and if it's not change the rating could fall for the really coming years but the obama administration says the analysis is way off and will damage any we're covering parties lucy cough and i'll have more from washington. well it really is more than anything a huge or 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 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 can 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 security is that essentially ended up collapsing 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. do rise there could be

a root ball 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 stall 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 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 max wolf a senior analyst at green cross capital believes that this may just be the beginning of more serious trouble for the u.s. economy. it sets up an environment in which symbolically politically and economically the united states' leadership of the global economy has another kind of strike against it does reduce people's confidence people get scared they 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 too that ason pete didn't just downgrade the united states they put us on further downgrade watch so they're suggesting that this downgrade may be big to be in in the process and not the end 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 more or less 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 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 in rubles and renminbi and again and even brazilian re i taking up some of the position that the dollar historically had in their respective world regions. china reacted to the news of the downgrade by suggesting a new stable reserve currency is needed instead of the dollar concerns are also rising arising in asia's third largest economy india where the finance minister called the situation grave artie's prius rita has more from new delhi. 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 lots 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 and you should investors are ditching bogs in the wake of what's been a tough week for the u.s. economy according to the best or an all for jim rogers. 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 the american dead has skyrocketed and gone through the dead 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 quadrupled its dead america if you take in that consider these things that they guarantee they printed huge amounts of money you know the world has gotten worse or hasn't gotten better but be 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 as america's credit rating gets downgraded by a notch some fear the move could spark another black monday on international stock markets you leaders criticized rating agency standard and poor's accusing it of double standards and promise to establish

a european agency in response or his daniel bushell has more. we used downgraded trust in the rating agencies to junk status. as 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 the to mocha's has had unsustainable for many years now with everyone apart from the rating agencies it seems and the day before 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 as to these double standards they held with the white house before this decision they briefed them about it when it would take place what would happen that's the white house to prepare a response to the media and even question the agency's judgment happened last week

when the agencies graded the european union countries and their ratings now that's the gist of the agencies really to say the very least as a result the european union is creating its own agencies will do this. for americans who will see themselves having to pay more more interest on their loans and having to pay more. is bad really for everyone around the world who lend money to america because it raises the risk of getting that money back. one small debt for man one giant black hole for a government coming up later in the program where in new york to ask what's the difference between our debt and those of our governments. much worse for government . why. we trust the government to do the right thing and they're doing absolutely the opposite of that don't you trust yourself to do the right thing in my within

your means. so that i can pay it off. a wave of mass anti-government protests is underway across israel the biggest is happening in tel aviv with up to a quarter of a million people attending there angered by the high cost of living in an affordable housing artie's paullus leader has more. the military is electrified what they may be jubilant and defiant they say they're not going anywhere until the israeli prime minister benjamin netanyahu meets their demands but it is organizers have been warning that some three hundred thousand people will take to the streets not only of tel aviv should also jerusalem and several other cities tonight and still to today whether or not three hundred thousand people are here but where i'm standing actually had been tell you that there are tens of thousands of e-mails now police have been out in full force for at least twelve hours a total of all those leaving to the mission and in the time it took me to pass

through the security checks that caused hundreds of protesters walking in opposite direction holding up that is no united under the slogan office demonstration which is the peaceful dimanche social justice and that's what they think right now we have another slogan also that people will take back the ninety one yet tonight also making the number thirty 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 reach the rich again making affordable housing also the reach of ordinary people now remember to me the comparison is being made between what he's seeing 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 what's 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 tuffy a square. tapio corner of course being a reference to the hot piece of the egyptian revolutions a city that is a comparison we all still being young people come to the streets here this is a demonstration and it's all 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 on facebook facing pictures and videos on the huge ship and like we saw in egypt people calling full change how do you say to prime minister benjamin netanyahu has been very quiet in his response to much the same as

the top people of egypt and president hosni mubarak was at the start of the senate may believe said just yesterday find a position he deceived me issued a scathing attack against the dollar saying that not only was he out of touch with the people but the only effort he was doing was to try and crush these demonstrations and the only thing that sonali it in the positive days is that this demonstration is part of a mass movement people in the country thirty at the time here is very catching people to mobilize people are saying they go nowhere and a lot of the government put them on the next anomalies policia t.v. television. knesset member daniel says prime minister netanyahu doesn't realize that the protests are rooted in public discontent and don't come from political rivals. people hear yelling shouting are sleeping in the street i'm talking about tens of thousands you won't see the police shooting or beating

the protesters it's 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 in the ploy of it but you do everything and said you cannot have a decent life this demonstration that has no right wing or left wing views it is most of the mainstream israelis who feel so bad about how they live and they go to the street 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 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 war dark province the incident marks the biggest single loss of life for u.s. forces in the country some of the officers aboard the helicopter were reportedly part of the same unit that carried out the assassination of osama bin laden medea benjamin from the antiwar movement code pink says the u.s. is positive much damage in afghanistan it's time for them to pull out. but 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 u.s. troops continue to be there the war or the violence will continue a 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 enter 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 is no longer in in afghanistan we 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 are 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. now website you can always find our top stories and much much more here's what's a click away right now. check out this dramatic video of firefighters battling a warehouse blaze in south of moscow. and could go from london to london stan a group of hard line muslims want to impose sharia law in the u.k.

which could mean don't amputate for petty theft and to illustrate that point check out our cartoon section on our t. dot com where we draw out all the major story. people loyal to former ukrainian prime minister yulia timoshenko continue to protest against her arrest her supporters of send up set up a tent camp outside of the center of the capital kiev she was arrested friday for contempt of court parties alexei are chefs he has more. several dozen supporters of you are protesting here believing that the case is politicized and being orchestrated directly by president victory on the court which several hundred more people are stationed in the tent camp at the main see the main street and because

that's where the court building is we're hearing off constant clashes between the supporters of you to go and the law enforcement officers is 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. 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 there 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 must be held in a transparent way. to another some other stories making headlines across the globe protesters have clashed with authorities in north london and rioters tried to storm a local police station shops and a passenger bus were also set on fire plus two patrol cars demonstrations happened after a twenty nine year old man was shot dead by a police gun crime unit earlier this week more than three hundred people took to the streets of the british capital to demand justice over the killing. of syria's foreign minister has pledged three democratic general elections in the country by the end of the year this activists say a fresh clashes in syria have left at least twenty four people dead with security forces firing at anti-government protesters the six day crackdown has now reportedly killed around two hundred people across the country international condemnation of the violence is growing and the u.s. officials say we're working on a new ways to influence the situation beyond sanctions. and

seventeen people have been killed four injured in a multiple vehicle collision in southern china state media says the pilot happened after two trucks collided flipping one of them into the path of an oncoming passenger minibus authorities are checking out whether overloading of the vehicles involved may have been a factor in the accident. turning back to the u.s. debt drama that seen its top tier credit rating take a hit now if you or i get deep in debt the bank is ready to pounce and yet it's only now that the u.s. which owes trillions is seeing its credit score decline line talk show host laurie harshness asked people on the streets of times square why consumers seem so addicted to borrowing. why do you think so many people allowed themselves to get so far and that is the is the age that we live in everybody sees the person next door that they've got the

brand new car the lifestyle and that's what they want is so much advertising and people just want you 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't afford so it's all about thinking yes i think so is it worse for you to be into personally that 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 such that i can pay it off debt is dead it's bad for governments bad for individuals and the government should show leadership show 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 moscow and also millions of years back in time. taking all the way to russia's foreign stony amarin general mode but rich area holding some of russia's largest reserves of precious metals art is ours have met one team who is treasure lies not in 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 its proximity to china and its vast reserves of war materials and natural resources but the 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. you rebuild all ski is a man obsessed with the power of 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 untapped jurassic history in the i'm norwegian to which he's devoted his adult life to mr necker very near to this side to be known since about nine hundred forty eight but with an unbelievable number of bones are buried here and i think will be digging for at least another two years when they literally everywhere here we are no region is located one of the few functioning archaeological sites only here can a site boast of having produced a complete dinosaur skeleton that discovery made

a move or decade ago led to the full recognition of a new breed of dinosaur a lot a ton or giant swan twelve mr long had of all found almost exclusively here and it was you the son who first spotted a 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. your current. where a girl for very slow because zero can be more balanced in the ground around it. why is it. yuri 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 alone i am told that these will most likely be fragments of another giant duck billed plant eater unique to the region and named in his honor the are more saurus is another previously undiscovered breed credited to team the last ski which includes notes hal you're also a scientists it was she who came up with both dinosaurs names as well as taking day to day charge of running the region's only paid to the board tree and museum each new discovery must be carefully catalogued and examined the aim is to inspire the next generation of dinosaur hunters was one ensuring the family's feats don't go i'm remembered for that but here you can see if out of europe at the excavation site and here you see photos of our gardens are scared of them are zaurus and

kerberos are us quite a strange looking reptile isn't it and so learn from the follies of history sarah smiles and this is charles marsh an american parent ologist in eight hundred eighty seven he visited moscow and announced that there were no dinosaurs in russia and everyone believed him yet luckily u.-t. belonged 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 jampot alice a bit r.c. the more regions. back with the headlines after a short break stay with us your art.

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four thirty am in moscow do you say you are too you had lied dropping the dollar china again raises the possibility of a new global reserve currency after washington lets the u.s. credit rating slip standard and poor's downgraded america's prized aaa status after losing confidence in the way the latest debt ceiling standoff was handled. hundreds of thousands of israelis returned to the streets across the country angered by the high cost of living and on affordable housing prices some protesters are comparing the demonstrations to those that happened in a during neighboring egypt they call for widespread reforms to ease social inequality. and america suffers its biggest single loss of life in afghanistan as a nato helicopter is reportedly down by the taliban thirteen u.s. troops including some from the same unit that killed osama bin laden died along with seven afghan soldiers. next martin explores a place that's fit for a queen in his final summertime trip to st petersburg stay with us.