back<00:00:00.359> sort<00:00:00.560> of<00:00:00.680> 50<00:00:01.000> years<00:00:01.199> ago<00:00:02.080> Western

back sort of 50 years ago Western

back sort of 50 years ago Western governments<00:00:03.280> had<00:00:03.679> a<00:00:03.840> lot<00:00:04.160> of<00:00:04.400> wealth<00:00:04.880> we're

governments had a lot of wealth we're

governments had a lot of wealth we're talking<00:00:05.200> about<00:00:05.400> governments<00:00:05.759> owning<00:00:06.080> things

talking about governments owning things

talking about governments owning things like<00:00:06.520> hospitals<00:00:07.160> like<00:00:07.679> schools<00:00:08.679> but<00:00:08.800> of

like hospitals like schools but of

like hospitals like schools but of course<00:00:09.080> in<00:00:09.200> the<00:00:09.320> case<00:00:09.480> of<00:00:09.599> the<00:00:09.719> UK<00:00:10.000> the<00:00:10.080> UK

course in the case of the UK the UK

course in the case of the UK the UK government<00:00:10.679> did<00:00:10.840> own<00:00:11.240> also<00:00:11.519> a<00:00:11.639> significant

government did own also a significant

government did own also a significant amount<00:00:12.639> of<00:00:12.840> housing<00:00:13.320> back<00:00:13.519> in<00:00:13.679> in<00:00:13.799> the<00:00:14.160> in<00:00:14.240> the'

amount of housing back in in the in the'

amount of housing back in in the in the' 70s<00:00:15.799> and<00:00:16.000> governments<00:00:16.279> have<00:00:16.400> lost<00:00:16.600> this

70s and governments have lost this

70s and governments have lost this wealth<00:00:16.960> now<00:00:17.439> not<00:00:17.560> only<00:00:17.720> do<00:00:17.880> they<00:00:18.000> not<00:00:18.119> own

wealth now not only do they not own

wealth now not only do they not own wealth<00:00:18.600> they're<00:00:18.800> actually<00:00:19.520> in<00:00:19.720> a<00:00:19.880> significant

wealth they're actually in a significant

wealth they're actually in a significant amount<00:00:20.519> of<00:00:20.680> debt<00:00:21.439> what<00:00:21.560> that<00:00:21.680> means<00:00:22.039> is<00:00:22.279> if

amount of debt what that means is if

amount of debt what that means is if they<00:00:22.519> want<00:00:22.640> to<00:00:22.840> provide<00:00:23.160> you<00:00:23.439> with<00:00:23.560> the<00:00:23.680> same

they want to provide you with the same

they want to provide you with the same level<00:00:24.160> of<00:00:24.359> service<00:00:25.160> that<00:00:25.279> they<00:00:25.400> used<00:00:25.560> to

level of service that they used to

level of service that they used to provide<00:00:26.039> you<00:00:26.199> with<00:00:26.640> 30<00:00:26.960> 40<00:00:27.279> 50<00:00:27.519> years<00:00:27.760> ago<00:00:28.760> they

provide you with 30 40 50 years ago they

provide you with 30 40 50 years ago they simply<00:00:29.519> need<00:00:30.039> more<00:00:30.480> tax<00:00:30.720> money<00:00:31.439> because<00:00:31.759> they

simply need more tax money because they

simply need more tax money because they no<00:00:32.119> longer<00:00:32.399> own<00:00:33.360> the<00:00:33.559> assets<00:00:34.040> and<00:00:34.160> they<00:00:34.280> need

no longer own the assets and they need

no longer own the assets and they need to<00:00:34.600> pay<00:00:34.760> rent<00:00:35.000> or<00:00:35.200> interest<00:00:35.879> on<00:00:36.079> those<00:00:36.280> assets

to pay rent or interest on those assets

to pay rent or interest on those assets the<00:00:36.840> reason<00:00:37.200> that<00:00:37.480> governments<00:00:38.239> are<00:00:38.920> having

the reason that governments are having

the reason that governments are having to<00:00:39.360> charge<00:00:39.719> much<00:00:39.879> higher<00:00:40.120> levels<00:00:40.360> of<00:00:40.559> tax<00:00:41.280> to

to charge much higher levels of tax to

to charge much higher levels of tax to provide<00:00:42.440> much<00:00:42.680> worse<00:00:42.960> levels<00:00:43.200> of<00:00:43.360> service<00:00:44.079> is

provide much worse levels of service is

provide much worse levels of service is quite<00:00:44.640> simply<00:00:45.480> because<00:00:45.800> governments<00:00:46.280> are

quite simply because governments are

quite simply because governments are much<00:00:47.079> much<00:00:47.640> poor<00:00:48.039> now<00:00:48.600> they<00:00:48.760> need<00:00:48.879> to<00:00:49.000> rent

much much poor now they need to rent

much much poor now they need to rent everything<00:00:49.559> they<00:00:49.680> use<00:00:50.000> they<00:00:50.079> need<00:00:50.199> to<00:00:50.360> pay

everything they use they need to pay

everything they use they need to pay interest<00:00:51.320> and<00:00:51.440> that<00:00:51.520> means<00:00:51.800> they've<00:00:52.039> taken

interest and that means they've taken

interest and that means they've taken that<00:00:52.440> money<00:00:52.879> from<00:00:53.120> you<00:00:53.680> and<00:00:53.879> despite<00:00:54.199> taking

that money from you and despite taking

that money from you and despite taking more<00:00:54.520> money<00:00:54.719> from<00:00:54.879> you<00:00:55.160> they<00:00:55.399> they<00:00:55.600> can't

more money from you they they can't

more money from you they they can't provide<00:00:56.120> services<00:00:56.800> that<00:00:56.920> is<00:00:57.039> what<00:00:57.160> happens

provide services that is what happens

provide services that is what happens when<00:00:57.559> you<00:00:57.680> go<00:00:57.840> from<00:00:58.000> being<00:00:58.199> rich<00:00:58.440> to<00:00:58.719> being

when you go from being rich to being

when you go from being rich to being poor