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tv   Debt Machine  Al Jazeera  March 21, 2021 4:00am-5:01am +03

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down that road is a very challenging place the work around i think i live you know if you think of boundaries a lot of the time from my colleagues on the love that we are the land grabbing the extra mile where are the media going to go we go there and we give them a chance to tell their story. the way. this is al jazeera i'm dating obligato with a check on your world headlines countries across europe are imposing restrictions to cope with another surge in corona virus infections 16 regions in france including paris are among those returning to lockdown for at least 4 weeks rio de janeiro has closed its famous beaches this weekend as intensive care units in brazil near 100 percent capacity argentina has imposed restrictions on chile is reporting a new infection rates close to record highs last seen in june daniel sirees with
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the latest numbers from brazil. $79000.00 new infections in the last 24 hours that brings the number of infections up to nearly $12002400.00 deaths that brings that total up 229-2000 deaths the i.c.u. beds in the brazilian hospitals breaking point 95 percent occupancy in rio de janeiro a similar situation around the country hence these measures by the author it is in rio de janeiro to close the b. is there also stopping buses coming into the city bringing tourists to those beaches they've done that before the question now is whether they will police it whether they will stop people massing on the beaches they also have to put up with the president of the country job also nado encouraging people to go to the beaches and take in the sun and he's saying that's a good idea so they can focus victim in d. which will allow them to fight the cove in 1000 virus so that is
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a problem always in brazil you have the national authorities led by the president telling people to go back to work ignore the measures not wear masks and then you have city council state governors trying to fight against the virus telling people to stay indoors and not work so a difficult situation there as the numbers continue to rise an emergency curfew has been imposed in the u.s. city of miami beach after a large crowds gathered over the spring break without following social distancing rules the mayor describe the situation as out of control police struggle to break up parties at restaurants and on the streets from saturday everyone must stay indoors between 8 pm and 6 am and businesses in restricted areas will be closed. our city right now in this area has become a tinder and we cannot have a policy of simply hoping that it's not lit we have to be for one of those incidents happen we cannot in the wake of some fans from outside japan will not be
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allowed to travel to tokyo to watch the olympics or paralympics because they coronavirus pandemic the joint decision was made by the international olympic committee the japanese government and local organizers security forces in thailand have clashed with protesters that broke through barriers around the king's ceremonial residence riot police pushed back about 1500 anti-government demonstrators tens of thousands of people mostly youths have been taking to the streets since last year demanding a new constitution and reforms to the monarchy. and they don't even know what di. we repeatedly issued warnings before escalating our response the police have detained 5 protesters we found that the protesters refused far crackers mobiles and also of concrete intended to the police hundreds have been protesting in turkey after the government withdrew from a european women's rights treaty president dredge up to
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a bird and ordered the removal through decree the agreement was signed by more than 45 countries in 2011. the rebels have admitted responsibility for a fire at a detention center and yemen's capital sanaa earlier this month at least $45.00 ethiopian migrants were killed and hundreds injured the truth the affiliated ministry of interior says 11 if its fighters through smoke bombs to stop protests at the facility they've reportedly been arrested thousands of protesters have gathered outside the israeli prime minister benjamin netanyahu is residents calling for his resignation some of the rallies have been held every weekend over the past 9 months and this comes just 3 days ahead of israel's general election the country's 4th in 2 years that's a now who's hoping to benefit from the success of israel's vaccination campaign for israelis which has been the world's fastest those are the headlines more news on al-jazeera after that machine.
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debt it drives markets creates profit 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
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of control public debt the debt held by governments is soaring. the eurozone is having a much harder time then other economies emerging from the crisis of spiraling debt why and what are the solutions. to debt machine once you're on it very hard to feel like that 50 i must use them to look good also barbara but 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 curve machine has to a. diminishing high no idea can that can exist to any piece on duty do test on come on and did a classic an immediate death like. any post paramedics on it is producer.
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sick over to that somebody to say that you are then you. the power and i deny me. said that then you own any. when its 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
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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 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 its safe lending whereas if i go to a firm that wants to innovate and produce a new asset you know firm that maybe once it is decided they want to build steam engines and 1700 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 effectively backing up this debt so i fear of taking risks in. government data has soared into the trillions of dollars in euro zone countries but those figures don't really mean
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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. here debt represents 50 percent and here 100 percent of g.d.p. . in 1902 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 he joins us from get us what he asked about it so more now we have a pretty up with the beauty of rio might have a pretty rigid there. when debt exceeds
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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 data be repaid how can we ever get out of the spiral. if you were to move on but in that lesson i guess your if your view divvy or most of the dead to cvs everybody. or junkie was up i think they sell out their coverage i don't know but most of that sean hoare and his exam proof are saying of all. says that they did to cause like the balliol were tossed knows emmett on bossy when it drops below years should i think it's. a property to go neighbor kid physical about little to quit their battle. is also obviously to get you up at it. has always existed it dates back to the origins of civilization it even predates
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the invention of money. 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 and 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. pay for those sovereigns borrowed from prominent family 1st government bonds were traded paying into. those prominence creditor families founded the 1st
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italian banks that started lending a lot of money to european markets who were caught up in endless wars. most often the bankers were worried by the warlike rule is 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. 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
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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 in full swing and the growth of consumption was spectacular. the polytunnel news unit on the has basically put it to. reason i'm suited for q molly move. to slug seal b. and cause so much. if we wanted our or figure. to show it would be philomena in bungay us you didn't resign i wanted but he was a go are phenomenal cause it's all in there on time the b.b. was an image will be a few miles in iraq good will be buried. in croissants. by the end
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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 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 a gold reserves by the vietnam war announced a staggering measure that would drastically change the world economy. would have been the dollar against the speculators 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 monitoring ability and in the best interest of the united states.
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but it was not a temporary measure at all the u.s. president definitively kept the fixed relationship between the dollar and gold. the donor became a floating currency like every other currency 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 kid 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
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1st oil crisis. in one year the price of crude oil soared going from $2.00 to $6.00 a barrel. i've. just normal necessity today going to meet. jude it could be carter innocent jones i could use a switch on this subject. nope and that includes the i'm sure of the feel of the middle you go immediately and sing like democracy it would set up a claim shows for a minute now on assignment that the knowledge will not suddenly produce be calling bush a comedy block long. exact amount to i'm sure but it will. be a sudden increase in the price of oil weighed heavily on the world economy. it put the brakes on great. production costs went up
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prices went up to. inflation skyrocketing. high inflation has a major drawback it impoverishes savers and investors since their money depreciates . for governments inflation became a new enemy to be defeated at all cost. to remove all canals and would have rescued a brief federal sat at all those are the 5 always easier is to slow yeah follow easy late class will this no see you for valley going to me community really out there see going to the andris around you cause i said i used to are classic you just don't call me a serial if i was eagleman known gone by gar on credit or debit or you feel silly it put you to such an icon by the convo but like you the idea to dish walmart the other fast your much of the money for today our cities.
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polluted diktat do all the kills you simply did before and welcome knowledge on global use it is on point only because if there are so many to not a clearance you get one or is it an economy to defeat it on a cyclical season was when to go to make it up it will moan it it is on was under the economy all i wanted to fault was this additional lies of trying to buy them for that to develop is too good i did continue pretty good continue that. noble. i don't know not honestly yelling. let's not. be so hard now when we let it be weeks on a back to the out of pocket would 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
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after which their public debt would never stop increasing. 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
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markets which by then were an inescapable part of the economic system. the debt machine was taking shape nearly everyone went into debt governments businesses and individuals. the economic system had turned into a machine for creating debt. and the banks got rich on the interest paid by borrowers. 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
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a very good thing. because it means you can create finance in a crisis you can bail out a.i.g. you could finance climate change you could you can finance 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 for as you know day in the soil working hard and at the end of the month i am money rolls a lot wrong a body bag of it so the it that a 1000000 people or so the renewable. become left on his deal is going to bury the view an awful. void that would be in people raleigh i believe it lives that i'm alone we have for me to do the players do know bortoli to the last rock it did divert new york city lit up usually some of it well the order of a new orleans. clear party boxed it
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a body pieces out on the go on pieces of the no dollars source on this persona for example if there is another name to tell and it's only going to make a lovely pop good city put to the put it document utility economy manassas on if you lost it going to tell you going to the central bank produce 5 percent of the credit in the world the private banks produce or create out of the net 95 percent of the credit in the world and they have no virtually no regulation over that now what kay has argued 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.
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when we managed the financial system between 1905 and 971 there was not a single financial crisis anywhere in the world and then in $1071.00 the bankers 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.
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confident financial markets lent generously to governments and the weakest 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 fall out. meanwhile in the united states america's housing bubble was expanding and in 2007
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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 make their mortgage payments many banks were in danger. on september 15th 2008 lehman brothers one of the largest u.s. investment banks collapsed because that in. a film and speculative surfin must begin to. present itself so that your couscous a posse of honestly didn't so give you the presumption to be don't. continue to look good if if you're more on. debt good with the presumption the place. is good. for it could have done it. and you can sister's keeper properly it is a promise to us that in
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a while the reason. we don't have it all the time is develop but on. this case about us it ok about the russian the sequel is commercial good i took up so i did i failed to disagree go on to just what is on it's a chance of the deal in amongst us. 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 suture that are keeping on no bond to god you have to prove the devil up it is actually take you on to the proof as you know it if proof dog proof was 300 proof from food new proven food in a prison guards in prison gone to prison on
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a system hostile if this was just. 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 buy new market is a or both back to on your longer. then or small be an old labour's one. speaker live on our own nuffin to do blair in gabby douglas the shift to new york on one dot. com you loudly grandma you guardedly book me going to write an orderly book. about why our guest is the rabbit in blue sybil lettie ski said cadre back they bet
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your salad bar so shitty movie yet you see it live it up. well want to go in front of do support the or so-called or sector if you know you don't do you want on our last program i had nodded from our gas i got hot at the helm are to play better soon be back my home bach if you don't know he also can face a cost that he did indeed p.v. if we don't need eva do you can often do not get people to. al-jazeera as investigative unit takes you on for months under cover. if. you had actual victim who had survived the torture of detention and saying this was the cause of. revealing the illegal dealings of the surveillance industry here
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intercepts. that these are the nuclear weapons us to 21st century al jazeera investigations. mixing the traditional with the mountain what he knew what to expect ignoring cause divides the only thing which united their voice the music greek music blaring through the speakers wielding the power of music to turn up the volume on india's social injustices when i saw the performance or is like wow and shake things out we went on stage or something we brought us to just something that witness consciousness collective on al-jazeera. worked out as their anger since its launch as a principal presenter and as a co-sponsor with any breaking news story nor to hear from those people who would normally not get that voice is heard on the international news channel one moment i'll be very proud of when we covered the whole earth quake that's 2050
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a terrible natural disaster and the story that needed to be told from the heart of the affected area to be that to tell the people story was very important at the time. of the world the low. this is al jazeera i'm dating obligato with a check on our world headlines countries across europe are really imposing restrictions to cope with another surge in corona virus infections 16 regions and france including paris are among those returning to lock down for at least 4 weeks that's almost a 3rd of the population rio de janeiro has closed its famous beaches this weekend as intensive care units in brazil near 100 percent capacity argentina has imposed restrictions on chile is reporting new infection rates close to record highs last
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seen in june. brazil's president and local authorities have conflicting approaches to fighting the virus. these measures by the author it is in rio de janeiro to close the beaches there are also stopping buses coming into the city bringing tourists to those beaches they've done that before the question now is whether they will police it whether they will stop people massing on the beaches they also have to put up with the president of the country job also noddle encouraging people to go to the beaches and take in the song he's saying that's a good idea so they can focus victim in d. we should allow them to fight the covert 1000 virus fans from outside japan will not be allowed to travel to tokyo to watch the olympics or paralympics because of the current virus pandemic the joint decision was made by the international olympic committee committee the japanese government and local organizers security forces in thailand have clashed with protesters that broke through barriers around the king's
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ceremonial residence riot police pushed back about $1500.00 anti government demonstrators at least 5 people were arrested tens of thousands mostly youths have been taking to the streets since last year demanding a new constitution and reforms to the monarchy hundreds have been protesting in turkey after the government's withdrew from a european women's rights treaty president reza tell you about iran ordered the removal through decree the agreements were signed by more than 45 countries and 2011. houthi rebels have admitted responsibility for a fire at a detention center and yemen's capital earlier this month at least $45.00 if european migrants were killed and hundreds were injured the affiliated ministry of interior says 11 if its fighters threw smoke bombs to stop protests at the facility those are the headlines it's back to that machine next on al-jazeera.
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2008 financial crisis threaten to completely disrupt the global financial system governments made the choice to bail out big banks and to rescue troubled economies . in our home by call to go home boxes to me can be said that you play ball. posse because so many stuck in a basket or seat and safe and well as old granddaughter. a model economy of friends but it's a club law. extraordinary extraordinary if you. do fairly. anybody feel see if you flew the pretty ample to keep do box back up at dusk use of a good talk slap out some who are both. good stand up of the. school feel the best lit up settle out don't sit back as you know x. how they never ask appears again faster want to be a baby to the media. she's
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be a. little visitor could see people. we don't. busk you call it a says do p.c. signals c c c that it will be real label q.q. pretty. lawyer because if you do you see if you and you will function and will close 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.
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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 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 didn't make your p.c. most. of the dead mice in a room. in any other will be easy to make and is most elixirs well you know in
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reason. that announcement was like a bolt of lightning striking. the german chancellor weighed in on the question didn't. went down did they all 3 did so good and obama is not an ignorant sort of those are both on so i will miss the addition line for someone who does the of the good songs and for tots not the common theme is a not 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's never done the most commonly used to one another. in 1902 the master treaty set out the terms for e.u. integration it forbade the european central bank from dating 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
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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 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 and dead and then to run the risk that the market would perceive a sovereign restructuring in europe. as. infectious as contagious. only after 6 long months of crisis europe finally decide
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its bite resistance from germany to lend greece enough to pay its creditors. a small on up whenever it has you broke a new look go up we'll sit there and you can see like i said we batted a lot less 1000 overpass unclear cement in his eye fell on i could problem in europe i would accuse the rob it of because it you know put it in a buy 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 that accusation last year in a pretty hot baggy applicable me you know number one our own table top us cool you want. to do or do commit immediately. said brought it out i guess off it gets closer so they set up o.b. or keep the suits they do at a kiosk the p.v.
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booth. as you say if you ask about it not one euro debt has been written down in these years what has changed is the identity of the 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 the debt crisis simply by changing the identity of the creditor and then 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 country. debt and. kind of double jeopardy. or did you it by sake of insult to decrease your. oh not days to finish
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job us. says if one day i want to keep ability economy. just because i happen to live in greece somehow i'm a sinner i'm a bad person because of some political acts 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 i have and i think he 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.
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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 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 look be controlled by the troika in turn and subjected to similar was 3890 . 1. 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
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a special session about the troika's actions national and european m.p.'s questioned european leaders besides they cannot be many ups you may be years. to program others will be violent as the lover broke out of that other stuff we give a shit that asked them oh yeah it could it because i'm sure there's the degrees. yet if we asked again i think bestsellers ranya. the troika is still a lover then. you know i'm hoping for. yet the message. valid only we have a plan this is the problem here to promote to close then i want to go. home and import a parliament in parliament in evolution parliament even. start to form a model and democratic shall you do about your own guns. well above your lady merson
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is of the program a d.v.r. can copy the bills fall even after the guns under fire go. up that's vastly decent program in quotes was the life was the valan. given to us for. that's a lot i am absolutely confident sure that if greek did not implement the program the situation will be much worse today i am still convinced of that you have these experiences that try to fit in says no we cease to sense what. sparked it to mean look stuff up the reasons that us yes could put a woman to susan and of course been used to their future storms well it is the spitting systems a governor contrails. seen going nationally that he does it's a send up if area no sooner or later it will but not so it will go mia it will but not. you open it up to predict which of
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thak. is a disappointment the austerity programs were poorly implemented and poorly explained people came to resent you would start to look like a compassionate taskmaster all over the continent there was increasing support for nationalist parties anti finance and euro skeptic parties were gaining ground in matters yappy. to their own and they're often for a given happy back to back if they are working toward africa and liberate europe from the monster of brussels and connect we should. we can see reaction to the liberalization of frank finance just as we saw it in the 1900. and
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it's going to be ugly it really 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 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're 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 canada use. could it play on inflation as other countries did a. little you know me almost without it germany are probably almost
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that are that the boys who rule on the for want of us here over the petty investor that are used for missing without it don't go best is cool with it we obviously they saw it with. god missile a member or daughter there now at the base here. should i get your misandry programs likely the american function for the press coffee yet as you know that our book a miss america that your duty is it with poor up of our boom for the number 2 place and a capacity or the horses that it. would. follow in world war 2 french and german debt was $2.00 to $3.00 times higher than it is today but inflation literally absorbed it. to the mobilization globally people jobs our crews do system. key until this was
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all that it is just in them and they would be pretty good all eliminate unique was when you want to know and the tar ball don't need to watch the but harmonica more deserve the 1st song on the 1st austin a botanist said would. you put on and more it should do so legally ma. this is your show me 20 seconds for polluting. of your door jones in discovery and madonna hutton rant on their door john mark so expertly and on the shaft as i was under linda guns off on this big committee politic that in leaving in order to understand we had only needed someone so on the server i'm sure and so on to name in on what develops free to sign where and how to organize does the s. bahn is again mention of word to his gate sind does it i mean via tugged on the
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archaea guild we had an oil vice must all be mows in riyadh there must be mention are i'm just going to cover the politics and mention items of mine. fields of the bank named to see the hologram and emerald number. the less it has to look at the euro money. the strong euro benefits the countries of northern europe but penalizes those of the south. is the european union going to fall apart would grace return and reverse the train . before it hurt i've heard at least 2 from kwara go. really i guess that you for made the police officers the download off it to get across also when it's going off it said on the nanny who are who are in class ask them why and said condit had to do pull saw or that you saw that it
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looked at the preuss don't see maggi name i think across off of our head you elected office and expo are across all of us on the docket don't so much but most was because if you know suppose go on. ski fulfill all of the phone says give for when you want within a sleeze up with dubious going to get it but i don't suppose company did go over an illiterate in that sleazy focus lead that this was on paul saul so as to do it all more until devean gritty. the 2 gay bawly gleg siebold is a nominee to skew the us was on pause on sil book obama said dude little hope gandhi said the new food lepage 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
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poorer and less efficient. italy south was industrializing until the 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 did the italians have to do they had to go always and they still doing it had to send money to the south regularly not lend money but give grants. and then the old days they had the big gossipy metal draw the funds for southern italy which paid out tens of billions of dollars over a century i mean of endless payments that have been needed the wealthier provinces have to send money to the poor provinces not lend money send it.
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but there is a catch the mustard treaty stipulates that each country must manage its debt. 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 in to contain price the $1000000.00 euro area and to preserve the euro. i don't indeed need to lose or you know who niggas get he will prove it when i hear the new plan lebanese you even hear equity in exist about
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the push to be did dissociate with a good community libby less or no more back toward the banks and higher up in gesture to actually be directional as well as situational lucian or small maxima to keep precisely what i don't know even exist about me as you all talk about one amongst one hi all been did you feel lost on her litany left asked me to move i don't walk home and do not hate it when that bad really matters if you know how to get back to dentist in atlanta if you're more on talk about otto 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 gaffes ironically german prosperity now is based on the cancellation of german that's after world war 2 it seems very ironic
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that the german public is absolutely unwilling to even renegotiate debts of countries like greece calling them that centers when in fact all debts were cancelled after world war 2 and it was that freedom. which actually made the german economic boom. the recovery let it sit on their hands any political one. because if it landed it dead goodbye letter head via a surrogate is ricky better you will see that you're about the one all of us will be at least was about one global act cruelly though so i thought maybe i will do my go to again is obvious what i said but he did i say grow up a thought is a hobby or said vance i post on this and i go deeper thought as a hobby and it was i preach but said it wasn't possible to survive it as we will
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check any gas have at it established ascii art it work it was well look it is having a dog who did it go look at it he asked it so i vaguely og apples get was like it was on people eat like they'd be beat so heavily bad apples are about he wants a memory for me get rid. of a known 6 and you still have to search for the put you be put on a good leg i spy and do not a rodeo like this do for the president who has a good home for truly good can but he is going to use them physically like me but i have a you can have to name list if you want to be public you know you support him 6 from all that i guess to serve the feds are. good men best cure is you she. is wrong you don't fall over years from part of a nation are still to be in wont for serves no you're not alone the exist unless. there were a system he used if just any i want passed on about on and don't include initial
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fiscal cliff vote and they get the consequence you know dimity the. damage done is what he put it quote. the least personally as we know. the 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. someone. will for the well water the good is going to go dominic welcome the don't dish to the body don't teach to get off this she did love an illness your son is not for me domicile took on and i don't know him or bottle there are a lot on the monitor that mischa all of newmont but it is the longer so you're going to cause we mandala with all that economy get demodex to nor. do
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i do it to market as you see it of you levy a cliff you don't look at p. diddy's it politically you don't and she said bouncing off on it when ylem is a real good on clip ons for hospital there's not a to do are to do what you are not competitive do you know that you don't do well such as you going to miss to conclusions city just as you do. 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. the
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torah to risk this guy. most of the bad weather is left the eastern seaboard but there is something set up there which we should look at briefly you cannot tell from this distance i really because the front runner of the pacific but this on shore breeze through more or less georgia and northern florida is pretty nasty as cold is persistent it brings rain with it jacksonville which is right in in view keeps that till the end of sunday strong wind 18 degrees and raining then slowly things improve the windows and choose to looks lovely so we can say goodbye to the further west in the rockies and particular on the pacific coast there's an increase
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in the weather type the snow quite happily in the cascades on the higher ground as well there will be rain further south in california and the recent excursion of cold air across the gulf did enhanced the writing guatemala well there's still the potential ice again the winter storm for billie's and maybe honduras more likely it will be rather wet in parts of costa rica and panama and increasingly receive showers in the greater antilles even in jamaica not so much though in the small islands in south america was recent heavy showers in peru producing flooding that potential still exists into sunday and probably monday. it's one of the world's most powerful and dangerous criminal enterprises central to the life the hoods of hundreds of thousands of people and behind the deaths of many more exceptional access to some of its key players reveals the inner workings of an
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organization telling the name to many as the blood alliance inside this in a low a cartel part one of a key part investigation people in power on al jazeera. covered restrictions spark resistance across europe as countries brace for another surge in infractions. are watching al-jazeera live from a headquarters in doha and also coming up. on remote villages how america's largest state of alaska has managed to become a leader and vaccination rates. and just to pay a. state.


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