Head to Head - Has capitalism failed the world?
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Subscribe to our channel http://bit.ly/AJSubscribe At the famous Oxford Union, Mehdi Hasan challenges former top financial regulator Lord Adair Turner on the role of the banks, the politics behind austerity and whether capitalism has failed. It seems that mistakes made in Wall Street and the City of London are paid for by people around the world, but can we govern greed within the realm of capitalism or is it all just money down the drain? Is austerity really needed? Can we trust the banks? Joining our discussion are: Jon Moulton, a venture capitalist and the founder of the private equity firm Better Capital. He has nurtured a reputation for forthrightness even to point of challenging his private equity peers for abusing tax regimes. He is also one of the few men in the City of London who warned about the impending crash before it happened; Professor Costas Lapavitsas, who teaches economics at the School of Oriental and African Studies (SOAS) at the University of London and is the author of several notable books on the crash and its consequences including Crisis in the Eurozone and Financialisation in Crisis; and Ann Pettifor, the director of PRIME (Policy Research in Macroeconomics), and a fellow of the New Economics Foundation. She was one of the first to warn about the debt crisis in her book The Coming First World Debt Crisis, and is also well-known for her leadership of the successful worldwide campaign to cancel developing world debt - Jubilee 2000. At Al Jazeera English, we focus on people and events that affect people's lives. We bring topics to light that often go under-reported, listening to all sides of the story and giving a 'voice to the voiceless.' Reaching more than 270 million households in over 140 countries across the globe, our viewers trust Al Jazeera English to keep them informed, inspired, and entertained. Our impartial, fact-based reporting wins worldwide praise and respect. It is our unique brand of journalism that the world has come to rely on. We are reshaping global media and constantly working to strengthen our reputation as one of the world's most respected news and current affairs channels. Social Media links: Facebook: https://www.facebook.com/aljazeera Instagram: https://instagram.com/aljazeera/?ref=... Twitter: https://twitter.com/ajenglish Website: http://www.aljazeera.com/ google+: https://plus.google.com/+aljazeera/posts
Comments
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What review did the gentleman suggest towards the end? (The one about the bonuses to employees exceeding dividends to shareholders)
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Anyone have a link to that HomeStreams guy at 38:00 or so?
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the poor keep the poor .the rich do not pay as much tax as the poor o/o wise.
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Wow! An ex-banker and ex-regulator promoting an end to austerity and the use of high levels of public investment/deficits to stimulate growth! Wow!
Never thought I'd hear common snse and sound MMT macroeconomics from a banker! -
jeez he sounds exactly like Ian hislop
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mehdi hasan is a religious zealot, scum!
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Nobody spoke about capitalism as a system. The topic looks deceiving. They only spoke on the crisis. Apart from the question raised by one gentleman on Full reserve banking none of them challenged the system........Questions should have been more about corporations and banks are allowed to dictate the system, discrepancy in incomes between people. Why follow a system that is unstable, fractured and unregulated.....
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Capitalism has led to our current environmental degradation. At the current rate we are going, we will cease to exist as a species. There's no more proof needed for its complete and utter failure.
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we live in the corporations age and you can not blame capitalism or free market !!
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Hah! "Public investment" means the taxpayer gets to pay for it... and then the corporations will capitalize on this 'public investment' when they privatize it a few months later... (You know what, I think I'm really getting the hang of this 21st century 'Newspeak' thing!)
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If ANY state wants to be prosperous the FIRST thing it needs to do is to print its own resource-based money... and NOT create money out of thin-air as an interest-bearing debt by a privately-owned corporation! (As is currently the case).
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Lord Adair Turner touches on it, but doesn't actually say that the real problem is the manner in which the banks create money out of thin air in the process known as 'fractional reserve lending'... Haven't heard of it? Google it! It is the 'heart of the Beast'!
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“The smart way to keep people passive and obedient is to strictly limit
the spectrum of acceptable opinion, but allow very lively debate within
that spectrum....” - Noam Chomsky... this is exactly what's going on all over the world... we're being dictated the "wrong" debate... competition only leads to one result: a growing inequality... you can't control it, because the powerful eventually become so powerful that they control it... this is where we are now... we need to bring back democracy and the industries of finance, energy, medicine, food and security should be public, not private... then we need to look at the whole range of our dysfunctional thinking and put responsibility at the forefront of who we truly are... -
capitalism hasn't failed, central banks have failed, and fiat currency.
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socialism is the future
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Yes.
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Mr. Turner's last statement included change the rule to the game...I don't think people comprehend his decision to use such a word to describe this system as a game...we don't have to play this game but ignorantly we play because we have become satisfied with illusions created by those having present power...serious dilemma we are in these days...
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We need a robin hood tax
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Marx was right, sadly few actually read Marx. Many read what capitalist's think of Marx but not Marx himself leaving them blind.
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we all know who owns the big banks, and they are put their for only one purpose and that is to cream out of the poor and disadvantage. and this will never change, because money is power and power can rule anybody anywhere by any means neccessary. so humanity will always come out loosers. whist the greedy bankers get richer out of the publics interest.
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