left out of the political social and
economic life of Venezuela for
Generations just as indigenous people
throughout Latin America had suffered
that kind of treatment to become the
president not out of motives of personal
arment but to transform the situation
for the indigenous people of Venezuela
and the poor and the working class
overall in the process he inspired
Millions to new levels of consciousness
Rich was never more than evidence than
in 2002 and they stream down from the
barriers in their thousands and tens of
thousands uh after the coup was
attempted to depos that documentary
we've all seen that Revolution will not
be televised is Never Off My dbb Player
and never fails to bring a tear to my
eye uh the site of the people outside
the M Flor is Palace prary to the Palace
guard mounting the counter which led to
L elements within the Army affecting hio
rescue but one incident within that
chain uh that was was not depicted in
the documentary but which I think was
the hinge upon which this event ended up
and the hinge upon Which history turned
in that event was involved the young
Bula from the palace guard uh when the
new president Pedro Carona the illegal
president the right oligarch was sworn
in inside the palace one of the army
officers who was part of the Q emerged
to where the palace guard were assembled
and he approached the BG and he said the
new president has just been sworn in
please sound the presidential
introduction and the bug replied but
Senor General I only the have a
president his name is Hugo
CH this this to me was the key moment
within that event because if you had
filtered in that that precise moment if
he had hesitated If he if his courage
had deserted him and he had ACC in the
General's request and sing the
presidential salute uh what would it
have done to the rest of his comms who
shortly there after were to Mar the
counter coup would it have changed it
would they have lost their courage and
would this whole event have changed for
the worse and was this young bu's
courage fortified in anyway by the sight
the sight of tens of thousands of people
outside the palace demanding the
restitution and restoration of President
Chavez to his rightful place the reason
I develop this point because this is the
inter relationship between the
collective and the individual at Key
moments in history and when it's in
place those movements become
irresistible and I developed this point
because I have been fascinated with the
treatment of Alexis Cyprus during this
GRE Cris
a month ago he was considered by many to
be the man of the hour to be in fact a
great CH by many today he is considered
to be by a large section of the left to
be nothing more than a cheese eating
surrender monkey uh sell Traer I don't
think he was either a great her CH and I
don't think he was a surrender monkey I
think his failure was in believing that
he could walk into that negotiating room
in Brussels with nothing more in his
pocket except
a democratic mandate he undoubtedly
capitulated he's admitted that he
capitulated and as he said the choice
was between capitulation or disaster and
I tend to agree I think he's been rather
unfairly dealt with I think it is Holy
un realistic to place responsibility for
facing down the forces of glob Global
Capital onto the shoulders of one man
one government and one people who have
suffered immeasurably over these Last 5
Years in the last couple of weeks the
Greek B Banks had had to close had had
to impose Capital controls ECB had
switched off the funding and this had
placed Greece into a liquidity crisis
shortages of medicine shortages of food
were starting to be felt and this placed
grease on the cost of a fullblown
humanitarian crisis so he did me with
nothing more than a deal which was tent
to fiscal colonialism but when he did
succeed and perhaps unwittingly was in
ripping off the mass of democracy from
the face of the Euro Zone and I think
this will have Grievous consequences
from the Euro Zone going forward I do
not feel that I can any longer support
the EU I was someone who was ambivalent
leaning towards support for the EU on
the basis that I thought United Europe
was a good thing where capitalism went
working class Unity followed this is
clearly not the case this is a beast
that must be SL and I think the need
left
camp
[Music]
what I think Alexis lacked in that room
and this relates to my initial remarks
with regards to Venezuela a mass
movement a Europe wide mass anti-er
movement to place pressure on all the
Euro Zone governments to know that they
would pay a heavy price if they were to
dictate the austerity terms which they
did to the Greek people to my mind there
should have been hundreds of thousands
of people outside the venue released
took place in Brussels last week
spitting nails and holding these
bastards to account holding them hostage
no less but I don't imply any criticism
on the left because of this lack of a
mass movement on the contrary I think
the left in this country where we are
just now has extended itself in trying
to build such a movement the mass
demonstration that took place in London
a couple of weeks ago was a huge success
organized by The People's assembly but
as you know as Veterans of the anti-war
campaign this is a political class that
is able to absorb mass movements and
ignore them two million people march on
the Streets of London prior to the war
in Iraq in 2003 they went ahead anyway
and we all knew that they were not going
to stop their plans for hity on the
basis of one demonstration but Alexis
Seas is not my enemy sesa is not my
enemy my enemy is a tra and that jug not
otherwise known as neoliberalism under
whose rules nothing is sacred neither
the democracy National sovereignty or
even Humanity when it comes to this
country what was the fault of private
greed and recklessness on the part of
the banks has been turned into a crisis
of public spending and the welfare state
by the Tes with the conance of the labor
party which is a badge of Shame for them
and speaking of Shame har har when you
added your voice to this viory policy of
punishing children for ding to be born
you cross a line for which you will
never ever
[Music]
recover that to be offered by any
position in British politics much less
the entering leader of the labor party
shows you how far we have fallen but we
do have hope my hope lies in the short
term in the campaign of Jeremy Corbin
for labor leadership everybody on the
left all
the must get behind this campaign to man
and woman have you seen the way the mass
media has struggled to C with Jeremy
Corin I mean do can you believe did not
to become chrisan and trying to Fathom
how this man is being so successful they
start off by patronizing them and now
they're trying to demonize him that
halfway to sha Guru Murphy did you see
the channel 4 news interview last week
oh you sat down with h ham you called
them friends well by that l the British
government had no business sitting down
with Irish Republicans and negotiating a
peace process it is madness Marx talked
about the idy of Rural Life we must talk
today I think about the idy of the
mainstream media likewise George
Galler's campaign I endorsed that
campaign I'd like to add my endorsement
to that campaign George is the most
unflinching Unapologetic undefeated and
principled Anti-Imperialist and
anti-racist this country has ever
produced by none imine what you can do
with a platform such as the M of London
give what what we know about his track
record is a back bench MP he will Char
he he and Jeremy Corin together will be
an inable force that will leet a counter
money
[Applause]
movement don't want to take up too much
time of two more speakers to come what
is austerity austerity is nothing more
than a mass experiment in human dispair
it is not an economic policy in fact is
it economically illiterate I don't think
the interpretation of austerity that was
given by Paul kman the US Noble La
Economist can be better he described it
as a medal wit doctor treating a patient
who suffered severe blood loss by
draining even more blood from the
patient by send that PA there we need an
investment Leed alternative to austerity
let me put it another way no no business
in this country has ever created one job
no businessman in this country has ever
created one job businesses and
businessmen do not create jobs consumers
create jobs by spending money on goods
and services to which businesses respond
by expanding or with new startups there
is a principle within Kian
macroeconomics if I may get technical
for a moment known as the marginal
propensity to consume which holds that
the more disos ible income you give
people the more money they will spend
and within that the more you give to
people on lower income the more they
will spend in proportion to people on
higher incomes who receive more money
why because they have needs which are
not being met on the current level of
income thereby every penny they will get
they will spend in the local economy
whereas people with high incomes will
either save that money or invest it
because their needs are already being
met this makes it clear our alternative
should be an investment Le
redistributive policy we should not be
talking about cutting benefits we should
talk be talking about increasing
benefits har so that people have more
money to to spend and so that we can
grow this economy and bring it out of
recession and in conclusion may I just
mention Yan vak as a man who I have come
to admire throughout this crisis despite
I have to say what J C says which I
thought was a very good article in my
opinion from a man who I do also very
much but y very Fus his latest deal as a
new Treaty of for and I but what he
neglected to say was while the Treaty of
Versa marked the end of one conflict it
laid the seeds in the ground for the
next this struggle is far from over and
as the old Spanish communist used to say
defeat defeat defeat until the final
Victory thank
[Music]
you thank you very much John very
inspiring speech um just to uh remind U
the audience actually that um what do
people such as George Galloway or Hugo
Chavez Jer have in common they're all
demonized by mainstream media and I
think we've come to realize now that
when mainstream media demonizes somebody
you know that they're doing something
right so that just goes to sh our next
speaker um you've obviously all seen him
because he's one of the most BX houses
on it uh his cating critiques of the
city the bankers and financial
terrorists the governments who serve
them and then go off to work for them
are absolutely breathtaking he's
Innovative original pioneering he breaks
M he then goes makes new on he's he
American but you know he's he's a good
kind of American he believes in Freedom
in Liberty in honesty transparency so
really no wonder people were pretty
upset when George gay announced that he
Mak he economic advisor H ladies and
gentlemen I'll give you Max
Kaiser thank you so much it's a pleasure
to be here pleasure to see you all again
few faces I recognized from previous
events and the movement is growing
support for gway is growing and um this
Greek crisis I wanted to talk about this
Greek crisis put it into historical
perspective uh actually you can say that
it started back in the
1970s now what was happening in the
1970s there was an oil embargo there was
a crisis in America and the stock market
went into a
16-year bare Market uh stocks were
getting hammered uh there was misery on
Wall Street uh prices were for energy
were
Skyrock and stock prices in fact got so
low they were year after year getting
cheaper and cheaper they got so bad that
the assets that companies had on their
books the real estate factories Etc were
worth more than what the market is
valuing these
assets so so a very sharp businessman in
Mayfair figured out something that he
could borrow a bunch of money buy a
company sell off those assets and make
an enormous
profit now that g saying was Sir Jimmy
gold he invented the leverage
buyout The Leverage buyout then swept
the financial world with the help of
Reagan and
fer and low lower and lower interest
rates we enter an
era of financialization driven by this
technique if you will of the leverage
buyout where you use the assets of the
company you're going to take over as
collateral for the loan you secure the
loan you buy that company sometimes in
what's called a hospital R and then you
split it up you sell those assets and
you fire lots of people
now this technique has also been used
internationally uh most famously up
until now I would say in the case of
Argentina where City Bank essentially
loaned that country a lot of money and
then proceeded to put that debt onto the
government's balance sheet and then
forced all matter of
brous and asset stripping and wealth
aggrandisement for a few with Greece
this is the first time we've seen this
leverage buyout approach in Europe
Greece is the first country that's been
suffered of levers buyout from Wall
Street in the city of London I was in
Athens just three years ago I saw Steve
Forbes who's the son of malcol Forbes
who inherited the Forbes Fortune Forbes
Magazine I'm mistakenly went into the
wrong Hotel I saw sea forms in the lobby
I was there covering the uh the
riots and I said Steve uh what brings
you to Athens with your your parade of
blacked out mini fans he's like oh oh
yeah Max you know I we we I kind of
vaguely knew him from his father Malcolm
used to party on his yacht down the near
the Wall Street area when he was still
you know active and he said are you here
for the asset sales I like no tell me
more Steve it's like well you know I'm
here with the international Chamber of
Commerce and we're in Greece right now
because when this suer blows we're going
to buy these assets for pennies of a
dollar it's a classic l f the toll
booths the shipping lanes the lottery
everything that generates an income will
we bought for pennies in the
dollar so Flash Forward now to 2015 we
have the end result of the the
machinations of the banking system uh in
city of London and in New York the the
cooperation of course of Lloyd blank at
Goldman Sachs who
fraudulently put Greece into the into
the Euro with upon its Inception John
Paulson hedge fund manager who we know
from records met up with Pap andr former
PM who conveniently parked some gains in
his mother's account made from a credit
the fall swap that was profitable with
the collapse of that bond market
uh to carve up the country as you would
on Wall Street in a hostile rate in a
company they have carved up grease and
today the news is that Warren Buffet has
bought an island Johnny T bought an
island the assets are for sale um the
loan of roughly 80 billion yet to be
worked out will pale in comparison with
the value of the assets once they're in
Prim of gas it's a half a trillionth
that'll be owned by foreign bankers
Steve Forbes and his buddies uh what'll
happen to the people of Greece who cares
nobody cares they'll end up like the
Indians of America the the indigenous
population in America put on
reservations and starve to death nobody
nobody nobody
cares and unfortunately this wave of
privatization commodification
securitization financialization is
coming to the UK the one thing that I
think George Gallow has in his favor
that nobody sees coming
is that when the leverage buyout era
started in 1980 it was the beginning of
a 25 to 30 year bull market if you will
in bonds or interest rates so interest
rates have been getting cheaper for 30
years that means that the price of the
doing these types of deals keeps getting
cheaper and cheaper and cheaper until at
the current
stage we have a interest rates in
Britain are now at a 300E low interest
rates in America are at a 240e low give
or take and this is uh a trend that has
exhausted
itself uh before this bull market
started was a 16-year bare Market in
stocks I think we're now at the end of
this bull market that we're seeing and
we're going to be entering a new a new
period of rising Rising interest rates
which will throw a monkey wrench into
the housing bubble that you see here in
the UK and will usher in a new europea
and it means new leadership so um I
think that Mr G in one respect is his
timing is excellent because this
population this country is going to be
looking for a way out of what I see very
quickly as being a a
financial um collapse which is long
overdue there's only so many there's
only so many there's only so much money
printing you can do to prop up a fail
system before it blows up the the UK
bond market is purchased by the UK
government the US bond market is
purchased by the US government European
bonds are purchased by the European
government these are not self-
sustaining governments of countries Mark
Carney the current bank of England shman
said when he came into office he was
going to engineer some Escape velocity
for this economy that there would be
enough growth to generate enough taxes
to pay down the debt well what's
happened to the debt since Osborne came
in it's almost doubled it's roughly 1.4
trillion pounds the deficit off a little
not really in a meaningful way the debt
is continuing to expand wages in real
terms are flat to deteriorating
productivity the current account deficit
which weighs uh the the current the
trade imbalances
and other factors is one of the it's the
worst in the G20 it's at 6% of GDP this
economy under the surface is in terrible
shape and um when this bubble PPS as I
believe we are in the midst of
witnessing new leadership will step
forward this is what happens in the
crisis the leaders that were running the
place anent and new leaders emerg now
for my in my view Mr G is is a is a guy
who is somebody you hand the ball to
when the going gets tough and not only
that people say figuratively they'll
fight for you but how many politicians
are actually go out into the street and
get beat
up how many actually do get their fight
you how many this is not this is not a
metaphor for Mr C he'll actually
fight which I like I think everyone will
appreciate that in the ensuing months
and now I'm going to turn it over to the
next mayor of this fine city of London
who I'm very happy about because it's
right next to we we record the show so a
short big guest I'm going to pop over
and man he comes on the show I give you
George
[Applause]
Gall thank you very much
haa and my honorable friends John
counselor o
and the incomparable Max thank you to
the Venezuelan
Ambassador and her counselor who's with
us for the use of this wonderful Hall
thank you for coming to this meeting
this evening and to those watching on
Periscope uh don't ask me what Periscope
is but a very considerable number of
people are watching this meeting on it
and many others will in the course of
time thanks to the wonders of
YouTube there are some
phrases which stick to the
wall in meetings such as this and Max
just threw out one of them he might have
meant
it as just something in the
passing but it stood out for
me as a metaphor for the
entire picture that we're seeking to
describe and illuminate here this
evening are you here are you here for
the asset sales
Max said the multi-billionaire Mr Forks
are you here for the asset sales Max
doesn't that described the world of
piratical vulture capitalists that have
beggared most of the planet and now are
beggaring our own continent and our own
country the asset
sales are of course sales
of the wealth which the people in this
case of Greece have
spent
Millennia in gree's case building up I
saw a meme the other day of the
Acropolis turned into a McDonald's
driveby I laughed at first and then I
thought I hope they haven't given them
ideas when they're buying out the
items they're buying out the other
assets or of Greece why not the
Priceless archaeological Treasures too
why not monetize everything after all as
marks predicted capitalism would be an
era in
which not only all that is sacred is
profaned but all that is solid will melt
into air isn't that what we are
watching now that which is solid melting
into air everything that's sacred being
profaned if you'll allow me a slight
digression mainly because I have issued
a press release which requires me now to
see it I'd like to comment briefly on
the prime minister's speech
today it only needs to be
brief the prime minister has identified
a
crisis in
identification with Britain of some
British
Muslims I've just got to say this prime
minister if you want to
encourage Muslims to identify with
Britain stop going around the world
bombing them killing them occupying
Muslim looking them
[Music]
so
Israel this very
week the ridiculously
insubstantial restrictions which the
ministry of Defense had
placed after several Israeli massacres
in
Gaza
restrictions that say if I remember
correctly
that the weapons that we're selling you
must not be used for either external
aggression or internal repression which
I always thought beg the question well
what's the point of the weapons if they
can't be used for
external aggression or internal
repression but
that observed condition was this week
lifted and
Britain declared
a freefor all in
weaponizing one of the most brutal
occupations in modern times so if you
want British Muslims to identify with
Britain you have to stop the wars stop
backing Israel and stop propping up the
Muslim tyrants who rule the Muslim
countries almost without exception from
one end to the other but of
course the real
traitors in our
midst are not the young Muslim
fulminating as he watches the news and
the Carnage being sown across the world
the real traitors to our country are the
people who brought us to our
knes and the people who have been it in
the
bringing of the Greek people not just to
their knes but now