john maynard keynes, a famous economist basically said something to the effect when the facts change, what do you do, sir? attacks have changed in communications. 30 years ago when we had a monopoly telephone company and cable, particular markets or whatever and there were the silos. there is a case done from a regulation. in a world in which we have convergence and a lot more competition. there's less need for regulation. i'm proud to say i worked for president carter in the late 1970s when president carter was the leader and deregulated the airline industry in the trucking industry and the reason he did it is because they were competitive. there is no longer need for price and entry control. guess what? the communications industry has reached that state and is no longer a democratic or republican thing were here say that we ought to deregulate when the world has changed. >> guest: is fair to say an overarching theme is one of the regulation. to be fair, we had other ideas and policies that might be offensive to the other side of the aisle as well. something i care about passionately

wouldn't echo down until we just spiraled into this crash nothing worked nine hundred thirty five john maynard keynes and economists says to f.d.r. there's a really simple solution because you put a stabilizer into the economy the way the stabilizer works is you get somebody who's got a job they they have needs and desires and the ability to buy things ok the economy is working they can go to the store and sort of buy from the wholesale adults can buy the manufactured manufactured good but everything but what happens when they lose their job when the business cycle fails what happens when when capitalism fails or can't it doesn't really fail it hits a pothole in the road and what happens of course is that it falls off the edge so what keynes said is instead of saying to that person sorry you can't buy anything. and we're just going to let you collapse and the rest of the economy collapse with it which is what has been happening every fifteen years every generation since george washington he said instead we're going to take government money which we're going to borrow during the bad times we're in tak

it was john maynard keynes, famous economist who many democrats like to cite, who basically said something to the effect that, you know, when the facts change, what do you do, sir? and the facts have changed in communications. and 30 years ago when we had monopoly telephone company and we had a monopoly, let's say, in cable in particular markets or whatever and there were these silos, sure, there was a case then for more regulation. but in a world in which we have now had convergence and a lot more competition, there's less need for regulation. by the way, i'm proud to say that i worked for president carter in the late 1970s when president carter was the leader -- many people have forgotten this -- in deregulating the airline industry and the trucking industry. and the reason he did it is because they were competitive. there was no longer a need for price and entry control. well, guess what? the communications industry has reached that kind of state, and so it is no longer, in my view, a democratic or republican thing or hearsy for a democrat to say we ought to deregulate. and democrats ha

you as i have done to hear benn as he talks about his new book "the battle of bretton woods: john maynard keynes, harry dexter white, and the making of a new world order" having said that, i would make two observations. i read book. that's one observation. i got it for nothing. [laughter] >> i think it's worth. most of you know benn maybe all of you did. i think it's worth remembering. why ben is so well qualified to take on the complicated issues. he created from wharton and ph.d. from oxford and publishes a journal which he was the founding editor of international finance and a scholar journey for -- he writes math met call pieces. the place he publishes them in benn's journal. there are four of people who understand them and they read benn's journal. doesn't sound like a profitable comprise. my second observation are having said that the book is readable and a fascinating tale. a tale about the creation of imf and world bank. a particular moment in time. it's a tale about economic policy the importance and a tale about john may it was a great deal of information that was i had not been aware

john maynard keynes published his general area in 1936. prior to that, there is someone in japan who did keynesian policy in the early 1930s. his name is chris kara czajkowski with finance ministers and one-time prime minister in the early 1930s. tchaikovsky save japan by doing exactly what we are doing now. his bold monetary easing to a power. like a slave, hastert dated deep and fast, so much so roosevelt would say later that takashi had given the administration. i'm on our predecessor, there was someone who wish to further his first steps. now back to the real china says. it started -- then head of the doj, bank of japan maa shared a joint statement for the first time in japan's monetary history this year. in that joint statement, the doj introduce and recorded to price stability target. the government place to run the kind of macroeconomics and fiscal policies flexible and responsive. now the government establish old fiscal. what we did thereafter -- joint statement. anyhow, the first bazookas as monetary policy. i will not say more ab

japan must be a place where animal spirit in the sense of john maynard keynes used invite [iud pamust for innovation. japa is now onine of new medical technology. to cite what yamanaka, nobel prize winner said, japan is the country that is closest to bringing the stem cell technology to the bedside. that is about it. ladies and gentlemen. once again, we are doing all that not only for the sake of the japanese, but also to make our alliance stronger. at the end of the day, the u.s. is the biggest democratic economy, and japan still second. together we could do a lot. for us the sky is the limit. thank you very much more your patience. thank you very much. [applause] >> thank you. i'm michael greene from csis, and we're now going to take some questions. twenty of five years ago about in this month i went to work in the japanese diet, and my then-boss asked a young rising star to make sure i didn't get in any trouble. [laughter] he failed. [laughter] but i was, i was correctly informed that he was a sing star, ani w told he japan's -- [inaudible] let alone a skeet-shooting, pa zook ca-wi