we still haven't got anywhere near the levels of growth that we had pre-crisis so the output gap between to protect what could have the growth we should have had a more we do have it remains very large so yet we're we're in a bad situation i think and britain. trillion of this quantity of easing and even voices in the military will see committee at the bank of england saying it's not working yet well there's voices everywhere now even some of the top x. central central bank governors raising questions about q.e. mario draghi in his announcement talked about the need for governments to do more expanding fiscal policy and that's a view that's becoming increasingly prevalent i think amongst monetary policy makers and foreign governments aren't yet getting the message that we still haven't seen expansion in fiscal policy to create demand in the economy that i think is so you need the roots of the response problem to what we have right

now are the roots to be found in postings because. i know you've been writing about the fact that we keep emphasizing household spending rather than innovation and progress and the money supply may not be the most important thing here it may be money allocation as someone from the chinese communist but anyway yes i think that is exactly the problem there isn't really a supply story problem there's a demand side problem the demand is coming from speculative speculative type demand so there's lots of demand from households to get mortgages to buy houses house prices keep going on as demand from investors to buy financial assets but there isn't enough them on from businesses to invest in innovation in capital investment paying my wages group think they think that entrepreneurs small businesses big corporations they will be investing. it's all about the private sector

a little do it yeah i think it is about to do that i think the theory of quantitative easing is basically that if the central bank the safe assets the government back on the some of the corporate bonds that are held by institutional investors as there is institutional investors will then bodb own slightly risky of bones from the real economy from medium sized and those firms will then use that money to invest in capital investment productive activity in reality where there isn't enough demand in the economy what you've seen is those investors just buying other types of financial assets buying up real estate in capital cities around the world which is. flat exactly which is why you know young people can't buy bar flats anymore just in london us and european cities as well increasingly this is the religious this great faith because the economists. the this is the private sector so part of it i think is a lack of confidence in the potential of the state in the potential of government

to actually do useful stuff to actually direct the economy in a way that is socially desirable you know what we need is a kind of green new deal approach for example where we look to create decent well paid jobs in the sectors where we actually really need new job safely in the middle and if you know because of the days issues i think you should use as we've had since the thirty's homewards it has been the state doesn't be the guess or the evidence suggests that actually when central banks and ministries of finance collaborate and coordinate their activities the government says we're going to do this big expansion in infrastructure we're going to spend this on r. and d. and the central bank finances support financing through its monetary policy has credit guidance policies that direct lending into those sectors most needed then you tend to have more success. well outcomes not everywhere of course there's

always exceptions there's always those involved ways in your south american failed states but in countries with mature institutions and democracies that's not generally the case well they know they even lie about interest rate in the city of london as we know from reliable until say a german call wouldn't government starts nationalizing everything and green new deal. policy doesn't look likely to change given what these he did do you think it may be at the loose local level that people can start creating recreating in the economy say with the brixton pound which we have to explain yeah yeah i think we should certainly be encouraging local and regional efforts to get more control over economies i think what we really do need actually is more regional banks actually say banks he's focus is not the world as we have in the u.k. and big banks tend to want to make big loans they don't tend to want to support for

example small businesses transaction costs are just too high the risks are too high they'd much rather make big planes with. as the backing is the collateral but actually in the act that doesn't help create a more productive economy it just drives up house price and so so i think we need to you know the german model is quite a good one they have a big state investment bank there k f w sitting behind regional public banks that actually then lend to me and middle sized companies to support innovation to support new kinds of products so that would be a more interesting model in scotland that have just launched a national investment bank we advised nicholas sturgeon on actually i am a p.p. . england the u.k. doesn't have such an institution actually one of the few advanced economies where we don't have a big state investment bank. thank you well in the united states 2020 democrat presidential contender tools he gathered holds a town hall today in iowa after the d.n.c. refused to allow her to further. there's debate in texas not one mention of

president trump firing his 3rd national security adviser john bolton was made at the democrat debate but joining me now via skype from california is former senator and twice us presidential candidate mike gravel senator thanks for coming back on the show so you've called it a wonderful news for a safer world what do you make of her d.n.c. media are already criticizing don't jump for sacking john bolton as the 27 national security adviser joe scarborough on m.s.n. we see owned by the same own as a c.n.n. and sky news backers of biden and warrigal saying you know bolton wouldn't cozy up to america's enemies like the president would that's why he went oh it's an embarrassment of the democratic leadership it really is bolton is was probably the most significant warmonger in recent history and should be able to give him many kudos when when he was fired and you just fired not resigned and saying

that this will be. his image for quite a while because bolton was on the verge of creating an invasion of europe. his response will for our attitude towards russia and china. force north korea. and what he was appointed boy what it was that you very best nix it as a mystic situation well now the least fired is going to limit the possibility of donald trump setting off a war by accident he will do it on purpose he's not only a warmer a shell a lot of other problems but that's not one of them and sold it the democrats would with foreigners like i say it's worse than the barest religious shows you that the likelihood. by then you get selected or

a conventional immigrant gets elected we're going to be able to see the same ole same ole where democrats are just as interesting. as republicans because bolton is a popular around the world we had mike flynn his predecessor on this show actually didn't seem to want to war on russia so you're saying they're basically we should be more confident the trump white house wouldn't want to go to war with well there is an economic war already against venezuela iran cuba syria russia you think that we're in safe i have well i think we are very safe when you say there's a war just of course of the sanctions are kind of war that killed just as many people as the violent wars. but now of the are trying to make a deal with anybody it is ridiculous there's no we have no right to go sanction

anybody. but bolton was at 10 initiating a war in the fact that he's no longer there and pompei o is just there and then t. shirt and you'll see and do anything that trump wants but the land is a truck going to war at this point and he. personally and to putin is is should be applauded and also that north korea mention the democrats anyone who despise john bolton as national security advisor they shouldn't think that joe biden. or maybe i don't know maybe even elizabeth warren let alone kemal arris of the democrats for the 2020 the elections necessarily will be different on foreign policy when it comes to wars. i grew up there only i think of the only change we

have to end the decent foreign policy is for early senatorship elected and told she get her to be selected a slice president then will be kerry and she to reverse the course of our desire to be able inquire you've shut down your 2020 campaign and as you said you're endorsing money saunders for the president of the elections next year we know from wiki leaks what the democrats did to try and destroy bernie sanders chances last time around in favor of hillary clinton you're still supporting bernie sanders now but you don't think the d.n.c. is going to do the same thing so yes they try i don't move to be successful but no question by the leadership in their own party is not supporting bernie sanders and also told she cared because both of them represent. a name it was schecter the mills are just your complex and i know the job she ever going to try and stay in

from the debates she was she was she did the process just the way they shoot me when we go. and she has to say proper number of donors. over. 1200. what happened to her happened to me is that in my name i mean sure my need peer in a number of polls of another can drive a c. it's not a good driver see about all the secrets as i'm just going to briefly ask you given the announcement from netanyahu about the annexation of yet more land illegally under international law bernie sanders is tweeted against israel for the proposed further an accession of the west bank do you think you expect c.n.n.'s n.b.c. talking heads that alone d.n.c. the establishment clintonite obama right type people to accuse him of anti-semitism . no because bernie is of course jewish and so you can accuse him and he

should not say anything that would really be close to enter the soldiers in the bush when you're talking about the you know you're talking about one of the 8 criminals in the whole tendency of leaders will. mention prayer but i just told the. young loses the election and there will be end of him because the persecution and the crimes that he's. coming back but the 1st he's got a little and i hope so that as a thank you after the break did boris johnson oversee the slashing of resources dedicated to tackling the greatest threat to planet earth climate change while serving as britain's top diplomat we speak to the man who was his chief environmental advisor to david came. to him going underground.

in a world of big partisan mock things and conspiracy it's time to wake up to dig deeper to hit the stories that mainstream media refuses to tell more than ever we need to be smarter we need to stop slamming the door on the back and shouting past each other it's time for critical thinking it's time to fight for the middle for the truth the time is now for watching closely watching the hawks. the rise the best if she warn you to buy you can i do the dishes at the bottom or late teens and you miss beecham you see me we blew true. president about that come up and when you guys e.t.s. will be home when you need any bags without infringing balls. a lot of you will see as if i it's about 2 kids each other both.

by. 5 days doing. time after time corporations repeat the same mantra sustainability very important. transition to sustainable transport sustainability. the more equitable and sustainable. they claim their production is completely hama's. companies want us to feel good about products while the damage is being done far

away and this is this going to an even and. welcome back this week scotland's high school. unlawfully shut down britain's parliament on tuesday the u.k. supreme court will scrutinize whether the new prime minister misled the queen will arguably johnson as previous when it comes to preventing scrutiny over nothing less than global catastrophe johnson's former advisor and u.k. special representative for climate change david king joins me now so david welcome to going underground so i'm going to say surely just sell with i mean you get a sense of the climate repair in cambridge operating time to celebrate britain is the 1st country in the world to the clear. climate emergency. does britain have

reason to be proud about itself well i think britain has been playing a leadership role on action on climate change since the year 2000 and believe it's fair to say without britain's actions the paris agreement in 2015 wouldn't have happened just to back that up. i was chief scientific adviser with blair from 2000 for 8 years and subsequently i was brought back into government by cameron during the coalition government period i was given 165 climate it has been embassies around the world you know the country had full time climbed it is a climate always in different diplomatic out proceedings for the best was literally around the world but we could move them around so i signed 3 agreements with china for example and we moved 22 climate attaches into our embassy in china and the like are they talk to good china is in the middle of expanding one of the biggest environmental programs in world history they don't look about you as being to any

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

a grip on the state of climate change as it is today and of course you mention those on voices and you are on the record for saying the board strong didn't know when he was foreign secretary about the fact that most of the more than 5 that we lost not try it we lost 100 of the time and it has shays during boris johnson's period as foreign secretary although it was the head of the diplomatic service who did this when i saw him he said he didn't even know this had happened the reason i'm saying they went 5 they were redeployed which is the biggest department in the british government today. suddenly you've got a department soaking up people from other ministries who from climate change will when discussing important things with their counterparts in the embassies around the world going into brics that that is what happened to be done will saying they went apps repairing for yes no deal. that's not to say that boris johnson did you

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

build up force up the thames estuary and destroy. now this was a proposal then several people looked at the map and my goodness we could put at least 6 runways almost 2 and forest picked it up and said we need a new hat. and i said but if it's a nominee does hit this we lose our ip. the net result of all of this was i said i would be prepared to chair that commission but i was prepared to cherry commission to look into the future development of the thames estuary but he announced to the press to us you were going to. so i stepped put his arm around me and said david is agreed to chair this commission and off the woods can i have a word with you and he said sure and i said do you remember what he said not cheering the commission into the future and he just. put his head down and said oh

silly me silly me sorry but never mind the press will have deemed to have got it wrong i mean he didn't know that he was in effect lying about your now that i'm not a cycle that. you have to be very expert of climate change. when it comes to policy or all of the international scale you mentioned actually the tsunami have to us we haven't had earthquakes in the past couple of weeks in northern england. we have grades of the like that produced tsunamis what was it like working for boris johnson given that obviously his government was in favor of fracking indeed the liberal democrat current deputy leader ed. davey was the climate change minister said fracking does not endanger the climate targets of this country and of course george osborne it is in the evening standard here in london on afraid that fracking is a very real risk to our future in terms of climate change we should not be fracking . leakage of methane from the united states is causing more climate

change than before me thing is about 100 times more serious as. a gas for climate change them. you've told successive governments this. i mean head of the liberal democrats to cracking money why do you think that this current government. the tourism a one said that what you're saying is that all worthy of attention here is that here's part of the problem we have a cameron government led by cameron saying action on climate change and i'm supporting it and then his minister in defra was cutting out all the legislation that was preventing us from overstepping them all and this action was running against all the actions on managing climate change so it wasn't a coherent approach different ministers were acting in different ways can i just

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

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

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

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

a action which is and we have to rephrase the poll because we won't get it cool enough fast enough by simply reducing greenhouse gases in the atmosphere just very briefly if you don't think it lets off fossil fuel companies off the hook the big fossil fuel companies it will be the politicians that will be the people that you used to advise when you were advising government my fear has always been that as soon as you start talking about taking greenhouse gases out of the atmosphere the. fossil fuel industry would see this is a fig leaf they would just carry on business. they complete the climate repair center in cambridge has 3 objectives the 1st we must reduce emissions to a net 0 the 2nd we have to remove greenhouse gases at something like $2.00 to $3.00 parts per 1000000 a year we couldn't do it faster than that which means it'll take 40 years to get us

back down to about $350.00 parts per 1000000 and the rephrase the poll and refreezing the polls. is a challenge of the order of landing a man on the moon but it needs resolve and it needs finance to back it up that's it for your favorite shows of the last season we will be back with a brand new cd they're going on the ground on january the 8th until they get your new compositional social media interview gets a guide to getting on the grounds your child will have a good you'll talk. time after time corporations repeat the same mantra sustainability it's very important it's accelerating transition sustainable transport sustainability space for man at a more equitable and sustainable well. they claim that production is completely

hama's. it. companies want us to feel good about buying their products while the damage is being done far away and this is something i'll just keep going to any minute i need money. and you missed me didn't anyone and einstein seen that he understood superman and.

the iraqi m.p.'s vote to american troops in a furious response to washington's assassination of a wrong top general on their soil from both directions are off with sanctions never seen before. at the defense department it's a merge that the pentagon's been cheated for years by contractors using shell companies. in libya faces further fragmentation as turkey sends troops to support the government in tripoli if you think the administration based in the east .