Progress and the fact that money supply may not be the most important thing here it may be money allocation as someone from the Chinese Communist but anyway yes i think that is exactly the problem there isnt really a supply story problem theres 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 pays it always 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 the Corporate Bonds that are held by Institutional Investors those Institutional Investors will then by own slightly 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 where there isnt enough demand in the economy 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 to rent a flat exactly which is why you know young people cant buy buy flats anymore im not just in london the us and european cities as well increasingly this is a religious this great faith 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 end of it 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 or 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 democracy. Thats not generally the case well they know they even lie about Interest Rate in the city of london as we know from libel until say a german corben government starts nationalizing everything and Green New Deal. Policy doesnt look likely to change given what the e. C. B. Did you think it may be at the loose local level that people can start creating recreating in the economy say with the brixton pound which you 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 banks hes focus is not the world as we have in the u. K. And big banks tend to want to make big loans right 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 it 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 stake 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 national Investment Bank that we had voiced nicholas sturgeon on actually i am a p. P. England the u. K. Doesnt have such an institution actually 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 he 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 us. Central candidate microphone senator thanks for coming back on the show so youve called it wonderful news for a safer world what do you make of her d. N. C. Media are already criticizing dont jump for sacking move john bolton as the 27 National Security adviser Joe Scarborough on m. S. N. We see owned by the same own as a c. N. N. And sky news backers of biden and warn all saying you know bolton wouldnt cozy up to americas enemies like the president would thats why he went oh 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 has 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 the force north korea. And what he was appointed what it was that you very person except pessimistic situation where 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 youre warmer he shot a lot of other busy problems but thats not one of them and so did the democrats would we stand for 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 to. This is interesting. Yes republicans because bolton is a popular around the world we had mike flynn his predecessor on this show actually didnt seem to want to war on russia but so youre saying theyre basically we should be more confident that the Trump White 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 hands well i think we are very safe when you say theres a war distortion of the sanctions are kind of war ready that killed just as many people as the violent wars. But now the our troops to make a deal with a new body 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 latter is 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 adviser they shouldnt think that joe biden. Or maybe i dont know maybe even Elizabeth Warren evelyn 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 Foreign Policy is for early senators to get elected and told she get her to be selected sites president then will be kerry and she to reverse the course of our desire to be a lame 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 own party is not supporting Bernie Sanders and also told she cared because both of them represent. Many it was you schechter the mill vote just your complex and i know the toll she ever going to try and stay in from the october debates she was she was she you know the process just the way they 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 to make sure my need appear in a number of polls of another because you have a c. Its not a good draw as the about all d. N. C. Parts as im 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 antisemitism. No because bernie is of course jewish and so you can accuse him and hes not said anything that would lead him because he went on soldiers in the course when youre talking about you know youre talking about one of the 8 criminals in the whole pencil of leaders whole. Question of prayer but i just told you that. The 2 young loses the election and. You know because the persecution and the crimes that hes. Coming back but 1st hes going to lose and i hope so. Thank you after the break did Boris Johnson oversee the slashing of resources dedicated to tackling the greatest threat to climate Climate Change while serving as britains top diplomat we speak to the man who was his chief environmental advisor to david king. Part 2 of going underground. Join me every thursday on the alex simon sure ill be speaking to get a feel of the world of politics or business im show business ill see you then. Thousands of american men and women choose to serve in the countrys military and the decision that has shattered lives every donkey until a complete. And total being struck in here you know all the shot all what they kill me and i see how destroyed my life any screamed at me any mimi come in any damn eye on the right means birthing area if you take into account that women dont report because of the extreme retaliation its probably somewhere near about half a 1000000 women have now been sexually assaulted. The u. S. Military rape is a very very traumatizing tapping but ive never seen trauma like ive seen women who are veterans who have suffered military sexual trauma reporting rape is more likely to get the victim punished than the offender and almost 10 year career which i was very invested in and i gave a sex offender who was not even going to justice or put on the registry this is simply an hour in violence male sexual predators for the large part of target whoever is there to prey upon whether thats a man or woman. Welcome back this week scotlands high school drooled Boris Johnson unlawfully shut down Britains Parliament on tuesday the Supreme Court will scrutinize whether the new Prime Minister misled the queen will be 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 center for climate repair in cambridge operating time just celebrate britain is the 1st country in the world to declare a Climate Emergency. Does britain have reason to be proud about self well i think britain has been playing a leadership role in action on Climate Change since the year 2000 and believe 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 had been embassies around the world know the country had taught full time trying to test these a climate always in a different diplomatic outpost hearing to hear the best literally around the world that we could move them around so i signed 3 agreements with china for example and we moved 22 climate attaches into our embassy in china and the like only talk to get china is in the middle of expanding all of the biggest Environmental Programs in World History they dont look upon you as being to any 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 who 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 as saying the board strengths and you didnt know when he was foreign secretary about the fact that most of them were then fired we lost not fired we lost 100. Of the planet hashis during Boris Johnsons period i saw him he said he didnt even know this had happened the reason im saying they werent 5 they were redeployed which is the Biggest Department in the British Government today for brics suddenly youve got a department soaking up people from other ministries who from Climate Change will when discussing important things with their counterparts in the embassies around the world going into bricks that if you say this is what happened be done will saying they went aps repairing 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. Book 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 maps of my goodness we could put at least 6 runways almost 2 either 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