the biggest issues get the human voice face to face with the news makers. in the. week's top stories from our teams of aaa that's now america's accounting and society its credit crown is taking down a wrong in the ratings as an offense to the center over how the debt ceiling raise was handled. around an awful rocky wreak on global markets with wall street's worst performance in over two years worth of drive europe's debt and fears of a second possible american recession. and as egypt's former president goes on trial for killing and corruption a weary public see the replacement regime found to meet the revolutions demands.

but in neighboring israel the reform around we've swelled to quarter of a million people in television angry that the government but living costs got out of town. are welcome to the weekly here in archie this sunday with me and use the now way first this hour higher borrowing costs weakening business and consumer confidence as well as slimmer chances of recovery is the potential ripple effect for the united states after its top tier aaa credit rating was cut by one notch standard and poor's took the unprecedented move of dropping america's ranking to a.a. plus in its outlook white house officials are on the defensive saying there's a two trillion dollar mistake as in p. admitted bad but is sticking with its decision which it says is objective it's just signed a last minute deal which an early rescue the country from default to but the damage

was already done as the political haggling undermined it and questions trust the congress knocks from all of brace yourself for a stock market roller coaster on monday. i do think this 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 north east peter we're going to see some of the dislocation that we had all feared it 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 the complete dysfunction of the u.s. congress we're going to see another shock wave it into a global economy and global financial markets and i spent the last week for them 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 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 oil ironically you might see people buying u.s. treasuries and selling other credits as a general like quality people get scared they run away from riskier assets i mean running back to 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 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 beginning of a process and not be am. well america's waiting scots has met with a stark response internationally china's demanding independent supervision over u.s. dollar operations and is calling for

a new stable reserve currency and the nation's third largest economy india the finance minister called the situation grave singapore based investor and author jim rogers. 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 and skyrocket 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 people who got good money are better off but the overall situation is much worse america has quadrupled instead america had to take in the consider the things that pay it 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 depart 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. now 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 that were important i am now explained investors are ready to move out of the united states because of its increasingly fractured school reputation. help us avoid default debt ceiling nation default and that's 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 it could be over raising the u.s. debt ceiling created an unprecedented climate of uncertainty over america's so-called sound economy damage been done but what happens now everybody really thinks the united states isn't so secure and isn't so safe even if the craziness subsides it seems to have got 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 club 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 end their partnership with america it's like being married to someone as if they weren't sure you want to know what'll i do. with this relationship the u.s. will be in for a long time the only game in the european community is making noises chinese making noises or you know we're alone now in our ability to be hostile toward him for financing the world the result could spark a replay of the two thousand and eight 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 it has a bad 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 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 or enough r.t. new york transfer caster gerald celente told our team that despite the last ditch attempt to thousands of that strategy the us is doomed for another great depression

in american economy as well as much of the global economy is heading into the greatest depression anything everything that you're doing is not going to salvage you 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 deliver it even i did states can't deliver the united states can't deliver on its wars that loses wars where the iraq afghanistan the war on drugs the war with libya they are 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 strug 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 investments 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 return to the economic woes of looking both sides of the atlantic a little later for you a worldwide panic selling busters just in their shares in the worst week for stock markets since two thousand and eight. also ahead this hour ukrainian riot police around a camp set up by supporters of arrested acts prime minister yulia tymoshenko protesters fear police may use force against them. but first egyptians are finally seeing their former president face trial for killing and corruption but many feel they have yet to see the revolution which to post him to bear any real fruit was

name of borat deny the charges against him at the opening of his hearing where he was accused of ordering the deaths of protesters back in february the trials expected to last eight days and could see mubarak face of death sentence if convicted betty three year old was in a hospital bed when he appeared alongside his two sons and top aides were also accused of corruption and mass killing for the objection of people unemployment is at an all time high and millions are struggling to make ends meet argues notion of reports from each of. them 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 it bring the people of egypt. this man has been running his own reasons for thirty five years it used to bring him enough

money to send his son to study to canada and take his large family holding one see . it with the economics of a station caused by and rastan political uncertainty mahomet's enterprise has been an obvious fact and now he can barely of food to feed his children he says the wind of change to me brought freedom to me. it's brought a survival strong and it's quite. sad about a show like iraq but you know i love the revolution when it happened i welcomed it that looked at the time like a life going to another planet 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. 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 but five months on there is little satisfaction and dictator free egypt is far from the best place to be in a period of the people. and they are getting ready. for the people now talking about mubarak as well much better than today is. a bit of a loose and. and 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 and he says sounds a lot like south conviction that he cannot say 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 to mistreat shoes in africa square show the best

choices has been pushed to the limit and it's protests versus haitians and the battle to save egypt's from crumbling further rafe an option or r t cairo. egyptians are slowly realizing there are more way from seeing the benefits of their own revolution william and 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

anytime soon but even even still there was a rather healthy growth curve in the last several years even on the broad 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 youth were brought onto the streets under the illusion that it was and now you have the muslim brotherhood positioned to become the leading political party in the in the elections when they're held. that doesn't bode well at all for me just so i don't think the young people have more democracy i think perhaps they have even less. well things are firing are in neighboring israel television seen 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 soaring cost of living and on affordable housing on sunday morning the finance minister announced a special committee to deal with problems has now been set up in mile one tel aviv street has already been relabel by sun as

a corner named of course after the site uprising but i suppose there are 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 hasn't been a 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. correct they didn't a young a woman set up a tent got the editors of france twenty four b.b.c. and sky coughed up just a few meager seconds perhaps not even that interesting to. look 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 the pollution is 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 a decade reporting from media both foreign and local there is a box that the international media has put israel in a mode is the israeli palestinian conflict also israeli lebanese and syrian conflict and anything that doesn't fit into that. is immediate type of of news item which is unfortunate 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 eleven and 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 in the streets has been dubbed tough your corner by some of the people here an optimism perhaps that they choose to bring down the government in the way they neighbors the toughest square. bus was the plumbers they were voting nonstop here they piss you off since. well paul the severe reporting from tel aviv coming up in a few moments here an artsy carrot and stick syrian style but government promised the people a free and fair election by launching the new what tasks against town sympathetic to the opposition. it's been a bruising week for the world stock markets the worst since the credit crunch first hit home and made october two thousand and eight this time it's over fears of a double dip recession in the u.s. and the use mounting debt concerns about the market turmoil has been discussed in

an emergency phone conference of the g twenty finance chiefs earlier this week the european commission president doing the fight to plug the financial hole only for the e.u. bailout fund to expand to help deal with that too thin global growth so also one of the funds to be able to buy government bonds the crisis is now involved two of the largest economies italy and spain both their borrowing costs shoot up again but a kind of economist economics journalist i should say patrick young says the banks have to start cashing in on the troubles. the european union's delight fund is on the verge of running out of money as soon as one of those major economies such as spain 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 but 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 of cheap interest rates for all of these countries and effectively the gear is up but players who are 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 bonds have to be restructured and ultimately some here in moscow end up with the banks economic analysts michael ross says it's not the euro debt which strayhorn the market panic but the political wrangling in washington. i tell you one thing this is not a normal crisis and this was not a normal question 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 all

western nations all 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 the government by the government and another thing it's not the discussion of the ural and the debt in europe this is of course a problematic issue it was the discussion about the debt ceiling in united states that triggered of this mess. well we've got the world economy on watch for you at r.t. dot com with analysis from around the globe and if you follow our twitter feed you can hear straight from our world right correspondents with the latest news updates that's at r.t. underscore column on facebook search for our team news you'll find our top videos stories ready and waiting for you and where you can also join the discussion on what you've seen is also our rapidly expanding and extensive channel on you tube

our reports and programs available when you want them described to us and explore news from russia and around the world. three. rejection free in-store charge free. range three. three. three. three blogs live video for your media project a free video don carty dot com. riot police in ukraine's capital hance around of the tent camps set up by supporters of former prime minister yulia tymoshenko who was arrested on friday the protesters fear officers main storming the camps after the court where her trials taking place bans gatherings outside parties alexy yourselves keep reports from. ukraine's former prime minister yulia timoshenko still remains in detention center in here following

the decision by according to you have to place on the arrest for that huge machine called have 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 you know too much frankly is 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 whole. these deals signed in two thousand and nine and 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 besides the times when these agreements were signed with we 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

now if there were any violations in the signing of these contracts they happened mostly because of the political chaos in the country back at those times and also been very sharp remarks coming from europe in regards to the detention of you to go 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 you to machine 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 and the court building in downtown here are determined to stay there twenty four hours a day and when the stand that they are trying to garner more people are asking people from all over the country to come to kiev and voice their their protest against the decision to place your the national guard to arrest. returning briefly to more of today's world news a police officer taken to seven others have been injured after the riots flared up

in north london protesters angrily attacked police over the fatal shooting of a twenty nine year old man last week riders through petrol bombs at officers as well as towards buildings of boss and police patrol cars were also looted more than three hundred were involved in what began as a march to demand justice for the killing. typhoon we front has struck at how shanghai and is continuing its way north along china's east coast there are no reports of casualties as a heavy rain so the city about four hundred thousand people have been evacuated to safety as the court action vow braces itself for the storm air travel over eastern china was disrupted overnight but it's getting back on track but syrian opposition activists say at least twenty people have been killed in a government tank of salt on the city of verizon or in the east which has been the site of strong antigovernment protests the attack came as the country's foreign

minister promised a free and fair general election at the end of the year bringing a parliament that represents people's aspirations but government forces have also been besieging the opposition stronghold city of hamas but human rights groups say twenty four people were killed in the latest bout five hundred there and up to two hundred overall during the week protesters earlier rebuffed president also pledged to allow opposition parties saying the by the answer must stop first the u.n. security council is considering harsh measures against acid russia is calling for a balanced approach middle east watchers say targeting regime change in syria as nato did with libya would devastate the country. the russians and the chinese feel that they were betrayed by the west in that the people who pushed for the security council resolution one hundred seventy three they thought it was about humanitarian protests. action it turned out to be about regime change they didn't sign up so bad we've got a lot of examples of state collapse in the middle east nowhere but it's looked into the east and west of syria itself and lebanon stay collapses lead to

a very weak sectarian a tense government that constantly collapses and street and is unable to really address the political felonies of the day while the syrian opposition would hope for is that the regime the regime doesn't bring down the state with it so that it chooses the path that mubarak and ben ali took to some degree of exile organum moving off into the political wilderness and allows for a government to essentially implement the democratic reforms that have been promised over the last five months in the three asaad speeches that he's made of course be a lot more attractive for them. but in our special report coming up later today for you we uncover the background of the u.s. invasion of iraq. the people of the united states and their friends and allies will not live at the mercy of an outlaw regime that threatens the peace with weapons of mass murder his regime is an active program to acquire and develop nuclear weapons and let there be

no doubt about that we know for a fact that there are that. this work is being carried out under the direction of dr david kay respected scientist and former u.n. inspector was leading the weapon search in iraq we are determined to take this apart you have a tremendous a group of dedicated american men and women involved in this with the best assets of the intelligence community can provide. data cheney is not going to be done with this for quite some time david kay wants more time and he says it could take another six to nine months to make a definitive finding ministration is asking congress for hundreds of millions more six hundred million dollars to fund the continuing search have not yet failed shiny pointy things that i would call a weapon before we can draw from conclusions we need to let the iraq survey group complete its work. we were all wrong probably in my judgment. and that is most disturbing. sometimes the true

patriots takes the unpopular course that helps the country of origin stakes and even if they come this way at least from tonight patriotism is the last refuge of scoundrels and i think these are scoundrels they have no argument now they have no defense for what they did the country is in a terrible international security situation but i think it's perilous so they're attacking the patriotism of others. tom is that full report coming your way at one thirty and three thirty pm g.m.t. we're going to take a short break and i'll be back with a recount. or we may have died in just.

the. russians would be too much brighter if you knew about sundin from first impressions some. of these friends starts on t.v. dot com.