so you live from moscow with the headlines now the boring. towards europe's largest economy that cost plus spain also struggle to stay on track and it's brussels that's being blamed pushing a frustrated public to vote with their feet on a major much. the un's most powerful of syria's deepening bonds heeding russia's call to rule out foreign intervention and urging internal

dialogue comes as protesters in syria claim they're being massacred by government forces and the opposition stronghold of hama. a failed of palestinian suicide bombers are being telling us how she's using her experience to spread peace after being cool before blowing up in a crowd of israelis she says her second chance allows her to dedicate her life to tolerance on both sides. well the tough times in europe and the u.s. feel like a relatively recent phenomena former head of russia's central bank says they've been swirling around for ages but now it's being used as a political pawn as he tells us next. if it wasn't for this aggression hello and thank you very much for being here it became hard of the central bank when russia began pursuing its shock therapy policy following advice from american experts how would you advise your american

colleagues now with the situation they are facing. now live within your means that's all that's just what they told us back then with no idea at all about our economic and social situation at the time that was a nine hundred ninety two when we began one part of the government began to listen to their advice after russia joined the i.m.f. that year later they wrote on the famous stiglitz a nobel laureate and former economic advisor to clinton was among them but they were doing everything wrong what they were telling us was all wrong. if we think about the ability to live within one's means who's got read that russia back then or today's usa. well you have heard you say the u.s.s.r. was living on credit of course but it was sold and other states were eager to give credits the u.s. the last hour wasn't doing it directly but through european affiliates they all knew after all that the soviet economy was under control and the country would pay

its debts sooner or later even without high oil prices that's why they were eager to give credit to the us us or especially to finance the purchase of high tech goods to be supplied to the soviet markets the fact is though that after nineteen thirty two the time of crisis for the us america wouldn't sell the u.s.s.r. complete production facilities like a car plant in tal yachtie or chemical plants of which the u.s.s.r. had bought four billion dollars worth and much of played their part in its technical progress the only way the soviet union's credit rating was quite high it's been easy for the us to get credit because of the entire system that's been built up since nine hundred forty five and the i.m.f. was being set up there was a heated dispute between the u.k. and the us of course the british had to back off because their economy hundred greatly damaged by the war later led to the devaluation of the pound so many years after the war and fucked all of europe was living off the marshall plan back then

and that consisted mostly of agricultural commodities along with some industrial plants and factories that are depleted their technological potential moans that the us didn't need any more this and park was the reason for america's technological leap over more recent years though production capacity is growing rapidly in the third world the share of production in america's g.d.p. has been shrinking that's how america began to live on credits and living on credit is always difficult as a time may come sooner or later and debts will have to be paid off right now nobody wants to remember that it was in the early one nine hundred ninety s. and goes on the republicans came to power that the u.s. external state debts obtained by issuing treasury bonds were different terms and i think from a week to twenty years under interest. rates grew massively right now it's been increased still further so generally it's all happened under republican rule my question is then all the whole book now it's just political games and nothing more . how much time do you think the usa has left before it has to start living within

its means. if we go anywhere you see speaking of the country's gold reserves the u.s. is our only john the i.m.f. and nine hundred ninety two of those among us founders back in one thousand forty five or so we are delegation took part in all relevant discussions and we even managed to secure the right to keep our contribution to the capital of the world by can go into the reserves of which stalin was very keen to control the gold was to be kept in the u.s.s.r. with the i.m.f. having the right to comment any time to check it was still there and hadn't been sold the u.s.s.r. could join the i.m.f. before december the first one hundred forty five and head of gosplan those in the sense stepped in and said we cannot have the war so poor that we got it on file all the statistics wired by the i.m.f. old we'll see is how much we actually lost in the war so we'd better not join i.m.f. rules dictate to any country's currency reserves resulting from a good balance of payments and without

a budget deficit should be kept abroad either in u.s. dollars or in gold well it would be ridiculous to buy gold the price of which tended to swing all the way from eight hundred dollars to four hundred dollars an ounce in just a year the u.s. never maintained gold prices even though it used to be partly five dollars an ounce and a nine hundred seventy one president nixon raised it to seventy dollars an ounce went to dollar collected old dollars throughout france and sent them to the us asking to exchange them for gold the gold content of the dollar was devalued but everyone keeps quiet about it the began living on credit it could only keep your currency either in gold or in a currency that was used to ninety percent of world trade at the time and so did all countries. well you even though now we've kept it in dollars and euros and even in small parts with francs or something like that since two thousand and two the u.s. to some extent lives in debt to the entire world and that is the right to sell the u.s. managed to avoid a technical default but what was the threat to the whole world. if the u.s.

had declared default it wouldn't have been able to repay treasury bonds it issued according to the in itself by congress to the u.s. government or to the u.s. president the government heads so they wouldn't be able to replace them with new bonds in time. and what happens within the country if they reach a compromise to cut their expenses. this is no explicit connection to the situation within their country on the other hand the dollar exchange rate and could in cash immediately drops in the world's markets and the exchange rate for securities traded around the world drops as well in spite of the fact that they're issued by u.s. companies so they incur bookkeeping losses at the very least and perhaps even real financial losses to a large extent that was formed under the bush presidency like the war in iraq and their role in the afghanistan conflict or a huge military expenses and in fact the whole world including our country has been

funding those military costs their budget deficit and our balance of payments deficit there's a good of that if we talk about expenses the approved u.s. military budget for this year alone is about seven hundred billion dollars and frankly speaking there are no reasons to believe that these expenses will be reduced do you believe this could be possible if we had a very good will you that i believe that the globalization which has been happening for a while now and which hasn't been getting much to developing or third world countries will result in some kind of collapse. of the since nine hundred forty eight the u.s. has raised its that limit nineteen times it's become standard procedure but now. situation has progressed to the point of shaking the world markets and the world was the right and with a known economic territory how did that happen. right to a large extent in the one nine hundred sixty s. or seventy's not to percent of international settlements were in dollars that was

between countries that weren't even connected with the u.s. in the euro zone as a start was to start giving up national currencies even though some european countries like denmark didn't join us at all among the key settlement currency everyone needed dollars and often required dollars rather than any other currency therefore the dollar became the worldwide currency with a world wide spread also calls for a worldwide responsibility on the u.s. authorities didn't show enough of our responsibility to the other and i mean a number of economists called the actions of the u.s. financially irresponsible do you agree or is it rather a kind of game for the sake of their own interests. from the viewpoint of economic theory there is certainly a responsibility the rouche a famous american economist of perhaps french or canadian origin about ten years ago so that the u.s. economy considering its domestic and foreign economic policy is bound to face a crash like the roman empire. ratings full economic players central banks will

obviously change the structure of their reserves cameras dumping of the u.s. treasury happen and what implications can we expect what else is there for them or chinese colleagues in spite of their trade surplus with the u.s. and their own willingness to revalue their currency to keep most of their phones in dollars even though they use them actively to penetrate the development of african and asian economies to develop their infrastructure and so on there's nowhere to go all the world is established in a uni polar way you can't just get out of a marriage especially when you have kids. thank you very much. wealthy british scientists scientists sometimes.

markets why not. come to. find out what's really happening to the global economy with mike's concert for a no holds barred look at the global financial headlines tune into a report on our cheek. with the mood. just so.

cool the people of the united states and our friends and allies will not live at the mercy of an outlaw regime that threatens the peace with weapons of mass murder his regime as an active program to acquire and develop nuclear weapons and let there be no doubt about we know for a fact there are limits to. this we're just being carried out under the direction of dr david kay respected scientist and former u.n. inspector was leading the weapons search in iraq we are determined to take this apart you have a tremendous. the group of dedicated american men and women involved in this with the best assets of the intelligence community and provide. data cheney is not going

to be done with this for quite some time david kay wants more time and he says it could take another six to nine months to make a definitive binding ministration is asking congress for hundreds of millions more are six hundred million dollars to fund a continuing search have not yet shiny forty things that i would call a weapon before we can draw from conclusions we need to let the iraq survey group complete its work. we were all wrong probably in my judgment and that is most disturbing. sometimes the true patriot takes the unpopular course that helps the country and wooden stakes and even if they come this way at least from china patriotism is the last refuge of scoundrels and i think these are scoundrels they have no argument now they have no defense for what they did the country is in a terrible international security situation that i think is perilous so they're

attacking the patriotism of other. if used to be an ideal place for a holiday wouldn't change in a moment. the wounds of war are still visible. the republic is not only relieved but also shaping the future.

for. peace in which bryson is. sung from feinstein question this. means for instance on t.v. dot com. the headlines on our t.v. and the boring bandwagon to roll towards europe's third largest economy italy's debt costs rocking spain also struggles to stay on track and it's brussels that's being blamed pushing a frustrated public to vote with their feet on a march to the e.u. h.q. . the un's most powerful body condemns syria's deepening violence heeding russia's call to rule out foreign intervention and urging internal dialogue it comes as protesters in syria claim they're being massacred by government forces and the opposition stronghold of hama. a failed palestinian

a suicide bomber has been telling us how she's using her experience to spread peace after being caught before blowing ourselves up in a crowd of israelis who says her second chance allows her to dedicate her life to tolerance on both sides. typos in the headlines here and i'll tell you now as they were heading over there you know the latest from the world of sports and body so there's been. very contrasting knights of barcelona and real madrid on the football field. and yeah reality went to china on the chinese team hit them for six partially don't hear this too often rory they got hung by a mexican team in south florida and yet intriguing story of more enough to stress the sport right now. well welcome to this edition of sports today plenty ahead over the next ten minutes including. kinzer night's rubin kazan progress to the champions league

qualification be off by nine my glasgow rangers crush the hounds of. dreams russia's basketball squad continue preparations ahead of the euro championships in lift place in the final would guarantee david plotz team. the. sky's the limit launching nearing the biggest ever project or purse for liftoff and switch. let's get going with. our no one step away from making the group stages of the champions league the toughest on are facing off to make a qualifying playoff run and the routine went into their home leg with an advantage after last week's not. getting the ball rolling this time around nineteen minutes in before let's choose a couple of minutes from time to set stride right at the death stand consolation for the visitors so rabiner into friday's playoff draw where another like

a fur awaits. scottish champions rangers meanwhile were jumpstart by momo following a bad temperature in sweden with a cursed petulance punished with rangers down to ten on time. well of it is reasonable to conclude minutes one one and i get the glasgow side would then be forced to pay their final twenty five minutes with single figures following mounted here is dangerous elbow on charge on wrecked p.p. break would julie arrive for rangers ten minutes from time to launch a mild brilliance effort sending sweets through to the next stage on a two one world. then he can mean more progress as expected against tribes were obvious somebody'll attesting the waters before his teammates new lead so opened the scoring but in the visitors up after nineteen minutes but was we want to get the inside go pull one back in the thirty second minutes follow henriques

strike giving the crowd a glimmer of hope for an upset a blue van appearing for the church fifty eight minutes in between mears who lives be sent off for an elbow and not seat perera one loan that was the final score meaning last year's europa league semifinalists benfica make it seem to me. it doesn't happen too often barcelona losing by a three goal margin cd. decided she being the rare feat record crowd for a side florida football match packing into the sun life stadium seventy thousand plus fans getting to watch viva video open the scoring for spanish and european champions borsa four minutes in brilliantly quick feet from the striker but it was all done phil from then on in for the cotland giants fabio on first letting rip with a beauty to equalize moderate rights on the r. market and stoppable efforts to see it from this angle what will are aware thing

more like arsenal have done far slower themselves at this stage on the reward payment sixty minutes fabio and showing his first effort is no fluke netting an absolutely sublime goal definitely worth another showing two more strikes would follow for the next spin team perhaps not as a stat i think the praising of the first couple but they all add up to a shocking for one loss for barcelona monitor pep guardiola hoping to leave the sort of form across the atlantic with the former legal season kicking off in the next. an altogether different evening for parses old enemy your ryall madrid with law school at the cost steamrolling a local chinese side lines are getting a master class from the spy. seven one was the final one sided score some make it yours opening goal promptly followed by this the music goes so in the thirty first the minutes go fast altogether because the visitors with christiane are another also getting in on the action the portuguese scoring before but the lead seemingly

all the rage these days how's the fifth all of the match but take a look at the next one eighteen year old tests over a really good scoring with a diving header but really it was the cross from uncle di maria the reserves said look it's mine if you're happy with out one seven one the final story china i twenty eleven european passport championships are less than a month away with team russia busy running through their paces here in moscow only the finalists of the list humean tournaments will qualify for the london olympics meaning david plotz injury hit squad have a tough event ahead on cost reference points. i rushed training camp began in early july in moscow with a head coach american david black concentrating mainly on bringing his largely inexperienced what to optimal condition in the opening stages it seemed then moved on to slovenia where they were joined by more seasoned players like russia's n.b.a. stars and break a leg goal and seem

a famous god however the squad is not quite game ready just yet as gaining strength rather than tactics still tops the coaching staff plans that despite the lack of magic spirit and the youngsters are ready to plough in the upcoming friendlies the most of the jitters are really cool at least during practice it's true that some guys are really young and inexperienced however and i won't name any names i like seeing them working really horny no one is going there might be some anxiety in the opening games but i'm sure it will diminish with each man. was gone he is now one of just two centers for russia with say scots alexander kaun missing the euro basket due to an injury now. everything is called forward and captain big that is off the simplist it will join the team in lithuania according to data blanch no side of the european championships is insured against such roster changes this kind of thing is common to almost all the teams and we have to deal with the sort of you

know whether our group is talk for not. it's really hard for me to say i just know that in europe from my experience every game is different. and you've got to play well to win so we hope the best we're going to do in the competitions russia's training camp is now in training its final phase and the team is now ready to absorb david brat static said of the euro baskets once eleven in lithuania and we'll see the need seen in action as soon as this week when it takes sports in a friend in tournaments in cyprus we're on call sort of artsy moscow. another big sporting event coming up this month is the athletics world championships inside korea stars going to world will be in attendance but germany warriner will not be one of them the american tearing a ligament in his left knee injury which will need surgery but could take up to a year to heal werner arguably the best four hundred meter reader in the world won

gold in not distance of the athens olympics in two thousand and four and followed up with a brace of victories at the world championships it also means the highly anticipated showdown between warner and double amputee oscar blade runner pistorius it. is quite literally an uphill battle for more than twenty climbing teams as they begin their cliffs conquering project in the swiss alps this week with two hundred years gone since the ascent of the jungfrau summit the following crew are setting out to repeat that fate but it's only the beginning of their journey more than forty one hundred meters to go before the ultimate goal some of the twenty three teams benefiting from star studded help cross-country skiing world champion. and. lose hope better suited for the rough ride ahead and this is just the first of the one hundred fifty peaks worldwide to be scaled with the himalayas serving as the next stop to the bench or seekers. and finally to motor sport with the latest stage of european truck racing championships

had a russian favorite the sweet smell lance playing host to leg six germany's yucking han won the stage but there was plenty more action to be seen behind the scenes.

certainly look like an interesting well that is all your sports now i'll see you soon. hungry for the full summer we've got it for. the biggest issues get a human voice face to face with the news makers. download the official ante up location until i phone the i pod touch from the i choose apps to. life. video on demand ati's my costs and r.s.s.

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