stories in a look back at the week's news here on r t the opening bell for stock markets in asia has continued to sell off trend with the markets falling immediately into negative territory on friday the financial world was shaken after the u.s. was stripped of its pristine aaa credit rating by standard and poor's sparking fears for the global economy for the first time since nine hundred seventeen its rating has been downgraded to double a plus with a negative outlook that's one notch down from the aaa the u.s. treasury department's been put on the defensive saying there's a two trillion dollar mistake in s. and p's calculations the firm admitted as much but says they're sticking with this decision saying the huge budget deficit is a cause for major concern the drawn out negotiations for a debt ceiling deal that rescued the country from a potential default also shook investor confidence dr rodriguez tremblay from the university of montreal says the u.s. government's hands may be tied over the economy. it shows a lack of confidence in the u.s. government we are in within an economy stormy to you no way and it seems that

the as a and b. and other economists are saying the us government is spiraling i is it's a bit like ship without a captain in a storm this is not very nice or very good and it doesn't look very good for the next two years because the election is on me in two thousand and twelve and then at the end the us government is deadlock and cannot do any of it very serious policy decisions to counteract the economy downturn and that danger is that the us economy can turn into a good economy depression and that's what politicians american politicians should be trying to avoid are trying to award an economy depression where china is a bit of prisoner of the united states you know the other main credit to the united states with more than a trillion and a half. dollars of u.s. dollars that they hold. hold in their reserves was the they fear what china fears

that the fed the american central bank with primo money will buy what treasury bonds and that is that the u.s. dollar that will depreciate investment in the u.s. and they would be. paid back with monkey money that's why they are afraid down the road and they may try to draw from investing in the u.s. and buy gold for example the reason why well it is going up so fast because countries like china and india i'm buying gold instead of buying u.s. dollars. a 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 u.s. economy artie's marina porton i explain. 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

of debate over raising the u.s. debt ceiling created an unprecedented climate of uncertainty over america's so-called sound economy the damage been done no matter what happens now everybody really thinks the united states isn't so secure it isn't so safe even if the craziness subsides it seems to have gotten real close and who knows whether next month next year this war blow up again since the underlying causes economic problems are getting worse in this country four point five trillion dollars of america's borrowing is owed by foreign countries experts say washington's mismanagement may cause investors to abandon the devalued dollar and their partnership with america it's like being married to someone decide. if they were jerks you want to know what'll 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 the european community is making noises chinese making

noises we're going to we're alone now in our ability to be a repository for financing in the world the result could spark a replay of the two thousand and eight economic meltdown except this time washington not wall street would be responsible it's like the batteries worn out the spark plugs don't work the tires are flat all of this and so what we're trying to do is say we've got a little bit of money in the bank let's pay that down but we're not doing anything to fix the economy and so we're putting ourselves in a bigger and bigger hole not just because of the dad but really because we're not creating any way to get out of 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. r.t. new york. european markets are also braced for a monday morning after they took a hammering last week meanwhile even central bankers have agreed to buy italian and spanish government bonds to calm the markets this after germany or reportedly admitted that the e.u. rescue fund won't be able to save italy the euro zone's third biggest economy if it needs help this week europe and america's debt difficulties triggered panic on the markets that saw the worst plunge for two thousand and eight economic journalist patrick young says the new needs to change its crisis approach. let's try and understand both sides of the numbers here the italian government owes one point eight trillion euros now that means nothing to anybody but dottie's bigger than the

total government debt arland portugal and greece put together before the end of this year it will be needs to sell bolton's debts which is equivalent to the whole of the greek government bond market in other words all of the greek debt that we've been talking about for weeks and weeks and weeks as being. italy is huge need is just too big to manage it any way be rescued in the way that other economies have suv far being bailed out by the e.u. that is what the euro zone needs to do is completely rethink the approach that they currently have which i'd actually a completely new approach sometime by september october or maybe november we are in severe danger that the euro zone is going to collapse stay with us here on r t still ahead new political upheaval gripping ukraine as police around the tent cities set up by supporters of detained former prime minister tymoshenko the threat

of security forces working in the background plus. and a landmark trial former egyptian president hosni mubarak faces charges of conspiracy to murder and corruption but many feel little has changed since the revolution. at least forty two people have been killed in syria's eastern city of darryl's or in a government crackdown on protesters scores of tanks and armored vehicles are reported to have entered several areas of the city after heavy shelling according to reports another twenty died in clashes across the country this comes just hours after the nation's president bashar al assad declared syria is headed towards reform activists say more than sixteen hundred people have been killed in clashes with the pro-government forces since the uprising started in march professor mark allman the modern history lecturer at oxford says there's a lot going on behind the scenes in syria. peaceful demonstrations against the action there is a thank you shit for you crackers who weapons have. a moment

some groups who hold the americans. years old. girl mark. because. we have also. to. intrigue going on behind the rhetoric of folks who. were who represents. the real danger is that we could see you know a very civil war in syria. revolution may be over but few in egypt say their lives are any easier even considering their former president is finally on trial charged with killing and corruption hosni mubarak denied charges against him at the opening of his hearing into accusations of ordering the killing of protesters if convicted the eighty three year old could face the death penalty when oracle a in a hospital bed when he appeared alongside his two sons and top aides who are also accused of corruption and mass murder but six months after the move after mubarak was toppled from power post-revolutionary chaos makes many egyptians yearn for days

gone by parties worry if an ocean 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 in the people of egypt. this man has been running his own business for thirty five years it used to bring him enough money to send his son to study to canada and take his large family abroad one see. between the economic devastation caused by and rest and political uncertainty muhammad's enterprise has been badly affected now he can barely afford to feed his children he says the wind of change may have brought freedom to egypt but it's brought as survivals tong in its wake. you know i

love the revolution when it happened i welcomed it that looked at the time with a light at the end of the tunnel 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 but five months on there is little satisfaction and dictator free egypt is far from the best place to live and the people. people know about mubarak as well much better than that there is. a bit of pollution and this in fact is

a very sad that is our people are indeed tired even those who back the changers. 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 a number of us say we've been living under mubarak for many many years to me i'd see 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. recent three need to mistreat the square issue that there is twice he's been pushed to the limit and it's trade tests versus patience and the battle to save egypt from crumbling through the. ati kyra. life may only get worse for the egyptian people as they fall prey to a political game according to william engdahl an author who's written extensively about the egyptian uprising. there has been no revolution in egypt i said so. in

our t.v. interview in late january 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 still there was a rather healthy growth curve in the last several years even almost brock 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 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 bode well at all for the just so i don't think young people have more democracy i think perhaps even

less. in neighboring israel more than a quarter of a million people took to the streets saturday night to vent their. anger at the high cost of living and at affordable housing prices israeli prime minister benjamin netanyahu responded by appointing a new financial team responsible for examining the reduction of taxes and improving access to social services but as are his policy reports protesters say they're concerned but they're not getting their message across. tens of thousands on the streets of israel angry and protesting for change but is anyone listening when it comes to a lot of the foreign media want to see more of an action movie and this has been very violent it's been very hadn't been violent at all it's been very positive. well into week three the largest demonstration in israel in over a decade and how did a.b.c. c.b.s. and n.b.c. cover it they didn't a younger woman set up the tent while the editors of france twenty four b.b.c.

and sky coughed up just a few meager seconds perhaps not even that interesting. you know back in the studios ok there's a protest what exactly is a protest a social protest or revolution it's not the same kind of story that they're used to it's 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 place for decades reporting for 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 fit into that. 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. in the oven on they decided to say we've had enough the media was 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 that we also deserve a chance to be carried out in the streets has been dubbed in the corner by some of the people and optimism perhaps that they can bring down the government in the way they maybe didn't stop his school. bus which is the cameras they will stop if they push the absence for to see. that they. were keeping a close eye on developments in israel at r t dot com and if you follow our twitter feed you can hear straight from our worldwide correspondents with latest news and updates that's at r t underscore com on facebook you can search for our team news you'll find our top videos stories are ready and waiting for you and you can also join the discussion on what you've seen and their rapidly explained expanding

a library on our you tube channel along with our reports and programs available twenty four seven a click away when you want that subscribe to us and explore news from russia around the world. couldn't take three. three. three. three. three. videos for your media project free media. the events of early august three years ago change the map of the caucasus forever the five day war unleashed by georgia against its former republic of south. devastated blocking any chance of reconciliation in the foreseeable future artie's medina coaching over reports from the remember and ceremony for the victims of the conflict in the south a city in capital. here in the central square of the capital city.

services are under way this so many started as a loving three that exactly the time when george opened fire over the city throwing people out of their bags hundreds have come here to light candles and pray for those who died had three years ago in a brief conflict mania are listening to the regular elements and they're looking at pictures there was taken was during the conflict and they are being shown on why screens that are placed across the square at the atmosphere here is a choice of a very male wearing black and some women even have a picture of their dad or relatives on their chests locals we talked to say that we never expected such a sudden attack. it's very difficult to answer this question because in any case who are always pre-supposes suffering and pain to all the bereaved family you can

justify by any words reasoning can bring back the lives of the innocent people and i think we should realize that such mistakes should not be repeated and we should put maximum effort to avoid the suffering of children human life is very precious o'conner for being responsible when it comes to who can kill people over territory or borders or any other reason we put our governments choose to use. the george integration and the tough policy of circus really evoke my deepest resentment i think we should all live in peace and try to find ways of communicating other than war. memorial services will continue in different parts of the certainly on monday the war lasted full five days but hundreds were killed and many injuries and the face of the city has changed three years with a new residential areas in new roads and hearts being open still locals say they are trying to restore their lives and memories of what happened here. still alive

in their hearts. russian peacekeepers stationed in capital were among the first to experience the georgian ocelot president dmitry medvedev recalls the tragic events of that. let me remind you what was going on there on the night between august the seventh and the eighth i received a phone call from the defense minister i was on vacation at the time sailing down the volga river and the whole world was looking forward to the olympics that were about to take off in china the minister told me that georgia had launched a full scale combat operation to be honest my initial reaction was complete doubt i told the minister that we should check this. completely out of his mind maybe it's just a provocative act maybe he stress testing your settings and trying to send us some kind of message and i will later the minister reported to me this is no bluff they've unleashed an all out artillery barrage and they're using grad rocket launchers and whatnot i said all right old wait for another update some more time

passed and the minister called again i have something to tell you i believe they've just leveled a tent full of our peacekeepers killing every one of them what was i supposed to do i said return fire and shoot to kill. dmitri medvedev gave that interview to r t along with a new radio and georgian t.v. channel peak and extend it in an extended version is coming your way the next hour here on our t.v. well stay with us here on r t still to come a look at how s.s. marchers commemorating the dead are bringing nazi ideas back to life in modern extent modernists tonia. but first riot police have surrounded up tent camps set up in ukraine's capital by supporters of former prime minister yulia timoshenko who was arrested friday the protesters fear officers may storm the camps after the after the court where her trial is taking place banned gatherings outside parties alexei he has more from. ukraine's former prime minister yulia timoshenko

still remains in detention center in kenya following the decision by according to you have to place on the arrest for that you would 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 view of the council of europe all criticizing this decision and urging the authorities in ukraine to release going to hold a fair and transparent trial on we understand that the protesters are picketing the detention center that's where i'm standing right now and the court building in. they 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 the rest. turnout of some other stories making headlines across the globe more than forty people have been arrested and dozens most of them policemen injured after riots flared up in north london protesters attacked officers over the fatal shooting of a twenty nine year old man last week rioters threw petrol bombs at police and torched buildings a bus and patrol cars more than three hundred were involved in what began as a march to demand justice for the killing. and israel supreme court has started

hearing an appeal from the country's former president moshe katsav in march he was said to seven years for raping an employee while he was 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 while he appealed to former presidents denied any wrongdoing claiming the case is politically motivated. finally in this news block veterans from nazi s.s. units in a stoney gathered to commemorate a battle with the soviet red army this week and the kind of meeting band across most of europe as a glorification of naziism but in a stony it was a rival anti-fascist rally that was instead prevented. reports on how pro nazi sentiment may be feeding a new ultra right movement. well here in the estonian town the cinema at the nineteen forty four is a scene of fierce fighting between saviors soldiers and yes. we're here by the monument to commemorate the soviet soldiers that died in that fight less than

a mile away and this town's all save the scene of a gathering of veterans of this day near waffen s.s. it's an event this gay widespread criticism for glorifying naziism. of former soldiers laugh this off or on but it's something at the moment you don't think about later or think about people. for. whom country and most of year at these kind of events abound. in order to hear. it in a stirring year it's a different story altogether. it's common in the stall you to call these people freedom fighters we hold our protest rallies on the same do you hold this event to remind them what they are given allegiance to hitler to tell them what they had never liberated

a stone and in fact in recent years the astin you know thirty's have 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 do that by the police the car we were travelling in was also stopped for questioning on the way in . or have an entry to the country and of course they don't want to be any kind of other opinions than their own opinion which is very very much supporting the basis of the revival of the far right across europe has caused growing concern right parties it gaining ground in countries like austria finland and france savage sluice of by far right extremists and is. bravery can always recently has driven home just how dangerous these views remain the city 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 but events like the one in history and make it glaringly clear the not all countries are on board critics of this event hardly that the gathering provides a for and for dangerous near fascist i did is the government's failure to ban it is seen at the very least as being morally and politically insensitive serves our city . stay with us here on our t.v. i'll be back with the headlines in a few moments. of

them is. just so. just. how. wealthy british

scientists are it's a small time to practice. in the. markets why not. find out what's really happening to the global economy in the cause report on r g.

we're bringing you today's top stories and a look back at the week's news on our teeth the u.s. stripped of its pristine aaa credit rating for the first time triggering peers of another global financial downturn as investors ready for monday asian markets have already opened and immediately gone it's negative territory. in the eurozone debt woes provoke a turbulent week with european central bankers now agreeing to buy italian and spanish bonds to stop the rot brussels is concerned if italy's economy fails it would be too big to rescue and could drag the whole currency down with the. demonstrations in israel as a quarter of a million protesters demand the government drive down the cost of living. prime minister netanyahu set up a team to look at reducing taxes but the opposition says he's trying to end the protests not deal with the issues and. finally we're in the republic of south marking three years since the conflict with georgia.