borrowing costs weakening business and consumer confidence as well as slimmer chances of recovery all these are the potential riffel little ripple effects for the united states after its top tier aaa credit rating was cut by one notch started and poor's took the unprecedented move of dropping america's ranking to a double plus in this outlook white house officials are on the defensive saying there's a two trillion dollar mistake s. and p. admitted that it is sticking with its decision as it is objective well that's despite the last minute debt deal which narrowly rescued the country from default but the damage was already done as the political haggling undermined investors' trust economist max red wolf says brace yourself for a stock market roller coaster on monday. but i do think that sunday night local time here and 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 shockwave 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 in 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 of 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 run in fact just those u.s. treasuries that were just downgraded but 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 the beginning of a process and not be an all america's ratings cut has met with a star response internationally china's demanding independent supervision over u.s. dollar operations and is calling for a stable reserve currency and asia's third largest economy and finance minister called the situation grave singapore based investor at all says there exile 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 to the roof americans 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 it's dead america if you take in that 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 vision of 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 it took 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 artie's but in a point ny explains 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 of 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 next month next year this won't blow up again since the underlying causes economic problems are getting worse in this country four 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 decide. if they were jerks you want to know what i do how much can i put up with this relationship the

u.s. will be in for a long time the only game in with the your community is making noises chinese making noises were you know 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 dad but really because we're not creating any way to get out of the debt instead of the u.s. president repeatedly asked americans over the past week to join the campaign. when to borrow and spend more make a phone call send the 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 during a port niall r.t. new york well trends forecasts are gerald celente 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 that loses wars where there are rock 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 his dulled look at the republicans and the democrats the inept 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. return to the economic woes afflicting of both sides of the atlantic a little later in the program the world why the panic selling as investors

jettisoned their shares in the worst week for stock markets since two thousand and eight. their job shares are finally seeing their former president face trial for killing at a corruption but many feel they have yet to see the revolution which deposed him bear any real fruit 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 could see mubarak face a death sentence if convicted they'd be three year old was a hospital bed where he appeared alongside with his two sons at the top aides were also accused of corruption and mass killing for the egyptian people unemployment is at an all time high millions are struggling to make ends meet but if it all in our reports now from 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 read the people of egypt. this man has been running his own business for thirty five years it used to bring him enough money to send his son to study to canada and take his large family blown one. between the economic to the station caused by and rastan political uncertainty mohamed enterprise has been badly fractured now he can barely a food to feed his tutoring he says the wind of change me has brought freedom to egypt it is broad and survival strong in its wake. you know i love the revolution when it happened i welcomed the looked at the time we go live at the end of the. well you see it's not getting better we have nothing to eat just don't tell me about democracy for hungry people it just doesn't matter

it's 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 hit twelve percent. egypt's revolution was regarded as the most successful arab spring chapter it took eighteen days to and one of the world's longest dictatorships the five months on there is little satisfaction and dictator free egypt is far from the best place to live in a period of the people getting very tired and getting ready hoppers the people now according about mubarak as well much better than that they. would be a better solution and this in fact as they're very sad that is our people are indeed tired even those who back the changes this young man is from the revolutionary youth caliche and he tries to remain optimistic and he says sounds

a lot like south conviction that you don't know the other side we've been living under mubarak for many many years too many i'd say but it's great what we did but 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 demonstrations in africa square show that this toy's this man has been pushed to the limit and it's protests versus patients and the battle to save egypt from crumbling further duration optionor r.t. cairo. well egyptians are slowly realizing there along the way from seeing the benefits of their own revolution only a bangle who's written extensively on egypt's uprising says 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. that 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 mubarak 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 on to 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 just so i don't think young people have more democracy i think perhaps they have even less. but things are firing up in neighboring israel television seen its biggest ever rally reform with up to a quarter of

a million people gathering as well as similar protests nationwide israelis are angry at the high cost of living and on affordable housing on sunday morning the finance minister pledged that the government will finally do something to tackle the yawning wealth gap or one television has already been relabeled by some astonishing a corner named after the site which was uprising was artie's policy or reports they're concerned it's taking this much pressure to get any kind of reaction. 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 hasn'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 the back you know back in the studios ok there's a protest well what exactly is a protest a social protest for the revolution it's not the same kind of story that they used in is not as big and dramatic as some of the bigger revolutions happening around the middle east and i mean it isn't surprised by the worldwide lack of media interest he's worked in the israeli press for decades reporting for 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 kind of fit into that is not. time of news which is unfortunate that just makes hundred 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 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 fox news or any other big news channel here and it's really sad 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 the bus was the plan was they were winning no one stop here they push ups and. well that was our t's'pol asli reporting from a television vet of course we're keeping a close eye on developments in ease relet r t v dot com and if you follow our twitter feed here straight from our worldwide correspondence with the latest news

updates at our to underscore com and on our facebook you can search for our team news and you'll find out video stories ready and waiting for you and you can also join the discussion on what you've seen on air and there's a rapidly expanding and extensive channel on the you tube i reports and programs available whenever you want them to subscribe to was an explorer news from around the world. and if you're. going to take three. three. three. three. three. three blog video for your media project free media r.t. dot com. it's been a bruising week for the world's stock markets the worst since the credit crunch first hit home and it made up to over two thousand and eight well this time it's over fears of a double dip recession in the u.s.

as well as the mounting debt concerns all the market turmoil will be discussed in an emergency phone conference of the g. seven finance chiefs later on a sunday and earlier this week the european commission president joined the fight to the financial hole calling for the e.u. bailout want to expand to help deal with the question. also wants the fund to be able to buy government bonds the crisis is now in the gulf in two of its largest economies italy and spain both countries saw their borrowing costs shoot up again but even omics journalist patrick young says the banks have to stop cashing in on the troubles. begin repeating unions be alight fundies on the verge of running out of money as soon as one of the. major economy such a spanner 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 appalled 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

sent 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 but 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 here in ma stand up with the banks economic analysts michael ross says it's not the euro debt which triggered the market panic but rather 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 is the illness that has got all these problems the

illness is called debt of western nations over debt don't 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 your this is of course a problematic issue it was the discussion about the debt ceiling in united states that triggered of this mess. well turning briefly to more of today's world news a riot has flared up in north london and protesters angrily attacked police over the fatal shooting of a twenty nine year old man last week rioters threw a petrol bombs at officers as well as store buildings a boss and a police patrol cars shops were also looted and more than three hundred were involved in what began as a march to demand

a justice for the killing. is continuing its way north along on china's east coast there are no reports of casualties as the heavy rain soaked the city horror about four hundred thousand people have been evacuated to safety as the port of braces itself for the storm air travel over eastern china was disrupted overnight but it was getting back on track. and veterans of the nazi s.s. gathered in estonia to commemorate a battle with the soviet red army such meetings are widely banned in europe as a glorification of naziism but at the same time a rival anti fascist rally was prevented by a stone your authorities are our first reports on how the pro nazi sentiment is feeding a dangerous new ultra right movement. well here in the a stain in town the cinema that in one thousand nine hundred forty four is a scene of fierce fighting between saviors soldiers and yes this is where here by

the monument to commemorate the soviet soldiers that died in that fight less than a mile away and the stones also gave the scene of the gathering of veterans of this day near. sort of widespread criticism the glorifying naziism. the. association of former soldiers but often this is all for them but it's something at the moment you don't think about later or think about the people. for. whom country and most of year it these kind of events abound. in order to hear. it in a sting it's a different story altogether. it's common in the story of to call these people freedom fighters we hold our protest rallies on the same day they hold this event to remind them what they are what they had given allegiance to hitler to tell them

what they had never liberated dystonia moreover money of them were engaged in and all of them are more or less accomplices of the crimes committed by nazi germany. in fact in recent years the astin you know thirty's and made it increasingly difficult for those who come to oppose the event this year once again members of the anti fascist movement we detained at the buddha pool do that by the police the car we were traveling in was also stopped for questioning on the way in i was. told . i have an entry to the country and of course they don't want any kind of other opinions than their own opinion which is very very much supporting the movement of the revival of the far right across europe has caused growing concern right parties a gaining ground in countries like austria finland and france savage sluice are by far right extremists and this brave can always recently driven show just how

dangerous these years remain i think this is a problem with the. uprising of. extremism far right wing extremism and the fact that authorities. close calls as they are. this the say far failed to take decisive action to stop nazi commemorations within its borders bush's push for international legislation to condemn the glorification of wartime fascism but events like the one in a sting it make it clear in a clear the not all countries are on board critics of this event hoggy that the gathering provides a four and a dangerous near fascist state did the government's failure to ban it seem at the very least as being morally and politically insensitive surf. stay in your.

another xo good state is having trouble with its more recent past as a high profile trial in the ukraine and gathers steam this week and you're craving for his order of the oppressor former prime minister and you get to my friend i made her trial over allegedly a dodgy gas deals but her supporters claim it's all politically motivated r.t. you know reports from outside the court with next hour. of will go for a short break but i'll be back with a recap of the main news headlines to stay with us.

it used to be an ideal place for a holiday weekend for a change in a moment. the easy view or are still visible. the republic is not only relieved but also shaping the future.

just this is a table from the u.s. embassy in colombo to talk about here an apparent june seventh incident of extrajudicial executions the military press on that they killed nine guerrillas.

and there are strongly suggest however that the nine were executed by the army and then dressed in military fatigues. explain how you know this kind of phenomenon where bodies are dressed up as guerrillas and presented as killed in action and this and this idea that you need to produce these actually encouraged paramilitary collaboration this is a cia document central intelligence agency they knew about these activities they knew they were happening they knew about links to paramilitary groups and yet. usaid continued to. get. central.

in bosnia and herzegovina. the children of each. but you know what you know. let's use availability and. they are going to.

welcome back you're watching weekly on our t.v. we'll review the week's top stories the aaa that's now america's accounting exile its credit crowd has taken down a wrong in the ratings as investors shutter over how the debt ceiling raise was handled. the news rounded off a rocky reagan global markets with wall street's worst week in over two years it was worsened by europe's debts and of a second possible recession. as egypt's former president goes on trial for mass killing that corruption a weary public see the replacement regime for failing to meet the revolutions demands. but in neighboring the reform rallies swelled to a quarter of a million people in tel aviv angry that the government's let living costs get out of hand. and while the eve of the third anniversary of the south of such a war president medvedev spoke to our other broadcasters about why he took action.