the stable and predictable policies we were told about ah, i mean, ah, [000:00:00;00] with i'm option retention. you're watching. going underground. coming over the show is the cop 26. i'm it hosted by you k prime minister, more strong to the sham. we ask the tories form a u. k. state minister for energy and climate change. why greenhouse gas levels hit record highs in 2020 despite a corona virus pandemic, and as nature nation sanctions exacerbate the global corona,

virus pandemic and central banks attempt to avert and other western economic crisis . is crypto currency, the key to breaking the cycle of corrosive capitalism? all the small coming up in today's going underground, but 1st you k p. m, or as johnson, and some world leaders have been up in scotland for the cop 26 environmental summit . this is the un won't humanity is way off track to reach paris climate goals. after report by the world meteorological organization revealed greenhouse gas levels reached record highs in 2020. despite global corona virus lockdown. johnny me now from london is britain's former minister of state for energy and climate change in the executive chairman of the end pos group. thank you so much. all back of her. her coming on. i don't want to sound like doom and gloom, but this is a, this seems quite horrifying. the did we had a 5.6 percent decline and emissions because of cov it and so on. and yet as a record, you have a c, o 2 methane and nitro dioxide, or is it too late? the scope 26 summit? it's not too late by any means, but it does underline the huge scale of the challenge that we have before us. and

why it's absolutely vital that well lead as meeting at glasgow under the presidency of boris johnson. do you actually stepped up to the plate and come with pledges that are commensurate to the scale of this huge challenge? okay, but i understand that you are on something called the world banks, carbon pricing, leadership, coalition, carbon pricing of a free market. the way of trying to combat climate change. we know big companies already avoiding tax escaping taxes. what is carbon pricing? and what role does it have to play in combat in climate change? so the carbon pricing leadership coalition is the world banks, major initiative to help drive the global economy towards a low carbon model of business. and carbon pricing simply put is a way of putting a true cost on pollution that tech companies, businesses,

countries emit. so that when you're buying a product, you don't just pay for the cost, but you at the price actually reflects the cost to every $1.00 else of the carbon emissions, the pollution that it's creating. and economists broadly agree that it's by far, the most effective way of addressing the balance to make sure that the her, it always pays to do the right thing. well, that does proportionally affect the poor given there aren't a rival product on the shelves that, well, that's a very good, that's a very good point. and you know, the thing about carbon pricing is it's not new. but one of the reasons that it hasn't really gone as far from the textbook to the statute book is because of the unintended consequences. because as much as he want to hit businesses that are polluting, there is the possibility that if you put up the cost of gas,

say that you also have an unintended consequence of pushing up the cost of heating . and i'll put it in the global south may be pushing up the cost of cooling, where people are, and an on air conditioning, or some places where you have cook stove, sit, use fossil fuels, you put up the cost of eating. so it's very important that politicians don't just use this as a blunt instrument or just use this is another way to raise tax that they then put into their treasury's back pocket. you've got to make sure that you think through the unintended consequences of carbon pricing, as well as take advantage of the big economic push that it does that it would give towards the green economy. and what i say in what the carbon pricing leadership coalition has said in a new report that was released over the summer is that there are some very simple ways in which this can be done. but we really need to recognize that each region,

each country and is slightly different and unique, they need to come up with their own ways to deal with any of those unintended consequences. yeah, but it's a world bank project. you know, the global south considers the world bank to be a catastrophe when it's come to environmental degradation all around the world with its projects. we don't see an ideological difference between i mean, just palm oil in the all right, one the destroyer, but it is ideological. i mean i, i think if you want to talk about historical legacy, i don't think any institution, any country that has been around for decades comes out of this well, initiatives your favorites are ones that are great for entrepreneurs. great for making money. the chinese communist party, we've had chinese experts on, i have a much bigger scale attempt, arguably to combat climate change. and it's centrally planned and then goes out to the provinces of china and seems more ambitious,

don't you think than these ones in countries that don't favor join? i have to say all the saviors of the, of the global climate. i don't think i put the chinese count, chinese is party at the top of my list. the fact of the matter east china is the world biggest polluter and will carry on being the world biggest polluter for some time to come. and really the successive or failure of the world's efforts all depends on whether or not china steps up to the mark and really start to bring down . it's a massive, massive carbon emissions at a pace in scale that is commensurate with the science. and if they don't be under no illusion, it's not going to be britain, it's not even going to be the united states as stuff as most it sent me the, the poorest countries of the world that will be hit by china's continuing to burn coal. it will be the poorest countries of the world he'll be hit most by the natural disasters by the rising sea levels. if china continues to fuel their

economy using coal and allowing those missions to go into the atmosphere, that in china obviously has a target of 20 percent to 0 emissions by 20. 60, i don't know where the think that target is a good idea, but you can see why. well, in the step in the right direction, it's obviously nothing compared to net 0, which the u. k. and most of the i, c d have signed up to by 2050. so obviously we appreciate that china is coming from a different starting point and but the but the in the european union for example, that counts to some like 26 percent of total global emissions. now the u. k. significantly less the u. k has caught it emissions by over 50 percent since 1990. china still hasn't pete. so china is still going out year on year on year. the u. k now produces less carbon emissions than when queen victoria was on the throne. and as i heard of his,

i include the royal navy. does that include it was all about it. it said of course it includes the full name, the i don't think the role navy is a male. i asked her because of the biggest shallow tasman that the house is not very big. i asked that because one of the biggest, polluted is of course, the united, the pentagon famously. and they usually don't calculate military activities in, in carbon models. and of course china, ticket china is the biggest polluter because it has the biggest population. obviously, china is no and near as bad polluters, the united states. if you divide by the number of people that live virtually, well it does, it have fun enough. the chinese per capita emissions are now significantly higher than europe. so you're right that the u. s. is still the largest per capita polluter, but the emissions are coming down significantly. china is, has continued to go in the wrong direction. the reason for that is very simple. cole and why has the u. k been able to reduce its emission so substantially,

it's because we've almost entirely got rid of coal from the electricity system, replaced it with clean energy instead. and if you look what's happened in the u. s . despite the last administration under donald trump's rhetoric, the reality is coal continued to come off the system, china. it still needs t and reduce and then eventually eliminate cold production. but it's got such a long way to go for that to happen. how geopolitical, in cold war, 2.0 as it's being talked about, is the whole combating climate change debate? i mean, after all of the biden administration is continuing with this pipeline fossil fuel pipeline of native american lands. i know your company host to john kerry, the usaa climate on why he's been involved in wars, you know, libya, her and so on, which are obviously destroy the environment. how political is all of this. and can

you see why? certainly media in the you, in nato nations is all about this is moscow and beijing's problem. they are not facing up to the challenge while washington london, brussels is i think, actually are coming out from the wrong point of views. climate i think has the potential for being one of the few geo political issues that actually brings nations together. because what is absolutely clear, if we divide ourselves in 2 blocks, we're never going to solve this. it does require a whole world solution. and if you look at what russia has done, it's very, very welcome. the fact that her, they've committed to net 0 by 2060. and if you see the, a innovation and interest that there is in, for example, the climate partnership, russia, i, i think it's very, very encouraging that a country which um has such

a legacy of fossil fuels is increasingly turning with real enthusiasm to the low carbon economy. as much about this, why didn't he come to cobb 26? well, you'd have to ask him that, but the most important thing is that they deliver on the 2060, on the 2060 pledge. and just finally, how do you rate boris johnson? year old colleague, i mean to resume abolish your department, the department of energy and climate change. johnson hasn't got it back again and i know that you know, a former prince. chauncey, i would want to back in, i think actually for the department of energy and climate change, it was to a certain degree so far as energy is concerned, mission to accomplish what was important was that we now have at the house of government embedded in the economic department of bays, the climate change agenda. and i think boris, i knew spoken voice about this. i worked for boys when he was mad. i chair the london sustainable development commission. i know that he has

a personal commitment and attachment to the natural world. and while there is many things on his plate and he is nevertheless, i think has a, has a real conviction around climate change. and certainly i don't underestimate the task that the u. k. face is in trying to deliver a sufficiently ambitious outcome to cop 26 in glasgow. but i think it won't be for the lack of effort for the lack of trying. and how important is it even if they don't come to a deal. i mean, the paris still still holds right, well enough degrees the, the only, the only thing is this is slightly did this, this out. this conference is rob, different the previous un conferences on climate in the private sector have almost to me cli, important part to play as sovereign nations. so it's not just about a government's coming in and president signing declaration. so putting their names

to treaties is also about the private sector that underpin those economy is equally committing, particularly the hard to abate the very energy in energy intensive, highly polluting industrial sectors of which are group. gala minium is a part that we all recognize that we've all got an obligation. and that's why the n plus group became the 1st company in the global element sector to adopt to net 0 target. and why we have the most comprehensive route map that we published last month on how we're going to deliver it. we have a 2000 companies worldwide listed. public companies have now committed to a net 0 target, but only about a 180 of them have actually published really clear road maps on how they're going to deliver those reductions. so we don't just need prime ministers and presidents to come along and talk about climate change. we need c s and chairman to step up

and show how they're companies, particularly the big companies. the big emitters are actually going to deliver and make it happen in the real economy. lord walker, thank you. after the break, as a donation states, embrace the crypto currency revolution, is it time for renewable energy resource, bitcoin to finish off central banks and global neoliberalism for good. all the civil coming up got to have going on the ground with long and i was sure seemed wrong when i just don't whole world to see out the state because the african and engagement equals the trail. when so many find themselves worlds apart,

we choose to look for common ground. ah, welcome back. this might scare stories warning of the energy use of bitcoin is crypto currency. a key issue that will deliberately be avoided and cop $26.00 and glasgow to day is bitcoin a key weapon and dismantling the central bank sponsored neoliberalism. that has seen global temperatures threatening humanity joining me now from the cayman islands. where else is raoul pal? economic historian and founder and ceo of global macro investor. all thanks so much for coming back on before we get to crypto saving humanity. am i? suppose i better ask whether we're going to see some kind of bitcoin or crypto spike before the end of christmas. given the chinese communist party seems of reversed its decision that they're going to have some kind of referendum really on whether to use bitcoin or certainly allow mining of bitcoin in the largest p

p p g d p. country in the world. ah, yes. i think this mass scale adoption going on. so just for people to frame what's really going on here. this is the internet, back of 1997 had a 150000000 users. it was growing that 63 percent a year. it was the fastest adoption of any technology in the world that ever seen, or kind of familiar with that story. crypto current is 150000000 uses. the adoption rate is 115 percent a year. it's basically twice as fast, the fastest adoption of any technology in a recorded history. so it's happening at lightning pace. everybody's coming into the space, the institutions, the suffering, well funds, retail investors from e t. s. nation states. everybody. i'm so i do think the price continues to spike significantly, not only and the year end of probably in the 1st half of next year. so right now let's get to the dangers of e t f. x tray, exchange traded funds,

which allow people pension funds, all sorts of different normal financial vehicles to invest in it. how dangerous is it that exchange traded funds are involved encrypted currency, which are seen by idealists is breaking the power of central banks. given that they're betting on the future price, you might have to explain. i mean, what, what are the company at top level? i don't mind. it's adoption, it's still adoption. it's not in the way that the idealists would believe, which is not your keys, not your coins. i store them yourself much like you didn't go bars, but it allows people access to this revolution technology in the returns that can come from it. the problem is it was done sub, optimally. it was actually benchmark against a futures contracts. so a futures contract is something that is about the future price of an asset and it doesn't have to stay in line with the actual price of bitcoin. and what happens is when you get a lot of demand for the futures contracts, it trades it

a huge premium, which means that you're actually lowering your return. so a lot of people going to come here and say, i will be clean up a 100 percent in the last quarter and they'll suddenly see that they make 30 percent. it's the same with the you are so oil, e, t, f, it's based on futures contract. so it doesn't actually represent the underlying, so people, even in the se, se is saying they're trying to help people here. they're actually not, they're actually doing the opposite. they're exposing them to risk that better understand which is the premium and discount that futures contracts can trader. they don't allow ordinary people trade futures contracts, but they think it's ok to allow them to trade an e t s by some futures contract to nonsense to me. there's no conspiracy here in a deliberate attempt by the security exchange commission, which would deny that there's anything dangerous, i should say. they haven't, they haven't adjudicated on on this precisely yet. there's nothing conspiratorial

about deliberately creating some kind of an angel vehicle which will burn people, make them make them stop being interesting to see the see. the cynic in all of us would say that probably aware of some of that. i know it's sub optimal, but i also understand the fact that the current system, the a c, c and others don't have to deal with the physical ownership pos, a big coin for the t f. is that secure enough? because what would be even worse is if i can't make it secure enough and i think it is secure, but it's so it's a false narrative. and that money got hacked, then suddenly will be no money left and everybody can lose everything. i think that's entirely wrong because there's very, very few hacks of any of the major exchanges. everything has changed is not 2017 anymore. oh my god, 2013. but task me would say yes, they kind of understand that people are going to get disappointed. i don't think that that mac, a value up. we can, we can trust the s c c. let's have to stop press rope also. we can trust them. actually, let's talk about the i see,

see what your denies will wrong doing. gary gans la who runs it. i said, as warned that crypto is like the wild west, i mean unwittingly, that may attract people in the middle america to do it. but there's something political here about statements coming from him and, and others warning people against sport trading clearly or sport investments that you can do on the internet easily. parsa is he's in his own political battle to regulate this. so what he's doing is shaking the sabre, saying, somebody needs to regulate this and it's going to be me. at the same time, the c, f t c are trying to do the same the fate of looking otherwise regulating the osi say. so all of these agencies are fighting, who's going to regulate it? why? because they know it's big and is power. so whoever gets it gets all the power. so i think that's fair. i think what they're also looking at this with the eyes of

a 1934 securities law, which is nonsense. what this really is, is real time venture capitalism. for the, for the everyday person. the everyday person's been shut out of the big opportunities because you have to be accredited in each case through financial institutions as barrier offered barry off the barrier. so only the rich people get access. this is what has to change within this. this is allowing, if you don't deal with the mass securities, you're going to allow everybody to be able to participate in this kind of early stage be see where the big gains are. i think there's a big battle that's being drawn up. he is showing the hotline because that's how you negotiate old trade negotiators. everybody does the same thing. no, never, never going to happen. obviously, what happens is that they reach a grant grant comprised there's too much money in the space to me. young voices in the st. too much innovation, the space for him to come down and say we're gonna,

we're gonna prosecute all of these tokens of securities and one's going to prison just never going to happen. so it's setting the battle grounds for the fight. that has to happen. okay, i mean there are sudden announcements, obviously when some crypto assets, the take the crypto market by, by surprise, i'll get on to the how even, even the poorest people. and i'm speaking to you from a country with one and 4 children in poverty. how they families like that can somehow participate. i'll get to that in a moment, but not only our ordinary people not allowed to or not been able to get into this market for some, for so many decades. they've had, they've had to see their own currencies, get more and more di valued. we know here that the standard of living is set to decrease according to many analysts could do. the very same vested interest in nato nations. not deliberately sabotaged crypto by quantitative li easing,

but to, to buy the market by the crypto market, just as they were, i only we currencies viet currency. they will buy ass, they will buy crypto assets of the time. that is going to happen. all they're going to be a launch in a participant because they'd come in so late to be able to manipulate that market or damp in the market like people say that happens with the gold market. i doubt it because this something is unique. this is a distributed network of owners around the world from a 150000000 people that will soon be a 1000000000 people. so their ability to control it is almost 0. it's a fascinating, fascinating spice. it is really anti establishment at its core and creates a new world based around kind of distributed ownership and proven ownership of assets that people can't mess around with. you can't wait supply, fearing the loss of power. could the fed in the bank of england not just buy all of it and take the hit of the loss and make the public pay for it?

it's potentially feasible if somebody will sell it to them. so it's actually, it's actually pretty hard if the central bank were found to be trying to pursue a strategy like that, that we can sell them anything. because there is a core belief in this space that this is for the people and not for the governance . people don't mind if the government's participates in it, alongside the people. but if the government trying to control it at the expense of the people that will not wash, do you think the bank of england is going to take on the millennial voters now? they're not going to do that. they're gonna have to adapt. did you say care about the policies don't seem to, they tend to millennial versus her on the reco vinto? no, much liking the bank of england, perhaps. i mean i and they don't. but if they go to battle, they will go to battle. and we saw that recently with the u. s. t on it puts regulations in and like millions of people wrote in to congressmen,

senators got involved in all sorts of groups. and i think the she was surprised at the strength of this movement and how much money's in it as well. and on the even more macro level for the military industrial complex, they're fine with countries now using it to have a dis, sanctions. other anecdotal reports of countries buying a humanitarian aid. they say, oh, can't be, can't be got to normal means because of nato sanctioned that alone countries not necessarily progressive like el salvador allowing it as a, as a currency. would it be big in the global south? yes, it will be because it does avoid, swished. you know, you can have one nation state saying who is a good a by actor and bad actor. it's ok if all nations come together and say we made an agreement, somebody's a bad actor. that's ok. alicia some consensus, but to be also safe and swift to say. no, you bad,

you good. people don't want that. china doesn't want it. that's what chinese billing had a sense in trying digital currency rails. in fact, the europeans i wanted their building on the digital currency riles. so all the singaporeans and so all the swedes, so on the danes impact everybody is. so we're moving away from a switch. well, whether they like it or not. and in this world of free capital flows, however, except the crypto is, is a coal pot and samples on a great job with that, i think the middle east will do a similar job. we will see castle flows to them and away from places that don't give it a. yeah, i give it a good home. so i think it actually works well because it actually changes the entire narrative around how rules, basically rules the system works. and, and just finally, i mean, what you said clearly means that you don't believe it's a pyramid scheme run by a few oligarchs is often spread as a rumor in the press. very briefly, if you've got 20 p 30 p a week, a, how do you,

even by a big coin is what they probably think father of it going? well, people make it easy. now things like capillaries use that. so most people have a pay power at those square at one of these payments systems revolution, the u. k. is another one. you could just buy that. that's an easy way to start, because it's hard to set up an exchange you to set up an x or a brokerage accounts. you could do that way too, or you can buy, you know, each e f is one launching the u k. ah, there's one in germany, this one's all around the world, canada, the u. s. so there's plenty ways to participate now and more and more will come. but i do urge people to participate. just dollar cost average per little bit in a risk to much use leverage and just participate in something that could be the biggest thing any were servicing i think right down to 2 and a half trillion the last class, most of the major asset close around. well, equities bonds are real estate between a 150 and 350 trillion. so i think this goes to 200 trillion in the next 10 years.

so 100 x for an asset class mankind has never seen that before. so it's an opportunity for everybody because everybody can own 10 percent of their assets in this, everybody the richest and the poorest. ok, this is not the proper official, their financial advice because you can sell their own advisors and all the usual caveats well. well, thank you. thank you so much. that's over the show rack on wednesday. yes, since us went to the polls in contested election. we had an insurrection in washington, d. c. that killed or injured more than a 140 people at the u. s. parliament building. until then keep in touch with social media and let us know if you will be investing in crypto car. ah, can you make heads or tails of buying this foreign policy? ukraine is a good example. does washington in brussels want piece?

the same applies when it comes to china. where are the stable and predictable policies we were told about ah, russia, this class of car was discontinued more than 20 years ago. even lost a more than a sort of can you sell it to proposal this year? dealing with just important purchased it took 5 years to close the gap on the world car industry from the drawing board to the 1st finished model scripture. so well over here to find excellent trolls key of dealing with the law firm ocean's commissioner through new phone call should for shift or commercial building america crockett. the customer lives where the pretty much it was to the only marshall

with with i don't think i know as world leaders move on from the g 20 that of the way candidate is all smiles. the french president now claiming is astray. leon counterpart was lying about a troubled deal for submarines. meantime, delegates gathering scotland for the huge you and climate summit with calls to ha of emissions. but there are cries of hypocrisy as around 400 private jets have been flying in those v. i p's to talk at the event a dot for decade, long case a canadian court rules that committed didn't cross the line when he made jokes about a disabled child. sing it, we put it up for debate. the must be a stop between hatred and comedy between violence and free speech. no one saying