Here is a rough transcription of the presentation for people who are hard of hearing. Apologies for the lack of grammar, I am working to improve the automated transcriptions -
hello today write and read this paragraph to you and you’ll soon recognise that it’s not of today but here we go anyway the current excessive debt structure has obtained its present astronomical proportions due to an unbalanced distribution of wealth during our week years of prosperity to much of the product of labour was diverted into unproductive investments and as a result what seemed to be our prosperity was maintained on the basis of abnormal credit both at home and abroad when the crisis finally hit debtors were forced to curtail their consumption in order to reduce their debts this naturally has led to falling prices and increased unemployment and unemployment further decreases the consumption of goods which further increases unemployment and thus the vicious cycle of deflation has continued to the point where we now file and almost one fifth of our entire working population unemployed in many countries with of the entire working population unemployed in many countries with prices of everything greatly reduced our national income below the level achieved before the crisis and I debt burden greater than before so that is well pertinent to some countries harmed Greece or be the obvious one hand let’s move on to the last paragraph of this is actually speech to God you make speeches to Congress testimony testimony to Congress the programme which I have proposed is largely of an emergency nature designed to bring rapid economic recovery we need urgently to address this debt and unemployment problem or we are going to get a collapse of our whole credit structure which means a collapse of our capitalist system and we will then have to start all over again we simply have got to take care of the unemployed or we will have a revolution in this country that was actually Marriner Eccles who was FDR’s man said he was governor of the Fed at the time and that was as I say a tester mini to Congress the end of it it is just to say these things do happen over and over again and it was a credit boom and its credit bust and there are ramifications for that and it has to be handled in a certain way author are certain ways of handling it right let’s move on and go back to our labour force parties participation participation rate for women this time in United States we saw the men one and it was going all the way down top left bottom right on that one it was just since the Second World War it was up and then since it’s just come down and down and down or should I say die in dying and I and this is the shape of the women obviously low just after Second World War 33% to 1/3 of the women in the workforce and then it was went through half women in the workforce in the late 70s and it came up to 60% never made two thirds and it’s tailed off against likely since calmed the dot-com crash this next chart is the two of them together now to get the both in the same chart the men in red then don’t look like they’re coming down as steeply as they did render it looks a lot steeper in a charter gave you but to widen up the chart to get the winning in at their initial 30% in the eat doesn’t look as though the men are coming down because even numbers are obviously the same up towards 90% about 87% and down all the way to 70% now and the women going from their 33% up to 60 and tickling down since the great recession worse since the dot-com crash and the accelerating through the great recession and just to show that it can be seen in this chart it’s not looking wild and obvious but you can see now got 1998 on the left so that first bar is the dot-com crash and the wider grey bar is the great recession and were coming at 75 the men in 1998 came down through the dot-com crash maintained itself maintained working through the housing boom that since the great recession has now got down to 77 men 75 down to 70 from 1998 and the women have come down from 60 and their drop-down is mainly after the great recession and they’re down to 57.5 then not this huge sounding numbers 75 down to 70 and 69 to 57.5 but that actually adds up to an awful lot of people that can just push home this at US unemployment think I’ll go back to this one which the civil civilian unemployed appointment and then we got the popular to good percentage of population ratio call the M ratio and we can see how it really from 1960 went up and up add till into nearly 2/3 but since the dot-com crash has come down to a rate of 58 1/2 which was actually achieved in the mates first achieved in the late 70s there is an awful lot of unemployment there and in most Western countries is a lot of unemployment and is a really big question of how people are to be put back to work because at the moment the way money is spread out is generally via wages and are a lot of people that aren’t receiving wages right let’s move on and say that in the capitalist way and then not liable to receive wages because this is Asian aggregate export growth by destination this is just to say that pleasure is catching a cold because the West is not buying their goods that these are percentage year-on-year increases or deep creases in the export growth or export non-growth and see the great recession where at its peak downwards am it was down to -30% but that wasn’t much to beat and there was soon +50% year year-on-year in 2009 everything was starting to get going again after the great recession BBC the shape of it exports from Asia to the United States at the EU which is at liberty of the lowest their Japan Asia with and not Japan and the rest of the world all them showing exactly the same shape from the coming out of the boom, let’s go guys everything is fine it’s been downhill ever since and that’s a long to work to half years of going down in downhill less and less exports going out from Asia and that’s very important because the world needs Asia and Asia needs the world right will just finish with this which is kind of going back to the United States and this is the USD expert dollar index one-year chart stretching back one year so the dollar came in at it to number a balanced against a basket of other currencies mainly the Euro 76 he came started the year ago actor knits wobbled about but generally for 10 months it was going up really from 76 all the way up to 84 at one time now this was going to damage US exports with the dollar is strong up at 84 so in the summer time the vibrations were going out that the Fed would be doing some sort of QE or something that was going to reduce the US dollar value and as summers gone on and obviously with acceleration lately that QE was definitely coming and now we have the US dollar index down to well under 18 years 79 point nothing much this is the great race to the bottom to try and did base your currency enough so you can have the exports so you can call money in from the external world but everybody is trying to do it and obviously when everyone is trying to do basic their currency it’s classic race on the bottom and nobody is going to win certainly not people holding currencies because everyone is just that debasing them at set by
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