Browse content similar to 28/09/2011. Check below for episodes and series from the same categories and more!
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You think the crisis in Europe doesn't matter to you? Think again, | :00:09. | :00:12. | |
if the eurozone collapsed, your savings, your job and your pension | :00:12. | :00:16. | |
could all be at risk. Whatever is going on in the European economy | :00:16. | :00:20. | |
now in terms of contraction, could easily turn into a depression and | :00:20. | :00:26. | |
widespread social unrest. On the day that the head honcho of | :00:26. | :00:29. | |
the European Commission described the crisis as a baptism of fire for | :00:29. | :00:33. | |
a whole generation, and the Bank of England warned banks here to | :00:33. | :00:38. | |
prepare for the worst, can or should the euro survive? The | :00:38. | :00:41. | |
schemes and scheming of the politicians are one thing, but as | :00:42. | :00:47. | |
Greece has discovered, when a currency fails, there are human | :00:47. | :00:51. | |
casualties. My outrage is on a daily basis, when I go out and I'm | :00:51. | :00:55. | |
very sad, and very gloomy. Does Germany have the will to pull | :00:55. | :01:00. | |
Europe back from the abyss. We're in Berlin, ahead of a crucial vote | :01:00. | :01:04. | |
tomorrow. What does Ed Miliband, the wonk who | :01:04. | :01:09. | |
got the leadership, really think about market forces. I'm in favour | :01:09. | :01:19. | |
:01:19. | :01:20. | ||
of capitalism for the record, it is what kind of capitalism you have. | :01:20. | :01:24. | |
Good evening, as statements of the blindingly obvious go, it is a | :01:24. | :01:27. | |
record contender. The European Union is facing its greatest | :01:27. | :01:32. | |
challenge, according to no less an authority than Jose Manuel Barroso, | :01:32. | :01:36. | |
the capo di tutti capi, in the European Commission. It has turned | :01:36. | :01:40. | |
out that the so-called plans to save the euro are a lot less | :01:40. | :01:44. | |
substantial than they seemed to be a couple of days ago. The image | :01:44. | :01:49. | |
problem of this 17-headed Jedward, can be solved by much further | :01:49. | :01:53. | |
integration. Oh, and by the way, we need to levy a financial tax that | :01:53. | :01:58. | |
could clobber the City of London. Let's go through this mess, bit by | :01:58. | :02:03. | |
bit, about our economics editor, Paul Mason. Where are we up to so | :02:03. | :02:10. | |
far? It all reinvolves around the fate of the ESFF which is the | :02:10. | :02:16. | |
failout plan, if it is passed we get 440 billion euros, Europe gets | :02:16. | :02:20. | |
to spend it on bailing out countries and banks. The Fins | :02:20. | :02:24. | |
passed their bit today, we think the Germans will pass their bit of | :02:24. | :02:31. | |
it through the parliament tomorrow. Greece has done it by passing an | :02:31. | :02:35. | |
austerity plan, yet to implement it. That takes us back to 21st July, | :02:35. | :02:39. | |
three months ago. Since then, things have moved on, the economy | :02:39. | :02:43. | |
has flattened out, banks in a much worse situation than they were, the | :02:43. | :02:46. | |
Bank of England warning our banks to get ready for more stress in the | :02:46. | :02:50. | |
system. Really, the politicians, that generation going through this | :02:50. | :02:53. | |
baptism of fire is really struggling to catch up with where | :02:54. | :02:59. | |
we are. Where are we going? We have been | :02:59. | :03:04. | |
looking now at the senario force what could happen. If you expand | :03:05. | :03:08. | |
the 450 billion to 2 trillion, mooted at the weekend, or if you | :03:08. | :03:12. | |
don't. If you don't, what will happen if you get a chaotic slide | :03:12. | :03:16. | |
out of the euro by the Greeks. I have been discussing this with a | :03:16. | :03:26. | |
:03:26. | :03:36. | ||
couple of experts, and got the Currency unions are always designed | :03:36. | :03:40. | |
as permanent, and forever, but in history, they don't usually last | :03:40. | :03:45. | |
much longer than a decent car. Greece joined the EC the same year | :03:45. | :03:54. | |
as the ill-fated Dell lorian was - DeLorean, which prompted the | :03:54. | :03:58. | |
question, what is the difference between the DeLorean and the euro, | :03:59. | :04:08. | |
:04:09. | :04:09. | ||
one is a dodgy vehicle that fell victim to finance, and the DeLorean | :04:09. | :04:13. | |
is a Great Barr to go back to the futurement | :04:13. | :04:23. | |
:04:23. | :04:23. | ||
Even the most realistic scenario has explicit dangers. | :04:23. | :04:29. | |
Last night Greece voted through the crucial tax rise that should see it | :04:29. | :04:33. | |
get the eight billion euros is needs to survive. Even now there | :04:33. | :04:36. | |
are stories of teachers and policemen not being paid, they are | :04:36. | :04:42. | |
cutting it fine. Meanwhile, the Fins today, voted | :04:42. | :04:48. | |
through the 440 billion euro plan for an expanded bailout plan. And | :04:48. | :04:54. | |
Germany probably will tomorrow. What's next? I hope they will try | :04:54. | :04:59. | |
and do a minimum of three things, get a default template for Greece | :04:59. | :05:03. | |
that could be used for other countries if necessary recapitalise | :05:03. | :05:08. | |
the banks so they can move on. And ensure the European Central Bank | :05:08. | :05:12. | |
stands ready to buy any amount of Spanish and Italian bonds providing | :05:13. | :05:18. | |
the liquidity that might be necessary. | :05:18. | :05:25. | |
At the weekend, the G20 mooted a plan to expand the eurobailout to | :05:25. | :05:28. | |
two trillion euros, by letting the European Central Bank print more | :05:28. | :05:34. | |
money and borrow a lot more money. They gave themselves until the G20 | :05:34. | :05:38. | |
summit in November to make their minds up. But German politicians | :05:38. | :05:42. | |
have been quick to squash the idea, what happens if we get to November | :05:42. | :05:46. | |
and there is no stability. Italy's debt at 120% of GDP looks | :05:46. | :05:49. | |
unsustainable. There are fears that Italy and Spain could get dragged | :05:49. | :05:55. | |
into the danger zone. If there is no megaplan by the Cannes summit of | :05:55. | :06:00. | |
the G20, I think, not only will the markets be bitterly disappointed, | :06:00. | :06:04. | |
because we're not even back to plan A, there isn't a plan A, but I | :06:04. | :06:11. | |
think that we could seriously be in a mode in which we could encounter | :06:11. | :06:16. | |
bank runs, deposit runs, bank failures, and whatever is going on | :06:16. | :06:21. | |
in the European economy now in terms of contraction, could easily | :06:21. | :06:26. | |
turn into a depression and widespread social unrest. | :06:26. | :06:29. | |
The last uncontrolled default was ten years ago in Argentina, this is | :06:29. | :06:33. | |
what it looked like. The banks closed, the President left by | :06:33. | :06:37. | |
helicopter, but the country eventually recovered. So what's | :06:37. | :06:41. | |
wrong with doing an Argentina. think we should be sceptical about | :06:41. | :06:46. | |
the claims that Argentina had such a good time with default and | :06:46. | :06:53. | |
devaluation. It was a dramatic time, the middle-class was wiped out. | :06:53. | :06:57. | |
They were rescued not by default and devaluation, but a commodity | :06:58. | :07:03. | |
boom which was great for their trade and exports, up until today. | :07:03. | :07:08. | |
Things might have looked different if you hadn't the commodity boom, | :07:08. | :07:16. | |
there is no similar boom in sight for any eurozone country. | :07:16. | :07:19. | |
Right now the politicians are discussing everything behind closed | :07:19. | :07:23. | |
doors. But one thing they are open about is that nobody should leave | :07:23. | :07:30. | |
the euro. If you fast rewind back to the 130s you can see why. | :07:30. | :07:39. | |
A - 1930s. A euro exit for Greece could be contagious. In the 1930s, | :07:39. | :07:43. | |
once one company left the gold standard, others followed, Germany, | :07:43. | :07:48. | |
Britain, Japan. This is what happened to growth in the 1930, the | :07:48. | :07:52. | |
countries that left growth and pursued protectionist and | :07:52. | :07:55. | |
expansionist policies recovered first. America and France who clung | :07:55. | :07:59. | |
to the currency peg, recovered last. The problem with any repeat of that, | :07:59. | :08:03. | |
a chaotic break up of a currency peg is this, it could collapse | :08:03. | :08:10. | |
Europe's banks. At UBS we have tried to quantify | :08:11. | :08:15. | |
the impact on countries like Greece and Germany of a euro failure, it | :08:15. | :08:20. | |
is a huge quantity of GDP, in Greece's case it could be as much | :08:20. | :08:25. | |
as 60-80% of GDP. In Germany's case it could be between 30-40%. This is | :08:25. | :08:32. | |
just guess work. Right now, the future for Europe looks random, and | :08:32. | :08:38. | |
depends on forces moving beyond the control of Governments. The whole | :08:38. | :08:43. | |
arrangement looks simultaneously, futuristic and archaic. | :08:43. | :08:47. | |
With us to discuss the eurozone we have Amadeu Altafaj Tardio, a | :08:47. | :08:50. | |
spokesman for the European Commission, he joins us from the | :08:50. | :08:55. | |
continent. Johanna Kyrklund, a fund manager with Schroder Investment | :08:55. | :09:00. | |
Management, Peter Oborne, a journalist with the Telegraph, and | :09:00. | :09:06. | |
Richard Lambert, as well as an ex- head of the CBI, once edited the | :09:06. | :09:09. | |
Financial Times. Looking from Brussels, would you like to | :09:09. | :09:13. | |
apologise, Amadeu Altafaj Tardio, for the lack of European leadership | :09:13. | :09:17. | |
on this crisis? I don't think we have to apologise, but we have to | :09:17. | :09:22. | |
call for a strong political will, and a strong political response | :09:22. | :09:27. | |
from European leaders, to prevail over all these market fears, and | :09:27. | :09:32. | |
over the narrow minded nationalisms. This is the risk we have to avoid. | :09:32. | :09:41. | |
We have to have a strong European response to a problem that has an | :09:41. | :09:45. | |
impact on all European citizens, from Athens to London, from Madrid | :09:45. | :09:49. | |
to Helsinki. You believe Europe's leaders are in control of events, | :09:49. | :09:57. | |
do you? Yes, I think so. European political leaders are taking very | :09:57. | :10:02. | |
difficult decisions. It is very hard, for instance, to confront the | :10:02. | :10:06. | |
public opinion with measures of austerity. Politicians usually | :10:06. | :10:10. | |
don't like to do that. They know that this has a political course | :10:10. | :10:14. | |
for them, but still, they are responsible enough to tell their | :10:14. | :10:23. | |
citizens that come accumulating debt and risks is the most anti- | :10:23. | :10:26. | |
social behaviour. They are ready to take the criticism and ready to | :10:26. | :10:30. | |
discuss with their European partners. Why don't the markets | :10:30. | :10:37. | |
believe you? Because there is something more than market logic | :10:37. | :10:43. | |
here at stake. This is a political construction. We have kept the | :10:43. | :10:46. | |
solidarity since the end of the Second World War. This is a | :10:46. | :10:49. | |
political project. We believe this is the best way to ensure | :10:49. | :10:56. | |
prosperity for our citizens, to maintain welfare systems that have | :10:56. | :11:00. | |
no comparisons all over the world. There is a strong political will to | :11:00. | :11:04. | |
keep these objectives, and therefore, markets should believe | :11:04. | :11:09. | |
that we will not let Greece down. We will not, and we cannot avoid a | :11:09. | :11:14. | |
default by Greece, for instance. Because the implications of such a | :11:15. | :11:18. | |
development would be brutal for our citizens. The British Foreign | :11:18. | :11:22. | |
Secretary, William Hague, has described the euro as a burning | :11:22. | :11:30. | |
building with no exits. I fully disagree. I think that | :11:30. | :11:33. | |
there is a strong commitment by European leaders, in the eurozone | :11:33. | :11:37. | |
and outside the eurozone, and even elsewhere, for instance, we were in | :11:37. | :11:43. | |
Washington in the IMF annual meetings a few days ago, even | :11:43. | :11:48. | |
politicians from the US, from China, from the emerging economies, were | :11:48. | :11:54. | |
encouraging the euro to take decisions and to provide a strong | :11:54. | :11:58. | |
European response. I don't understand why Mr Hague will be | :11:58. | :12:04. | |
less convinced than, for instance, Mr Timothy Geithner in the United | :12:04. | :12:09. | |
States. Why don't the markets take the same view of things? I think | :12:09. | :12:11. | |
the concern markets are expressing is there the institutional | :12:11. | :12:15. | |
framework in Europe, whether it is designed to make quick decisions. | :12:15. | :12:20. | |
The reality is what we have seen over the last few years there isn't | :12:20. | :12:24. | |
a framework for fast decision making. That is what you need in | :12:24. | :12:28. | |
these markets. What they don't like, is this is a political project more | :12:28. | :12:31. | |
than anything else? The fact it is a political project. That is fine, | :12:31. | :12:35. | |
and I don't think the markets are necessarily questioning that. But a | :12:35. | :12:38. | |
political project does need to be supported by institution that is | :12:38. | :12:42. | |
can cope with whatever the world economy throws at them. The reality | :12:42. | :12:47. | |
is those institutions haven't been apparent. Particularly, so far all | :12:47. | :12:51. | |
we have had is a case of European leaders saying don't worry, it will | :12:51. | :12:56. | |
be all right, we won't let Greece go, without detail on how they are | :12:56. | :13:00. | |
going to do that. What did you make of what we heard from Brussels | :13:00. | :13:05. | |
there? Mad, it is really weird, he doesn't know what he's talking | :13:05. | :13:11. | |
about. The idea this is a political problem. Excuse me mate, it is an | :13:11. | :13:15. | |
economic problem. The euro is collapsing under the weight of its | :13:15. | :13:19. | |
own contradictions, and the idea that political will can solve an | :13:19. | :13:23. | |
economic problem runs against the basic insight of none other than | :13:23. | :13:28. | |
Karl Marx, that economics in the end trumps politics. These guys are | :13:28. | :13:33. | |
in total and utter denial. It is terribly frightening listening to | :13:33. | :13:37. | |
that idiot in Brussels. Mr Idiot in Brussels, would you like to | :13:37. | :13:42. | |
respond? No, I think that these words speak for themselves. Just | :13:42. | :13:48. | |
one thing, this is not about being outside or inside the euroarea. The | :13:48. | :13:52. | |
UK in 2010 had the deficit that was the same as Greece, it is not the | :13:52. | :13:57. | |
euro that is the problem. The euro is, in fact, a shield that has | :13:57. | :14:02. | |
protected many of our economies, and it is a factor of stability and | :14:02. | :14:07. | |
prosperity. We went through the most difficult crisis since the end | :14:07. | :14:10. | |
of the Second World War, all countries have experienced that. | :14:10. | :14:14. | |
Richard Lambert, you wanted us to join the euro at one point? Yeah, | :14:14. | :14:19. | |
we felt back in the 1990s that the euro would happen whether Britain | :14:19. | :14:24. | |
was part of it or not, and these were our major trading partners, | :14:24. | :14:30. | |
and it was better to be in than out. You were wrong? Things changed, the | :14:30. | :14:36. | |
rules weren't obeyed, France and Germany broke the rules. The banks | :14:36. | :14:41. | |
were undercapitalised, massive instability across the area, and | :14:41. | :14:46. | |
when the biggest financial crisis came along that was it. You were | :14:46. | :14:49. | |
editor of the Financial Times during this period, it was | :14:49. | :14:52. | |
predicted very, very clearly by a large number of people. Margaret | :14:52. | :14:57. | |
Thatcher, William Hague, the Tory leader, who the FT sneered at day | :14:57. | :15:03. | |
in day out. The FT didn't give this story proper economic analysis. It | :15:03. | :15:08. | |
took the line of that idiot in Brussels that it is a political | :15:08. | :15:11. | |
project. Even though you were a financial newspaper, you didn't | :15:11. | :15:14. | |
apply economic analysis. You took the political view. By the way, I | :15:14. | :15:18. | |
have a book, I bought a present for you when I heard you were coming on | :15:18. | :15:26. | |
the programme, guilty men, you are one of them, I suggest you read it. | :15:26. | :15:34. | |
It analyses the performance of the Financial Times. "guilty men" was a | :15:34. | :15:40. | |
phrase used by Michael Foot about the Nazis, are Angela Merkel and | :15:40. | :15:43. | |
President Barroso the equivalent of the Nazi party? What utter nonsense. | :15:43. | :15:47. | |
You were one of a group of people, had you had your way, we would be | :15:47. | :15:52. | |
in the position of Greece, taking orders from the EU and the IMF, | :15:52. | :15:54. | |
Britain's economic security would have been destroyed, our political | :15:54. | :16:00. | |
independence would no longer exist, if the Financial Times had its way. | :16:00. | :16:04. | |
Shall we talk about this for more or talk about what is happening. | :16:04. | :16:08. | |
you think it is likely Greece will fall out of the euro? Personally I | :16:08. | :16:14. | |
feel the numbers now are impossible to manage. It seems to me there are | :16:14. | :16:18. | |
a number of scenarios, on the one hand, the extreme position, namely | :16:18. | :16:23. | |
a collapse of the euro, is very unlikely, because the economic and | :16:23. | :16:25. | |
political consequences would be a disaster, a fiscal union is | :16:25. | :16:30. | |
unlikely. The question is, is it possible to get an orderly way of | :16:30. | :16:35. | |
getting Germany and Greece to withdraw from the eurozone. Is it | :16:35. | :16:41. | |
possible? I think it might be. It is something that might happen. | :16:41. | :16:43. | |
Germany to withdraw from the eurozone? Getting Germany to | :16:44. | :16:47. | |
support Greece in withdrawal. They would need massive liquidity, | :16:47. | :16:51. | |
massive support for their banks. What is the perceived wisdom, I | :16:51. | :16:55. | |
know it is changing day-to-day in the markets. What is it now about | :16:55. | :16:59. | |
Greece's future? If Greece was actually to withdraw from the euro | :16:59. | :17:03. | |
that would be potentially extremely destablising because of the impact | :17:03. | :17:08. | |
on the Greek banking system. There is a need to restructure the debt, | :17:08. | :17:11. | |
our hope would be without having to leave the euro. That would really | :17:12. | :17:16. | |
massively increase the chances of contagion to Europe. Unless it was | :17:16. | :17:24. | |
possible for the ECB and Germany to provide liquidity and support. | :17:24. | :17:28. | |
would help if they were restructuring their debt. I don't | :17:28. | :17:32. | |
think they can help offset the consequences of Greece leaving the | :17:32. | :17:39. | |
euro that, that fire might be too big. You think they will fall out? | :17:39. | :17:42. | |
It is inevitable and it is enor newsly in their interest to get out | :17:42. | :17:46. | |
of the euro. The moment it does it will be competitive. One of the | :17:46. | :17:52. | |
points nobody has quite made, is the total inhumanity of the euro, | :17:52. | :17:55. | |
it is destroying the livelihoods of millions of Greek businesses and | :17:55. | :18:01. | |
people. We will hear a bit from Greece and the human consequences. | :18:01. | :18:07. | |
The euroelite. Will you stop referring to them as "this idiot", | :18:07. | :18:13. | |
you may think that he's out of contact with reality, he's now | :18:13. | :18:16. | |
walking out of the studio in Brussels, well done, we can't even | :18:16. | :18:21. | |
hold him to account now. Because you have just been grattuously | :18:21. | :18:25. | |
offensive to him. Unfortunately, listening to this man, talking such | :18:25. | :18:28. | |
nonsense over a matter of such importance that affects the lives | :18:28. | :18:33. | |
of millions and millions of people, listening to that nonsense, it is | :18:33. | :18:36. | |
offensive to decent people that want jobs. What about the | :18:36. | :18:40. | |
proposition we heard earlier today from Mr Barroso, who presumably is | :18:40. | :18:45. | |
the boss of our friend in Brussels, who has just walked out of the | :18:45. | :18:50. | |
studio. He clearly believes there is a solution, and the solution is, | :18:50. | :18:54. | |
stronger political union, and fiscal union? Is that even a | :18:54. | :18:58. | |
starter given what's happened to the euro? I think it is unlikely. | :18:58. | :19:03. | |
Because for two reasons, one is the time it would take a treaty | :19:04. | :19:08. | |
revision, political drama, two, is it wouldn't address the fundamental | :19:08. | :19:10. | |
problem, which has emerged, which is the southern European countries | :19:10. | :19:14. | |
are a lot less competitive than the northern European countries. Were | :19:14. | :19:18. | |
they to be locked into a fiscal union, they would face years of | :19:18. | :19:24. | |
austerity, and of the only way to get a competitive place is if their | :19:24. | :19:29. | |
prices go year after year after year. Is he in fantasy land there? | :19:29. | :19:33. | |
I think that actually the issue is, you can't keep imposing austerity | :19:33. | :19:37. | |
on the southern European economies, that won't sort out their debt | :19:37. | :19:41. | |
problems. They have to grow. will have a bigger impact on the | :19:41. | :19:45. | |
GDP than the debt. Germany has to step in and bail out its neighbours | :19:45. | :19:49. | |
and ultimately money will go from northern Europe to southern Europe. | :19:49. | :19:54. | |
It is Greece that has brought the eurozone to meltdown. There are | :19:54. | :20:00. | |
plenty of people saying after the event, saying they should never be | :20:00. | :20:03. | |
allowed in by the wise-afer-the- event. Now they have to pay the | :20:04. | :20:08. | |
price of earlier lies and fecklessness, politicians lives and | :20:08. | :20:18. | |
:20:18. | :20:30. | ||
hubris have consequenced for people. There are human casualties. | :20:30. | :20:36. | |
This summer, Syntagma Square became a theatre of economic war. | :20:36. | :20:42. | |
Now, with the stones of Syntagma permanently scarred, the worry is, | :20:42. | :20:51. | |
so is Greek society. The danger for Greece, just right now, is that | :20:51. | :20:55. | |
Greeks will feel alone and totally hopeless. They are going to abandon | :20:55. | :21:03. | |
any pretence, and not go out rioting, but stop conforming to any | :21:03. | :21:08. | |
sort of rules. Among politicians, sociolologists, protestors, one | :21:08. | :21:13. | |
word keeps coming up when they try to describe what might be happening | :21:13. | :21:18. | |
to Greek society, anomie, absence of law. It is not the overthrow of | :21:19. | :21:23. | |
Government people are worried about, it is the gradual dissolution of | :21:23. | :21:33. | |
:21:33. | :21:34. | ||
all the bonds that tie society together. | :21:34. | :21:40. | |
From - From the ages of 15-30, young people in Greece expect | :21:40. | :21:45. | |
nothing from society, from the political system, even from their | :21:45. | :21:50. | |
elders. Their hope resides in their family, and their friends. Once | :21:50. | :21:56. | |
more, is that going to be enough? It might be yes, might be no. If it | :21:56. | :22:03. | |
is a no, if it is a resolute no, then this sort of explosion is | :22:03. | :22:13. | |
:22:13. | :22:16. | ||
going to make the rioting of last month to seem almost a joke. | :22:16. | :22:19. | |
When Greek teenagers went back to school this month, they found a | :22:19. | :22:23. | |
shortage of everything. In a society that values education | :22:23. | :22:33. | |
highly, it isth has become a symbol of malaise. They didn't give us | :22:33. | :22:40. | |
books, they gave us a CD. But someone who hasn't a CD can't read. | :22:40. | :22:47. | |
We want to bring us books, no CDs, no nothing, only books. | :22:47. | :22:51. | |
People say there is no money to pay for the books, there is no money to | :22:51. | :22:56. | |
pay for the things you want? There is money. But they give them to the | :22:56. | :23:02. | |
companies. They give the money to the companies to survive from the | :23:02. | :23:11. | |
crisis and we have to pay them. Why we? We don't make the crisis. | :23:11. | :23:16. | |
Their parents are facing lay-offs, reduced hours, unpaid bills, and | :23:16. | :23:20. | |
there is a sense that the basic social contract, pay tax, and get | :23:20. | :23:27. | |
an education, is breaking down. They returned their CDs to | :23:27. | :23:34. | |
parliament with a defiance that has become routine. | :23:34. | :23:44. | |
:23:44. | :23:45. | ||
But the majority of Greeks have not been on the demonstrations. In this | :23:46. | :23:51. | |
quiet suburb of Athens, there is frugstraigs of a different kind. - | :23:51. | :23:56. | |
frustration of a different kind. Mary a freelance teacher and | :23:56. | :24:01. | |
Demetrios an estate agent. They are part of a private sector feeling | :24:01. | :24:04. | |
the real austerity, tax rises and business downturn has halved their | :24:04. | :24:08. | |
income in two years. The money started to decrease, we realised | :24:08. | :24:12. | |
that we weren't able to buy the things that we used to buy before. | :24:12. | :24:19. | |
So now we only buy the basics. And now a few days lately we aren't | :24:19. | :24:24. | |
able to buy even those. Most people would look at your home and think | :24:24. | :24:29. | |
of you as middle-class? We are middle-class, actually. We were | :24:29. | :24:35. | |
used to a Come To Me High standard of life, let - to a very high | :24:35. | :24:39. | |
standard of life. We used to go out with friends often, we invited | :24:39. | :24:43. | |
friends over to have dinner and barbecues. Now I have to invite a | :24:43. | :24:49. | |
friend for a year, what do you think? Yes. For a year, because I | :24:49. | :24:55. | |
can't afford it. Have either of you been on a demonstration? No. I | :24:55. | :25:01. | |
haven't. And I won't. Because I think it is vain. My outrage is on | :25:01. | :25:06. | |
a daily basis when I go out and I'm very sad and gloomy, because I see | :25:06. | :25:10. | |
the future is quiet pessimistic, let's say. I don't know what's | :25:10. | :25:20. | |
:25:20. | :25:22. | ||
going to happen to my kids. I can't find an outlet. | :25:22. | :25:26. | |
In the next phase of the crisis, what matters is the way people | :25:26. | :25:31. | |
react in places like this, the quiet suburbs. Because we don't | :25:31. | :25:35. | |
really understand what happens if the middle-class of a developed | :25:35. | :25:44. | |
country just switch off from politics, and lose hope. | :25:44. | :25:50. | |
The figures tell their own story, suicide is up 40% in a year, thefts | :25:50. | :25:55. | |
and break-ins have double in two years. There is open hostility to | :25:55. | :26:02. | |
migrants, and vagrancy has become a major problem. And, the open | :26:02. | :26:05. | |
lawlessness goes beyond Syntagma Square. | :26:05. | :26:11. | |
The village of Keratea became a no- go area for police, after locals | :26:11. | :26:16. | |
rejected the siting of a rubbish dump. | :26:16. | :26:21. | |
When, in your neighbourhood, you have the feeling that it has been | :26:21. | :26:28. | |
taken over by unrulyness, you don't have the re - reaction of even | :26:28. | :26:32. | |
controlling your own behaviour. Life in the city, not only in at | :26:32. | :26:38. | |
then, but all around Greece, comes crumbling down. Normal life gets | :26:38. | :26:44. | |
more and more difficult. These little things happening every day, | :26:44. | :26:51. | |
are far more important than the overall deficit situation, or the | :26:51. | :26:56. | |
banking crisis. It's like a low- intensity conflict, and it is | :26:56. | :26:59. | |
happening in the strangest of places. | :26:59. | :27:04. | |
I was told to turn up at a courthouse, there was sob an | :27:04. | :27:11. | |
auction of repossessed homes. But the Can't Pay, Won't Pay | :27:11. | :27:19. | |
campaign got there first. The campaign started with the non- | :27:19. | :27:26. | |
payment of road tolls, their aim now is to prevent the payment of | :27:26. | :27:34. | |
the two billion emergency tax passed last week. | :27:34. | :27:38. | |
I am a advertising company. It is unusual to see company advertising | :27:38. | :27:48. | |
people protesting in a court. Why? The Greek people have lost, we have | :27:48. | :27:58. | |
:27:58. | :27:58. | ||
lost our lives. We have lost our lives. Everything. These protestors | :27:58. | :28:03. | |
are drawn from the very classes that frequent the cafes around | :28:03. | :28:09. | |
Syntagma, professionals, small business owners, the unlikeliest of | :28:09. | :28:11. | |
rebels. You are not worried that creating | :28:11. | :28:15. | |
this you create some social breakdown, where the whole bonds of | :28:15. | :28:21. | |
Greek society start falling apart? I don't believe that this situation | :28:21. | :28:31. | |
is anarchy. We pay those taxes we owe. Not the illegal taxes, not the | :28:31. | :28:38. | |
taxes that came from an order somewhere else outside Greece. | :28:38. | :28:43. | |
Greeks know, whoever they vote for, that the euro, and their own debt | :28:43. | :28:49. | |
dictates what happens next. There is a sense of listlessness, and | :28:49. | :28:55. | |
among political scientists, fear of the unknown. If we face a system of | :28:55. | :28:59. | |
potential collapse, how far away from that are we? It might come | :28:59. | :29:07. | |
very sudden. It might come in a flash. | :29:07. | :29:17. | |
:29:17. | :29:18. | ||
Because the sense of helplessness is very intense, just right now. | :29:18. | :29:21. | |
When the issue was economics and the protests were led by the | :29:21. | :29:28. | |
traditional left, the dynamics were, at least, predictable. | :29:28. | :29:33. | |
This new problem of anomie, low- level conflict, and quiet | :29:33. | :29:38. | |
dispassion injects uncertainty. And you can see it on the faces of | :29:38. | :29:44. | |
nearly every social group. We have been joined now in the studio by | :29:44. | :29:48. | |
Katinka Barysch, from the centre for European reform. Do you get the | :29:48. | :29:52. | |
feeling that European leaders are quite aware of what some of the | :29:52. | :29:58. | |
social consequences of this may be? I believe so. Because it has been | :29:58. | :30:04. | |
reported enough. The discussions at the moment are more about Greece | :30:04. | :30:09. | |
being put on a long-term reform plan. This isn't only about Greece | :30:09. | :30:14. | |
trying to squeeze another euro or five out of its budget, but is this | :30:14. | :30:18. | |
country on course to have a viable economic model. Or does it need to | :30:18. | :30:24. | |
be propped up in perpetuity. saw there in a country, that some | :30:24. | :30:27. | |
people who sounded absolutely at the end of their tether. This is | :30:27. | :30:32. | |
clearly, potentially, a place of social breakdown? Yes. That is a | :30:32. | :30:39. | |
price worth risking is it? No, I definitely wouldn't say so. At the | :30:39. | :30:44. | |
moment the idea that the euro can be rescued by imposing austerity on | :30:44. | :30:48. | |
all European countries at the same time is clearly crazy. What Greece | :30:48. | :30:53. | |
needs to do first and for most is restructure its debt, and cup up | :30:53. | :30:58. | |
with a long-term plan of restruck - come up with a long-term plan of | :30:58. | :31:01. | |
restructuring. And moving to an economic model that means there are | :31:01. | :31:05. | |
things people want to buy. In the meantime, there are really serious | :31:05. | :31:13. | |
risks of social breakdown? I saw that in the shocking report. Yes. | :31:13. | :31:17. | |
It is the IMF and the ECB and the European Commission negotiating | :31:17. | :31:19. | |
with the Greek Government at the moment about what needs to be done. | :31:20. | :31:23. | |
There is a second bailout just going through the system for Greece, | :31:23. | :31:29. | |
and I don't know where the balance will be struck in the end. In the | :31:29. | :31:34. | |
end whether the euro and indeed the dreams of Europe's political elite, | :31:34. | :31:39. | |
lives or dies, is a matter in the hands, or the bank account of the | :31:39. | :31:42. | |
German people. The parliament in Berlin meets to decide whether it | :31:42. | :31:45. | |
likes the idea of increasing the bailout fund. | :31:45. | :31:51. | |
What do you think is going to happen? It is confidently expected | :31:51. | :31:55. | |
that parliament will approve the bailout fund tomorrow. The question | :31:55. | :31:58. | |
is, will Angela Merkel get sufficient support from her own | :31:58. | :32:02. | |
centre right coalition to pass it, or will she face such a rebellion | :32:02. | :32:07. | |
from her own supporters, so disgusted are many of them at the | :32:07. | :32:10. | |
Greek bailout and the apparently profligate Greek, that she will | :32:10. | :32:14. | |
have to rely on the opposition. That would be hugely embarrassing | :32:14. | :32:17. | |
for Chancellor Merkel, and undermine the stability of the | :32:17. | :32:21. | |
ruling coalition. At the moment it is very much in the balance. It | :32:21. | :32:25. | |
needs 1 rebels to force her into a corner. At the moment it looks like | :32:25. | :32:29. | |
there could well be 19 rebels. What is your feeling about whether | :32:29. | :32:33. | |
the Germans are likely to batch the much bigger bailout being talked | :32:33. | :32:38. | |
about as being - to back the much bigger bailout being talked about | :32:38. | :32:42. | |
is being the main thing? That is not being talked about tomorrow, | :32:42. | :32:46. | |
because on the table they are looking backwards at a measure that | :32:46. | :32:51. | |
they supposedly approved two months ago. That's on the face of it. | :32:51. | :32:54. | |
Everybody suspects that this is a Trojan horse measure. Behind that, | :32:54. | :32:59. | |
there will be a lot of undeclared baggage and further billions going | :32:59. | :33:06. | |
to help the Greeks. People don't necessarily like that. We have been | :33:06. | :33:10. | |
in Wolfsburg today, where VW have their headquarters. It is a place | :33:10. | :33:15. | |
that has done very well out of the euro, based on exports and profited | :33:15. | :33:19. | |
from the euro. Even there people are suspicious of pouring good | :33:19. | :33:22. | |
money after bad, as they see it, they are worried about the | :33:22. | :33:27. | |
accountability of it all. They are not too happy at all, desspite the | :33:27. | :33:29. | |
assurances from the German Finance Minister that there is no more | :33:29. | :33:35. | |
money to go after tomorrow's round. Do you think that Angela Merkel is | :33:35. | :33:41. | |
strong enough, politically, to save the euro? Not singlehandedly, | :33:41. | :33:44. | |
surely not. No European leader would be able to do that. It is, of | :33:44. | :33:47. | |
course, true that everybody at the moment is looking towards Berlin, | :33:47. | :33:53. | |
and what the Germans are going to decide. Although she can't do it | :33:53. | :33:57. | |
singlehandedly, a German veto frustrates any plan. The Finance | :33:57. | :34:00. | |
Minister, has already said this much bigger fund is out of the | :34:00. | :34:04. | |
question? He has to say that at the moment, because otherwise the vote | :34:04. | :34:08. | |
tomorrow won't go through. shouldn't take his words at face | :34:08. | :34:13. | |
value? Of course it is not the last word. They have said before the | :34:13. | :34:19. | |
German politicians, the first Greek bailout will be a one-off, the | :34:19. | :34:21. | |
European Financial Stability Facility would be a temporary thing, | :34:21. | :34:26. | |
now it is permanent. The ECB would never buy bonds, it is buying bonds | :34:26. | :34:29. | |
now. This is not the last word from the German Government, but they | :34:29. | :34:33. | |
have to take it step by step, and once they have the new rules on the | :34:33. | :34:36. | |
bailout fund in place, they will take the next step. It must be very | :34:36. | :34:40. | |
interesting. All this stuff is being said to placate the markets. | :34:40. | :34:44. | |
But the markets are canny enough, presumably, to see through it, | :34:44. | :34:47. | |
aren't they? You were asking the question, can Angela Merkel save | :34:47. | :34:52. | |
Europe? Ultimately it does come down to Germany saving Europe, | :34:52. | :34:56. | |
unfortunately yes other countries like France can contribution to the | :34:56. | :35:01. | |
FSF, if you want to expand that it will be Germany footing the bill, | :35:01. | :35:07. | |
not France, or Finland or the other Triple A companies, it will be | :35:07. | :35:13. | |
Germany. They must be discounting any | :35:13. | :35:15. | |
reassurances from European politicians? Certainly we have | :35:15. | :35:18. | |
learned to disregard statements, because we have seen a lot of | :35:18. | :35:22. | |
promises and not many facts, yet. There has been a bit of hope, just | :35:22. | :35:24. | |
over the last couple of days, there is a feeling maybe there is | :35:24. | :35:30. | |
something come uting out of the G20. This dishonesty on the part of | :35:30. | :35:36. | |
politicians is a great part of the problem, isn't it? The language | :35:36. | :35:40. | |
used there is why, essentially, they have been consistently behind | :35:40. | :35:47. | |
the curve over the last month. Action they took in July, had they | :35:47. | :35:50. | |
taken that at the beginning of the year, that might be a firebreak. | :35:50. | :35:56. | |
They are always behind because they have to assure the domestic | :35:56. | :36:01. | |
constituencies. Like the G20 back in 2008, there was a central | :36:01. | :36:06. | |
initiative and drive to get stuff done, that seems to have dissipated. | :36:06. | :36:10. | |
That is what is worrying, the interplay between markets and | :36:10. | :36:14. | |
politics, in theory, a stitch in time saves nine f they had put the | :36:14. | :36:18. | |
measures in place we wouldn't get into the mess. Political | :36:18. | :36:23. | |
instability is something you can't price, you can do economics but | :36:23. | :36:27. | |
politics? Politically, I'm not trying to defend the European | :36:27. | :36:30. | |
leadership here, politically surely it is much more difficult to make | :36:30. | :36:35. | |
these huge steps up front, and try to convince your voters, OK, the | :36:35. | :36:40. | |
situation doesn't look very serious, we will just make two-and-a-half | :36:40. | :36:42. | |
trillion euros available. Or the situation we are in now, where | :36:42. | :36:46. | |
Europe is burning, and then you go to the voters and say we have no | :36:46. | :36:52. | |
choice but to make this money available. Politically it is much | :36:52. | :36:55. | |
easier to be behind the curve, which is probably why we are there. | :36:55. | :37:00. | |
Can I raise another point. What happens if the euro turns out knob | :37:00. | :37:05. | |
to be as robust as these rather disconnected politicians seem to | :37:05. | :37:09. | |
think. What happens if the euro does fall apart? I think the | :37:09. | :37:17. | |
possibility of that is so serious I think you can discount it it is not | :37:17. | :37:20. | |
completely impossible, - discount it. It is not completely impossible. | :37:20. | :37:25. | |
If we saw it, it would spread depression across the world in way | :37:25. | :37:29. | |
we haven't seen since the war. And we would see a political glue that | :37:29. | :37:32. | |
has held Europe together since the war desapatient. That is why I | :37:32. | :37:36. | |
don't think it will happen, they will go for big sticking plasters, | :37:36. | :37:41. | |
the bigger the better. It is a risk. What do you think? I think | :37:41. | :37:45. | |
unfortunately the consequences of such a break up would be so serious, | :37:46. | :37:49. | |
ultimately they will step back from the brink. Reality is what you will | :37:49. | :37:54. | |
see as a collapse in the currencies, the peripheral economies, the | :37:54. | :38:00. | |
banking systems collapsing. This is a project conceived in political | :38:00. | :38:03. | |
hubris, perpetuated by political dishonesty, they are now completely | :38:03. | :38:09. | |
unsure about what they should do, apart from accruing more powers to | :38:09. | :38:12. | |
themselves? I think ultimately they know what to do, but they have to | :38:12. | :38:15. | |
get the electorate on board, that is part of the problem they are | :38:15. | :38:17. | |
facing. Behind closed doors they understand the commitments they | :38:17. | :38:22. | |
need to make. And the markets believe that's what's going to | :38:22. | :38:25. | |
happen? I'm asking you to generalise in a ridiculous way, but | :38:25. | :38:29. | |
that is what you think to be the case? We think that ultimately we | :38:29. | :38:34. | |
will get a package in place but the risks are significant at this point. | :38:34. | :38:39. | |
As you were saying, Richard, the problem is with political risk it | :38:39. | :38:44. | |
is very hard to make sensible forecasts. We're much more used to | :38:44. | :38:46. | |
analysing the economic environment. This is why it is difficult for | :38:46. | :38:51. | |
investors to place any kind of money into the market in a serious | :38:51. | :38:54. | |
sense. Ultimately we are reliant on what the politicians come up with, | :38:54. | :38:58. | |
that is very hard to forecast. While the rest of Britain and much | :38:58. | :39:01. | |
of the rest of the world has been worrying about whether the euro is | :39:01. | :39:05. | |
going to implode, and if so, how much of the international trading | :39:05. | :39:08. | |
system could fall apart, whether it is the end of life as we know it. | :39:08. | :39:13. | |
The Labour Party has been digesting their leader's speech. The Labour | :39:13. | :39:14. | |
Party Conference in Liverpool continues to resound to Ed | :39:15. | :39:20. | |
Miliband's words of yesterday. That wasn't enough for Kirsty, she | :39:20. | :39:24. | |
wanted to hear from the Labour leader, personally. | :39:24. | :39:29. | |
Miliband, this is all about creating yourself as your own mand. | :39:29. | :39:35. | |
Your close friend and adviser, Mr Wood said we are in the death | :39:35. | :39:40. | |
throws of neo-liberalism? It is a good job I didn't use the phrase, | :39:40. | :39:43. | |
because it is incomprehensible. It is the idea. The idea that there | :39:43. | :39:47. | |
are certain ways of running our economy, based on a certain set of | :39:47. | :39:52. | |
values, short-term, fast buck, in it for grurself, take what you can, | :39:52. | :39:55. | |
which I don't think are the values of the British people. We have to | :39:55. | :39:58. | |
find a different set of values. Those values infected, not just our | :39:58. | :40:04. | |
economy, but the society as well. That means the era of light-touch | :40:04. | :40:08. | |
regulation is not only over for the banks, it is also over for business | :40:08. | :40:11. | |
big and small, that actually the Government will pay a more active | :40:11. | :40:15. | |
role if you are in charge? Government needs to play a more | :40:15. | :40:21. | |
active role. For example, I think, a proper industrial policy, where | :40:21. | :40:24. | |
you build British strength, work with the private sector, across the | :40:24. | :40:29. | |
economy. Particularly in sectors where we can succeed. That is what | :40:29. | :40:33. | |
business wants. You have to be careful in relation to regulation, | :40:33. | :40:37. | |
you don't want to overregulate. I made the distinction between | :40:37. | :40:41. | |
predators and producers, we may come on to that, it is about | :40:41. | :40:44. | |
business practice and the rules the system encourages. Are they rules | :40:44. | :40:47. | |
that encourage long-term wealth for the economy, or does it encourage | :40:47. | :40:53. | |
practices, which, if you like, gauge short-term practices. We will | :40:53. | :40:57. | |
come on to the rules in a moment. Adam Smith, Gordon Brown's | :40:57. | :41:02. | |
favourite philosopher, said it is not from the man nef lens from the | :41:02. | :41:07. | |
butcher or baker, but with regard to their own self-interest we can | :41:07. | :41:11. | |
expect our dinner. He's not wrong about the self-interest. The | :41:11. | :41:15. | |
Government always sets rules. The free market has a certain variety | :41:15. | :41:20. | |
of rules. Do they encourage people to do the right or wrong thing. | :41:20. | :41:23. | |
Capitalism is not always pretty, but it often delivers? I'm in | :41:23. | :41:28. | |
careful of capitalism, it is what kind of capitalism you have. On the | :41:28. | :41:32. | |
point of changing the system and having as a different set of values. | :41:32. | :41:36. | |
Neo-liberalism isn't exactly out of vogue in Europe were are the Social | :41:36. | :41:41. | |
Democrats, apart from in Denmark, they are dead in the water. Part of | :41:41. | :41:44. | |
the problem for Social Democrats is that there was an old way of doing | :41:44. | :41:50. | |
things, which was, as you say, we run the economy in a pretty much | :41:50. | :41:55. | |
unchanged way, let's use the prordz of growth to invest in public | :41:55. | :42:00. | |
services, - proceeds of growth to invest in public services. It had | :42:01. | :42:04. | |
advantages and disadvantages. The disadvantages were it didn't change | :42:04. | :42:09. | |
the way our economy worked enough, we had higher inequality rather | :42:09. | :42:13. | |
than lower. For the next ten years there won't be money around. That | :42:13. | :42:20. | |
route to social justice is not open to us in the way it was before. | :42:20. | :42:25. | |
your world, who desides who are the predator companies and which are | :42:25. | :42:28. | |
the producer companies? It is less about right and wrong companies, it | :42:28. | :42:32. | |
is about the right and wrongs practices. If you think about the | :42:32. | :42:35. | |
Vickers changes, that John Vickers is putting in place, or recommended | :42:35. | :42:38. | |
for the banks. That is about encouraging the banks to think in a | :42:38. | :42:41. | |
different way, and work in a different way, to avoid a financial | :42:41. | :42:45. | |
crisis. Why do I want more competition in the banks, so we get | :42:45. | :42:48. | |
a better deal for the small businesses. It is about creating an | :42:48. | :42:52. | |
economy, that encourages and rewards those who do the right | :42:52. | :42:59. | |
thing, not the wrong thing. praised Sir John Rose for his work | :42:59. | :43:04. | |
as Rolls-Royce. He has gone to work in bank. I knew you would say it. | :43:04. | :43:08. | |
Did you not do your research. Why didn't you say he could be Co Still | :43:08. | :43:14. | |
be a good guy, although Rothschild is a good bank and all about | :43:14. | :43:17. | |
acquisitions? I did say in the speech it is not about targeting | :43:17. | :43:21. | |
one industry, and financial services have to be part of the | :43:21. | :43:26. | |
solution not the problem. It is the practices we see in certain | :43:26. | :43:29. | |
businesses. Let's say financial services delivers ideal in growth, | :43:29. | :43:36. | |
and Britain is desperate growth, is that bad? You said that growth | :43:36. | :43:39. | |
built on stand from predatory activity is growth we don't want. | :43:39. | :43:44. | |
Are we in a position to be picky? We are if it turns out it is not | :43:44. | :43:47. | |
sustainable. What happened in the banking system was we thought lots | :43:47. | :43:51. | |
of wealth had been created, we thought this would be good for | :43:51. | :43:58. | |
Britain, it turned out to be an incredibly shaky and unstable set | :43:58. | :44:02. | |
of foundations. Let's talk about the other end, you talk about the | :44:02. | :44:09. | |
upper echelons. Allocating social housing you said do we treat the | :44:09. | :44:12. | |
person who contributes to their community, the same as the person | :44:12. | :44:17. | |
who doesn't. Is this the deserving and undeserving poor? No I don't | :44:17. | :44:21. | |
think it is. Is that the way it sounds? I hope it doesn't. Let me | :44:21. | :44:25. | |
explain what I think, I see need as important. William Beveridge's | :44:25. | :44:32. | |
vision for the welfare state, in 1940, was about a welfare state | :44:32. | :44:35. | |
that reflected contribution as well. I say, as Manchester City Council | :44:35. | :44:40. | |
is doing, it is right to say if you work, if you volunteer, that should | :44:41. | :44:45. | |
be rewarded. Some people can't work? Of course. There are no jobs | :44:45. | :44:50. | |
in Of course you have to take account of that. The system, in | :44:50. | :44:54. | |
relation to bankers or those on benefits, it sends signal about | :44:54. | :44:58. | |
what kind of behaviour we want to encourage. Why does this matter so | :44:58. | :45:02. | |
much? Let me make this point, it matters so much because the British | :45:02. | :45:06. | |
people, people going out working hard, sloging their guts out, think, | :45:06. | :45:10. | |
well hang on a minute. If people get social housing and at the top | :45:10. | :45:15. | |
of society, I want it based on a deal and a bargain, as I said | :45:15. | :45:23. | |
yesterday. You want people to have extra points on the housing list. | :45:23. | :45:28. | |
For doing good deeds. Is there a tick list, or is it arbitary? | :45:28. | :45:33. | |
way the housing decisions are made is by local authority, it is not Ed | :45:33. | :45:37. | |
Miliband sitting in Whitehall deciding about Mr Jones or Mr Smith | :45:37. | :45:41. | |
about getting help. Sadiq Khan says it is either about being a school | :45:41. | :45:47. | |
governor, or volunteering in your charge, this is very arbitary? | :45:47. | :45:52. | |
proposal is this, which is councils reflect, not just need, in their | :45:52. | :45:56. | |
decisions on housing allocations, but contribution as well. Of course | :45:56. | :45:58. | |
it is for local authorities to make their own decision about how they | :45:58. | :46:02. | |
reflect that. If you go to Manchester and the City Council and | :46:02. | :46:05. | |
see what they are doing, that is precisely what they are doing. | :46:05. | :46:07. | |
say the man from the local Government is looking at what | :46:07. | :46:12. | |
people do when unemployed? That is what they do at the moment. They | :46:12. | :46:16. | |
don't look at whether they cut old people's grass every week. You set | :46:16. | :46:21. | |
up a system that actually ends up leading to some corruption because | :46:21. | :46:26. | |
it is about personal decisions? That is a recipe for pessimism. | :46:26. | :46:28. | |
Come on, Manchester City Council are doing t other councils are | :46:28. | :46:32. | |
trying to do it, it is the basis of the original Beveridge principle. | :46:32. | :46:37. | |
Maurice Glasman, to whom you gave a peerage and look to for ideas, has | :46:37. | :46:41. | |
said at the conference this week that you are a socialist and | :46:41. | :46:45. | |
intellectual with an angry insurgent side. Is your problem | :46:45. | :46:50. | |
he's right? I don't know what it means. You don't know what a | :46:50. | :46:54. | |
socialist and an intellectual is? I'm someone who wants to change | :46:54. | :46:57. | |
Britain, I'm a democratic socialist, I am somebody who made an argument | :46:58. | :47:00. | |
yesterday, one of the reasons people have found it difficult to | :47:00. | :47:04. | |
adjust to my speech is it was an argument. It was an argument about | :47:04. | :47:12. | |
Britain. It was an argument that said, we have to change the ways we | :47:12. | :47:16. | |
do things, business as usual isn't working. It is about saying the way | :47:16. | :47:21. | |
we have run our country for a decade, has to change. | :47:21. | :47:26. | |
Tomorrow morning's front pages now, the Times has news of an on going | :47:26. | :47:31. | |
crisis in the adoption service and the picture of a gorgeous pouting, | :47:31. | :47:41. | |
:47:41. | :47:57. | ||
part-time teacher in a punt in That's all from Newsnight tonight, | :47:57. | :48:04. | |
we are used enough to shows of pet lance from childish and fabulously | :48:04. | :48:10. | |
wealthy footballers. The latest displayers when Carlos Tevez | :48:10. | :48:18. | |
refused to take the pitch despite being paid �200,000 a week. What a | :48:18. | :48:24. | |
compromise in the 1966 Carling Cup, the goalkeeper played on even when | :48:24. | :48:31. | |
he had broken his neck. Watch this Carlos, you so-called striker. | :48:31. | :48:40. | |
Trout plan pounces like a cat. He tells the trainer he's already, but | :48:41. | :48:45. | |
the crowd can see his neck is hurting badly. Troutman is game as | :48:45. | :48:51. | |
of. Injured or not, he's determined to pull his weight. United hold the | :48:51. | :48:56. | |
championship, and now City have the cup. Once again, the experts have | :48:56. | :49:00. | |
been proved wrong, and splendid team work and the extra ounce of | :49:00. | :49:09. | |
stamina have beaten the favourites Pinch yourself it is the end of | :49:09. | :49:13. | |
September, a remarkably hot and sunny day on the cards across large | :49:13. | :49:15. | |
swathes of the UK. Particularly England and Wales. This is where | :49:16. | :49:18. | |
the best of the sunshine will be, this is where the highest of | :49:18. | :49:22. | |
temperatures will be as well. Every bit as hot as it was on | :49:22. | :49:26. | |
Wednesdayful one or two places getting up into the - Wednesday. | :49:26. | :49:31. | |
One or two places getting up to the high 20s. One or two exceptions, | :49:31. | :49:34. | |
along the coasts of south Devon and Cornwall, a bit of mist coming in | :49:35. | :49:39. | |
on the breeze. Making it a bit cooler. Most of South-West England | :49:39. | :49:43. | |
will have a glorious day, across the bulk of Wales. Western coastal | :49:43. | :49:48. | |
areas might be cloudy as times but it will stay dry. For Northern | :49:48. | :49:53. | |
Ireland starting off damp in some places, the rain drying away, but | :49:53. | :49:57. | |
cloudy. Limited brightness, the same applying to much of Scotland. | :49:57. | :50:02. | |
The rain will fade away. Cloudy, in any brightness. Temperatures doing | :50:02. | :50:07. | |
pretty well. Looking to Friday, signs of outbreaks of rain pushing | :50:07. | :50:10. | |
to Northern Ireland, western Scotland in particular. The best of | :50:10. | :50:14. | |
the temperatures, once more, as we end the month, will be across the | :50:14. | :50:18. | |
more southern and eastern areas. We could be breaking records as we go | :50:18. | :50:23. |