russian which i'm old enough to remember there was and most of my family were unemployed workers in which i'm old enough to remember there was and most of my family were unemployed working class there wasn't it was bed you know much worse subjectively than today nicholas there wasn't it was bed you know much worse objectively than today but there was an expectation that things were going to get better. but there was an expectation that things were going to get better. there was a real sense of hopefulness there isn't today. was a real sense of hopefulness there isn't today. inequality is. inequality is

really unprecedented i'm if you look at total inequality it's like the worst periods of really unprecedented i'm if you look at total inequality it's like the worst periods of american history. of. american history. but if you're a find it more closely inequality. but if you're find it more closely the inequality comes from the extreme wealth in a tiny sector of the population comes from the extreme wealth in a tiny sector of the population fraction of one percent. fraction of one percent. there were periods like the gilded age in the twenty's and the early ninety's there were periods like the gilded age in the twenty's and the early ninety's. and so on when

a situation will rather similar to this. now this period and so on when a situation developed by the similar to this. now this period 6 trillion because if you look at their wealth distribution to inequality it's extreme because if you look at their wealth distribution the inequality mostly comes from super wealth. mostly comes from super wealth. literally the top 110th of a percent or just. literally the top 110th of a percent are just super wealthy. not only is it extremely unjust super wealthy. not only is it extremely unjust in itself. inequality has really negative consequences on the site itself. inequality has really negative consequences on the so is all. because the very fact of inequality is

a whole. because the very fact of inequality has a corrosive harmful effect ackerson. that it has a corrosive harmful effect ackerson. do open but. do open by talk about the american dream part of the american dream is close mean diluting it willing to talk about the american dream part of the american dream is close mean deluded it will encourage to work or get rich it was possible for a worker were to work or get rich it was possible for a worker to get a decent job. get a car to go get a good decent job. get a car children go to school. so collapse.

talk labs. were. the measure use of innit. imagine yourself in an outside position looking for mars. what do you see outside physician looking for mars. would he see. me.

in the united states where there are protests like the mockers in the united states where there are professed like democracy.

in a democracy public opinion is going to have some. in a democracy public opinion is going to have some influence on policy. influence on policy. and then the government carries out actions determined by the population. and then the government carries out actions determined by the population and that's what democracy means. mission and that's what democracy means. it's important to understand that privileged and. it's important to understand that privileged and powerful sectors have never liked democracy and for very good reason our full sectors have never liked democracy and for very good reason. democracy puts power into the hands of the general public. democracy puts power

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

particularly so as the cost of elections skyrockets which kind of forces the political parties of elections skyrockets which kind of forces the political parties into the pockets of major corporations. and this political patently. pockets of major corporations. and this political power quickly translates into legislation that increases the concentrate our quickly translates into legislation that increases the concentration of wealth so fiscal policy like tax policy ration of wealth so fiscal policy like tax policy deregulation. rules of corporate governance deregulation. rules of corporate governance a whole variety of measures political measures designed to

a whole variety of measures political measures designed to increase the concentration of wealth and power which in turn the yield increase the concentration of wealth and power which in turn the yield more political power do the same thing. and that's what more political power to do the same thing. and that's what we've been seeing. so we haven't seen. so we have this kind of vicious cycle in progress. that we have this kind of vicious cycle in progress. you know actually it is so traditional. you know actually it is so traditional that it was described by adam smith in 776 he read that it was described by adam

smith in 1776 he read the famous wealth of nations. the famous wealth of nations. he says in england the principal architects of policy are the people. he says in england the principal architects of policy are the people who own the society in his day merchants and manufacturers. in the society in his day merchants and manufacturers . and they make sure that their own interests are very well cared for 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 however greed is the impact on the people of england there are others. now it's not

a merger of manufacturers it's. now it's not a merger of manufacturers it's financial institutions and multinational corporations the people who f.-a natural institution multinational corporations the people who adam smith called the masters of mankind and their fellow adam smith called the masters of mankind and they're following the vile maxim over our selves and nothing for anyone else. the vile maxim over for selves and nothing for anyone else. they're just going to pursue policies that benefit them and. they're just going to pursue policies that benefit them and harm everyone else. and in the absence of a general popular harm everyone else. and in the absence of a general popular reaction that's pretty much what you'd expect.

reaction that's pretty much what you'd expect. right through american history there's been an ongoing clash between american history there's been an ongoing clash between. pressure for more freedom and democracy coming from below. pressure for more freedom and democracy coming from below and efforts that elite control and domination coming from above and efforts that elite control and domination coming from above.

could. goes back to the founding of the country. spec to the founding of the country. james madison the main framer who was as much of a believer in democracy is 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 anybody in the world that they nevertheless felt that the united states system should be designed and indeed with his initiative was designed them should be designed and indeed with his initiative was designed so that power should be in the hands of the wealthy. because the will so that power should be in the hands of the wealthy. because the wealthy are the more responsible set of men and therefore the structure of the all thier the more responsible set of men and

therefore the structure of the formal constitutional system placed most power in the hands of the senate the formal constitutional system placed most power in the hands of the senate or the senate was not elected in those days it was select from the wealthy 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 menace madison put it had sympathy for property owners in their right. if you read the debates at the constitutional court. you read the debates at the constitutional convention. madison the major concern of the society and then. man is it the major concern of the society it has to be to protect the minority of the opulent against the majority it has to be to protect the minority of the

opulent against the majority. and hear arguments. and hear argument suppose everyone had to vote freely as they will the majority of the poor get those everyone had to vote freely as they will the majority of the poor get together and they would organize to take away the property of the rich and his together and they would organize to take away the property of the rich and he said that would obviously be unjust she can't have that so therefore the constitutional system has it that would obviously be unjust she can't have that so therefore the constitutional system has to be set up to prevent democracy. to be set up to prevent democracy.

which is of some interest. which is of some interest that this debate has a hard tradition goes back to the 1st major both did this debate as a hari tradition goes back to the 1st major book on political systems aristotle's politics. political systems aristotle's politics. he says of all of them the best is democracy at any point out he says of all of them the best is democracy at any point out exactly the flaws that medicine pointed out. gently the flaws that medicine pointed out. if athens were a democracy for free men the poor would get together. if athens were

a democracy for free men the poor would get together and take away the property the rich. well same dilemma take away the property the rich. well same dilemma they had opposite solutions or start over posed what we would nowadays call welfare they had opposite solutions or start over posed what we would nowadays call a welfare state and try to reduce inequality. state and try to reduce inequality. so same problem after to look. so same problem after that solution one is reduce inequality will have this problem and the other issue one is reduce inequality will have this problem and the other is reduced democracy.

because reduced democracy. if you look at the history of the united states. if you look at the history of the united states it's a constant struggle between these 2 tendencies democratising tend it is a constant struggle between these 2 tendencies democratizing tendency that's mostly coming from the population pressure from below and you get this and see that's mostly coming from the population pressure from below and you get these come. battle going on periods or gratian periods of progress in 1960 constant battle going on periods or gratian periods of progress in 1906 for example were a period of significant democratization. for example were a period of significant democratization.

sectors i think elation. sectors i think elation that were usually passive and the city became more of that were usually passive and the city became organized acted started pressing their demands. managed acted started pressing their demands. and they became more and more. and they became more and more involved in decision making and activism and so on. is just involved in

decision making and activism and so on. it just changed consciousness and. changed consciousness in ways. minority. minority rights. we don't why are. we don't why are. they need. why don't we did. this why don't we did. this the needy one of the. women's rights. women's rights to men. if we force it to say. well. if we force it to say.

yes in terms of the you think that america is. in terms of the you think that america is. nice or i got my own safety that's. nice or i got my own safety nets provide the solution to creation i'm free to those who criticize us on the militancy abandon this issue of creation i'm true to those who criticize us on the militancy bonder said they are serious about lawn on the bridge provided the be of me said they are serious about lawn on the bridge provided in the vietnamese people for our own black people and for our own what people can turn for other people people for our own black people and for our own what people can turn for other people one day we must ask the question on a 1000000 poor people in america one day we must ask a question on

a 1000000 poor people in america when you begin. to raise an oppressed amount when you begin. to raise an impressive amount the economic system about the broader distribution of wealth the question of research in the system about a broader distribution of wealth the question of restructuring. in society this rule civilizing sharing. in society this rule civilizing that city. that caused great fear. that caused great fear.

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

the backlash. quick to dismiss a bus to. practice with a bus to run out of what was i guess at the columbus them it's just the bullets you're looking just. at the columbus them it's the bullets you're looking it's not enough. enough. see him do you have seen him if you can call sial pussy. see him do you have seen him if you can also post. look up with a showing at the brentwood ship's going to see is lost when the chit. he looked at with a showing of the where scully sing is lost when the shit. he think of shit you know you're pushing 30. well think of shit you know you're pushing 30 to

float up shipping. yep and most of the book is to put up shipping. yep and most of the book hit the wall were for the foreseeable much still missing notes i don't know what that will work for the foreseeable much still missing notes i don't know what the all. or. if. it was the latest loses in the plus. stuff no worries and it was the latest news in the pub us. at arsenal boys i'm all right so yeah i've put this was going to say. right there yet i've put this was going to just a. little fish through the summer in the store oh yeah the soul food.

where students are in the store oh yeah the soul food. to madge and then a 635 and you have a but imagine being on a 635 and you have a what career and career involves using your i phone in your computer career and career involves using your i phone in your computer and. they could be in an office. perhaps you sort of getting to meet sister and things like that in an office. perhaps she sort of getting going to see circular to have to stop doing all this in this kind of you lose her kids. are going to have to stop doing all this in this kind of you lose her minutes before. my world became smaller and smaller and

smaller and for me it's mostly for my world became smaller and smaller and smaller until i ended up learning it in a box. very strong i ended up learning it in a box. very strong magnetic field. you know in my head. it's like a real magnetic field. you know in my head. it's like a real hard pressure my skin burned and that wireless access point hard pressure my skin burned and that wireless access point here just continues on saying with our students in the schools they're just continuous on saying with our students in the schools. we are just continually faith in our citizens in this. we are just continually faith in our citizens in this microwave radiation it is certainly electro small and it's getting worse it's microwave radiation it is

certainly electro small and it's getting worse. for people who are printing the money don't rely on taxes to get wealthy. people who are printing their money don't rely on taxes to get wealthy they're not part of a real economy that's the same thing as saying that rulers of saudi arabia are not part of a real economy that's the same thing as saying that rulers of saudi arabia for a long. on the wages of the people living in saudi arabia they get rich they rely on the wages of the people living in saudi arabia they get rich they they don't they just print more or pump more oil sell in the america that they don't they just print more or pump more oil sell in the america the princes that run our economy just print more money they don't need the workers they don't need their tax francis

that run our economy just print more money they don't need the workers they don't need their taxes that's why they don't have wage growth that's why there's been that this aeration this that's why they don't have wage growth that's why there's been that this aeration as there are needed. as there are needed. there has been an enormous. there has been an enormous concentrated coordinated business offensive beginning in the seventy's to concentrated coordinated business offensive beginning in the seventy's to try to beat back the golan tarion efforts that went right through the nixon to try to beat

back the golan tarion efforts that went right through the nixon years you see it in many respects and over on the right you see it in things like yours you see it in many respects and over on the right you see it in things like the famous powell memorandum. the famous powell memorandum. to the chamber of commerce major business. leaders supreme court just sent to the chamber of commerce major business. leaders supreme court justice. how warning them that business is losing control over the society is how warning them that business is losing control over the society. and something has to be done the cadi. and something has to be done to counter these forces corsi puts it in terms of defense defending ourselves after these forces course we

put it in terms of defense defending ourselves against outside power. against outside powers. if you look at it it's a call for business to use it. 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 the control over resources to carry out a major offensive to beat back this democratizing wave. production wave. over on the liberal side something exactly similar. over on the liberal side

something exactly similar the 1st. major report of the trial lateral the 1st. major report of the trial lateral commission is concerned that this. called the crisis of democracy commission is concerned with this. called the crisis of democracy. trilateral commission as liberal internationalists in their. credit or a commission as liberal internationalists in their. slavers indicated by the fact that they pretty much staff the carter administration their flavors indicated by the fact that they pretty much staff the carter administration. and they were also. they were also told that democratizing tendencies of the sixty's and so we have to react to all of that

democratizing tendencies of the sixty's and so we have to react to that. they were concerned that there was an excess of to not proceed. they were concerned that there was an excess of to not proceed developing. previously developing. previously passive and obedient parts of the population or something passive and obedient parts of the population are sometimes called the special interests who are beginning to organize and try to enter the political i'm schooled the special interests who are beginning to organize and try to enter the political arena and they said that imposes too much pressure on the state can't do you are enough 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 passivity with all these pressures so therefore they have to

return to passivity and become the politicised. and they were particularly concerned with what becomes the politicized. and they were particularly concerned with what was happening to young people and young people get into free and independent. what was happening to young people and young people get into free and independent. and the way they put it there's a failure on the part of the schools the university and the way they put it there's a failure on the part of the schools the universities churches the institutions responsible for the indoctrination churches the institutions responsible for the indoctrination of the young there for is not mine. and of the young

there for it is 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 interests. if you look at their study there's one interest they never mention private business and that makes sense they're not special interests they're the national interest kind of by definition so they're ok they're allowed to you know the national interest kind of by definition so they're ok they're allowed to you know have lobbyists buy campaign staff the executive make decisions have lobbyists buy campaign staff the executive make decisions that's fine but it's the rest of the special interests the general population who knows that's fine but it's the rest of the special interests the general population who have to be some have to be subdued some to.

win that's the specter. win that's the specter it's the kind of ideological level of the backlash but the major it's the kind of ideological level of the backlash but the major backlash which was unparalleled this. was just redesigning the backlash which was unparalleled this. was just redesigning the economy. tommy.

said. since the 1970 is there's been a concerted effort on the part of the man to 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 economist years of mankind the owners of the society to shift the economy in 2 crucial respects one to increase the rhodian 2 crucial respects one to increase the role of financial institutions banks investment firms full of financial institutions banks investment firms and so on insurance companies. by 2006 and so on insurance companies. but a 2007 break before the latest crash they had literally 40 percent of heaven

break before the latest crash they had literally 40 percent of corporate profits. far beyond corporate profits. far beyond anything in the past. and anything in the past. back in the 90. 50 is as for many years before the united states economy can the 1950 s. as for many years before the united states economy was based largely on production . in the united states as the great it was based largely on production. in the united states as the great manufacturing center of the world.

manufacturing center the world. financial institutions used. financial institutions used to be the butt of believe baseball reportedly because one of them a part of the fleet that kind of their time has quit for us to send their task was to distribute a new lou dobbs dept as tribute it's. been a cruise a stay that ings to sits like city bank savings to productive activity a bank always had on hand the reserves of money received from the productive activity a bank always had on hand the reserves of money received from the holders of deposit or on the basis of these cash reserve bank and on holders of deposit or on the basis of these cash reserves a bank can create credit now besides providing a safe place for the bonding money and create credit now besides providing

a safe place where the bonding money a bank there is a community bank of the best an opportunity by them of making money at work that. that available for many purposes for a manufacturer to meet has payroll during slack telling period aren't going to unlock and remodel it afterward we have payroll during slack telling period our margin to unlock and remodel his car and for many other good reasons why people are always needing more credit hour and for many other good reasons why people are always needing more credit than they have immediately available. that's a contribution to the economy and i have immediately available. that's a contribution to the economy. regulatory system was established banks were regulated. regulatory system was established banks were regulated the commercial investment banks were separated cut back for risk in the commercial investment

banks were separated cut back for risk in this practices that could harm private people. there had been this practices that could harm private people. there had been remember no financial crashes during the period of regulation been remember no financial crashes during the period of regulation by the 1970 s. that changed. by the 1970 s. that changed. you started getting. these huge or a huge increase in addition the flows a huge increase in the flows of speculative capital just astronomically increased and enormous changes in speculative capital just astronomical increases an enormous

changes in the financial sector from traditional banks to risky investments the financial sector from traditional banks to risky investments. complex financial instruments money manipulations and so on. complex financial instruments money manipulations and so on increasingly the business of the country isn't production at least increasingly the business of the country isn't production at least not here. the primary business here. there is business is not here. the primary business here is business. you can even see it in the choice of directors so. 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 old a director of a major american corporation back in the fifty's and sixty's was very likely to be

an engineer somebody who graduated from a place like mit maybe unlikely to be an engineer as somebody who graduated from a place like mit maybe industrial management more recently the directorship in the top manager astro management more recently the directorship in the top managerial positions are people who came out of business schools learned financial trickery a very open stations are people who came out of business schools learned financial trickery of various kinds and so on. by the 1970 s. sage's kinds and so on. by the 1970 s. say general electric can make more profit playing games with money than you could you know electric can make more profit playing games with money than you could buy produce and in the united states. by producing in the united states.

you have to remember that general electric is substantially a financial it's you have to remember that general electric is substantially a financial institution today it makes half its profits just by moving money around and to sion 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 sort of value complicated ways and it's very unclear that they're doing anything that sort of value to the economy. so that's one phenomena that's cool. financial ization into the economy. so that's one phenomena let's go financial ization of the economy . going along with that economy. going along with that is the oh sure into production. that is the oh sure into production.

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

a reduction in the share of income on the part of working people. error of income on the part of working people. spent particularly striking in the united states but happening worldwide it means that an american work's been particularly striking in the united states but happening worldwide it means that an american workers in competition with super exploited worker in china hers in competition with super exploited worker in china. meanwhile highly paid. nationals are protect. meanwhile highly paid professionals are protected they are not placed in competition with the rest of the world far from it. 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 and of course capital is free to move workers are free to move labor can move but chattel can well again

going back to the club or can move but capital can well again going back to the classics like adam smith as he pointed out free circulation of labor essex like 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 and the privileged are protected so they're pretty much stuck the wealthy and the privileged are protected so you get obvious consequences and they're recognized and in fact praised but you get obvious consequences and they're recognized and in fact praised. policy is designed to increase in. policy is designed to increase

in security. alan greenspan when he testified to congress kerry. alan greenspan and when he testified to congress he explained his success in running the economy as babes he explained his success in running the economy as based on what he called greater worker insecurity. based on what he called greater worker insecurity. a typical restraint on compensation increases has been evident. for a few years 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 but as i outlined in some detail in testimony last month i believe that job insecurity has played the dominant role of workers and secured their job insecurity has played the dominant role workers and secured are going to be under control.

they're not going to ask for them to be under control. they're not going to ask for say decent wages were a decent working conditions or the ups a decent wages were a decent working conditions or the opportunity to free association meaning union and. now for the masters of brittany to free association meaning unions. now for the masters of mankind that's fine they may show their profits but for the population it mankind that's fine they make their profits but for the population it's devastating. for these 2 presses it's devastating. for these 2 presses financial ization and offshoring are part of what led to the financial ization and offshoring are part of what led to the vicious cycle of

concentration of wealth concentration of power a vicious cycle of concentration of wealth concentration of power. or. are.

oh. oh. please. please. liz. liz.

slow. slow. lift. lift. and a very warm welcome to you you're watching us inside. and a very warm welcome to you you're watching us inside. join me every 1st day on the. join me every. time i'm sure and i'll be speaking to. simon sure.

i'm sure i'll see you then. i'm sure i'll see you then.

the rational. rational. designer. designer of need the. zoom. zoom. sought.

for. fortune for the op might be a lot about this more than. more than. thousands of american men. thousands of american men and women choose to serve in the country's military decision little sheltered lives and women choose to serve in the country's military decision little shattered lives every thing came

to a complete. the day that i was right every thing came to a complete. the day that i was raped and i'll be instructed here you know i'll shut up or they'd kill me and i could be instructed here you know told to shut up or they'd kill me and i see how it destroyed my life many screamed at me and he made me come in and you graham my arm i would destroy my life any screamed at me and he made me come in and you graham my arm and he write me with his birthing area if you take into account that women don't report and he right means birthing area if you take into account that women don't report because of the extreme retaliation and it's probably somewhere near about half a 1000000 women have now been sexually assaulted in the u.s. military prison. very very traumatizing thing to have happen but i've never seen trauma like i've seen from women who are fiction assaulted in the u.s. military rape is a very very traumatizing thing to have happen but i've never seen trauma like i've

seen from women who are veterans who have suffered military sexual trauma reporting rape is more likely to get the victim better and so this effort military sexual trauma reporting rape is more likely to get the victim punished to be a friend and almost 20 or career or chose very invested in honest to be a friend and almost 20 or career or chose very invested in and i gave a sex offender who was not even put to justice or put on the registry and i gave that up to report a sex offender who was not even put to justice or put on the registry this is simply an issue of tower and violence male sexual predators for the large part of this is simply an issue of tower and violence male sexual predators for the large part of target whoever is there to prey upon whether that's a man or woman. whoever is there to prey upon whether that's a man or went. through.

a little bit. a little bit. we. will. move to the local loop if you're going to. move to the local loop if you're going to really.

died like a dog he died like your child. died like a dog he died like you coward the stories the shapes this week rebels are declaring the death of the leader in syria stories the shapes this week rebels are declaring the death of the leader in syria we compare the raid against. barack obama's been lowered an operator we compare the raid against. barack obama has been lowered in operation. against inlaid and again she. gets delayed again but the british prime minister finally gets his way over

a general election which for most of the british prime minister finally gets his way over a general election which for most will be seen as another referendum on leaving the e.u. . he's seen as another referendum on leaving the e.u. . and an american journalist claims political persecution after his arrest and an american journalist claims political persecution after his arrest for an alleged assault he tells are payback for reporting venezuela and alleged assault he tells our paper for reporting venezuelan opposition violence. we have been on the forefront of explaining violence. we have been on the forefront of.