arab perspective episode to revive at this time on a jesse you know i'm a city every week a nissan who brings a series of breaking stories then listening financed as we turn the cameras on the media and focus on how they report on the stories that matter and the mouse on al-jazeera. piece it all be in doha with your top stories from al-jazeera three foreign tourists are among four dead in a roadside bomb attack near the giza pyramids in egypt at least ten others were injured when a tour bus was hit south of the capital cairo his pole to judge. egypt and security services quickly cordoned off the area where the roadside bomb exploded the improvised homemade bomb was placed near a wall on mar u.t.s. street in a district near the giza pyramids the dead were part of

a group of fourteen vietnamese on a tour bus being driven around historic sites things and if not the most important think is to provide medical care to all those who were injured we give our deepest condolences to those who lost their lives in this incident whether egyptian or the tourist who died. egyptians and tourists have been targeted in recent years as egypt tries to suppress on groups in sinai peninsula the conflict there has occasionally spilled over to cairo and resort towns and on groups have targeted tourists by that in the end ok sometimes attacks such as this one can of course it may even happen again in the future and it isn't a country in the world where we can say is one hundred percent safe. in november gunmen opened fire on two buses up the nile river from cairo the ambush in the minya province in central egypt took the lives of at least seven people who were returning from a baptism eighteen others including children were wounded eisel claimed

responsibility for the attack. in march egypt's interior ministry's top security official survived an assassination attempt in alexandria the attack two days before the presidential election killed two policeman and injured five others. in may of two thousand and seventeen gunmen attacked a bus and cars traveling through southern egypt twenty six people were killed and twenty five others injured according to the health ministry the talk was followed by a series of church bombings claimed by eisel. a few months later two german tourists were killed and four others injured during an attack in the red sea resort town of . tourism has been an important factor for the egyptian economy the country truck to two hundred million tourists annually before the two thousand and eleven arab spring uprising against the former president hosni mubarak that number dropped to five million due to security concerns and global headlines about attacks against

tourists since the army toppled egypt's first democratically elected president mohamed morsi in two thousand and thirteen armed groups have killed hundreds of the egyptian soldiers and police. on al-jazeera. u.s. republican senator marco rubio says he wants a gradual rather than a sudden withdrawal of u.s. forces earlier the syrian army said it sent to the northern city of man beach invited in by syrian kurds fearing an attack by turkey but the u.s. military disputes that claim donald trump threaten to close the border with mexico if he doesn't get funding from congress for his proposed border wall it is a raising of the stakes for the u.s. president in the standoff with democrats that's led to the asshole government shutdown in america israel's prime minister benjamin netanyahu is in brazil and has promised stronger bilateral ties he's been meeting the far right president elect jaya bilson r.-o. in rio de janeiro in the first visit by an israeli premier to the country has

promised to move brazil's embassy in israel to jerusalem but that hasn't come up in the meetings so far. protests over the exclusion of three areas from sunday's election have continued for a second day in eastern parts of the democratic republic of congo two people were killed during a workers' strike in the city of beni and police fired tear gas to disperse opposition supporters in goma britain's home secretary says recent attempts by migrants to cross the english channel from france is quotes a major incident javits remarks come as nearly seventy people were stopped in the past three days trying to reach the u.k. by crossing what is one of the world's busiest shipping lanes in rubber dinghies it is seeking an urgent call with his french counterpart over this coming weekend. you are right up to date with all the top stories here on al-jazeera up next it's debt machine i'll have more news in about twenty five minutes up.

debt it drives markets creates profit and generates an endless cycle of production and consumption. we live on credit our homes cars schools and government expenditures are financed by borrowing. data has become the engine of our growth the lifeblood of our global economy. it's an economic machine impacting the global economy with more and more date being produced day in and day out. this debt machine has grown to epic proportions and now seems to have spiraled out

of control public debt the debt held by governments is soaring. the eurozone is having a much harder time than other economies emerging from the crisis of spiraling debt why and what are the solutions. to debt machine once you're on it very hard to feel like that's if i must use them to look good also some public put on that let's start over and create a system of credit and which would actually be sustainable which wouldn't destroy the planet as the current machines to a. diminishing up idea can that can exist one to a piece on duty do test on come on that in a classic an immediate death like cast as you came out at check any opus paramedics on it to produce a little sick. what would that somebody to say that. then who.

is a pow and i deny me. said that then on any. when it's date reaches a certain level the government gets caught in a spiral to repay its debt and the interest on it the government has to borrow more money year after year. most eurozone countries are now in that situation they borrow heavily on the financial markets and from large private banks that fight fiercely to keep them as clients. banks love to make loans to sovereigns why because behind the sovereign millions of taxpayers and they're not like the shoppers or it's not like the consumers in a business because those tax payers never go away there's

a new one born every single day and they're going to pay taxes for the next one hundred fifty yes unless the country collapses so why wouldn't you lend to them because you know you're going to get your money back you know there's no bankruptcy law you know that you can always make a profit on it's safe lending whereas if i go to a firm that wants to innovate and produce a new asset you know firm that maybe once decided they want to build steam engines and seventeen hundred or something i don't have to risk assess the risk. well that's too risky why should i invest in that why don't i lend to the government of spain or to the government of italy or to government to portugal i know there are a german taxpayers there a french taxpayers there all of whom are effectively backing up this debt so i fear of taking risks in. government data has soared into the trillions of dollars in euro zone countries but those figures don't really mean

much if you don't compare them to the wealth of a country its gross domestic product or g.d.p. . the country's debt is measured as a percentage of g.d.p. here debt represents fifty percent and here one hundred percent of g.d.p. . in one thousand nine hundred two maastricht treaty laid down the terms for an integrated europe. in order to keep debt from getting out of control experts agree that a country's debt should not exceed sixty percent of its g.d.p. but that critical threshold has been largely exceeded by most european countries he joins us from get us what he can ask about it some more now we know be pretty up with the beauty of rio might have a pretty rigid there. when debt exceeds a certain level tax revenues start going up to pay interest on the debt instead of

funding government expenses hospitals schools teaches. how can that data be repaid how can we ever get out of the spiral. if you put two on both in that as you know i guess your yet divvy almost have a dead cvs everybody. or junkie was up i think the seller they're covered with i don't know but almost over that sean hoare and his exam proof are saying of all of us says that they did to contact the value of what horse no jemmett on bossy on a drop spoil you if there is. a property to go to burkett physic but usually quite their battle hawk is also off is it to get you up at a. date has always existed it dates back to the origins of civilization it even predates the invention of money.

the very earliest mesopotamian scriptures that we have are actually debts and products calculating who owes what to whom when temples and other large bureaucratic systems. so what you have actually are credit systems in mesopotamia they don't have. private data has always existed but government data first emerged in italy in the major trading cities during the late middle ages. florence genoa and venice were constantly at war which cost them dearly. to pay for those sovereigns borrowed from prominent family first government bonds were traded paying interest. those prominence creditor families founded the first

italian banks that started lending a lot of money to european markets who were caught up in endless wars. most often the bankers were worried by the warlike rulers an easy way of getting rid of debt one that would be used for centuries. at the time governments had power over creditors only much later would that balance of power be reversed. after the second world war in one nine hundred forty five america's marshall plan granted thirteen billion u.s. dollars in aid to europe's industrialized countries. exceptional growth followed and the thirty years after the war were good so good that they were known as the

economic miracle in germany and the glorious thirty and france business was brisk industry was in full swing and the growth of consumption was spectacular. so he can the polytunnel use it on grow his basically put it to school august and certificate you molly movie year presumably to select subi and cause so much from your machine if we were to do our off a component on value of film and the whole goes to show it would really phenomenal in bungay us you didn't resign i wanted probably was at a world cinema in the closets only there on time the b.b. was an image will be a few miles that iraq will be vivid. in croissants. by the end

of the postwar boom in the early one nine hundred seventy s. government debt in europe was a great called lows thanks to growth and inflation but the economic machine would soon be upset by two major events. good evening on august fifteenth one thousand nine hundred seventy one richard nixon president of the united states his coffers had been emptied of their gold reserves by the vietnam war announced a staggering measure that would drastically change the world economy. and the dollar against the speculators. i directed secretary connally to suspend temporarily the combat ability of the dollar into gold or other reserve assets except in amounts and conditions determined to be in the interest of monitor instability and in the best interest of the united states.

but it was not a temporary measure at all the u.s. president definitively kept the fixed relationship between the dollar and gold. the donor became a floating currency like every other currency a round the world. all the currencies of the world that were either tied to the u.s. dollar of the british pound by nine hundred seventy one we're now pure fee at currencies they're not backed by anything they're just backed by the confidence that people have in those currencies. abandonment of the gold standard cleared the way for significant currency market speculation. the free circulation of capital on international markets intensified it was the beginning of a period of great financial instability. but. yet. two years later in one nine hundred seventy three another major event occurred

the first oil crisis. in one year the price of crude oil soared going from two to six dollars about my. normal necessity to be going to meet. the dude who could be carter or to dinner sometimes i could use a swiss on this subject don't include the absolute perfect the minute you go to miter and see like democracy it would set up of financial support him and no one knows them and that their knowledge will not suddenly produce be colored boozer. comedy block no i'm pretty exact monem shoes but it was. the sudden increase in the price of oil weighed heavily on the world economy. they put the brakes on growth. production costs went up prices went up to. inflation is skyrocketing.

high inflation has a major drawback it impoverishes savers and investors since their money depreciates . for government inflation became a new enemy to be defeated at all cost. children more volcanism on would have wrestled a brief federal sat at all those are the federal reserve there is to slow yeah follow easy late class will this no see you for valley going to me community really classy going to the andris around you cause i said i used to are classic kids don't call me a serial if what i was eagleman gone by gar on third credit during the debate you feel silly it put you to such an icon by the convo oppa like you the idea to dish walmart the other fast your much of the money for today are see. politike that

do all the kills you simply did before iraq i'm done it can go use it it is on point early because if there are so meant an early currency for all it's an economy to defeat it on a cyclical season was when to go to make it up it will moan that it is on was under an economy with a monitor fault which is additional lies of trying to buy them for that to develop is a sop to credit continue pretty good continue on will say that. nobody but done. i don't know not honestly yelling. completely as you would have knows. now when we let it be weeks on a back to the out of pocket would be the kimosabe on the day. if you do digital but starting in the one nine hundred eighty s. the industrialized countries began to borrow heavily on the international market

after which their public debt would never stop increasing. margaret thatcher became prime minister in the u.k. and ronald reagan president and the united states it was the advent of neo liberalism and economic doctrine that also spread throughout europe. governments everywhere were lowering taxes privatizing public assets these would be the years of easy money. stock markets expanded wall street in new york the city in london. on both sides of the atlantic governments deregulated bank credit unchecked capital flows moved through markets worldwide. by deregulating and liberalizing those governments became dependent on financial markets which by then were an inescapable part of the economic system.

the debt machine was taking shape nearly everyone went into debt governments businesses and individuals. the economic system had turned into a machine for creating debt. and the banks got rich on the interest paid by borrowers. credits became the primary fuel for growth but how does created work. banks possess only a small amount of the money they lend money is created by private banks on a simple request for credit and a promise of repayment. the sum is raised as soon as the loan is repaid that is a huge thing and it's. how we've always created money from the beginning and it's a wonderful thing if you have a banking system that can create credit like that is

a very good thing. because it means you can create finance in a crisis you can bail out a id you could finance climate change you could you can finance a war and that's how we've always done this the public hasn't understood that the public thinks that money comes from me working hard if you know for as you know day in the soil working hard and at the end of the month i earn some money. a lot wrong the bali bombing of it so the it that i'm going to be also the renewably a lot of them become left on his deal is going to bury the view of a little. void that would be in people really i believe it lives at it tomorrow you're from me to do it because there are no border little locket did the new york city lit up usually some of it well the other the new orleans the clear body belongs to a body present on the go on pieces of it and on dollars

a name was on this was an a for example if it's another one in detail and it's only going to make a lovely pop go to to put to the put it document utility economy manassas on if you lost it going to tell you going to the central bank produce five percent of the credit in the world the private banks produce or create art of the net ninety five percent of the credit in the world and they have no virtually no regulation over that now what kay has argued in the one nine hundred thirty s. was. we must manage this process it can create vast bubbles of debt it can go out of control. the nine hundred twenty nine wall street crash in the united states prompted the british economist john maynard keynes to warn politicians the credit machine needs to be controlled to benefit all of society not just speculators.

when we managed the financial system between one thousand nine hundred five and one nine hundred seventy one there was not a single financial crisis anywhere in the world and then in one nine hundred seventy one the bankers lobbied and they said no no no we don't need controls you know the market will discipline us we will blah blah blah and we began to lift all these regulations and crises began one after the other first to the periphery and then in a coup. one thousand nine hundred nine saw the birth of the euro and the european central bank had been created to ensure its stability. at the time global growth was strong the level of public debt was starting to decline europe was breathing easy.

confident financial markets lent generously to governments and the weakest economies spain greece italy portugal suddenly had access to loans a very low interest rates close to those available to germany. that low cost financial windfall was an economic boost all was well well out. meanwhile in the united states america's housing bubble was expanding and in two thousand and seven the subprime crisis struck thousands of homeowners lost their

homes they had taken out loans with interest rates that rose sharply and they found themselves unable to make their mortgage payments many banks were in danger on september fifteenth two thousand and eight. one of the largest u.s. investment banks collapsed because that in one was. a filaments because it is certain most because the. present so that your couscous a posse of honesty didn't want was there so give you the prison p.d.p. don't let. them continue. if a few more on the city leave that good the prison prove the currency get on play. good hockey live for they could have done it. because it is good we populate it is a promise to us that in a while the reason. we don't is all we want to have in the coming over all the time

is develop. ok probably also on our ration the sequel is commercial good. so i did a fade to distribute the go on to choose what is on it's a chance that the other animals. after the fall of lehman brothers european banks with close links to american banks risked bankruptcy in turn. governments only just managed to save them in order to avoid the collapse of the whole system. and on and off a separate issue one a suture that are keeping no bond to god you have to prove the devil rip it is actually take you on to the proof. if proof dog proof was three hundred proof from food near proven food in a prison guards in prison going to prison on a system hostile if itis was.

in spain and in ireland after the advent of the euro and thanks to loans from german french and british private banks developers invested heavily in real estate . and a big don't need to back order to the good meaty danny and the rest by now are costly to say or bought back to on you can on. their nose more be an old labor why not speak you live on our own nuffin to do blair in gabby douglas the shift to new york on one dot. com you're allowed like we're going to you guardedly booklet when i know the book where bad in the battle are. it in sybil a plenty ski said country back they bet your salad bar. the movie

you see it lit it up. norbu daughters well want to go on fellows for disability or so-called out of sector if you know what on that last program i when i did the drum are jazz i get hard and think how to play better at subi but maybe on bach if you know he also can face a cost that he'd been did too bleak indeed p.v. equals the only lever do conventional mass that you want offered i did people. step into the unknown with central america's first ever theatrical production by actors with down syndrome. a life journey illuminated on stage each performer transformed with the

raise of a curtain. witness time to love a backstage tale. on a zero. and monday put it well on. u.s. and british companies have announced the biggest discovery of natural gas in west africa but what to do with these untapped natural resources is already a source of heated debate nothing much has changed they still spend most of their days looking forward to for the dry river beds like this one five years on the syrians still feel battered or even those who managed to escape their country haven't truly been able to escape the war. to mourn the most hands initial response had been inadequate but now it was time for a vibrant buckle it was the muslims no move from merely reacting to taking action putting the western crusaders on the defensive with hindsight this is seen as a breakthrough as

a revival of the jihad in the muslim near east the crusades an arab perspective episode to revive at this time on a. friendly. he said i'll be in doha with the headlines on al-jazeera a roadside bomb targeting tourists has killed at least four people near the gaze of pyramids in egypt they include three vietnamese tourists and an egyptian god at least ten others were injured has been no claim of responsibility. u.s. republican senator marco rubio says he wants a gradual rather than a sudden withdrawal of u.s. troops earlier the syrian army said it's sent to the northern city of man beach

invited in by syrian kurds fearing an attack by turkey but the u.s. military disputes that claim. donald trump has threatened to close the border with mexico if he doesn't get funding from congress for his proposed border war it is a raising of the stakes for the u.s. president in a standoff with democrats as led to the partial government shutdown. israel's prime minister benjamin netanyahu is in brazil and has promised stronger bilateral ties he's been meeting the far right president elect joy in rio de janeiro in the first visit by an israeli premier to the country also now as promised to move brazil's embassy in israel to jerusalem but that hasn't come up in their meeting so far. protests over the exclusion of three year ias from sunday's election have continued for a second day in eastern parts of the democratic republic of congo two people were killed during a workers' strike in the city of beni and police fired tear gas to disperse opposition supporters in the town of goma one presidential candidate has filed a case at the supreme court seeking to reverse the election commission's decision

to delay voting until march britain's home secretary says recent attempts by migrants to cross the english channel from france is a major incident such as java its remarks come as nearly seventy people were stopped in the past three days trying to reach the u.k. by crossing horses' one of the world's busiest shipping lanes in dinghies job it is seeking an urgent phone call with his french counterpart over the weekend bangladeshis general election campaign has ended with more violence and arrests the opposition bangladesh nationalist party says nineteen activists have been arrested ahead of the vote on sunday police say a supporter of the governing awami league was killed the government's accused of arresting more than eight thousand opposition members since november the prime minister sheikh hasina is seeking a third straight term those are your headlines the news continues here on al-jazeera after death machine by. the marshall islands

holds a toxic legacy from years of u.s. military nuclear testing. as the sea levels rise one on one east investigates the threat this followed posers on al-jazeera. the two thousand and eight financial crisis threaten to completely disrupt the global financial system governments made the choice to bail out big banks and to rescue troubled economies. they get home they go home to make a movie so that the l.a. borg posse go back so melissa huckaby pascoe see and safe. model economy. it's a club law doesn't put extraordinary extraordinary or even. the fairly. laid back if you don't see the proof with a pretty an opportunity do you. have

a good talks are about some. good sign up of. the best leader so how does he know excelled in a basket peter again first. of all media. a communal don't. ask you call it a says do p.c. signals c c c that is milby really label q q pretty. lawyer because if you do see if you will a new will fix human will plus the donkey tapos you couldn't. if governments had to bail out the banks it was because they could not be allowed to fail since

those banks are us they are the accounts of millions of citizens we are caught in the debt machine. the economic crisis and the government bailouts of the banks led to a spectacular increase in public debt in iraq the debt machine spiraled out of control. the first country to declare bankruptcy was greece in november two thousand and nine the newly elected prime minister george papandreou revealed the real figures that had been hidden by the previous governments greek public debt had reached one hundred twenty nine percent of g.d.p. well above the sixty percent threshold set by the master's cittie. he asked for

help from europe. now you do some a good to see more our bodies are dead most in iraq. in that it will be easy to miss and his most exes well you know. that announcement was like a bolt of lightning striking. the german chancellor weighed in on the question of did in my. day off we did suck on an almost all and one of those i've done so i've learned to get in line for a long long last year and for tots not the common theme is not with the mothers of the movie as i lump all of them all on their list even. him on to him of you don't he. was commonly used as an r.v. . in one thousand nine hundred two the master

treaty set out the terms for e.u. integration it forbade the european central bank from bailing out indebted countries would european governments respect these terms with a guaranteed leases debt should part of it be restructured or cancelled or should they help greece pay its creditors the heads of state could not reach an agreement as europe hesitated and markets speculated on the greek debt of confidence collapsing the fear was that if greece restructured its debt. might the markets pullback from spain from italy from la belle frost and might not europe bring upon itself the catastrophe that it so wished to avoid and therefore the argument was it is far better to give greece all the money it needs to repay its indebtedness than to run the risk that the market would

perceive a sovereign restructuring in europe. as infectious as contagious . only after six long months of crisis europe finally decide its bite resistance from germany to lend greece enough to pay its creditors. a smaller one of it has you broke a new dog today and you could see like i said a baton logged as one zero zero zero overpass unclear cement and as i fell on i could problem in europe i would eclipse drop it off because it you know put it in the by you comment unless it be your bell on this you did this looking as you know we don't listen as we know it would dislocate if not it is that last year it appeared hope or beg your point of call me you know number one our own data to all of us can one copy just

a glare do or dip in it immediately. said brought it out i get it off it just go say so they did that or bia keep the soups they do at a kiosk the p.v. booth. as you say if you ask about it not one euro of debt has been written down in these years what has changed is the identity of the creditor so money was owed to bondholders in two thousand and ten it's now owed to the i.m.f. in the e.u. . if you can solve a debt crisis simply by changing the identity of the creditor and then this one is solved. being in debt isn't only about owing money it's also about being in the wrong there is the financial data but also a psychological debt that weighs just as heavily on the inhabitants of the indebted

country. debt and. kind of double jeopardy. it leaves you lulu poor comma or did you it was sick of itself to decrease your. oh not days to finish job us. says if one day i want to keep ability economy. just because i happen to live in greece somehow i'm a sinner i'm a bad person because of some political acts done by political representatives of one kind or another. therefore it's ok for people to have their lives destroyed it's ok for people to have to pick through garbage and not have anything to eat it's ok for cancer patients to be denied medicine if we're ever going to have morality in the world we need to absolutely reject that logic if there's

individuals responsible hold them responsible but don't hold a college to very responsible for the deeds of. to resolve the greek debt crisis the e.u. granted financial assistance in exchange it imposed a draconian austerity program the country was placed under stewardship and lost part of its sovereignty it was placed under surveillance by the troika the three delegates of the european commission the european central bank and the international monetary fund. other over indebted countries in the euro zone will be controlled by the troika in turn and subjected to similar was thirty five which. was.

the sound of those protests reached all the way to brussels the troika had become a thorn so much so that the european parliament held a special session about the troika's actions national and european m.p.'s questioned european leaders he says they cannot be many up she may be years. to program others will be violent as the lover but i love that other stuff we give a shit that i asked them oh yeah it could it because i'm sure that there's the degrees. yet if you asked again i got these theories a bit bestseller frona yum of the two stars though the troika is the lover there make the human more b.c. caring for. yet the method. valid only mazzy we have by here upon this you stop probably my two heroes here to promote the

president i want to go. home and import a parliament in spanish and parliament in evolution parliament even though it's not so and above i don't want to go for one model and democratic surely you too much your own guns need. the program of the vatican carbon and all of the guns under fire. that's a vastly decent program in quotes was the language the valan. given to us for. that's a low but i am absolutely confident sure that if greek did not implement the program the situation will be much worse today i am convinced that you have used this experience to try to put on sense no we cease to sense what. it means look stuff up reasons that us yes could put a woman to susan. is the deficit because well it is the. gov contrails.

it was a blood but if area you know sunita not so well mia. you open it up to predict which of. you is a disappointment the austerity programs were poorly implemented and poorly explained people came to resent you would start to look like an uncompassionate taskmaster all over the continent there was increasing support for nationalist parties and the finance and euro skeptic parties were gaining ground in melbourne if you have been willing to bear on

a fair offer for i'll be very happy. if they are gone after you are going liberate europe from the monster of brussels nuno and connect we should. we can see reaction to the liberalisation of fright finance just as we saw it in the one nine hundred twenty s. and it's going to be ugly it will ready is ugly it's ugly in greece it's ugly in france it's ugly you know in many parts of the world where people are saying if my government went look after my interests if my government will not arrange for my young people to have employment then i will look for a strong man who will do that for me who will give me security and give my children employment security and i don't care what sort of strong manatees if he's a fascist i don't care if he promises to secure the stability of my life and my people i will vote for him i think that's where we're heading and i don't think our leaders have the vision to understand that's the threat that we face. what are the

solutions have. curd europe curve the death machine what mechanisms canada uses. could it play on inflation as other countries do. little as you know jamie almost without it jimmy are probably almost out of it somehow always has little war on the for want of us here i think you better that out before me said out it don't go best he's cool with it we obviously they saw it with us by god missile and i'm sure as best daughter they are now at the base here in waiting should i get your misandry programs likely to make a fortune for the price coffee yet as you know that a book a minute then i guess that your duty as it were to charge the poor of alberta for the number two place and a capacity you know the horses that in. following

world war two french and german debt was two to three times higher than it is today but inflation literally absorbed it. to their normal lives who go locally party jobs a cause do system the key until this was all that it is just in them and they would be. eliminate unique was when your lawyers who know. don't know the war but harmony come on first and the first i want to know is that would. you put on more do so legally ma. this is your strawman twenty seconds from polluting. your dogs in the school madonna hardware on the dogs in mark so experts here know we homeschool soft as ice under linux. on this week committee politicked are in league and in order to

understand we are only. needed someone so on the server i'm sure and so into neiman and went to have streets to sign with and how to organize dustier spawn is again mention of going to his gate sint does it i mean via touch on the alkie a guilt ridden oil wife must all be mousing rehat there must be mention arm this condition of cover to politics and mention on some. tilt to the bank named to see the hologram and emerald number. blessedness a look at the euro money. the strong euro benefits the countries of northern europe but penalizes those of the south. is the european union going to fall apart would gross return in reverse the trend. is for it hook i heard ysu

kwara go. really exhaust as you format the police officers the dead don't know dirt off it to get across also v.n. says quote f. it said on the nanny who are in class ask him why and sit on it if i had to do pull saw or that you saw that it looked at the preuss don't see maggi name good i think i cross off i had to let it off and said i've explored all across all of us on the docket don't so much but i must point because if you know suppose go on. ski fulfill all of us the phone says give for when you want within the sleaze up to do because you just did but i don't suppose you did go over an illiterate in that sleazy focus. this was on paul saul so as to do it all more and to live in quality so you could put the two gay bully gleg siebold is a moment to skew the us was on pause on sil book oh no it's a dude little hope gandhi said the new food lepage if you need there's

a limit. is purely to have a monetary union work effectively. what happens is that the more efficient regions or in the case of the eurozone countries become even more efficient and wealthier the poorer regions or less efficient regions become poorer and less efficient. italy south was industrializing until the country unified and in the in the eight hundred sixty s. and seventy's and once that happened if you are an italian investor in the south why would you invest money in the south when you could earn more money by putting your savings in milan. or investing it in the north of italy so the south became steadily poorer so what are the italians have to do they had to get always and they still doing it had to send money to the south regularly not lend money but give

grants. and in the old days they had the big gossipy metal door the funds for southern italy which paid out tens of billions of dollars over a century i mean of the endless payments that have been needed the wealthier provinces have to send money to the poor provinces not lend money send it. but there is a catch the master treaty stipulates that each country must manage its debt. europe is far from being a case of union. and yet in two thousand and twelve for the first time the president of the european central bank the e.c.b. took action. the euro is irreversible we will do whatever it takes we lean our monday night within our mandate to have

a single monetary policy in your area in to contain price the million euro area and to preserve the. i don't tend to need to lose or as you know who niggas get the most pressure when i hear the new plan lebanese you even hear it could be even exist apart the push to be did dissociate with the gift khamenei libby lesser know more but torn that box on high up in gesture to actually be there as an old us with our situation lifting or small maximum pocky precisely what i don't know even exist about me as you all talk about what i most want hi all been did you feel lost on her litany left last night man to move on i don't want men to not hear it when it bad really matters if you know the dentist in atlanta if you're more talk about sato a band. and what about simply writing off the debt.

cancellation can be done to preserve the social order because we don't transform it most revolutions involve cancellation of doubts ironically german prosperity now is based on the cancellation of german that's after world war two it seems very ironic that the german public is absolutely unwilling to even renegotiate debts of countries like greece calling them that centers when in fact all that for cancelled after world war two and it was that freedom. which actually made the german economic boom. the recovery let it sit on the finance any political one. because if it landed it did go by let the air via a surrogate is riki better as you will see that you're about the one or not is what we had this was about one global act truly does not mean millions of all day do my

go to again is obvious what i see but he did i say go up a thought as a hobby or said vance i post on the so my go deep of others will be added before i believe it was said. listen i it as we will check any gas have at it established ascii art it look it was well look it is having a dog who did it go look at it he lost it so i vaguely ahd a gap of good as like it was on people it like that be so heavily bad apples are about he was a member of let me get rid. of a known six and you still have to serve god when he put you be put on a good leg i suppose and do not use all the legs it is due to be bruised don't do as he could have a truly good can but he is going to use them physically like me but i have a you have to name list if you want to be public you know and support him six from all that i guess to third effects are. eleven good men best cure is you she. is

wrong we dont fall over years from part of asia knows you need to be in vogue for certain not among a long look see his leg and eyes to see you there was just him he used if he just any i was passed on about on and don't encode initial fiscal cliff vote and they get the constants you know dimity the western pa care damage on is what he put it quote to do list person is one of. the e.u. has long been powerless against tax evasion switzerland austria and luxemburg have always championed bank secrecy the e.u. has taken action requiring increased transparency. if you know. what that's a service you know what. that's what i'm at a few also someone young in it but objective. jill for the well

water to go to is going to go dominic welcome to don't disturb out about it on t.v. all failing is she did love an illness joyce on his own for me domicile took on an i don't know it more bottles. on the monitor that mischa all of newmont but it was his deal longer so you're going to cause we mara with all that economy good demodex time nor. do i do it democrates receipt of you levy a cliff you don't look at p. diddy's but had plenty of your own and she said pals will sing off on it when the other room is a real good on clip ons for cars puppets where there's all to do are to do what you want to keep ability to you know that you don't of well such as you going to miss a conclusion is it to do so should. today date the economy and finance an ever present global reality we are all caught in the debt machine the debt its grip and its dictates have insinuated themselves into our work our

relationships and our lives. only time will tell if we can truly afford this must a seventh relationship today. we've had some wet weather wintry weather and some tornadoes pushing across parts of the u.s. the tornadoes down into the south making their way further east was long line of cloud big thick area cloud here but what that very disturbed weather it is in the process of moving out into the atlantic clear skies come in behind not see bad on

the temperatures for new york and also for d.c. all changes because i wanted to sunday temperatures well down ninety four degrees celsius there for new york a fair bit of cloud across southern possible fourteen degrees there four to six celsius in dallas and on the cool side here meanwhile we'll see temperatures on the coast side for los angeles as well at least sixteen degrees or fourteen celsius there for san francisco further north that will be some snow coming in across the rockies and that also continues upper to where that western side of canada meanwhile in the caribbean is largely fine and dry we have got one or two showers just around the western side of the caribbean but for the my spot is because if you showers just around the correct your cost to recreate for the next couple of days but looking at by a large fair weather cloud rolling in perhaps one or two showers just coming into the leeward islands as we go on through sunday for the west is fine and dry jamaica will see temperatures in kingston getting up to thirty one degrees.

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