in today's going to go 1st straight to why the european union has been forced to announce it will stop printing tens of billions of euros from the joining me is research head of university college london the institute for innovation and public purpose thanks for covering on how bad things have of after 11 years after the bailouts of the financial crash the e.c.b. has to do this that's previously pretty 2.6 trillion between 201528 yeah i mean we are now i think in sort of japan type situation where you know it's been over a decade since the financial crisis we've had these massive monetary stimulus in the u.k. in the u.s. europe the e.c.b. in japan 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 remains very long yet we're in a bad situation i think and britain. trillion of this quantitative 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 and now even some of the top x. central central bank governor was raising questions about q.e. . 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 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 fact that money supply may not be the most important thing here it may be moved. the allocation is still in for the chinese communist but the way it

is 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 them on 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 wages is a group thing we think that 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 there is institutional investors will then own sort in 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're getting people called by barks lots 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 a decent well paid job. in the sectors where we actually really need new jobs

saving is the middle energy because if the data shows i think you. we've had since the thirty's it has been the state that hasn't really the guess or the evidence suggests that actually when central banks and ministries of finance collaborate and coordinate 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 coal wouldn't government so that's nationalizing everything and green new

deal. policy doesn't look likely to change given what easy we 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 house prices so so i think we need to you know the german model is quite a good one they have a big state investment. bank the k f

w sitting behind regional public banks that actually then lend to assamese and middle sized companies to support innovation to support new kinds of products so that would be a more interesting model in scotland to have just as scottish national investment bank we had voiced nicholas sturgeon on actually there are 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 or shrunk on thank you 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 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 of 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 democratic leadership it really. was probably the most significant warmonger in recent history and should be able to give him many kudos when he was fired and yes fired not resigned and saying that. his image for quite a while because walter was on the verge of creating. is responsible for. george bush. and china cannot force

north korea in seoul and when he was appointed boy it was a view very test mix it as a mystic situation where now the least fire 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 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 i say it's worse in the bearish religious shows you that the 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 venezuela iran cuba syria russia you think that we're in safe i have well i think we are very safe when you say he is 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 this is our trumps to make a deal with anybody it is ridiculous there's no we have no right to go sanction anybody. but bolton was it 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. and you and it seemed trump wants but the land is

a trump going to war. and. personally to putin is should be applauded and also that north korea mention 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 let alone kemal arris of the democrats for the 2020 their elections necessarily will be different on foreign policy when it comes to wars. i grew totally i think to the only change we have to end the decent form of it is for early senatorship elected and tosi ever to be selected as vice president then will be kerry and he to reverse the course of our desire to be an inquirer 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 know think the d.n.c. is going to do the same thing so yes they try i don't love to be successful but douche no question but the leadership in their own party is not supporting bernie sanders and also told she cared because both of them represent. and maybe it was you schechter that mills who just your complex and i know it was she ever going to try and stay in from the base and she was she was she did 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 make sure my need peer in a number of polls of another can you have a c. it's not a good draw was about all d.n.c. parts 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 it bernie is jewish and so you shouldn't use him and he should not sell anything that would even be close to an absolute as in the course when you're talking about you know you're talking about one of the 8 goals in the whole. leader's. prayer but i

just. loses the election and the end of you know because the persecution and the crimes that. he is coming back but the 1st. and i hope so that was a thank you after the break did boris johnson oversee the slashing of resources dedicated to tackling the greatest threat to climate change while serving as britain's top diplomat we speak to the man who was his chief environmental advisor to david came. through going to grow. here's a thought experiment and a bit of a prediction 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 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 $600000000000.00 so i went inside. the way just as a hostile trade and then they all. 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 move like that the next 6 to 9 months. join me every thursday on the alex salmond shill and i'll be speaking to us of the world of politics or business i'm show business i'll see you then.

6 this is nothing but the harmony 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 a symphony of strings. welcome back this week scotland's highest court ruled 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 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 just with that when you go to 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 self well i think britain has been playing a leadership role in 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 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 has been embassies around the world you know the country had full time to test these a climate always in different diplomatic outposts hearing this 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 $22.00 climate attaches into our embassy in

china and the like only talk to get 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 who posed with the huskies to election 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 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 as saying the board strong didn't know when he was foreign secretary about the fact that most of them with and fiat we lost not try it we lost. climate hashi's during boris johnson's period is 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 little saying they went absolutely pairing for it 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 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 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'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 that you were going to. so i stepped put his arm around me and said david is agreed to chair the commission and off the words 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 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 after was we haven't had earth quakes in the past couple of weeks in northern england. we have quakes 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 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. as a gas for climate change them. you've told successive governments this so when he is. head of the liberal democrats took fracking 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 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 death 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 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 420000000 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 to 3 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. meat. defense. 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 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. 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 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 comply with the climate repair center in cambridge has 3 objectives the 1st we must reduce emissions to 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 3 $150.00 parts per 1000000 and the rephrase the poll and refreezing 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 one of your favorite years of the season we will be back with a brand new cd they're going on the ground on january the 8th until they get to. utilization of social media and the video is a guide to going on the grounds your child will have a good yuletide. but

if she warn you posted by you than i do the dishes at the bazemore those jeans need be speech and she me you blew true she. has. no muffin when you guys e.q.'s. in the news i mean that as with an infant involved . a lot of you will see fuzzy fights about to kids out to both sides. but as in the adults to me as if. the. cabinet found dazedly needs to. be a thing people who simply knew she would include in.

the head of nato calls for a deescalation of tensions in the middle east and say the us did it you know off surely one of assassinated iran's most powerful general. a 1000000 are filling the streets to ride around for the funeral procession of the country's slain general saleh these are live pictures right now live from be a slow. moving. ahead armed forces head to libya to. government. powerful.