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 fours today this is Europe going back to the start of the century started the euro of the start of things at the bottom is Germany now what were looking at here is unit labour costs across the euro area what Germany did was have a governmental and union pact where the unions where not to demand wage rises and the government would make sure jobs arrived this all happened so unit labour costs are low in Germany this has led in Germany to low harm internal consumption and stuff like that the rest of the people build rest of the people in Europe the grey one went all the way up and drop down is Greece and those are Greece is unit labour costs were high very high for what they got up to and then dropped now down to Germany but it doesn’t mean making can compete with Jimmy of course they can’t compete compete with Germany because they don’t have what it takes to compete with Germany and all the others are well above Germany they can’t compete with Germany either and just like Greece even if a unit labour costs drop down to German ones they still couldn’t compete with Germany BC Ireland another of the early ones into posterity have come down to a great extent as well they only compete with Germany on their English language and tax advantages not in production right that’s the setup move on gap between rich and poor grows in Germany more than half of Germany is privately owned assets are held by the country’s richest 10% meanwhile less than 1% is owned by the bottom 50% of households according to a new German government report on the growing gap between rich and poor this is the theme of the modern world over in Britain Britons still face real terms wage declines here is here is CPI versus average earnings since 2001 earnings are the yellow line so I can think of is any need to blow this charter we sit quite clearly earnings when they’re floating as they wear at the start of the century above the blue block line that meant that wages were above inflation but now they’re not and is no reason why they will float above inflation for a while longer and less inflation crashes down because wages won’t be crashing up over in Japan now put this in context for the Western world have got to think about Japan Japan is just an accident that is happening slow motion but it’s happening and I like the way that Ambrose Evans Prichard released the editors have written the headline here Japan loot launches QE8 as 20 years slump drags on and this is basically what we’ve got for our future QE three QE for hefty we ate to eat 12 unless they can do something else but they will not be able to do anything else because the entire setup going from 50 4030 years ago has been to do this competitiveness thing when trouble comes you do the competitiveness thing you drive down wages drive up unemployment until everything gets going again which is fine over the last 30 years generally when this sort of things happened the recession happens unemployment goes up wages go down the economy then picks up again and wages pick up again but they’ve been picking up again less and less as each recession has hit over the last 20 years and that’s what we’ve got now with got full-scale globalised world competitiveness and there is an ongoing world recession unemployment is being driven up and wages are being driven down but the other great driver for the world economy was consumption in the West product in the yeast but with the consumers running out of their ability to consume in the West because wages in the West are being driven down that machine is broken get as well so basically what we have is the system that has been developed or had developed itself in our evolutionary sort of way over the last 40 years has got itself into a complete and utter dead-end and there is nothing that can happen to that system that will make it work again except one thing and come to that otherwise the has to be some sort of a social revolution otherwise we are going to get world Japanese grind and somewhere along the line something will break probably currencies will break first could be inflation breakouts are but it going away the system as it stands at the moment in the global economy is going nowhere I’ll put this in Arctic experts predict final collapse of sea ice within four years as CIC shrinks to record lows Prof Peter Wadhams warns a global disaster is now unfolding in northern latitudes Arctic we have here is either shuttle bus to hold now that’s not made both sandbagged anyway it either global disaster because of this global warming has the sea ice is one of these are themselves reinforcing things as the sea ice goes away more sea ice will go away because of other things it just compounds upon itself and could compound upon itself extremely quickly but that will mean that the drillers will be open to go in and they might find oil up there or other sorts of carbon energy and it could if they find enough in a far enough away sort of place that is that you it could even be shared out among the world equitably that you literally in them my opinion the only way the Western world can be saved or the system can be saved if not there in the Arctic they stick a straw in and find made on cheap huge quantities of carbon fuel preferably a loyal and can then just make a little pipeline and pump it all over the world and every book body becomes very happy again otherwise we are in deep dude by
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