They have a problem with their socialist ideology. Capitalism is a social-democratic religion. They’ve been saying that the economy doesn’t work, for decades now. The problem is that the ideology isn’t supported by the evidence. It was not supported by any of the social scientists, the economists. It wasn’t supported by the international economic experts. It was just a bit too popular.

We are left with a very, very bad model of economics. The only thing that works in our models is for people to accept that what they call socialism is wrong and I would say that is an excellent model if you look at the situation. We have a situation under capitalism where people have no choice but to accept socialism.

We’re now in the midst of a crisis that is making the capitalist system collapse, and I think the world is in a critical moment where the political and economic leaders have come up with a new way to get us to the level of what is called “socialism.” I’m very pleased to have these events now coming together. It’s a very important moment. A lot is at stake.

You talked about what has happened with some of these major economic crises where in the past when it was really easy to come and say: “Well, I have a different view, which is that I have a problem with capitalism, because of its tendency to create problems as it creates problems, and we may or may not know what might be the worst and best course to take, but I think that we have to come and do something about it.” But today we have something of an economic crisis in China. You mentioned that you’re really going through a crisis in China today. It’s really an economic crisis right now with China as it’s going through an economic meltdown.

For me it’s more a reflection of my view of what is being called “socialism.” I was at a dinner with my colleagues and asked them what they thought with how the US and Japan are approaching their economic crisis. They told me that America is going to continue this kind of economic meltdown for much of the next several years. They were quite surprised and they were quite excited that they were finally going to get their economists to come together and address this issue in their paper. I think that was incredibly remarkable.

The key to this really has been what has been referred to as “the Great Depression.” What was the response from the general public from the top-down and from people to talk about the political climate, the economic environment and vernacular as a whole? The response from the general public is that it was bad and that they couldn’t have that conversation.

That is a complete misunderstanding of the issues at hand. There are a lot of really bad economic issues that we all understand. These aren’t the same problems that we’re addressing. You’ll see other problems like we discussed on the show at the end where there aren’t a lot of different things on it.

But there are different things that we’re talking about because, in fact, our economy has got great potentials that could help us grow and grow. Some of these are good things, so I think that that’s part of the problem with the current state of affairs.