tv [untitled] August 4, 2011 12:30am-1:00am EDT
welcome back here's a look at the main stories today on our team with walwyn bad wagon brawl stories europe's third largest economy as italy's debt cost rocket while spain also struggles to stay on track and it's brussels that's being blamed for showing a frustrated public to vote with their feet on a major block. the u.s.
most powerful body condemns syria's deepening violence heating up russia's call to rule out foreign intervention urging internal dialogue because protesters in syria claim they're being quote massacred by government forces and the opposition stronghold of hamas. a field of palestinian suicide bombers didn't tell the north sea how she's using her experience to spread peace after being caught before blowing herself up in a crowd of his release she says her second child so lauser to dedicate her life to tolerance on both sides. now the tough times in europe and the u.s. feel like they're relatively recent phenomenon but a former head of russia's central bank says the debts been a swirling around for ages and is only now be used as a political pawn as you explain starting next.
at the level of mr gill rushing hello thank you very much for being here you became head of central bank when russia began the feeling its shock therapy policy following advice from american accents how did he advice you and i can plagues now with the situation that facing. and live within your means that's all that's just what they told us back then would normally do at the whole of our economic and social situation at the time that was a nine hundred ninety two when we began not part of the government began to listen to their advice after russia joined the i.m.f. start a year later they wrote on the famous stiglitz the nobel laureate and former economic advisor to clinton was among them but they were doing everything wrong what they were telling us was all wrong but if we think about the a big if were then once means that now the rush of those days or states years say you. know you have to see the u.s.s.r. was living on credit of course but it was sold them on other streets were eager to
give credit to us all the latter wasn't doing it directly well through european affiliates they all knew after all that the soviet economy was under control and that the country would pay its debts sooner or later it even without ohio prices why they were eager to give credit to the u.s. us or especially to finance the purchase of high tech goods to be supplied to the soviet markets and the fact is though that after nine hundred forty two the time of crisis for the us america wouldn't sell the u.s. or complete production facilities a lot of the car plants all yachtie chemical plants of which the u.s. is our gold with orderly and dollars worth and which of played their part in its technical progress would only way the soviet union's credit rating was quite high it's been easy for the u.s. to get credit because of the entire system that's been built up since ninety because you can. i've been here when the i.m.f. has been set up there was a heated dispute between the u.k. and the u.s. of course the british had got all three because their economy had been greatly
damaged by the war you know that later led to the devaluation of the pound some years after the war in fact all of europe was living off the marshall plan back again and that consisted mostly of agricultural commodities along with some industrial plants and factories that are depleted their technological potential and all those of us didn't need any nor this in part what was the reason for america's technological lead go to over more recent years though it would production capacity is growing rapidly in the toward world the share of conduction in america's g.d.p. has been shrinking that's how america began to live on credits and living on credit is always difficult as a time may come sooner or later debts will have to be paid off they give that right now nobody wants to remember that it was in the early one nine hundred ninety s. when bush and the republicans came to power to look at the us external state debts obtained by issuing treasury bonds with different terms and i think from a week to twenty years and interest rates grew massively or right now it's been
increased still further generally has all happened under republican rule and my question is then why all the whole book now it's just political games and nothing more how much time do you think the us has left before it has to start living within its means that would make. it work if they were already well you see speaking of the country's gold reserves the u.s.s.r. only john the i.m.f. and nine hundred ninety two daughters among its founders back in one hundred forty five with the soviet delegation took part in all relevant discussions and we even managed to secure the right to keep our contribution to the capital of the world bank and go into the reserves of which stalin was very keen to control that was the gold was to be kept in the u.s.s.r. or the i.m.f. having the right to come at any time to check it was still there and hadn't been sold with the u.s.s.r. could join the i.m.f. before december the first nine hundred forty five. then the head of gosplan was in a sense stepped in and said we came out of the war so poor that we got on fire all
the statistics required by the i.m.f. only see as how much we actually lost in the war so we better not join i.m.f. rules dictate that any country's currency reserves resulting from a good balance of payments and without a budget deficit should be kept abroad either in u.s. dollars or in gold well it would be ridiculous to buy gold the price of which tended to swing all the way from eight hundred dollars to four hundred dollars an ounce in just a year the u.s. never maintained gold prices even though it used to be part of five dollars an ounce and in one hundred seventy one president nixon raised it to seventy dollars an ounce went to dole collected old dollars throughout france and sent them to the us asking to exchange them for gold the gold content of the dollar was devalued but everyone keeps quiet about pirates they began getting on credit you can only keep your currency either and old or in a currency that was used to ninety percent of world trade at the time and so did our country would you even though now we've kept it in dollars euros and even in
small parts with francs or something like that since two thousand and two the us to some extent lives in debt to the entire world and that isn't right that the us managed to avoid a factual default what was the threat for the whole well. if the usa declared default it wouldn't have been able to repay treasury bonds it issued according to the limits set by congress to the us government or to the us president the government heads so they wouldn't be able to replace them with new bonds and time and what happens within the country if they reach a compromise to cut their expenses a bit if. this is no explicit connection to the situation within their country that would on the other hand the goal exchange rate and cutting crash i need to keep drops in the world's markets when the exchange rate for security is traded around the world dollars as well and. but of the fact that they're issued by u.s. companies so the on the core bookkeeping losses at the very least and perhaps even
real financial losses will go to a large extent the debt was formed under the bush presidency like the war in iraq and their role in the afghanistan conflict that required huge military expenses and in effect the whole world including our country has been funding those military costs their budget deficit and their balance of payments deficit is a good as it has for the one year approved us military budget for this year alone is about seven hundred billion us dollars and there are a few reasons to believe that these military expenses will be reduced do you think this could make us a little bit trickier three if we're to believe i believe that the globalization which has been happening for a while now and which hasn't been giving much to developing or third world countries will result in some kind of collapse and i would make you the first since one thousand forty the us has raised its debt limit more than a hundred times its become a standard procedure but this situation progressed to the point of shaking the
world markets and the world was threatened with entering into unknown economic territory how did that happen. to a large extent in the one nine hundred sixty s. or seventy's ninety percent of international settlements were in dollars you know of problems between countries that weren't even connected with the u.s. we're in the euro zone as a start was to start giving up a national currencies even though some european countries like denmark didn't join . the dollar mainak a settlement currency union you know everyone needed dollars and often require dollars rather than on the other currency therefore the dollar became the worldwide currency will give you a world wide spread also calls for worldwide responsibility on the u.s. authorities didn't show enough or got responsibility. the other guy was there a number of economists call the actions of the u.s. financially irresponsible but what do you agree or is it rather kind of game for the sake of their own. interests. from the viewpoint of economic theory there is certainly a responsibility the rouche
a famous american economist of perhaps french or canadian origin about ten years ago all that sort of the us economy considering its domestic and foreign economic policy is bound to face a crash like the roman empire which is its racing's full economic play is central banks will change the structural there was a can amass dumping of the us treasury happened and what implications can we expect in this case what else is there for them what our chinese colleagues in spite of their trade still can sway us on their own willingness to revalue their currency and still keep most of their phones in dollars even though they use them actively to penetrate the development of african and asian economies to develop their infrastructure and so on there's nowhere to go the world is astonished in the uni polar way you can just get out of them are huge especially when you have kids. thank you very much.
the people of the united states and their friends and allies will not live at the mercy of an outlaw regime that threatens the peace with weapons of mass murder his regime as an active program to acquire and develop nuclear weapons and let there be no doubt about the know for a fact there are let there. this were just being carried out into the direction of dr david kay respected scientist and former u.n. inspector was leading the weapons search in iraq we are determined to take this
apart you have a tremendous a group of dedicated american men and women involved in this with the best assets of the intelligence community and for by. david kay he is not going to be done with this for quite some time david kay wants more time but he says it could take another six to nine months to make a definitive finding ministration is asking congress for hundreds of millions more six hundred million dollars to fund the continuing search have not yet shiny twenty things that i would call a weapon before we can draw from conclusions we need to let the iraq survey group complete its work. we were all wrong probably in my judgment and that is most disturbing. sometimes the truth takes units takes the unpopular course but helps the country of origin stakes and even if they come this way at least from china patriotism is the last refuge of scoundrels and i think these are scoundrels they have no argument now they have no
defense for what they did the country is in a terrible international security situation and i think it's perilous so they're attacking the patriotism of others. it used to be an ideal place for a holiday has it changed in a moment. to keep the wounds of war are still visible. the republic is not only relieved but also shaping the future.
a no holds barred look at the global financial headlines tune into cars a report on our feet. first for the. first for. the first few. headlines and r t why are we bad while good role stores europe's third largest economy as a police dept cost roughly and while spain also struggles to stay on track at its brussels that's being blamed the push of a frustrated public to vote with their feet on a major remark. the u.s. most powerful body condemned syria's deepening violence heating up russia's call to rule out a foreign intervention or member urging internal dialogue it comes as protesters in syria claim they're being quote massacred by government forces and the opposition stronghold of. a failed palestinian suicide bombers telling our team how
she is using her experience to spread peace laughter being called before pulling herself propagate out of this release she says her second chance allows her to dedicate her life to this whole rights on both sides. we'll have more news for you in about fifteen minutes time but first you then is here with all the latest in sports so far so good for you because a lot of champions league qualifying indeed it was tested when it ukrainian team the russian team go up against each other you never quite know what's going to happen but it was the russian team europeans who came out the right side last night with more not just the rest of all the champions league qualifying in just a moment. thanks for joining us this is sports today plenty ahead in. ins on our
trooping progress to the champions league qualification play offs while nine month glasgow rangers crash shards of. dreams russia's basketball squad continue perper ations ahead of the euro championships in lithuania where a place in the final would guarantee david plotz team a ticket to the london olympics. on sky's the limit mountaineering biggest ever peak project perch for liftoff in switch around. great shots more not just a moment but let's get going with football we're. one step away from making the group stages of the champions league the tougher stand i thought seeing up to now mickey have to make a qualifying play off stage group meanwhile they went into their home leg with a chill advantage after last week's notching ukraine blood. getting the ball rolling this time around ninety minutes in before alexey made me to see you know a couple of minutes from the time like strike right at the dead scalp consolation
for the visitors would rabiner into friday's draw for another two leg for a week's. scottish champions rangers meanwhile we don't talk by my window folding a bad tempered for sweden chris whitaker's petulance punished with rangers down to ten men by the time it's a yellow pitch for visitors to be given twenty four minutes long one and i get no because whose side would then be forced to play the final twenty five minutes with single figures following mudgett periods dangerous elbow guard rexy creek heartbreak due to arrive for rangers ten minutes from time to live on the mud brilliance alfredsson. next the one that she was. benfica meanwhile progressed as expected against probst once for. all the testing the waters before his team it only to open the scoring putting the visitors up one
nil for ninety minutes three one i did get home side though pulled one back in the thirty second minutes pullover strike giving the product glimmer of hope for an upset a blow that occurring for the troops fifty eight minutes and even worse yes he sent off an elbow in the teeth for a one one the final score meaningless he's roopa league semifinalist benfica it's. their first trophy of italian season is off for grabs this weekend there darby clash between enter an milan though not taking place up a sun sea route but in beijing it is milan's first trip to china in over fifteen years enter well they're more familiar with the city having played the same much at the same bird's nest stadium two years ago going down to the to the nursery retain the trophy last year the feeding other little side room it's milan those who entered the game a slight fever it's having one mystery title last season their first in seven years
. season would be teams at once in the league but last season was the post doesn't lead with peacetime i think. considering the super cup a very seriously it's important to want to win or we can do since they're moving on now in the twenty eleven european basketball championships are less than a month away with team russia busy running through their paces here in moscow only the final. games will qualify for the london olympics meaning david plotz injury hit squad have a tough tournaments ahead of her mom cost river ports. russia's training camp began in early july in moscow with the head coach american david blatt concentrating mainly on bringing his largely inexperienced one to optimal condition in the opening stages it seemed then moved on to slovenia where they were joined by more seasoned players like russia's n.b.a.
stars and break a leg and seem a famous golf however the squad is not quite game ready just yet as gaining strength rather than tactics still tops the caution staff's plans and despite the lack of match experience the youngsters are ready to plow in the upcoming friendlies for the most of the jitters already go on for at least three practice it's true that some guys are really young and inexperienced however and i won't name any names i like seen them working really hard and no one is skating there might be something signed in the opening games but i'm sure it will diminish with each of them. was gone is now one of just centers for russia would say scott alexander kaun missing the euro basket utan injury however it's a scot forward and captain big that is off the sick list and will join the team in that way nia according to david blatter knows side of the european championships is insured against such roster changes this kind of thing is common to almost all the
teams and we have to deal with that sort of a you know whether our group is tough for not so. it's really hard for me to say i just know that you're about to go for my experience every game is different. and you've got to play well to win so we hope that that's what we're going to do in the competitions russia's training camp is now entering its final phase and the team is now ready to absorb david blatz tactics ahead of the euro baskets once eleven in lithuania and will see the need seen in action as soon as this week when it takes forwards and a friend at certain ones in cyprus are among cos regards to moscow. the other big sporting event coming up in. month is the at lennox world championships in south korea but there will be no germy warner there the american chairing a ligament in his left foot an injury which needs surgery but could take up to you to heal werner hardly believe it past two hundred b. to remember in the world won gold in the distance of the athens olympics in two
thousand and four and followed up with two wins at the world championships it also means the highly anticipated showdown between warner double amputee oscar pistorius to eight. it's quite literally an uphill battle for more than twenty climbing teams as they begin their cliff conquering project in the swiss alps two hundred years since the ascent of the jungfrau summit on the following are setting i repeat the feats which is only the beginning of their journey more than forty one hundred metres to go before the ultimate goal and some of the twenty three teams benefited from star studded presence cross-country skiing world champion alex technique among those props but are suited for the rough ride ahead strength fun physical fitness of course and a healthy dose of courage needed to see on the journey this one is just the first of one hundred fifty peaks worldwide to be skeels with the himalayas serving us the next stop for venture seekers. look to the north finally to motor sport where the
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a free media don carty dot com. today violence is once again flared up. these are the images. from the streets of canada. shanghai operations are the day. it used to be an ideal place for a holiday political change in a moment. the wounds of war are still visible. the republic is not only relieved but also