that rhetoric about keeping the media clean is going to only get louder i don't know that elizabeth warren actually believes that her pose of will change anything or i don't actually believe that she even necessarily thinks this is a real legitimate i don't believe that the democrats have any desire to actually engage in sharing false information i think that. there are. only. our rations here or very very rich it's scary for me. and he we believe that it's me i think the reason why this is become an issue for the democrats is because they know they're not doing very well in fact i think we ceded ormus amount of people walking away from the democratic party to be able to. say anything that they need to say to you we're going to laugh and that's a global news wrap up for now but i'll be back at the top of the hour thanks for

tuning in. the lobos thanks. thanks. a thanks to. god they.

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

is really unprecedented i'm sure that total inequality it's like the worst periods in american history. but if you're a find it more closely inequality comes from the extreme wealth in a tiny sector of the population fraction of one percent. there were periods like the gilded age in the twenty's the early ninety's and so on when a situation developed by the similar to this. now this period 6 tree because if you look at their wealth distribution the inequality mostly comes from super wealth. literally the top 110th of a percent are just super wealthy. not only is it extremely unjust in itself. inequality has highly negative consequences on the side is awful. because the very

fact of inequality has a corrosive harmful effect markers that. you opened by talking about the american dream or the american dream is classman dillard it will encourage you were card. ridge it was possible for a worker to get a decent job. in a corps of children who are school. collapse. imagine yourself in an outside position looking for mars. what do you see.

in the united states when there are professed to like democracy. in a democracy public opinion is going to have some influence on poesy. and then the government carries out actions determined by the population and that's what democracy means. it's important to understand that privileged and powerful sectors have never liked democracy and for

very good reasons. to not proceed puts power into the hands of the general population and takes it away from them. as kind of the principle of concentration of wealth and power. concentration of wealth yields concentration of power particularly so as the cost of elections skyrockets which kind of forces the political parties into the pockets of major corporations. and this political power. translates into legislation that increases the concentration of wealth so fiscal policy like tax policy deregulation. rules of corporate governance

a whole variety of measures political measures designed to increase the concentration of wealth and power which in turn to yield more political power to do the same thing. and that's what we've been seeing. so we have this kind of vicious cycle in progress. you know actually it is so traditional that it was described by adam smith in 1776 he read the famous wealth of nations. he says in england the principle architects of policy by the people on the society in his day merchants and manufacturers. and they make sure that their own interests are very well cared for however greed is the impact on the people of england there are

others. now it's not a merger of manufacturers it's financial institutions and multinational corporations the people who adam smith called the masters of mankind and they're following the vile maxim all for ourselves and nothing for anyone else . they're just going to pursue policies that benefit them and harm everyone else. and in the absence of a general popular reaction that's pretty much what you'd expect to. be right through american history there's been an ongoing clash between. pressure for more freedom and democracy coming from below and the efforts that elite control and domination coming from above.

because back to the founding of the country. james madison the main framer who was as much of the believer in democracy is anybody in the world that they nevertheless felt that the united states' system should be designed and indeed was his initiative was designed so that power should be in the hands of the wealthy . because the wealthier there are more responsible set of men and therefore the structure of the formal constitutional system placed most power in the hands of the senate or the senate was not elected in those days it was selected from the wealthy men as madison put it had sympathy for property owners in their right. to read the debates at the constitutional convention. madison the major concern of

the society has to be to protect the minority of the opulent against the majority. and here argument suppose everyone had to vote freely and say well the majority of the poor get together and they would organize to take away the property of the rich and he said that would obviously be unjust so you can't have that so therefore the constitutional system has to be set up to prevent democracy. which is of some interest that this debate has a horror tradition goes back to the 1st major book on political systems aristotle's politics. he says of all of them the best is democracy and at any point said exactly the flaws that manderson pointed out.

if absent were a democracy for free men the poor would get together and take away the property the rich. well the same dilemma they had opposite solutions aristotle proposed what we would nowadays call a welfare state to try to reduce inequality. so the same problem that solutions one is reduce inequality will have this problem and the other is reduced democracy. if you look at the history of the united states it's a constant struggle between these 2 tendencies democratizing tendencies that's mostly coming from the population pressure from below and you get these constant battle going on periods or aggression periods of progress in 1906 for example were a period of significant democratization.

sectors of the folk elation that were usually passive apis it became organized active story pressing their demand. and they became more and more involved in decision making activism and so on. they just changed consciousness in ways. minority rights. really don't want to. to see me finally we have women's rights.

if we force it to. in terms of the damage you think day in american history is a day set aside nice and quiet boring of mankind seeking that's all survival opposition to aggression through to those who criticize us on the militancy upon descent they are serious about lawn on the provider of the vietnamese people wrong wrong black people and what people can turn for other people one day we must ask a question. for the 1000000 poor people in america when you begin. to reason of course the amount the system of distribution of wealth to question our research serving the whole of american society these are all symbolizing say. that caused great fear.

i hadn't. anticipated the power of a should have but it didn't anticipate the power of the reaction to the civilizing effects of the sixty's i did not anticipate the strength of the reaction to it 3rd. the backlash. state television propaganda machine propaganda outlet propaganda tools we are getting information. you can change the world. you tube videos the

sleepless night shift today it's a long nap. for sure brushes russia russia russia today's. military they will actually use russia today and i really have to join to see you've been on our team. were so proud and still. are just getting the number. why have you not shut down our t.v. on you tube it's a propaganda machine mr walker. we don't want to kind of wince that empty plaza with a with an axe and the monument we want to kind of buzz of and bust of streets

filled with events with the theater with with the spaces this conference centers maybe i love going to conferences and debates and such events like the battle of ideas and the bobby confronts these are the kind of things with it miss riding on gives us that miss and how us making connections with other people to set up projects. and. my uncle the kid same company saying oh boy tonight nobody will even know who they can. go in to. get. me home you know move on which i didn't get showed up to move this because of who

i'm listening to who are going to be i didn't show up and we must. not so much for speaking with my hands it is a tongue. you have a 1000000 years. there has been under norma's concentrated co-ordinated business offensive beginning in the seventy's to try to beat back the golan tarion efforts that went right through the nixon years and you see it in many respects over on the right you see it in things like the famous. well memorandum. sent to the chamber of commerce major business lobby later supreme court justice powell warning that

business is losing control over the society. and something has to be done to counter these forces course he puts it in terms of defense defending ourselves against an outside power. if you look at it it's a call for business to use its control over resources to carry out a major offensive to beat back this democratizing wave. over on the liberal side something exactly similar the 1st. major report of the a trilateral commission is concerned with this. called the crisis of democracy. trilateral commission is liberal internationalists in their flavors indicated by

the fact that they pretty much staff the corridor ministration. and they were also told that democratizing tendencies of the sixty's and so we have to react to it. they were concerned that there was an excess of democracy developing. previously passive and obedient parts of the population or sometimes called the special interests who were beginning to organize and try to enter the political arena and they said that imposes too much pressure on the state can't deal with all these pressures so therefore they have to return to a city and become the politicized. and they were particularly concerned with what was happening to young people in. when people get into free and independent.

in the way they put it there's a failure on the part of the schools the universities churches the institutions responsible for the indoctrination of the young there for it's not mine. if you look at their study there's one interest they never mention private business and that makes sense they're not special interest they're the national interest kind of by definition so they're ok they're allowed to you know flub is by campaign staff the executive make decisions that's fine but it's the rest of the special interests the general population who have to be subdued. when that's the specter it's the kind of ideological level of the backlash but the major backlash which was unparalleled this was just redesigning the economy.

since the 1970 is there's been a concerted effort on the part of the masters of mankind the owners of the society to shift the economy in 2 crucial respects one to increase the role of financial institutions banks investment firms and so on insurance companies. but a 2007 break before the latest crash they had literally 40 percent of corporate profits. far beyond anything in the past. back in the 1950 s.

and as for many years before the united states economy was based largely on production. in the united states as the great manufacturing center of the world. financial institutions used to be a relatively small part of the economy and their task was to distribute unused assets like a bank savings to productive activity buying our way to. money. on the back of the reserve bank. to be high to providing an. outing money. to the community by making. money for a manufacturer to meet a better ongoing high coming. to unlock and remodel are going to money out of the white people are always needing more and i have a mean. that's

a contribution to the economy. regulatory system was established banks were regulated the commercial investment banks were separated cut back or risk investment practices that could harm private people. there had been remember no financial crashes during the period of regulation by the 1970 s. that changed. the story getting that huge increase in the flows of speculative capital just astronomically increased an enormous changes in the financial sector from traditional banks to risky investments. complex financial instruments money manipulations and so on increasingly the business of the country isn't production at least not here. the primary business here is business. you can even

see it in the choice of directors so the director of a major american corporation back in the fifty's and sixty's was very likely to be an engineer and as somebody who graduated from a place like mit maybe industrial management more recently the directorship in the top managerial positions or people who came out of business schools learned financial trickery of various kinds and so on. by the 1970 s. say general electric can make more profit playing games with money than you could buy produce and in the united states. you have to remember that general electric is substantially a financial institution today it makes half its profits just by moving money around in complicated ways and it's very unclear that they're doing anything that's of value to the economy. so that's one phenomena let's go financial ization of the

economy. going along with that is the oil sure into production. the trade system was reconstructed with a very explicit design of putting working people in competition with one another all over the world. and what it's led to is a reduction in the share of income on the part of working people. it's been particularly striking in the united states but happening worldwide it means that an american workers in competition with a super exploited worker in china. meanwhile highly paid

professionals are protected they're not placed in competition with the rest of the world far from it and of course a capitalist free to move a workers are free to move labor can't move but capital can well again going back to the classics like adam smith as he pointed out the free circulation of labor is the foundation of any free trade system but workers are pretty much stuck the wealthy in the privileged are protected so you get obvious consequences and they're recognized in fact praised. policy is designed to increase in security. alan greenspan and when he testified to congress he explained his success in running the economy as based on what he called greater worker insecurity. a typical restraint. compensation increases has been evident

for a few years but as i outlined to some detailed in testimony last month i believe that job insecurity has played the dominant role workers in security are going to be under control. they're not going to ask for say decent wages were a decent working conditions or the opportunity to free association meaning unionized. now for the masters of mankind that's fine they may show their profits but for the population it's devastating. for these 2 processes financial ization i'm sure are part of what led to the vicious cycle of concentration of wealth concentration of power.

so wrong. we're all just all. well yet to stamp out this thing to come at some point and engagement equals betrayal. when someone find themselves while the party. system the for common ground. i actually don't think monopolies per se are the problem it's monopolistic access to credit or to politicians and probably both but the crony financial isn't crony capitalism that's the big problem that's. the 2020 presidential campaign is beginning to look a lot like the 2016 race but this time around the insurgent is bernie sanders who's not even a member of the democratic party voters again are not interested in establishment

politicians in fact they appear to be rebelling against the polices from sanders showdown. and another one of. the food. itself to see if. the slave got sued for nothing and the mother decided this. and i know this to let them know that. this is the only thing that we do is music because everybody fights this way. i the floor lucan the fee this will persuade you that you have the ability to get the. what i think is this is the fund that is

a complete. britain sailed off into work in murky waters on its post voyage full of fear and economic storms and a bring you need from both scotland and northern ireland. plus as fears over the corona virus outbreak grow people around the globe reported an increased stigma and discrimination against chinese people. and it's a race against time to save one year old baby's life as his parents try to raise the chew point $4000000.00 price tag the world's most expensive medicine.