Good evening, Edinburgh. Thank you, Nick. Thank you. Edinburgh Book Festival for this wonderful opportunity. This is the fourth event dedicated to the theme of reviving democracy. And what a way to end it with a theme about reviving socialism with Jeremy Corbyn. You see, ladies and gentlemen, the oligarchy would rather imagine the end of the world than the end of capitalism. But we must be able to dream of a post-capitalist world as a prerequisite to making a democratic, a properly democratic future possible. To humanise politics. Speaking of humanising politics, Jeremy has already made significant contributions to humanising British politics. And I shall mention just two before we start the conversation. Firstly, he proved that it is entirely possible through dignity and a steadfast commitment to sincere politics to sidestep the systematic character assassination attempts of the systemic media. And secondly, he proved that the youth in this country and in every country are not structurally apolitical or apathetic. All they need is to see politicians that are sincere and that they get reinvigorated, they return to the political arena and they reinvigorate politics in the same way that they've done here with momentum, with the Labour Party and indeed with the last general election where the Labour Party against the prognosis of the establishment had its best results since 1945 because of the young people. So Jeremy, my appreciation as a non-UK person representing a people that have been downtrodden and who have been crushed by the same oligarchy which is attempting to put a pressure on you to do a Ramsey McDonald even before you get into government. But they are not going to get their way. I have no doubt about that. Even though the pressures must be extreme, my wife and I have experienced them separately. But how are you bearing up because a lot of people are asking me to ask you that question? Well, I'm absolutely fine, actually. So if anyone from the Daily Mail is here, you can feel free to report that. Listen, yeah, there are pressures, of course, and there are abusive remarks and so on made in lots of places. But I tell you what real pressure is.  Real pressure is when you're about to lose your home. Real pressure is when you're working in a hospital, you're understaffed and you've got to make a choice between who's the greatest emergency of a number of very important cases in front of you. And so political representatives have to absorb a lot of pressure but you've got to recognize the real-life pressure that lots of people are under day in, day out in a system that is grotesquely unfair in a society that is deeply divided between the very richest and the very poorest. And surely our message has to be we cannot afford all these levels of inequality in Britain. We've got to do something about it. And that's the message that we've tried to put and I've put in a general lecture. You just reminded me of similar situations in Greece. I was being asked, how can you bear being the finance minister of a bankrupt country? You were just on the phone with John McDonald a minute ago. Well, you know, there is a fundamental. Britain is not Greece and that is a good thing for you and for the Labour Party because you have a chance to win the government and with the fact, given that you still have a central bank and you have a degree of independence and autonomy, a degree. No one is autonomous in globalized, financialized capitalism but you have an opportunity to do things that we can do. But I remember people asking me about how I was bearing up and I remembered two days before the general election which won, we won. A Spanish journalist came to our home to interview me with a Greek interpreter and at the end the Greek interpreter wanted to talk to me in person and he confessed to me that he had lost his home, he had lost his family that he was generally unemployed and homeless and he grabbed me by the hand and he said, look, there's nothing I want for myself because I'm finished. But please, if you win government, can you do something about those who are on the precipice and who have not fallen yet? You just reminded me by saying this. But shall we talk about socialism? Yes. Because it's a very good idea. If Bernie Sanders can turn the good people of Wisconsin into socialists and win the primary election in Wisconsin, I think that we have a duty to return to the scene of our collective left-wing crime that has led socialism to become an impolite world. We need to revive it. It is about presenting things in a human way and with a human value. It's not about economic and political management. It's about what you're trying to achieve and that is something that involves and excites people. It's about unleashing that sense of involvement and creativity that's there in all of us. You mentioned about young people and their non-involvement in politics in Britain. True. In the elections before 2017, the participation of those younger people who had registered to vote was less than 50%, whereas the turnout for the rest of the population was a lot higher than that. What happened in 2017 was a lot of young people registered to vote for the first time and indeed voted for the first time because they saw in the policies we were putting forward some sense of hope for themselves because they had been told ever since austerity indeed before that, because the neocon agenda began in the 70s, it wasn't a recent thing, they'd been told that they should expect to be worse off than their parents and their children should expect to be worse off than them, that they would have less health care, less pensions and they'd have to pay for their education. And what we're saying, that education should be a right, not a privilege, not a commodity, that health should be a right, not a privilege, not a commodity and that everyone in society matters and so that means looking quite strongly at the education system which has become in my view over competitive in the case of the English education system, it's obsessed with league tables and tick box results which puts incredible pressure on students and on teachers and also results in quite a lot of young people being almost failed by the education system and dropping out of academic study of any sort and so what we're saying is that young people actually matter. Now it's not just in Britain, Britain isn't unique in that sense, the movement surrounding Bernie Sanders and his campaign in the Democratic primaries in the United States I mean who'd have thought that somebody calling themselves a socialist would get within a whisker rather of winning the Democratic nomination for the presidency and it'll be the question we'll all be asking ourselves forever more had it been an election between Sanders and Trump what the result would have been. I know which one I want. Ten years ago the young were lured by this fantasy, this dangerous illusion that modern technology on its own, Google and Facebook would create a better society I find, do you also find the same that today they realize that these technologies however wondrous they may be, they are increasingly monopolized by planning systems like Facebook and Google that concentrate financialized capital and in the end turn them into products. At the same time you have artificial intelligence and for the first time young people understand socialism almost instinctively because they can see that the robots that are going to be producing all those gadgets will have absolutely no need for those gadgets they will not have any interest, any desire in purchasing them or any capacity to purchase them so this concentration of capital which is increasing exponentially means that capitalism is simply going to produce uberized labor markets and just comprehensive misery for the very many Do you find this? To a point, yes, you can't ignore the incredible achievements of the high tech world you can't ignore it. Somebody let me try on one of these face things you put on and it puts you into a virtual reality world and you can travel anywhere you like and so it was that tonight so I thought well I've got a Rio, I've got a South Africa I've got a Mexico, I'll come home again and it was fun and it was incredibly realistic what you were looking at within this thing but it was a complete illusion, a total fantasy world but then the application of this high tech means that we can achieve far more you can do far more, you can do far more in medicine and everything else but and this is the big but which you're quite right to draw attention to the effect has actually been to concentrate power and the agenda in the hands of a small number of very very powerful companies and actually make a small number of people incredibly rich at the expense of the rest technology ought to be something that benefits all of us in the spreading of wealth this technological revolution so far has not and so it is a question about the living standards of people and what you can achieve with that technology but it's also the cultural impact because Marx talked about alienation of the proletarian which effectively meant that the worker felt completely alienated from the products of his or her labor but now you get alienated from the products of your consumption as well because you know when two people get together in social media there's always a corporation somewhere trying to manipulate their behavior in the interests of the corporation so the technology is fantastic I can't live without my smartphone, I'm a techie, I'm a science fiction buff I have to confess to this I want to live in communism and for me the ideal communism is Star Trek because you have machines doing other work and people have philosophical discussions and they explore the universe but I fear that capitalism is leading us towards the matrix Who grows the food? Who grows the food? Who wrote the food? Who grows the food? Nobody, it comes out of replicators Star Trek He hasn't watched Star Trek I'm just asking you the question, you're sitting in this high tech wonderful world we're watching screens, everything's happening Who's growing the tomatoes? No one So what do you eat? They are produced through fantastic technology that can simulate the best organic food ever It won't be impossible to do that I asked you that question, you're quite right I was in a college last week and then you can grow your own food as a hobby you can have an enlightenment That's a good idea That's a really good idea Last week I was in a college where they had something called the Hands Free Hectare They produced a hectare of barley and nobody has been on that field for two years There you are The crop is done completely by machine and drones checking on what's going on and the operator sends the combine harvester up and down stops it when necessary and it stops automatically if a rabbit runs in front of it So it's protecting wildlife I want to touch upon something you said before about the culture of measurement in our schools, in our hospitals You will recall I lived through that in the early 80s under the Thatcher in this country How that happened? Do you remember how that happened? It was when Keith Joseph and the gurus the Hayekian gurus of Margaret Thatcher tried to effectively abdicate from having any responsibility for education, for health and so on by simulating a market mechanism and implanting it into institutions that could never be consistent and compatible with markets like the prisons, the court system, the NHS, universities And I remember how the quality of university education in this country just went down the drain The moment things were valued that could be measured and the intangible things that could not What they did as a socialist looking at this it was absurd It was just a paradigm of absurdity They took the Soviet planning system with indicative prices, the GOS plan and they implanted it into universities They did not implant it in the private sector They implanted it in the public sector So they took the Soviet planning model and put it in our schools and our systems with the result that now we have universities that look sparkling and fantastic and they have all singing or dancing things But the quality of education in this country has gone down the drain And I can say that because I'm not a British politician but I'm somebody who actually studied in British universities and schools and taught here and I just wouldn't send my child But this assert creation of an internal market in Britain, in local government and in health meant that you had this notional value of X department Y department, Z department and so on I remember I was a member of a health authority in the 1980s when this internal market came in It was utterly absurd, the whole thing And I said, why on earth are we buying and selling from each other in the same building when they're all employed by the NHS? And of course I knew the answer to that question perfectly well The whole idea was that the pharmacy will be run by Virgin in the future The ambulance will be run by somebody else and so on and so on It was a first phase Setting up a market in order to privatise And whilst the principle of the national health service is certainly there the degree of privatisation and with it, reduction in working conditions and living standards So you have a national pay bargaining system within the NHS of course It's there, but an awful lot of people are not a party to that because they're working for a contractor going into the service same with the local government and other services as well Which is why our policies are a combination of recreating the principle of a universal public service like the national health service like the education service But it's also about ensuring there's real opportunities for everybody hence the offer we put forward on student fees and the principle that education should be a right, not a privilege and not a commodity to be bought and sold So we will set up a national education service on the lines of the NHS Absolutely because As an economist, you know what is interesting Even the gurus of neoliberal economics recognise that the market fails when it comes to education and to health So this is a very interesting paradox It's like having the Pope who is an atheist and the cardinal is being believers So the gurus of conservative, vulgar neoclassical neoliberal economics would tell you that Jeremy Corbyn is right that you cannot really run a proper health or education service on the basis of a simulation of the market But it's those who are employed whose salaries are directly connected with the bodies, corporate bodies that will benefit from the privatisation that come up with the theoretical neoliberal exegesis of why privatisation is a good thing So you will have to do a battle against them and they are very well paid But it also has the effect of diminishing the working conditions and pay of those within the public sector as well because they're always told you've got to compete against somebody else I was listening to this amazing report from a prison this morning on BBC It was astonishing The prison is an example East Coast Main Line which runs from Edinburgh to London has now collapsed twice in the private sector Carillion which was largely reliant on public sector or partly reliant on public sector contracts collapsed and people discovered actually there wasn't anything there And of course this is a universal story speaking of collapsed infrastructure I think of Genoa the privatised motorway system in Italy belonging to one family that makes 3 billion euros economic rent from it and not servicing the infrastructure with the result, the debts that we had a few days ago Since I spoke about Italy let's move on to an event in June 2016 an event that we tried to prevent we campaigned on the same side what we at DiEM25 referred to in and against in the EU against the EU this was the line that John McDonnell and I were peddling in Donkoste in Leeds where we went and campaigned You were accused of being sophisticated by the media Being sophisticated? Yes They didn't put it in those terms That's a new one Never had that before You had the official remain campaign which was infantilising the British public with the project fear and you had the official leave campaign which was infantilising the British public with those monstrous claims as to what Brexit would mean for the country and the NHS and all that and you had Jeremy Corbyn and some of us who were saying the EU is a cartel of big business it's a pretty awful set of institutions but we're better off staying in and fighting to change it from within in association in collaboration with our comrades progressives across Europe That's a sophisticated argument and you were being accused of not being fully behind the bureaucracy of Brussels of Barnier, of Merkel, of Hollande How do you feel being accused of being sophisticated? It's a low blow It really is, it's a low blow but I cope What we were arguing for was remain and reform There are very strong social arguments for the EU very strong arguments on workers' rights directive on charter fundamental rights on its connection with the European Court of Human Rights, environmental protections consumer protections absolutely very strong arguments for all of that and I would never want to walk away from those There are also criticisms of the EU on its competition policy I want our mail system to be in public ownership There is a competition directive and there's arguments around that There are arguments around the competition element within some EU policies which I think have to be challenged and so what I was saying was one is remain in the EU but we would be a force in the EU for reform of it That was the fourth point I was making in the campaign I hadn't heard that I was being over sophisticated but that's what they meant I'll reflect on that Because you had people like Nick Clegg and Tony Blair and David Cameron who were just adopting the EU mantra as if it was sacred and then you had the Brexiteers who were saying that Satan had created the EU and it was the time and here we were in the middle saying look it's pretty bad That is a sophisticated position to have Britain is not in the EU obviously Thank goodness for that We saw the way in which the European Central Bank treated yourselves and also the austerity that was imposed on Ireland on Portugal and Spain It's not just a state they committed a crime against the Irish people The head of the Central Bank of Europe put a gun on the Irish Prime Minister's head and demanded that overnight the losses of private investors mostly from Germany should be transferred onto the books of the Irish state and the Irish Prime Minister succumbed Now that's robbery Just daylight robbery, that's what they did You will allow me to make one part of this I actually was I challenged the whole Maastricht idea which established the European Central Bank because it was the Central Bank based on price stability not on living standards not on rights and sharing it was entirely on price stability It was a purely ideological construction which nevertheless besides being ideologically quite putrid it was technically and financially ridiculously stupid We created a central bank to be the Central Bank of 19 governments without the Central Bank Go figure But having said that now we are on the road to Brexit Article 50 process We have a government that is completely in disarray It's a dog's Brexit process from where I'm standing which is Athens What are you going to do? Let's say that there is a May Collapses and you move into 10 Downing Streets before March We would obviously We would obviously take over the negotiations We would obviously look for a substantial transition period and our fundamental position would be access to European market and we would have we would accept the regulatory alignment, we would indeed go further than it and I'd go further than the European Union on a lot of trade deals but we would not be saying look, hang on a minute if you don't give us what we want we're going to go off and do a private deal with Donald Trump which will be about deregulation, it'll be about the diminishing of working conditions which is happening in the United States courtesy of Trump and his administration and we will not be going into that sort of protectionist trade war that he's going into in the present time so we'd be seriously negotiating with them and we recognize that there's always going to have to be a very close relationship with Europe after all, half our trade is with Europe and so you can't walk away from it May I convey to you what our position as the Democracy in Europe movement is on this transition period because there's not a single word of what you said that I disagree with but to tie down a little bit more our proposal would be that you go for as close an alignment as possible for a five-year period, renewable that would mean something like Norway Plus which would effectively respect the leave verdict of the British voters create a period during which nothing much changes except common agricultural policy and fisheries and it gives the House of Commons breathing space during which to debate what kind of longer-term arrangements you want or the people of Britain want between the European Union and the United Kingdom without the ticking clock without the gun on your heads as parliamentarians as a country But in the main town we've got the urgency of it that unless they make some serious moves and serious agreement then there are a whole lot of jobs all over the UK mainly in manufacturing industry that are going to be seriously at risk Norway Plus preserves them because nothing changes You have customs union single market for a five-year period I take a point on that but unless they do something then there's an urgent situation where the supply chain disappears When you say they, you mean whom? Tory government Tory government will never do anything they will not have a parliamentary majority and my fear is that you are going to end up with no delay Brexit that's our fear I suspect and you better make sure that you storm the Downing Street as quickly as possible to prevent that My preference would be that since they clearly are not capable negotiating this they're resigning we have a general election so that we can have that choice before the people of this country I am wholly opposed to the idea of a second referendum for a very simple reason you need a binary choice you can't have a binary choice anymore now you have four options on the table one is a deal like there is a maze second option is a hard Brexit Boris Johnson style a third one is end the Brexit process altogether fourth one is a Norway kind of agreement for that you need a general election but also judge what you do what you can have on people's lives what can we do about the levels of poverty in Britain what would you do about the levels of inequality what do we do about the way the housing crisis and so much else in this country do you have a government that is serious about doing that or do you not that has to be the judge of what a government does and I think that the great success of your manifesto in the last general election was that you managed to shift the focus of the debate on what matters for people and to effectively escape at least for a while for a few weeks during the election campaign this polarisation between Brexiteers and Remainers and I would like to again speaking from the perspective of our movement which is a pan-European movement it's so crucial to unite progressives that are in favour of Remain and I believe this toxicity has to end and we can do this so what do progressive people in Germany in France USA, Greece, Spain wherever they're actually saying much the same thing you cannot go on diminishing the role of the public service of the state without paying a price in poverty, inequality and out paying a price with people's lives being wasted and so surely it has to be the question of what the community as a whole does in provision of housing security health security, education security and invests in in our future invests in infrastructure you need technology you need and the development of new manufacturing processes we can't run the whole world just on service economy but in order to bring together the progressives from Germany from Italy, from Greece, from Britain we need to create a political infrastructure a movement that actually does that not simply inviting each other to have little chats and going to each other's conferences but you see the bankers are internationalists they are completely united they have bankers internationale the fascists are increasingly united Steve Bannon is in Europe organizing the neo-fascist international between Salvini, Orban the Polish government the Kurds government in Austria I'm sure he's operating here he even had a meeting with Boris Johnson I don't know why he did that but anyway he did we need a progressive international by which to counter them and we need to create we need to go beyond the Brexit debate because even if Brexit happens even if hard Brexit happens there is nothing stopping us if we are coordinated to have for instance you're going and I'm very pleased to see that I was very pleased to read this in your manifesto you're going to create a new public investment bank a national investment bank where there's nothing stopping your new national investment bank and the European investment bank collaborating issuing bonds together in order to create a fund for large-scale investments in green transition technologies that would create good quality jobs and the Bank of England on the one hand the Central Bank on the other also collaborating in order to be standing by in the financial markets to purchase those bonds to make sure that the interest rates and the cost of borrowing for the green transition new deal for Europe indeed for North America as well the whole point behind the national investment bank is that we lever in other investment as well in order to improve infrastructure and deal with the massive inequalities across the UK between English regions between Scotland and the rest Northern Ireland and so on and unless we do that then what do we continue doing having badly paid people working on zero-hours contracts and you have the sort of sport direct as the model of employment or do you have something very much better and very different and I don't pretend any of this is going to be easy to do but I want our government, the Labour government to be measured against the reduction of poverty measured against reductions in homelessness measured in reductions in the number of people dropping out of school university and so on and about improving people's lives improving the quality of our environment and the quality of our lives at the moment we have this claim that there's high levels of employment in Britain the reality is there's been frozen wages for 10 years and the quality of employment for many people is falling to a group of people in Glasgow who are working in the hospitality sector on zero-hours contracts and they have this absolute fear of the phone ringing they're demanded to come in that day and they're ill they're child sick all the sort of stuff that happens to all of us every day means they can't go in they then get written out completely and they've lost even the chance of working on a zero-hours contract that is inhuman and all life is dominated by waiting for the phone ringing is it going to ring that's just wrong and so that kind of employment practice has got to end and we are absolutely determined to do it which is why we would go further than a lot of European rules on employment rights from day one full rights at work that'd be a good start absolutely and at the same time as the zero-hours contract in this country you have about 850 billion pounds sitting idly in the city of London beating up asset prices and house prices in the south of England and not doing anything productive your national investment bank would be able especially if it's coordinated with similar public investment banks in Europe to soak up that liquidity by issuing bonds and putting it directly into the creation of good quality jobs in the green transition sector and good quality housing was the moment the housing investment actually some of which goes into building luxury apartments in London and the south east that are sold off plan are used as a cash machine for those that have bought them and sometimes they're bought and sold before they're even built bought and sold several times before they're built and in time the housing waiting lists are at record level all over the rest of the country for council housing or housing association properties and so there has to be a change the regional imbalance in England as well as between the nations and there has to be investment in secure housing insecure housing has a very bad effect on children particularly very bad effect on people's lives and also it's very expensive to live in insecurity that can't be right could I invite you before we open it up and we will open it up very soon before we do this could I invite you to be a bit more ambitious in what respect you have a great burden on you to be the leader not just of a progressive democratic socialist movement in the United Kingdom but also beyond the limits of the United Kingdom people out there and you know that in Europe, in America, in Latin America are looking at you for inspiration and leadership beyond the shores of these islands would it not be important and quite marvellous actually to create that progressive international with Bernie Sanders with the new President-elect in Mexico with us in Europe in order to put forward a hopeful message to the people of Britain to the people of Europe and so on people of India in South Africa that we need an international new deal because all the problems that you described regarding Britain of poverty low investment in the good quality jobs the private debt situation in the United Kingdom I was looking at data in this country you have a massive private debt crisis you don't have a public debt crisis you have a private debt crisis when more than half of the families in this country especially working class families need credit cards in order to put food on the table you have a serious private debt issue all these are problems that we have in Greece they have in Mexico, we have in Italy and it's a bit like climate change you need to act upon them in this country but it's not enough to lift these boats to empower the working class in Britain to have investment in good quality jobs it would help to do the same thing in Europe and the United States this is why we need to coordinate and this is why we need people like Jeremy Corbyn to show leadership beyond the shores of this country but we don't frame it around the individual frame it about what we as people I don't have the Labour Party here with me I have you thank you it is important and you're right that we build that sense of international connection because you're quite right others are very internationally connected in a better way than many of us are I have spent a lot of time talking to a lot of people across Europe over the past three years we are in touch with Bernie Sanders and his campaign and I'm delighted to say the new president of Mexico has invited me to his inauguration and he has this massive opportunity having won historically a big majority in the presidential election to actually challenge the levels of inequality in his country which are probably the most unequal society in the world I mean I know it's a tough competition but I should imagine there's somewhere well up there at the top and so you simply say oh Chris is doing pretty well in that competition one of the few things we're good at in Wales though so there is the whole movement of people saying well actually I don't want to be worse off than my parents generation I don't want my children to be worse off and I don't want the insecurity of knowing that somewhere other if I get ill I've got to find the money to pay for a hospital treatment talk to anybody in the United States of what it's like to get ill unless they've got some incredibly fortuitous private insurance system of the bill they're going to get and the burden on their families the bankruptcies that follow the poverty that follows the foreclosures and all that that follow as a result of people got to understand just what an achievement setting up our national health service was and the principles surrounding our welfare state they're all under attack this is why the moment Chris went bankrupt the troika of creditors the first thing they attacked was the our national health service which was never as good as yours but they looked at it as a target that had to be brought down symbolically with menace and with ferocity isn't there a constant philosophical debate between the individual and the collective we want people to be individual we want people to be imaginative and excited for themselves and what they can achieve but sometimes that goes so far you forget that you actually do need your community, your society the collective around you it's the collective that achieves things it's the collective that delivers well you were talking to a Greek well you started all this democracy business yeah it's actually not just the democracy business it was a very flawed democracy the definition of the autonomous individual which is so profoundly different between the ancient Athenians and the British establishment the British establishment has this view of the autonomous individual as the lord in the manor house with very well fortified fences so the individual is well defined and it's well defined in juxtaposition to everybody else to the other, to the community the rest are seen as a threat to individual liberty in this country whereas in ancient Athens all the philosophers the aristocrats, the democrats the left wing, the right wing they agreed on one thing that the only way of realising your potential as an autonomous individual is through dialogue with somebody by catching your reflection in the eyes of the other so you're nothing although there was a bit of a problem with Greek democracy they relied on other people namely slaves to do a lot of work and women were not considered citizens and also migrants didn't have the right to vote migrants and slaves didn't have the rights and women had no rights at all the slaves were not human they were not considered even to be human they were considered to be things, objects the women were human but had no rights and the medics, the migrants were simply the riffraff the way that you keep looks at people like but they did all the work slaves and the migrants but what is also interesting however is that nevertheless despite all these demerits of Athenian democracy it was the first time and probably the last where the majority who were the poor controlled the government that's true and there were also differences in democratic centres around Greece wasn't it it wasn't all of a single type there was only one democracy really well there was Athens but there was also other towns and other cities that did things a bit differently like Sparta which was a despotism beyond belief but those mothers were not all despotic let's open it up but you know what the interesting thing is the Spartans who were almost fascistic nevertheless they were feminist women had the right to a number of activities that they never did in Athens I've never heard anything so nice about the Spartans before well done okay so let's take some questions let's have the lady up there and the gentleman down here in the glasses let's begin with these two questions hello so I'm a young person and I feel like I've been interested in politics since I was 17 but a lot of time some not all some older people tend to look down on young people for their political views because it's not always fully formed or fully involved informed I mean and because we're at the book festival I'm wondering if there's any recommended reading you would give young people to inform their politics no one really wants to educate us anymore the gentleman here thanks a lot we seem to have the most inept and incompetent government in Westminster probably in our lifetimes my question is why is Labour not streets ahead in the polls because you bloody well should okay thank you for the questions young people are intrinsically interested in their own lives and their own future and I think that access to social media notwithstanding all the unkind things we've just said about Google and Facebook do give people an incredible opportunity to relate to each other to discuss things with each other and actually to explore ideas and things in a way that they never would have done before and I think social media is an amazingly strong form of communication and it is very much communication by young people with each other and newspaper readership is declining very rapidly and it's much more older people that buy and read newspapers and I think that's an important factor in all this but it's also young people growing up in a sense of insecurity as well the levels of mental health stress the housing stress the education stress the job stress is massive amongst a lot of young people they don't have the sense of security that other generations did I personally didn't go to university that was my choice but had I wanted to and chosen to and gained entry somewhere it would have been free for me I would have got a grant no fees it would have been there and there was that sense of security which young people don't have at the moment and so a lot of what we were saying was about really trying to create a stronger sense of security for young people and also unleashing that imagination and young people are interested in politics politics wasn't interested in young people for a very long time that surely has to be the key to it on your point about the incompetence of the government well yes they are incompetent but they're also wrong wrong in what they're doing wrong in the direction they're doing we as a party obviously have a different approach a completely different approach and the manifesto we put forward was a transformational agenda for this country and we have done well but not well enough we didn't quite win the general election but we had a big increase in the Labour vote from previous elections, the highest Labour vote for a very long time and indeed the future for socialist, social democratic and left parties across Europe is the message is very obvious where they go along with austerity, go along with a continual approach of deflating or diminishing the role of the state then they lose support and lose support in a very big way I'm not complacent about this we've got to do much better we've got to do as much campaigning as we possibly can and we also have to have a policy development process which we're developing which does involve a very large number of people putting their views forward on all the issues that we put forward but I tell you this when the general election was called last year we were written off by just about everybody we mounted a campaign for the many not the few went out there and took that message out there and once the broadcasting rules kicked in the public as a whole were able on broadcast media to hear at least what we were saying in the general principle that election campaign and the result was what it was I don't think this government can last that long we will push them all the way we can and we're absolutely ready for election whenever we can get one and we're determined to do it and we're absolutely determined to win it as well so that we do transform this society so we're going to have this gentleman here because he's really outstretched his own to an extent that is medically problematic and we want a lady yes up there but before you start speaking until the microphone comes to you the beauty of being a foreigner is that I can speak the truth without any repercussions Jeremy Corvin just before the general election suffered a second coup d'etat within his own party and to have brought home the Labour Party with a 40% vote is a majestic performance it's a performance that needs to be applauded as a major triumph okay thank you my question is is that next month on the 11th of September marks the 45th anniversary of the coup d'etat in Chile what do you as a trained economist and what do you as a democratic socialist learn from that coup d'etat and how does it inform the way that you both work today and the lead as an incoming Prime Minister faced with competing demands for expenditure and for investment how would you assess the expenditure and investment needs of the social care sector okay on the first question about Chile I feel very personally about Chile and very personally involved in Chile I first went there in 1969 and I took part in the May Day March in Santiago that year which was the first coming together a popular unity around Salvador Allende who was the candidate for president and a year later he was elected president on about 34 35% the vote something like that first passed the post three way election campaign and his government took office from day one undermined by the United States and was isolated and a crisis of shortages and many other things was created and the military were incredibly strong always have been they're very strong within Chilean society and eventually the coup happened although it was eminently predictable organised by Kissinger and the CIA it was brutal 7000 people disappeared and the brutality of it is kind of legendary I'll give you just one example great musician Victor Hara who could sing for the people as he did fantastic tunes fantastic musician he was one of those caroled into the national stadium and to stop him playing his guitar and singing they smashed his hands with a hammer so he couldn't play his guitar but he continued singing that was the bravery of the people the coup happened because of a powerful military because of the sponsorship of what they were doing by the US at the time and it also happened because the rest of the world didn't realise quite how perilous the journey was that Allende and the socialists were undertaking in Chile they built houses they used poverty they brought mining and other industries into public ownership and the living standards of the poorest people improved a great deal it was seen as a threat to the wealthy in Chile and to the big corporations who were frightened of a process of public ownership of their minds copper mines particularly and so the lessons are that you can't do it on your own the lessons are there has to be solidarity with people when they're going through the kind of transformation that Chile went through I got involved in wanting Pinochet prosecuted and indeed I went back to Chile during 1990 when the Pinochet regime finally finished and it was an achievement of the people of Chile they finally did get rid of that military dictatorship and I spoke at a rally at Villa Grimaldi which had been the torture centre of the Chilean fascist regime with Michel Bachelet who later became the president and so there was a process of coming together there was a process of prosecution of those people that committed those appalling crimes but the point is we should have a basis and this is where I concluded this point basis in our foreign policy which is about human rights which is about respect for democracy which is about environmental sustainability and so that we form our relationships with other countries and the basis of how they respect their own people and how they respect international norms of human rights and law as a whole and I learned a great deal from the whole Chilean experience and I think we all need to learn a lot from it as well because governments that are trying to adopt a social justice pass will always be attacked by those that want to preserve their wealth be it in tax havens or within their own society on the second question we asked about social care the social care system across the UK is poor the people that are stuck in hospital because social care is not available for them when they should be discharged from hospital and go into a care supportive environment they end up either staying in hospital which doesn't do them any good and isn't any good for the hospital either or they cannot get the social care they need so somebody in the family has to give up work and care for often an older high dependency relative and it's nearly always women who end up losing their jobs and their careers because of the failure of the social care system I'm absolutely determined that we have a social care system worthy of the name that does ensure that all those who need social care get that social care and you don't impoverish the family in the process of doing that it is expensive but it's very important to actually do that because I'm sure some of you would have done is read the National Health Service Act of 1946 and even now it's an inspiring document to read in the preamble in the first paragraph it talks about doctors, it talks about hospitals but it also talks about social care and mental health it sees it as a comprehensive and Nye Bevan who founded the NHS was also the Minister of Housing and he said good housing leads to good health you cannot have good health in a polluted environment insecure poor quality housing low pay and poverty good health is a combination of clean air, clean water sufficient food to eat but also a sense of mental well-being as well as obviously the medical needs you support, you need to support people who are going through an illness or a condition that needs medical health but health is not a specific it is a generality as well I will take one more question from the lady here in the middle wait for the microphone while the microphone is coming to you let me say that in 1967 we had our own fascist coup d'etat and many democrats from Greece were given refuge in Chile by a lander and then in 1973 or 1974 by the time democracy was restored in Greece we returned the favour to many of them sorry that is important but that does not hide the fact firstly that in the end we failed to prevent the two coups and secondly the international oligarchy is now staging coups not by means of the tanks but by means of the banks as it happened in Greece in July of 2000 there were indeed Spanish people that died in Chile and then Franco died shortly after the coup in Chile and then they found themselves back in Spain having spent 40 years in exile in Chile only to find a Franco equivalent to take over in Chile okay you both said very fine words that few people would argue with how can you explain the increasing fear that labour is not getting any nearer 10 Downing Street well listen labour has got more members than we've ever had before we're more active than we've ever been before we have great hostility from the mainstream media than we probably ever had before I think we are in a strong position to keep people united around the agenda we put forward on social justice transformation challenging and ending inequality in Britain and giving people hope bringing people together in hope of what can be achieved what the right offer in our society is racism they offer division they offer something that is not very pleasant in society and will not actually solve any of the problems that people face I think people have to have the confidence that we can deal with poverty we can deal with unemployment we can invest for the future we can have a sustainable life for all of us we can work together with others around the world our unity our unity of purpose of peoples all over the world, the United States Europe, the rest of the world is something that I think is getting stronger don't be undermined by those that want to divide us unite together around the kind of world we could create we had a sniff of that in the last general election when David won the general election I did everything personally I could to make sure we won that general election but I'll tell you what, next time we're going to do it even bigger and even better and what's more we're going to win it well we're drawing to a close I want to thank the Edinburgh Book Festival people for giving us the space to create a dialogue to have the best antidote possible toxic debates that take place in the airwaves, in the newspapers in this highly polarized society in this highly polarized Europe in this highly polarized world we need to stick together across European borders across international borders across even political party divisions because we have a unique opportunity not to repeat the mistakes of our grandparents when after a major financial crisis that generation's 2008 that took place in 1929 a nationalist international rose up taking advantage of the establishment's inanity and authoritarianism in order to drag the world into an abyss we have an opportunity to stop this and we are only going to do it through solidarity and rational debating thank you Jeremy for being here thank you all


Because when you know better, you invest better. Join us and experience the difference today. TFNN Educating Investors. The following is a presentation of TFNN. Trade what you see with Larry Pezzavento. Call now toll free at 1-877-927-6648 or internationally at<PHONE_NUMBER>. Now, Larry Pezzavento. Okay folks, I've been asked to show how I set my day up. I mean, I'm looking at basically eight things that I'm looking at today. I'm looking at gold, wheat, E-mini, S&P, December bean oil, December corn, November soybeans and cattle. Cattle are almost closed for the day. Now, I met Ensign Software back in 1987. I was living in Pismo Beach and they came down to train with me. And for a whole week, it was John and his brother, Howard Errington. And they had just started a company called Ensign Software and they wanted to see, oh, we're starting to increase the selling on the downside here. I gotta move this up just a little bit here. Okay, but they wanted to see what was happening, how I traded and stuff like this. So I made a deal with them that, I would get X number of profits for the week, limited to a certain amount if I made money and if I didn't, they didn't have to pay anything. So they stayed with me. They were supposed to be for two days. Well, the first two days that I traded with them folks, I mean, even I was shocked. I was just absolutely perfect those two days. I haven't days like that occasionally, but I had them back to back. And so we finished the whole week up. The other three days were normal.  But the first two days, I couldn't do anything wrong. And so what they wanted to do was to build a program around what I did. And so I said, well, this is what I need. I remember folks, this is 87. I mean, this is only three or four years after we start getting these, you know, computers that you could actually get the prices and everything on, okay? So I told him, I said, look, you can do it any way you want, but this is what I use for tools. Now they've got more bells and whistles on this darn thing than you could ever, ever imagine. But let's just take, for example, where we are. Let's just look at December soybean oil right here. We're going to pull this up because we have a major pattern forming right now in the December soybean oil. So I just bring this up to a daily, okay? And that shows us that we just bought it right here. Folks, we just bought it at 27. The low was 26. We bought it at 27. We're risking about 30 points. Now that's at the 7, 8%. Well, when I was working with them just getting started out, they said, what are the things that are the best? Well, one of the things that I use, you can see the tools that I use. They're just a very few. This is remove everything, okay? This is just puts in a day in, like I can highlight something like that if I wanted to, you know, show a spot like that. You can make that any circular, whatever you want, it doesn't make any difference. Okay, this tells me what the key orders are like that would be a three, eight, two retracement. You can do, what you do is you set that down like this.  And you can see, well, what you can do is, well, that I don't want to worry about, okay? I just wanted to show you the tools. These are the things that I use the most, okay? This is the Fibonacci retracement tool, what we have right here. I said, these are the things, the basics that I absolutely need. I never use moving averages, they're in here. If I wanted to put a moving average on, it'll do anything, it'll change the moving average, any way that I want. See, this one happens to be a 313, 34. You know, I can make it forward, backward. I don't use any of those things, I mean, but they put them in because they have many people, you know, do things other than what I do, because what I do is stuff is so darn simple, people don't even look at that. So that's how I'm looking at December, soy bean oil. Now, the other one that we had today here was also December corn. Now here's December corn, this is on a, I believe this is an hourly chart. You can see there was a number we were looking at right here, if we look at this on the daily, okay? And we've been waiting on this for a very long time and there it is. So we bought it there, our stop is right down here. Let me show you where all these tools are. After I was working with them, I did a lot of ABC drawing and he said, what if we could make a tool for you that would draw the ABCD? And I said, sure, that would be great. And so they did. If you came over here, I have these on keys, all I have to do is just mark this right here, okay? And that just tells me that I'm gonna draw. See the thing is so darn sensitive, hold on. That's one thing about them. Boy, those guys are absolute fanatics. That tells me that there's my first ABCD and there's my second. And so it draws them just like this. And so that's what they did. They stayed there for a week and they went back to Utah and started to do some work and about two or three months later, they asked if I would come up to and do a day trading thing with some of their customers. And I said, sure. That was in, oh, see, that was 10 years later. That was in 90, no, it was only five years later, 92. 92, I went up there to do that. Let me get this tile vertical on these windows right here to see where, what I'm watching, folks, is this chart here on the Dow Jones. You see, oh dear, we're really getting rare. Here's the other one. When we break below this, folks, you see all we did here is have this humongous rally. If you look at this on an hourly chart, this is where the real problem could lie. If we get below this, see, folks, this could be a two-day rally. With the Dow Jones, it was a three-day rally. Anyway, okay, I hope this is showing you how I do it. And I do it very quickly. I don't use a lot of stuff up here. If I want to get rid of it, I just go just like that, okay? These are the tools. This is the time that I can change anytime. So if I want to change it to a eight-minute chart, there's my eight-minute chart, okay? So I'm interested if we get below this low because this is going to be very interesting, especially with a few hours to go. And the reason for that is, is the reason that I sent out before. You see, we couldn't even take out the previous days high in the S&P. You see that high was 50.97. This was only 50.95. I mean, that was not a very good sign. Now look what it's doing. It's coming down. We get below here. It's going to take out major support, all right? And look at this. See, we haven't had, this is it. We're starting to come. The next stop is 50.17. All right, so that's why this is so doggone, very important. So anyway, that's what we're looking at. But here's the key. Let me get rid of this. This was the thing that bonded our friendship forever. Hold on just a second here. Let's get the, yeah. Oh, you got a chart, there's so many things in here. All my charts are right here, all the stuff that I look at, okay? And I know you do stocks or anything like that. This tells you the different time frames. It's got so much stuff in it, but I don't do anything folks. What I do is so darn simple.  All right, let's pick out something we haven't seen in a long time. Let's get natural gas. We haven't looked at natural gas. And where are we here? Natural gas starts with an NG. We're going to go to it daily. I'm going to click that. And what we're going to do is we're going to bring it up. All right, there's natural gas. Okay, I'm going to move it over like this. And I'm going to go to a four-hour chart. So I click this on to a four-hour chart. Now I'm able to see what natural gas has been doing over the last month or so. So there it is. Here is what I paid somebody, $100,000 to match all. Let's take a break. We'll get back. This is almost over. We'll get to some charts in just a minute. Jeff, here's our break. We'll stay tuned. Steve Rhodes started his trading career as a student almost 20 years ago and the student has now become the master. Steve won the prestigious Timer of the Year award in 2018 and barely missed that mark again in 2019, finishing at number two for the year, an amazing accomplishment. Steve Rhodes is committed to sharing his techniques and knowledge with anyone who wants to learn and he shares his vast amount of trading knowledge every day in his Mastering Probability newsletter. Steve's award-winning newsletter, Mastering Probability, is delivered every trading day with updates throughout the afternoon. Sign up for Steve's Market Newsletter, Mastering Probability, and you'll receive access to seven of Steve's educational webinars absolutely free. At TFNN, all our newsletters come with a 30-day money-back guarantee, so you have absolutely nothing to worry about. Visit TFNN.com and try Mastering Probability 30 days risk-free today. TFNN, educating investors. The stock market is a delicate inter-connecting web of commodities, equities, and trader psychology. When one string of the web is pulled, it has a ripple effect across the broader market. This is where opportunity lies, but how are you to gather all of this information into one cohesive model when you're already spending your energy looking for any possible trade opportunities? Luckily, you don't have to worry about that. As Tom O'Brien has brought all important market news to you in one single newsletter, Market Insights. Market Insights provides a daily overview of what's happening in the indexes, bonds, gold, and more. 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Each host is an experienced trader and gives their take on the market while taking calls and questions live from around the world. From the moment the market opens until the closing bell sounds, Tiger TV has eight different shows with expert hosts to help you make the right moves with your money. Watch online at TFNN.com or on TFNN's YouTube channel and become the investor you were born to be. TFNN, educating investors. Toll free at 1-877-927-6648 internationally at<PHONE_NUMBER>. This is what they built for me that I can put these dark, garbly patterns in. So all I have to do is to get rid of all that and then they built this pattern that if I take this high and draw it down to this level right here and match it up to this high, it would give me the three drive to a top pattern. It has the hot cycle finder in it so that if I want to look at cycles and we got somebody on the line here and who is it?  Well, how's that? Well, is it better now? I, sorry about that. And I had my limit binder, the thing a little bit low so I'm gonna check that for you here. Okay, let's just move on here. Anyway, this is what it'll do some of these things but this is really how I have everything set up. But here was the key that they really helped me with. I said, would be great if I could just press a button and it would show me every swing that I wanted to see with the ratios and pattern perfectly. And I paid a guy a lot of money. I mean, six figures, almost a hundred grand to build something that I wanted to see like that. Bryce Gilmore had a program like that but he only had it for a few things and I needed it for everything. And he said, oh well, so I went up and I did a day trading live session for him and sure enough, it turned out to be pretty good. And what happened was at the end of the time, they said, come on in the office, we wanted to show you something. And I said, okay, he said, is this what you'd like to have? And they did that just like that. I just hit a button and it shows every swing. And that's what they call the Pesavento Index because it shows you, I mean, this is out to the second, a hundredth decimal place. You can't trade at that level. We do intense at the best, you know? So anyway, that's what we're paying close attention to here that we're seeing right now. Let me check something here because this might be a really key day in the markets and I see that the Dow Jones has come down now and it's made a new low as I see here. Okay, there's a new low that it's made. And so that's what I wanted to see. So what I'm gonna do now, boys and girls, is the old cowboys got to ring the bell. So just bear with me here one second and I'll do something right here. I got to cover some of these. I'm gonna buy them at the market. Okay, I'm gonna buy this one at the market. Okay, and then that's it. Get this right and this shows you, this is what I did today in the E-mini Dow Jones. Okay, let's move on here to talk more about it. I've got to be on here because this thing keeps going down. I want to definitely be short. So what I'm gonna do now is I'm going to put a sell stop. You see, we came down, we haven't taken this one out yet. So I'm saying this may or may not do this because we're setting just about right at the old 78% level right here. So what I'm going to do is I'm gonna sell it. We get down here a little bit more. Okay, that means it's gonna break that out and then I've covered it here at 39. So give me a second here and I'll come up here and I'll do this without any trouble at all. I don't think it'll be any trouble. And we're gonna sell three, let's see, let's do three. And we're gonna sell them on a stop below that level, which would be 39.05. That's good enough right there. And they're gonna give me alert to tell me, oh shucks, Larry Bozo, ah, not good. I had a, that's an error. See, that's not good. Okay, now let me put the original order in. This is, this upsets me. Okay, I gotta come in here and now I put a sale. See, that caused me $40, what that just did. So I'm gonna do a three lot and I'm gonna sell it if it makes a new low at 39. And 0.05, that'll get me back in because I think, and I'll show you in just a minute why I think this is gonna happen, but I'm probably 100% wrong. So I'm gonna put that in and lock that up. I have some, I have some, a couple of short S&P on, but that didn't count because I was, I've been in those for a while and I'm not gonna touch those. Okay, let's move on. I hope that helps, Action Jackson. Now, when I get this set up like this, all I have to do is to go and tile the window vertical. So if I got too much stuff in here right now, so one of the things I wanna get rid of, I'm not interested in the corn anymore, oh, the natural gas. I never keep more ordinarily than just these eight because I can see them clearly. See, that's the main thing that I wanted to do. Now, there's still a chance folks that we got a major bottom here in the S&P. I mean, it's like that, like Jesse and Frank James, this is like the Chance Brothers, slim and none because we have taken out yesterday's low here was at 47 and the late low today was 45.50 and it didn't go down very much. So this might be what is really important. And I'm really hoping, so we went down so much that it's gotta be bearish. The reason why I pay attention to that is we had our good friend, Stan Harley, that does a lot of work on cycles and he had April 17th. Well, I'm a swing trader, so all I do is trade the swings. But I'm interested in that because he might be a day off. I heard it, I had it happen once, about 40 years ago he was a day off. So I wanna pay very, very close attention to, but by the same token, if we close sharply below that number, I have to be short. And I will give you my two cents worth and if you overpay, it is your own fault. Let's get it up here. Here is, here's where we are with this, what do you call it, bit card. I don't know diddly squat about it. All I know is that chart, millions of people are involved, billions of dollars from this high, did that low, the exact high. Wow, did they get filled on that already? Holy cow, just a second. It must really be falling. Hold on just a minute, folks. I guess that's, yep, that's what it is. I'm back in it. So I, yep, I did get filled. So we're back in it. So that's what I wanna make sure we, yeah. Yeah, all right. Now I got to stop in, so I'm okay here. Well, a little trouble today, but hey, we've got a good man, mister. You know who is gonna be coming up here? Jeff huge coming in and it's, see the reason why I talk about this Bitcoin thing, folks, see we're already breaking down hard now. Let's just get this thing up on a little smaller timeframe. Look, look, you see, that tells us we're taking this out. That's going, oh my goodness, was that a 618? I think it was, wasn't, I hope so. So I just take this marker and mark it down. But by the way, folks, I have nothing to do. There was a high of the day today, 61% retracement, didn't make an ABCD. The other one didn't, but this did. So let's remind ourselves of that, okay? So let's keep it moving and we'll see what happens here. We're gonna have to take a little break here, but this would tell us as a possibility today that we could be looking at a move, ABCD. This may be a major bottom, like I said, ABCD right here, would take us down to this level right here, 5027. That looks like it where it might wanna go. Anyway, we're gonna take a little break right now. We're gonna have Jeff huge back when we get finished here and we'll see what's going on, okay? So live every day in an attitude of gratitude for just a few more minutes and we'll see you on the flip side when Jeff comes on to give us his two cents worth. So thank you all and we'll be right back. The Gold Report. As a precious metal, gold is still king. It continues to hold the most effective safe haven and hedging properties across the global major trading hubs with the London OTC market, the US futures market and the Shanghai Gold Exchange. The Gold Report. Tom O'Brien publishes his weekly Gold Report every Monday morning for subscribers consisting of coverage of the XAU, HUI, GDX, the Dollar, Bonds, the South African Rand, as well as 25 different mining equities with specific buy-sell recommendations. The Gold Report. New subscribers get a 30-day money back guarantee so you have nothing to risk. Subscribe to Tom O'Brien's Gold Report newsletter now at TFNN.com. If you spend any time online researching trading techniques on how to begin your trading journey, you've no doubt come across many folks who push forex trading as a way to make big money quickly. Unfortunately, there are equally as many stories of these so-called forex professionals just looking to make a quick buck of aspiring traders without actually teaching the ins and outs of the forex market. This is what sets Teddy Keckstatt's the Tiger Forex Report off the riffraff. Every Monday, former Chicago Mercantile Exchange member and author Teddy Keckstatt releases his Tiger Forex Report newsletter where he dives into the complex world of forex and takes time to actually teach you his methods that have made it so successful in the fast-paced and rewarding world of forex trading. Furthermore, all subscribers receive access to archived live streams of teddies where he provides university-level education to help you in forex trading. All first-time subscribers receive a 30-day money-back guarantee. So what are you waiting for? Forex awaits. In the world of trading, only a few names stand out like Larry Pesavento, a pros pro with over 50 years of experience. Larry has seen it all. A former Chicago Mercantile Exchange member, Larry has authored 10 books and trained over 1,000 traders with his unmatched expertise. Introducing Fibonacci 24-7. Larry Pesavento's daily trading service that turns the complexity of markets into opportunities. Published every Sunday, receive a comprehensive report packed with detailed commentary, charts, and videos that illuminate the patterns shaping the markets with updates throughout the week, exclusively for subscribers. Whether through charts or videos, Larry's analysis is your roadmap to navigating the markets. You can sign up now at tfnn.com for just $97 and with all TFNN newsletters backed by a 30-day money-back guarantee, you have nothing to risk. For all the details, visit tfnn.com. You'll find Fibonacci 24-7 right under the newsletters tab. This portion of trade what you see is brought to you by Directions Daily Leveraged and Inverse ETFs.  Visit Direction.com. Investing in the funds involves significant risk and should only be utilized by investors to understand the impact of leverage and actively monitor their portfolio. They are not designed to track the underlying index or security for more than a day. Before investing, carefully consider a fund's investment objective, risk, charges, and expenses contained in the prospectus available at Direction.com. Read carefully. Distributor, Four Side Fund Services, LLC. Okay, folks, we've got Jeff Hughes on the line today. Jeff, how are you doing, my friend? I'm here on the show today. Well, it's a pleasure to have you. Now, you're saying there's a possible problem with the banks, boy, something certainly looks a little fishy, doesn't it? Yeah, you know, presumably we've been in some kind of a bull market here, but the banks don't seem to believe it. Regional banks in particular, I think there's something like 78 banks that make up the Regional Bank Index. And it's down over 14% through last night's close on a year-to-date basis. This tells me that not only is there a problem with the banks, but investors smell some trouble. And if we were to compare that to some of the other returns that we're seeing out there, quite honestly, it's just really the mega caps, the top 50 stocks in the S&P 500 that are getting any real respect at this point. They're up about 8% year-to-date with the S&P already giving back half of its year-to-date return. It's only up some 5%. Growth is still hanging in there above value, but actually T-bills are outperforming the average return of the S&P stock. And, you know, the median return for a US stock is actually negative by over 3%.  Well, it certainly appears to you, doesn't it? My goodness. By the way, your record all during this time has been exemplary. You should be, folks, if you wanna see a really good record, ask to see Jeff's record because he's done a great job. Let's talk about this volatility breakout because that looks like something serious has really happened here somewhere. No doubt there is. And then with respect to my record, we did get stopped out of nine positions in the last two days. But the mean return was 3.66%. So it's positive return being stopped out. But with respect to this volatility breakout, we see two things happening here. On the upper frame of the chart, we're showing the SKU index. For those who are unfamiliar with that, it's a measure of implied volatility of out-of-the-money options. And on the bottom, we're showing the VIX index. People are usually more familiar with that. Just to be clear, that's a measure of implied volatility of at-the-money options. And so what we see here is a big decline in the SKU and a big advance in the VIX. And what that shows us is that people who are long out-of-the-money call options are capitulating on that and demand for out-of-the-money calls is collapsing. Meanwhile, people that had not hedged, there was very little, in fact, nil demand for at-the-money puts. That has spiked dramatically. In fact, we've seen a surge of about 56% from the recent low to the recent high in the VIX. All of this suggests to me that we're gonna see these alligator jars snap shut in the not too distant future. And in our opinion, we think the VIX could push as high as its March 2022 peak, which is around 36%, but it's still possible to exceed that. And we think there's a likely pushup to around the 40% range in the VIX. Wow, 40%, boy, that's gonna scare a few people. We haven't seen a move in the VIX for eight, nine years. I don't think of that magnitude, have we? No, in fact, we haven't been above 40 in over two years. Okay, this next, I don't know too much about stocks, but this is about sentiment. You wanna tell the folks what you're looking at here, Jeff? Investor sentiment? There's a number of sentiment measures that come out on a regular basis every week or every two weeks. Two of the most popular is the name exposure index. That's the National Association of Active Investment Managers. That's the upper frame. And then the lower frame is the American Association of Individual Investors. That looks at what mom and pop are doing in their personal accounts. And so the upper band, what we saw back around the end of the quarter, March 28th, in fact, the most recent report at that point showed about 103% exposure to equity. So actually investment managers, professional managers were leveraged. The interesting thing is that the week prior, two weeks prior rather, it got to 104%. So that 103 was actually a failure to confirm the new high in price with the new high in sentiment. And so that leaves what's known as a negative divergence in place. We find that interesting, but when we go back to the lower panel and look at the American Association of Individual Investors, we can see that the bull bear spread, that's the number of bulls minus the number of bears, that peaked back in December at 32%. There were two back-to-back reports week after week in December, and it's come down and rallied to lower highs several times. We have in place now, what we would describe as a double negative divergence with the most recent peak at the end of the first quarter as the S&P was making its all-time high. And in fact, that made a lower high. So we're seeing this failure to confirm. And while we can admit at this point that investor sentiment certainly come off its boil, the failure of sentiment to confirm the new highs in price oftentimes signals a point of recognition among the wisest set of investors that something is amiss. And clearly we can see with the decline in the S&P since that peak, they've been correct. Jeff, I've got a question. I don't think you were involved in it. I was back in 87. I see scenarios just on talking to friends and other traders and stuff that there's just no fear out there in Bitcoin or the stock market or anything like that. And boy, that to me is a real dangerous sign, especially these Bitcoin people, but this is an old cowboy riding his last trail ride. So do you see anything like that at all? Because 87, you were probably in high school, weren't you? No, actually, I was getting married in 87. I got married on 24th, Saturday after the crash. And my father in law credits me with saving him a lot of money because he sold a bunch of stocks in order to pay for the wedding the week before the crash. So I remember that the Sunday the 18th, I was at, well, I don't want to go into that. Anyway, let's keep moving on here to take a look at the next chart that you've got because you've got such great stuff here that I want to make. Oh, now what happened to it? What happened to it? Don't do that to me. Okay, boys and girls, stay with me. Hopefully we'll be able. There we go. We'll get the next one up right now. Remember when you're dealing with me? Now, I'm hearing. I'm hearing, yeah. You know, people don't believe that, but I do. You know, I've been around for a long time. I knew Richard Russell quite well. So please tell us what this is all about. Yeah, you know, back in the day, Charles Dow, who, you know, established the Dow Jones company, which, you know, owns the Wall Street Journal and he was the guy who created the Dow Jones Industrial Average back in 1896. Well, he came up with the theory where, you know, if the Dow industrials, the companies that manufacture the goods are making a new high, then that should be supported by the Dow transportation, the companies that transport the goods. And if you don't get a confirmation between these two indexes, then something could be a miss. That's my false signal, if you will. And the problem is, if you take a look, you know, we saw a breakout to a new all-time high in the Dow Jones Industrial Average that is out of concern by the transportation. Okay, we'll be right back, folks. Many trading newsletters attempt to focus on a narrow set of equities or commodities. While this works for some, it oftentimes misses many opportunities that possess huge gain potential. But how is an independent trader supposed to scan the entire market looking for these hidden opportunities? One simple answer, the opening call newsletter. Basil Chapman, developer of the Chapman Wave Trading methodology, has been trading the markets for longer than most trading influencers have been alive. And over that time, he has honed his methodology in order to accurately call movements in a wide range of equities, from semiconductors to uranium to key indices and so much more. 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For up-to-date pricing and performance, go to direction.com. Investing in the funds involves significant risk and should only be utilized by investors who understand the impact of leverage and actively monitor their portfolio. They are not designed to track the underlying index or security for more than a day. Before investing, carefully consider a fund's investment objective, risk, charges, and expenses contained in the prospectus available at direction.com. Read carefully. Distributor, Foreside Fund Services, LLC. This program is brought to you by Vista Gold, traded on the NYSE American and TSX under the symbol VGZ. Folks, we're talking with Jeff Hughes of Alpha Insights. Please continue, Jeff. Yeah, I was just gonna say that the doubt, you theory non-confirmation that's been in place really back to November of 2021 suggests that you've got kind of a false signal here. You just don't have the full confirmation of the market. This is a bearish decision. I agree. But we got two bears together. It's pretty hard to find anybody bullish. Okay, now we're taking a look here at these internals. This is what to me is very important. The other day, Jeff, there was one advancing issue, one new high on the day and 206 new lows. Boy, that's a sign that something's seriously wrong. Yeah, last week we saw the market's breath collapse and these are just the internals for the S&P 500, but 83.4% of the issues were negative on the week last week. The five-week moving average of the net advancing issues, that's turned sharply negative after putting in place a double negative divergence. That's negative 12.2% right now. That is pretty significant. And then of course, we look at momentum in the middle panel and that's seen a very significant negative divergence as well, which often is a precursor to a major trend change. And of course, we've seen momentum plunge below the zero bound. And then finally, net advancing volume, this is not a bull market condition. You need to have four or five to one to sustain a bull market. We're at about one to one right now on the five-week moving average. So not a good setup, not a bull market setup at all. Yeah, it looks a little bit of a screen. Not only that, with two and a half hours to go, it looks pretty wild. And there's the old, the Lone Ranger himself, Clayton Moore. Anyway, I was a big Lone Ranger fan when I was a kid. So anyway, go ahead, tell us about this. I've been bullied silver since it was $4.20. Actually, what was the dollar? Over, you wanna talk the S&P? Let's talk it. You can get the S&P chart up now. Oh, okay, let's see how, oh my gosh, looks like we could be breaking down below. Boy, that wouldn't be very good, would it? You on the S&P is really a breakdown below this gap support. We'd take out the last critical trend line and we'd be looking for a move down to the 200-day moving average, which comes in about 46.68. That's right on par with the 50% retracement of the entire advance off the October 27th low, which comes in at 46.84. So that seems like a logical place for this pullback to grab a little support. If our count's right, we think that would just be intermediate wave one down, of primary wave A, of cycle wave A, of super cycle wave four. We think the top is in. We do not expect to see another new high to follow. Wow. Well, that's real interesting here. We've got a lot of things happening in the market today. Now let's talk about the Lone Ranger. He was an, you know, he was an era, he was an Arizona Ranger, not a Texas Ranger. He was an Arizona Ranger. Oh yeah. Well, a little too well dressed in my opinion for that era, but you know, with respect, with respect to silver, you know, a lot of people are like, okay, you're bearish Jeff, now what? What do we do? Well, remember last time on your show, we talked about gold. Gold's been breaking out. It's our top actionable trade idea for 2024. Silver's our number two idea, but it actually might outperform gold. And we think that the breakout that we see in this small base pattern to the far right, which is kind of an inverted head and shoulders, appears to be part of a larger degree pattern, which is part of an even larger degree pattern. And the entire pattern is about a 40 year classic pattern base formation, the cup and handle variety. This chart dates back to the early 70s. And we think if we can rally up to around $38, that's our initial target. A breakout above 38 would give us a measured move to $62. Now that's not something we're looking for, you know, in the next month or two, but maybe a year, year and a half from now, we could be trading at 62. And I don't know if you remember a guy named Ard Sklaroo. He's a big company back in the 70s. Yeah, I know who he was. He wrote a book on technical analysis of commodities markets and how to project upside targets. And one of his methodologies is called the rule of seven. And if we apply the rule of seven to this particular chart, we can come up with an initial target of $100. And I can come up with targets that are significantly greater than that using his rule of seven at different multiples. And so we're starting with a hundred is kind of being our long-term stretch target. But I think if silver gets to a hundred, gold's gonna be well above 8,000 at that point.  Wow. Hey, listen, you got your monthly newsletter here. Tell the folks how they can reach you. Absolutely. So our newsletter comes out on the first Saturday of every month. It's published on Substack. And you can access it at Substack or at hugeinsights.substack.com. This is, we're in our third year publication. It's been very, very popular. We cover a lot of key macro factors and the big picture on the markets. And if you like what we put out in the free subscription side, which is about the first five pages, and you wanna see a little bit more, we give a really detailed outlook for the markets and our positioning. So the upgrade to paid, you can get it for as little as $12.50 a month. So maybe worth taking a look at. Again, that's hugeinsights.substack.com. And I posted here how to reach him and it's www.jwhinvestment.com on Twitter. It's at alpha slash insights. And Substack is huge insights at Substack.com, .substack.com. That's right. Listen, we're gonna have you on again soon, my friend. Keep up the great work, Jeff. It's really class stuff. I really enjoy it. I look forward to it. Thanks, Larry. I really appreciate your time today. Take care now. Thank you, sir. You betcha. Okay, folks, let's take it. We got a couple minutes here before the end of the break here. Let's get up here and see what something's happening to these markets here. We're still holding up okay here with the S&P and we're gonna find out what these others are gonna be doing here pretty soon. So we'll have to wait and see what's going on here with some of these others. The bean oil is still down at the area. Corn is, what is, corn's moved up a half a pen even where we bought it. No big deal here. So we've got to move on. Someone's asked a question about one of our favorite stocks, which of course is Mr. Tesla. We still think folks that it's got a chance to get down there a little bit lower. Hold on one second here. As you take a look at this, there's where we are. Whoa, we're got, wow, it's down big today. Gee whiz. I guess quite a few things are. Anyway, this is where the pattern tells us that there's a pretty good probability that we're gonna get down to this level right here in Tesla. And if you use the old instant tool where you draw the A, B, C, D patterns, you can see how they're lining up just like this coming on the way down. So there's one right here. So it looks somewhere between 137 and 116 is where you wanna be watching it. This number right here folks is really important. We hit today. Let's just get this over and show you. That's the 78% level. This is a split adjusted, of course. But there's your, oh, it's got too much junk in. Let's take a break. We'll be right back. Okay. If you're looking for potential trading setups in the stock market, then Rocket Equities and Options Report is a newsletter you should try. Tommy O'Brien delivers options and equity trades when the markets present them using a combination of fundamentals and technicals. Sign up for Rocket Equities and Options Report today with a 30 day money back guarantee so you have nothing to risk. For all the details and to start your subscription today, visit the front page of TFNN.com. TFNN, educating investors. In the world of trading, only a few names stand out like Larry Pesavento, a pros pro with over 50 years of experience. Larry has seen it all. A former Chicago Mercantile exchange member, Larry has authored 10 books and trained over 1,000 traders with his unmatched expertise. Introducing Fibonacci 24-7, Larry Pesavento's daily trading service that turns the complexity of markets into opportunities. Published every Sunday, receive a comprehensive report packed with detailed commentary, charts and videos that illuminate the patterns shaping the markets with updates throughout the week, exclusively for subscribers. Whether through charts or videos, Larry's analysis is your roadmap to navigating the markets. You can sign up now at TFNN.com for just $97 and with all TFNN newsletters backed by a 30-day money-back guarantee, you have nothing to risk. For all the details, visit TFNN.com. You'll find Fibonacci 24-7 right under the newsletters tab. The stock market is a delicate interconnecting web of commodities, equities and trader psychology. When one string of the web is pulled, it has a ripple effect across the broader market. This is where opportunity lies. But how are you to gather all of this information into one cohesive model when you're already spending your energy looking for any possible trade opportunities? Luckily, you don't have to worry about that. As Tom O'Brien has brought all important market news to you in one single newsletter, Market Insights. Market Insights provides a daily overview of what's happening in the indexes, bonds, gold and more. Follow along with Tom daily as he analyzes the components that affect the overall movement of the stock market, giving insight into how each one plays either a bullish or bearish role. Tom also analyzes specific equities that he believes has the potential to make huge returns and his track record proves his analysis right. All first-time subscribers receive a 30-day money-back guarantee. So what are you waiting for? Don't let the market leave you in the dust. TFNN has launched the Tiger's End. Hosted at Discord, TFNN has been educating traders for more than 20 years with live programming hosted by a variety of professional traders during market hours, the Tiger's Day, available to all tigers and Tigresses for just $1 for the year. There's no cash or added costs when you join our community of traders. Sign up today and become a part of this educational community of traders. Just visit the front page of TFNN.com. Don't forget, you can listen to TFNN live on your mobile device 24 hours per day. Go to TFNN.com and hit Watch Tiger TV. That's TFNN.com and hit Watch Tiger TV. Okay, folks, I'm unable to finish the show here today because in an emergency, I got a screwed up order and I got to get it taken care of. I'm sorry about this. I'll see you tomorrow. The guests tomorrow will be Norm Winsky over and out and I love you guys and please be safe. Gold report. As a precious metal gold is still king. It continues to hold the most effective safe haven and hedging properties across the global major trading hubs of the London OTC market, the US futures market and the Shanghai Gold Exchange. The gold report. Tom O'Brien publishes his weekly gold report every Monday morning for subscribers consisting of coverage of the XAU, HUI, GDX, the Dollar, Bonds, the South African Rand as well as 25 different mining equities with specific buy-sell recommendations. The gold report. New subscribers get a 30-day money back guarantee so you have nothing to risk. Subscribe to Tom O'Brien's Gold Report newsletter now at TFNN.com. Many trading newsletters attempt to focus on a narrow set of equities or commodities. While this works for some, it oftentimes misses many opportunities that possess huge game potential. But how is an independent trader supposed to scan the entire market looking for these hidden opportunities? One simple answer. The opening call newsletter. Basil Chapman, developer of the Chapman Wave Trading methodology has been trading the markets for longer than most trading influencers have been alive. And over that time, he has honed his methodology in order to accurately call movements in a wide range of equities, from semiconductors to uranium to key indices and so much more. Basil is old school, taking the time to educate the trader while also giving his