good.

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 is a better. there was a real sense of hopefulness there isn't today. and

today. inequality is really unprecedented i'm sure that any quality 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 he's very funny. but he sure find it more closely the inequality comes from the extreme wealth and it 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 and the early ninety's and so on when a situation developed by the similar to 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 this. now this period 6 trillion because if you look at their wealth distribution the inequality mostly comes from distribution to inequality mostly comes from super wealthy. super wealthy. literally the top 110th of

a percent are just super wealthy. early 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 highly negative consequences on the so it has a whole. family negative consequences on the so it is awful. because the very fact of inequality has a corrosive harmful effect because the very fact of inequality has a corrosive harmful effect akerson. nickerson. you open by talking about the american dream part of the. you open by talking about the american dream. part of the american dream is classman dillard it will encourage

you to work or get rich american dreams class mean do it it will encourage work or . get rich it was possible for a worker to get a decent job. it was possible for a worker to get a decent job. get a core of children go to school. get a core of children go to school. to a collapse. to a collapse. imagine

yourself in an outside position looking for imagine yourself in an outside position looking for mars. what do you see. moore's. what do you see.

in the united states when there are. in the united states when there are professed like democracy. professed like democracy. in a democracy. in a democracy public opinion is going to have some influence on policy. see public opinion is going to have some influence on policy. and then the government carries. and then the government carries out actions determined by the population and that's what democracy means death 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 like burden to understand that privileged and powerful sectors have never like democracy and for very good reason . democracy puts power democracy and 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 it would continually so as the cost of elections skyrockets which kind of forces the political parties into the pockets of major corporations which kind of forces the political parties into the pockets of major corporations. and this political power quickly translates into lives. and this political power. clee translates into legislation that increases the concentration of wealth so physical

power slay 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 and 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 the yield more political power to do the same thing. which in turn now to yield more political power to do the same thing. and that's what we've been seeing. 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 776 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 by the people on the society in his day merchants and principal architects of policy by the people on the society. eddie in his day merchants and manufacturers. and they make sure that their own interests

manufacturers. 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 the people of england there are others. now it's not a merger of manufacturers it's financial institution multinational corporation merging manufacturers it's financial institutions multinational corporations the people who adam smith told the masters of management the people who adam smith called the masters of mankind and they're following the iowa maxim over for silver guy and they're following the iowa maxim over our selves and nothing for

anyone else. they're just present nothing for anyone else. they're just going to pursue policies that benefit them and harm everyone else. and then they are 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 do absence of a general popular reaction that's pretty much what you'd expect. expect. right through american history there's been an ongoing. right through american history there. spin an ongoing clash between. pressure for more

freedom and lash between. pressure for more freedom and democracy coming from below and efforts that elite can mock or see coming from below and efforts it elite control and domination coming from above. troll and domination coming from above. goes back to the founding of the country. goes back to the founding of the country. james madison the main framer who with. james madison the main framer who was as much of a believer in democracy is anybody in the world that they 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 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 who wealthy. because the wealthy are the more responsible set of men and therefore the structure of the formal constitutional system placed 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 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 simply to select from the wealthy men as. madison put it had sympathy for property owners and their right.

to see for property owners in their right. to read the debates at the constitutional convention. badasses 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 od the major concern of the society has to be to protect the minority of the opulent against the majority. of people and against the majority. and here argument goes everyone had to vote freely. and had argument goes everyone had to vote freely and say well the majority of the poor get together and they would organize to take the 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 you can't have that always 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 so therefore the constitutional system has to be set up to prevent democracy. which is of some interest that this debate has a hari which is of some interest that this debate has a hari tradition goes back to the 1st major book on political systems aristotle's poll a tradition goes back to the 1st major book on politico. system's aristotle's poetics

. he says of all of them the best is democritus. he says of all of them the best is democracy at any point out exactly the flaws that madison pointed out or see 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. the 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 absent solutions one is reduce inequality so same problem absent solutions one is reduce inequality will have this problem and the other is reduced democracy. 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 he's at the moderate izing tendency that's mostly come. from the population pressure from below and you get this constant battle going on

periods or gratian 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 signatures of progress in 1906 for example were a period of significant democratization. and democratization. sectors in aceh feel asia that were usually passive sectors in aceh feel asia that were usually passive and the city became organized active pressing their demands

and the city became organized active started to see their demands. and they became more and more involved in decision making and activism and so they became more and more involved in decision making and activism and so on. it just changed consciousness and. it just changed consciousness in ways. minority rights. freedom why are. minority rights. in the freedom wire at the sydney justice why don't we get it just the get out

the sydney justice why don't we get it just the emergency need this quality why don't we have a black women to rage with the need this policy why don't we have a black women to rage you know linda said well said that if we know linda said way ahead we'll said that if we force it to say. yes in terms of the environment yes expected to say. yes in terms of the environment you think day in american history that they set aside for a nationwide outpouring of a day in american history that they set aside for a nationwide outpouring of my 16 as well as a viable opposition to aggression that i was myopic i think you know it's all survival position to aggression to those who criticize us for the moment to see

about this they are serious about law know that criticize us for the moment to see about this they are serious about law know that they should 1st provide it for the p s m e's people run black people and for our own nation's 1st provided for the p s m e's people run black people and for our own poor people and turn for other people one day we must ask you questions while for people to turn for other people one day we must ask your question. for the 1000000 poor people in america when you begin. fresh cause there are 40000000 poor people in america when you begin to ask questions to raise an oppressed amount. to some of the broader distribution of wealth to raise an oppressed amount system about a broader distribution of wealth to oppress them a restructuring the whole of american society to press them a restructuring. civilizing effect.

civilizing effect. that caused great fear. that caused great fear. i hadn't. anticipated. i hadn't. anticipated the power of a should have but i didn't anticipate the power of the dated the power of a should have but i didn't anticipate the power of the reaction to the civilizing

effects of the sixty's i did not 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.

oh.

and a very warm welcome to you. and a very warm welcome to you watching on since last. back to watching on since last. financial survival. housing bubble. financial survival. housing bubble. oh you mean there's a downside to artificially low mortgage rates. oh you mean there's a downside artificially low mortgage rates don't get carried away that's cause

a ripple. don't get carried away that's cause a ripple. in this us. war.

zone. slips in his system. is a small fortune in the beginning to your. small fortune in the beginning to your good. fortune for the outnumbered a lot about it more than enough to have such financial fortune for the out number

a lot about it more than enough for us financially. sleep. sleep. sleep sleep. sleep sleep. sleep

sleep. sleep sleep. sleep. sleep sleep sleep. sleep. sleep. sleep sleep sleep love difficult as if it cannot be be have to be difficult to keep up with. when. there has been an enormous concentrated coordinated. there has been an

enormous concentrated coordinated business offensive beginning in the seventy's to try to beat back the business offensive beginning in the seventy's to try to beat back the egalitarian efforts that went right through the nixon years and you see it in many gallant tarion 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 famous suspect and over on the right you see it in things like the famous pal memorandum. sent to the chamber of commerce power memorandum. sent to the chamber of commerce major business lobby but later supreme court justice powell warning major business lobby but later supreme court justice powell warning that business is losing control over the society. that business is losing control over the society.

and something has to be done to counter these forces. and something has to be done to counter these forces course it puts it in terms of the defense defending ourselves against outside our course it puts it in terms of the defense defending ourselves against outside powers. if you look at it it's a call for business to use its. control over resources 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. to carry out a major offensive to beat back this democratizing wave.

over and. over on the liberal side isn't exactly similar to the 1st and the liberal side isn't exactly similar the 1st. major report of the a trilateral commission is concerned with the major report of the a trilateral commission is concerned with this. called the crisis of democracy. trade that is. called the crisis of democracy. trilateral commission is liberal internationalists in their flavors indicated better a commission is liberal internationalists in their flavors indicated by the fact that they pretty much staff the carter administration. and they

were also told that democratizing the fact that they pretty much staff the carter administration. and they were also told that democratizing tendencies of the sixty's and so we have to react to it. then unseasonably 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. passive. previously passive and obedient parts of the population are sometimes called the special interests and obedient parts of the population are sometimes called the special interests who are beginning to organize and try to enter the political arena and they said that imposed they 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 just too much pressure on the state can't deal with all these pressures so therefore they have to return to passivity and become the politicization therefore they have to return to passivity and become the politicised. and they were particularly concerned with what was happening to young people. and they were particularly concerned with what was happening to young people and young people get into free and independent. young people get into free and independent. is the way they put it there's a fear. in the way they put it there's a failure on the part of the schools the universities churches failure on the part

of the schools the universities churches the institutions responsible for the indoctrination of the young are there for the institutions responsible for the indoctrination of the young and their phrase not mine. of mine. if you look at their study there's one interesting never mention private 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. interest kind of but 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 lobbyists a good definition so they're ok they're allowed to you know have lobbyists and by campaign staff the executive make decisions that's fine but it's the 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 or asked the special interests the general population who have to be subdued. when that's the specter it's the kind of idea lot. when that's the specter it's the kind of ideological level of the backlash but the major backlash which was magical level of the backlash but the major backlash which was unparalleled this. was just redesigning the economy. in peril if this. was just redesigning the economy.

since the 1978 is there's been a b'nai. and certain could insert effort on their part of the masters a bit of effort and kind there on the part of the masters of mankind the owners of those any to shift the economy in 2 crucial respects owners. and to shift the economy in 2 crucial respects one to increase the role of financial institutes one to increase the role of financial institutions banks investment firms and so on intrusions banks investment

firms and so on insurance companies. but a 2007 break before and companies. but a 2007 break before the latest crash they had literally 40 percent of corporate profits the latest crash they had literally 40 percent of corporate profits. far beyond anything in the past. far beyond anything in the past. back in the 1950 s. . back in the 1950 s. as for many years before the united states economy was based largely on production and 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. in the united states was the great manufacturing center of the world. financial institutions used to be relatively small. financial institutions used to be a relatively small part of the economy and their task was to distribute a new whole part of the. i mean their task was to distribute unused tacit slick's bank savings to productive activity in a must as it likes a bank savings to productive activity in a bank are one had on hand a reserve of money received from the holders and the monitor bank always had on hand a reserve of money received from the holders and the monitor on the back of the cash

reserve a bank can create granite on the back of the cash reserve a bank can create granite called the tide of providing an. auditing money on banks or of the community by making either providing an. auditing money on banks or of the community by making additional credit available for many purposes for a manufacturer to meet an additional credit available for many purposes for a manufacturer to meet him on during my coming period to unlock and remodel his car and my money i mean my coming period to unlock and remodel his car and many other reasons why people are always needing more credit than they have immediately a very good reason why people are always needing more credit than they have immediately available. that's a contribution to the economy. that's a contribution to the economy. regulatory system was established banks were

regulated the commercial interest very system was established banks were regulated the commercial investment banks were separated to back very risky investment practices that could banks were separated to back very risky investment practices that could harm private people. there had been remember no financial harm private people. there had been remember no financial crashes during the period of regulation by the 1970 s. that crashed. during the period of regulation by the 1970 s. that changed. changed.

he's a star if you did it it is huge in korean beast crease and in the flows loza space convey that it can scan a disk but have to peddle just dropped limited increase creased an enormous changes in the north an initial state sector change or is it from the financial sector over from traditional banks to risky investments. complex financial additional banks to risky investments. complex financial instruments money manipulations and so on increasingly the instruments of money manipulations and so on increasingly the business of the country isn't production at least not here the business of the country isn't production at least not here. the primary business here is business. you can even say the primary business here is business. you can even see it in the

choice of directors so the director of a major american idiot 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 this 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 somebody who graduated from a place like mit maybe industrial management more recently the directorship in the top managerial positions or people who came more recently the. directorship and the top manager has asians or people who came out of business schools learned financial trickery of various kinds and so on out of business schools learned financial trickery of various kinds and so on. by the 1970 s. say general electric can make more profit. by the 1970 s.

say general electric can make more profit playing games with money than you could by producing in the united states playing games with money then you could by producing in the united states. we have to remember that. we have to remember that general electric is substantially a financial institution today 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 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 economy. so such as with one month phenomena with what's called all financial is is ation of the coming on a minimum. going

along with with that is the auto sure into production. the trade system was reconstructed. the trade system was reconstructed with a very explicit design of putting working with a very explicit design of putting working people in competition with one another

all over the world. and people in competition with one another all over the world. and what it's led to is a reduction in the share of income and 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 support of working people. it's been particularly striking in the united states but happening worldwide it means that an american workers in competition with states but happening worldwide it means that an american workers in competition with a super exploited worker in china. super exploited worker in china. meanwhile highly paid professionals are protected they're not 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 catalyst 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 move but if at all is free to move a workers are free to move labor can move but chattel can well again going back to the classics like adam smith capital can well again going back to the classics like adam smith as he pointed out free circulation of labor is the foundation as he pointed out. free circulation of labor is the foundation of any free trade system but workers are pretty much stuck in of any free trade system but workers are pretty much stuck the wealthy and the privileged are protected so you get obvious consequences the wealthy and the privileged are protected so you get obvious

consequences and they're recognized in fact praised. then 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 he explained is alan greenspan when he testified to congress he explained his success in running the economy as based on what he called greater success in work early writings or nature to the contrary to me as based on what he called creator worker insecurity to. sprint. cup of a typical restraint on compensation increases has been evident for a few years but as i outlined in some detail sation 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 gold in testimony last month i believe that job insecurity has played the dominant role workers in security are going to be under control dominant role workers in security are going to be under control. they are not going to ask for say decent wages. they are not going to ask for say decent wages were a decent working conditions or the opportunity to free association were a decent working conditions. or the opportunity to free association. for the masters of mankind that's fine. for the masters of mankind that's fine they've made their profits but for the population it's devastating. to their profits but for the population it's devastating. these 2

processes financial ization. these 2 processes financial ization. are a part of. it to the. psych concentration of. concentrate concentration of. all across the middle east and beyond there are large scale protests. all across the middle east and beyond there are large scale protests and growing political instability in many countries the old ways of doing business only in wing political instability in many countries the old ways of doing business but only in rich

privileged elite while the prospects for the many are few and far in between rich privileged elite while the prospects for the many are few and far in between to the elites have answers. to the elites have answers. to. today there are good dentists and bad evidence the bad news in yemen who the united states deems to be mad at it it's the bad news in yemen the united states deems to be a threat the looked at those who are in syria the cia and you would be a threat the good those who are in syria the cia and the u.s. military were engaged in covert actions really throughout the world. its military were engaged in covert actions really throughout the world. where they were

assassinating populist leaders they were backing up right away military windows funding an army death squads there's no posts anymore because where they were assassinating populist leaders they were backing up the right way military into those funding an army of death squads there's not any more because there's always a small people for one really good this stuff is always a small people for one really good that's. for profit. and for profit. the world is driven by a dream. world is driven by dream shaped by one person.

the day or. the day or thinks. we dare to ask thinks. we dare to ask. cooked additional supposed to not of what was an ounce of the longer some pieces of . cooked additional supposed to not of what was an ounce of the longer some of these it's just a legitimate thing it's not known. just

a legitimate thing it's not known. simply yes please do it it. seems you have to swim if you can also post here. look with a showing at the plant which appears to swim if you can also post. look with a showing of the blue chips callously is lost when i. don't know when you think it will ship with your listeners lost when i try it don't you think it will ship. you have the sleep study. quote of shipping. your proceeds. well which of shipping. you up and most of the book is the work of the person you will have seen you ever knew most of the book is the work of the person you will have still to see you know so i do know what the bull. moose you know so i

do know what the rule. was the latest news in the us. was the latest news in the us. state us from boise believe that so yeah that's good just stop us no worries and believe that it's so yes but this was one of those. lyricists releaser in the story of the system of. the moon lyricists releaser in the story of the soulful it does. it does.

nothing. but if it's in meets with the gary and prime minister of the if. but if it's in meets with the garry and prime minister of the irritating western allies is the very same day hungry joint nato statement brits 18 western allies is the very same day hungry vetoes of joint nato statement. in the u.k. an inquiry into the deadly 27000. in the u.k. an inquiry into the deadly 2017 grantor tower blaze calls out significant systemic failings in the london grantor tower blaze calls out significant systemic failings in the london fire brigade but with little spotlight placed on city and

governmental authorities firefighters tellers and fire brigade but with little spotlight placed on city and governmental authorities firefighters tell us the focus is misplaced. far far as not calls for the focus is misplaced. forethought as did not cause the fire town was it not responsible for fixing or from a frontal boots on the ground town was not responsible for fixing from a frontal material on the outside of the tower. and the skating material on the outside of the tower. and the scathing new report by human rights watch says the u.s. sanctions are preventing ordinary iranians from existing new report by human rights watch says the u.s. sanctions are preventing ordinary iranians from existing.