centuries but in order to make that capitalist model work and work well we're going to have to redistribute more i'm going to have to think of some some new ways of doing that my sense is that higher taxation on the wealthy is unavoidable my sense is that more transfers from pensioners back into the younger generations is unavoidable we are going to have to do this otherwise the political environment we face which is already that's face it pretty force is going to become even more unpleasant and even more difficult to deal with i would say that addressing an income inequality is something which will help to save the current system rather than undermine it we're now in the era of the trillion dollar company what are the dangers when you've got companies like amazon and apple who are worth more than the a lot of a lot of the world's economies already you're seeing this ability of them to escape

the taxation that in different jurisdictions generate political problems political criticisms these are entities which on our huge the powerful and this is a brave new world and i think this is again another example where the all thora t. is whether it's the tax or forty's or the regulator authorities are consistently having to play catch up as these new entities develop and innovate and so on russell really good to talk to you encounter the cost many thanks indeed for being with us thank you. all right still to come on counting the cost i'm lawrence leigh ten years on from the financial crash the german economy continues to go from strength to strength but what cost to other european countries. now while the great financial crisis was playing out on wall street and in government ministries its roots lay in small towns and cities across the u.s.

families pursuing the dream of homeownership fell victim to unscrupulous banks and predatory lending schemes. brunell's reports from paris in california. just before the crash life was good for betty nikka nor her parents and her kids they'd recently bought a brand new house our house was just huge it was a really big house it had five bedrooms four bathrooms all of that. so perfect but the dream house proved to be a cruel illusion a salesman had convinced her father may nardo to sign an adjustable rate mortgage on a property worth seven hundred fifty thousand dollars but the family's income was only sixty thousand dollars a year in two thousand and eight and two thousand and nine the area's housing prices plummeted like they did nationwide and their home payments rose higher and higher unable to make the monthly payments they reached out to their bank and we

tried to refinance they wouldn't help us three weeks later menard or lost his job and the dream house was sold what with the home worth by the three thirty and you bought it at seven hundred seventy thousand dollars yes and it was worth less than yes yes the family wound up nearly broke with their credit ruined. for three years. i know this area of california riverside county was one of the hardest hit during the housing collapse and the recession it had the third highest rate of home foreclosures in the entire u.s. fabian casarez his organization helps low income people with home ownership it was chaos here we were ground zero the market was just you know upside down here it was it was it was chaos it was total chaos and you know it took years to get out of it and i was there and i was still going to say that was the limit the nikken orse

struggled to get back on their feet my mom was the one who took it the hardest she went into depression you know my dad was displayed broken into he was like you know i can't believe this happened to was gloria nikken or suffered a series of strokes and heart attacks and earlier this year may nardo nikken or was diagnosed with colon cancer he's had surgery and has to wear a portable chemotherapy pump but he continues to work every day the nikken always have saved some money and are now in the process of buying a modest house nearby a step toward security after a decade of pain. joining us now from canberra australia is tim ribbon tim is the principal economist with the housing industry association there tim good to have you with us on counting the cost so ten years this week since the collapse of lehman brothers triggered of course by the us subprime mortgage crisis in the ten

years since we've managed to save wall street what's been done to save the housing market though is there still such a thing as subprime is it any easier now or harder to get a mortgage if you are a low income could it all happen again. i think it's very unlocked that it could happen again but certainly the the global financial crisis the way that the fannie mae and freddie mac. the subprime lenders in the united states the certainly given us the greatest economic shock we've seen at least since the oil crosses and aunts and seventies and quite possibly longer it's going to leave an indelible mark on the economic history books and global history books its impact on society and the economy has been enormous challenges globally in terms of lending practices the united states has to be really chinese the way in which the derivative markets are private we've seen global multinational agreements come into place which ensured that countries are reporting much better from

a regulatory perspective to ensure that there aren't driven have tried in practices that were occurring back ten fifteen years ago that lends to the global financial crisis so i think the risks so the economy going forward are very different i don't think that subprime market issue is not going to arise again we've learnt a lesson from that really free lending practices but the medicine to him that we used to fix the crisis was poison for a whole generation of people who now can no longer afford to buy assets to get on to the housing crisis this housing ladder story this is where inequality i suppose is most visible how do you fix that inequality is there has been a structural. does that broad to thousand and seven in global markets of certainly had an advantage but that that will correct the tommies correcting out of the top from a government regulatory perspective. the for the first time really since the second

world war. global money supply stock and tartan from what has been an incredibly lax position. for a regular chip perspective from a government perspective the certainly a ball i have to buy that will ensure the first time by young people low income owners have a place in the housing market you can see that through practices. in different countries the builds right market in abroad of different countries as a transitioning into the models that allow others to lease land and purchase that house through other mechanisms that's not the simons the subprime market that we saw coopted two thousand and seven and it's a variety of different different mechanisms that governments have. to really get to talk to you know kind of the cost thanks for being with us but i think you've done a new report says that more than forty million americans struggling to pay for enough food month to month and while that is a small improvement on recent years it still means that many people forced to rely

on handouts kristen salumi has been to visit a food bank in new york. martina santos volunteers at this food pantry in manhattan where once a week she makes months for all the staff. this is like every morning when i made it last night in my house. this time in addition to bread pudding it's beef chicken or pork and beans and like many other volunteers here martina also relies on the pantry herself to help feed her family of four she's what's known as food insecurity which means she struggles to pay for all the food her family's needs. is important for me because they have a means of putting four in the table and you know when i'm running now i come in over here i got me i got a rise i got beings and i got some for it they stood before him based upon the pantry is run by the westside campaign against hunger which allows low income families to come once a month to get three days' worth of groceries although it's based in the affluent

upper west side of manhattan it sees customers from all five boroughs of new york city a lot of the people who rely on food pantries like this one don't qualify for federal assistance what's known as snap or food stamps so even as the number of food insecure people in the united states has gone down their reliance on places like this has remained high two thirds of our customers are exclusively fantasy speaking . and many of them are recent ever grand and are not able to access some of the federal benefits that help to keep families afloat and so they're increasingly leaning on places like here and to meet their families basic needs. according to the group hunger free america it's a common misperception that people who rely on food assistance don't work in the last few decades the number of private charities in america has absolutely skyrocketed yet the number of people hungry has skyrocketed why because we replaced living wage jobs with poverty jobs and we flashed to government safety net.

making the work these charities do essential if not a solution to the problem. finally this week ten years after the financial crash of two thousand and eight germany still stands accused of helping to wreck the greek economy by demanding punitive hysterically moshe's but inside the german government there's no remorse as lawrence lee reports from berlin. in the corridors of power in berlin there are reasons to be cheerful ten years ago the german economy was so well insulated that the big crash was never going to cause a crisis so much has changed in other european countries but not here in the first six months of this year alone the german economy run a budget surplus of over fifty billion dollars that's almost three percent of germany's gross domestic product or any wealth it's the kind of figure that makes other countries either extremely jealous or absolutely furious it was the german government that demanded after the banks started to fall that the european

commission impose new rules on countries like greece forcing them to adopt a hugely destructive tax raising powers in return for bailouts and loans a decade on stagnant economy is in huge unemployment levels of what's left the proceeds went to the banks not the people many economists hold germany directly responsible for bankrupting greece it is very anti democratic approach that is something that gives assurance to general politicians that there are rules and that they can be here too and that things will work out that and i think that kind of comfort is illusion it is defense germany would argue that if other countries have behaved in the right way in the first place then there wouldn't have been a problem most of the political class here bears few regrets about driving policies which proved so controversial no absolutely not i think that was the only way the fact that we are successful in all these countries shows that this was the right

way and it's like in the it's like in the private sphere. if you don't half debt you are a free man and if you have debt you have to listen to the persons who gave you the money for her the one area which germany has suffered from in. in years has been the rise of far right populism born partly from economics in poor areas but also from anger towards chancellor merkel's generous asylum policies for refugees this week though the german government announced it was devoting billions of euros to tackle long term unemployment a certain way of diffusing anger germany is able to make these choices in ways others can only dream about and that is our show for this week if you want to get in touch with us and comment on anything we've seen you can tweet me i'm at a finnigan on twitter please use the hash tag a g c t c when you do or you can drop

us a line counting the cost of al-jazeera dot that is our e-mail address as always there's plenty more for you online at al-jazeera dot com slash c.t.c. that'll take you straight to our page there you'll find individual reports links even entire episodes for you to catch up on. but that's it for this edition of counting the cost i'm adrian finnegan for the whole team here in doha thanks for being with us the news on al-jazeera is next. al-jazeera recounts the shocking story of the assassination of counts folk abene dot. the first u.n. envoy trying to bring peace to the middle east how is negotiations with him helped save thousands of jews from nazi concentration camps and how these mediation skills put him at the vanguard in the quest for peace in the middle east. killing the count on al-jazeera.

it was a big problem because it was different people admired him he was the center of nightlife in be rude and he married miss universe hugh was a boy and a character on the other hand a ruthless operative fighting for the palestinian cause some israeli intelligence sources claim that he planned the operation and for years news really tried to find him and kill him al-jazeera world examines the life of ali hassan salaam the hunt for the red prince. volcano kill way erupted explosively last thing boiling clouds of steam and ash and rock high into the atmosphere scientists say it's not unusual for eruptions to stop and start up again later as

for kill away a it has been spilling lava continually for more than thirty years native hawaiian spiritual beliefs say eruptions reflect the moods of the goddess pale a. us as native hawaiians to the belly is always nice to us whether she takes our home or not we accept this type of event. this is al-jazeera. law and has i'm sick of this is the news hour live from doha coming up in the next sixty minutes paul mann affords flipped a former campaign manager president trump agrees to cooperate with the motor inquiry into russian meddling in the twenty sixteen u.s. election. four people including

a mother and her child die in the united states when the force of hurrican florence . people in the philippines face the fury as super typhoon man could as it slams the north eastern coast plus. protests across syria's province as government forces there backed by russia plan an offensive to retake the rebel held area. following begin this news hour dramatic developments in the trump russia saga the u.s. president's former campaign manager has agreed to cooperate in the investigation into russian meddling in the twenty six thousand presidential election paul manifold has pleaded guilty to two criminal charges as part of a deal with special counsel robert muller he's admitted to conspiracy against the u.s. and conspiracy to obstruct justice in return ten criminal counts against him have

been dropped patty cohen has the latest. he always walked into court with that kind of swagger promising he would fight till the end but he end game today a subdued paul man of four told the court he would plead guilty to two felonies and cooperate with special counsel robert mueller in hope of getting a lesser prison sentence plus third from mr man of forty six up to responsibility and. he wanted to make sure that these family was able to. i am safe and have a good life he's accepting responsibility and this is for contact that dates back many years the charges date from a decade ago but run through twenty sixteen when metaphor was working to get donald trump elected president they involve work he did for the pro russian government in the ukraine and ties to russian oligarchs he is the highest official yet to flip he once had the title of trump's campaign chairman and he was in the meeting with the

kremlin linked lawyer who promised dirt on hillary clinton the president's son and son in law were there too they say there was no dirt man afore it will now tell prosecutors if that is true bruce fein has worked in the justice department and says this could be very bad news for the president they would only accept a plea if they thought they were getting something serious in return and we know that the primary target really of the polar investigation is president trump the president had called man of fort brave for resisting and not flipping and somewhat unusually he has yet to tweet about this development but the white house released a statement saying quote this had absolutely nothing to do with the president or his victorious twenty sixteen presidential campaign muller will ultimately decide if that is in fact true and now he has one more key witness to help him figure it out. al-jazeera washington. other miller investigation has tried to get as close to donald trump's in a circle as possible here are some of the significant developments in the

investigation so far former trump campaign advisor george papadopoulos was sentenced to fourteen days in prison last week that was for lying to the f.b.i. about conversations with people he thought were working on behalf of russia but trump's former lawyer michael cohen pleaded guilty to tax evasion and campaign finance violations the former national security advisor michael flynn pled guilty to lying to the f.b.i. about conversations with a russian ambassador and charges have been leveled against russian intelligence officers and a group of russians for social media campaigns designed to influence the election and hacking of e-mails but they're all overseas and unlikely to see the inside of a u.s. courtroom jeff houser is executive director of the revolving door project at the center for economic and policy research he joins us now from washington to talk more about this thanks so much for being with us now any time witness like this flips to use the colloquial term there's

a plea deal and and each side is getting something obviously mr mann for is getting a lighter lighter punishment what it what is. the special counsel miller and his team getting out of this and what does it mean for president trump. moeller is getting a participant in the june ninth meeting between the top of the campaign and officers working for the russian government so he's getting somebody who's been on the inside he's talking now has cooperation from somebody who was probably the main person keeping the candidate donald trump informed about any collaboration between the tom campaign and the russians so i think donald trump is in big trouble right now because i think paul metaphor knows about whatever conspiracy may have occurred i also think paul metaphor is high gas to testify against a wide array of other people including other influence brokers in washington d.c.

i think a lot of the swamp creatures in washington are sleeping pretty uneasy tonight and how how big a player is is metaphor in all of a sudden he's considered kind of a big fish in all of this isn't the. yes i mean paul metaphor it's been very important person in american politics for forty years and he brought necessary experience to the trump campaign when he came in late winter of two thousand and sixteen when the trump campaign's inexperienced leader was potentially going to undermine the entire campaign he was brought in to save the trump campaign he did so he got them through the convention which many people thought might be contested successfully by senator ted cruz metaphor did a lot of good work for tromping terms of getting him elected but potentially also he's the one who may have secured russian assistance for donald trump and arranged the meeting on june ninth and. metaphor was very important but he also may end up

being the person who brings down donald trump so where do things go from here then . i think that the next several years paul matta ford is essentially an employee of the justice department he needs to each and every time he has asked for cooperation to provide the sort of cooperation that the mower team thinks is on this fully honest completely honest that is the only way he's going to get the benefit of the plea deal that he's agreed to so basically paul metaphor works for the justice department and the justice department even allowed to loan him out the state government so basically anyone who wants to know about a crime that may have been committed be it in ukraine be it on k. street in washington d.c. in terms of lobbying or the trump campaign any prosecutor can ask paul matter for and he is going to be judged whether or not he is trying to give the best most honest answer possible and he has to be judged to be honest in order to get the

benefits of a shorter sentence and honestly to ever be a free man outside of jail ever again good to get your perspective on this jeff hauser joining us there from washington thanks so much for people including a mother and baby have died off to tropical storm florence made landfall on these cuz the united states in north carolina hundreds of people who ignored evacuation advice on now waiting on rescue services to escape their flooded homes almost five hundred thousand homes already without power because the salumi reports from fayetteville in north carolina. even in her weakened state florence packs a punch the hurricane has been downgraded to a tropical storm but it hit the coast of north carolina with strong winds driving rain and a swelling surf weather experts warn there's much more to come i do want to emphasize that this is only the beginning florence is a very slow mover will continue to trek along this north carolina and

south carolina coastline for the next twenty four to thirty six hours. the storm is slowly moving inland floodwaters have begun submerging roads and seeping into homes with up to seventy five centimeters of rain expected in some areas a storm surge on the news river north of the eye of the storm brought the most serious flooding so far emergency crews have been called to rescue hundreds who ignored evacuation orders utility workers have come from all over the country to help these are just a few of the trucks that are standing by the utility company has warned that millions of people could lose power so far the number is in the hundreds of thousands with the storm is far from over. further inland boarded up buildings and overturned trees but still waiting for what could be the worst to come kristen salumi al-jazeera today of the north carolina north carolina's governor paid

tribute to the people who lost their lives florence that still slowly and painfully grinding its way across north carolina with punishing winds and flooding writes already did a three confirmed deaths are attributed to the store and several board it's are under investigation this loss of life is devastating. it's devastating to the families and the friends of these victims and again is live for us now in wilmington in north carolina so andy what's happening there right now . well i can tell you the rain is really solid to come on down here in wilmington north carolina and that's the big concern the forecasters have been talking about eight months of rain coming down in the next two to three days and just down the street the cape fear river started to reach its banks it was flowing the wrong way

for most of the day as the storm push the ocean up up stream that's now burst its banks the streets here are filling up with rainwater that's going down towards the river so that could be some real problems here in wilmington north carolina by tomorrow morning but there are two main issues of focus here are concerned about one is those huge amounts of rain up to one hundred twenty centimeters over the next couple of days and the other one is that hurricane florence isn't really going any where it's going at a walking pace it's still lingering over these two states and will do for some time to come those are the major concerns we didn't quite get those tidal surges that were predicted we were talking about four meters of one point certainly didn't happen here in wilmington but as christine said in her report the storm is far from over and anyhow our people there coping with all of this the rescue services and the people who made the decision to to stay put and ignore the evacuation orders.

one point seven main million people were under the mandatory evacuation order the majority of people did actually leave and had to shelters and had to other hotels in other states here in wilmington we've met plenty of locals who decided to stay there pretty safe here but clearly there been about one hundred fifty rescues we're hearing five deaths in total now including a mother and her infant child here in wilmington so for those people that decided to stay and ride this storm out the message to them was really clear if you do that you're taking your life in your own house and the risk is there and the emergency services simply aren't available because it's not safe for them either here we have seen fire crews we have seen paramedics moving around but fair it's. really drawing here in other parts of the say that when it got slammed by the storm and anyone who's in trouble anyone who needs rescuing may well have to wait until this storm has passed about seven hundred thousand homes are now without power and it could be more than a week before and.