[000:00:00;00] the the the, i'm action redundancy and welcome back to going under ground broke of single or on the world from do by in the you a,

this week i me the allegations of bite and ukraine corruption, us authorities tried to prevent us what position lead to donald trump running next is presidential election. meanwhile, the global south, prepared for south africa's brick, some of the jobs to the st. petersburg, russia, africa summit, where a new world order was planned out. but one of your, of a raging war killing tens, may be hundreds of thousands of content and cut off from vital russian energy by the terror attack on north stream economic powerhouse germany facing recession and one in 5. not having enough to eat tonight. some think your prospect so no good joining me is warmer. i'm if economist dr. david will say we thank so much for coming on because i said all that and the european leaders who are being media would be quick to say hang on a minute. the russian energies all being replaced. no problem. the your o as you yourself is said, people can what you will video when your youtube channel the are as up to cover it all the losses and ok, you are being lead is a very unpopular at home to everybody on both the left. but they're having

a good war. you, you beg to differ? yeah, yeah, i definitely think so. i think the short term does no question. i think, you know, europe, at least over the last 6 months, has benefited from basic collapse and energy prices. and um, however, what we need to recognize is the fact that while the absolute level vantage surprise of come down for europe, the price has actually gone up. okay, that is to say that's a big europe is having to business problem further and further away to secure energy instead of buying basically the natural gas from russia and okay, they don't have to be to get a guitar the us. well jerry, yeah. okay. you know, it's, i'm getting portal directly from rush or through the pipelines, you know, have to get it from soft. everything gotten very far away. places is what i'm getting there. cool. and restaurants, the navigator from south africa in australia, in transportation is very expensive. and the whole, it just is very expensive. as a result, if you look at natural gas price, for example, today,

natural gas price that german companies are paying are literally basically $4.00 times higher than what their us counterparts are paying. i mean the content that was not very competitive to begin with. now they just being doing the math competitive basically uh hits. and this is why no wonder german companies, one often not dark, are basically like, you know, picking up and relocating their manufacturing to the us to china anywhere they can access cheaper energy because what people need to realize is that there is no in europe without germany and the german economy is a manufactory economy and manufacturing economy by definition means it's basically energy intensive industry, especially when you look at the basic german chemical industries. was one of the main industries in germany. yeah, the biggest chemical company in the world as when it comes to some of that energy, okay, per year and then the whole entire nation of denmark. okay,

so from that point, i mean there is no now germany is already struggling with the fact that there be high in the production of the tv. so remember, 25 percent german economy is basically making cars. ok. and then in the industry to begin with, they have falling behind us in china and development of electric vehicles. on top of that, the electric vehicles basically requires 25 percent less labor to make a car then that's just a a combustible engine in the car. so germany is already being hit on every possible side. and now this war, i just know i would argue a fatal blow to the german economy. i almost feel like germany's freak walk into this because of the green party has decided that you know what we want. it basically get it far. no way to force drama need to in general, just stop consuming energy altogether. but of course, what's gonna happen is the oldest pollution is not going to happen in china. warranty you was, you know, the whole, you really believe the global climate hypothesis,

the whole kind of still going down, you know, where do without germany. and guess what, germany mean was lot losing jobs left and right. so this to me, it just absolutely 80 audi there is. i mean germany says the old that they are walking into this and committing a photo economic suicide. it's unbelievable to which of course, uh, entity blinking the phone with west exact pentagon contract, it would say to you, what are you talking about? we'll look after your, we'll open all the natural gas terminals for all the last a gas and we'll sell them your of the it will replace that russian gas with natural gas to your from fractured oil. sorry, frank, natural gas in the united states. what are you to here with? this is russian by the end are in fact what your thing is. except it's just more expensive, they're not facing. or do you think about this also, oil price, right. right now it's like, you know, what, you know, you're in the us and japan or say we're going to basically pay $100.00 more. then

everybody else to import energy because, you know, because i mean, right now the china, india and all the other countries of important oil from china, basic, it's a $20.00 and $20.00 discount. and by the way, the warranty, basically this one of them for a sanction against washing energy, everybody will be consuming low energy price or possibly is a trying, it'll be paying more for the europeans and whatever the japanese will be paying less for sure. but the point here is that you want to know if the americans won't be within your peace, don't get it. is it? americans are not interested in the welfare of europe. i'm not the deals that you're owes as to the us. i'm not, bill is like, you know what we said you twice. okay. one world war 2 with a new thing, the cultures of the soviet union. we have been underwriting your security for the last 50 years and hard. you pay that back. and this is how the americans thought about when basically merkel wanted to build basically north spring. so they saw

that, wow, how did everything we've done for you? you're going to basically join forces with russia. ok. this is the reason why and see how to drive. but why? that's why this war to a way to extend it's about basically driving a wedge by the u. s. between europe and basically russia because a new was already would continue with china as a competitor. us clearly did not one germany, a partner of the getting the bed together and also give the us a, basically a rug was money because of what the us has is very, very low cost energy, abundance of energy in germany were to actually form a partnership with natural insecure, rushing energy, then there's no doubt that us would have lost competitiveness. and for the us there was no way the us was going to take this, lying down. now, after all these basically over allies is given for the protection of europe. so from that point of view, i mean it's completely understand or both to me. why did you was there when it did?

what it doesn't make any sense to me is what the, your opinions are following for. this can be not the same things a bit more clearly. i have what fire holds for basically all of charleston is actually demonstrated any common sense, but i'll get to know what the stream will particularly in a, in a 2nd. but clearly the by administrator in the state department, daily press briefings, running completely country to what you're saying. they say your up is upon your up, is, are, you know, you look at the install to be a good nato. this is one big, happy family. it's not competitive a tool and do you kind of imply it in your on so there a well, i mean why would lead as in europe be amazing economic suicide like are you saying schultz macro sanchez, maloney cost um its a heck is very good. the crew and a 100 by the these lead is in your over it. it's, you know, 1st of all, i used to think what this is because good thing, right? you know, you part of the european union. but right. the sessions are being made basically in

the committee phase of leave throwing you dynamically. but i think more importantly, i think that's the fact that you're things. in the last 50 years, the on your team project was meant design to basically eradicate nationalism in patriotism. and what is nationalism nationalism is doing? what is good for your people? and then your opinions, i mean raises, whole idea is that you know what, you know, we want to basically do what's good for the common good, as opposed to ourselves. and then there's also that opinion way, very sorry, david, i got, i just need to be in there just quickly say in fans, britain from where i think we are a who was born a very and on this to and they left the europeans. you as you're exactly right, but remember, listen, i had high hopes i'd be i saw. so knocked was gonna step away from this. but i think in some sense, she inherited a policy that was laid down by twice and trust was the biggest part of the. all right, i mean,

for us to was the ones that wanna tear up things with china. approximate ones on was going to basically pick up all the way to base and be a russia, right person was a complete disaster with no, no, even embracing people. no, i'm by the way, also a producer does not look different than yours. my heart goes out to the brakes and there is no doubt. i don't know, is ben wallace was no doubt, but i do not. i somehow don't think that if he has been on his own, if he has been there, somebody being very different. it was maurice johnson, and i think again, worst johnson, i think the guy turned out to be a complete disappointment. i can't believe i voted for him. i actually supported briggs and is also for i think he, his father's being on the show, his father's being on the show quite a few times. you know, it kills me because, you know, you think about this right raises. what is really, really me, the reason why i was for breaks it was because i don't really by leaving the european union in charge his own course english. i mean, the 1st of all i vision is most acceptable civilization on

a planet. right. and the, everybody speaking english thing, this culture, everybody restricts beer and not basically told a story these days. but the point here is this, right? for ready to fall, we practice from the exit from britain from basically you have to make friends with the whole entire world. no. just think about this really is a 3 years after griggs in the u. s. u. k, supposedly best outlet has not even so far given that you can arrange for a agreement to be you. okay. and you're always being europe and you haven't even got a winter agreement. and supposedly your best friend, your shouldn't be pleasing playing the role of the mediator. because we're, we're just people, they far more. oh, they have a global perspective, bbc, you know, so on, so forth. they should have basically taking advantage of the crisis and become the piece broker and the fact that the time being this way, i think is a total is a get it to me is completely against any kind of way as

a ball park magic policy for the good of british people. again, i'm only because i'm not rooting for rush hour where you claim with us, you're up. i'm voting for the little guys. what i see the lead guys in britain in the us and ukraine interrupt you are getting screw, big for a bunch of incumbent and policy makers personally, groups that have not tried to stop the american madness to basic breakdown rush, i will cost. okay, buddy in fan this to the united states, you do say they are acting in a self interested way. see much as being on this show. people can watch our exclusive global, exclusive with them about north stream. you believe that it was a if it is the usa, the c, i a, a self interested acts. i mean, if we put environmental concerns to one side, because it would have been, it was the largest to me saying the emission event in history man man made. and joe biden says he's environmental. he's interested is the environment. but this was it

. this is a brilliant strategy by the united states, if it was the in terms of the economics, this is we, we know this started with kennedy really actually and got the needle back to make a 2nd, a freight to basically talk the sanction against germany. exporting part of the pipes to us over unit. and then we know what the ranking they were now with obama who was basically get us, you know, basically, i mean, someone who was bush, who was against basic construction of more stream one and a bomb. it was against the sort of thing true and inviting bass. and of course the said, but you know, i think, i think we know what might in that i've no doubt that you know, because again, you know, i, i don't know who did it. we didn't already know is that the water for a crime to be committed? it has to be a motive, the only kind of thing, and then part of the mode into destroying. the last thing is important to us, because it is the best way to basic destroy any chance that europe isn't

a negotiated with russia. because the u. s. a was trying to destroy the one piece of leverage the russian might have on europe. that might cause the european to see more offensively about what they going to do. the u. s. just took that away, destroyed. so there was no turning back to the europeans. dr. david, who i'll stop you the more from the fall, but will 3 strategist to diagnose the economist, dr. this by the, the, the welcome back to going on the garden. i'm still here with dr. david lou

for mobile 3 strategist, and i'm going to miss david you, we were talking in part one about the united states is, must apply. i'm here and it's mazda strokes, as to how long your can continue to committee, you know, make suicide. give me, do you think it will be up to civil unrest? i mean, we saw some civil unrest across the whole of france and switzerland. we've seen some room this week. holland otherwise, uh we haven't really seen anything by the people of europe off of expressing distasteful. their lead is positions on the following living standards because of the war in your what, what is going to make them change higher interest rates. it is interesting because people say, oh wow, why, you know, you know, because, i mean, seriously, a year ago, it was a pretty big thing that by now you have to be in a basically deep recession. it hasn't gone into that recession. you know, why? because europe has been amazing cisco stimulus for the whole system. and that's the

simulators. ok, we're talking about subsidizing energy, subsidize, and consumption. all that kind of stuff. not, no doubt was the reason why they continue calling me after the us economy 2022. but in this, they were listening 10 years to 2023. so from the point of view, i would argue so far, the europeans have really felt the pain. okay, well i think what we're talking about right now, what i'm talking about right now is long term pain that has yet to come. by the way, what you're going to see is a wholesale, basically like literally, people being let's go laid off in germany where people are going to basically, you know, facing the going to protest demonstrations and so forth. but what i'm saying this is that this is why i think next year is interesting. but meanwhile, the interesting thing, what i don't understand is this, you know, you say, well democracy written note is very clear and you found in german opinion, impulse never pay anything or where ok,

division between people want to come to support your claims that people don't want it continues to support you crank one thing that germany is competing total suicide . what is actually been going on right now? i kind of feel like they are basically citing. you know what the next election is not going to be for another 2 more years. yeah, you know, we're gonna have it between now and 2 years time, who knows by then rush or might have been defeated and so on. so for the result, both my claim is, shots are behaving as the public opinion doesn't matter. they are behaving as though the only thing that just hunky dory. they are basically doubling down their basement housing. they're sending weapons or whatever. i mean, the differential starting to send basically christmas with directv. christ is almost as though they feel like, okay, fine. i lost the 1st row. okay, the only shows now is that i'm going to double down now i guess what am i crazy to run for a 3rd term, so carrots, as far as he's concerned. that's the problem. this is why i actually think what

this entire solved are showing us is the weakness of our democratic systems. this is to say the russia in china have better political systems, okay, in terms of decision making. but there is no doubt that democracy is failing, the europeans in a very big way. i can, i can say roger and china rush are trying to say they are democratic, of course, in different ways. russians elections have been the independent, the jacks. but actually, it's your fault in a way, david, because you are at the i m f between 96 of 2000 and the only leave of these european governments have under the regulated markets, is interest rates to cub and issues. if you also hoped for the way the economies are now set up with their, uh, e and again. so you are being central bank, the bank of england. they don't have any other methods of being able to look at the economy in a different way. as regards strategic investment i, i'm still high interest rate,

spend the only reason why i'm for high interest rates is that i think it would be you know, a tragedy. if we see basically what happened to 19 seventies making a major come back, especially in the country like the u. k, which i really care for by the way. okay. you are now remember like it was boucher and though literally the he bought the crack down the whole entire thing to bring down in placing these by cations. so from that point of view, like you're arguing there was one thing, the western economy is accomplished in the last 30 years. also things to basically globalization. the integration of china in the global economy, which helped drive down. i should, you know, what they really successfully managed to do was bring down basically inflation, which allowed them to bring down interest rates. now, you know, you can, with even pushing with those with these levels in your core, inflation is still base and be very high. above 5 percent. it'd be 2nd waiting level remains. let's just say for example, we now have

a major russian offensive in the next month. which is my prediction. okay, i think we're probably going to go sky high. i think that basically we can see literally natural gas price going right back up. okay. in europe this facing the winter, and we fear repeats in the next, whatever it spring to 6 months. like what we saw like last year. i'm telling you the inflation genie will be impossible to put back in the model that you're going to be talking about. speculation that question is even worse than reception, by the way, a good thing is in the research and you can bring down these those rates in a 2nd place. and you can't even bring them into a phrase because any impression is going to go up even more. okay, we saw that we saw the for the west, it figures from britain since 1961 is a portion of a g d p. we see germany in recession, how carefully given the brick summit is coming up. how carefully the global side countries have uh, have to be when it comes to divesting themselves of debt, european debt, and,

and the american debt that is given that your board training and kind of catastrophe in nato countries, economies because obviously they can't just sell it now because the seller will about china is being selling it gradually, but 800000000000 now. um yeah. okay. definitely. do they have to do that 1st? well, i not that much. not that fast. by the way, an economy would possibly yeah, i'm not worried about the us dollar yet. because 1st of all, the us as the big winner out of this. right. i mean, the us is, you know, basically using your to basically, um, to basically, uh, stop russia then we would try. right. because, i mean, i mean, i mean china was basically, as bill drummond is largest export market out of a few and not the us by the way. and what time, even though they're kind of war with each other, are allowed to be right. exactly. but the point is that was who you was is still

looking pretty know, but what we have in the sand about the global south is, 1st of all the global stuff as a group. we're talking about know china, brazil, russia, india and basically the rest of them. they have one on the hall. ringback an aggregate, chrysler plus, in other words, and they are no sorry, not to say verse, which means that they have to invest their money. something else outside the block . right now honestly, in your, in view, this is man. okay. you just basically, sol, some stuff to basically rush or are you happy to sit on the roster and roll? well, what do you ever chinese business men be interested in? basically sitting on the indian routine? probably not. i can guarantee you. probably not. one thing is to basically make payments using a break currency. another thing is to fix your hard earned savings and investment in rate basically office. there's a reason why the dollar is,

is where it is right now. the us stock market has been the best performing stock market in the world and the last 2 years. okay. this is, there's no other mortgage that even comes close to charging stock market is the one of the worst. 20 years actually is this part of our chinese companies been growing . the china stock market has been terrible, terrible because chinese companies are not very profitable. and because the country is still based on that. so you will, they could be the different system as to how investment is made as, as, apart from the printing of money, which has happened in the united states since the western economic crisis. i mean, you make the point in your video about the, the dollar, but i did sanctions change all of that. i mean, given that the usa, you know, the, the new york song states has done very well. but the point was, the dollar is fungible. you can sell it, you can buy it everywhere. it's a don't sanctions change that for the 1st time, people around the world suddenly realize it's not safe to have dollars storage. because your country, whether it be in latin america, central america,

or africa as as east asia. if, if you politically take the wrong pauses of the state, department sees it, you, you can be sanctioned, you can lose the money. you can have 3rd party sanctions. it's not a great currency after all. a sure. this is why you know, what are the dollar, the questions were you going to best partner cards? you can do the job and nice and the europeans are in the are you co host of the us? so it's like and you don't want them to get compass, it was really complicated by europe in japan as well. so when you look, the width is investing each other and there are lots of problems with that. as we said before, right, one thing you have to set lower returns no power that says i do think there is one outset that will do every. so i'll perform everything go. that has to be go. right? yeah, there's only go and it's going to be says, no, go like this is why i moved out like the reason why gold prices haul up very high despite this all up in bonds. because normally when interest rates go up, you know, go present,

go down because gold doesn't pay interest. so that's why the interest rates go, go, price goes down. you know, in the last year is pretty remarkable. the interest rate been going up, the goal is still very, very hot. okay. i get the i can always hear the car and see trade is right now complaining that you're, you're forgetting another another way out of all of that. but um, uh, but the why, why do you think it is then that there is this the group think i'm in think tanks amongst you on the list in the media and the monthly does that alone politicians then in nato countries that think the everything is going to be is good, it's going to go the way they want it to be to go and the to the dollars still there and sanctions are a useful weapon. i mean, why did everyone thinks and sanctions we're going to work against russia? i just want to say this, you know, like what you get down to the price tax. why the dollars so strong?

despite all the problems that us faces is because, you know, apple is a us company. facebook is us company. google is a facebook, there's a come, it's a us company and microsoft, i don't to tell you what to they, these, the so called, basically magnificent 7. know what the 25 percent of market capitalization must be . 500, these companies, i'm not for lease their global monopolies, the wi fi, the way the u. s. foreign policy is being conducted to allow these companies continue to basically means india monopolies. what is really going on is that the whole entire world, especially in europe and the allies, are paying any tax to the us every year in the form of basically what revenue to be basically us tech monopolies, that'd be kind of also. meanwhile, the biggest donors to the democratic party that basically use everything they got to help basically dumb across, secure the 2020 election in the midterm. but that is why the dollar is so start. i

think the most important things happened the last 3 months. the market is affecting your cleaning and government debts. a hi phone of a 50 percent. i'm talking about price appreciation and you have the best buys ukrainian government. bon, maturing on 2040. what that baby is gone of 50 percent. that thing has output, but everything, including all the big tech monopolies. and the reason is because more people are thinking it all while ukraine is going to kick them off to the buying said the ukraine. the what is already lost, where yeah, i've got, by the way, investors may be thinking that, you know, may be, you know, as the new ones get drag deeper and deeper into ukraine. you craze. problem becomes america's problem. maybe the us tax pay us going to be on the hook for you crate government debt and liabilities and everything else. i urge anything to the next few weeks. you will see that ukrainian basically counter offensive run this course . i think the russians what has really impressed me again,

this is not about me being pro actual present you crate. just as an objective observer, looking at the basically battlefield, the russians are constantly learning from their mistakes. if you look at the development of you, what is the length of the drums the case, they need to basically helicopters, you're talking about basically the so $30.00 and $4.00 mean you're talking about the night vision goggles, the rushing, basically, new technology has been a little totally like going from a revolution every 3 months. the rush was i'm no finding with weapons of the who have 18 months ago because they didn't exist 18 months ago. and not to me is the most impressive thing. this is the reason why, why it's the west has to walk around the same circle. roger is getting better and better, and this more is going to be won by technology. and yet, because i know the premiums are good fighters, they are fearless, the patriotic, they're just going to be suicide missions. but any, and i think technology is going to win, and russia is going to base the question in russia. how she was basically ukraine, that will be the end of the american has your money as we now talk to you. they have it. well,

thank you to thank you. that's it for the show. more economics and the impact of the war in europe on monday was renowned professor michael hudson to discuss his new book on debt, the collapse of antiquity. but until then, keep in touch very well. i social media, if it's nonsense and then you'll country and had to a channel going underground tv and rumble dot com to enter new and old episodes of going underground. see monday the the

the the if the this is discharge should be the move. yes. so it could be, come as they are rolling, as i don't normally say that the killing is that my students will not be of some doors to me at the front for the bunk. are full of use my own point on the hill full list. you want to do the manual, is you each case? we use the yellow style the shots or is that the i'm assuming the parker you of those are gonna try to the open. the crew has been fighting in this tank for almost