out conversations of the reliance on the department of other major figures of the time, david hume, keynes, adam ferguson, russo, edinburg the statute is just outside, all of these players to into the story, allowing the reader to make sense of the complicated constellation of stars that made up the scottish enlightenment. while professor phillipson has done i think is explained in clear and this can be emphasized too much, readable prose, smith's project as it found expression in the lectures he gave and the sec road, in a learned society join, the french he kept and, of course, the two books that he published. in philipson sans smith becomes a social scientist. a brilliant mind trying to understand what institutions are that lead to human happiness and flourishing, combined with the generosity of soul that smith had as a person severely committed to using his discoveries to help remove obstacles to the well being of the common man. it is an inspiring story. i say that in all sincerity. it's skillful telling justifies recommend that you read it. since part of my duty as a commentor is to

when you have a cyclical downturn, then it has been shown very effectively by basically john maynard keynes that you need to run a budget deficit to offset the amount from the private sector, and then when the economy gets overheated, that is when we are supposed to put on the brakes and reduce the debt, running a surplus to keep the economy on an even keel, and, naturally, in a sense, we did have a surplus, and then bush came back and build up the deficit, and allowed the real- estate boom to develop, which then collapsed. we had national crashes. to get out, we should steady the economy, and we are not yet at that point where we should be going for a bal this is a matter of concern because the accumulation of debt makes the economy sort of less flexible. the burden of paying the interest ways on the economy, -- weighs on the economy, but it has been pushed for a political purpose, because i think republicans, and particularly the far right, they are using it to reduce the role of government to eliminate as far as possible the government services, reduce taxes, and reduce services, and eve

once it i fid, expected to stnder lock and keyn th club's seum >> that is it for today's broadcast. you canlways finduch more coverage onour website. for us tt b world news amica, thanks for watchi. >>helland welcome. >> see t newunfold, get t top stories om aund the globand click-to-play veo repos. go to bbc.com/news to experice e in-depth, expert repoing of "bbc worldews" online. >> fding was made possible by e freeman foundation o new york, stowe, vernt, and honolulu. newm's own foundation. the john d. and there t. cartr foundation. and union bank. >> union banhas t its global expertise to wk foa wide range of compani. what c we for you? >> "bbc world newamera" was esented by kcet los angeles. (exclaiming) (laughing) hey! announcer: funding for curious george is provided by contributions to your pbs station and from: and was made possible by: rainforest cafe, proud sponsor of curious geor chuck e. cheese's, proud supporter of pbs kids, salutes all the parents who know stepping up and getting down with their kids is a fun way to help keep them active and fit. pbs kids, where a kid

reserve currency and it's really interesting to be here at bretton woods talking about that because keynes argue for this seventy five years ago. in the aftermath of the of the great depression he understood. the links between. you case problem u.k. being the reserve currency down and if we're going to have global economic stability we needed to move off of the. single currency country being the reserve currency. britain which failed from his perspective in this respect and didn't the u.s. say hey we disagree we want to be the main reserve currency and got their way so with the us still have that same power if world leaders got together again today for another bretton woods conference i think the same meeting were in bretton woods the world is markedly different china has close to three trillion dollars of reserves about a third of the global reserves about nine trillion dollars you're holding three trillion dollars you have some voice in what kind of reserve currency system you want to have and china has been very clear that it worries about the current dollar based reserve system right a

inspired reaganomics and crash our economy is just as important economics is adam smith and john maynard keynes the learned thomas jefferson's ideas didn't inspire the american revolution but instead religious thinkers like john calvin and st thomas aquinas did right jefferson wrote the declaration of independence is not important to enlightenment thinking it neo calvinists who argued that rich people are chosen by god to be our leaders are in fact to a large extent their stripping jefferson out of the textbooks well together. i guess that makes sense considering that thomas jefferson was the most vocal about separation of church and state and about the importance of free public education the two things that these right wingers are trying to dismantle students will also learn the jefferson davis has started the american civil war have legitimate concerns with out it with abraham lincoln and it wasn't just about slavery i mean you can't make this stuff up when michele bachmann was spewing out her conspiracy theories about reeducation camps it turns out in a way kind of twisted way she was right

and important parallel is bad in the one nine hundred thirty four conference you had john maynard keynes the british representative to bretton woods such as the creation of a global currency which he called the bankrupt. basis he thought it would stabilize world financial markets instead they opted for a u.s. reserve currency types. the grace of pulled in one way. and what's coming out of this conference are similar calls for a new world reserve currency to replace the u.s. dollar if it was a currency now even joseph stiglitz was saying that george soros one of the organizers agreed with and you also had several other members. and speakers at this conference including gordon brown the former british prime minister and others who have said that we need a new political currency we need a new global central bank. to run this new global currency this is the general ideas that are coming out of this conference and it's a wonder considering that not only is the institute for new economic thinking organizing this but also a lesser known organization in canada called the center for international

"keynes was wrong." >> obama and the establishment was wrong. bernanke and president bush, the populist republican running against the entire establishment understanding that more government spending and unbelievably cheap money, depreciating, debasing the dollar, that is the way to make america strong. that is the wrong model. i think republicans need to articulate an alternative model. >> as reagan did to come. >> a republican with this argument. who is out there? are you working for donald trump? is that what you are telling he? >> why is donald trump catching on? >> that's what i'm hearing. >> he is not the right nominee. obviously, paul ryan or chris christie. they would be better at making the case. but i think they need someone with a comprehensive critique is the point of obama. two years of obama policy, this has been a test. do people want to say it's a good idea? 0%. >> we could have had a depression in this country coming out of the republican economy, inherited by barack obama. if he had not done the stimulative measures the thing w

keynes in the economic theory called for government to pay off all of the debt.ther one is the incentives built into our welfare system that rewards people for tearing their families apart. if one parent takes a child away from another parent, they get paid, and this could be hundreds of thousands of dollars in payments, and if the family keeps and stays together, they will be hit with a tax bill. these are perverse incentives that are driving up costs for medicaid -- i'm sorry -- yes, it is medicaid, and a lot of our prisons and drug rehab. the rates for children from broken homes is tremendous. it is driving up our costs. we're spending good money to get better results. host: let's hear from our guest. guest: good morning there in georgia. the way things operate in georgia will be different than the way things operate in new mexico. every state will be different, which is why we have taken the approach of block grants to the states because we believe they are in the best positioned to take care of their residents and citizens. there are closer to the problem. w