find out what's really happening to the global economy with mike stronger for a no holds barred look at the global financial headlines tune into cars a report on our. u.k. banks bailed out by taxpayer money preparing to hand out balm for bonuses ignoring us public pressure to limit the payouts. and israel's political infighting casts a shadow of its international image as no one is sent to meet russia's president during his middle east visit thanks to a strike in the israeli foreign ministry. as martin luther king's birthday is remembered world why some modern day political figure is in the u.s. are accused of using the civil rights icon to excuse america's wars abroad.

this is our coming to you live from moscow i'm marina joshie welcome to the program and some of them may have been bailed out by the taxpayer but britain's biggest banks aren't letting that stop them giving their employees bumper bonuses it's a decision and of finance of political and public pressure at the curb the payouts and the severe cuts being made elsewhere across the economy are just lower emmett's asked london's neediest what they say. this is. the homeless and needy queue up for food handouts from charities all over london and the u.k. but just a few miles away it's a different world with different rules prime minister david cameron has shied away from regulating bankers' bonuses they might have to be a bit more open about them but pay because and there will be no windfall tax.

and bankers have taken that to heart u.k. banks including some of those bailed out by taxpayers last year will be paying out eleven billion dollars today. here on the streets where the needy live literally from hand to mouth that's going down badly. and he's not the only one complaining last year saw thousands of students out on the streets demonstrating against austerity cuts by global crisis triggered by reckless bankers now the right to work campaign is calling for a fresh wave of protests against what they're dubbing the government surrender to the bankers and their huge paychecks but basically i think they're mad about is buying simply specially when their people step in to even pay their rent even feed

and clothe their children when people are getting three pounds three million pounds bonuses quite frankly excessive interest to and discussing money taxpayer lobby groups say they don't care what privately owned banks do but the ones that have been bailed out with taxpayer money have to show some restraint we can't possibly be expected to stomach at a time when the government's making spending cuts to some of these enormous bonus piles and to watch all this go on when these banks into. get that it was the public's money that saved them but not everyone sees it that way daniel hoffman financial services says banks are still vital in supporting economic recovery and if bonuses paid the best bankers will move elsewhere it's very crucial that the banking sectors around the world. economies are getting healthier. but house on the street those who depend on charity to put food in their mouths find difficult to stomach with this latest backtracking on regulation it seems

banks and the governments have learned very little from the financial crisis just a few miles away bankers continue to feel left pockets and looks set to be able to go on unabated but this time they're doing it with taxpayer money which could have been used to help the needy you are at it. and in brussels eurozone finance ministers are meeting to discuss whether to boost the bailout fund which was only set up last year the european commission and european central bank wants to widen the fine to give it more flexibility if larger eurozone members like spain need help belgium's finance minister wants the pot doubles to one point five trillion euros however in germany the biggest eurozone economy has so far ruled out any substantial increase a reflection of the major tangents within the union now we can cross live to nigel

farrar she is a member of the european parliament and leader of the u.k. nepean and sparty and joins us now live from strasbourg thanks very much indeed for being with us here in the program nigel now as we can see there is no unity in the european union as far as this fund is concerned so how much of a chance is there that it might actually be created against germany's unwillingness to do so. what in the end you see is german politicians that will make these decisions not the german people i'm quite certain that if at any point in time the german people have been asked initially whether they want to give up the deutschmark they have said no and if you ask the german people now do they want to pick up a liability that in financial terms will be six times bigger than the liability they picked up when eastern germany joined them twenty years ago again will be no so my guess is that the german finance minister the german chancellor will make skeptical noises will voice a bit of disagreement but in the end my guess is they will go along with it because

they are part of this european political class that have created this monster. and in the end they're going to do whatever they can. while speaking out find i mean the decision to expand it does go it had how much of a solution really is a fine or is it more of a problem long term. i think the fact that they want to effectively double the size of the file and the fact they want the farm to have a different scope which would mean that it's not just the european central bank that's buying european debt it would be the fund itself also that would buy debt i think what they're doing here is they're reinforcing failure at the end of the day countries like greece portugal and ireland and possibly. should never have joined the euro in the first place so they now trapped inside the economic prism with a whole set of policies that. i think the more we build up the bailout the more in effect we're pouring. and this really is

a tragedy because you know these people who were stuck in. greece we have mass demonstrations we have we've had people actually killed on the streets. if they hold the eurozone together then the conditions in those countries are frankly going to get worse and what it really needs is a frank assessment which is there is an argument that in northern europe with germany and holland and a few countries possibly france as well that there is an optimal. but can work together for the north and south of europe to be stuck inside a monetary union is never ever going to work but nobody inside these institutions wants to face up to when the president. comes here to strasburg tomorrow morning i should be saying this to him across the working parliament and i've no doubt that all. because they're all in denial that this project cannot work. for mr ferrars let's take a look at the situation in

a broader context i mean you mentioned some of the countries they're not doing so well and portugal is one of them so you're blaming the euro for their problems but i mean some countries still want to join the euro for example if you're just joining the eurozone not so long ago now why i mean if the euro and stable currency if the european some of the european eurozone countries are not doing so well why is it that more countries want to be part of the eurozone. yeah there stone your decision is quite extraordinary i mean it's rather like boarding the titanic after it hit the iceberg it is the most incredible. look what you've got here behind this whole european project when we talk about the unit itself although we talk about the current say we have a political class who want this you know even countries like switzerland and norway who are very sensibly have stayed outside the union who have genuine sensible free trade agreements with it even in those countries a majority of politicians would sign them up for all of this stuff so that's the

great battle that is going on in europe it's the battle between the political leaders and public opinion which increasingly is saying we don't want this now in the end public opinion is going to win because you can't build a state and that's what we're doing here without having the consent of the peoples and that has never been asked for never been given well like it or not i mean here is not going away tomorrow disappear overnight so something's got to be done to you know come up with a solution for the european woes there what are your thoughts on this i mean what can be done to keep the euro to save the euro to strengthen its position in the european union. what they're doing what they're doing by increasing the bailout and by carrying on this lunatic policy of buying their own debt and then after last week's options in portugal patting themselves on the back i was not wonderful having the options going well but in fact all they've done is by their own debt so

you know they will go on doing this they will do everything they can to keep this monetary. but in the end the fundamentals will prevail and it's not going to work and you know i look at countries like greece portugal and then i look at a country like iceland iceland outside of the they took their. big hit they had a massive devaluation of their currency fell by about eighty percent in value in a few weeks but now. two years down the track see the iceland is headed back to. the currency is now saying there has to be a bust here. is. that it's about time we woke up to it well while clearly there seems to be a division on how to handle this crisis in the u. we've got china's the pledge to buy spanish government bonds and japan have vowed to help or to go so the asian countries seem to be doing more to help than you know

the european country the countries within the european union and germany specifically as the biggest economy so why is that. well certainly the chinese have been buying some bargains although i wouldn't describe it as being much more than dipping their toes in the water the chinese are very much long players and long term investors and they will seek to get as much influence in europe as they possibly can but you know they're not going to prop the whole thing up if they can see that bonds are going to get considerably cheaper so they'll pursue a strategy of scale down buying these things that is my guess but you know the other big worry are gone is that with the e.c.b. buying up its debt and now with this with this agreement yesterday in brussels that was debility to start doing the same thing you know you begin to ask yourselves a year or eighteen months down the track will that will the european central bank

itself actually be you know a liquid functioning organization or we are doing here what is your answer to that will it be a functional organization what do you think well i just don't know but my fear is that this contagion in the financial markets is going to spread it's already spread to portugal it looks like spain is on the agenda goodness knows if it gets as far as. you know then the sums we're talking about to prop this thing up are going to be absolutely astronomical and as that happens you know you begin to question not just the sovereign debt of a small country like them but the whole sovereign debt position of the european union itself that is the direction that we're headed in if we continue to pursue a strategy which is to prop up together a monetary union that does not work. well nigel let's step out of the eurozone for a while and go to britain for a change as we know from our correspondent in the u.k.

britain's bankers are in line for some big bonuses again this year how do you feel about that. look you know politicians and central bankers particularly in america and in britain made some disastrous errors in the late ninety nine says allowed the banks to massively overextend themselves. and we finished up by yelling out these banks i can quite understand why the man in the street finds it appalling that people with money but the difficulty is that in global finance he's a competitive market and what we really want is we want. to be propped up with public money to be profitable we want to get a decent return on the money that we put in and that means that the top talent within those banks so if people are generating huge profits for h.s.b.c. or whoever else that is if people are generating massive profits you have to reward

them because if you don't they move somewhere else and i know that sounds unpalatable but it's the truth all right not european parle member and leader of the euro skeptic u.k. independence party thanks very much indeed for being here with us on the program. and while you're at malls over its economic woes china is offering its support to help the continent tackle its crisis in his latest program next schuyler looks at why the asian state is doing it the kaiser report is coming your way in just fifteen minutes time but here's a preview. for make this following prediction china is buying european bonds. why are they doing this i think it's because at some point they will demand payment in the form of gold you know in the european zone there are about eleven thousand tons of gold which would be the highest concentration of gold in the world higher than even the u.s. is a thousand tons of gold china moving into europe buying those bonds of course europeans

will never be able to pay off those bonds because their economies are in freefall and then china will turn around and you can't pay us back in euro's but will take the payment in gold. and russia's president dmitry medvedev has said to visit the palestinian territories on a two day trip to the middle east and he'll meet the palestinian leader mahmoud abbas but despite having to step onto israeli soil to get abbas he won't come face to face with any top israeli figures because of industrial action within the government there are teams policy looks at whether that's just a coincidence. it's russian president dmitri medvedev first visit to israel but he's not meeting one israeli official because the jewish state's foreign ministry has gone on strike it insists the strike was not planned to coincide with made bit of a visit and was simply a call for higher wages but some say there's an alterian motive the strike is a little bit selective because the visit of russian president was canceled while

the visit of the council of germany on the other merkel wasn't and in a way i think a bit of this is a result of the in opposition of the workers of ministry of foreign affairs to the minister mr liberal. foreign minister avigdor lieberman is pushing for closer ties with former soviet union states while his department is pushing for him to be ousted born in the u.s.s.r. in present day moldova the former bouncer never came up through the ranks of the foreign ministry his views are right wing and he's been accused on more than one occasion of putting his foot in it even man makes it very clear that it is a good on again esther. they smell a. touch a then it is valid believe that it is to do with a racist idea as it is a guest of liberalism put us under two years. but it's not the first time it's really internal politics have soured the visits of foreign delegations last year

just before the u.s. vice president joe biden came to israel the israeli prime minister announced the start of settlement building that decision was a blow to the a bomb administration's peacekeeping efforts and cool down israeli american relations and many believe that such political embarrassments are weakening israel's position in the international arena it is not the government of those countries but rather of the people of those countries in the public opinion of those countries to public opinion israel is definitely unfortunately. doing its of these really. foreign ministry is the first to admit that made video visit is a missed opportunity particularly where. there were very worried about the corporate remember group. across the. if. that were dog but whatever the reason as medvedev meets with palestinian

president mahmoud abbas and jordanian king abdullah israel will be sitting on the sidelines and watching. jerusalem next hour we speak to in a bill schneider who is a former palestinian foreign minister and a member of the fatah central committee in charge of international relations he says russia can play a big part in establishing peace in the middle east with the u.s. failing to influence the netanyahu government. to try to convince you to stop further occupation through building new settlements at the gaza blockade to stop taking in jerusalem the americans failed to do this they admit it and now put more pressure on trying to bring us back to the negotiation table it's in you know who uses the current government as an excuse saying he cannot make a decision under this government of russia recognize the independent palestinian state in one thousand nine hundred eighty with a nine hundred sixty seven borders and this confluence resulin and decision in other words many things show that russia is serious about its intentions and keeps

reminding the world about the decisions that have been way before but enough forgotten. now when people across the globe join together to author dr martin luther king on his birthday and show the legacy of this moral crusade or in america's race war it lives on but as our teams christopher's out discovered some are also taking advantage of his name to gain support for u.s. wars abroad. those are our three. who are poor little children. will one day live in a nation where they will not be observed bob called out about them but by the content of back our our time. it was a dream so powerful it eventually came true its impact so strong it fractured the foundation of a society my fellow americans. i'm about to sign into law. the

civil rights act one thousand nine hundred sixty. my. and every year on this day to honor the birthday of dr martin luther king jr. people gather to pay tribute. so it is no surprise then that the name of this american hero is often invoked but once in a while that legacy gets hijacked i come to tell you now that the truth shall set you free. first there was the glenn beck rally on the mall on august twenty eighth the same day at the same location martin luther king jr gave his i have a dream speech ladies and gentlemen the selling of conservative talk show host message was one thing now his name is being used to drum up support for u.s. wars in a speech given last week dr j.

johnson attorney at the pentagon said i believe that of dr king were alive today he would recognize that we live in a complicated world and that our nation's military should not and cannot lay down its arms and leave the american people vulnerable to terrorist attack wait what that's funny because in addition to leading the civil rights movement dr martin luther king was one of the most outspoken critics of the. war i think he shot a misquote of the king and put him inside of a war that he would have been again best acting strangely in in about a nation on a press that would praise you when you said be the balance killer jim clark but it will curse and damn you when you say be nonviolent kill a little brat. children his lessons are prominent in communities across the country but in particular and churches like this one in the southwest washington and although there are so many others one thing is even here time and time again martin

luther king promoted peace his message was simply this either we've learned to live together as brothers and sisters on this planet or we were to perish together is foolish foolish what many people thing of dr king's name being invoked for the wrong reasons i think got became what a march with many of us. from the very beginning on the needlessness of over there it wasn't about weapons of mass destruction it was about all let's be real in the city where the struggle for civil rights lives on many gathered here say there is a vast difference between honoring history and revising it. in washington christine for sound r.t. . now let's take a look at some other stories from around the world here in our team high in prosecutors accuse prime minister silvio berlusconi of having sex with a number of under-age prostitutes they have requested to search the premier's home as part of an investigation berlusconi has denied the allegations which follow

a number of other a sex scandal surrounding him the latest revelations come at a time when gross cronies government has been struggling to maintain its majority while prostitution is not illegal in the country exploiting or helping to arrange sex with minors is. rescued first in the state of rio de janeiro half continue their efforts to recover bodies trapped under tons of mud and debris heavy rain storms over the last week have left nearly seven hundred people dead and more than one hundred thousand displaced downpour unleashed rock and raging torrents of water down mountainsides directly into towns used as weekend getaways the government has been heavily criticized for failing to warn residents of the disaster. a former dictator of haiti zhang quadruple yaz return to the country twenty six years after he was overthrown he greeted crowds of supporters but did not say why he had chosen to return or what the plan to do also known as baby doc verite of power from

his father at nineteen and presided over one of the darkest chapters in haitian history he's accused of torturing and killing political opponents ruling in an atmosphere of fear and repression. while the brings us up to date here in r.t. time now for the business news with kareena and kareena joins us in just a few moments here with the latest business. welcome to our business program thanks for joining me russ not only has pleasure invest up to six hundred fifty million dollars in two u.k. micro-chip from plastic logic the state owned company will initially inject one

hundred fifty million for a twenty five percent stake in the cheap plastic market chip maker if the venture becomes financially viable the russian government could take a controlling stake the deal is an effort by russia to diversify into a promising to acknowledge the plastic logic hopes to generate one billion dollars in annual sales by two thousand and sixty. aboard a little calm has approved the purchase of telecom assets owned by egyptian billionaire not job so there is for a total of six and a half billion dollars this despite a proposition from norwegian shareholder telling or our second biggest mobile phone operator was to take over services italian mobile operator when telecom we've got c o n e and his birth to one point seven percent stake in egypt already telecom holding this would create the world's six largest phone company called sign a new agreement after telling all rejected an early as six point eight billion dollar proposal to win or said it will fight at the company's shareholders meeting

suggesting the deal may be headed for trouble on a loop. from troika dialog believes this move will be met negatively by the markets . are. against the deal might actually. treat. between two major shareholders and therefore they can be taken negatively by the market also in my view increases chances that deal. through and therefore those investors who are betting on the deal been taken off the table right now start selling the stock. look at the markets asian markets post again on tuesday japanese nikkei averaged. closed marginally in the black property developer was put on most of the games after the moral holdings proved that their share price targets on congress has slipped in the red after posting modest gains.

here in moscow the odds here says they will change at the start of trading most of the blue chips are in the red on the odds he has with. setting the most on both the course says on monday she has a jump the most in almost six months after it agreed to swap shares with b.p. on tuesday ralston have tens announced it was selling russia's so-called oil to shall from march loading banking stocks are trading higher bank and b t v are gaining on its. the creator of the bric countries has suggested that the group should now welcome mexico south korea tarik and indonesia to the fold he says the nine year old time is no longer helpful and that unites countries will be too great a range of economic prospects jim o'neill also said the time emerging markets should involve into growth markets the approach would take g.d.p. at the primary criteria currently china and largest in the brics largest economy toppling nine point three percent of global g.d.p. while brazil india and russia combined provide eight percent. now

that's all for now with more of a look at the markets enough for the programs but you can always like most stories on our website r.t. dot com thanks much. for the. we've got. the biggest issues get the human voice face to face with the news makers. wealthy british style. time to explain the.

market why not. find out what's really happening to the global economy with much stronger for a no holds barred. look at the global financial headlines tune in to kaiser report on r g. and.