to justify things, although these elections are about choosing who works in parliament for the next 4 years, they'll also have a direct impact on who ends up as the chancellor for the past 16 years, that role has belonged to the christian democrats angular makeover with her soon to be gone, and now with aman lashes in charge of the c. d. u. that grip on power seems looser, and the threats from the other main parties, much stronger, and all the while the bavarian prime minister marcus heard a looks on. he wanted to be the lead candidate for the cdcs you in september, but last out to lash it in the spring. now the polls suggest most germans would prefer verda as chancellor, and that the c d u. c. s u vote would be higher if he was, but such a change of course, seems highly unlikely with just a few weeks to go. dominant cane al jazeera berlin. ah,

let's take you through the headlines here now just 0. now. the thought about as captured. yes, another provincial capital, enough chemist on the latest the fall is shadonna in the eastern province of pock tica president joshua. he says he's engaging in consultations on the situation in his 1st public remark in day to an accident. i am not going to allow this imposed war, now a nation to lead to more bloodshed and to losing the gains of our last 2 decades and damages to our public goods and infrastructure. because of this, i've carried out widespread comprehensive consultations with representatives of the people and leaders by hand without international partners in the consultation to be in carried out in a speedy manner. sam b as opposition leader k in day he illema has taken an early lead in the countries presidential election incumbent president edgarland, who is trailing beyond his rival by tens of thousands of votes. the final outcome

is expected on sunday firefighters and jerry, as to the use of managed to put out all fives in the province. but there are still 35 other flare ups across the country. the army has been deployed to help fight the fires, but many rule areas still lack equipment. at least 71 people have been killed. in northern turkey, dozens of volunteers and emergency workers are rushing to supply to people affected by days of heavy flooding. the death toll across no turkey is now reason. so 40 bribes groups are criticizing a us policy of expelling refugees. migrant stopped at the border being flown to mexico, southern border and boss to a remote area in guatemala, venezuela's government and opposition of math in mexico. in the latest attempt to end the countries political and economic crises, the processes supported by norway,

mexico, russia, and the netherlands. it's counting the cost now stay with us. i lose . hello, i'm sammy's aid, and this is counting the cost on al jazeera and look at the world of business and economics. this week, the multi $1000000000.00 european p fun. europe says it's the fine terrorism in africa, county, china and russia activists save and provide arms and training to dictate when central bank finance government spending, all they still independent. tell you how much central banks make that they own and where to blame for the climate emergency stream weather events will continue to work in costing billions, and this is placed in

a 1000000 ah, your opinion as long used it's economic palaces spread influence around the world efforts to create a european defense full of launch been a failure. brussels has traditionally relied on nato for minute reaction, but the united states has been increasing pressure on the european union to do more for its own security. in comparison with world powers, europe's defense spending has been far behind. although europe's biggest and 2nd biggest economy, germany and france rank 7 and 8 out of the top 10 spenders. so 14 european countries this year proposed the rapid response force to help democratic foreign governments needing urgent help in 2007 the you said how the battle groups of 1500 personnel to respond to crises, but they've never actually been used. it also established

a 7900000000 euro european defense fund finance, the next generation of war planes, tanks and ships. the money will only be available to your opinion, defense companies and washington has already raised competition concerns. however, there is a little known fund that has gone under the radar, the 5000000000 euro european piece facility. it'll provide training and equipment, including for the 1st time weapons to non european military forces around the world of the prospect of europe, giving alms to dictators or on democratic forces, especially in the north west. africa is raising concerns. frances, in the process of withdrawing its troops from the region after 8 years fighting a harder and isis aligned forces. frances intervention hasn't reduced the violence . so, and it's only been able to continue operating in this a hell with the support of us satellites. and drone intelligence,

strategic ad lift and add to a refueling. the sir hale is seen as an important battle ground for the european union, primarily to stop migration across the mediterranean, but also account of the presence of china and russia on the continent. my, let's get some analysis now with volker how his head of the security and resilience program at the european center for development. policy management joins us now via skype from ma, strict in the netherlands. good to have you with us. so the european piece facility, it isn't entirely new. is it why is it a try? think a lot of attention now. well, it is, it is a new instrument, but it is not entirely new because there are certain elements of the instrument which have been implemented before. it is instrument that builds on the former african beast facility, which provided supports on peace and security via the african union since 2007

ended and this year. now the new thing about the european piece facility is that it is a global facility. also underlying the wider ambitions of the you do engage globally on peace and security matters. second, it is, and this is really the big change and it is a paradigm shift for the you that it is there to provide also lethal weapons to countries. the ego is partnering with now the 3rd element is that the you can directly into act with individual states before under the african piece facility for african states. everything had to be clearly communicated, negotiated also agreed upon with the african union. now this consultation is not excluded. currently, but the final decision on the use of the european beast facility funds is with

brussels or with the right ones. however, put this into perspective. ready if i just may add to this, it is a, it is, it is a fund that has 5000000000 euros in total over a period of 7 years. now if you break this down on and if you see what commitments there already some 2 to 2500000000 will. busy go in through the african union support of amazon for so my the african union p support operation. now this remains this, this leave some 302400 1000000000 euro to support globally beeson security. just to give you a figure nigeria spent between 20172019 annually. 1.7000000000. so here you have the proportions, but it is money to buy material military material. ok,

and we pick up on the 2nd point you mentioned there in the 3, you are listing using public money to basically supply weapons to fall in their trees. you think that's the best way to promote peace in the world? well, you, you are right to put a question mark there, but it reflects in a way, also a changing thinking within european member states and the you because there is a feeling that the issue needs to find its position and also internationally that they have been experiences suddenly as of 2000 the 2000 and tense, with the syria, with libya that the in y m and of the us more me getting one more insecure. and the you, this is the rationale wants to become more of a international actor. the theory behind this is fairly simple. there is

and there is no idea of supply and weapons to military actors so that they can take care of the security. and that this will help to stabilize a context. but if i could jump in here, that, that theory and kind of, i guess you could argue, has been tested in some areas despite foreign forces. despite the un peacekeeping mission. in molly, in new jeron became fasfa. we've seen some kind of ball string, even of, of low cool military forces. and yet over the past year on has gone up not down. i mean, is this theory really working on funding mental challenge is really being addressed? well, it is, it is a fairly simple theory of change though the issue has, has never said we will apply military material and then peace and security

will happen. the concept is to work through an integrated or comprehensive approach that weapons one part of the corporation. the other part is related to base building related to many darian assistance development, political support for electrical processes, etc, and their race, the expectation that over time this will result in stability and peace. now, if can is done shows that the theory of change is really very simplistic and does not work. however, one also need to recognize that in certain context, like liberia, also sierra leone, the broach has helped to stabilize. now, this must not through the you. there were the u. k was very pressing in this regard, provided also military support to, to do forces. but the example of i've done is done now clearly shows that this,

this theory is, is unlikely to work for a big country like my li with huge areas that can not be controlled. busy where also non state armed actress extremist groups have enough space to hide. ready so when you, i'm glad you made that comparison. so when you look at some areas where this theory we can call it has worked somewhat to other places like have kind of stand, as you mentioned, where hasn't, what has been the key difference? how will this facility succeed where foreign forces have failed in other areas like africa? well, there is an argument that the e u has provided each member states as well as your missions have provided a training support to military actress to soldiers, arm they soldiers have then no little material

to also operate. so the situation has occurred that these actors were drained, but were unable to act upon what they had been trained with. now this then true means that the countries tried to take over more ownership of their security situation and all. and now also the you to withdraw with the troops. so this is, this is part of the concept. and as i said, it has not worked in the case of a gun is done. molly? nice air and booking are fun. so with very different contexts are unlikely to get stabilized similar to what has happened in the right light beer library or theory alone, for example, because the loss of the area, as mentioned,

allows these data right. i got off this question we're going to look at from this effective, how much of it has to do as well with countering china and russia. there is a geopolitical dimension to read, that's right on. and as mentioned earlier the you try to find its place tries also. busy to become more of a global actor. but the instrument as such, has no potential to counter whatever influences from china or russia ought to fill in the us, which has basically had no policy for africa and the trend administration. so it also a little bit about maybe making up for the perception that america is no longer a reliable partner for europe. is that part of this? well, yeah, this, this place, this place into it clearly and that the

e u is also and where the u. member states, one needs to. ready underline here are aware that more needs to be done by europe, and that more responsibility needs to be taken. so this, this clearly blaze into this. but as i said, the amount of resources which have been allocated to the european piece facility or rather minimal. however, it opens a door for potentially more support in the future after the current 7 year budget cycle of the u is over. and thereby also opening more potential for more military support in the future. so as mentioned at the very beginning, it's a paradigm shift. and this, and this is, this is really in relation also to a changing world order. and also the you trying to be up to become more vocal to be

more active internationally trying to find its place. all right, vocal thanks very much for analyzing the paradigm shift in good talking to you. ok . thank you. bye bye. the. the un says there's no longer any doubt human activity is warming, the planet, and some of that impact is irreversible greece, turkey, much of the western us all experience, some of their worst wildfires in history. extreme weather events will continue to worse and costing billions and displacing millions. our environment editor nick clark has more from me and i've got in turkey while wildfires have caused widespread destruction. it is an apocalyptic scene. skeletal trees with their fruit shod as they hang. no one has ever seen fire like these before. they

came with little warning, leaving people stunned with everything lost. even the dead went sped from the flames. home and half fit now, only for demolition. these are the consequences of an overheated world. a children's playground melted by the intense heat. those who played here may well wonder what the future holds in this changing world. this will be the future, say the scientists, unless something is done. and this, they say is just a hint of what could be to come humanity, his lit the fuse and humanity was put it out before it's too late. i talked to 65 year old farmer below couldn't. he tells me the only clothes he has left. other ones, he standing in the area, we lost everything. there is nothing left of our house. if the same folly neighbors 0 the tractor, the whole, the shovel,

every tool we had is gone. everything we built up in 70 to 80 years is gone. high of all of it disappeared in 20 minutes. it came and went like a c wave from turkey to grease its been a furious fight against the fires. extraordinary temperatures, sparking the tragedy. in all these regions. wildfires happen every year, but never on this scale. it's the same in northern california where fires blazing over hundreds of square kilometers destroying communities. across the world, extreme weather is building and ferocity just last month, unprecedented floods in germany, in belgian devastated towns and swept away roads. more than 200 were killed with many still missing. and the science shows its fossil fuel emissions that have made these events worse. manmade climate change. the truth is, this is a story that people don't really want to hear the reality perhaps too much for people to deal with to take in. but what's becoming increasingly clear,

is it the consequences of doing nothing at all? is infinitely worse for everybody lose. john jogan has been helping with the rescue effort. here in southern turkey. he says the fires response after months of drought followed by an intense heat wave on tale is famous for its long lasting rain. and the last few there is no, is in this year in mos in opera on the may, there was clearly no sign of rain and this is the result. and then just like that, as we're heading back from filming this happens. and the sky opens. a deluge of rain cascades down dousing apart, learned the rain just as unpredictable as the 5 and 2 weeks, too late. central banks and spend trillions of dollars buying out bonds in

a process called quantitative easing. but trying to make sure the financial system and economy was completely collapse due to the pandemic. it's borne out of the experience and lessons learned from the north atlantic financial crisis of 2008. well now central banks acknowledge they getting close to the point of having to withdraw emergency funding. the last time they attempted to do that, markets went through what came to be known as a taper tantrum that was back in 2013. many critics said vest is become hooked on cheap money. and most of that have gone into inflating stock markets in house prices. well, that process also increases inequality. of right now there are concerns that a central bank don't withdraw funding. it could drive up inflation despite central banks claiming to be independent. some like the bank of england being accused of funding government deficits. by the end of 2021,

the bank will own 875000000000 pounds of government bonds. of 40 percent of national debt. now for all that, that central banks own and for printing, currency earn money. the bank of england handed almost $700000000.00 to the government each year. as nothing compared to the bank of japan, though it made a profit of $11000000000.00 on its holding of government debt and stocks. it owns 45 percent of the government's 13 trillion that mountain. the federal reserve cent, $88500000000.00 in profits to the us treasury in 2020 the feds balance sheets which includes government that doubled since 2019 to $8.00 trillion dollars. switzerland central bank made more than $47000000000.00 in the 1st 6 months of the year. a soaring u. s. equity prices pushed its reserves to more than one trillion swiss francs. while those oversize profits are all due to the unconventional practices central

banks of adopted since the financial crisis. so let's dive into this with financial markets analyst kaya path. she joins us now live from london via skype. good. have you with this kind of so bank of england would deny it was financing britain deficit. does that really matter? thank you for having me. first and foremost. so monetary and fiscal policies have indeed become joined that the hip and looking at the numbers, we can see that the b, o, e has absorbed most of that issue and by the government does the semester, i think yes, because the central banks by nature are indiscriminate buyers, they don't really look at the credit worthiness of the sure nor at the yields. and i think it will become even more important once the central banks start winding down the reason policies because there's just not enough buyers on the market. while central banks have been printing money without fee, you could say of a fear of inflation for a while once changing. now,

i think the biggest change with this crisis is really the supply side distortions that we have not seen before. we are seeing this locations in economy and as mentioned, a distortion of the supply chains, especially in asia and in se, asia. what has changed now is that the supply chain disruptions are very hard to control. moreover, we are seeing an emergence of the area of frequent locked downs in manufacturing hub of southeast asia. and i think this is something central banks really have no control over to where where do you think that's going to lead the world and central banks? it's hard to say, i think the central banks perhaps have painted themselves in the corner. they are, seems to me just playing by the years, seeing what's gonna happen. and this is also from the policy of being behind that curve when it comes to inflation management. my fear is however, that perhaps being behind the curve isn't the best policy because once inflation expectations are hyphens, it's very hard to say change consumer behavior because consumers always adjust that

for havior tends to be quite sticky for a long time. i'm glad you mentioned the fact that the fed chair is saying, hey, the inflation is transitory. do you agree with them? it seem transitory at 1st, especially with the supply chain disruptions because the seem to be short lived. but now when we see southeast asia and a lot of other asian countries such as china, down again, i think the disruptions good last a bit longer. and moreover, the more sticky inflation coming from the rentals is also a big, murky, especially with the more toward him of eviction now being hosted, debated and sort of extend that in a way. so it's hard to say if it's going to be transitory, i think we are yet to see what's certain is that with any additional look down, consumer behavior is definitely going to change. and we are seeing this, for instance, with the savings rate that's still above the prevents any levels. oh, could it be the inflation is more nuanced, the effect of spending being shifted away from services during the pandemic

unlocked down to now buying computers and home offices, etc. for show, during lockdown we saw a lot of pent up demand when it came to do or bows with people had a lot of time and money and had a tent. but i think that's now in the rear view. mendo, we are seeing now increased demand for services with the reopening and sort of being in the summer season. but what's important to note is that the services industry, especially those cyclical and reopening related services are tiny compared to that . you are both, we're already seeing interest rates rise from turkey to brazil. when do you think that's going to catch on to the big 4? and we're looking at market rates. 2023 seems to be the likely year. however, i've mentioned before. busy we are seeing a new variance emerging across the globe size is now the adverse strain across major economy. so it's really hard to say where we, where we're going to end up like in the 2nd half of 2021. and in 2022,

perhaps related to that. we've seen chinese export growth unexpectedly slow in july, haven't we? while impulse also losing a bit of momentum? do you think that points to a slow down for the global economy in the scene? so we're seeing lockdown in asia, we are seeing the economy slowing down in europe in the u. s. i think the 2nd half of the are definitely going to be more, more volatile. and i think the investor should be prepared for perhaps a correction in the markets or us, the likely lower you and with china's regulatory crack down on companies. do you think that's going to send money towards western stocks? you would hope so. so chinese government is taking very aggressive steps towards regulating different industries letter is from anti corruption to data privacy perspective. but timing is very interesting because it seems to coincide with the 100th anniversary of the ccp. what i think the chinese government is willing to take short term bay pain for the long term game. what the investors really need to

be mindful of this increased regulatory risk. rodder, i should say, the regulatory res, casting brought to the foregrounds, and it just has to be factored in. but i think in general, china as well as emerging asia has become less investable. now with the u. s. infrastructure bill slowly becoming a reality, it seems, washington is moving back to its regular sort of debt feeling fight our investors prepared for this really doesn't seem so doesn't look. doesn't seem like investors are looking at the death stealing at all at this point. and then chris are also taking quite bold steps here, not adding this very sensitive topic into the reconciliation process. i think there are hoping that perhaps there will be some sort of bipartisan solution. but with the democrats trying to pass 3.5 trillion worth of anti poverty bill using part to sun life, i don't think the republicans have much incentives to sort of play along. so again,

i think it's going to be september, especially the 30th of september deadline, and investors ought to be prepared, perhaps putting some dry powder on the site or perhaps decreasing their exposure to us equities. all right, wonderful. thanks so much talking to us. thank you. so much and i saw show for this week, but there's more for you online that al jazeera dot com slash ctc. that'll take you straight to the page, which has some time for you to catch up on it for this edition of counting because i'm time is a than on the whole team here. thanks for joining us. news and al jazeera is next. ah frank assessments, by way it is again freedom, surprising informed opinions what you saw happening get come on to it was what it was for. petune is the critical debate that we have here. it's not between kula and

any other than we have competed here between the 2 years. re running to keep people in depth analysis of the days global headlines inside story on our jazeera, on march 15th 2019 zealand sense of security which when 51 people were shot dead into christ church. another 40 wounded when a gunman began shooting at a christ church, moth with tech worship and attending the friday service. for those who lost loved ones finding ways to deal with the trauma. it's crucial. she game and she asked me, what was mom? i told her mom was with me 4 months later, i feel much quiet and i feel much more calm and really focused with my life. let us

love one love doesn't close to lunch and makes your heart happier. my heart, if he doesn't bring any last for a simple, let us practice this. oh, be the hero world. ah washer. in. ah, me. this is al jazeera. ah, hello and welcome, i and pete adobe. you're watching the news out live from coming up in the next 60 minutes. the afghan president bows not to give up in a televised address even as the taliban press is closer to cobble. july was

officially the hottest month ever recorded according to a us scientific agency as wild.