the government heard of the private sector like a domestic animal, john maynard keynes noted this at one point. through ge or most of ge that sounded just fine. the milk cow was content with the government, tennessee valley authority, the client, was the essence of a government project in ge executives at the top like that very much. ge found tva was one of its biggest customers. they didn't mind serving the space program, these executives, the military-industrial complex. unions existed by virtue a very strong union law and they demanded big pay packages. social experiments by the federal government, american business could pay that. the expansion of healthcare, the us would pay that or perhaps a longer lead for young parents, that is just a joke, longer leave for young parents and nearly 60s, we could pay that too. have unions we can pay any load. stalin was said to have joked that the only country rich enough to afford communism was the united states. [laughter] >> why should it not be true? why should it not be true? in the 1960s a benchmark for you the dow jones industrial avera

it's one of the it's some of the weaknesses that we've seen in this quite every time you know john maynard keynes said this is very interesting about the great depression when is it when the great depression started we started seeing the level of corruption in the frailties and the inefficiencies of the market that so many people worship ok that 22000000 people that just applied for unemployment that this was something that had nothing to do with them and they're going to pay a very high price and i'm on this program we're going to keep an eye on that ok because this crisis is far from over the pandemic may be stomped out and it will be but the economic crisis is going to stay with us and it's all because of globalization and we need to have that conversation diva let me go to you because i think it's really important to discuss here you know i've seen in american media people all riled up about who's to blame who needs to pay for this year but there's always the absence of knowledge or introspection is that the chinese government has to face its people is well ok and and we see this war of words

the government heard of the private sector like a domestic animal, john maynard keynes noticed that at one point. gen to most of ge, it sounded just fine. the tennessee valley authority, the big client was the essence of the government project and ge executives liked it very much. they didn't mind serving the space program, and strong union law. social experiments by the federal government, american business could pay that. expansion of healthcare, the us could pay that or a longer leave for young parents. in the early 60s, we could pay that too. stalin joked to really country rich enough to overlord communism was the united states. why should it not be true? why should it not be true? in the 1960s, the dow jones industrial average was approaching a record level of 1000 and it seemed only a matter of months before the dow would pass its landmark. there was one underappreciated executive at ge who saw things differently. he was an older guy, a vice president/labor relation in the name of this man was lemuel ricketts boulware who believed it didn't come when the board paid taxes to the f

century the the great economic debate was between the upheavals of 2 totaling economists and john maynard keynes a milton friedman there would he have continued if struggle for policy domination at least in the liberal democracies for most of the 70 the 2nd half of the 20th century now it's a little in fact that these 2 great economists actually agreed on one thing they agreed that the could be an economic event so cataclysmic the end justified an economic and particular monetary policy despond some government way outside the normal parameters the cope with crisis is such an event and this on the level of response from governments is going to determine the economic future basically and less government some prefer to open up the printing presses and beyond the experience of previous experience then recession will indeed come into depression and it's going to be on the scale of that response and that's coordination worldwide they'll make the difference between recession and depression and will make the difference between prolonged economic misery to add to the human messily the world is already ex

john maynard keynes called wilson the greatest fraud on earth after the peace treaty. >> the course of the second world war probably came about because of some of the to do things against germany let's go to the next subject, which is one of the lessons that you took away from the work that you did? what lessons would be applicable to today from what you did in your research and writing? >> there were two lessons. the first is the best way to handle an outbreak like that is for the leadership to tell the truth. transparency was absolutely crucial. and the second lesson sort of gross out of the first, kind of impossible to get without the first. and that is, most of the city's in the united states did a lot of what we are doing today, social distancing, closing schools and so forth. but the ones who did it later after the virus was already widespread in the community was too late to any significant effect. the city's that did it earlier before the virus really got widespread hat in much greater circumstance during the pandemic. certainly the phrase flatten the curve, , which we all are

to quote john maynard keynes in the long run we are all dead. the future is where we go to the archaic, and anachronistic foo fools. it's where all the money ultimately ends so one of the questions the project gives to us that we can talk about a little bit indicating they as i am reflecting on this thought only as the practical currencies because that also hold promise is about the future and ways of thinking about the future and thinking about what the future holds for us. is there a way we can also try to think about what kind of future we would like to live and how money can build towards this promistowardsthose promises, hof currency can actually provide the avenues into a better future than the one we are likely to get. thank you very much for your attention. plu [applause] ending on that bleak note that ins kneiam not new and it's a be right now. [inaudible] >> we are going to have a microphone for the questions for the benefit of america's wonderful television system, c-span. we will be on c-span, it's literally one of my favorite things

john maynard keynes was once asked was there anything like the depression?e said, yes, it was called the dark ages and it lasted 400 years. so we need a president who is going to be empathetic and put ourselves -- put himself in our shoes and not simply expect perpetual gratitude from the press corps. >> and finally, jon, it being a holy weekend, give us 60 seconds on how worship by oneself and just among a family unit has changed this year. >> we're back to the primitive church, right? and this is something that christians can learn from our jewish brothers and sisters. this is very much part of the jewish tradition. what was passover, right? it was a moment of chaos and the families gathered to protect themselves from external forces. the first easter, the first good friday, the first easter vigil was commemorated in private, in small gatherings of, you know, family units, the family of the disciples in that case. and so there's an opportunity here to have a very authentic and primitive christian experience. go to -- you know, livestream your services. if