tv NEWS LIVE - 30 Al Jazeera January 26, 2019 10:00am-10:34am +03
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 other factors the boom was over the market century to its western economy 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 the limits to growth using a computer simulation such as that 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 that 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 prosperity which carry the seeds of disruption and necessitate a complete relook at the whole world social political novel 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 for 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 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 us and finally the starving parents. a lot and they love. this quote of one point containing as is meet you in the mail
your. aesthetician know what automation all given we shall not approach government and bear below school fairness but as the leader of being their god but on knowing that god is following us cie into all there is the side as i am the ear wars or the dance of the fuzzy and the keep thing they've each quattrocchi it seems were stamped their heads they are. in at did as society as bill de gea of us both them flightplan from the merely meant them to mean that you. must or numbers the last when you see a particular cup damaso in all the argument it was. a mark. the gap is there by god only could boston broke without. the sestak lucia's ain been a fetus with the serum on your face bill to see my.
the tropical climate and in the streets for 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 the end lumberjacks money and destruction into the forest. today countless trucks lined the agribusiness highway transporting their valuable cargo to the international ports. they passed and the c.e.o. soybean fields enormous silos and slaughterhouses to one of the largest regions in the world growth rates of up to twenty percent a business. and the savage piece 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 you see any limits no limits the sky you 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 possible for the great depression and the war itself. i think. monetarism was a new magic word. among them was the idea that if you put more money into the economy liquidity it was cool that additional money in the economy would help really best that would help 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 kept there was that lose and the financial sector was flooded with my. 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 co 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 shown leading via the foresaw get winds o'quinn nine fifty she went on my country to so for stay in. the us via some us bit of figure one inch on base you think you want in box in uk too is it wolf in a party for mukesh kaiden a decent box to pot it's a peon so buy spirit box and investments invest its own in it will be and then in foster to investments in autobahn and would literally zero in on mali to take. the subtle eyes more of the positive closed 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 know new life wants to be seen which we could
never knock to a finance if a few of what's in it is if your puts and its high fashion miss and via in so going to invest even the high sheen visteon as acts in the movie and it's at the law. as a given in the token fini gun opining given me a in didn't shed and then he can and then who will his facts to mean decent and non mukesh who will have to knock and. and if they hit the tough titty it's just t.v. or the box to mystique nucleus is too stunned to push it over and over that i knew was an invoice stunt nine as ish much to me and of its own if i was to be forced. thank you sandy six a gothic anointed aiyana will miss he thought he could touch up the subjects to record all cause for cough by this think you ought to see one i thought to could look for cost beyond. the one 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 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 mobile growth there is another agenda. well why i'm commander just one point two trillion euros obviously it's 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 there so when you get 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 when he said thank you just. 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 will be jerry and to collapse.
without growth societies will 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 influence and governments and societies and became the driving force of capitalism today financial markets not governments determine their 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 he was the successful fund manager on wall street and in the city of long. known of times
people 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 something in your room. and we went into the new era of reagan thatcher and liberal trade the so-called big bang in the city was all about financial deregulation let's go let the market decide and let's hire people and let's see what happens yes i suppose this really kind of control downs 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 build roads no longer needed to be
financed by increasing wages and tax revenue now it was all about credits governments and individuals whether to take out 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 available and it's at that point that explodes. that now it's not just the 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. has been access to consumerism and promotion of current consumerism close debt which is created the growth we created the way we are today.
the cold logic of the market to go over 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 i want. only if you recognize the profit opportunities in this new era as well as. he made large scale purchases of derelict new york apartment blocks and promised to transform them into luxury 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 no happen 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 and the brave new world of finance or capitalism could no 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.
each year childhood ends for an estimated fifteen million girls globally all married before the age of eighteen. young girls compelled to marry after fleeing the war in syria share their stories on talk to al-jazeera. you leave this place children in this refugee camp the latest victims of the unending sectarian violence in central african republic among them are survivors of unspeakable violence ten year olds the workers mother is dead her father is gone killed because they were christian by their own muslim neighbors this is celine's do you hope an overcrowded refugee camp of twenty three thousand people surrounded by armed militia groups celine wants answers she says she wants to be asking the questions and so we traded places inch took the microphone will we find peace how
can we make the violence stop when will i be able to return home. in september twenty seventh team the people of the kurdish region of northern iraq voted in favor of independence from baghdad. but joy was short lived as the iraqi government reacted forcefully against any idea of separation. al-jazeera world travels to the kurdish regional capital of appeals to investigate independence and the iraqi kurds on al-jazeera. bag. there's a problem in doha with the headlines on al-jazeera and brazil the search continues overnight for survivors of a dam burst near the town of religion you know at least seven people have been
killed and two hundred others a missing after the dam collapsed at an iron ore mine. to morrow morning along with the defense minister will go to build resorts there the governor of minnesota will join us to fly over the region to evaluate the damage adik all the necessary measures to lessen the suffering of relatives of possible victims as well as the environment to show. venezuela self-proclaimed leader one why though has vowed to lead street protests against president nicolas maduro in a speech in the capital caracas he reached out to russia and china the two superpowers which have backed with little moscow has offered to mediate between the government and the opposition to end the political standoff u.s. politicians have in the mostly passed a bill to end the longest government shutdown in history congressional leaders signed the deal to reopen the government for three weeks and then get to president trump for his signature he is expected to sign the funding bill into law on friday
it doesn't include money for his border war with mexico though a close confidant of the u.s. president roger stone has been charged with seven crimes as part of the investigation into alleged russian meddling in the two thousand and sixteen presidential election stones accused of being a conduit between tribes campaign and wiki leaks and lying about it. the russians news agency is reporting that the european commission has added saudi arabia to a draft list of countries which pose a threat to the blog the list includes countries that are seen as having lax controls against terrorism financing and money laundering in sudan the leader of the largest opposition party has called on the government to give in to mass protests and step down so they can mathy addressed hundreds of supporters at a mosque and car through the rally started out as protests against rising food prices but have gone into an uprising calling for an end of president all of the she is twenty nine year overall and greece's parliament has voted to ratify
a landmark agreement with its northern neighbor to change its name to north macedonia great politicians voted one hundred fifty three to one hundred forty six for the un brokered deal which was signed last june was approved following days of heated debate was the headlines on our dizzy or growing pains continues next. the view growth is 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 mocks 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 system about to collapse from an 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. bloomberg 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 provide a net chronicle of capitalism tell a story of money vitally important to bloomberg and central to what rebels. cannot cross dangerous or as one of us to often numbers we look for if i say for. score on the on the state for the economy steady solid 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 in the newspapers at the moment you get the feeling there is a is a can a break on both 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 remaining to have confidence in the
information they're giving out and the promotion. of the ideology and the narrative which finance is based around which is increasingly become this kind of prose with and. for a period time everybody wins. and then as you know a number of economists marx keynes are pointed out is eventually all these means 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 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 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.
over the last six years more than one hundred brand new airplanes to charge. on airplanes every string days the changes so it takes hold. i thought here's a retailer or something to turn the bible belt. up so that. you know i think that the world. won't. get the long run even though currently we have slightly more than two hundred apples in china a time and every year in
a range of ten or fifteen and you have want to be zero imagine if everybody 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 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 cannot imagine as 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 atrophy 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 as
a konami benefits as aviation industry or bring to the humanity and then people may think differently. we. are trying to make as well as smaller and smaller. to make it to a real village. for 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 cleanup process i mean we knew it was weak we expected to go it's not going in the way that people expected it to but it's gong. the long run i'm confident that our capital markets are flexible and resilient can deal with these adjustments for a long time so that. there was a deep shock in the system that 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 again. 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 revise the old system spending trillions of dollars to save the banks . then something incredible happens the banking crisis miraculously became a sovereign debt crisis drive the debts became public that governments and the citizens press objected to a sturdy policies under which millions of people suffer to this day. thanks and
stock markets however to demonstrate a sense of normalcy as soon as possible in reality nothing is as it seems kept the business of f. the crisis that no longer functions like it once did. 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 it means something to them. and that 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 in banks that's interesting there are mixed. opinions but you know. if i may just change writers. human beings 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 are 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