i say 1000000000 clicks on you to a but i've got a beautiful spot on that. got it. you're watching dw news coming up after the break dw business with steven beardsley. i've been for solon, see you next ah, ah, ah ah ah, if you ever have to cover up a murder, the best way is to make it look like an accident, raring to me. you've never read a book like this. literature list under german must reads.

these places in europe are smashing all the wreckers step into a bold adventure. it's the treasure map for modern globetrotters. discover some of you to record breaking sites on google maps. you too. and now also in book form ah, the bank of england steps in as britain nears financial crisis, markets and the pot and the pound respond positively. but more pain could be in store. also on our show will hit the rails and hear from someone who visited europe's worst border crossings for international train journeys. and believe the e, you can do more to improve them. hello, welcome to the show. i'm from beardsley in berlin. it's good to have you with us. the bank of england moved to stabilize turbulent british markets wednesday,

vowing to buy long dated government bonds and a bid to bring down borrowing costs. the announcement coming as several u. k. pension funds were forced to hurriedly sell off bonds to avoid a liquidity crunch. rising borrowing costs have also had mortgages and other forms of credit. the market turmoil a direct result of new government plans to cut taxes and increased borrowing. david blanche flowers, a professor at dartmouth college and a former member of the bank of england monetary policy committee. david, welcome to the show. what, what has, what has this intervention by the bank of england essentially prevented? well, it actually looks like it may well presented, the insolvency of various pension funds. so this in by the bank was kind of crucial, but this is incredible. instability brought home is a huge self inflicted wound brought home by a budget imposed on friday that was received like

a completely balloon on top of all the brakes that impact things. so basically what it did was it caused markets to melt down the exchange rate collapsed with things the body collapsed. but of course, now what all of this leads to is essentially going to see a housing market collapsed because interest rates are going to rise. people can get mortgages, and the price of those mortgages is going up. so this looks like the case in great tom, all headed into recession. this looks like a incompetent economic policy. 5 prime minister who's been in place 3 weeks. the if you're already answering my 2nd question i was going to ask, is the worst over, but it sounds like what was done by the bank of england only solves an immediate problem of these insolvency. well, they're going to run. yes, exactly. they're going to run oceans every day. they're going to try and keep track of that. and they've talked about perhaps doing something by the end of november

and the bank of england talked about, oh, we'll do something next week in november. well, i wouldn't believe a word of wearing crises such that market. a move in by the hour is going to be more interventions necessary. the question is, where are we going from here? i suspect we're going to have to see major action by the end of this week, and we might have to see it by tomorrow. so that home, that is the question. what will you do? in other words, the bank of england alone won't be able to answer these problems that we're seeing right now. well, i think that's right, and i think what's a very telling is the, i'm f, produce a statement yesterday saying this is got to be, this is going to be turned around. this is, this is an inappropriate set of measures. this will raise in a quality. so the very fact that the, i'm, it comes out and says, can you imagine over the last 30, the, i'm, it would come out and say something about economic policy, france, germany, but any k. so this is really on, it's called for basically withdrawal of these measures and we've no real clue where

it's got, but this is not going away quickly. it's not going to be sold by wait until the end of november. i think we have many, many visits in the next few days. very briefly have you ever seen this kind of disagreement between the bank of england and, and the government of the you k, very briefly. if you can know what we've seen is actually the treasury is kind of been telling the central bank governor what to do in the statement read. is it the treasury? but some point the military policy committee is going to get in there and say, hang on folks, we need to do something. so the bank giving the treasury in contradiction with each other and that's not workable. this is going to have to change. this is disastrous, or i want to leave it there. david blanche flower, he's professor at dartmouth college and former member of the bank of england. thank you so much. cool. thank you. let's go over now to our financial correspondent in new york. yes quarter. you heard perhaps what david just said there yet, but it's not just in england that this shock is being felt also in new york. what

can you tell us the i mean in general, and for the moment at least it does seem to be mostly a british problem, but that could definitely a chain. so i mean for once the u. k is the 6 biggest economy on the planet. the pound is also part of the reserve currency. so that does have an impact. and then we shouldn't forget, markets are very jumpy. and general and anyhow, i mean, we see the biggest crisis probably on bond markets globally. in about 1030 years or so. and when we talk markets, we talk psychology. and if something like that, what happens in england right now is seen, it was other market participants. so that could cause a certain effect. larry summers, by the way of the former head of the treasury, is saying that what happens in england could actually cause a global crisis. some also the current head of the treasury agenda jelena saying they're monitoring the situation. so clearly the okay is not isolated, was it's problems at the moment, ins,

court and new york. thank you. and we go now to some of the other global business stories making headlines. the head of the world trade organization and go see a condo, a whaler warned that the world has heading towards a global recession. she expects her forecasters to further lower their growth rate for global trade this year from their current 3 percent projection. 16 major wall street firms have agreed to pay $1800000000.00 in fines over their failures to keep electronic records of important communications. bank of america deutscher bond goldman sachs were among those that use personal phones, text messages and other means to discuss financial information without hearing to record keeping regulations. while europe is synonymous with rail travel, but it's often a bumpy ride for passengers traveling between the rail networks of bordering countries. for one network time tables are rarely integrated with those neighboring countries. that often means long waits at borders and other problems.

infrastructure, rail networks run on different electric systems. they have different signaling systems, even different gauges of tracks. that means that a train in one country can't necessarily work in another. then there's the overall passenger experience buying a single through ticket from country 8 to country c is almost impossible. in europe, mister connection, you can forget a refund. each part of your journey is run by a different operator focused only on their domestic leg. now one campaigners hoping to pressure the e you into doing more about just these kinds of problems by identifying some of the worst connections. as part of his cross border rail project, john worth bought a your rail pass and spent the summer crossing every border in the e u. that could be travel by train making $95.00 crossings in total anti documentary his frustrations along the way. john joins me now. to talk about his cross border rail project, john, welcome to show, why was it important for you to see these examples of failed or defunct border

connections in person? it's really important when you see those things on the ground, how those connections really matter to people in these border regions. it's very important that they can actually get across the border on an everyday basis to go shopping to go to school or university, things like that. and i wanted to check, is it actually good in some areas or is actually this problem, the moment you cross the border by train in europe, everything gets more complicated. and unfortunately, what i ultimately concluded is these problems are pretty universal. whenever you cross the border in the you by train, everything gets harder than if you just within one country. at the same time, you highlight 20 different border crossings. some shot are due to divergent infrastructure, some were barely travel because of incompatible time tables. is there a common problem or narrative to all the sites? basically, it's very important that most railway companies think very nationally, they don't really want to prioritize international railway connections per se. and

so therefore, all of these problems then crop up in a variety of different border regions. and it's important to say that there are some countries that get it right. countries like austria and check here for example . but in many areas of europe, these cross border railway lines have been disregarded, not only just now, but in many cases for some considerable decades. and because we're facing a climate change economic change crisis, it's very, very important that europe upset game on railways and allows people to travel from one country to another in as green a manner as possible. and so that's what i want from the european union, is that european union should step into souls dismantle problems of those sites that you visited. is there any one that stands out as the most egregious or absurd in terms of the lack of connectivity? so this one which is at the border between this you and your in latvia, which is perhaps the most crazy of all. if you go from vilnius, the capital of lithuania, to dog pills, the 2nd city of latvia that used to be possible up until

a few years ago. but now the train stops in the final village on the lithuanian side of the border, political to a man to us for just 218 habitants. and the train could cross just 20 kilometers further to reach the city on the latvian side. but it doesn't run any more known, you would need would be a tank of diesel fuel in order to manage to facilitate that connection. and when i was there, there were people crossing the border on foot because they actually needed to get to lithuania. and so those are the sorts of things i discovered. it's just very sad when you discover something like that. and there was another one as well at the border between portugal and spain and where it's a diesel train that runs on an electrified line. and between porto and vigo because neither railway company, his thought to buy electric trains for it's electrified international line. and so some of these things are very, very quick and very simple for the european union to step into sold. but at the moment, there's not really the political will that kind of practical level for the european

union and to step up. and so those issues, if these connections are so critical, why don't the real networks work together across the board to make them possible? if there is such a demand from people, for example, it's very difficult for that demand to be turned into practical action. and those people into a man to us or dog up hills. who can they really are asked to solve a problem like that. now for me, it's a cross border problem, so it's your wife, this thing afflicts pretty much every country european union. so the european union should stepping as i see it. but the european union says ok, we want railways to work, but they take quite a kind of hands off approach. and that's why the european union has know that she said to the governments of last year with your annual poll porch, golden spain. hey, you've got a problem there. you need to actually sold this practically. and so that's what i'm trying to do with this project is to say, hey european union at many different prog borders. you've got these types of projects. it's time to get on and fix them. all right, that's john worth founder of the cross border rail project. thank you very much.

thank you. and that's all for us, for now, you can find out more about these and other stories online at d, w dot com slash business. check us out on youtube as well. we're under the d w. news channel. i've given beardsley berlin likes watching to own it or not to own what about a sharing economy instead of a change in thinking is changing the economy to create something new. the economics magazine made in germany next on d, w,

off the coast of greece, russian oil has been sold illegally, an investigative team documents the criminal activity on the you can see as 3 should toners hunt oil from russian tanka. they violate the you, oil embargo on the massive scale focus on europe in 60 minutes on d w. o. how did she become adult hitler's favorite director. and how did me become a forgotten film pioneer? leaning high finch diet and arnold fun between hitler and hollywood. in

1932, they set out into the icy wilderness of greenland, a project that became a major milestone in their lives. seduction, i school starts october 8th on d. w. ah ah, ah. the era of cheap energy as well and truly over with the war and ukraine revealing an uncomfortable truth about just how reliant many countries had become on russian oil and gas from an environmental perspective. though one hopeful scenario is that we may see an accelerated switch to renewables as a response to the crisis.