in post-churchillian times, in the 1980's, margaret thatcher asked ronald reagan to whom she might talk about the history of american federalism to see if it had any parallels to the european union. he suggested graciously that she talked to me, and she and dennis were very gracious to mary and me. we were at 10 downing street three or four different times with them. one afternoon we were at a luncheon in the room where you go to 10 downing street on the right, and i think there were one or two other couples there, six or eight of us. the prime minister said, "well, anthony, what are you going to be doing this weekend?" i said, "well, we are going to checkers." and she said, "oh?" my continued response was,"yes, we want to see where churchill lived and the paintings he did and the wall that he buildt." and she said, "you mean chartwell?" she said, when you said you were going to checkers, you invited herself to my home. [applause] and of course everybody left -- laughed except me. i flushed. and then she graciously said, you shall come, you shall come. and indeed we were invited some mo

s. the industrialized countries began to borrow heavily on the international market after which their public debt would never stop increasing. margaret thatcher became prime minister in the u.k. and ronald reagan president in the united states it was the advent of neo liberalism and economic doctrine that also spread throughout europe. governments everywhere were lowering taxes privatizing public assets these would be the years of easy money. stock markets expanded wall street in new york the city in london. on both sides of the atlantic governments deregulated bank credit unchecked capital flows moved through markets worldwide. by deregulating and liberalizing those governments became dependent on financial markets which by then were an inescapable part of the economic system. the debt machine was taking shape nearly everyone went into debt governments businesses and individuals. the economic system had turned into a machine for creating debt. and the banks got rich on the interest paid by borrowers. credits became the primary fuel for growth but how does created work. banks possess only a small amount of the money they lend money i

i think in the 1980's it was generally viewed because of ronald reagan, margaret thatcher, others, shareholdersy ones you have to worry about if you are running a company. now people recognize there are social responsibilities and a lot of companies i've mentioned are good on social responsibility, but they can't solve all the problems by themselves. francine: does that go to taxing? david: no one is fighting for higher taxes generally, but the tax situation in the united states is complicated. the tax cut bill probably could have been improved in some ways, and i suspect the democrats when they control the ways and means committee will try to make modifications to the bill. our shot in washington has your library of congress in the background. inequality on income, particularly inequality on wealth in america, you advocate for some form of left, democrat, or social redistribution? is there another path to a more equal america? david: you're not going to solve the inequality problem in the united states by changing the tax code. the real problem is not just income inequality, it is social mobil

s. the industrialized countries began to borrow heavily on the international market after which their public debts would never stop increasing. margaret thatcher became prime minister in the u.k. and ronald reagan president and the united states it was the advent of neo liberalism and economic doctrine that also spread throughout europe. governments everywhere were lowering taxes privatizing public assets these would be the years of easy money. stock markets expanded wall street in new york the city in london. on both sides of the atlantic governments deregulated bank credit unchecked capital flows moved through markets worldwide. by deregulating and liberalizing those governments became dependent on financial markets which by then were an inescapable parts of the economic system. the debt machine was taking shape nearly everyone went into debt governments businesses and individuals. the economic system had turned into a machine for creating debt. and the banks got rich on the interest paid by borrowers. credit became the primary fuel for growth but how does credit work. banks possess any a small amount of the money they lend money is

s. the industrialized countries began to borrow heavily on the international market after which their public debt would never stop increasing. margaret thatcher became prime minister in the u.k. and ronald reagan president and the united states it was the advent of neo liberalism and economic doctrine that also spread throughout europe. governments everywhere were lowering taxes privatizing public assets these would be the years of easy money. stock markets expanded wall street in new york the city in london. on both sides of the atlantic governments deregulated bank credit unchecked capital flows moved through markets worldwide. by deregulating and liberalizing those governments became dependent on financial markets which by then were an inescapable part of the economic system. the debt machine was taking shape nearly everyone went into debt governments businesses and individuals. the economic system had turned into a machine for creating debt. and the banks got rich on the interest paid by borrowers. credit became the primary fuel for growth but how does credit work. banks possess any a small amount of the money they lend money is

margaret thatcher and ronald reagan. for me there is a petri dish test case of how you do it correctly. and that is the active measure s working group from the reagan administration. it's one of the examples of, i truly believe in small is beautiful. giant bureaucracies, another interagency committee, no. you have a small band to people who have the support of the president who are crossed between the nsc, the staff is on the hill, intelligence community, voice of america if they come together. what do they do? they create an empty which is going to shine a bright light on the lives of the enemies. one of the best examples is, it's still an urban legend that the united states, fort dietrich created aids and it was used to target ethnic minorities. this is out there in the conspiracy theory domain. this goes back to the active measures working group. there was this idea that america is using biological warfare against my in other words. what did the active measures working group do? they traced that story back to an african journalist who was the first person ever to focus idea that aids is artificial. then they went in