and speaks to r.c.s. lauren last. 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 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 sort of and 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 the 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. the 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 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 refine 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 essentially 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 the 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 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'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 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've 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 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 it's bases around the world that's what the deficit is and that's what the u.s. isn't talking about but 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 while it's printing trillions of dollars the u.s. has 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 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 yeah catherine berg were last year in russia to make the bric countries with their. associated countries such as a ram in 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 bombs 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 eight 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.

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the u.s. is accused. critics say china and russia. to divert attention from domestic failings. michael bloomberg says washington is playing on people's ignorance. with. international day against the wall. some one hundred in the west bank. for security palestinians living under.

thirty five years ago. hundreds of thousands. of. us used to destroy. those were the top stories this hour the latest from the world of sports with. hello there welcome to the sport and this is what is coming up. slipping away you do beans todd i hope so but michel to scraping the points against that moscow. club all changed on us i expect that would stop braver twenty gays in the n.f.l.

. football but they will be back from injury in time the season ending finale in london. by the football where rubin have all but seen that title hopes evaporate after a one one draw with spot at moscow last night a stoppage time equaliser for the kids and side gave them a point but 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 looking pos by fairly busy since he's netted a. spotlight then decided to defend that late in the time to excellent playing off the ball minutes into injury time sit com olenka headed home the equaliser to draw a fourth behind ts and even though to be second still i find these any you could steal a title on wednesday she begged pete to use the patrols he stayed. up

until he won in spain survey i t six in the table there after to know when i have a ten man blend see a monday night severe looking to bounce back after a crushing five you'll defeat at the hands of boston give me extra money advantage when i had it was red hot it off the twenty five minutes of the change the status but so white into the second half that because that is the public from him. the rolling around on the floor to run the length of it and then see the bank the back yard and even though that is the say i was knocking. on the just over ten minutes left the other hand i also got the second city and now level on points with the n.c. state the difference. in the english premier league spurs take on sunderland the saving at white hart lane sunderland striker down bentley soledad this one with

injury say missing his chance to playing against his former club spurs looking to recover their domestic form after defeats to bolton at the weekend while any other travel to stoke his manager tony pulis one sunday table have referees he believes his side have suffered from some bad decisions recently and things like this 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 and 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 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 with two fourth quarter touchdowns pittsburgh 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 things having forty five seventy feet to green by that was that fifty feet on the banks they've only won once the night matches and the suffering that worse since nine hundred eighty nine offensive jason garrett 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 a thirteen point lead in the first quarter but failed to hold on to a bad advantage under so separated teams heading into the final quarter vince carter turning out to be defeated for the magic in the game he sank a couple of very timely lay ups to help the team with the world 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 rebounds is memphis big phoenix and dallas edged boston also one

home caught the snap there by 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 ticket 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 with 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 game ninety minute decided taking it six three to wrap up the match to out too many. mobile number seven richard cascade 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 while 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 contrasts it was a walk in the park to radek stepanek the czech needing less than fifteen minutes to steamroller michael russell of the usa see sealed the deal because it's number eight sixty six love the final score in this one. respect 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 their next space is local favorite face in round two. one conspicuous absentee from the paris line it is world number one rafael nadal the spaniard opted to see the two meet up in the ninety's 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 in the london showpiece of thanks i. move warmer you can. go on. to lower. the roof or problem the rushes women's volleyball team have taken a big step towards retaining their world crime 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. i lost for parents meanwhile with less than two years to go into gangs in london remain here 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 the remaining 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 support to remain here that can be of great interest for russia. i mean i'm funny tiger woods has arrived in australia to defend the last title he won before was infamous sex scandal he touched down in his private jets in melbourne on cheese day hoping to retire in your stride the masses tired looking one last year just weeks before the car accident that spot the revelations about his private life life since then he's lost his world number one status and still hasn't won this year and have to play a lot better than he did at the weekend the world number two came last in a one day students competition in thailand one paul thanks to that neat approach can really feel gus won it day beating paul casey and. chip off the winning outfit palumbi. so that brings you up to date so we've got more sport fewer bit likes are .

hungry for the full story we've gone to. the biggest issues get the cuban voice face to face with the news makers. to be curbed wouldn't dare to swim so deep. tourists would be scared of such cold water. and would never die. within a. year not just the researchers. and few words online. you can keep walking.

all. in moscow she's available in hotels.

list it is called us hotel. in the city. as it can. be struck for us to become a hotel. enemies everywhere the us is accused of fear mongering as critics say china and russia being. attention from domestic failings. to progress the pressure on israel to ted. wall. cashing in on the. suffering is far from over for hundreds of thousands of vietnamese children who are still struggling from the effects of

a poisonous used by the u.s. decades ago. global news twenty four seven this is the life from moscow a fear of all things chinese spreading through the u.s. is being blamed on top in washington some officials warn risking a trade war with its biggest critic if it keeps pushing beijing as an enemy but. reports china is not the only country the u.s. is casting as opposed. when the economy's bad unemployment higher i blame china many u.s. politicians use that tactic to get elected this year maybe you ought to run for senate trying something close to hatred is being promoted.