the brazilian canoeing federation, the children used to paddling slowly so as not to scare the fish, but they are now being taught well competitive techniques. why med? you've been middle look up to the gold middle. more and more children are talking to me on what's happening and wanting to sign up. our doors are open for everyone. i prayed for this to happen, not only for us here in the amazon region, but i believe that all of brazil thought, and i think that every day it will grow more motivated by metals and now with the proper equipment. many of these children are training up to 4 hours a day, dreaming that one day they to may compete as an elim pick games. david stokes out his era. ah, this is al jazeera and these are the headlines. speaking from the united arab emirates of ghana sons, former presidents and shop connie has defended his decision to leave campbell. he

says he left to avoid violence and denies rumors that he flags with suitcases full of cash. the reports taliban finances open fire on pretences in the eastern. i can city of july the bugs 3 people are said to be killed and several others. when did rob mcbride has more from cobble? this was a particularly ugly into the not i think it's being seen is really since the taliban just assume power a couple of days ago as the 1st major active defines against them, just jot about this very important city. it is east of here towards the border with pakistan and this protest began over the national flag. now since the taliban have taken power, they have a very consciously being removing the afghan national flag and replacing it with the taliban flag. we've seen that a lot here in the capital cobble. it's left a lot of people. i very upset you as president joe biden says,

he disagrees with the world health organizations warning against giving corona virus booster shots. he's unveiled plans to offer them from september. i mean, it's a rapid spike in cases driven by the delta variance. straightly and officials are born in corona virus cases of not get peaks in the city of sydney and say people should brace themselves from war death. vaccinations against the beula runs away and ivory coast house official fear. a 2nd person has contract with the highly contagious disease. those are being administered in the city of abbey, shown where the 1st patient was staying before she was treated in hospital last week. neighbor and guinea, which had its own recent type, big over viola, has sent 5000 vaccine doses to ivory coast. and that's your dates counting, the cost is next. stay with us. how many nukes has too many new america

has in many ways driven the arms race parties are much more like the british parties. now there are fewer regulations to own a tiger than their our own a dog. how can this be happening? your weekly take on us politics and i see, and that's the bottom line. ah, hello, i'm sammy's down. this is counting the cost. so now to sierra, look at the world of business and economics. this week. the multi $1000000000.00 european p fund. europe says it's the fine terrorism in africa, counted 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 that they own

and where to blame for the climate emergency stream weather events will continue to work in costing billions and displaced the 1000000 ah, your opinion. as long use its economic 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, defense spending has been far behind. although europe biggest and 2nd biggest economy, germany and france rank 7, an 8th, and 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 to finance the next generation of war planes, tanks and ships. the money will only be available to your p and defense companies in washington as 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 . while 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 so, and it's only been able to continue operating in the house with the support of us satellites, and drone intelligence, strategic, 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. 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 i 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 built 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 beast facility funds is with brussels or with the rhine. once 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 go in through the african union support of amazon for some on 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 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 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 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 local 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 electoral 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, 2 to 2 forces. but the example of afghanistan 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 ontario. and 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 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 perfection 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 are rather minimal. however, it opens a door for potentially more support in the future after the current 7 year budget cycle of the e. 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 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. evan, over heated 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 has 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 chavo, 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 and belgium 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 john dugan 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 to lays 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. and the sky opens a deluge of rain cascades down dousing apart line and the rain just as unpredictable

as the fires in 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 banks don't withdraw funding. it could drive up inflation. despite

central banks claiming to be independent, some like bank of england been accused of funding government deficits. by the end of 2021, the bank will own $875000000000.00 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 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 in this car? 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 this matter? 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 senator 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 the economy and as mentioned, 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 area and 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 base themselves in the corner. they are, seems to me just playing by day or seeing what's going to happen. and this is also then from the face policy, or sort 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 high, since it's very hard to say, change consumer behaviors because consumers always adjust that for havior tends to be quite sticky for a long time. i'm glad you mentioned the fact then the fed chair is saying, hey, inflation is transitory. do you agree with them? it's the transitory at 1st, especially with the supply chain disruptions because the seem to be short lived. but now when we see se asia and a lot of other asian countries, shinine a lot stomach, and i think the disruption skewed last a bit longer. and moreover, the more sneaky inflation coming from the rentals is also a big, murky, especially with the more toward him of eviction. now being hotly 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 off the prevent me levels. oh, could it be the inflation is more nuanced the effects of spending being shifted away from services during the pandemic and locked down to now buying computers and home of the cetera for show during the lockdown, we saw a lot of pent up demand when he came to do or bows with people had a lot of time and money and had attendance. 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 . your goals. we're already seeing interest rates rise from turkey to brazil. when do you think that's going to catch on to the big for? and we're looking at market rates. 2023 seems to be the likely year. however, i've mentioned before, 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 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 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

profit perspective. the 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 ceiling fight our investors prepared. so this really doesn't seem so, but it 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 that we're 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 the son 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, 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 the cost . i'm time is a them on the whole team here. thanks for joining us. news and al jazeera is next ah ah, ah,

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