950 s. as for many years before the united states economy was based largely on production . in the united states the great manufacturing production. in the united states is the great manufacturing center of the world. center of the world.

financial institutions used to be a. financial institutions used to be a relatively small part of the economy and their task was to dismiss relatively small part of the economy and their task was to distribute unused as it likes a bank savings to productive attribute unused as it likes a bank savings to productive activity a bank always has on hand the reserves of money received from the holder that do it in a bank always has on hand the reserves of money received from the holders of deposit or on the basis of these cash reserves a bank can create revenue deposit or on the basis of these cash reserves a bank can create reddit now besides providing a safe place for the bonding money a bank there is a kind of now besides providing a safe place where the bonding money a bank there is a community by making

a national credit available for many purposes were manufactured to mean unity by making additional credit available for many purposes for a manufacturer to meet have payroll during slack telling period are are going to unlock and remodel his or it has payroll during slack telling period are a margin to unlock and remodel his car and for many other reasons why people are always needing more credit than that and for many other reasons why people are always needing more credit and they have a mean. that's a contribution to the economy. have immediately available. that's a contribution to the economy. regulatory system was a step blish banks were regulated the regulatory system was a step blish banks were regulated the commercial investment banks were separated cut back for risk in this practice mercial investment banks were separated cut back or risk investment practices that could harm private people. there had been

remembered this is the good arm private people. there had been remember no financial crashes during the period of regulation by the no financial crash it was during the period of regulation by the 1970 s. that changed. it in seventy's that changed. you started getting that huge increase in the flows of speculative. you started getting that huge increase in the flows of speculative capital just astronomically increased an enormous changes in the financial sap it'll just astronomically increase an enormous changes in the financial sector from traditional banks to

risky investment. company or from traditional banks to risky investments. complex financial instruments money manipulations and so on and clicks of 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 praising. really 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 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 in or of a major american corporation back in the fifty's and sixty's was very likely to be

an engineer to somebody who graduated from a place like mit maybe industrial man it engineer is somebody who graduated from a place like mit maybe industrial management more recently the directorship in the top managerial position more recently the directorship in the top managerial positions are people who came out of business schools learned financial trickery of various kinds and they're people who came out of business schools learned financial trickery of various kinds and so on. by the 1970 s. say general electric toa. by the 1970 s. say general electric can make more in the fleet or playing give it some money get in this with you could money but produce and then you could buy produce and in the united states. in the united states the. you have to remember that general electric is substantially

a financial institution and 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 when it makes half its profits just by moving money around in complicated ways and it's very unclear that they're doing anything that's of value to the economies and it's very unclear that they're doing anything that's of value to the economy. so. that's one phenomena let's go financial ization of the economy . so that's one phenomena let's go financial ization of the economy. going along with that is the ocean. going along with that is the oh sure into production. or into production.

the trade system was. the trade system was reconstructed with a very explicit design of putting reconstructed was a very explicit design of putting working people in competition with one another all over the world. working people in competition with one another all over the world. and what it's led to is a reduction in the share of and what it's led to is a reduction in the share of income on the part of working people.

spent a ticklish into them on the part of working people. it's been particularly striking in the united states but happening worldwide it means that an american workers in striking in the united states but happening worldwide it means that an american workers in competition with super exploited worker in china. competition with super exploited worker in china. meanwhile highly paid professionals are protected. meanwhile highly paid professionals are protected they are not placed in competition with the rest of the world far from it and they are not placed in competition with the rest of the world far from it and of course a capitalist free to move workers are free to move labor can move and of course a capitalist free to move workers are free to move labor can move but capital can

well again going back to the classics like it but chattel can well again going back to the classics like adam smith as he pointed out free circulation of labor adam smith as he pointed out free circulation of labor is the foundation of any free trade system but workers are is the foundation of any free trade system but workers are pretty much stuck the wealthy in the privileged are protected so you get a pretty much stuck the wealthy in the privileged are protected so you get obvious consequences and they're recognized and in fact praised. has consequences and they're recognized in fact praised. policy is designed to increase in security. policy is designed to increase in security.

alan greenspan when he testified to congress. alan greenspan and when he testified to congress he explained his success in running the economy as based on what he explained is success in running the economy as based on what he called greater worker insecurity. a typical recalled creator worker insecurity. a typical restraint on compensation and. he says has been evident for a few years but as i doubt springtime 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 and in some detail in testimony last month i believe that job insecurity has played the dominant role workers in secured are going to be under 30 has played the dominant role workers and secured are going to be under control.

they're not going to ask for say decent what role. they're not going to ask for say a decent wages were a decent working conditions or the opportunity to fade ships were a decent working conditions or the opportunity to free association meaning unions. now for the masters of mankind the free association meaning unions. now for the masters of mankind that's fine they make their profits but for the population it's devastates fine they make their profits but for the population it's devastating. for these 2 presses financial is a thing. of these 2 presses financial ization and off shoring are part of what led to the vicious cycle of schering are part of what led to the vicious cycle of concentration of wealth concentration of power pole of

concentration of wealth concentration of power. or. are. please. please. please. please.

please. please. please. please. please please. live. live live. live. live. live.

live live. live live . live. live. please. please.

slow. slow. cooked. and a very warm welcome to you you're watching us inside. and a very warm welcome to you you're watching on since last. baptizer

financial survival. banks geysers financial survival you know the bellatrix elite club take it easy this is also you know they say money to developers elite club to be easy this is a central plank support dying of dummies kind of problem right now so you stop. playing support dying of dummies kind of problem right now so you stop the bad.

and. the unions. and. the unions. crash. crash the. desire for a lot of these. designer a lot of needy thief. the thief.

full good. sauteed says the. small fortune in the. small fortune in the good. fortune for the op may be a lot about this good. fortune for the op maybe a lot about this more than after such financially. more than after such financially.

at least. up i'm not going to give it. up i'm not going to pick. up. the truth. of the. truth. last week. last week.

representatives syrian government. representatives the syrian government. telling the american journalists. rested on false charges of detained american journalists. rested on false charges of the soul is reporting on. opposition violence we hear for the soul is reporting and. we hear from. access.

access. contact an attorney or as family these charges are blatantly false. these charges are blatantly false highly in. the u.k. is heading for a general election as parliament. from the u.k. is heading for a general election as parliament approved. by december the 12th. of december the 12th.