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 pacing by waiting is 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 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 bible and sort of 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 real estate in capital cities around the world which is . flat exactly which is why you know young people can't buy our flats anymore just in london 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 say let me get a little energy because if the data shows i think you. we've had since the thirty's all moods it has been. the state hasn't really the best of the evidence suggests

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 b. and the central bank finances support financing through its monetary policy has credit guidance policies that directs 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 the interest rate in the city of london as we know for a reliable until say a german coal wouldn't government so that's 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 stop creating

recreating in the economy say with the brixton pound which you 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 hard 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 they have just as national investment bank that we had voiced nicholas sturgeon on actually on a p.p. . england the u.k. doesn't have such a institution actually one of the few advanced economies where we don't have a big stand back door strike on thank 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 cutting 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 owners 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 it's an embarrassment of the democratic leadership it really. 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. his image for quite a while because walter was on the verge of creating the viewer or. is responsible for. towards russia and china. north korea you know. what he was appointed what it was that you. are. the mystic situation well now that he 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 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 an embarrassed religious shows you there's a likelihood that by then 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 in the warm as republicans because bolton is a popular around the world we have 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 red as a way of iran cuba syria russia you think that we're in safe i have well i think we are very safe where you say he is a war distortion of the sanctions are kind of war that killed just as many people as and leave violent wars. but now of this is our own 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 and the fact that he's no longer there and pompei o is just there and then t. shirt and you'll see a new anything that trump wants but the landed of a truck going to war at this point and his russian personally and to putin.

well that and also that north korea you mentioned the democrats anyone 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 middle income or laris of the democrats for the 2020 the elections necessarily will be different on foreign policy when it comes to wars. i grew up there shortly i think to the only change we have to end the decent foreign policy is for early senatorship elected and toshi ever to be selected a slice 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 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 douche no question but at the leadership in their own party is not supporting bernie sanders and also told she cared because both of them represent. many it was who share actually the mills who just show complex and i know the job she ever is going to try and stay in from the debates she was she was she did the process just the way they shoot me when are we. and she has to say the proper number of donors. over. 1200. what happened to her happened to me is that in my name i make 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 sanders is tweeted against israel for the proposed that further annexation 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's not said anything that when he made calls to end our soldiers in the course when you're talking about missing you know you're talking about one of the 8 criminals in the whole pencil you know. leaders i hold and pray. in a prayer but i just hold the usually that. loses the election and the end of him because the persecution and the crimes that he's. gay is coming back but

1st he's going to lose and i hope so that was a thank you often to brag did boris johnson oversee the slashing of resources dedicated to tackling the greatest threat to the planet or climate change while serving as britain's top diplomat we speak to the man who was his chief environmental advisor to david cain all of them all coming over by the term going underground. good food descriptions sound up the tasing even for the owners so how to choose the pet food industry is telling us what to feed our pets really more based on what they want to sell us then was necessarily good for the pet turns out and may not be

as healthy as people believe we have animals that have you know diabetes in arthritis they have auto immune disorders allergies we are actually creating these problems it's a huge epidemic of problems all of them i believe can be linked to a very simple problem of diet and some dog owners so heartbreaking stories about their pets less treats a larger corporations are not very interested in proving or disproving the value of their food because they're already making it a $1000000000.00 on it and there's no reason to do that research. and we're going to fulfill the repeated purposes of politics to the people and promise to be you know we've all pots the critters. really. happy.

now you want to work. no. all. 5 they. can link up by you who's. 6 this is the harmony. vibrating strings chemistry chemistry is the melody the melodies you can play. what is the universe the universe the. strains.

welcome back this week scotland's highest court ruled boris johnson unlawfully shut down britain's parliament on tuesday the supreme court will scrutinize whether the new prime minister misled the queen will be 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 david welcome to going underground so i'm going to say surely 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. 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 believes it's fair to say without britain's actions the paris agreement in 2015 wouldn't have happened just to back it 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 had been embassies around the world you know the country had taught full time to test these a climate always in a different diplomatic outpost here in this thread 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 an 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 20 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 decider is 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 5 that we lost not try it we lost. of 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 brics that is what happened to be done little saying they went app's 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 it. 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 a new hat. and i said but if it 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 so they've it 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 i 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 was not a cycle that. you have to be if you're an 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 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. george osborne it is in 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 about 100 times more serious as. a gas for climate change them. you've told successive governments this so why be

it's not. 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 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 own voice would it be true to say that you stopped the 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 if it was 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 stuff because. i mean the time limits before we get as dragging of a shorter 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 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 420000000 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 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 why 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 adviser this has absolutely no doubt in my body that the warming up of the planet which is very real 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 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 now 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 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 as always being 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 comply with 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 will take 40 years to get us back down to about $350.00 parts per 1000000 and the rephrase the poll and rephrasing the poll is a challenge of the order of landing a man on the but it needs resolve and it needs finance to back it up that's your

favorite use of the season we will be back with a brand new cd going on the ground on january the 8th the deal breaker. positional total media and you have to get to subscribe keep going on the grounds your child will have a good you'll talk. but if she warned you and i do the dishes at the bazemore those jeans nudist beach and you see me. in the news i mean that is without infringing balls. a lot of you will see sawing during fuzzy fights about 2 kids each other both. the.

cabinet 5 days doing. an english lady a thing people who simply. include in total. so what we've got to do is identify the threats that we have it's crazy. let it be an arms race off and spearing dramatic development only mostly i'm going to resist i don't see how that strategy will be successful very critical time to sit down and talk. time after time corporations repeat the same mantra sustainability it's very important. transition to sustainable transport sustainability. the more equitable and sustainable.

they claim their production is completely homines. if. companies want us to feel good about buying their products while the damage is being done far away the 2nd eldest going to. do want to. underscore. what is physics physics is nothing but the harmony you can create on vibrating strings but it's chemistry chemistry is the melody and melanie's you can play on strings what is the universe the universe is a symphony of strains. tens

of thousands fill the streets of tehran that's a live shot from there now for the funeral procession of the country slain general stolen money. while at a furious response to washington killing the commander of the saw iraqi employees vote to boot out american troops only for donald trump to threaten the right with sanctions never seen before. and straightly is ferocious wildfires with no notice of claim 25 lives many thousands of others of the move to safety as i guess now is the prime minister over his handling of the crisis and for dismissing climate change.