dr michael hudson is a renowned economist he's a wall street analyst he's a professor and he's an economic advisor to countries he's also the author of super imperialism the economic strategy of the american empire recently he's been outspoken on the global currency tensions what some are calling a currency war and this will be a key issue for world leaders at the g. twenty summit which is coming up in south korea so we wanted to get his input i want to thank you for joining us dr hudson now we recently saw last month g. twenty leaders come to some kind of an agreement on not competitively devaluing their currencies with details to come later at this g twenty summit but with no details and with no real way to enforce this do you think it will be possible for them to reach a deal and would it even matter there is no possibility of any agreement when the

united states is declaring a financial war on other countries the united states is going to china and saying we want you to commit that comic suicide just like japan did we want you to follow the same thing we want you to revalue your currency we want you to squeeze your companies we want you to go bankrupt so we can make profit at your expense we want you the chinese to allow our banks to gamble on your currency and make a huge gain on foreign exchange speculation so that our banks can get out of the problem that we've got them into will you please help us by going bankrupt for our benefit well you can imagine what the chinese are saying they're laughing they're thinking you know are you guys jochen countries don't work like that so the american policy is not only to devalue the dollar but to flood the global economy with money and this means that other economies are facing an onslaught of american money coming in to buy their land they're building. the real estate companies their

currency. sensually you have. this financial system and the banks acting as an army to raid foreign currencies you don't have a deal unless you have penalties for breaking an agreement if you don't have a penalty for breaking an agreement there is no agreement there is yet another broken promise that unfortunately the united states has been conducting diplomacy for the last fifty years deals that for other people to follow the united states that puts itself over and above the agreements the g twenty reached the still there by giving more voting power to emerging nations you know clearly there's been a shift in the balance of power in the world that is starting to be reflected in global governing bodies giving a country a voice in the i.m.f. is like telling an ambassador you can go to times square and you can go to make reform and you can yell to times square it doesn't make any difference at all the i.m.f. philosophy is a very pro-u.s.

philosophy but only the united states has a veto power within the i.m.f. the philosophy of the i.m.f. is that in order to increase the economic surplus you have to reduce living standards and you have to actually impose austerity what about the g twenty then where does that fit in but doesn't have a body of theory that is based on economic austerity for the rest of the world and a free lunch for the united states u.s. president barack obama will meet with chinese leaders to jintao on the sidelines of this summit and one of the main issues the u.s. has been pressing for is for china to revalue its currency saying that it's been undervalued its currency to boost exports can the u.s. even make this argument big fiction is that the united states balance of payments is caused by trade deficit is caused by a capital outflow of money managers here putting their money abroad and the military deficit. china says look we've been financing your budget deficit with our

two and a half trillion dollars of foreign exchange you're spending your budget deficit on military bases to ring us around to take aggressive action against us to put your spy planes for they bump into our spy planes to. interfere in our waters you want us to pay for your military budget threaten to make us do what you want us to do you must be crazy what leverage does the us even have it's the largest debtor nation in the world china is the largest creditor nation in the world the us relies on china to finance its fourteen trillion dollar debt how does president obama have any leverage that's the problem obama doesn't really have any leverage at all because he needs the favor from china and from other countries from brazil from. russia from india saying please accept our ious our paper dollars even though we have no way of paying for it and even though we can never pay off these steps

please accept them and let us buy out your real estate and your companies with dollars that will never repay that's what he's asking for there is not very much leverage in that position and the question is how you can wrap it in a nice way and america can talk let's talk about how we can have equilibrium in other countries can say you're not in equilibrium yourself you america are the cause of our disequilibrium why don't you do what you've told us to do the i.m.f. tells other countries raise your interest rates if you have a deficit so off your industry privatized if you have a deficit china is treating the u.s. dollar reserves that has like a hot potato how do they get rid of them they wanted to do two things first of all they wanted to reciprocate and buy u.s. companies just as us wanted to buy china the u.s. as we will not let you buy filling stations here or refineries you can't buy in america we can buy and you. you can't buy in america you have foreign takeovers all

the time of u.s. companies but their european takeovers or their takeovers by friendly so obviously america views china as a potential enemy which is what it is on the pentagon's list of strategic enemies so why should china finance america's military spending around it that's what the dollars are worth being thrown off american storing all of these dollars in iraq in . afghanistan in japan in its bases around the world that's what the deficit is and that's what the u.s. isn't talking about that's what they're talking about in china because when i go to china and top officials there we talk about is the u.s. hypocritical in its dealings with china when it doesn't even talk about quantitative easing well let's printing trillions of dollars the u.s. is benefited from what is in effect a double standard because of the dollar standard the u.s. debt is other people's asset when you. when you spend more than you.

get the other countries end up with the dollars the united states is the only country which has run a balance of payments deficit and has not raised its interest rate and has not raised its taxes and now this is something that you also dealt with in your book super imperialism that the u.s. has been able to get other countries to finance its debt to centrally finance its wars the fifty percent of its discretionary budget that is devoted to defense how has the u.s. maintained it happened largely by inertia after world war two the united states had most of the world's gold and by one nine hundred fifty the united states had eighty percent of the world's gold stock so the dollar was as good as gold other countries begin to accumulate dollars because until nine hundred seventy one they could exchange them for gold once the united states start converting the dollars into gold people really didn't have enough of a foreign currency all the. foreign reserve there is no way in the world that

america can ever pay the foreign government debt that it owes because it's running a military deficit a capital account deficit and a trade deficit so what is the point of any country holding more dollars in the central bank if it can never get paid and there's a basic mathematical principle that can't be paid won't be so other countries are trying to prevent getting more dollars and other trying to circumvent the dollar that's why in the last month china has negotiated currency swaps with turkey india brazil malaysia russia that's what the meetings and we. were last year in russia to make the bric countries with their. associated countries such as iran and the shanghai cooperation organization operate without using the dollars so the effect of quantitative easing by the fed is to turn the dollar into

a pariah currency that everybody's trying to avoid because nobody wants them you can't use them to invest in the united states because of the nationalism here other countries don't want dollars what is the point of accepting more dollars so then what is the future of the u.s. dollar as the reserve currency it means that it's finished other countries and basically all the countries at the g twenty meeting that are coming up in korea realize that the dollars over the question is how do you bury it in a way that is polite you want to do it slowly you don't want to do it suddenly but very politely they'll to the u.s. your time is over and what does this mean for the future of the u.s. as a global power slowly shrink because how can it. support its military bases abroad if nobody will accept that stars how can it import from other countries that people won't accept dollars in excess of what the united states earns the united states. won't be able to buy other or invest in other countries abroad because the

countries will not let other american or other investors using dollars by their domestic currency to pay for exports or to pay salaries of these companies so essentially the dollar will be a paper currency that can't be used so the irony of this is that the federal reserve in order to save banks that got into trouble by running crooked dishonest operations to save these banks they're sacrificing america's position in the world and when does this all come to a head in korea. meetings i want to thank you so much for talking to us about this but it's been a real pleasure thank you very much for having me on your show. to

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t.v. dot com. on . morning news today violence is once again flared up. these are the images being from the streets of canada asked. china operations or on the day.

the side effects of the vietnam war raging on destroying thousands of lives with many vietnamese saying no amount of us compensation can give them back to or else the american army sprayed some twenty million gallons of a poisonous herbicide causing deaths as well as birth defects. trying to get some competition as a bogeyman was washington using the start treaty to make moscow the new scapegoat in town negotiators of the arms deal warned the smear campaign could become

destructive to the ratification and the relationship between the two countries. palestinians are making it marking international day against a wall by demanding israel breaks of barrier with a palestinian west bank but some locals are making money out of the separation israeli companies are using the site as a tourist attraction and organizing tours showcasing the five hundred kilometer long wall. as we had allies here in r.t. time now for sports update with kate. hello welcome to the sports news and these are the top stories. moving on up saturday corner like us toward the ninety fourth minute equaliser to see rubin rise to second after drawing water spartak moscow in the russian premier league. while forging ahead ralphie athletico to nailing the madrid don't be too nice boss only

by one point at the top of the league at. bowing out twelve record holder a highly capper selassie stuns the running world by announcing his retirement after dropping out of the new york marathon. first of all and robin have risen to second in the russian premier league after last draw time to spartak moscow the league's leading scorer of allison took his goals tally to eighteen after open for the visitors after forty one minutes and spot sacked luke sets to be taking all three points on saturday conan and equalized in the false minutes of stoppage time that snatched a point for the higher side for their ten stores a season which moves the one place to second a one point about. tax day falls in the right league places. and now where rail madrid have maintained their eleven year unbeaten record against athletico woodridge with a to know him victory in lego i'd let it go remain without a victory against the city rivals since nine hundred ninety nine yet to lose in the league so far this season two first off goal sealed the win for jos a marine years

man because i've been thirteen minutes in to receive a pimple on the side the box these in the center. and six minutes later germany midfielder mesut ozil netted a free kick which victory in the capital dog israel retained a one point lead over bosler not at the top of the table. for me was telling my own boss i came to a three one victory against the traffic. little risky twenty seven minutes. and ten minutes later david vera ran through to double that as it is read. i. am after the break awesome eighty three now after exploiting a dreadful mistake from taffy's defense. school board this time. i got to twenty minutes ago gerard piqué was penalized for handball in the area and

perceived a second yellow card. to tap a call to go back to. school and the resulting penalty yet that was as much of a fight back as the home side to the masters that finished three one to barcelona the catalan side a one point behind leaders way out after ten games. for we are now and sebastian vettel led mark webber to a red bull want to win the brazilian grand prix to take the world title fights to the final race of the season in abu dhabi while red bull clinched the constructors' championship for the first time that all took the lead at the first corner and cruised to victory in sight how like whether you are second ahead of the alonzo or ferrari he retains the championship lead there is hamilton of mclaren this force the defending champion jenson button sis red bull's finish represented a strong comeback for the team after failing to take any points the previous race in korea. i think it was the right answer for for all the people to come back here

never mind what happened in korea just stay focused and the whole team you know pulling on one string and getting us both up here one two and getting there is a construct a championship one race before the end. so a quick look at the driver standings reveals a thrilling finale is in store in abu dabi with theoretically four drivers can still take the title first place alone so to finish and can afford to finish second in abu dabi and still take the crowd if webber wins all he could finish full. and clinch the title to settle wins the race how often retains only a slim mathematical chance he's twenty three points adrift of alonso and would need all of his rivals type disastrous races to win a second drivers' class while his place but can also retain his title. mass and world record holder haile gebrselassie has announced his retirement from athletics with thirty seven year old ethiopian made the announcement after dropping out of his first new york martin after sixteen miles when a injury the two time olympic champion said imagine

a world record of two hours three races and fifty nine seconds in berlin in two thousand and eight he set twenty seven world best a tool title since ninety ninety three ranging of distance from the fifteen hundred meters up to the maris them but he had fluid and tendonitis in his knee and was unable to finish a new all this give the matter one the race on his first mouth an attempt after surging to kenya's emmanuel new type the mile to go finish in two hours nine minutes and fourteen seconds and that kid like out of kenya won the women's race in two house twenty eight minutes and twenty seconds. in tennis it's only have successfully defended their fed cup title by beating the usa in the finals italian squad had a commanding two male lead going into the second day after the singles matches however america's the media made it to one after stunning champion francesca schiavone in straight sets six three six one to keep the united states in the final

but in the second match flavia pennetta cruised past coco vander vega also in a straight set after six one six two this weekend featured a three one victory to successfully defend their title the italians have now won the trophy three times in the last five years. moving to the n.f.l. and michael turner scored two touchdowns as the atlanta falcons beat the tampa bay buccaneers twenty seven twenty one to stay joined first in the n.f.c. south china took the balkans to half. fourteen male leads what about josh freeman the gaffes seventeen fourteen last time forty nine touchdown pass to spend. this fifty eight yarder to mike williams. but right as the second half free vince pass was intercepted by johnson but when i said if i get touched and passed michael promised his friends preschool and i'm up right field goal fulton's ahead twenty seven fourteen but back came the box ensuring kickoff in except.

in quite a spell it picked up the bouncing ball. and ran into nine yards a touchdown but again i did game of it. twenty seven twenty one. three even then guided to tampa bay drives that reach the atlantic city lights they couldn't stretch across for a first down in the fourth and run at the clock for the. let's take a look at the other results where at once every tampa bay on the right twenty seven twenty one baltimore were also away winners at miami new orleans and the new york jets pledged and victories. elsewhere san diego defeated houston twenty nine twenty three while the new york giants a trashy atl forty one seven oakland needed overtime to time at twenty four twenty when either kansas city companies altogether games are on your screen. now with

less than two years to go into the olympic games in london remaining has become the latest nation to sign a sports agreement with russia russia's national limpet committee president alexander zuckoff met his remaining counterpart mari ari and the two countries have pledged to uphold common international policies it is maintaining cooperation in areas like training process is the sports science as part of the four year agreement so i think. we share a common common past. but it is something we need to treasure that is something we need to appreciate but i think we which is most important we have a common future. we have a longstanding friendly ties with remain athletes and coaches today we signed an agreement on holding joint training sessions and events i think that these days there are many kinds of sports remaining here that can be of great interest for russia. finally russia's sports boss is a king for the sport

a calling to dominate the next one gangs in sochi and as the sport is falling into the country the national olympic committee has turned to canada for expense health care points he says five. curling is traditionally popular in countries like canada switzerland sweden and denmark to name just a few and it's been that way there for hundreds of years however in russia which has had the same weather to record this as those countries all along the sport of curling has somehow failed to reach the masses a fact which has been considered and major disadvantage especially ahead of the next home winter olympics but russian sports authorities are aiming for nothing less than to defy the odds of the next winter games and have formed an experimental national team which includes a coach and players from canada i think what has to happen here is you have to get fresh on the forefront if you have a real competition and that even after the woman question thank you let me say that

it's definitely that people come to the rights of women girls to start playing really so i think that has seen its nation with them and if we can get the men where they qualify into the world and european championships playing at the world level and start showing some results at the world level it will def take the sport up that much it will probably be a long while before the russians can embrace curling as a favorite sport or even pastime as has happened with bowling for example but first things first the country's national squads need to stake a claim on the international curling circuit while the ladies team has already started making a name for itself the men's side is definitely lacking both in results and recognition it was hoped they invited canadian curlers would raise the level of russia's domestic competitions and that's already happening according to paddy woodbridge but the players themselves are ready to go the extra mile to. the team and become naturalized citizens of russia to realize they're in big dreams if we're

fortunate enough to go in the off chance to go i mean we'd be all too willing to make if it works make it happen you know when you're on a team you spend so much time train together and then you know together with and with aleck's an alexander we know it would mean the world to them to get to you know represent by shana international competition if we can help them do that that would not for us human resources is just one of the it's the goals that needs to be overcome and routes olympic glory suitable infrastructure for curling is the next hurdle which will be at sac old head on by russia sport bosses and according to hans what ridge the chief ice maker at the vancouver olympics now hired by the russian olympic committee the success of curling is possible in russia sport will get more popular ask us time goes on you know like in canada we have over one million up to students. it's just going to grow to more it's going to grow you can have steak could england have wheelchair curling you can have all kinds of things that all that are new so you you will have you just need some of these and maybe

they sneakers and you need people that do precise move even though occurring in russia at the moment is under developed to say the least the country's national teams are expected to deliver a good result at the winter and of big games in sochi and those home games in the year twenty fourteen could become the necessary catalyst for the advancement of this so far exotic sport in the biggest country on earth or among costs or of artsy . and that's all the sports news i think.

the side effects of the vietnam war raging on destroying thousands of lives with many vietnamese saying no amount of us compensation could give them back their health. china get some competition as opposed to man with washington using the start treaty to make moscow the new scapegoat in town. and palestinians are marking international day against the wall demanding israel breaks barrier with

a palestinian west bank and some locals are making money out of the separation. watching r.t. coming to live from moscow nine am here on marina joshie welcome to the program the vietnam war may be long over but its deadly legacy still lingers on millions of people works post to agent orange a poisonous herbicide used by the us military it killed hundreds of thousands and is still causing birth defects decades after the end of the fighting you may find some of the images in cartoon as are his report the starving. vietnam maybe one of only five socialist states in the world but its economic progress is notable business is booming hirees offices sprout up everywhere and the people have opportunities to improve their lives.