The ones who paid for it in fact it was the work because there was a foreign income going to the workers now look at the Empirical Data thats whats happened as well the rausing level of profit did it has meant more money going to bankers list going to work because and capital is feeding in the middle how come this issue is so misunderstood by the democrats they dont they seem to be financially illiterate and this idea do we need billionaires should be really really phrased as where to billionaires come from other words how do you get billionaires thats right and it seems like theres a lot of area to examine in the Banking System in the central banking just im where they seem to have engineers if you well using what in economics is called the cantillon effect where central bank prince billions hundreds of billions and somehow it never circulates in the economy and it goes to the same peoples pockets all the time so word of billionaire is comparable to the question one way billionaires come from is getting too much private debt through to a profit. Well that shouldnt have been allowed to happen in the 1st place then and so thats the sort of billionaire i want to get rid of and i agree with bernie completely on that front the villain is you were talking about we have the corner missed mainstream economists who run Central Banks who didnt see the crosses coming still kind of stand wat happened and the way of rescuing it has been to pump up asset values in the belief that theyll go what they call the will fix which will lead to more consumption and the idea is make make 1000000000 is even wealthier by making shows more expensive and theyll spend that money and stimulate the economy now theres a very Good Research paper by the strange little organized called the Federal Reserve of which shows there is no wealth effect from shares you did very little benefit at all out of that so thats been artificially created well so those 2 are by to get rid of but the entrepreneurial 1000000000 is i have a different feeling i know the 2 of you talk about debt and Debt Forgiveness all the time and theres a notion of o. D. S. Debt is there a notion could you say odious wealth as well if its being created artificially for a specific class i mean the data point out here that since 1909 at the net worth of the top one percent in america went up 21. 00 trillion dollars while the bottom 50 percent lost 900000000000. 00 and wealth is that because the bottom 50 percent are just dom and they dont work as hard and the top one percent are just uniquely smart and entrepreneurial and wealth creating or is it an odious wealth situation dr my thoughts and if there is such a thing as odious debt or bad debt then there is such a thing as odious wealth on the other Balance Sheet the billionaires assets of the one percent are the debts of the 99 percent and the question is should america keep all of these debts on the books if it keeps the debt on the book the economy is going to shrink and shrink and shrink for the 99 percent and the only people who will be growing is the one percent of the creditors so the issue isnt really should you. Tax billionaires should you just wipe out the overhead to get back to americas golden age which was 1945 when the economy emerged from world war 2 for chile debt free nobody owed anything the result was a takeoff a golden age everybody could buy a house there was industry going but nobody clued in donald trump who says make America Great again says make America Great again by wiping out the debt and starting all with a clean slate and that means wiping out this 4. 00 trillion dollars of money that is just held in cash all this cash is somebody elses debt and all of this debt is strangling the economy and even i are in agreement that the problem of wiping out the debt is theres all this wealth on the other side of the Balance Sheet the good thing is that by canceling the debts you cancel out the these huge amount billionaires power to take over the government to replace it and ultimately to become the government and thats what you call in all of our key that you cannot have a democracy and at the same time have so many billionaires holding the rest of the economy in debt there was a time during the financial crisis of 2008 to 2009 when we had occupy wall street and there was a scene at the occupy wall street in london where these bankers were actually crumbling up money and throwing at the poor people protesting essentially is about 4. 00 trillion dollars just sitting in a bank account collecting 0 percent Interest Rate almost the equivalent its mocking the economy and all the people who are impoverished and this economy if its money money should circulate secure lending money generates Economic Activity and if you have this money just watch you know in peoples Bank Accounts not being spent thats a major part of why the economy is in a relative slump right they say money is like manure. It should be spread around for a good work effect of what you had is accumulation of this stuff rather than spreading it around and thats the great problem of a capitalist economy it works best when theres massive amounts of circulation when people get wealthy they look at a way and they who are good and they when they spend this most rapidly you have a lower level of Economic Performance so that will is correlated with slow Economic Performance not High Economic before ill say so this is all very interesting in terms of the flow of money etc you know going back to 2008 we had the emergence of the whole doctrine for america older former attorney general who said that banks for 30 took to the economy therefore he couldnt prosecute them he stablished they knew president that banks the biggest bankers were above the law used to be simple moral hazard you know the central bank would say well if you keep bailing people out continue to act morally here theyve institutionalized what looking back now at the prosecution and investigation of j. P. Morgan is an obvious racketeering you know theyve made racketeering in the Banking Sector legal obviously thats going to create a concentration of wealth if i could steal money with no repercussions whatsoever im going to become a wealthy man now thats whats happened i mean the diet of not in any in on is really indicative here because im talking about trends and people capitalist economy with no stuff up spot central bank has but i 87 began the stuff i was by central bankers with the greenspan put and ever since then theyve gone in there to rescue the banks whenever they start to fall over to rescue the Financial Institutions when they stop the classical course being a Long Term Capital Management so all this stuff is meant as well as the capitalist system driving inequality which slows the economy down the socalled managers the central bankers in particular greenspan and his followers have extension why did the inequality and accentuated stagnation that comes out of that inequality so this wealth is giving a stagnation not possible prosperity the problem is what is a capitalist economy most people think that a capitalistic cut it. He is a billionaire is using their money to invest in factories and to employ people but thats an Industrial Capitalist economy and what we have a Something Different we have a finance capitalist economy and the idea of a finance capital isnt to make money by employing workers to make more goods to sell at a profit its to make money from money its to make money by buying real estate stocks and bonds not factories and stocks and bonds you can make money on fastest by closing down the factories by outsourcing you make money if youre a finance capitalist by closing your American Factory and moving to china by taking all of your income and instead of reinvesting it in a factory you use it for stock buybacks to bid up the price of your stock or to pay out as dividends to push up the price so difficult for the democrats to make the observation that when the monopolist and the monarchs the neo financial monarchs are strangling and economy a company or a country lets say in the case of grace they strangled grace they choked it out as a result they rewarded the finance heirs with a ballad with more hundreds of billions so every time they strangle a company or a country to death they get more capital they dont circulate the capital and so why cant the democrats why cant the opposition make that observation why cant those who are leading the Democratic Party say look these guys are choking out these economies these companies this economy heres how they do it its a crime wave how come they dont take them to court why do they pretend its something its something other than that because the Democratic Party is wall street the Democratic Party is basically of the neoliberal wall street party that believes that if you give more money to the billionaires theyll spend it into the economy instead of doing what steve kean describes in the stowing spending it back into the Financial Markets to keep inflating asset prices well today isnt made by saving money its not made by investing in factories its made by buying stocks and bonds that the Federal Reserve in. Lates in price by this huge 4. 6 trillion of quantitative easing that is all spent into the stocks and bones not into the real economy thats why were filming here in brooklyn across the bridge you see the Financial Center 14 trillion dollars gone into rescuing them saving that is the millennial generation z. The next generation thats going to have to pay all these debts that accumulated by these banks stirrers they live out here and this is the heart of where all these policies of like a wealth tax of medicare for all these you guys all these sort of ideas are coming from out here frankly running is a double entendre for this show because its the political front runners as well as what you just described which is financial front running the insiders know what the governments going to do ahead of time what theyre bailouts on their money printing and they front run they get ahead of that trade and they print profits risk list late and then their wealth skyrockets the rate dahlia Hedge Fund Managers say oh the wealth and income gap is so big how am i going to save my family and friends from the torches and say well why dont you turn in jamie diamond once you turn in your fellow kleptocrats put him in jail and ill do something positive for society let me clarify something that they see said you talked about the current generation having to pay off the debts of the predecessors theyre not going to pay him off these debts cannot be paid off they can go bankrupt they can starve they can die sooner but they cannot pay off the debts mathematically there is no way of these exponential growth in debts being paid off in the end every economy reaches a point where the debts cannot be paid and it is a choice either it can wipe out the debts and girl again or it can leave the debts in place and let it strangle the economy thats what the Democratic Party and the Republican Party stand for today and not know that these debts will never ever ever never be paid back dont go away much why. Coming and front running stay right there. Where theres. No room light of. The room. My name is drawn more than i was for the imprisoned by the regime love my life. Take a stick grab some Media Attention and its a shooting in a 16 year olds to 16 birthday party. So i think the police tell a lot of pressure. Close the case. For he is. Just wrong its like those. You know so far they are all more than the sure dont want peace be with us those are all of the issues because i was standing right next to. Me for is the son you got to keep in mind one thing doing that is 1617 years old so. You could lose one boozer plunder of his peers. Who flew. For more than just. Goldstone know the truth. Theres a long held tradition on cross talk to take stock of the year that is about to pass we have a look at what moved us what changed and what gave us concern 2019 the good the bad and the of. Today there are good and bad the bad news in yemen the united states. The look at it is some of those what 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 right away military windows funding and arming death squads theres no phones anymore because theres always a small town called for one really good thats good for profit. Welcome back to front running just learned from dr Michael Hudson that apparently the debts never ever ever ever be paid simply because mathematically its impossible stacy yes the debts have been rising exponentially and i think its in an interesting way that context of front running is that we have the boomer generation dying off and the millennial generation is now a larger generation than the famous and the infamous boomer generation it feels like theyre asserting themselves through these economic policies its like hey what 8 were not suckers like generation x. You know were not going to pay your debt were not going to like ryle long in your stream of like bad debts so is. Something that should be considered or are you just saying wipe out those debts completely the only way to do is to wipe out the debts rich people dont pay taxes only the poor people pay taxes rich people will declare all of this cash is really in liberia or panama or the Cayman Islands and its not really in america at all so it cant be taxed the only thing to do is to wipe out the depths and by whipping out the debts you wipe out this excess wealth and does america really want to like archy thats the issue do you want group of billionaires to run your Political Parties to control all of your medical care by saying it should be. Companies that we own not the public do you want to have a group of billionaires saying were the government not a democracy or do you want to bunker say i hope to put things in a broader perspective and in proportion and thats the real proportion is a huge top of the economy whos debt is burdening it and crushing it and if you look at greece is greece americas future is Latin America americas future are we going to end up as broke as the these countries on this idea. That the rich paying taxes are not paying taxes of course the pushback on this is that the top billionaires will say well most of the taxes that are collected in the country we pay but we have to keep in mind thats on reported income most of the income is not reported for example if they pay taxes on all all income not just on reported a need to have a not 3. 00 to have children dollars in taxes collected last year and probably because of the 8 or 9 trillion collected in taxes last year amazing it may seem rich people dont earn income billionaires known an income if you are an income you pay tax on it but you know its make Capital Gains and they dont have to pay taxes on these especially if theyre theyre offshore if you look at the National Income statistics for real estate you find the entire Real Estate Industry all the real estate america has paid just about 0 income since 1045. 00 is that donald trump says i love depreciation they have so many loopholes that they have no reportable income so taxes are not going to do it you have to go right to the root of thing its assets and debts at the Balance SheetBalance Sheets is what they should talk about and thats where we can be clear because taxation is the dumb way of trying to get the will back from the from the wealthy who fix procreated rather than earned it as models been saying but we have the were talking about private debt by the way its been very careful here its the private debt thats caused this inequality its the private debt that stagnates the economy the Government Debt as modern monetary syria argues is something which is like a its the governments capacity to create money is mirrored in the amount of debt that it created so the Government Debt is something which is controllable its not the problem of course all the attention the Democratic Party in the publicans is on the Government Debt but we can use the governments money creation capacity to give everybody an equal amount of wealth and what that would mean is you actually reduce the debt. So you can do it in a row rather than try to take it off in terms of checks which they can always of you could use the governments money creation capability to give everybody cash which could be used to pay the debt stem and consequently youd reduce that concentration i dont want to pay the debts i dont want to make a 1000000000. 00 there isnt a trillion there is i want to wipe out the debts and wipe out all of this massive capital stifling but you know a lot of the assets that are as bad as the good so thats why so you can do it using a. True boy which is used to states capacity to create the money you get on per capita basis the debt that reduces the power of the oligarchy just for the tax rates just so you understand last year 2018 was the 1st year in u. S. History where billionaires paid a lower tax rate than the average worker so the average worker in america paid 28 percent state federal and local taxes and the billionaires paid 23 percent did up counting the wa