of jan we see that, you know, for them to ask supplies just now and she has a lot for you doing nothing about it. you know, it's a supply of gas. you know, you pay us as a country as much less gas storage and a lot of the countries in europe. it's lee and jeremy of much more gas storage we, which means they can better write out the spice and demand where the u. k. we are very much at the whim, all you know, global demand. ok, successive british governments of failed on gas storage off the gym, the british energy regulator. it's surely less harsh on companies than their equivalent regulators in europe. i mean, the big 6 energy companies that far as johnson the government seems to be favoring are under the, under the caution. they buy, say german regulators who tell you what you can invest in what you can do. whereas green, you have a lot of freedom. i mean, you know, it's different regulation and in place of different things, you know, over the last 18 months and you buy the whole sizes report to off and on a monthly basis about our financial stability series. if anything was happening is not commit surprised to regulate for government because everything i've been trying to take with them is the inaction of our german government. it's called this crisis case. now we find ourselves in, i mean, you're a young company, maybe you didn't read your call marks. did you don't think that supermarkets in this country, like so many other different industries in this company. they eventually coagulating the big monopoly companies, no matter how the initial theory is, there's going to be a free market of lots of entrepreneurial capitalists. fighting for efficiency, retro street from off camera company, just always be switching pi. oh, that's the best way to save money. and not driven a lot more likely, and a lot of people in the market with innovation and new ideas is really help them improve customer service, improve the choice for christmas out that ultimate save money with, you know, i think what we found is that the goldman is using this opportunity as a market consolidation, where you're going to return back to the cost hello. the big 6 where they, you know, they will just charge the maximum they are allowed to charge and also not going to effect customers in the u. k. with less choice, you know, high costs and you know, it's only going to affect my, i know there's a petition out for one ministers resignation, but do you think therefore, given what you just said, that can be legal avenues in terms of compensation given as you say, for years we've been told to shop online for the best provide it's up to you, the customers work out the best deal. yes. so we lost our protection calling for quality content to resign. and in less than a day we've had over 5000 things. and we were growing every minute of all the down, i get more more traction at ultimate, you know, the not to my comment is something, you know, it's the business that we've actually looking to stifle competition. and ultimately this may end up in the costs. now, of course, newcastle, a long history of trade unionism, you must have family and friends and people, you know, surely telling you when there was icy i nationalized, chemical company producing the fertilizers, helping our food supply industry in this country for turkey's chicken. when there was a british, gast nationalized by this own, by the taxpayer, we never seem to have these problems. we had labor problems, maybe with unions and pay, but we didn't have problems like this. isn't it? time to just nationalize all these industries and have a strategic energy security plan. i think that being the late late governments for a number of years not flies or a national engine buyer in that regard. it was before my bill, your way to national before the record station, you know, they were power cooks and you know, you know, they're talking 3 or 4 day working leaks, etc. you know, there is no more supply now more choice for customers, but without security of piping at the forefront. you know, it's, you know, if we go down the road, it may, i don't, you know, we back in the sixty's or seventy's. yeah, i mean always quad tanks and it, we wouldn't be going back there. and in fantasy that was actually the work is flexing their industrial mike for more pay. but as they seem to be talking about bigger companies, swallowing up smaller, entrepreneurial ones. why do you think so? it'll focus as being on the geopolitical nature of the companies that are going to succeed. e d, f is one of the big 6 their own by the french government. some of the other companies involved with foreign governments owning british energy security. this would be an option for a number of years ever since the point c was announced. and it's been built by the french government, but with chinese packing. you know, the great company seen, you know, help and on with your superior golf supply and actually, you know, from here you can hobby, but all the comments to, you know, take, take a lead on this, which pulses are risk. now of course, a media very quick to talk about russia and china, strategic enemies as far as the secret. so his ear and written the talking about how sensible is it? do you think, to send our warship to china and be talking the way we are about countries that are so into connected with our energy security here in britain? yes, i think you know, the, the main thing to europe in the news you got from the, the russian state, north street to pipeline ya see, got so much ease and billions of pounds on friday gas to europe and your automate europe needs gas offer, you know, way to use the water cloth and announced that we've gone to agreement with no way to increase production book the whole year and you need thought were can got you are being called to holding. not talk with coping, satisfactory practice. yeah. but i mean, do you think it's price we're paying if i don't know, maybe there are people thinking russia and china went to invade britain? well, how do you see the violence here when it comes to britain's strategic goals? yeah, i mean, i think the rhetoric of, you know, your work or trying to trying to take over your whole concrete random's patch. you know what he has been supplying just to europe in the u. k. fall and number again. and you know, it's, if we have to market be agreed to build a pipeline with them in best buy, it's only wasn't being built and then look into it on the, you know, this record starts to be started to come out. well, we've often had a lot of criticism currently in the united states and let alone for some british politicians that it should never, we should never be dependent on it in the 1st place. do you think russia and china laughing about all of this? obviously, demand is well up in se asia for gas. there are lots of, there's not the demand. yeah, i think, you know, i think the probably laughing, i know it's, it's ready for me all the, you know, the national governments across europe and in the u. k. w premium payments out with a high cost of that a. but you know, that could be in your, in the well, or i could take an action with all this, but it seems pretty common. it's got a head stuck in the sand on it. and what you expected to hedge with given you don't have the french governments resources and billions of dollars worth of bonds hug. usually. i mean, you want, you had your big coin, what you the company had john, and do you think you're going to go bust? yes. so, you know, small supplies out there, you know, without the lot on the big stakes or people back by lock investment stands with billions of pounds. you're not treat forward hedging for your fixed customers. and, you know, having that risk of shorter term and market market price that you have to pay for. and we take a balanced approach where you know and make sure, because ms. we can guarantee the price on the customers with us back for christmas to 3 to leave and moments notice. so would be, you know, if we could, as opposed to, you know, part of angie stick moms or bands. if you could just call me back amongst notice, but do you think some of the companies are to blame for public relations problems? i mean, we have one in for children in poverty and the moaning about a price caps or the poorest in this country can have energy, may not be the best strategy for getting the people on your side. i think the, you know, the, the part of a quarter the see if i don't think just a couple of increase in price. got the solution. you know, that's why we are called me for the coming, helps back in and help try and regulate the prices, trying support for support for interest spice during this time. you know, the last thing we want on any interest by, wanted to increase the price of people in the u. k. where, you know, universal credit or political, we moved the end of palo and, you know, it's, it's a very, very tough time for people in the u. k. you know, i don't think many spiker out that, you know, all the big picture is now on the call. they were calling to increase and actually, you know, we want to ask action from the government to help support the market itself. so there's no shortage of gas. you want to green electricity. what power do you think the big 6, which way become the only 6 electricity provided to this country? what power are they going to have against policies aimed at curbing climate change? and civilizational collapse. i think is what he's looking to have and he does happen and you know, the market does, you know, we back back to that, you know, car. hello. that they say maybe a couple of holes is they're going to hold the power with off jim. they're going to hold the power with government because, you know, despite such a lot extension of the customer base, but in the u. k. and they'll be able to go talk and go to common anaki in our policies, in their best interest, not in the best interests of climate change, all consumers government off jim. the regulator obviously would deny that. but not a, not a good look for cop 26 in glasgow. and if you extend, you know, no off stopping in november. it's, you know, the situation that you paid by that could be drastically weapon. it's now when we are in a crisis now. so by then you're able almost to be populated, take even right back. thank you. thank you very much for having me after the break as global capitalism, weights on the chinese communist parties. response to the ever granted crisis, we talk to a man who help sets british interest rates for the bank of england by the perfect storm of lobby leaders and death. all of them all coming up and bought 2 of going underground. ah ah ah, i use join me every 1st day on the alex simon show and i'll be speaking to guess in the world, the politics sport business. i'm show business. i'll see you then. me the. i don't know, i mean there's some fits in there were rescuing the food that they were not scavenging or were rescuing resources that are still good. this is best by march 21st, which is in 2 days. all these potatoes, holiday, daniels, onions, all of these came from waste ground sources. this is great for me because i'm always looking for a way to give things away. dr. because the tax laws, you know, definitely do benefit the wealthier people in our society. so that makes sense for them to throw it out right off rather than give it to somebody who could use it. and then that person is not going to buy it. the welcome back. and when we spoke to a small u. k. energy supplier about the possibility of wholesale re nationalization of britain's energy security. but now to the economic fall as of the crisis and what it means rather privatized and unregulated sectors across the liberal nations. i've joined now by david blanch flower economist and form. remember the bank of england interest rate setting monetary policy committee from $26.00 to $29.00. thanks so much for coming back on a course that year. those years, including the 28th crisis. i mean, before we get to your favorite prime minister of recent times where it's johnson, who's in new york, addressing the un, is the whole world about to collapse because of ever granted. or do we even know whether a property firm into connected and into linked to so much of global capitalism poses that risk? well, i think it probably poses the risk. i mean that you're quite right. we don't exactly know. i mean, what, what, what exactly is going on and whether the chinese government is going to let this happen. but when you see headlines like china, layman brothers, you have to be concerned. i mean, that, that has the potential of a major impact. i mean, the question is, are people going to make an error? i mean that, in a sense, you can't allow something that large to fail. the world is waiting and watching. i think it's pretty concerning. and obviously is it's have an impact around the world where it's going to go. we will see that the, the danger is that the chinese government makes an error just by united states. deed and allowed layman brothers to fight. i mean, the story layman brothers actually was on the day that the think failed. it was basically insolvent, but the central bank in the united states at 6 months or so where it could have stepped into the folk. so that's really the story will take a long time to thought about. now where at a crisis probably should have done something a while ago, but i think the world has to wait and watch and the risk to our overstate the downside. or it could be geostrategic, you're right. i mean, the financial press in the west is talking about this. we know the chinese communist party is saying they need to rein in the excesses of some people call it late capitalism. could this be some form of the engineer the crisis? well, i don't know it's, i mean column is the last thing really one should do is speculate this thing. we should wait and walk and be concerned that this is a downside risk. the global g d p, i mean, if it's strategic and presumably everybody in such a situation, everybody lives in carrying the chinese. so that would be consistent with my view. that would be a major error. i mean, when we see the headlines about the energy security crisis focused on britain, and we know that there's a reliance on russian gas for supply. when we know that china is so into linked to the global economy and bar, as john's, the setting an aircraft carrier to the maritime borders is economics and geo politics as it become de linked. no, i don't think it has. i mean, i think if you go back, i remember gordon brown book said the, well, what we all tried to do is simulate what would happen if a single bank failed. we hadn't really realized what would the consequences of a global collapse a collapse in the global banking system. so i think the reality we learned from 2008 the, everything's kinda linked together. hard to believe that, you know, the global force is a separate, so, you know, before to end, before then surely. you know what i look, it sounds crazy. i tell my dog students, i don't, the 2nd biggest dartmouth club is actually in the city of london. and they used to come and thought to me, and i realized that all of the students that i've had over the years working in the same banks the other day with jews will work in any wall street. literally, i lecture that they want to have a way, how can this be gotten? government came and the u. s. is irrelevant, go i thought to myself, if there's a global financial financial crisis in the united states and all the same banks in the city of london and in frank, but how can it possibly be confined to the u. k? so that was probably one of the, probably the most stupid thing he ever heard of a very many stupid things. he said, i mean the bag and the whole dame, your old collie, being promoted now for this country. a country we won in for children or in poverty, according to some statistics. leveling up local government has been abolished from a department here in y tool. every terribly happy about that. that's very exciting and when the government, in a sense by 2010 by doing it still staring and pushing monetary policy to the bank of england, essentially, van a regional policy. right? because if you say the bank of him is what's driving a driving economics, you 7 interest rate and that's the thing for everybody. so now you set up a leveling up deposit, which i think is laughable joke. let's just think about what the world bank has been trying to do since 950. it's been trying to level up african countries and poor countries around the world and has achieved it, but never fear. and the how they going to achieve 6 months. they have no agenda, they know told us what they go to and it's unclear if there's any budget to do that . so, fluff more, love, really the nothing here. i have no idea how you intended to level of the 50 constituency that you told the voted. tory had been labor conspicuous. want to go to breakfast and now you said it's going to be great. well, i suspect what you're going to say is not going to be great. they probably can't do anything. i mean go flop and mirror. so i'm to singly unimpressed leveling up. what are your, the department of the loop l, you mean come all this is really, really pathetic while we invite them the whole day and on your former bank of england colleague, i guess he was, i mean, obviously the she said that the chancellor here and others pointing to the fact that we're seeing inflationary pressure in the economy on, on pay and inflation statistics. but i know you've been cutting down on the peculiarity of inflation in, i know you work on site me, right. i mean, the reality is, i like to use the analogy a hurricane gets an island. i mean, i have a house and i'm a hurricane was coming out. twist is what happened. and the answer is, well, community cut off the price. if the price is the price of a plumber coming to the house, i thought the roof out right? the, the temporary shocks apart and pot and also of an adjustment to a panoramic shock. the central bank should sit back and watch and wait and work out . you know what the virus is going to be, what the vaccines are going to do, what long changes in behavior that are off, it's kind of uncomfortable to people. one of the things that we've learned is that the price of certain goods goes up. the traffic example of timber the price of timber rose like mad and then people realize, well ok, i'll put off by him. i don't have to do to be i way i don't have to build it and basically get a price. it kinda went up by fold it back where it was before. similarly in the latest date of the price of 2nd hand carved in the u. k. 19 percent. so how do you avoid this inflation shot? you don't buy it, put off buying your 2nd call until prices have come down. so i think the answer is these are temporary shocks, but obviously this is the people are being hurt. and this is a company, a spend increases in natural insurance, which isn't a tax on people we're seeing removal of some of the benefits that were placed that during the pandemic. so basically just like in 2010 here, the tory government goes again pulling in, i'll spare with the soak up the trying to her for people which is going to do. and then it says we're going to level you up the worry in doncaster, and then darlington and other place as well. you go, this is an attempt, once again to low the living standard, the core and the low paid. why would i mean, you know, the re road to hell, maybe paved with good intentions? why would they be doing that? i mean, for international view is we'll have to tell them that they, there was a plan here much loaded by some of these jobs. and it's trying to address the aging population, but wants to pay for if using national insurance, which is type of tax, which is free and is cutting universal credit on the payment over the words. so this is to think of taxes generally. you specify them as being regressive of progress. the question is, who pays for the tax? so you look back in 2010, and you say, it was clearly the 4 people, but cause the great recession. so we have to impose asperity in spending on swimming pools in libraries and single mothers with that. so now what you're doing here, just saying we need to now go back. we did pretty well. we put money out to help people to help unemployed people to help people. now what we're going to do is we're going to raise the tax on work and it's disproportionate impact both on low income and then you take away universal credit that impacts poor people. so what you've done, if you say ok, so now we're going to pay for it. we're going to pay for it by tax in the pool, so that we can subsidize the rich, you've done pretty well and $3010.00. let's put this in context and i for any the steve about is basically what 2010 did was it produced the slowest recovery in the u. k. in 300 years, seconds of the south, the bubble, and then the worst one. looking back with the black death. so this, so this is why we expect thoroughly, but this will lower output rate on employment, lower living standards, and will precisely level down the places that are most vulnerable. so you have a leveling up department is going to be doubling down through all the parts of the government. this is politically looks to me to be a dangerous course of action. so is this brutal cruelty if it's also going to damage the economy at lodge and enrich the wealthiest people in this country? both trenton is aware of this, or is aware of this, new and loving either by the conscious that you're going to do that and raise the taxes on the floor, lower living standards of the pool, or, or you'll learn the livers stand to the point you don't realize that, i mean, that's what they're doing. taken away, you have as a credit, taking people at the low end, giving them a higher tax on making rich sounds lower. so how, how we started out the conversation with leveling up. but your wife being widened, inequality leveling out to me, suggest we're going to narrow inequality. we're going to narrow inequality between rich places and poor places. so if you, on the one hand, you set up the leveling up with no budget where the money goes, you level down on the net, this is a leveling down. i don't see any other way. well, the government deny brutality and cruelty the 6000000 universal credit people. obviously they're facing up to this cut coming up. i mean, it's not only britain, though, the 1st to scale back quantitative easing during the crisis appears to be the europe and central bank. worried about inflation, what do you make? it's amazing. let's look back to 2011. they were the 1st 2 banks that actually decided to raise rate in 2000. i think sweet, sweet. and on the set the europeans going to back together. we look back now and realize that in the last decade, back with probably the biggest macro mistake that we've seen. i mean, we'll see that the fed meeting today and tomorrow, and various talk there about whether they will start to scale things back. if the right answer all of this is that we don't know the right thing to do is to wait and watch and be prepared for risk. the downside, i'm the shock to inflation of temporary, i'm going to disappear, but to actually think you know enough to say we can pull back on quantitative, easy, and reduce stimulus. seems to me to be again a mistake. and very briefly, you don't think the meeting this week with the rank of england that then are going to decide on a rate rise. they're not going to 11. no, no, there's no chance they'll do that. the maybe some discussion about what to do back in the maybe one vote or we've got new people coming on the committee and a new consensus. i mean, i think the thing you see it fit and weights and what, what, what i did, i think i would, i would not be voted for any change, but i'd be prepared to have my handful bring on. but on a buzzer, trying to actually think about what happens if the economy slows, especially when the fiscal folks, we've talked about going to stop to remain stimulants. so what happened in 2000 a white while the bank of england was unable to raise rates for a decade with because you pull back fiscally. so that meant the monetary authority had to do more. so as the central, as the chancellor is raising taxes on the pool, that might mean actually the next move in the other direction. you have to do more . maybe you take rates negative, but these 2, these things that coordinated together. i think again, the risk continue to because of and then a bunch of thank you. that's it for the show will be back on the eve of german elections, where debates around the russian want stream to pipeline and climate catastrophe made it a flash point for europe's energy future until then keep in touch by social media and let us know if you think energy security is a matter of national security ah ah, ah ah ah, i will. i will driven by a dreamer shaped by those in me dares thing. we dare to ask me o working room or should she popped in? she said, well, i'm getting ready to go shopping for christmas. and we, we said there was a good good bye to another, shooting another safe part of american life shattered by violence. the gunman was armed with an a r 15, semi automatic rifle. when the issue comes home, it's time to act when we're violent on this issue. the other side wind by default, lady that lives over there. i was walking one of the dogs. why do you wear again? were you scared? doesn't such a good offer? i think the people need to take responsibility in their own hands and be prepared if those kinds of weapons were less available. we wouldn't have a lot of shootings and we certainly wouldn't have the number that ah ah, we are not seeking new co warm all the major powers of the world have a duty to my view to carefully manage their relationships. as joe biden promotes global cooperation at the us, the french president can fulfill their admitted, growing diplomatic back with the white house to come despite record energy prices in the short forwarding supply. the rockies, slapping fine on poland for using coal is also planing russia for the crisis and lonely inside with that type. former classmates, ascribing.

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