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 devalue 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 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 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 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 wanted to do two things first of all they wanted to reciprocate and buy us companies just as us wanted to buy china the us as we will not let you buy 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's 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 that 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. 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 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. 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 they're 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 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 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 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 of fear mongering as critics say china and russia are being badmouthed to divert attention from domestic failings new york's mayor michael bloomberg says washington is playing on people's ignorance and listing a free born route b.j. . global pressure mounts on ease rail to tear down that seven hundred kilometer barrier in the west bank israel says it's for security but palestinians claim

they're living under upper third as others cash in on the segregation. of the vietnam war may have officially ended over thirty five years ago but the suffering rages on for hundreds of thousands of vietnamese children born with defects now these are the effects of agent orange a poisonous riverside which the u.s. used to destroy i can call to learn. more dues coming up in less than fifteen minutes after the sports update with kate. and i thank you for joining me for the sports news and here's what's coming up. title decider senator and for wednesday's crunch top of the table battle in the russian premier league. while european ambition has taught them and sunderland to do battle in one of two matches in england on tuesday with this place to target for

the windows. on strike we have all twenty three goals from an action packed week twenty seven in the russian privately. and so we start with local and citizen beat his bag and prepare for wednesday's crunch battle at the stadium which could effectively decide the russian primary title so not to have lost just one day old steven in the just four points from lifting the league trophy however with that goal difference of plus thirty seven means that victory over taste doubt 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 time they 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 andrew being last spotted moscow are in the strongest position to confirm the europa league spot spot on nothing much fighting the attack for the second one and at the bottom the last two sides get relegated

with sabean staring relegation in the face at the moment they have only the slimmest chance of stand up who would join them because theoretically any one of the eight sides about them. all on monday really has title hopes that evaporated after a one one draw at time just must guide 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 that ben decided to. defend their lead and the tactics looked to be paying off but four minutes into injury time saturday connie lanka if i make wiser as or so in the table the torments heart attack a fourth is going to stand there will be one second i start eight points behind cement i and in the english premier league taught them how sunderland with this place up for grabs in the second of two matches on tuesday evening sunderland striker darren bent is ruled out of this one with injury this is the chance against his former club spurs are looking to recover that mystic form after losing for two

adults on saturday in a slightly earlier game banning them travel 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 i think 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 their margin on 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 than me while

i are in spain severe up to six in the table after to know how when i've attended the n.c.a.a. on monday night so they look to bounce back after a crushing five nil defeat at the hands of barcelona and given the extra advantage when messmates topass red carded after twenty five minutes for that foul tempered seris i but i have to wait until the second half for that first goal i was there as we recovered from that earlier incident around the length of the pitch i wanted defense back toff. in fact. even with the settlers shot their saved. about in the day was on hand to walk in the rebound. and it just over ten minutes left at a hundred i was far better the second to be at my level on points with palencia just a fifth on goal difference. moving to america and in the n.f.l. the pittsburgh steelers have made 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 what twenty points up it's twenty seven seven for the bangles battled

back to full court touchdowns and are six in two in the division cincinnati a bottom topping out of five games in the right. meanwhile the dallas cowboys have five coach wade phillips following 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 going to soften the worst start since one thousand nine hundred six 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 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

centerport in a solid twenty seven points answer picking up eleven lead and moonlight 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 vince carter turned out to be the hero for the magic late in the game some very timely lay ups inside continue to perform against. and elsewhere it was on the right for the san antonio spurs on the golden state warriors chicago a narrow win us over denver at home to sack randolph posted twenty three points and twenty rebounds as mentors in phoenix and dallas and boston also on the record it's not a five game winning streak. out of all 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 were three forty 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 shock to the amish 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 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 i state it would be done enough and can last for appearance. and finally while we wait in anticipation for the big top of the table match between senate enticed on wednesday let's look back at the rest of the twenty three goals

that were scored in the russian primary this week and so here it is its goals go for live . live. live. live. live. live. live live

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

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clause a hotel in time to eat lunch as hotel time ambassador type e hotel full points and. the splendid hotel in touch with the hotel in touch of the future a good goal how an international house flood to change every hotel in.

weapons of mass distraction the u.s. is accused of feeding its people scare stories about russia and china to divert attention from fielders after home. as washington's rhetoric takes the risk of isolation look at the revolutions in george bush's memoirs to see what prompted america's widely criticized foreign policy. was attempts at recalls only

a should hit a brick wall as these rail refuses to take down its west bank barrier look at how some part cashing in on it. and how hundreds of thousands in vietnam are still suffering from birth defects decades after the u.s. used the toxic gas agent orange. we're watching r t nine pm here in moscow welcome to the program now a fear of all things chinese are spreading through the u.s. and it's 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 our. reports china is not the only country the u.s. is casting as a bogeyman.