markets why not. come to. 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. if you're just joining the for a welcome this is our t. come to you live from the russian capital top stories now the stop a finish pasta falls out of favor with his church and his government lashing out of a terrorist web site hosted by finland you have one already has been the front end is facing criminal charges for inciting racial hatred and maintains he's a victim of his even received death threats from russia's number one terrorist model. the world's emerging superpower has pledged their commitment to

a new global economy and called on the nato led coalition to play by the rules in libya as the victim of it says the u.n. has some explaining to do how its presentations on libya and ivory coast be implemented. when the u.s. is accusing manipulating regime change in the arab world through cyber warfare all under the guise of democratic revolution setting up an army of online accounts pleading for western intervention in libya maybe just one of the tricks of the cia's sleep. another update for you in about fifteen minutes from now in the meantime america's twenty twelve elections maybe a year away but they already look set to be dominated by one issue how to reduce the country's huge deficit republican politicians favor spending cuts for social programs while president obama is backing tax hikes on the wealthy professor joseph stiglitz a nobel prize winning economist told r.t. the divide between the rich and the poor in the us needs to be rapidly addressed.

next week. joseph stiglitz is a nobel prize winning economist and columbia university professor and he's pushing for a rethinking of the global economic framework in the wake of an actual crisis i want to thank you so much for joining us professor now you've written recently about the increasing disparity between rich and poor in the united states and you've even compared these conditions to what led to the iraqis we've seen in the middle east so what do you think are the factors that led to this and what do you think the consequences will be with the point i raised was that the increase in the concentration of income and wealth in the united states has been enormous. would happen in the last couple decades is almost a quarter of older income goes to the upper one percent. around forty percent but now you measure it in the wealth goes to one percent americans used to think of

themselves as a land of opportunity that everybody else thinks of themselves as a land of opportunity and they think of old europe as a fudge the data. show that new while we see protests taking to the capitals of states like wisconsin so is this reaching a tipping point i think they're beginning to realize that most americans are worse off than they were say a decade ago. so it's not just that all this wealth is going to the top and everybody we're getting better off you can say well some are doing a little bit better than the others but actually mooste americans are worse off than they were a decade ago. and that is it includes the sense of insecurity the loss of jobs that will it insecurity but health rights that most people in europe take for granted and united states people that they lose their job can lose all the access

to health care one of things that i raised in my article was that the put not only the political consequences but the economic consequences and then out there are many things that any society has to do together. you have to. get education investments in technology. infrastructure roads. that means there has to be a certain degree of consensus for a society to function even economically these are things the government has to do but if you have a very split society there are going to be very different views about what's important if the rich can buy their own parks they don't need to have public parks if the rich can buy their own education we don't have to public education if the

rich can buy their own health care we don't have to have good health care for most americans and that's where we're winding up today so the people at the top that one percent. are using their political power to try to preserve their wealth and meanwhile making sure that the government doesn't do what is necessary for the prosperity the functioning of our entire society we're not seeing increase in funding for n.p.r. structure or education or science and said we're think quite the opposite side you think this country is headed in the wrong direction that's right and that was what was brought home so forcefully by the what was going to happen in wisconsin and here you have people saying over the country we need to improve education. but what are they doing cutting teacher salaries now you're not going to attract the best people into education if you don't pay them in that civil economics and it's not a surprise in the context that the day in those standardized scores that rate

education all over the world united states is really not doing very well so who threw grain here is it politicians asleep at the wheel or out of touch with reality or are there greater flaws in the system exposed i mean there are some real. deep flaws in america's political system. our campaign contributions supreme court said that corporations are people i mean it philosophically i find that difficult but they say because we can't restrain the rights of free speech corporations have limited the ability to contribute and that means they can use their money to get laws that allow them to escape taxation and to shape a political process that really we were for them but not for the rest of the country and what i argued in my paper in my article was this was shortsighted if

you don't make these investments we're going to wind up in a divided society and an unproductive economy and even that one percent. will suffer and that is the link between what happened in tunisia and mexico and in egypt and in other countries where they divide has grown and. it's meant that their economies have function and the societies have not functioned speaking of not functioning well what are the u.s. dollar because you're someone who is calling for a new global reserve currency but why because some say what's the alternative really would have argued for is a creation of a global reserve currency. reserve currencies are my think of a store of value. and the dollar has been very unstable. understandable given the difficulties you might say of american economy or you know

our performance was not a stellar. but the fact that in a modern globalized economy twenty first century it's an anachronism that a single currency would play the pivotal role death a dollar has played. but i argue and i've argued my book making globalization work is that the dollar reserve currency system contributes to inequality. that poor countries are lending to the united states or close to zero interest rate and then borrowing back a much higher interest rates an equitable increase it contributes to instability. and it actually contributes to a weakening of global aggregate demand a weak lobel economy because if countries are setting aside. literally hundreds of billions of dollars saved the cautionary savings. that's money not spent so you're

saying essentially it hurts everybody to have the u.s. dollar is the reserve currency that's right and what we describe what i've described in the un commission that i share your commission on reform the global financial monetary system. explains how we can create a global reserve currency and it's really interesting to be here at bretton woods talking about that because keynes argued for this seventy five years ago. in the aftermath of the great depression he understood. the links between. you case problem me u.k. being the reserve currency down and if we're going to have global economic stability we needed to move off. of the. simple currency country being the reserve currency. britain which failed from his perspective in this

respect and didn't the u.s. say hey we disagree we want to be the main reserve currency and got their way so it would be us still have that same power if world leaders got together again today for another bretton woods conference i think that same medium or in bretton woods the world is markedly different china has close to three trillion dollars of reserves about a third of the global reserves about nine trillion dollars you're already three trillion dollars you have some voice in what kind of reserve currency system you want to have and china has been very clear that it worries about the current dollar based reserve system right after un commission came out in support china's supported it france's support or russia supported it so there is a wide understanding not unanimous but a wide understanding of the importance of this idea and i think if the economy global economy remains weak i will be more interest as one of the remedies

to the current instability and weakness in the global economy has also been critical of the united states for its policy of quantitative easing and if i've read your writings correctly you seem to be saying they have a point so what is that point the point is the us is creating liquidity us work very hard to open up global financial markets and one of the implications of that is when you create with quiddity it can go anywhere in the world it wants where's it going not where we need it here in the united states it's going where it's not beat us and china and brazil and other countries that the want it so it's not only they don't need it they don't want it. we have to fix the banking system the mistakes our system of getting money. into small medium sized enterprises is caught and the federal reserve has not fixed it you know they they contribute the creation of crisis they get understand the basic economics and that's one of the purposes

the meeting here in bretton woods but because they didn't understand the problems that they were creating they didn't really understand how to fix it and yes they brought us back from the brink they saved the big banks but they have not really gotten our economy going again i want to thank you so much for the center. space above our national security there is no substitute and there is no alternative to military coming to. bombs on target time ballmer. let's. go live to look through space ship land. to make it better to cut. down the field.

count. and we must. meet. several hundred. years of investment in the peaceful uses of other space. just incredible investment from the united states and from the european union to canada other countries like this this is completely in jeopardy if we start putting weapons in outer space. chosen from among many. he was given a clear cut mission. a mission he successfully accomplished.

became the first several months in her space. in the soviet union one of the best known persons in the whole world. all his thoughts were focused on flight to could he ever think that his life's work would cost him his life. what happened in those few seconds. and what sequence knees sealed the barrels still hold. your regard any. place on our t.v. . sets.

it's. top stories this hour an hour to finish cost of pulls out of favor with his church and his government for lashing out of terrorist websites hosted by finland. has been can see from this and is facing criminal charges for inciting racial hatred maintains he's a victim and he's even received death threats from russia's number one terrorist model. the world's emerging superpower has pledged their commitment to a new global economy and call on the nature led coalition to play by the rules in libya has been beaten if it ever says the un has some explaining to do about how its resolutions on libya an ivory coast are being implemented. on the u.s.

accused of manipulating regime change in the arab world troops cyberwarfare a call on the records of democratic revolution setting up an army of online accounts pleading for western intervention in libya maybe just one of the tricks of the cia's sleep. more developments on this and fifteen minutes from now when we talk to tom is next with the latest from the school. thanks bill welcome to live sports of the day your heart see and hear as well as making the headlines this hour the new russian hockey champions could be decided later today as a lot to live through for victory number four in their final series against up long the game is now underway in the most region. champion's league semifinal lineup now set up with shall hand real madrid joining manchester united and barcelona in the

last call stage. and of course club action resumes tonight with europa league called upon also spartak moscow will be hoping for a miracle off to go a long one in the first leg of that see poor. and was stalled on the ice where one more big performance from slovak could see them become the new russian hockey champions victory over long may need both got him go is in the bag of interest charges how about the latest school in games poor is two zero two the best in the second period. of twenty six minutes and just falls to second so again it's two zero at the moment if they can hold on to that slim advantage the teams will move back to call for game five and oppose whatever happens in the best of seven series there will be a new name on the trophy without bars having won the title in the previous two years. now the semifinal lineup in the champions league is now complete shock and real madrid adding sex on the way to this performance until wednesday night's

childish into last week beating the hell those five two in milan and they would do moments of home as well toasting a two one victory former real madrid man all scoring one and setting up in melbourne a second straight stunning performance for standing between them on the champions league final place and i'll just mention night it's. matches against manchester united. this is called the same as it was against inter we certainly are outsiders but when everything works perfectly in these matches there might also be the chance for us to make it into the finals. but you're going to compliment the luck to congratulate show for reaching the semifinals is the first time in their history and this is obviously great for the court so once more congratulations in six broke really is a special player of the week. a fascinating clash meanwhile awaits in the other side of the story all madrid setting up a semifinal with main rivals basile on office saying i'll spend five nil on

aggregate on all the heating be on the goal of the second leg five minutes south of the break so dream date you're on the consonance comes to an end but it is the upcoming all spanish encounter that has mouth watering the match marking the third time the clubs will meet this not alone. because it's a case of taking each game as a separate entity and not of the opinion of whatever happens in the first game could maybe influence what happens in the second. and very evenly balanced game and first rate was the game the course just badly. obviously. they're strong they're a strong soil and. we live in maine in madrid quite comfortably who knows but certainly having going down to ten men away from made it impossible for us. and for action on the continent continues tonight with spartak moscow badly need of inspiration to have any chance of making three year old colleagues

semifinals but larry carpenter port-o. off the bang fresh five want to be opening match the game at luzhniki begins in about ten minutes time. was actually recorded because i think that it is wrong to think about winning all five will have to go to the teacher and show that what's happened in pool two apart from trying to turn from it it's in the first time its goals are little but should be the best incentive i don't think there's a need to be looking for some special world solution like you described and here is the rest of the second legs to take place a bit later on thursday bailey areola joined favorites with porto for the title and will be called for the end of leaving the now ones with a sizeable aggregate win against one to having already beaten them five one anything else. to be will see ben because safely through into the seventies as well he only called finally back the crap up already in his brother versus the normal stuff which is currently poised at one goal of peace the mco cheery so many

expecting and nail biting this want. to brag a very well as the noise to the first round was verizon's where it was going again thursday q.q. image looks ridiculous. over an english football carlos tevez will be able to help the city against troubles united in the f.a. cup semi on southall day. with a hamstring injury in monday's game against liverpool at anfield and will be sidelined for weeks manager about the money is hoping for success. is that they form much as it seems to me to be unselfish and ok because i think that will be the. best to you isn't being. a forty percent player in the big three in your team in the last. report if you. kept going to ferry. for four hours change every few. and there's

a power struggle that's not the premier league side also in the meanwhile the gunners new majority shareholder american stan kroenke is stoled in his bid to become the globe so no no thanks to alice cheryl small a. little of five sports teams in the u.s. and recently in crazed is arsenal's take the sixty three. and russian small enough is now the last major shareholder at the club and says he will not let go of his twenty seven percent say because he's a huge pound of the team and there was denied the chance to increase his ownership in the last and had to watch as those same shares were sold to himself needs to control seventy five percent of the club to make major changes in the way it is run . well they stay inside this finds it sounds when see eleven and be a regular season is now especially in the books they battle tested two time defending champions l.a. lakers still the team to bait in the upcoming playoff spot as it was of course kaye explains that throne is on the serious threat from both the up and comers and all

that that transports. the second seeded lakers have gotten used to playing and winning in june over the past two seasons but their campaign for rare three people also be their best chance to live the larry o'brien championship trophy for some years coaching legend phil jackson who won three titles in a row three times during use career is most likely in his last season on the sidelines over two prominent players on the team are over the age of thirty with leader called the bride and this season twenty three year old center andrew buying them has also missed significant time due to knee injuries the past several years the defending champions will those be hoping to finish of the seventh seeded new orleans hornets quickly and their best of seven first round serious the san antonio spurs are another championship because the better and team gearing up for a possible last day of thirty four year old tim duncan and coach gregg popovich should be in their team for the top seed in the west and the noise anything at

a fifth and be titles as they join forces in ninety ninety seven they'll try to avoid any underdog losing their matchup against the eight seeded grizzlies. third seeded dallas are hoping to find that winning balance in the postseason the mavericks appollo the four game losing streak with a run of as many victories to end their two thousand and eleven campaign a potentially tough test against the surging portland outfit he waits for series oklahoma city and fitzy to denver provide the most in the match spectacle records around the west break both teams also capable of doing lots of damage to those agents championships won finally. around which thunder youngsters kevin durant's and russell westbrook could prove a particularly tough test of the more seasoned clues for the n.b.a. statistically best even this year however resides in the east the chicago bulls like an open court advantage for the tired postseason after setting

a league best mark of sixteen wins with derrick rose and women into an m.v.p. front runner in a solid supporting cast the coaching staff and the team are big favorites against each seeded indiana pacers and miami heat engines two of arguably the best players in the league to date but bron james and dwyane wade alongside chris bosh and company have plenty of questions to answer at a time when games slow down and adjustments in the series become essential the second seed should make it out of the first round against philadelphia though without a problem the boston celtics are the east most battle tested and they still remember losing last year's n.b.a. finals to the lakers in the deciding game seven it remains to be seen whether the original big three of paul pierce ray allen and kevin garnett has enough left in the tank against the one and done mix the two all stars in their prime fourth and fifth seeded orlando in atlanta evenly matched seeding wise with the holes got swept by the magic in the second round last year so a few more shots

a glory for the old guard as they try to fend off the new kids on the block i just say for all the buns of course the r.t. . now we've had of a power play in eyes how ok before putting goal for nine holes and flags on the screen providing for a shorter format favoring risk taking by going for the home of the flag that's the new concept well that a seven pole case a house compatible new gold shot or two twenty twenty crickets. i don't want this just to be a donation and then walk away. suddenly as you recognize it's not that it's. my involvement with the sheet i want to go lots of it and i think it's just the stuff . and while gold's biggest star tiger woods wrapped up his asian minutes is a paying a visit to south korea the film a well the best whose reputation has been marred slightly recently still one of the most do laws it was made as among young athletes some of them had a chance to take part in a skills school in

a. major way not. urban the facility for the use of her son soon for me this is would be the truth to be up here i did some digging on the. past latest of this hour coming up shortly as well bill will bring you the news have lines right up to that.

and the. wealthy british style. is not right on. target. market why.