19:40 - The Treasury worked on by candle light during the Three Day Week, where there was a shortage of power, however just a few streets away 10 Downing Street had a back up generator which ensured why had power all the time.
You have to be a little careful about these documentaries. My father was Assistant Private Secretary (Treasury) to the Chancellor of the Exchequer 1964 - 66. When Callaghan was Chancellor. My father's version was very different to the version given in this documentary. The treasury made it clear to Callaghan that devaluation was necessary. Callaghan - for political reasons - (Wilson: 'your pound in the pocket will not be devalued..' )-resisted for as long as he could. In the end devaluation was necessary. My father liked Callaghan as a man and could remember sitting next to him in the government car after the announcement. Callaghan wept; which my father respected.
To be fair that was the messaged i got. That the prime minster over powered the treasury and tried to prevent a devaluation for as long as possible because he didnt want it.
Yes, he was actually one of the first batch of in vision BBC newsreaders since the mid 1950s. He retired from news reading in 1982. He is now 91 as of 16th April 2017.
The problem is in capitalism they won't stop until the whole thing explodes. They will claim they didn't see it coming, but financial downturns are simple fact of capitalism. And who knew if you deregulated the banks would wreck the economy? Because we all know they have never cause a depression before...
Welfare payments as a share of GNP did remain roughly the same between 79-90. However, this was not because the poor and unemployed were being maintained through lavish benefits. It was due to higher levels of unemployment and the ensuing social wreckage.
Love how they brush over the formalising of the bank of england setting rates, anyone with a head knows the bankers pull every string to hedge bets and put people in their pocket. Odds are they set rates before the formalisation.
The 2008 banking crisis that brought down RBS, HBOS and Lloyds TSB, etc. I think we are still getting bullshitted over this. This program started to talk about this huge, staggering subject at 54:24 of a 59:14 minute program. Call me a sceptic but I'd have thought we'd have heard a deeper explanation of the crisis than we heard.
paul Stewart I think you have to watch the film 'Margin call' [good film by the way ... a film for adults] to understand the type of thing that has happened ... and IIRC, it is based of true events at Lehman Bros.. Basically, these glory boys in 'The City' & Wall St bought and sold financial packages which were based on algorithms and one of these packages that was sold world-wide by one of the big names on Wall St. had an error in it and if the market dropped below a certain level, the sxxt hit the fan with this institution/bank being liable for a debt with a number like a telephone number with plenty of zeros at the end of it. The film portrays this better than I can explain, but basically, the financial institutions are so inter-linked that with a debt so large, the one would take them all down.
simpsonsim07 "This was filmed between 2008-2009. Not much would have been known in detail." Known by who? Oh you can be sure that the powers-that-be knew what had happened, why and who did it. WE may not know it, the public that is, or it gets down-played as I think every adult would have strong views on this.
I'm sure he's a very nice man, but I always thought of Gus O'Donnell as the ultimate Blairite with his mockny accent and visits to see the Arsenal. I could just see him with Lord Bragg of Wigton and Jonathan Freedland of the Guardian trying to be down with the other north London luvvies of a Saturday afternoon.
Agree with you. Trying a bit too hard to be a man of the people. Not possible with his role. He knows everything, probably even more than the Prime Minister.
However the Chancellor is a very important position and when a PM sacks their Chancellor or they are forced to resign it spells doom for the PM. Margaret Thatcher saw this when Nigel Lawson resigned as Chancellor and in the space of a year she was kicked out of office. Chancellors hold the purse strings, they control the money the PM wants to spend. That is a very powerful position.
these minds cant be that 'brilliant' if they have helped land us in the economic mess we have now - if they haven't helped, what on earth is the point of them being there
it was a structurally unsound economy and financial deregulation that landed us in a recession, not government officials. sure, they bailed out the banks, but the alternative is not worth thinking about. despite what osbourne may say, the deficit is not even close to the main cause of our problems. he'd just like us to think that because it's the only thing the government can really control today. austerity is a political game.
Morphologysmusic Like I say, if they haven't helped, what's the point of them being there. Totally agree about austerity - we're told we are a rich country when it suits the government, and a poor one when it suits them.
After the ERM fiasco; and Major was the one for that in reality, I didn't think all that of Lord Norman Lamont, but then he spoke about brexit and backed us leavers a few years ago, my attitude completely changed.. Hats off to the bloke.. To add to that, Major was dead against brexit... 👎
I don't think it is right to put all the blame onto the Treasury. Strength of the currency is influenced by several factors. Political influence or philosophy or stance is one, and bureaucratic culture is another. These are not the only factors. We in Japan are said to be struggling with strong yen and hardly a day passes without more than ten politicians or business leaders crying out loud for devaluation of the Yen. Our mandarins love fiscal discipline and savings are still high.
Darling seems to not have heard of Canada, as no banks nor insurance companies nor finance companies nor investments banks failed; the government here did have to support the banks, due to other countries pouring money into theirs; we were too close to the US, UK, but banking-wise all was sound.
Check the CCPA book on this www.policyaltetnatives.ca My recollection is that the Canadian Federal government allows CMHC to be hand-bagged as the source of ready cash. I hope this helps.
Do the people who work in the Treasury really have any idea what the average person does with their money? Civil servants make more than the average person, rarely produce anything of genuine long lasting substance, have an incredible benefits package. Then on retirement an incredibly generous pension. All things the average person does not have, nor many ever have.
Be honest - if you had the same chance, wouldn't you? Don't give me the Saint Francis of Assisi nonsense. I bet if you were an MP, within time you would milk the system. Nearly £82,000 a year salary. Subsidised food/drink. Staff and Office allowances. Who wouldn't.
@@johnking5174 I can't say definitely what I would or wouldn't do, or be tempted by, in these or similar circumstances. What can be said is that a large minority of MPs (maybe even the majority) didn't act in the way you've described.
if you paid attention, it was an event hosted by the Spectator , a private company and it would of been on their dime.So no Taxpayers money would off been involved.
What is it with Blairite politicians and their favourite meaningless injerjection "y' know"? I lost count during Darling's interview (Tony is the worst of the lot of course). I do know so don't keep telling me.
Eric R binford Mr innovator U TUBE To Mr Patterson thanks for input on books BOOKS BOOKS CHECK IT Out GOOD MORNING NPR WVXU fm radio don't for get it's public radio that connects the true frequency to form a all aboard investments for a better building matter....
Dam Tories dont care. Jeffery Howe, awful Chancellor. Austerity for people, but high wages for MP'S. Thatcher, like in you own mean, Austerity, while they lived on high wages. Her think was heartless and stupid. Austerity and Capitalism for the poor amd Socialism for the rich.
Eric R binford Mr innovator utube Dont for get 88.5 fm working to build communication DONATE I do even if it's a $ one dollar.... Week....... donations builds most other station they just TAIK should I PRAISE that PRAISE cause I'm a understanding FORGIVER........
When you hear the voice of Michael Cockerell you know its going to be splendid
He sounds like John Nettles !
'Renewable on reasonable demand'. Love that.
Peter Hennessy has such a wonderful turn of phrase! He is very listenable to, on any subject.
19:40 - The Treasury worked on by candle light during the Three Day Week, where there was a shortage of power, however just a few streets away 10 Downing Street had a back up generator which ensured why had power all the time.
What happened to Part two. The Palace of dreams ?
yeah, that's what I want to know. Someone has some pull to make it go away.
th-cam.com/video/ybAH7h-FiFc/w-d-xo.html
Superbly informative.
Does anyone know what choral work the Treasury choir is singing from 8:00? Thanks.
Anton Bruckner's Locus Iste
@@benjaminmcdonnell2701 Thank you very much.
David Blunkett came to see him.....
Haha
41:44 Alastair Campbell, Blair's eyes, making sure Brown stays on message.
Thanks. Any idea why episode 2 -palace of dreams / the foreign office - is nowhere to be seen?
21:29 lovely rover p5 remained ministerial cars for some time
2:38
if one listens closely as Darling gets the award, its the Rocky music!
You have to be a little careful about these documentaries. My father was Assistant Private Secretary (Treasury) to the Chancellor of the Exchequer 1964 - 66. When Callaghan was Chancellor. My father's version was very different to the version given in this documentary. The treasury made it clear to Callaghan that devaluation was necessary. Callaghan - for political reasons - (Wilson: 'your pound in the pocket will not be devalued..' )-resisted for as long as he could. In the end devaluation was necessary. My father liked Callaghan as a man and could remember sitting next to him in the government car after the announcement. Callaghan wept; which my father respected.
To be fair that was the messaged i got. That the prime minster over powered the treasury and tried to prevent a devaluation for as long as possible because he didnt want it.
Love the sight of Boris Johnson at 2:30!
We see enough of Boris as it is
Is that young Richard Baker at 18:12?
Yes, he was actually one of the first batch of in vision BBC newsreaders since the mid 1950s. He retired from news reading in 1982. He is now 91 as of 16th April 2017.
Eamonn ió
The treasury...the most powerful institution in Whitehall...
It was absolutely clear that the bubble had to burst. All bubbles burst.
The problem is in capitalism they won't stop until the whole thing explodes. They will claim they didn't see it coming, but financial downturns are simple fact of capitalism. And who knew if you deregulated the banks would wreck the economy? Because we all know they have never cause a depression before...
Alas, even the recycling of furniture by HM Treasury pales into insignificance when compared to the recycling of footage by Michael Cockerell.
I have seen the same clip of Denis Healey returning from Heathrow in about 5 of his documentaries
@@andysouth6624 Think that, and Robin Butler running down the no.10 staircase are his favourites
Thanks :)
0:21 ooooooh girl! ACCURATE AF! haha the shade of it all
Welfare payments as a share of GNP did remain roughly the same between 79-90. However, this was not because the poor and unemployed were being maintained through lavish benefits. It was due to higher levels of unemployment and the ensuing social wreckage.
In no country ever were welfare payments 79-90% of GNP. That's impossible, when you think of it...
Think it's referring to the years not a percentage... 1979-1990 Thatchers reign
37:49
is it just me or does Norman Lamont look a bit like Herbert Hoover?
He missed out Ken Clarke, whose economic policies sowed the seeds for the growth that Gordon B enjoyed during his tenure.
Clarke described the home office the exact same
He describes his house, his wife, his garden and his dog in the same way.
They loved those Soviet style economic plans back in the 60's...
They experienced the war. All planning from industry to agriculture, so they taught it made sense
Love how they brush over the formalising of the bank of england setting rates, anyone with a head knows the bankers pull every string to hedge bets and put people in their pocket. Odds are they set rates before the formalisation.
This lot are just public servants who regard ordinary people as stupid and should be disregarded. Arragonce is so very easy from the ivory tower
Never mind a paddle we ain't even got a canoe 2021
The 2008 banking crisis that brought down RBS, HBOS and Lloyds TSB, etc. I think we are still getting bullshitted over this. This program started to talk about this huge, staggering subject at 54:24 of a 59:14 minute program. Call me a sceptic but I'd have thought we'd have heard a deeper explanation of the crisis than we heard.
This was filmed between 2008-2009. Not much would have been known in detail.
+MrFredSed I would call you a realist and not a sceptic. And you are right and we should have heard of prosecutions and much more.
paul Stewart
I think you have to watch the film 'Margin call' [good film by the way ... a film for adults] to understand the type of thing that has happened ... and IIRC, it is based of true events at Lehman Bros..
Basically, these glory boys in 'The City' & Wall St bought and sold financial packages which were based on algorithms and one of these packages that was sold world-wide by one of the big names on Wall St. had an error in it and if the market dropped below a certain level, the sxxt hit the fan with this institution/bank being liable for a debt with a number like a telephone number with plenty of zeros at the end of it.
The film portrays this better than I can explain, but basically, the financial institutions are so inter-linked that with a debt so large, the one would take them all down.
simpsonsim07 "This was filmed between 2008-2009. Not much would have been known in detail."
Known by who? Oh you can be sure that the powers-that-be knew what had happened, why and who did it.
WE may not know it, the public that is, or it gets down-played as I think every adult would have strong views on this.
MrFredSed Well this is focused on the office in general so it wouldnt be overly fixated on the crisis in 2008
23:44 I'm pretty sure it isn't the butcher's job to slaughter the cow in the shop itself.
@Reality Check Thanks for letting me know!
@Reality Check It appears my general knowledge is a total abattoir :)
I'm sure he's a very nice man, but I always thought of Gus O'Donnell as the ultimate Blairite with his mockny accent and visits to see the Arsenal. I could just see him with Lord Bragg of Wigton and Jonathan Freedland of the Guardian trying to be down with the other north London luvvies of a Saturday afternoon.
Agree with you. Trying a bit too hard to be a man of the people. Not possible with his role. He knows everything, probably even more than the Prime Minister.
Rachel Reeves has already opened the first envelope.
Just one question: who's the boss? The Prime-Minister or the Chancellor? Who can sack who?
PM is in charge of basically everything. The Chancellor is firmly the second in command.
However the Chancellor is a very important position and when a PM sacks their Chancellor or they are forced to resign it spells doom for the PM. Margaret Thatcher saw this when Nigel Lawson resigned as Chancellor and in the space of a year she was kicked out of office. Chancellors hold the purse strings, they control the money the PM wants to spend. That is a very powerful position.
8:06 Bruckner - Locus Iste
Nigel Lawson lost a lot of weight. He is very health conscious now?
Must be. He is 87 now.
Nigella made him some cook books
Norman Lamont presents himself as a very honest man.
these minds cant be that 'brilliant' if they have helped land us in the economic mess we have now - if they haven't helped, what on earth is the point of them being there
it was a structurally unsound economy and financial deregulation that landed us in a recession, not government officials. sure, they bailed out the banks, but the alternative is not worth thinking about. despite what osbourne may say, the deficit is not even close to the main cause of our problems. he'd just like us to think that because it's the only thing the government can really control today. austerity is a political game.
Morphologysmusic Like I say, if they haven't helped, what's the point of them being there. Totally agree about austerity - we're told we are a rich country when it suits the government, and a poor one when it suits them.
Morphologysmusic "and financial deregulation that landed us in a recession, not government officials"
And who exactly passed the de-regulation?
MrFredSed - the people in power passed it not the clever lemmings
And who are the "people in power"? Whoever wanted this change in the rules, wasn't it the politicians who ordered the relaxing of the guidelines?
I wonder what the cost of pain is.
Unmeasurable
deniis healey was an amazing chancellor hemade leeds east amazingly prosperous...
chris hob where???
I like the word *inner sanctum*
I have a lot of time for Jim Callaghan compared to other Labour figures, but what a load of drivel at 17:20
Complete detached from the real world-no wonder Ken Clarke liked it.
why does he keep saying orgy?
Because its main meaning is 'any actions or proceedings marked by unbridled indulgence' ?
It's a coded message for what really goes on at the treasury
@@Mrjmaxted0291 lol
Because when the markets close they all go off to have an orgy. They never tell you this because it’s top secret.
After the ERM fiasco; and Major was the one for that in reality, I didn't think all that of Lord Norman Lamont, but then he spoke about brexit and backed us leavers a few years ago, my attitude completely changed.. Hats off to the bloke..
To add to that, Major was dead against brexit... 👎
58:00 Canada. Canada didn't deregulate and Canada came out far better than most.
28:25
I don't think it is right to put all the blame onto the Treasury.
Strength of the currency is influenced by several factors. Political influence or philosophy or stance is one, and bureaucratic culture is another. These are not the only factors.
We in Japan are said to be struggling with strong yen and hardly a day passes without more than ten politicians or business leaders crying out loud for devaluation of the Yen.
Our mandarins love fiscal discipline and savings are still high.
Darling seems to not have heard of Canada, as no banks nor insurance companies nor finance companies nor investments banks failed; the government here did have to support the banks, due to other countries pouring money into theirs; we were too close to the US, UK, but banking-wise all was sound.
Haerton yeah, that's why we hired Carney to run the BOE
Check the CCPA book on this www.policyaltetnatives.ca
My recollection is that the Canadian Federal government allows CMHC to be hand-bagged as the source of ready cash.
I hope this helps.
Do the people who work in the Treasury really have any idea what the average person does with their money? Civil servants make more than the average person, rarely produce anything of genuine long lasting substance, have an incredible benefits package. Then on retirement an incredibly generous pension. All things the average person does not have, nor many ever have.
regardless of her politics, you cant deny margaret thatcher was a ghastly woman
I can can I disagree with that statement
All of these people from all political parties and the media living it up at Claridge's Hotel at the taxpayer's expense.
Be honest - if you had the same chance, wouldn't you? Don't give me the Saint Francis of Assisi nonsense. I bet if you were an MP, within time you would milk the system. Nearly £82,000 a year salary. Subsidised food/drink. Staff and Office allowances. Who wouldn't.
@@johnking5174 I can't say definitely what I would or wouldn't do, or be tempted by, in these or similar circumstances. What can be said is that a large minority of MPs (maybe even the majority) didn't act in the way you've described.
if you paid attention, it was an event hosted by the Spectator , a private company and it would of been on their dime.So no Taxpayers money would off been involved.
@@davidrenton That should read would've (would have), not would of.
What is it with Blairite politicians and their favourite meaningless injerjection "y' know"? I lost count during Darling's interview (Tony is the worst of the lot of course). I do know so don't keep telling me.
It's simply something people use to buy time to think about what they are going to say. It's usually just a tick that people fall into
Never changes sleaze know not learnt a thing this goverment is just the same Iam so mad never held to account
David had powerful eyebrow game back in July of 1976... Looks like he's waxed them off...
the end of the beginning chaos
U dont think clark kent is superman
"Mandarin" - glad that expression fell out of fashion.
This award acceptance speech defines Englishness to its core.
He’s Scottish
@@ejws1575 This award acceptance speech defines Great Britain-ness to its core.
@@sehrzeb9485 Britishness ffs.
The way I remember it, Gordon Brown did save the world.....
oracleofottawa maybe you can ask your doctor for a change of meds
They just postponed the disaster.
He didn't save our gold reserves.
the state should always manage finance and ought to cap banks activity printing money
Spending on nhs went
Brown: And so we will not be returning to the boom and bust economics of the past.
And that's how the financial collapse of 2008 happened.
shabby place recycling but they pay themselves good money
What about a conference about Rape>
No wonder Frazer Nelson is so dead against Scottish Indy. See the folk he gets to party with.
Ahaaaaa, sure
Such stupid thing to avoid necessary devaluations - I never really understood this thing, this fixation brits have with strong currency
A strong currency is good for a country. £sterling is one of the world's leading currencies. Of course they want it strong.
It means goods are cheaper to import and the money goes further when we go abroad.
Yes but exports are more expensive so making them less competitive in foreign markets and damaging domestic businesses@@rogerstopford9954
Eric R binford
Mr innovator
U TUBE
To Mr Patterson
thanks
for input on books
BOOKS BOOKS
CHECK IT Out
GOOD MORNING
NPR WVXU fm
radio don't for get
it's public radio
that connects the
true frequency to
form a all aboard
investments for a better
building matter....
whats so great about these inadequte handling of making people poorer tax the corporations
oh cant do that
Dam Tories dont care. Jeffery Howe, awful Chancellor. Austerity for people, but high wages for MP'S. Thatcher, like in you own mean, Austerity, while they lived on high wages. Her think was heartless and stupid. Austerity and Capitalism for the poor amd Socialism for the rich.
Butchers don't cut up 'cows'.
Eric R binford
Mr innovator
utube
Dont for get 88.5 fm
working to build
communication
DONATE I do
even if it's a $ one dollar.... Week.......
donations builds
most other station
they just TAIK
should I PRAISE that PRAISE cause
I'm a understanding
FORGIVER........
Rule Britannia !
This simply shows that you *cannot* manage capitalism.
Hence our plan for tue democratic socialism: Co-operative Socialism.
And you think you can manage socialism?
IMO human wants will always be infinite and any form of management will always have opportunity costs
BBC waste of time. I am not even gunna watch it.
4
Why? You wasted time commenting.
🤮🤮🤮