i'm african return senior watching, going underground. coming over the show is the cop 26 summit hosted by you k prime minister mars johnson. a sham. we ask the tories form a u. k. st minister for energy and climate change. why? greenhouse gas levels hit record highs? in 2020, despite a corona virus pandemic, and as nature nation sanctions exacerbate the global corona, virus pandemic and central banks attempt to avert and other western economic crisis . is crypto currency, the key to breaking the cycle of corrosive capitalism. all this more coming up in today's going underground, but 1st you keep here morris johnson, and some world leaders have been up in scotland for the cop 26 environmental summit . this is the un won't humanity is way off track to reach paris climate goals. after report by the world meteorological organization revealed greenhouse gas levels reached record highs in 2020, despite global karone of ours locked owns. joining me now from london is britain's former minister of state for energy and climate change in the executive chairman of the end pos group. thank you so much back of her. her coming on. i don't want to

sound like doom and gloom, but this is a, this seems quite horrifying. the did. we had a 5.6 percent decline and emissions because of cobra and so on. and yet there's a record ever c o 2 methane and nitro dioxide, or is it too late? this characteristic summit? it's not too late by any means, but it does underline the huge scale of the challenge that we have before us and why it's absolutely vital that weld leaders meeting at glasgow under the presidency of boris johnson. do you actually step up to the plate and come with pledges that are commensurate to the scale of this huge challenge? okay, but i understand that you're on something called a world banks, carbon pricing, leadership, coalition, carbon pricing of a free market way of trying to combat climate change. we know big companies already avoiding tax escaping taxes. what is carbon pricing?

what role does it have to play in combat climate change? so the carbon pricing leadership coalition is the world bank's major initiative to help drive the global economy towards a low carbon model of business. and carbon pricing. simply put is a way of putting a true cost on pollution that companies businesses, countries emit. so that when you're buying a product, you don't just pay for the cost, but you at the price actually reflects the cost to every $1.00 else of the carbon emissions. the pollution that it's creating and economists broadly agreed that it's, by far the most effective way of addressing the balance to make sure that the, it always pays to do the right thing. well, that does proportionally affect the poor given their on to rival product on the shelves that well, that's a very good, that's a very good point. and you know, the thing about carbon pricing is it's not new. but one of the reasons that it

hasn't really gone as far from the textbook to the statute book is because of the unintended consequences. because as much as you want to hit businesses that are polluting, there is the possibility of if you put up the cost of gas, say that you also have an unintended consequence of pushing up. the cost of heating m o put it in the global south may be pushing up the cost of cooling, where people are dependent on air conditioning, or some places where you have cook staves, that use fossil fuels. you put up the cost of eating. so it's very important that politicians don't just use this as a blunt instrument or just use this as another way to raise tax that they then put into their treasury's back pocket. you've got to make sure that you think through the unintended consequences,

carbon pricing as well. as take advantage of the big economic push that it does that it would give towards the green economy. and what i say in war, the carbon pricing leadership coalition has said in a new report that was released over the summer is that there are some very simple ways in which this can be done. but we really need to recognize that each region, each country and is slightly different and unique. they need to come up with their own ways to deal with any of those unintended consequences. yeah, but it's a world bank project. you know, the global south considers the world bank to be a catastrophe when it's come to environmental degradation all around the world with its projects. we don't see an ideological difference between, i mean, just palm oil in the all right, one or destroy it, but it says ideological. i mean i, i think if you want to talk about historical legacy, i don't think any institution, any country that has been around for decades comes out of this well,

initiatives your favoring no ones that are great for entrepreneurs. great for making money. the chinese communist party and we've had chinese experts on i have a much bigger scale attempt, arguably to combat climate change. and it's centrally planned and then goes out to the provinces of china and seems more ambitious, don't you think than these ones in the countries that don't travel join, i have to say all the saviors of the, of the global climate. i don't think i could the chinese chinese communist party at the top of my list. the fact of the matter is, china is the world biggest polluter and will carry on being the world's biggest polluter. for some time to come. and really the successive or failure of the world's efforts all depends on whether or not china steps up to the mark and really start to bring down it. sir. massive, massive carbon emissions at a hasen scale that is commensurate with the science. and if they don't be under no

illusion, it's not going to be britain, it's not even going to be the united states as stuff as most, it's going to be the, the poorest countries of the world that will be hit by china's continuing to ban coal. it will be the poorest countries of the world he'll be hit most by the natural disasters by the rising sea levels. if china continues to fuel their economy using coal and allowing those emissions to go into the atmosphere, they've been trying to oversee as a target 20 percent to 0 emissions by 20. 60, i don't know where the think that target is a good idea, but you can't see way. well in the step in the right direction, it's obviously nothing compared to net 0, which the u. k. and most of the i, c d have signed up to by 2050. so obviously we appreciate that china is coming from a different starting point and but the but the in the european union for example, that counts to some that 26 percent of total global emissions. now the u. k.

significantly less the u. k has caught it emissions by over 50 percent since 1990. china still hasn't pete. so china is still going out year on year on year. the u. k now produces less carbon emissions than when queen victoria was on the throne. and as i heard of his, i include the royal navy. does that include the water all about it? it said, of course it includes a refill neck fee. i don't think the raw navy is a male. i asked her because one of the biggest hulu, tasman of the house is not very big. i asked that because one of the biggest pollutants is of course the, like the pentagon famously and they usually don't calculate military activities in the in carbon models. and it goes to china and china is the biggest pollutant because it has the biggest population, obviously trying or is nowhere near as bad polluters, the united states. if you divide by the number of people that live virtually, well it does, it have fun enough. the chinese per capita emissions are now significantly higher

than europe. so you're right that the u. s. is still the largest per capita polluter, but the emissions are coming down significantly. china is, has continued to go in the wrong direction. the reason for that is very simple. cole and why has the u. k been able to reduce its emission so substantially, it's because we've almost entirely got rid of coal from the electricity system, replaced it with clean energy instead. and if you look what's happened in the u. s . despite the last administration under donald trump's rhetoric, the reality is coal continued to come off the system. china still needs to and reduce and then eventually eliminate cold production. but it's got such a long way to go for that to happen. how geopolitical, in cold war, 2.0 as it's being talked about, is the whole combating climate change debate. i mean, after all, the,

the by the administration is continuing with this pipeline fossil fuel pipeline of a native american lands. i know your company host to john kerry, the u. s. a climate on why he's been involved in wars, you know, libya and so on, which are obviously destroy the environment. how political is all of this. and can you see why? certainly media in the you, in nature, nations is all about this is moscow and beijing's problem. they are not facing up to the challenge while washington london, brussels is i think actually you're coming out from the wrong point of views. climate i think has the potential for being one of the few, ga political issues that actually brings nations together. because what is absolutely clear, if we divide ourselves in 2 blocks, we're never going to solve this. it does require a whole world solution. and if you look at what russia has done, it's very,

very welcome. the fact that her, they've committed to net 0 by 2060. and if you see the, a innovation and interest that there is in, for example, the climate partnership, russia. and i think it's very, very encouraging that a country which um has such a legacy of fossil fuels is increasingly turning with real enthusiasm to the low carbon economy. april carroll edge about this. why didn't he come to cobb 26? well, you'd have to ask him that, but the most important thing is that they deliver on the 2060, on the 2060 pledge. and just finally, how do you rate burse, johnson, your old colleague? i mean to resume abolish your department, the department of energy and climate change. johnson has got it back again and i know that, you know, a former prince chauncy i would want to back in, i think actually for the department of energy and climate change, it was to a certain degree, so far as energy is concerned, mission to accomplish what was important was that we now have at the house of

government embedded in the economic department of bays, the climate change agenda. and i think, boris, i knew spoken divorce about this. i worked for boys when he was mer i chair the london sustainable development commission. i know that he has a personal commitment and attachment to the natural world. and while there is many things on his plate and he is nevertheless, i think has a, has a real conviction around climate change. and certainly i don't underestimate the task that the u. k. face is in trying to deliver a sufficiently ambitious outcome to cop 26 in glasgow. but i think it won't be for the lack of effort for the lack of trying. and how important is it even if they don't come to a deal. i mean, the paris still still holds right, well enough degrees the, the only, the only thing is this is slightly did this,

this, this conference is rather different. t previous un conferences on climate in the private sector have almost meekly important part to play as sovereign nations. so it's not just about a government's coming in and president signing declaration. so putting their names to treaties is also about the private sector. the underpin the economy is equally committing, particularly the hard to abate the very energy in energy intensive, highly polluting industrial sectors of which are group. gala minium is a part that we all recognize that we've all got an obligation. and that's why the m plus group became the 1st a company in the global ella minium sector to a dr. net 0 target. and why we have the most comprehensive route map that we published last month on how we're going to deliver it. we have

a 2000 companies worldwide listed. public companies have now committed to a net 0 target, but only about a 180 of them have actually published really clear road map on how they're going to deliver those reductions. so we don't just need prime ministers and presidents to come along and talk about climate change. we need c s and chairman to step up and show how they're companies, particularly the big companies. the big emitters are actually going to deliver and make it happen in the real economy. lord walker, thank you. off of the right, as nature nation states embrace the crypto county revolution is in time for renewable energy resource, bitcoin to finish off central banks and global neoliberalism. for good, all the civil coming up got to have going underground. can you make heads or tails of biden's foreign policy? ukraine is a good example. does washington in brussels want piece? the same applies when it comes to china. where are the stable and predictable

policies? we were told about a when i was shooting wrong, when i'll prove just don't whole world to see out the same becomes the african and engagement equals the trail. when so many find themselves worlds apart, we choose to look so common ground. ah, welcome back. this might scare stories warning of the energy use of bitcoin is crypto currency. a key issue that will deliberately be avoided and cop $26.00 and glasgow to day is bitcoin a key weapon and dismantling the central bank sponsored neoliberalism. that has seen global temperatures threatening humanity joining me now from the cayman

islands. where else is raoul pal, economic historian, and founder and ceo of global macro investor. all, thanks so much for coming back on before we get to crypto saving humanity. i suppose. i better ask whether we're going to see some kind of bitcoin or crypto spike before the end of christmas. given the chinese communist party seems of reversed its decision that they're going to have some kind of referendum really on whether to use bitcoin or certainly allow mining of bitcoin in the largest p p p g d p. country in the world. ah, yes. i think this mass scale adoption going on. so just for people to frame what's really going on here. this is the internet, back of 1997 had a 150000000 users. it was growing that 63 percent a year. it was the fastest adoption of any technology the world i've ever seen. will kind of familiar with that story. crypton current is 150000000 uses. the adoption rate is 115 percent a year. it's basically twice as fast,

the fastest adoption of any technology in a recorded history. so it's happening at lightning pace. everybody's coming into the space, the institutions, the sofa, well funds, retail investors from e t. s. nation states, everybody. and so i do think the price continues to spike significantly, not only in the year end, but probably in the 1st half of next year. so right now let's get to the dangers of e t f. x tray, exchange traded funds, which allow people pension funds, all sorts of different normal financial vehicles to invested it. how dangerous is it that exchange traded funds are involved in crypto currency, which are seen by idealists as breaking the power of central banks. given that they're betting on the future price, you might have to explain. i mean, what, what are the company at top level? i don't mind. it's adoption, it's still adoption. it's not in the way that the idealists would believe,

which is not your keys, not your coins. i store them yourself much like you didn't go bars, but it allows people access to this revolution technology in the returns that can come from it. the problem is it was done sub, optimally. it was actually benchmark against the futures contracts. so a futures contract is something that is about the future price of an asset and it doesn't have to stay in line with the actual price of bitcoin. and what happens is when you get a lot of demand for the futures contracts, it trades it a huge premium, which means that you're actually lowering your return. so lot of people going to come here and say, oh, bitcoin was up a 100 percent in the last quarter and they'll suddenly see that they made 30 percent. it's the same with the you are so oil, e t f, it's based on the futures contract. so it doesn't actually represent the underlying, so people, even the se, se is saying they're trying to help people here. they're actually not, they're actually doing the opposite. they're exposing them to risk that better understand which is the premium and discount that futures contracts can trade,

that they don't allow ordinary people trade futures contracts, but they think it's ok to allow them to trade. an e t s by some futures contract to nonsense to me. there's no conspiracy here in a deliberate attempt by the security exchange commission, which would deny that there's anything dangerous, i should say. they, haven't, they haven't adjudicated on on this precisely yet. there's nothing in conspiratorial about deliberately creating some kind of an angel vehicle which will burn people, make them make them stop being interesting to say the same. but the cynic in all of us would say they're probably aware of some of that. they know it some optimal, but i also understand the fact that the current system, the a c, c and others don't have to deal with the physical ownership policy bitcoin for the e t s. is that secure enough? because what would be even worse is if i can't make it secure enough and i think it is secure, but it's so it's a false narrative and that money got hacked. then suddenly,

there'll be no money left and everybody can lose everything. i think that's entirely wrong because there's very, very few hacks of any of the major exchanges. everything has changed is not 2017 anymore. oh my god, 2013. but task me would say yes, they kind of understand that people are going to get disappointed. i don't think that that mat cavellia up, we can, we can trust the se, see, let's after stop, press roll pile. so we can trust them. actually let's talk about the fcc, which are quick to nigel. wrong doing gary gansler, who runs it, said as warned, the crypto is like the wild west, i mean unwittingly, that may attract people in the middle america to do it. but there's something political here about statements coming from him and, and others at warning people against sport trading clearly or spot investments that you can do on the internet. easily possible is he's in his own political battle to

regulate this. so what he's doing is shaking the sabre, saying, somebody needs to regulate this and it's going to be made at the same time, the c, f, t c are trying to do the same. the fate of looking otherwise regulating the osi say . so all of these agencies are fighting, who's going to regulate it? why? because they know it's big and is power. so whoever gets it gets all the power. so i think that's fair, i think would. they're also looking at this with the eyes of a 1934 securities law, which is nonsense. what this really is, is real time venture capitalism. for the, for the everyday person, the, every day person's been shut out of the big opportunities because you have to be accredited. you need to go through financial institutions as barrier offered barry after barrier. so only the rich people get access. this is what has to change within this, this it's allowing if you don't deal with the mass securities,

you're going to allow everybody to be able to participate in this kind of early stage be see where the big gains are. i think there's a big battle that's being drawn up. he is showing the hotline because that's how you negotiate old trade negotiators. everybody does the same thing. no, never, never going to happen. obviously what happens is that they reach a grant grant comprised there's too much money in the space to me, young voices in the st. too much innovation, the space for him to come down and say we're gonna, we're gonna prosecute all of these tokens of securities and one's going to prison just never going to happen. so it's setting the battle grounds for the fight. it has to happen. okay, i mean there are sudden announcements, obviously when some crypto assets, the take the crypto market by, by surprise, i'll get on to the how even, even the poorest people. and i'm speaking to you from a country with one and 4 children in poverty. how they families like that can somehow participate. i'll get to that in a moment, but not only are ordinary people not allowed to or not been able to

get into this market for some, for so many decades. they've had, they've had to see their own currencies, get more and more di valued. we know here that the standard of living is set to decrease according to many analysts, could do. the very same vested interests in nato nations. not deliberately sabotaged crypto by quantitative lee, easy, but to, to buy the market by the crypto market. just as they were, i only return to his field currency. they will buy ass, they will buy crypto assets of the time. that is going to happen. all they're going to be a launch in a participant, cause that come in so late to be able to manipulate that market or damp in the market like people say that happens with the gold market. i doubt it because this something is you. this is a distributed network of owners around the world from a 150000000 people that will soon be a 1000000000 people. so their ability to control it is almost 0. it's

a fascinating, fascinating space. it is really anti establishment at its core and creates a new world based around kind of distributed ownership and proven ownership of assets that people can't mess around with. you can't wait to supply a fearing the loss of power. could the fed in the bank of england not just by all of it and take the hit of the loss and make the public pay for it? it's potentially feasible if somebody will sell it to them. so it's, it's actually, it's actually pretty hard if the central bank were found to be trying to pursue a strategy like that, that we can sell them anything. because there is a core belief in this space that this is for the people and not for the governance . people don't mind if the government's participate in it alongside the people. but if the government trying control it at the expense of the people that will not wash,

do you think the bank of england is going to take on the millennial voters? not. they're not gonna do it. they're gonna have to adapt. did to they care about the policies don't seem to they tend to millennial verges or on the regular venue. no, much liking the bank of england perhaps. i mean i and they don't. if they go to battle, they will go to battle and, and we saw that recently with the u. s. on of puts regulations in and like millions of people wrote him to congressmen, senators got involved in all sorts of groups. and i think the she was surprised at the strength of this movement and how much money's in it as well. and on the even more macro level for the military industrial complex, they're fine with countries now using it to evade this sanctions. other anecdotal reports of countries buying a humanitarian aid. they say i can't be, can't be got to normal means because of nato sanctioned that alone. countries not necessarily progressive like el salvador, allowing it as, as

a currency. would it be big in the global south? yes, it will be because it does avoid, swished. you know, you can have one nation state saying who is a good about actor and bad actor. it's ok if all nations come together and say we made an agreement, somebody's a bad actor, that's ok or lease it some consensus. but to be also safe and swift to say no, you bad, you good. people don't one that china doesn't want it. that's what chinese billing had a sense in trying digital currency rails. in fact, the europeans i wanted their building on the digital currency riles. so all the singaporeans and so all the swedes, so on the danes impact everybody is. so we're moving away from a switch. well, whether they like it or not. and in this world of free capital flows, however, except the crypto is, is a coal pot and samples on a great job that i think the middle east will do. a similar jo, we will see castle flows to them. and away from places that don't give it a yeah,

i give it a good home. so i think it actually works well because it actually changes the entire narrative around how rules basically rule the system works. and just finally, i mean, what you said clearly means you don't believe it's a pyramid scheme run by a few oligarchs is all often spread as a rumor in the press. very briefly, if you've got 20 b 30 p a week, a, how do you, even by a big coin is what they probably think father of it going? well, people make it easy. now things like capillaries use that. so most people have a pay power at those square at one of these payments systems revolution, the u. k. is another one. you could just buy that. that's an easy way to start, because it's hard to set up an exchange you to set up an x or a brokerage accounts. you could do that way too, or you can buy, you know, each e f is one launching the u k. ah, this one in germany, this one's all around the world, canada,

the u. s. so there's plenty ways to participate now. a more and more will come, but i do urge people to participate. just dollar cost average per little bit in a risk to much use leverage and just participate in something that could be the biggest thing any of us ever seen. i think right now it's a 2 and a half trillion the last a class. most of the major s a close around the world, equities bones real estate, a between 150 and 350 trillion. so i think this goes to 200 trillion in the next 10 years. so the top 100 expert asset class mankind has never seen that before. so it's an opportunity for everybody because everybody can own 10 percent of their assets in this, everybody, the richest and the poorest. ok, this is not a proper official. the financial advisor was you can sell their own advisors and, well, the usual caveats went wrong. well, thank you. thank you so much. that's over the show rack on wednesday. yes, in the us went to the polls in the contested election. we had an insurrection in

washington, d. c. that killed or injured more than a 140 people at the u. s. parliament building until they keep in touch with social media and let us know if you will be investing in crypto car with it's been 30 years since the soviet union collapsed. um miss couple other little chill the one to what the problem yet nuclear, you know, talk, so shown where you also trust 11 to all the ukraine was one of the independent states that emerge from the ruins of a super bower. i'm doing awesome. good, would you also get on greens? come a little more surely confusing some of the i can last new lease in west new dia, better lung or lol, a service, but

a to scribble and finish out the ship. a watch at the pine street decades when like for ukraine, eye witnesses recall the events. this will be more or less of judiciary with little what i knew. it meant order. i'm not sure, but it be about 4 months with no idea what else and what other forces were at play, the producer whom you show in shin machine the same you put in the kid what it would occur when you did the transaction. the most low version is only take a look at ukraine. 30 years out, the gaining independence organism, your phone with us, unless you mean yet. but unity retorted mostly will. will it makes you confusion opium, lateral, hostile for a

i don't think i know as world leaders move on from the jew 20. it isn't all smiled the french president claims the australian pm was lying about that trouble deal for submarines. meanwhile, delegates gather and scotland for the un climate summit with calls to have the emissions. but there are cries of hypocrisy as around. $400.00 private jets are reportedly flying in the piece for the event and in the american pilot, using the anti binding catchphrase. let's go brandon, over the intercom during a flight send democrats and the mainstream media into a rage. ah

.