Browse content similar to 07/10/2016. Check below for episodes and series from the same categories and more!
Line | From | To | |
---|---|---|---|
The leaked email scandals that rocked Clinton's | :00:09. | :00:12. | |
Now the US government blames Russia for cyber hacking. | :00:13. | :00:16. | |
Was Moscow trying to influence the outcome | :00:17. | :00:19. | |
Sterling slumps to its lowest in 30 years. | :00:20. | :00:26. | |
Is our national currency any more than a symbol of pride? | :00:27. | :00:29. | |
Or is this telling us something about Brexit we need to know? | :00:30. | :00:34. | |
All becomes clear in the Ukip saga as Mike Hookem explains the two men | :00:35. | :00:38. | |
were just "wrestling like a pair of tarts". | :00:39. | :00:40. | |
If you get offered out in Hull and you don't go, | :00:41. | :00:49. | |
you're a bit of a wimp, so I'm going out with him. | :00:50. | :00:52. | |
I'm 63, I should have made a different decision. | :00:53. | :00:54. | |
I shouldn't have made decision that decision. | :00:55. | :00:56. | |
It was silly, but he offered me out so I was going. | :00:57. | :01:05. | |
Meet the liberal American writer who says the Democrats have | :01:06. | :01:08. | |
Is this why Hillary Clinton is finding the race so hard? | :01:09. | :01:19. | |
Late this evening the Obama administration came forward | :01:20. | :01:23. | |
to formally blame Russia for a series of cyber attacks | :01:24. | :01:26. | |
that it believes were intended to influence | :01:27. | :01:27. | |
The US Homeland Security Department has said it is confident the Russian | :01:28. | :01:40. | |
government directed the recent compromise of emails from US | :01:41. | :01:42. | |
institutions and persons - including the | :01:43. | :01:43. | |
Democratic National Committee - which was hacked | :01:44. | :01:45. | |
just before Hillary Clinton's Convention back in July. | :01:46. | :01:47. | |
And how do they know for sure it is Russia? | :01:48. | :01:50. | |
Our technology correspondent David Grossman is with me now | :01:51. | :01:53. | |
David, what do you make of this coming now? | :01:54. | :02:02. | |
Until now, Americans had blamed the Russians but they had done so off | :02:03. | :02:12. | |
the record but tonight they have gone on the record with that | :02:13. | :02:18. | |
accusation. Let me just read you a little. The US intelligence | :02:19. | :02:24. | |
community is confident that Russia directed these e-mails. It goes on | :02:25. | :02:31. | |
these are intended to interfere with the election process. It goes on, we | :02:32. | :02:36. | |
believe, based on the scope and sensitivity of these efforts, only | :02:37. | :02:41. | |
Russia's senior most officials could have authorised these activities. | :02:42. | :02:47. | |
What do they mean by influence the election? In what way? This | :02:48. | :02:52. | |
disclosure, 20,000 e-mails and 8000 attachments from the Democratic | :02:53. | :02:59. | |
National Convention's computers were intended to destabilise the DNC | :03:00. | :03:01. | |
convention where they'd nominated Hillary Clinton. It shows that DNC | :03:02. | :03:09. | |
organisation was biased against Bernie Sanders and had colluded with | :03:10. | :03:14. | |
Hillary Clinton. It was timed exquisitely to embarrass Hillary | :03:15. | :03:17. | |
Clinton and her team and it nearly threw it all off the rails. Thank | :03:18. | :03:19. | |
you. Joining me now is Thomas Rid, | :03:20. | :03:22. | |
Professor in War Studies and one of the first to find | :03:23. | :03:25. | |
the Russian Fingerprints And Kurt Volker, former US permanent | :03:26. | :03:27. | |
Representatvie to Nato. Many thanks, gentlemen, for joining | :03:28. | :03:38. | |
us. Kurt, why do you think this has come out now? I think that is | :03:39. | :03:44. | |
exactly the right question. No one had any real doubt that this was the | :03:45. | :03:47. | |
Russian government behind it, and I think as we get closer to the | :03:48. | :03:51. | |
election itself, I think the administration wants to come out to | :03:52. | :03:56. | |
show that Russia is playing a direct role. In some ways that is going to | :03:57. | :04:01. | |
call into question Donald Trump's embrace of Russia during the course | :04:02. | :04:05. | |
of the election campaign, and I also think whereas in the past the | :04:06. | :04:09. | |
Administration may have held back from public charges against Russia, | :04:10. | :04:14. | |
after Russia's assault on Aleppo, I think any motivation to hold back on | :04:15. | :04:20. | |
criticising Russia has gone away. Cilic trump supporters suspected | :04:21. | :04:22. | |
this was timed to help Hillary Clinton right now, they would not be | :04:23. | :04:28. | |
wrong? It is one theory and I think the first thing you have to say is | :04:29. | :04:31. | |
what difference does it make, because it is true, and the | :04:32. | :04:36. | |
administration is putting out what is a true story and they have | :04:37. | :04:40. | |
evidence behind it. But it gets to the issue of timing and I think | :04:41. | :04:43. | |
there may be something with the politics of timing. You were one of | :04:44. | :04:50. | |
the first, Thomas to compare the fingerprints and put the blame on | :04:51. | :04:55. | |
Russia. Talk us through that? Russian intelligence agency have not | :04:56. | :05:02. | |
just breached the DNC but several organisations and individuals. They | :05:03. | :05:05. | |
claim that through a leaked account and what they have done is they | :05:06. | :05:10. | |
hacked democratic organisations which happens all the time, | :05:11. | :05:13. | |
basically, but they have done something fresh this time, something | :05:14. | :05:18. | |
new. They also gave this information to the public in order to influence | :05:19. | :05:22. | |
the election. This was a first. They have done this very aggressively | :05:23. | :05:27. | |
again and again, almost on a weekly basis. We have seen 30 separate | :05:28. | :05:32. | |
leaks since. And when we hear it is from the top echelons of the Russian | :05:33. | :05:36. | |
government, our people deliberately not saying Putin that implying Putin | :05:37. | :05:42. | |
or is there a different strand there? When the leak started on the | :05:43. | :05:49. | |
15th of June, initially it looked like a bottom-up operation, some | :05:50. | :05:54. | |
rogue person perhaps in Russia's military agency taking the | :05:55. | :05:57. | |
initiative. But very quickly looting was confronted and Lavrov was | :05:58. | :06:05. | |
confronted by American counterparts and it became clear that it must | :06:06. | :06:10. | |
have been authorised so it has been authorised by Putin. And Kurt, if I | :06:11. | :06:17. | |
take you back to that convention in July, there was that odd | :06:18. | :06:20. | |
intervention from Donald Trump where he appeared to be calling on Russia | :06:21. | :06:25. | |
to hack Clinton's e-mails, he said afterwards it was a joke and it had | :06:26. | :06:29. | |
been taken out of context, but how does that now playing to this | :06:30. | :06:34. | |
narrative? None of this came from Trump? No, of course not. I think | :06:35. | :06:39. | |
truly Donald Trump was making light of it and making the assumption that | :06:40. | :06:44. | |
Russia had already stolen these e-mails and they could release them | :06:45. | :06:47. | |
but he was making light of it. I think it plays in a more serious way | :06:48. | :06:51. | |
in that Trump has shown a more positive disposition toward Putin | :06:52. | :07:00. | |
and Russia, has dismissed -- diminished Russia invading Ukraine, | :07:01. | :07:06. | |
so pointing out Russia is doing these things directly to try and | :07:07. | :07:11. | |
influence the US election is in a way demonstrating that perspective | :07:12. | :07:14. | |
that Trump has embraced on Russia. It is really not in sync with the | :07:15. | :07:19. | |
Russia we are dealing with. Thomas, I know you want to come in on this. | :07:20. | :07:23. | |
It is really important to understand that they are sending a message to | :07:24. | :07:28. | |
the American public as much as two Russia, to journalists in the United | :07:29. | :07:34. | |
States and Europe as well. They are saying to them, you cannot just use | :07:35. | :07:38. | |
these leaks and treat them as facts, because we have seen these | :07:39. | :07:42. | |
intelligence agencies, Russian, falsifying and modifying information | :07:43. | :07:46. | |
in these leaks. Previously, until today, the door was wide open for | :07:47. | :07:49. | |
the Russian operatives to influence the election and today it has become | :07:50. | :07:53. | |
a lot more difficult because journalists cannot just report these | :07:54. | :07:58. | |
as if they were factual. But as Kurt was saying, this also hints at a | :07:59. | :08:03. | |
real breaking down of relations over Syria. The sense that any entente | :08:04. | :08:07. | |
between the US and Russia are working together to try and solve | :08:08. | :08:12. | |
Syria has now gone, is that right? Absolutely. You had John Kerry | :08:13. | :08:18. | |
musing about Russia being investigated for war crimes now. It | :08:19. | :08:21. | |
is the kind of language we have not heard before from the Obama | :08:22. | :08:26. | |
administration. I think they have become completely despairing and | :08:27. | :08:29. | |
frustrated and upset over the deliberate role that Russia is | :08:30. | :08:34. | |
playing in levelling Aleppo and killing thousands upon thousands of | :08:35. | :08:38. | |
people. I don't see that this will recover in the course of this | :08:39. | :08:42. | |
Administration. It will be up to the next president to try and build | :08:43. | :08:46. | |
something sustainable with Russia. We have not had a direct comment | :08:47. | :08:49. | |
from Russia on this but what is your sense of how they will read this or | :08:50. | :08:55. | |
respond to that? They have been denying this operation in the past. | :08:56. | :08:58. | |
It is a consistent pattern that they say one thing and do another thing. | :08:59. | :09:05. | |
The same applies to operations in Aleppo and Crimea in Ukraine. They | :09:06. | :09:09. | |
will not say they have been caught. You looked at two burglarised | :09:10. | :09:15. | |
buildings which had the same fingerprints. If that irrefutable | :09:16. | :09:21. | |
now? The evidence is strong so let's make this very concrete. We know the | :09:22. | :09:25. | |
same entity that breached the DNC has also breached the German | :09:26. | :09:32. | |
parliament, in order to find dirt on German politicians, interesting | :09:33. | :09:34. | |
information to leak and that happened last year. We have the | :09:35. | :09:38. | |
malware samples, the fingerprint, the tool they left behind and we can | :09:39. | :09:43. | |
link those. They are very strong indicators to each other. This is | :09:44. | :09:49. | |
literally as good as a fingerprint in a burglary. Thank you. | :09:50. | :09:52. | |
6% in two minutes, the crash of the pound last night | :09:53. | :09:55. | |
Those who long favoured Brexit will tell you a weak pound | :09:56. | :10:04. | |
Those who feared Brexit will tell you this has been long time coming - | :10:05. | :10:08. | |
One thing is clear - the flash crash suggests politics | :10:09. | :10:12. | |
and political words play a crucial part in the fluctuations | :10:13. | :10:14. | |
Or, as HSBCs head of Foreign Exchange quipped today, | :10:15. | :10:17. | |
"the pound is now the de facto opposition". | :10:18. | :10:19. | |
So tonight we ask how we feel about what may be | :10:20. | :10:22. | |
Is strong currency anything more than a symbol | :10:23. | :10:25. | |
Adam Parsons takes us through the day's vertiginous drop. | :10:26. | :10:29. | |
Brokers and jobbers crowded together to try and sort out what the drop | :10:30. | :10:35. | |
1967 and there's panic on the streets of London. | :10:36. | :10:41. | |
The pound had been devalued, a change so cataclysmic | :10:42. | :10:45. | |
that the stock market had to be closed, to let the dust | :10:46. | :10:48. | |
Half a century later and the value of sterling is, | :10:49. | :10:55. | |
It's been falling steadily ever since the Brexit referendum, | :10:56. | :10:59. | |
Because while monetary policy, with superlow interest rates... | :11:00. | :11:06. | |
Global markets took this as the Prime Minister criticising | :11:07. | :11:08. | |
And that dragged the value of the pound down to levels it | :11:09. | :11:15. | |
Sterling broke through some important levels we hadn't seen | :11:16. | :11:19. | |
since 1985 and it still underlines the fact that international | :11:20. | :11:21. | |
investors seemingly over the course of the last four or five days have | :11:22. | :11:25. | |
Primarily moving in one direction which has been to sell sterling. | :11:26. | :11:31. | |
In the early hours of this morning came something new, | :11:32. | :11:35. | |
a sudden dramatic collapse in the value of the pound, | :11:36. | :11:37. | |
a so-called flash crash, apparently caused by a computer | :11:38. | :11:42. | |
algorithm that read an article on the internet of the computer | :11:43. | :11:46. | |
reading it, not a person, and instantly decided to sell a vast | :11:47. | :11:49. | |
On the trading floor, this is what a flash crash looks | :11:50. | :11:57. | |
This graph shows us the value of the pound against the dollar. | :11:58. | :12:05. | |
You can see, at midnight, last night, it was worth $1.26 and a bit. | :12:06. | :12:08. | |
And then, suddenly, this vertical line shows us the dramatic fall | :12:09. | :12:11. | |
Four minutes later, worth just $1.18. | :12:12. | :12:15. | |
It's lost 6.5% of its value in just a few moments. | :12:16. | :12:17. | |
Well, there is a rebound, but not a full recovery. | :12:18. | :12:20. | |
What this shows us is a picture of sterling under attack. | :12:21. | :12:25. | |
Here's what's happened since the referendum. | :12:26. | :12:30. | |
The value of the pound has dropped sharply but at the same time, | :12:31. | :12:33. | |
Well, because most of the money earned by the FTSE's big companies | :12:34. | :12:39. | |
So, profits are worth a lot more as the value | :12:40. | :12:42. | |
So, could we be heading towards a time where the pound | :12:43. | :12:47. | |
Well, I den think we've seen the trough in sterling, yet, | :12:48. | :12:51. | |
so we still have some more pain to come, which of course means UK | :12:52. | :12:55. | |
I wouldn't suspect that we would get those parity thresholds | :12:56. | :12:59. | |
being reached but further depreciation against the US dollar, | :13:00. | :13:03. | |
I wouldn't be surprised if we trade down to 118 or even as low as 115. | :13:04. | :13:07. | |
And I think in the shorter term, if we are going to see some | :13:08. | :13:11. | |
of the selling pressure dissipate then we probably need to see some | :13:12. | :13:17. | |
of the politicians rolling back on some of this hard Brexit talk | :13:18. | :13:20. | |
which is really destabilising markets. | :13:21. | :13:22. | |
Over in the States, the Chancellor was in his familiar sanguine mood. | :13:23. | :13:24. | |
But markets will go up and down, markets respond to noises off | :13:25. | :13:27. | |
and as I said earlier this week, we are going to go through a period | :13:28. | :13:31. | |
of volatility now, there will be lots of commentary | :13:32. | :13:33. | |
going on and we can expect to see markets being more turbulent. | :13:34. | :13:37. | |
But hold on, is a weak pound really so bad? | :13:38. | :13:42. | |
Well, one leading economist has told Newsnight | :13:43. | :13:44. | |
The effect of a fall in the pound will make | :13:45. | :13:49. | |
imports more expensive, so, people in the UK are more likely | :13:50. | :13:52. | |
People overseas are likely to find our goods cheaper | :13:53. | :14:02. | |
and more attractive, so they are more likely | :14:03. | :14:06. | |
Tonight's jackpot is an estimated ?139 million. | :14:07. | :14:13. | |
And one final benefit of a weak pound, the Euro millions lottery | :14:14. | :14:20. | |
is paid out in euros, win the jackpot and it will be worth | :14:21. | :14:23. | |
?7 million more than this time last week. | :14:24. | :14:27. | |
Bonne chance, as they say in the Eurozone. | :14:28. | :14:37. | |
That's more than enough of a silver lining. | :14:38. | :14:39. | |
Joining us now Alistair Heath, from the Telegraph, Vicky Pryce, | :14:40. | :14:42. | |
Economist, and Rupert Harrison former Treasurer advisor | :14:43. | :14:43. | |
and chief of staff to the Chancellor, from Washington. | :14:44. | :14:48. | |
Is it all so bad when you see the pound coming down this quickly or do | :14:49. | :14:58. | |
you look at the upside? For an open economy like the UK, the currency | :14:59. | :15:02. | |
acts like a shock absorber, so when you get hit by a shock, the currency | :15:03. | :15:07. | |
goes down and there is a silver lining. The export products might | :15:08. | :15:15. | |
benefit by selling more. There is still the original shock. People | :15:16. | :15:24. | |
around the world are waking up to the risks that Brexit poses to the | :15:25. | :15:30. | |
economy. Fewer people will invest in the UK, it is expected. That is not | :15:31. | :15:34. | |
a good thing. The fall in the pound can have a silver lining but the | :15:35. | :15:38. | |
shock that caused it is something we should be concerned about. In a | :15:39. | :15:42. | |
slightly old-fashioned way, do we get too hung up on the pound as if | :15:43. | :15:47. | |
it is somehow reflecting our national pride or a sense of | :15:48. | :15:51. | |
virility in a funny way? I agree, we shouldn't look at it that way at | :15:52. | :15:55. | |
all. People do but they shouldn't. There is a certain pride about | :15:56. | :15:58. | |
having a strong currency and in many ways it can be good because it means | :15:59. | :16:02. | |
you are richer, you can buy many more things from abroad than | :16:03. | :16:07. | |
otherwise would be the case. Having a weaker currency makes you pour | :16:08. | :16:10. | |
almost immediately. The concern I have is that the pound was going | :16:11. | :16:14. | |
down because there are issues about whether we know where we are going | :16:15. | :16:19. | |
from here on in -- makes you poorer almost immediately. After a long | :16:20. | :16:22. | |
period of thinking maybe we would never leave the EU, it is going to | :16:23. | :16:25. | |
take some time before we trigger article 50. In order to start the | :16:26. | :16:32. | |
process of leaving. We now have a timetable. The words we had in the | :16:33. | :16:36. | |
Conservative Party conference were quite... Direct. Direct in terms of | :16:37. | :16:43. | |
hard Brexit minded, if you like. It is funny, during the summer a lot of | :16:44. | :16:47. | |
people said, you see, it's fine, Brexit will be fine, we taking it in | :16:48. | :16:52. | |
our stride, we are bigger than that and almost this delayed reaction | :16:53. | :16:54. | |
that nothing happened for three months until she triggered the | :16:55. | :17:01. | |
starting gun. Now we are seeing what is going to be a year of | :17:02. | :17:05. | |
uncertainty. Clearly, there will be a lot of uncertainty but the | :17:06. | :17:08. | |
interesting thing is this, before Brexit, before anyone thought the UK | :17:09. | :17:13. | |
would leave the EU, the IMF was saying the pound was 12% - 18% | :17:14. | :17:17. | |
overvalued. They thought the pound needed to fall because the UK, for | :17:18. | :17:22. | |
many years, has suffered from quite a major weakness, which is that we | :17:23. | :17:26. | |
consume too much compared to how much we produce. In other words, we | :17:27. | :17:33. | |
have been living beyond our means for years. Our deficit last year was | :17:34. | :17:36. | |
the highest of any G-7 country. You are delighted? I am not delighted | :17:37. | :17:40. | |
but it is a sensible readjustment. I do not like the fact that the | :17:41. | :17:44. | |
markets are so febrile. I am worried about things like the flash crash | :17:45. | :17:49. | |
and cost. But we are already poorer than we thought we were, for many | :17:50. | :17:53. | |
years. This is effectively the reality sinking in. I don't think it | :17:54. | :17:57. | |
is to do with Brexit, it is the catalyst but not the cause. Is that | :17:58. | :18:01. | |
right, Rupert, all that is worrying the people is the speed of the | :18:02. | :18:05. | |
dissent? That if it was a slow descent but roughly to the same | :18:06. | :18:08. | |
place we would not be worrying at all, we would see it as an upside? I | :18:09. | :18:13. | |
do not think it is that simple for two reasons. There is a very real | :18:14. | :18:18. | |
consequence for a fall in the pan for people watching. The things that | :18:19. | :18:21. | |
you buy that manufactures overseas will cost more. The new iPhone has | :18:22. | :18:25. | |
exactly the same dollar price as the old iPhone but it will cost ?50 more | :18:26. | :18:30. | |
in the UK because of a weaker pound. That will be reflected across all | :18:31. | :18:36. | |
sorts of items including food and fuel for their car. Secondly, the | :18:37. | :18:39. | |
thing that we should perhaps be more worried about than the fall in the | :18:40. | :18:43. | |
pound itself is what it means for international perceptions of the UK. | :18:44. | :18:47. | |
I'm in Washington for the IMF meetings and I am finding myself | :18:48. | :18:51. | |
this week doing a lot of explaining. Lots of people are saying what on | :18:52. | :18:55. | |
earth is going on in the UK? They are hearing messages about | :18:56. | :18:59. | |
immigration. There was quite a lot of perhaps naivete around the world | :19:00. | :19:02. | |
that the UK was heading for a soft Brexit, that we would stay in the | :19:03. | :19:08. | |
single market. People are increasingly understand that is | :19:09. | :19:10. | |
probably not going to be the case. This wonderful line from the HSBC | :19:11. | :19:14. | |
analyst who said the pound is now the de facto opposition, it will be | :19:15. | :19:17. | |
the pound that tells this government when it is going too far. Not | :19:18. | :19:22. | |
really, because the pound should have been lowered in the first | :19:23. | :19:27. | |
place. If it gets to parity? If it gets to parity, the pound would be | :19:28. | :19:30. | |
undervalued, yes. You would be horrified at that point? I would be | :19:31. | :19:35. | |
very surprised. The pound is more or less fairly valued now but if it | :19:36. | :19:40. | |
falls further it would be undervalued. There is a perception | :19:41. | :19:43. | |
problem and the government needs to be more explicit as to what it once, | :19:44. | :19:46. | |
nobody understands what the Theresa May government's position is on | :19:47. | :19:50. | |
Brexit, stay in the single market, the customs union? Bizarre rhetoric | :19:51. | :19:54. | |
on immigration, quite worrying also. I am pro-Brexit. It will work out in | :19:55. | :19:59. | |
the end. In the old days, they used to be flights of capital and we used | :20:00. | :20:03. | |
to go to the pound when times were uncertain, why isn't that the case? | :20:04. | :20:08. | |
What is clear is that we haven't got a clue where we will be going. That | :20:09. | :20:12. | |
is a problem. You are right, is something that we all agree on. Life | :20:13. | :20:19. | |
after Brexit is simply too uncertain right now but it also suggests, | :20:20. | :20:22. | |
there are quite a lot of disagreement as to what it means | :20:23. | :20:26. | |
within the government, that there is no confidence in our leaders, if you | :20:27. | :20:29. | |
like, that they know where they are taking us in terms of economic | :20:30. | :20:32. | |
policy. In those times of uncertainty, you sell the pound, you | :20:33. | :20:35. | |
will not invest in this place. That is exactly what is going on. | :20:36. | :20:39. | |
Unfortunately, what it also does, it increases cost to businesses. | :20:40. | :20:44. | |
Perhaps he is right, that the pound was overvalued, but we tend to | :20:45. | :20:49. | |
import an awful lot of things into our manufacturing process. Import | :20:50. | :20:53. | |
costs are rising substantially. Current account right now, it is | :20:54. | :20:57. | |
widening. The data from August suggests it is getting worse instead | :20:58. | :21:01. | |
of getting better. Actually, we are not solving anything through this | :21:02. | :21:04. | |
devaluation. Interesting, Rupert, the cost of the iPhone, you | :21:05. | :21:08. | |
mentioned, and we heard in the film, consumers will be buying more | :21:09. | :21:12. | |
domestically, do you think that is going to happen, could that happen? | :21:13. | :21:16. | |
That we stop buying from overseas? It will happen. We saw this a bit | :21:17. | :21:21. | |
after 2008, 2009 when we had a big devaluation of the pound in response | :21:22. | :21:25. | |
to lower growth expectations. Concern about the UK banking sector. | :21:26. | :21:28. | |
Over the years that followed that, we saw benefit, but is disappointed. | :21:29. | :21:36. | |
Expectations were disappointed because the manufacturing response | :21:37. | :21:39. | |
wasn't as big as people hope. That speaks to the fact that global | :21:40. | :21:42. | |
economy is quite different from what it used to be. In the UK, we don't | :21:43. | :21:47. | |
sell things that, you know, when it only depends on price. We sell | :21:48. | :21:50. | |
products where it depends on quality, long-term relationships | :21:51. | :21:52. | |
with your customers. Just devaluing your currency by itself is not | :21:53. | :21:57. | |
enough, necessarily. Let me... We might just after the financial | :21:58. | :22:02. | |
crisis. The bigger question, what to put this briefly to you all, when | :22:03. | :22:06. | |
the world is looking at us with a weak pound, it is impossible not to | :22:07. | :22:10. | |
see yourself for all the benefits and you can talk about it whatever | :22:11. | :22:14. | |
you want, it feels as if we are in a position of weakness, isolation or | :22:15. | :22:18. | |
weakness. We are not in a position of isolation, that is wrong. | :22:19. | :22:22. | |
Weakness? We're not in a position of weakness. Our economy has problems | :22:23. | :22:25. | |
and it needs to be resolved but Brexit does not create that | :22:26. | :22:29. | |
weakness. The Europeans have made very clear that they will go for | :22:30. | :22:33. | |
hard Brexit themselves in a sense not really giving anything to us. | :22:34. | :22:36. | |
Which means we have actually in a strange way isolated ourselves and | :22:37. | :22:40. | |
made more difficult to have dealings with Europe. The world's trade | :22:41. | :22:44. | |
environment is slowing down. Nobody knows where this will actually end. | :22:45. | :22:48. | |
There is a negotiation going on. We have nowhere else to sell to the | :22:49. | :22:51. | |
goods trade has declined in the first half of the year. We are in a | :22:52. | :22:56. | |
weak position right now in terms of a negotiating stance. Thank you for | :22:57. | :22:57. | |
coming. In case you were confused | :22:58. | :23:00. | |
by what happened in the European parliament yesterday, | :23:01. | :23:02. | |
today it all got much weirder. Ukip's Mike Hookem emerged to deny | :23:03. | :23:04. | |
punching Steven Woolfe, the Ukip frontrunner | :23:05. | :23:06. | |
who ended up in hospital, and clarified that instead they had | :23:07. | :23:08. | |
wrestled like "a pair of tarts". After an office conflab on what that | :23:09. | :23:12. | |
actually looks like, So we sent Secunder Kermani | :23:13. | :23:15. | |
to find Mr Hookem and see Ukip has had its fair share | :23:16. | :23:19. | |
of embarrassment over the years. Mike Hookem MEP, is at the centre | :23:20. | :23:26. | |
of one of its largest. Previous favourite for party leader, | :23:27. | :23:32. | |
Steven Woolfe, is still in hospital in Strasbourg, | :23:33. | :23:33. | |
following an altercation with Mike Hookem yesterday | :23:34. | :23:35. | |
in the European Parliament. Hookem's back in Britain, now, | :23:36. | :23:37. | |
despite rumours on social media. ..Because there was all kinds | :23:38. | :23:46. | |
of stuff going around yesterday, You were jumping in the back | :23:47. | :23:50. | |
of lorries, according to Twitter. Yeah, I was on a rubber dinghy | :23:51. | :24:02. | |
in the middle of the I was being pursued | :24:03. | :24:05. | |
across France by the gendarmes. He says it all began | :24:06. | :24:09. | |
during a discussion between Woolfe and other MEPs over Woolfe's | :24:10. | :24:11. | |
admission he recently considered He took umbrage and stood up | :24:12. | :24:13. | |
and said, "Well, if that's going to be the tone | :24:14. | :24:25. | |
of this meeting, maybe And his words were mano | :24:26. | :24:27. | |
el mano. So, he;s now heading out the room, | :24:28. | :24:30. | |
taking his jacket off. So, I went into the ante-room | :24:31. | :24:42. | |
with him. And what's going through your mind | :24:43. | :24:44. | |
when he said mano a mano? Well, I'm from Hull, | :24:45. | :24:50. | |
if you get offered out in Hull and you don't go, | :24:51. | :24:52. | |
you're bit of a wimp. I shouldn't have made | :24:53. | :24:57. | |
that decision. But he offered me | :24:58. | :25:05. | |
out, so I was going. He come at me and it was | :25:06. | :25:08. | |
just a bit of a tussle. The door opened, I stepped back | :25:09. | :25:20. | |
and he fell back into the room onto a colleague that was stood | :25:21. | :25:24. | |
in the room. He didn't hit his head, I'm sorry, | :25:25. | :25:26. | |
he never hit his head on anything. He is being quoted as saying | :25:27. | :25:32. | |
you threw a punch. If I had a tussle with him, | :25:33. | :25:35. | |
would that cause a seizure? So when he said mano a mano, | :25:36. | :25:46. | |
was that uncharacteristic for him? And probably won't be | :25:47. | :25:57. | |
saying it to me again. When Woolfe's released | :25:58. | :26:08. | |
from hospital, he and Hookem have The damage done to Ukip | :26:09. | :26:10. | |
and its reputation at a crucial time for the party could take | :26:11. | :26:14. | |
much longer to repair. For American commentators | :26:15. | :26:19. | |
on the left right now, one question seems to override all | :26:20. | :26:21. | |
others. Why isn't Hillary Clinton | :26:22. | :26:23. | |
hammering her Republican Why do his blunders and hypocrisies | :26:24. | :26:25. | |
seem to leave no mark on the man, Why do his blunders and hypocrisies | :26:26. | :26:32. | |
seem to leave no mark on the man. Tonight, another video of Trump's | :26:33. | :26:41. | |
past has emerged that would sink One writer argues it may have less | :26:42. | :26:44. | |
to do with HIM and more to do with HER -indeed, | :26:45. | :26:52. | |
to do with the failings of the Democrats and Obama as a whole | :26:53. | :26:55. | |
over the last eight years. Thomas Frank is a political analyst | :26:56. | :26:57. | |
and commentator who's new book argues that the Democrats have badly | :26:58. | :27:00. | |
let down the people. Nice for you to come in. I won't | :27:01. | :27:02. | |
talk about Americans. Most Europeans still can't | :27:03. | :27:06. | |
understand why Hiallry Clinton isn't Against somebody who seems to trip | :27:07. | :27:12. | |
himself up the whole time. Like a demagogue out of a movie from the | :27:13. | :27:19. | |
1930s. He has done so many things that was destroy an ordinary | :27:20. | :27:23. | |
politician. This Titanic won't sink. We are taking him seriously as you | :27:24. | :27:27. | |
are as a potential winner of the presidency. It's possible it could | :27:28. | :27:31. | |
happen. It seems unlikely. I think Hillary Clinton will win, for the | :27:32. | :27:35. | |
record. The Donald Trump phenomenon is striking, this is amazing this is | :27:36. | :27:40. | |
happening. What it represents, to a large degree, is the desperation of | :27:41. | :27:49. | |
a large chunk of middle America de-industrialised form | :27:50. | :27:51. | |
industrialised parts of the United States and it is the largest shift | :27:52. | :27:54. | |
of working-class voters in the United States away from their | :27:55. | :27:57. | |
traditional home in the Democratic party to the Republican party. This | :27:58. | :28:01. | |
has happened over a long time. Why have the Democrats lost them? That | :28:02. | :28:05. | |
is half of the question and a big part of it is the Democrats refuse | :28:06. | :28:09. | |
to ask that question of themselves, by the way. Democrats have lost | :28:10. | :28:12. | |
them, because they basically look at what is happening to these people | :28:13. | :28:15. | |
and say, you know, there's nothing that can be done to save your way of | :28:16. | :28:19. | |
life. In the middle class in America is crumbling. That is just | :28:20. | :28:22. | |
globalisation. That's just technology doing its thing. But at | :28:23. | :28:26. | |
the same time, Democrats have embraced this kind of liberalism | :28:27. | :28:30. | |
that is... Clearly, a liberalism of the rich. OK? They aren't concerned | :28:31. | :28:35. | |
with working-class voters any more but they are very concerned with the | :28:36. | :28:41. | |
attitudes and tastes of, say, the professional class in America. OK, | :28:42. | :28:45. | |
but if the answer was to move away from globalisation, that was the one | :28:46. | :28:48. | |
that Bernie Sanders was screaming for a year and it didn't work in | :28:49. | :28:52. | |
terms of winning the nomination. LAUGHTER | :28:53. | :28:53. | |
You about the entire Democratic party came together to stop him, you | :28:54. | :28:56. | |
know, you realise, that is what happened. This takes us back to the | :28:57. | :29:01. | |
first order, the e-mail scandal. As we now know, I should say. -- first | :29:02. | :29:07. | |
story. So, you basically think Bernie Sanders would have won that | :29:08. | :29:11. | |
nomination? I don't think so but the challenge was worth making. This is | :29:12. | :29:15. | |
the Democrats that need to look inside and ask themselves why this | :29:16. | :29:19. | |
is happening. They also have to re-evaluate their long history. One | :29:20. | :29:24. | |
of the issues that Trump talks about are the lousy trade deals as he | :29:25. | :29:28. | |
likes to put it that our country has signed. There is no figure in | :29:29. | :29:30. | |
American history more closely identified with those trade deals | :29:31. | :29:35. | |
than Bill Clinton. Hillary Clinton's husband, a Democrat. When he signed | :29:36. | :29:39. | |
off on the first of those lousy trade deals, he did it over the | :29:40. | :29:43. | |
opposition of his own supporters and organised labour. He stuck the knife | :29:44. | :29:45. | |
in their back and people remember that. You think that Trump is a | :29:46. | :29:51. | |
product of Obama as well? To some degree. He is a reaction to Obama. | :29:52. | :29:55. | |
We have the financial crisis in America, it originated in my country | :29:56. | :29:58. | |
and came here, you're welcome! Thank you! President Obama was elected in | :29:59. | :30:05. | |
this great wave of hope and enthusiasm in 2008. I thought he was | :30:06. | :30:09. | |
going to be my generation's Franklin Roosevelt, to come in and put things | :30:10. | :30:13. | |
right. Instead, here we are, almost eight years later. For a large part | :30:14. | :30:18. | |
of the American public, the recession has never ended. The | :30:19. | :30:23. | |
American stock market is doing phenomenally well, wealthy people | :30:24. | :30:26. | |
have seen everything bounce right back. But for a lot of ordinary | :30:27. | :30:29. | |
Americans, there has been no recovery. Great to have you here, | :30:30. | :30:31. | |
thank you very much. That's all we have | :30:32. | :30:33. | |
time for, goodnight. Have a great weekend, we are back on | :30:34. | :30:36. | |
Monday. Good evening. The weather is looking | :30:37. | :30:51. | |
relatively settled and | :30:52. | :30:52. |