a master's hands and welcome back to going underground rule. gusting all around the world from dubai. in the u. a economies presided over by washington in the arguable vessel states of west in your fighting the proxy war and ukraine are arguably in crisis as billions are given to wages. lensky, 40000000 in the usa cannot eat tonight without federal age in the form of food stamps. germany, they use power houses in recession and then brittany debts is moving, u k, g d p for the 1st time since 1961. this old, while the global south is beginning to organize a new global architecture away from the dollar and for some even away from a brutal new level model that has impoverished, killed, wounded, or displaced hundreds of millions. joining me now for new york city's award winning university of massachusetts. i'm us professor jackie. gosh, thank you so much, professor for coming on. you know, if you'd shoot into circles corporate uh, mainstream media or in the nature of nations, they say the food crisis is to, is russia. i mean, that's an interesting to blame in ukraine. the grain deal in the breadbasket of the

world. that's a story on the media, is that the whole story or is the $783000000.00 hungry tonight? not about supply, just so i would say it's not even part of the story. i would say that's what's going on. in fact, in the global reef markets and deal with green markets is much lot to do with profiteering by logic business, a speculation in the financial markets. because if you look at the buttons of demand and supply, i even changed over 2022. you find that there's no real global change. in other words, yes, there was a decline in production in the ukraine, not really so much at all in russia. global exports have gone up to the production has gone up and global demand, which is, well, just utilization. the difference between that is around the same. so it's really that to the fact that you clean water and the fact that russia and ukraine such

a logic sport to us, was made into this big thing to terrify everyone and provide a very convenient cover for other businesses to raise the prices. it is also meant that especially in the busy between february and june 2022, there was a massive increase in financial speculation and brought up markets and we commodity to adjust. this happened in the us in chicago. it happened to that is the lead exchange is the biggest one in europe. and you'll find all kinds of financial play of hedge funds, pension funds, getting big done into these i'm leaving often. so it's important because they knew that in fact, there isn't really a big shortage in supply. and so by our september prices are back to the pre war levels in the week markets in the futures market. but developing countries fast, much higher prices. because meanwhile, debt currencies of depreciated and they are facing really a major crisis,

i know you know, and advocating profiteering, but there is lots of money to be made is, is hey, in short selling and long selling. but then why is, is that the people don't actually know around the world where the prices for breads that they eat come from? i mean, how, how does the media manage to distort the mechanisms of the economies is something to do with the universities. you teach and universities is that something to do with the trickle down economics theory? what i was going to go down economics here, do you see it? so i didn't mean trickle down. economics is where i'm in the ferry. is it coming down from the academy? yeah, yes you're right, the series are coming down, but i would say that this is not really a box theories. it's taking a basic idea that everybody knows demand and supply right to demand. if it rises and supply doesn't change, then prices will go up on a supply. all those on demand doesn't change, the price is gonna go up, right?

that's a basic thing. anybody understands? it states that and then taking any unexpected events to claim that this is going to matter the effect one of the 2. so this actually happened already. we've been to this particular we've had this movie stripped play out already in 2007, 2008. when there was another global ford crisis. at that time everybody said, oh it's because demand has increased, china and india are growing and they're eating much more. i mean, they basically made out that it was because supplier of the same. but there is such an increase demand from china and india that causes the prices to go up in factory . no, but that didn't happen to be increasing demand from china and india was in bed. it was just going at the same rate to just always grow in the last few years. so it wasn't, there wasn't knowing about it. and then they said, oh, but as a hobby strange and in canada, the australian we've got because effective. so they,

they bring out the news as if it's going to be a big, massive impact on the supply. but the thing about something like we, it's produced all over the world. so if the harvest page or something like that is it could be compensated for by an increase production, somebody this. and that's really the story of what's happened even in 2022. obviously, all these news organizations deny they're being controlled in some style in this couple involving profiteering hedge funds and private wheat companies. not saying that show, and i'm saying i'm saying that it's the simple answer which extends to them including buy agribusiness. you know, if you're a good reporter, i'm looking at the week market of cost, you wouldn't talk to some of the big green changes. and they would say, oh my god, it's a mess. you know, i mean ukraine is love exporting. it's a disaster isn't good to me, you know, 20 percent rise in prices. so they believe it. well russia is saying that the, uh its uh,

the goal of the deal is to head off of the food crisis. it's ready to supply nations free, but the us is given quarterly $1000000000.00 extra does the landscaping loss of most of exports. so maybe it wasn't about poor people and oh, you written the lesser or you signed the letha along with 236 other economists to un secretary general antonio gutierrez and the world bank was a banga. i don't know how it goes down to the world bank or the, i'm a tell me, i'm a, have this letter that you signed, co signed. so this is, this is actually the, the immediate context is the fact that the u. n. is in the process of a mid term review of the sustainable development goals. okay. and going number 10 is reducing any quality. so we have been on doing that. it's good to hear that. that's the goal that has been marginalized completely is really the often child of all d as d t is there is nobody taking that out, but emphasizing it. and yet we've been a professor just nicholas and i,

we were involved in failing to atlanta. we've via that if you do not actually address any quality, you're not going to meet any of the other goals. and to address any quality you'd have to begin by measuring it proper property. so letter saying when the one problem with this goal is that you have the wrong measure, the measure is what is called shed prosperity. loved to do right? and if looking at where the bottom 40 percent of the population is going faster than the average gdp. so if that's the case, then this is oh yes, fine shed prosperity and no, not looking at any of the any quantity indicated. but in fact, we know in countries that you really have to look at the genie go efficient. you have to look at, let's say, the bottom of the show, which is the ratio of the income of the top 10 percent of the population to the bottom, 40 percent of the population. if it gives you a kind of, you know, the rates. what does the book relative ratio and you have to look at these indicate

just for doctors income, but also went because we know worked in the qualities exploding. so what we're saying is, listen, you cannot go by an indicator that doesn't tell you what the real estate of any quality they are claiming. but more than half the countries are showing progress. but if you look at the genie or you look at the bottom racial only about 20 percent of the country that showing progress, in other words, 80 percent of countries are regressing, they getting less on these out there to indicate just, well, i don't know about you but i mean, when you go to all these conferences and if they're big management consultants, they're advising developing nations beds. okay. now what about those kind of go officials? they're talking about reversing a statistical analysis to be talking about absolute poverty and getting away from even though the to poverty at all in the face of a i think you probably describe as a catastrophe for the boy is people in around the world as well. yes. you know,

i mean, these little book consultants, so as you best see us in a rushing around the globe advising countries and multinational institutions, i would argue, or v a been to any kind of progressive economic ideas. my friend, my, the months of got to a whole new having to do it in the past, has written a recent book about this. it's called the big guns, which is looking at the consulting industry and the role that they play. but i think the real point is best, but you know, when you get extreme and the qualities like this of cost, relative measures are very important. but they in eventually also needs to absolute increase in poverty. and that's what we're seeing today. and yes, seeing the rest of the top 10 percent, it's loading. and yet more people in absent, huge number of funding into poverty. and especially i have to go is we've actually seen more hungry people. the number of hungry have increased by more than a 120000000, according to the fios estimation. i mean,

i want to get back to those consultants in the 2nd, but you wrote the letter to the uh, well, bank is partner institution. obviously dominique stress con and christine the god, uh where i am a managing direct as guilty uh con for rape. the god for uh, negligence. uh, actual crimes. uh oh, the gods. uh uh, negligence was, uh, she didn't take up a one year prison sentence, but you know, as an institution, a $155000000000.00 is owed to in the countries do take the i m f. seriously. how do you characterize the i m f, and i don't know whether you want to give advice to any will meet as a developing countries about what to say in a meeting if they have one coming up with an i. m f representative to renegotiate their loans as well. the way i just stopped. so, you know, i think it's now fairly clear to most expensive to be, but these global institutions i no longer fit for purpose. they recreated in a very different world with very different geo political circumstances. with very

different political economy would differentiate as it can only follow up. and the world has changed very dramatically, but the i m f and the world bank persist in is structure. that is, does not represent the was as it is today, or the global economy. and that gives disproportionate power to the u. s. and the european countries, which they have not used in the most desirable ways. and so they're also very clunky institutions. they take forever to do anything useful. they are supposed to provide the i'm f, as in jobs and providing deputies, we have a debt crisis by their own admission. more than 70 countries. i mean, what severe or multitude did stress, they do nothing for. yes, i mean the countries that approach them for the different day, 3 years before they get get a result. and does that really is so niggling is it's so stingy that it's a milestone. you know, it actually doesn't really have the so off to venture nice,

but examples ambia has just managed in agreement in zambia and she's got to be sent to jump to i. mr. payments are going to continue to pay spot due to 50 percent of the budget's on deadly on debt servicing. this is off to the so called relief. so you can see how these are institutions that are not really taking the concerns of different countries serious to prevent the driving. gosh, i'll stop you. the more from the re, non professor economics of the university of massachusetts that i'm has after this break, the

i was afraid of robert f. kennedy junior. well, apparently everyone in the political establishment and mainstream media, it's very much like donald trump. he says what he thinks the liberal society is, the den junior is feared, because he's clear on the welcome back to going underground. i'm still here with professor drive, the gosh, reservation nomics at the university of massachusetts. and i'm just, we were talking about the, the i m f in the alarming statistics like 50 percent. the developing countries been tied budgets being paid to the debt relief. ukraine actually said the item that we either that servicing, i mean you said the slow, they give $10000000000.00. do you agree?

uh, quite quickly. uh, give me, do you think the one psychological lemme element in the war is that uh, they don't seem to be any war bonds, any war taxes have to pay? i mean, previous was the populations of get tired of having to pay for was there seems to be unlimited amounts of money in your up in the united states and where's the money coming from as your gives it away? and as the united states, because of the way, you know, one of the biggest joke that is in so many of these rich countries is that there is no money we have seen, but when they want, they can produce money out of a hat, right? during coleridge, the us spent an additional $50000.00, but god protect. we're talking to use of dollars. just imagine some need to be for the go into the package. it's ok. your opinion fairly, very large increases. i mean, all the rich countries increase the deficit, additional spending by between 10 to 30 percent of the b. ok. by

contrast, 1000000 don't countries, low income countries, they compare the country spent about 5 percent and you be low income countries, 2 percent, or d. p. to give you the difference. the us spends $2000.00 addition. i mean, well, busted, low income countries spent 2 daughters. but by some additional, that's the kind of defense we're talking about. but the point is that when are these countries walk, they can spend money, they can simply print and produce and spend the money. and they've done that during the pandemic. they've done that for any further stimulus packages. they've done it for the green war. it is very, very large bill is going to a relatively small economy, massive amounts of defense spending going to ukraine. they've done that to save their own backs, and they can work on the weekends and be very flexible if it's something like silicon valley bank cost and to get bank that does that stay southerly,

you find no rules or nothing? the same thing in europe when it's a pretty sweet switches at stake saturday, they will go back on everything but all the regulations that they have declared well in, you know, inviolable. and they will provide relief and assistance and come to a team over the weekend. a country like gonna affect you like the country, like oh, the country's jobs that are distorted for that to be a waiting. yes. i need to jump through endless hoops before they gets even in the direction of some money. well, if the money is being recycled through ohms companies and so on, and it's being printed, why is it that the bank of england, the fed these, if you don't think it, they don't think about inflation, is inflation pos of this? because why is it say food inflation say the past month or so in britain is 20 percent food evasion in india or it's only 5 percent in china, one and

a half. so that for good. okay, 11 brazil, 6. is that why is inflation for food going up in the countries that are at war and ukraine and not so much for the global south? it's very much to do. this is all retail inflation. this is a whole, there's the money that consumers face in the shops and that, you know, there's a very long distribution chain. so the real story here is, it's not because of what's happening to the global reach price. it's really about what's happening in that distribution tape. so when i say that, i mean, you know, governments in the, in funds have got to have to, i think, the, the boss, the companies or, you know, the companies that produce all of those basic basic food items. because they are charging excessively high prices, even when there is nothing really in terms of the costs to justify that. so a lot of it has to do with the distribution to that. okay, well as soon as i know what you're here on, this will go mainstream media from the economist and the economy. is that of being

go into the tool, britain i should say, add to it, saying is, may have to reverse. and a lot of these saturated privatization is, i mean, the main big is, was a company in london times water might have to be naturalized. they've obviously like, uh, in europe and in the united states. it's a nationalized banks of the $28.00 prizes. why is it developing countries are still being advised and it relates to what the i may have presented. we say is part of that conditional am if a loans and loan servicing, why are they still being told to privatize even here in the u a. i mean, every country in the, in the developing world and emerging economies, those big consultancies are hired and so on to privatize not democratize. the yes and inside the advanced was, is recognizing more and more that you need the public sector that you need to probably control over critical institutions including and find that, but also in a whole range of utilities and other things. however,

bad big business still wants to make money out of all of these things in the rest of the world. and the reason why it's engaged on allowed is because it, it actually is extremely profitable for global big businesses, especially the multinational, based in the us and europe and japan as the way to actually make money from these privatization. so a lot of this reflects being just a big business. i'm not being conspiracy theorist. i'm not saying that they ask the thing in the backroom and say, oh let's do this. i'm just saying that the whole process works out in such a way that the major beneficiaries are in fact, big business. i want to emphasize to the, you know, people in the rich countries are generally ignored and about all this. i don't think that people would actually be supporting these kinds of things. they, they don't realize what's going on. they are all spent this idea of private sector efficiency. they also fence the idea that bureaucracies in the global south of bloated and they're all these people sitting around in offices picking their noses

and not doing any work. and so they feel that yes, it's ok to privatize because it would make them more efficient. people actually feel this, they are not informed about the actual processes that are going on and what it's doing to living standards. and actually just a 5 or a whole people in, in the global majority. i mean, communities don't conspiratorial, i mean, i the logically, it's taught at business schools and it to universities do, these are leads. but why is it that governments in the global south haven't gotten onto what people in the developed world already know? i mean, i can understand zalinski settings or black or y'all, can jp morgan most of ukraine or was of ukraine. but why is it the global south? the still enjoying did the lloyd b y k b m, g p, w. you see the big for about how to change their entire economies to make them better. according to them you don't. government in the developing was also are very complex creatures. the business like the particular political economy and often

they reflect the interest. so bear on edits and sometimes those, and these are what we used to in the old days called comfort, or that is that interest that tied up with multinational capital as well. so it's not that the governments are representing really the interest of the people. i would say that's true, even in the global or not. i mean this whole thing about giving so much about was what was so many subsidies and then follow to pharmaceutical companies that produced the vaccines entirely above the cost. but then we're allowed to judge really prove it to prices and retain the fidgets that didn't tend to benefit anyone other than the pharma companies and the finance companies that had invested and it didn't affect it, didn't benefit ordinary people in the car. and the goal is not, but so governments on operates in ways that don't reflect the interest of their own people. and it's not being transmitted to the people even as they suffer through

this. that's right. i, i'm digging into us know, i'm stunned at the nuns about this, even in a, in a university down in the progressive body of the us. be most of the, don't know, they're all the big finalized me. they live with extraordinary high cost of drugs. i mean, insulin, a essential life saving drug for diabetes is actually for him to be expensive. and you'll find that instance of the old people going without it. because if they can't afford to have a few more than a few dozes among consort. yes, all this is somehow accepted and i find that extraordinary because it's a real lack of knowledge about how governments have created regulations that will benefit large companies rather than the people that i remember. one doctor saying that in the develop world things are bad. but developing, well there things are bad, but there is hope, i don't know after having and what 35 years experience teaching in india versus these are you in the united states? is it some of the levels apology?

i know in india they have the same amount of poverty as the whole of our and have her go put together. but there's hope in the developing world, where is it with develop? will they have it? and they, they have a crisis of malnutrition and lack of food security without any seeming hope to eradicate it. well, you know, no, i would disagree. i think the degree of poverty in the developing world, and certainly in india. and so i do show that it does not seem to come back in the us. yes, that is o g b s that is hung up and does not interested into us. but the level of destitution that you find in india is way beyond any of that. that's why the u. s. has a snap food stamp program to protect the 40000000. yes. you can't afford to eat tonight then. yes. so you know, the us does programs which objects to other countries doing it so it's it brought to jason the w t o against the indian national forest to get it. yeah, we just just providing for the green to the board has filled up. what is they have

a food stamp program, which is w t o compatible, simply because they made the w to a rules in a way that would make it compatible. i mean, it's really shocking, but 35 such agreed g as examples of the not pushing policies but been, would never apply in their own countries. course, there are some of the say the w t o is on the way out now, and that the error of the video from you can jot the timings from the seattle riots and uprising to, to now, what, how tricky will it be for developing countries to the dollar eyes, the couple from new liberalism in western europe, in the united states. i mean, they come, they have investments in dollars. they have solving wealth funds. uh, what's the future going to be like as they try and i've asked themselves of a connection to the united states in europe and become independent future will be messy. the future has got to be extremely messy because as you said,

that so many lakes also because let's face it, the leaks in all of our countries are very closely integrated with the us and europe. and so they want to keep all those things as well. so it's going to be very complicated and messy, but i do. the process has already started. i mean, you've gone to have, i think the global north and g 7 in particular. they don't really view lives the extent to which the rest of the was lost. faith lost draft of defend demik was a real eye opener for many countries, especially in africa because it was so blatant self. interest was so exposed the nationalism in terms of the vaccine grabbing the resistance to having eclipse weaver in w deal to allow other countries to produce the offer of vaccines when the 2 weeks before the expiring date so that they can be used. and then all of that is classified as for an aide. all of these have been such a extreme and soft as

a betrayal because very that your trust and so best for when the us and you're surprised that, oh, why isn't everything mr. quoting us about that you paid was the initial be because most countries now feed with these a not visit g 7 does not need to. so the what they need is of themselves and they will only push their own interest. so why should the rest of the was going on with them on everything they want? well, so it will look, i'm sort of says silicon valley very powerful. we go out on multiple platforms, some of them don't mind, but others even raising the question of profiteering over vaccines in the, the iniquity of the whole co, with crisis, is enough to get from band in a sense of the country like the united states or, or in west new york, just quickly the only environment because they talk a lot about the environment in the you and in washington, we had see more financial and talking about the by the ministrations of destruction . the north stream pipeline la, just as a means a mission events, a man made in history. so is the environment and leveling the facts gas now being

sent to your how seriously do you think the western countries are taking the wisdom of leads and taking the environmental crisis, had a comp $28.00 here in dubai. you know, i mean dispatch about the environment. i really feel that the leads across the was not just in the west and it's across the world and not taking this time in crisis seriously enough. and everybody's persisting with more fossil fuel investment and all some fuel subsidies. the direct and indirect subsidies given to fossil fuels were estimated not by me by the i mass right at about 65 on each trillion in 2020. since then, we know they've gone out, but because of the ukraine war. so in fact, we are getting an extraordinary persistence of fossil fuels, which we know of learning because i want to have a green investment is coming, is really at the margins. it's slight increase is not pushes

a child that's probably the most advanced and pushing towards renewable. but across the world, better still heavy reliance supposed to sealants and the new gold investments which are coming up in menu in the country. so i am really in despair about the lack of any realism forget, you know, that this genuine concern, they just, that's just unrealistic about how they're approaching, but like to drop the price of china goes, thank you. thank you. and that's it for the show. keep watching, going on the ground every saturday and monday. you can keep in touch with us while i roll out social media. if it's not senses in your country and had to channel going on the go on tv, on normal dot com to watch new and old episodes of going underground. see you soon the,

the russian states never as one of the most sense community best, most all send send up the, in the 65 to 5 must be the one else calls question about this, even though we will then in the european union, the kremlin media mission the state on russia to day and split the r t. suppose next, even our video agency, roughly all the band on youtube, the payment services for the question, did you say steve or twist,

which is the hello and welcome across stock? were all things are considered i'm funeral about was afraid of robert f. kennedy junior. well, apparently everyone in the political establishment and mainstream media very much like donald trump. he says, what do you think liberal pious, he's be damned, or k junior is feared.