al jazeera. every. you want you all jews there with me so robin in doha a reminder of our top news stories organizers of the tokyo olympics have confirmed that overseas fans will not be allowed to attend the games it's part of an effort to reduce the risk of spreading coronavirus more than 600000 tickets are expected to be refunded the games have already been delayed by one year because of the pandemic parts of france poland and ukraine are back under lockdown on saturday as they struggle with rising numbers of coronavirus cases the french government says restrictions won't be as harsh as those imposed last year but such

a butler has more from paris on what the latest restrictions mean. it is every time people in these areas want to leave their house they have to fill out a permit they have to have a reason to go outside whether that's exercise going for a walk or going to work shops are now shots except for essential ones so they join the restaurants bars punctual and sports facilities that have been closed since october and a nighttime curfew will stay in place even though it will now start a little bit later is 7 in the evening rather than 6 the government did though however want to relax some rules so people are now allowed to be out and about in the fresh air for as long as they want before the curfew in the day but they have to stay within a 10 kilometer permits or from their homes that's why you can see behind me lots of people taking exercise going for a walk trying to make the most of some of the freedoms if you like that they have been granted now the french prime minister said that these new restrictions were

necessary because these parts of france are effectively battling a 3rd wave of corona virus infections daily infection cases have been around 38000 over the last a few days that's much higher than nearly let's say 10 days ago when there were about 20000 cases a day intensive care units in hospitals in paris are reaching saturation point in fact over the last week we have seen patients being flown from paris to hospitals in other regions so serious situation the government wants to try and stem the spread this virus they say it is circulating more rapidly because mainly because of the so-called u.k. variants pakistan's prime minister has tested positive for covert 19 the health minister confirmed the infection and. now this comes just 2 days after he was vaccinated. at least 2 protesters have been killed overnight in nirmal city of more gawk demonstrations continue across the country despite the military's violent

crackdown on protests india's defense minister and the u.s. secretary of defense have agreed to enhance security cooperation between their countries lloyd austin's trip to new delhi follow similar visits to south korea and japan seen as an effort to shore up ties and counter china's growing influence in the indo-pacific region our discussions really focused on our wide ranging defense cooperation and expanding engagement cross said we should information sharing cooperation in emerging threat got started and mutual. we don't why damage done by. an agreed to punish you you know hans cooperation don't you just come on come on and africa. iran's president says the economy grew by more than 2 percent this year despite u.s. sanctions hasan rouhani said the to her or iran's frozen assets in other countries

the drop in oil and energy sector in sanctions pushed iran to face its worst financial year in decades ronnie made the comments during his speech to marco who's the traditional persian new year. the mass has been held in dar es salaam in turns in his largest city for former president john mica foully who died at the age of 61 but a family will be buried in his hometown chatter his successes some years of hulu her son was sworn in as the country's 1st female president on friday. a tsunami warning has been issued in northeastern japan after $7.00 magnitude quake struck off the coast of miyagi prefecture that has resulted in power outages across the region the quake was also felt as far as tokyo. those were the headlines i'll be back with more news here on out of all those stories of course on our website next it's debt machine do stay with us.

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 then 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 get off let's see if i must use them to look good also some public put on the let's start over and create a system of credit and which would actually be sustainable which wouldn't destroy the planet because the curve that machine has to write. to me has a new high no idea can that can exist to any piece on duty do test on come on that did across i think an immediate debt like. second. impose paramedics on it is to

produce our. sick over to that somebody to say that. then you. the power and i deny me. said that then you own any. when its debt reaches a certain level the government gets caught in a spiral to repay its debts 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 are 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 150 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 it is decided they want to build steam engines and 1700 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 or italy or to government of portugal i know there are a german taxpayers there a french taxpayers there all of whom are effectively backing up this debt so i don't 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. get debt represents 50 percent and here 100 percent of g.d.p. . in 1902 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 60 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 you know we're pretty up with the beauty of we had 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 teachers. how can that data be repaid how can we ever get out of the spiral. if you put it in that as you know i guess your view divvy or most of a dead sea was everybody. i think they said they're covered with have no no but whatever that sean paul is. yes they did to what hamas which i mean it to say when the trucks pull you i think it's. a property to get a perk at physic but usually quite there but why it's you know what. is it what you have at it. 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 is what to whom when temples and other large bureaucratic systems. so what you have actually are credit systems and in mesopotamia they don't have. private data has always existed but government data 1st emerged in italy in the major trading cities during the late middle ages. florence jenner and venice were constantly at war which cost them dearly. pay for those sovereigns borrowed from prominent family 1st government bonds were traded paying into. those prominence creditor families founded the 1st

italian banks that started lending a lot of money to european markets who were caught up in endless wars. most often the bankers were and by the like rule is an easy way of getting rid of debt when that would be used for centuries. at the time governments had power over creditors only much later would that balance of power be reversed. attack was resumed after the 2nd world war in 1945 america's marshall plan granted $13000000000.00 u.s. dollars in aid to europe's industrialized countries exceptional growth followed and

the 30 years after the war were good so good that they were known as the economic miracle in germany and the glorious 30 and france business was brisk industry was in full swing and the growth of consumption was spectacular. the polytunnel news unit on the has basically put a deposit there but. i'm suited for q molly moved to a bill to slug seal b. and cause so much drama. if we wanted our or figure by your film end of august to show it would be philomena in bungay else you did was it i wanted but he was a guy who are phenomenal classics all in their own town the b.b. was an image will be a few miles in iraq good. in contrast. by the end

of the post-war boom in the early 1970 s. government debt in europe was a great called low thanks to growth and inflation but the economic machine would soon be upset by 2 major events. good evening on august 15th 1971 richard nixon was president of the united states his coffers had been emptied of a gold reserves by the vietnam war announced a staggering measure that would drastically change the world economy. would have been 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 monitoring ability 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 of around the world. all the currencies of the world that were either tied to the u.s. dollar of the british pound by 1971 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 kid 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. yet . 2 years later in 1973 another major event occurred the

1st oil crisis. in one year the price of crude oil soared going from $2.00 to $6.00 about. normal necessity to be going to meet. the dude it could be carter innocent jones i could use a switch on this subject. nope and that includes the i'm sure of the feel of the middle you go immediately and seem like democracy it could set up a claim shows for a minute now almost a month that the knowledge feel free to be calling bush a comedy block long and pretty easy but exact i'm on i'm sure 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 skyrocketing. high inflation has a major drawback it impoverishes savers and investors since their money depreciates . for governments inflation became a new enemy to be defeated at all cost. to remove all canals and would have threshold brutha ever stop at all those are the 5 always easier is to slow yeah follow easy late possible this no see you for valley going to me community really out there see going to the on trees around you cause i said i used to are classic you just don't call me a serial if what i was eagleman in gone by gar on credit during a debate you feel silly it put you to such an icon by the convo but like you the idea to dish while much other fast your much of the money for today are see

. perpetrated diktat do all the kills you simply did before are welcomed on it on the heels that it is on point only because if there are so many to not examples you give one or is it an economy to the finish on a cyclical season was when to go to make it up it will moan it it is on was under the economy all i wanted to fault was this additional lies tried to buy them for that to develop is too good i did continue pretty good continue that. noble. i don't know not unusual yelling. let's not. be so hard now which would be that it be weeks on a back to the out of pocket would be the kimosabe on the day. if you didn't know but starting in the 1980 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.i.g. 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 am money rolls a lot wrong a body bomb of it so the it that a 1000000 people or so the renewable. become left on his deal is going to bury the view of an awful. void that would be in people raleigh i believe it lives that i'm alone we have for me to do the players do know bortoli to the last rock it did divert new york city lit up usually like there's some of it there a whole lot of a new orleans. clear about it gong to say about the present on the go on pieces of

the no dollars source on this persona for example if there is another one in detail and it's only going to make a lovely pop good city to the point you documented to tell economy manassas on if you lost is going to tell you going to the central banks produced 5 percent of the credit in the world the private banks produce or create art of the net 95 percent of the credit in the world and they have no virtually no regulation over that now what kay has argued in the 1930 s. was. we must manage this process it can create vast bubbles of debt it can go out of control. the 929 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 19051971 there was not a single financial crisis anywhere in the world and then in $1071.00 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 1st to the periphery and then in a cool. 1909 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 fall out. my. my. late meanwhile in the united states america's housing bubble was expanding and in 2007 the subprime crisis struck

thousands of homeowners lost their homes they had taken out loans with interest rates that rose shoppy and they found themselves unable to make their mortgage payments. many banks were in danger. on september 15th 2008 lehman brothers one of the largest u.s. investment banks collapsed because that iran was our supply. of filaments because it is certain must begin to misunderstand the bonzi present so that your couscous a pricey i've honestly didn't want was there so give you the presumption to be wrong don't join the them continue i quite see the effect you more on prove your humble city debt good particularly the presumption the currency get on play is good clearly for it could be done you can't just wanted an ecosystem it is surprise to

us that in a while there was young ok bob almost on his own may want to have it the government every other day on his own develop of wa but on your model of all illnesses. ok about yours on our russian the bronze is equal is commercial good i took up so i did i failed to disagree got on to just what is on its agenda that the early months of us. after the fall of lehman brothers european banks with close links to american banks risked bankruptcy in 10. governments only just managed to save them in order to avoid the collapse of the whole system. on and off a separate issue when a switch other to keep down the bank to god you have to prove that they were blocked it is actually take you on to the proof as you know if you guess what. bridges $300.00 preform food neoprene food in a prison guards in prison going to prison on

a system fragile if itis was just. 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. in a big don't need to back order to de-code media differently and to respond to say or both back to on your longer. than yours morgan old labour's one. speaker leona enough to do blair and gabby douglas go to shift to new york on one dot. com loudly grandma you guardedly booklet victimized and order the book. in the battle are. it in blue sybil. ski said had read back the best.

to. the movie yet you see if lisita. well i want to go and. do support the also called it a sector if you know. the more you can audit the drum or gas i get home and think how to play picked c b but maybe. if you don't know if you also can face a cost $50.00. p.v. if we don't need you what do you think you can offer do not get people. a footballer. and a pioneer for a sport he lost the chance to play for his country but one a legal battle that paved the way for a generation of brazilian players footballing legend to eric cantona introduces

a fun scene of people lies by his club for his political beliefs he took power into his own hands and blazed the trail for players rights football rebels on algis eve . welcome to down from every one of us. even those working quietly behind the scenes. so you can relax and enjoy the perfect break in your journey. and when you leave with a smile we know a lot of day's work is done cats are always welcome to our home. i'll just say we're here to report on the people often ignored but who must be heard how many other channels can you say will take their time and put extensive thought into reporting from under reported areas of course we cover major global affairs. making sure that you're hearing the stories from people in places like palestine. and

so many others may go to the lake after we care. the week. your child is there with me so raman in doha a reminder of all top news stories parts of france poland and ukraine are back under lockdown on saturday as they struggle with rising numbers of coronavirus cases the french government says restrictions won't be as harsh as those imposed last year but after butler has more from the french capital people in paris and 15 regions in the country back in lockdown a 3rd lockdown in just 12 months and what that means is that people in these regions will now have to fill out the permits again every time they want to leave

the house they are being encouraged to stay at home they're being encouraged to work from home shops are now shops and they joined of course the restaurants bars cultural center sports facilities that are being shot here since october organizers of the tokyo olympics have confirmed that overseas fans will not be allowed to attend the games it's part of an effort to reduce the risk of spreading coronavirus more than 600000 tickets are expected to be refunded the games have already been delayed by one year because of the pandemic back a stone's prime minister has tested positive for covert 19 the health minister confirmed the infection and says that imran khan is self isolating at home this comes just 2 days after he was vaccinated. protesters in thailand have broken through barriers around the king's residence in bangkok that are demanding the resignation of the government and reform of the monarchy is the latest in a series of protests that began last july. at least 2 protesters have also been

killed overnight in their march city of magog demonstrations continue across the country despite the military's violent crackdown on protests india's defense minister and the u.s. secretary of defense of agreed to enhance security cooperation between their countries not austin's trip to new delhi followed similar visits to south korea japan seen as an effort to shore up ties and counter china's growing influence in the in the pacific region. has been declared in dar es salaam tanzania is largest city for former president john mica foully who died at the age of 61 but a fairly will be buried in his hometown next week his successor some years who knew her son was sworn in as the country's 1st female president on friday and you can follow those stories of course on our website at al-jazeera dot com i'm back with al-jazeera news around about half an hour's time we continue with the debt machine . the

2008 financial crisis threaten to completely disrupt the global financial system governments made the choice to bail out big banks and to rescue troubled economies . he said that the only bark bassy go so many stocking be basket entered for. i'm only going to. ask you if you. do feel. anybody feel see if you flew the pity and empathy do. have a good talks are about some who are both a last good stand up of the. law school feel the best little dogs attack as you know ex how the neighbors could be forgotten faster want to be obligated to go meet out.

she'd be a. little visitor you could see people a communal. pascagoula classes do p.c. signals c c c that it will be really label q.q. pretty. lawyer because if you do see if you can roll a new valve fix human will close the donkey popovers 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 deck machine spiraled out of control. the 1st country to declare bankruptcy was greece in november 2009 the newly elected prime minister george papandreou revealed the real figures that had been hidden by the previous governments greek public debt had reached 129 percent of g.d.p. well above the 60 percent threshold set by the master treaty. he asked for help from europe. now you didn't make your p.c. most of the dead mice in a room. in n. it will be easy to make and is most exes. you know in reason.

that announcement was like a bolt of lightning striking. the german chancellor weighed in on the question didn't. went down did they all 3 did so good and obama is not an ignorant sort of those are hard work and so i learned the addition line for someone who does the of a good song and for tots not the common theme is a note with the mothers of a movie is a lot of them are on their list even doing only one fizzy emote in love you don't he's never done the most commonly used as a model. in 1902 the master treaty set out the terms for e.u. integration it forbade the european central bank from dating 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 confidence collapse the fear was that if greece restructured its debt might the markets pull back 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 and dead and then to run the risk that the market would perceive a sovereign restructuring in europe. is infectious as contagious. only after 6 long months of crisis europe finally decide

its bite resistance from germany to lend greece enough to pay its creditors. a small or not so whenever it has the bloke in new look go up we'll sit there and you can see like i said we batted a lot less 1000 overpass unclear cement in his eye fell on i could problem in europe i would eclipse drop it off because it you know put it in a buy you comment unless it be your bell on this you did with this looky as you know we do listen as you know it would dislocate if not it is that accusation last year in a pretty hot baggy accountable me you know number one our own territory all of us cool you want. to do or do commit immediately. said product is off it gets closer so they sit up or keep the soups they do at a kiosk the pv do. as you say if you ask about it not one

euro debt has been written down in these years what has changed is the identity of the creditor so money was owed to bondholders in 2010 it's now on 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 countries. debt and. kind of double jeopardy. or did you it by sake of insult to decrease your. own not days to finish

job us. says if one day i want to capability 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 tax 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 3 delegates of the european commission the european central bank and the international monetary fund. other over indebted countries in the eurozone will be controlled by the troika in turn and subjected to similar was 3890 . 1. 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 besides they cannot be many up she may be years. to program others will be violent as the lover but i know that the other stuff we give us is that i asked them oh yeah you could guess i'm sure there's the decrease. yet if we asked again i think bestsellers ranya. the troika is still a lover then. you know i'm hoping for. yet the message. valid only we have a plan to stop probably want to hire those here to promote the clothes then i want to go. home and import a parliament in parliament in evolution parliament even. start to form a model and democratic shall you do about your own guns. well above your lady merson

is of the program a d.v.r. can copy the bills fall even after the guns under fire go. up that's busted me decent program in quotes was the life was the valan. that's a lot i am absolutely confident sure that if greek did not implement the program the situation will be much worse today i am such convinced of that you have these experiences that try to fit in says no we cease to sense what. sparked it to mean look stuff up the reasons that us yes could put a woman to susan post instead of just being nice to their physician as well it is the spitting systems of gov contrails. seen going nationally that he does in the center but if area you know. it will but not go mia it will be a north of you that you open it up to protect which are of thak

. is a disappointment the austerity programs were poorly implemented and poorly explained people came to resent you would start to look like a compassionate taskmaster all over the continent there was increasing support for nationalist parties anti finance and euro skeptic parties were gaining ground in matters yapping. to their own and they're often for a given happy back to back if they are because f. up and liberate europe from the monster of brussels and comment we should. we can see reaction to the liberalization of fright finance just as we saw it in

1900. 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 how could europe curb the debt machine what mechanisms canada use. could it play on inflation as other countries did. little as you

know jamie almost without it germany are probably almost that are that the boys who rule on the for one of us here at the investor that are used for missing without it don't go best is cool with it we obviously they saw it with. god missile or member or dollar they're now at a base near the mighty sure going to get your misandry programs likely the american function for the press corps the yet as you know that our book a miss america that your duty is it with poor far boom for the number 2 place and a capacity or the horses that it. would. follow in world war 2 french and german debt was $2.00 to $3.00 times higher than it is today but inflation literally absorbed it. to the mobilization globally people jobs our crews do system. key until this was

all that it is just you and them and then it would be pretty good all eliminate unique was when you want to know and the tar ball don't know the law but hominick more deserve the 1st and the 1st i don't own a said would. you put. it should do so legally ma. this is your song is finished the 2nd is for politics. to be adored since in this government and hutton ran on the doj moloch to explore t.n. on the shaft as i was under linda guns often on this rig committee politicked out in leven dinoire also and then we had only needed someone so on the server i'm sure and so into naman and would be very streets a sign where and how to organize does the s. bahn is again mention of birdie has gate sind does it i mean via tug on the he had

built we had an oil why he must all be mows in riyadh there must be mention arm this condition of gov politics and mention arms of mine. fields the bank named it is the the hologram and emerald number. the less a closer 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 grace return and reverse the train. before it hurt i've heard at least 2 quar go. ready to go study for med the police officers the download it off it will get across also when it's going off it said on the nanny who are in class ask them 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 i think across off of our head you elected office and i've explored all across all of us on the docket don't so much but most was because if you know suppose go on. skis fulfill all of the phone says give for when you want within the sleaze put dubious going to get it but i don't suppose company did go over an illiterate in that sleazy focus. was on paul saul so as to do it all more until devean great deal with. the 2 gay bully gleg siebold isn't nomen to skew the us was on bill's own syl book obama says dude little hope gandhi said the new food lepage if you need there's a limit. 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 $860.00 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 can 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 did 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 gramps. and then 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 mustardy treaty stipulates that each country must manage its debt. europe is far from being a case of union. and yet in 2012 for the 1st 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 live in our mandate within our mandate to have a single monetary policy in your area and to maintain price the $1000000.00 euro area and to preserve the youth. i don't indeed need mr know who niggas because you know pretty well and i am here paul lab and this you even hear equity in exist apart the push to be did dissociate with the gifts community libby less or no more

back toward the banks and higher up in gesture to actually be direct you know as well as situational lucian or small maximum pocky precisely what i don't know even exist about me as you don't talk about what i most want high up in the details on how little any left one way to move on i don't want men to not have it see when that bad really matters if you know the dentist in atlanta if you're more on talk about otto up in jordan i think. 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 drafts ironically german prosperity now is based on the cancellation of german that's after world war 2 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's were cancelled after old work too and it was that freedom. which actually made the german economic boom. the recovery let it sit on their hands any political one. because if it landed it dead goodbye let a heckuva a surrogate is ricky better you want that you're about the man all of us have a beard this was about one global act cruelly though so i thought maybe i will do my go to again is obvious what i said but he did i say good apples not as a hobby or said vance i post on this and i go to divorce not as a hobby and it was i believe it was said. listen i it has free will check

any gas have at it established ascii art it work it was well look it is having a dog who did it go look at it he asked it so i vaguely ahd a gap of good was like it was on people it like that be so heavily bad apples are about he wants a memory for me get rid. of a known 6 and you still have to search for the put to be put on your leg i spose we do not of all the legs it is due to be prudent to a 2nd term fortunate to get him but he is going to use them physically like me but i have a you can have to name list if you want to people who don't go to support him 6 from all that i guess to 3rd effects are. good men best cure is you she. is wrong you don't fall over years from top to finish knows you need to be in won't answer is no you're not alone look see his leg and eyes to see you there was just him she just any i want bastien about on and don't encode initial fiscal cliff out and make

the constants you know dimity the who must care damage done is what he put it quote . the least 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 i thought. you know. that's where i'm at. someone. who for the world is good is going to work on they don't. they don't teach to give . this she did love an illness your son is not for me domicile took on an i don't know bit more bottle going. on all the little that mischa all of newmont but it will do is do no good so you're going to cause we mana will do all that

economically demodex them all. do it tomorrow i could if you see it of you levy a clue if you don't like it peter does it clip of you know and she said pounce will say go on it when elam is a real good on click on shift between there's no need to do up to do what you want to keep ability to learn i did you don't do well so soon as you go to mr concrete shoes to to do so should. today date the economy and finance and ever present global reality we are all caught in the debt machine the debt its grip and its dictator have insinuated themselves into our work our relationships and our lives. only time will tell if we can actually afford this must a servant relationship to date.

to say it is set at a time for a different approach one that is going to challenge the way you think i am asking the question is there always a new host of the next season of the show that's that goal space for sound bites only cavity so let's listen closely to the headlines join me as i take on the lies dismantle the misconceptions and the base the contradiction. of what the motto and its time we get up from right here without. it's time for the perfect jenny the weather sponsored by qatar airways. the pacific ocean is rolling up storms the chilean coast that's

a fairly obvious one result of that will be a small amount of rain running up through the more obvious rain in the for thunderstorms and dramatic ones they will be are running out through the river plate into your require and then the northern part of argentina keep moving so in that direction they're always dramatic when this sort of thing happens and if you follow the line up beyond that and the day after into peru there are some cases or you know tops has been flooding recently and landslides a result of these heavy showers there is the more of the same ecuador might also be involved and we see it's a fairly heavy rain recently in mexico and guatemala that's becoming enlightened the still frequent shutdown in costa rica and panama mostly the caribbean is passing light showers both the lesser and greater until east and the code is leaking out of the u.s. is that to be cutoff there's no really an haltered to those showers something showing around but these here on there it is but it's probably the u.s. for you and there's the most active weather now we've come further north this is

off shore now the last of that active frontal system began here but the wintry weather is still running in from the pacific for this side of the u.s. mostly snow in the mountains but some rain down the coast. sponsored by qatar airways talked to al jazeera. you tell me what the government you represent is now illegitimate and we listen we do not sell the fence material for any country the iraq conflict in yemen we meet with global news makers and talk about the stories that matter on al-jazeera it's the u.k.'s biggest hospital with eventual capacity for 4000 coverage 19 patients built inside a london conference center it took just 9 days to construct with the help of army engineers dramatically expanding the critical care bed count and other similar sites on the way we and. she will london numbers could be much higher than

advertised researchers say that huge gaps in testing capacity that the government is now trying to close extrapolate that across the country and the spread of corona virus appears far wider than anyone thought. this is al jazeera. you're watching al-jazeera news our life my headquarters here in doha coming up in the next 60 minutes fearing another wave of covert 19 several european countries impose new restrictions and lockdowns also anti-government protests in thailand hundreds of people break through police barriers to reach the royal palace and along.