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its ability to go publicly and run this in the kernel was her job as a retreat. damage i don't know of washington announces a deal to raise the debt ceiling out of the vault but critics say the move doesn't solve america's problems and its reputation is going down the drain. the u.s. and the e.u. stepped up their push for sanctions against the syrian government off to a crackdown on protesters purportedly death all but one hundred people dead most cases bonnets on either side of the country's conflict is unacceptable. and veterans of head is an elite troops hold a rally in a stadium after being banned in another country staring fears of revived not since i mean.

very warm welcome to you this is a line from moscow now of the weeks of stalemate political wrangling american lawmakers have finally struck a deal to raise the country's debt ceiling and avoid potentially devastating default however the plan still needs congress' approval with votes in both houses expected monday he called one compromise will that american borrowing continue but even exchange for more than two trillion dollars in cuts over the next decade the agreement was reached after president obama's last ditch effort space weight democrats and republicans to set aside. that differences the u.s. could send ripples throughout the last fragile economy if its fourteen point three trillion dollar debt limit isn't raised by tuesday but as we import no reports the bumpy road to an eleventh hour consensus has already dealt a severe blow to america's reputation the eyes of its investors. and help us avoid

default debt ceiling nation default and this crisis time's running out the entire world is watching it's been a public spectacle filled with bickering grandstanding and lack of compromise i devise of debate over raising the u.s. debt ceiling created an unprecedented climate of uncertainty over america's so-called sound economy the damage been done no matter what happens now everybody really thinks the united states isn't so secure it isn't so safe even if the craziness subsides it seems to have gotten real close and who knows whether next month next year this won't blow up again since the underlying causes economic problems are getting worse in this country four point five trillion dollars of america's borrowing is owed by foreign countries experts say washington's mismanagement may cause investors to abandon the devalued dollar and their partnership with america it's like being married to someone decide. if they were

jerks you want to know what i do how much can i put up with this relationship the u.s. will be in for a long time the only game in jail but the your community is making noises chinese making noises we're going to we're alone now in our ability to be a repository for financing in the world the result could spark a replay of the two thousand and eight at the nomic meltdown except this time washington not wall street would be responsible for the first time in history our country's aaa credit rating would be downgraded leaving investors around the world to wonder why. the united states is still good but. interest rates would skyrocket on credit cards on mortgages and on. which amounts to a huge tax hike on the american people as the countdown neared zero all three big rating giants moody's fitch and standard and poor's threatened america's hallowed triple a score unless

a deal was hammered out and the fourteen point three trillion dollar debts getting higher economists say america's unsustainable budget deficits are the biggest threat to the nation it's like the batteries worn out the spark plugs don't work the tires are flat all of this and so what we're trying to do is say we've got a little bit of money in the bank let's pay that debt down but we're not doing anything to fix the economy and so we're putting ourselves in a bigger and bigger hole not just because of the dad but really because we're not creating any way to get out of the debt instead of the u.s. president repeatedly asked americans over the past week to join the campaign to borrow and spend more make a phone call send an e-mail tweet keep the pressure on washington and we can get past this while the eyes of the world have been following the heated saga playing out between u.s. politicians the main problem not going away is america's debt and the growing

realisation that elected officials may never be capable of agreeing on how to solve it. r.t. new york while the current compromise comes just in time to have a catastrophe of spirit mind nor be enough to persuade ratings agencies to that america keep its triple a credit score when a downgrade would severely hampered recovery prospects some of this believe the us economy is headed to wall's inevitable. the army is that eighty percent of the spending the mandatory spending already now exceeds the tax revenue so even if they try to cut the budgets of expenditure they would have to default because the mandatory or the composer spending obligations which the u.s. government contract down on exceed the tax revenues or some of the other the u.s. government would have to default on its obligation the worst loser out of all of

this i think is the u.s. dollar of the u.s. doesn't deserve our aaa credit rating it is a joke if you look at the finances of the u.s. the federal debt now accounts for roughly ninety six percent of g.d.p. and as far as i can see there is no way these debts going to come down and the u.s. has no business getting a aaa rating and when other people come to the same conclusion as i do then i think there could be a rout in the bond market and as mr obama was alluding to earlier we could see seriously higher interest rates and a serious weakness in the u.s. dollar which is obviously very bullish for commodities and precious metals such as gold and silver well the plan to reduce the deficit will come into state is the first involves around one hundred billion dollars in spending cuts on the second needs further savings of one and a half trillion a congressional committee has yet to decide where these will be implemented will max a proud both chief economist and investment advisors green across capital says the measures will hurt many people in the u.s. but won't solve the underlying debt. this whole crisis started as an opportunity of

political theater these guys couldn't even choreograph success out of their fake crisis and so now we have a huge international failure which has already done possibly lasting and certainly serious damage to the standing and reputation of the united states of america how hasn't much been mentioned that not a single plant out there reduces the national debt they just change the speed by which it grows all the showdown all this fanfare is about changing the exact forecast ten years speed of debt growth none of these plans make real efforts to reduce the long term problem of insufficient revenue and these plans do reduce spending in ways that will be painful and for many communities in the united states transformative but that will only reshift focus onto the more important long term issues of the absolute in sustainability of being committed which we are committed to having insufficient revenue for the amount of spending that we're going to be doing for the forseeable future while having

a fourteen point three trillion dollars national debt this process itself has and continues to hurt the faith and credit the world has in the united states the united states has the kind of budget imbalance that normally does occasion a downgrade we do have a particular set of opportunities in the united states not available to countries which is a good reason not to downgrade and that is we can print the world's global reserve currency not without debasing and devaluing the currency but we can print it so the united states borrows in dollars and has the sole unique legal right to pay things and produce dollars which is eniac situation and makes us more credit worthy a downgrade which i think is quite possible and the sheer spectacular public failure of the american political system will take a while to figure out but they will not be minor and they will not be positive just so people know the statutory debt limit of the united states has been raised ninety times since one nine hundred forty that's an average of one point three to one

point. times a year every single year there's another funny thing that no one seems to mention about the debt ceiling which i find interesting something of an economic historian and that is that the debt ceiling came into being in one nine hundred seventeen because people in the united states were afraid that congress would enter world war one the looming conflict of its day and the idea was to make sure that our government the united states government didn't enter us into wars without being sure they could pay for them and without being mindful not to increase the national debt a lesson that i think we were prudent to be concerned with the nine hundred seventeen and someone failed to remind us of we want into afghanistan and iraq so there's actually a very interesting historical story around the debt ceiling or statutory debt limit which i've noticed hasn't been much told of late you can watch the full interview with financial analysts valvano website sassy dot com well he's also quick taste of what's ahead for you this hour in the program also his old architectural gems again

life has been turned into money traps targeting illegal immigrants as he pays a visit to one of the g.'s. and we've the dramatic pictures of a destructive well when that school through boxes far east closing on its home to destruction. several naysay states are threatening action against syria that says eyewitnesses report that country's security forces have a new terror attacks in the city of hama more than a hundred people are said to have been killed on sunday when government times forced their way into the opposition stronghold or russia has condemned the violence in syria going on both sides the government and opposition to abstain from brutality and abide by the no meanwhile germany is calling for one imagines international the u.n. security council with the e.u. expanding sanctions against him asking us to stop the president of the arab noirs this is the nations as western countries don't have the credibility needed. to

interfere in serious offense. the interference of the outside world in my view can be counterproductive unless it is down properly rather than just making these wild statements like for instance the usa would decide whether the president of syria has next in the sea or not everybody is asking what right do the americans have to put this question anyway let alone deciding it but they seem to be doing this said electively they have done it with syria and have done it with libya but at the same down they have not done it with yemen they have not done it with other places where there is uprising including bahrain for instance when president obama says what he say everybody in syria and out of world will immediately respond back about one tenement bearing about abu ghraib and about the rest of the afghanistan situation all of these things so dreams are low and it doesn't give any comfort

generally speaking the world seems to be content with condemning and making these wild crazy statements where that it's you know the regime is less than it or not or whether it should be it's using use of force the world can play on all but i think at the present moment it's not playing the right cards. hoess any u.n. resolution against a mask warning that such a step could lead to a libya style sonority where the nato operation sounds like used to be exceeding its mandate is calling for done a lot to provide the solution to syria's internal political problems. but pretty much we realize the city is going through a very difficult stage of development similar to a few other countries in the region and internal civil conflict between the government and part of society political social and economic problems and arguably to both in terms of numbers and complexity we think the best way to deal with these problems is a nationwide dialogue that brings crucial political social and economic reforms to support all efforts aimed at launching in promoting

a substantiative dialogue between the government and the opposition we adhere to the notion that both parties should abstain from violence the syrian government and president assad has delivered a number of statements on the reform plan we insisted it should be implemented step by step in a consistent manner promptly and efficiently we also call on the sitting government to keep their promises and live up to the hopes and aspirations of the people. where you can see that interview with russia's deputy foreign minister in full in around fifteen minutes time here on r.t. well syria's a deteriorating situation these many wondering how the crisis might be resolved to share your opinion on this issue. but there are websites that rather and calls your vote on the ac so far the majority of you just want to stay away from serious problems altogether if the thirty percent favored dialogue between the two sides and even fewer have they to help the opposition to kick us out and there's at least

the support for more radical measures like bombing the country and democracy but if you haven't had your say yet do you go to r.t. dot com to cull through your faves. veterans of hitler's elite cheap seaforth against the soviet army. in world war two have traveled from around europe to hold their annual rally in estonia former members of the nazi buffet assets referred to locally as fighting for freedom were joined by new nazi groups from the country and as artists or furthur portraits period. the case of narcissism is feeding dangerous five movements right across europe where here in the estonian town a cinema that annoying thing forty four is a scene of fierce fighting between save its soldiers and yes this is where here by the monument to commemorate the soviet soldiers that died in that fight less than a mile away in this town also the scene of the gathering of veterans of this day near waffen s.s.

it's an event this gay widespread criticism for glorifying naziism. of. association of former soldiers laugh this off or on terry but it's something the moment you don't think about later would think about the people who. got the war on the for. country and most of year it these kind of events abound. in order to hear that interesting year it's a different story altogether. it's common in the story to call these people freedom fighters we hold or protest rallies on the stream do you do you hold this event to remind them what they are doing given allegiance to hitler to tell them what they had never liberated moreover money of them are engaged in and all of them are more or less accomplices of the crimes committed by nazi germany. in fact in recent

years the eastern you know thirty's have made it increasingly difficult for those who come to oppose the event this year once again members of the anti fascist movement were detained at the buddha and pulled over by the police the car we were traveling in was also stopped for questioning on the way in i was stopped. i have an entry to the country and of course didn't want any kind of other opinions than their own opinion which is very very much supporting the. movement of the revival of the far right across europe has caused growing concern right parties it gaining ground in countries like austria finland in france savage slew served by far right extremists and is brave it can always recently has driven home just how dangerous these these remain i think this is a problem. extremism and far right wing extremism and the fact the

authorities. calls calls the. this the say far failed to take decisive action to stop nazi commemorations within its borders bush's push for international legislation to condemn the glorification of wartime fascism but events like the one in a sting and make it glaringly clear that not all countries are on board critics of this event hardly that the gathering provides a for and for dangerous near fascist state did the government's failure to ban it is seen at the very least as being morally and politically insensitive surf r.t. dania. there's a lot more for you on our website called his is the taste of some of the stories you can find online right now in this and american man was jailed for a crime from top by his wife and her boyfriend colp he gets the last laugh there along with fifty million dollars of compensation. and france is to hold

a lier tolstoi apologies the fans will be reading out of loud from war and peace all one thousand seven hundred pages of it all these details the more you dot com. let's check out some international stories in brief now this hour and eight finds his have been killed in libya after rebels clashed with colonel gadhafi loyalists in the opposition strongholds and he often ghazi the fighting started when rebels rounded up a group they suspected of murdering a military chief and having links to gadhafi the rebel military command libya's former interior minister those fatah yunis was assassinated last week over two thousand people have died in the violence since the civil war began four months ago . the suspected leader of one of mexico's most notorious drug cartels is the message of the murders of fifteen hundred people the thirty three year old man

known as el diego was arrested following a gun battle with police on friday he's accused of being the head of a gang of hired killers and corrupt enforcement officers working for a major crime ring the cartel controls the supply of illegal drugs smuggled from some other to watch us into the united states. tens of thousands of anti-government protesters took to the streets across israel over the weekend demonstrations a rising housing prices that spilled over into why did discontent was rising costs of living and the growing divide between rich and poor people were demanding social justice and better working conditions prime minister benjamin netanyahu when i'll tell gather a round table discuss plans to ease the financial burden on israeli citizens more protests are expected. moscow's oldest buildings have become home to dozens of illegal immigrants despite a rather desperate flock come to the russian capital is seeking jobs or better

living conditions before praises city officials who cash in with scams that charge high rents for low conditions on his home bottles joint investigators looking into the exploitation rackets. at first glance it looks like increase of illegal immigrants scorching in a former architect to jim. this used to be part of the moscow conservatoire. this building here in the center of moscow was formally empty we heard that now there are many immigrants living here in very poor conditions are illegally right in the center of the city. but they would perhaps have gone unnoticed if it weren't for the fuss raised by quiet center a group of local residents wanting the migrants off their doorstep it was innocent words it's good for you to live in crowded conditions who knows what diseases they may have many of them don't work where they get money to eat make stealing or committing other crimes from us would he go on his fellow activists call the

authorities and the next day we return with offices of the federal migration service. the migrants who do open their doors soon wish they hadn't nature of course they might who are you paying rent to for this place or what and just to give you just a game do you live here. most are too scared to talk to us what we do learn points to a far larger and more shocking story they aren't squatting they're being charged rent . a man comes to pick up the money from everyone living here i only know his face not his name stop filming me so if we go into one of these rooms this room here as you can see has one two three four five six beds who knows how many people have to sleep in this room and if we come on to this room here there's two beds possibly

more in here that lady doesn't want to talk to us but each of the people that are sleeping in these rooms pay three thousand roubles every month to do that as the migrants are led outside the questioning changes from what are you doing here to who is keeping you here eventually one of the group quiet center provides an answer when you place it that what you can see is the local housing committee it happens all over moscow is unemployed and of an illegal immigrants they're forced to pay of stay in old in abandoned buildings if they can't they're thrown out and what about the illegality of this day the local housing committee in turn shares its earnings with the city council and a district police inspector because it's impossible without their consent when we took these allegations to the federal migration service they admitted it wasn't the migrants fault they wanted someone to live in the moscow central district government was even more damning confirming our suspicions and admitting the rot goes deep inside the housing administration and that's the only they did you know

disorder it really were proceeding should be initiated and the kids should be in this to get into into court or else other officials abusing their job positions will worsen the habit of letting dilapidated houses to legal migrants. or investigation revealed just a small part of the scheme to charge illegal rents at hundreds of sites across moscow to people in a desperate position and by providing false hope of a place to live they're only going to encourage more misery for residents and migrants alike tom barton r.t. . and in other news that one victim killed by a destructive twister as it swept through rushes of fire east twenty eight others were injured by the huge whirl wind and natural phenomenon considered rare not only for the region but for the whole country will tornado tore through the center of the city tearing rooftops of balconies for over one hundred buildings overturning trucks operation trees and whipping up power lines it raged only for

a few minutes but i witnesses reported that it caused incredible damage most roads have now been cleared but hundreds of homes are still without electricity or more dramatic pictures like this do go to our web site r.t. dot com. a very shortly we talk to russia's deputy foreign minister about ongoing violence in the arab world but first all those business deals with bahrain or. hello and welcome to business here on r.t. now we start with oil which is advancing from two week lows and that's after president obama announced that democrats and republicans had agreed on a two and a half trillion dollar cost cutting program for the next ten years that should ensure the debt ceiling is raised and there'll be no the fault on its own payments now meanwhile a report from europe's biggest oil company of oil dutch shell says the time of low

cost oil and gas is at an end it says find the resources will be more complex and require more money and investments but whether this will mean that task one answer for oil rich nations is an open question. the cheap energy is a function again of the financial market and the financial market on the aggregate right now is pointing towards countries but one to inflate their situation out of the trouble right by inflating their systems they think that they get out of trouble and by inflating the system that leads to higher commodity prices where there is grains coal or oil or on the aggregate a thing does what europe has to do and he's doing and i think that's what the u.s. has to and will do so from a russian point of view on the aggregate over the long term the oil prices will be higher whether that buys more things with the money i don't think so because it's

really a reaction of inflation. and let's take a look at some or oil prices now in light sweet is currently trading at ninety six dollars per barrel while brant is out one hundred eight dollars and precious metal prices are in the right following positive news over the u.s. debt ceiling gold is losing over a half a percent while silver is down over one. sent there. now world markets show their relief after obama announced in the u.s. that limit deal europe is trading and the black financials which have sold of heavily in recent weeks over fears over u.s. the fault are now among the biggest gainers h.s.b.c.'s gaining over four percent ahead of results and the group announced sunday that it will sell one hundred ninety five retail branches and upstate new york to first nagra financial group for around one billion dollars. and here in moscow stocks rise the most in two weeks

as all and commodities surge both the arts yes and the my sex are up over one and a half percent there let's take a look at some individual movers on the my sax and there's a majors are among the main gainers with gas from just under two percent banking stocks are higher bank of moscow surged almost five percent on bets the lender of what it defaulting on its euro bonds after publishing twenty earnings and power generator answer is also on the rise the company has tripled its that profit in the first half of the year reaching eighty three million dollars. well there is only refinery owned by russia's local is to remain shop for up to half a year after the country's government revoked its license now the facility supplies almost half the country's feel meaning bulgaria is now tapping into its reserves bulgarian customs halted operations at the plants after local fail to install

a new meter and equipments according to common sign newspaper the government was suspicious look at oil was not declaring all its exports their action oil company says it wasn't given enough time to make the require changes. we can do in the meters quicker than is technically possible it will take several months at minimum . we told gary that it would be a very long and expensive process unfortunately they didn't understand and we didn't manage to finish in time. that's all of us is for now for more stories you can always check out our website artsy dot com slash business in the meantime stay tuned for the headlines with alice.