tv [untitled] April 6, 2011 5:00pm-5:30pm EDT
contingency plans for the shutdown have been made we were ok after all who appears to be in chaos cries everybody moves into crisis mode we sort of know if a government shutdown will really happen so is the panic justified or is it just a lot of hype because if you're bored about the government's financial fallout it's possible the worst is yet to come. and what if the u.s. can't get its books together what would happen if the u.s. lost its golden aaa credit rating people started worrying and uncle sam didn't pay its debts. are we the americans have accidentally killed your family.
and looking back at iraq and outrage over the toll of u.s. airstrikes killing civilians hidden from american eyes are we seeing deja vu now with libya. it's wednesday april sixth five pm here in washington d.c. i'm lauren lyster you're watching r.t. now u.s. lawmakers and president obama continue to haggle over the two thousand and eleven budget and budget cuts they cannot agree and a government shutdown looms now this is been one of the top doom and gloom stories on the mainstream media for days now and the president's getting into it telling the public warning the public about the cost of a shutdown take a listen. you better start thinking differently because you know like if you need a passport i can't get it but i'm planning a visit to a national park or monument can't get there contingency plans for the shutdown have
been made we were all capitol hill appears to be in chaos this is not happened in fifteen years what does this potentially mean for the american people in a time when the economy is just beginning to grow we're just going to see you pick up in employment the last thing we need is a disruption that's caused by a government shutdown all right you heard him but we're asking is this really the big deal everyone is making it out to be joining me to answer that question is chief economist john thomas financial mike norman so mike rate this down for me i know that this is going to hurt the little people that want to get you know who are who you know want to just go to the park or the museums but as far as the u.s. economy and also as i'm looking at global markets don't expect the shutdown to last more than a few days the u.s. treasury would continue to hold debt sales continue to finance its operations so really it doesn't seem to be the doom and gloom scenario that everyone's making it out to be my wrong here. well i hope you're not wrong
hope you're right laura actually we can look back at the recent shutdown one thousand nine hundred five one thousand nine hundred six if it didn't have that big of an impact i think overall it caused the economy about eight hundred million dollars but i think it's a little bit different this time in the sense that the economy is still struggling to recover we're not growing at a very rapid pace and confidence is really an issue here and i think anything that would lead to undermining that confidence you could have some serious impact to the economy so i think that's what the president was really alluding to when he was talking about that and i think that's a real issue in addition the shutdowns that happened in ninety five and ninety six appropriations for government spending had already been made prior to those shutdowns we don't have any appropriations after friday april eighth which means
that some things are going to be affected last time we didn't see much of an effect so this time it really could be different could it all right now i'm wondering if you're talking about confidence from global investors are confidence for an average american because i think average americans are a little lacking in confidence when it comes to their government. they're lacking in confidence but what the interesting thing here is lauren is that many americans at least according to the polls are in favor of a government shutdown if it results in lower spending now if you think about that it's really sort of a curious position because they're almost arguing against their own interests because as we have said a government shutdown may very well lead to a decline in economic output some people will end up losing their jobs of the loss of income to the public saying hey yeah you know we're in favor of
a shutdown if it leads to lower spending when in fact the result might be pretty negative for a lot of people and meanwhile to get to that lower spending politicians are arguing for their point of view and what they want and really it only amounts to just tens of billions of dollars that thirty three or forty billion dollars which is a tiny piece of the pie and a little bit of the big picture is being lost at the end tire monstrosity that is the u.s. debt any impact that is having and one area is the toll it's taking on the u.s. gone rating or that it could hypothetically take i want to take a look at what the scenario would be if the u.s. actually rested on rating let's listen to this. while u.s. lawmakers in washington big over the budget and hurled blame across the aisle for the gridlock calling opposing colleagues relatively small extreme group of india logs who are an anchor dragging down the budget negotiation process give me a break another group of decision makers has been weighing in on the to be one of
the country's top credit agencies telling the feds something has to get done on this stat ratings agency standard and poor and movies have been warning for months that the u.s. debt could threaten the country's golden aaa credit rating telling investors in u.s. bonds essentially they may have to. worried about getting paid the u.s. debt problem is big fourteen trillion dollars big meanwhile the solutions lawmakers are coming up with to solve this problem are small this tiny dot represents even the larger sixty billion dollars in cuts republican lawmakers originally proposed meanwhile the u.s. government each year continues to spend a lot more than it takes in resulting in more than a trillion dollars in budget deficit so with all of this there rating agencies see as unsustainable and a concern and if the path the u.s. has been on for forty three. every dollar we spend this year. we borrowed against the future of our children continuing on this trajectory of
borrowing and spending however would not be an option according to financial analysts if the u.s. was downgraded so what would happen it would be another crisis economist max broad wolf says even putting the u.s. on official downgrade watch would be devastating it would create global shock waves in part because most models and understanding of the global investment landscape landscape take is their sort of central aim for the us ten year treasury bond as the risk free assets and if that asset goes from risk free to risky for us bond holders like central banks and investors all over the world so goes the stability of currency as just one example and so goes the low interest rate the us pays to borrow money as it is the interest the u.s. pays on its debt is staggering it was one hundred eighty seven billion in two thousand and nine and i under your proposal it increases to eight hundred forty
four billion that number would grow exponentially faster with a downgrade because the us would likely have to pay higher interest rates to borrow money meaning less money to spend at home then we have to start cutting really aggressively and for many things they're too important for americans really to to be able to agree to cut them right now drastic cuts in everything from energy to education to the military certainly and in dangers the u.s. position is an empire around the world being able to reach into every corner of the earth yes absolutely whether the u.s. would really be downgraded is a pretty beat the u.s. has the exorbitant privilege after all of printing dollars the global reserve currency to pay its global credit card bill the scarier scenario may be that the u.s. has even reached this point i think much more disturbing and important advice opinion the fact that the u.s. financial situation already. possibly but it's
a situation that once would have been unthinkable perhaps a downgrade for the u.s. whether it happens or not lauren lister washington. so my question to you is with lawmakers not being able to agree on even you know thirty billion dollars in cuts and discontinuous problem of spending and debt and deficit spending how can we avoid a situation like this where the u.s. stature is really affected the bond rating for example. well look we have to separate two things here first of all the there is absolutely no risk whatsoever of the united states not being able to pay its debts because its debts are denominated in its own currency the u.s. dollar of which it is the issuer so there is no issue of solvent see there cannot be an issue of see the united states is always going to be able to pay it debts i think a lot of what is going on here is fear mongering and look if you look at it to be
who you know now calling you and getting more you know graded several times by the rating agencies the ten year yield on the japanese government the equivalent of our ten year treasury is yielding one point five percent so the interest rate will be unaffected however i will say this a lot of people view this i think through sort of a prism of misinformation some of the misinformation in that piece you just ruined that i think for me to believe that i can i think our nation intelligence information in the sense that a downgrade would lead automatically and necessarily to higher or skyrocketing interest rates that just isn't true why what is it likely that they will have to be a more for it that if people were concerned about the u.s. or the ability to pay back what if the u.s. was trying to resurrect currency the u.s. dollar it because as you said as they said in that package the u.s. has no inability to pay it back because it is shoes dollars it could print the dollar to make a payment on the debt i mean there's no way that it's not going to be able to make
that payment on the dead what they pay in latter day like dollar wasn't a reserve currency anymore a lot of people talk about that event different country because shape trade their own currency if the third time that the dollar more and more people are talking about a terrier in which the u.s. dollar wouldn't be there with our currency and our to japan's yen is not the reserve currency in their interest rate is one point five percent and they have debt that is two and a half to three times bigger than what the united states has and the reason why they're able to have a low interest. it is because the bank of japan the central bank sets the interest rate low and their debt is denominated in yet just as our debt is denominated in dollars so it's a non issue you know the rating agencies should understand this but i mean they cannot enjoy these how can they come out with warning it is that even politically difficult for them to come out with warnings because i mean anybody who is doing that is making a name for themselves if the u.s. if these are paying their political and what i understand the warnings are ridiculous they are in applicable to a sovereign nation that issues its own currency i've had discussions with the
rating it look these are the same agencies that rated the toxic sub prime debt aaa so i mean how do we take them with any level of credibility after that the fact of the matter is any country whether it's the united states whether it's japan whether it's any country that issues its own currency never has an issue of solved and see if its debt is the nominated in its own currency it could always make that payment well then larry worried about what the u.s. and with us that what are we worrying about then why can't we just spend spend spend spend into the fourteen fifteen sixteen trillion dollars and continue on its path what the problem with the big debate about then. well there is no problem the debate is that people have a misunderstanding of this they view the reality in a way which is mired in misconception and myth and this is this is pervasive from the common person on the street all the way up to the highest levels of policy
including our own president who goes out there publicly and says we are out of money that is an impossibility the united states of america issues the us dollar it could spend it in any amount that it was to the only real issue here the only thing that we have to consider is whether or not that spending at some point leads to an inflation and the only way that's going to happen is when the government spends beyond the capacity of the economy to produce in other words when every single person in this country who is able to work is working and when all of our resources are used up and you spend beyond that that's when you have a sustainable inflation that's the real issue we should be talking about that's the question we should be asking ourselves and frankly with a nine percent unemployment rate and millions of people at a work and industrial capacity far below what our potential is and millions of on hold and sold homes and all this other excess capacity that we have what we should
be doing is increasing demand and the way that we do that in an economy where most people are trying to cut back their dead is for the government to step in and stimulate demand by spending on infrastructure on education on health care on basic research and development on transportation on alternative energy these are the things we did in the past these are the things that created the real capital that was passed along from generation to generation it's what made this country rich and it's exactly the thing we're not doing now because we've been we've become sidetracked on this nonsensical issue of the government of the united states running out of money when. it is a possibility sidetrack may be at the same time the u.s. debt was not what it is now any of the times that we spent and spent it spent that navy during world war two when that paid us well because all of our economic rivals were especially defeated and you could argue that iraq and afghanistan probably won't pay off as well but mike norman debunking of all of the invention of wisdom
we are hearing about the deficit and debt debate right now in washington i appreciate you joining us our broader time but we look forward to seeing again soon . meanwhile battles continue not just domestically in the united states but overseas we can't forget that and u.s. military intervention appears to face roadblocks and diplomatic meetings bring up more questions than answers but we want to bring those up they're relevant envoys from the u.s. and france and britain are reaching out to libyan rebels and indirectly they're talking with moammar gadhafi regime also a former u.s. republican congressman is actually in libya meeting with gadhafi himself to persuade him to step down were asking if this is a sign no number of nato airstrikes can drive cars off the out and he's not going anywhere meanwhile the u.s. defense secretary robert gates was holding talks today in saudi arabia meeting with king abdullah now he told reporters coming out of that meeting they talked about developments in the region and of course iran but we're asking was really behind
that meeting and what will we see in the aftermath what will be the outcome because we want to take you back a few weeks you may recall gates was in the region recently visiting another persian gulf ally bahrain that was back on march eleventh he had a meeting with the king there and just days after he left what happened saudi tranks what role didn't really see him right there and a thousand troops they wrote to the country to help the monarchy suppress anti-government protesters the bahraini government declared martial law and what you see right there violent images of a crackdown hit the internet protestors being shot apparently point blank now the u.s. stood by and as protesters died in bahrain they also urged for humanitarian help in libya a totally different position and with pointed this out about the reality of looking at american. i'm sure you know checking on on protesters in the capital drew and that is one of the emergency changes on the issue. now analysts that just rose off
drove the truck through the conclusion rather that gates would have had to have known about the intervention by the saudis and that the u.s. was therefore complicit in it an effort to counter iran's influence in the region just to remind you bahrain is a sunni ruled nation but it has a shia majority of people believed to be sympathetic to rerun now reports came out the box raney's were concerned too that they were becoming the target of a proxy battle between the us and sunni ruled arab countries against shiite ruled iran so we're waiting to see what comes out of this gates meeting in saudi arabia he told reporters afterwards they rania's that he has evidence iranians are trying to exploit the situation in bahrain how will saudi arabia the u.s. react meanwhile thousands of protesters have taken to the streets for another day in yemen against their longtime president and the pentagon is calling for a swift transition of power and it's these protests and the violence against protesters but at the same time the pentagon also said there are no plans to suspend u.s. military assistance to yemen brings up another point we're asking is this another
sign the u.s. war on terror makes her dubious but billows putting the u.s. in a compromising position. now when it comes to u.s. military intervention in the war on terror and now what we're seeing in libya the toll of u.s. airstrikes hits far from home far away from american eyes but one filmmaker highlighted the realities that one seen by the american public back during the war in iraq and his film the true story of our list ali and this was an animated film about a twelve year old iraqi boy who lost his limbs as a result of u.s. airstrikes and became a symbol two of the iraq war here's a snippet of that. i'll be the americans have accidentally killed your family. you bastards. feel merican backstitch late blow your arms off you.
can. start. now the maker that fell while young ross joins me now from seattle washington mr ross i want to thank you for joining us here now your fellow was obviously made years ago very critical of bush policies critical of american policy in iraq and speired i read by your personal rage but i'm curious if you feel a resurgence of any of the anger and a resurgence and relevance of your own today as you watch the airstrikes in libya you know i actually feel it was a totally different situation. was something that was planned for ten years but a new concept united states has brought. this operation so so you need your reaction to. the rest. of the west right into
libya one of the billion tall what about the civilian toll that's something you're very critical of i mean isn't the same thing happening at the bottom of the air strikes in libya oh sure there's no way you could. kill innocent people because they want to see sort of. now in your film that you made on iraq you're very critical of the american media coverage of just that of the iraq invasion not showing the carnage that was on the other side of those bombs of where they were landing i want to play a little snippet of what you did and your short film. you can see it. here strike against targets in. sitio five million people you can only imagine how terrified they are. now mr ross you know that's kind of like deja vu for me it looks a lot like the coverage we've been saying of air strikes in libya a parody of what that would look like do you think the american media is failing in its coverage of libya to show that side it would in fact be
abusing the group rock star consuming corporate so i actually don't know what's being shown right now but i have no doubt that it's the same kind of rate we're delivering spoiling them. it really could be you just click since so is iraq which turns you are telling erica neither what is your criticism of the way the mainstream media covers us wars or iraq certainly it was a review of sorts so as a cheerleader for the bush administration. surely the sense of the administration want to show schools to be. silent children nothing that would even make it a vigorous united states take place a soccer ball there do you see anything different now with afghanistan or with our continued involvement in iraq or involvement in libya but. you very public has become a lot more cynical a force in the middle east certainly there's
a lot of americans are very sick of being in afghanistan we're sick and still be going to iraq and we have there's no desire at all to go into libya so then why do you think these policies continue to be advanced by the united states because it doesn't matter what people think it seems that policymakers to make the same decisions. well i think. in iraq there's nobody really going to situation we certainly would have gotten this out of there sooner some disappointing to georgia libya that most of us something that no one could have interested and certainly appears going to betray the united states i don't even think the governments from were were owed but yet it continues and you know i want to ask you i do you are an artist but also you are a software engineer you made this film it seems to be like this so inspired you this the horrors of the iraq war which as you mentioned you see a different situation there were fraudulent claims false pretenses for the war and
i think that that's a more widely held criticism in criticism of other wars that the u.s. is involved in afghanistan for example or drone strike which strikes in pakistan for example those don't go as criticize there is as much popular outrage over that do you think that that allows these us wars to be progressed more with less of a response at home. in some way so it was you would just become inured to it were just expected to be appropriate warrant release no you don't love this is a little bit. doesn't get on the nightly dunes there are american columns coming back but ellen's it seems that there's an expectation that we should just keep this up forever are you as outraged as you were back then are you still outraged over u.s. policy. but it's probably in europe or dealt you know reached its or sustain a kind of coverage where it seems like nothing happens change for the better colleges
. what is the culture so far not much. and i have and i want to appreciate you for bringing us your thoughts here that you made a movie that still feels very very relevant today that was william roth producer and director of the true story of our less ali. so i hear our t.v. but the government doesn't want you to know our case it's down the former governor and author jesse ventura the one on one interview next. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else here's some other part of it and realized everything is. hard to.
believe the man of many titles former minnesota governor russell or bestselling author get the of interest latest book has just hit the shelves are on and i thought their trick and i caught up with them for a one on one interview and here is your sneak peek at the very best highlights take a look archie sitting down with the former governor of minnesota t.v. personality former u.s. navy seal and bestselling author jesse ventura thank you so much for joining us it's my pleasure always a pleasure your new book sixty three documents the government doesn't want you to read you know how's this book new all these documents in this book are in the public domain mainstream media is not going to tell you in the article for even the stuff the boss difficult for him about doing this book was that. these documents
you could substitute the word nazi and it would work and that troubles me because that's a pretty harsh statement so well it's not that hard do you mean what did you discover working well the cia's assassination manual assassination is just a fair and she word for first degree murder how about a document that we discovered in the late forty's early fifty's where the united states went down to nicaragua and rounded up a bunch of people and infected them with syphilis like all to see of penicillin worked you say you want to know what the government is up to do you think the rest of americans want to know your other a whole lot easier living without some of this knowledge well then if you live without this knowledge and you give bad government could you get the government abusing your rights your civil rights you know in a german craddock society it is imperative for the public of people to be vigilant is that sort of way too optimistic or even naive at this point it should be and
should not be we should always demand accountability they use our money i don't like it what my government spending my money on what happens after you voice that what you suspect the rest of americans to do i believe that we need a revolution in our country we can have a revolution and what i should just is that we are the greatest time we have an election here vote for anyone but democrats or republicans anyone but them they're not making decisions to benefit our country they're making decisions to benefit benefit their benefactors and who feel that at this point many americans would support what you were saying in terms of something in the system has to change especially over the last couple of years what we have been seeing but the majority still continues to support the mainstream political elite it still is the democrats and the republicans how many people and how much more time do you think it would change for. people to really start coming out and voting for
a third option i don't know but if they don't then they deserve what they get right let me tell you something joe how many documents the u.s. government declared top secret last year in one year millions sixteen billion i want to ask you about these. really this middle class uprising out we saw it take place in the midwest in the united states you know in wisconsin where almost one hundred thousand people have been protesting for the longest time they ended up really losing that out of church so you as one of the people who deems it important to be calling for revolution for the people to stand up what are the chances of the people winning that kind of revolution. voting for democrats and republicans vote for anyone else. do you mean for anyone else out of the third person turns out to be just as bad or if you don't even want to run that's what you
. do you do what you are calling wrong and that it ends up playing out even more terribly what's holding them how could it how could you explain i will ask you the question explain to me how it could turn out worse i don't know if you know they're going to be involved not in three wars but. one could by electing of independent like me i would put us in the term war is where you have to leap what if you end up going on a power trip and decide to go you know seven other countries obama got the nobel peace prize put in place where you start at least this way out of the constitution that's the law of the land the problem is the democrats and republicans no longer follow our constitutional rights words or supreme court their border off to jesse ventura love him or hate him calling for revolution you just can't mess that you'll see the full interview which i think i'm carrying later this week right here on our key.
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