tv [untitled] August 9, 2011 12:30pm-1:00pm EDT
which beasts in which brighten if you have sung from france to pressure. for instance on t.v. don't come. by smarty h.q. in central moscow thank you for being with us these are our top news stories this half hour thousands of police move on to the streets of london provide new violence on looting after three days of this although over five hundred people have been arrested after the buy. u.s. stocks fall but losses following their biggest slump in years the plunge was caused by fears the downgrade of america's credit rating could worsen the slowdown of the world's biggest economy. and europe's top banker says the council is going through the worst financial crisis since world war two european markets have remained
uncertain despite the central bank's move to buy bonds from the reach of crippled economies. and with the current financial turmoil of the u.s. and europe then there's more talk about the need for a new global reserve but he spoke to nobel prize winning economist joseph stiglitz some eve of the bretton woods conference in april this year his words now seem more relevant than ever. joseph stiglitz is a nobel prize winning economist and columbia university professor and he's pushing for a rethinking of the global economic framework in the wake of a national crisis now he's come with other economic and policy leaders to the historic bretton woods where decades ago a conference here led to the formation of the international monetary fund and named big 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've even compared these conditions to what led to the iraqis 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. raised was that the increase in the concentration of income and wealth in the united states has been enormous. example in the last couple of decades is almost a quarter of older income goes to the upper one percent around forty percent and you measure it by the wealth goes to the one percent americans used to think of themselves as a land of opportunity that everybody else thinks of themselves as a land of opportunity and they think of old europe is awesome touch the data. to show that meanwhile with the protests taking to the capital as they fight
with hans and so it's a three 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 if everybody were getting better off you could say well some are doing a little bit better than the others but actually knew most 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 but health rights that most people in europe take for granted in the united states people if they lose their job can lose all the access to health care one of the things that i raised in my article was that the put not only the political consequences but the economic consequences that there are many things that any society has to do together. you have to.
get education investments 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 is a 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 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 n.p.r. structure or education or science and said we're think quite the opposite so do you think this country is headed in the wrong direction that's right and that was what was brought home so forcefully by the what was going to happen in wisconsin and 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 i mean that simple economics and it's not a surprise in the context that a day in those standard ice cores that rate education all over the world united states is really not doing very well so who's the brain here is the politicians asleep at the wheel or out of touch with reality or their greater flaws and a system exposed i mean there are some real. deep flaws in america's political system. our campaign contributions supreme court said the corporations are people i
meet it philosophically i find that difficult but they said because we can't restrain the rights of free speech corporations have unlimited 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 that 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 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 have not function speaking of not functioning well what about the u.s. dollar because there is someone who is calling for a new global reserve currency but why because some say what's the alternative really what i've argued for is a creation of a global we. serv currency. reserve currencies are you might 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 a single currency would play the pivotal role that the dollar has played
but i argue and i've argued my bookmaking was ation work is that the dollar reserve currency system contributes to inequality. that poor countries are lending to the united states or 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 global economy because if countries are setting aside. literally hundreds of billions of dollars you might save the cautionary savings. that's money not spent so you're saying essentially it hurts everybody to have a u.s. dollar as a reserve currency that's right and what we describe what i've described in the u.n. commission that i chair your position on the 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 argued for this seventy five years ago. in the aftermath of the 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 the us say hey we disagree we want to be the main reserve currency and got their way so would the us still have that same power if world leaders got together again today for another bretton woods conference i think at that same meeting we're 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 our un commission came out in support china's supported it france has supported russia supported it so there is a wide understanding not unanimous but a wider understanding of the importance of of this idea and i think that the economy will become it remains weak i think will be more interest as one of the remedies to the current instability and weakness in the global economy kind of also been critical of the united states for its policy of quantitative easing and if i've read your writings correctly you think anything they have a point for what is that money the point is the u.s. is creating what quit see us work very hard to open up global financial markets and
one of the implications of that is when you create liquidity if you go anywhere in the world it wants and where's it going not where we need it here in the united states it's going where it's not needed 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 the united states our system of getting money. into small medium sized enterprises is clocked in and the federal reserve has not fixed it you know they may contribute to creation a crisis they didn't understand the basic economics and that's one of the purposes the meeting here in bretton woods but because they didn't understand the problems that they were creating they didn't really understand how to fix it and yes they brought us back from the brink they saved the big banks but they have not really gotten our economy going again i want to thank you so much but if interviewer.
and ecological tourists. it was one fateful night shots destroy the nominee of life. how this republic got its lifetime. hoping dreaming and returning. to the. hungry for the full story we've got it from. the biggest issues get the human voice face to face with the news makers on the. morning news today violence is once again flared up. these are the images the world
has been seeing from the streets of canada after. china operations are on the day. the story from our team tonight thousands of police move on to the streets of london tonight to prevent new violence or looting of the three days of the thought that over five hundred people have now been arrested after the riot. u.s. stocks called back losses for the biggest slog in years because it was caused by fears that the grade of america's credit rating for worse and the slowdown of the world's biggest economy. in europe stopped going to say the continent is going through the worst financial crisis since world war two european markets have remained uncertain despite the central bank's move to buy on the region cripple the economy so much. it's a forty five pm here in moscow and of those riots a month ago also the focus of number of sporting fixtures one big much in
particular it's going to feels about next. hello welcome to the sports is the headline. first eleven russia pasted out the final pick his strongest side for wednesday's friendly against serbia in moscow. while the ever all style r.t. catches up in soft spots like nascar's aiden mcgeady as he caught in midfield recovers from uncle injury. this council of england's friendly with the netherlands at wembley stadium is called off because of the riots in london. the first russia coach to guard the car says he will thank his best eleven for wednesday's friendly against here in moscow adding there's no time to experiment ahead of the fast approaching european qualifiers however the dutchman will have to do without the need a further ego davis off the twenty seven year old picked up an injury during saturday's two know when
a tabletop has to stand well meanwhile serbia are missing top players branislav the run of it from chelsea and into milan's day on the strength of it that's despite that counterparts hold richard brown said we are still a strong team and russia will need to play well to prepare for september's european qualifiers against macedonia in group b. joint leaders island. the mother tells him the price because does three weeks to go before the final match is. play is this a show. capable to do something well so what you. said your national teams play i mean in a similar insults and australian over a very good side offensively was going. to be a war we are still not in c. the way we like to play england it's safe to say the sos seventy game there's a good look we have of the good will a should lose them so this was the real games you play to be a global players of is not the time for experimentation is it really just trying to solidify your stance and eleven in the planes cannot. embrace all required to play
with the baseline of an engine is something. useful for us and promises i believe and we don't want to take any risk now wolf but also for the games that are coming up so i sent them back to be still must be feeling very confident i'm still in a very good position billions is last four games and yet you're well we all we have everything out on hand so we've got three home games as well so we have to do that because the fed that i have the feeling there is an old qualification we were the better side so now we have to continue in a fun for kids so for the question we rushed to break some friend of mine just recently transferred something new david writes knowledge and how do you explain russia's inability to win for the mattresses last year or so i was happy to be honest was the last run again against the move in our history i think it was a very good game with the players who are not normally regulars but they did it really well and now the stars there's
a show that they can do it as well. and while russia plan ahead of next month's european qualifier against ireland it's been a tough couple of months for the republic's midfield that aiden mcgeady the twenty five year old has missed almost hot spots at moscow's clashes this year john glenn jury after being widely regarded as a club's player of the season and he spoke to our own irishman you know. i'm joined here today by republic of ireland and sports like moscow when you're eighteen make p.d.e. thanks so much for taking the time to speak to us first things first how is your injury progressing especially the growth of. about history and obviously bones of a boy who people who went out for it name one supporting regional. push without a home study course but now it's just this crimbo. i just i'm hopeful about playing with another two a few weeks now you've been in russia just about a year now i believe the start of august you came last last year how is your russian experience being so far now over always been good i've enjoyed. i've enjoyed the saw but that's a way of life a lot here obviously picture
a lot but then you're stuck but. i've enjoyed this will fall and obviously the football was the main thing the football was very good reason we were. let's see also the difficult part is so i'm figuring that way for here in the language well you know i'm getting a little bit about as well that's i was going to say are you taking lessons oh i had one meissen couple days ago and after that not in this wasn't what i want on the half but i was just as good because i'm a mother and everything would be what's your typical day here it's more like classical quesadillas you may think they want to see. you come in for ten o'clock in the morning normally and then you see the doctor it with all these boxes and you're here and all are well using how your body is which you know of and. after our you know your state based or so you know you can call. us so it was a good life obviously you believe the team can finally fulfil what they've been trying to do for years now and win the championship going to start the season that
was of the one seemed. in order the way we started it before spot the championship was really really i mean it was to see you know because not only of one big games you know of a spot which i'm sure classrooms and then be certain you know second quarter second place and substance and think it's always it's a very very young squad we have. you know i think overall we have the first the first just put into practice you could have really gone to your pick of clubs why did you choose russia in the first place for me it was it was a chance to go. they don't put in a bit of a. ploy to get political but on their own to say no. to floyd because often to spring from the show and move on it's best for everyone to miss steal from you the thrill of a huge game the last cool course some themes are a must be game you know what i see on t.v. and i'm when i'm back call me you know you're the best thing in football for no for
me but probably you know a sunny afternoon at parkhead so i'll be off in a pocket. not doesn't care much for not i just finally. on a lighter note is there anything you miss about scotland and home you know they're the deep fried mars bars are they i am very proud. of that roger out of if i was well yeah of course of those thoughts on conflict. i think the mainframe advice is good we just don't like going this year period shelf but still it's always a part of life we must you know we were so fresh and ships and stuff we're going to over here and the washing machine as a great for me thanks so much for your time pretty well sure all right you. are staying with football on the england squad held a training session this tuesday i want to later find out that their friendship with the netherlands was called off because of the riots in london the teams would use a play child at wembley stadium on wednesday the football association says the
decision is regrettable but that's we may take advice from the police as the f.a. cannot guarantee the safety of others comes all the players' strike away rooney has even appealed for calm on twitter saying this is embarrassing for our country stop please his fellow players and officials also joins the course of support. on behalf of the sport we want to say that we're disappointed that tomorrow's game has been called off. but obviously we understand the reasons behind this decision and support it. we've all seen the terrible pictures on the television and the most important thing at this time is the safety of the fans and the general public but this time the whole squad would like to appeal for calm and an end to this traditional order it has been on going. back to domestic matters and reports have resurfaced that insulin star struck as some real as i could be on his way to angie and the russian probably like the marines died or has emerged as
a top target for the cash rich club at thirteen he would become the world's highest earning player taking time reporting fate of seventeen million viewers here while on monday two more experienced stars were also likely used to the data some sunlight all smiling and they are shouting he's also thirty and twenty eight year old st for danko last of it both and since the transfer talk is nothing but speculation however and he did sign brazil world cup legends of us a palace in february judicial court and chelsea lost weight a move that provokes qualified support from his russian team mates. caution from the audience which the presence of this is football and any clear could find himself in a situation like this when he joins another club on very good terms all of us are very happy for your original call and it's not unlikely that some of his nearest friends will also end up with such favorable conditions. everybody choose their own way that's why there is nothing left for us other than to be happy with the players
who move to new clubs and try to earn money to support their families and that's what we play for letterman or. and finally let's take a look back at all the weekend's football from the russian primarily to lead the way just like the two nil and defeats to title rivals in eight but it was a drama in the top three spots like that would stole all the spotlight his goals girl.