debra long conflict and i've run it on that day would be a dream of refugees sporting across the border. also, the fact that the closure of this border cardoso mean shorter jade and populated centers of runners on such as garbage jayla bodka. at some point there will be an agreement to order to open this white quarter at all. but it should be remembered that the taliban 1st came into power against the war. large meeting out. i trust your deeds against the people. there was a popular uprising that is how the dollar bond were able to creep across the country with local support. people who were fed up with the warlord shadley doors was large, well brought back by the americans to help them against the dollar bond. got their writing on the wall. the dollar bond was going to succeed at some point by default against overwhelming. org. and i've got from what we have seen, it appears that they have learned mistake from their mistake of the boss. and if

they're not careful. and if they're not given to that here, the reservation that the people have about how they're going to govern, then they could have problem. sure indeed, dash range like realty, and for the 1st time and decade of all that, but have a political settlement maybe at hand, something that the guns have been waiting for for decade. ah, the main story, this hour has been the situation in afghanistan, where taliban fighters have entered the presidential palace. and when he sees images desk that once belonged to president asher. af, connie, and now he has fled the country in less than 12 hours. after arriving on the outskirts of the city, the armed group says that they are back in control of the leave as of government. a

say they claim that now a more moderate force, promising respect women's rights. but the scene unfolding in cobble is causing worry and concern across the country. well, the taliban leadership surrounded by thousands of fighters address the media from the country seat of power or the below humanist point of view. miss miller, rough night, roughly, we have come to our victory and we'd like to show our residence names have been given to us. we would like to ensure security of the people with adeline fighters, enter the capital for its 4 main gates, met with cheers by some in combo. the u. s. has been withdrawing the last of its diplomatic stuff, sending helicopters to fly them from the embassy in the cities green zone to the international airport. you diplomatic stuff of also been evacuated, safe and undisclosed locations are going to bring you much more on that and then use out that's coming up at 2100 gmc, i'll see then ah,

hello, i'm sammy's a down. this is counting the cost on al jazeera. 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 and counter china and russia activists say, will provide arms and training to dictate when central bank finance government spending. all they still independent. tell you how much central banks night the debt they own and where to blame for the climate emergency stream weather events will continue to work and costing billions and displaced in 1000000 the your opinion as long used it's academic

palaces spread influence around the world. efforts to create a european defense full of launch the 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 biggest and 2nd biggest economy, germany and france rank 7, an 8th, our 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 e. 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 to finance the next generation of war

planes, tanks and ships. the money will only be available to your a p and 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 south hell in north west africa is raising concerns. france is in the process of withdrawing its troops from the region after 8 years fighting a father and isis aligned forces. frances intervention hasn't reduced the violence and it's only been able to continue operating in the hell with the support of us satellites and drone intelligence, strategic ad, lift, and add to a refueling. the hell 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. by 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 piece 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 piece 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 they're already some 2 to 2500000000 will. busy go into the african union support of amazon for somalia, the african union peace support operation. now this remains this leave some 302400 1000000000 euro to support globally beeson security. just to give you a figure nigeria spend 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 the 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 certainly as of 2000, the 2000 and tense with the theory are with libya that the in y m and of the us more me getting one more insecure. and the is you, this is the irrational wants to become more of a international actor. the theory behind this is fairly simple. there is and there is an 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 can 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 local military forces, and yet over the past year has gone up not down. i mean, is this theory really working off of the 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 supply 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 electoral processes, etc. and their race, the expectation that over time this will result in stability and peace. now if can it's 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, a broach has helped to stabilize. now this was not through the you, there were the u. k was very pressing in this regard, provided also military support to do 2 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 actors 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 afghan this time? 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 try to take over more ownership of their security situation and all allow also the you to withdraw with the group. so this is, this is part of the concept. and as i said, it has not worked. in the case of a dentist on monday, new share 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 serial own. for example, because the last of the area, as mentioned, allows these data, right? i got off this question we're going to look at from this effect of how much of it

has to do as well, wave countering china and russia. there is a geopolitical dimension to it that's right on. and as mentioned earlier the you try to find its place. trace 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 under 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 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 based facility rather minimal. however, it opens a door for potentially more support in the future after the current 7 year budget cycle of the year is over. and thereby also opening more potential for more military support in the future. so as, as mentioned at the very beginning, it's a paradigm shift. and this, and this is, this is really in relational, adore a changing world order. and also the you trying to be fun 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 is no longer any doubt. human activity is warming, the planets, 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 man. i've got in turkey while wildfires have caused widespread destruction. it is an apocalyptic seen skeletal trees with a fruit chard, as they hang. no one has ever seen fires 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. the 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 for our 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 that 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 whose gen,

dugan has been helping with the rescue effort. here in southern turkey, he says the fires were sparked 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, dancing apart, land the rain just as unpredictable as the fires and 2 weeks too late. central bank, so 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 i've 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, the been 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 send $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 practice 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 witnessed, kyra, so the 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 center 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, of area of frequent locked down in the manufacturing hope 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 in central banks? it's hard to say, i think the central banks perhaps have paid that themselves in the corner. they are, seems to me just playing by day or seeing what's going to happen. and this is also from the face policy of photo 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,

inflation is transit re. do you agree with him? it seemed transitory at 1st, especially with the supply chain disruption, because the seem to be short lived. but now when we see se asia and a lot of other asian countries, such as china, look 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 gonna change. and we are seeing this, for instance, with the savings rate that's still above the prevent 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 pain stuff demand when he came to do,

or both 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 balls. 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 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 20212022. 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 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, whether it's from anti corruption to data privacy perspective. but timing is very interesting because it seems to coincide with the 100th anniversary of the ccp. but i think the chinese government is willing to take short term bay pain for the long term game. but the investors really need to be mindful of this increase regulatory risk. rather, i should say the regulatory risk has been brought to the fore grounds,

and it just has to be factored in. but i think in general, china as well as emerging asia has become mullis investable. now with the u. s. infrastructure bill slowly becoming a reality, it seems, washington is moving back to its regular sort of debt ceiling fight. our investors prepared for this really doesn't seem so doesn't, doesn't look, doesn't seem like investors are looking at the debt ceiling 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 they're hoping that perhaps there will be some sort of bipartisan solution. but that was the democrats trying to pass 3.5 trillion worth of anti poverty bill using part this on lines. 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 to 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 that's all i show for this week, but there's more for you online at al jazeera dot com slash ctc. that'll take you straight to the page, which has been a few to catch up on for this edition of counting the cost. i'm time is a down on the whole team here. thanks for joining us. news and al jazeera is next. ah, the violence and discrimination are all too familiar to many of them in india. a reality too often reinforced by bollywood. but it's leading star is throwing his weight behind the cause of february 2000 and using his celebrity to advocate for gender equality. ah,

the snake charmer. on the con. witnessed funnel janitta. ah, ah, ah ah, letter gust a breathtaking tropical paradise where its former protectors are now wanting to very we follow their journey as they put their lives on the line. and this risk, it's all medical knowledge is 0.

how many nukes has too many new america has in many ways driven the arms race parties are much more like the british parties. there are fewer regulation to own a tiger than their, our own a dog. how can this be happening? we take on us politics and i see, and that's the bottom line. the news this is al jazeera. ah hello mario nemiah's the welcome to the news our life from london coming up in the next 60 minutes. back to the president's desk, the taliban is back in charge of combo. a spokesman tells al jazeera is ready to peacefully assume control of the country at last 20 years ago. we are talking and waiting peaceful.