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tv   [untitled]    August 9, 2011 8:30am-9:00am EDT

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at four thirty pm moscow time these are the top stories on our outnumbered and beleaguered police struggle to restore order in ranger british cities locked in a spiral of violence and looting over five hundred people have been arrested after riots the british prime minister called pure criminality. europe's top bankers says the continent is going through the worst financial crisis since world war two the turmoil has already come for some nations to halt plans to join the once much
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desired euro currency club. the european stocks are volatile following the biggest song in the u.s. for years a plunge was caused by fears the downgrade of america's credit rating could worsen the slowdown of the world's biggest economy. and with the current financial turmoil in the us and europe to talk about a new global reserve currency is mounting spokes noble nobel prize winning economist joseph stiglitz on the eve of the bretton woods conference in april but his remedies seems to have gained currency since. joseph stiglitz is a nobel prize winning economist in columbia university professor and he's pushing for a rethinking of the global economic framework in the wake of the financial crisis now he's come with other economic and policy leaders to the historic bretton woods where decades ago
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a conference here led to the formation of international monetary fund and named the u.s. dollar as the reserve currency and they've gathered to rethink some of those very policies he joins us now to tell us more about it i want to thank you so much for joining us professor now you've written recently about the increasing disparity between rich and poor in the united states and you can compare these conditions to what led to the i.r.s. we've seen in the middle east so what do you think are the factors that led to this and what do you think the consequences will be with putting a raised was that the increase in the concentration of the income and wealth in the united states has been enormous. would happen in the last couple decades is almost a quarter of all the income goes to the upper one percent around forty percent depending how you measure it or the wealth goes to the upper one percent americans used to think of themselves as a land of opportunity that everybody else thinks of themselves as
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a land of opportunity and they think the old europe is ossified the data. show that meanwhile we see protests taking to the capitals of states like wisconsin so is this reaching a tipping point i think they're beginning to realize that most americans are worse off than they were say a decade ago. so it's not just that all this wealth is going to the top everybody we're getting better off you can say well some are doing better than the others but actually noosed americans are worse off than they were a decade ago. and that is if you include the sense of insecurity the loss of jobs that will it insecurity about health rights that most people in europe take for granted and united states people with a loser job can lose all the access to health care one of things that i raised in my article was that the put not only the political consequences but the
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economic consequences that there are many things that any society has to do together. you have to. look at the education and that's mix in technology. infrastructure roads. that means there has to be certain degree of consensus for a society to function even economically these are things the government has to do but if you have a very split society there are going to be very different views about what's important if the rich can buy their own parks they don't need to have public parks if the rich can buy their own education we don't have to have public education if the rich can buy their own health care we don't have to have good health care for most americans and that's where we're winding up today so the people at the top
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that one percent. are using that political power to try to preserve their wealth and meanwhile making sure that the government doesn't do what is necessary for the prosperity the functioning of our entire society we're not seeing an increase in funding for em for structure or education or science and said we're think quite the opposite said you think this country is headed in the wrong direction that's right and that was what was brought home so forcefully by what was going happening wisconsin here you have people saying over the country we need to improve education . but what are they doing cutting teacher salaries now you're not going to attract the best people into education if you don't pay them and that's simple economics and it's not a surprise in the context that today in those standardized scores that rate education all over the world united states is really not doing very well so who
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threw the grain here is it politicians asleep at the wheel or out of touch with reality or are there greater flaws in a system that's both i mean there are some real. deep flaws in america's political system. our campaign contributions supreme court said that corporations are people i mean it philosophically i find that difficult but they said because we can't restrain the rights of free speech corporations have the ability to contribute and that means they can use their money to get laws that allow them to escape taxation and to shape a political process there really we work for them but not for the rest of the country and what i argued in my paper in my article was this was shortsighted if you don't make these investments we're going to wind up in a divided society in an unproductive economy and even that one percent
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will suffer and that is the link between what happened in tunisia and mexico. and in egypt and in other countries where they divide has grown and. it's meant that their economies have function and the societies cannot function speaking of not functioning well what about the u.s. dollar because you're someone who is calling for a new global reserve currency but why because some say what's the alternative really but what i've argued for is a creation of a global we. serv currency. reserve currencies are my think of a store of value. and the dollar has been very unstable. understandable given the difficulties you might say of american economy you know our performance was not a stellar. but the fact that in a modern globalized economy twenty first century it's an anachronism that
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a single currency would play the pivotal role that the dollar has played but i would argue and i've argued my book they can globalization work is that the dollar reserve currency system contributes to inequality. that poor countries are lending to the united states at close to zero interest rate and then borrowing back in much higher interest rates an equitable increase it contributes to instability. and it actually contributes to a weakening of global aggregate demand a weak will economy because if countries are setting aside literally hundreds of billions of dollars you might save cautionary savings. that's money not spent so you're saying essentially it hurts everybody to have the u.s. dollar as it was their currency that's right and what we describe what i've
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described in the u.n. commission that i share your commission to reform the global financial monetary system. explains how we can create a global reserve currency as really interesting to be here at bretton woods talking about that because keynes argue for this seventy five years ago. in the aftermath of that of the great depression he understood. the links between. you case problem the u.k. being the reserve currency then and then if we're going to have global economic stability we needed to move off of the. single currency country being the reserve currency. bretton woods failed from his perspective in this respect and didn't us say hey we disagree we want to be the main reserve currency and got their way so the us still have that same power if world leaders got
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together again today for another bretton woods conference i think that same meeting were healthier in bretton woods the world is markedly different china has close to three trillion dollars of reserves about a third of the global reserves about nine trillion dollars you're holding three trillion dollars you have some voice in what kind of reserve currency system you want to have and china has been very clear that it worries about the current dollar based reserve system right after un commission came out in support china's supported it france's support of russia supported it so there is a wide understanding now you know animists but a wider understanding of the importance of this idea and i think if the economy global economy remains weak i think will be more interest as one of the remedies to the current instability in weakness in the global economy china's also been critical of the united states for its policy of quantitative easing and if
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i've read their writings correctly you seem to be saying they have a point so what does that point the point is the u.s. is creating liquidity us work very hard to open up global financial markets and one of the implications of that is when you create with quiddity you can go anywhere in the world it wants where's it going not where we need it here in the united states it's going where it's not meet us in china and brazil and other countries that don't want it so it's not only they don't need it they don't want it. we have to fix the banking system not the states our system of getting money. into small and medium sized enterprises is cocked and the federal reserve has not fixed it you know they may contribute the creation of a crisis they didn't understand the basic economics and that's one of the purposes the meeting here in britain works but because they didn't understand the problems that they were creating they didn't really understand how to fix it and yes they
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brought us back from the brink they save the big banks but they have not really gotten our economy going again i want to thank you so much that answer there. lists . lists.
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six wealthy british scientists. explicitly. markets why not. come to find out what's really happening to the global economy with months conjure for a no holds barred look of the global financial headlines tune into kinds a report. outnumbered
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angry birds police struggled to restore order in major british cities locked in a spiral of violence and looting over five hundred people have been arrested after riots the british prime minister called your criminality. you're probably brain confident of going through the worst financial crisis since the second world war the turmoil has already prompted some nations to halt plans to join the once much desired euro currency club. and european stocks tumble following the biggest slumping be u.s. for years caused by fears downgrade of america's credit rating could worsen the
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slowdown of the world's biggest economy. next to sport with kate. and i thank you for joining me for the sports update this tuesday often the. first eleven russia coach he got the call will pick his strongest side for wednesday's friendly against serbia last. council england's friendly with the netherlands at wembley stadium is called off because of the riots in london. last foremost on the cup when that alexei kovalev joins russian side out of the most two decades in the n.h.l. . the first russian comes dick advocaat says he will take his best eleven for wednesday's friendly moscow adding this is no time to experiment ahead of the fast approaching european qualifying is however the dutchman will have to do without any feel that
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denise off the twenty seven year old picked up an injury during saturday's teano win tabletop. meanwhile serbia may seem top players evanovich from chelsea and into the learned vanstone from which but despite that out of the car told richard brown court seat so we are still a strong team. and russia will need to play well to have september's european qualifiers against macedonia and jointly this i think the other tells in the preparation because there's always three weeks to go for the final matches. the players as you showed. capable to do something well certainly i would you. said you national teams play i mean you. know very very good defensively watch. your wallet we are still more than. playing linda said that said the sos seventy game if there are good we are of the good relations with them so that we can see later that really will play because of the time for experimentation is it really
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just trying to solidify your songs and eleven and get playing together. in brazil replied to play with the best line of engineers. diesel for. and we don't know if they can do is now the first book but also for the games who are coming up so. they still must be feeling very confident so i'm still in a very good position billions of these last four games and yet you know while we all have everything i will and so will we get three home games as well so we have to do that because the fact that i have a feeling there and over qualification we were the better side so now we have to continue in a funny for both the question of. the greats and pretty much just recently thoughts are something you'd be able to provide margin how do you screen russia's inability to win very much as of last year or so i was happy to go on as was the last for a new game and against the move in our history our being there was a very good game with the players who are not normally regulars but they did really
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well and now the stars there's a show that they can lose as well. elsewhere england's friendly with the netherlands has been called off because of the romance in arms and the team switching to play each other at wembley stadium on wednesday the f.a. says the decision is regrettable. that had to be made after taking advice from the police striker wayne rooney has even appealed for calm on twitter saying this is embarrassing for our country please stop. meanwhile the usa thank you again klinsmann is preparing for his first match in charge as his side take on mexico in a friendly in philadelphia on wednesday but general placed coach bob bradley on july the twenty ninth and has held his post training session after mexico the usa will play costa rica and belgium into more friendly as before qualifying for the twenty fourteen world cup that's underway. it's never just one to play a really good team you know that's what you want to do in order to grow in order to improve your your team and give them the best experience possible you know if you could play mexico brazil argentina those are the games you want to play in or go
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overseas to europe and play the best you can in order to improve your program that's what you're trying to do. back to domestic matters and reports have resurfaced that into milan star striker sanyal at so could be on his way to angie in the russian premier league the current striker has emerged with a top target for the cash which club at thirty he would become the world's highest earning player taking i reported fee of twenty million euros a year while two more experience stars were also linked with moves to the dogs down side on monday arsenal we know and they are shopping he was also thirty and twenty eight year olds need for danko lots of it both have since said the transfer too is nothing with speculation however and he did sign brazil world cup legend over the call us in february and you should recall from chelsea last week. moving across the ice now and with less than a month to go until the start of the new k h l season last year's finalists atlanta added three powerful players to their roster among them alexei cover you off he
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returns to russia after nineteen years in north america he was the first ever russian to be drafted in the first round of the n.h.l. and made more than one thousand three hundred appearances in america's top league more than a thousand points however the thirty eight year old stanley cup winner and. the olympic champion wasn't offered more than a one year deal in the n.h.l. and decided to move to the also region side kelly off for play alongside another russian returning from the n.h.l. and the closure of that and twenty six year old forward returned to atlanta for the third time in his career and there was another at last minute surprise signing bradley boy which also joins the team after failing to extend his deal with spartak moscow. people could as a business in the. real i have to accept the deal. get rid of me but. we shake hands after all and you know i think. you call me good luck i told him good luck and. i can be happy that i can stay in the middle school and you
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know really find really quick to deal with and i were really happy to be i just didn't want to wait until all the training care for you would maybe begin to see is a good way to what's going to bring a different in to sign a contract i'm not going to sign a contract so i just decided you know this this deal was really interested in short the interest if you want to do want to have me on their achievement you got to give me two years and you know i was just there was a no brainer for me. tennis now with the u.s. open starting at the end of the month the world's best players are using this week's masters event in montreal as preparation rushes nicholai debit ankle made a good start at the rogers cup tally and qualifying flavio in straight sets while there are also incidents i will think tsonga have gone much into song is the thirteenth seed at this tournament and managed to get fabio fognini. sex six for the top second the tie break to take the match. and one martin del potro also
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triumphs the argentinian missed last year's rogers cup after being sidelined with a wrist injury for most of the season but he's coming back to form beating in his yard and even in six for six of. the new world number one novak. which is an action later this week it will be his first tournament since probably the top spot he was given a trophy to mark his new status quo which is aiming to be the first player to win five masters titles in the single season. now the world's best golfers are also getting ready for their last major of the year as the p.g.a. championship starts on thursday in georgia in the united states running jumping boston climb up masters champion charles schwartzel out on the course at the atlantic country club temperatures there are currently in the mid thirty's so the players were early in the mornings before the worst of the piece many big names come to ride committed to taking part in last week's world golf championships but it will be a fiercely strong field climber says being the defending champion with any extra
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pressure on his shoulders. in the end of the day you know it doesn't really make a difference you know we're playing a different golf course if we play the same golf course then of course. i would see myself. but i would expect to to do well again this week it always is a new goal for that i haven't played here any tournament here. but out here it doesn't really matter if you're defending champion or a large you know you just have to. be if you care and you have the same same feel good works you have to beat all those players. and i don't put any extra pressure of course. and that's spanish where we started and take a look back on the football weekend that was in the russian premier league system also are leading the way despite a two male defeat by title rivals in eight but it was a trauma in the dark spot sockets and stole the spotlight is goals going to.
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the man. the man. the man. the man. and that's all. there.
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