we know really rescued the country from default and some pieces the spending cuts agreed by the congress or one of the whole thing. and if it's not changed and reaching further in the coming year is the obama administration says the another. and will damage the recovery. is in washington floors. it really is more than anything a huge a symbolic and unprecedented blow to the united states to its status as a safe investment basically what this credit rating lowering does that it is it really raises questions about the validity of the united states and the ability of the u.s. politically to get its financial house in order so to speak the record here for the american people for the u.s. government could be severe now while this only takes it down from aaa to a.a. plus with a negative outlook threatening in fact that the rating could get lowered even more in the next two years what it does is it potentially it sends the message that the

united states is a risky investment that could send interest rates going up for the federal government and because other borrowing costs are tied to that that means mortgage payments could go up mortgage interest rates go up car interest rates can go up and really the rest of the u.s. economy could be severely affected now one thing that we do have to keep in mind here is that the obama administration had pointed out that the s. and p. had made an error of about two trillion dollars in. projections in releasing that information now the s. and p. doesn't make these decisions based on any sort of special information they really it really is a political reaction based on facts that are available to just anyone and so the other thing we have to keep in mind here is that these same credit ratings agencies essentially allowed top ratings to continue in the united states at a time when we were investing a lot of money in these mortgage securities that essentially ended upon lapsing and pulling down the u.s. economy. with it so they don't really have all of that much credibility in the eyes

of the world market still however we don't know what will happen come monday when the markets will open and if those interest rates do rise there could be a ripple at this very unstable economic time here in the united states with the passage of this debt deal the u.s. government's hands are essentially tied in terms of stimulating the economy in terms of any sort of new spending that could boost growth we saw g.d.p. growth stalled to almost a crawl in the second half of the year we saw on top of that the jobs report that came out on friday for the united states while it was somewhat positive it actually showed negative growth because it means that more people here in america have given up looking for work so politically there's really not that will in washington to do what's needed to stimulate growth and financially they simply do not have the tools in their possession in order to improve things here and so while these credit rating agencies may sometimes be accused by some financial experts of having missed

the mark long ago these small tiny effects in terms of higher interest rates could really really cripple what's already seems to be a worsening recession here in the united states. and that's wolf a senior analyst at green crest capital says this is just the beginning of more serious trouble for america it sets up an environment in which symbolically politically and economically the united states leadership the global economy has another kind of strike against it does reduce people's confidence people get scared that we run away from riskier assets i think the bigger risk is to that we're going to market with a very fragile situation in u.s. housing as well as student loans car loans credit conditions generally and i would remind people to the s. and p. didn't just downgrade the united states they put us on further downgrade watch so they're suggesting that this downgrade may be big could be in a number process and not be am i do think that the leadership of the united states

and therefore the dollar has come in for increasing question over the last few years we know the direction that this is heading in or last down the problem we have is that there is no other currency presently position to fill the shoes of the u.s. dollar i mean the euro normally mentioned as a possible replacement is in the shape that makes the dollar situation look pretty good right now so clearly that doesn't look likely you may see regional currencies emerge with euro's and roubles and brand me be again and even brazilian riyad i taking up some of the position that the dollar historically had in their respective world regions. china has immediately reacted to the news of the downgrade by suggesting a new stable reserve currency is needed instead the dollar concerns are also rising in a just the economy india where the finance minister there called the situation grave . reports now from new doubting. asian markets are tumbling they were tumbling on friday obviously we don't know what's going to happen on monday in specific

reaction to this news but many analysts many financial analysts here predicted this especially after the u.s. debt ceiling debate that took so long and in many ways is what people are saying led to these lower approval ratings i guess you could say so the markets have tumbled here people are losing confidence in the american economy obviously there are things that soaring there is seeing a lot of decisions not specifically being made when it comes to that two point four trillion dollars in cuts a lot of people are wondering if it took the u.s. this so long to come to a decision just to raise the debt ceiling how much longer could it take to actually figure out specifically where to cut and asia has a very vested interest in this if you think about what these ratings actually means that means that the united states won't be able to repay a lot of their loans in asia actually hold three trillion dollars in the united states alone so people here are watching what's happening in the united states very closely. to that and there's an investor's edition bones in the wake of what's been

a tough week for america's economy so says invest a. all the asians already know that america's got problems all of us are already moving out of u.s. government bonds we never got out of the first global recession unemployment in america is still higher than it was in two thousand and eight american debt has skyrocketed and gone through the debt through the roof america is in worse shape now than it was before america spent a lot of money and the people who got that money are better off but the overall situation is much worse america's quadruplet instead america if you take in the consider the things that they guaranteed they printed huge amounts of money you know the world has gotten worse the world hasn't gotten better but they sure the u.s. will default that's why people are moving away from us government bonds because everybody knows that the us is in serious trouble and the debt situation is getting worse and worse not better and better the don great came too late to europe's top markets

which have already taken a hammering this week being battered by the eurozone and of course america's debt difficulties meanwhile the e.u. leaders criticize the u.s. rating agencies blaming them of double standard saying they will create a european want to response well he's done a bushel has more now from brussels. we used downgraded trust in the rating agencies to junk. polls the agency admitted a two trillion dollar miscalculation when deciding this downgrade they claim to have the world's best minds working for them hasn't really surprised people here because most know that to most of us had unsustainable for many years now well everyone apart from the rating agencies it seems and the day before firms collapsed in the credit crunch they still had aaa ratings on those companies now that made the agencies lose their reputation but people lost their whole savings and triggered the world recession that followed. furious about s.

and p's double standards they held with the white house before this decision they briefed them about it when it would take place what would happen and that's allowed the white house to prepare a smooth response to the media and even question the the agency's judgment none of that happened last week when the agencies graded the european union countries and their ratings now that suggests that the agencies are to say the very least and as a result the european union is creating its own agencies will do this downgrade is bad for americans who will see themselves having to pay more more interest on their loans and having to pay more on that is bad really for everyone around the world who lend money to america because it raises the risk of them not getting that money back. well one small bet for a man and one giant a black hole for a government and later on in the program we're in new york to watch what's the difference between our debt and those of our leaders. much worse for

a government. why because we trust the government to do the right thing and they're doing absolutely the opposite of that but do you trust yourself to do the right thing and live within your means. that i can pay off. a wave of mass antigovernment protests is underway across israel the biggest rally is taking place in tel aviv with up to a quarter of a million attending one street there is already being renamed by some israeli tell here to the square in cairo where the egyptian revolution took place. is there for us. the miscarry is electrified with protest and a mixture of jubilant and defiance they say they're not going anywhere until the israeli prime minister benjamin netanyahu meets their demands not quite as organizers have been warning that some three hundred thousand people will take to

the streets not only of television but also jerusalem and several other cities tonight and still to soon to say whether or not three hundred thousand people are here but where i'm standing actually seven tell you that there are tens of thousands of e-mails now police have been out in full force for at least twelve hour with a total of all roads leading to this mission and in a time it took me to pass through the security checks that cost hundreds of protesters walking in opposite direction holding a ban is no united and at the slogan office demonstration which is the peaceful demond social justice and that's what they singing right now tonight we hear now the logan also the people will take back the ninety not yet tonight also making the numbers are large groups of wives of policeman a social workers our teachers our doctors all of them throughout the course of the day saying that they were mobilizing the communities and ordering them to come to the streets tonight's protests also comes in the wake of controversial housing

legislation that was passed earlier this week by the israeli knesset all the israeli parliament and according to protesters here it caters to the rich the rich again making affordable housing also the reach of ordinary people now we never to believe the comparison is being made between what we see in here in israel and what has been happening and continues to happen in neighboring egypt this demonstration is sainted around a main street in tel aviv known as watts child boulevard and there are tens upon hundreds of tents on that street people have been sleeping there they've been eating they've been holding discussions and meetings they've been playing instruments essentially they've been living their lives on the street that some people here have dubbed the toughest square. tapia corner of course being a reference to the heartbeat of the egyptian revolution says city that is a comparison we all still wrong being young people come to the streets here this is a demonstration in israel mobilized by the youth in much the same way as it was in

egypt the demonstration is also taking place online with people constantly tweeting with people taking photos on facebook updating pictures and videos on you tube and like we saw in egypt people calling told her she changed now the israeli prime minister benjamin netanyahu has been very quiet in his response in much the same as that all people of egypt and president hosni mubarak was at the top of that belief said just yesterday fidei the opposition he deceived me issued a scathing attack against the dollar saying that not only was he out of touch with the people but the soviets that he was doing was to try and squash these demonstrations and the only thing the phenomena had been in the past few days except imitation is part of a mass movement people in the country thirty five here is a very catching people mobilize people are saying they go nowhere and a lot of the governments meet the demands on the tsunamis want to see television.

says prime minister netanyahu doesn't realize the protests are rooted in public rage and not from political rivals leader. people here are yelling out shouting us keeping industry and talking about tens of thousands you won't see the police shooting or beating the protestors it's a very polite it's very strong vested very polite as to how to change the policy of the government and how to have a better life in israel for the time being they have not been any wounded in the last three weeks i don't think it will be different in the coming weeks this is a strike of history professionals it's not of unemployed people we have almost no one the ploy that but you do everything and said you cannot have a decent life this demonstration that has no right we are left wing views it is most of the mainstream israelis who feel so bad about how they live and they go to

destroy it like tonight and maybe next week and i don't think mr netanyahu gets the right view of these demonstrations he thinks that political parties are behind it and he is wrong thirty one u.s. special forces personnel and seven afghan soldiers have been killed in a helicopter crash in afghanistan the aircraft was hit by a rocket propelled grenade in the eastern wardak province incident marks the biggest single loss of life for american forces in the country some of the officers on board the helicopter reportedly part of the same unit that carried out the assassination of the sama bin laden benjamin from the antiwar movement says the u.s. has caused too much damage in afghanistan and it's time for them to pull out. what we have seen in these last ten years of endless war is that the presence of u.s. troops is it strengthens the taliban it gives the taliban a reason for being and the more that the us troops continue to be there the war the

violence will continue report recently came out from the international crisis group that showed that despite billions of dollars in international aid and over one hundred thousand nato forces the afghan people are not able to be secure everybody knows that this crisis has to end through negotiations the sooner it happens the better and i think this crash is really a time when we should say to ourselves in the united states how many more of our soldiers' lives are we willing to sacrifice for an unwinnable war no longer and in afghanistan they have moved on to pakistan somalia yemen the u.s. has no reason to be fighting the taliban the taliban never attacked us in the united states and only attacks our soldiers because we are occupying their country so i think with the financial crisis in the united states and now this tragic death of thirty one more of our soldiers it is time to really say if you want to say victory and pull out or whatever but it's time to get out. they haven't given their

more international news now in all this syria's foreign minister has pledged free democratic general elections in the country by the end of the year it comes as activists say fresh clashes in syria have left at least twenty four people dead with security forces firing on antigovernment protesters the six day crackdown is now reportedly killed around two hundred people across the country international condemnation of the violence is growing and the u.s. is working on new ways to improve the situation beyond sanctions. seventeen people have been killed and four injured in a multiple vehicle collision in southern china state media says the pileup was triggered off to two trucks collided tripping one of them into the path of an oncoming passenger minibus authorities are investigating whether overloading of the vehicles involved may have been a factor in the accident or the. website but plenty on top stories all the stories we're covering here on screen and plenty more for you here's what's online at the moment though you can for example check out the

dramatic video for fighters battling a blaze in the self. also from london to londonistan a group of muslims want sharia nor introduced to be paid which could amputations for petty theft and to illustrate the point you can check out our new section well you. may just still. don't come. people all to former ukrainian prime minister yulia tymoshenko continue to protest against her arrest her supporters have set up a tent camp in the center of the capital kiev she was arrested on friday for content of course and. has more now from the spot. several dozen

supporters of you are protesting here believing that the case is politicized and being orchestrated directly by president to several hundred more people are stationed in the. main main street in kiev because that's where the court building is we hearing off constant clashes between the supporters of. the law enforcement officers. being accused of serious economic crimes including striking unlawful gas deals with russia and unlawful usage of money which ukraine received from signing the kyoto protocol several years back now it is interesting because there have been already comments from russia's foreign ministry which urged ukraine to hold a transparent and fair case on yulia timoshenko as well as saying that all gas deals which ukraine and russia signed in two thousand and nine were completely legitimate and were signed in full accordance with the two countries laws and also

been a very sharp comments coming from the european union with almost all of the organizations in europe criticizing the current state of affairs the fact that you. has been placed under arrest and they demand that she must be released immediately and that the trial must be held in a transparent way. back to the u.s. and the death drama that seen its top credit rating take a knock now if you or i get into the bank is without delay yet it's only now that america which shows trillions is seeing its credit score decline online talk show host asked people in new york why americans are so keen on boring. why do you think so many people allow themselves to get so far and that it's the it's the age that we live in everybody sees the person next door that they've got

the brand new the lifestyle and that's what they want is so much advertising and people just wanted to spend money so i think that's the difference between americans and europeans but you have advertising in europe are you just you don't pay attention to it or. i think we pay less attention to it and we probably think a little more about what we need and what we can afford it's all about thinking yes i think so is it worse for you to be in debt personally than it is for a government to be in that. it's much worse for a government to be and why because we trust the government to do the right thing and they're doing absolutely the opposite of that we don't you trust yourself to do the right thing and live within your means i do but i'm in debt that i can pay off debt is dead it's bad for governments bad for individuals and the government should show leadership so they've got to clean it up do we really expect our government to

get its act together if we can't get our act together for small family we can only hope that individuals and the government will step up and make a difference whether or not you're in debt personally the bottom line is we've become a planet of debtors so it might be time for all of us to rethink what it is to live within our means. next we travel thousands of kilometers east of where i'm sitting here in moscow and also millions of years back in time. where in the far east in a mere region it's a remote rich area holding russia's largest reserves of precious metals but he's honest about his met one team whose. gold but bones. this week the russia close up team is coming to you all week from the far east and more region now for

many this region's distinctive jews who it's proximity to china and its vast reserves of war materials and natural resources but for one paleontologist and his team it's the bones of ancient dinosaurs discovered deep within the ground here that will put this region firmly on the map. u.t. will not ski is a man obsessed with the promised a bygone age when dinosaurs rule this part of russia he may have been born in the country's new western areas but it's the far east on tap jurassic history in the region to which he's devoted his adult life to restore her very near this site to be known since about nine hundred forty eight an unbelievable number of bones are buried here and i think will be digging for at least another two years they literally everywhere here we are no region is looking at one of the few functioning archaeological sites only here can a site boast of having produced

a complete dinosaur skeleton that discovery made a decade ago led to the full recognition of a new breed of dinosaur a lot a ton or giant swan a twelve missile long herbivore found almost exclusively here and it was you the son who first stops at the fragment of tail bone sticking out of the father and son went on to make paleontology history advancing is followed in his father's footsteps it's painstaking work requiring patience and skill in equal measure one who discovers along the way we begin to remove the ground around it from a foreign you use a knife your hold your hand and a show where a girl who are slow because zero can be more bones in the ground around it. well lives this. year and his team have been excavating this site for the past three years and already they found well over one thousand dinosaur bones

approximately sixty five million years old but they believe that the bones of hundreds of more dinosaurs i get to be found within this small plot i'm told that these will most likely be fragments of another giant duckbilled planted unique to the region and named in its on the arm or saurus is another previously undiscovered breed credited to team the lots which includes an italian also a scientist it was she who came up with both dinosaurs names as well as taking day to day charge of running the regions only paved logy the burra tree and museum each new discovery missed be carefully catalogued and examined the aim is to inspire the next generation of dinosaur hundreds to not want to ensuring the family's feats don't go i manage but the writing about what goes on up here you can see a photo of your boat ski at this creation site and here you see photos of i'm going

to soras this is the skeleton of and worse or else what a strange looking reptile isn't it and so learn from the follies of history charles miles and this is charles marsh an american polian told just in one thousand nine hundred seven when he visited moscow and announced that there were no dinosaurs in russia and everyone believed him yet luckily. comes from a long line of scientists who chose to follow their own instincts and secure place in the history books as one of the world's foremost sites for paleontology it was their determination and no small amount of digging that revealed a dinosaur jungle alison assy the more wages. for a minute up take the money with the headlines after a short break in about three minutes from now stay with us here mr. if.

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if you just joined us a very warm welcome. says strip the u.s. in its highest credit rating and few countries mendis with china suggesting it's time to find a new reserve currency to replace the. two thousand people gathered on the streets of amman. and the president did antigovernment mass protest already compared the country's plight to about a revolutionary. a nato helicopter has been downed in eastern afghanistan killing thirty one u.s. special forces personnel and seven afghan soldiers with the taliban claiming responsibility as the biggest single american mall since the military operation started. well that's it for me today i will continue with the news in less than half an hour from now here in the meantime it's our documentary showing how the republic of a year has risen from conflict and its journey to becoming once again a stunning holiday destination.