1 00:00:05,120 --> 00:00:12,160 Speaker 1: What's I mean, that's that's all I got today. Who's 2 00:00:12,160 --> 00:00:16,919 Speaker 1: who's taken over? Come on? It's me? I guess it's me. 3 00:00:17,520 --> 00:00:20,000 Speaker 1: All right, Well then, what what show is this? And 4 00:00:20,079 --> 00:00:22,520 Speaker 1: what do we do? This is it could happen here 5 00:00:22,640 --> 00:00:26,920 Speaker 1: we talk about things being bad and also what you 6 00:00:26,920 --> 00:00:29,120 Speaker 1: can do about them, But this is a this is 7 00:00:29,160 --> 00:00:31,680 Speaker 1: a things are bad episode, and not at what you 8 00:00:31,680 --> 00:00:35,360 Speaker 1: can do about the episode specifically. This is part two 9 00:00:35,560 --> 00:00:37,840 Speaker 1: of what I guess you could call our mini series 10 00:00:37,840 --> 00:00:41,920 Speaker 1: on neoliberalism. And so you know, yesterday we talked a 11 00:00:41,920 --> 00:00:45,960 Speaker 1: lot about who the original the liberals are. They have 12 00:00:46,000 --> 00:00:47,760 Speaker 1: a bit of power in Germany in the fifties, but 13 00:00:47,800 --> 00:00:51,159 Speaker 1: through fifties and sixties up to the seventies, they're kind 14 00:00:51,200 --> 00:00:54,080 Speaker 1: of nobody's there. You know, they're they're there. They have 15 00:00:54,120 --> 00:00:55,520 Speaker 1: a couple of think tanks, but they're kind of they're 16 00:00:55,600 --> 00:00:58,160 Speaker 1: kind of just siloed off in the corner and they 17 00:00:58,240 --> 00:01:01,800 Speaker 1: yell at people and people kind of northam and what 18 00:01:01,800 --> 00:01:05,480 Speaker 1: they're waiting for, essentially is the right crisis, and in 19 00:01:05,520 --> 00:01:09,480 Speaker 1: the nineteen seventies they finally find that crisis. Now, I 20 00:01:09,520 --> 00:01:13,000 Speaker 1: think it's kind of hard to remember in a lot 21 00:01:13,000 --> 00:01:15,560 Speaker 1: of ways because of how the eighties went. But in 22 00:01:15,800 --> 00:01:19,400 Speaker 1: early nineteen seventies, things are not looking good for capitalism. 23 00:01:19,440 --> 00:01:21,080 Speaker 1: I mean, you have so you know I and i 24 00:01:21,240 --> 00:01:25,000 Speaker 1: end wins this election nineteen seventy We'll talk about what 25 00:01:25,200 --> 00:01:29,520 Speaker 1: happened there in another episode. But you know it's it's 26 00:01:29,560 --> 00:01:33,120 Speaker 1: not just that in nineteen nineteen seventy four. Well, so 27 00:01:33,160 --> 00:01:36,560 Speaker 1: the whole early nineteen seventies, am called Carbrial is just 28 00:01:36,720 --> 00:01:41,319 Speaker 1: absolutely annihilating the Portuguese army. And he, you know, he wins. 29 00:01:41,520 --> 00:01:43,240 Speaker 1: He fights one of the like one of history's greatest 30 00:01:43,240 --> 00:01:47,720 Speaker 1: grilla wars, and this basically destroys the entire Portuguese state 31 00:01:47,760 --> 00:01:51,000 Speaker 1: and caused the Carnathan Carnation Revolution. The Portuguese colonies get free, 32 00:01:51,000 --> 00:01:52,880 Speaker 1: the dirt takes part in me Theiopia and the ninteen 33 00:01:52,920 --> 00:01:56,080 Speaker 1: seventy five the North Vietnam wins of the like the 34 00:01:56,200 --> 00:01:58,200 Speaker 1: war in Vietnam. And now you know the product of 35 00:01:58,240 --> 00:02:01,840 Speaker 1: this is that Compada falls, Loos falls. There's now there's 36 00:02:01,920 --> 00:02:05,760 Speaker 1: five social estates in Eastern East Asia, in Southeast Asia, 37 00:02:06,240 --> 00:02:08,440 Speaker 1: and you're also Uncle Lea, but nobody really cares about them. 38 00:02:08,520 --> 00:02:11,000 Speaker 1: And as as all of this is happening, as these 39 00:02:11,000 --> 00:02:12,720 Speaker 1: sort of as the anti colonial armies are sort of 40 00:02:12,760 --> 00:02:17,520 Speaker 1: marching their way through the world. There's an enormous economic crisis, 41 00:02:18,360 --> 00:02:21,200 Speaker 1: and yeah, I mean there's a lot of things happening 42 00:02:21,200 --> 00:02:23,480 Speaker 1: at the same time. One of the ones I think 43 00:02:23,560 --> 00:02:25,320 Speaker 1: is probably the thing, the thing that people remember the 44 00:02:25,360 --> 00:02:30,520 Speaker 1: most is there's just unbelievable inflation, and you know, and 45 00:02:30,520 --> 00:02:35,120 Speaker 1: and economic growth starts to slow down. Although something I 46 00:02:35,160 --> 00:02:37,080 Speaker 1: think that we do need to keep in mind is 47 00:02:37,120 --> 00:02:40,400 Speaker 1: that when I say economic growth slows, so economic growth 48 00:02:40,480 --> 00:02:47,160 Speaker 1: from like sixty seven nine is um from two thousand 49 00:02:47,200 --> 00:02:48,960 Speaker 1: to two thousand and seven, it was two point three 50 00:02:48,960 --> 00:02:51,520 Speaker 1: percent in the US, And so you know, when when 51 00:02:51,520 --> 00:02:53,359 Speaker 1: when I say there's an economic crisis going on here, 52 00:02:53,400 --> 00:02:55,560 Speaker 1: like economic growth in the seventies is better than any 53 00:02:55,600 --> 00:02:59,280 Speaker 1: decades sense, but it's still considered the crisis decade because 54 00:02:59,320 --> 00:03:02,480 Speaker 1: there's much of the nation and you know, everyone has 55 00:03:02,520 --> 00:03:05,880 Speaker 1: their own theory as to why this is happening. Because 56 00:03:06,960 --> 00:03:09,359 Speaker 1: the sort of Keynesians who who have been in power, 57 00:03:09,440 --> 00:03:11,360 Speaker 1: whose thing is, oh, well, we can you know, if 58 00:03:11,480 --> 00:03:13,480 Speaker 1: there's every economic crisis, we can sort of we can 59 00:03:13,520 --> 00:03:15,360 Speaker 1: spend money, and that you know, then the government spending 60 00:03:15,360 --> 00:03:17,880 Speaker 1: money will drag everyone out of the crisis. But in 61 00:03:18,000 --> 00:03:20,919 Speaker 1: Keynsian theory, like there's not supposed to be inflation if 62 00:03:21,760 --> 00:03:24,360 Speaker 1: like if if unemployment is increasing and there's an economic crisis, 63 00:03:24,360 --> 00:03:26,679 Speaker 1: there's not supposed to inflation, and suddenly there's both. So 64 00:03:26,760 --> 00:03:29,079 Speaker 1: the Kensians have nothing and they're sort of just running 65 00:03:29,120 --> 00:03:32,880 Speaker 1: around like just with basically like chickens to their head 66 00:03:32,880 --> 00:03:34,720 Speaker 1: cut off, going oh god, we have no idea what's happening. 67 00:03:34,720 --> 00:03:37,680 Speaker 1: We don't know what's happening. And so into this gap 68 00:03:37,840 --> 00:03:41,280 Speaker 1: steps a bunch of weirdos. And so I'm just gonna 69 00:03:41,280 --> 00:03:44,280 Speaker 1: I'm gonna go through a few of the theories as 70 00:03:44,280 --> 00:03:48,640 Speaker 1: to why this crisis happened, because I don't know, and 71 00:03:48,680 --> 00:03:50,960 Speaker 1: I think there's elements of truth in most of the 72 00:03:51,400 --> 00:03:55,280 Speaker 1: stories ish kind of, but you know, it's this is 73 00:03:55,280 --> 00:03:59,840 Speaker 1: extremely complicated and there's still no consensus on it. So 74 00:04:00,000 --> 00:04:04,640 Speaker 1: I'm gonna start with the most crank, which is so 75 00:04:04,640 --> 00:04:09,360 Speaker 1: so the run Paul people. The whole thing is, yeah, 76 00:04:09,560 --> 00:04:11,720 Speaker 1: every everything went to ship has been shipped ever since 77 00:04:11,760 --> 00:04:15,520 Speaker 1: because the US abandon the gold standard, and like they're 78 00:04:15,600 --> 00:04:19,360 Speaker 1: right into the extent that this happens. So basically Nixon 79 00:04:19,360 --> 00:04:20,800 Speaker 1: has been trying to pay for the Vietnam War, and 80 00:04:20,839 --> 00:04:23,560 Speaker 1: he can't. And you know, the the US dollar has 81 00:04:23,560 --> 00:04:25,520 Speaker 1: been pegged to a certain amount of gold, right, and 82 00:04:25,560 --> 00:04:26,680 Speaker 1: you can do this thing where if you get it, 83 00:04:26,760 --> 00:04:28,279 Speaker 1: you have an American dollar, you can exchange it for 84 00:04:28,279 --> 00:04:32,800 Speaker 1: that amount of gold. And so travels the goal just's like, okay, 85 00:04:32,800 --> 00:04:34,520 Speaker 1: we're just gonna we're gonna take all of this gold, 86 00:04:34,880 --> 00:04:36,440 Speaker 1: and so he does in the US starts running out 87 00:04:36,440 --> 00:04:38,880 Speaker 1: of gold and so bye bye bye. In the early seventies, 88 00:04:39,000 --> 00:04:41,760 Speaker 1: Nixon is like, fuck this, you can't actually exchange dollars 89 00:04:41,760 --> 00:04:45,520 Speaker 1: for gold anymore. And now every single libertarian starts every 90 00:04:45,600 --> 00:04:50,840 Speaker 1: rant with fiat currency. But you know this, this this 91 00:04:50,960 --> 00:04:52,920 Speaker 1: does have an effect on the economy, which we'll talk 92 00:04:52,960 --> 00:04:56,800 Speaker 1: about more in the bit um. There's you know, there's 93 00:04:56,880 --> 00:05:00,239 Speaker 1: there's there's a lot of other explanations for this um 94 00:05:00,279 --> 00:05:02,560 Speaker 1: the modern monetary three people if you listen to them, 95 00:05:02,600 --> 00:05:06,640 Speaker 1: and also Peter Thiel. Weirdly, I will argue, oh, it's 96 00:05:06,640 --> 00:05:09,000 Speaker 1: all because of the oil shock, because oil prices increased, 97 00:05:10,680 --> 00:05:15,360 Speaker 1: Neoliberals will spend neo liberal essentially they blame too much 98 00:05:15,360 --> 00:05:19,479 Speaker 1: government spending welfare programs and then wages being too high, 99 00:05:19,480 --> 00:05:25,720 Speaker 1: and also bad monetary policy. There's like an entire there's 100 00:05:25,760 --> 00:05:28,719 Speaker 1: there's like seventeen different Marxist explanations for it, some of 101 00:05:28,720 --> 00:05:32,400 Speaker 1: which are I'll talk about like one and a half 102 00:05:32,440 --> 00:05:37,640 Speaker 1: of them, um that are more plausible. One of the 103 00:05:37,640 --> 00:05:43,039 Speaker 1: explanations has to do with how essentially, so the other 104 00:05:43,080 --> 00:05:45,480 Speaker 1: thing that's happening in the sixty seventies is that minorities 105 00:05:45,520 --> 00:05:47,560 Speaker 1: and women are entering the workplace and are you know, 106 00:05:48,839 --> 00:05:51,880 Speaker 1: actually demanding to be paid the wages that white men 107 00:05:51,920 --> 00:05:55,440 Speaker 1: have been being paid, and corporation essentially just can't afford this, 108 00:05:56,040 --> 00:05:58,720 Speaker 1: and so you know that they have two choices. It's 109 00:05:58,760 --> 00:06:00,640 Speaker 1: either we pay these people actually ages or we just 110 00:06:00,720 --> 00:06:05,440 Speaker 1: murder everyone. And they took the second one. So it's 111 00:06:05,240 --> 00:06:07,320 Speaker 1: something that that has also been happening through this whole 112 00:06:07,320 --> 00:06:10,919 Speaker 1: period is that profit rates and manufacturing just keep collapsing. 113 00:06:11,720 --> 00:06:13,960 Speaker 1: And there there's there's a whole thing here about some 114 00:06:14,200 --> 00:06:19,080 Speaker 1: Marxist theory stuff, But the thing that's important is that 115 00:06:19,080 --> 00:06:21,120 Speaker 1: that and this this doesn't happen in the seventies. Eventually 116 00:06:21,160 --> 00:06:25,800 Speaker 1: you hit a point where manufacturing growth becomes zero sum. 117 00:06:25,839 --> 00:06:28,960 Speaker 1: And you know, so you can have manufacturing growth in 118 00:06:29,080 --> 00:06:31,360 Speaker 1: one country, but you can't have it in another because 119 00:06:31,680 --> 00:06:34,480 Speaker 1: at a certain point you're producing too much stuff and 120 00:06:34,480 --> 00:06:37,240 Speaker 1: people start getting kicked out of the labor process. And 121 00:06:37,279 --> 00:06:38,880 Speaker 1: this has a bunch of effects. One is that it 122 00:06:38,920 --> 00:06:40,479 Speaker 1: means you get a bunch of people who are employed 123 00:06:40,520 --> 00:06:45,400 Speaker 1: and too. It means that there's just a bunch of 124 00:06:45,440 --> 00:06:48,120 Speaker 1: money floating around that nobody can actually invest in places. 125 00:06:48,120 --> 00:06:49,840 Speaker 1: And this is you know, like all of the weird 126 00:06:49,880 --> 00:06:55,800 Speaker 1: stuff the Saudias do is just basically from this this money. 127 00:06:55,800 --> 00:06:58,040 Speaker 1: There's a whole there, the whole piles of oil money 128 00:06:58,080 --> 00:06:59,720 Speaker 1: that are just sitting around that nobody can invest in 129 00:06:59,760 --> 00:07:04,000 Speaker 1: any thing. And that's going to cause you know, that 130 00:07:04,000 --> 00:07:05,520 Speaker 1: that that that that's that's that's going to cause a 131 00:07:05,560 --> 00:07:11,600 Speaker 1: lot of stuff down the road. But for now, yeah, 132 00:07:11,600 --> 00:07:13,560 Speaker 1: we'll talk about the dead crisis and causes sort of 133 00:07:13,640 --> 00:07:17,080 Speaker 1: next episode. But for now, I'm going to try to 134 00:07:17,200 --> 00:07:19,520 Speaker 1: pull all of these together and like have something, have 135 00:07:19,560 --> 00:07:23,600 Speaker 1: a coherent thing that makes sense, which is essentially but 136 00:07:23,720 --> 00:07:26,640 Speaker 1: by the end of the seventies, profit rate or declining, 137 00:07:26,680 --> 00:07:29,240 Speaker 1: and then Nixon pulls, you know, Nick Nixon pulls the 138 00:07:29,240 --> 00:07:33,560 Speaker 1: dollar off the gold standard, and this causes the value 139 00:07:33,560 --> 00:07:36,560 Speaker 1: of the dollar is plunge and this this is the 140 00:07:36,600 --> 00:07:40,280 Speaker 1: thing that sets off the nine oil crisis. So the 141 00:07:40,320 --> 00:07:42,040 Speaker 1: nay said, the oil crisis is weird because it's not 142 00:07:42,080 --> 00:07:44,120 Speaker 1: an oil crisis. Every everyone looks at the grill of 143 00:07:44,120 --> 00:07:45,640 Speaker 1: crisis and it goes, oh, it's an oil crisis. The 144 00:07:45,640 --> 00:07:47,720 Speaker 1: crisis because there wasn't enough oil, and it's it's not 145 00:07:47,760 --> 00:07:49,480 Speaker 1: it's nothing to do with that is literally nothing to 146 00:07:49,480 --> 00:07:52,720 Speaker 1: do a supply of oil at all. What actually happens 147 00:07:52,960 --> 00:07:56,960 Speaker 1: is that so you have OPEC, right or PECK is 148 00:07:56,960 --> 00:07:59,320 Speaker 1: this sort of is the Alliance of Oil Producing cartels 149 00:07:59,520 --> 00:08:05,800 Speaker 1: um and they have this extremely complicated system where they 150 00:08:05,480 --> 00:08:08,120 Speaker 1: they sell oil to oil companies and then the oil 151 00:08:08,160 --> 00:08:10,200 Speaker 1: companies sell the oil, did they refine it and sell 152 00:08:10,200 --> 00:08:13,440 Speaker 1: it to you, and they have this incredibly convoluted tax 153 00:08:13,440 --> 00:08:21,480 Speaker 1: structured on it. And eventually, so the oil companies are 154 00:08:21,520 --> 00:08:23,600 Speaker 1: having to like the price of oil starts to rise, 155 00:08:23,600 --> 00:08:26,320 Speaker 1: and the oil companies are basically just taking it all off, 156 00:08:26,360 --> 00:08:28,080 Speaker 1: the profit from this, and so OPEC goes, okay, you 157 00:08:28,120 --> 00:08:31,520 Speaker 1: guys are gonna pay taxes, and the oil companies just refuse, 158 00:08:32,480 --> 00:08:36,520 Speaker 1: and so OPEC just unilaterally just you know, OPEC just 159 00:08:36,600 --> 00:08:38,680 Speaker 1: unilaterally is like, okay, you guys are gonna pay taxes, 160 00:08:38,679 --> 00:08:40,680 Speaker 1: and we're gonna make you pay taxes by by just 161 00:08:41,200 --> 00:08:44,640 Speaker 1: increasing the price that we sell you oil at. And 162 00:08:44,880 --> 00:08:48,680 Speaker 1: this gets remembered as like OPEC increasing the price of oil, 163 00:08:48,720 --> 00:08:50,520 Speaker 1: even though it was literally just them saying you're gonna 164 00:08:50,559 --> 00:08:56,520 Speaker 1: pay taxes. Now, this is the part that's very weird, 165 00:08:57,080 --> 00:09:00,760 Speaker 1: which is that, Okay, so if if you heard you 166 00:09:00,800 --> 00:09:03,880 Speaker 1: two heard of the oil crisis, like the story, yeah, yeah, 167 00:09:03,920 --> 00:09:06,800 Speaker 1: I mean I are the way it's always gone in textbooks, 168 00:09:06,800 --> 00:09:09,280 Speaker 1: as you talk about like the stagflation of the seventies 169 00:09:09,320 --> 00:09:12,280 Speaker 1: and the fucking you know, lines of cars at gas 170 00:09:12,320 --> 00:09:16,719 Speaker 1: stations going back blocks because OPEC facory And yeah, that's 171 00:09:16,720 --> 00:09:19,440 Speaker 1: how it's always framed, is that, like there's this big 172 00:09:19,960 --> 00:09:24,200 Speaker 1: political crisis over OPEC that led the gas supply getting throttled, 173 00:09:24,200 --> 00:09:26,000 Speaker 1: and it came at a time when the economy had 174 00:09:26,000 --> 00:09:29,160 Speaker 1: already slowed down and everything got terrible. And then a 175 00:09:29,200 --> 00:09:32,920 Speaker 1: few years later we got RoboCop. Yeah, well we did 176 00:09:32,920 --> 00:09:35,280 Speaker 1: get a pop. But the important thing about the story 177 00:09:35,400 --> 00:09:38,240 Speaker 1: is that every single thing about that story is wrong, 178 00:09:39,080 --> 00:09:41,360 Speaker 1: every part of it. Well, I mean there were lines 179 00:09:41,400 --> 00:09:43,079 Speaker 1: at gas station, yeah, I mean, there are lines of 180 00:09:43,080 --> 00:09:45,160 Speaker 1: gas stations. But the lines at the gas stations have 181 00:09:45,280 --> 00:09:48,720 Speaker 1: literally nothing to do with OPEC. It's just nothing. So 182 00:09:49,000 --> 00:09:55,120 Speaker 1: on October six, the Arab members of of OPEC are like, fuckett, 183 00:09:55,120 --> 00:09:57,000 Speaker 1: we're gonna make the oil companies pay more for oil. 184 00:09:57,360 --> 00:09:59,520 Speaker 1: And then the rest of the rest of OPEC follows them. 185 00:09:59,559 --> 00:10:04,439 Speaker 1: Now two days later, is it yeah? The next day 186 00:10:04,480 --> 00:10:07,520 Speaker 1: there is a completely unrelated thing to all of this, 187 00:10:07,679 --> 00:10:09,640 Speaker 1: which is that while while this is going on, the 188 00:10:09,679 --> 00:10:13,840 Speaker 1: yan Kapoor War starts, and so Egypt and Syria attack Israel, 189 00:10:14,440 --> 00:10:18,080 Speaker 1: um the basically attack the Israel occupation forces in their country, 190 00:10:18,360 --> 00:10:20,920 Speaker 1: and the war is going really badly for them there. 191 00:10:21,360 --> 00:10:22,600 Speaker 1: I mean it's it's I mean, it's not going it's 192 00:10:22,640 --> 00:10:24,960 Speaker 1: not going as badly as like the previous wars had 193 00:10:24,960 --> 00:10:26,800 Speaker 1: gone for the air powers, but it's not going great. 194 00:10:26,840 --> 00:10:31,880 Speaker 1: And so on October six, Arab oil producing countries declare 195 00:10:31,920 --> 00:10:33,840 Speaker 1: if they're they're cutting the amount of oil they export 196 00:10:33,920 --> 00:10:36,600 Speaker 1: by five percent per month until Israel returns his territories. 197 00:10:37,120 --> 00:10:40,200 Speaker 1: It occupies seven and they haven't embargo on the US. 198 00:10:41,679 --> 00:10:44,240 Speaker 1: But and this is the very important part, this has 199 00:10:44,480 --> 00:10:47,000 Speaker 1: nothing to do with OPEC. This is not OPAQ at all. 200 00:10:48,000 --> 00:10:49,360 Speaker 1: It's not this, this is this is this is just 201 00:10:49,480 --> 00:10:51,520 Speaker 1: a couple of random Arab countries are like, we're going 202 00:10:51,559 --> 00:10:54,640 Speaker 1: to do this. And you know, and I think when 203 00:10:54,640 --> 00:10:56,520 Speaker 1: I think it's interesting about Robert, we're talking about is 204 00:10:56,800 --> 00:10:59,679 Speaker 1: OPEC factory. You know? Is how this gets remembered and 205 00:10:59,800 --> 00:11:01,679 Speaker 1: this this is one of the things that that neoliberals 206 00:11:01,840 --> 00:11:04,560 Speaker 1: used to sort of push their model of the world, right, 207 00:11:04,600 --> 00:11:07,120 Speaker 1: which is that everything functions office supply and demands and 208 00:11:07,280 --> 00:11:09,160 Speaker 1: oh look, hey the Arabs cut the supply of oil 209 00:11:09,160 --> 00:11:12,600 Speaker 1: and that's why the prices rose. But it's just it's 210 00:11:12,679 --> 00:11:15,360 Speaker 1: just wrong. It's empirically wrong. The price cut happens, I mean, 211 00:11:15,400 --> 00:11:21,040 Speaker 1: the price increases happened the day before the the oil 212 00:11:21,240 --> 00:11:25,079 Speaker 1: the price increases the day before the embargo, and the 213 00:11:25,160 --> 00:11:28,360 Speaker 1: embargo and the oil price. People are different groups, they 214 00:11:28,440 --> 00:11:31,920 Speaker 1: have nothing to do with each other. But you know, 215 00:11:32,080 --> 00:11:34,319 Speaker 1: this this gets sort of system it like this this 216 00:11:34,480 --> 00:11:37,319 Speaker 1: is this is how it's it's remembered and and you know, 217 00:11:37,400 --> 00:11:39,079 Speaker 1: it's not even just how to remembered, like like the 218 00:11:39,160 --> 00:11:41,640 Speaker 1: Encyclopedia Britannica has the dates and which all of this 219 00:11:41,679 --> 00:11:43,520 Speaker 1: stuff happens wrong. They have the sequence of events wrong, 220 00:11:43,640 --> 00:11:45,240 Speaker 1: like all of the most of the people who write 221 00:11:45,240 --> 00:11:47,959 Speaker 1: about this remember this whole thing wrong, and and this 222 00:11:48,160 --> 00:11:50,320 Speaker 1: is this is part of the sort of an enormous 223 00:11:50,320 --> 00:11:52,079 Speaker 1: propaganda effort that and neo liberals are able to do 224 00:11:52,160 --> 00:11:55,240 Speaker 1: at this moment, which is they convince everyone that, oh, yeah, 225 00:11:55,280 --> 00:11:57,800 Speaker 1: the price increases and the gag. Typically the gas shortages 226 00:11:58,640 --> 00:12:01,360 Speaker 1: are are are about opaque. But again also like the 227 00:12:01,440 --> 00:12:03,920 Speaker 1: the US only imports like seven percent of its oil 228 00:12:04,720 --> 00:12:06,920 Speaker 1: from from the countries who are doing the embargo at 229 00:12:06,920 --> 00:12:09,840 Speaker 1: this point, So the actual thing that's going on has 230 00:12:09,880 --> 00:12:11,200 Speaker 1: to do with price. It's it's a weird thing as 231 00:12:11,360 --> 00:12:14,400 Speaker 1: with price controls and gas companies are hoarding gas because 232 00:12:14,400 --> 00:12:16,120 Speaker 1: they don't want to sell at a price control levels 233 00:12:16,280 --> 00:12:20,080 Speaker 1: and stuff like that. But you know, the oil price increases, 234 00:12:20,800 --> 00:12:22,880 Speaker 1: you know, the yeah, like it is bad, Like the 235 00:12:22,920 --> 00:12:25,160 Speaker 1: price of oil does go up and there are shortages, 236 00:12:25,280 --> 00:12:29,600 Speaker 1: but it has nothing to do with like there's nothing 237 00:12:29,600 --> 00:12:31,120 Speaker 1: to do with the embargo, has nothing to do with, 238 00:12:31,960 --> 00:12:34,480 Speaker 1: you know, like the supply of oil going down. It's 239 00:12:34,559 --> 00:12:37,480 Speaker 1: just companies didn't want to pay taxes and so they 240 00:12:37,480 --> 00:12:39,240 Speaker 1: started hoarding the oil instead of selling it, and they 241 00:12:39,320 --> 00:12:41,520 Speaker 1: passed the price the tax increase on. So the consumers 242 00:12:41,520 --> 00:12:54,240 Speaker 1: instead of paying it. And as we talked about before, 243 00:12:54,640 --> 00:12:57,400 Speaker 1: once this sort of like tax increase goes that opec 244 00:12:57,679 --> 00:12:59,440 Speaker 1: well some of the open countries want to do, goes 245 00:12:59,480 --> 00:13:02,559 Speaker 1: into place. The price of whale does increase, and this 246 00:13:02,760 --> 00:13:04,960 Speaker 1: does funck the economy even more. But the economy had 247 00:13:05,040 --> 00:13:08,599 Speaker 1: really even sort of a mess before this, and it 248 00:13:08,720 --> 00:13:12,760 Speaker 1: has one other very important effect that you know this 249 00:13:12,960 --> 00:13:15,480 Speaker 1: is you know, I guess, I guess. The theme of 250 00:13:15,559 --> 00:13:17,360 Speaker 1: this episode is that the oil and bargo matters. But 251 00:13:17,360 --> 00:13:20,240 Speaker 1: the oil and bargo matters because people think it matters, 252 00:13:20,280 --> 00:13:23,319 Speaker 1: not because they did anything and the other. So it 253 00:13:23,440 --> 00:13:25,480 Speaker 1: matters in the US because everyone thinks that, oh, the 254 00:13:25,520 --> 00:13:28,520 Speaker 1: scary Arab nations are coming for us. But it matters 255 00:13:28,559 --> 00:13:32,839 Speaker 1: in the rest of the world because everyone else looks 256 00:13:32,880 --> 00:13:36,000 Speaker 1: at this and goes, wait, hold on, you can actually 257 00:13:36,320 --> 00:13:40,199 Speaker 1: use commodities. Essentially, you can use commodity prices like countries 258 00:13:40,280 --> 00:13:46,000 Speaker 1: that like have raw you know, commodities can use this 259 00:13:46,480 --> 00:13:49,719 Speaker 1: control to actually go fight you know, to like to 260 00:13:49,840 --> 00:13:51,559 Speaker 1: go fight the West, to go fight the capitalists and 261 00:13:51,600 --> 00:13:55,480 Speaker 1: go like, you know, get money for themselves. And this 262 00:13:55,640 --> 00:14:00,280 Speaker 1: leads us into something Robert Garrison, if you are you 263 00:14:00,360 --> 00:14:04,439 Speaker 1: ever heard of the G seventies seven. Uh that like 264 00:14:04,640 --> 00:14:08,280 Speaker 1: the seventies seven countries that have the most money. Well, 265 00:14:08,400 --> 00:14:11,559 Speaker 1: that that's the that's the G seven. Well yeah, but 266 00:14:11,600 --> 00:14:14,560 Speaker 1: I was I was seven might be just a longer list. 267 00:14:15,600 --> 00:14:17,800 Speaker 1: So yeah. So so this is this is the other 268 00:14:17,880 --> 00:14:20,080 Speaker 1: thing from this period that just is completely lost as 269 00:14:20,080 --> 00:14:22,320 Speaker 1: almost completely lost to history, and seventy seven is actually 270 00:14:22,360 --> 00:14:28,480 Speaker 1: still around. But what they are was so in the sixties, 271 00:14:28,640 --> 00:14:30,520 Speaker 1: you know, you have all of these countries that have 272 00:14:31,120 --> 00:14:34,520 Speaker 1: recently gained independence, and all these countries have getting deependence 273 00:14:35,080 --> 00:14:38,360 Speaker 1: um from their sort of colonial overlords, and they start 274 00:14:38,440 --> 00:14:40,840 Speaker 1: to band together into basically a voting block in the 275 00:14:40,960 --> 00:14:43,280 Speaker 1: u N. And also this is the other the other 276 00:14:43,320 --> 00:14:45,080 Speaker 1: weird part about the story is that so in the 277 00:14:45,160 --> 00:14:48,200 Speaker 1: niteen seventies and sixties seventies particularly, the un actually matters 278 00:14:49,360 --> 00:14:51,840 Speaker 1: like it's it's it's it's a thing that people there 279 00:14:51,920 --> 00:14:54,800 Speaker 1: was that like twenties years after World War Two, where 280 00:14:54,840 --> 00:14:58,280 Speaker 1: people were maybe I mean a good example of the 281 00:14:58,400 --> 00:15:00,600 Speaker 1: degree to which the u N Act really used to 282 00:15:00,680 --> 00:15:05,080 Speaker 1: be meaningful is watch the first Street Fighter movie, um, 283 00:15:05,560 --> 00:15:08,080 Speaker 1: because the Good Guys and that are clearly based off 284 00:15:08,160 --> 00:15:10,960 Speaker 1: the u N and nobody thinks it's ridiculous that the 285 00:15:11,080 --> 00:15:14,800 Speaker 1: United Nations are actually doing something. Um, it's fine to 286 00:15:14,880 --> 00:15:16,680 Speaker 1: have Jean Claude van dam And be the leader of 287 00:15:16,720 --> 00:15:19,440 Speaker 1: the United Nations fist fighting a guy that that makes 288 00:15:19,480 --> 00:15:22,440 Speaker 1: total sense in the nineteen nineties, and you know, and 289 00:15:22,560 --> 00:15:25,280 Speaker 1: so and part of how about this war next episode? 290 00:15:25,280 --> 00:15:27,800 Speaker 1: But basically, so, the reason the UN is a joke 291 00:15:27,960 --> 00:15:31,920 Speaker 1: right now is because of what the US was doing 292 00:15:32,000 --> 00:15:34,840 Speaker 1: to stop that G seventy seven from doing anything. I mean, 293 00:15:34,880 --> 00:15:38,440 Speaker 1: I would argue that fail massive failures in Rwanda and 294 00:15:38,720 --> 00:15:42,160 Speaker 1: uh Bosnia had a huge impact on that. A couple 295 00:15:42,200 --> 00:15:44,240 Speaker 1: of genocides go down and people are like, well, what 296 00:15:44,320 --> 00:15:47,120 Speaker 1: are these guys doing? But yeah, yeah, well this is 297 00:15:47,240 --> 00:15:49,000 Speaker 1: this is this is how they got dysfunctional to the 298 00:15:49,000 --> 00:15:51,360 Speaker 1: point where you can get that yeah, which is so 299 00:15:52,040 --> 00:15:55,160 Speaker 1: so okay. So you have you know, and a bunch 300 00:15:55,200 --> 00:15:57,560 Speaker 1: of coaches that call themselves, you know, the term they 301 00:15:57,640 --> 00:16:00,600 Speaker 1: used for themselves is the third World, and they come 302 00:16:00,640 --> 00:16:02,360 Speaker 1: together the form of this group and it's it's it's 303 00:16:02,400 --> 00:16:05,440 Speaker 1: a really weird ideological mixed bag, like I mean, you 304 00:16:05,560 --> 00:16:08,119 Speaker 1: have you know, you have you have like actual socialists 305 00:16:08,200 --> 00:16:12,040 Speaker 1: like tensan years and Michael Borele and Jamaica. You've also 306 00:16:12,080 --> 00:16:16,840 Speaker 1: got like Gaddaffi and the Bathists and like was a 307 00:16:17,000 --> 00:16:26,040 Speaker 1: socialist come on Paradise ka Libya. You know, okay, my my, 308 00:16:26,280 --> 00:16:28,800 Speaker 1: my my, My most contrarian hot take is that Salak 309 00:16:28,880 --> 00:16:31,600 Speaker 1: Jaded was like actually kind of an mL who was 310 00:16:31,680 --> 00:16:34,560 Speaker 1: that he was? He was briefly the Bathist in charge 311 00:16:34,600 --> 00:16:38,160 Speaker 1: of Syria and then he got overthrown by But both 312 00:16:38,240 --> 00:16:44,080 Speaker 1: of them, there's there's definite like actual like Marxist, you know, Linen, 313 00:16:44,240 --> 00:16:46,640 Speaker 1: there's something like especially in the old school Bathists, like 314 00:16:46,720 --> 00:16:49,360 Speaker 1: there were aspects of that. There was socialism kind of 315 00:16:49,560 --> 00:16:53,760 Speaker 1: within it. It just it would be nonsense like for example, 316 00:16:53,840 --> 00:16:59,160 Speaker 1: called Saddam Hussein's baths. Yeah yeah, and you know, and 317 00:16:59,200 --> 00:17:00,640 Speaker 1: you can't red see like this is this is this 318 00:17:00,720 --> 00:17:02,040 Speaker 1: is this is a real grab back and you have 319 00:17:02,160 --> 00:17:04,240 Speaker 1: there's also just a bunch of random Latin American countries, 320 00:17:04,520 --> 00:17:07,159 Speaker 1: like none of whom you can call socialist. And then 321 00:17:07,200 --> 00:17:11,280 Speaker 1: there's also Saudi Arabia and Thailand or in this group. 322 00:17:12,080 --> 00:17:13,919 Speaker 1: To get a sense of how fractus this is, India 323 00:17:13,960 --> 00:17:16,159 Speaker 1: and Pakistan are also both part of this, and they 324 00:17:16,240 --> 00:17:18,600 Speaker 1: fight too full scale wars while they're both in the 325 00:17:18,680 --> 00:17:20,920 Speaker 1: G seventies seven. Actually that's not true. There's two full 326 00:17:20,960 --> 00:17:23,159 Speaker 1: scale wars and then there's like another half war they 327 00:17:23,200 --> 00:17:26,119 Speaker 1: fight in the nineties. This yeah, like all all of 328 00:17:26,160 --> 00:17:28,200 Speaker 1: the people in this thing are fighting, are literally fighting 329 00:17:28,240 --> 00:17:31,359 Speaker 1: wars against each other. It's kind of a mess, and 330 00:17:31,520 --> 00:17:33,040 Speaker 1: you know, it's fun. It's fun. In in the mid 331 00:17:33,160 --> 00:17:36,960 Speaker 1: sixties and until likeeen seventy four, it's kind of their 332 00:17:37,040 --> 00:17:40,520 Speaker 1: Their whole thing is we have moral authority like where yeah, 333 00:17:40,600 --> 00:17:42,720 Speaker 1: like where you know where We're like we we we 334 00:17:42,880 --> 00:17:45,520 Speaker 1: we have the authority of all of these nations have 335 00:17:45,600 --> 00:17:47,359 Speaker 1: colonized us for a long time, and we're going to 336 00:17:47,480 --> 00:17:51,680 Speaker 1: use that. But in the seventies, you know that the 337 00:17:51,760 --> 00:17:55,120 Speaker 1: oil embarko happens, and a lot like most i think 338 00:17:55,240 --> 00:17:58,320 Speaker 1: all most of the OPEC states are are are are 339 00:17:58,520 --> 00:18:05,080 Speaker 1: in um are are in the G and they look 340 00:18:05,119 --> 00:18:07,360 Speaker 1: at they look at the oil embargo and they look 341 00:18:07,400 --> 00:18:11,560 Speaker 1: at OPEC raising prices and they go, wait, we can 342 00:18:11,600 --> 00:18:14,719 Speaker 1: do this too. And the OPEC states are like, oh, hey, 343 00:18:14,800 --> 00:18:16,560 Speaker 1: we can use this to push the hood, you know, 344 00:18:16,680 --> 00:18:18,760 Speaker 1: we can use like push the whole power of like 345 00:18:18,920 --> 00:18:21,760 Speaker 1: of the Third world. And they they they're planned to do. 346 00:18:21,880 --> 00:18:25,240 Speaker 1: This is something called the New International Economic Order, which 347 00:18:25,280 --> 00:18:26,879 Speaker 1: is also something that no one has ever heard of 348 00:18:27,000 --> 00:18:33,480 Speaker 1: that is extremely important that as just so, the spoilerler 349 00:18:33,600 --> 00:18:36,359 Speaker 1: is that this this movement gets crushed so thoroughly that 350 00:18:36,480 --> 00:18:38,359 Speaker 1: nobody knows what the new Economic order is and the 351 00:18:38,400 --> 00:18:41,560 Speaker 1: Third World is now a slur. But you know, the 352 00:18:41,800 --> 00:18:44,840 Speaker 1: thing that they're trying to do is create a new 353 00:18:45,359 --> 00:18:48,359 Speaker 1: It calls the New International Economic Order a trade union 354 00:18:48,440 --> 00:18:51,000 Speaker 1: of the poor. And so it's it's this thing they're 355 00:18:51,040 --> 00:18:54,200 Speaker 1: trying to get passed through the u N that would 356 00:18:54,680 --> 00:18:56,640 Speaker 1: you know, just designed to sort of ensure the economic 357 00:18:56,680 --> 00:19:00,280 Speaker 1: sovereignty of these developing nations. Um and I'm gonna read 358 00:19:00,400 --> 00:19:04,600 Speaker 1: a list of the stuff that's in here. Um So. 359 00:19:04,960 --> 00:19:08,720 Speaker 1: A an absolute right of states to control the extraction 360 00:19:08,840 --> 00:19:12,320 Speaker 1: and marketing of their domestic natural resources. Be the establishment 361 00:19:12,359 --> 00:19:15,800 Speaker 1: and recognition of state man managed resource cartels to stabilize 362 00:19:15,840 --> 00:19:20,280 Speaker 1: and raise commodity prices. See the regulation of transnational Corporations 363 00:19:20,720 --> 00:19:24,600 Speaker 1: D no strings attached technology transfers from north to south. E. 364 00:19:25,280 --> 00:19:29,200 Speaker 1: The granting of preferential trade preferences to countries in the south, 365 00:19:29,320 --> 00:19:32,720 Speaker 1: and f forgiveness for for certain debts that states in 366 00:19:32,800 --> 00:19:36,520 Speaker 1: the South, Oh to the north. So this is like 367 00:19:38,000 --> 00:19:41,840 Speaker 1: the act, this thing, if the International Economic Order had 368 00:19:41,840 --> 00:19:44,640 Speaker 1: ever been implemented at all, it would have completely reversed 369 00:19:44,840 --> 00:19:49,200 Speaker 1: the basically completely reverse the balance of economic power, shifting 370 00:19:49,240 --> 00:19:52,760 Speaker 1: it basically from countries like the US, like you know, 371 00:19:52,840 --> 00:19:56,360 Speaker 1: Western Europe, like Japan that are these giant manufacturing powerhouses, 372 00:19:56,840 --> 00:19:59,679 Speaker 1: two countries that produce you know, raw materials, and there 373 00:19:59,680 --> 00:20:00,840 Speaker 1: would have you know, and the other thing that would 374 00:20:00,840 --> 00:20:04,840 Speaker 1: have happened from this is you have these the no streams, 375 00:20:04,920 --> 00:20:07,560 Speaker 1: you have a debt relief for the global South, and 376 00:20:08,040 --> 00:20:12,520 Speaker 1: also these technology transfers. And the plan is basically to 377 00:20:15,040 --> 00:20:17,919 Speaker 1: create a bunch of mini opex for just not even 378 00:20:17,960 --> 00:20:20,320 Speaker 1: mini opus, create opex basically for every commodity. So you know, 379 00:20:20,359 --> 00:20:23,560 Speaker 1: you have like an opaque, but it's for like box 380 00:20:23,600 --> 00:20:27,600 Speaker 1: site or like copper, and you know they would use 381 00:20:27,720 --> 00:20:30,359 Speaker 1: they would you know, you have all these opex and 382 00:20:31,040 --> 00:20:32,639 Speaker 1: each one of them uses their power and they all 383 00:20:32,640 --> 00:20:35,000 Speaker 1: cooperate to to to make sure that there's a stable 384 00:20:35,080 --> 00:20:39,000 Speaker 1: price for for all of these commodities. And another part 385 00:20:39,080 --> 00:20:42,240 Speaker 1: of this is that it's supposed to basically enshrine the 386 00:20:42,320 --> 00:20:44,800 Speaker 1: right of countries to be able to just like nationalized 387 00:20:44,840 --> 00:20:47,040 Speaker 1: resource companies, so you know, you have like a British 388 00:20:47,080 --> 00:20:48,760 Speaker 1: oil company. I was like, well, we just take it 389 00:20:48,840 --> 00:20:52,680 Speaker 1: out now it's ours. And the threat of this is 390 00:20:52,760 --> 00:20:55,240 Speaker 1: great enough that if you read conservatives in the era, 391 00:20:55,359 --> 00:20:57,639 Speaker 1: they will say things like the Soviet Union is no 392 00:20:57,760 --> 00:20:59,920 Speaker 1: longer a threat. The greatest danger to the West today 393 00:21:00,000 --> 00:21:03,920 Speaker 1: is the seventies seven. Yeah, yeah, this is this. Yeah, 394 00:21:03,960 --> 00:21:07,159 Speaker 1: it's it's these these people are enormous. Yeah, no, no 395 00:21:07,200 --> 00:21:09,280 Speaker 1: one even rivers this anymore. And and it's it's because 396 00:21:09,440 --> 00:21:13,280 Speaker 1: largely it's because of how just unbelievably badly these guys 397 00:21:13,320 --> 00:21:16,280 Speaker 1: got stopped. Um, you know. And one of the other 398 00:21:16,359 --> 00:21:17,760 Speaker 1: things that happens out of the product of this is 399 00:21:17,880 --> 00:21:20,040 Speaker 1: this is where the G seven comes from. And it's 400 00:21:20,040 --> 00:21:23,479 Speaker 1: originally and I think there's another thing. Yeah, the other 401 00:21:23,520 --> 00:21:25,240 Speaker 1: funny part arout this. So the G seven is originally 402 00:21:25,280 --> 00:21:27,320 Speaker 1: a secret alliance, like through this whole through the whole seventies, 403 00:21:27,320 --> 00:21:30,119 Speaker 1: nobody knows G seven exists. It's basically it starts as 404 00:21:30,160 --> 00:21:33,119 Speaker 1: this like secret meeting of a bunch of finance ministers. 405 00:21:33,200 --> 00:21:36,600 Speaker 1: Eventually they they add, uh, Canada and I think Japan too, 406 00:21:36,600 --> 00:21:39,639 Speaker 1: and it goes up to seven members, and you know, 407 00:21:39,720 --> 00:21:41,440 Speaker 1: and they have a couple of things they're trying to 408 00:21:41,480 --> 00:21:43,760 Speaker 1: deal with. They're trying to deal with the economic collapse. 409 00:21:43,880 --> 00:21:45,320 Speaker 1: But one of the big things, like one of the 410 00:21:45,359 --> 00:21:47,240 Speaker 1: biggest things they're dealing with, is the G seventy seven 411 00:21:47,280 --> 00:21:51,480 Speaker 1: and OPEK And this this the result of this is this, 412 00:21:51,680 --> 00:21:56,240 Speaker 1: these enormous series of fights in uh implausibly the United 413 00:21:56,359 --> 00:22:00,440 Speaker 1: Nations Conference on Trade in Development, which is I think 414 00:22:00,520 --> 00:22:02,520 Speaker 1: this this is this is the last time ever that 415 00:22:02,600 --> 00:22:04,639 Speaker 1: the fate of the entire world would be decided in 416 00:22:04,840 --> 00:22:07,280 Speaker 1: a battle in like a subcommittee of the U N 417 00:22:08,280 --> 00:22:11,879 Speaker 1: And there's there's years and years and years of negotiations 418 00:22:13,080 --> 00:22:16,760 Speaker 1: between well, the the G seven hasn't like openly to 419 00:22:16,800 --> 00:22:18,520 Speaker 1: cleared itself to G seven. It's sort of just it's 420 00:22:18,520 --> 00:22:24,160 Speaker 1: basically the rich European countries. So it's Canada, France, Germany, Italy, 421 00:22:24,400 --> 00:22:27,720 Speaker 1: the UK, the US and Japan like for form this 422 00:22:27,800 --> 00:22:31,320 Speaker 1: alliance and are like locked in together in order to 423 00:22:31,359 --> 00:22:33,879 Speaker 1: stop that G seven from seventy seven from doing anything. 424 00:22:35,840 --> 00:22:38,359 Speaker 1: And this is this is the this is the other 425 00:22:38,400 --> 00:22:41,280 Speaker 1: the other, the other crisis that the neoliberals are responding 426 00:22:41,359 --> 00:22:43,840 Speaker 1: to is it's it's not just and in many ways 427 00:22:43,880 --> 00:22:47,159 Speaker 1: this is the one that scares them more because you know, 428 00:22:47,240 --> 00:22:48,800 Speaker 1: it's not just that there's an economic crisis. It's not 429 00:22:48,920 --> 00:22:50,960 Speaker 1: just that like capitalists are afraid because of losing money. 430 00:22:51,119 --> 00:22:55,879 Speaker 1: It's if this stuff goes through, the entire balance of 431 00:22:55,920 --> 00:22:59,120 Speaker 1: power in the entire global economy is going to change, 432 00:22:59,840 --> 00:23:02,040 Speaker 1: and it's going to swing into the favor of a 433 00:23:02,119 --> 00:23:05,800 Speaker 1: bunch of non Western countries and probably more most importantly, 434 00:23:05,800 --> 00:23:08,720 Speaker 1: from the liberals. They're going to enshrine the right of 435 00:23:08,840 --> 00:23:11,520 Speaker 1: states to take things away from corporations and regulate them. 436 00:23:12,280 --> 00:23:18,720 Speaker 1: And this is just absolutely completely unacceptable to both the 437 00:23:18,800 --> 00:23:23,600 Speaker 1: neoliberals and just every single other organization that's even tangentially 438 00:23:23,720 --> 00:23:37,240 Speaker 1: involved with sort of the Western nations. So the neoliberals, 439 00:23:37,640 --> 00:23:39,640 Speaker 1: I talked about this a bit in in the last episodes, 440 00:23:39,760 --> 00:23:43,360 Speaker 1: is that they've been working on a strategy in order 441 00:23:43,400 --> 00:23:47,440 Speaker 1: to take power that doesn't rely on states. And so 442 00:23:48,000 --> 00:23:52,120 Speaker 1: what they've been doing for about twenty years is essentially 443 00:23:52,800 --> 00:23:55,800 Speaker 1: infiltrating and working their way up through it like takes 444 00:23:55,880 --> 00:23:59,280 Speaker 1: basically basically taking over uh the International Monetary Fund in 445 00:23:59,320 --> 00:24:04,119 Speaker 1: the World Bank who in this period, and this is 446 00:24:04,200 --> 00:24:07,439 Speaker 1: everything I think it is very weird and hard to remember, 447 00:24:07,520 --> 00:24:09,120 Speaker 1: which is that the I m F and the World Bank, 448 00:24:10,400 --> 00:24:13,040 Speaker 1: like there was a time when they weren't completely evil, 449 00:24:14,119 --> 00:24:15,960 Speaker 1: Like like the I m F was basically set up 450 00:24:16,040 --> 00:24:18,639 Speaker 1: to make sure that countries wouldn't just run out of money, right, 451 00:24:18,640 --> 00:24:20,000 Speaker 1: it was supposed to give people like yeah, and the 452 00:24:20,080 --> 00:24:22,520 Speaker 1: World Bank, and it's it's turned into sort of this 453 00:24:22,720 --> 00:24:27,520 Speaker 1: like international debt system for horror countries where they're always 454 00:24:27,560 --> 00:24:31,600 Speaker 1: and being forced into austerity measures in the like yeah, yeah, 455 00:24:31,640 --> 00:24:33,440 Speaker 1: and and that. But that that didn't used to be true. 456 00:24:33,520 --> 00:24:35,080 Speaker 1: It used to be you know, the the I m 457 00:24:35,160 --> 00:24:37,320 Speaker 1: F had a bunch of Keynsians in it and sit 458 00:24:37,320 --> 00:24:39,240 Speaker 1: same with the World Bank, and both both the I 459 00:24:39,400 --> 00:24:41,959 Speaker 1: m F and the World Bank's leadership for a lot 460 00:24:42,040 --> 00:24:47,280 Speaker 1: of this period wanted to negotiate, and you know, and 461 00:24:47,400 --> 00:24:48,840 Speaker 1: I think, this is this, this is this is this 462 00:24:48,920 --> 00:24:52,879 Speaker 1: is where We're gonna leave it here with basically, the 463 00:24:53,560 --> 00:24:57,240 Speaker 1: the the entire world is an imp apocal crisis. There 464 00:24:57,400 --> 00:25:00,119 Speaker 1: is the all the economies are collapsing, the st the 465 00:25:00,119 --> 00:25:03,560 Speaker 1: the armies of of the anti colonial like world or 466 00:25:03,680 --> 00:25:07,280 Speaker 1: are moving and the G seventy seven looks like it's 467 00:25:07,359 --> 00:25:11,480 Speaker 1: it's literally on the verge of of you know, completely 468 00:25:11,520 --> 00:25:13,720 Speaker 1: restructuring the economic system in a way that actually would 469 00:25:13,760 --> 00:25:17,359 Speaker 1: have been slightly more fair and just than but the 470 00:25:17,520 --> 00:25:20,280 Speaker 1: system that existed then, which was also infinitely more just 471 00:25:20,440 --> 00:25:23,320 Speaker 1: and fair, and the system that exist now. And next 472 00:25:23,359 --> 00:25:25,840 Speaker 1: episode we're going to talk about how this all fell 473 00:25:25,880 --> 00:25:29,240 Speaker 1: apart and how there was a choice in the seventies 474 00:25:29,359 --> 00:25:33,080 Speaker 1: between either corporations can make money or people can have things. 475 00:25:34,400 --> 00:25:38,199 Speaker 1: And the product of what the new Liberals are going 476 00:25:38,280 --> 00:25:40,160 Speaker 1: to do in the next episode is that they're going 477 00:25:40,240 --> 00:25:42,960 Speaker 1: to their solution to this problem is to tell the 478 00:25:43,080 --> 00:25:44,840 Speaker 1: entire wretched of the earth to each it and die. 479 00:25:48,280 --> 00:25:56,280 Speaker 1: And yeah, that's that's that's the episode. It's yeah history. Yeah, 480 00:25:56,680 --> 00:26:01,400 Speaker 1: it's it's a time. Um, okay, well we got any 481 00:26:02,040 --> 00:26:06,480 Speaker 1: we got any any plugables? What do we what do 482 00:26:06,560 --> 00:26:09,600 Speaker 1: we do at the end of episodes? Sophie, where are we? 483 00:26:10,560 --> 00:26:13,040 Speaker 1: Thank you? Are we? Thank you for listening. We'll be 484 00:26:13,119 --> 00:26:17,040 Speaker 1: back on a day at a time. Maybe we're not 485 00:26:17,160 --> 00:26:20,359 Speaker 1: hearing you, Sophie. I think you're muted. I'm not muted. 486 00:26:22,200 --> 00:26:25,560 Speaker 1: I'm not muted. Oh, there we go. I'm not muted. 487 00:26:25,600 --> 00:26:28,720 Speaker 1: I haven't remuted the whole time. We didn't hear you. 488 00:26:31,280 --> 00:26:35,639 Speaker 1: That's so weird. I said, we'll be back on a 489 00:26:35,760 --> 00:26:38,840 Speaker 1: day or a time, and yeah, at some point we'll 490 00:26:38,840 --> 00:26:43,160 Speaker 1: be back. Find us then, uh, and find us tomorrow 491 00:26:43,320 --> 00:26:47,080 Speaker 1: unless this comes out on Friday, in which case eat 492 00:26:47,119 --> 00:26:51,040 Speaker 1: with your family. This is dropping on. Adopt a cat, 493 00:26:52,040 --> 00:26:56,720 Speaker 1: Adopt two cats, maybe four four? Adopt four cats. Yeah, 494 00:26:56,920 --> 00:26:59,200 Speaker 1: get a number of cats greater than the number you 495 00:26:59,359 --> 00:27:01,480 Speaker 1: have and put them in your house. We'll see you 496 00:27:01,560 --> 00:27:07,920 Speaker 1: one Monday. It could happen here as a production of 497 00:27:07,960 --> 00:27:10,880 Speaker 1: cool Zone Media or more podcasts on cool Zone Media. 498 00:27:11,000 --> 00:27:13,440 Speaker 1: Visit our website cool zone media dot com, or check 499 00:27:13,520 --> 00:27:15,760 Speaker 1: us out on the I Heart Radio app, Apple Podcasts, 500 00:27:15,880 --> 00:27:18,840 Speaker 1: or wherever you listen to podcasts. You can find sources 501 00:27:18,920 --> 00:27:21,480 Speaker 1: for It could Happen here, updated monthly at cool zone 502 00:27:21,480 --> 00:27:24,240 Speaker 1: media dot com slash sources. Thanks for listening.