the debt well you don't need a state run economy in order to solve the debt problem i don't think adam smith and the classical economists advocated a state run economy they advocated a different kind of rule they said that 1st of all land the rent of land should be taken into the public sector john stuart mill and adam smith said that the land of the taxes should be levied on land and on an wells not on labor not on industry so that's simply the tax system and then later in the 19th century people said well we need other banks to be part of the government sector if the government is the creditor the government doesn't have to control it kind of makes but normally the creditor decide the banks so whether it's the creditors as a private banker or as a government aid. it's 8 like the new deal agencies under roosevelt the bankers and creditors decide who's going to get the credit and order they're going to get the credit for and all you need is to control the credit system when you can steal your credit in a in a. private sector capitalist economy into the most productive sectors but that's not

analyze your contacts is probably worth many multiples now what you could ever imagine i loved adam smith context because i really believe that that's the direction we're going at and so we were kind of predicting a world where the middle. party the mediators are going to disappear and those are the what's called. the people from the past that like google and facebook who've been mediating the advertiser to your contacts you eliminate them by selling your context directly when you feel like it if you feel like it and you can withdraw to that time and yes you can you can definitely get paid by a big crowd and that would absolutely change a lot of people's lives well this is great we're going to carry it over for our 2nd segment and that's going to do it for this episode of kaiser at par with may as are states there but want to thank our guests brian so next time by i'll. always be polite never engage with a negative a good or confrontational. don't get into any conversation or start answering questions just ask for an attorney. to survive and tear a geisha. f. mily don't want to be going t

analyze your contacts is probably worth many multiples now what you could ever imagine i loved adam smith context because i really believe that that's the direction we're going at and so we were kind of predicting a world where the middle. party the mediators are going to disappear and those are the what's called. the people from the past not like google and facebook who've been mediating the advertiser to your contacts you eliminate them by selling your contacts directly when you feel like it if you feel like it and you can withdraw to that time and yes you can you can definitely get paid by a big client and that would absolutely change a lot of people's lives well this is great we're going to carry it over for a 2nd segment and that's going to do it for this episode of kaiser par with me as are states there but want to thank our guest brian romley so next time by all. the demick no certainly no blood is just lying to nationalities. as a marine that would be we don't look like seeing. the sick. judge of. commentary this is interesting to. we can do better we should be doing better. every

congressman adam smith of washington.up on what the congressman was just pointing out. how far do you go? and how far do you police the police and then the violence being addressed by the police? it's a very controversial subject. someone who has some thoughts on how to get both sides together after this. >> all right, there are protests and then there are events like this. this is huge flotilla off the coast of new jersey. some heading north, others south and to show support right now, 2000 strong in support of police, nurses, law enforcement in general they say it's a great country and they like the president as well. it's not political as much as it is in support of law enforcement. and by and large they say are not getting fair treatment in the protests across the country and many of which are planning those in washington d.c., new york city, rochester, new york, the latest hot spot. they're saying you know what? we still think that law enforcement is doing a good job and that the president is doing a good job. it's a

planners right so that's a repudiation of the entire concept of the enlightenment going back to adam smith right so this is a return to either neo feudalism but you must respect the king but only the king knows or it's an acceptance of a certain let's call soviet as a show of economy centrally planned pull up your oh those are the 2 discuss how you would justify this. if you believe in those 2 systems i mean of course we have a robber baron system now right we have jeff bezos just turned to a 200 billionaire he's worth 200000000000 the 1st ever to work be worth that much nominally that is because exactly what this person is talking about private equity has already looted a lot of the system and then into that comes all of these huge monopolist that have monopoly pricing power and predatory pricing power over you know people who provide the goods and services to the marketplace like amazon so we already have a system whereby they're championing so now this person is saying that and national public radio.

adam smith right so this is a return to either neo feudalism but you must respect the king that only the king knows or it's an acceptance of a certain let's call it soviet ization of an economy centrally planned poll appear oh those are the 2 discuss how you would justify this if you believe in those 2 systems i mean of course we have a robber baron system now right we have jeff bezos just turned to a 200 billionaire he's worth 200000000000 the 1st ever to work be worth that much nominally that is because exactly what this person is talking about private equity has already looted a lot of the system and then into that comes all of these huge monopolist that have monopoly pricing power and predatory pricing power over you know people who provide the goods and services to the marketplace like amazon so we already have a system whereby there championing so now this person is saying that and national public radio in america is amplifying it and saying that this is just the fight to loot because somehow like we can't talk about the bigger systemic issue like the looting from the top the c

why is that appealing to that we're borrowed the adam smith rule and what we do for the investors, we will take-- we will defer and delay your capital gains tax and even if you stick there long enough, it's 10 years, you could see the elimination of your capital gains tax, if you make investment in one of the distressed communities. absolutely, what that does, it brings job creators, not the government, but job creators into the communities to create jobs. what we've seen, according to the president's advisors on economics, is an 8% increase in wages and opportunities. and these are the majority and minority communities seeing an increase in their wages about 250% faster than the average wage increase, pre-pandemic. >> and that's nationally or in at that same area? >> national. >> wow. >> 8700. give me an example of what comes to mind and speaks to you and might capture the policy conversation to form a real community, real-- [inaudible] >> hampton, south carolina, the largest actual, money in the ground now, 315 million dollars creating 1500 jobs in a hydroponic agriculture building.

need to rediscover that latent gifts and instinct, but it will be insane to ignore the insights of adam smith we need to secure supply chains but we should still rely on the laws of comparative advantage of the invisible hand of the market. many countries impose export controls at the outset of the pandemic, about two thirds of which remain in force. governments still target their trade barriers on exactly what we most need to combat the virus with tariffs, get this, or disinfectant, often exceeding 10%, four soap, tariffs of 30%, so i would urge every country to take a fifth step and lift the export controls wherever possible and agree not to revive them and cancel any ta riffs not to revive them and cancel any tariffs on the vital tools of our struggle, gloves, protective equipment, thermometers, either covid critical products. the uk will do this as soon as our new tariff regime comes into effect on the 1st of january and our regime comes into effect on the 1st ofjanuary and our hope our new independent tariff regime, and i hope others will do the same. though the world is still in the thr

need to rediscover that latent gift and instinct but it will be insane to ignore the insights of adam smith and david ricardo we needs a pure secure supply chains but we should still rely on the laws of comparative advantage in the invisible hand of the market many countries imposed export controls at the outset of the pandemic about 2 thirds of which remain in force governments still target their trade barriers on exactly what we most need to combat the virus with terrorists get this on disinfectant often exceeding 10 percent. for so tariffs of 30 percent so i would urge every country to take a 5th step 5th step and lift the export controls wherever possible and agree not to revive them and cancel any tariffs on the vital tools of our struggle gloves protective equipment thermometers other conveyed critical products the u.k. would do this as soon as our new terror regime comes into effect on the 1st of january and i hope a new independent tariff regime i should say and i hope that others will do the same. but in the world is still in the throes of this pandemic all these steps are possible

shakespeare withjohn fletcher, was found by a researcher investigating the work of the scots economist adam smithi spoke to, drjohn stone from the university of barcelona who made the discovery. i was looking to find things about smith and i came across this poem by accident. it stood out because the binding was totally different from the binding of all the other books in the same section of the library. i pulled it off the shelf and opened it and saw what it was. did you immediately realise how significant it was? i did, i knew it was the oldest shakespeare in spain, i didn't know it was the first shakespeare to reach spain. that took about 30 minutes of googling. what have you discovered about how it might have found its way into this college? i think it was brought to the college at the behest of the man who was principal at the time. he had other plays in his library, he was in contact with diplomats and politicians and wanted to have a veneer of high culture that he could use in trying to become a diplomat. he was also a jesuit and thejesuits were interested in theatre and used it in their t

aspect to this because as i saw on twitter recently somebody made the point that we're moving from adam smith's idea of the wealth of nations to the wealth of individuals so anybody. israel's have a wealth and that wealth is then if it can't be suitably attached to a block saying and i can maintain my wealth then i have economic agency in an economy in a purely digital economy and certainly with bitcoin that and that that you know you've got $100000000.00 seto shes per bitcoin conceivably i'll throw this out there. a market or wants to sell me something and just for on traits of my individual sovereignty is going to cost a fisa toshi just to get just a knock on the door precisely i've got agency they want my attention it and right now where we're confronted with a fire hose of images that we have no control over we feel overwhelmed this gives us back some control is not a fair statement absolutely max brilliant you know we are in a any ocean of data and yet we're starving wisdom and i have this pyramid concept that the very bottom level is data and sent from asian and knowledge and insight and

. >>> i want to go to the chairman armed services committee, adam smith. i appreciate your time, chairman. so, you know, you hear what the president says, kayleigh mcenany says he'll accept a free and fair election. he's laid out that it is rigged if he is not the victor, therefore not free and fair. what do you think he'll do if he loses the election? >> well, i think, you know, i can't imagine him conceding. i mean, this is a person who, you know, basically a narcissist, so everything he says, everything he does is perfect, as we've heard. he's not wrong about anything. he never makes a mistake, so he could never stand up in front of the american people and say i lost. so, he won't say that. now, that isn't the important part. the important part is what does his campaign do and what does his supporters do? they will challenge ballots. in a close election -- we had an election in the state of washington in 2004 where our governor won by 170 votes, i think. so, they're counting every ballot, looking at every ballot closely. those close elections, it's diff

ideology, are you a adam smith free enterprise are or are you a marxist maoist troublemaker. if i'm deciding something by ideology i know i'm doing the wrong thing. i can't say that it never has an influence but not often and it shouldn't. then what does? what does is these are big words in the constitution. liberty, freedom of pressand so forth and they don't define themselves . how person is brought up, what his background is our all kinds of things. what he thinks the country is like can sometimes have some influence in direction and direction is not political direction. direction tends to be do you put more weight on text? do you put more weight on purposes or values underlying those provisions of the constitution and do you look at consequences in light of those values? do i pay attention totext, of course. every judge pays attention . they told themselves let'spay attention to purposes and consequences, of course . but the question is to what degree and what's the importance of certain things. of text, there's history, there's tradition, there's precedent. there's value

leading off our discussion tonight adam smith of washington. he's the chairman of the house armed services committee. congressman, thank you for being with us. it is becoming hard to keep up with what the president is saying and what the president is doing. he is making promises that he didn't see fit to push through his legislation in his 3 1/2 years as president, and at the same time he's making mow promises to do the one thing upon which our democracy depends, honor the election and leave office if you lose. >> it's frightening the way he's approaching this, but it's also clear as i was watching your program yesterday, you said this is from a position of weakness. trump knows he's losing. he's desperate. he's sending money to puerto rico. he's trying to act like he's actually doing stuff when he never has, then he's trying to undermine the election, to put himself in a position as lindsey graham said to use the court to veto the will of the voters. and we need to stand up against that loud and consistently now to election day and beyond. >>

no he can't really or on saturday the chairman of the house armed services committee adam smith who is a congressional democrat basically echoed the criticisms coming from joe biden the presidential candidate on the democratic ticket saying that donald trump is unfit to lead unfit to be the commander in chief of the u.s. military because of his the reported criticisms and insults that he has made against members of the u.s. armed forces now whether or not this means that there is going to be any sort of action coming from congress remains to be seen but i think what is important to stress adrian is that there is widespread condemnation on this saturday against what 4 people told the atlantic magazine that donald trump has said about the military where pretty much the entirety of his term in office i was there as roslyn jordan reporting that from our exams we have a cheney arrest many thanks indeed. leaders of serbia and kosovo have agreed to improve economic ties while avoiding political differences the deal brokered by the us is being hailed as a major breakthrough by president trump

the idea of it is it's self-regulating, what adam smith called the invisible hand of the market. demand and supply would kind of meet each other and that would be a way to work out how the economy should work and it should balance itself and become sustainable and optimize the economy generally for everybody. through the 19th century that's considered liberal packs laissez-faire economics. a lot of economists who think of themselves as liberal begin to question the assumption about how the economy should work. and the most significant of them for our purposes is john maynard keens who at the war period really began serious explanations how economies work in realtimes, and he develops the disappointment of macro economics thinking about smts ms system as a whole. if you were taking the course in the 20s,'60s, you wouldn't start with supply and demand. you start with how does the price of the mechanism work. the macro starts with the idea that a lot of things can be in place before a price system can work. and you sort of need to set that up before you can have capitalism operating

what adam smith called the invisible hand of the market. demand and supply will meet each other and that will be a way to work out how the economy should work and it should balance itself and become sustainable and optimize the economy generally for everybody. through the 19th century, that's considered liberal economics. laissez-faire economics. free economics. the only problem is, there are repeated crashes and depressions in the late 19th and early 20th century. 1873, 1890s and 1929 and the great depression. and the most significant of them for our purposes is john kings. and he develops the discipline of macro economics, think about the system as a whole and how it's supposed to work. if you were taking an introductory economics course in the 1950s, 1960s, you wouldn't start with supply/demand. you start with how does the price mechanism work in isolation. the macro economics approach starts with a lot of things have to be in place before you can have a meaning supply/demand relationship before a price system can work. and you need to s

so i also asked the question, does the authority of adam smith attach to state enterprise that takes lessons and makes their music available. it was like a buck a month or whatever it is. you can plug a telephone line into six channels. in one of those channels if you push number three has nothing but classical music every night. it was a marvelous entity. and i was trying to manipulate this. in such a way to suggest that a monument not only be something chiseled in marble sitting in the middle of a park but also might be keeping alive a musician and providing the really wonderful admitted t. host: all the things you do in public speak. an interview a television and being interviewed, writing books and writing columns. what brings the most fun and joy to you what is the most difficult. william: the easiest pleasure in the most, i've done it since i was 13 years old. timmy is a marvelous form of recreation. isa write a lot as a boy. but in terms of what is most difficult. there is nothing for me but it's difficult as trying to have a piece of music. in fact i have very bad fingers. th

adam smith said the state can legitimately do certain things and those are a very short list. it can look after the common sense and it can be the custodian of monuments. so i asked myself the question, does the authority of adam smith attached to a state enterprise that takes dead musicians and makes the music available? i had a symphony in line something that happened in switzerland. in switzerland for a buck a month you can plug your telephone line into six channels and one of those channels if you push number three has nothing but classical music day and night. it is simply a marvelous amenity. i was trying to manipulate conservative orthodoxy in such a way as to suggest that monument need not only be something chiseled in marble city in the middle of the park but might also be keeping alive a musician and providing the wonderful amenity of access to them chiefly. >> host: of all the things you do in the public, speak, interview on television, being interviewed, writing books, writing columns, what's, what brings the most fun and joy to you and what is the most difficult?

so i ask myself the question, does authority of adam smith attached to a state enterprise that takes dead musicians and makes their musicavailable ? >> .. it is simply a marvelous amenity so i was trying to, i was trying to manipulate conservative orthodoxy in such a way as to suggest that the monument need not only be something chiseled in marble city in the middle of a park but might also be keeping alive a musician and providing the wonderful amenity of access to them but cheaply. >> of all the things you do in the public speak, interview on television, being interviewed, writing books, writing columns, what is the, what brings the most fun and joy to you and what is most difficult? >> the most and easiest is sailing. i sail a lot and i've done it since i was 13 years old and to me it's a marvelous, marvelous form of recreation but it's -- i used to ride a lot when i was a boy but in terms of what is most difficult there is nothing for me difficult as trying to amass a piece of music and i have very bad fingers and they don't behave well and there is sufficiently disciplined. >> s

madam speaker, introduced 17 months ago i'm grateful for the work of my good friend and colleague, adam smith, of washington, the lead democrat co-sponsor, and all 135 co-sponsors of this legislation. special thanks to the veterans service organizations, outdoor groups, and a big, big shout out to the sierra club for the groundbreaking work that they have done to advance outdoor recreation as an extraordinarily effective form of healing for veterans suffering from ptsd, and other psychological consequences from their service. the legislation requires the secretary of veterans affairs to establish an interagency task force on the use of public lands to provide medical treatment and therapy to veterans through outdoor recreation. specifically, the task force duties include first to identify opportunities to formalize coordination between the department of veterans affairs, public land agencies, and partner organizations regarding the use of public lands or other outdoor spaces for medical treatment and recreational therapy for veterans. secondly, to identify barriers that exist to providing vet

smith. -- senator romney. to first thank dr. collins and dr. adams for everything that you are doing. know that everybody on this committee is dedicated and ofimistic about the goal having a safe and effective vaccine being distributed at scale for everyone. i want to just touch on that for a minute. last month i introduced my covid-19 treatment to ensure that folks get coverage through medicaid or people who don't have health insurance at all able to get the vaccine. this field on actions we have toeady taken in congress ensure that those who have coverage through medicare can have free vaccines. i just want to understand a little bit about how we can make sure folks are not stuck with out-of-pocket costs that are not expecting. you just confirm that the supplies thisment vaccine and the supplies that are needed to administer the vaccine at no cost. >> yes, i can confirm that as part of operation work speed, as these various vaccines are chosen to be put forward, deals are negotiated that allowed the government to buy and own doses that can be provided for free to providers and along

smith. >> thank you so much. i want to thank dr. collins and dr. adams for your service to our country and everything you are doing. everyone on this committee is dedicated and optimistic about the goal of having a safe and effective vaccine that can be distributed at scale and free for everyone. i want to touch on that. , i introduced my covid treatment act which would ensure folks who get their insurance through medicaid or chip, or don't have it at all will be able to get a vaccine. this follows actions we have already taken to make sure they receive -- those who receive it through medicare have a free vaccine. i want to understand a little bit about how -- that they are not expecting. confirm the federal will -- the supplies needed to administer the vaccine and make that available at no cost. >> as part of operation warp speed as these various vaccines are chosen to be put forward, deals are negotiated that allow the government to buy and own hundreds of millions of doses can be provided for free and along with that, all the of the materials you need