her view as u.s. economist michael hudson speaks to artie's laurie listserver. 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 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. real estate companies their currency. sensually you have. his financial system and the banks acting as an army to raid foreign currency so 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 steal 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 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 impose austerity what about the g twenty then where does that fit in but 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 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 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 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'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 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 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 then other countries end up with a dollar is 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 the fifty percent of its discretionary budget that 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. in their 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 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. 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. tourists would be scared of such calls. and would never. want to.

on the t. dot com. more news today violence is once again flared up. these are the images cobol has been seeing from the streets and chant and asked. for a shelter obey. it .

the u.s. is accused of fear mongering critics say china and russia are being bad about to divert attention from domestic failings new york's mayor michael bloomberg says washington is playing with people's ignorance and risking a reborn weekly. global pressure. to tear down its seven hundred kilometer barrier in the west bank israel says it's for security but

posting his claim they're living apart they would as others cash in on the sudden creation. and 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 these are the effects of agent orange a poisonous herbicide which the u.s. uses to destroy agricultural learn. well you're up to date cate's here with all the latest sports news. hello welcome to the sports news thank you for joining a country where the top story is. titled decide it is theirs and prepare for wednesday's crunch top of the table bottle in the russian premier league. while strike fast we have all twenty three goals from an action packed week twenty seven

in the russian president. usually carries out its injured russian pulls out in paris and misses his chance to reach the world tour finals in london. so start with football as it is and petersburg and moscow prepare for wednesday's crunch battle at the portraits stadium which could effectively decide the russian premier league title so it's have lost just one game all season and just four points from lifting the early trophy however their goal difference of plus thirty seven means that victory over taste would effectively give them the title meanwhile the third place moscow side are nine points behind their hosts a must win to realistically keep any title hopes they might have a life. and a quick look at the table confirms all this along with the tussle for the second automatic champions league spot between being spartak moscow are in the strongest position to confirm are you great colleagues it's part of now jake and locke much fighting it out for the second round and at the bottom of the last two sides get

relegated with severe staring relegation in the face at the moment i have only the slightest chance of staying out could join them directly be any of the eight signs of them. meanwhile there are eight premier league matches in england on wednesday with the pick of the ties being the match to diabetes lens forced by his host city have been galvanized by it to know when it west brom on sunday and the return from injury of carlos tevez while second place united two one on saturday to go just two points behind leaders chelsea and those managers are anticipating a fierce battle. through the game between ourselves the city is one of the intensity that. is forging. try to achieve. and fight with the city so credible intensity. which you know the. ten fifteen years ago they know that now we are

a strong team i didn't that this is. changing in this moment we have very spread to four for united we are is but for for good because that job managing the war but we we understand that we can bet that them all is now. i think that will be a good game meanwhile over in spain severe up to six in the table after two nil home whenever ten mandolins here on monday night so a look to bounce back after a crushing five defeat at the hands of boss alona and given the extra man advantage and top his red card after twenty five minutes that found a multicast set as i sat so they have to wait until the second half their first goal sets we've recovered from that earlier incident around the length of the pitch after finance's defense backed off and backed off. even a serious shot or saved about

a megadose was on hand to lock in the rebound and with just over ten minutes left hander as far i get to the second severe and i level on points with balance here just a fifth on goal difference. i was a tennis and mccall usually will not feature in the a.t.p. world tour finals in london later this month after the russian was forced to return to an injury in the second round of the paris most as one seed youzhny was up against an s. goodness of latvia and lost the opening set six four and was tweel of down in the second when he was forced to pull at the russian was intense. in the a.t.p. finals race which takes the top players and needed to reach the final in paris to have any chance of qualifying. however fernando verdasco is through to round three as he came from a set down to beat on a claymore france three six six three six loves to boost his chances of qualifying for the london fire. and elsewhere david nalbandian his place in round two and the nation against british third seed andy murray after overcoming the challenge of

marseille gun owners of spain the argentinian made it just over an hour to wrap up make six three six one victory while his compatriot one will take home the second seed ams defending champion novak djokovic for a place in the third round after beating american sam querrey in straight sets seven six six two. 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 after holding off a fierce fight back from divisional rival cincinnati to win twenty seven twenty one the steelers were twenty points up twenty seven seven for the bengals battle back with two fourth quarter touchdowns pittsburgh and that was six and two in the division cincinnati a bottom having lost five games in a row. and meanwhile the dallas cowboys have fired coach wade phillips following the team's heavy forty five seven defeat to green bay that was their fist defeat in a row if only one once in eight matches and are suffering their worst start since one thousand nine hundred eighty nine offensive coach jason garrett that 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 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 at this time and that's an understatement. 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. book a place in the semifinals a game that was russia's eights win from eight games in the group stages brazil all the any other team with a perfect record snowfall russia faced japan in that final current game but it's whatever happens on wednesday they've already done enough to last for the parents. and finally while we wait in anticipation for the big top of the table match between senate and a wednesday let's look back at the rest of the twenty three goals that was scored

in the russian premier league this weekend so here it is his goals goal for.

and that's all the sports news for this bill isn't. so.

great for the full story we've gone to. the biggest issues get a human voice face to face with the news makers. download the official anti happily cation to your i phone or i pod touch from the i.q. exams to. which are teachers life on the go. video on demand parties my broadcasts and r.s.s.

feeds now in the palm of your. question on the t.v. dot com. the moment when the world has changed forever. thousands pounced to nothing. thousands wounded. to suffer today. it was the first but probably not the last military uses of this weapon. many morning will meet. children carmageddon in the future.

holidaymakers wouldn't dare to swim so deep. tourists would be scared of such cold water. and would never die if nothing

was in an arm's reach. they are not to say they are researchers. and feels worse on land than in deep water. in the. weapons of mass distraction the u.s. is accused of feeding its people scare stories about russia and china to divert attention from failures at home. as washington's rhetoric takes the roots of isolation look at the revolutions in george bush's memoirs to see what prompted america's widely criticized for policy. last time set revisitation hit a brick wall as israel refuses to take down its west baghdad earlier look at how some

are cashing in on it. and how hundreds of thousands in vietnam are still suffering from birth defects decades after the u.s. news the toxic herbicide agent orange. you're watching our t.v. eleven pm here in the russian capital welcome to the program now first 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 art is good and if you check your reports china is not the only country the u.s. is casting as a bogeyman.