weakening the greenback u.s. economist michael hudson says the meeting in seoul will not bring an end to the global currency wars. 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 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 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 a 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 or build. real estate companies their currency and sensually you have. to the 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 are 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 that i am a philosophy is a very pro-u.s. philosophy only united states has 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 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 who 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 to threaten us 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 left bridge well 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 when the question is how you can wrap it in a nice way and america can talk let's 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 us 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 us companies just as us wanted by 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 have 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 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 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 century 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 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 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 all. and therefore in reserve there's 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 dollars 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 rain bird 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 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

swim so deep or. terrorist would be scared of such. would never. look in the. water.

if you. still. these stunts on t.v. . news today. these are the images cold world has been seeing from the streets of canada. china corporations are all day.

he. could do to the ratification. of.

the separation. with many. more stories in about fifteen minutes but now it's time for the sports. color that well into the sport and this is what is coming up. slipping away you do beans top one hundred two books on a shelf to scraping a point against but that moscow. all changed their coach off that

would stop braver twenty gays in the n.f.l. . while ago but they will be back from injury in time this season and the finale in london. by the football where rubin how the title hopes evaporate after a one one draw with moscow last night a stoppage time equaliser for the kids and side gave them a point but the need now have the chance to be crowned league champions on wednesday. just before half time when the league's top scorer of ellison finished off the defense splitting pos by fairly busy to see how he's going to go so far spotlight then decided to defend that late in the time to be playing off the ball minutes into injury time sygate headed home the equaliser the drooling spot a fourth behind and even though to be second still i behind these any could steal

the title on wednesday she beat. at the patrols and stayed. up until the one in spain survey i see 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 you'll defeat at the hands of boston and i might give me extra money advantage when i had it was right caught it off the twenty five minutes of the stay in the set s. but severe so white into the second half that. that is the public from him. the rolling around on the floor to run and then to hit and then seize the bank by the back yard and even though the set is in the say but in the glade i was on the bank and they just gave it ten minutes left and a hundred off got the second city and now level on points with the banks yeah if they feel the difference. in the english premier league spurs take on sunderland

this evening at white hart lane sunderland striking down bentley pulled out of this one with injury say missing his chance of playing against his former club spurs looking to recover their domestic form after defeats to bolton at the weekend while any other game turning them travel to stay his manager tony pulis one sunday table have referees he believes his side have suffered from some bad decisions recently and things is i would help. all 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 and that'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 rivals cincinnati to win twenty seven twenty one the steelers were twenty points up at twenty seven seven before the bengals battled back to the fourth quarter touchdowns pittsburgh a six in to win the division while the bengals have bottom having now lost five games in a row meanwhile the dallas cowboys have fired. phillips following the team's heavy forty five seven defeat to green bay that was their fifth defeat on the banks they've only won once night matches and just suffered the worst start since nine hundred eighty nine offensive jason carroll now takes charge. obviously this is a very difficult decision from a tame and our organization. we're grateful to wade and his

contributions to the cowboys leading us to two division titles in his first three seasons with club. we also clearly understand we're not where we want to be. staying stateside and in the n.b.a. dwight howard worked his magic to lead orlando past atlanta ninety three points to eighty nine the center poured in a solid twenty seven points while also picking up eleven rebounds on the night however it was atlanta who got off to a stronger start the hawks rushing to thirteen point lead in the first quarter but failed to hold on to that advantage under so separate teams heading into the final quarter vince carter turning out to be to fear it for the magic in the game he sank a couple of very timely lay ups to help the home side continue their good will against atlanta. elsewhere were road wins for the san antonio spurs and the golden state warriors chicago their narrow win is over denver home zach randolph posted

twenty three points and twenty rebalances memphis big phoenix and dallas edged boston also on home court to stop their byes game winning streak. well that's what happened in america but all that is miles away now from allen iverson the former n.b.a. star has finally arrived in turkey to join his new side to shake this the eleven time all star player was originally showed to fly in on saturday so there were probably less fans than you'd expect to greet him at the airport in istanbul iverson had signed a two year deal with the turkish outfit worth a reported four million u.s. dollars he is thirty five and failed to land a deal in his native america for the new n.b.a. season but could become the shot in the arm to be chic this they're looking to claim their first domestic title thirty five years to tennis and it's been a happy day for the home crowd in paris with a couple of local heroes reaching round two with the final masters event of the season it was a tough opening battle for veteran arnaud clement 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 down. why gained momentum in a decided taking its sixth race to wrap up the match two hours and fourteen minute . walk for mobile number seven richard kaskade also had to work hard for his place in the second round but in french nicholas meyer who proving a tough nut to crack as he clawed his way back into the match despite conceding the one only a tie break could separate the two in the decider cascade benchley converting his fifth match point four five seven six four seven six when. i. think on drugs it was a walk in the park to radek stepanek the czech needing less than fifteen minutes to steamroller michael russell of the usa he sealed the deal because its number eight sixty six love the final score in this one. was back then the men hit the ball just

long matchpoint down to hamvention and back to germany a six four six four when these two men did challenge the call but the hawkeye technology sided with back neck spaces local favorite face in round two. one conspicuous absence a from the paris line it is world number one rafael nadal the spaniard opted to see the two meet up in itis in the shoulder but is hoping to be fit for the a.t.p. tour finals kicking off next week the dow spearheading a strong field the london showpiece of thanks i. move warmer you can. go on. to lower. the roof or when the fire rushes women's volleyball team have taken a big step towards retaining their world crown they've beaten serbia in straight sets at the world championships to book a place in the semifinals a game that was russia's eight win from eight in the group stages brazil being the

only other team so far russia face hosting and in their final group game but whatever happens on wednesday they've already done enough. a lost for parents meanwhile with less than two years to go into the gangs in london remain ia has become the latest nation to sign a sports partnership agreement with russia russia's national olympic committee president alexander to cough met his remaining counterpart in 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 degree but. 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 to remain here that can be of great interest for russia. and finally tiger woods has arrived in australia to defend the last title he won before it's infamous sex scandal he touched down in his private jet in melbourne on cheese day hoping to retain your stride the masses title he won last year just weeks before the car accident that sparked the revelations about his private life life since then he's lost his world number one status and still hasn't won this year have to play a lot better than he did at the weekend the world number two came last in the one day series competition in thailand one whole thanks to that neat approach can really feel gus won it day beating paul casey and. after chip off this a winning effort from the palumbi. so that brings you up to date so we've got more

sports you a bit later. more news today violence is once again flared up. these are the images the world has been seeing from the streets of canada. china corporations are today. download the official anti up location on the phone the i pod touch from the.

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china is being portrayed as the bogeyman for the u.s. but the nuclear nonproliferation treaty start is being used to paint moscow it was a was well. international day against the wall has palestinians rigged i think calls for israel to break its barrier with the west bank while others are cashing in on the separation. and the side effects of the vietnam war raging on

destroying thousands of luck with many vietnamese saying no amount of us compensation and ever give them back that. this is all to you coming to you live from moscow a very warm welcome to. an improvised a chinese a bogeyman is dawning on the u.s. thanks to a rising wave of sentiment in washington officials warn the portrayal of beijing as an enemy could spark a risky trade war with america's biggest creditor and his auntie's guy nature can reports it's not just china being used to spook the u.s. . when the economy's bad unemployment high blame china many u.s. politicians use the tactic to get elected this year maybe you ought to run for senate try something close to hey true.