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thank you very much uh were going to begin with presentations from each of the panelists and then move to a uh to a less formal uh conversation so im going to begin by asking peter to to make his presentation okay hello delighted to be here so uh whoops thats not the first slide there we go im going to talk about the paradox of thrift and of course uh this is a keynesian concept uh the very keynesian talk uh but ill explain it for those of you who dont know uh the idea of course is that uh when one person tries to save money then he prepares or she pre-he prepares for the future but when everybody saves more then no one ends up serving more just income falls and this is a familiar uh view here and what my innovation uh or my point of my talk here is to try to extend this to the world economy so looking at american data you can see that the fall the dramatic fall in the ratio of employment to population this is a familiar figure probably to most people there and i see this as a f
