rich cows exams, rolling protests, sparked by a doubling in fuel prices. but what is this got to do with the united states and its western allies? we speak to a senior economist from the reagan administration, who is later appointed as chief adviser to the former catholic president, north of hon. nozer by have and as jo, biden's libby, a war advocate, top diplomat until he blink and threatens russia with all but nuclear war seemingly over ukraine in a week of critical talks, we asked for me, u. s. government military strategist, edward looked back whether we are entering a new dark age or this more coming up in today's going underground. but 1st, whilst here in london bars, johnson faces allegations of breaches of corona virus regulations. the future of a new global architecture is arguably being built in resource superpower catholics than in the middle of central asia, before accusations of a so called nato color, evolution service protested on the streets of gothic, san demonstrated against inflation. something president acc i have has blamed for the unrest that may have killed, upwards of 160. joining me is one of the world experts on inflation form

a u. s. government senior economist, professor steve hanky of john hopkins university in maryland. thank you so much, chip has aggie for coming on. i want to get to inflationary pressures in a moment. i mean, we've had previous military policy committee. people on this show who, well, we've, we've express skepticism about the politicization of interest rates, but i will go straight to kaiser firm and your adventures in kazakhstan, tell me about being chief advisor will be for sure while at to mr. nasa, bye, have in kazakhstan oh, it was an interesting episode. i went down, i was actually a state counselor in lithuania, where i'd install a currency board in 994, and it had smashed inflation stabilized everything as i had done in 1992 sonia and mazur via paid a visit to the ball, dixon and inquired as to who did, who had designed these currency boards,

stabilize things, and now it smash inflation and so forth. and yours truly was invited to accompany the prime minister of lithuania at the time and $994.00. to go down and visit as or by often, and we had a good visit. he appointed me as his advisor on a friday afternoon and wanted a currency board installed over the weekend. well, i, i, i resisted because i had not had time to do really any kind of due diligence. and the whole thing never happened to make a long story short. and if it would have happened by the way, that the tang would be completely stable. it would be a con of the us dollar and we wouldn't have any inflation or much inflation. and

because extend as it turns out, i think the inflation story was kind of a ruse in this recent upheaval because inflation is only running at about 8 percent . and kaz extend which, which is a bad mouth, but it's not, it's not a really high a spike and gas prices. what do do i understand that? who is boris yeltsin, who destroyed your due diligence attempt behind the scenes is i would you think happened? well, it was clear that there were forces in the scene that did not want to see. i will tell me that the russians, i think, by now it's, it's quite a while ago. it was, it was a long time ago. and my, my conjecture was that there were plenty of outside forces i

embedded in the administration. there's not running the administration and the due diligence never happen by the way, simply because the documents that i would require to do such a thing or never forthcoming, even though i was never biased chief economic adviser for sure while yeah, but i have now new chief advisor, you obviously didn't know about how much money was coming over here in london. i think quite a bit of cousin money is repeatedly stored here in london. well, that was some time ago. i think a lot of that london money started slowing many, many, many months, if not years after i was visiting in 99 for well let's, let's continue and that does get those get the one point number one. well, let's just get to this inflation thing and guess expand right now. the in the, the,

the, the inflation is 8 percent to get the inflation down to the inflation target to the central bank at kaz ix down, which is 4 to 6 percent. they would have to cut their growth rate and the money supply measured by him $2.00 and half because now that growth rates about 23 percent and to get a gold and what i call a golden growth rate. if i was running things and wanted to get an inflation target of 4 to 6 percent in cash expand, i would be trying to control at money supply and getting it down the growing about 10 percent maybe as high as 12. okay. i mean, some other economists, so until we see different say you just subsidize the gas prices more, but i want to get to your sample. well, i know that, well, i guess price was wrong. the money's like enjoy. yeah, they get the gas price isn't inflation. that's a relative price change of one commodity, not,

not an overall index of everything. inflation is, is a big basket of goods. everything on the economy, not just one bank. can you bring this up? i was gonna ask about currency board. you, since you are an expert on inflation, there has been a certain degree of a richer kind of reflects, of thinking about this. why, why it housing costs of so improperly represented in u. s. c. p. i figures by the united states? well, this is an old story. they've been revising the way that they actually accommodate this in the price index for a number of years. and it does have a great may imperfections associated with it. it actually lags what's really going on in the market. it doesn't reflect what's going on a very well on the market. that's and so long technical buying. and i mean,

a professor it is known since, isn't it really? i mean, the oil in britain has at least trying to create a new c, b i h index, which no one cares about even when they're working out new public sector pay. but that's for trade unions in the united states. i mean, the inflation figure in the united states, given that most americans, a huge amount of their income is spent on rent or housing cost. it's just not the c p a is a figure for wall street. well, 30 right. it might be a figure for wall street. the only figure to be watching in the united states is a growth rate money supply that, that is the key. milton friedman thought us this a long time ago. and that is, if you want to keep stable prices, you cannot produce excess money and cents. a coven crisis,

started in march of 2020. the broad major money in the united states has gone at 38.6 percent. and of that, of course, some of it is used to accommodate real growth on the economy and some accommodates the increased demand for money in the economy. but you're still left with a residual of about 75 percent. that is not used to accommodate real growth. and accommodate the demand for money. what, what happens with that? and you have inflation and, you know, having said that, you mean clear that the cans act and stimulus biden's similar stuff is not something that feeds into the inflation by creating money supply. i didn't do far down that actually i want to get that. you mentioned milton friedman. and in those days, i mean reputedly, obviously the cia killed the salvador and is the accusation. these days economic

sanctions are used while you have you been saying that the position of economic sanctions by the united states is bringing blocks closer and closer together? well, let's talk about sanctions for a minute. i. i am opposed to sanctions for 2 reasons. one is a matter of principle that is i, i'm, i'm a milton friedman, free trade, free market, classical, liberal kind of economists. so as a matter principle, i'm opposed to them. how in the world can you oppose an agreement between a buyer and seller to willing birdies and put sanctions on them. a grave such as the state department and president bridle. well that, that, that's for that. so they're going against the free trade principal. so i'm opposed to that. the 2nd thing is a practical aspect,

and that is the history of sanctions going all the way back to napoleon st continental system. they don't work. they don't work to achieve their statement of jack if usually if you go to war with somebody in effect by putting sanctions on, you are causing that person or political party or politician whatever to stay in the saddle because they'll try to protect themselves. and though everybody on raleigh around the flag was, let's say you put sanctions on country a, what happens? everybody in country a, even if they're opposed of the government, they start rolling around the flag and protecting those who are in power. so it's counterproductive. this is a history of sanctions. the sanctions are just simply for losers. they,

they don't work. and i think they're a bad thing to do in principle in the 1st place to remind us. remind us what happened when the ex ha boss of was secretary state to mike pompeo cooled you about imposing us sanctions on on kong. well now, why? year before last now it is checked very on pay a did call me for my advice on the proposition or proposal they were considering to put financial sanctions on hong kong and i was adamantly against those. and he was adamantly for those. this was on a sunday afternoon, we had talked for about 35 minutes. and monday they had a white house meeting with president trump and they were, they were next. basically, my arguments won the day because hong kong does have a currency board. the hong kong dollar is

a clone of the us dollar. it's fully backed by us dollar reserves. and the us was, i think, stupidly try considering even putting financial sanctions on hong kong that would have restricted the use of those dollar reserves. that would have been really taking private property from hong kong, and the private property would have been us dollar reserves, if you would have been freezing them. basically perhaps the thank you will have to get you on soon to talk about crypto. a lot of people interested in your views foot that i know, but thank you very much. thank you. after the break, will the red lines turn to battle lines can talk between the u. s. in russia to prevent all out war? all this a more coming up about to have going on the ground. ah,

the russia us fox and geneva were highly anticipated, but expectations of a positive outcome were low. very low rush is chief negotiator, says americans under estimate the gravity of the situation, these are ominous words. what will be the cost of this failure? now we have e cigarettes, i just heard that it was a healthy alternative to cigarettes, and do we trust tobacco companies with their message that these new products are actually going to reduce these sugars are making the tobacco of them to join me every posted on the alex salmon. sure, i'll be speaking to guess when the world of politics spoke. business, i'm show business. i'll see you then. mm. ah, welcome back. as the nato russia council meets today in brussels,

to discuss the growing tensions of ukraine that learn kazakhstan and join from chevy chase in maryland. by for messina, u. s. government advisor, edward looked back, author of seminal works like who data, a practical handbook in the rise of china versus the logic of strategy. thank you so much. talk a little extra coming on. i got to begin by just asking you what you think the by the administration is up to. i mean there's reports of arms for coo and bolivia, the t p l f in ethiopia. support for continued bombing arm support and gaza in syria. now, the threat of massive consequences against russia over ukraine, with some people saying alleged u. s. involvement in, in events in kazakhstan is, is the, by the ministration out of control. a lot of this is fiction was happening in bolivia is exactly mapping that has anything to do with the u. ready s 0, can i can i just interrupt? no, i just had to run it because the president of bolivia was on this program very much

. but i, i get a president us, it was on this program a few weeks ago. you telling us about us involved in and if you look me up, you'll find that i have been a living in the mount, the belinda, i'm over 19 years. i have a ranch, and this is pure fantasy. u. s. government is absent, absent completely absent. it doesn't do anything by the bolivian president and wants to throw at divert attention and some which it surprises me because it's quite a competent presidency, which is doing rather well. so actually it's been mysterious while do want to create a distraction when actually they do not need the distraction. adult andre sam policies there. so let's move ukraine simple, but russia is bluffing about you crate. because if you wish to enter the ukraine, you don't need 180000 your own, something like that. you need about 600000. and the russian army doesn't have

600000. but protein strategy is to simply apply pressure. and like you were in georgia and he went biking georgia back in georgia until the george's got the message found the president who was differential to my scar in a reasonable way. and then they stopped biting georgia. that is, the matter ranches of put in is not one of these hard headed and screaming things that's left to demagogues, internet stars. he waits patiently for right fruits to fall into his lap. got a crimea because they were ripe fruit and he had to do almost nothing. ukraine is not right. so if you wish to ripen ej having less than 200000 troops, there will not do the job. it will need to have a much bigger commitment. now, as for the u. s,

the u. s. has no intention of sending an army to the ukraine to stop and the russian and sorry that are already a special forces from the united states and from britain in new great, special forces, very useful in sierra leone. they're very useless base like this, but you don't confront the russian army with special forces, quote and quote. now people will need pounds and so, you know, when 15 of them are, plenty of them can go in the back of some of the london. and he's got dinner. that is great stuff. ok. when you go he gets to rush, giovanni and you tried to pull stance like, do you get killed fast? ok. if you wish to impose russia military and some that mr. put is got is a ride, true doctrine, he will not invade, right? when you crank with an inadequate small force which will only promote the

ukrainians who wish to resist, to resist and might even promote the entry of some, you know, for your p. m forces conceivably and other people. when you invade the country with insufficient forces, you start to war, you down end of war and put in being a competent fellow when he starts. this is just they start and the end. i'm very close and here and there be no act because, but it will never, they will never get to love. that will never go to the west and ukraine and long before that they'll be all kinds of consequences, including of course, the american sanctions, european sanctions, and then be on women. but the appliance functions of 3rd party, the i'll, i'll get options. i'll get the sanctions in a moment, and i mean, i'm sure you watch maybe sometime, some of the mainstream media in nato nations. they keep talking about in

a minute invasion. you might have to explain why they're always doing that. what, what is your opinion on then doing that? because there are 200000 blew, they say a 100 times in the proximity. it 1st, the russian forces have been in east in ukraine for a long time. so the, the already have in begun that part of the country. secondly, there are these forces which have been mass there as him. not sufficient for the mission, but what put them is trying to do is to send the message to care. all you have to do is to come up when a president or indeed the same president with a policy that's accepts the fact that the ukraine has always been an integral part of russia. indeed, the russians can say that they are in part, they became an integral part of ukraine. key is where the experience started, and the russians rally to care historically. so the motion,

the ukraine runs off and becomes an independent state, is absurd from a russian historical point of view. and of course, russia denies it ever. we are the ones that i want to. i want to just skip along to blink. and what you think of blinking in the structures around him since the bible became president because he was obviously a bomb as deputy national security adviser. thank is. blanca, here's biographies. baby transparent is a parisian american. i'm 1st month when he was 13. you know, the civil comes from being terribly old and he is a nice boy and he is certainly marked and somebody who is sits there clocking to, i'm says the world and to. ready attack mother, russia and things are that are what was earlier about. what did you, did you give him a call? what happened in libya? i happen to be there. when it happened there,

there was an $830.00 meeting in the pentagon. on the day of the cross and the meeting, the tammy and john chase communicate that anybody went is libya and remove mama duffy will leave a 100 warring tribes for a 100 years. so i'm down and to libya, unless you're willing to spend half a 1000000 troops and run every little angle of it where people live and buy from the sand. so the joint chiefs agreed with chicks. 7 kill defense bob gates agreed with them and got permission from the white house to issue a statement. i think it was around 10, 28 in the morning, rush and time saying that the united states will not intervene in libya. this is after more america duffy went on television and said that he was going to go, go to bon gassy, and kill them all. zam examiner, every alley we're going to go. every alley we're going to kill them out sooner than

pigs whenever they call them. then gauge, discuss permission to say you are still not going to be many less on that same day, not washington time, but europe time hillary clinton announced as the u. s. believe to be what happened was that there are these national security advisor shows rise that terrible women and the un and the hillary clinton went to obama and change his weak mind. ok, so blinking, that's not in willing to do nothing to do with it. i'm terrible with him and not doing that. obviously, many teddy and intervention. samantha bowers, we can't let the master of bun guys, you know, zahn de jang. but obviously some of the hillary clinton, they all say they acted, do it for you. propriety and strategically turn obama's mind be in less than

an hour to work out the time difference between washington. and this is one of the horrible mistakes on the weapons. you know, the cumulative since $967.00, the spilled out into the sam. we can see, you know, we can see it don't look like we can see it today. we can see the thousands drowning in the mediterranean and in recent months and ever since the native invasion, i want to get back to punch in. why have you said putin's great crime has been that he did fences allies and the taxes enemies? well, yes, this will be outrageous thing when, when the war started in syria. well, put in then the support of the i served opthamologist who had evolved into being somebody who was not just machine gunning people, but bombing them with large bombs to run out of bonds. so they would just take all barrels, booked explosives and brought them on. i had to submit some bookings approach to this was this, i want can be now to just say i'm so sorry to interrupt the game,

but people can see our interview. president said, when we flew into damascus, where it goes, presidents are denied the killing of civilians are naturally demanded. in fact, it is, i will now confess it's an outrageous law. and then these shayhan for it says, the, the different militias of the ally wish who are actually in the savings and, and son. and i agree that the pictures we saw people being machine, gun bomb tanks or the running and the bombing. this is all false. it must have been all created, the mistook the chemical ever seen the washington bound brook. his message was, guess if you are a friend of russia, we will never abandon. you look what happened to barracks. there were 3 guys in the streets and the americans dropped it. i don't do that. you side with me, i stick with you. so what is conduct is imperial. yeah,

because if you have your giving you a legions to put them, he will never abandon you. even if you commit them us greatest crimes. and on the other hand, people trying to pass his enemies the americans very often. thank you friends and help the enemies because they are driven by the imperatives of the human rights story. as propagated through the system and very often misapplied case in point being me, i'm out where they're going go. they're going up attack police station before anybody shot that one going rain. i'm muslims, most of them from bangladesh in recent years. they keep trying to look for the or talk to mr. in government, maybe 12 of them. and the, and i says now is $57.00 sanctions on me. i'm not a country with the frontier with china. a country that desperate to be with the

west, against china, because china is bearing down on them. but we have it to 7 different sanctions against that. so american policy can, it cannot be a reality. that is to say, cannot be serious. it has to be constantly deviated according to human rights interpretation of the different sort. some of them in town is spurious. and behind out there is the story. weight is absolutely true that if somebody has sent 2 battalions of infantry, then times genocide will not happen. so lambda is always the counter example, samantha power bill to korea, i'm it and she diverted us policy very effectively because of it, it was truly miranda, it's not true elsewhere. elsewhere when you're trying to get in for humanitarian purposes, you end up killing more people. and i think i think many, many people will agree with you there. we'd like,

we'd like to come on the show that to talk about how and or informs all the policies that arguably killed wounded or displace tens of millions in the his since 911 doctor edward fact. thank you. thank you. bye. that's ever the show will be back on saturday. 51. he has the name one more, i'll get off. he was proclaimed premier of libya, turning it into africa's richest capitan nation before british. and us warplanes airily bombarded it in 2011 until then he would touch my social media. let us know whether you think talks on ukraine between the u. s. and russia will fail july, an annual festival in st. petersburg dedicated to dusting epsky with a great writer, thinker and psychologist. people often turned to his work to understand russia and russians, perhaps even themselves. they put they sing on moody. it would. they brought the

matting vehicle and why they've been changing a rita transforming them as they read. that's a dust i ask is unique ability to stay of ski wants to tell us you can better yourself. he makes you face your true self or we keep man beyond conventions, rules of schemes, beyond boundaries. and the time dostoevsky is a global brand whose classics, as everyone knows, i'm never out of stuff with emotions, medieval institutions. and then i go to like technology and the combination of east street, barry, you could say historically distinct seeks fixes within our

psycho physical makeup. i have rendered us pretty dangerous to us. so a plan in a with

ah, nato has been trying to wind the clock back to the cold war times. from a russian press briefing up to high stakes talks in brussels. nato understands the principle of the indivisibility of security selectively. if nato applies a policy of containment against russia, moscow will have to take it calendar that while night, so rejects rushes, red line of not letting ukraine join the military alliance, saying the block expansion spreads, read them on democracy, and britain's prime minister apologizes for attending a lockdown, jake bought the in the back garden and no but setting 2020. it was the 1st time he admitted his presence, but now says he thought it was a work event. those the headlines that stick say a moscow time. mind pizza, scott, and i'll be back with another log in just under an hour's time.