tv Going Underground RT January 6, 2020 2:30am-3:01am EST
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talked about the need for governments to do more expanding fiscal policy and that's a view that's becoming increasingly prevalent i think amongst monetary policy makers governments aren't yet getting the message that we still haven't seen expansion in fiscal policy to create demand in the economy that i think kids 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
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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 pacing of waiting is a group think they think that entrepreneurs small businesses big corporations they will be investing thinking it's all about the private sector and they'll do it yeah i think it is about to do that i think the theory of quantitative easing is basically that if the central bank by the safe assets the government bonds some of the corporate bonds that are held by institutional investors the institutional investors will then bible and 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 and what you've seen is those investors just buying other types of financial assets buying up really. state in capital cities around the world which
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is why people go around flat exactly which is why you know young people can't buy bar flats anymore i'm not just in london the us and european cities as well increasingly this is the religious this great faith because the economists about that is the private sector so part of it i think is a lack of confidence in the potential of the state in the potential of government to actually do useful stuff to actually direct the economy in a way that is socially desirable you know what we need is a kind of green new deal approach for example where we look to create decent well paid jobs in the sectors where we actually really need new job safely in the middle energy because if the data shows i think you. know we've had since the thirty's homewards it has been the state hasn't be the guess or the evidence suggests that actually when central banks and ministries of finance collaborate and coordinate
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their activities where the government says we're going to do this big expansion in infrastructure we're going to spend this on r. and b. and the central bank finances support financing through its monetary policy has credit guidance policies that direct lending into those sectors most needed then you tend to have more successful outcomes not everywhere of course there's always exceptions there's always those involved ways and you will south american failed states but in countries with mature institutions and democracies that's not generally the case well they know they even lie about interest rate in the city of london as we know for a reliable until say a german colburn government starts nationalizing everything and green new deal. policy doesn't look likely to change given what the e.c.b. did you think it may be at the loose local level that people can start creating recreating in the economy say with the brixton pound which you have to. yeah yeah i
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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 so banks his 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. the backing is the collateral but actually in the act that doesn't help create a more productive economy it just drives up house price and so so i think we need to you know the german model is quite a good one they have a big stake investment bank there k f w sitting behind regional public banks that actually then lend to me and middle sized companies to support innovation to support new kinds of products so that would be a more interesting model in scotland that have just launched scottish national
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investment bank that we had voiced nicholas sturgeon on actually on the p.p. . england the u.k. doesn't have such an institution actually is one of the few advanced economies where we don't have a big state investment back. here well in the united states 2020 democrat presidential contender tools are gathered holds a town hall today in iowa after the d.n.c. refused to allow her to thursday's debate in texas not one mention of president trump firing his 3rd national security adviser john bolton was made at the democrat debate but joining me now via skype from california is former senator and twice u.s. presidential candidate mike gravel senator thanks very calming back on the show so you've called it wonderful news for a safer world what do you make of her d.n.c. media are already criticizing don't jump for sacking john bolton as the 27 national security adviser joe scarborough said we see owned by the same owners as c.n.n. and sky news backers of biden and warrigal. saying you know bolton wouldn't cozy up
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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 to be able to give him many kudos when when he was fired and inspired 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 iran his response will for our attitude towards russia and china cannot force north korea you know and so when he was appointed boy it was a view very test mix it as a mystic situation where now that he fired is going to limit the
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possibility of donald trump setting off a war by accident he will do it on purpose he's not only a warm or a shot a lot of other problems but that's not one of them and sold it the democrats would wish for and there's like a safe force in the bearish religious shows you there's a likelihood that by and you get selected or a conventional democrat gets elected we're going to be able to see the same ole same ole where democrats are just as interested. as republicans because bolton is a popular around the world we have my clean 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 read as a way of iran cuba syria russia. you think that we're in safe i have well i
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think we are very safe when you say he is a war just of course of the sanctions are kind of war that kill just as many people as the violent wars. but now a car trumps 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 0 is just there and then t. shirt and you know. 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 to be applauded and also that north korea remains are the democrats anyone
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who despise john bolton as national security adviser they shouldn't think that joe biden. or maybe i don't know maybe even elizabeth warren let alone kemal arris of the democrats for the 2020 the elections necessarily will be different on foreign policy when it comes to war as. i grew up there totally i think to the only change we decent form. is it for early sinners get elected and toshi ever to be selected as vice president then will be kerry and he to reverse the course of our desire to be a living buyer you've shut down your 2020 campaign and as you said you're endorsing money sonders 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 know i think the d.n.c.
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is going to do the same thing so yes they try i don't love to be successful but douche no question but the dilution of the party is not supporting bernie sanders and also told she cared because both of them represent. many it was who share to the mills who just show complex and i know they're told she ever going to try and stay in for the debates and she was she was she had the process just the way they shoot me when we get there and she has to say the proper number of donors. over. 1200. what happened to her happened to me is that they didn't put my name sure my need peer in a number of polls of a lot of controversy it's not a good job as the about all d.n.c. parts as i'm just going to briefly ask you given the announcement from netanyahu about the annexation of yet more land here legally under international law bernie
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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 it's early as it is of course jewish and so you can accuse him and he should not sell anything that would you would be close to and. in the course when you're talking about you know you're talking about one of the 8 goals in the whole . leaders. prayer but i just hold the. loses the election and the end of you know because the persecution and the crimes that. he is coming back but 1st he's going to lose and i hope so that was a thank you after the break did boris johnson oversee the slashing of resources
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dedicated to tackling the greatest threat to climate a climate change while serving as britain's top diplomat we speak to the man who was his chief environmental advisor to david came. through growing up to grow. here's a thought experiment and a bit of a production for 2020 going back to saudi aramco around town as it went public just recently at a market valuation an excess of $1.00 trillion dollars i think i want pointless war 2 trillion dollars i think that we're going to see them make a hostile buy of
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a company maybe facebook for example and it could be the 1st trillion dollar possible raid in history because they've got the balance sheet now if you've got a 2 trillion dollars balance sheet that means you've got you know the ability to borrow another trillion so you've got a 3 trillion dollar war chest if you go after an apple or even a berkshire hathaway 5 or 600. $1000000000.00 so i went inside iran by berkshire hathaway just as a hostile right and then they all of us a huge portion of the whole global market the american market why not they've got the balance sheet now they want to diversify away from oil and gas and i think we're going to see a live like that the next 6 to 9 months. time after time called parishioners repeat the same mantra sustainability it's very important it's accelerate the transition to sustainable price board sustainability remand a more equitable and sustainable well. they claim their production is completely hama's. it to congress number
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welcome back this week scotland's high school drooled boris johnson unlawfully shut down britain's parliament on tuesday the u.k. supreme court will scrutinize whether the new prime minister misled the queen will all be johnson as previous one. mr 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 david welcome to going underground so i'm going to say surely to sell with i mean you've got a center for climate repair in cambridge operating time just celebrate britain is the 1st country in the world to declare a climate emergency. does britain have reason to be proud about itself well i think britain has been playing a leadership role in action on climate change since the 2000 and believe. without britain's actions the paris agreement in 2015 wouldn't have happened just
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to back that up. i was chief scientific adviser with blair from 2000 for 80 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 taught full time that have these a climate always in a different diplomatic outposts is going to read the best literally around the world but we could move them around so i signed 3 agreements with china for example and we move 22 climate attaches into 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 but they don't look about you as being to any blair favors for the iraq war all the rest of it not is a loon for not environmentally aster my reputation in china in many african countries in india i would say is very very high people listen to
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scientists say blair and cameron cameron of course famously who posed with the huskies to election the body they would you pay tribute to both of the early deciders with the environment and then comes may and this is what you're referring to the prime minister may says britain will not only reduce its emissions by 80 percent by 2050 but we will head for a net 0 emissions by mid century 1st country in the state that and then we have this statement we have a climate emergency absolutely right. i would say we need to be very very worried about the future of humanity if we don't get a grip on the state of climate change as it is today and of course you mention those on voices and you are on the record for saying the boris johnson who didn't know when he was foreign secretary about the fact that most of the more than fiat
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we lost not try it we lost 100. the planet hashi's 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 the counterparts in the embassies around the world going into bricks that is what happened to be done will saying they went apps repairing for that yet no deal yet. that's not to say that boris johnson did you knew that he knew that this was happening and to stand i mean he is on the record 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
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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 tim. these 2 items would destroy the tsunami and instead of london so the thames estuary would be where the tsunami would come in that would build up force up the thames estuary and destroy. now this was a proposal then several people looked at the map and my goodness we could put at least 6 runways almost 2 either and forest picked it up and said we need
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a new have port for that and i said but if it does hit this we lose our ip. the net result of all of this was i said i wouldn't be prepared to chair that commission but i was prepared to chair a 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 words can i have a word with you and he said sure and i said do you remember what i said not chairing 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 if you're an expert of climate change. policy
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or on an international scale you mentioned actually the tsunami have to us we haven't had earth quakes 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 editing the evening standard here in london says that he said that we should have. shale gas extraction on afraid that fracking is a very real risk to our future in terms of climate change we should not be fracking . the leakage of methane from the united states is causing more climate change than before me thing is a 100 times more serious as. a gas for climate change them.
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you've told successive governments this is the way he is going to 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 debt for 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 and i just ask you though about the own voice would it be true to say that you stopped the
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redeployment of the voice because i said that policy was all going to to reduce the number of climate change over was when i left i was given a promise that no more would be lost do you get the promise because of a non-disclosure agreement or it was quite as it was wasn't quite that but it's fair to say that the foreign secretary please not to go into the public domain talking about the law and he. 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 store 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
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greenhouse gases to a net 0 that is the whole point but at the moment we're at $412.00 parts per 1000000 of carbon dioxide in the atmosphere the pre-industrial level was $270.00 you have to go back 3000000 years to get to 420 pounds per 1000000 and sea levels 10 meters high so that that is the long term 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
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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 1st of all greenland is right there next to the arctic sea when all of the greenland ice melt of sea levels globally will rise by 7 meters 7 meters means . indefensible even a couple of meat. is in defense. with 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
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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 plant. agricultural activity 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 i 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
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cool enough fast enough by simply reducing greenhouse gases in the atmosphere just very briefly if you don't think it lets off the fossil fuel companies off the hook the big fossil fuel companies it will be the politicians that will be the people that you used to advise when you were advising government my fear has always been that as soon as you start talking about taking greenhouse gases out of the atmosphere the. fossil fuel industry would see this is a fig leaf they would just carry on business and say they can pollute 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 3 $150.00 parts per 1000000 and the rephrase the poll and refreezing the polls. is a challenge of the order of landing
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a man on the moon but it needs resolve and it needs finance to back it up that's your favorite shows of the last season we will be back with a brand new cd going on the ground on january the 8th until they contribute positional total media and you'll forget to subscribe to going on the grounds your child will have a good you. but if she warn you posted by you can i do the dishes at the bottom or those jeans near the speech and see me blue true. cause and about some of them when you guys you. can use i mean guys without infringing balls
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. a lot of you will see sawing during fuzzy fights about 2 kids each other both sides. but as in the adults to me as if. the. last. year and she beautiful cabinet 5 days doing this is. an english lady a few people who simply knew. she would include in total. what is physics physics is nothing but the harmony you can create on vibrating strings that is chemistry chemistry is the melody the melodies you can play on strings what is the universe the universe is is a symphony of strings. same
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row. long rolls just don't call. me old but you get to shape out these days comes to educate and in games from an equal betrayal. when so many find themselves worlds apart we choose to look for common ground. trumps threatens a wrong with sanctions never seen before off there in the peace voted to the south american troops in a furious response to washington's. top general. in . libya faces for the frog.
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