A demand side problem the demand is coming from speculative speculative type demand so theres lots of demand from households to get mortgages to buy houses house prices keep going on as demand from investors to buy Financial Assets but there isnt enough them on from businesses to invest in innovation in Capital Investment paying pacing i wages is a group think they think that entrepreneurs Small Businesses big corporations they will be investing thinking its all about the private sector and theyll do it yeah i think it is about to do that i think the theory of quantitative easing is basically that if the Central Bank Buys up the safe assets the government bonds some of their Corporate Bonds that are held by Institutional Investors those Institutional Investors will then bible and sort in risky of bones from the real economy from medium sized and those firms will then use that money to invest in Capital Investment productive activity in reality. Well there isnt enough demand in the economy and what youve seen is those investors just buying other types of Financial Assets buying up real estate in Capital Cities around the world which is why people go around flat and exactly which is why you know young people cant buy bar flats anymore im not just in london the us and european cities as well increasingly this is the religious this is a great faith bank because the economists about that is the private sector so part of it i think is a lack of confidence in the potential of the state in the potential of government to actually do useful stuff to actually direct the economy in a way that is socially desirable you know what we need is a kind of Green New Deal approach for example where we look to create decent well paid jobs in the sectors where we actually really need new job safely in the middle management because if the data shows i think your institution as weve published since the thirtys homewards it has been the state that hasnt really the best of the evidence suggests that actually when Central Banks and ministries of finance collaborate and coordinate their activities where the government says were going to do this big expansion in infrastructure were going to spend this on r. And b. And the central bank finances support financing through its Monetary Policy has credit guidance policies that direct bank lending into those sectors most needed then you tend to have more successful outcomes not everywhere of course theres always exceptions theres always those involved ways and you will south american failed states but in countries with mature institutions and democracies thats not generally the case well they know they even lie about the Interest Rate in the city of london as we know for reliable until say a german colburn government starts nationalizing everything and Green New Deal. Policy doesnt look likely to change given what the e. C. B. Did you. May be at the loose local level that people can start creating recreating in the economy say with the brixton pound which we have to explain yeah yeah i think we should certainly be encouraging local and regional efforts to get more control over economies i think what we really do need actually is more regional banks actually say so banks his focus is not the world as we have in the u. K. And big banks tend to want to make big loans they dont tend to want to support for example Small Businesses transaction costs are just too high the risks are too high theyd much rather make big planes with. As the backing is the collateral but actually in the act that doesnt help create a more productive economy just drives up house price and so so i think we need to you know the german model is quite a good one they have a big state Investment Bank there k f w sitting behind regional public banks that actually then lend to me and middle sized companies to support innovation to support new kinds of products so that would be a more interesting model in scotland that have Just Launched a Scottish NationalInvestment Bank that we advised nicholas sturgeon on actually our p. P. England the u. K. Doesnt have such an institution actually is one of the few advanced economies where we dont have a big state Investment Bank. Thank you well in the United States 2020 democrat president ial contender tools are gathered holds a town hall today in iowa after the d. N. C. Refused to allow her to thursdays debate in texas not one mention of President Trump firing his 3rd National Security adviser john bolton was made at the democrat debate but joining me now via skype from california is former senator and twice u. S. President ial candidate mike gravel senator thanks very calming back on the show so youve called it wonderful news for a safer world what do you make of a d. N. C. Media already criticizing dont jump for sacking john bolton as the 27 National Security adviser. Scarboro on m. S. N. B. C. Owned by the same own as a c. N. N. And sky news backers of biden and warren all saying you know bolton wouldnt cozy up to americas enemies like the president would thats why he went well its an embarrassment of the democratic leadership it really is bolton this was probably the most significant warmonger in recent history and to be able to give him many kudos when when he was fired and he was fired not resigned and think that this will be smersh is up his image for quite a while because bolton was on the verge of creating an invasion of iran has responsible for our attitude towards russia and china and unfortunately north korea you know. And when he was appointed boy it was a view very person except pessimistic situation but now that he fired is going to limit the possibility of donald trump setting off a war by accident he will do it on purpose is a hes not i dont think either warm or a shot a lot of other problems but thats not one of them and so did the democrats would we 4 and theres like i say its worse in the bearish religious shows you that the likelihood that by then you get selected or a conventional democrat gets elected were going to be able to see the same ole same ole where democrats are just as interested in the warm as republicans because bolton is a popular around the world we have mike flynn his predecessor on this show actually didnt seem to want to war on russia so youre saying theyre basically we should be more confident trump why. House wouldnt want to go to war with well there is an economic war already against Venezuela Iran cuba syria russia you think that were in safe i have well i think we are very safe when you say he has a war just to question about the sanctions are kind of war ready that killed just as many people as the violent wars. But but now. Are trumps you make a deal with anybody it is ridiculous theres no we have no right to go up sanction anybody. But bolton was at 10 initiating a war in the fact that hes no longer there and pompei 0 is just there and then t. Shirt and it will suck and do anything that trump wants but the likelihood of a truck going to war at this point and his russian personally and to putin is is should be applauded and also that north korea you mention the democrats anyone who despise john bolton as National Security advisor they shouldnt think that joe biden. Or maybe i dont know maybe even Elizabeth Warren let alone kemal arris of the democrats for the 2020 the elections necessarily will be different on Foreign Policy when it comes to wars. I grew up there totally i think that the only change we have to end the decent form. Is for early sinners get elected and told she get her to be selected a slice president then will be carried she to reverse the course of our desire to be a loon hire you shut down your 2020 campaign and as you said youre endorsing Bernie Sanders for the president of the elections next year we know from wiki leaks what the democrats did to try and destroy Bernie Sanders chances last time around in favor of Hillary Clinton youre still supporting Bernie Sanders now but you dont think the d. N. C. Is going to do the same thing so yes they try i dont love to be successful but douche no question but at the leadership in their party is not supporting Bernie Sanders and also told she cared because both of them represent. And maybe it was you schecter the mill vote just your complex and i know the toll she ever going to try and stay in from the october debates and she was she was she the process just a way to shoot me when we get there and she has got to say the proper number of donors. Over or over 1200. What happened to her happened to me is that they didnt put my name make sure my need to peer in a number of polls of another can you ever see its not a good driver see about all d. N. C. Protests are just going to briefly ask you given the announcement from netanyahu about the annexation of yet more land illegally under International LawBernie Sanders is tweeted against israel for the proposed further an accession of the west bank do you think you expect c. N. N. s n. B. C. Talking heads that alone d. N. C. The establishment clintonite obama right type people to accuse him of anti semitism. No because bernie is of course jewish and so you can accuse him and hes not said anything that would even be close to end. In the course when youre talking about nixon you know youre talking about one of the 8 criminals in the whole pencil of leaders i hope and pray in a prayer but i just told you that. The 2 young loses the election and the end of him because the persecution and the crimes that hes. Obvious coming back but 1st hes going to lose and i hope so that was a i think youre off on a brick did Boris Johnson oversee the slashing of resources dedicated to tackling the greatest threat of climate a Climate Change while serving as britains top diplomat we speak to the man who was his chief environmental advisor to david came. To him going underground. Survival guide thanks to a single malt to start sampling at all these are. Known. Repatriation scheme when we get there after 7 years. Philip attempt kaiser or. This is a stick from the water bottle found in the stomach of the fish the brand is sponsor of the Cocacola Company which sells millions of bottles of soda every day the idea was that lets tell consumers there are the bad ones there the litter bugs are throwing this away industry should be blamed for all this waste the company has long promised to reuse the plastic. Nickel capsules 6. That seems. To me to. Be on the dizzy end of. The mountains of ways only grow. What politicians do. They put themselves on the line they get accepted or rejected. So when you want to be president and. Somehow want. To go right to the press this is what the 43 of them all cant be good. Im interested always in the waters about how. Things should be. Welcome back this week scotlands high school to rule Boris Johnson unlawfully shut down Britains Parliament on tuesday the u. K. Supreme court will scrutinize whether the new Prime Minister misled the queen well ill give you johnson as previous when it comes to preventing scrutiny over nothing less than global catastrophe johnsons former advisor and u. K. Special representative for Climate Change so david king joins me now so david welcome to going underground so im going to say surely to sell with i mean youve got a sense of a climate repaired in cambridge operating time to celebrate britain is the 1st country in the world to declare a Climate Emergency. Does bring. I have reason to be proud about itself well i think britain has been playing a leadership role on action on Climate Change since the year 2000 and believes its fair to say without britains actions the Paris Agreement in 2015 wouldnt have happened just to back that up. I was chief scientific adviser with blair from 2000 for 8 years and subsequently i was brought back into government by cameron during the Coalition Government period i was given 165 climate it has been embassies around the world you know the country had full time trying to attach these a climate on voice in the different diplomatic outposts earing to spread the best literally around the world but we could move them around so i signed 3 agreements with china for example and we move 22 climate attaches into our embassy in china and the like are they talk to good china is in the middle of expanding one of the biggest Environmental Programs in World History right where they dont look about you as being 20 blair favors for the iraq war all the rest of it not in the saloon for not environmental disaster for my reputation in china in many african countries in india i would say is very very high people listen to Scientists Say blair and Cameron Cameron of course famously you posed with the huskies to election the body they would you pay tribute to both of the early deciders with the environment and then comes may and this is what youre referring to the Prime Minister may says britain will not only reduce its emissions by 80 percent by 2050 but we will head for a net 0 emissions by mid century 1st country in the world to state that and then we have this statement we have a Climate Emergency absolutely right. I would say we need to be very very worried about the future of humanity if we dont get a grip on the state of Climate Change as it is today and of course you mention those on voices and you are on the record for saying the board strengths and who didnt know when he was foreign secretary about the fact that most of them were then fired we lost not try it we lost 100 of the planet hashis during Boris Johnsons period as foreign secretary although it was the head of the Diplomatic Service who did this when i saw him he said he didnt even know this had happened the reason im saying they went 5 they were redeployed which is the Biggest Department in the British Government today the palm for bricks suddenly youve got a department soaking up people from other ministries who from Climate Change will when discussing important things with the counterparts in the embassies around the world to going into brics that if you say heres what happened i be done saying they went apps are preparing for it yet no deal yet. Thats not to say that Boris Johnson did you knew that he knew that this was happening and to stand i mean he is on the record i understand he said good god i didnt know that when you told him that theyd be redeployed well i think i think the real question is and i have another interaction with the Prime Minister in his role as mayor a few weeks into his period as mayor he called me and asked me to Carry Commission into the future of the Thames Estuary airport hes in there on the record as saying he wants you to chair the old. Mentor. And i said. I know what you think you know i had proposed the development of 2 asymmetric islands in the Thames Estuary so that if there was a tsunami coming up the tim these 2 items would destroy the tsunami and instead of london so the Thames Estuary would be where the tsunami would come in that would build up force up the Thames Estuary and destroy. Now this was a proposal then several people looked at the map and my goodness we could put at least 6 runways almost 2 and forest picked it up and said we need a new have port for that and i said but if its a nominee does hit this we lose our ip. The net result of all of this was i i said i would be prepared to chair that commission but i was prepared to Cherry Commission to look into the future development of the Thames Estuary area but he announced to the press to us that you were going to chair the. So i stepped put his arm around me and said david is agreed to chair this commission and i said afterwards can i have a word with you and he said sure and i said do you remember what he said not caring commissions into the future and he just rubbed his head and put his head down and said oh silly me silly me sorry but never mind the press will have deemed to have got it wrong i mean he didnt so did he know that he was in effect lying about your now that im not a cycle that. You have to be very expert on Climate Change. When it comes to policy or on an International Scale you mentioned actually the tsunami have to us we havent had earthquakes in the past couple of weeks in Northern England the imagist we havent got the earthquakes or the like that produced tsunamis what was it like working for Boris Johnson given that obviously his government was in favor of fracking indeed the liberal Democrat Current deputy leader ed. Avi was the Climate Change minister said fracking does not endanger the climate targets of this country and of course. George osborne no it is in the Evening Standard here in london says that he said that we should incentivize shale gas extraction on afraid that fracking is a very real risk to our future in terms of Climate Change we should not be fracking. Leakage of methane from the United States is causing more Climate Change than before me thing is about 100 times more serious as. A gas for Climate Change them Carbon Dioxide youve told successive governments this so why be its not going to instead of the liberal democrats to cracking money why do you think that this current government. Let alone the tourism a one said that what youre saying right is that all worthy of attention so here is that heres part of the problem we have a camera government led by cameron saying action on Climate Change and im supporting it and then his minister in debt for was cutting out all the legislation that was preventing us from overstepping the mark and this action was running against all the actions on managing Climate Change so it wasnt a coherent approach this different ministers were acting in different ways can i just ask you though about the own voice would it be true to say that you stopped the redeployment of further voice because i said that policy was all going to to reduce the number of Climate Change over was when i left i was given a promise that no more would be lost do you get the promise because of a nondisclosure agreement or it was quite as it was it wasnt quite that but but its fair to say that the foreign secretary me please not to go into the Public Domain talking about the law and he was. A few years later and very very worried about coherency in government actions on time of change you can get a Prime Minister saying one thing in a minister of government behaving in the opposite direction tell me about this center in cambridge do you start it because. I mean the time limits before climate catastrophe getting into shorter what is the function of your center in cambridge basically. The whole point of the climate negotiations has been to reduce emissions of Greenhouse Gases to a net 0 that is the whole point but at the moment were at 412. 00 parts per 1000000 of Carbon Dioxide in the atmosphere the preindustrial level was 270 you have to go back 3000000 years to get to 420 possibly a 1000000 and sea levels 10 meters high so that that is the long terms threat of where we are today so even if we hit 0 tomorrow we have another job to do but the 2nd thing is what is happening in the arctic region and really what is happening in the arctic region is what is causing all of this big series of disasters happening around the world if we look at the arctic region optic ice was expected to melt slowly and by 2100 if we didnt do something about Climate Change it would finally expose the arctic sea to day ha for the optics he is exposed already so what what you have is the Arctic Circle is now heating up at 2. 00 to 3. 00 times the rate of the rest of the planet now why is that a problem but 1st of all greenland is right there next to the arctic sea when all of the Greenland Ice melts sea levels globally will rise by 7 meters 7 meters means london is indefensible even a couple of meters london is indefensible. With the before the ice core data came out that showed us that it was real Climate Change is real. Did you see the fact that it was made Climate Change 3000000 years is nothing compared to the life of the planet you see direct correlation is here that presumably the the man in the white house who wanted to buy greens than the other day doesnt based on your experience as chief scientific advisor. This has absolutely no doubt in my body that the warming up of the planet which is very real the rising sea levels which are very real all of these effects all due to 2 things one is removing forests in order to plant. Agricultural activity and the 2nd thing is our discovery of fossil fuels and burning them to create the Industrial Revolution that is whats called Climate Change if were going to move on we have to treat. The whole fossil fuel era as a pasta era and move into the clean energy era and i believe we can easily do that and we can grow our economies as we do that but secondly we have to remove the excess stuff weve put in the air already. I believe theres a 3rd action which is and we have to rephrase the poll because we wont get it cool enough fast enough by simply reducing Greenhouse Gases in the atmosphere which is very very big you dont think it lets off the fossil fuel companies off the hook the big fossil fuel companies it will be the politicians that will be the people that you used to advise when you were advising government my fear as always been that as soon as you Start Talking about taking Greenhouse Gases out of the atmosphere the. Fossil fuel industry would see this is a fig leaf they would just carry on business and say they comply with the climate repair center in cambridge has 3 objectives the 1st we must reduce emissions to a net 0 the 2nd we have to remove Greenhouse Gases at Something Like 2. 00 to 3. 00 parts per 1000000 a year we couldnt do it faster than that which means itll take 40 years to get us back down to about 3 150. 00 parts per 1000000 and the 3rd rephrase the poll and refreezing the polls. Is a challenge of the order of landing a man on the moon but it needs resolve and it needs funding to back it up so david can thank you and thats if the show will be back on monday the end of us or black wednesday when your liberal financier george soros broke the bank of england and force the objection of the pound from European ExchangeRate Mechanism years later here on 300000000000. 00 to the taxpayer was used as an argument for brics it to keep in touch with social media dont forget to subscribe to luxury china. If. There are good terrorists and bad at it its the bad news in yemen the United States deems to be a threat the good those who work in syria the cia and the us military were engaged in covert actions really throughout the world. Where they were assassinating populist leaders they were backing up the right way military windows funding an army of death squads theres no any more because theres always a small income for a really good. Profit. So what weve got to do is identify the threats that we have its crazy one from day shouldnt let it be an arms race. Spanning Dramatic Development only personally im going to resist i dont see how that strategy will be successful very critical of time to sit down and talk. Well you know the hard thing weve kind of adopted because were called pirates for so long. I mean theyre into small ball and sniffs you dont harp on ships and you stand. Might not be known to. The limited self did beak told fish already 90 percent of the dot and he wont recover and. Cons of 15 scoops 75 tons to do it several times a day with a big fleet so no you get an idea on why the ocean is simple. We have to understand we can not stay still and just. Be witness of the deal going to the arms. Im doing this because i want the future world to future generations to have and enjoy the ocean how we have. Come to take a computer to the. Us secretary of state my pump a way of chooses iran of launching an unprecedented attack on saudi arabia that comes in the wake of a large scale drone attack targeting saudi oil facilities. And. The 1st of its