confidence as well as slimmer chances of recovery well it's a potential ripple effect for the united states after its top tier aaa credit rating was cut down by a notch standard and poor's took the unprecedented move of dropping america's ranking to a double a plus in its outlook and white house officials are on the defensive saying there is a two trillion dollar mistake s. and p. admitted that but is sticking with its decision which it says is objective it's despite the last minute debt deal which narrowly rescue the country from default but the damage was already done as a political haggling undermined investors' trust economists max. brace yourself for a stock market roller coaster on monday. but i do think that sunday night local time here in new york or monday morning for asia when the markets open in new zealand australia and then quickly thereafter in northeast asia we're going to see some of the dislocation that we had all dear i was we kind of headed into this disaster over the last month or two complicated which is actually mentioned in the

press release complicated by that complete dysfunction of the u.s. congress we're going to see another shock wave hit into a global economy and global financial markets that spent the last week fall down a flight of stairs so i think we're at a fairly sensitive vironment here and while there's no good time to be downgraded the timing of this s. and p. downgrade of the u.s. from aaa to double a plus could not be worse 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 i think quite ironically you might see people buying u.s. treasuries and selling all their credits as a general flight to quality people get scared they run away from riskier assets i mean ron in fact just those u.s. treasuries that were just downgraded 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 down grade watch so they're suggesting that this downgrade may be big the beginning of a process and not the am america's ratings cut has met with a star response internationally china is demanding independent supervision over u.s. dollar operations and is calling for a new stable reserve currency and they show us the third largest economy the finance minister called the situation a grave singapore based investor and author jim rogers says they're exaggerating is justified. 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 debt has skyrocketed and gone through the dead or through the roof america's 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 it 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 well that's it months of political squabbling before the eleventh hour deal was struck to raise america's debt ceiling but it was still not enough to stave off the credit score drop as very important i explained as investors are ready to move out of the united states because of its increasingly fractured fiscal reputation. help us avoid default debt ceiling nation default and this crisis time's running out the entire world is watching it's been a public spectacle filled with bickering grandstanding and lack of compromise i

devise if debate over raising the u.s. debt ceiling created an unprecedented climate of uncertainty over america's so-called sound economy the damage been done no matter what happens now everybody really thinks the united states isn't so secure it isn't so safe even if the craziness subsides it seems to have gotten real close and who knows whether the next month next year this won't blow up again since the underlying causes economic problems are getting worse in this country who are point five trillion dollars of america's borrowing is owed by foreign countries experts say washington's mismanagement may cause investors to abandon the devalued dollar and their partnership with america it's like being married to someone deciding after so many years they were jerks you want to know what or why do how much can i put up with this relationship the u.s. will be in for a long time the only game in jail but the european community is making noises

chinese making noises we're going to we're alone now in our ability to be a repository for financing in the world the result could spark a replay of the two thousand and eight economic meltdown except this time washington not wall street would be responsible it's like the batteries worn out the spark plugs don't work the tires are flat all of this and so what we're trying to do is say we've got a little bit of money in the bank let's pay that down but we're not doing anything to fix the economy and so we're putting ourselves in a bigger and bigger hole not just because of the debt but really because we're not creating any way to get out of that instead of the u.s. president repeatedly asked americans over the past week to join the campaign. to borrow and spend more make a phone call send an e-mail tweet keep the pressure on washington and we can get past this while the eyes of the world have been following the heated saga playing

out between u.s. politicians the main problem not going away is america's debt and the growing realisation that elected officials may never be capable of agreeing on how to solve it marina port nile r.t. new york trans forecaster charles solenn to told r.t. that despite the last ditch attempt to salvage a debt strategy the us is doomed for another great depression the american economy as well as much of the global economy is heading into the greatest depression anything everything that they're doing is not going to salvage it the great depression is underway and all they're doing is trying to make it look as though they have a plan to stave it off they're not going to you know what's a reputation a reputation is by what you delivered the united states can't deliver the united states can't deliver on its wars it loses wars where the iraq afghanistan the war

on drugs the war with libya they're losers the government did everything that they touch look at all the trillions of dollars the tens of trillions that have been pumped into the system since the panic of zero eight struggling by the federal reserve by d.c. with the stimulus bailouts too big to fail everything they do they turn to failure why would any thinking adult look at the republicans and the democrats next and the incompetence to come up with a program that's going to salvage the nation investors having confidence looking to the same people that caused the problem to resolve it that's called insanity the business of america when i used to be a young man it used to be business now the business of america is war. well will return to the economic woes afflicting of both sides of the atlantic a little later in the program the worldwide panic selling as investors jettisoned their shares in the worst week for stock markets since two thousand and eight. and

the hard line muslims trying to weigh down the real law no drinking and no loud music women covered up we hear their plans for the capital's code of conduct. egyptians are finally seeing their former president face trial for a killing at a corruption but many feel they have yet to see the revolution which deposed him bear any real fruit now hosni mubarak denied the charges against him at the opening of his hearing where he's accused of ordering the deaths of protesters back in february the trial is expected to last eight days and it could see it will face a death sentence if convicted they the three year old was in a hospital bed when he appeared alongside his two sons and top aides who are also accused of corruption and mass killing well for the egyptian people unemployment is at an all time high and millions are struggling to make ends meet our financial reports that for egypt. this quaint cairo is now one of the most famous in the

world many around the globe even those with little knowledge of arabic know its name means liberation well the revolution of january put this part of the globe on the map but apart from that what else did you read the people of egypt. this man has been running his own business for thirty five. it used to bring him enough money to send his son to study to canada and take his launch family in one. between the economic devastation caused by and rastan political uncertainty mohamed price has been mounting. now he can value to feed his children he says the wind of change brought freedom to egypt and is iran and survival strong in its. you know i love the revolution when it happened i welcomed it that looked at the time like a life and the amount of time that we see it's not getting better we have nothing

to eat just don't tell me about democracy for hungry people again it just doesn't matter to. the plight of poverty fuel the revolution your growth has dropped from five to just one percent some thirteen million people live below the breadline unemployment has he twelve percent. egypt's revolution was regarded as the major successful arab spring chapter it took eighteen days to end one of the world's longest dictatorships and five months on there is little satisfaction and dictator free egypt is far from the best place to be i'm afraid that the people are getting very tired and they are getting ready hoppers the people now called me about mubarak as well much better than a day. with a better solution and this in fact as their very. people are indeed tired even those who backed the changes this young man is from the revolution youth

caliche and he tries to remain optimistic because he says sounds a lot like south conviction that i get out of it and i say we've been living under mubarak for many many years too many i'd say but it's great what we did out of the we do need to be more patient and this is difficult we have a lot of problems right now but we do need to wait for a little longer. recentre need to mistreat sions in africa square shows that this triage system has been pushed to the limit and it's trade tests versus patience and the battle to save egypt's from crumbling further more a function of r t cairo. well a just friends are slowly realizing that they're a long way from seeing the benefits of their own revolution well the mantel has written extensively on egypt's uprising says that they fell prey to a political game. there has been no revolution in egypt i said so and in our t.v. interview in late january i believe exactly that would be the outcome because this

was incited from the outside it was designed to get rid of mubarak who was a thorn in the side of the obama middle east policy and put the same people in there with it with a different face at the top a lot has changed and it's largely unfortunately changed for the worse the economy plunged since the events of january. the tourism is not going to be bombed back any time soon but even even still there was a rather healthy growth curve in the last several years even while no brock was still in power and that that has dramatically changed for the worse this never was about democracy in the first place a lot of youths were brought onto the streets under the illusion that it was and now you have the muslim brotherhood position to become the leading political party in the in the elections when they're held. that doesn't bode well at all for you just so i don't think the young people have more democracy i think perhaps they have even less. but things are firing up in neighboring easy tel aviv seen its

biggest ever reform rally with up to a quarter of a million gathering in a similar protests nationwide israelis are angry at the high cost of living and on affordable housing want to live if street has already been relabeled by some as their quarter named after the site of egypt's uprising but as policy or reports they're worried that their peaceful protests will go on heard because the government to mainstream world media are looking the other way. tens of thousands on the streets of israel angry. and protesting for change but is anyone listening when it comes to a lot of the foreign media want to see more of an action movie and this has been very violent it's been very hadn't been violent at all it's been very positive. well into week three the largest demonstration in israel in over a decade and how did a.b.c. c.b.s. and n.b.c.

cover it they didn't a younger woman set up the tent while the editors of france twenty four b.b.c. and sky coughed up just a few meager seconds perhaps not even that interesting to. back you know back in the studios ok there's a protest well what exactly is a protest a social protest that a revolution it's not the same kind of story that they used and it's not as big and dramatic some of the bigger revolutions happening around the middle east and i mean isn't surprised by the worldwide lack of media interest he's worked in the israeli press for decades reporting from media both foreign and local there is a box that the international media has put israel in and that is the israeli palestinian conflict or so the israeli lebanese and syrian conflict and anything that doesn't fit into that is not the immediate type of of news item which isn't for. and that just makes hundred reyes and others angry for nine days she's been

camping here furious that she can't make ends meet as a university student it makes me feel sad that when egypt decided to stand up and say we've had enough and when in lebanon they decided to say we've had enough the media was all over there i haven't seen anyone from c.n.n. or from fox news or any other big news channel here and it's really sad that we also deserve a chance to be heard out on the streets has been dubbed feel cornered by some of the people here an optimism perhaps that they can bring down the government in the way they neighbors in tough to square. bunch was the cameras there were no one stop here they put you up since. all television face journalists amy kaufman blame stereotypes about israel for leading the news media to ignore the anti-government protests. a lot of news editors broad kind of take certain

things for granted when it comes to the almost go on a sort of autopilot if it's not anything to do with the israeli palestinian conflict it's just not a story it's true that most socio economic stories across the world are in big stories that's the case in most countries when they reach a certain threshold for example of huge numbers of people that are that participate in a protest and also when they. affect how to have the potential to stir up the political map as these protests do then these things should be should be mentioned in the press seeing as how israel is in the news so often when it comes to something that could affect the political situation and it isn't covered this is actually in my view bad journalism. well we're keeping a close eye of the developments in easier i'll let our t. adopt the call and if you follow our twitter feed you can hear it straight from our worldwide correspondents for the latest news updates at r.t.

underscore com now on facebook you can search for our to news and you'll find out the top videos stories ready and waiting for you where you can also join the discussion on what you've seen on air and there's also a rapidly expanding and extensive channel on you tube of reports of drug rounds at their level whenever you want them to subscribe to was exported news from russia and around the world. from the. critique free store free. range free. free. free. free book your videos for your media project c.e.o. don carty dot com. well it's been a bruising a week for the world stock markets the worst since the credit crunch first. at home in mid of tobar two thousand and eight and this time it's over fears of

a double dip recession in the u.s. as well as the e.u. is mounting debt concerns and the market turmoil will be discussed at an emergency phone conference of the g seven finance chiefs later on sunday earlier this week the european commission president joining the fight to plug the financial hole calling for the e.u. bailout fund to expand and help deal with the crushing debt just save on rubber also also wants the fund to be able to buy government bonds but the crisis is now engulfing two of its largest economies italy and spain both saw their borrowing costs showed up again but economics journalist patrick young says the banks have to stop cashing in on the troubles of the european union's be a light fund is on the verge of running out of money as soon as one of those major economies such as spin or italy default and every day the market is saying it is terrified of the debt that has been built up in the system and it's a bold by the fact that nobody in the euro zone wants to actually lead a side of this problem i think the public is being kept in the dark and it's been

spent a lot of smooth messages from the political classes that don't really hold up to the stark reality of markets i think the problem is that ultimately banks are going to have to lose money as part of this entire play they originally bought a lot of these bonds thinking that would be an endless nerve of cheap interest rates for all of these countries and effectively the game is up about players over governments need to step in they need to restructure the market and we actually need to see that demon the word default in other words some of the bonds have to go bust or the bomb tough to be restructured and ultimately some period must end up with the banks economic analysts michael ross says it's not the euro debt which triggered the market panic but the political wrangling in washington. i tell you one thing this is not a normal crisis and this was not the normal crash that we had this week. it was the beginning of the end what it's doing is that has three got all these problems the

illness is called debt all western nations all over debt they lose their credibility and what happens when they lose their credibility then banks are going bankrupt and i tell you another thing only in a short time all banks all of the most important banks worldwide in the western world will be taken over by government by the government and another thing it's not the discussion about the euro and the debt in europe is this is of course a problematic issue it was the discussion about the debt ceiling in united states that triggered all this mess. hardline muslims in britain have had enough of living with london's party lifestyle and they're now trying to enforce strict sharia law from abstention to abu dacia artie's or and that's been hearing how they want to instill their tough code on the capital. so we are here to tell you that islam. is unstoppable in europe stoning for adultery cutting off hands for stealing death

of renouncing islam this group of men is trying to enforce shari'a law in the u.k. they've started a campaign to make certain areas of london and other cities islamic law controlled zones starting with wealth of east london. because of usama as an alternative to the muslim of the no muslim community also looking to believe the muslims kind of together trade according to the sharia was all their problems. and even police themselves to a large extent hopefully one day to have a summit governments will have apology look at the security locally and you provide well for local choudhry and his friends are fly posting parts of london with large muslim populations they want to ban drinking gambling and playing music and they say they've got bands of young men ready to patrol and in full shari'a law by any means now that enforcement will not initially be in on the level of inviting and

forbidden but if someone has the capability to be with an essentially evil like pornography prostitution it should do so. by that you mean i think of course i believe there. should be run out of the area these muslims say british society is broken riddled with drugs crime and prostitution because of that they firmly believe members of the communities that targeting will welcome sharia law but the word on the street about the campaign tells a different story comes down to if you don't like the laws of the place you live find somewhere where. things are completely legal in this country this is not indira pakistan this is our own laws people have a right to commute bring their laws in here we often have caused trouble but councillor martin. saying this could destroy community cohesion we've. taken down the posters assumes that put up because we do not want these posters

around. and they have no place to move from for us citizen equality campaigners say this should real supporters shouldn't be considered a religious movement but a far right political organization with a push to campaign designed to divide and conquer communities the danger lies in dividing people dividing communities creating mistrust and particularly among from non muslims towards moderate muslims i think this is part of their aim is to create mistrust so they can then turn to moderate muslims and say look everyone hates you we're your friend turn to us and it's a very very dangerous thing and as a political tactic to increase their own power undeterred by opposition chaldron and his group plan what they see is the beginning of an islamic emirate not just in the u.k. but all over europe police have mobilized to take these posters down as fast as they appear but choudhry and his group say they formed bands of vigilante and

forces to make sure syria is to all physically and in other parts of london women have already been harassed for not covering their heads if these muslims ever get their way i won't be able to dress like this on the streets of walthamstow or many other parts of london brussels rome and paris and it's r.t. well from stone. oh britain's government should treat sharia campaigners more seriously else their message can become really dangerous well that's the view of phil reese who's a writer on terrorism and political violence. of course he takes a very literal reading of the koran and the literal understanding of sharia law and i think this goes to the heart of the problem for islam perhaps throughout the world and indeed for for muslims living in predominantly muslim countries but the trouble is that it's never really discussed on a serious level because it is considered so outrageous and you know then it creates

then the opposite of that which is non muslims in britain saying let's lock them up these people are dangerous so unfortunately what he's done is he's trivialize the debate which is a very serious one for muslims but it was an engine tragedy newsgroup that triggered the formation of the english defense league in a town north of london called luke so actually you know while i know them and consider them i mean i've always talk to them a bit like the flintstones the way they behave but indeed because their messages can be amplified by the media all around the world this had some very very serious consequences both in creating groups like the english defense league and perhaps even by a string of events triggering people like i'm just breivik in norway and as london decides how to act on sharia law activists there's a different kind of extreme sentiment resurfacing elsewhere in europe all this to purchase another nazi s.s. veterans gathering while battling anti fascist rallies and that's despite fears

strengthening dangerous ultra right groups will stay with us for a full report next hour. and an update on all our stories as just on the way in a moment stay with us.

feel. the looming. six pts to. see. if.

you feel. more news today violence is once again flared up to feel these are the images the world has been seeing from the streets of canada ashu for showing up for a shelter on the day six. welcome

back here's a look at the week's top stories from our t.v. the aaa that's now america's accounting anxiety its credit crowd has taken down a rock in the ratings as investors frogger over how the debt ceiling raise was have the. news rounded off and walking we can global markets with wall street worst week in over two years worsened by europe's debt said fears of a second possible american recession. and as egypt's former president goes on trial for mass killing and corruption a weary public see the replacement regime failing to meet the revolutions demands. watch in a neighboring ease roll the reform rally swelled quarter of a million people in tel aviv angry that the government's lead living costs get out of town. well up next our special report on the u.s. invasion of iraq and the consequences for the country after the war.