so now with the latest in a look back at the top stories of the week we begin with higher borrowing cost weakening business and consumer confidence as well as slimmer chances of recovery as 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 and its outlook white house officials are on the defensive saying there's a two trillion dollar mistake as in pay admitted that but is sticking with its decision which it says is objective it's despite the last minute debt deal which gnarly rescue the country from default but the damage was already done as the political haggling undermined investors trust economists max wolf says brace yourself for a stock market mobile coaster on monday. 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 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 that spent the last week fall down a flight of stairs so i think we're at a very 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 what ironically you might see people buying u.s. treasuries and selling all their credits as a general flight to quality people get scared that we run away from riskier assets i mean run in fact to. just those u.s.

treasuries that were just downgraded i think the bigger risk is to the mortgage market with a very fragile situation in u.s. housing as well as 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 b. b. b. b. b. of a process and not the. americas rating scott has met with a stern response internationally china's demanding independence supervision over u.s. dollar operations and is calling for a new stable reserve currency and the nation's third largest economy india finance minister called the situation grave singapore based in fast turn off are doomed rogers says their anxiety 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 americans in worse shape now than it was before we had to spend 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 be 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. now it took months of political squabbling before the eleventh hour deal that struck to raise america's debt ceiling but it was still not enough to stave off the credit score drop as main important i explained investors are ready to move out of the united states because of its increasingly fractured skull by potations. help us avoid the 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 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 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 but the your immunity is making noises chinese making noises were you know we're not 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 the debt 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's 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 niall r.t. new york. trends forecaster gerald celente told r.t. that despite the last ditch attempt to thousands of 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 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 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 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 returning to the economic woes affecting both sides of the atlantic

a little later the worldwide panic selling out and that's just some of their sour shares in the worst week for stock markets since two thousand and eight. also ahead this hour ukrainian riot police surrounded the camp set up by supporters of arrested actually prime minister yulia timoshenko 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 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 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 for the egyptian people unemployment is at

an all time high and millions are struggling to make ends meet or just reaffirm notion of 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 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 aboard one see. between the economic devastation caused by and rastan political uncertainty mohammad's enterprise has been badly affected now he can barely a food to feed his children he says the wind of change me have brought freedom to egypt. it's brought a survival stone 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 time that 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 . 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 a free of the people. and. the people now according about mubarak as well much better than that they. would be

a better solution and this in fact is 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 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 africa square show that there's toys 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. egyptians are slowly realizing they're a long way from seeing their benefits of their own revolution well him and all 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 youth 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 you just so i don't think young people have more democracy i think perhaps they have even less. and things are firing up in neighboring israel tel aviv seen its biggest ever reform rally with up to quarter of a million people gathering as well as similar protests nationwide as well as 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 the problem has now been set up meanwhile one television street has already been relabeled by some. corner of course named after the site of egypt's uprising but its policies 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 throw 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 the back you know back in the studios ok there's a protest well what exactly is a protest a social protest of the river lucia it's not the same kind of story that they're used to 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. immediate time of of news items 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 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 in the streets has been dubbed top corner by some of the people here an optimism perhaps that they can bring down the government in the way the neighbors in tough to square with. us what is the plan was they were winning

nonstop here they push you absent. that's our party's policy our reporting from tel aviv coming up in a few moments a carrot and stick syrian style government promises people a free and fair election while launching new attacks against towns sympathetic to the opposition. it's been a bruising week for the world stock markets the worst since the credit crunch first hit home in mid october two thousand and eight this time it's over fears of a double dip recession in the u.s. and the e.u. is mounting debt concerns the world's richest nations are struggling to hammer out a response to the latest financial turmoil before what's expected to be a manic monday on the markets for stocks turmoil has already discussed has already been discussed by g twenty finance chiefs this sunday earlier this week the european commission president joined the fight to plug the financial hole calling for the e.u. bailout fund to expand and help deal with the crushing debt has

a manual bro so also wants the fund to be able to buy government bonds the crisis is now engulfing two of its largest economies italy and spain both on their borrowing costs shoot 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 spinner italy defaults 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 sent a lot of smoothed 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 the play is over go . mentally just 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 balls have to go bust or the bomb tough to be restructured and ultimately some here in moscow end up with the banks economic analyst michael ross says it's not the euro debt which triggered the market panic but the political wrangling in washington. to 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 all 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 europe is 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 our to dot com for you with analysis from around the globe if you follow our twitter feed here straight from our worldwide correspondents with the latest news updates and underscore calm on facebook search for r g news you'll find out the top videos stories ready and waiting for you and where you can also join the discussion on what you've seen there's also are rapidly expanding an extensive channel on you tube our reports and programs available when you want them scribe to watson explore news from russia around the world. pretty sure three. four chargers. arrangement three.

three stooges free. download free broke your login video for your media project a free video done to our t.v. dot com. riot police and ukraine's capital have surrounded the tent camps set up by supporters of former prime minister yulia tymoshenko who was arrested on friday the protesters fear officers may storm the camps after the court where her trial is taking place ban gatherings outside parties alexei yourself ski reports from kiev. ukraine's former prime minister yulia timoshenko still remains in detention center in here following the decision by according to place on the arrest before that you would 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. 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 besides 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 before you should go 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 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 tomasz i'm going to hold a fair and transparent trial on what we understand that the protesters which are picketing the detention center that's where i'm standing right now and the court be . in downtown here are determined to stay there twenty four hours a day and we understand that they are trying to garner more people asking people from all over the country to come to kiev and voice their protest against the decision to place you are too much i go on the rest. turning briefly to more of today's world news for you riots in north london have wrapped around twenty six so we saw officers injured and over forty people arrested protesters angrily attacked police over last week's fatal shooting of a twenty nine year old man rioters threw petrol bombs at officers as well as torched buildings and a bus and a police patrol and police patrol cars shops were also looted more than three

hundred were involved in what began as a march to demand justice for the killing. typhoon we faught 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 about four hundred thousand people have been evacuated to safety as the port of human braces itself for the storm air travel over eastern china was disrupted overnight but is getting back on track. syrian opposition activists say at least twenty people have been killed in a government take a salt on the city of bears or in the east which has been the site of strong antigovernment protest the attack came as the country's foreign minister promised a free and fair general election at the end of the year bringing a part of the mint that represents people's aspirations government forces have also been to seizing the opposition stronghold city of hamas so human rights groups say

twenty four people were killed in the latest down there and up to two hundred overall during the week protesters earlier rebuffed president also pledged to allow opposition parties saying the violence must stop first the un security council is considering harsh measures against 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 the people who pushed the resolution one hundred seventy three they thought it was about humanitarian protection it turned out to be about regime change they didn't sign up for that we've got a lot of examples of state collapse in the middle east nowhere but it's look to the east and west of syria itself in lebanon stay collapses led to a very weakened sectarian a tense government that constantly collapses an israeli settlement is unable to really address the political challenges of the day what the syrian opposition would

hope for is that the regime the regime doesn't bring down the state with it that it chooses the path that mubarak and ben ali took to some degree of. moving off into the political wilderness and allows for a government to essentially implement democratic reforms that have been promised over the last five months in the three asaad speeches that he's made that would of course be a lot more attractive for them in our special report coming up later today we want to cover 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 is a regime as an active program to acquire and develop nuclear weapons and let there be no doubt about we know for a fact that there are weapons there. this were just being carried out into the direction of dr david kay respected scientist and former u.n.

inspector was leading the weapons search in iraq we are determined to take this apart we have a tremendous a group of dedicated american men and women involved in this with the best assets of the intelligence community can provide. david kay he 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 a continuing search have not yet 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 patriot takes the unpopular course but helps the country important stakes and even if they come this way at least from 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 that i think is perilous so they're attacking the patriotism of others. don't miss our full report on the u.s. invasion of iraq at one thirty and three thirty pm g.m.t. i'll be back with have my. times after short break.

wealthy british soil it's time to the splits because the money is going to. the. markets why not. find out what's really happening to the global economy in the reports on r g.

you're watching r t i mean it's now way with the week's top stories the aaa that's now america's accounting anxiety its credit crowd is taking taken down a wrong in the ratings as investors shutter over how the debt ceiling raise was handled. and it rounded off a rocky week on the global markets with wall street's worst week in over two years worsened by europe's deaths and fears of a second possible american recession. as egypt's former president goes on trial from out killing and corruption a weary public see the replacement regime fowling to meet the revolutions demands. but in neighboring israel the reform rallies swelled to quarter of the million people in tel aviv angry that the government's let living get out of town. next week open secret soviet files and take a look at the infamous prison camp system that's an eye.