Thanks, Thanks guys.

I'm going to be speaking around there somewhere. I'm comfortably seated.

Oh, there you are.

Well, thank you very much for joining us, Julian.

The floor is yours. Thank you. First of all I'd like to play a kind of tribute I suppose to Ron Paul and his institute and the people that have supported

him over the years and what I know from personal experience is a very

courageous position, and principal position in relation to the war racket.

I think it's much better to describe it like that rather than saying US foreign policy

because there are some parts of US foreign policy which are good but the war racket which

dominates war racket which dominates unfortunately the decisions that are made in

U.S. foreign policy is something that is not good and I think we can see this basically from first

principles that there are types of human interactions which are not zero-sum, which as a result of the interaction and work.

Everyone is left better off.

But when you're building broms and dropping them on people, there was some very rare

exceptions, everyone is worse off the resources that have gone into the instruction are wasted and you have

destroyed the productive capacities of those who have their systems or industry destroyed, but it does make a profit for some people involved.

One of the difficulties I have in speaking to this audience is that I think you all know that.

In some ways, not a lot has changed from when Smedley Butler described this phenomenon of the war racket in the 1930s.

There's of course an internal dimension to it and an external dimension which externally can also be a

protection racket. But if you understand that nearly, sorry, just over 7 trillion dollars has been spent since 2001 on the various wars that the United States has been involved in, pulling in some of its

allies, but that expenditure is from the U.S. Treasury, together with the interest that will be paid on the loans that were borrowed

to conduct that activity.

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