as long as the system of  of political finance and you know parties and   campaigns and media and think tank you know  are largely controlled by by large wealth   00:29:11 holders you know our collective ability to  change the distribution of wealth and the   you know through through taxation or that  consolation and or what you know whatever   the method is going to be limited so it will take  major political fights and in some cases you know   changing the political rules of the game and the  political institution to to to changes and and   you know the good news is that this has  always been like this or this has always   00:29:39 and and still sometimes you know it has worked  in the in the past but it has worked you know   i mentioned the french revolution you know of  course that's a huge popular mobilization uh also   in the 20th century i mentioned after world war  ii after world war one well let's be clear it's   only because there was a very powerful uh you know  labor movement a socialist movement and communist   counter model in the east which in the end put  pressure uh on the on the uh and you know and on   00:30:09 the in effect and the elite governing elite in in  in the west so that they they they had to accept   a number of decisions you know which which were  limited in their scope but still which transform   the economic and social system in in a very  substantial way as compared to the pre-world   war one and 19th century economic system but it's  only through this enormous political mobilization   00:30:34 and collective organization and you know it will  be the same in in the past

there   00:08:24 are two modern episodes which i find particularly  striking in terms of getting that back to zero   or at least you know concerning a big part of  that the french revolution of course is a very   important example so you know this was a time  when the basically the political system did not   manage to make pay those who should have paid  for the public spending which was the nobility   00:08:47 so there was a fight flight toward that because  people who should have paid the tax managed on   how to escape and the solution was the french  revolutions and the fiscal privileges of the   aristocracy the conservation of that through  partisan inflation partly through taxation   and that's sort of one modern episode the other  modern episode which i want to to refer to is of   00:09:12 course uh after world war ii uh you know after  you know in 1945 1950 most rich economies had   public debt which were enormous you know even even  bigger than than today and they made the choices   you know the political choice through you know  very conflictual social movement political fights   00:09:37 in the end the choice was made collectively not  to replace his debt so this happens in various   ways you know inflation in some cases but  but some countries like germany in particular   which is viewed today as as very conservative in  terms of economic doctrine and ideology and which   in many ways is very conservative we'll  see after the election in a few days but   you know it's still going to be quite conservative  probably in any case but in fact after world war   00:10:05 ii developed applied the solution to to  get rid of the debt of the past through   a monetary reform and through progressive taxation  of very high wealth holders in order to in effect   compensate the lower wealth holders for the uh for  the monetary reform and the the loss of links that   was implied by military reform so that in the  end i mean this is not job this was certainly   00:10:33 not a perfect system but as compared to all other  ways of getting rid of past that you know this was   certainly one of the one of the most equitable  or at least or the least unequitable way to   to address the problem and you know i think we  will have we will have other episodes like this