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tv   [untitled]    May 22, 2012 10:30am-11:00am EDT

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fortunately doesn't give a dollar amount any tunes mission to teach the creation why it should care about humans in the world this is why you should care only on the dot com. live from moscow this is are you just inside the headlines now collision course swelling student demonstrations in canada descend into street battles with police all of this on the eve of the one hundredth day of protest. is on edge after deadly clashes between supporters and opponents of the regime in neighboring syria spreads from the northern border all the way to. the i.m.f. warns britain to come up with a plan b. against the euro crisis schools and universities across spain by all shut down in
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protest at austerity. and up next to an r t political risk consultant dr james asked me to join holzman gives us his forecast on what's next for europe's single currency zone. the ongoing debt crisis in the eurozone is certainly drawing everybody's attention at the minute not just in europe but around the world and a lot of that attention from here in germany is being focused upon what is going to happen next with greece now to find out a little bit more about us i'm joined by john hulsman who's the president and co-founder of john c. hulsman enterprise a group which advises banks and hedge funds about where they should invest their money based on what's happening in the world politically john thank you very much for talking to us a pleasure to be here. well the global economy still hasn't recovered from the
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financial crisis of two thousand and eight would a potential exits of greece from the euro zone have a similar effect on the global economy is the fold of lehman brothers did i think it could be worse than the lehmann thing it depends on how it's bounced out the worry at the moment is that is europeans did there as they fiddle while rome burns or in this case athens burns the problem is that a disorderly kind of exit would mean that the bond markets would turn immediately upon portugal and more importantly italy and spain if we get to italy and spain game over if they've used this time to ring fence greece which was always the theory and if greece goes out but there's enough of a fund to protect the others recapitalize banking problems for italy and spain all will be well the problem is most of us think they haven't used this time to do anything except throw a plate in the air and hope it doesn't come back down if that's the case we could have an extendable moment in europe where europeans have to decide how much unity they want how much integration they want how much sovereignty they're prepared to
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give up to save the euro or maybe the euro wasn't such a good idea in the first place no upload some analysts talking about say week until loop scenario that if greece was to go under then all eyes would start focusing on which was the next weakest economy and perhaps we could see some form of domino effect do you follow that policy as well but there could be contagion indeed because what we've done is stop believing that there is one rate in europe i mean what happened was these weaker southern countries less competitive countries to germany had a party for ten years because everyone said well it's a unified currency so the bond rate in germany is going to be pretty much the same as the pawn rate in athens well that theory is destroyed with what's happened in greece at the moment so now if we look individually at the parts of europe we see a number of very weak analysts limping along indeed and the problem is that countries like portugal which is in a similar spiral to greece ireland is different and i think would make it but really even france i mean could be considered part of the. to ation if you look at individual policies the markets are going to have very little tolerance for the
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reality that indeed this isn't germany the problem is that these countries want german standards of living in a german currency without german productivity now the british prime minister david cameron has warned the eurozone that it must make up or else it must break up you align yourself with that philosophy i totally would agree with the prime minister because the problem was they set up a currency without having a country and it's like building a house from the attic down you don't get all the things like federal deposit insurance which means your banks are guaranteed you don't have a common policy where the european central bank can act like the fed and be a lender of last resort you don't have all the things that make nations transfer money to weaker areas within countries just as a matter of course in study of germans grumbling about greeks who retire at fifty two and drink so you have greeks grumbling about germans having dick tod's forced upon them that's because these people are in the same boat rowing in the same direction that's the problem and so they created this weird push me pull you two headed monster they've either got to move forward to greater integration to save
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the euro or they've got to pull back and have less integration and go back to more a national model this mid range view has really been failed and that's the theory that's fallen apart here well there was never actually any plan for countries to leave the euro zone when it was created it was always thought that countries would continue to keep on joining nobody would ever leave the club as it was on this is it i mean first the glaring overwhelming problem ninety percent of the people who do what i do ought to be fired because nobody thought this could even happen what a failure of intelligence that this wasn't even a possibility that sounds like a religion and not foreign policy to me what would likely happen would be there would be border controls there would be they would take your own notes close all the banks on a weekend not let anybody have any cash put stamps on it is the urgent argentinians didn't say these are now new drachma they would then refloat the drachma the drachma would lose between half and eighty percent of its value immediately there go as everyone's pension there goes everyone's life savings right there in the in a in an instant and then they would be more competitive and if they did labor
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market reform in ten to fifteen years all might be well that's the good scenario. the bad scenario in this case is that they don't do these reforms that they default the europeans refuse to back them up and pretty soon greece leaves not just the euro zone but perhaps the e.u. as well but on very angry terms feeling they were let down they didn't get solidarity they weren't backed up ultimately the problem at the moment is there's fatigue on both sides the germans have donor fatigue they're sick of paying for a greek system that just doesn't work and they don't want to pick for greeks to retire at fifty two when they retire at sixty seven perfectly understandable greeks in return say workfare to being told what to do while everyone is losing their pension money anyway it's the politics of this that are creaking if you had enough time you could rebalance the north which actually consumed more in the south which did austerity but we don't have a spare fifteen years as you're rightly saying we have maybe till june but looking a greek bank deposit runs at the moment greeks are smart enough to pull their money out of the euro right now because they fear if they leave their money in a bank it could be drachma over
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a weekend and they live has to have their savings at a certain point this becomes a self-fulfilling prophecy and this is the danger we're not quite at a run yet but we're heading in that direction can we even make it to june and the election which might not work out but can we make it to june is the key question now there's still a very high percentage of greeks who want to remain within the euro around eighty cents of them. can greece remain in the euro zone without a hearing to the astaire if the plans come they have their cake and eat it now it's a fairy tale there are a lot of fairy tales wandering around here the german fairy tale is that everyone can do austerity without growth forever and that somehow their politics can survive we've seen that it can't i mean we've seen that in the french election even the dutch with a aaa rating are now talking about spending more money and violating the terms of their solemnly agreed fiscal compact agreements we've seen the greek elections i mean we've seen the italian elections and so the germans don't allow that politics matter and the greeks don't allow that economics matter and the problem with the
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system is that both of them are wrong there is no growth there there isn't you can't you don't just say gee i. i'd like to grow more who wouldn't the problem is that that means you have to do labor market reform you have to do pension reform and you have to work longer for fewer benefits that's not very popular right now and in return if you do that you get to keep more of your money in the long run because the bond markets leave you alone that's the brutal reality on one side on the other side if the germans never mention growth who would you are sturdy forever for no gain and that's also a very good question the problem is these are not questions that hit twenty years down the road these are hitting now and this is what the greek election is about is getting rid of these half truths and getting to reality greeks of taken around one billion euros out of their bank accounts over the past ten days following the elections could we see a similar situation happening in countries like spain like italy as people think well if greece is going to go to the drachma and they're going to have to lose a percentage of their wealth there and they get my money out of my domestic
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accounts and say put it in a count in germany where you can and in fact if you look at the bond yields which is the way to see if the bond yields are the temperature of the tells us how the patients doing if you look at the numbers in spain after the greek situation the bond yield has crept up despite all the austerity in the hallway is the new prime minister has done almost everything miracle would like and yet the bond number is now six point two five to six point three eight percent if it goes to about six point five you can't pay that for very long if it goes to seven game over so we're right on the edge of the precipice in spain they've got to recapitalize their banks as well they haven't even shown bank losses yet we all know that's a joke we know they've got massive bank losses and so the spanish situation is wobbling only because of the greek situation people are saying greece is out where's the next week and all up in the problems spain and italy is collectively they're too big to save and if that happens game over then look at somebody like the germans leaving and saying we're just not going to do this anymore and so the
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strains on the situation it's a house of cards that could very easily come down because we're dealing with human beings and as we've seen. in europe human beings make mistakes how close are we to seeing the the eurozone collapse completely in but hubs europe tear itself apart and having to declare the euro is a failure by the end of the year will no i mean you know a lot of things that i do are very long term and that's why bad analysts survive frankly is because they can always say well things changed this is not in this is why this is making people nervous by december of this year will either be at a spot where greece is either in or been ring fenced and things in italy and spain are bearable the germans have given away a little bit on growth have said you have longer to do it a lot hasn't been an economic illiterate and hasn't cut the retirement age to fourteen or whatever number of picks but it's been serious about that there's no new spending but there's also no new draconian cuts i mean that that's the best case scenario and then europe trundles along but if it doesn't happen that way and that means everything has to go right which it hasn't up to now if it doesn't work
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that way by december greece is out in the recriminations begin i think you can see the death of europe as a geo political entity certainly is already very near the edge of what common policies to they have they don't agree on growth they don't agree on foreign policy they don't agree on defense policy that's not a common policy so let's stop talking about europe i do a lot with the rising powers and they say why there's so many europeans in the room at every meeting when we have six countries in the room or they were united or not and they look at each other and look at their shoes in the brazilians the indians the chinese that rightly don't get it now skeptics often point out that the the european elites in a in its bid to to save the united european project is driven not so much by economic goal political considerations but by a kind of ideological quasi religious fervor it is i've never heard a member of the european elite question any project that had to do with greater integration regardless of party they have an elite so out of touch with the reality
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of what their people are going through and what their people are about of all these people are skeptical increasingly skeptical and always. trees all over the place their populace movements rising and they can honestly say this is an elite that has never run a lemonade stand none of these people ever worked in the private sector they have no clue how business is run and they're not trying to mandate prosperity in heaven forever some very odd and this is the problem it is an irrational analytical decision it's a religious view and the problem is the markets are on to them and they see that the emperor is indeed not wearing any clothing at all so how follow the european elite willing in and how much are they able to try and save the european union are they willing to do anything yes if you ask people in brussels today what would they do in a perfect world which is the world they think they live and of course will mutual lies all the debts and we'll get rid of these silly german objections and of course will set up an integrated state run out of brussels where we regulate all the economies of the member states and of course will set common european taxes and regulations and of course if you say that to anyone outside of the immediate and
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suburbs of brussels they think you've lost your mind that's where the demographic deficit gets sent are they willing to do these things they are they know they're not able to do them though as younker the head of luxembourg said we know what needs to be done but can we be reelected if we do it that is the actual question and the answer is no the problem is although they want to do these things they are not able to do these things because they don't understand the market so i was at a meeting with senior european leaders and they said what discipline can keep us to doing the slightest started laughing and they look to me i said the markets guys the marks of guy you talk about all this stuff for the first time in thirty years why because you have to you have no choice and that's what's going to happen either they will manage the process or the process will manage them john hulsman thank you very much my pleasure.
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you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else and you hear or see some other part of it and realize everything you thought you knew you don't know i'm tom harpur welcome to the big picture.
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the headlines on odyssey and collision course swelling student demonstrations in canada descend into street battles with police on the eve of the hundredth day of protest. the i.m.f. warns britain to come up with a plan b. against the euro crisis while schools and universities across spain shut down encroaching startle staring. left on the edge off the deadly clashes between supporters and opponents of the regime in neighboring syria spread all the way from the northern borders to beirut. our time for the latest action from the world of sport it comes kate.
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they're welcome to the latest sports and hear other top stories. fight to the top rosoff involved all the favorites to keep their russian premier league status as the relegation play offs reach their climax. last russia train for friday's friendly with you are going to moscow as part of their euro twenty two hour preparations as opposed to got the copy to trim his squad. and the great divina and the fans called kids is now used as the official predictor but this summer's euros in poland ukraine following in the footsteps of the late old the psychic octopus. but first manager is a rino has signed a two year extension to his deal with realm of dread to stay at the helm of the spanish champions until twenty sixteen the forty nine year old took up the reins in twenty ten and last month celebrated steering reality to their first domestic title in four years adding that trophy today copa del rey success which he won in his
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first season in charge was offered and special one has now captured a remarkable seven top flight crimes in four different countries over the last decade after successful spells at porto chelsea and into milan while under mourinho water and into also won the champions league where we know has twice going to the way out to the semifinals. but meanwhile want to bring our first signing that chelsea did a drug that is set to leave the newly crowned european champions this summer the thirty four year old ivory coast star is due to become a free agent when his contract with the blues expires next month drug was called the equaliser and the match winning penalty in chelsea shootout win against by munich in last saturday's champions league final along with the winning goal in their f.a. cup triumph over liverpool earlier this month is the blues all time top scorer in european competitions with thirty four goals to his name and one hundred fifty seven overall since joining from masai eight years ago. i mean well here in russia it's a crunch day at the bottom of the premier league where two teams are fighting for
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survival in the final legs of the relegation playoffs rostov finished fourth from bottom at the end of last season look all that certain to regain their top flight status they take a three nil lead into their final game and. ended the regular campaign for individual one while volga bottoms are less certain to survive the drop they have travelled to lose no got off to a third in the vision one with the narrow two want to bodies from the first leg but with around five minutes or even less to go the score is still now and vulgar look like they could be staying up. and in the meantime with just under three weeks to go before the start of the european championships russia are preparing for a friendly with your acquired here in moscow on friday as part of their build up however key defend their vasily but as that school is rolled out through injury they have on court records. it was the hottest day of the year in russia so far with the temperature rising almost thirty degrees so the duke of accounts is
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feeling the heat more than most as he has a number of selection dilemma's ahead of him the first three years to figure skate down to twenty three play. all user has a number of questions concerning his choice defense russia suffered a hammer blow on sunday after the news but experienced defender of a silly but will be ruled out of the euro two thousand and twelve championships after he's failed to recover from a fine injury and head coach to cover accounts will be praying that his side doesn't pick up any more injuries especially defense so it's really besides problem position it is huge he was a sure stance of a national team who are not blessed with a number of great central defenders. it's up to the team to try and make up for a bit as your loss this is just think of the camp is in good spirits at the moment it's only the start and there is a long way to go but if we manage to perform well then this will certainly help to live to see his mood and we will certainly be supporting him all the. percy's absence opens the gate for
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a number of new players. to carry the injuries like immigrant not only one share owners were affected bearing the game plays but now both are almost certain to be on the plane to poland and russia is not just or didn't deserve to be called up earlier but now due to vassilis injury they have a great chance of making the euros i feel very sorry for that silly as no one wants to pick up an injury at this time in the longer a week to go until at the current has to make this final squad of a euros the pressure on the players to perform and increase production is certainly on a scale of to secure themselves a spot in the playing to poland which meant they for eternity. well let's have a quick look at where russia will be playing their opening group a match against the czech republic on june eighth it will be asked the municipal stadium based in the western polish city of lot's wife and can hold just on the forty five thousand fans the design was inspired by a chinese wanton well that's why it is a thriving commercial center built on twelve islands which are connected by over
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one hundred bridges. now if you're wondering what the score will be in russia's first game look no further than this elephant base that clock of zero correctly predicted chelsea would be by in munich in the champions league final and the package is now the official tipster for the year rose although she'll have some way to go to match paul the octopus the famous mothers to pick winners at the last world cup. well would have predicted one penny is first french title with thousands of fans turning out on monday to celebrate their unexpected trial of the party took place in the city's main square with players and staff called on stage to the sound deafening cheers from the crowd one penny a success is a big achievement for the southern french side who picked a big spending power is tantamount to the title by just three points doing it with nine home grown players sixty eight year old club president who do we make a lot even fulfill his promise to dye his hair and sport a mohican. lifted the tray faith. now into american
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football and the denver broncos have had their first real taste of new signing peyton manning with the superstar quarterback showing no hint of the long term injury which had sidelined him for a whole season manning joined the broncos as a free agent after being released by the indianapolis colts for him it hadn't thrown a ball in two thousand and eleven but it's the nerve injury that had sidelined him for so long seems to have healed and the four time m.v.p. took part in a fast paced workout with his new teammates. this is one step in this kind of different phases you know training camp to be your next phase put low shoulder pads in preseason regular season so i'm going to take it one step at a time but i was excited for this day to get here before watching the film although when i watch the film. after this and learn from it and see some good things you always see some things you can improve on and i will go from there. now with the twenty twelve london games starting in just under nine weeks time four time olympic swimming champion alexander pop off will be part of the russian representatives in
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the olympic torch relay which is now underway across the u.k. the forty year old is one of eight thousand people from all over the world will have the honor of running three hundred meters with the torch which has a thousand holes in its design to represent each mile and each run on its journey and as well as famous sports men and women of the mantle story the great grandson of russian writer lived tolstoy what also be taking part along with a very proud. it's not just for me you know it's every torchbearer it's a no no it's a privilege and its prestige to be part of it to be one of the eight thousand. boys berries and to be part of it and it was really. what elsewhere the fastest man in the us you saying bolt has reiterated his plans to set an unlikely mark of nine point four seconds in the one hundred meters not the london olympics the twenty five year old world record. holder is currently preparing for the golden spike meeting in the czech city of us thought about later this week the jamaican is using
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this event among others to a climate sized to european weather and he says he's prepared for anything that could interfere with his title defense in the one hundred pounds two hundred meters in the british capital. much much more experience are i know what it takes to be a champion i've been through it all i must say. enjoy being on top of the work from injury back to being the best so i've been through everything on thing so i have a lot of experience now so i think i'm ready for anything sharp can show me an injury can charge me and different things. and there's also just ninety nine days to go before record attendances are also expected in london for the paralympics and there's plenty of interest here in russia where the british embassy is working halls to promote the upcoming games around costa has more. with the opening ceremony of the london paralympic games only one hundred days away the british
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embassy in the russian capital staged a commemorative event in the ronald mcdonald sports center for kids with disabilities is just one of many such events organized by the u.k.'s diplomatic mission in russia we are working very closely with a parliamentary committee we see them often and is a great pleasure i believe on the specific project with schools in st petersburg where i opened the event recently and we have this event here today and we just want to make sure that we take the opportunity of being the host for the paralympics to work closely with your federation to have the paralympic movement in russia has come a long way from the days when people with disabilities were practically shunned by society in soget symes now they're viewed as top athletes in their own right with some among the favorites to clinch podium places in london while the russians are largely unrivaled in the winter games other nations are unsolved in the summer paralympic sports city often have some pretty unsettling the competition and some
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sports is very strong because there are three times more participants there and unfortunately for various reasons fresher is not true presented in every event china will be one of the favorites in london because of the strong government program and of course the hosts who will turn out in huge numbers but what will do our best to these young men and women could be russia's medal hopes for the future but artsy young to compete at this year's summer games sporting glory could still lie ahead for them as interest at the paralympic box office continues to grow. the upcoming sporting stuff. promising to be one of the best attended. according to british media reports although one million tickets have already been sold that's something to live up to the last words or burn a big sing song in a couple of years come on call for a call. that's all sports news bison.
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