adam smith is more complicated. smith was private about his religious beliefs but we should at best of smith as something like the kind of deist we would associate with thomas jefferson or benjamin franklin. if that's not the story, what is the story ? the idea i have in mind is the influence of what einstein famously called a worldview. einstein famously wrote that scientific thought is a development of prescientific thought. here's what einstein said about the worldview that what we tried to do is for ourselves with a simplified image of the world and therefore use that image to cut through the complexity that would otherwise get in our way. and einstein made very clear he wasn't just thinking about physicists. it explicitly mentioned painters and poets and philosophers. all of these came within his view. this is a familiar idea, not limited to scientists. here's what ralph waldo emerson thought. emerson wrote any writer needs a basis that he can't supply on his own. he called it a chaos deep soil and emerson thou

please welcome chairman adam smith. rep. smith: thank you very much. i appreciate that kind introduction, and more than anything i appreciate the working relationship we have had over the years. i think it is outstanding and very productive. microsoft is hugely important in my district and in the country and certainly in the department of defense. the partnership's ability to work with the u.s. government is incredibly important. look forward to continuing to work with you. i want to thank meridian for hosting the event. there are a lot of challenges in the world. it has never been more important to find a way to work together to confront the challenges. what are the priorities for the defense bill and armed services committee? that would be a place to start. how can we play a positive role in bringing countries together so we can work together to confront those challenges we are facing? i think there is an overarching desire, certainly in the biden administration and i think in this congress, to reengage with the rest of the world. to invigorate exist

. ♪♪ >> adam smith spoke about national security and defense priorities at a virtual event hosted by the international center. it's one hour. >> i am vice president of the dramatic engagement. thank you for joining us for this insight program, chairman of the house armed service committee adam smith. this is a program for diplomatic engagement. many of you know that strengthens and develops leaders to exchange cultural and collaboration in an effort to better solve challenges. an educational networking hub for diplomatic corps that provides neutral and welcoming environment for sharing perspectives with government, private sector and civil society. the idea more effective leadership. longer at home when we are globally engaged. the global understanding for supporting our work which allows us to do programs like we are doing today. before i get to theo conversation, we have a few housekeeping items to go over piand networking version of the program included and will resume after the speaking portion of the program. that was off the record in the program on the record and they are bein

than 2015 we don't have adam smith founder of the real junk food project but intercepts and we just. food that would otherwise be wasted at the time a network of $25.00 half a surround ek served meals made from refugee food and since then i don't see how to create over $120.00 projects in the u.k. and 6 other countries and $7000.00 tons of food to be safe in the bank chose of course that's except for the project but also that the problems are new got wes. so we're at the kindness warehouse and the real term for projects in leeds this is $15000.00 square foot warehouse into subsurface food that would have gone somewhere you see behind me is all the compostable stuff so next those we have to meet you but we compost all this way just to make sure that none of it caused by kids want to see beautiful fruits and vegetables and lots of very expensive products that come in like nuts and seeds and high volume kind of niche products going to waste great you know most of the food but also it's the resource not go into producing all of this for it's were shipped all over the world stored in sing

we have we have a picture of adam smith on our bank notes here in britain you say in this book that he's completely dead wrong about how markets work there is no inclination to boss or as he called it. yeah i mean i dismissed more of not a neo liberal he was against corporations for itself and so he was very much misinterpreted by the neo liberals but she was completely wrong and in anthropology code terms mr societies that we knew indigenous societies and so on were not based on barter on monetary exchange and so on the money says the me merchant in ancient greece out of wall it was used to pay mercenaries and it was based on corruption on slavery and on wall and the same has been the case and money since then was introduced in the late middle ages and the early modern chimes when it was used against rape want to paid mercenaries some of the moderates and moneys noids not a natural thing that we like to barter with money and so on isn't isn't a problem that you emphasize the butt of capital in this way with mediterranean well violence you limit slightly the class analysis so that you yo

how do you respond to adam smith's point? you seem to look at china as an example which really should drive our prioritizing nuclear weapons funding part he seems to be drawing a different conclusion. >> a couple of things but first of all the united states has to worry about several potential challenges. china has to worry about one. we have to deal with both china and russia and we have to be concerned about challenges from countries like north korea, iran, and potentially others. we have got a bigger problem on our hands in china. secondly, you cannot compare our funding levels with china. chairman smith is a smart guy who chairs the house armed services committee. sure he appreciates this. over half of our military budget is personnel costs. guess how much the personal costs are for the chinese military? it's a very small percentage. and so it is comparing apples and oranges to try to suggest our level should be no more than the chinese. we have to deal with a combination of threats. the chinese and the russians rank abou

adam smith for example he was very perceptive of this raid we seek the approval of others even when there are no costs. we are an approval seeking creature and that's important to look at our evolutionary history. part of that enables cooperation so there is a kind of other side to this, a kind of railing against conformity here in and the pressure to conform. on the other hand there is no tendency for humans to conform i don't know if we could have formed these tribes that had the desire to confirm was maybe the blues -- the glue that helps us in our evolutionary past. there a lot of things in our evolutionary past that benefit us now. why do we like sweet stuff and saturated fats? saturated fats are supposed to be good but why we like sugar is because it has lots of calories but now given this atmosphere of plenty eating sugar is basically bad for you because we have, we are not living under a calorie deficit as our ancestors were. this idea of the pressure to conform would have would have been helpful in our evolutionary past is counterproductive now and so just like we should check ou

smith are still relevant today, but even more so because capital markets are very interrelated. capital markets are moving by expectations. expectations are being fed by announcements, and announcements are affecting the economy by the credibility. all of it together means we cannot afford playing the game of isolationism. anyone who would try to do it will be penalized by the market. i believe that by now there is greater understanding that when countries are trying to close themselves, accused of trying to protect its own citizens -- under the ruse of trying to protect its own citizens come as a matter of fact they hurt their citizens because they do not allow their citizens to benefit from world knowledge. lisa: this used to be a common thought, a common belief. it has become less so. there has been more isolationism. i wonder how much pushback you are getting even from members you talk with among the group of 30 that perhaps globalization does not help everyone in the same ways and certain things need to be done in a more domestic capacity, especially as we see the supply ch

as adam smith himself wrote, the market will regulate itself through the invisible hand, unless there's some billionaire shooting sports cars into space, in which case, tax that bee-ach. what did we see tonight? the oldest president of all time no handshakes, just fist bumping. 200 people in the room, and everybody in masks. it hasn't felt that normal in five years. and in the end, i got to say, i think he did a pretty good-- what's the word? >> job, job, job, ( applause ) >> stephen: got to do it. of course, this speech wasn't the only big story today. we got some good news for america and some very bad news for former presidential lawyer rudy giuliani, seen here in a standoff with a raccoon over an old pizza box. today, acting on a warrant, federal investigators searched rudy giuliani's apartmend office at about 6:00 a.m. come on! that's way too early! rudy's not himself until he's hi of hot breakfast wine. ( laughter ) i'll tell you everything about it in my new hopefully very long-running segment, "rudy, rudy, fresh and scrooty." >> no, no, i'm america's mayor. ( farting ). >> steph

it i think adam smith for example, he thought uniquely and very perceptive of this. we we seek the approval of othersrs even when there is no cost. for condiment approval thinking creature. and obviously that's very important if you look the evolutionary history. see you seek the approval of each other. part of that enabled of cooperation failed just one runway - so this is kind of other side of this as well. i'm kind of a against that conformity here the pressure to conform. it on the other hand there's no tendency for humans to conform, i don't know if we could - the desire to conform is maybe the glue that helps us in our evolutionary steps. there are lots of things that help us that kind of unproductive now. so why do we like saturated fats. the say sugars. maybe whether we like sugars because it helps lots of calories. so that would've helped us in our evolutionary past but now, is like given this kind of atmosphere partially eating sugar is basically bad for you. because we are not living under a deficit as our ancestors would've been targeted so this pressure

smith and de tocqueville and people that we cite in the book like did cornell and over the years the role that the voluntary and civil society including these community organizations and business play with free and open society empowering people to deal with what charles is described in what i described as the family independence initiative is absolutely essential to the progress that we have made. it's critical that we tell the stories and we offer them as a guide for people who are positioned to take action on these principles. he is a great guy he says we are making the right argument in economics. he's an economist. this is than his life. people are not sitting around a campfire singing songs about the work we are doing. the stories in this book and the people that wing counter people like anton or people like cereno these are people that can really inspire others and say wait a minute this is the right way for our country to go forward. i think that's a big part of what we are trying to get across is you have to celebrate the application of these ideas and demonstrate how nixon

using an adam smith. he's even people that we cite in the book by cornell over the years, the roll of the voluntary civil society including these community organizations and business place for free and open society of empowering people doing what charles just described what i described the family independence initiative. it's essential to the progress that we can make we tell the stories we offer them as a guide forct people that can take actin in similar ways pretty used to work at a center. russ robert an amazing storyteller work with him. his great guy. refuse to challenge me. he said were are making the rigt arguments in economy. but man people are just not going to be seeing rana campfire singing about the kind of work they were doing. on the policies important as it is read and i will tell you what, the people wee encounter, people like anton or another, these are people you sing songs about and can really inspire others pretty to say wait a minute, this is the right way for our country to go forwar

. >> house armed service committee chair adam smith discussed national security and priorities at an event hosted by the meridian international center. this is about an hour. >> i am the vice president of the center for diplomatic engagement. thank you so much for joining us for this insight meridian program with the chairman of the house armed services committee, adam smith. this is a program within the center for diplomatic engagement. as many of you know, meridian is a nonpartisan, nonprofit diplomacy center that strengthens and develops leaders through exchange, culture, and collaboration in an effort to better solve global challenges. the center for diplomatic engagement is an educational and networking hub for the diplomatic corps that provides a neutral and welcoming environment for sharing of perspectives

are you an adam smith free enterpriser, a marxist? what ideology do you follow? if i find myself deciding a case on ideology, i have done the wrong thing. i believe my colleagues do the same. all try to avoid deciding a case on the basis of ideology rather than laws. what i said is right. why do different political groups so strongly support some persons for the court and so strongly against others? they support individuals who have a particular judicial philosophy that they think will lead to results that favor that group's political outlook. a judge who places major interpretive weight on text comes to legal conclusions we can characterize as more conservative? some think so. i tend to think maybe, maybe not. it depends upon the case. politics may lead political groups to favor a particular appointment. once he is there, once she is in office, the judge decides the case in the way he or she believes the law demands. that may disappoint those who made the appointment. president door roosevelt once said after his appointee made what the president thought was a wr

are you and adam smith free enterpriser are you a marxist troublemaker what ideology do you as a judge follow? that's a closer question -- but if i find myself deciding case from the basis of the general overall ideology, i know i've done one thing. i believe any colleague is the same. and all try to avoid a case case -- a on the basis of ideology rather than law. well -- what i said is right. why do different political groups support some persons for appointments of the courts andwh so strongly oppose others? well i've come to believe that those groups support individuals whost hold a particular judicial ploses if i and that philosophy at least they think will likely lead to results that favor that group's political outlook. will a judge with weight upon literal text overtime come to legal conclusions that we can characterize as more conservative? some do think so. i tend to think maybe -- maybe not. it depends upon the case. politics may leave political groups to favor a particular appointment but what the point is once he's there once she's in office the judge decides a case in the

it is classified, but it is according to at least the house armed services committee chair adam smith, quote, on time, on budget and being made to, quote, work in a very intelligent way that's notable for a big ticket program like this. as one analyst put it to me, between that and between gbsd which is expected to be a $100 billion program, some of the other key things they're prime on, the big ticket programs for the company, if they continue to be projected along the current funding path, that this will be according to that analyst, the fastest growing defense company over the next decade >> of course i looked through a world at the valuations, how the market perceives the companies and northrop hasn't been as cheap compared to the s&p since '09. it's obviously not exactly in the sweet spot of what investors love right now which is leverage to a cyclical recovery, but they got very cheap in the election and then recovered since to come degree if the market decides they want steadiness, without downside risk to overall budgets which seems not to be the case >> it's a key point, espe

i mean, to paraphrase an old adam smith line, there's a lot of ruin in a place the size of new york. nothing's going to to go belly up overnight. what we're basically looking at is we're looking at ourselves getting locked into sort of a spiral of decline over the long term on the heels of a budget like this. that's the real, that's the real danger and, frankly, where we seem headed right now. david: it is a beautiful day in new york, but as you can see on sixth avenue, if you can put that shot back up, we still have i would say about one-fifth, maybe even one-tenth the normal amount of traffic and activity that you usually see in this city. and a lot of those people are not coming back. so i don't know where that tax revenue's going to come from. e.j. mcmahon, great reporting. thank you very much, really appreciate it. >>> well, president biden's plan to raise corporate taxes finding an unlikely supporter, amazon ceo jeff bezos. now, he says he supports a corporate tax hike. but interesting to note that he made no mention of supporting higher taxes on high earners. here now is delan

smith warned, and we are supposed to be doing something about it. without necessarily -- of course not getting rid of these companies. we want these companies. it's just a question of how you ensure that everyone in the networks and the companies that work that are present in the capitalist system can do their bidding so that we actually have a capitalist system. and so, the point number four, the app stores create jobs for many small entrepreneurs. we heard this. that's great. and those are great things, fostering innovation in that way is important. but again, it's not an inoculation. another way you foster innovation is when you allow companies that get to a certain point where they actually can compete -- we will never know if instagram could have competed because they were disruptive, to use mark zuckerberg's own words. the same thing here i don't think you can say just because someone is a little more in line with the business, online dating compared to car rides, that's different than, or some music or your products with tile. i just think th

because we're going to change the entire economical system john lock new nothing, adam smith knew nothing we got a whole new system of really smart 30 year olds are going to run the government and control everything >> this is going to be good. ohhmm. >> i think you should take that walk >> i'm going to. i'm going to >> right now right now? >> it's coming up, isn't it? >> when we return, president biden is set to make his pitch to congress for a new $1.9 trillion families plan we'll show you what's in it and how it could impact your money quick break, though, and a check on the s&p winners and losers. hey lily, i need a new wireless plan for my business, but all my employees need something different. oh, we can help with that. okay, imagine this... your mover, rob, he's on the scene and needs a plan with a mobile hotspot. we cut to downtown, your sales rep lisa has to send some files, asap! so basically i can pick the right plan for each employee... yeah i should've just led with that... with at&t business... you can pick the best plan for each employee and only pay for the features they

smith warns. we should be doing something about it. we don't want to get rid of these companies. we want these companies. it's just a question of how you ensure that everyone that works -- the companies that are present in the capital system can do their bidding so that we actually have a competitive system. so the point number four, our app stores create shots for many small entrepreneurs. that is great. those are great things. fostering innovation in that way is important, but again, it's not an inoculation. another way you could really foster innovation is when you allow companies to get to a certain point where they actually can compete. will never know if instagram could have competed against facebook, because they bought them. to use massacre bird's own words. i don't think you could just say because someone is in our line of business, online dating, compared to car writes, while that is different than. or some music. or your products with tile. and just think that there is not a coincidence

i am a fan of capitalism, but when you go back to the beginnings, adam smith himself, the father of capitalism warned about the risk of unbridled standing armies of monopolies. and what he wander about is basically what's happening right now. they get so much power with government officials, right now, that means lobbying, that means campaign contributions and the like, that they basically run the place. and that's true of our democracy, as well. then our democracy gets afraid of doing anything. that's what you've seen. you've looked at the insurrection, and what happened, was that all about the social media companies? no, we had a president that was inciting an insurrection. we had all kinds of things. but how did a lot of this misinformation spread online, unchecked? people were doing it online. why do we have a vaccine, because she said he read a post on facebook that they plant a microchip in your shoulder. that kind of misinformation hurts our democracy because people aren't getting facts. they're getting lies and passing it on to other people and it's incredibly divisive. and the final t

and adam lashinsky, good to see you guys together, we have not seen that in a while. what are the taxes that are most likely were talking beyond corporate tax increases. >> president biden has been signaling this since the campaign and after becoming president that he would raise taxes on wealthy americans. if memory serves he defines that of more than $400,000 a year i think country more of the hyperventilating reporting this is a president who is interested in compromise and will make compromise and obviously people earning significantly more than other americans is where he'll be looking to raise taxes if he's going to raise personal income taxes in addition to corporate income taxes. david: gary a couple of points we heard the rhetoric that the rich are paying their fair share we just want to point out, it's hard to find somebody for millionaires but we just want to point out a fair share that the top 1% of income earners in the united states pay 40% of all the income tax that comes in, that is more than the bottom 90% combine you can argue about fair share those

a 13-year-old boy shot and killed by police i'm shepard smith, this is the news on cnbc >>> simply put, we failed adam. >> the city's mayor calling for calm as she addresses chicago's history of violence that's taking lives >> we've got to do things differently. >> the then cop who shot daunte wright makes her first appearance in court as the victim's mother grieves. >> there's never going to be justice for us the defendant speaks in court. >> have you made a decision today whether you intend to testify? >> tonight, what he decided and next steps day 14 in the trial of derek chauvin. >>> a third shot pfizer's answer, as it lays out a time line for protective immunity, and dr. fauci calls for a universal vaccine. >>> plus the yunited states hits russia with sanctions, stimulus loans for pay back's due for people who never applied now the investigation. >>> and ufo footage, the pentagon confirms the navy shot it >> announcer: live from cnbc, the facts, the truth, the news with shepard smith >> good evening, the chicago mayor calls for calm after the city today released that body cam vide

, we failed adam. >> the city's mayor calling for calm as she addresses chicago's history of violence that's taking lives >> we've got to do things differently. >> the then cop who shot daunte wright makes her first appearance in court as the victim's mother grieves. >> there's never going to be justice for us the defendant speaks in court. >> have you made a decision today whether you intend to

with more on the case and the search for the motive on the news with shepard smith. >>> the fight is heating up over jail conditions for ghislaine maxwell. she is creating a stink by failing to flush her toilet. she is being fed salad with mold on it her lawyers say. she has been in jail on sex trafficking charges since july you are now up to date i'll send it back to you, wilf. >> rahel, thank you for the lovely details on that story we'll see you again next hour. >>> we've got a news alert on robinhood. kate rooney, as always, has that for us hi, kate. >> hey there, wilf we have new numbers from robinhood on the amount of users trading crypto they have 9.5 million users trading cryptocurrencies that is up from 1.7 million users at the end of last year. the last number we had to put this in context was 6 million at the end of february, so that means in just about a month and a half they have added 3.5 million users. this is important ahead of an ipo. we saw coinbase this week putting out quarterly numbers. they brought in more than a billion dollars in revenue mostly from crypto tra