with germany in one single your politicians the richest states their voters refuse to foot the bill well i don't think i've ever met any body in the united kingdom in london market stations who actually wants to contribute to the buy lao countries like greece and italy and to contribute to the continued existence of the hero because i think it's a stupid idea to start with and it's just chucking money down the drain yet pulling the plug on those states could trigger a chain reaction greece believe investors could no longer avoid quitting the euro that in turn will spark the exit of portugal even italy and spain greece ireland the board everybody said ok the bug is going to stop there over the last couple of weeks we saw that also. spain over germany italy or germany started to go all europe's top banks hold billions of euro in greek in portuguese did it if those countries go bust they could lose that money we might see scenarios like that. that

means that people will run to the bank in order to withdraw their deposits because they believe that the bank might not be able to pay them the euro's facing an existential crisis admits german chancellor angela merkel but the head of your biggest economy warns they still might not find a compromise at the brussels summit that's raising tensions across the globe. at the moment the most visible the most obvious in the eurozone problems but on the other side of the atlantic you have the u.s. economy not in the session but showing some very weak economic figures and suffering as well e.u. leaders could sign the death warrant for the single currency here at the summit if again they fail to do a deal and halt the spread in europe experts fear public panic will take over denying them control. see brussels. as the struggles to

preserve the euro u.s. is fighting its own battles economic hardship faced by both sides as a consequence of their refusal to recognize the huge issues of two thousand and eight financial crash presented that's according to former financial times correspondent david don't well. i think the story is that the euro as a as a phenomenon is in quite serious danger our main concern has to be that whatever is done stabilizes what is at the moment an extremely unstable situation at the moment however. worrying more than anything else about both europe and the us slipping deeper and deeper back towards a recession i sit on a gloomy side of things i don't believe that either the european economies all the united states have yet. really begun to get to grips with the very grave collapse that occurred after two thousand and eight. lot of pain therefore is is facing is

going forward. from an all steel point of view the sooner we start to get to grips with that and take some of the austere measures necessary better there is a lot at stake in the us effectively managing. their own really rather catastrophic challenge beggars belief that the leaders in the us are so preoccupied with their own local politics to properly recognize the dangers that they're creating for the global economy as a whole the prospects of recovering in any short term from the recession that's already doctors for three years. well the u.s. government's deadlock in the gauche ations over raising its debt limit is also sending the value of precious metals to new heights with more on this report coming your way just have a twenty minutes time but here's a preview for the first. one the world at five hundred dollars over me it would mean that the peasants in america and around the world who are being

disenfranchised and haven't seen wage growth in decades and are being treated like by obama would suddenly have a lot of money in which to restart the country and seek regime change and start a new republic you know that in france they're on their fifth republic america they need to get on to their second republic they need to rewrite the constitution iron out some of the flaws and loopholes return to some of the ideas that were there originally go back to gold and silver as it says in the constitution. well the london based team investigating phone hacking by journalists at news international has been expanded from forty five to sixty police officers and staff as the scandal intensifies comes after he's warned that any did they and completing investigation would put the start of the planned public inquiry russian billionaire

meanwhile says well you may be interested in reading launching docs shamed into the tabloids. to other british papers the evening standard and the independent. reports from london. standards. but also the prime minister. thank you. this is. my life i'm enjoying this so. who will survive the phone hacking scandal and keep his job cameron comes under fire for hiring a former editor of the now defunct news of the world he's accused of encouraging his staff to hack into private e-mails there's been a large amount of fingers in isn't just a crowd of heads in the sand and that is lethal for a prime minister and he's now in a real fight is in a real really bad situation he could well be looking at some serious consequences

very bizarre at the very least start still around him betting shops have slashed the odds on cameron being the next m.p. to quit. they are thirty one hundred to one at the beginning of the week just five to one three days later in the last two weeks or so we've seen a lot of money go on camera in the last forty eight hours when the. committees have been going on behind us. and we've seen cameron over the last few weeks fall from one hundred to want to be the next cabinet member to leave to forty one years just slightly crept up again to five to one today as a result of his statements in the house earlier where we thought he. gave quite a good performance on choose day it was murdoch's turn for a close shave attacked by a protester with a foam pai and saved only by his wife's right hook despite profuse apologies to victims of his own newspaper's unethical behavior he had no intention of stepping

down himself. what's less clear is whether david cameron remains the best person to lead britain out of this crisis of confidence he hired coos and who in turn it was later revealed was being advised by another ex news of the world hack neil wallis if that wasn't enough he was simple taney asli working for the metropolitan police politicians and police are under fire for cozying up to and colluding with the murdoch empire and in the wings cameron's arch rival ed miliband is limbering up to step into the ring so the country can have the leadership we need why why doesn't he do more why doesn't he do more than give a half apology and provide the full apology now for hiring mr colson and bringing him into the heart of downing street. commentators say the prime minister came out

on top in wednesday's round in the house of commons when he was grilled by m.p.'s over his relationship with news corp but the fight is far from once you know. he is damaged before the race he was he was beginning to develop and the tough one cameron because none of that sort of damaging political issues that were circling the government actually stuck to him the scandal has forced resignations all round top executives at news corp and the u.k.'s two most senior police officers many are asking why the prime minister shouldn't be next for a knockout david cameron promised a full so up. ology if it turns out andy can send to him about his involvement with phone hacking but some say that would be enough when it's over and we are a long way from that it's far from clear who can survive the rounds still to come and remain at the top of the media the police and the government nor any healthy

young. well new york based radio host see that says rupert murdoch is facing the collapse of his business and political ambitions. i would be shocked if he is still at the helm of news corp in over the next couple of months and i think we're going to see actually a reversal of this i mean murdoch was in many ways a throwback and. professor jay rosen at n.y.u. has basically said that this was not a a new company it was a media company that has a news division that essentially functions as a lobbyist as a lobbying arm for that media enterprise and i think murdoch wanted that political power and i suspect that anybody who takes over from murdoch and we don't know who that will be but i'm sure there will be somebody will see this this pursuit of political power just for the sake of political power to be antithetical to running

a good business. well that coming up in a few minutes afghanistan starts fending for itself now to begins the hand of a person making several regions a responsibility of kabul the transition will continue until twenty fourteen. and a frenzy grips the central russian region off the discovery of priceless extraterrestrial materials. the arrest of. the international criminal tribunal for the former yugoslavia to focus on the completion of its mandate that's according to the u.n. chief ban ki-moon who welcomes the end of a seventy a manhunt excretions general accused of atrocities during from the ninety's yugoslav conflicts is the last on the tribunals wanted list which is expected to be extradited to the court to take within days. sara foote is in belgrade and looks but the events leading up to his detention.

ninety ninety one ninety nine. war of independence. he with. his family. belgrade and we saw just how it was off to his arrest this being quote here in belgrade a creep is that sedation t. the hey the last of the walk by and stuff like that have been killed by the hague and he's being charged with fourteen counts and will cry and sing feeding the hundreds of known serbian this is always being. in that school about the potential he can't see what he meant to hit and as he said the last war crimes suspect theoretically seen a number of these other happening in two thousand and eight and just less than two months ago we had the arrest. president. and investigates been working extremely hard to track down these people. now with

this latest arrest the east getting to welcome serbia with has been said by many people to be a little bit naive a number of stumbling blocks that remain not least in the public opinion among the serbian people the third being government has been bending over backwards to comply with the hague and they've really because the hague to be quite violent in the way that they treat the thing is the way they feel pointing in this direction they're really quite this illusion with president but it says polish thieves now remember parliamentary elections coming up just next year the i did. say will be solved by membership to the greedy now it's seen as a bold tape. to comes less than two months off the capture of the former pows general. explains why the international criminal tribunal for the former

yugoslavia. wartime. well you just lose saying really in their propaganda operation if they didn't indict him then there would be one serbian leader who wasn't accused of being a criminal and that would be inconvenient they had they have to accuse all the serbs all their leadership of being criminals for this propaganda picture to take hold to why serbs generally. use this to paint a picture because the tribunals have been set up to to accuse all serbian leaders of being i didn't the serbian criminals while hiding the real criminals so the tribunals pointing finger is the one that the actual criminals who broke up the country hide behind. us plenty more to discover on our website including the latest news blogs and expert analysis and much more here's what's online if you right now selection of. unscrupulous nuclear scientists down them

technology from the internet presenting projects as their own attempt to pocket research money. and find out how to dozen passengers were stranded on a ship lessons taken to a scrapyard then. this acuity handover in afghanistan has begun with the first seven cities and regions being transferred from nato responsibility into the hands of local forces next set of areas expected to come on the cobbles control at the end of the year the process of transition is shadow to last year critical to them after that troops will remain stand support roles such as the training of local police the violence has recently spiked in the country with insurgent specifically targeting regions on the handover but the time won't be that eager to fight once foreign forces are gone and to take to. the

member of the rethink going to stand meant. to challenge me on it has grown as a result. of continued u.s. presence in the southern afghanistan so by the u.s. leaving you're going to see the taliban basically not want to fight as much because they're basically fighting it's afghans you're going to see an afghan peace process take place because afghans generally speaking don't want to silly fight with each other they just simply want to live in coexist for the most part but i think that generally speaking the afghans are better off with governing themselves without the united states or the coalition forces providing security for them because as we've seen we have unintentionally killed a lot of people so if afghans are killing afghans that that's better off than the united states or nato killing afghans and i think that we would be foolish to sit here and think that the us is leaving we're not leaving there will be permanent us

involvement in nato involvement for a long time. but a brief look at some other international headlines now. the u.s. has announced it will send the right to tell you that a farm in hit somalia regions controlled by al qaida if assured that deliveries won't be intercepted. have to create a state of teenagers of southern somalia where the million people are in danger starvation and i tarried agencies estimate the country needs more than a village in the heart of the night a current crisis caused by devastating drought the worst in decades. the space shuttle atlantis is on its way back to work for the very last time the craft and its crew of four left the international space station on a due to land at the kennedy space center in florida thursday touchdown all spell the end of nash's program software acts like this will become a museum piece with tell you the control room into a training facility. or sometimes you have to dig deep to reach the stars at

least that's the case in central russia's resign region where meteorite fever has spread in recent years artie's son a boy jumped at the chance to catch a falling star. they don't believe in aliens so the time machine but they do spend most of their time looking for extraterrestrial matter that will take them billions of years back in time most meteorite hunters in russia do it for profit but some still see it as their way of heat hiking through the galaxy. this is the oldest matter you can hold in your hands there is a theory that meteorites are part of planets core just imagine this piece is about four and a half billion years old like the earth this valley about three hundred kilometers east of moscow is their latest pitstop about ten thousand years ago the local fields took a have a pounding from an audience shower creating the most fertile meter

a ground in central russia is this covering two thousand was a pure accident. a few ditches were dug kids help with the draining off the excavators left a local resident was passing by he noticed a rather strange broken picked it up the rug lay idly in his bomb for two years until the store program brought me to write some t.v. and sent it in for testing that. within the next few years about to be tons of meteoric material was discovered here some of the unlikely help of the nation he's on our staff he's the only dog in russia trying to hunt for rocks from other planets in many ways meteorite hunting is a lot like gold digging you have to spend weeks and of wild hoping for a stroke of luck but in today's prices searching for these acts to terrestrial rocks can be more profitable than even the good old gold fever marchionne no lou and i meteorites we are in high as the month can cost two or even three times the

weight in gold the biggest findings usually gravitate to the united states and western europe where most me to write collector is a base and while russia got the law x.-prize effects are terrestrial rocks ten percent of their value must be paid to this the. still some delusions try and dodge the meteorite tax base for time haul was uncovered earlier this year at a moscow airport on its way illegally to the czech republic. for some their fallen stars but for obvious meteorites creasing we become in a blazing hot new commodity. region. that see how things are shaping up in the financial world with very. hello and welcome to business here on our team now we start this hour with minority shareholders. who are preparing a lawsuit demanding up to ten billion dollars in damages over. support eros enough

in the arctic exploration the shareholders have won a russian court ruling ordering paper surrounding the multibillion dollar deal to. this will allow them to evaluate the damages b.p. enrolls in f.l. to strike the deal this spring a sink if the shareholders claimed b.p. is russian joint venture should be the primary vehicle for arctic exploration. the us has come up with an eleventh hour plants a result of that that ceiling it's hoped the plan will help the country avoid a technical default that includes deficit cuts all four trillion dollars and calls for tax increases over one trillion chief strategist of i'm sure bank chris we for says there might be again between promises and real cuts. if the government makes too many cuts and raises taxes too severely then they could cause

a double dip recession they could cause some substantial slowdown in u.s. economic activity which would of course hit the u.s. federal budget. exacerbate the problem so they have to be very careful not to introduce the cuts to violently you're too quickly so we have very tricky balancing act and that's why i'm not expecting even the four trillion dollars cuts i really don't expect those to be put in place for a very long time i think that's what we're seeing no promises of cuts in order to get a deal done but there's a very big difference between promising new course in the actually making years and i think the implementation of the cuts will be very much linked to what the indicators are of economic growth in the u.s. . well a second look at the markets now crude again in this hour as u.s. oil stockpiles shrink indicating fuel demand will increase in the world's biggest consumer over the commodity. the european markets have opened in the black mass chancellor merkel and french president sarkozy have agreed on

a joint approach to places that crisis ahead of today's. footsie is twenty thirty three percent and the german dax is higher at the point of thirty point fifty two percent that is now let's move on to the russian markets we can see that there are now both open and they are trading in the on the r.t.s. and points three percent almost and then my second almost half a percent and that's of course after reports of lower unemployment rates and accel are rated retail sales in june let's have a look at that individual movers on the my psych's energy stocks are on the rise with gazprom adding a quarter of a percent this hour banking stocks are also gaining the bankers out over half a percent and among the leaders across telecom s continuing its rally on speculation it could get completely sold of private investors.

looking ahead to the day's trading michael sign from a greater financial corporation says investors move well be affected by the you know from europe and the u.s. today we see the p.m.i. idea coming out of germany we see retail sales coming out of the cave investors will also pay close attention to the weekly u.s. initial jobless claims data in addition there's an important event taking place in greece where e.u. leaders will convene to talk about the terms and conditions of the second greek. the ruble could be on a downward slide every searchers from the higher school of economics are to be believed they're suggesting the russian currency is ready for devaluation next year and according to them it's weakening as inevitable. physical volumes of roughnecks constrained and prices stable so you would just continue the trend of stable oil prices and the same let's say slower growth in part we we anticipate for four

across twenty five percent year over year and if you combine those two players your sleeve that in the second half of the next year russian current account will stream below one percent of g.d.p. you know that for us it is unstable spatial so it will be one percent in the fall in the second quarter it will be zero and what it will be one is one fourth quarter that is definitely the territory for instability over a month and historically we saw it in ninety eight to four thousand. is below one percent versus the moderation. that's all the business news for now for more stories you can always had so our web sites are t they'll call. but for now that's it from the business team the headlines are next with carry.

wealthy british style. time to tighten the fine. markets why not. 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 in to kaiser report on are.

the movers.

time for the other headlines hair out. even lead is a picture in brussels on how to fund continuing bailed out says the debts epidemic now gripping italy and spain further strains and you're on its last legs. and international media mogul and top politician come under huge public scrutiny raising doubts they'll be able to survive the fallout of the phone hacking scandal under store public trust. last remaining un indicted war crimes suspect on hundreds is awaiting extradition to the hague after being captured in serbia

belgrade hopes the move will bring the country closer to you membership. or next max keiser explains the consequences of u.s. debt deadlock as he takes for scandal behind the latest financial headlines because the report is up next. bio max kaiser stacy herbert this is the kaiser report you know i did are the currency of any revolution they say however max ideas are in our headlines today the first one could this cindy sherman of monkeys accidently revolutionize copyright law for artists so cindy sherman is the famous artist who takes self portraits and if you look at this image that's not cindy sherman that is a monkey from indonesia and he took the camera from

a nature photographer visiting indonesia and took south portraits of himself now this has become a big copyright issue because copyright in for tog or free always belongs to whoever took the photo who actually snapped the button not to the person who owns the camera or whatever so the man who took this photo david slater was working for caters news agency and now caters news agency is sending out cease and desist orders to people like tech dirt dot com who posted the photo and tech there to saying well you don't own the copyright. agency wrote back to them and say well neither do you so you can't post it all copyright law even in its current absurd iteration and we've talked about it before it's effectively a global bottom e. this perpetual copyright as lawrence lessig calls it doesn't extend.