what is it that the imf is so wear worried about? according to the imf, dominique kahn. the recession left behind a wasteland of unemployment and says that a double dip recession remains unlikely, but the world has not escaped deeper social crisis and called it a grave error to say that the west, ie, us, was safe, we're not safe, he said. in a totally unrelated note. strauss-kahn is a french socialist. i'm glad that we have the socialists at the imf getting together with the labor unions to try to tell us what to do. his organization added, the most advanced economies should not tighten their fiscal policies before 2011 because tightening sooner could undermine the recovery. oh, thanks, dominique, well, thank you. good suggestion. we'll just keep spending until we spend our way out of this economic crisis. i know that works at my house all the time. good job, no, good job, and good job creation method, oh, it is, uh-uh. we can see how well it worked so far, right here in the u.s., unemployment now hovering near 10%. global unemployment has reached 210 million people and

the imf says the measures will be beneficial. belgrade remains optimistic. >> we are predicting economic growth of 1.5% this year and we predict 3% the following year. >> serbia out will have to make painful cuts to achieve that. despite that, the imf has given its backing to a small increase in wages and pensions next year, and i could have a positive impact on consumer spending -- and it could have a positive impact on consumer spending. >>> more than 9000 cases of suspected money laundering or reported in germany last year, representing a 23% rise from the year before. methods to try to clean this up have become more innovative and sophisticated. now international cooperation is being used in the fight against it. >> it is the sort of thing that happens only in novels -- a suitcase stuffed with cash that has to be laundered somewhere. but these days, money launderers use the internet. they lure bank account holders and to the process. germany warns that money laundering is a growing threat and the perpetrators are often locate

the imf says the measures will be beneficial. belgrade remains optimistic. >> we are predicting economic growth of 1.5% this year and we predict 3% the following year. >> serbia out will have to make painful cuts to achieve that. despite that, the imf has given its backing to a small increase in wages and pensions next year, and i could have a positive impact on consumer spending -- and it could have a positive impact on consumer spending. >>> more than 9000 cases of suspected money laundering or reported in germany last year, representing a 23% rise from the year before. methods to try to clean this up have become more innovative and sophisticated. now international cooperation is being used in the fight against it. >> it is the sort of thing that happens only in novels -- a suitcase stuffed with cash that has to be laundered somewhere. but these days, money launderers use the internet. they lure bank account holders and to the process. germany warns that money laundering is a growing threat and the perpetrators are often locate

so i think the architecture of the world, the g-20, it is indeed already a reflection of it, the imf, needs to understand that economic power is more broadly based in our world. i think that is a good thing. and i think a big open competitive trading economy like the united kingdom has nothing to fear from that. >> rose: does that mean that brazil and india should be on the security council for example of the united nations. >> i think there is a case of giving more people seats in the security council. india i think offers a very compelling case for india to be represented on the security council. after all, it is a fifth of the world's population, virtually. so yes, i think there needs to be changes to the architecture of the world. we're going to have discussions in washington in a few weeks time about the imf and making sure that an institution created after the second world war reflects the world of the 2 1s century. so yes, it is not, we've got to change the international institutions. but i think we also have to change our thinking. and in america, and in britain and other part

the imf is selling gold like crazy and it's the smart money. can't believe i'm saying the smart money is in bangladesh, but it is, bangladesh, just bought ten metric tons, the reason, the central banks want to get away from what they're calling the unstable dollar so they're turning to gold. now, why, why would anyone think the american dollar wouldn't be the gold standard anymore? well, apparently a lot of people don't think that. treasuries dropped for the fourth day in a row. and poverty rate here in america jumped a record amount in just the last year. one in seven americans are now considered poor. it is the largest single jump since tracking began back in 1959. and lastly, our debt, our debt is the real problem. it's been coming for a very long time. i have told you about our debt being over 130 trillion dollars with the unfunded liability. but that apparently is crazy because the real number is much, much lower according to forbes magazine. i saw this in, what is it, it's the national review online, they were looking at the national debt

and the imf and other is. -- and others. >> it will start gradually and will apply globally, and that means that the banks will have several years to adapt. >> response to basel iii, and we have this from frankfurt. >> basel iii losing some over the weekend. a generous transition period and the measure is not quite as draconian as the year. that is helping the atmosphere. deutsche bank is going to ask for $10 billion note additional -- $10 billion additional. much of it will go to try to acquire postbank. most think that is good because they will be able to get a cheaper than expected. >> looking in the detail of the market, the dax closed three- quarters of 1% higher. the euro stoxx 50 blue chips finished almost 1% higher. across the atlantic on wall street, the dow jones closed up in positive territory. and the euro is trading at -- allianz says it is withdrawing from the hedge fund business. it has sold its so-called alternative management section. they did not mention how much was paid, but they say the assets will be valued at about 1.5 billion euros after the acquisition. a spok

in the halls of the imf, we make sure that the imf is providing sensible candid judgment about the level of under evacuation and the implications for growth around the world. that help make it clear that this is an issue for the global economy and not just for american workers. n20in the g-20, we need to make sure these questions are at the center. it helps allow was in a way that makes it easier. the year seen stronger growth in the rest of the world. there are expanding opportunities for trade. more the trade concern domestic demand. >> who set the agenda at the g 20? >> they work in close cooperation with the previous chair and the forthcoming share. we always play a central. >> thank you. thank you very much. you can sense the frustration people feel. i think we all represent the opportunity. when the complaints we hear is the force partnering. it also has the impact of driving down opportunities from . that is prevalent in the financial-services. >> i want to reinforce the basic problem. if you want to sell to our market, we want you to come establish a joint venture. we will need t

investors learned that ireland has not to call for help by the imf. these rumors are rumors. they are not true. this brought some confidence back into the market, especially if you look at the currency market. the euro went above $1.31. the stock market in general went down until the end of the session. there was a lot of uncertainty driving the market down. investors are still not sure if the u.s. economy is on the way to recovery or not. >> that was from frankfurt, where we can stay for a closer look at tuesday's numbers. the dax gave up 0.3%. similar picture for the euro stocks 50 index. the eurozone blue chips closed at 674 points. in europe, stocks surged after the federal reserve left interest rates unchanged, near historic lows at between 0% and 0.25%. the fed said it was prepared to take action to support the u.s. economic recovery if needed. the dow closed at the top of the hour just a touch higher. the euro is currently selling at a value of $1.3241. the commercial vehicle sector was one of the hardest hit during the downturn. the global rebound is fueling optimism

so i think the architecture of the world, the g-20, it is indeed already a reflection of it, the imf, needs to understand that economic power is more broadly based in our world. i think that is a good thing. and i think a big open competitive trading economy like the united kingdom has nothing to fear from that. >> rose: does that mean that brazil and india should be on the security council for example of the united nations. >> i think there is a case of giving more people seats in the security council. india i think offers a very compelling case for india to be represented on the security council. after all, it is a fifth of the world's population, virtually. so yes, i think there needs to be changes to the architecture of the world. we're going to hav discussions in washington in a few weeks time about the imf and making sure that an institution created after the second world war reflects the world of the 2 1s century. so yes, it is not, we've got to change the international institutions. but i think we also have to change our thinking. and in america, and in britain and other parts

managing director dominique strauss-kahn said in a statement on thursday that he'll ask the imf board to approve the financing this month. he said flooding in pakistan has caused serious damage to infrastructure and severely impacted the country's financial situation and economic outlook. emergency relief supplies are being sent to affected areas in pakistan. however, experts warn that more assistance may be needed because there are still many areas underwater. flooding across the indus river region has claimed more than 1,600 lives and affected more than 17 million people, or about 10% of the population. >>> in pakistan 2 out of 3 women can't read or write. the belief that women belong at home still prevails, making it impossible for many to get an education. but some are pressing ahead with the help of sympathetic organizations and a very familiar tool. nhk world's mobarik ahmed virk has more. >> translator: women need to study in this day and age. >> reporter: unesco and a local ngo hold a ceremony in a farming village in central pakistan. about 100 women ranging in age from 15 to

the imf and irish officials have dismissed fears of an irish defaults or emergency rescue, but ireland is currently rated the six the riskiest national bar work, just ahead of portugal and iraq. >> anglo irish bank is continuing to drag on irish coffers. belling of the bank could cost as much as 40 billion euros. the total cost irish taxpayers should be repealed at the end of this month. the bailout had already strained the irish budget and caused worries the country will not be able to pay for more borrowing. those concerns have led the markets to demand higher interest rates on irish bonds. a 10-year yields are above 6%, a hires for i response since the introduction of the euro. the benchmark german 10-year bonds are at 2.4%. greece has to pay nearly 12%. the irish government is open to reassure markets and has denied rumors that doubling the assistance from the international monetary fund and the eu. but the timing cannot be worse. on tuesday, dublin plans to issue an additional bonds, which could be expensive. >> on to the markets and shares in frankfurt started the week off on a v

on the day the imf endorsed the government's approach to cutting the deficit, the man who was chancellor warned his party not to think it could opposed every public spending cut. tomorrow, we will find out whether his new leader was listening and whether ed miliband can convince people to stop talking about his brother. nick robinson, bbc news, manchester. >> this is bbc news. our reminder of our top stories. official media in north korea say the youngest son of a leader, kim jong il, has been given the army rank of four-star general. u.s. says it is disappointed by israel's decision to not extend a ban on west bank settlement building. they have dispatched an envoy. 2 million people have been displaced in northern nigeria after flooding damaged homes and crops in one of the new areas -- the nation's major food- producing areas. there were fears that it could lead to rising food costs in africa's most populous nation. >> flooded fields in northern nigeria. the water is -- has forced more than 2 million people to flee from their homes. it began when the floodgates of two dams were opened.

the imf and irish officials have dismissed fears of an irish defaults or emergency rescue, but ireland is currently rated the six the riskiest national bar work, just ahead of portugal and iraq. >> anglirish bank is continuing to drag on irish coffers. belling of the bank could cost as much as 40 billion euros. the total cost irish taxpayers should be repealed at the end of this month. the bailout had already strained the irish budget and caused worries the country will not be able to pay for more borrowing. those concerns have led the markets to demand higher interest rates on irish bonds. a 10-year yields are above 6%, a hires for i response since the introduction of the euro. the benchmark german 10-year bonds are at 2.4%. gree haso pay nearly 12%. the irish government is open to reassure markets and has denied rumors that doubling the assistance from the international monetary fund and the eu. but the timing cannot be worse. on tuesday, dublin plans to issue an additional bonds, which could be expensive. 3>> on to the markets and shares in frankfurt started the week off on a very p

we're using the imf. in the g tannish 20 -- we're using the g-20. it is not just us. even if it was only us, we would still want them to change their practice. i think that has significant potential. i do not think it will change it on its own. china needs to decide is in their interest to protect intellectual property so that there innovators and prevent it -- and inventors have the kinds of protections we provided the united states. they do not want to be left with their monetary policy compromise. we have to make sure they understand that their ability to participate and benefit from this open, multilateral system of trade agreements and obligations -- and our market depends on them changing their behavior. >> i met today with the vice minister of commerce and we pressed the same issues. it is in their interest to work with some of these multilateral institutions. it is in their interest to be cooperative in this endeavor. otherwise, their admonition to us was not to politicize the economic and commercial relationship. it has been politicized, not just on our side.

>> jenna, all this doom and gloom is coming from dominic strauss-kahn, head honcho of the imf and he says labor markets around the world are in dire straits, and he says long term unemployment could well indeed lead to social unrest, much like what we saw in greece four-months ago, and the numbers, no doubt about it with unemployment, are disturbing, 210 million around the world do not have a job, 30 million jobs lost since the financial crisis began, and of course, that means that if you look at the big picture, jenna, unemployment, very, very difficult problem to solve right now. jenna: we'd all like to solve it instantly, right, with a snap of the fingers, but you can't do it. is that the only solution, though, to prevent some of this violence or unrest he's talking about, is just to make unemployment go away? >> easier said than done. the imf says the more economic stimulus -- can you believe more economic stimulus or keeping it at a certain level will help create new jobs andoff set those costs but many countries are finding they cannot afford to pump money into the economy when

it is the judgment of the imf, that in the view of the limited movement in the chinese currency, the rapid pace of property and income gains, the size of its current account surplus, and a substantial level of intervention in exchange markets, the chinese currency is significantly undervalued. we share that assessment. we are concerned like many other partners that the pace has been too slow and the extent has been too limited. we will take china's actions into account as we prepare the next foreign exchange rate report. we are examining the important question of what mix of tools available to the united states, and a multilateral approaches might encourage the chinese to move more quickly. the two key factors worth highlighting our the pace and extent of appreciation in the exchange rate, and the level of ongoing interventions in the exchange markets. as the right moves closer to a level that expresses underline economic fundamentals, the level of intervention should decline. continuing heavy intervention would support the judgment of the currency remains undervalued. during the las

the imf put a number on the amount of people that lost their jobs starting because of the global financial crisis. 30 million worldwide for total of out of work. travelers saying costs from earl may come in at $183 million. we did have a higher close for stocks yesterday. that's thanks to a report showing a possible uptick in home sales. eye -- fm talk about a am hot car. the 458, a possible fire hazard. the sports cars may have caused a problem. adding a new heat shield to the $230,000 vehicle. >> 5:54 now. the coast guard says it is seeing no oil in the water from an explosion and fire on a rig in the gulf of mexico. that was 9 miles off the coast of louisiana. 13 people jumped in the water to escape the flames. >> this wouldn't a blowout. doesn't appear to be a spill or injuries. that's our priority, taking care of our people, taking care of our facilities and taking care of the environment. >> the rig's operator mariner energy says no drilling was taking place at the time. the exemployees took place 200 miles east where the b.p. well blew up in april. a sports medicine orth speed diffi

it is the judgment of the imf that the renminbi is significantly undervalued. we, the treasury, and the administration share that assessment. we are concerned, as are many of china's trading partners, the the pace of appreciation has been too slow and the extent of appreciation to limited. we will take china's actions into account as we prepare the next foreign exchange report. what makes of tools available to the u.s. and in a multilateral approach might help authorities to move more quickly? these pages are not numbered. i guess it is on pace no. 3. they are numbered. later on, on page six, you say the administration is using all tools available to ensure that american firms and workers can trade in compete fairly with china. so the question is, whether there are now enough tools that are available. my judgment is that there are not. i just want to bring this home, if i might. i read from a new york times story from last week regarding a new technology. "being a player in the solar industry five years ago, china is on track to produce more than half of the wo

his record ed, and his approach to china during this administration as well as his approach to the imf and to nafta in the clinton administration left a lot to be desired and in fact a lot of these decisions have cost american jobs and we're still digging out of that hole. >> what would manufacturing, creating jobs, in this country like to see the president do with his top economic adviser. >> i tell you what, i think that there are a lot of people that are very close to the white house right now who could fill in and do a great kbripd would second the idea of elizabeth warren, she'd be terrific. bernstein. ron bloom the executive czar. they understand not only how wall street works but how main street and factories work and how you have to piece it all together but i think it's an opportunity for not only progressives but productive economy to have a good voice in there who's fighting for american production, american manufacturing which i know from hearing the president speak is a top agenda item for him. >> what are -- are there any names being tossed out there that you don't favor,

plays an outside wall as well in the imf. their duties around the world -- i have to check on that for you. the initial question is how much do we spend and where does it go? host: here is an e-mail from martha's vineyard. guest: i do not think we should increase taxes on anyone, especially professionals and small businesses, which is key to economic recovery. on the second question? host: what is a small business? guest: the government generally defines it as having 500 workers or less. i think most people look at small businesses as 25 workers or less. i think mid-sized companies with 300-500 workers. for the government, eligibility for programs, generally it is 500 workers or so, which is bigger than what i think most people think of. host:here is a tweet. guest: i have to disagree with that, especially given the recession. the tax on 9/11 that destroyed millions of american jobs almost overnight. i think every economist agrees that tax relief, especially on businesses, families, capital gains and dividends, which jumped -

when it existed, and it was taken away in 2005, the imf had constricting points, mainly concerned with the legal immigrants and naturalizing the people that wanted to be naturalized. nobody wanted to do internal enforcement. after 9/11 the biggest impact on immigration was that the department of homeland security was developed and within the bureau and apartment there are two bureaus to deal with immigration. two of the deal with enforcement. immigration and citizenship services, and then there is the immigration and customs enforcement. for the first time in our history we have an agency that does internal enforcement, which is where much of the controversy will come from. arizona, they are not talking about forssmann on the border, they are talking about interior enforcement. when you are inside the country. the internal enforcement will be the hot political issue. because americans for some reason have a gut reaction against it. we do not want identity cards, which would release all the problem. we do not want employers to have harder sanctions. internal enforcement is the biggest i

he pledges $140 million to the im -- $140 billion to the imf to third-world countries, redistribution. he has no executive authority to do it. congress called him on it and said i have authority under foreign policy, i am commander in chief. this is not foreign policy. that is orwellian. glorifying foreign aid. he just issues an executive order. he tells john kyl list digest, president obama, the stimulus money you spent is not stimulating anything so could you consider a freeze? four cabinet officials cents kyl threatening letters saying if you don't want your stimulus money, we will withhold arizona's portion. does the american public realize how great this is, this government is acting like it is their money and they can withhold stimulus money from arizona just because it senator stood up for the entire united states, not just for arizona? we've got president obama appointing elena kagan as supreme court justice and she has been on record saying that to think if we have an over abundance of a certain kind of speech -- just what kind that would be, like conservative talk radio -- w

the imf in the first quarter said the growth of the west bank is 11%. and this is at a time of a worldwide recession, everyone. and i agree with how much the work has been done, and also how it is working for us. as you see in the handout, the public support for the two-state solution is substantial, and i would urge you to read a forthcoming policy why-. -- policy watch. and we're drilling down on the issue a public support for a two-state solution. i think there is all so converging interests of the parties to ensure that the growth of islam does not take off in the middle east and the influence of iran does not grow. we have a lot of things working for us that we do not have in the 1990's. it is easy to be cynical and skeptical. no one is ever cutthroat about being a pessimist about the malaise. the same time, in their skepticism, we should not forget what we do. there is cooperation an institution building. reduction settlements. the public support, much of the work being done, the fact that there is kind of the converging interest regionally. those

he pledges $140 million to the im -- $140 billion to the imf to third-world countries, redistribution. he has no executive authority to do it. congress called him on it and said i have authority under foreign policy, i am commander in chief. this is not foreign policy. that is orwellian. glorifying foreign aid. he just issues an executive order. he tells john kyl list digest, president obama, the stimulus money you spent is not stimulating anything so could you consider a freeze? four cabinet officials cents kyl threatening letters saying if you don't want your stimulus money, we will withhold arizona's portion. does the american public realize how great this is, this government is acting like it is their money and they can withhold stimulus money from arizona just because it senator stood up for the entire united states, not just for arizona? we've got president obama appointing elena kagan as supreme court justice and she has been on record saying that to think if we have an over abundance of a certain kind of speech -- just what kind that would be, like conservative talk radio -- w