dr michael hudson is every now and 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 economic strategy 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 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 be value of 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 their buildings their real estate.

companies their currency. sensually you have. his 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 all there is 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 to still thereby giving more voting power to emerging nations as 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 get a megaphone 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 only 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 essential impose austerity what about the g twenty then where does that fit in that 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 but 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 to threaten us to make us do what you want us to do you must be crazy what leverage does the u.s. 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 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 iow use 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's not very much leverage in that position and when the question is how you can wrap it in a nice way and america can talk less about 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. says 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. foreign takeovers all the

time of u.s. companies but their european takeovers or their takeovers by friendly's so obviously america views china as a potential enemy which is what it is on the pentagon's list of strategic anime's so why should china finance america's military spending around it that's what the dollars are worth are being thrown off american storing all of these dollars in iraq 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 talk to the officials there so we talk about is the u.s. hypocritical in its dealings with china when it doesn't even talk about quantitative easing well it'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 than 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 has and has not raised its taxes 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 that fifty percent of its discretionary budget 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 the one nine hundred fifty the united states said eighty percent of the world's gold stock so the dollar was as good as gold other countries begin to accumulate dollars because until one thousand nine hundred eighty 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 to hold in their foreign reserves there's a. 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 the rainbird 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 it 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 in. buy other bonds 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. twenty 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.

a moment when the world has changed forever. thousands pounced to nothingness. thousands wounded. nurse. to suffer today. it was the first but probably not the landstuhl military uses of this weapon. many more will me come. children in the common get on in the future. holidaymaker them wouldn't dare to swim so deep. a tourist would be scared of such cold water. and would never die if

nothing was in an arm's reach. they are not to lists we are researchers. and feel worse on land than in deep water. in india g.'s available in the grand central shirts of the. polish

president was sure that they would result beatriz old. taj mahal hotel is the center of her to. go to. the meridian to lead up to the hotel's church in new delhi who took the most babyhood to her introduction remote a close a deal on the maiden's hotel. paul. robeson shift. but they promised. the side effects of yet now war are raging on destroying thousands of lives with many vietnamese saying no amount of us compensation can give them back their health and an army sprayed some twenty million gallons of a poisonous herbicide causing deaths as well as birth defects. china gets some competition as a man with washington using the start treaty to make moscow the new scapegoat in town. the arms deal warned the smear campaign can become destructive to the

ratification and the relationship between the two countries. the palestinians are marking international day of the wall by demanding israel breaks its barrier with analyse and west bank but some locals are making money out of the separation israeli companies are using the side as a tourist attraction and organizing tourist showcasing the five hundred kilometer along. those with top stories here in our team right now it's time for a sports update with andrew don't go away. hello there thanks for watching the sport and this is what is coming up. slipping away your rubin's title how you vanish after scraping a point against bob mosca. so change dallas x. day job that i would start over twenty days in the n.f.l.

. wallace outbreaks will be back from injury in time for the season ending finale in london. first the football world rubin have all but seen that title hopes evaporator after a one one draw with spartak moscow last night a stoppage time equalized for the design side gave them a point but it's a neat match have the chance to be crowned league champions on wednesday took the lead just before half time in the league's top scorer velux and finished off the defense spending passed by predators if it. is not a day to go so far. then decided to defend that late in the tactics that the paying off before minutes into injury time so he could malenka headed in the equaliser the draw means sparhawk off behind ts and even though to be their second best the right place behind me does anything to do with title on wednesday should they be at the tribes stadium. in spain severe six in the table there after to know when i have

a ten man valencia on monday night severe looking to bounce back after a crushing five neil defeated the hands of barcelona and were given yet from an advantage by matt papa was red carded after twenty five minutes for that father martin to set it. the severe had to wait until the second half to death to. the status recovered from my running around on the pitch that run the length of the page and then sees the fans backing off and backing off and even though his shot was side of it in the greater. i was on hand to knock in the rain bank just over ten minutes left i'll handle far i got the second so they're now level then on points with the lengths you stay on gulf difference in the english premier league spurs take on sunderland the saving at white hart lane sunderland strike it down then go down to this one with injury time missing the chance of playing against his former club spurs looking to recover their domestic forms part to defeat the bolton of the weekend weekend while in the other game birmingham travel to stoke his

manager tony pulis one seventy table of referees he believes his side have suffered from some bad decisions recently on things his idea would help. or i'd like to see . this system put in place where every club in the premiership actually has one vote every year on the performances of referees you know those three clubs promoted three clubs relegated at the end of the season you know the premier league clubs put them out c m three referees three we've been deemed to be the poorest referees actually drop the premiership go to the championship three press referees in the championship come up so they are a responsibility that not only to the big clubs but also to the smaller clubs because the smaller clubs will get the same vote as the bigger clubs interesting idea now let's catch up with action from the states where the pittsburgh steelers have moved level with baltimore at the top of the a.f.c.

north and after holding off a fierce fight back from divisional rival cincinnati to win twenty seven twenty one the steelers but i did point out that twenty seven seven before the bengals battled back with two fourth quarter touchdown to pittsburgh a six and to win the division by the bengals a bottom having now lost five games in a row meanwhile the dallas cowboys have fired coach wade phillips following the taint heavy forty five seven defeat to green bay that was their fifth defeat on the banks they've only won one thousand eight matches in the suffering their worst start since nine hundred eighty nine offensive coaches. jason garrett takes charge . obviously this is a very difficult decision from a team and our organization. we're grateful to wade and his contributions to the cowboys leading to two division titles in his first three seasons with club we also clearly understand we're not where we want to be that's an understatement. in tennis there's been

a happy day for the home crowd in paris with a couple of local heroes reaching ramsi with the final masters event of the season it was a tough opening battle for veteran on a clermont against spaniard for the channel lopez the thirty two year old lost the first set on a close tie break before winning the second one which also went banks of wire and gain momentum in a decided taking a six three to wrap up the match in a grueling two hours and forty minutes. former world number seven richard ghastly also had to work hard for his place in the second man for a french nicklaus moho proving a tough nut to crack as he caught his way back into the match despite conceding while only a tie break could separate the two in the decider the gas guy eventually converting his fifth match point four five seven six four seven six when. i. was a walk in the park for radek stepanek the czech needing less than fifteen minutes to steamroller michael russell of the usa as he seal the deal with his base number

eight sixty six love the final score in that way. and respect this is the man hit the ball just long at match point down to hand benjamin becker of germany a six four six four win a steam indeed challenge the call but the hawkeye technology side even back at the next spaces local favorite game won't face in round two. one conspicuous absence say from the paris line of his world number one rafael nadal. the spaniard opted to sit out the tormentor rest assured her injuries but is hoping to be fit for the a.t.p. tour finals kicking off next week with our spearheading a strong field. with warmer you can you can go and practice. so i. hope you will be ready for a problem now russia's women's volleyball team have taken a big step towards retaining their world cran they beaten serbia in straight sets

at the world championships to book a place in the semifinals a game that was russia's i mean eight in the group stages brazil being the only other perfect team so far russia. in their final three game but whatever happens on wednesday they've already done enough to place in the last four. of them to them meanwhile with less than two years to go until you can pick gains in london remaining has become the latest nation to sign a sports partnership agreement with russia russia's national olympic committee president alexander as you call met his remaining can't part of more all of you and the two countries have pledged to uphold common international policies as well as maintaining cooperation in areas like training techniques and sports science as part of a four year agreement. i think. we share a common common past. but it is something we need to treasure that is something we need to. 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 remain here that can be of great interest for russia . so let's hope it pays off my finally the marathon world record holder haley garber selassie has announced his retirement from athletics the thirty seven year old ethiopian may be emotional and smith after dropping out of his first new york marathon after sixteen miles with me injury the two time olympic champion set the american world record of two hours reading some fifty nine seconds in berlin in two thousand and eight the sept twenty seventh world best seen claimed eight world title since ninety nine thousand three ranging in distance from the one thousand five hundred meters to the american but he had fluid and tendonitis in his knee and

was unable to finish this compact with gabby gabby many and won the race on his first marathon and after searching here and in manual mode tie the mile to go to finish in two hours now i meet some forty seconds. of kenya won the women's race in two hours twenty eight minutes and twenty seconds i have no discussion with. anybody but i discuss with my. spitter to stop here. i never think about to retire but for first time. this is the day let me stop and do other work after this let me do. the job let me give a chance for the youngsters. nor just for the youngsters when i know. it's hard to meet our duty

because you know i want to swear to god i want to thank all of you start seeing again now that is all the sport for the moment more but later on. would be soon which brightened a few moments from finest impressions. from the stunts on t.v. come. download the official antti of location on the phone oh i pod

touch from the i choose ops to. life on the go. see video on demand ati's minefield costs and says feeds now in the palm of your. questions on the dot com. holidaymaker who wouldn't dare to swim so deep. a tourist would be scared of such cold water. and would never die if nothing within arm's reach. they are not to lists they are researchers. and film wars on land then in deep water. where some lives is just

a parliament building in. them. sixty five years ago. it was the final target a. major offensive from the red army. its country became the symbol on the fall of the financial tsunami. and the victory over nazi germany. the follow. on r.g.p. .

the side effects of the vietnam war are raging on destroying thousands of lives with many vietnamese saying no amount of us compensation can give them back their health. china gets some competition as a bogeyman with washington using the start treaty to make moscow new scapegoat and town. and palestinians are marking international day against the wall demanding israel breaks its barrier with a palestinian west bank but some locals are making money out of the separate.

eleven am in the russian capital on marina josh you're watching r t thanks for joining us out of yet now war may be long over but it's deadly legacy still lingers on millions of people were exposed to agent orange a poisonous herbicide used by the u.s. military it killed hundreds of thousands and is still causing birth defects decades after the end of the fighting you may find some images in country as our was a report of the starving. vietnam maybe one of the 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 but down thousands of vietnamese struggle and not financial reasons.