we've got. the biggest issues get the human voice ceased to face with the news makers. stories from this week on our chief financial crown strip a last minute deal on the debt crisis can save the u.s. from a shock credit downgrade. which rounded up wall street's worst week in over two years and with the debt crisis in europe also worsening the markets are braced for monday may have. egypt's toppled president goes on trial on charges of mass murder and corruption people feel the revolutionary regime that replaced him is a little better. and in neighboring israel hundreds of thousands of people take to the streets not under president and nationwide rally demanding the government make

living costs lower or go. a warm welcome to the weekly this sunday august seventh you're an archie ominous now with the latest in a look back at the week's top stories on friday the financial world was shaken out 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 as he admitted that but is sticking with its decision saying the huge budget deficit is still a cause for major concern all this despite the last minute debt deal which narrowly rescued the country from fault economists max fraud wolf the stock markets will go

crazy on monday. i do think it's 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 north east asia we're going to see some of the dislocation that we had all here 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 hit into a global economy and global financial markets very spent the last week falling down a flight of stairs so i think we're in a fairly tense requirement 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 will look on me as another kind of strike against it and i would remind people too that hasn't

pete didn't just downgrade the united states they put us on further down grade watch they're suggesting that this downgrade may be big and be in the process and not pm. well america's waiting scott has made a start response internationally china's demanding independent supervision over u.s. dollar operations and is calling for a new stable reserve currency singapore based investor and author jim rogers has battled via 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 right through the roof america is in worse shape now than it was before america spent a lot of money and the people who got that money are better are put the overall situation is much worse america's quadrupled its 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 the world 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 debt situation is getting worse and worse not better and better. now the long 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 artie's report niall explains. help us avoid before that ceiling nation default and this crisis time's running out the entire world is watching it's been a public spectacle filled with the bickering grandstanding and lack of compromise i devise a defeat 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 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 your 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. they weren't sure you want to know you know why do. this relationship will be us will be. the only game and. you know you're making noises and he's making noises you know what i'm alone now in our ability to be a repository for financing in the world the result could start 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 bet 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 a u.s. president repeatedly asked americans over the past week to join the queue. pene to borrow and spend more make a phone call e-mail tweet keep the pressure on washington and we can get past this all 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 very

important r.t. new york. the new york based trends forecaster gerald selenski told r.t. that despite a last ditch attempt to salvage a debt strategy the new great depression may already be underway the 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 are doing is trying to make it look as though they have a plan to stave it off you'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 with 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 can have been pumped into the system since the panic of zero eight struck by the federal reserve

why d.c. with the stimulus bailouts too big to fail everything they do they turn to failure lie with any thinking it's dulled to look at the republicans and the democrats 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 we will return to the economic woes afflicting but sides of the atlantic a bit later the worldwide panic selling as investors jonathan their shares in the worst week for stock markets for the two thousand and eight. prefer suggestions are finally seeing their former president go on trial over charges of killing and corruption but many feel the revolution which to post here has made their life even

tougher hosni mubarak denied 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 the eighty 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 whoever six months after mubarak was toppled the post-revolutionary chaos to make many egyptians fear and for what went before party's real for notion of reports. this quaint cairo is now one of the most famous in the world and 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 it is the people of egypt. this man has been running his own peace in this for thirty five years it used to bring him enough money to send his son to study to canada and take his launch family behold

one seeing it with the economics of a station caused by and rastan the political uncertainty. enterprise has been adding fractured now he can barely of food to feed his children he says the wind of change me have brought freedom to egypt and he's brought a survival stone and it's going. you know i love the revolution when it happened i welcomed it that looked at the time with the light at the end of the time that 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 end one of the world's longest dictatorships the

five months on there is little satisfaction and dictator free egypt is far from the best place to live and the good people are getting very tired and getting ready hoppers. now according about well much better than a day. with a lot of loot 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 sions in the few square show that this

toy system has been pushed to the limit and it's protests versus patients and the battle to save egypt from crandon further rafe an option or r t cairo. now life will only get worse for the egyptian people as they fell prey to a political game that's aphelion and all who has written extensively on egypt's uprising. there has been no revolution in egypt i said so and in our 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 a 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 on the brock was still

in power and that is that has dramatically changed for the worse this never was about the markets 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 you just so i don't think young people have more democracy i think perhaps even less. fifty seven people have reportedly been killed across syria as the government continues its military crackdown on protesters almost forty of those fatalities are said to be in the city have barrels or this is just the latest of many violent response to an uprising which began in march earlier this week government forces stormed the city of a market killing up to twenty four people human rights activists say that overall more than one and a half thousand people die just before the latest wave of violence the country's

prime minister promised a free and fair general election at the end of the year president dmitry medvedev says if syrian leader bashar fails to stop the violence and carry out forms his fate be green. unfortunately the situation in syria has taken a dramatic turn we real politicians should follow developments and after a 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 you fails to do that then a sad future awaits him and at the end of the day we'll have to make a decision so we're watching the situation it is changing our guidelines are to.

look that's just part of an extensive interview to meet commitment of cave to our team as well as radio and georgian t.v. channel peak but full length version is coming up in about fifteen minutes. 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 protests over the soaring cost of living with activists demanding the prime minister stop stout benyamin netanyahu has responded with a promise of great changes in israel's economy a special panel has been set up to deal with the crisis which has even led to cost per revolution similar to that in egypt with one tel of the street labeled as is really talking here but us policy reports protesters are concerned it's taken 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 it hasn't been violent also a very positive. went 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 that they didn't a young a woman set up a 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. look back in the studio's ok there is a product of what exactly is a protest a social. revolution it's not the same kind of story the pollution is 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 a decade 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 also israeli lives and syrian conflict and anything that doesn't kind of fit 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 upset 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 on the streets has been dubbed tucker corner by some of the people here an optimism perhaps that they can bring down the government in the

way the neighbors in time is square i rode the bus was the cameras there were rolling nonstop here they push the absence of course the hot seat that if. you're with are to live from. still ahead on the program arrests on grass roots ukraine as police surround the tent city set up by supporters of the detained former prime minister tomasz on the threat of security forces lurks in the background also. cutting off even towns in london hardline muslims across pretty introduction of islam the actual real laws in the british capital that's coming your way in just a few minutes. it's been a hard week for the world stock markets which saw the worst plunge since two thousand and eight and stocks were battered by the euro zone and america's debt difficulties the market panic triggered disputes among e.u. leaders as the pressure mounts on them to take to the price of action over the debt

crisis and european commission president admitted spain and italy are now under threat and calls for the e.u. bailout fund to expand germany's finance minister projects of a call saying questioning the decision of the recent use summit would only cause more worries on market economic journalist patrick young says it's high time the banks stopped cashing in on the troubled. 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 a spinner italy defaults and every day the market is saying it is terrified of the death 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 sight 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 are not of cheap interest

rates for all of these countries and effectively the game is up but players over governments need to step in they need to restructure the market and we actually need to see that demon the word default in other words some of the bonds have to google asked or the bonds have to be restructured and ultimately some here in the 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. i tell you one thing this is not a normal crisis and this was not the normal crash that we had this week and it was the beginning of the end what is the illness that has triggered all these problems the illness is called that all western nations are over that they 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 governments and another thing it's not the discussion about the euro and the debts and euros this is of course a problematic issue it was the discussion about the debt ceiling in united states that triggered all this mess. that was economic analyst michael ross there working being a close eye on the e.u. and u.s. debt world and the market's reaction to the mccartney dot com if you follow our trader fee you can hear straight from our worldwide harvest planets with the latest news updates on our g underscore come on facebook search for r.t. news you'll find our top videos stories ready and waiting for you you can also of course join the discussion on what you've seen there is also our rapidly expanding and extensive channel on you tube our ports and programs available when you want them to subscribe to us and explore news and.

didn't take three. three. three. three. three. three volunteers to be your story your media project a free media. time. riot police have surrounded tent camps set up in ukraine's capital by supporters of former prime minister yulia timoshenko. who was arrested on friday the protesters fear officers may storm the camps after the court trials taking place and gatherings outside parties alexei has more now from kiev. ukraine's former prime minister yulia timoshenko still remains in detention center in india following the decision by according to you so placed on the arrest for that you it's a machine called heaven forbid him 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 and also been very sharp remarks coming from europe in regards to the detention of units in the strength with many organizations in europe or the parliamentary assembly of europe because of your old criticizing this decision and urging the authorities in ukraine to release going to hold a fair and transparent trial on we understand 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 wender stand but 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 to arrest. a look now at some more international news for you in brief this hour over forty people have been arrested and dozens most policeman injured after violence flaring up in north. london protesters attacked police over the fatal shooting of a trenching nine year old man last week rioters threw petrol bombs at officers and some of his torching buildings a boss and police patrol cars more than three hundred were involved in what began as a march to demand justice for the killing. israel's supreme court has started hearing an appeal from the country's former president moshe cox of in march he was sentenced to seven years for raping an employee all

a cabinet minister in one thousand nine hundred eighty eight he was also convicted and sentenced for sex offenses against two other women during his presidency but allowed to stay out of jail now he appealed the former president has denied any wrongdoing claiming his case is politically motivated. now hardline muslims in britain have started a campaign to put several areas of the u.k. under strict sharia sharia i should say law banning drinking gambling and listening to music is just a small part of the proposals or just more of it has been hearing how they want to instill their tough code. so we are here to tell you that a slum and is unstoppable in europe stoning for adultery cutting off hands for stealing a death of renouncing islam this group of men is trying to enforce shari'a law in the u.k. they've started a campaign to make certain areas of london and other cities islamic law controlled

zones so outing with walthamstow east london will be one of the good of being evil because of these numbers an apology for the most about all muslim community ozomatli who believe the muslims going to gather trade according to the sharia was all the problems of the sharia and even police themselves for logic start hopefully one day to have islamic governments which will have authority locally security locally and you provide often oconee choudhry and his friends are fly posting parts of london with large muslim populations they want to ban drinking gambling and playing music and they say they've got bands of young men ready to patrol and in full shari'a law by any means these muslims say british society is broken a little with drugs crime and prostitution because of that they firmly believe members of the communities they're targeting will welcome shari'a law but the word of a street about the campaign tells a different story comes down so if you don't like the laws of the place you live

find somewhere way to appreciate the little girls this is not indira pakistan this is our own laws people have no rights community bring their laws in here counselor martin isa agrees saying this could destroy community cohesion we've got swats around the power taken down the houses assumes that put up because we do not want these posters round i do not represent views about power and that they have no place to move from forests this is an equality campaign is say the surest supporters shouldn't be considered a religious movement because of god right political organization with a place to campaign design. to divide and conquer communities the danger lies in dividing people dividing communities and creating mistrust particularly among from non muslims towards moderate muslims i think this is part of their aim is to create mistrust so they can then trying to moderate muslims and say look everyone hates you we are friend turn to us undeterred by opposition childfree and his group plan

what they see is the beginning of an islamic emirate not just of the u.k. but all over europe police have mobilized to take these posters down as fast as they appear but choudhry and his group say they formed bands of vigilante enforces to make sure syria is here to believe all physically and in other parts of london women have already been harassed for not covering their heads if these muslims ever get their way i won't be able to dress like this on the street so folsom stay or many other parts of london brussels rome and paris your and it's all t. go from stove loves and. we're going to take a short break here and archie and i'll be back with a recap of our top weekly stories stay with us.

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