live from moscow this is r t with you twenty four hours a day top stories this be head of the e.u. calls for yet more money to be made available to struggling economies as italy and spain slide towards debts of distress and the cost of pouring songs. syria's president issues are to create legalizing opposition political parties in the country and was being dismissed by anti-government protesters who claim that being massacred by bashar assad's forces. and

a failed palestinian suicide bomber tells r.t. about a new mission for patience called before detonating a device that is now trying to promote tolerance between israelis and palestinians . on the back of another update for in about fifteen minutes from now in the meantime the financial troubles piling up in both the eurozone and the u.s. may feel like a relatively recent phenomena but the former head of russia's central bank says the debts been swirling around for ages and next he tells r.t. how it's being used as a political pawn and. that is to get russian to hello and thank you very much for being here you became had of the central bank when russia began pursuing its shock therapy policy bowling advice from american accents how would you advise your american colleagues now with the situation they are facing budget both of them. 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 part of the government began to listen to their advice after russia joined the i.m.f. that year later they wrote and the famous stieglitz a nobel laureate and former economic advisor to clinton was among them that they were doing everything wrong they were telling us was all wrong. if we think about the ability to lead we've been ones means who's better at that russia back 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 build a lot it wasn't doing it directly 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 the fact is though that 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 plant in tell ya 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 it's over 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 and 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 and 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 a time may come sooner or later when debts will have to be paid off right now nobody wants to remember that it was in the early nineties when bush and the republicans came to power that the us external state debt obtained by issuing treasury. bones with different terms so anything from one week to twenty years and 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 games but nothing more. than our college time do you think the usa has left before it has to start leading with. the work.

you see speaking of the country's gold reserves with the u.s.s.r. only joined the i.m.f. in one thousand nine hundred two although it was among its founders back in ninety four he fired 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 by goals 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 were but then the head of the state planning committee was near since he stepped in and said we we came out of the war so poor that if we gather and file all the stats 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.m.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 in nineteen seventy one president nixon raises the seventy dollars an ounce went to gold collected all dollars throughout france and sent them to the us the asking to exchange them for gold the gold content of the dollar was devalued what everyone keeps quiet about that they began living on credit the good could 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 he. says shall the u.s. manage to avoid a technical default but what was the threat to the whole world if u.s. did little thought 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 u.s. government would quarter be u.s. president the government head so they 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. he says no explicit connection to the situation within their country on the other hand the dollar exchange rate and 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 acquired a huge military expenses and in effect the whole world including our country has been funding those military costs their budget deficit out of their balance of

payments deficit there's a great if that's if we talk about expenses the prove to us military budget for b.c. or alone is about seven hundred billion dollars and frankly speaking there are no reasons to believe that these military expenses will be reduced do you believe this could be possible. i believe that globalization which has been happening for a while now and which hasn't been doing much to developing or third world countries will result in some kind of collapse. so since nine hundred forty the us has raised in. that limits 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 right and 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 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 though some european countries like denmark didn't join nonetheless the dollar remains the key settlements currency and everyone needed dollars and often required dollars rather than any other currency therefore the dollar became the worldwide currency for the world wide spread also calls for worldwide responsibility and the us authorities didn't show enough of that responsibility 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 a certain irresponsibility larouche a famous american economist or perhaps french canadian origin about a train 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 which was ratings full economic players central banks will obviously change the structure of their reserves kemas dumping of the u.s.

treasury happen and what implications can we expect. there what else is there for the chinese colleagues in spite of their trade surplus with the u.s. and their own willingness to revalue their currency to 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 a stablished in a uni polar way you can't just get out of a marriage especially when you have kids. thank you very much.

more news today violence is once again flared up. and these are the images go girl he's been seeing from the streets of canada. giant corporations are all. her. mother lives. just sleep. six of. the book. come up. with

her. plans to close a team was in the gun range and the firemen flock from all over the world to have a few centimeters to sell come. this time archie goes to the on the regent. for the cold war still gets people like ducks an ancient tribe fights to save its culture the cranes a protected in the first the official major risks of the average of the bushes close up on the marquee. the people of the united states and their friends and allies will not live at the mercy of an outlaw regime that threatens the peace with weapons of mass murder his regime has an active program to acquire and develop nuclear weapons and let there

be no doubt that we know for a fact that there are let's say. this work is 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 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 the continuing search yet not yet shiny pointy things that i would call a weapon before we can draw from conclusions we need to let the iraqi survey group complete its work. we were all wrong probably in my judgment and that is most disturbing. sometimes the true

patriots takes the unpopular course but helps the country where the stakes and even if they come this way i think from 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 others. some. of. it. if.

you want to. share this street still keeps its secrets of the time to reveal versions of the soviet files. top stories this hour on our t.v. head of the e.u. calls for yet more money to be made available to struggling economies as italy and spain slide towards its debts in distress and the cost of borrowing songs. syria's president issues of a creed legalizing opposition political parties in the country the move has been dismissed. in claims that being messy could push out assad's forces. and a failed palestinian suicide bomber tells all about her new mission for peace she was called before decimation of rice and is now trying to promote tolerance between israelis and palestinians for million fifteen it's another means on the tatar joins

us with the latest on these. thanks bill hello and welcome to the sport coming to you live on our show and that's a lot of good headlines for us ins and outs are being designed progress to the champions league playoffs while nine men glaus the rangers crèche out at the hands of law a. move will unveil a bunch of the summer signings man city hold an open day and chelsea sign no matter what i have told me you english premier league season. and russia still flies side on she have been fined more than twenty thousand dollars over violence during their only game against sin leitz a full nights ago. so are being designed one step away from making the champions league group stages up to say no it does now mikey is in the said qualifying rounds are being wound snake into the home with

a two nil is voluntary wednesday and further extended that leads by the middle did soon and that exceeded visit with the goals and it's a long victory while i say greece of straw i cried seven south wales on their consolations floods in the muscle ravine and now into friday's playoffs drole. else was scottish champions rangers webb downtown by monmouth following about sampled affair in sweden christmas eve is followed up on a sale of rangers down to sam and by the time you could say you live each of the businesses in france on swine flu minutes you can also side would be forced to play with final twenty five minutes in single figures following moggi bulgaria's dangerous elbow on them and said he and paul break would to arrive for engines in ten minutes from time to long him odds brilliant outward sending the swedes through to the next stage to walk on that regrets. and beat them in all progress as expected against drugs and sport tanky obviously all the testing we want is there

one is to make money opened the scoring points and. is this in france one mill nineteen minutes and three one on that road gets. pulled one back and they see such a minute power and rick is try giving the crowd a glimmer of hope for an upset by the blow of all the attacks the fifty eight minutes. all for a melbourne moxie or a are also one one it stayed meaning loss is the role played semi on the spin make it safely through to the playoffs. now with just some days remaining until the english premier league season stalls chelsea how sign at a mail on a four year contract from barcelona and i'm on abramovich a full point three million pounds for the mets bells and will side another twenty five million euros to the spanish side and agreed by better laws over the next two yes' nineteen year olds are not always expected in london straight after the twenty

world cup in colombia where he's playing an important part for the international schools. say with english game in liverpool on veiled their brand new signings on wednesday the clubs they recruited forty three million pounds on charlie adam stood down and jordan henderson all midfielders and all coming from the homely adam had spent two previous seasons in glasgow downing moves from aston villa while henderson left someone from joining the reds livable as fools signing brazil international goalkeeper dhoni arrived on a free transfer from serious side robot manager candy dalglish seems confident the new acquisitions will add something positive to the school of. the old fleetwood everywhere did it break even then you will be twenty and move the corleone already half year and how answers are that yes i shall be able from all of them just to be in sales. but it worked as well was that if these clubs you know us from.

and stay with the premier league news analysis to see if they have had an open and held an open training day ahead of this weekend's community shield clash against girls town rivals united soft like a sore where on calls that is both absent on wednesday the globe's record signing fifty seven million dollar man aguayo missing the session with a still more bug while time is alone with your piece on the cruise and pablo zabaleta have yet to return phone call palmer records you see every call c.t.e. and premier league champions united will have to have it on sunday for with us turkey over the english season and then to see these opening premier league play still will be against new boys swansea on august the fifteenth. willful bill now well it doesn't happen too often barcelona losing by a three goal margin even in a friendly mexican glove guadalajara producing probably the biggest shock of pre-season food bowl record crowd for a south florida football match backing into the sunlight stadium seventy thousand pounds getting to watch d.v.d.

open the scoring for spanish and european champions just two minutes and brilliantly quick fade from the strike a budget rules all down hill from that no one silver catalan giants fabiana first lesson record of music so your lies about his rise over the album was that. it was written by the hardware playing more like boss of them because themselves at this stage and barry would be sixty three minutes beyond showing his bass settles you know in a sublime one here. from the us and now the showing here is the repeats two more strikes would follow for the mexicans perhaps not as a static only pleasing us to be added to this shocking four one defeat the barcelona manage it found no doubt hoping they leave this little room with cross that line seat before the premier league itself you carry week sign. and an altogether different name for boston's old rival israel with dreams who thrashed the local chinese side. joel seven won the final score in this one some he opened

in gold promptly followed by the south heard from as the first the first minutes to go fast in both halves for the visitors with. also getting in on the action of portugal scoring with a back heel seemingly all the rage these days and that was the goal of the match but just take a look at the next one eighteen year old he has a very good story and with the diving head above across from me it deserves a second move as well marina seemingly happy with that effort and with the overall score of seven one to reality. and all to domestic matters now russian prime elite club anji have been fined over twenty thousand dollars for their fans on new behavior and the improper safety measures by local police during july's game against a neat and here are some scenes from the july twenty fourth match in our local fans and also police attacked the spectators probably from st petersburg one of their

richest football clubs from one of the poorest russian regions will also have to play two games behind closed doors if it happens again in the next three months. and same with a home made when sixteen goals flew in during the latest round last weekend in case you missed it we've got them all in goals galore. illo. lead lives the lead the

lead the lead . the lead

such lead. and finally moving away from football it's quite literally and the battle over more

than twenty climbing teams as they began to conquering project in the swiss alps this week with exactly two hundred years gone since the sounds of the some of the polling crew are setting out to repeat the fate but it's only the beginning of that long journey more than forty one hundred meters to go before the ultimate goal but some of the twenty three teams benefiting from stall started to help cross-country ski. time on among those perhaps better suited for the iraq ride ahead and this is just the fast of the one hundred and fifty peaks well wide to be scaled with the himalayas as the next stop. let's hold this pole for the moment bill we'll bring you the main news right after the weather stay with us. for the full scale we've got it for. the biggest issues get

a human voice face to face with the news makers. download the official t.f. acacias chobani phone on i pod touch from the choose ops to. munch on see life on the go. video on demand season minefield comes an r.s.s. feeds now in the palm of your. question on the. wealthy british science. market dynamics. find out what's really happening to the global economy with much cause or for

a no holds barred look at the global financial headlines tune into cars a report on our cheap. and.