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tv   Debt Machine  Al Jazeera  February 26, 2020 4:00am-5:01am +03

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remaining people. on outages in. hello i'm daryn join in doha with the top stories here on al-jazeera the world health organization has warned that the coronavirus epidemic is rapidly escalating and action must be taken quickly to prevent it from becoming a pandemic that follows the confirmation of a number of new cases in europe and the middle east. iran's deputy health minister as seen here on the left has been diagnosed with the virus he was seen coughing and sweating join the news conference on monday iraq's harris she was needing iran's fight against the illness a white house correspondent kimberly hellcat reports on the u.s. response to the virus. on the defense the trump administration is facing growing criticism it's not done enough to contain the spread of corona virus in the united
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states i'm deeply concerned that we are way behind the a fondness at a hearing on capitol hill on tuesday the u.s. health and human services secretary said development of a vaccine for the virus may still be a year away he openly admitted the trouble right house needs 2500000000 dollars in emergency funding from congress to fight the spread of the global outbreak so we do have in the strategic national stockpile ventilators we have masks we have enough for part will of course not or we wouldn't be asking for a supplemental to seek more money to procure more of that for hours later a top u.s. health official issued this ominous warning now it's not so much a question of if this will happen anymore but rather more a question of exactly when this will happen and how many people in this country will become infected now even members of president trump's own republican party are questioning a top u.s.
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border official about whether its efforts to contain the virus are even adequate but you can't tell us how many your models aren't to supporting. you know senator again i would i would defer you to the health and human services for that so to say you know to check on that wrapping up a trip in india president trump insisted his administration is prepared and tried to downplay fears you may ask about the corona virus which is. you know very well under control in our country. we have very few people with it and the people that have it. or in all cases i have not heard anything either the administration says one of its biggest challenges is data and whether countries like iran and china are being truthful about the number of people infected to china permitted its own foreign journalists and medical personnel to speak and investigate freely chinese officials and other nations would have been far better prepared to address the challenge this as the u.s.
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centers for disease control is now warning americans to brace for disruptions in their daily lives as the crowded virus is expected to spread to communities across the united states can really help get al-jazeera washington us democrats facing off a debate in south carolina which holds its primary on saturday joe biden is to leading in the polls but bernie sanders now does have chipped away at his lead and the gallup has more now from charleston south carolina is somewhere that joe biden has a great deal of history and tradition has a great deal of support particularly among african-american votes is 60 percent of all democratic voters in this state all black but over the past few months and weeks even joe biden's lead here among black voters has been getting eaten away partly because of a generational gap because bernie sanders has been appealing to young black millennial and tom styer the billionaire businessman has been spending a fortune here and that's all eating into what was once
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a commanding lead for joe biden he is still ahead but if you talk to any political analysts they will tell you joe biden doesn't just have to win here in south carolina but he has to win big. egypt has announced 3 days of mourning after its longtime former president hosni mubarak died at the age of 91 he rule for 30 years and was forced from power in 2011 following mass protests in india the number of people killed in unrest in new delhi has risen to 13 more than 150 others have been injured in 3 days of violence of the country's new citizenship law seen by many as discriminating against muslims those are the headlines the news continues on al-jazeera of the death machine of that sort of.
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date it drives markets creates profits and generates an endless cycle of production and consumption. we live on credit our homes cars schools and government expenditures are financed by borrowing. data has become the engine of our growth the lifeblood of our global economy. it's an economic machine impacting the global economy with more and more date being produced day in and day out. this debt machine has grown to epic proportions and now seems to have spiraled out of control public debt the debt held by governments is soaring. the eurozone is
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having a much harder time then other economies emerging from the crisis of spiraling debt why and what are the solutions. it's a debt machine once you're on it out. hard we'll let that 5th limo system look good . public put on that let's start over and create a system of credit which would actually be sustainable which wouldn't destroy the planet because the current machine has the right. idea can that complex as well problem to a piece on duty to transform come on adequacy of economics idiot like us from the russians who came out here 2nd he imposed paramedics on it it said produce a live wire problem sic over to that somebody to see that the reactor then you guna miters a power and i deny me. said that then you own any. when
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it's debt reaches a certain level the government gets caught in a spiral to repay its debt and the interest on it the government has to borrow more money year after year. most eurozone countries are now in that situation they borrow heavily on the financial markets and from large private banks that fight fiercely to keep them as clients. banks love to make loans to sovereigns why because behind the sovereign are millions of taxpayers and they're not like the shoppers or it's not like the consumers in a business because those tax payers never go away there's a new one born every single day and they're going to pay taxes for the next 150 yes unless the country collapses so why wouldn't you lend to them because you know
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you're going to get your money back you know there's no bankruptcy law you know that you can always make a profit on it's safe lending whereas if i go to a firm and that wants to innovate and produce a new asset you know firm that maybe one just has decided they want to build steam engines and 1700 or something i don't have to risk assess the risk. well that's too risky why should i invest in that why don't i lend to the government of spain or to the government of italy or to government of portugal and i know there are a german taxpayers there a french taxpayers there all of whom are affectively backing up this debt so i fear of taking risks. government data has soared into the trillions of dollars in euro zone countries but those figures don't really mean much if you don't compare them to the wealth of a country its gross domestic product or g.d.p. . the country's debt is measured as a percentage of g.d.p.
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here debt represents 50 percent and here 100 percent of g.d.p. . 1992 maastricht treaty laid down the terms for an integrated europe. in order to keep debt from getting out of control experts agree that a country's debt should not exceed 60 percent of its g.d.p. but that critical threshold has been largely exceeded by most european countries joins us from get us what he asked about it so more now we have a pre-nup with the beauty of rio might have a pretty rigid there. when debt exceeds a certain level tax revenues start going up to pay interest on the debt instead of funding government expenses hospitals schools teaches. how can that
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data be repaid how can we ever get out of the spiral. if you put 2 on both in that as in i guess your yet divvy almost have a dead to cvs everybody. or junkie was up i think they sell out they're covered with i don't know but most of that sean hoare and his exam proof are saying of all of us says that they did to contact about what last night was emmett on bossy when it drops below years should you get the. property to go neighbor kid physic. about little to quit their battle choice you know sort. of use it to get you up at it. has always existed it dates back to the origins of civilization it even predates the invention of money.
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the very earliest mesopotamian scriptures that we have are actually debts and credits calculating who owes what to whom when temples and other large bureaucratic systems. so what you have actually are credit systems in mesopotamia they don't have. private data has always existed but government data 1st emerged in italy in the major trading cities during the late middle ages. florence jenner and venice were constantly at war which cost them dearly. to pay for those sovereigns borrowed from prominent family 1st government bonds were traded paying interest. those prominence creditor families founded the 1st italian banks that started lending a lot of money to european markets who were caught up in endless wars. most often
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the bankers were worried by the warlike rulers an easy way of getting rid of debt one that would be used for centuries. at the time governments had power over creditors only much later would that balance of power be reversed. leland attack was resumed after the 2nd world war in 1945 america's marshall plan granted $13000000000.00 u.s. dollars in aid to europe's industrialized countries exceptional growth followed and the 30 years after the war were good so good that they were known as the economic miracle in germany and the glorious 30 and france business was brisk industry was
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in full swing and the growth of consumption was spectacular. and even the ballot on the news you didn't go has basically put it about there but . i'm suited for humanly move. bruce lexy will be on call so much. if we wanted to ha or figure. to show it would be filming on in bungay ass you did was it i wanted but he was i was phenomenal cause it's all in there on the b.b. it was an image will be a few miles that iraq good will be buried. in croissants. by the end of the postwar boom in the early 1970 s. government debt in europe was a great called low thanks to growth and inflation but the economic machine would
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soon be upset by 2 major events. good evening on august 15th 1971 richard nixon the president of the united states his coffers had been emptied of their gold reserves by the vietnam war announced a staggering measure that would drastically change the world economy. would have been in the dollar against the speculative. i directed secretary connally to suspend temporarily the combat ability of the dollar into gold or other reserve assets except in amounts and conditions determined to be in the interest of monitor instability and in the best interest of the united states. but it was not a temporary measure at all the us president definitively kept a fixed relationship between the dollar and gold. the donor became
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a floating currency like every other currency of around the world. all the currencies of the world that were either tied to the u.s. dollar of the british pound by $971.00 we're now pure fee at currencies they're not backed by anything they're just backed by the confidence that people have in those currencies. abandonment of the gold standard cleared the way for significant currency market speculation. the free circulation of capital on international markets intensified it was the beginning of a period of great financial instability. yet. 2 years later in 1973 another major event occurred the 1st oil crisis. in one year the price of crude oil soared going from $2.00 to $6.00 about.
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normal necessity to begin to meet. the dude it could be carter went to dinner some counseling to do so says on this subject don't include the absolute perfect the minute he got immediately and seems like democracy it would set up a 40 minute no one knows a month but the knowledge will not be pretty big color boozer. comedy block no i'm pretty exact amount of shoes but it was. the sudden increase in the price of oil weighed heavily on the world economy. they put the brakes on growth. production costs went up prices went up to. inflation is skyrocketing. high inflation has a major drawback it impoverishes savers and investors since their money depreciates
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. for governments inflation became a new enemy to be defeated at all cost. after removal going on would have rescued a brief federal sa i thought those are the 5 always easy ways to slow yeah follow easy lay plus will this no see you for valley going to me community you really are out there see going to be on the side out you cause i said i used to are classic you just don't call me a serial if i was eagleman and gone by gar on credit or a debate you feel silly it put you to such an icon by the convo oppa like you the idea to dish well much other fast your much of the money for today are see . polluted diktat do all the kills you simply did before i welcome knowledge on global use it is on point only because if there are so many to
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not exist before or is it an economy to defeat it on a cyclical season was and in a going to make it up it will moan that it is always under an economy with a monitor fault which is additional lies of trying to buy them for that to develop is a sop to good at it can do pretty good continue on will say that. nobody but. i don't not only see yelling for what you. please you. have no. time now when you let it be weeks on a back to the hard basket will be the kimosabe on the day. if you didn't know but starting in the 1980 s. the industrialized countries began to borrow heavily on the international market after which their public debts would never stop increasing.
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margaret thatcher became prime minister in the u.k. and ronald reagan president in the united states it was the advent of neo liberalism and economic doctrine that also spread throughout europe. governments everywhere were lowering taxes privatizing public assets these would be the years of easy money. stock markets expanded wall street in new york the city in london. on both sides of the atlantic governments deregulated bank credit unchecked capital flows moved through markets worldwide. by deregulating and liberalizing those governments became dependent on financial markets which by then were an inescapable part of the economic system. the debt machine was taking shape nearly everyone went into debt governments
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businesses and individuals. the economic system had turned into a machine for creating debt. and the banks got rich on the interest paid by borrowed. credits became the primary fuel for growth but how does created work. banks possess only a small amount of the money they lend money is created by private banks on a simple request for credit and a promise of repayment. the sum is raised as soon as the loan is repaid that is a huge thing and it's. how we've always created money from the beginning and it's a wonderful thing if you have a banking system that can create credit like that is a very good thing. because it means you can create finance in a crisis you can bail out a id you could finance climate change you could you can finance
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a war and that's how we've always done this the public hasn't understood that the public thinks that money comes from me working hard if you know that for us you know during the soil working hard and at the end of the month i am money we are all wrong bali bomb get rid of it so the it that a 1000000 people or so the renewable. become less going to be up it's going to bury the view from. the divide that with a 1000000000 people really i believe it lives a little malone's i would love for me to do it because there are no border little locket did the new york city lit up usually lectures or material a whole lot of a new level of it. clear about it wanted to say about the piece also to know the gone piece also to know dollars and cents on this persona for example is another name to tell and it's only going to make a love about as good as it appeared to be put it document utility economy ministers
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on if you nasi going to tell you going to the central banks produced 5 percent of the credit in the world the private banks produce or create art of the net 95 percent of the credit in the world and they have no virtually no regulation over that now what caves are good in the 1930 s. was. we must manage this process it can create vast bubbles of debt it can go out of control. the 929 wall street crash in the united states prompted the british economist john maynard keynes to warn politicians the credit machine needs to be controlled to benefit all of society not just speculators. when we managed the financial system between 1905 and 971 there was not a single financial crisis anywhere in the world and then in 1971 the bankers
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lobbied and they said no no no we don't need controls you know the market will discipline us we will blah blah blah and we began to lift all these regulations and crises began one after the other 1st at the periphery and then in a coup. 1909 saw the birth of the euro and the european central bank had been created to ensure its stability. at the time global growth was strong the level of public debt was starting to decline europe was breathing easy. confident financial markets lent generously to governments and the weakest
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economies spain greece italy portugal suddenly had access to loans a very low interest rates close to those available to germany. that low cost financial windfall was an economic boost all was well thought out. meanwhile in the united states america's housing bubble was expanding and in 2007 the subprime crisis struck thousands of homeowners lost their homes they had taken out loans with interest rates that rose sharply and they found themselves unable to
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make their mortgage payments many banks were in danger. on september 15th 2008 lehman brothers one of the largest u.s. investment banks collapsed. and filaments because it is certain must begin to. present itself so that your couscous a posse of honesty didn't want was there so give you the presumptive don't let. them continue. if if you're on to. lead it good with the presumptive the currency get on play. good hockey live for they could have done it the nickel sisters keep up the the surprise the us did in a while the reason. they don't is all they want to have it all the time is develop for. us it ok about the also aura russian the sequel is commercial
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good i took up so i did a fade to distribute the go on to choose what is on it would suggest that the other animals. after the fall of lehman brothers european banks with close links to american banks risked bankruptcy in turn. governments only just managed to save them in order to avoid the collapse of the whole system. not on and off a separate issue one that are keeping on no bond to god you have to prove the devil up it is actually take you on to the proof. if your proof dog proof was 300 proof from food near proven food in a prison guards in prison going to prison on a system fragile if itis was.
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in spain and in ireland after the advent of the euro and thanks to loans from german french and british private banks developers invested heavily in real estate . and a big don't need to back order to the good meaty danny and the rest by now are costly to say or bought back to on you can order. then or small be an old labor why not speak you live on our own nuffin did you blair in gabby douglas cause you shift to new york on one dot. com you loudly grandma you guardedly booklet victimized and ordered a book. battle are. it in blue sybil a plenty ski said country back they bet your salad bar so shitty movie yet you have obviously it lit it up. don't force one want to go in front of
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do sympathy also called expect if you know you don't do you want to last time i hauled it from our dash i got home i think it had more to play picked to be but maybe. if you also can face a cost that he did indeed p.v. if we don't need you what do most of you can offer do not get people. killing their listening as we turn the cameras on the media the state misleads the public the state media reflects the same thing just climate change and focus on how they report on the stories that matter of the last. chinese authorities the putting those thanks i had committed a crime on t.v. but they show trials would chinua confessions. but i want to investigate.
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0. reporting in the field means i often get to witness not just the news as a breaking but also history as it's unfolding crossing from serbia into hungary the refugee day i might be covering politics of major in the next i might become like protests. what's most important to me is talking to people understanding what they are going through so that i can convey the headlines in the most human way possible . here at al-jazeera we believe everyone has a story worth hearing there is a huge group of people at work behind our screens and the power they have is massive that urge to keep swiping through your twitter feed that's just not the way we all click i agree to the terms and conditions that's just to most of us never even give it a 2nd floor and actually that's design is what i really really explore is how designers are manipulating our behavior in the final episode all hail the algorithm
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on and just. the route reward. hello i'm daryn jordan in doha with the top stories here on the al-jazeera at the world health organization has warned that the coronavirus epidemic is rapidly escalating and action must be taken quickly to prevent it from becoming a pandemic that follows the confirmation of a number of new cases in europe in the middle east while south korea has now topped more than 1000 infections meanwhile iran's deputy health minister seen here on the left has been diagnosed with a virus he was seen coughing and sweating during a news conference on monday iraj area she was meeting iran's fight against the illness. u.s. democrats are right now facing off in a crucial debate in south carolina which holds its primary on saturday joe biden
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still leading in the polls but bernie sanders and others have chipped away at that lead has more now from charleston south carolina is somewhere that joe biden has a great deal of history and tradition has a great deal of support particularly among african-american voters 60 percent of all democratic voters in this state are black but over the past few months and weeks even joe biden's lead here among black voters has been getting eaten away partly because of a generational gap because bernie sanders has been appealing to young black millennial tom styer the billionaire businessman has been spending a fortune here and that's all eating into what was once a commanding lead for joe biden he is still ahead but if you talk to any political analysts they will tell you joe biden doesn't just have to win here in south carolina but he has to win big egypt has announced 3 days of mourning after its longtime former president hosni mubarak died at the age of 91 he ruled for 30 years a must for some power in 2011 following mass protests in india the number of people
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killed in unrest in new delhi has risen to 13 more than 150 others have been injured in 3 days of violence over the country's new citizenship law without violence was happening as u.s. president donald trump wrapped up his 1st trip to india. visit had plenty of pageantry and little progress was made on the 2 countries trade differences in syria government and russian air strikes have killed at least 10 people sheltering in schools across in that province the last remaining rebel held area the white helmets rescue group says at least 8 schools were hit with cluster bombs on tuesday . well those were the headlines now it's back to debt machine station pencil what. the 2008 financial crisis threaten to completely disrupt the global financial system governments made the choice to bail out big banks and to rescue troubled
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economies to remove who they get on. to make a movie so that the borg posse go back so melissa huckaby pascoe see and say found her is all $10.00. model economy goof it's a club law doesn't put extraordinary extraordinary even. the fairly. laid back if you all see the proof with a pretty an opportunity do you. have a good talk slap of such. a last good sign up of the. law school the best little back as you know extraordinary back appears again fast. to the media.
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she's be a. little she's a little you could see people. don't read the book. busk you call it a says do p.c. signals c c c that is milby real label q.q. pretty. lawyer because if you do see if you can roll a new valve function and will bless the donkey populace you couldn't. if governments had to bail out the banks it was because they could not be allowed to fail since those banks are us they are the accounts of millions of citizens we are caught in the debt machine. the economic crisis and the government bailouts of the banks led to a spectacular increase in public debt in iraq the deck machine spiraled out of
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control. the 1st country to declare bankruptcy was greece in november 2009 the newly elected prime minister george papandreou revealed the real figures that had been hidden by the previous governments greek public debt had reached 129 percent of g.d.p. well above the 60 percent threshold set by the master treaty. he asked for help from europe. now you do from a good to see most obvious addendum as. in end it will be easy to miss and his most ethics is one reason. that announcement was like a bolt of lightning striking. the german chancellor weighed in on the question of
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didn't mind. the day off we did so god and obama's love and ignorance of those i work on so i will miss the additional unfortunately some long view of a good song and for tots not the common theme isn't that we do mothers of a movie is a lot of them are on their list even being online for the see him and him of you don't he. was commonly used to some of it. in 1902 the master treaty set out the terms for e.u. integration it forbade the european central bank from bailing out indebted countries would european governments respect these terms would they guarantee greece's debt should part of it be restructured or cancelled or should they help greece pay its creditors the heads of state could not reach an agreement as europe hesitated and markets speculated on the greek debt of confidence collapse the fear
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was that if greece restructured its debt might the markets pull back from spain from italy from la belle frost and might not europe bring upon itself the catastrophe that it so wished to avoid and therefore the argument was it is far better to give greece all the money it needs to repay its indebted notes then to run the risk that the market would perceive a sovereign restructuring in europe. as. is infectious as contagious. only after 6 long months of crisis europe finally decide its bite resistance from germany to lend greece enough to pay its creditors. a small on up whenever it has you broke a new on brooke dog sitter and you could see that ice everybody logged as 1000
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overpass unclear cement in his eye fell on i could problem in europe i would eclipse drop it off because it you know put it in a by you comment unless it be your bell on this you did with this looky as you know we do listen as we know it would dislocate if not it is it actually last year in a pretty hot baggy accountable me you know number one our own territory all of us cool you want. to do or dip in it immediately. said product is off it gets closer so they sit up or be or keep the soups they do at a kiosk the p.v. . as you say if you ask about it not one euro of debt has been written down in these years what has changed is the identity of the
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creditor so money was owed to bondholders in 2010 it's now on to the i.m.f. in the e.u. . if you can solve a debt crisis simply by changing the identity of the creditor and this one is solved. being in debt isn't only about owing money it's also about being in the wrong there is the financial data but also a psychological debt that weighs just as heavily on the inhabitants of the indebted countries. debt and. kind of double jeopardy. or did you it by sake of insult to decrease your. oh nah distance between his job just. says if one day i want to capability economy.
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just because i happen to live in greece somehow i'm a sinner i'm a bad person because of some political axe a done by political representatives of one kind or another. therefore it's ok for people to have their lives destroyed it's ok for people to have to tax through garbage and not have anything to eat it's ok for cancer patients to be denied medicine if we're ever going to have morality in the world we need to absolutely reject that logic if there's individuals responsible hold them responsible but don't hold a college to very responsible for the deeds of. to resolve the greek debt crisis the e.u. granted financial assistance in exchange it imposed a draconian austerity program the country was placed under stewardship and lost
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part of its sovereignty it was placed under surveillance by the troika the 3 delegates of the european commission the european central bank and the international monetary fund. other over indebted countries in the eurozone will be controlled by the troika in turn and subjected to similar was $35.00. the sound of those protests reached all the way to brussels the troika had become a thorn so much so that the european parliament held a special session about the troika's actions national and european m.p.'s questioned european leaders use us they cannot be many ups you may be years. to
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program others will be violent as the lover but i love that other stuff we give a shit that i asked them oh yeah they're going to guess i'm sure there's the decrease. yet if we asked again i think terry said that they're sort of throwing the young of the troika in a lather then they see you know more p.c. care for. yet the message. valid only we have here pundits who stop probably my 2 heroes here to promote the cause then i want to make go. home and import a parliament in spanish and parliament in evolution parliament even though it's not so and above i don't want to go for one model and democratic surely you too much your own guns need. the programmer develop. and all of the guns under fire go. up that's a decent programming course was the language the valan.
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that's a low but i am absolutely confident sure that if greek did not implement the program the situation will be much worse today i am convinced of that these experiments are trying to follow since no we cease to sense what. it means look stuff up reasons that the us yes could get a woman to susan. is today if you have someone who is the. gov contrails. single you not only that you die it's a sense god but if area nor. north i want to go mia you go by the north of iraq you open it up to predict which of.
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you is a disappointment the austerity programs were poorly implemented and poorly explained people came to resent you would start to look like an uncompassionate taskmaster all over the continent there was increasing support for nationalist parties and the finance and euro skeptic parties were gaining ground in melbourne if you have been willing to bear on a fair offer for all give up be back if they are gone after are going liberate europe from the monster of brussels nuno and comment we should. we can see reaction to the liberalization of fright finance just as we saw it in the 1920 s. and it's going to be ugly it will ready is ugly it's ugly in greece it's ugly in france it's ugly you know in many parts of the world where people are saying if my
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government went look after my interests if my government will not arrange for my young people to have employment then i will look for a strong man who will do that for me who will give me security and give my children employment security and i don't care what sort of strong manatees if he's a fascist i don't care if he promises to secure the stability of my life and my people i will vote for him i think that's where we are heading and i don't think our leaders have the vision to understand that's the threat that we face. what are the solutions how. could europe curb the debt machine what mechanisms can it use. could it play on inflation as other countries do. little as you know jamie almost without it jamie are probably almost out of it somehow always has written war on the for want of us here is covered up i think you better that out for me said out it don't go best is cool with it we obviously they saw it would
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years back thank god we said and i'm sure as best adora do now at the base here. should i get your misandry programs likely to make a function for the press coffee yet as we know that a book a minute there i guess that your duty as it were to charge the poor of alberta for the number 2 place and a capacity you know the horses that it. following world war 2 french and german debt was $2.00 to $3.00 times higher than it is today but inflation literally absorbed it. only but the tell me a little girl openly people accuse deceased them. until this was all that it was just in them and then it would be. eliminated week when your lawyers who know.
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about don't know the war but harmony come on the 1st and the 1st i want to know is that would. you put on more if you do so legally ma. this is your strawman 20 seconds from polluting. your dog sins in the sky medina hardware on the doj mark so experts here know the hams go soft as ice under linux. on this week committee politicked are in league and in order to understand we don't need. needed someone so on the server i'm sure and so into naman i meant to have streets to sign with an outdoor high's spawn is are there mention of going to his gate sint does it end in via tut on the field we had annoyed over the mouse in riyadh there must be mention arm this condition of coverage of politics and mention on some. tilt to the bank named to see the
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hologram and emerald number. less a closer look at the euro money. the strong euro benefits the countries of northern europe that penalizes those of the south. is the european union going to fall apart would gross return and reverse the trend. is for it i've heard these 2 chua go. a ghost asked you for made to police officers that don't know dirt off it to get across also when it's going off it said on the nanny who are in class ask him why and sit on it if i had to do pull saw or that you saw that it looked out the bruce don't see maggi name go i think i cross off i had to let it off and said i've explored all across all of us on the docket don't so much that i'm response was if you know suppose go on. ski fulfill all of the phone says
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give for when you wanted to nestle's up with dubious going to his duty but i don't suppose company did go over nailed it in that sleazy focus. this was on paul saul so as to do it all more and to live in gritty. but do gay bully gleg siebold isn't nomen to secure their asses on balls on silk bookham know it's a dude little hope gandhi said the new food lepage so if you need there's a limit. to have a monetary union work effectively. what happens is that the more efficient regions or in the case of the eurozone countries become even more efficient and wealthier the poorer regions or less efficient regions become poorer and less efficient. italy south was industrializing until the
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country unified and in the in the $860.00 s. and seventy's and once that happened if you are an italian investor in the south why would you invest money in the south when you can earn more money by putting your savings in milan or investing it in the north of italy so the south became steadily poorer so what are the italians have to do they had to get always and they still doing it had to send money to the south regularly not lend money but give grants. and in the old days they had the big gossiping metal door the fund for southern italy which paid out tens of billions of dollars over a century i mean of endless payments that are beneath the wealthier provinces have to send money to the poor provinces not lend money send it. but there is a catch the master treaty stipulates that each country must manage its debt.
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europe is far from being a case of union. and yet in 2012 for the 1st time the president of the european central bank the e.c.b. took action. the euro is irreversible we will do whatever it takes we lean our monday night within our mandate to have a single monetary policy in your area and to maintain price the $1000000.00 euro area and to preserve the eula. i'll tend to need to lose or let you know who niggas get he will prove it when i had an e.u. policy lab and this you event here it would be in existence thought the push to be did this was we did get kimmy libby less or no more back toward the banks on high up in gesture they actually be there as you know as well as situational lucian or
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small maxima folky precisely what i don't know even exist about me as you all talk about what i most want hi all been did you feel lost on her litany left was one way to move that i don't remember to not have it when it bad really matters if you know the dentist in atlanta if you're more on talk about sato up in jordan i said. what about simply writing off the debt. cancellation can be done to preserve the social order because we don't transform it most revolutions involve cancellation of dance ironically german prosperity now is based on the cancellation of german that's after world war 2 seems very ironic that the german public is absolutely unwilling to even renegotiate debts of countries like greece calling them that centers when in fact all that's were cancelled after world war 2 and it was that freedom. which actually made the german economic boom.
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the recovery let it sit on the finance any political one. because if it landed it dead goodbye let a via a surrogate is ricky better you want that you're about the one all of you is what we are this was about one global act truly does not mean 1000000 of all that i do my go to again is obvious what i said but he did i say go up the saudis or be our boss said vance i post on this and i go divorce others will be added before i believe it was said this wasn't possible so my it as we will check any gas have at it established ascii art it look it was well look it is having a dog like the good of a good republican that i did he last year so i vaguely audibles good was likeable
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people eat like that b.b. so haley bad apples are about he was a member of let me get rid. of a nonsuch since you still have to serve don't get what he put you be put on a leg i suppose and do not a rodeo like this do have be president to as he called him for to get him but he is going to use them physically like me but i have a you ilya didn't have to name list if you want to be public noble you support him 6 wrong leg is 2 thirds of us are. good men best cure is you she. is wrong we dont fall over years from bottom fishing those used to be gone in wont fonso is not among well known do exist unless. there were a system he used if just any i'll pass on about on and don't include initial fiscal cliff vote and they get the consequence you know dimity the western pa care damage done is what he put it quote. the lispers there is no hope. the
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e.u. has long been powerless against tax evasion switzerland austria and luxemburg have always championed bank secrecy the e.u. has taken action requiring increased transparency. if you know. what i thought of it you know what. that's what i'm at. joe for the well they're going to dominic welcome to don't disturb about it on t.v. all failing this she did love an illness joycelyn enough for me domicile to go on and i don't know it all. alone on the monitor that mischa all of newmont but it is the longer so we're going to cause we mara will do the economy getting more extreme nor. produce the democrates you see the view that he had to live you don't look at p.
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diddy's that clip of you know him and she said bouncing off on it when ylem is a real good on clip ons for his perpetrator is offered to do are to do what you want to keep ability to unite that you don't do well such as you going to mr concrete is it to do so should. today date the economy and finance an ever present global reality we are all caught in the debt machine the debt its grip and its dictates have insinuated themselves into our work our relationships and our lives. only time will tell if we can actually afford this must a servant relationship to date. welcome
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back his time. to take a look at weather conditions across the americas in north america we got this weather system rain heavy in places snow on its northern edge pushing up across the midwest through into parts of canada so heavy snowfall is going to develop certainly wednesday through into thursday elsewhere pretty chilly there minneapolis highs of minus 4 and across western areas looking fine los angeles 28 degrees we pick up on the snow during the course of thursday and that's going to become pretty heavy across those eastern areas but the a front itself moving away so dry weather all on the eastern seaboard but a high of just 6 degrees for both new york and washington find there miami highs of $21.00 degrees that front celing spackle were down towards the caribbean and have an impact on the weather here across mexico he'll just tighten the winds up
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a little bit producing a lot of heavy rain around the gulf of campeche a so parts of mexico looking pretty wet and that wet weather will extend through into the yucatan peninsula so cancun looks pretty wet june both wednesday and indeed thursday the later on thursday should brighten up but about state and very heavy rain likely for honduras heading into south america we've got frontal system which has been pretty active some heavy rain here and should be showery in rio de janeiro. a passion for supporting local communities. and pioneering inoperative african science and technology projects each other beautiful. are all of us on this planet not just africa al-jazeera fun is a leading by a chemist determined to use his scientific knowledge to africa women make science
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from the lab to the field on al-jazeera. as a weapon of war leaves the very deepest scars. scars so rule the victims. and women can barely talk about it. are the only witnesses who can help bring about justice al-jazeera policy human rights campaign is in libya investigating right since the 2011. libya unspeakable crime on al-jazeera one of the really special things that working for al jazeera is that even as a camera woman i get to have so much input in contribution to a story i feel we cover this region better than anyone else working for it is you know it's very challenging live but in this particular because you have a lot of people that are divided on political issues we are we the people we live to tell the real stories are just mended is to deliver in-depth journalism we don't
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feel inferior to the audience across the globe. this is al jazeera. hello i'm daryn jordan this is the i was there a news hour live from doha coming up in the next 60 minutes warnings the worst is yet to come in the global corona virus outbreak south korea reports another $169.00 cases bring the total number of infections to over $1100.00. u.s. democrats hold a presidential debate ahead of saturday's south carolina primary a race considered do or die for former vice president joe biden. egypt announces 3 days of national mourning as whose theme of barak who ruled the country for 30 years.

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