was shaken after the u.s. was stripped of its top tier aaa credit rating by standard and poor's agency for the first time since one nine hundred seventeen its rating has been downgraded to double a plus with a negative outlook white house officials are on the defensive saying there's a two trillion dollar calculation mistake s. and p. admitted that but is sticking with that decision saying the huge budget rapid rate is still a cause of major concern all this despite the last minute debt deal which narrowly rescued the country from to fault economist max fraud wolf says the stock markets will go crazy 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 have all fear because 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 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 the am. well america's rating scott has met a stern response internationally china's demanding independence supervision over u.s. dollar operations and is calling for a new stable reserve currency singapore based investor and author jim rogers says that 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 dad 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 its 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 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 better and. now the only lasting political bickering over the u.s. debt ceiling followed by a last minute deal is widely seen as another factor undermining trust in the

american economy are just more important explains. help us avoid default debt ceiling nation default and this crisis time's running out the entire world is watching it's been a public spectacle filled with bickering grandstanding and lack of compromise i devise if debate over raising the u.s. debt ceiling created an unprecedented climate of uncertainty over america's so-called sound economy the damage been done no matter what happens now everybody really thinks the united states isn't so secure it isn't so safe even if the craziness subsides it seems to have 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 do 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 but the your community 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 dad but really because we're not creating any way to get around that that instead of us president repeatedly asked

americans over the past week to join the campaign 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'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 new york based trends forecaster gerald celente told r.t. that despite the last ditch attempt to salvage a debt strategy the new great depression might already be underway. 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 whether in iraq afghanistan the war on drugs the new war with libya they're losers the the government that 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 return to the economic woes affecting both sides of the atlantic a little later in the world and they're selling out as investors jettisoned their shares in the worst week for stock markets since two thousand and eight. but first egyptians are finally seeing their former president go on trial over charges of killing and corruption but many feel the revolution which took post him has made their life even tougher hosni mubarak to nine the charges against him at the opening of his hearing into accusations of ordering the killing of protesters if convicted mubarak could face the death penalty if three year old was in a hospital bed when he appeared alongside his two sons and top aides who were also accused of corruption and mass killing however six months after mubarak was toppled the post revolutionary chaos makes many egyptians yearn for what went before

archie's griffen notion of reports. 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 pieces for thirty five years it used to bring him enough money to send his son to study to canada and take his large family abode one. between the economic to the station caused by and rastan political uncertainty mohammad's enterprise has been badly fractured now he can barely had food to feed his children he says the wind of change may have brought freedom to egypt it is broad and survival strong in its wake. you know i love the revolution when it happened i welcomed it that looked at the time like

a life at the end of the time that we see it's not getting better we have nothing to. 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 be in a period of the people getting very tired and. ready hoppers the people now according about well much better than that they. would be a better solution and this in fact as they're very sad that it is 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 you don't know either 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 is twice and has been pushed to the limit and it's trade tests versus patience and the battle to save egypt from crumbling further raif an option or r t cairo. and life will only get worse for the egyptian people as they fell prey to a political game says f william and all who has written extensively on egypt's uprising. there has been no revolution in egypt i said so and in our tea 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 tourism is not going to be bombed back anytime soon but 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 well at all for you just so i don't think young people have more democracy i think perhaps even less.

at least twenty people have reportedly been killed by syrian government tanks they seized the city or this is just the latest of many violent responses to an uprising which began in march earlier this week government forces stormed the city of killing up to twenty four people human rights activists say that overall more than one and a half thousand people died just before the latest wave of violence the country's foreign minister promised a free and fair and general election at the end of the year president dmitry medvedev says if syrian leader bashar fails to stop the violence and carry out reforms his fate could be graham. the situation in syria has taken a dramatic turn we real politicians should follow developments like gadhafi gave violent orders to destroy the opposition the syrian president gave no such orders unfortunately a lot of people are dying in syria this is our biggest concern in my private conversation with the president of syria and in the private letters i sent him i

discussed the same ideas reforms need to be carried out he should establish peace with the opposition establish peace in the country and create a modern state if he fails to do that then a sad future awaits him and at the end of the day we'll have to make a decision we're watching the situation it is changing our guidelines are to. well it's just part of an extensive interview to meet them interactive gave to r t as well as echo radio and georgian t.v. channel peak the full length version is coming up in just over an hour's time. in israel more than a quarter of a million people took to the streets on saturday night in the latest show of discontent with the government that's after three weeks of protest over the soaring cost of living with activists demanding the prime minister steps down benjamin netanyahu has responded with a promise of great changes israel's economy a special panel has been set up to deal with the crisis which is even led to calls

for revolution similar to that in egypt with one television street labeled as israelis clear but as part of their reports protesters are concerned if they can this much pressure just 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 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 it's not even that interesting to back you know back

in the studios ok there's a protest well what exactly is a protest a social protest for 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 they're israeli lebanese and syrian conflict and anything that doesn't kind of further into that. 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 when 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 from 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 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 his square. but where is the cameras there were warning nonstop here they put you absence of course here on t.v. tel aviv. it's coming up to eighteen minutes past the hour and you're with. live from moscow still ahead a rast on grass grips and crane leaves around the city set up by supporters of the detained former prime minister to my xanga the crowd of the security forces the works in the background and also. a look at how as us marchers commemorating the dead are bringing nothing ideas back to life in modern day estonia.

it's been a hard week for the world stock markets which saw the worst plunge since two thousand and eight the stocks were battered by the eurozone and america's debt difficulties the market panic triggered disputes among you leaders as the pressure mounts on them to take decisive action over the debt crisis the european commission president admitted spain and italy are now under threat and called for the e.u. bailout fund to expound germany's finance minister projected the call saying questioning the decisions of the recent e.u. summit would only cause more worries on the markets economic journalist patrick young says it's high time the banks stop cashing in on the trombones. 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 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 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 smooth messages from the political classes that don't really hold up to the stark reality of markets i think the problem is that ultimately banks are going to have to lose money as part of this entire play they originally bought a lot of these bonds thinking that would be an endless nerve of cheap interest rates for all of these countries and effectively the game is up about players over governments need to step in they need to restructure the market and we actually need to see that demon d word default in other words some of the balls have to go bust or the bones have to be restructured and ultimately some pay in must stand up with the banks. and economic analyst michael ross says it's not the euro debt which triggered the market panic but the political wrangling in washington. i tell you one thing this is not a normal crisis and this was not the normal crash that we had this week. it was the

beginning of the end what is the illness that has three got all these problems the illness is called debt all western nations over debt they lose their credibility and what happens when they lose their credibility then banks are going bankrupt and i'll 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 debts in euro this is of course a problematic issue it was the discussion about the debt ceiling in united states that triggered all this mess. quotes from economic analyst michael ross there will work keeping a close eye on the e.u. and u.s. debt woes and the market's reaction to them at our team dot com if you follow our twitter feed here straight from our worldwide correspondents with the latest news updates underscore calm on facebook search for our team news still find our top

videos stories ready and waiting for you and you can also of course join the discussion on what you've seen there's also our rapidly expanding and extensive channel on youtube are reports and programs available when you want them. and explore news from russia and. the mission. critical three runs for two hundred three arrangement three. three stooges free. download free brochures loaded videos for your media projects a free radio down to our teeth dot com. riot police have surrounded a tent camp set up in ukraine's capital 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 trials taking place banned gatherings outside

alexy has more 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 for that you have been forbidden to leave the country now she was put behind bars as the judge just 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 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 of europe 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 and the court building in downtown here are determined to stay there twenty four hours a day and when they stand that they are trying to garner more people asking people from all over the country to come to kiev and voice their their protest against the decision to place the rest. more international news now in our world update over forty people have been arrested and dozens most of them policemen injured after riots flared up in north london protesters attacked police over the fatal shooting of a twenty nine year old man last week rioters threw petrol bombs at officers as well as torching buildings

a bus and police patrol cars more than three hundred were involved in what began as a march to demand just to point the killing. israel supreme court has started hearing an appeal from the country's former president morsi cop for in march he was sentenced to seven years for raping an employee a cabinet minister in one thousand nine hundred eighty eight was also convicted and sentenced for sex offenses against two other women during his presidency but allowed to stay out of jail while he appealed the former president has denied any wrongdoing claiming his case is politically motivated. better and from nazi s.s. units in a stoney i gather to commemorate a battle with the soviet red army this week it's the kind of meeting bound across most of europe as a glorification of not so ism but in a story it was a while and he fascist rally that was prevented or to sarah firth reports on how prone to sentiment is feeding a new all to white movement. within the

a stain in town the cinema that a nineteen forty four it's a scene of this fighting between saviors soldiers and yes this is what hit by the monument to commemorate the soviet soldiers that died in that fight less than a mile away and this town's all say the scene of the gathering of veterans of the dania and sin of this game widespread criticism glorifying nazi isn't. the. association of former soldier of love that i will form but it's something at the moment you don't think about they think that the boat. people. for. whom country and most of year are these kind of events a band. that in a stain year 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. they are but they have given allegiance to hitler to tell them that they had never liberated dystonia in fact in recent years see a stain 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 day that by the police the car we were traveling in was also stopped for questioning on the way in i was stopped and i was told. i have an entry to the country and of course any kind of other opinions from their own opinion which is very very much supporting 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 slew served by far right extremists and this brave can norway recently has driven home just how

dangerous these views remain the say far failed to take decisive action to stop nazi commemorations within its borders russia's push for international legislation to condemn the glorification of wartime fascism that events like the one in a stadium make it clear in a clear the not all countries are on board critics of this event hardly that the gathering provides a for and for dangerous knee a fascist state did the government's failure to ban it seen at the very least as being morally politically insensitive surf. we're going to take a short break here on our team and i'll be back in just a moment with a recap of our weekly top stories. he

used. to. say.

wealthy british style old city has moved on to the top right of the front. and center for the. markets why not. find out what's really happening to the global economy cause a report on r g. it's

five thirty pm in moscow watching are these are weekly top stories the u.s. credit rating has been downgraded for the first time since one thousand seventeen that's despite the last minute debt ceiling deal back on verge of default. this is calm on top of wall street's worst performance in over two years and european debt troubles are suggesting the share rollercoaster ride is likely to continue monday. he's a former president is on trial for mount skilling and corruption but a weary public says the revolution is not over as the replacement regime is failing to meet their demands. and just across the border in israel over a quarter of a million people have rallied against the government they are demanding better living conditions and say they are ready to do what it takes up next our special report on the quest of george w. bush's administration in the run up and during the iraq war.