we tried it for other day this is. top stories now at this hour the head of the e.u. calls for yet more money to be made available to struggling economies as italy and spain slide towards debt and distress and the cost of borrowing so. the un condemns the use of force against civilians in syria and calls on all sides to end hostilities amid continued violence across the country. and

a failed palestinian suicide bomber tells r.t. about her new mission of peace to be called before detonating her device she says she wants to use a second chance to promote tolerance between israelis and palestinians. the financial troubles piling up in both the euro zone and the u.s. may feel like a relatively recent phenomena at the former head of russia's central bank says that the that's been swirling around for ages and actually tells r.t. how it's being used as a political problem that's an all special interview next. hello and thank you very much for being here he became head of the central bank when russia began pursuing its shock therapy policy following advice from american accidents how would you advise your american colleagues now with the situation they are facing. to 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 in one nine hundred ninety two when we began well parts of the government began to listen to their advice after russia joined the i.m.f. that year later they wrote and the famous stiglitz a nobel laureate and former economic advisor to clinton was among them that they were doing everything wrong but they were telling us was all wrong. if we think about the ability to lead within one's means who's better at that russia bag than or today's usa. you see the u.s.s.r. was living on credit of course but it was solvent and other states were eager to give credit even the us though the latter wasn't doing it directly but through european affiliates they all knew after all that the soviet economy was under control and that 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 u.s.s.r. especially to finance the purchase of high tech goods to be supplied to the soviet market in fact is go but after nine hundred thirty two a time of crisis for the us america wouldn't sell the u.s.s.r. complete production facilities like a car planted so yeah he or chemical plants of which the u.s.s.r. had brought for four billion dollars worth and which had played their part in its technical progress but anyway this all unions credit rating was quite high it has been easy for the us to take credit because of the entire system that's been built up since nine hundred forty five when 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 had been greatly damaged by the war that later led to the devaluation of the pound some years after the war in fact 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 had depleted their technological potential

ones that the us didn't need anymore this in part was the reason for the america's technological leap over more recent years though with production capacities 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 credit and living on credit is always difficult as the time may come sooner or later when debts will have to be paid off because right now nobody wants to remember that it was really early nineties when bush and the republicans came to power that the us external state that pertained by issuing treasury. bonds with different terms so anything from one week to twenty years and the interest rates grew massively right now it has been increased still further so generally it all happened under the republican rule my question is then why all the hubbub now it's just political gain nothing more. than our college time do you think the usa has left before it has to start leaving

within its means to work with you go to. where you see speaking of the country's gold reserves with us as our only joint the i.m.f. in one thousand nine hundred two although it was among its founders back in one hundred forty five the soviet 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 bank in gold 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 come at 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 nine hundred forty five then the head of the state planning committee was there since he stepped in and said we came out of the war so poor that if we gather and file all the stops required by the i.m.f. all we'll see is how much we actually lost in the war so we better not join i am f. rules dictate that any country's currency reserves resulting from a good balance of payments and without a budget deficit should be kept abroad either in 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 one year the us never maintained gold prices even though it used to be thirty five dollars an ounce and nine hundred seventy one president nixon raised the seventy dollars an ounce went to gold collected all dollars throughout france and sent them to the us who were asking to exchange them for gold and gold content of the dollar was devalued what everyone keeps quiet about that they began living on credit the good only keep your currency either in gold or in a currency that was used in ninety percent of world. at the time and so did our country even though now we kept it in dollars euros and even in a small part of swiss francs or something of that kind since two thousand and two the us to some extent lives in debt to the entire world and that isn't right. such as the us managed to avoid a technical default but what was the threat to the whole world if us declared to

the vault it wouldn't have been able to repay treasury bonds it issued according to the limits set by congress to the ministry of finance or to the us government report of the us president the government head so we wouldn't be able to replace them with new bonds in time you know what happens within the country if they reach a compromise to cut their expenses. this has no explicit connection to the situation within their country on the other hand the dollar exchange rate including cash immediately drops on the world markets and the exchange rate for securities traded around the world drops as well in spite of the fact they are issued by u.s. companies so they incur bookkeeping losses at the very least and perhaps even real financial losses to a large extent the debt was formed under the bush presidency the war in iraq and their role in the afghanistan conflict of course huge military expenses and in effect the whole world including our country has been funding those military costs

their budget deficit and their balance of payments deficit if the growth is that asshole one year if we talk about expenses the prove to us military budget for these here alone is about seven hundred billion dollars and frankly speaking there are no reasons to believe that these military expenses will be reduced he believed this could be possible. i believe that globalization which has been happening for a while now and which hasn't been given much to developing or third world countries will result in some kind of collapse. since nine hundred forty b. us has raised in. ninety times it's become standard procedure but now the situation has progressed to the point of shaking the world's markets and the world was threatened with a known economic territory how did that happen. to a large extent in the one nine hundred sixty s. or seventy's ninety percent of the international settlements were in dollars that

was between countries that weren't even connected with the u.s. there eurozone was established to start giving up national currencies even of those some european countries like denmark didn't join it nonetheless the dollar remains the key settlement currency everyone needed dollars and often required dollars rather than any other currency therefore the dollar became the worldwide currency but a world wide spread also calls for world wide responsibility and the u.s. authorities didn't show enough of that responsibility and i mean the 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 a certain irresponsibility larouche you're famous american economists of perhaps french canadian origin about ten years ago said 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 can as dumping the u.s. treasury happen and what implications can we expect. what else is there for them given our chinese colleagues in spite of their trade surplus with the u.s. and their own willingness to revalue their currency still 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 the world is established in a unique polar way you can't just get out of a marriage especially when you have kids. but thank you very much. 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 going to say. this we're just being carried out in 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 a group of dedicated american men and women involved in this with the best assets of the intelligence community and for by. david kay he 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 finding ministration is asking congress for hundreds of millions more six hundred million dollars to fund a continuing search have not yet valid shiny pointy 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 but helps a country of wooden stakes and even if they come this way at least the track patriotism is the last refuge of scoundrels and i think these are scoundrels they have no argument about they have no defense for what they did the country is in a terrible international security situation and i think it's perilous so they're attacking the patriotism of others.

place it. took a quarter. of. this street still keeps its secrets a balance time to reveal the truth the soviet files an oxy some. wealthy british style. market financed scandal. find out what's really happening to the global economy with mike's cars are there are no holds barred look at the global financial

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the. top stories this hour on r.t. and the head of the e.u. calls for yet more money to be made available to struggling economies that's italy in spain slide towards debt the stress and the cost them pouring swords. the un condemns the use of force against civilians in syria and calls on all sides to end hostilities amid continued violence across the country. and a failed palestinian suicide bomber tells r.c. about her new mission for peace often called before detonating a device she says she wants to use a second chance to promote tolerance to israelis and palestinians. about with more news stories more developments for innocent fifteen minutes from now in the

meantime natasha's next with the sport. but all of the watching this gordon is going to live on are channels that are going to have. aims and als are being doesn't progress to the champions league. or ages pressure out either has a lot of. livable on bail a bunch of the summer signings while much the city hold an open day ahead of the english premier league call from ten days time. and russian top flight side donji have been fined twenty thousand dollars over violence during their home league game against an elite. so we're going because on a one step away from making the champions league group stage off the saying of the and said qualifying rounds are being west into their home level the two new advantage and extended that lead on brands tonight's wud seem able to deal with and

exceeded bids if with goals and it's in one big free while i led this of strike rise and the draft was a mere consolation towards not much so being our ensuite friday's wales. else was called his champions rangers were dumped out by monmouth following a bad temper the fire incident christmas because while banished here with rangers down to town met by the time it's in the lobby there because it is in france once once and for minutes. the glasgow side would then be forced to play the final twenty five minutes with single figures following moggi bruguera as dangerous elbow on the album exempt and heartbreak were hugely arrive for angel's nine minutes from time to offer him odds their way into efforts dissuades through to next stage to walk on that the goods. then feed him in a while progress does extract that against drugs and sport psyche testing the waters that before he has to make more lethal opened the scoring points in that as

does the nineteen minutes on the. never against those though who won back in the thirty's second minute power and rick is strike giving the crowd a glimpse of hope for an upset but a blow a kid from the fifty minute scene as. he will send off for an elbow not spira so one one it stayed meaning lost as your old colleague semifinalists been feet make it safely through to the playoffs. now with just ten days remaining until the english premier league season stalls and they have a long veil their brand new signings on wednesday the club spend a reported forty three million pounds on charlie adam stewart downing and jordan henderson all midfielders and goal coming from the home league adam has found two seasons in blackpool downing moves from aston villa while henderson outside the land to join their ads levels full with some a signing brazil international goalkeeper though any arrived on a free transfer from serious side manager kenny dalglish seems confident that the

new acquisitions will add something to the school's. old fleetwood everybody did it break even and you will tony and the crawley already have here and how answers are that he has assured me it will be for a moment from distributing sales would it work as well as that it actually these clubs are not with us frank as they were the english game and the city of how the nope i'm training day ahead of this weekend's community show clash with cross-town rivals united since sol strike a survey aguayo on college service the absence of west t.v. club's record signing fifty seven million dollar man missing the session with a stomach bug while it's ever so long with all the santacruz and problems about it i have yet to read sound from called america duty i think i'll poll the city and primarily champions united go head to had and be on something for the first trophy old english season and city's everything premier league fixture will be against new

boys swansea's seats in the on august fifteenth. well it doesn't happen too often boston on a losing by forty go lodging even in a friendly mexican club was a lot harder producing probably the biggest shock of preseason football a record crowd for a south florida football match by going into the sun life stadium in miami seventy thousand found skating through which they really had opened the scoring for spanish and european champions parsa just four minutes into the match brilliant a quick fade from the strike of box it was all downhill from then on for the catalans. fast amassing replay the laws matters why it's only our mug just drifts away from each one of the hard work play more like blossoms on the catalans themselves at this stage on their own rule and came on sixty three minutes far beyond showing his best effort was no fluke. in style and sublime long as there definitely was another showing. and there is a repeat of these afferent two more strikes soon follow for the mexicans perhaps

not as is that equally pleasing as the first couple bobby all added up to a shocking for one loss for boston on the manager guardiola no doubt hoping they will leave that sold a home across their financing before the premed and we take a selfie in three weeks time. and an altogether different evening for boston's old rival israel imagery who thrashed a local chinese side england show seven one the final score in that one to reality . as opening goal promptly followed by this effort from as it was in with a six minutes to go fasting both halls full of the visitors with cristiano ronaldo also getting in all the action and the scoring with the back heel swimmingly over the rage these days and that was the fever goal of the match bots just take a look at the next one eighteen year old he has a good scoring with a diving header but it grows from the marriott as a second luke as coach marine you seemingly happy with that effort and the overall score of seven months imagery. moving on to domestic matters

now. and premier league club and she have been fined twenty thousand dollars for their fans underlay behavior and improper safety measures by local police during july's game against needs and here are some scenes from the july twenty fourth matching law where local fans and police attacked the spectators from st petersburg g one of the richest football clubs for a while the poorest russian regions and also how to play two games behind closed doors if it happens again in the next three months. and same with the home league where sixteen goals flew in during the latest round last weekend and in case you missed said we've got them all in goals galore. eleven the eleven the leg

lifts the lid

. the lid .

and finally it's quite literally and all pale but all the more than twenty climbing teams as they began their cliff project in this was this week with exactly two hundred yeahs gone since the sounds of the you had the following crew all setting out to repeat that feat but it's only the beginning of their long journey more than forty one hundred meters to gold before they all to move goal with some of the twenty three teams benefiting from how cross-country skiing world champion ox silk time on among those perhaps better suited for the rough ride ahead and this is to us the fast all of the one hundred and fifty peaks wild wide to be scaled with the

himalayas as the next stop. that's all the latest. here with an update on the sports in two hours time and coming up shortly. the last time the close of team was in the cool gum region where men flock from all over the world to have a few centimeters to their self-confidence. this time are to go to the on the region. for the gold rush still gets people like joe. or an asian tribe likes to save its culture the for cranes are protected in the first element on official nature reserve. original. bush a close up on the party. the commission free

couldn't take should free in-store charges free to make amends three. three stooges free. old free blanquita cullum video for your media project a free media and don carty dot com. for the full summer we've got it for. the biggest issues get a human voice face to face with the news makers on the hot seat.

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