WEBVTT

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<v Speaker 1>A lot of fundamental principles of.

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<v Speaker 2>Last little cells and any individual lots.

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<v Speaker 1>This is the show. Oh right, everybody, welcome to you

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<v Speaker 1>one book show on this Monday, October twentieth. This is

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<v Speaker 1>the second show today special edition. We're going to be

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<v Speaker 1>talking about Marga Thatcher.

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<v Speaker 2>Marga Thatcher Today was a sponsored show by Alexus and

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<v Speaker 2>also approximately one hundredth anniversary to Marga Thatcher's birth, So

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<v Speaker 2>thank you Alexis first for sponsoring this. You too can

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<v Speaker 2>sponsor the show on any topic you want, so take

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<v Speaker 2>that into account. So we're going to be talking about

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<v Speaker 2>Marga Thatcher, uh kind of history, a little bit about her,

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<v Speaker 2>what she did, her time in office, and the kind

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<v Speaker 2>of global impact, global impact she had.

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<v Speaker 1>And yeah, you.

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<v Speaker 2>Can ask questions super chat, you can ask about Bogatacci,

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<v Speaker 2>you can ask about politics, you can ask about anything

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<v Speaker 2>you want.

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<v Speaker 1>As always, I am here to answer your questions. So

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<v Speaker 1>free for you to ask about anything.

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<v Speaker 2>And remember the super chat and the stickers a way

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<v Speaker 2>to support the show.

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<v Speaker 1>Value for value.

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<v Speaker 2>You know, we live in times where it really is

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<v Speaker 2>impossible to admire anybody in politics. I mean, the best

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<v Speaker 2>you can say about somebody in politics these days is

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<v Speaker 2>they're not as bad as but there's really nothing positive.

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<v Speaker 2>There is nobody who makes a positive case for liberty

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<v Speaker 2>of freedom. There's nobody the one can look up to

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<v Speaker 2>from a mall perspective as somebody who who is principled,

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<v Speaker 2>even if we don't agree completely with their principles. And

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<v Speaker 2>when you do find somebody a principle, they're more likely

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<v Speaker 2>to be status principles. They're more likely to be principles

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<v Speaker 2>of religion, principles of.

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<v Speaker 1>Some form of statism. You know. Maybe the most principled politicians.

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<v Speaker 2>We have right now, those advocates of Christian conservatism. That

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<v Speaker 2>was not always the case. And we're going to talk

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<v Speaker 2>about Margat Thatcher today. And look, Margotacha is no objective saint,

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<v Speaker 2>she is no ideal politician.

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<v Speaker 1>But I'm going to argue the Margat Thatcher.

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<v Speaker 2>Was a woman, first of all, a strong, powerful woman

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<v Speaker 2>with an incredible speaker, with real rhetorics, somebody who believed

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<v Speaker 2>in certain principles and tried to implement them and articulated them,

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<v Speaker 2>and a woman who landed up without any question changing

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<v Speaker 2>the world, changing England, changing the United Kingdom where she lived,

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<v Speaker 2>but changing the world because she inspired change all over

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<v Speaker 2>the world, not.

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<v Speaker 1>Just in her home country.

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<v Speaker 2>So you know we're gonna we're gonna talk about that,

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<v Speaker 2>We're gonna talk about what she did, We're going to

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<v Speaker 2>talk about the legacy. We're going to talk about who

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<v Speaker 2>she influenced and so on. But you know, some of

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<v Speaker 2>this is I think significant in terms of the contrast

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<v Speaker 2>that we see with the middle of the road.

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<v Speaker 1>Stand for nothing.

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<v Speaker 2>Uh, pragmatists or powerlusters that exists today, We're all of them,

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<v Speaker 2>without exception, are statists.

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<v Speaker 1>Uh.

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<v Speaker 2>And we lived through I lived to some of us

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<v Speaker 2>live through and where we had Margaret Thatcher and Ronald Reagan. Again,

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<v Speaker 2>neither one of them perfect, neither one of them mighty

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<v Speaker 2>ideal from it, but as compared to anybody today, head

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<v Speaker 2>and shoulders, head and shoulders, and maybe a lot more

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<v Speaker 2>than that, above anybody in our world, in our political universe.

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<v Speaker 1>Today, and both.

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<v Speaker 2>At least presented themselves and presented arguments for freedom, for liberty, for.

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<v Speaker 1>Smaller, more limited government.

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<v Speaker 2>So let's talk about kind of the biography a little

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<v Speaker 2>bit of Margat Thatcher. We'll get into what she actually did,

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<v Speaker 2>and then into her legacy. So Thatcher was born about

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<v Speaker 2>one hundred years ago, thirteenth of October nineteen twenty five,

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<v Speaker 2>in the town of Grantham in Lincolnshire, England. So kind

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<v Speaker 2>of rule will England if you will. She was born

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<v Speaker 2>to a kind of lower middle class family. Her father

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<v Speaker 2>owned a grocery business. So as comparison to many, maybe

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<v Speaker 2>probably most, of the prime ministers in the history of England,

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<v Speaker 2>she did not come from an upper class, from aristocratic

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<v Speaker 2>or a very very prominent family. She came from a

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<v Speaker 2>grocery business. Her father owned the grocery. They literally lived

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<v Speaker 2>above the grocery store. Her father was also quite active politically.

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<v Speaker 2>He was also a lay preacher at the Methodist Church.

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<v Speaker 2>But he was an older man, and he sat on

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<v Speaker 2>the finance committee and at some point even.

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<v Speaker 1>Became mayor of Grantham.

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<v Speaker 2>And indeed, Margaret Thatcher's first exposure to politics came from

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<v Speaker 2>her father's campaigns and working and seeing her father her

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<v Speaker 2>father's kind of civic roles and civic a positions, and

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<v Speaker 2>watching the campaigns and watching him perform in those roles.

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<v Speaker 2>My guess is she also got her I mean, she

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<v Speaker 2>obviously developed it herself, but she benefited from having a

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<v Speaker 2>father who had quite a ability a rhetorical ability, which

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<v Speaker 2>made him a kind of a lay preacher at.

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<v Speaker 1>The Methodist Methodist Church.

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<v Speaker 2>Of course, the Methodist environment, the Methodist religion was very

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<v Speaker 2>much about discipline, moral rectitude, community service.

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<v Speaker 1>Things that I think ultimately.

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<v Speaker 2>To some extent shaped the character of a Margathach or

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<v Speaker 2>help shape her character.

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<v Speaker 1>She you know, she grew up in the backdrop of

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<v Speaker 1>World War two. Really if you.

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<v Speaker 2>Think about the fact that she was born in twenty five,

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<v Speaker 2>the war breaks out in thirty nine, so she was

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<v Speaker 2>fourteen when the war broke out. By the time is over,

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<v Speaker 2>she is a young woman of twenty. So the war years,

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<v Speaker 2>years of difficulty and years of struggle for anybody in England,

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<v Speaker 2>years of relative poverty with again I think really really

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<v Speaker 2>important in maybe shaping her. She was super bright. She

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<v Speaker 2>attended local schools what's called in England, and grammar school,

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<v Speaker 2>which is a kind of a better public school, public

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<v Speaker 2>school with entrance exams standards, was a gals school.

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<v Speaker 1>She had strong you know, she was good at school.

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<v Speaker 1>She was strong academic abilities.

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<v Speaker 2>And again you know, continue to live above the grocery store,

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<v Speaker 2>pretty simple life again, lower middle class kind of life.

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<v Speaker 1>In nineteen forty three, so just before they of the

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<v Speaker 1>end of the world. When she was.

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<v Speaker 2>Eighteen, she wanted admission to some college in Oxford. Oxford University,

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<v Speaker 2>so the premiere or one of the one of the

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<v Speaker 2>premier universities in England. I don't want to piss off

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<v Speaker 2>the Cambridge crowd, and where she studied.

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<v Speaker 1>Chemistry, chemistry.

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<v Speaker 2>While at Oxford studying chemistry, she became active in student

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<v Speaker 2>politics and she ended up serving as president of the

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<v Speaker 2>Oxford University Conservative Association. But he was a young woman

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<v Speaker 2>going into the sciences. She graduated with honors, and she

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<v Speaker 2>when she left the university, she went and worked as

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<v Speaker 2>a researcher, research chemic chemist at a.

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<v Speaker 1>Plastic and food company. But she never really.

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<v Speaker 2>Enjoyed it or particularly liked it. She was not a

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<v Speaker 2>scientist at heart. And uh, you know, but she was

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<v Speaker 2>academically competent. She was obviously, you know, had the ability

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<v Speaker 2>to study science. She was obviously good at math, good

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<v Speaker 2>at science. She was a smart woman, very smart woman.

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<v Speaker 2>But immediately at Oxford she'd engaged in politics, and very

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<v Speaker 2>quickly after taking a job in chemistry, she left and

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<v Speaker 2>went to study law, like I guess most people in

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<v Speaker 2>politics went to study law and became a barrister. Now

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<v Speaker 2>I don't know what a barrister is. It's like a lawyer.

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<v Speaker 2>But you know in England they have all these different

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<v Speaker 2>kinds of lawyers that it's complicated, you know. Anyway, by

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<v Speaker 2>the only nineteen fifties, she starts pushing a political career.

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<v Speaker 2>The first time she wants four parliament she loses. Indeed,

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<v Speaker 2>I think she loses a number of races before she

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<v Speaker 2>finally gets in. In nineteen fifty one, she married Dennis Thatcher,

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<v Speaker 2>who is a successful business man. The fact that he

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<v Speaker 2>was successful and made money allowed her really to She

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<v Speaker 2>basically had financial independence at this point, allowed her to

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<v Speaker 2>focus on.

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<v Speaker 1>A political career.

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<v Speaker 2>She didn't have to worry about work, and he throughout

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<v Speaker 2>her life. I mean, as far as I can tell,

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<v Speaker 2>basically provided kind of a support, a backbone in while

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<v Speaker 2>she pursued her.

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<v Speaker 1>Politics.

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<v Speaker 2>I mean, he was the first gentleman of Downing Street,

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<v Speaker 2>and really the first first gentleman because she was the

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<v Speaker 2>first female Prime Minister of England. But from everything I've seen,

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<v Speaker 2>everything I've read, incredibly supportive.

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<v Speaker 1>Strong man.

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<v Speaker 2>You need to be a strong man to be married

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<v Speaker 2>to a strong woman, and incredibly supportive. So here's a

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<v Speaker 2>woman who studied science and goes into politics, brings to

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<v Speaker 2>that politics, I think, an incredibly strong work ethic.

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<v Speaker 1>A origins in.

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<v Speaker 2>A kind of in a lower middle class environment, which

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<v Speaker 2>I think helped her with a lot of her constituency.

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<v Speaker 2>She wasn't one of these snobbish upper class.

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<v Speaker 1>People coming in.

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<v Speaker 2>She could relate to the common man and somebody who

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<v Speaker 2>had some experience through her father in kind of politics,

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<v Speaker 2>in political role and so on.

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<v Speaker 1>She'd got a great education.

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<v Speaker 2>And again incredibly smart, incredibly able, incredibly hard working. She

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<v Speaker 2>was finally elected to parliament in nineteen fifty nine as

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<v Speaker 2>a Member of Parliament from the constituency of Finch, which

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<v Speaker 2>is in North London. Early on in the parliament she

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<v Speaker 2>was at what's called in England a backbencher, right, so

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<v Speaker 2>this is a junior a junior position within the political party,

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<v Speaker 2>but you're in parliament but not that important. And as

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<v Speaker 2>a backbencher though she was very active in policy issues,

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<v Speaker 2>she was interested in them and again hard working, hardworking

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<v Speaker 2>and very clear. She already at this point she clearly

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<v Speaker 2>had principles, she knew what she wanted, she had a

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<v Speaker 2>clear things she aligned with and during this period she

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<v Speaker 2>was part of what was called then the reformist wing

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<v Speaker 2>of the Conservative Party, the Conservative Party post World War Two,

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<v Speaker 2>it was the party of the mixed economy. It was

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<v Speaker 2>a party of compromise. It was a party that accepted

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<v Speaker 2>socialism in vast part of the economy. I just wanted

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<v Speaker 2>to do us like you better job. But it was

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<v Speaker 2>a bit of a road party, it was. It was

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<v Speaker 2>not a party committed to any kind of real principles.

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<v Speaker 2>It was them and the Labor Party, and the differences

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<v Speaker 2>were minor. The differences between the two political parties. Parties

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<v Speaker 2>were relatively minor. H there were forming of the Conservative

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<v Speaker 2>Party that was influenced by the very early think tanks

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<v Speaker 2>that were being established at the time, including the Institute

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<v Speaker 2>for Economic Affairs, was challenging of kind of the post

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<v Speaker 2>World War to consensus of the mixed economy, of state

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<v Speaker 2>intervention and of a large welfare state. So so they

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<v Speaker 2>were they were aligned much more with a small government,

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<v Speaker 2>limited government, reduced offastan, not eliminating it, and reduced role

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<v Speaker 2>for the government in the economy.

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<v Speaker 1>And that is that was her political base. That's who

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<v Speaker 1>she was with. That's who she you know. That was

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<v Speaker 1>the network.

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<v Speaker 2>That was the network she developed during this period of time.

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<v Speaker 2>By nineteen seventy she's no longer a backbencher. By nineteen

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<v Speaker 2>seventy she's a Secretary for Education and Science.

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<v Speaker 1>This was under Edward Heath.

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<v Speaker 2>Edward Heath won in nineteen seventy and appointed her for that. Now,

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<v Speaker 2>Edwards Heath was again a very middle of the road,

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<v Speaker 2>mixed economy, stand for nothing, really a prime minister in

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<v Speaker 2>s such he was a continuation of the failures of

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<v Speaker 2>previous governments. By nineteen seventy four, when the government fell

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<v Speaker 2>and a Labor Party was elected, Britain was in the

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<v Speaker 2>midst of inflation, of unemployment, of recession. Nineteen seventies were

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<v Speaker 2>not a good time in England.

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<v Speaker 1>It was you know, it was a.

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<v Speaker 2>Time of economic contraction, a time of economic failure, and.

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<v Speaker 1>You know, she was part of the government that led

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<v Speaker 1>to that.

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<v Speaker 2>She tried, she tried to engage in in education reforms.

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<v Speaker 2>Many of them were unpopular, but you know, you know,

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<v Speaker 2>she really tried.

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<v Speaker 1>To focus on.

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<v Speaker 2>Quality of education, on increasing the rigor and increasing the

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<v Speaker 2>quality of education. Anyway, in nineteen seventy five there was

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<v Speaker 2>an election for obviously the government failed. There was a

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<v Speaker 2>leadership change and there was election for the leadership of

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<v Speaker 2>the Conservative Party and therefore the leadership of the opposition.

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<v Speaker 2>That was nineteen seventy five, February eleventh, nineteen seventy five,

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<v Speaker 2>Thatcher becomes the leader of the Conservative Party and therefore

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<v Speaker 2>the leader of her of the opposition. And this changed

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<v Speaker 2>the Conservative Party at least then, maybe not so much

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<v Speaker 2>you know later, But then this was the rebellion of

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<v Speaker 2>the reformers. This was the younger generation. These were the

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<v Speaker 2>these were the radicals. These were the people who want

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<v Speaker 2>to change. They were not They did not want to

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<v Speaker 2>settle for the way things had been done, and viewed

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<v Speaker 2>kind of the failures of the Conservative Party in the

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<v Speaker 2>past as a challenge to themselves to kind of change direction.

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<v Speaker 2>So Thatcher represented a real shift, a shift in the

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<v Speaker 2>attitude of the party towards more market orientation, less state

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<v Speaker 2>intervention in the economy, smaller you know, smaller welfist. And

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<v Speaker 2>of course from seventy five to seventy nine, as she

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<v Speaker 2>was in the opposition, things were going worse in England.

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<v Speaker 2>You had rising inflation, industrial unrest, lots of strikes, lots

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<v Speaker 2>of strikes.

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<v Speaker 1>And the Labor Party failing.

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<v Speaker 2>Failing, and this of course created a great opportunity for her.

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<v Speaker 1>It is only the background of people were fed up.

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<v Speaker 2>I think about the nineteen seventies and I think this

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<v Speaker 2>is true of the United States. Nineteen seventies were dark period. Economically,

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00:17:41.519 --> 00:17:45.880
<v Speaker 2>things were very bad. Ye know, it was not not

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<v Speaker 2>as bad as the nineteen thirties, but you had inflation.

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<v Speaker 1>People hate inflation, had high unemployment.

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<v Speaker 2>Again, the stagflation, you know, low economic growth and high

259
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<v Speaker 2>inflation is something the Canes did not anticipate. Keynesian policy

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<v Speaker 2>had dominated British governments since the end of World War Two,

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<v Speaker 2>and people were fed up. You know, the country was

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<v Speaker 2>in industrial decline, economic decline, and cost.

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<v Speaker 1>Of living with skyrocketing.

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<v Speaker 2>You know, in those days people forget this, but I

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<v Speaker 2>kind of remember, and other people maybe who lived in

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<v Speaker 2>London in the nineteen seventies micro called this London was

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<v Speaker 2>a dog place. I mean today I marvel at how

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<v Speaker 2>clean some of the buildings are and they regularly clean them.

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<v Speaker 2>But in those days there was grime in all the buildings.

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<v Speaker 2>It was. It was not a beautiful Today it's a

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<v Speaker 2>beautiful city. It was not a beautiful.

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<v Speaker 1>City and it was a city there was really struggling.

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<v Speaker 2>Again, struggling because of economic decay and economic decline in

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<v Speaker 2>Britain generally was like this. It was and people were

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<v Speaker 2>in a dark mood. And she was the leader of

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<v Speaker 2>the opposition. She had a radical vision. She was an

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<v Speaker 2>unbelievable hard worker. She had a clarity of purpose, you know,

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<v Speaker 2>clarity of what her ideology was, and she was just

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00:19:31.039 --> 00:19:34.960
<v Speaker 2>ready for the job. In nineteen seventy nine, in the election,

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<v Speaker 2>the Conservative Party won the general election and on May fourth,

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<v Speaker 2>nineteen seventy nine, Margaret Thatcher becomes Prime Minister. Note that

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<v Speaker 2>this is a year and a half, almost two years

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<v Speaker 2>before Ronald Reagan becomes president, and immediately her guvernment starts

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<v Speaker 2>implementing changes. Their first priority is controlling inflation. To do that,

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<v Speaker 2>they're very much influenced by by Milton Friedman. So they

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00:20:03.440 --> 00:20:07.720
<v Speaker 2>are monitorists, and so it means cutting back on government

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00:20:07.799 --> 00:20:11.519
<v Speaker 2>printing of money. But it's not enough just to cut

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00:20:12.000 --> 00:20:14.559
<v Speaker 2>just the printing of money. They also realize they have

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<v Speaker 2>to cut the size of government, the involvement of government.

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<v Speaker 1>They have to really restructure things.

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<v Speaker 2>One of the main sources of they believe problems in

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<v Speaker 2>economy is the massive power the trade unions of accumulated

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<v Speaker 2>accumulated over the twentieth century. So they immediately get to

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<v Speaker 2>work on reducing the power of the trade unions. This

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<v Speaker 2>is something that margaretach is involved in from nineteen seventy

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<v Speaker 2>nine really until the mid nineteen eighties when she finally

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00:20:46.880 --> 00:20:52.799
<v Speaker 2>wins and is dramatically reduced reduced the power of the unions.

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<v Speaker 2>So you know immediately she is focused on economic liberalization.

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<v Speaker 2>Let me let me just once, let me skip my

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<v Speaker 2>head here for something. Say, I have notes and they're

301
00:21:12.680 --> 00:21:24.799
<v Speaker 2>not very organized, all right, So if you think about

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00:21:24.799 --> 00:21:28.920
<v Speaker 2>economic reforms, is that Margaret Thatcher puts in place so

303
00:21:29.039 --> 00:21:32.720
<v Speaker 2>first tech control of the money supply to coup inflation. Indeed,

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00:21:32.799 --> 00:21:37.039
<v Speaker 2>inflation goes from eighteen percent eighteen percent in nineteen seventy

305
00:21:37.119 --> 00:21:40.799
<v Speaker 2>nine to five percent under five percent in nineteen eighty three.

306
00:21:42.279 --> 00:21:46.519
<v Speaker 2>During this period, interest rate shoot up and unemployment goes

307
00:21:46.720 --> 00:21:53.079
<v Speaker 2>through the roof and then starts going down. She engages

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00:21:53.119 --> 00:21:57.200
<v Speaker 2>a tax reform in nineteen seventy nine. One of the

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00:21:57.240 --> 00:22:00.000
<v Speaker 2>first things she does is lower the top income text

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00:22:00.119 --> 00:22:04.039
<v Speaker 2>rate from about eighty three percent eighty three percent.

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<v Speaker 1>To sixty percent.

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<v Speaker 2>Ultimately it's brought down to forty percent in nineteen eighty eight,

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<v Speaker 2>she increases the VAT, so she's moving away from income

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<v Speaker 2>taxation and more towards sales taxes.

315
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<v Speaker 1>Now I wish she'd gone all the way.

316
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<v Speaker 2>Ideally, you lower the income text to zero and you

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00:22:27.359 --> 00:22:29.880
<v Speaker 2>raise the VAT to generate revenue, even if you have

318
00:22:29.920 --> 00:22:34.559
<v Speaker 2>to go to twenty five thirty percent. But yes, rely

319
00:22:34.759 --> 00:22:40.599
<v Speaker 2>less on taxing income, taxing work, taxing profits, taxing capital gains,

320
00:22:40.640 --> 00:22:45.880
<v Speaker 2>Taching's investment, and moved towards taxing consumption. So that was

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<v Speaker 2>increased from eight percent to fifteen percent in nineteen seventy nine.

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<v Speaker 2>Corporate taxes were lowered, and then she started putting controls

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<v Speaker 2>overblic public spending, reduced subsidies to state industries and local governments,

324
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<v Speaker 2>and stricter rules and welfare eligibility. So start shrinking government slowly.

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<v Speaker 2>So those are the films and and look, nobody was

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<v Speaker 2>happy about these reforms. Unemployment went up in the early

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<v Speaker 2>days and inflation was going through the roof, So that

328
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<v Speaker 2>was that was a real worry.

329
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<v Speaker 1>It was people were struggling.

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<v Speaker 2>People were skeptical at first about what she was doing.

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<v Speaker 2>And you know, elections were coming up in the in

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<v Speaker 2>the mid nineteen eighties, and you know, the reality is

333
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<v Speaker 2>that the Conservative Party was very unpopular, and.

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<v Speaker 1>Really what saved her was.

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<v Speaker 2>The one the Falklands, you know, the Falklands, these islands

336
00:23:55.480 --> 00:24:03.599
<v Speaker 2>in in uh the Atlantic Ocean off the coast, you know,

337
00:24:03.680 --> 00:24:11.720
<v Speaker 2>quite quite far off the coast of Argentina that Argentina

338
00:24:11.759 --> 00:24:19.559
<v Speaker 2>claim as some claim over in its history and it's past.

339
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<v Speaker 2>And Argentina basically invaded to suppose you reclaimed this is.

340
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<v Speaker 1>In nineteen eighty two, and it could have been.

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<v Speaker 2>Very easy for Thatch, you anybody else to basically said, oh, look,

342
00:24:39.440 --> 00:24:44.400
<v Speaker 2>you know, yeah, okay, let's negotiate or something. Argentina had

343
00:24:44.400 --> 00:24:48.839
<v Speaker 2>long claimed sovereignty. They'd argued that the islands were taken

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<v Speaker 2>by Britain in eighteen thirty three and looked us as

345
00:24:56.000 --> 00:25:00.359
<v Speaker 2>eight thousand miles from London. The British Empire was already gone.

346
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<v Speaker 2>What's the point. Well Thatcher didn't take that approach, and

347
00:25:07.519 --> 00:25:13.240
<v Speaker 2>her view was, no, you know, we will defend these islands.

348
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<v Speaker 2>The invasion was a surprise. It was April second, nineteen

349
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<v Speaker 2>eighty two. Argentina forces invaded, occupied the islands, overwhelmed the

350
00:25:23.720 --> 00:25:30.039
<v Speaker 2>small British garrison there was there Thatcher's response was, we

351
00:25:30.160 --> 00:25:33.920
<v Speaker 2>have ceased to be a nation and retreat again. This

352
00:25:34.039 --> 00:25:39.319
<v Speaker 2>is after decades of the UK just just becoming smaller

353
00:25:39.359 --> 00:25:47.799
<v Speaker 2>and smaller, the you know, shedding, shedding its colonies and

354
00:25:47.160 --> 00:25:52.359
<v Speaker 2>its empire and just becoming a weaker and smaller and insignificant.

355
00:25:52.440 --> 00:25:56.279
<v Speaker 2>Natia I think, I think the self esteem of Brits

356
00:25:56.920 --> 00:25:59.119
<v Speaker 2>when it came to kind of the nation and what

357
00:25:59.160 --> 00:26:02.400
<v Speaker 2>the nation could do at a very low point, and

358
00:26:02.440 --> 00:26:05.519
<v Speaker 2>she was like, we're now retreating, We're going after them.

359
00:26:06.039 --> 00:26:08.759
<v Speaker 2>Within hours of the invasion, she convened her war cabinet

360
00:26:08.799 --> 00:26:12.480
<v Speaker 2>decided to send a naval task force one hundred plus ships,

361
00:26:12.759 --> 00:26:17.680
<v Speaker 2>twenty seven thousand troops eight thousand miles to retake the islands.

362
00:26:19.359 --> 00:26:23.519
<v Speaker 2>The decision exemplified what Thatcher was about right in her

363
00:26:23.640 --> 00:26:28.200
<v Speaker 2>public image. She was quick, bold and willing to take risks.

364
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<v Speaker 2>A lot of people thought this was suicide. Just the

365
00:26:32.599 --> 00:26:35.079
<v Speaker 2>logistics of managing a war from three thousand miles away

366
00:26:35.240 --> 00:26:39.920
<v Speaker 2>would kill it. Thatcher's argument was, the Falklands are British,

367
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<v Speaker 2>they must be freed. Nobody's going to just take it

368
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<v Speaker 2>away from us.

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<v Speaker 1>And of course the war was won. Between April and June.

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<v Speaker 2>British forces slowly recaptured the island, first South Jeoji, which

371
00:27:00.440 --> 00:27:06.640
<v Speaker 2>is April twenty fifth, pretty quickly, and by June fourteenth

372
00:27:06.759 --> 00:27:13.000
<v Speaker 2>Argentinian forces surrendered. The total war lasted seventy four days and.

373
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<v Speaker 1>Regained control of the islands.

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<v Speaker 2>This had a you know, two hundred and fifty five

375
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<v Speaker 2>British and six hundred and forty nine Argentinians soldiers died

376
00:27:23.039 --> 00:27:27.720
<v Speaker 2>as part of it, but overall the victory was considered swift, total,

377
00:27:28.960 --> 00:27:33.920
<v Speaker 2>incredibly symbolic. And that's just popularity went from twenty five

378
00:27:33.960 --> 00:27:40.119
<v Speaker 2>percent before. Remember, high unemployment, high interest rates, economy struggling,

379
00:27:40.960 --> 00:27:47.079
<v Speaker 2>inflation almost not quite killed yet the reforms were holding reforms.

380
00:27:47.400 --> 00:27:49.119
<v Speaker 1>It was struggling with the reforms.

381
00:27:50.000 --> 00:27:56.359
<v Speaker 2>Twenty five percent over sixty. She's gained this aura of

382
00:27:56.440 --> 00:28:02.039
<v Speaker 2>decisiveness and British confidence and we can do stuff. And

383
00:28:02.079 --> 00:28:04.039
<v Speaker 2>as a conseqt with her that she called an early

384
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<v Speaker 2>election in nineteen eighty three and she won in a landslide.

385
00:28:11.000 --> 00:28:16.079
<v Speaker 2>She declared, Britain found herself again in the South Atlantic

386
00:28:16.480 --> 00:28:19.640
<v Speaker 2>and will not look back from the victory she has won.

387
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<v Speaker 2>So put aside the importance of the Folkland island. They're

388
00:28:25.039 --> 00:28:28.960
<v Speaker 2>probably not that importance. The importance here was to morale.

389
00:28:29.599 --> 00:28:33.319
<v Speaker 2>The importance here was to kind of the sense the

390
00:28:33.359 --> 00:28:39.440
<v Speaker 2>patriotism and the confidence the Brits gained in their own government,

391
00:28:39.799 --> 00:28:44.599
<v Speaker 2>in their prime minister, in Morga Thatcher. So what really

392
00:28:44.599 --> 00:28:47.720
<v Speaker 2>happened then was it just gave her a boost to

393
00:28:47.839 --> 00:28:52.680
<v Speaker 2>do so much more so, you know, I'd say, up

394
00:28:52.759 --> 00:28:55.720
<v Speaker 2>until nineteen eighty two eighty three, much of what she

395
00:28:55.799 --> 00:28:59.599
<v Speaker 2>had done was pretty standard stuff that you would do

396
00:28:59.720 --> 00:29:03.960
<v Speaker 2>to to defeat inflation. It wasn't particularly radical, it wasn't big.

397
00:29:04.039 --> 00:29:06.720
<v Speaker 2>It was important, it needed to be done. But a

398
00:29:06.720 --> 00:29:12.079
<v Speaker 2>lot of the radical stuff happens after nineteen eighty three,

399
00:29:12.160 --> 00:29:16.640
<v Speaker 2>after her Lanchlide victory, after the Falkland victory.

400
00:29:18.039 --> 00:29:20.359
<v Speaker 1>So starting with privatization.

401
00:29:21.160 --> 00:29:24.400
<v Speaker 2>In nineteen eighty four, British telecomis privatized, British gas in

402
00:29:24.440 --> 00:29:27.319
<v Speaker 2>eighty six, British Airways in eighty seven, but it's still

403
00:29:27.359 --> 00:29:31.400
<v Speaker 2>in eighty eight, Alexristine, what are utilities are privatized in

404
00:29:31.440 --> 00:29:37.000
<v Speaker 2>the late nineteen eighties. Council housing people are giving given

405
00:29:37.079 --> 00:29:39.759
<v Speaker 2>the right Council housing is like public housing, government housing,

406
00:29:40.480 --> 00:29:44.079
<v Speaker 2>and people are There's a right to buy program that

407
00:29:44.160 --> 00:29:47.279
<v Speaker 2>is passed by Parliament which allows the resident in the

408
00:29:47.279 --> 00:29:51.079
<v Speaker 2>public housing to buy the housing at a reasonable price.

409
00:29:51.839 --> 00:29:57.640
<v Speaker 2>Million people ultimately no sorry, yeah, a million people gain

410
00:29:58.119 --> 00:30:02.000
<v Speaker 2>home ownership as a consequence of this, right over a

411
00:30:02.000 --> 00:30:05.000
<v Speaker 2>million people by nineteen ninety, just by nineteen ninety.

412
00:30:05.359 --> 00:30:07.440
<v Speaker 1>So this was huge. The housing reformed.

413
00:30:07.680 --> 00:30:10.640
<v Speaker 2>Now the housing reform is actually in nineteen eighty, but

414
00:30:11.559 --> 00:30:17.640
<v Speaker 2>you know, people benefited throughout. Privatization ultimately raised billions in revenue,

415
00:30:18.279 --> 00:30:22.279
<v Speaker 2>which the Brits needed in order to pay back of Dad.

416
00:30:23.319 --> 00:30:23.960
<v Speaker 1>But it was.

417
00:30:23.960 --> 00:30:29.160
<v Speaker 2>A it really led to a wave of privatization. We'll

418
00:30:29.160 --> 00:30:31.559
<v Speaker 2>get we'll get to this in the global influence, a

419
00:30:31.599 --> 00:30:37.079
<v Speaker 2>wave of privatization throughout the world. She had this profound

420
00:30:37.119 --> 00:30:42.160
<v Speaker 2>impact on other countries, including many including Eastern European countries

421
00:30:42.200 --> 00:30:44.920
<v Speaker 2>in the nineties, but certainly Third World countries that were

422
00:30:45.240 --> 00:30:49.079
<v Speaker 2>beginning to liberalize by million Asia, and part of that

423
00:30:49.200 --> 00:30:59.680
<v Speaker 2>was through privatization. Britain was the model. She just started

424
00:30:59.720 --> 00:31:02.359
<v Speaker 2>to take on the unions in more aggressive fashion. While

425
00:31:02.400 --> 00:31:05.720
<v Speaker 2>she had started in nineteen eighty and there were picketing

426
00:31:05.759 --> 00:31:07.799
<v Speaker 2>and strikes against her, and this was part of her

427
00:31:08.079 --> 00:31:12.440
<v Speaker 2>lack of popularity going into the Falkland War. She continued

428
00:31:12.480 --> 00:31:15.240
<v Speaker 2>that She doubled up on this in nineteen eighty four

429
00:31:15.240 --> 00:31:19.559
<v Speaker 2>with the Trade Union Act, which required secret ballid before strikes,

430
00:31:20.000 --> 00:31:22.680
<v Speaker 2>the Employment Act of nineteen eighty eight, which curtailed union

431
00:31:22.720 --> 00:31:27.839
<v Speaker 2>immunities and legal disputes, and then the big confrontation with

432
00:31:27.960 --> 00:31:31.480
<v Speaker 2>a minus strike. She was closing down a coal mines

433
00:31:31.519 --> 00:31:33.960
<v Speaker 2>and there was a massive minus strike nineteen eighty four

434
00:31:34.000 --> 00:31:37.079
<v Speaker 2>to nineteen eighty five. It lasted a year and it

435
00:31:37.240 --> 00:31:41.680
<v Speaker 2>basically broke the unions and they've never really recovered. It

436
00:31:41.759 --> 00:31:48.599
<v Speaker 2>broke the political dominance. Unions basically controlled British industry. They

437
00:31:48.640 --> 00:31:53.559
<v Speaker 2>colled British politics. The threat of strikes was something that

438
00:31:53.799 --> 00:31:57.920
<v Speaker 2>intimidated every politician, and she stood firm she would not

439
00:31:58.160 --> 00:31:59.599
<v Speaker 2>let the strike.

440
00:32:02.000 --> 00:32:02.960
<v Speaker 1>Change your policies.

441
00:32:06.039 --> 00:32:11.079
<v Speaker 2>After this, number of strikes fell, industrial disputes fell, and

442
00:32:11.960 --> 00:32:15.359
<v Speaker 2>union's lost influence. And of course, when you allow labor

443
00:32:15.400 --> 00:32:19.839
<v Speaker 2>markets to be more flexible, when unions lose power, productivity

444
00:32:19.880 --> 00:32:24.759
<v Speaker 2>goes up, wealth creation goes up. It's one of the

445
00:32:24.799 --> 00:32:31.640
<v Speaker 2>secrets to success is get flexible labor markets. She just

446
00:32:31.680 --> 00:32:35.079
<v Speaker 2>engage with massive deregulation. One of the biggest things was

447
00:32:35.680 --> 00:32:38.920
<v Speaker 2>what's called the Big Bang of nineteen eighty six. Which

448
00:32:39.039 --> 00:32:43.480
<v Speaker 2>was sweeping deregulation of the financial industry and the London

449
00:32:43.480 --> 00:32:48.039
<v Speaker 2>Stock Exchange got rid of fixed commission rates, allowed for

450
00:32:48.160 --> 00:32:53.839
<v Speaker 2>an ownership of member firms in the Stock Exchange, introduced

451
00:32:53.880 --> 00:32:59.359
<v Speaker 2>electronic trading, basically the Big Bang, together with banking reforms

452
00:32:59.440 --> 00:33:05.400
<v Speaker 2>and other nange reforms in the mid nineteen eighties turned London.

453
00:33:05.119 --> 00:33:06.039
<v Speaker 1>To what it is today.

454
00:33:06.400 --> 00:33:09.440
<v Speaker 2>You know, maybe it's losing its edge today, but what

455
00:33:09.480 --> 00:33:12.759
<v Speaker 2>it was up until recently, which was basically one of

456
00:33:12.799 --> 00:33:16.720
<v Speaker 2>the leading, maybe second only to New York financial centers

457
00:33:16.720 --> 00:33:25.759
<v Speaker 2>in the world. It shifted Britain from a industry an

458
00:33:25.839 --> 00:33:28.759
<v Speaker 2>economy based on heavy industry to an economy based on

459
00:33:28.799 --> 00:33:33.000
<v Speaker 2>services where finance played a big, big role in that.

460
00:33:36.000 --> 00:33:40.920
<v Speaker 2>So this was a major, you know, a major transformation.

461
00:33:41.759 --> 00:33:44.240
<v Speaker 2>London really becomes a hub. And this is part of

462
00:33:44.559 --> 00:33:47.119
<v Speaker 2>when London is studying to generate and almost revenues and

463
00:33:47.160 --> 00:33:49.640
<v Speaker 2>the city gets built up, all the skyscrapers in the

464
00:33:49.680 --> 00:33:54.640
<v Speaker 2>city and funds available to clean London up, and you know,

465
00:33:54.680 --> 00:33:55.160
<v Speaker 2>a lot of.

466
00:33:55.119 --> 00:33:57.240
<v Speaker 1>Good things, I guess a lot of good things happen.

467
00:34:00.759 --> 00:34:04.880
<v Speaker 2>She reforms the public sector and civil services, making government

468
00:34:04.880 --> 00:34:08.559
<v Speaker 2>more efficient, more business like, to the extent that you

469
00:34:08.559 --> 00:34:13.119
<v Speaker 2>can do that, you know, reduced the kind of entrenched

470
00:34:13.280 --> 00:34:17.039
<v Speaker 2>nature of British bureaucracy.

471
00:34:17.880 --> 00:34:18.639
<v Speaker 1>And then you.

472
00:34:18.559 --> 00:34:21.159
<v Speaker 2>Know, with the Falkland Wars. With the Folkland War, she

473
00:34:21.280 --> 00:34:25.440
<v Speaker 2>establishes Britain as strong. From policy wise, she's very much

474
00:34:25.440 --> 00:34:30.000
<v Speaker 2>aligned with Ronald Reagan in standing up to the Soviets.

475
00:34:31.079 --> 00:34:33.079
<v Speaker 1>Very much, you know.

476
00:34:33.360 --> 00:34:37.199
<v Speaker 2>Aligned with Reagan and deploying nuclear missiles in Europe.

477
00:34:38.360 --> 00:34:41.719
<v Speaker 1>Interestingly, while she supports a single.

478
00:34:41.400 --> 00:34:47.320
<v Speaker 2>European market, she supports the idea of free movement of labor, capital.

479
00:34:47.000 --> 00:34:47.960
<v Speaker 1>And goods.

480
00:34:49.519 --> 00:34:52.760
<v Speaker 2>Margatucha is the first Euroskeptic in the sense of she's

481
00:34:53.239 --> 00:34:57.039
<v Speaker 2>very very reluctant about further integration with Europe.

482
00:34:58.320 --> 00:34:59.719
<v Speaker 1>She's worried about.

483
00:34:59.519 --> 00:35:04.119
<v Speaker 2>Taking on regulatory burden of Europe, you know, regulating from Europe.

484
00:35:04.159 --> 00:35:08.239
<v Speaker 2>I mean, she's she's a deregulator and then to go

485
00:35:08.280 --> 00:35:11.400
<v Speaker 2>and ask Europe to regulate you that goes against everything

486
00:35:11.440 --> 00:35:16.079
<v Speaker 2>she believes in. So she would have never gotten Great Britain,

487
00:35:16.320 --> 00:35:22.840
<v Speaker 2>as you know, immersed in Europe, as you know, Great

488
00:35:22.840 --> 00:35:25.039
<v Speaker 2>Britain became, and if they would have never been a

489
00:35:25.199 --> 00:35:31.440
<v Speaker 2>need for Brexit if they had listened to her, you know,

490
00:35:31.559 --> 00:35:38.639
<v Speaker 2>they she chooses an actual curriculum, you know, and again

491
00:35:38.679 --> 00:35:41.400
<v Speaker 2>not a radical when it came to privatizing education or

492
00:35:41.400 --> 00:35:44.039
<v Speaker 2>anything like that, or eliminating in the welfare state, again

493
00:35:44.119 --> 00:35:47.159
<v Speaker 2>shrinking it, making it harder to get welfare, but not

494
00:35:47.280 --> 00:35:50.320
<v Speaker 2>in a big way, not in dramatic fashion, at least

495
00:35:50.440 --> 00:35:54.440
<v Speaker 2>not by nineteen ninety. Who knows what would have happened

496
00:35:54.440 --> 00:35:59.519
<v Speaker 2>if she had, if she had continued after that. Ultimately,

497
00:36:00.119 --> 00:36:02.960
<v Speaker 2>what Thatcher was about, what is shifting Britain which had

498
00:36:03.000 --> 00:36:09.559
<v Speaker 2>become a socialist hellhole, a dying country. I mean, I

499
00:36:09.679 --> 00:36:12.280
<v Speaker 2>Ran wrote about England, about the brain drain and all

500
00:36:12.360 --> 00:36:14.920
<v Speaker 2>the all the smart people leaving England and moving to

501
00:36:14.960 --> 00:36:22.000
<v Speaker 2>the United States. It was a dying place, dying place,

502
00:36:23.199 --> 00:36:26.679
<v Speaker 2>and she shifted it towards a market economy, which it

503
00:36:26.760 --> 00:36:31.719
<v Speaker 2>has been, you know, again a mixed economy, but a

504
00:36:31.760 --> 00:36:35.480
<v Speaker 2>mixed economy in nineteen seventies dominated by socialism. It shifted

505
00:36:35.519 --> 00:36:40.960
<v Speaker 2>to mixed economy dominated by markets, and that's lasted and

506
00:36:41.400 --> 00:36:45.239
<v Speaker 2>you know until recently until today maybe arguably, and it's

507
00:36:45.239 --> 00:36:47.079
<v Speaker 2>shifting away from that, just as it is in the

508
00:36:47.159 --> 00:36:47.840
<v Speaker 2>United States.

509
00:36:50.239 --> 00:36:50.519
<v Speaker 1>I mean.

510
00:36:50.679 --> 00:36:55.000
<v Speaker 2>And what she did was created massive prosperity. I mean,

511
00:36:55.039 --> 00:36:58.599
<v Speaker 2>England became a much wealthier place. Again, I'd say since

512
00:36:58.599 --> 00:37:02.119
<v Speaker 2>the financial crisis that prosperity has been in decline or

513
00:37:02.159 --> 00:37:05.519
<v Speaker 2>at least growing at a very very slow rate. But

514
00:37:05.639 --> 00:37:08.679
<v Speaker 2>the economic boom of the eighties and nineties and two thousands,

515
00:37:09.840 --> 00:37:12.639
<v Speaker 2>although we have to financial crisis, that is all thatcher.

516
00:37:13.280 --> 00:37:16.320
<v Speaker 1>That is all thatcher. The relative wealth that.

517
00:37:16.360 --> 00:37:21.519
<v Speaker 2>Is represented by London in particularities all over England is.

518
00:37:23.920 --> 00:37:26.440
<v Speaker 1>It's thatture. It would have never happened.

519
00:37:26.119 --> 00:37:29.960
<v Speaker 2>Without a the regular Conservative Party would have never been

520
00:37:30.000 --> 00:37:32.519
<v Speaker 2>able to make it happen.

521
00:37:35.119 --> 00:37:35.559
<v Speaker 1>All right.

522
00:37:36.199 --> 00:37:41.360
<v Speaker 2>Now, in nineteen ninety there were a few things that

523
00:37:41.719 --> 00:37:50.480
<v Speaker 2>ultimately led to her, you know, having having to who

524
00:37:50.840 --> 00:37:54.800
<v Speaker 2>resigning whatever initiatives.

525
00:37:54.880 --> 00:37:56.000
<v Speaker 1>Was something called the poll tax.

526
00:37:57.119 --> 00:38:04.639
<v Speaker 2>The poll tax was a was a.

527
00:38:02.559 --> 00:38:04.320
<v Speaker 1>Replacement for the property taxes.

528
00:38:05.400 --> 00:38:09.360
<v Speaker 2>So it was it was meant to fund local governments

529
00:38:10.519 --> 00:38:16.559
<v Speaker 2>and replace property taxes with a flat tax. Everybody paid,

530
00:38:16.639 --> 00:38:19.519
<v Speaker 2>Every adult paid exactly the same amount, and you got

531
00:38:19.519 --> 00:38:20.880
<v Speaker 2>tax based on how many adults.

532
00:38:21.079 --> 00:38:23.000
<v Speaker 1>Every adult paid a particular amount of money.

533
00:38:23.360 --> 00:38:28.400
<v Speaker 2>And this was supposed to fund local government. Now, uh,

534
00:38:30.159 --> 00:38:35.920
<v Speaker 2>this faced huge opposition, right, This was a proposal way

535
00:38:35.920 --> 00:38:39.400
<v Speaker 2>ahead of its time in many respects, right, because.

536
00:38:39.199 --> 00:38:44.960
<v Speaker 1>The reality was that this is this is not progressive.

537
00:38:45.760 --> 00:38:48.559
<v Speaker 2>Whereas a property tax you paid more so that the

538
00:38:49.000 --> 00:38:51.559
<v Speaker 2>gal has the mansion pays a lot more than the

539
00:38:51.599 --> 00:38:54.400
<v Speaker 2>person who's struggling to make a living and living in

540
00:38:54.480 --> 00:38:57.960
<v Speaker 2>a small apartment, a poll tax everybody pays the same.

541
00:38:58.239 --> 00:39:01.920
<v Speaker 2>The aristocrat who has a title and maybe has a

542
00:39:01.960 --> 00:39:05.559
<v Speaker 2>castle somewhere, and the common work up.

543
00:39:07.039 --> 00:39:08.280
<v Speaker 1>Pay exactly the same.

544
00:39:09.519 --> 00:39:13.159
<v Speaker 2>The politext was originally introduced in Scotland with a lot

545
00:39:13.159 --> 00:39:16.800
<v Speaker 2>of resistance. It then was expanded to the rest of

546
00:39:16.840 --> 00:39:21.800
<v Speaker 2>the UK. Many many people refused to pay it. There

547
00:39:21.880 --> 00:39:25.679
<v Speaker 2>were massive protests. There was a poll text riot in

548
00:39:25.719 --> 00:39:30.639
<v Speaker 2>London in March of nineteen ninety and Pole showed her

549
00:39:31.239 --> 00:39:37.760
<v Speaker 2>becoming less and less popular and Conservatives generally Conservative popularity

550
00:39:37.760 --> 00:39:39.239
<v Speaker 2>Conservative Party plummeted.

551
00:39:40.039 --> 00:39:43.360
<v Speaker 1>Even loyal Conservatives were opposed.

552
00:39:42.920 --> 00:39:47.119
<v Speaker 2>To this, but she was stubborn and she insisted on

553
00:39:47.159 --> 00:39:53.280
<v Speaker 2>doing it, and she ran with it, and this alienated

554
00:39:53.320 --> 00:39:57.760
<v Speaker 2>her for many people within the Conservative Party and many

555
00:39:57.760 --> 00:40:04.000
<v Speaker 2>people in the public. She also was drifting away from

556
00:40:04.039 --> 00:40:06.960
<v Speaker 2>the rest of the Consertive Party. On Europe, many in

557
00:40:06.960 --> 00:40:10.039
<v Speaker 2>the Conserti Party were eager for much greater.

558
00:40:09.840 --> 00:40:14.360
<v Speaker 1>Integration with the European Union. She warned against it.

559
00:40:14.760 --> 00:40:19.760
<v Speaker 2>Indeed, in nineteen ninety she delivered a famous Commons outburst.

560
00:40:19.760 --> 00:40:20.400
<v Speaker 1>I guess where she.

561
00:40:20.360 --> 00:40:25.119
<v Speaker 2>Said, no, no, no, as only Morgatacher could say, rejecting

562
00:40:25.159 --> 00:40:31.000
<v Speaker 2>any further European integration. As a consequence of that, her

563
00:40:31.760 --> 00:40:37.559
<v Speaker 2>found secretary, who was a longtime ally, resigned on thirteenth

564
00:40:37.639 --> 00:40:41.519
<v Speaker 2>of November nineteen ninety, accusing her of undermining colleagues and

565
00:40:41.719 --> 00:40:48.079
<v Speaker 2>isolating Britain in Europe. And the fact that Howe was

566
00:40:48.119 --> 00:40:53.960
<v Speaker 2>willing to leave and to give a scathing speech, very

567
00:40:53.960 --> 00:40:58.039
<v Speaker 2>anti thatch of speech, a galvanized opposition to her, an

568
00:40:58.159 --> 00:41:04.000
<v Speaker 2>ultimately galvanized opposition to people too willing to challenge her

569
00:41:04.480 --> 00:41:09.480
<v Speaker 2>in a leadership position. Michael hezel Time, who will be

570
00:41:09.599 --> 00:41:15.559
<v Speaker 2>remembered any think, for you know, bringing about that is

571
00:41:15.599 --> 00:41:17.840
<v Speaker 2>resignation more than anything else that he did in life.

572
00:41:18.400 --> 00:41:21.920
<v Speaker 2>He was charismatic, ambitious, and a long time rival of her,

573
00:41:22.000 --> 00:41:23.880
<v Speaker 2>actually challenged her for party leadership.

574
00:41:24.280 --> 00:41:25.760
<v Speaker 1>In the first ballot, she won.

575
00:41:25.800 --> 00:41:28.239
<v Speaker 2>Two hundred and four to one hundred and fifty two,

576
00:41:28.280 --> 00:41:32.559
<v Speaker 2>but not enough to reach the requirement for an outright victory.

577
00:41:32.199 --> 00:41:34.320
<v Speaker 1>Which I think is twos or thirds or something like that.

578
00:41:35.320 --> 00:41:40.119
<v Speaker 2>It required a second ballot, and people close to her

579
00:41:40.239 --> 00:41:46.000
<v Speaker 2>were convinced she would now win a second ballot, and

580
00:41:46.559 --> 00:41:51.119
<v Speaker 2>as a consequence, she resigned on November twenty second, nineteen ninety,

581
00:41:51.800 --> 00:41:56.400
<v Speaker 2>after serving eleven years as Prime Minister, the longest continuous

582
00:41:57.199 --> 00:42:01.360
<v Speaker 2>premiership of the twentieth century. So the first woman and

583
00:42:01.400 --> 00:42:07.159
<v Speaker 2>the longest premiership of the twentieth century was Margaret Thatcher

584
00:42:07.159 --> 00:42:15.880
<v Speaker 2>eleven years. So you know, the poll tax made him

585
00:42:15.920 --> 00:42:20.559
<v Speaker 2>unpopular Europe, made it unpopular within the within the party,

586
00:42:21.599 --> 00:42:27.480
<v Speaker 2>and people resented her personal style. She was tough, she

587
00:42:27.559 --> 00:42:30.719
<v Speaker 2>was autocratic, and she was very isolated. At the end

588
00:42:30.719 --> 00:42:34.519
<v Speaker 2>of the day, she stuck to her principles. And while

589
00:42:34.880 --> 00:42:38.599
<v Speaker 2>everybody's excited about kind of free market reforms and moving

590
00:42:38.599 --> 00:42:41.840
<v Speaker 2>towards as the phone set in and the economy was

591
00:42:41.880 --> 00:42:45.000
<v Speaker 2>doing well and everything was going fine, a lot of

592
00:42:45.000 --> 00:42:48.639
<v Speaker 2>people in the consertive body said, Okay, enough, enough is enough? Right,

593
00:42:49.159 --> 00:42:52.440
<v Speaker 2>people like us, We've done good, the economy is growing.

594
00:42:54.519 --> 00:42:56.400
<v Speaker 2>Why continue?

595
00:42:59.199 --> 00:43:04.360
<v Speaker 1>See what? For her this was ideological. She had a

596
00:43:04.400 --> 00:43:05.360
<v Speaker 1>deep belief in.

597
00:43:07.039 --> 00:43:10.719
<v Speaker 2>Markets, not free markets as I would want, but in

598
00:43:10.760 --> 00:43:14.519
<v Speaker 2>more markets, in limited government, in personal responsibility. I think

599
00:43:14.599 --> 00:43:17.239
<v Speaker 2>if she'd stayed, she would have wanted and she would

600
00:43:17.239 --> 00:43:19.639
<v Speaker 2>have been eager to reform the office state, although I

601
00:43:19.679 --> 00:43:22.480
<v Speaker 2>doubt she would have touched the NHS which needed it.

602
00:43:25.800 --> 00:43:30.199
<v Speaker 2>She left in November nineteen ninety John Major became a

603
00:43:30.280 --> 00:43:31.760
<v Speaker 2>succeeded as Prime Minister.

604
00:43:32.360 --> 00:43:33.840
<v Speaker 1>He was mostly a.

605
00:43:33.880 --> 00:43:39.239
<v Speaker 2>Nothing Thatcher remained in Parliament until nineteen ninety two as

606
00:43:39.239 --> 00:43:42.239
<v Speaker 2>a backbencher. When she left Parliament, and she spent the

607
00:43:42.280 --> 00:43:45.360
<v Speaker 2>rest of her life kind of touring the world and

608
00:43:45.400 --> 00:43:51.199
<v Speaker 2>giving lectures and talks and attending events. In later years

609
00:43:51.280 --> 00:43:55.320
<v Speaker 2>she suffered from dementia and she kind of retired from

610
00:43:55.360 --> 00:44:01.760
<v Speaker 2>public life and she passed away winners at I think

611
00:44:01.840 --> 00:44:08.599
<v Speaker 2>two thousand and three. But I want to talk about

612
00:44:09.079 --> 00:44:13.159
<v Speaker 2>just a little bit about her influencers on her Margatacha

613
00:44:13.679 --> 00:44:19.480
<v Speaker 2>was she herself, I don't think was an intellectual, but

614
00:44:19.559 --> 00:44:23.840
<v Speaker 2>she surrounded herself or at least was heavily influenced by intellectuals.

615
00:44:24.280 --> 00:44:27.559
<v Speaker 2>She had read wrote the Swyftem by Hayek at a

616
00:44:27.840 --> 00:44:34.320
<v Speaker 2>relatively young age, and had read it was reading Hayek throughout.

617
00:44:35.599 --> 00:44:37.840
<v Speaker 2>She got to meet Hayek when he was at the

618
00:44:37.840 --> 00:44:41.679
<v Speaker 2>inn Cry of Economic Affairs in London, and no question

619
00:44:41.960 --> 00:44:44.320
<v Speaker 2>very influenced by him, both in terms of her rhetoric,

620
00:44:45.079 --> 00:44:49.639
<v Speaker 2>and in terms of her beliefs. She again didn't go

621
00:44:49.760 --> 00:44:55.159
<v Speaker 2>all out with Hyek's programs, but what she did do

622
00:44:55.280 --> 00:44:58.960
<v Speaker 2>was definitely inspired by him. At some point in the

623
00:44:59.199 --> 00:45:02.440
<v Speaker 2>late nineteen seven she, you know, in a meeting of

624
00:45:02.519 --> 00:45:06.920
<v Speaker 2>the Conservative Party, she took his book on the Constitution

625
00:45:06.960 --> 00:45:09.559
<v Speaker 2>of Liberty, slammed it on the table and said, this

626
00:45:10.000 --> 00:45:13.760
<v Speaker 2>is what the Conservative Party is about. Right, So she

627
00:45:13.920 --> 00:45:18.079
<v Speaker 2>was very sorry twenty thirteen, two thousand and three, I missbooks.

628
00:45:18.079 --> 00:45:20.480
<v Speaker 2>She died in twenty thirteen, but after she had not

629
00:45:20.559 --> 00:45:22.719
<v Speaker 2>been in public for quite a while because of her health.

630
00:45:25.039 --> 00:45:30.320
<v Speaker 1>So she was very intellectual in accidence. She was always

631
00:45:30.400 --> 00:45:34.039
<v Speaker 1>also very close to her man.

632
00:45:36.360 --> 00:45:42.440
<v Speaker 2>Was this second named Keith Joseph. Keith Joseph, also inspired

633
00:45:42.440 --> 00:45:48.639
<v Speaker 2>by Hayek, and Keith and Margitachi actually formed a think

634
00:45:48.719 --> 00:45:51.760
<v Speaker 2>tank in the mid nineteen seventies, and again they were

635
00:45:51.760 --> 00:45:56.239
<v Speaker 2>also very involved with the Institute of Economic Influence, with

636
00:45:56.320 --> 00:45:59.559
<v Speaker 2>the Institute for Economic Affairs A Keith don't remember the

637
00:45:59.559 --> 00:46:05.159
<v Speaker 2>Conservative of a Party a kind of a he was

638
00:46:05.199 --> 00:46:09.079
<v Speaker 2>called the mad Monk, the mad Monk, mad because he

639
00:46:09.159 --> 00:46:14.760
<v Speaker 2>was considered radical, a radical for free markets, and a

640
00:46:14.800 --> 00:46:17.840
<v Speaker 2>monk because he had kind of the temperament of a monk,

641
00:46:19.199 --> 00:46:28.360
<v Speaker 2>very intellectual, very ideological, real an ideologue. And Keith Joseph

642
00:46:28.639 --> 00:46:32.079
<v Speaker 2>was somebody who if he wanted to, and he had

643
00:46:32.119 --> 00:46:33.920
<v Speaker 2>the temperament for it, could have been prime minister.

644
00:46:34.000 --> 00:46:37.639
<v Speaker 1>He probably would have led the Concerted Party, but he

645
00:46:37.320 --> 00:46:39.719
<v Speaker 1>he he.

646
00:46:38.840 --> 00:46:42.480
<v Speaker 2>Walked away from that and wanted Magatauchi to have it

647
00:46:42.519 --> 00:46:47.199
<v Speaker 2>because his view, you know, this was not the right

648
00:46:47.239 --> 00:46:51.320
<v Speaker 2>goal for him. He was not a political leader. His

649
00:46:51.440 --> 00:46:55.760
<v Speaker 2>key intellectual influencers were Hayak Friedman and members of the

650
00:46:55.800 --> 00:46:59.719
<v Speaker 2>Austrian and Chicago School of Economics, which he read extensively.

651
00:47:03.679 --> 00:47:09.440
<v Speaker 2>He was very friendly with Thatcher while she was a

652
00:47:09.480 --> 00:47:13.679
<v Speaker 2>back bencher, but particularly in the nineteen seventies that she

653
00:47:13.719 --> 00:47:18.159
<v Speaker 2>became more prominent, and particularly as she prepared as head

654
00:47:18.280 --> 00:47:21.719
<v Speaker 2>of the opposition to become Prime minister one day. She

655
00:47:21.800 --> 00:47:26.039
<v Speaker 2>was heavily influenced by him, and his approach was, look,

656
00:47:26.079 --> 00:47:27.360
<v Speaker 2>the number one enemy we have.

657
00:47:27.360 --> 00:47:30.119
<v Speaker 1>To deal with immediately politically is inflation.

658
00:47:31.679 --> 00:47:34.599
<v Speaker 2>But he's famous for a speech that he gave saying

659
00:47:34.719 --> 00:47:38.880
<v Speaker 2>monetarism is not enough in order to kill inflation. It's

660
00:47:38.920 --> 00:47:42.199
<v Speaker 2>not enough to stop putting money. What we also need

661
00:47:42.239 --> 00:47:48.840
<v Speaker 2>to do is reform government. Shrink government, privatize, break the unions,

662
00:47:50.000 --> 00:47:56.599
<v Speaker 2>all the things that Margaret Thatcher ultimately do. He gave

663
00:47:56.639 --> 00:47:59.719
<v Speaker 2>two famous speeches in the nineteen seventies, one in seventy six,

664
00:48:00.480 --> 00:48:03.400
<v Speaker 2>both in seventy six, one in April, one in October.

665
00:48:03.599 --> 00:48:04.920
<v Speaker 1>Monetarism is not enough.

666
00:48:05.039 --> 00:48:09.519
<v Speaker 2>We articulate a governing program of how to defeat inflation

667
00:48:09.960 --> 00:48:17.280
<v Speaker 2>in a sustainable way by restructuring governments, by shrinking, by

668
00:48:17.400 --> 00:48:21.039
<v Speaker 2>by starting to pin money, but also by restructuring government.

669
00:48:21.880 --> 00:48:24.719
<v Speaker 2>And then a second speech was stranded in the in

670
00:48:24.800 --> 00:48:29.920
<v Speaker 2>the middle ground, where he attacked kind of the middle ground.

671
00:48:30.239 --> 00:48:35.760
<v Speaker 2>The neither here nor their attitude of the Conservative Party,

672
00:48:36.559 --> 00:48:38.599
<v Speaker 2>this idea that they didn't stand for anything.

673
00:48:41.800 --> 00:48:43.119
<v Speaker 1>This is just a quote from his speech.

674
00:48:43.159 --> 00:48:47.239
<v Speaker 2>Instead of seeking from a ground, we have insisted against

675
00:48:47.280 --> 00:48:51.559
<v Speaker 2>the evidence on staying on the middle ground of consensus

676
00:48:51.679 --> 00:48:57.480
<v Speaker 2>politics of incremental reform, where we neither confront fully the

677
00:48:57.559 --> 00:49:00.800
<v Speaker 2>expansion of the state nor offer alternative.

678
00:49:01.119 --> 00:49:03.880
<v Speaker 1>We remained stranded on the middle ground.

679
00:49:05.079 --> 00:49:08.559
<v Speaker 2>He says conservatives should not aim to return to the

680
00:49:08.559 --> 00:49:13.719
<v Speaker 2>status quo, but seek out the common ground based on

681
00:49:13.760 --> 00:49:18.800
<v Speaker 2>the individual, initiative, enterprise, and the framework of freedom, rather

682
00:49:18.840 --> 00:49:22.440
<v Speaker 2>than further bureaucratic control. We must move away from the

683
00:49:22.480 --> 00:49:31.159
<v Speaker 2>merrily managed, manageable towards the necessary, from preservation to reform.

684
00:49:31.440 --> 00:49:34.360
<v Speaker 2>So he was the guy who really came up with

685
00:49:34.400 --> 00:49:37.360
<v Speaker 2>the reform plan. He was the guy behind the scene

686
00:49:38.000 --> 00:49:44.480
<v Speaker 2>who structured the reforms that Margaret Thatcher engaged in. He

687
00:49:44.559 --> 00:49:49.159
<v Speaker 2>was the intellectual in the background, but not just he

688
00:49:49.280 --> 00:49:51.719
<v Speaker 2>was a politician and intellectual.

689
00:49:53.840 --> 00:49:55.079
<v Speaker 1>He was involved in politics.

690
00:49:55.119 --> 00:49:59.360
<v Speaker 2>He was part of the conservative movement, Conservative Party, but

691
00:49:59.400 --> 00:49:59.960
<v Speaker 2>he was in the back.

692
00:50:01.679 --> 00:50:05.199
<v Speaker 1>Okay. I thought i'd add with some juicy quotes from Thatcher.

693
00:50:05.320 --> 00:50:09.320
<v Speaker 2>She was some kind of representative. Quotes from her speeches

694
00:50:10.559 --> 00:50:16.679
<v Speaker 2>and interviews. Here's one for nineteen eighty seven where she says,

695
00:50:16.719 --> 00:50:19.880
<v Speaker 2>there's no such thing as society. There are individual men

696
00:50:19.920 --> 00:50:23.599
<v Speaker 2>and women, and there are families. Now if you take

697
00:50:23.599 --> 00:50:27.519
<v Speaker 2>out the ending, and there are families, which is a

698
00:50:27.559 --> 00:50:32.440
<v Speaker 2>reflection of her conservative I think leanings and conservative and

699
00:50:33.480 --> 00:50:38.119
<v Speaker 2>maybe religious upbringing. There's no such thing a society. There

700
00:50:38.239 --> 00:50:41.360
<v Speaker 2>are individual men and women. Is straight out of Iinrand, right.

701
00:50:41.400 --> 00:50:47.280
<v Speaker 2>I mean, that's perfect. From nineteen seventy nine the Conservative

702
00:50:47.280 --> 00:50:50.000
<v Speaker 2>Party Conference, she says pennies don't fall from heaven.

703
00:50:50.679 --> 00:50:52.880
<v Speaker 1>They have to be earned. Que on oath.

704
00:50:54.760 --> 00:50:58.679
<v Speaker 2>Imagine a politician saying anything like this today in nineteen

705
00:50:58.719 --> 00:51:01.320
<v Speaker 2>eighty you cannot spend your way out of her session

706
00:51:01.880 --> 00:51:06.199
<v Speaker 2>or borrow your way out of debt. That's anti Canes

707
00:51:09.119 --> 00:51:13.280
<v Speaker 2>or a famous nineteen seventy six. This is in nineteen

708
00:51:13.280 --> 00:51:16.679
<v Speaker 2>seventy six. So this is just as she's become the

709
00:51:16.719 --> 00:51:20.239
<v Speaker 2>head of the Conservative Party. The problem with socialism is

710
00:51:20.280 --> 00:51:23.679
<v Speaker 2>that you eventually run out of other people's money, one

711
00:51:23.719 --> 00:51:27.760
<v Speaker 2>of the many problems of socialism. She also said, I

712
00:51:27.760 --> 00:51:31.199
<v Speaker 2>do not know anyone who got to the top without

713
00:51:31.239 --> 00:51:35.000
<v Speaker 2>hard work. That is a recipe. It will not always

714
00:51:35.000 --> 00:51:39.320
<v Speaker 2>get you to the top, but you'd get you pretty near. No,

715
00:51:39.480 --> 00:51:42.639
<v Speaker 2>it would remember the good Samaritan, if he only had

716
00:51:42.639 --> 00:51:52.039
<v Speaker 2>good intentions, he had money as well. About government and

717
00:51:52.400 --> 00:51:56.239
<v Speaker 2>freedom in nineteen eighty three to the House of Commons,

718
00:51:56.639 --> 00:51:59.880
<v Speaker 2>the state has no source of money other than the

719
00:52:00.079 --> 00:52:06.679
<v Speaker 2>money people earn themselves. A obvious truth that everybody wants

720
00:52:06.719 --> 00:52:07.119
<v Speaker 2>to deny.

721
00:52:07.320 --> 00:52:07.519
<v Speaker 1>Right.

722
00:52:08.679 --> 00:52:12.840
<v Speaker 2>It is not the creation of wealth that is wrong, right,

723
00:52:13.800 --> 00:52:16.119
<v Speaker 2>but the love of money for its own sake. That's

724
00:52:16.400 --> 00:52:19.320
<v Speaker 2>you know, that's her biblical that's going back to her

725
00:52:19.360 --> 00:52:20.159
<v Speaker 2>biblical roots.

726
00:52:20.239 --> 00:52:22.199
<v Speaker 1>Right. There's nothing wrong with the love of Money.

727
00:52:24.079 --> 00:52:29.000
<v Speaker 2>Seventy nine election campaign statement, plan to reduce the role

728
00:52:29.039 --> 00:52:33.920
<v Speaker 2>of government, not to increase it. Speech in nineteen eighty one.

729
00:52:34.639 --> 00:52:37.719
<v Speaker 2>You may have to fight a battle more than once

730
00:52:38.159 --> 00:52:48.159
<v Speaker 2>to win it. This is she told the opposition in

731
00:52:48.199 --> 00:52:49.880
<v Speaker 2>the mid nineteen eighties. If you want to cut your

732
00:52:49.880 --> 00:52:58.119
<v Speaker 2>own throat, don't come to me for bandage. If you've

733
00:52:58.119 --> 00:53:00.239
<v Speaker 2>watched any of his speeches, you'll be amazed by how

734
00:53:00.320 --> 00:53:08.239
<v Speaker 2>articulate she was, particularly compared to politicians today. Here's one

735
00:53:08.280 --> 00:53:11.960
<v Speaker 2>about character. Look at a day when you are supremely

736
00:53:12.039 --> 00:53:13.039
<v Speaker 2>satisfied at the end.

737
00:53:14.039 --> 00:53:14.639
<v Speaker 1>It's not a.

738
00:53:14.639 --> 00:53:18.880
<v Speaker 2>Day when you lounge around doing nothing. It's when you've

739
00:53:18.920 --> 00:53:26.480
<v Speaker 2>had everything to do and you've done it. In nineteen

740
00:53:26.519 --> 00:53:28.719
<v Speaker 2>eighty two, in a speech, she writs, standing in the

741
00:53:28.760 --> 00:53:31.639
<v Speaker 2>middle of the road is very dangerous. You get knocked

742
00:53:31.639 --> 00:53:35.920
<v Speaker 2>down by the traffic from both sides. That's about being

743
00:53:35.920 --> 00:53:41.119
<v Speaker 2>in the middle right, not taking a stand. I am

744
00:53:41.159 --> 00:53:47.280
<v Speaker 2>extraordinarily patient provided I get my own way in the end.

745
00:53:50.519 --> 00:53:54.719
<v Speaker 2>What's your thoughts for? They will become actions. What's your

746
00:53:54.760 --> 00:54:00.599
<v Speaker 2>actions for? They'll become character. What's your character for? It

747
00:54:00.639 --> 00:54:03.719
<v Speaker 2>becomes your destiny. I think that's good.

748
00:54:04.000 --> 00:54:10.639
<v Speaker 1>I think that's true, She said, I'm not a consensus politician.

749
00:54:11.239 --> 00:54:12.960
<v Speaker 1>I'm a conviction politician.

750
00:54:14.000 --> 00:54:16.480
<v Speaker 2>That's at the seventy nine Concilico convention before she becomes

751
00:54:16.519 --> 00:54:17.000
<v Speaker 2>my minister.

752
00:54:18.320 --> 00:54:21.320
<v Speaker 1>Being powerful is like being a lady.

753
00:54:21.400 --> 00:54:24.239
<v Speaker 2>If you have to tell people you are you aren't,

754
00:54:26.400 --> 00:54:30.400
<v Speaker 2>it's pretty good.

755
00:54:32.559 --> 00:54:34.480
<v Speaker 1>This is you know.

756
00:54:35.519 --> 00:54:39.760
<v Speaker 2>People attacked U in nineteen eighty at her party's conference

757
00:54:40.079 --> 00:54:43.800
<v Speaker 2>because of her economic reforms, and she said to them,

758
00:54:44.519 --> 00:54:49.719
<v Speaker 2>you turn if you want to. The lady is not

759
00:54:50.400 --> 00:54:56.239
<v Speaker 2>for turning. She said, there can be no liberty and

760
00:54:56.320 --> 00:55:10.880
<v Speaker 2>list of his economic liberty. All right, what else, let's see,

761
00:55:12.119 --> 00:55:16.039
<v Speaker 2>she said, you know, during the during the nineteen eighties,

762
00:55:16.039 --> 00:55:18.400
<v Speaker 2>I don't mind how much my minister's talk this is

763
00:55:18.440 --> 00:55:20.559
<v Speaker 2>to depress and others, as long as they do what

764
00:55:20.599 --> 00:55:27.039
<v Speaker 2>I say. She said of her critics and fall and

765
00:55:27.039 --> 00:55:29.559
<v Speaker 2>policy in the mid nineteen eighties, I seem to smell

766
00:55:29.639 --> 00:55:31.880
<v Speaker 2>the stench of appeasement in the air.

767
00:55:38.679 --> 00:55:39.039
<v Speaker 1>She said.

768
00:55:39.079 --> 00:55:46.000
<v Speaker 2>You don't follow the crowd, you lead it. She said

769
00:55:46.000 --> 00:55:48.440
<v Speaker 2>in an interview in nineteen eighty one, this is a

770
00:55:48.480 --> 00:55:52.920
<v Speaker 2>good one. Economics of the method. The object is to

771
00:55:53.039 --> 00:55:56.960
<v Speaker 2>change the soul. It's an interesting perspective. You change the

772
00:55:57.000 --> 00:56:03.280
<v Speaker 2>economic system. People's people's whole valuesms, their soul changes. She said,

773
00:56:03.400 --> 00:56:07.239
<v Speaker 2>choice is the essence of ethics. If there were no choice,

774
00:56:07.400 --> 00:56:10.239
<v Speaker 2>there would be no good and evil. That's absolutely true.

775
00:56:10.239 --> 00:56:12.599
<v Speaker 2>It seems like a no brainer, but so many people

776
00:56:13.039 --> 00:56:15.840
<v Speaker 2>think they could have no free will and morality at

777
00:56:15.880 --> 00:56:24.079
<v Speaker 2>the same time. Disciplining oneself to do what one knows

778
00:56:24.199 --> 00:56:28.559
<v Speaker 2>is right and important, although difficult, is the high road

779
00:56:28.639 --> 00:56:34.599
<v Speaker 2>to pride, self esteem, and personal satisfaction. Pride is a

780
00:56:34.679 --> 00:56:41.280
<v Speaker 2>virtue here self esteem. I mean, she had a certain

781
00:56:43.760 --> 00:56:48.880
<v Speaker 2>morality is duty that came from her religiosity, I think.

782
00:56:50.039 --> 00:56:51.039
<v Speaker 1>But she was a.

783
00:56:51.079 --> 00:56:57.639
<v Speaker 2>Very this worldly woman, and you know, she had a

784
00:56:57.719 --> 00:57:04.719
<v Speaker 2>lot of very very good I mean, her drive for

785
00:57:04.800 --> 00:57:08.840
<v Speaker 2>liberty and freedom was was driven primarily by her view

786
00:57:08.960 --> 00:57:15.519
<v Speaker 2>of people being responsible for their own lives and and

787
00:57:15.519 --> 00:57:22.519
<v Speaker 2>and being provided with it or being provided with the

788
00:57:22.559 --> 00:57:30.400
<v Speaker 2>liberty and to be able to exercise that responsibility. Yeah,

789
00:57:30.400 --> 00:57:34.000
<v Speaker 2>I mean she combined in her speeches Marsten t. I

790
00:57:34.039 --> 00:57:36.800
<v Speaker 2>mean again, there's a lot of duty. There's a lot

791
00:57:36.840 --> 00:57:40.639
<v Speaker 2>of duty in that morality, and a lot of but

792
00:57:40.719 --> 00:57:43.719
<v Speaker 2>there's a lot of self alliance. So a combination of

793
00:57:43.760 --> 00:57:46.920
<v Speaker 2>duty and self reliance which you sometimes get in religion.

794
00:57:47.559 --> 00:57:51.320
<v Speaker 2>She was an economic realist, a free marketer. But but

795
00:57:52.000 --> 00:57:55.320
<v Speaker 2>she she had a clear idea of what was possible

796
00:57:55.360 --> 00:57:57.760
<v Speaker 2>and what was not in terms of getting her reforms across.

797
00:57:58.320 --> 00:58:01.440
<v Speaker 2>She she was definitely for some money and physical restraint

798
00:58:01.440 --> 00:58:05.400
<v Speaker 2>and government spending restraint. She had clear political resolve. She

799
00:58:05.559 --> 00:58:10.159
<v Speaker 2>was no compromise of socialism. She despised socialism, and she

800
00:58:10.239 --> 00:58:15.480
<v Speaker 2>had a vision of freedom grounded in the individual individualism.

801
00:58:15.519 --> 00:58:17.800
<v Speaker 2>I like that quote about there's no such thing as society,

802
00:58:17.840 --> 00:58:19.400
<v Speaker 2>only individual men and women.

803
00:58:19.719 --> 00:58:20.920
<v Speaker 1>That's exactly what she was.

804
00:58:22.199 --> 00:58:23.320
<v Speaker 2>I mean, at the end of the day, I think

805
00:58:23.320 --> 00:58:27.920
<v Speaker 2>Margaret Thatcher was the towering political figure of the late

806
00:58:27.960 --> 00:58:28.760
<v Speaker 2>twentieth century.

807
00:58:29.480 --> 00:58:30.800
<v Speaker 1>I think she's bigger than Reagan.

808
00:58:32.159 --> 00:58:35.480
<v Speaker 2>She faced bigger challenges than Reagan because England was in

809
00:58:35.519 --> 00:58:38.559
<v Speaker 2>worse shape than America. She had to turn it around

810
00:58:38.800 --> 00:58:42.960
<v Speaker 2>more dramatically, and she did. Reagan benefited from a lot

811
00:58:43.000 --> 00:58:46.840
<v Speaker 2>of the deregulation that already started under primarily Jimmy Carter,

812
00:58:46.880 --> 00:58:52.639
<v Speaker 2>a little bit under Joe Ford. And of course politics

813
00:58:52.719 --> 00:58:55.239
<v Speaker 2>in America is very different in terms of in terms

814
00:58:55.239 --> 00:58:59.760
<v Speaker 2>of you know, a different relationship with Parliament. Thatcher had

815
00:58:59.760 --> 00:59:03.880
<v Speaker 2>a fire for everything. She got all the time. You couldn't.

816
00:59:04.159 --> 00:59:06.360
<v Speaker 2>It's not like you're elected president. You got four years,

817
00:59:07.559 --> 00:59:09.960
<v Speaker 2>you could lose, you could be you could be kicked

818
00:59:10.000 --> 00:59:12.239
<v Speaker 2>out at any point as a prime minister, and she

819
00:59:12.280 --> 00:59:16.480
<v Speaker 2>had a fight for everything that shows a real believer

820
00:59:16.679 --> 00:59:21.400
<v Speaker 2>in in in you know, markets, not not again les

821
00:59:21.559 --> 00:59:25.239
<v Speaker 2>fake capitalism, but as close as any politician has come

822
00:59:25.320 --> 00:59:30.400
<v Speaker 2>to markets, any politician in a in a Meiji economy.

823
00:59:30.519 --> 00:59:33.559
<v Speaker 2>She completely as I said before, she completely changed England,

824
00:59:34.159 --> 00:59:36.920
<v Speaker 2>but her legacy with international and in the nineties she

825
00:59:36.960 --> 00:59:39.320
<v Speaker 2>spent a lot of her time traveling, for example, in

826
00:59:39.719 --> 00:59:44.679
<v Speaker 2>the after the fall of Building Wall, to Eastern European

827
00:59:44.719 --> 00:59:50.239
<v Speaker 2>countries encouraging the encouraging them to follow her kind of

828
00:59:50.320 --> 00:59:53.719
<v Speaker 2>privatization program that she had instituted in England in nineteen eighties,

829
00:59:54.119 --> 00:59:56.360
<v Speaker 2>and a lot of people in the Czech Republic and

830
00:59:56.440 --> 01:00:02.239
<v Speaker 2>elsewhere credited her for kind of ouraging them to orient

831
01:00:02.880 --> 01:00:06.480
<v Speaker 2>the economies towards markets and away from socialism. I think

832
01:00:06.480 --> 01:00:10.199
<v Speaker 2>she did the same thing in Asia. I think the

833
01:00:10.239 --> 01:00:14.960
<v Speaker 2>South Koreans, the Taiwanese, the Asian Tigers were hugely inspired

834
01:00:15.000 --> 01:00:18.800
<v Speaker 2>by the British model, hugely inspired by Margaret Thatcher and

835
01:00:18.880 --> 01:00:25.760
<v Speaker 2>what she had achieved, and she had a powerful character.

836
01:00:25.880 --> 01:00:29.800
<v Speaker 2>She people understood. This was a woman of principle. Again,

837
01:00:29.960 --> 01:00:31.920
<v Speaker 2>I don't agree with everything she said. I don't agree

838
01:00:31.920 --> 01:00:35.800
<v Speaker 2>with all the principles, and she compromised even more than

839
01:00:35.960 --> 01:00:39.400
<v Speaker 2>I would have liked. But compared to any other politician

840
01:00:39.519 --> 01:00:42.400
<v Speaker 2>in the late twentieth century, certainly since Churchill, I think

841
01:00:44.039 --> 01:00:47.199
<v Speaker 2>she was a giant. She was a giant, and there's

842
01:00:47.199 --> 01:00:50.400
<v Speaker 2>nobody in British politics. There's nobody in American politics that

843
01:00:50.519 --> 01:00:53.480
<v Speaker 2>comes anywhere close to her, and it comes anywhere close

844
01:00:53.519 --> 01:01:02.840
<v Speaker 2>to the kind of influence she had. Yeah, so happy birthday,

845
01:01:03.440 --> 01:01:08.760
<v Speaker 2>Marga Thatcher. We can all hope that sometime in our future,

846
01:01:09.360 --> 01:01:12.440
<v Speaker 2>in the next decade or so, there will be another

847
01:01:12.519 --> 01:01:17.320
<v Speaker 2>generation of politicians like you. I hope that's possible. We

848
01:01:17.400 --> 01:01:20.000
<v Speaker 2>certainly need it. We're going through our own nineteen seventies

849
01:01:20.079 --> 01:01:24.480
<v Speaker 2>right now. We need a generation of reformers, a generation

850
01:01:24.559 --> 01:01:26.199
<v Speaker 2>it's willing to challenge the status quo.

851
01:01:26.639 --> 01:01:28.039
<v Speaker 1>A generation is willing to.

852
01:01:28.559 --> 01:01:33.360
<v Speaker 2>Move a political dialogue towards greater liberty, not away from liberty.

853
01:01:34.920 --> 01:01:40.239
<v Speaker 2>And yeah, we need Amarga Thatcher. There's absolutely no question

854
01:01:40.320 --> 01:01:46.360
<v Speaker 2>about that. All right, That is what I have to say,

855
01:01:46.800 --> 01:01:51.800
<v Speaker 2>at least as of right now, we are going to

856
01:01:51.840 --> 01:01:54.360
<v Speaker 2>take a look and say, let me just do something here,

857
01:01:55.039 --> 01:01:57.800
<v Speaker 2>take a look at what questions you have.

858
01:01:58.079 --> 01:02:04.199
<v Speaker 1>I know. Whoops, that's not what I wanted. Once again,

859
01:02:04.280 --> 01:02:05.280
<v Speaker 1>give me a second.

860
01:02:05.000 --> 01:02:19.519
<v Speaker 2>Here, No, no, yeah, there it is okay.

861
01:02:16.400 --> 01:02:26.559
<v Speaker 1>All right, let's see the dum And.

862
01:02:26.800 --> 01:02:32.039
<v Speaker 2>By the way, politically, she got lucky because if Argentina

863
01:02:32.119 --> 01:02:37.639
<v Speaker 2>doesn't invade the Falkland Islands in nineteen eighty two, it's

864
01:02:37.639 --> 01:02:41.599
<v Speaker 2>not clear she survives to do all the amazing things

865
01:02:41.599 --> 01:02:45.639
<v Speaker 2>she did dur in the nineteen eighties. It was that

866
01:02:45.719 --> 01:02:49.079
<v Speaker 2>victory and her ability to stand up to the Argentinians

867
01:02:49.079 --> 01:02:52.599
<v Speaker 2>and win that led to the landslide victory that made

868
01:02:52.639 --> 01:02:57.239
<v Speaker 2>possible the privatizations. There were forms, I mean, the deregulation

869
01:02:57.320 --> 01:03:00.400
<v Speaker 2>of the railroads and partial privatization of the railroads. All

870
01:03:00.440 --> 01:03:03.159
<v Speaker 2>of that could have never happened without the Falklands. So

871
01:03:03.920 --> 01:03:06.559
<v Speaker 2>sometimes in politics, as in life, you got to get

872
01:03:06.559 --> 01:03:07.400
<v Speaker 2>a little lucky too.

873
01:03:08.679 --> 01:03:14.400
<v Speaker 1>You got to get a little lucky. All right, let's see,

874
01:03:14.639 --> 01:03:21.039
<v Speaker 1>let's go to a super chance and let's see Richard

875
01:03:21.079 --> 01:03:21.880
<v Speaker 1>is here with us.

876
01:03:24.000 --> 01:03:27.679
<v Speaker 2>By the way, we're this closed our first hour goal,

877
01:03:28.239 --> 01:03:30.920
<v Speaker 2>which we've already done the first hour so we're just

878
01:03:30.960 --> 01:03:33.679
<v Speaker 2>eleven dollars short of that goal, so please consider doing that.

879
01:03:34.719 --> 01:03:38.239
<v Speaker 2>You know, stickers are welcome. That's when you don't ask

880
01:03:38.239 --> 01:03:40.119
<v Speaker 2>a question, you just provide financial support.

881
01:03:40.199 --> 01:03:40.800
<v Speaker 1>That is great.

882
01:03:42.360 --> 01:03:44.880
<v Speaker 2>Stephen Harper, for example, thank you, Steven did a sticker

883
01:03:44.960 --> 01:03:48.440
<v Speaker 2>earlier on. You know, super Chat is even better because

884
01:03:48.480 --> 01:03:50.320
<v Speaker 2>you get to ask a question and I get to

885
01:03:50.360 --> 01:03:53.159
<v Speaker 2>answer it. You provide content to the show that way,

886
01:03:53.800 --> 01:03:58.880
<v Speaker 2>So please please consider asking questions. We've got a few

887
01:03:58.960 --> 01:04:02.679
<v Speaker 2>questions that win take, but few fee to jump in

888
01:04:02.800 --> 01:04:09.039
<v Speaker 2>with more questions. So we have stickers and we have

889
01:04:09.679 --> 01:04:11.039
<v Speaker 2>super Chet questions.

890
01:04:11.880 --> 01:04:19.880
<v Speaker 1>All right, let's see Richard one hundred dollars. Thank you, Richard.

891
01:04:19.920 --> 01:04:22.880
<v Speaker 2>Thatcher deserves credit for the liberalization of Eastern Europe yep,

892
01:04:22.920 --> 01:04:25.920
<v Speaker 2>that's what I said, and subsequent economic boom of the nineties,

893
01:04:26.400 --> 01:04:28.760
<v Speaker 2>and for stopping the decline of the UK.

894
01:04:29.320 --> 01:04:31.000
<v Speaker 1>Well, not just stopping the decline, but.

895
01:04:33.559 --> 01:04:36.440
<v Speaker 2>Changing the slope to an upward slope where the UK

896
01:04:36.519 --> 01:04:42.400
<v Speaker 2>became significantly richer, inspiring a role model and a fierce

897
01:04:42.480 --> 01:04:43.440
<v Speaker 2>warrior for liberty.

898
01:04:43.960 --> 01:04:46.079
<v Speaker 1>Not an objective, it's but a fellow traveler thoughts.

899
01:04:46.159 --> 01:04:51.599
<v Speaker 2>Yeah, no, absolutely as close as any again. Twentieth century

900
01:04:51.880 --> 01:04:55.360
<v Speaker 2>later twentieth century politician came to being a fellow traveler.

901
01:04:56.559 --> 01:04:59.000
<v Speaker 1>And what you did in the UK.

902
01:04:59.599 --> 01:05:01.559
<v Speaker 2>I didn't and objectives couldn't have done it because he

903
01:05:01.599 --> 01:05:02.679
<v Speaker 2>wouldn't have got elected.

904
01:05:03.159 --> 01:05:04.800
<v Speaker 1>She could get elected.

905
01:05:04.679 --> 01:05:09.480
<v Speaker 2>Because she wasn't you know, she wasn't a lusific capitalist.

906
01:05:10.039 --> 01:05:13.320
<v Speaker 2>She could get elected and implement amazing things, move us

907
01:05:13.920 --> 01:05:18.119
<v Speaker 2>in an incredible positive direction. And as you say Eastern Europe,

908
01:05:18.159 --> 01:05:21.400
<v Speaker 2>I would also give a credit for Southeast Asia, and

909
01:05:21.880 --> 01:05:25.679
<v Speaker 2>of course for even for Europe itself. I mean nineteen

910
01:05:25.719 --> 01:05:31.320
<v Speaker 2>eighty so the French elect a socialist president Mitterrand, who privatized,

911
01:05:31.559 --> 01:05:33.599
<v Speaker 2>who nationalized the banking system.

912
01:05:34.280 --> 01:05:37.360
<v Speaker 1>Just across from England.

913
01:05:37.760 --> 01:05:39.719
<v Speaker 2>And while he was doing that and the French economy

914
01:05:39.800 --> 01:05:44.440
<v Speaker 2>was spiraling downwards, Margatache was privatizing like crazy, you know,

915
01:05:44.679 --> 01:05:50.519
<v Speaker 2>shutting down the unions and inspiring a massive economic boom.

916
01:05:50.760 --> 01:05:53.159
<v Speaker 2>And Mitturan looked over the channel and could see that

917
01:05:53.199 --> 01:05:58.360
<v Speaker 2>in Great Britain and even verse course, he reprivatized the

918
01:05:58.400 --> 01:06:02.159
<v Speaker 2>banking system, and even though he was elected as a

919
01:06:02.199 --> 01:06:06.280
<v Speaker 2>socialist on a socialist platform, landed up being a market reformer.

920
01:06:09.559 --> 01:06:14.599
<v Speaker 2>And I think she inspired movements towards market reforms all

921
01:06:14.639 --> 01:06:18.119
<v Speaker 2>over Europe I mean, it's not accidental that in the

922
01:06:18.159 --> 01:06:22.320
<v Speaker 2>early nineteen nineties Sweden gives up on its socialist experiment

923
01:06:22.480 --> 01:06:26.400
<v Speaker 2>and you know, has a debt crisis and moves towards

924
01:06:26.760 --> 01:06:30.480
<v Speaker 2>liberalizing its economy and moving away from socialism finally, and

925
01:06:30.920 --> 01:06:34.199
<v Speaker 2>it happens the economy after economy, country after country, And

926
01:06:34.360 --> 01:06:38.079
<v Speaker 2>much of the inspiration for that was Thatcher and Reagan.

927
01:06:38.639 --> 01:06:41.800
<v Speaker 2>But Thatcher even more so because she had a bigger

928
01:06:41.920 --> 01:06:46.639
<v Speaker 2>challenge and she faced a parliamentary system that many other

929
01:06:46.639 --> 01:06:50.760
<v Speaker 2>countries could relate to because they had the same political system.

930
01:06:52.000 --> 01:06:55.800
<v Speaker 2>You know, they viewed America as more unique. Thatcher was

931
01:06:55.840 --> 01:07:03.920
<v Speaker 2>more consistent with the way their economies and their politics worked,

932
01:07:03.960 --> 01:07:10.039
<v Speaker 2>so she could really inspire them. All right, Wes got

933
01:07:10.039 --> 01:07:13.280
<v Speaker 2>youa late Do you have any recommendations and sources? And Thatcher,

934
01:07:13.679 --> 01:07:15.880
<v Speaker 2>I get the impatient. A lot of what's floating around

935
01:07:16.039 --> 01:07:23.159
<v Speaker 2>is not objective. Yeah, I mean, there's some biographies. I

936
01:07:23.239 --> 01:07:26.159
<v Speaker 2>don't have one to recommend right now, but to some

937
01:07:26.199 --> 01:07:29.119
<v Speaker 2>biographies that are probably pretty good. I have to admit

938
01:07:29.519 --> 01:07:31.559
<v Speaker 2>I used a lot of what I used was chat,

939
01:07:31.639 --> 01:07:35.880
<v Speaker 2>GPT and check PPT is pretty good. It's pretty good.

940
01:07:35.880 --> 01:07:38.519
<v Speaker 2>Now I know a lot so I guess the way

941
01:07:38.559 --> 01:07:40.559
<v Speaker 2>I asked, the questions and the kind of questions I

942
01:07:40.559 --> 01:07:43.559
<v Speaker 2>asked and where I went was pretty good. I also

943
01:07:43.639 --> 01:07:47.440
<v Speaker 2>asked chat Gipt not to use Wikipedia, which is generally

944
01:07:47.480 --> 01:07:50.159
<v Speaker 2>a good principle to have to tell chat Gipt not

945
01:07:50.280 --> 01:07:55.159
<v Speaker 2>to use Wikipedia because Wikipedia is completely promoted by a

946
01:07:55.239 --> 01:07:57.320
<v Speaker 2>leftist agenda on pretty much every topic.

947
01:07:59.000 --> 01:08:10.000
<v Speaker 1>But but uh is uh is uh.

948
01:08:09.559 --> 01:08:15.480
<v Speaker 2>Is pretty good and on on this uh you can

949
01:08:15.519 --> 01:08:19.960
<v Speaker 2>also find her books. She wrote three books describing her

950
01:08:20.039 --> 01:08:27.600
<v Speaker 2>years in as Prime Minister and describing her ideas. But yeah, again,

951
01:08:28.199 --> 01:08:35.399
<v Speaker 2>I found I found the the.

952
01:08:33.000 --> 01:08:36.720
<v Speaker 1>A I to be pretty accurate, pretty accurate.

953
01:08:36.760 --> 01:08:40.199
<v Speaker 2>I asked things like to what because I knew this

954
01:08:40.319 --> 01:08:43.439
<v Speaker 2>was true, the influence of Hyeche on her, the influence

955
01:08:43.479 --> 01:08:45.560
<v Speaker 2>of of of Joseph on her?

956
01:08:46.159 --> 01:08:46.800
<v Speaker 1>I I I.

957
01:08:46.760 --> 01:08:49.079
<v Speaker 2>Also asked, somebody is if somebody has a question here

958
01:08:49.119 --> 01:08:49.840
<v Speaker 2>about it once?

959
01:08:49.880 --> 01:08:53.119
<v Speaker 1>Then uh? Yes.

960
01:08:53.199 --> 01:08:56.399
<v Speaker 2>Stephen asked any evidence that Thatcher was in any way

961
01:08:56.399 --> 01:08:59.760
<v Speaker 2>influenced by iron Man and their answer is no, there

962
01:08:59.800 --> 01:09:01.880
<v Speaker 2>is no evidence, and at least Chachi but he couldn't

963
01:09:01.880 --> 01:09:04.920
<v Speaker 2>find anything. I also asked about Keith Joseph because I

964
01:09:04.920 --> 01:09:07.439
<v Speaker 2>thought maybe he was influenced by n Ran Iron Ran

965
01:09:07.560 --> 01:09:11.359
<v Speaker 2>but we can't find anything that suggests that.

966
01:09:13.680 --> 01:09:14.439
<v Speaker 1>You know, there were.

967
01:09:14.359 --> 01:09:20.239
<v Speaker 2>People in that circle around Keith Joseph, and around Hygeche,

968
01:09:20.239 --> 01:09:22.760
<v Speaker 2>and around the I e. A. And around the Adam

969
01:09:22.800 --> 01:09:26.960
<v Speaker 2>Smith Institute, which was also an institute that was founded

970
01:09:28.960 --> 01:09:31.279
<v Speaker 2>early in his her administration and provided a lot of

971
01:09:31.319 --> 01:09:35.199
<v Speaker 2>the a lot of the policy formula, formulas for what

972
01:09:35.199 --> 01:09:38.880
<v Speaker 2>what what it should what the concerted party should do. Uh,

973
01:09:38.960 --> 01:09:41.680
<v Speaker 2>there were they were all familiar with Rand and influenced

974
01:09:41.680 --> 01:09:44.600
<v Speaker 2>to some extent by iron Ran. But I can't find

975
01:09:44.640 --> 01:09:48.880
<v Speaker 2>any direct influence or any reason, any reason to believe

976
01:09:51.199 --> 01:09:55.840
<v Speaker 2>directly that I that either her or Keith Joseph had

977
01:09:57.159 --> 01:10:01.399
<v Speaker 2>read or referenced Irand directly they might have. Suddenly, Keyth

978
01:10:01.479 --> 01:10:04.800
<v Speaker 2>Joseph might have, but we don't have any evidence to

979
01:10:04.840 --> 01:10:09.239
<v Speaker 2>suggest he did. Hayek didn't like Iran, so that could

980
01:10:09.279 --> 01:10:21.000
<v Speaker 2>have been a negative influence on trying right on on

981
01:10:21.000 --> 01:10:28.439
<v Speaker 2>on her appeal, on making her appealing. All right, let's see,

982
01:10:28.680 --> 01:10:29.560
<v Speaker 2>thanks Steven.

983
01:10:30.880 --> 01:10:31.640
<v Speaker 1>Michael.

984
01:10:31.960 --> 01:10:36.680
<v Speaker 2>Thatcher and Reagan, despite their flaws, represented a narrow looch

985
01:10:36.840 --> 01:10:40.960
<v Speaker 2>back to the nineteenth century optimistic, benevolent forward thinking. They

986
01:10:41.039 --> 01:10:45.800
<v Speaker 2>never appealed to xenophobia and tribalism, to motivate voters.

987
01:10:46.000 --> 01:10:46.560
<v Speaker 1>Absolutely.

988
01:10:47.079 --> 01:10:50.319
<v Speaker 2>I mean, if you if you see Reagan's speeches, he

989
01:10:50.439 --> 01:10:55.720
<v Speaker 2>was very pro immigration, very pro American, very optimistic, very positive,

990
01:10:56.079 --> 01:10:56.800
<v Speaker 2>very forward looking.

991
01:10:56.840 --> 01:10:59.199
<v Speaker 1>I mean he had other problems and and and so

992
01:10:59.359 --> 01:11:02.319
<v Speaker 1>did mat in the sense that I had a I

993
01:11:02.359 --> 01:11:03.000
<v Speaker 1>don't know that.

994
01:11:02.960 --> 01:11:07.279
<v Speaker 2>A sense of life was that positive and and and you.

995
01:11:07.199 --> 01:11:08.239
<v Speaker 1>Know, but she had this.

996
01:11:09.239 --> 01:11:13.560
<v Speaker 2>She projected this real belief in human ability, in in

997
01:11:13.560 --> 01:11:17.039
<v Speaker 2>in being able to overcome, uh, in the responsibility of

998
01:11:17.039 --> 01:11:20.439
<v Speaker 2>any individual to make something of their own life. Remember,

999
01:11:20.479 --> 01:11:24.680
<v Speaker 2>she came from a modest background. Uh again, in compared

1000
01:11:24.720 --> 01:11:28.199
<v Speaker 2>to pretty much every prime minister in in in British history.

1001
01:11:29.520 --> 01:11:31.760
<v Speaker 2>She came from a modest background, and she believed you

1002
01:11:31.760 --> 01:11:34.840
<v Speaker 2>could be successful, you could work hard, and you could achieve.

1003
01:11:35.840 --> 01:11:41.520
<v Speaker 2>She was, She was smart, She had a scientific background,

1004
01:11:42.399 --> 01:11:43.399
<v Speaker 2>rare in politics.

1005
01:11:44.079 --> 01:11:47.000
<v Speaker 1>And yeah, I mean I.

1006
01:11:48.680 --> 01:11:56.039
<v Speaker 2>She had that forward thinking, rational approach, which is rare

1007
01:11:56.039 --> 01:12:00.479
<v Speaker 2>in politics certainly today. And and even in in that sense,

1008
01:12:00.520 --> 01:12:02.399
<v Speaker 2>I think she was better than Again, she was better

1009
01:12:02.399 --> 01:12:02.840
<v Speaker 2>than Reagan.

1010
01:12:02.920 --> 01:12:04.800
<v Speaker 1>She was more thoughtful of Reagan. She was going intellectual

1011
01:12:04.840 --> 01:12:05.319
<v Speaker 1>than Reagan.

1012
01:12:05.960 --> 01:12:09.239
<v Speaker 2>She was far from perfect, but she was better than

1013
01:12:09.279 --> 01:12:14.520
<v Speaker 2>almost anybody else out there. Stephen said, there was a

1014
01:12:14.560 --> 01:12:17.880
<v Speaker 2>movie about her with Meryl Streep. I remember she says

1015
01:12:17.920 --> 01:12:21.000
<v Speaker 2>something like, I will not end up an old lady

1016
01:12:21.439 --> 01:12:24.159
<v Speaker 2>washing a cup in the sink, and that's exactly how

1017
01:12:24.199 --> 01:12:29.039
<v Speaker 2>it ended. It felt like a naturalistic undercut thoughts. Yeah,

1018
01:12:29.079 --> 01:12:33.000
<v Speaker 2>I mean the movie was very much about her, not

1019
01:12:33.079 --> 01:12:36.279
<v Speaker 2>just a retirement, but laid in her retirement, very much

1020
01:12:36.319 --> 01:12:37.279
<v Speaker 2>about her fading.

1021
01:12:38.359 --> 01:12:41.920
<v Speaker 1>It was very anti romantic.

1022
01:12:41.399 --> 01:12:45.520
<v Speaker 2>And it didn't really emphasize who she was and what

1023
01:12:45.600 --> 01:12:46.439
<v Speaker 2>she had achieved.

1024
01:12:46.640 --> 01:12:50.000
<v Speaker 1>It was somewhat sad the way was presented.

1025
01:12:50.000 --> 01:12:52.239
<v Speaker 2>I don't think a life was sincerely said, but the

1026
01:12:52.279 --> 01:12:56.840
<v Speaker 2>way it was presented, she was dying lady, and it

1027
01:12:57.359 --> 01:13:00.479
<v Speaker 2>didn't come across as that. It was very natural, realistic,

1028
01:13:01.319 --> 01:13:07.760
<v Speaker 2>very I think the whole movie, you know, undercut her character.

1029
01:13:08.039 --> 01:13:11.359
<v Speaker 2>I mean, it wasn't complete. There was some glimpses of

1030
01:13:11.399 --> 01:13:14.560
<v Speaker 2>the character, but it was negatively framed. It was negatively presented,

1031
01:13:15.159 --> 01:13:18.880
<v Speaker 2>and the focus not on her her peak, not on

1032
01:13:18.960 --> 01:13:23.319
<v Speaker 2>her strength, not on when she reshapes the world from

1033
01:13:23.359 --> 01:13:27.720
<v Speaker 2>seventy nine maybe to the late nineties, but decline on

1034
01:13:27.760 --> 01:13:31.079
<v Speaker 2>the health issue she has, on her loneliness when she's

1035
01:13:31.199 --> 01:13:33.239
<v Speaker 2>kind of isolated politically.

1036
01:13:35.359 --> 01:13:36.199
<v Speaker 1>I think that's wrong.

1037
01:13:39.520 --> 01:13:41.680
<v Speaker 2>But look, I mean one of the great tragedies even

1038
01:13:41.680 --> 01:13:44.359
<v Speaker 2>in the UK today is that nobody gives a credit.

1039
01:13:44.960 --> 01:13:48.159
<v Speaker 2>Nobody gives a credit. Almost everybody thinks she was a

1040
01:13:48.279 --> 01:13:53.880
<v Speaker 2>bad influence. Nobody remembers, nobody knows. And it's awful when

1041
01:13:53.920 --> 01:13:55.680
<v Speaker 2>you talk about when you talk to people in the

1042
01:13:55.760 --> 01:14:01.640
<v Speaker 2>UK today who it benefited enormously from Thatchers, from Thatcher's policies,

1043
01:14:02.279 --> 01:14:04.520
<v Speaker 2>and how they despise.

1044
01:14:04.159 --> 01:14:06.720
<v Speaker 1>Her and they hate her and they think badly off her.

1045
01:14:07.159 --> 01:14:12.279
<v Speaker 2>It's really terrible and it's part of the move away

1046
01:14:12.319 --> 01:14:19.880
<v Speaker 2>from markets. Daniel says, can a democratic society exist without capitalism? Well,

1047
01:14:19.920 --> 01:14:23.840
<v Speaker 2>I mean we've got lots of democratic societies and none

1048
01:14:23.880 --> 01:14:25.760
<v Speaker 2>of them have capitalism, are capitalists.

1049
01:14:26.560 --> 01:14:29.359
<v Speaker 1>So I don't think. I don't think democracy is consistent

1050
01:14:29.399 --> 01:14:30.640
<v Speaker 1>with capitalism.

1051
01:14:31.000 --> 01:14:33.960
<v Speaker 2>I mean capitalism is, I understand it, a complete separation

1052
01:14:34.039 --> 01:14:38.279
<v Speaker 2>of state from economics. Capitalism is where the government does

1053
01:14:38.319 --> 01:14:41.520
<v Speaker 2>one thing, protect individual rights and leave you alone. Now,

1054
01:14:43.520 --> 01:14:45.399
<v Speaker 2>you know, there are lots of there been lots of

1055
01:14:45.439 --> 01:14:50.119
<v Speaker 2>socialists countries that are democratics. Sweden in the sixties and seventies,

1056
01:14:50.640 --> 01:14:52.199
<v Speaker 2>Israel in their fifties and.

1057
01:14:52.159 --> 01:14:53.239
<v Speaker 1>Sixties and seventies.

1058
01:14:56.199 --> 01:14:59.359
<v Speaker 2>You know, on and off different countries in Western Europe,

1059
01:14:59.560 --> 01:15:05.039
<v Speaker 2>they've had socialist running them and yet maintain their democracy.

1060
01:15:05.479 --> 01:15:09.319
<v Speaker 2>But democracy is a majority vote, and capitalism cannot run

1061
01:15:09.319 --> 01:15:13.640
<v Speaker 2>on a majority vote. Capitalisms the whole foundation of capitalism

1062
01:15:13.880 --> 01:15:20.960
<v Speaker 2>is the idea of individual rights which are not democratic,

1063
01:15:22.560 --> 01:15:24.800
<v Speaker 2>the idea of sticking to those individual rights that.

1064
01:15:24.800 --> 01:15:30.560
<v Speaker 1>You can't be voted away, and not being a democracy.

1065
01:15:30.880 --> 01:15:37.159
<v Speaker 2>You know, you need a constitutional republic to sustain capitalism.

1066
01:15:37.399 --> 01:15:47.359
<v Speaker 2>Democracy people vote away the rights of others. It's too easy. Oh,

1067
01:15:47.239 --> 01:15:51.359
<v Speaker 2>I mean, here's the important don't think of the world

1068
01:15:51.359 --> 01:15:54.720
<v Speaker 2>today as democracy, as sorry as capitalism. The world today

1069
01:15:54.760 --> 01:15:58.319
<v Speaker 2>is a mixed economy, lots and lots and lots and

1070
01:15:58.399 --> 01:15:59.359
<v Speaker 2>lots and lots.

1071
01:15:59.159 --> 01:16:03.359
<v Speaker 1>Of government interventions and redistribution and some role for markets.

1072
01:16:04.159 --> 01:16:05.800
<v Speaker 1>That's not capitalism.

1073
01:16:06.079 --> 01:16:12.199
<v Speaker 2>That is a mixed economy tilted towards socialism. Capitalism is

1074
01:16:13.039 --> 01:16:18.159
<v Speaker 2>markets and the government there to protect that set.

1075
01:16:18.560 --> 01:16:22.119
<v Speaker 1>Right Oh w I thirty? Yeah, here, Ron, ask your

1076
01:16:22.159 --> 01:16:24.079
<v Speaker 1>super check question at the end of your show and fight.

1077
01:16:24.159 --> 01:16:25.800
<v Speaker 1>I know it's on my laptop.

1078
01:16:25.880 --> 01:16:29.079
<v Speaker 2>It's not on my computer here unless you can recreate

1079
01:16:29.119 --> 01:16:29.880
<v Speaker 2>it in the chat.

1080
01:16:31.439 --> 01:16:32.680
<v Speaker 1>I don't have access to it.

1081
01:16:32.720 --> 01:16:34.720
<v Speaker 2>For some reason. It didn't save it here. I'm not

1082
01:16:34.720 --> 01:16:36.720
<v Speaker 2>even sure it's going to be on my laptop, but

1083
01:16:36.800 --> 01:16:39.439
<v Speaker 2>it might. Can you recreate the question? I'm happy to

1084
01:16:39.479 --> 01:16:44.119
<v Speaker 2>answer it, not in you know, you don't have to

1085
01:16:44.119 --> 01:16:47.680
<v Speaker 2>put money to it, just in the chat. Michael, when

1086
01:16:47.920 --> 01:16:51.159
<v Speaker 2>is your debate on Christianity versus Western Civilization san Francisco?

1087
01:16:51.359 --> 01:16:52.279
<v Speaker 1>And who is your opponent?

1088
01:16:52.319 --> 01:16:55.439
<v Speaker 2>I don't know who my opponent is, but the debate

1089
01:16:55.600 --> 01:17:00.159
<v Speaker 2>is on November twelfth, the date before my debate to

1090
01:17:00.199 --> 01:17:05.800
<v Speaker 2>socialists in Colorado Springs. So November November twelfth in San Francisco.

1091
01:17:06.439 --> 01:17:14.439
<v Speaker 2>More information in the days to come. Jacob, what is

1092
01:17:14.479 --> 01:17:18.680
<v Speaker 2>the minimum amount of time needed for supermajority to make

1093
01:17:18.720 --> 01:17:22.720
<v Speaker 2>sufficient changes to influence the masses to buy into some

1094
01:17:23.159 --> 01:17:24.039
<v Speaker 2>free markets?

1095
01:17:24.159 --> 01:17:26.079
<v Speaker 1>I don't understand that. What is the.

1096
01:17:26.079 --> 01:17:30.319
<v Speaker 2>Minimum amount of time needed for supermajority to make sufficient

1097
01:17:30.399 --> 01:17:34.319
<v Speaker 2>changes to influence the masses? But aren't the masses the superminjoity?

1098
01:17:35.479 --> 01:17:35.880
<v Speaker 1>I don't.

1099
01:17:36.000 --> 01:17:38.479
<v Speaker 2>I don't understand who the masses on who the super

1100
01:17:38.520 --> 01:17:41.199
<v Speaker 2>majority is to buy into some free market? I know

1101
01:17:41.399 --> 01:17:48.560
<v Speaker 2>long term can only be done philosophically. I mean, I

1102
01:17:48.560 --> 01:17:51.680
<v Speaker 2>have no idea. I don't know. I mean I think

1103
01:17:51.720 --> 01:17:57.000
<v Speaker 2>that the mass is generally a willing to be rather

1104
01:17:57.359 --> 01:18:03.439
<v Speaker 2>to accept somebody radical like me Lay when things get really,

1105
01:18:03.479 --> 01:18:09.520
<v Speaker 2>really bad, and then how long it takes for them

1106
01:18:09.560 --> 01:18:13.039
<v Speaker 2>to accept the new system and to buy into it,

1107
01:18:13.840 --> 01:18:15.560
<v Speaker 2>I don't know, And I don't know if they ever do,

1108
01:18:16.279 --> 01:18:18.720
<v Speaker 2>and at the first opportunity they rebel against it and

1109
01:18:19.079 --> 01:18:20.039
<v Speaker 2>shift their loyalty.

1110
01:18:20.760 --> 01:18:21.279
<v Speaker 1>I don't know.

1111
01:18:26.199 --> 01:18:30.199
<v Speaker 2>Lay thirty eight says, can you explain in detail y

1112
01:18:30.239 --> 01:18:34.199
<v Speaker 2>Argentina economy went from so good under Malay to now

1113
01:18:34.199 --> 01:18:36.920
<v Speaker 2>getting a bailout from the US. So I've talked about this,

1114
01:18:40.239 --> 01:18:46.079
<v Speaker 2>about this, and first we have to understand that Milay

1115
01:18:46.319 --> 01:18:49.359
<v Speaker 2>can only do certain reforms, and certain reforms he can

1116
01:18:49.479 --> 01:18:52.560
<v Speaker 2>do because he doesn't have parliament. Parliament is against him,

1117
01:18:52.600 --> 01:18:55.640
<v Speaker 2>and in order to stick to constitutional government and to

1118
01:18:55.640 --> 01:18:58.840
<v Speaker 2>stick to the principles, you just can't do it with

1119
01:18:58.920 --> 01:19:03.199
<v Speaker 2>executive orders. Just like you know, we hope the constitution

1120
01:19:03.239 --> 01:19:09.720
<v Speaker 2>will strained Trump. The Argentinian constitution restrains me Lay. So

1121
01:19:10.359 --> 01:19:13.640
<v Speaker 2>a lot of the deregulation, a lot of the privatization,

1122
01:19:13.920 --> 01:19:15.359
<v Speaker 2>a lot of the things that he wanted to do,

1123
01:19:15.439 --> 01:19:20.039
<v Speaker 2>he never could do. Basically, what happened was a loss

1124
01:19:20.039 --> 01:19:25.439
<v Speaker 2>of confidence in a very volatile economy when people lose

1125
01:19:25.520 --> 01:19:30.880
<v Speaker 2>confidence in things getting better. It becomes a self fulfilling

1126
01:19:30.920 --> 01:19:35.239
<v Speaker 2>prophecy because they behave in ways to make things worse.

1127
01:19:36.159 --> 01:19:41.079
<v Speaker 1>In this case, when Milay lost the election.

1128
01:19:42.439 --> 01:19:46.560
<v Speaker 2>The local elections by a margin far greater than anybody expected,

1129
01:19:47.359 --> 01:19:51.239
<v Speaker 2>people lost confidence in his ability, in his ability to

1130
01:19:51.319 --> 01:19:58.319
<v Speaker 2>actually deliver on all his promises and all the reforms necessary.

1131
01:19:59.239 --> 01:20:05.399
<v Speaker 1>And uh so, what they started to do.

1132
01:20:06.920 --> 01:20:10.680
<v Speaker 2>Was basically to sell the local currency uh and and

1133
01:20:10.680 --> 01:20:14.319
<v Speaker 2>and to buy dollars. Whereas before they gained confidence in

1134
01:20:14.359 --> 01:20:18.199
<v Speaker 2>the local currency, they weren't selling it indeed, and they

1135
01:20:18.199 --> 01:20:21.319
<v Speaker 2>were willing to deposit their dollars into the banking system.

1136
01:20:21.800 --> 01:20:25.560
<v Speaker 2>Uh this all got reversed after the election, what is

1137
01:20:25.600 --> 01:20:28.359
<v Speaker 2>it a couple of months ago, and the consequence of

1138
01:20:28.359 --> 01:20:32.199
<v Speaker 2>that was pulling your dollars out of the banks uh

1139
01:20:32.239 --> 01:20:35.680
<v Speaker 2>and and trying to use the pesos, selling the pasos

1140
01:20:35.720 --> 01:20:39.039
<v Speaker 2>to buy dollars. And that caused the pace or the

1141
01:20:39.119 --> 01:20:42.479
<v Speaker 2>value the pace or the collapse to really go down

1142
01:20:42.600 --> 01:20:46.840
<v Speaker 2>a lot, which causes causes inflation.

1143
01:20:47.199 --> 01:20:48.680
<v Speaker 1>I mean, it causes prices to rise.

1144
01:20:49.680 --> 01:20:54.159
<v Speaker 2>It causes people to the value of their wages to

1145
01:20:54.199 --> 01:20:57.600
<v Speaker 2>go down because it can't buy as much, and people

1146
01:20:57.720 --> 01:21:02.159
<v Speaker 2>just to feel insecure, which means less investment, which means

1147
01:21:02.359 --> 01:21:08.239
<v Speaker 2>less hiring, which means less economic progress. Now wa me

1148
01:21:08.359 --> 01:21:10.439
<v Speaker 2>Le was doing was already going to be bumpy. It's

1149
01:21:10.479 --> 01:21:12.680
<v Speaker 2>not just one way it's going to be bumpy, it's

1150
01:21:12.680 --> 01:21:13.359
<v Speaker 2>going to be noisy.

1151
01:21:14.119 --> 01:21:22.199
<v Speaker 1>And then that loss of confidence changed everything. The bailout

1152
01:21:22.279 --> 01:21:25.359
<v Speaker 1>might not be necessary. If mi Lay.

1153
01:21:25.560 --> 01:21:30.079
<v Speaker 2>Wins in October twenty sixth, a week from now, then

1154
01:21:31.479 --> 01:21:34.239
<v Speaker 2>he might not need the bailout because that will completely

1155
01:21:34.279 --> 01:21:38.760
<v Speaker 2>change the sentiment. People will be much more confident in

1156
01:21:38.800 --> 01:21:39.960
<v Speaker 2>his ability to follow up.

1157
01:21:42.000 --> 01:21:44.039
<v Speaker 1>They will have much more confidence in the peso.

1158
01:21:44.079 --> 01:21:48.880
<v Speaker 2>As a consequence, they will stop selling paesos and buying dollars,

1159
01:21:50.119 --> 01:21:55.039
<v Speaker 2>and the peso's value will increase or stabilize at least,

1160
01:21:55.960 --> 01:21:58.279
<v Speaker 2>and then me can go through the rest of the

1161
01:21:58.359 --> 01:22:01.359
<v Speaker 2>forms and he'll do fine. It might be that the

1162
01:22:01.439 --> 01:22:06.680
<v Speaker 2>United States might have to help him buy basically providing

1163
01:22:06.760 --> 01:22:09.199
<v Speaker 2>him with a fund, or basically not providing with the fund.

1164
01:22:09.439 --> 01:22:11.199
<v Speaker 2>I mean, what the US government has said is they're

1165
01:22:11.239 --> 01:22:16.159
<v Speaker 2>willing to buy pesos to stabilize the price. Now, partially

1166
01:22:16.159 --> 01:22:19.479
<v Speaker 2>by just saying they're willing to do it, the price

1167
01:22:19.520 --> 01:22:24.680
<v Speaker 2>is stabilized because people know that if the Paesel declines,

1168
01:22:25.039 --> 01:22:26.920
<v Speaker 2>the government, the US government will buy a bunch of

1169
01:22:27.000 --> 01:22:27.720
<v Speaker 2>it and.

1170
01:22:29.279 --> 01:22:30.399
<v Speaker 1>Put dollars into play.

1171
01:22:31.680 --> 01:22:34.439
<v Speaker 2>The fact that they are willing to do that is

1172
01:22:34.479 --> 01:22:39.520
<v Speaker 2>basically already stabilize the pesel. So I think that if

1173
01:22:39.560 --> 01:22:44.000
<v Speaker 2>Malay does well on the twenty sixth, I think the

1174
01:22:44.119 --> 01:22:47.479
<v Speaker 2>UGent in the economy will do fine, particularly if he

1175
01:22:47.520 --> 01:22:53.079
<v Speaker 2>continues with the reforms, and he probably won't need the

1176
01:22:53.159 --> 01:22:56.239
<v Speaker 2>US government to actually spend any money on this bailout.

1177
01:22:56.680 --> 01:23:00.279
<v Speaker 2>Just having them there might be sufficient. It already, I

1178
01:23:00.279 --> 01:23:05.079
<v Speaker 2>think is sufficient. Hopefully that explains that I don't have

1179
01:23:05.159 --> 01:23:08.039
<v Speaker 2>more detail than that. Maybe at some point we can

1180
01:23:08.079 --> 01:23:11.760
<v Speaker 2>invite one of my Gentinian economists to come on and

1181
01:23:12.439 --> 01:23:15.159
<v Speaker 2>tell us more about what happened and what is about

1182
01:23:15.159 --> 01:23:15.560
<v Speaker 2>to happen.

1183
01:23:16.039 --> 01:23:19.079
<v Speaker 1>Let's see what happens in the election next week. Paul,

1184
01:23:19.159 --> 01:23:22.239
<v Speaker 1>did that cha bring religion to politics the way Reagan do? No? No, no,

1185
01:23:22.319 --> 01:23:22.720
<v Speaker 1>she did not.

1186
01:23:23.840 --> 01:23:28.199
<v Speaker 2>Thatcher was very secular, as British politics is. I mean,

1187
01:23:28.279 --> 01:23:31.000
<v Speaker 2>she might have had a certain religious spirit about her.

1188
01:23:31.640 --> 01:23:36.720
<v Speaker 2>She might have had a attitude towards morality and hard

1189
01:23:36.800 --> 01:23:40.079
<v Speaker 2>work that is partially based on kind of religious duty.

1190
01:23:41.199 --> 01:23:45.920
<v Speaker 2>But she did not talk religion. She did not bring

1191
01:23:46.000 --> 01:23:50.479
<v Speaker 2>religion into politics. I mean generally the UK is much

1192
01:23:50.479 --> 01:23:53.079
<v Speaker 2>more secular than the United States, as is most of Europe.

1193
01:23:54.159 --> 01:23:56.840
<v Speaker 2>So no, she didn't do what Reagan did, and in

1194
01:23:56.840 --> 01:24:01.359
<v Speaker 2>that sense, she didn't do as much harm to the

1195
01:24:01.399 --> 01:24:03.760
<v Speaker 2>conservative movement. She didn't do any harm to conservative movement.

1196
01:24:03.920 --> 01:24:08.680
<v Speaker 2>The Conservative movement did harm to itself by moving away

1197
01:24:08.680 --> 01:24:12.399
<v Speaker 2>from her policies starting in nineteen ninety, starting with her resignations,

1198
01:24:12.479 --> 01:24:15.680
<v Speaker 2>John Major's and onwards. They've never had a prime minister

1199
01:24:15.720 --> 01:24:18.399
<v Speaker 2>that was willing to go back to her ideas.

1200
01:24:18.560 --> 01:24:22.079
<v Speaker 1>Maybe Kemmy Badanock right now, who.

1201
01:24:21.960 --> 01:24:26.760
<v Speaker 2>Runs a conservative movement is more attuned with those ideas.

1202
01:24:27.560 --> 01:24:29.560
<v Speaker 2>I think conservatives have been in a long time. But

1203
01:24:30.119 --> 01:24:33.560
<v Speaker 2>I mean, and Conservatives have had super majorities. They could

1204
01:24:33.560 --> 01:24:38.319
<v Speaker 2>have done whatever they want wanted, and they didn't reform anything,

1205
01:24:38.319 --> 01:24:40.479
<v Speaker 2>and they didn't move towards market economy in any kind

1206
01:24:40.479 --> 01:24:44.640
<v Speaker 2>of way, and they blew completely blew the majorities that

1207
01:24:44.640 --> 01:24:48.920
<v Speaker 2>they had wasted them. If anything, some of those majorities

1208
01:24:48.920 --> 01:24:53.720
<v Speaker 2>passed kind of the environmental regulations that are killing the UK,

1209
01:24:54.159 --> 01:24:59.159
<v Speaker 2>which Thatcher would have objected to. So no, the problem

1210
01:25:00.239 --> 01:25:03.960
<v Speaker 2>with Thatcher is that she was in a sense and

1211
01:25:04.039 --> 01:25:07.640
<v Speaker 2>aberration within her own party, and that she didn't have

1212
01:25:07.680 --> 01:25:11.359
<v Speaker 2>the support within the party that she needed to see continuity.

1213
01:25:13.640 --> 01:25:16.600
<v Speaker 2>All right, guys, thank you to all the super chatters,

1214
01:25:16.640 --> 01:25:22.600
<v Speaker 2>Thank you for your support, Thank you for everybody listening.

1215
01:25:22.640 --> 01:25:23.760
<v Speaker 1>I hope you enjoyed the show.

1216
01:25:24.479 --> 01:25:27.319
<v Speaker 2>You two can sponsor show on any topic you want,

1217
01:25:27.359 --> 01:25:30.079
<v Speaker 2>as Alexis did. It's one thousand dollars and I'll talk

1218
01:25:30.079 --> 01:25:33.000
<v Speaker 2>about whatever you want me to talk about, so please

1219
01:25:33.039 --> 01:25:35.760
<v Speaker 2>consider doing that if you want, just contact me at

1220
01:25:35.800 --> 01:25:38.720
<v Speaker 2>you run at your runbookshow dot com. You run at

1221
01:25:38.680 --> 01:25:41.199
<v Speaker 2>you run books show dot com. I will see you

1222
01:25:41.239 --> 01:25:46.039
<v Speaker 2>all tomorrow for another news show three pm East Coast

1223
01:25:46.079 --> 01:25:49.399
<v Speaker 2>time I think three pm East Coast time, and in

1224
01:25:49.439 --> 01:25:51.600
<v Speaker 2>the meantime, have a great evening.

1225
01:25:52.159 --> 01:25:59.680
<v Speaker 1>See you soon, guys. Bye everybody,