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join during a taping on her journey back to freedom. in our interactive documentary. store on the ring of tame returns home on t w dot com tang's. cutler. it's time to talk monetary policy and its role in solving the financial crisis ten years after lehman brothers we ask dick the e.c.b. do what ever it takes. also on the show all eyes are on the turkish central bank as it tries to save the nira. and foster better big the next generation off i phones is unveiled and it's good for your health to.

welcome to do business it's the first european central banks meetings thems the summer break today analysts expect the bank to stay on course to curb stimulus amid high inflation and solid growth the e.c.b. will do whatever it takes to save the euro now those were the words of easy v. had mario draghi back in two thousand and twelve when the one thousand member currency block felt the pinch from the global financial crisis triggered by the collapse of lehman brothers so he has a look now at the role of central banks in times of crises. it was a time of reckless lending in the us as long as you weren't a felon chances were you could get a mortgage details like the borrowers ability to pay the loan back didn't seem to matter it was only a question of when subprime mortgages would undermine the system the question was answered on september fifteenth two thousand and eight when investment bank lehman brothers collapsed the bankruptcy triggered panic on the markets as banks stopped

lending money to each other the market's most valuable currency trust had been destroyed central banks among them the e.c.b. intervened pumping money into the markets in an attempt to keep them alive. among its most radical policies lowering interest rates on october eighth two thousand and eight the european central bank began lowering its key interest rate since then it's continued the trend it now stands at zero percent meaning banks don't have to pay to borrow money unprecedented in modern financial history. and another first a speech by e.c.b. president mario draghi his comments were considered the turning point in the crisis the e.c.b. is ready to do whatever it takes to preserve the euro. and believe me it will be enough the european central bank began buying government

bonds from struggling e.u. countries especially from southern europe those countries went heavily into debt to save their own banks and were then under threat themselves the financial crisis was about to engulf the whole state the e.c.b. financed entire countries it was a highly controversial measure but it worked collapse was averted but the problem of rising european debt still hasn't been solved. so let's talk a little bit about that's i'm joined now by marcus miller from the u. . of us city cents a gallon in switzerland but today you're here in berlin good to have you with us we just heard again those famous words by easy behead dr g. these b. will do whatever it takes to save the euro and it will be enough was it enough yes it was enough and it was probably one of the best sentences ever in monetary policy history so darkie did a perfect job too to buy time for the governments to actually study law system but

i mean it looks like i mean that the central banks including the e.c.b. also the federal the u.s. fed of course had to pick up the pieces after some really reckless action in the financial world over roll ten years later would you say that they did a good job they did a good job together with the other part of the system we have a european financial stability system in place no we are many a much better position today as we were ten years or eight seven eight years ago so i think the central banks really did a good job in helping us to get out of this crisis in which the banks actually brought us exactly and i mean for example by the e.c.b. a quantitative easing program when it come to an awful lot of money into the markets cheap money plus those low interest rates that we heard about or even negative interest rates is to bit risky. of course it is risky i mean the sixty four thousand dollar question will be how to get the money out of the system

again once they stop the q.e. which the e.c.b. probably will do at the end of the year will raise interest rates some when probably in two thousand one hundred that's the major point when we will see whether the systems which we have now in place actually will work but of course only by lowering interest rates of putting them even into negative territory it's about enticing people to take out loans a lot of companies doing that countries are doing that what if the e.c.b. raises interest rates again that's a problem no yes of course it is a problem in particular for countries such as his home country italy for example this over and dr rice is in into leeds not yet over and once we will raise interest rates we will see that that part of the economic system will go into normal again and then we need to act normally and so what what do you think the e.c.b. what sort of room wiggle room does he have right now because there's so many uncertainties also as a trade row with the united states brics it's still uncertain you mentioned italy of course is it now time to actually cut stimulus yes of course i mean we need to

go back to normal and everything else would be surprising and nothing is that is that it worries markets more than the you know unprecedented surprises so we will go back to normal in two thousand ninety eight and then we probably i will come back and we talk about where the systems which i place will work on of hopefully you come back before just very briefly at the height of the crisis a lot of people were warning that the e.c.b. would lose its independence do you think those fears were just a fight no not at all not at all mark is will there from university it sounds gallant thank you so much for your time welcome. businesses are reducing or delaying investments in the united states the country's central bank the federal reserve says the trend is due to concerns about washington and beijing's ongoing trade dispute so far the effect of the tariffs has been modest about its boost of some production costs according to the fed several american companies want to further tariffs could hurt their businesses that after u.s.

president donald trump said washington was ready to impose tariffs on chinese imports on wednesday the us government proposed another round of trade talks with beijing. well the turkish lira has jumped off to a decision by the country's central bank to raise the interest rate by more than six percent turkey's financial authorities made today in a last ditch effort to hold the nearest dramatic descend or least snow it the country's currency seen its value plunged more than forty percent against the dollar this year analysts had urged to argue to for a drastic interest rate hike to keep prices from further skyrocketing but turkish president trichet type ad was so far opposed such a move claiming that high interest rates through western europe the country's economic problems intervene while turkish regulators have also decided to ban all the real estate business in foreign currencies all transactions will be handled in

the iraq and this is another attempt to support the lira which even after many turks bort with dollars continue to tumble. this man heeded the call of turkish president rich of thai of heir to one who wanted all turks to save the lira by purchasing the currency with dollars us one company install security technology surveillance cameras and alarm systems he does much of his business in dollars and that collected a lot of them. into the pool and i changed two hundred thirty thousand us dollars i changed all of my money. but it hasn't helped the lira much it's still tumbling rapidly things have become too expensive for us money how to his customers he's lost half his revenues but he doesn't plan on giving up instead he repeats the arguments from everyone's tirades. i think if the turkey is no longer the old and weak turkey the americans are attacking us but they can't hurt us with their

sanctions we are unassailable the nation is united in that belief. yet seen you must doesn't believe any of that he belongs to the almost forty eight percent of turkish voters that voted for the opposition in the last election yassine is a plumber he works in apartments that are ready for leasing or sale but their properties have been empty for weeks often months many can't pay the inflated prices and building materials are also getting more and more expensive. but you know if i buy a boiler today for two thousand lire tomorrow it will cost two thousand five hundred the customers don't play along because the contract was made at the old price it's not my fault that prices are going up talk to those who have been in charge for the past sixteen years do you you think. rising cost the fight with the u.s.

the turkish government's politics yaseen and his wife discuss the situation often at home open criticism of the government can be dangerous lies are supposedly being spread about the economy over the internet turkish police are investigating but yet seen you must refuse to be silent. watching the other one it's all about one man if you kiss up to him then you're fine it used to be normal to criticize the situation but today you can't my wife is afraid they'll arrest me and throw me into prison but i'm not afraid i say it like it is and i always will you know. whether it's better not it's not your concern it happened he was elected president case closed oh he's going to be thinking yes yasin stoppage. i don't have any more hope than i do of hope but they were impossible to talk to. all the countries polarization

has even affected turkish family life. apple has unveiled his latest smartphone lineup with customary fun thank you know california the company says the i phone ten s. and its biggest sibling the i phone ten s maps on the cost i phones and the liquid proof until they have the most secure facial authentication technology ever in a smartphone app and it's counting on handsome profits for the i phone ten as macs for the company's biggest phone display so far and we can as a business update here in the w thanks for keeping me company.

and. focus on the club this is weekend. in washington taking on mislead. the mega corporation the skull has more to go for its own fucking water production . and his neighbors in the french town of meeting are gearing up for a watery. next g.w. bush. entering the conflict zone fronting the powerful the fire just

this week during the cold cold cold shoulder. thanks for the good of being largest probating. the members of the city government security council willing to stand up for the rights of people or allow china to care for the. conflict. in sixty minutes. and intent of going on a polar expedition. don't miss the story such a should johnson take she went home on a thrilling and bone chilling journey each week as you can discover you know you stand looking. down the story on instagram.

run between. his work goddess fortuna. the munch and the. strong twenty. hello and a very warm welcome to focus on here up live you could join me there are places that will forever be willing to set an event or cry like in the case of rather ham in the united kingdom the northern english town was the scene of one of the law.