and if not changed it could result in a ratings fall for years but the obama administration says the analysis is way off and will drive a genuine likely recovery archy's lucy coffin of his war for washington well 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 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 in a 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 all. and if those interest rates 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 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 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 wolfe a senior analyst at green crest capital believes this is just 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 a nother 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 too that hasn't beat didn't just downgrade the united states they put us on further down grade watch so they're suggesting that this downgrade may be big to be giving up a process and not be and 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 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 in rubles and renminbi and 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 of the dollar concerns are also rising in asia as third largest economy india were finance ministers have called the situation grave artie's priya sridhar reports from the 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 they guess you could say so the markets have tumbled here people are losing confidence in the american economy obviously there are things that soaring they're 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 along to come to a decision just to raise the debt ceiling how much longer could it take to actually figure out but typically 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. he should investors seem to be ditching bogs in the wake of what's been a tough week for the u.s. economy according to investor and all for jim rogers. all the asians already know

that america's got problems all of our 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 debt 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 the considerably things that they guaranteed they printed huge amounts of money you know the world has gotten worse or hasn't gotten better but it sure the us will default that's why people are moving away from u.s. 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 the u.s. credit rating gets downgraded by a notch some fear the move could spark another black monday on international stock markets leaders criticize the rating agency standard and poor's accusing it of

double standards and promise to establish a european agency in response or he's daniel bushell has the details. 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 that the mochas has had unsustainable that for many years now well everyone apart from the rating agencies it seems and the day before collapsed in the credit crunch they still had aaa ratings all those companies know that made the agencies lose their reputation but people lost their whole savings and triggering the world recession that followed. the rules are furious about as to these double standards they held with the white house the foolish decision they briefed them about it when it would take place what would happen that's allowed the white house to prepare

a response to the media or even question the agency's judgment of the happened last week when the agencies graded the european union countries and their ratings now that suggests that the agencies are inconsistent to say the very least as a result the european union is creating its own agencies will do this downgrade 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 not getting that money back one small debt for a man one giant black hole for a nation coming up later in the program we asked what's the difference between our debt and those of our governments. 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 mean debt is such that i can pay it off. but first a wave of mass anti-government protests is underway across israel the biggest rally happening in tel aviv with up to a quarter of a million people attending he said their anger at the high cost of living and on affordable housing artie's paul sr has more. the military is electrified what they did a mixture of jubilation and defiance 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 demond social justice and that's what they think right now we here in london slogan also that people will take back the ninety yet tonight also making the numbers 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 we see in here in israel and what has

been happening and continues to happen in neighboring egypt this demonstration is the same today 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 copies of egypt and revolutions a city that is a comparison we all still all seeing 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 posts on facebook placing pictures and videos on you tube and like we saw in egypt people can. pull change now the israeli prime minister

benjamin netanyahu has been very quiet in his response in much the same as that i'll be egypt's president hosni mubarak was at the top of it that you may believe said shift today friday 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 crush these demonstrations and the only thing that's another bit in the past few days except imitation is part of a mass movement people in the country thirty at the time here is a very catching people to mobilize people are saying they go nowhere and a lot of the government says i'm on the next anomalies policia t.v. television. knesset member daniel ben-simon says prime minister netanyahu doesn't realize the protests are rooted in public discontent and not coming from political rivals. people here yelling out shouting are sleeping in the streets

and 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 unemployment but you do everything and said you cannot have a decent life this demonstration 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's wrong. thirty u.s. special forces personnel and seven afghan soldiers have been killed in

a helicopter crash in afghanistan the aircraft was struck by a rocket propelled grenade in the eastern wardak 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 anti-war movement code pink says the u.s. has caused too much damage in afghanistan and 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 that 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 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. there's plenty more on our website along with video blogs and analysis here's what's a click away right now. check out this dramatic video of firefighters battling a warehouse flees in southern moscow. and critical from london to london

stat a group of hard line islamists want to impose sharia law in the u.k. which could take that to illustrate the point check out the cartoon section of our website where we draw on all the major story our team. ukrainians loyal to former prime minister yulia timoshenko continue to protest against her arrest her supporters set up a tent camp in the center of the capital kiev she was arrested friday for contempt of court. he has. several dozen supporters of protesting here believing that the case is politicized and being orchestrated directly by president on the beach several hundred more people are stationed in the tent camp at the main c.

the main street in kiev because that's where the court building is we hearing off constant clashes between the supporters of you 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 a complete. legitimate and were signed in full accordance with the two countries laws and also be very sharp coming from the european union with almost all of the nations in europe criticizing the current state of affairs the fact that you had to machine go 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. you know some other stories making headlines across the globe protesters of clash with authorities in north london as rioters tried to storm a local police precinct shops and a passenger bus were also set on fire along with patrol cars demonstrations started 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 after the killing. syria's foreign minister has pledged free democratic general elections in the country by the end of the year this comes as activists say fresh clashes in syria left at least twenty four people dead with security forces firing on anti-government protesters a 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. is reportedly working on new ways to influence the situation beyond simple sight.

and seventeen people have been killed in four injured in a multiple vehicle crash in southern china state media says the pileup was triggered after two trucks collided flipping one of them into the path of an oncoming passenger minibus authorities are investigating whether overloading of the trucks 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 go 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 show host laurie harford it's also known as the resident people on the streets of times square why consumers are so addicted to borrowing. why do you think so many people allow 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 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 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 but 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. and up next we bring you thousands of kilometers east of moscow and also millions of years back in the past. going all the way to the far eastern region our remote but rich area holding russia's largest reserves of precious metals but artie's allas hibbard met one team whose treasure lies not in gold but bones. this week the rush a close up team is coming to us 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 for one paleontologist and his team it's the bones of ancient dinosaurs discovered deep within the ground here that will put this wheaton firmly on the map. you rebuild all ski is a man obsessed with the past a bygone age when dinosaurs ruled this part of russia he may have been born in the country's north western areas but it's the far east untapped jurassic history in the region to which he's devoted his adult life to based on a very near 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 there literally everywhere here the ammo 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 over a decade ago led to the full recognition of a new breed of dinosaur a lot a town or giant swan a twelve meter long herbivore 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 van has since 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. land and a show. where a girl for very slow because. more bones in the ground around it. the lives it's. a 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 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 lot ski which includes natalia also as 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 pagan toy gene the burra 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 feeds 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. those characters of the mars arse and kerberos are

us quite a strange looking reptile isn't it and so learn from the follies of history such as mars and this is charles marsh an american parent ologist in eight hundred eighty seven visited moscow and announced that there were no dinosaurs in russia and everyone believed him luckily u.-t. belong comes from a long line of scientists who chose to follow their own instincts and secure more as 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. for those news walk i'll be back with an update after a short break stay with us.

the limits just says to see.

if. i was. coming. down the field official on t.v. application to i phone i pod touch from the q sampson. cianci life on the go. see video on demand ati's minefield compass and r.s.s. feeds now in the palm of your. questions on the dot. wealthy british style.

markets. find out what's really happening to the global economy with mike stronger for a no holds barred look at the global financial headlines kaiser reports.

six thirty am in moscow the zero two you have 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 crisis was handled. hundreds of thousands of israelis returned to the streets across the country angered by the high cost of living at an affordable housing prices so the protesters compare the demonstrations to those that happened in neighboring egypt as they call for widespread reforms to ease social inequality. in america suffers its biggest single loss of life in the afghan conflict as a nato helicopters are reportedly down by the taliban thirty u.s. troops including some from the same unit that killed osama bin laden died along with seven afghan soldiers. up next martin explores a place that's fit for a queen in his final summertime.