Skip to main content

tv   Growing Pains  Al Jazeera  January 30, 2019 4:00am-5:01am +03

4:00 am
since tom by the sun later. but the discovery of precious lives below the salt threatens to change their way of life. with mass sallade oh are now just a euro. alarm has i'm seeking. with the top stories on al-jazeera the british parliament has given the go ahead for it to rescind may to return to brussels and try to secure a better bragg's a deal but one of the u.k. prime ministers most important negotiating tools was ripped from the hands as m.p.'s also voted to block a no deal breaker the dean bob explains what it means for the u.k. and how the e.u. has reacted. oh.
4:01 am
outside the u.k. parliament the debate was fierce that is jesus bricks it is still as divisive as ever and as the prime minister opened the debate on plan b. she referenced the enormous defeat the commons gave her withdrawal agreement two weeks ago the vote was decisive and i listened so the world knows what this house does not want today we need to send an emphatic message about what we do want to hear the opposition labor party back to an amendment ensuring parliament would get time to vote on ways to prevent a no deal breaks it that plan was defeated but another simply rejecting no deal passed so the. key is have it so did a government backed amendment calling for the so-called irish backstop to be replaced with unspecified alternative arrangements but the european union has consistently said the backstop must be in the deal as an insurance policy to prevent border checks returning between island as an e.u.
4:02 am
member a northern ireland up to breaks it on tuesday the french president at a summit in cyprus was unequivocal come to see europe and as the european council has clearly indicated this withdrawal agreement negotiated between the european union and the u.k. is the best deal possible and it is not to renegotiate. the e.u. second most senior brics it negotiator has said events here in westminster feel like groundhog day or an endless loop but amid daya warnings from businesses and the health sector about the impact of a no deal scenario time is certainly not standing still the tuesday was meant to be about parliament giving us an idea of what kind of a deal it would be prepared to back but now we know they'll be weeks more deliberations here and it's looking more and more likely that the u.k. will have to ask the you for an extension to article fifty buying itself some more time. with the team barber al-jazeera london
4:03 am
venezuela supreme court has barred self declared interim president one from leaving the country and has frozen his assets it comes a day after the u.s. imposed sanctions on the state oil company in an effort to drive president nicolas maduro from power maybe. economy grow the coercive and economic blocking measures announced by foreign countries harm not only the economy of the nation but also harvard law as a queen as well as of foreigners living in this venezuelan nation because of that there's a citizen that is particularly lead and organize all this action that is causing pain as well as detriment it citizen one quite like the u.n. special envoy for yemen is in the data trying to preserve a fragile cease fire deal martin griffiths met with hootie and saudi led coalition delegations and urged both sides to withdraw from the strategic port city sudan security cheever's all of the release of people detained during weeks of
4:04 am
anti-government demonstrations but that's failed to dampen protests calling for an end to the thirty year rule of president bashir. five people have been arrested in connection with friday's dam collapse in southeastern brazil at least eighty four people are confirmed dead nearly three hundred are still missing. head of the u.s. intelligence says north korea is unlikely to give up all its nuclear weapons dan coats told the u.s. senate the regime sees the arsenal as crucial to its survival is essman is at odds with president charms who's planning a second summit with north korean leader kim jong il and howard schultz the man responsible for turning starbucks into a global brand says he's seriously considering a bid for the white house former starbucks c.e.o. said he would run as a third party candidate those are the headlines up next on al-jazeera growing pains .
4:05 am
you're. the view growth of something positive. it's grade watching our kids grow up or seeing a tree grow. it we always aware that all growth must come to an end. there's a limit nature knows no such thing as infinite growth this rule seems to apply to every kind of growth but one economic growth is somehow supposed to continue indefinitely. we believe them and now there are no limits to growth and human progress when men and women are free to follow their dreams and we were right . if that growth fails to materialize we panic but why.
4:06 am
does one person recognize the hundred fifty years ago growth is the fundamental principle of our economic system capitalism only works when the economy grows but karl marx recognize something else as well it is this growth that will eventually destroy the system itself. and today. every reach that point is the system about to collapse. at infinite growth actually be possible. the governments don't want us to even question the g. word they don't even want to put a discussion around growth if you're looking at this from the outside it an alien arriving from outer space and you're looking at the society. you would really wonder what was going all what are they doing what what is this gross that has to appear in every political sense on some is the basis of every economics textbook
4:07 am
what is it all about is it or is it a religion that they have is the god that they're chasing is the virus that's taken over them. what is this visceral fia that emerges assume his grace starts to go away. and he says soft on a vox storm kindness garnished gave a while to be defined as a dimension the of it was not a levels you didn't talk back storm in stand us.
4:08 am
all to god the tough facts them style gets built out sucks them in spine and i see him in his eyes the audience votes us maximina well what is being though is just the politics of axel's did but it went up and and because if what. mediums he politique we can come. that's at least two steubenville bellowing but of a fickle. is along his mention of these and plan it and keep to do with mizuho the box to long in a huge how does fit any one of and above you just read off. where does this unshakable belief in economic growth come from. is it always been there. is adriel e part of human nature. it
4:09 am
was true or dangerous under imaginative use of mass production methods let us unless they was able to perform its wartime miracle to build more planes when all the united nations put together to turn our ships at the rate of two hundred a month ships which carried overseas beyond might of the united states to decide the outcome of a war. the success story of economic growth began during world war two mass production of tanks and aircraft let the american economy out of crisis the output of military equipment was now calculated by a new statistical measure of gross domestic product or g.d.p. if production i.e. g.d.p. grew and so did prosperity americans believed so firmly in this new formula that they compel their allies to bring they can elect policies in line with it from then on it wasn't people's incomes that counted it was only growth and it turned out to be such
4:10 am
a useful measure actually for the war effort and for understanding the war effort that off towards it became the single most important policy number. across the world it kind of symbolizes progress to us soldiers says wow things are getting bigger so they must be getting better that was the us of the g.d.p. . in the three decades after the war the western economies grew up to eight percent and in the u.s. they called it the golden age of capitalism in france they were the thirty glorious years in germany it was the economic miracle an entire generation enjoyed material prosperity and full employment and this became engraved in the collective consciousness even though these high growth rates were only made possible by massive water destruction the believe in growth was now unstoppable. g.d.p. became the most important benchmark in history.
4:11 am
and the economy and the grace of the economy was doing a good job for us when when we were young if you like when as an economy as a society we were young and one of the really important things to say is that there are some societies where that is still necessary where you still need that growth where you still need food clothing and shelter whether very very poor undernourished people living on less than the price of a skinny latte from the cafe downstairs and that's why that's a situation where growth makes some sense. but the idea that as human beings all we want is more more stuff doesn't really stack up so after a certain point you have to ask yourself well how much is enough how much how much more do i need to great economy to satisfy human appetites. the nineteen seventies so our growth rate sink for the first time due to the op crisis and not affect us the boom was over the market saturated western economies
4:12 am
stagnated millions suddenly found themselves unemployed it was uncharted territory . for the first time the limits of course became visible economically socially and ecologically. we do have some understanding about growth. in one thousand nine hundred eighty two a group of scholars commissioned by the club of rome presented a report in washington and titled limits to growth using a computer simulation researchers at mit had calculated for the first time what continues economic growth would do to the planet's they're finding set off alarm bells around the world when resource consumption is doubling every twenty years for the first time people were confronted with the fact they can only grow it could also have negative consequences and that the planet's natural limits would soon be reached the success story of growth was in crisis we've reached levels of
4:13 am
prosperity which carry the seeds of disruption and necessitate a complete relook at the whole world social political and other situation. a couple of rome reports sold thirty million copies and became a global sensation. and yet soon this calls themselves came under attack they calculations ready tried as irresponsible fear mongering because it's impossible to admit the end except. the success story of growth. must continue. unfortunately many of the so-called us predictions turned out to be right and in many cases reality even so possibly predictions. that's the cover for only because it was causing an international uproar the brazilian rainforest and the amazon basin were still nearly untouched the huge
4:14 am
brazilian state of much of grosso largely populated by indigenous people consists of a forest and seventy today but much of that is left since the mid eighty's progress aided by international investors has been eating away at the rain forest thirty five football fields of forest disappear every minute it's been the same story over and over again lumberjacks moving first thank cattle breed s. and finally the soybean various. a lot of it lost. in this one of one point containers is new in the mail your. aesthetician know what automation all get in we shall not approach government and i bear little school here a bit as he leered of being there god but on knowing that god is following us cie they all bear with us as i'd as i am the ear wars or the dance of the fuzzy and the
4:15 am
keep thing they've each quad thirteenth supersensitive has there. been at did as society as bill de gea of us both them flightplan from the merely meant them to mean the you. must or numbers a loss when you see a particular cup damaso in all the argument it was. a mark of. the gap is there by god only could possibly broke without borders as the glue she. has been a fierce with the said one you've got a fish losing money. it's a tropical climate and in the streets of four harvests pay year and with that massive profits soy and corn for export an animal feed. i mean one sixty three is the gateway to the amazon basin at those numbers jack's money and destruction into the forest. today countless trucks lined the
4:16 am
agribusiness highway transporting their valuable cargo to the international ports. they pass and enter the sea of soybean fields enormous silos and slaughter houses through one of the largest boom regions in the world growth rates of up to twenty percent business. and the savage beasts is region it was just lived by indians it's just amazing forest. thirty forty years just off colonization and it's the most important region nagra business off the country. it's the right place to make new investments to make money. you carol a good part exported to russia china and in other countries. do
4:17 am
you see any limits know the limits of the disk i have and the limits. in response to the crisis of the seventy's economic policy underwent a change of course new growth had to be followed no matter what the cost even if that meant only using the prime and forces of finance capital as. these had been contained after world war two because there were hundreds of the great depression and the war itself. i think. monetarism was a new magic word. monetarism was the idea that if you put more money into the
4:18 am
economy liquidity it was cool that additional money in the economy would help really best that would give a small production that would allow us to consume more goods and we would get growth back again so this little hiatus if you like in the seventy's primarily caused by the oil crisis led to a transformation in the economics of society and in particular how we think about right now we think about stimulating growth i. governments deregulated financial markets banks insurance companies and investment funds going to influence and we're now allowed to gamble with currencies stocks even with people's retirement funds category was that lose and the financial sector was flooded with my.
4:19 am
it was a pact with the devil and the beginning of the slow process of self disempowerment in exchange for growth governments relinquish the power to financial markets but who do we mean by financial markets and capital and what does it all have to do with us. the ends group is europe's biggest insurance and one of the biggest players in the global financial markets. it's been fun filled six hundred million oil different from four hundred million fifty leaves so see shown at one hundred billion for the software c.e.o. in the leaves to see showing leading via the foresaw good ones o'quinn one fist to she went on my country to so for stay in. the us some are spirit of figure one inch on base your pick your own and box in uk to end wolf in
4:20 am
a party for mukesh cotton and the same box to pot it's a peon so buy spirit box in investments invest it to one in it will be in an in foster to investments in autobahn and would literally zero in on molly to take. the summer was one of them also disclosed in in china therefore also on a show although some kind of want to both and in the developed markets in europe and us. they also known you will strive us to be seen as we could never knock to a finance if a few of what's in it is if your parts and it's high fashion mission via in so going to invest even a high sheen visteon as acts in the movie and it's at the law. as a given in the token fini gun openly given me a in didn't shred and then he can and then his facts to mean decent and none
4:21 am
mcleish who will have to duck and. and if they hit the tufted his just team on the box to me is the nucleus is to stop it going to push that shit i knew was an invoice spent nine as if to be a end of it to one of us from the force to. things c. and d. gothic and going to go yahoo what was he thought he could hang up the subjects to use for cough but is thinking hard to see i know it. is for cough bon. another of millions of insured individuals is sent on its way to multiply when andre has group as team has a rough idea to which countries and sectors the billions that flow they hire an asset manager he determines what stocks or bonds to invest and. most of our clients are institutions what they want is they want their their money invested
4:22 am
in the capital markets. our customers expect their capital to be returned they want their money back and they want a return on that game and the moment there is a high other agenda. well why i'm commander just one point two trillion euros obvious it and in germany we're managing four hundred ninety billion euros of a sense of. the financial markets they have a social role in distributing people's savings towards investment and that investment is usually a form of debt so when you you take out a loan for example to buy a house that line could end up in a bond and we could end up buying that phone so growth is important so that individuals and companies who borrow money in the capital markets can actually pay those lines back. off of this free trade and when you said friend you just.
4:23 am
imagine a world with zero growth that's a world in in which pretty much everything gets frozen if you haven't got a job in this new world with no growth bad luck. you're going to have to wait for somebody to retire before maybe you get their job . a society without growth probably won't work at all not for long. it would be cherry and to collapse. without growth societies would descend into chaos according to the financial and political elite. but is that really the case isn't it rather the blind faith in growth that leads us to chaos. in the eighty's the world of finance operating from the city of london and wall street increased its
4:24 am
influence and governments and societies and became the driving force of capitalism today financial markets not governments determine the wellbeing of enteric countries. how did it come to this how could financial markets gain such influence over our lives. one person who knows the financial world better than almost anyone this year at college for nearly thirty years you were the successful fund manager on wall street and in the city of long. known of times people much as i was a scientist and i've been offered twenty thousand pounds to go and stone wall street in one thousand eight. and i was one of the last i was the beginning. and we went into the new era of reagan thatcher and liberal trade so-called big bang in the city was all about financial deregulation let's go let the market
4:25 am
decide and let's hire people and let's see what happens yes i suppose this really kind of control that is here which we've had before and it was that we walked into where money now talks now money wins and you need people small people to trade the markets and make finance the powerhouse behind capitalism which is supposed to be. the plan seemed to work the stock markets built roads no longer needed to be financed by increasing wages and text revenue now it was all about credit governments and individuals rather take of loans from banks and investors. so that they could be good consumers and thus generate. credit cards come along overdraft so to use lending for houses becomes widely
4:26 am
available and it's at that point that explodes that now it's not just a very wealthy have access to all these things consumerism is now people lower down the income scales as well and if you look at money supply in that and supply credits in the early eighty's it just explodes. in access to consumerism and promotion of current consumerism close debt which is created the growth we created and where we are today. the cold logic of the market to go about producing winners and losers. one of the people who knew best how to profit from this new logic was donald trump . i really think i have an instinct but i don't think it's the instinct shark i think it's the instinct of of maybe getting what i want or knowing how to get what
4:27 am
i want. only if you recognize the profit of that unity's in this new era as well as . he made large scale purchases of derelict new york apartment blocks and promised to transform them into next three hotels and apartments to see financing from banks high on the market boom and through the largest tax break in new york city history trump himself had practically nothing move heaven is an incredible place where you build a huge building in a sold out in a matter of days i mean you know you build a building with literally three or four hundred units i'm building a building is one of the hottest buildings anyone's ever seen is just selling like hotcakes when hatton itself is becoming a place of the rich period. the genie was out of the bottle the brave new world of finance or capitalism could no
4:28 am
longer be constrained and great efforts were made to set it as a controllable and secure system. the whole industry is based around a kind of illusion and the illusion of certainty there is a vested interest if you like inside of the system is to project knowledge and extra knowledge. but they really don't have any more knowledge than. a. russian filmmaker andrina kristoff explores how putin's russia impacts the very values of the nation russians are famous for their cultural legacy but can traditional and conservative give a source of stagnation and authoritarian rule why this is the assume aided by the
4:29 am
police to seize ukraine six homosexuality the significance of it put into the russian elite is that she was like a fake you who controls the cobra in search of putin's russia on al-jazeera. this is a really fabulous news for one of the best i've ever worked in there is a unique sense of bonding where everybody teams in but something i feel every time i get on the chair every time i interview someone we're often working around the clock to make sure that we bring events as i currently as possible to the viewer that's what people expect of us that's what i think we really do well. the plundering of armenia's natural riches has uprooted residence and desecrated the habitat of some of europe's most inventors species. but a remarkable campaign by local residents is challenging the might of the country's
4:30 am
investors and putting high hopes on its newly elected prime minister people in power investigates armenia mining out the left. on a zero. the headlines on a british parliament has authorized prime minister theresa may to go back to brussels to try and secure a better bragg's a deal but m.p.'s also voted to block a no deal brags that something may was unwilling to rule out venezuela's supreme court has barred self declared interim president. from leaving the country and has frozen his assets the u.s. imposed sanctions on the state oil giant to drive president nicolas maduro from
4:31 am
power maybe. the coercive and economic block he measures announced by foreign countries harm not only the economy of the nation but also harm the laws of queen as well as of foreigners living in this venezuelan nation because of that there is a serious and there is particularly lead and organize all this action that is causing venezuela's detriment it citizen one quite like the u.n. special envoy for yemen is in a day trying to preserve a fragile cease fire deal griffiths met with hootie and saudi led coalition delegations urging both sides to withdraw from the strategic port city. sudan's security chief has all of the release of people detained during weeks of anti-government demonstrations. but that's failed to dampen protests calling for an end to the thirty year rule of president bashir five people have been arrested in connection with friday's dam collapse at
4:32 am
a mine in south east brazil eighty four people are confirmed dead nearly three hundred still missing three of those detained at work for the mining company there of u.s. intelligence says north korea is unlikely to give up all its nuclear weapons dan coats told the u.s. senate the regime sees the arsenal as crucial to its survival the assessment is at odds with president donald trump who is planning a second summit with north korean leader kim jong il in italy says five european nations are offering to take in some of the rescued migrants on board a humanitarian ship off the coast of sicily the sea watch through has been stranded since friday with forty seven migrants on all howard schultz the man responsible for turning starbucks into a global brand says he's seriously considering a bid for the u.s. presidency those are the head headlines now back to growing pains.
4:33 am
they view growth as something positive. it's great watching our kids grow up or seeing a tree grow. it we always aware that all growth must come to an end. there's a limit nature knows no such thing as infinite growth this ruth seems to apply to every kind of growth but one economic growth is somehow supposed to continue indefinitely. as one person recognized the hundred fifty years ago growth is the fundamental principle of our economic system capitalism only works when the economy grows but call marx recognize something else as well it is this growth that will eventually destroy the system itself. and today have three weeks that point is the
4:34 am
system about to collapse. at infinite growth actually be possible. the bloomberg company from new york place a central role in the financial system since the nine hundred eighty s. rumor has provided stock traders and bankers with lightning fast price fluctuations and finance data from around the globe making it one of the world's most influential media companies. around the clock bloomberg news agency in stock market channel broadcast the glad tidings of the free market. our role in financial markets is as a provider of transparency i would provide a huge amount of data you should not have numbers on markets on economies all companies providing that chronicle of capitalism tell a story of money vitally important to bloomberg and central to what we're about dollars. and cannot raise dangerous or as one of us the bottom number as we look for if i say i felt. score on there on the state for the economy steady solid
4:35 am
growth in financial markets do usually reflected in solid growth. in economics in demand in jobs markets reason is that people feel wealthier if you look at the textbooks there should be no limits to growth but if you look at the newspapers at the moment i get the feeling there is or is a growth in the central question now is whether we're in a cyclical slump or there's something structural is going on biggest. by release of systems based upon people's remains have confidence in the information they're giving out and the promotion. of the ideology and the narrative which finance is based around which has increasingly become this kind of game shook roach with and. for a period time everybody wins. and then as you know a number of economists mocks keynes and pointed out is eventually all these mains
4:36 am
go on and the question. to those heavy lobbying by the financial sector on the government to ensure actually that this financial sector growth could continue and governments believe that it was in the interest of the economy because everyone told the monitors and told them that if you had all this liquidity in the system then you must be growing your real economy but actually what was happening within that system rather was that you freed up all this money which was then used to bet on the increases in the value of certain companies and certain shares and of money itself in the system and the people who were doing that betting were not only profiting from it but they were also the only people who were regulating the system so it created a huge unstable and incredibly. equal system in which the rich got very much richer really very fast. for
4:37 am
decades society has been transformed into an enormous market to which there's allegedly no alternative. the huge sums few in the financial markets scream for high returns and have penetrated every corner of the globe. new ways are constantly thought to expand profits already in the tree is. the road seems to be getting to small for the capital. when i was a kid i couldn't afford to fly in an airplane i actually joined the air transport industry before i ever flew in america. today people take flying for granted it shaped the way we buy goods it shaped places people go to shape the meetings
4:38 am
between people and different cultures. over the next twenty years we expect the world to meet thirty two thousand new civil aircraft. at the moment around one billion of the people who live on our planet fly by air regularly. the remaining six billion don't yet fly by and it's these people who will be tomorrow's passengers and tomorrow's customers in addition for those of us in developed countries who take flying for granted. have. over the last six yes more than one hundred brand new airplanes towards china. on airplanes every spring they see the changes that
4:39 am
take them. as our years a tale add something to turn the battle they owe me ten o'clock on sunday all of that the world. long thought was how much i want to get the money it was not even then but currently we have slightly more than two hundred alcohols in china in toto and every year in a range of ten or fifteen and you have cause want to be zero imagine if everybody a cannot fault. travel expenses even a peasant was low cost the business water a worker is willing to travel by the market is fantastic you can't imagine
4:40 am
and i i already seems that this is a sign of that that's why when i look at it every time i'm asking about the perspective of the market i can not to measure is a dime ation of this market when i have to reference one point four billion which is even more important than the holder of europe and more attribute means more pollution what do you do about that we made every single effort to try to reduce as emissions but if we look at it as a social benefits and as a konami benefits as a nation in this true bring to the humanity and then people may think differently. we. are trying to make as well as smaller and smaller us. to make it to a real village. for
4:41 am
decades growth was kept on life support with debt only if you had the courage to say that the party couldn't go on forever but no one listened to them. in september two thousand and eight the time had come the house of cards collapsed it's a black monday for the american capital market despite dramatic rescue efforts over the weekend all efforts to keep the world's fourth largest investment bank alive have failed lehmann brothers is shutting its doors for good it's also i think a necessary part of the clean up process i mean we knew it was weak we expected to
4:42 am
go it's not going in the way that people expected it to but it's gone. a long run i'm confident that our capital markets are flexible and resilient can deal with these adjustments for a long time so. there was a deep shock in the system it was a sense of my goodness we can't let this happen again governments have to have a better handle on this system and for a while there were attempts to do that it lost it probably a matter of a few months in fact by the end of two thousand and nine and into two thousand and ten. the very same companies been responsible for some of that disaster was still engaging in those same kinds of risky trading procedures that for a while had been stopped in the wake of the crisis and we learned a lesson but then we forgot it again.
4:43 am
the financial crisis was a huge opportunity for governments to free the world from its dependency on financial markets and to change the system. but they wasted it instead they did all they could to revive the old system spending trillions of dollars to save the banks . then something incredible happens the banking crisis miraculously became a sovereign debt crisis dr addends became public that governments and the citizens are subjected to a sturdy policy is under which millions of people suffer to this day. thanks and stock markets however keen to demonstrate a sense of normalcy as soon as possible in reality nothing is as it seems kept the business survive the crisis that no longer functions like it once did.
4:44 am
even though it's not as busy as it used to be this is still the center of capitalism you can look at all the tourists who are outside the building taking pictures they all still believe this is the center of capitalism it's a symbol of something that means something to that. ten percent i'm sort of like the weatherman for the stock market i come in every day and try to figure out what's going on in the stock market i talk to trading desks i talk to analysts i talk to people who know a lot about the stock market and i go on the air and on the internet and explain what's going on. remember the s. and p. five hundred is down one and a half percent this month you have very clear market leaders and the reason we've had it is because of better prospects for earnings in the fourth quarter remember what the market leaders have been energy tech events lagging today energy tax and banks that's interesting they're mixed. but it's you know if i may just
4:45 am
change crowder. human bein's want stories they don't want an endless list of numbers nobody is impressed with a list of numbers they want to know. what's going on tell us in plain english what the markets were doing and that's the real skill set and often that's not easy because things are very complicated. people have always claimed that capitalism can be evil and capitalism doesn't help people i completely disagree what i see in the last hundred fifty years is millions of people have been lifted out of poverty i personally am a true believer and still believe that the system works well and i'm committed to that system.
4:46 am
at the underfund and the new york about the van that fell from two thousand mention of the market. committee of dimensions in time to get attention because you can just fall into a dozen shots from. as the hellish difference hard in the housing as in one of the new york stock exchange this is a list the average i was in the first published it. is in this it's the machine just about wins. in jackson cause of death into naming me a given of every chuffed a top not been given and is going to name well then. let's come on the awful scene and be among the hostages have been known to the i love village often belzer if you have been in long outside but it was one time a while kind of talks to me getting tied to given a sinking truck since trying to balance because of dr mark police towels on carpet to fund. it up.
4:47 am
i think will be seen over the last few years is cracks in the in the shiny surface of capitalism. and a first that's what they look like you know they just look as they say something not quite right on the the way the light reflects off it and as you look more and more closely. you see this you see that these cracks gay rights of the office of the model they go right to the heart of the basic ideas of capitalism. does capitalism is to work. the system deliver what it promises. providing growth jobs and prosperity for all.
4:48 am
the on both sides because your new smart factory in the see this is just. fine let's put it to an all. in the basement on the cabinets you can see so often you're . not really sure cicely's it's you just like you're in study of a couple or three feet of your heart but the life of the soul. on a lot of. unix boxes been diminished. and all but that's in the city on the bend us on the on the bad self you can find don't understand and this is all by not talk as it sparks what was on the top is that in the book is that's come close mishmosh least. ever since the industrial revolution machines have been replacing you label thereby causing great societal upheaval it's. but until recently they had only replaced the physical labor of humans. now machines are capable of doing what makes us human suneet they're able
4:49 am
to think it's a completely new chapter in human history which will have massive consequences on how we live and work. can technology thank watson can. i mean want to is a technology unlike any that's come before because rather than force a human something like a computer watson interacts achievements on. human terms. sepsis twenty students is among the dead because cockney teef least on testes esteem and off to compliment. and dom it's even a star kids. get items licenses to mean how to buy something lengths unemployment's and fulvia not find that to discus something contexts into plenty of them hesham to sustain begin to laumann when time goes entirely deceive us also did not have hospital was just him all talk and on to it. if you're interested in checking it
4:50 am
back you're a spectator stand evolution's it makes this whole notion take great great gesture. as well as picture the rights of a mystery mission get guess who can be able to do it the right people don't just look at it let me go michael in self roll thanks to interact with thinking i'm showing. thank. you isn't me stop by and zoom in on a farm set up so shuffle and getting tired here i can finish my work. then never get off damien's i next see i t v ted sometimes that's the thing. and just how true in extremis if an extremist previously. in the future agribusiness and robots will be able to carry out nearly every would seem to ask previously from place. of jobs to. these new technologies like economic growth but that much in the way of justice and that
4:51 am
could endanger capitalism itself. be able to access all the nice things mass produced every day and there are not enough people who can pay for them with their wages. in financial markets algorithms have long since been running the show computers interact with other computers and fractions of seconds without any human input. in this room that's what we do here we have an on off switch right moves there's really no human in our bench and i really don't believe in leaving the room.
4:52 am
and letting you know something trade on attempted it's about being there with that with the creation you know you've worked on. you know even if i don't i don't know you don't control it but you watch it is it doing everything they designed it to do. there are many mathematical models that come out of fields such as horse betting that are used and are business as kind of fundamental pieces of algorithmic trading we somehow project and then our couple this society this idea. that that this is a safe environment for people to build up their rear tire meant time is actually a hyper competitive environment and. depending on the product there's there's you know sometimes i feel safer going into a casino than trading certain products in our space i mean. it is
4:53 am
a very different world than the way it's advertised to the general public. financial markets out of control and no longer have any connections to reality. while algorithms and robots produce growth they only provide work and prosperity for a few and it's this growth that's destroying our future on the planet. the signs that something has gone wrong with the a system that's become impossible to overlook so why do we consistently ignore them . this is for t.v. the network was always stuck together for your. time trusting a lot better now than i was before i did you know because they even hire you style you know to me. you guys look like so you obviously don't know what i'm talking about but you know this is a really nice quote i qualify one of the most powerful name in financial television
4:54 am
wall street week his back yes the news guy bridge actually purchased the rights to wall street leases i view myself as a capital artist again this company that i've created is my canvas. i know you guys in the media don't like capitalism but you know someone's had to pay for the camera and the microphone so i mean at the end of the day capital system is the only system that we've been able to design that works. let's talk about growth ok there is a perception right now in these elitist academic salons ok now we're not going to grow anymore well that's just flat out wrong if you study five thousand five hundred years of human history we know that human beings are designed to have great intellectual curiosity and to innovate there are so many things that we're going to do over the next fifty years that's going to shock everybody in terms or keep ability we're going to pull asteroids down from the asteroid belt or a load of platinum that would be where the first trillionaire comes from we're
4:55 am
going to unlock the ability to stop aging or destroyed cancerous cells in our bodies all of this innovation is ahead of us and there's a tremendous opportunity for growth. this a sense of desperation it's at this chastity that we don't want to base a realistic in the world we would much rather have. you know a total fantasy for our guiding star we would like to have this vision that no we don't have to think about detailing christ we have to think about making grows even stronger we have to go for it we have to make america great again we have we can all be billionaires we can all we have property and of course it's a legit i think it goes back to exactly that same simple basic fact we live on
4:56 am
a file a planet that there isn't the space for the dream of this reinvigorated the rest fetich this is. just. we live in extraordinary times our world is becoming increasingly complex. and many are disappointed to find that they are worse off than they used to be. but instead of doubting the economic system they turn to those who have profited from it the most those who continually promise new growth. for these empty promises more and more people are apparently willing to sacrifice democracy peace and then vironment. capitalism has reached a new level of escalation but it's no longer suited to the world we live in. it's and it's closer than we think.
4:57 am
we've got all recalled breaking cold weather across central posset kind of that that into the northern plains of the u.s. sat across the upper midwest all tucked him behind this cold front and that it's really cold air they are supposed pretty tautly packed so a real wind chill but take a look at the wrong numbers on that run minus twenty four the top temperature in chicago on wednesday should be about phrases around twenty five degrees below the average we go on into thursday warms up to around minus eighty eight if you can call that warming up co-direct coming into the oh by this day's atop temps of that
4:58 am
of around minus celsius by this stage it should be losey dry sensuous could say some wintry flourescent bracing folks any possibility and notice some welcome down towards the southwest california could see some of the heavy rain from time to time i feel it seriously will cool a few months live but it will bring some useful rain and i would say some very heavy rain some bloody still mst tornadoes calls moving on this weather system across northern parts of cuba that's sinking down towards the south it will drift a little further research as we go through day twenty five celsius the temperatures there for have that are still getting up into the high twenty's in kingston glorious sunshine here and it's set that east. short films of hope. and inspiration. a series of short personal stories that highlight the human triumph against the odds.
4:59 am
al-jazeera selects one of the really special things about working for al-jazeera is that even as a camera woman i get to have so much empathy and contribution to a story i feel we cover this region better than anyone else would be pushes you know it's that eternity vividly but the good because you have a lot of people that are divided on political issues we are we the people we live to tell the real stories are just mended is to do you work in-depth journalism we don't feel inferior to the audience across the globe. faced with growing financial burdens separate money for student loan pay this chase credit card leads me twenty nine dollars and thirty one cents. i don't have
5:00 am
a husband left me a pension my future scares me because i don't want to struggle as the dream of retirement fades away. gotta do something try to keep it above water hog and on al-jazeera. this is al-jazeera. has this is the news hour live from dod coming up in the next sixty minutes. we will now take this mandate forwards the british prime minister gets the backing of parliament to go back to brussels and renegotiate her deal to leave the e.u. .

54 Views

info Stream Only

Uploaded by TV Archive on