now today we're taking another look at the g. twenty summit does the united states wield the same influence in global economic forms as it once did when i asked business insiders gregory white next talks of cuts are back on the table as the government is looking for ways to fight its growing deficit but there's one area that's been able to dodge the cuts time and time again defense spending so i'll ask dr ivan eland if the u.s. will continue to turn a blind eye to our bloated military budgets then it's no secret that many look at socialism as if it were a scarlet letter that carries a negative stigma in the u.s. but many countries in latin america are on board as one student activist why he thinks socialism is seeing a resurgence twenty years after the fall of the berlin wall and we're going to ask you do people need either big god or big government to stay in control i'm going to speak with the reasons michael moore to hand about whether fiscal conservatism and social conservatism have to coexist and since it's friday we're going to treat you to some laughs so we can have the scoop on all the crazy stories making headlines this week from an s.t.d.

test you can take on your phone to japanese holographs becoming rock stars comedy central blogger gonzalo cordova will give us his take at the end of the show but now to move on to city's top story. all the world leaders came together in seoul south korea for the g. twenty summit most of the hard work was pushed off for another year so what did we see what we did see though was world leaders expressing their dismay to president obama on the fed's recent actions and emerging economies wielding their newfound power on the global economic stage artes and he said now he has more. well the g twenty has come and gone unfortunately so has another chance for concrete results on the world's most pressing issue the leaders did propose to continue to work together but very little headway on those so-called currency wars that great divide between east and west in this battle over the bar. the world at war the weapon currency. the fallout trade imbalance the world's paying i mean the

world is paying the price for the asset bubbles that are being blown throughout the emerging markets and this high stakes battle for global exchanges it's china versus the u.s. on the western front the fed pumping six hundred billion bucks into the american economy devaluing the dollar while slamming china for not readily revaluing its you want on the eastern front the chinese position is well you're depreciating the dollar why should we revalue the remember the the chinese currency which the u.s. keeps on insisting on so it's really a standoff the one that smacks of double standards it's absolutely true that the united states of late has made don't mess to clean self-serving policy that was shortsighted and that did not consider the rest of the world and this set up the sole summit but despite global outrage with u.s. fiscal policy they got more of a high level silent treatment than any kind of fight right now it's the world

against the united states and in terms of an agreement to deal with the currency war nun's going to happen there is no interest coming from china or germany the two other key players to solve this problem not interested or protecting interest. and that was before the session even started obama might have guessed there would be no compromising china wasn't budging and germany an export giant defends its right not to surrender its strength by spending more abroad to appease u.s. calls to help economic recovery much of europe seems to be sitting back and watching how this will all play out i think they are trying to be defensive and that's a weak position right now russia sees itself as a mediator and hopes multi-currency reserves over place currency wars should. i believe that the threats of a. and she will breaking out will significantly decrease following today's summit

we have reasons to be more optimistic about the future the group of twenty did agree to develop early warning indicators to prevent economic turmoil and gradually move on currency the question now is not enough to prevent this cas class from getting out of control. so after a loss at home in the mid-term elections looks like obama will be returning to the states with a new loss on the global front is that as sheen as a charismatic and open minded leader is starting to wear off with the international crowd or to the financial crisis set off a shift in global balance where america's policies may be the american dollar can no longer be sold no matter how charming our president is. that's what we're. supposed to think like. the pictures just played. there so what you see. is what you. now joining me from our studio

in new york to discuss it is gregory white editor of money game for the business insider gregory thanks so much for joining me i guess all around would you call this g. twenty summit and epic fail or what. yeah i think epic fail pretty much sums it up we have no solutions no conclusions just have to wait for another year to come to get to anything to sort this mess out so epic fail is just about right now how big a role do you think that the federal reserve played here with their announcement just days before obama went to the summit that they're going to pump six hundred billion dollars more into the economy when you know at that point should he have just expected to be shut down. he must have expected it to a certain extent because the fed making that decision ahead of the g twenty was always going to turn the rest of the world against the united states or at least the rest of the g twenty there is no way that they're going to say all suddenly will go and do everything the us wants us to do if the u.s. is not willing to budge on q.e. two when it came in you know pretty high in terms of expectations well i mean how

do we look at that is this something at the fed it did it on purpose could they have waited for you know i maybe a later date to make the announcement why did they have to do a write that. well the problem was that markets expected this announcement to come through and the fed is you know for the most part seems to be politically independent so its decision making is supposed to be absent concerns over policy and that includes currency policies so they really couldn't wait at this point markets were expecting and if they held off for another month we might have seen stock markets go down in response to that decision and they weren't willing to accept that all right now if we move to the issue of trade imbalances of course obama was not successful here in getting his plan to have other countries commit to you know a certain limit when it comes to their surpluses but they did say that the i.m.f. will take a look at them what does that mean. you know it just means that the i.m.f. is going to be investigating this sort of relationship which everyone has been

doing on their own on their own for a very long time i mean that's not going to that that's no actionable element and that's what people really looking for from the g. twenty was some sort of action to deal with this problem at all we got was you know people going back behind closed doors to do more debating or more discussion or more research which in the end is going to leave us very where we are right now in a currency war so we could say that was kind of a public brushoff i guess now we just heard russian president meeting with say that he doesn't believe that after this conference are he thinks that the chances of a currency were breaking out are very slim after this conference are you in line without thinking do you agree with that. i know we're we're in a currency war i mean in terms of what a currency war local looks like it's up for debate but when countries are competitively devaluing their currency or doing it in more more fashionable. like ways like current easing you know that means we're in one so saying that we're not going to be in one tomorrow we're already in one today doesn't make much sense now

if we look at obama's image abroad he of course was much more popular at least than his predecessor at the beginning of his term of presidency now can we say is some of that sheen starting to wear off perhaps this is charisma his smiles are just now working on the international crowd any mourners this is not really his fault yeah well you know you can you can't dress up what the united states is right now no matter how charismatic barack obama is as a president the underlying issues within the united states and its economy are what's really driving the respect or the lack of respect that we're getting from the rest of the world and the actions by the fed and the policies of the united states in terms of trying to stimulate the economy are really what's driving this it really doesn't have much to do with barack obama it has to do with sorry economic state gregg well thank you so much for joining us and of course we'll have to see whether our republicans try to use this against him too because he now is coming home after leaving a lot of with a now there loss of pride thanks. now in

a time where the government is looking for ways to fight the growing debt problem there is one area that's getting a lot of attention defense spending but come january there's going to be a newly elected republican majority in the house which leaves many wondering if anyone willing and able to is willing and able to tackle the bloated military budget artie's lauren lyster house story. with the u.s. debt in the trillions in the economy still in the toilet it's no surprise politicians in washington are calling for this solution it's across the board spending cuts in fact it was the rallying cry heard around the cable channel clock on midterm election night but when you get right down to the details she has made here american you can i would not want to say it looks a lot more clear that across the board cuts really exclude a fifty eight percent chunk of the budget that are serious and i mean the flight has turned to spending would you cut defense across the board as well as domestic show you do you do not cut defense but how can politicians afford not to touch the six hundred billion dollars a year elephant in the discretionary room. that rises to over

a trillion dollars depending on what you factor into what you're calling defense the minutes a politician democratic or republican or a particular session of congress begins to really just significantly cut spending this is an immediate outcry and those congressional districts that are impacted. in short it's political and hey being a superpower doesn't come cheap it's a question of maintaining readiness and the capability to project force in other words it costs a lot of money to support this it's our empire we have an empire we have half a million of our troops in other people's countries all over the world. maybe the spending isn't that big of a deal when you put it like that sounds like a huge giant number in terms of u.s. dollars but we have a fourteen trillion dollar economy but here is what else is quickly approaching fourteen trillion dollars in. u.s. debt to get the u.s.

continues to demand spending almost as much on the funds as the rest of the world combined so it relies on other countries to pay for this countries like china to fund u.s. debt or another word to fund u.s. defense america storing off these dollars in iraq and iraq afghanistan in japan and its bases around the world that's what the deficit is and that's what the u.s. isn't talking about and all american politicians would rather sidestep the issue. or protect defense at the cost of programs americans count on such as social security some high profile players are drawing attention to what actually resembles reality comedians for one america is like a family that spends way more than they bring in and dad to give up that big stupid boat. and you know what america's stupid boat is it's our empire oh yeah and former budget director is a republican presidents kind of the you know sun down as an imperialist

power and we can have credit card imperialism we can't be the policemen of the world anymore because we can't afford it we're going to cut defense drastically but with the will on capitol hill looking more like this if you do you do not cut defense and the president overseeing this astronomical defense driven debt what does this really mean for the country it means that mr obama is trying to turn the united states into a third world country just as george bush did and just as clinton did there's just as reagan did so there's been a constant movement of the united states to run up foreign debt without any ability to pay or even without any intention to pay and when that credit card is maxed out the tough talk we're hearing now you're covering it will be falling on defenseless ears more and mr r.t. you york. well it seems like a little bit of sanity finally might be coming to the forefront as the bipartisan

deficit commission put together by the white house proposed one hundred billion dollars worth of defense cuts in their political dropped yesterday and that was just a fraction of the four trillion dollars in cuts they proposed overall but knowing how the washington political and military industrial machine works that one hundred billion probably will be the hardest to push through despite the fact that several of the projects have taken more than twenty years to complete caused billions of dollars and probably will be outdated by the time they're done so when will america start having a real conversation about the fact that our bloated military is not making us any safer it's hurting our pocketbooks our future dreams of prosperity and our image abroad it's only creates more enemies for us to keep fighting and joining me to discuss it is dr ivan eland senior fellow and director of the center on peace and liberty at the independent institute ivan eland thank you so much for being here it's been a while i want to start with some of these you know what they have in the proposal of some of the projects that they're actually talking about maybe cut it and we can

start with the f. thirty five i mean these things cost one hundred and thirty three million dollars each to produce the project was you know the inception came in one thousand nine hundred six they're saying they probably won't even be ready until two thousand and seventeen if we look at one more thing that's in this proposal here we have the v. twenty two osprey to these things cost almost one hundred five million dollars a pop also twenty four years it took from the inception of the project to actually create them i mean is this a perfect example to you of what's wrong with our system was likely that there's no impending threats because no interpret your immune system is clearly broken i mean this is not unusual that you're talking about the two big programs here but all these programs the way the system is they're set up you have creeping going backward in time. along longer and longer schedules they reduce the performance and

of course the cost balloons and when they also then when they reduce the numbers the cost of the unit cost is even bigger so it just it's very inefficient because a lot of this there is really no competition in the system and so this isn't a good idea that finally somebody in this deficit commission is deciding to tackle these huge very expensive very very long projects i think it is and these are radical cuts for washington but if you look at what even the commission is proposing it's only ten percent of the f. thirty five program so this is a three hundred eighty two billion dollars program it's the most expensive defense program in the world and so they're just the commission is just you know cutting it back actually even that ten percent what do you think the chances are that of that probably not not that great because the democrats are scared to cut defense and the republicans just don't want to so you have both parties the republicans always beat the democrats over the head and of course obama is going to be looking down the road two thousand and twelve and national security is always an issue it may not be

to the front if the economy is the central issue but it's still there and the republicans love to beat on the democrats that they're soft on security even though of course the u.s. defense budget is what the next fourteen or fifteen countries combined spend depending on what figures you use but it's enormous and it's ever expanding so i don't know i please give me an example of when we started being soft you know on defense spending here but like you said if the economy is still the major thing for american voters it was this year you know it could be in two thousand and twelve a lot of the problem with our military industrial machine you could say is that well these create jobs these long term twenty year projects they create jobs so how do you sell this to americans how do you tell them oh i think directly because the statement of lockheed after they did this was that when they wouldn't be able to have the industrial base. to build fighters industrial base is a word like well there's going to be unemployment these are employment programs

these are not security programs and when they when they know they're in trouble when they start pulling out that card directly they're just basically telling congressman you know you were going to lose jobs in your district now of course that they took that money and cut it and turned it back over the private sector of people and put it into something much more productive people would have many more jobs but people don't really focus on that and they just the congressman think wow we cut this program we lose all these jobs right now and so they don't look at the long term because defense spending is very inefficient and if you can cut it back you should only spend what you really need to under fence because it does drag the economy and in your back and should lead convincing someone here to say that would tell me that i mean do you think that americans that for them it is mostly about you know these jobs that are created or is it really about national security do you think americans really feel like our incredibly bloated military is keeping us safer or is it creating more enemies for well i think a lot of people don't really know you know about education or you know about health care because each person has experience with that but who knows if we need to build

a supersonic fighter most people don't know if we do or not and they like the concept of us being secure the problem is we're fighting terrorists on the ground who are very primitive weapons then you know these are the ileal says of our troops with i.e.d. is that right and of course these these fighters have limited impact on that in fact they're being replaced by unmanned vehicles which are much more a fish somebody needs to be honest with the american people but you know i tell them that perhaps these projects are now we need but let's wait keep waiting to see how that would actually say that i well it's good to have this segment i think absolutely thank you coming up next did you think that socialism died when the berlin wall fell a shift to the left in many latin american countries could be proving that wrong going to speak to a young american socialist to get his take on the state of socialism today. you know so many years as. she saw in the prisoners. still

a lot. as well for sure. was those so many years as. some are helping design the same. others take their executioners along these are just. so many years is that. memory is still a moment. as well. as a country. it's been two decades since the berlin wall came down marking the end of an era a moment of the u.s. government claims as it's a victory in the cold war and that the symbol of the berlin wall was used to verify that victory all over the world but many question what exactly was what suggesting socialism has seen a revival since archie correspondent john hafiz takes us back in history. mr

gorbachev tear down this wall. these images have come to symbolize the end of the cold war. scenes of the berlin wall falling were beamed across the world as the historic moment when the west beat the soviet union and capitalisms formula defeated project communism. the years later the cameras showed the other angle the economic collapse brought by capitalism victory the us marks it as world freedom day with the us government mean when they say they celebrated our freedom day with the fall of the berlin wall what they really need is the freedom of us corporations to be able to plunder exploit and really do what they please within the borders that they weren't able to initially begin to. there's a. rather sad fantasy is that something they said saddam would cling to power and

now that the status he was hanging on to berlin seems to my old the word for what you're seeing here in the ages of american soldiers and iraqis declaring virtual victory over the statue of saddam hussein beamed to viewers worldwide. it was staged as a spontaneous outpouring of iraqis inspired by the american soldiers who came to liberate them that was we found out soon afterward the organized by the u.s. army so the symbols are really hatched by messengers coming out often of the pentagon in the white house and the state department and these symbols some insist are used to indicate that washington's agenda is the only agenda and those are these the symbols of victory for the us government so all over the world that if you oppose the united states you are targeted from destruction and we will inevitably destroy you. socialism despite being declared dead has seen

a revival in governments in countries all over the world. when the united states talked about the overthrow of the soviet union and the coming down of the berlin wall as the end of socialism and it's absolutely not true a system of capitalism is in the k. at this point there are pieces of the berlin wall all over the world what came following the historic moments was this bali hood era of freedom now marked by economic collapse and list war two decades after the fall of the berlin wall some argue the u.s. empire is also in plotting its influence waning in the face of rising world powers several of them with the stink of socialist leanings jan hoffa's r.t. washington d.c. . now the word socialism is currently being thrown around in america's not only an insult but as something of a scarlet letter that. servitors media is very quick to paint not only the president of the united states but anyone who supports government programs with the

dirty work but some do see it as a word of hope it's gaining ground in latin america specifically so many countries are experiencing large political shifts to the left at the same time with brazil being a prime example moving up the global economic ladder so is socialism having a revival in parts of the world or is it it never really died earlier i spoke with militant student activist david doherty i first asked him to tell me what the word socialism means to him. personally i think socialism is part of a process so revolutionary process and i think it's talking about you know a redistribution of wealth redistribution of resources and i think it's it's an attempt at constructing an alternative to capitalism now do you think of that word gets misused and i mean we have been hearing it thrown around in america all the time lately especially by a lot of conservative critics by the rush limbaugh's and the glenn becks of the world that you know they use it like a bad word that they want to pin on specifically president obama but are they not even using it properly no i think there's

a lot of historical factors that go into our conception of what socialism means in this country i mean if you look back to even the cold war era i mean i'm going to discourse there's always prichard socialism kind of. an end to it this is to some of what we believe in conceptualize as our key and core american values you know the individual. pulling yourself up by your bootstraps you know the rags to riches american dream it really i mean that's that's scares people it's it's an alternative and it's it is in many ways an antithesis to what we conceptualize as you know the this is the comprises the social fabric of our economic and political life in this country do you subscribe to the idea that when the berlin wall fell that was the death of socialism no i think socialism is an ongoing and dialectical process i think if we look in many parts of the world will see socialism is alive and well particularly in america i think we're seeing a resurgence of the. wing governments and movements would you call it necessarily socialism because you're right we're seeing a shift to the left you know and

a lot of these countries too especially are specific i guess you could say brazil they're starting to have a lot more sway when it comes to you know the global economic balance of states because they now are an emerging economy that they're going to you know request a certain amount of respects and going to need a certain amount of power so do we necessarily call it socialist mean are the other economy supposed to say that socialism is rising well i think it can be a little demeaning sometimes you get caught up in you know the terms in the way people are able to identify things i think a lot of america there definitely is what we can call a revolutionary process but i think there are different degrees of you know personal might not be pursuing the same project as been a swell one but i think ultimately they're there working towards constructing. a new or more equal society particularly latin america has the highest levels of inequality in the world which is i think kind of makes it quite obvious why we see this resurgence in that about american particularly. what do you think they're going to able to influence the world in any way like i'm saying that with the

rising economy you know perhaps maybe people are going to start saying that capitalism isn't the best way to go about it may not even sure how you would describe what china's system is exactly. why i think they are constructing alternatives and they're shifting you know global power dynamics i think we're seeing especially with you know the rise of the but we've are in alliance with you know projects for the integration of what america they're seeking with their social economic ties to their countries to kind of you know redefine the terms of the playing field i don't think we're going to see much you know united states dominated unilateralism i think they're trying to look for new trading partners and i think they're doing what it's what they're going to make sense for their countries and i think i think they're making sense with what they're doing but down just because it makes sense for their countries just i mean it makes sense everywhere else right do you think that capitalism is working in america no i don't think so i think we see you know pretty high levels of unemployment poverty you know i think a lot of americans are really disillusioned but i don't think. necessarily right the stage where you know everybody is ready to commit to what they believe to

socialism because it's a big misconception of what i read you know calling obama a socialist it's kind of absurd i think it's pretty clear that he's pro capital it's you know we haven't had any real discussion about the redistribution of wealth we haven't had any discussion about you know reforms that are going to address the real but when you quality and i think you know what to call obama a socialist it's just you know it speaks to the you know a profound crisis in our education system in the united states well it definitely is getting thrown around like a bad word but there does seem to be you know a large movement around the world right now where a lot of people are embracing it thank you so much for being here thank you. so to come tonight another franken animals in the works and this time it's a genetically altered mosquito stick around to find out why the scientists who made this freak animal might be flirting with disaster then what does being fiscally conservative have to do with being socially conservative according to one republican senator they are one in the same time to speak of the reason magazine's michael moore to head about whether this claim is bogus. wealthy

british scientists. time to. go. to. market why not. why not what's really happening to the global economy with much stronger no holds barred look at the global financial headlines. seven thirty am in moscow these are your r.t. headlines round two as the g twenty ends the asia pacific summit begins with china and the u.s. set for more talks to stave off currency taj and global trade warfare russia says that china should be more flexible in its monetary policy but warns that any

changes shouldn't be. a leading newspaper in ames a senior russian intelligence chief who it says blew the cover of eleven agents involved in the biggest spy scandal since the end of the cold war the publication claims the man was a double agent and held washington with intelligence gathering. and profile stadium charities forced them underground after an israeli watchdog accuses a number of them of having links to terrorists and israeli interior ministry stopped issuing permits to many activists forcing them toward the legal. back to washington now for the second part of the alona show is it possible to be a fiscal conservative without being a social conservative many don't think so in this segment we'll look at whether being big on small government means you have to be big on god as well as coming your way next. fall tonight still time.