the euro zone for me was fundamentally set up to fail after bretton woods collapsed with nixon closing the gold window the system of money that we have emerged but if you tried to find one way of making the system of money worse after bretton woods it would have been to bring together several nation states and give them the same currency but without fixed fiscal union because what they've been able to do through central banking is use monetary redistribution so a country like greece issues bonds the bonds are then used to get loans from the central bank. that creates new money but new money goes to greece and they end up that what they're doing is monetizing debts everybody else's expense now this is quite a complex process but the truth is that the eurozone has allowed monetary redistribution for its whole existence and people didn't notice so they didn't mind but what you see now is a kind of worrying jingoism between the greeks and the germans about who's paying for whom who's had one legacy and actually i want to transcend all of that i want peace and cooperation between all the na

more modest perhaps but the idea of this system that was set up in one hundred forty four with bretton woods i.m.f. the world bank and so forth as the projection of american power that is what began to come to an end in two thousand and seven two thousand and eight with the financial crisis and you say in the book that we are in the midst of an apocalypse tectonic shift meaning the shift of power from from from the west to the east. am i right there are people right to interpret it as china do you mean china though i said this earlier today in a presentation at moscow state university the shift is toward the east but you raise it as a totality china alone is not capable of being a counterweight to american superpower country many rivulets. russia alone is not capable certainly economically and otherwise. be. the way the combination of all your asian nations working in cooperation economically and otherwise is one possibility could it wasn't the e.u. including the e.u. perhaps country by country i think that you as an entity is a dysfunctional and it country by country certainly germany italy

currency markets in any way like we saw after world war two when they came together and they create a bretton woods agreement having to reconfigure the global currency market to see anything like that developing yeah i think there's going to be some major upsets in the currency market i think and then the euro their way you know all of the activity we're seeing no repair i'm afraid we're going to see is not really a break up of the euro or some of the. countries leaving the euro or the euro just falling apart or yeah there you know there's kind of a race towards the bottom everybody wants to have their currency to low and they're better able to sell exports broker who are situation this doesn't work i think there's going to have to be some sort of like you say a reconfiguring but i know it should be able to reach an agreement right now you mentioned a call there a moment ago and i want to pick up on that a little bit you know the history of energy usage over the years you know you have whale oil which gave way to coal which gave way to oil petrochemical oil now is there another energy source in our

security council as for the future of easy nato won't be there but i knew of military forces of the bretton woods institutions for western oil companies seeking concessions that the world would have to look at the terms of the deal but i presume the terms of the deals we will companies will be rather better than they were be daffy and i also assume that lots of other contracts will have been done certainly the head of the national transitional council and his deputy said they intend to resign shortly and presumably they'll take good jobs let's quickly talk about the nature of their human rights office is now calling for an investigation in the way he got also the u.s. saying they would like an account are they just making what they seem to pretend to be the right sort of words and the right questions every step do they really care. bit late for the united nations human rights council in the beginnings of this war they relied on media reports and i hope to get on to the media manipulation of the war because they should have been relying on u.n. fact finding missions the u.n. human rights council r

he designed the bretton woods currency flotation, marginal flotation. you wouldn't imagine there was much less for hayek to do. he had a very odd opinion of himself. he thought he was better known than he was. when keynes died, he said before when keynes was alive i was on amazingly unknown. but as soon as keynes that he was lifted to sainthood and i was turned into oblivion. he was profound for them. this was a lifetime's work and keynes was dead. canes had one in the foreseeable future was keynesian witch and it was, at least for three decades. you could argue it is keynesian to this day, i would. economics is a keynes. so in defeat, hayek, however, chose extraordinary reserve in the character he had come decided after a very short interval to support all of those people had resisted keynes, who are likely to be sympathetic to trying to find an ideology which would counter keynes wholesale. he invited them all to a hotel in switzerland. that was the crucible of what turned out to be the ideological revival of conservatism and the injection -- >> host:

this is the bretton woods policy.the money supply it affects the foreign exchange value of the u.s. dollar. swings in exchange rate influence domestic price, thus, responsibility for exchange rate policy should be moved from the secretary of treasury to the federal reserve. chairman bernanke, i look forward to your system and the questions that follow. i yield back. >> chairman bernanke, i would provide a brief introduction. . . dr. bernanke serbs as chairman of the federal open market committee, the system's principal monetary policymaking body he took office as chairman on february 1, 2006, when he also began a 14-year term as a member of the board. dr. bernanke was chairman of the president's council of economic advisors from june, 2005, to january of 2006, prior to beginning public service, he was a chaired professor at princeton university and he has been a professor of economics and public affairs at princeton since 1985. dr. bernanke, it's good to have you here. >> thank you. chairman casey, vice chairman brady

bretton woods said the way to correct large imbalances in free trade is to let a currency adjust by floatingamerica, convincing our colleagues that this manipulation of currency dramatically hurt america and was unfair and against all tenets of free trade, and we have achieved that goal. now the editorials may pick reasons why they don't like our particular bill, but they say oh, yes, we have to deal with chinese currency manipulation. but when you ask people who say don't do your bill, deal with it a different way, we say how? no one has another answer. now, it was true that our initial bill, introduced five years ago, was a blunt instrument to bring attention to the issue. it was our hope then not to pass the legislation. in fact, we allowed cooling off period after cooling off period in the legislation, but rather just simply to get the chinese to act. but about three or four years -- after three or four years, senator graham and i became convinced that china would not act. when there was real pressure, they might move the currency a little bit, but then they would back off. and the same

bretton woods said the way to correct large imbalances in free trade is to let a currency adjust by floating. well, we spent years convincing america, convincing our colleagues that this manipulation of currency dramatically hurt america and was unfair and against all tenets of free trade, and we have achieved that goal. now the editorials may pick reasons why they don't like our particular bill, but they say oh, yes, we have to deal with chinese currency manipulation. but when you ask people who say don't do your bill, deal with it a different way, we say how? no one has another answer. now, it was true that our initial bill, introduced five years ago, was a blunt instrument to bring attention to the issue. it was our hope then not to pass the legislation. in fact, we allowed cooling off period after cooling off period in the legislation, but rather just simply to get the chinese to act. but about three or four years -- after three or four years, senator graham and i became convinced that china would not act. when there was real pressure, they might move the currency a little bit, but then