eleven am here in the russian capital you're watching the weekly on r.t. first to higher borrowing costs are weakening business and consumer confidence as well as slimmer chances of recovery it's a potential ripple effect for the united states after its top tier aaa credit rating was cut down by one notch standard and poor's took the unprecedented move of dropping america's ranking to a double a plus and its outlook white house officials are on the defensive saying there is a two trillion dollar mistake less and p. admitted that but is sticking with its decision which it says is objective is despite the last minute debt deal which marilyn rescued the country from default the damage was already done as the political haggling undermined investors' trust economists max for out of wolf says brace yourself for

a stock market rollercoaster on monday. 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 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 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 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 too that 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 be an all america's rating scott has met with a star in response internationally china is demanding supervision over u.s. dollar operations and is calling for a stable currency and then asia's third largest economy and finance minister called the situation a grave singapore based investor and author jim rogers says that 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 dead has skyrocketed and gone through the dead 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 quadrupled it's dead america if you take in the consider the things that they guarantee 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 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 it took months of political squabbling before the eleventh hour deal was struck to raise america's debt ceiling but it was still

a not enough to stave off the credit score drop and as artie's body to point my 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 the 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 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 your 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 dad 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 during a port niall r.t. new york trans 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 in ited 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 struck 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 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. a will return to the economic growth afflicting both sides of the atlantic a little later in the program the worldwide panic selling as investors jettison of their shares in the worst week for stock markets since two thousand and eight. so i had this hour a ukrainian court has ordered the arrest of former prime minister yulia timoshenko made her trial over allegedly dodgy gas deals but her supporters claim it's all politically motivated. well egyptians are finally seeing their former president face trial for killing at a corruption but many feel that 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 war during 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 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 about skilling well for the egyptian people unemployment is at an all time high and millions are struggling to make ends meet but if a national reports 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 to bring 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 abroad once

a year between the economic to the station caused by and rust and political uncertainty mohammed's enterprise has been fractured now he can value food to feed his tutoring he says the wind of change me. brought freedom to egypt and it's brought a survival strong in its way. you know i love the revolution when it happened i welcomed it that looked at the time like a light at the end of the tunnel we 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 end one of the world's longest dictatorships but five months on there is little satisfaction and dictator free

egypt is far from the best place to live in the period that the people are getting very tired and they are getting ready hoppers the people now according about mubarak as well much better than a day is today about evolution and this in fact as they're very sad because our people are indeed tired even those who back the changes this young man is from the revolution youth caliche and he tries to remain optimistic but he says sounds a lot like south conviction that i get on 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 the square show that there's toy system has been pushed to the limit and it's protests versus patients and the

battle to save egypt from crumbling further raif an option or r.t. cairo. a legit shows are slowly realizing there are a long way from seeing the benefits of their own revolution william engdahl 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. 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 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 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 bode well at all for he just so i don't think young people have more democracy i think perhaps they have an even less. but things are firing up in a neighboring israel tell of the scene its biggest ever reform rally 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 one television street has already been relabeled by some as near quarter named after the site of the egypt's uprising resort is hopelessly

reports they're concerned it's taken 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 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 the protest a social protest for the revolution it's not the same kind of story that they used

and it's not as big and dramatic as 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 kind of fed into that. is not immediate time of of news which is unfortunate that just makes hundred reyes and others angry for nine days she's been camping here furious that she called 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 in lebanon they've 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 the corner 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. bus whereas the cameras there nonstop here they push ups and. well that was our t's'pol asli of reporting from a tele vivid of course we're keeping a close eye on the developments in the israel at our dot com and if you follow our twitter feed you can hear straight from our worldwide correspondents the latest news updates that are to underscore com and on facebook you can search for our team news you'll find out the top stories ready and waiting for you and can also join the discussion on whatever you've seen on the air and there's a rapidly expanding inexpensive channel on you tube well reports and programs available whenever you want them because subscribe to was and explore news from russia and around the world. and if you're.

going to take three. four three. three. three. three. three blog video for your media project free media john darche dot com. it's been a bruising week for the world 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 e.u. is mounting and death concerns all the market turmoil will be discussed in an emergency phone conference of the g seven finance chiefs later on sunday earlier this week the european commission president joining the fight to log the national polls calling for the e.u. bailout want to expand to help deal with the crushing debt there's a mother also also wants the pond to be able to buy government the crisis is now

engulfing two of its largest economies italy and spain both countries saw their borrowing costs shoot up again but economics journalist patrick young says the banks have to stop bashing and 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 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 play is 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 become a catalyst michael ross says it's not the euro debt which triggered the market panic the 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 triggered 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. riot police in ukraine's capital have surrounded the tent set up by supporters of former prime minister. who was arrested on friday the protesters fear officers may storm the camps after the court where her trials are taking place badger gatherings outside. ski reports from. ukraine's former prime minister yulia tymoshenko still remains in detention in here following the decision by according to. the four that had been forbidden to leave the country now she was put behind bars as the judges explained because of her bad behavior during the trial now. he's being accused of several very high profile economic crimes including striking unlawful gas deals with russia back in two

thousand and nine it's interesting because there has already been a comment coming from the russian foreign ministry saying that the old these deals signed in two thousand and nine were completely legitimate and were signed in full accordance with the two countries legislation and urged ukraine to hold a fair and transparent trial over the country's former prime minister yulia timoshenko the times when these agreements were signed between moscow and kiev were described as political chaos in ukraine with constant political infighting between . the former president viktor yushchenko so we understand according to many experts that if there were any violations in the signings of these contracts they happened mostly because of the political chaos in the country back at those times they've also been very sharp remarks coming from europe in regards to the detention of you with many organizations in europe with the parliamentary assembly view of the

council of europe all criticizing this decision and urging the authorities in ukraine to release going to hold a fair and transparent trial on we understand that the protesters which are picketing the detention center that's where i'm standing right now. building in downtown you are determined to stay there twenty four hours a day and when you're spent but they are trying to garner more people are asking people from all over the country to come to kiev and voice their protest against the decision to go and arrest let's briefly to more of today's world news or riots a flared up in north london as protesters actually attacked police over the fatal shooting of a twenty nine year old man last week riders through petrol bombs at officers as well as torching buildings a boss and police patrol cars shops were also looted and more than a three hundred were involved in what began as a march to demand justice for the killing. has swept past shanghai

and is continuing its way north along china's east coast there are no reports of casualties as the heavy rain soaked the city but 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 is getting back on track. all the russian capital has long been an attractive destination for people from neighboring states searching for work and a better life but time and again the low paid immigrants in moscow are being cheated by rogue lab lords who charge them for living in rundown abandoned buildings and already discovered local authorities may be on the scam. at first glance it looks like a trace of illegal immigrant sketching in the. gym. this used to be part of the moscow conservatory and. this building here in the center of moscow was formally empty we heard but now there are many immigrants living here in very poor

conditions are illegally right in the center of the city. but they would perhaps have gone unnoticed if it weren't for the fuss raised by quiet center a group of local residents wanting the migrants off their doorstep. these are the words it's good for you to live in crowded conditions who knows what diseases they may have many of them don't work where they get money to eat make stealing or committing other crimes that's all from us when you go on his fellow activists call the authorities and the next day we return with officers of the federal migration service. the migrants who do open their doors soon wish they hadn't nature of course they might hear you paying rent to you for this place most of what's interesting is that you just again do you live here most are too scared to talk to us what we do learn points to a far larger and more shocking story they aren't squatting they're being charged

rent. a man comes to pick up the money from everyone i live in here i only know his face not his name stop filming me so if we go into one of these rooms this room here as you can see it has one two three four five six beds who knows how many people have to sleep in this room and if we come on to this room here there's two beds possibly more in here that lady doesn't want to talk to us but each of the people that are sleeping in these rooms pay three thousand roubles every month to do that as the migrants are led outside the questioning changes from what are you doing here to who is keeping you here eventually one of the group quite center provides an answer when you pleasure that what you come up with the local housing committee it happens all. over moscow is unemployed and often illegal immigrants they're forced to pay of state nelda number bandung buildings if they can't they're thrown out and what about the illegality of this day the local housing committee in

turn shares its earnings with the city council and a district police inspector was impossible without their consent when we took these allegations to the federal migration service they admitted it wasn't the migrants fault they wanted someone to live in moscow central district government was even more damning confirming our suspicions and admitting the rot goes deep inside the housing administration the way they did you know the soda it's really a proceeding should be initiated and the kids should be in this to get in taken to court or else other officials abusing their job positions will worsen the habit of letting dilapidated hoses to legal migrants. are investigation revealed just a small part of the scheme to charge illegal rents at hundreds of sites across moscow to people in a desperate position and by providing false hope of a place to live they're only going to encourage more misery for residents and migrants alike tom bottom. now we're going for

a very short break but i'll be back with a recap of our main news headlines do stay with us. it used to be an ideal place for a holiday but it all changed in a moment. the easier are still visible. the republic is not only relieved but also shaping

the future.

welcome back here's a recap of the week's top stories from our team the triple a that's now america's accounting exile its credit crown is taken down a wrong in the ratings as investors shutter over how the debt ceiling race was handled. play around at all for rocky week on global markets with wall street's worst week in over two years worsened by europe's debt sent fears of a second possible american recession. as egypt's former president goes on trial for a mass killing and corruption a weary public see the replacement regime with failing to meet the revolutions demands. but in neighboring israel the reform rally swelled to a quarter of a million people in tel aviv angry that the government's let the living costs get out of hand. and up next the second part of our special report on the quest of george w. bush said ministration in the run up and during the iraq war.