He was interviewed by Mike Thornton of People's Tribune Radio. Speculative capital is reorganizing and reconfiguring most of the world's systems.
Deregulation is the word that is used, but what's really meant is privatization.
In various countries around the world telecommunications, water, railroads, electricity, even information and biological products are being privatized through deregulation and the so-called free market. The deregulation process started in California, so if it fails here it will make it harder to sell the deregulation idea anywhere else. Currently 20 other states are already in various phases of the deregulation process and in every case they involve a so-called bailout or buyout of the utilities. In California, utilities were publicly regulated. They owned their own dams, generators and electrical grids, they were legally responsible to guarantee electricity, and prices were regulated.