drawls. little tool on g.w. . this is g.w. news a live from berlin and they called for a harder longer prone a virus lock down in germany the head of germany's conservative c.d.u. party and a possible chancellor candidate says topper restrictions would slow the 3rd wave of the pandemic and work as a bridge until more people are vaccinated also coming up on the show the minneapolis police she testifies that former officer derek chopin broke down the school's tent acted against the department's aspects when he pressed his knee on

the george floyd's neck for 9 minutes. and mozambique's army regained control of the city attacked by jihadist rebels last month but much of trauma in ruins thousands of displaced people are in desperate need of food and shelter. so i play richardson welcome to the show and despite having spent almost half a year in some form of walk down germany may be headed for a longer tougher coronavirus restrictions infections are high across the country and the vaccination rollout still sluggish and response to the crisis more leaders are calling for a harder lock down one of them as our main lash as the head of germany's most populous state and the leader of chancellor angela merkel's conservative party.

until now he had opposed stricter lockdown measures. the national during a visit to a vaccination center last week the approach of him and other state premiers to the pandemic took a broadside from the chancellor. his salvo in return a call for more talks and tougher measures. and that is why i think we need a bridge lock down. we have to build to preach to the point in time where a lot of people of action a tilt in my own eyes i know there's a lot of people are tired of the pandemic but also because a lot are ready to go a step further i mean shit so in. that it wants more people working from home and stricter curfews produce fewer restrictions as possible for schools and kindergartens he says he has allies including the chancellor but not everyone is on board. a lot of what mr lasher says is unclear bridge lockdown this temporary

with what measures are not supposed to go on until many people have been facts native what does all that mean i don't think listen rush has thought things through so i can't see any point in calling the state premiers back for talks earlier than planned so in a minister position conferences and. this i think problem is simply the time we've lost on for a month we've known that the numbers are going up so it's clear that we need decisive measures now. and she. is a man next to lash it is a leading german intensive care doctor and he warns. the need for the next fortnight or so we expect the number of infections will continue to grow we'll have 5 or more 1000 cope with 1000 patients in intensive care the situation really is very dramatic lagers as a. margin with my dog and the health minister says vaccinations will not break the 3rd wave only about 10000000 germans have had their 1st job so far. i really

respected you know his chief international editor richard walker and we asked him what has changed between now and 3 weeks ago when chancellor merkel announced a strict easter lockdown before reversing the decision and apologizing the reality here in germany is not just about the prime demick it's about the politics and of what we have what we've been witnessing over 30 sloss couple of weeks is really a power struggle happening on 2 separate levels in the very heart of policy on the one hand you have a kind of power struggle between the federal government led by angela merkel and the individual states which all have their own leaders like common lash it in north rhine-westphalia angela merkel has generally been pushing for tougher national line to deal with this 3rd wave the individual states who have different views but what unites many of them is that they want to defend their own turf it's up to us to decide what goes on here. it is at the head is at the center of that struggle and has even been openly bickering with his party colleague angela merkel so that's the

one power struggle the other one is about who leads angela merkel's parrot party into the national elections coming up this september angela merkel has said that after 16 years in power she's not going to stand again is the new leader of a party with this cd you have been plunging in the polls amid the you know the slow pace of the vaccination campaign corruption scandals and many other things and he has a more popular lytle emerging into the limelight marco souter who is the leader in the state at the very end so all of these politics all of these power struggles going on at the same time is this relentless the way he is moving up maybe it's it's no wonder that germany is in such a muddle politically over what to do but it's what's interesting is that the public don't seem to be in such a muddle so and this was referred to as well that a majority of the public do. you seem to taking

a tougher line they see these numbers of people in intensive care so the public seems to support the. politics has to catch up with. richard walker there now let's take a look at some other stories making headlines around the world militants equipped with explosives have blasted their way into a channel in nigeria's southeast some 800 prisoners managed to escape in the mayhem in one of the country's largest ever jailbreaks no one has claimed responsibility the police are blaming a separatist group. and the death toll from the flooding in eastern indonesia and neighboring east timor has climbed above $150.00 rescuers are searching for dozens more who are still missing after a trench slammed into the archipelago a tropical cyclone cause the damage forecasters expect it will gradually move away from land in the coming days. and it will pale in iceland has opened a new fissure in massive fracture in the earth it's several 100 meters long and has

been a belching wafa emergency service has ordered an immediate back you ation of the area as the volcano has been erupting since late march having laid dormant for nearly 800 years before that. in the trial of the former police officer accused of murdering george floyd the minneapolis police chief has testified that derrick shobhana violated department policy when he kneeled on floyd's neck the police chief said chopin's actions were counter to his training and that he also failed to give 1st aid before an ambulance arrives. in is facing a charges of 2nd degree murder and other counts he's seen here on the right and after a video of floyd's video floyd's got set off protests against racial injustice and police brutality. let's have a listen to part of the police chief's testimony. when mr floyd was no longer responsive and even motionless to continue to apply.

that level of force. to a person. handcuffed behind their back. that that is no way shape or form is anything that. is by policy it's not her training and it is certainly not part of our ethics are about us and we're joined now by our washington correspondent stephanie simons who has been a following in this trial for us to find out welcome back we just heard there from the minneapolis police chief what is the significance of his testimony. or use the 4th senior police officer testifying on behalf of the prosecution remember the prosecution is still making the case here and he is the most senior executive of course the police chief are down they'll say it 2 days after what

happened 2 days after that happened to george floyd's may 26th 27th he is quoted as saying exactly what he said now so he's consistent. with his analysis from a year ago and of course remember this is the prosecution's turn to build their case and they have to proof that their children is guilty of. killing george floyd's the it's not the job of the defense they have to just poke holes in it but this is not where we are yet we are at the at the stage of prosecution piling on and with this of course is a very strong statement from the police chief of minneapolis how does that exactly fit into the prosecution prosecution's a strategy overall. the overall it's like imagine you would to create a wedding cake layer by layer by layer and the prosecution does exactly that establishing what happened here the facts showing the video over and over again different body cam footage from all the different perspectives and then bringing in

senior police officer officers senior leadership saying and stating that over and over and did to basically everything wrong when he had his need for 9 minutes and 29 seconds on george floor it's neck bringing in a doctors medical experts is that for who can establish that the cause of the death of george floyd was actually that knee on his neck and not some alleged or proven minimal drug substances in his bloodstream so the prosecution is building and what we'll have next coming up is the defense team gets a turn of throwing in experts and witnesses into this process into this trial and to the process within the trial to poke holes in the case of the prosecution i did correspondent jeff and simon in washington d.c. thank you very much here pointing. and mozambique military says it has

regained full control over the coastal town of palma after jihadists from a group linked to the so-called islamic state attacked it late last month and home is located near natural gas projects worth some $60000000000.00 as the battle raged the city was cut off from the world and now we're able to show you some of the 1st images from inside palma. vade to victory and makes on me celebrates its triumph after nearly 2 weeks of fighting palmer is there is that these elements left behind for them widespread destruction in the city center but the ministry of and commercial buildings reduced to rubble the province's governor has flown in to celebrate his army's triumph in this battle. we i hear we troops in doubt we feel ok but the atmosphere in the city is still tense so just parade locals before the cameras take the these men might be affiliated with the

militant group al-shabaab believed to be looking just outside town. to shoot you cool you can do a shooting was. over. when the islamists stormed into palmer and like much residents fled some eventual a sort shelter in the airport so i thought that on the way to my home i went to pick up my friends my wife and kids all of what we jumped one of us with funding it was we don't know what she would do it's one of the one. and out of just shouting at people so would do it on the most of the displaced took shelter in the bush surrounding hama since the army recaptured the city that mean re-imaging they fled their homes suddenly and took little with them many just want to dasent meal is the government he is from south when he visits displaced people outside town. was i have been crying i'm going to read what.

i. was in the governor's office some words of consolation to people a desperate. crowds of them shot by his convoy drives away even before the battle of palm a nearly a 1000000 people in this region were going hungry their plight now visible to the entire. and ukrainian president volodymyr zaleski has expressed a large about russian troop movements near his country's eastern border and it's called moscow's actions a serious challenge to the security of ukraine the kremlin has denied its troops movements near the frontier pose a threat but the u.s. sees it as a provocation and has asked russia to explain itself. ukrainian troops that are russian backed separatists of the eastern donbass region both accuse each other of committing deadly attacks rising tensions after a long quiet phase. just

a few days ago kiev accused moscow of moving large numbers of russian troops to the a cranium border. this has awakened grim memories of 2014 when russian troops also amassed at the border. should cease military escalation and immediately and unconditionally reaffirm its commitment to a political and diplomatic settlement and a cease fire regime. the kremlin sees no cause for concern saying russia is free to move its troops within its own territory presidential spokesman dmitri peskov has instead warned the u.s. and nato against stationing their troops in ukraine or near the russian border. such a development would lead to heightened tensions near russia's borders and of course this would require additional steps by russia to ensure its security. since 2014 more than 13000 people have been killed in the conflict over eastern

ukraine a peace deal of rate in 2015 has not been implemented both sides in the conflict agreed to a cease fire in july last year. it's all for me for now kristie we'll be back with you in 45 minutes time but more news updates and of course you can always get the latest on our website dot com but instagram at least as richard said . it's assuring us. the language courses. the video. any time any. w. .

by the. missiles falling just to the. landmine credit card. result all known for jobs won't get. any other nods. yeah this is all. about blackjack the ball. was. so long that the fact that the. most you know enough to know.

how. do you also believe that your credit cards the cust and the senate all powerful financial sector controls our existence. now gone oh no new models are gone. the overwhelming mice of the financial sector is increasing and more crises are on the way. we are not all allowed mom was because a lot of knowledge. comes in they use this space to the financial sector into the real world to continue to draw. depart so the next crisis will likely be worse than those that came before or at least finance and upcoming the last of the economy the servant how could you not be the way in which the news of millions of people was

thrown into misery and unemployment and the banks which guarantee the jobs of the time you were subject to such generous rescue. either that or 2 future crises look like it's impossible to say but across it always hits the weakest the hardest and if it is this the end things don't look so good. this is the story of a divorce the end of a marriage of convenience between the financial sector and its customers between average people and bankers over the last few years trust between the 2 sides has declined and they are further apart than ever but the financial sector is still doing business as before and its influence on the global economy continues to

increase. many believe that this imbalance is responsible for the numerous crises that plague us today. the 20072008 financial crisis and the austerity policies that followed political crises that have shaken democratic societies and the climate crisis that's now making headlines. in the financial sector controls billions of dollars that can have a serious negative impact on large numbers of average people has the financial world taken us hostage. past when did politicians lose control of the financial system and will we be able. to deal with the next crisis. let's see what sort of options are available and alternative system is not only

possible it will be essential if we are to muster the challenges that lie ahead. as finance esteem the financial sector is enormously important for any economy specifically i think the financial system is a human party steamboats copy tough it's a resources to look white blood cells are saying all kitchen and nutrients from one part of the body to the office nearest office i mean they distribute these materials throughout the system on one by one and got some type of a tight. seal of the us good work that. the that you know the original function of this sector was to finance a country's economy and to provide support for individuals companies and institutions in times of financial difficulty when you. see my question of what

your let's say your car or refrigerator breaks down if you don't have the money for a new one you can barely it see what the primary task of the financial sector is to make that money available in addition it also promotes investment into production you know some of the profits that results are then used to repay that investment so the financial sector helps people and businesses to invest for the future that's one of the fundamental and very positive aspects of a market economy. couples it's. there's no finance without credits and no credits without a bank. yes the good old bank advice system they manage our savings and provide us with financial advice and support for the in banking. and to understand how a bank works today we have to move away from old ideas. thanks don't just manage the money of average people and then lend it to investors who take risks and i say

the other banks borrow money from other market institutions to reinvest in much ip or streets clearly that's how banks have become more and more dependent on the financial markets system bank and so she also is and as a result banking has become more unstable more prone to crashes. and the banking sector now has a larger presence in our society that it used to a suitable kind of new a vocal christian kind of the necessity finance the 20th century the cayman and in itself essentially money start in this thing and these never ending loops and finances became made money by using money to make more money should somebody. should get the. national. and. if you just let bankers and financial experts do what they want the same thing always happens they compete with each other and take huge risks that creates

a speculative bubble then the bubble bursts and banks run out of money and stop lending to businesses and consumers can't get the loans they need loans are the lifeblood of the economy and if that blood stops flowing there will be a collapse for the collapse. you know there was a financial crisis to. prepare for future crises it can be helpful to take a closer look at the palms. the 1st major documented financial crisis the so-called to hit mania in holland during the 17th century lips had recently been introduced in europe and became quite popular a speculative bubble developed when future contract prices peculiar went through there rick. the value of a single shoot it ball but eventually reach that oath in succession i count several pigs a mansion and finally. speak the speculation

continued until feb 16th $37.00 when the bubble burst people figured out that it was insane to pay that much for a $2.00 level so they stopped buying it and the price collapsed. boom and bust cycles came and went regularly as the next several centuries but they always followed the same pattern of financial wizards discovers a new way to make money the speculative bubble forms and then busts and the financial crisis for lies speculation in stocks led to the wall street crash in 1929 which in turn signal the start of the great depression the us unemployment eventually reached nearly 25 percent the president at the time franklin delano roosevelt sought to restore confidence by regulating the financial sector including the banks comes over me the fumes from

a well regulated financial sector well hope to keep an economy stable and what you do you see it from the 850 s. until today there were numerous financial crises in various countries around the world but it with one exception there were almost none between 104-5975. is why is that. because all countries follow roosevelt's example from the 1930 s. easily see how they imposed regulatory measures on the banks both at the national and at the international level felt to be on the so over a period of about 30 years there were almost no financial crises 0. so everything was fine order was restored in the financial markets. amazed but stable and citizens could enjoy the benefits of prosperity. that is until the global financial crisis of 20072008 banks extended credits hand-over fist

politicians look the other way. bubbles forms and then. what was happening in finance before 2007 was that you had a tiny tribe of specialists who controlled a technology that nobody else understood to do with the repackaging of financial instruments. and because they had sole control of this technology and this knowledge and because they spoke a language which was completely uncomprehensible to anyone else i used to say they spoke financial latin the priests in the medieval catholic church and the closest language and this knowledge was making them very rich they became incredibly arrogant and incredibly dominated by what i call tunnel vision they simply couldn't see out of that tiny little worlds and couldn't see the consequences of what they

were doing if you'll see their methods are so complicated and then comprehensible about it they got the regulators just let them do whatever they wanted to talk you a preferred. traders used to practice called securitize ation just so packages of debt thank you d.s.p. these c.d.'s and c.d.'s is many were based on some prime mortgages but the market soon became flooded with these debt products and eventually collapsed but how exactly did that happen how did these the willingness of wall street get away with it it's pointed it gently says if you design is in the 1970 s. the theory of official markets became increasingly popular. it says essentially that markets should be allowed to regulate themselves. according to this theory markets will operate more efficiently because those who actually work in the financial sector know the markets better than the government regulators the.

priests. even the most progressive. lawyers. or in law firms all the students that we teach for a long time the falling for the belief the goal was to make markets more efficient the goal was to ensure that shareholders and corporations can really control what's going on and so if you give them all the right incentives and the right outcome will happen. but that didn't work. because these periods of euphoria and crisis are based on a kind of collective irrationality if you know the financial players are no longer able to work out solutions among themselves and not so outside intervention is required then just abuse issues. in the subprime mortgage crisis shed light on a dark corner of the financial sector traders for making deals that were so risky that they threatened the u.s. economy. the u.s.

and europe were rucks by this crisis those responsible were facing possible criminal challenges on the world leaders who done little to prevent the collapse then promised to steady the ship. we brought the global economy back from the brink we laid the groundwork today. for long term prosperity as well as long term prosperity is an ambitious goal even in the best of times the leaders agreed to ban extremely risky transactions and ordered banks to increase their emergency reserves. their top priority was to rescue the world's banking system central banks would play a key role in this efforts. the u.s. federal reserve fired up the printing presses pumping more money into the ailing economy. this song central

banks in their current form have only been around since the end of the 19th century so destroy the us they're pretty deeply our primary function is to keep prices and currency stable and to guard against inflation and stock market crashes thank you for. not central banks with a link between politicians and the financial system in the states so. these institutions regulate that system so that it doesn't exert too much influence on society toll. from. the european central bank started lending huge amounts of money to individual banks because they were too nervous to lend to each other. and while the e.c.b. dealt with this situation more trouble appeared on the horizon. you know what. is it what's. not in europe the global financial crisis was followed by a 2nd emergency and this involved the european currency it exposed weaknesses in the

financial system as a whole and problems with sovereign debt in particular because. it started when greece revealed that its finances were in worse shape than previously thought to. this crisis spread throughout the eurozone and raised serious questions about whether the common european currency could survive if i just. believe occurred and. investors and italy spain and even friends panicked and tried to dump their government bond that also has meant. president mario draghi then made a post the statement that would become famous. draggy soon became known as super mario for his role in dealing with. the crisis he dismissed speculation about the end of the euro and the solvent see if individual e.u. countries. within our monday the z.b.

is ready to do whatever it takes to preserve the euro. and believe it will be enough. people do whatever it takes to get the 2 of us not finishing the job promised to take all necessary measures to protect the rock trying to put an end to speculation in the financial markets so for him donaldson the politicians would fail to stop it so the e.c.b. had to step in to try to keep things from getting even worse and a few t. shirt is a frame that. is not against us it was a highly unusual move and some e.u. states criticized it especially germany there were questions about whether this decision was compatible with the mandate but others said it was the most successful monetary policy measure ever because it calmed the markets and the policy itself was never fully implemented that's what's so unusual about it. and the.

iraq. by law the e.c.b. does not have the right to finance a government that feels funny that the time druggy said that i'm not financing sovereign debt i'm buying promissory notes from investors but he was obviously financing the sovereign debt of e.u. states through the e.c.b. his goal was to curb inflation and promote economic growth and create jobs fossils in the opera. to sum it up the central banks in europe and the u.s. spent huge amounts of money to bail out the banks and restore some order to the financial sector. and what was the result did all that new money strengthen the global economy they did not in fact they did just the opposite sex. government debt as a result of the crisis central bank balance sheets will never look the same again interest rates of plunged to 0 we have the threat of visit with the zombification

of a large part of the corporate sector which is being kept alive by extraordinarily low interest rates and growth rates and productivity rate the growth rates of all fallen very considerably since the early 2000 and really quite dramatically since 2008 and so we're left with this deeply uneasy sense that we don't really quite understand the world that we're in we know it isn't the apocalypse but quite what kind of world it is is is very unclear. and there are fears that a new financial crisis may strike soon because real reforms have not been imposed by your decisions more hard to. do than there have been no major changes in the way that banks operate you know serious changes in the structure of the financial systems to see them feel the same situation that led to the financial crisis of 20072008 is still in place on fits no one has address the problems caused by financial imbalances. so instead of making

a fresh start the politicians just poured more money and financial instruments into the system have a can call. on that plane as you know one of the measures that were taken did not go far enough most important they did nothing to address the growing divide between the financial sector and society as a whole the point that is so now part of that sector no longer serve society but pursues its own interests will simply. point out that. many average people feel betrayed that tax money helped to bail out the banks but consumerists got nothing in return. the losers are the populations of europe in the unite. states which suffered the immediate effects of the fallout the 10 to 11000000 american families that lost their homes this is the largest forced movement of americans since the dust bowl of the 19th thirty's

and in the eurozone even more cutely the millions of people who were driven into unemployment between 200820132014 where government policy really failed to respond in a way which would have enabled them to escape this issue is to combine this is you don't realize how much the financial sector affects their lives they may experience some aspects of it but they don't realize how much damage a financial crisis can do if we keep having these crises because no one wants to push through reforms and we all pay a price for that to get only. why has our financial system become so unstable we seem to have learned nothing from previous crises the regulators seem powerless to fix things and the next financial disaster could already be in the works. after the financial meltdown of 207-0008 the politicians focused most of their efforts on regulating the banks but other sectors of the

economy may be on shaky ground as well not actually use a warden bank. after the crisis the authorities imposed strict regulations on the banks this was expensive and time consuming for the banks so a lot of them shifted some of their transactions to non-bank institutions where there's less regulation and. the gift shop in banks and sick this is called the shadow banking sector but that term is misleading these non-bank companies don't really operate in the shadows they include insurance companies and investment funds and they pretty much regulate themselves. a shadow finance. the system where trade is far from the prying eyes of regulators by all kinds of financial products. in broad daylight.

the shadow financial sector has become a bit more transparent in recent years but here huge sums continue to flow into it . a lot of this money is parked in tax havens which are often difficult to trace. back savings are opaque no one knows how they operate or how they finance themselves t.p. jaques havens create more risk in international finance and that can lead to instability if you see one of the ironies of what's happened the last decade is that the crew shadow banking sector was a crucial reason why the last financial crisis happened and essentially you'd think that because of that and the year is off the crisis regulators would have shut down the shadow banks and there was some decline initially but in reality the shot about some ways becoming more not less important. the regulators

do more to rein in these financial institutions. and the own said to that question it's complicated. there are several reasons why it's so difficult to impose reforms in the european financial sectors finance is the 1st financial institutions have to be able to compete on a global basis to bond with banks in france or germany people know more is happening in the u.s. who are usually just market strategy accordingly so that they can compete effectively when cotton was in the u.s. we're seeing a trend towards the easing of regulations on but. this would allow them to take more risks for time which would give them an advantage over european. boller so we need a global solution i live on. all banks and other financial institutions should play by the same rules apply the course will be most or not the 2nd big problem in

europe is the financial sector lobbyists have a powerful influence on the politicians or be. enforced but. at the european parliament in brussels there are 3 times more lobbyists than politicians these lobbyists are often recruited at handsome salaries from governments around the private sector so they know quite well how the game is played. so of course. when politicians at the national or european level are writing legislation there's a lot of input from experts and when it comes to legislation that affects the financial sector the experts are often people who work at banks or investment companies of all financial institutions consider themselves quite innovative they keep coming up with new ways to make money and they're often one step ahead of the regulators that. let's be honest average folks tend to

take the word of experts face value that's especially true when it comes to the financial sector most people don't take the time or make the effort to understand what's really going on that needs to change. first of all we have to take the mystery out of finance as anchors and others have to stop using jargon so that average people can understand what they're saying and doing. for the financial sector has to become more transparent than men yeah so thunderstorms. today more and more people are taking an alternative approach to finance. they generally opposed to the big banks and they encourage people to learn how the system works 6.

they have surrendered his own with english and also little by little people are trying to take the mystery out of the financial sector. are trying to approach the subject in a way that's more interesting and less technical no man wanted to do many need to. know. his father knows. that he also don back to the financial sector affects the lives of all of us our environment our food our health care system and our children's education that's why we need to have a say in how that sector operates we have the right to demand accountability from these people more. from arguably why do the euro kratz and the politicians in the brussels bubble

behave the way they do why do they make policy decisions that seem completely absurd to us. they all stick together and very often don't leave that european bubble at all so they have no contact with the outside world then ok that's why their policies that seem completely detached from reality. that preval visual or cultural found in the words banking and finance make a lot of people feel insecure but. they don't understand the technical terms and they can talk about it with any level of expertise. but we have no choice we have to get involved with the financial sector and as quickly as possible future developments could have devastating consequences for the global economy for example there's been a big increase recently in social inequality. many middle class here opinions and

americans who were hit hard by the last financial crisis are still angry about it. is this sense that this is no longer exist that can really maintain the plausible fiction that we're all in this together that we're all basically in the same boat and that economic growth raises everyone standard of living in a way which is broadly speaking similar that's just to counter the fact as an experience of the last 20 to 30 years if you don't follow christian ourselves or the new set. put the 20072008 financial crisis fueled the protests in the political anger that are spreading across europe today. because those who caused the crisis actually benefited from it. the huge amount of money that was pumped into the markets not this market this one did not stimulate the economy it

just prompted more speculation. who live in countries like greece spain italy or ireland are growing increasingly angry there was a harsh austerity measures that were imposed there after the eurozone debt crisis. then there's you they can be tied you can hear them is always countries accepted those measures in return for loans from the e.c.b. and other e.u. countries to help them get their economies moving again. so the bank bailouts added to the debts of governments corporations and individuals . it also undermined the confidence of average citizens the sign of a leader and that's one of the big lessons of the global financial crisis just words in the music in our banks and investment firms took a big risk they said if it goes well it will make a huge profit because if it doesn't the talks players will get stuck with the bill

that's your thirties have to deal with this imbalance in crackdown hold of them i did before that's right no banks and other financial institutions was done making risky investments because they know they won't be called to account. the finished products. that certainly appears to be the case. bankers hardly ever face criminal charges and convictions are few and far between. taken seriously it seems that society is prepared to tolerate this kind of behavior average people pay their taxes but the big banks promote tax evasion schemes for the wealthy. to a certain extent it's been a story about the elite protecting itself so most of these products in themselves would not actually breaking the law because they were designed to exploit weaknesses in the law quite deliberately and they were designed to ploy weaknesses

in the regulators the rules as well when you look at a contract for an asset backed security in the 1970 s. it might have like 4 or 5 risk warnings for investors when you look at a similar document in 2007 just before the crisis it's now 3 in the pages long rather than 50 pages long it might have 60 or 70 risk warnings so the lawyers once they figure out that something might be risky they will write this in the contract basically telling investors watch out. but investors need to rethink what they read only once the crisis hits and the laws of course have to make sure that they themselves and their clients are protected by disclosing what it was. last isn't unusual they use mathematical models that are supposed to be innovative but they are actually used to evade taxes and get around regulations this is abuse on a grand scale. than doing evil secured once again we're dealing with

a double standard and let's be honest this situation fuels populism and undermines democracy it actually damages democracy it will cause i thought i did a class. on what to people do when they're angry and feel left out of the democratic process and they vote their asco also out of office and replace them with politicians who promise them the world but do nothing to promote harmony and consensus this in turn made to instability in the financial markets and could trigger a crisis. the current atmosphere of political instability comes a time when it's never been more important for the world to address our biggest challenge climate change. some experts say that we only have 10 to 20 years left to save our planet by radically changing the way we produce and

consume energy. these measures could cost up to $1.00 trillion euros a year in europe allowed. to. finance is part of the problem in the climate crisis because finance goes after the assets that produce the greatest return and if oil coal or any of these assets produce returns then investors will go and invest in these assets and share prices . chremes us will follow in the companies can expand they have the resources to do serious action if we're serious about the climate change push we need to whatever it takes moment we need central bankers to actually creatively employ the enormous power that its disposal finance can easily be part of this which will governments spend as much to control climate change as they did to bail out the banks. shouldn't we demand that they do this. to do good the dusty.

soon enough shift the menu stead of just buying back securities at random in financial markets the european central bank could use its monetary policies to promote activities that could help prevent climate change or do social inequality. in the getting. member state should encourage the e.c.b. to direct its monetary policy towards achieving these goals of this objective. which is the financial sector became the driving force behind this transformation. some financial experts getting on board with these new ideas. new good hearted pathetic not counting a few years ago mark carney who was governor of the bank of england at the time gave a surprising speech. shibley said that he was concerned about risks that people in the financial sector are taking but he was even more concerned that one day because

of global warming their clients will be hit hard by climate change and won't be able to pay their debts lee said that failure to deal with global warming will lead to instability so the financial sector has to take action he added that regulators and quoting himself will keep a close eye on the world and the future the proper place to 5th. but measures to limit climate change will be expensive one u.n. official put the cost at $300000000000.00 a year that amount has doubled. in less than 2 decades some in the financial sector now realize the threat posed by climate change there's a whole new branch of finance developing which is trying to take a much more responsible vision of finance and they're doing that partly due to some bankers believe in it partly because many of their clients and they want to basically reshape the image of finance in the 21st century but also because people

are realizing that issues like the environment they can touch on the prices of assets going forward and the financial system has to get ready you can say being cynical that that's just a kind of cynical game that people are doing green writing and pretending to embrace these ideas or you can say actually revolutions happen when more people think it's dangerous to stand aside than to get involved. so what if we're wrong on the financial sector is not our enemy it could turn out to be an important ally as we meet the challenges of tomorrow. what role can individuals play in all of this. it's not enough to know how much a $100.00 euro investment will yield that 10 percent a year people have to study the financial system and learn how it works says need to learn that banks play a key role just like the money that we invest with those banks. it good news evil

will have to take an active part in the democratic debate about the future of the financial system is what i feel. obvious to find out more about which markets your bank invests. take a look at your bank's ethics policies and if they don't match your values switch banks on the move and that's pretty easy to do these days. there are just fear it's crucial to improve people's understanding of the financial sector and team out on. you mentioned many don't realize that if they don't know how the system works they can't invest their money properly to answer. one of the best way for people to educate themselves about the world of finance the textbooks are much better than they were 20 years ago but today there are other ways to learn like a visit to this interactive museum in paris what do these economic students think about the current state of the financial sector but they consider

a career in finance shark central as each terminal corresponds to one player in the economic cycle. if one of them falls it can knock down the others this white terminal represents the financial regulators and they can put a stop to this chain reaction. the memories of the crisis have definitely dampen down some of the crazy extremes and taught a new generation of finance is to be a bit more cautious let's sit of what every educational program should include courses on deontology and ethics and not just the theoretical principles but and the alice of specific financial scandals you could cite examples of conflicts of interest and ask what would you do in this case to schools there are things that should count the financial sector needs to improve its record on dealing with

issues of ethics and it also has some catching up to do when it comes to gender equality well you know the next could you see yourself working as a trader jim hood yeah it looks exciting but it's not a job for a woman. do you think women can't make such decisions so more of the cans. can you imagine making those kinds of decisions a sponsor this is your response i could but i wouldn't want to work with people who don't share my values construe that into the cup. traditionally financial trading floors have been dominated by men mostly white men and that tends to lead to an excess of telstra and risk taking and potentially negative behaviors but aside from that having just one type of person on train desks means that you have again tunnel vision but the good news is there are more women coming up to finance and that is definitely to be celebrated in maybe one thing that helps to give

a slightly more balanced perspective just silence the coming years. 98 percent of the world's banks are run by men but more and more women are breaking through the glass ceiling and moving into the top ranks of global finance like e.c.b. president christine legarde and us treasury secretary janet yellen. now that's a loaded word revolutionize the financial world. but we can hope. it's not likely that the world could handle a new financial crisis right now there are 2 options we can continue to widen the gap that separates average people from financial institutions or we can return the financial world to its rightful place where it can help pass to build the society that we want but we can't do that without the bankers and we have to get involved

oh no where do you see. that you could do you see squat do i see what's this a crystal ball. in the car so i'm a cyclist now. at the moment. because we're going to y.c. . for how many years. i know when i see a wonderful future i think we're way too pessimistic to divert the seat when i see people rebelling against the financial system he knows little because they no longer wanted to destroy our present and our future of either place it was equal bet your it is negating the system will continue the inequalities will increase and so will the protests so social buffets and all this will not encourage progressive forces in our societies and on the society i also see well where technology

companies manned up finding the next big shift of finance and frankly what people like facebook and apple that's going to push what i see is a still what i see is what he's told what i see his leg up what i see is that constant churning and those are natural images of them helpful because the natural that he calls they cressy told us in the age of down for proceed i need relations are not financial crises all relatively small event. since the outbreak of the war hundreds of thousands of syrian christians. more want to live here is one of the oldest religious communities in the world is on the verge of extinction. to christians around the world are interesting watching the development courage in despair help for serious christian.

home 30 minutes on d w. w crime fighters are back africa's most successful radio drama series continues in the only besos are available online and of course you can share and discuss on w. africa's facebook page and to other social media platforms crime fighter 2 mean now . closely. police. don't know. who choose to do. the discovery.

documentary. i thank. you. this is. from india is hit by a 2nd wave off a virus as cases sold almost 100000 for a 2nd day granting state leaders for some time in a stand that in. fact summations the population also coming up. i'm going to mad pulls the cd. and would be chance in the same tough the

restrictions. of the pandemic.