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 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 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 they're building. the real estate companies their currency and

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 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 economics or plus 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 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 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 leverage 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 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 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 us dollar reserves it 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 us companies just as us wanted by china the us as we will not let you by filling stations here or refineries you can't buy in america we can buy a new. 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 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 off 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 top 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. 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. maintain this 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 to hold and. foreign reserves 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 they're 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. 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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headlines here on r.t. the u.s. is accused of fear mongering as critics say china. to divert attention from domestic failings. says washington is playing on people's ignorance son risking a trade war with. global pressure. on its seven hundred kilometer wall in the west bank.

as. the segregation. in the vietnam war may have officially ended thirty five years ago but the suffering a rages on hundreds of thousands of vietnamese children born with defects the. time now for the sports with kate. i resent you for joining me for this is what's coming up. i'll decide as it isn't a stopper packer wednesday's crunch top of the table battle in the russian premier league. while european and vicious top men and sunderland do battling one of two matches in england choose a fifth place the target for the it is. on strike fast we have twenty three goals

from an action week twenty seven in the russian premier league. and so we start with local and since the beaches bag and prepare for wednesday's crunch battle at the stadium which could effectively decide the russian premier league title so that have lost just one day all season and of just four points from lifting the league trophy however that goal difference of plus thirty seven means that victory over taste that would effectively give them the title meanwhile the third place moscow side on nine points behind the hosts a must win to realistically keep any kind of play might have a lie. and a quick look at the table confirms all this along with the tussle for the second automatic champions league spot between ties andrew being spotted moscow are in the strongest position to confirm the europa league spot spot on the committee fighting it out for the second one and at the bottom the last two sides get relegated sybian staring relegation in the face at the moment they have only the slimmest chance of

staying up who would join them because theoretically any one of the eight sides about them. all on monday reveals title hopes that evaporated after a one one draw attention span to moscow this just took them each just before half time the week's top score of ellison made his personal tally eighteen for the season in which the defense which i find it was an absolute spot then decided to defend their lead and the time it takes a. to be paying off but four minutes into injury time setting i call the lanka if i make wiser as or so in the table the doormats heart attack a fourth time to stand there will be one second mr eight points behind senate i and in the english premier league tottenham has sunderland with this place up for grabs in the second of two matches on tuesday evening sun striker darren bent is rolled out of this one with injury this is the charge against his former club spurs are looking to recover that domestic form after losing forty one bolton on saturday

in a slightly earlier game bamiyan travels to stake his manager tony pulis would like to see a league table of at least the process boss believes his side have suffered from some bad decisions recently and thinks his idea would benefit everyone. well 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 and you know there's three clubs promoted three clubs relegated at the end of the season you know that the premier league clubs put them action on three referees three we've been deemed to be the poorest referees actually drop the premiership go to the championship three past 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. i mean while i are in spain severe up to six in the table after to know how i went over ten

thousand balance the on monday night so a look to bounce back after a crushing five mill defeat at the hands of boss allowed out and given the extra vantage point measurements topass this red carded after twenty five minutes that found nothing to set us. but today i have to wait until the second half for that first goal because there as we've recovered from the earlier incident around the length of the pitch. lance's defense backed off and backed off and even with a severs shot or saved. about and he did it was on hand to knock in the rebound. and it just over ten minutes left a one hundred out farther to the second to be an eye level on points with palencia just a fifth on goal difference. moving to america and in the n.f.l. the pittsburgh steelers have moved level with baltimore at the top of the a.f.c. north of the holding of a fierce fight back from divisional rival cincinnati to win twenty seven twenty one the steelers won twenty points up to twenty seven seven for the bengals battled

back to fourth quarter touchdowns and are six in two in the division cincinnati a bottom topping out of five games in the right to play him all the dallas cowboys have five coach wade phillips four in the team's heavy forty five seven defeat to green bay that was their fist defeat in a row and only one once in a match is on to something they were stumped since ninety nine fences coach jason garrett 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 the club. we also clearly understand we're not where we want to be it is time imagine understatement. staying in the states and in the n.b.a. dwight howard worked his magic to lead orlando ninety three eighty nine the center court in a solid twenty seven points also picking up eleven league night however it was

atlanta who made the strongest start rushing to a thirteen point lead in the first quarter but they failed to hold on to that advantage and a solitary basket separating the team heading into the final quarter. turned out to be the hero for the magic late in the game some very timely lay ups himself continue to take the form against atlanta. and elsewhere things on the road for the san antonio spurs on the golden state warriors chicago and narrow windows over denver at home to zach randolph posted twenty three points and twenty rebounds as mentors in phoenix and dallas and boston also on the record is now five game winning streak. added while that's happening in america allen iverson is in europe the former n.b.a. star has finally arrived in turkey to join his new side was shipped ash eleven time all star player was originally shadowed to fly in on saturday so there were probably fewer founds than you'd expect to greet him at the ataturk airport in

istanbul iverson has signed a two year deal with the turkish outfit worth reporting four million u.s. dollars he's now thirty five and failed to land a deal in his native america for the new n.b.a. season but he could become the shot in the arm a shit tash need to train their first domestic title in thirty five years. now russia's women's volleyball team have taken a big step towards retaining their world crown they beat serbia in straight sets of the world championships to book a place in the semifinals a game early that was not just eight when eight games in the group stages brazil are the only other team with a perfect record so far russia face host japan in their final pregame but whatever happens. when a state already done enough to last for appearance. and finally while we wait in anticipation for the big top of the table match between senate and taste on wednesday let's look back at the rest of the twenty three goals that were scored in the russian premier league this weekend so here it is it's goals galore.

live . live . live

live. live live. live

. cut. and that's all the sports but we'll be back in just under two hours with another update the weather is next by finance for.

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has been seeing from the streets of canada. china corporations are today.

enemies everywhere the u.s. is accused of fear mongering as critics say china and russia being badmouthed to divert attention from domestic failing. to progress as the world renews pressure on israel to tear down his west bank wolf we look at how samawa cashing in on the segregation. and the suffering is a far from over hundreds of thousands of vietnamese children whose lives have been

wrecked by agent orange toxic chemical used by the us decades ago. while lottie is coming to you live from moscow welcome to the program a fear of all things chinese spreading through the u.s. is being blamed on rhetoric whipped up in washington some officials warn america is risking a trade war with its biggest creditor if it keeps portraying beijing as an enemy but as he is gone a church account reports china is not the only country the u.s. is casting as opposed to. 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 trying to do something close to hatred is being from the way to get china here to the point.