the movie joins me to raise a movie that's a great way to tell the grand imperial truth that george was the bush girl until you can a little closer to churchill its ability to go and. run the economy was literally as used to retreat. around the world stalled where we would seem king feeling year they were in the red all of the historic u.s. credit rating cars all similarly tense trading as it spreads it in america. three years after george on the use its war machine to try and seize the sassier we need those who bear the scars of the cold plague tearing how they're rebuilding their lives. and losing and riots and spreads in north london dalton's of offices that injured trying to contain what started as a peaceful protest against the faithful to the shooting of the.

pm here in a moscow welcome that's in the stocks tumbled monday kicking off what's is a string of torrid to trading around the globe it's called days of last week's around and it's on the back of america getting its credit rating cut as well as the eurozone debt that refuses to hear. asians third largest economy india with the latest outlook the asian markets are tumbling today which is what many analysts predicted on friday when this credit downgrade rating was released but obviously this is what many financial analysts have predicted on friday we were already starting to see the markets tumbled on friday in reaction to. the u.s.

debt ceiling debate and these new credit ratings downgrade so. markets are reacting very strongly they have a vested interest in what's going on in the united states they are holding three trillion dollars in united states debt so everyone is watching very closely here to see what's happening in china is the number one holder and u.s. debt japan is number two they both have reacted very strongly to this crisis china calling all of this immoral and responsible and saying that the united states must to deal with this immediately i obviously there's been a lot of talk about moving away from the u.s. dollar as the reserve currency in the world and obviously there's been a lot of talk about adding asian currencies into that of basket currencies that would be used in substitute for the american dollar the cheese seven the leading industrial countries in the world actually had an emergency phone call yesterday addressing all of this and that was one of the things that they had to talk about

they also issued a statement saying that the united states must deal with this crisis immediately so asian markets are definitely being impacted greatly by what's happening in the united states. nations which hold the lion's share of american dead. as the chairman of the hong kong based credit ratings agencies telling us he. will be. a country in a true try to. them is that they're going to. use the country not simply my version of. christmas tree because giving such a. way to. cut you know you're actually going to use. the money that would mean. the coming coming years so. things are going to do with. the cooperation. economy. europe's exchanges are stabilizing after

a day trading losses are no pressure in brussels and explains why. or markets are mixed of the european central banks the spanish have been fleeing spain on fears that the madrid's that is out of control the g seven g twenty group of leading economies also said they would quarter need a global response to this crisis asian markets are. still a sea of red after south korea's finance minister said there was quote no cause for concern for the world economy the south korean index was temporarily closed it was shut down of the shares there collapsed in the wake of those statements as investors feel politicians don't get just how serious the situation is the moment of the oil of the storm continues to be europe concern is italy where prime minister silvio berlusconi promised to speed up spending cuts government spending

cuts in the country but expose the for more needs to be gone for europe to recover from this crisis from the italian government one point trillion euros now that means nothing to anybody but that is bigger than the total government debt of arland or to gold and greece put together before the end of the year it only needs to sell dorm's debt 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 is being. it really is huge just to big to manage through anyway rescued in the way that other economies have so far being bailed out by the e.u. the united states is in a crisis of its own off to its credit rating was downgraded on friday morning from a correspondent reporting. late comedian george carlin always spoke frankly about

his nation the only true american value that's left games buying things people spend money they don't have on things they don't need today country long driven by borrowing and consuming is in desperate need to cut it spending u.s. defense and security spending has remained untouchable soaking up seven hundred five billion dollars or twenty percent of federal funds every year since two thousand and one more than one point two trillion dollars have been spent on the wars in iraq and afghanistan but now with fourteen point four trillion in the hole some economists say it's time for the u.s. to compromise world domination for domestic stability will also probably have to see a significant requestion ing or questioning and downsizing of the several hundred foreign military bases we have given the size of the budget problems and the growing issues around the national debt and the debt ceiling it is fairly well

assured that the budget will be cut for defense and it probably needs to be cut more than is presently proposed for the pentagon priorities may be different the department reportedly spent twenty three billion dollars on global hawk drones alone this year tax payers are estimated to spend one hundred twenty two billion dollars on the war in afghanistan the same amount that could cover an estimated twenty five million americans with low income health care an empire of course a lot of money because you have to spend a lot of money to that say and you have to spend a lot of money to promote it you have to have a lot of people working on various aspects of economic support for imperial adventures around the world the consequence is the money is leaving the united states going to other places not to the places in the united states that leave the most needing it most is the country's neglected infrastructure and jobs that come with rebuilding according to the american society of civil engineers or. quarter of

america's six hundred thousand bridges are listed as deficient and nearly half of american households don't have access to public transportation ongoing federal budget cuts are expected to force thousands of course stop this fire departments to close more than forty million americans on food stamps they also make sacrifices to just cut the food stamp project right twelve billion dollars we have multiple experimental ongoing programs in the defense department each of which is large enough to offset the food stamp cuts and i think if we have forty one million people already who are dependent on government aid for food getting food to them is probably a first priority but defense secretary leon panetta is looking further afield for his priorities we are a nation at war. we face a broad and growing range of security threats and challenges. your military must be prepared to confront from terrorist networks to rogue nations that are making

efforts to chain a nuclear capability to giving with rising power it's. always look at us to determine whether or not we will in fact maintain a strong defense here and throughout the world eyes on the world while citizens face mounting struggles at home that's what you are is counting the fact that americans will probably remain willfully of the big red white and blue. because the owners of this country know the truth it's called the american dream because you have to be asleep to believe that marina r.t. new york. when asked has the world's markets on quotes what's a marine is there for us to how are the russians responding to all this well as the arts yes the my sex our limits and losses are for positive news from europe they opened in the right what i know changing direction and we'll tell you all about it

in our business bulletin and about ten minutes. i was very much about that we're looking forward to seeing shortly. three years ago the people of the small republic of south ossetia came. by neighboring georgia the brief war in which to be seen trying to reclaim its old territories hundreds of lines to do the courts to visit some thirty capital which still baz many. attacks suddenly around midnight and the first try to happen hand of the russian pairs keeping based on now what you can see behind me i want swapped base there were around two hundred fifty soldiers hammer and they force all night waiting for the russian troops to iraq russia sent in troops to protect little public citizens many of which were russian passport holders and me all through were hiding in basements and blown counter buildings. overhand twenty three soldiers were killed and many injured and sound we managed to talk to they told us that they want to keep this building untouched and

of the memory of what happened here meanwhile the morial service began last night and it will be held with throughout the day the ceremony started eleven thirty five pm that's exactly the time when george or open fire over the sochi hundreds of people came last night to light candles and to pray for those who were killed three years ago in a brief but destructive conflict many came where those small children people were listening to the rag and they also released white balloons into the sky and the memory of what happened three years ago their wall lasted for five days but hundreds were killed and many injured or was mostly destroyed after a borning said and of all the place of the thirty has changed within these years still the locals are trying to restore their lives and we managed to speak to some of them are still struggling to bring their lives back to normal. i come here

almost every day i sit and talk to my son while i next to my dear boy. for the last three years has come to this cemetery in self-assertive where her son is brute five days unorganised two thousand and eight split her life into a before and after. when her son do you want to be a medical college graduate heard the republic's capital t. involved was under attack from georgia she rushed home to help the injured he died in her arms as they lay trapped for days on to the rubble of their apartment block that was in the georgian alterian firing line. the only thing that makes her life worth living now is her. twenty year old daughter they now live together in a newly built house to rounded by families for similar tragic stories. in this

area where we're live with specially built to those families who lost loved ones and were left with nothing in that house across the street lives of two children and the house opposite lives a man who lost both his wife and his child. all these people are of their terms of georgia's military aggression in all those two thousand and eight when you try to retake control of the breakaway republic of south. a russian peacekeeping mission in the region also came under fire nurse maya based i was on duty with them and witnessed average thing that happened that night. i saw him violent fire when you know it was going to be our last night but was still carried out peacekeeping mission and try to become. more school sound reinforcement to protect its citizens and prevent more civilian deaths within five days georgian troops had been repelled

three weeks later russia recognized such as independence. the last three years after changed the face of this thursday by new residential air where new roads sharp and have been burst and have been built. but. the conflict remained behind my brother got all the luck of the russian people. for those who lived through the horrors of the brief the dowdney conflict the memories are still very wroth. much of the question r.t. reporting from t. involves officers here. one's own methods in the u.s. is that he lives in south korea thousand and eight. he recalls unease in the american media little resemblance to reality. the american press was very biased in in reporting the whole conflict i was here in said here and my family my my siblings and friends in america and i spoke with him

and there was nothing in the press about george attack itself is that it wasn't until russia responded that it was being televised that russia is attacking georgia my sister after i told her the truth about what was going on she saw a live t.v. show on. fox thirteen they're talking about the war and so she called in and she said what you people are talking about is not the truth she said my brother is there he called me told me what what happened with for and on and they basically cut her off. the russians president. and all the media on the south of france in conflict as the i'm not personally approached of to meet them if that is the president saakashvili should face an international tribunals for crimes against russia and its nationals his interview is in full. dot com and

later this hour watch our special report on how the republic of south of seattle has recovered since the fall. the history of this place runs through the centuries. a paradise for knocking on zoo ologists and ecological tourists. one seats all night sharks destroying the life. how this republic got its life by. doing dreaming and reprints of. these. two days of angry clashes in parts of north london hustling twenty six police officers injured

and i have a hundred and sixty arrests small pockets after main acts of the cording to scotland yard it began as a peaceful protest in marking just the same for the death of the twenty nine year old man who was shot by police last thursday but things turned ugly when demonstrators began attacking police cars and fire to cars and government violence spreads to a neighboring district ask is there any chance that. either the scenes in enfield town census tonight with prior to this essentially taking over the town i'm standing here in enfield retail park behind me you can see legions of police in riot gear they are going round marking up what we're saying is between one hundred and two hundred rioters essentially people who are looting the shops that you can see around me behind me is the toys r us just that it's carries we've seen young men mainly but some women as well looking out of the shop to literally anything they can carry in their hands from televisions to vacuum cleaners but there's also

bike shop aaron some of them of rigid off the bike shops stock ok lisa obviously are coming in to quell this these disturbances that are breaking out but this has been going on since saturday evening here in north london i started in tottenham which is not very far from here where there was a sight of a big show to protest the shooting by police so someone called mark duggan three hundred people turned out at the police station to ask questions about how that shooting that fatal she. it's a pretty place i was in future it's very much to see these events of night. young people some people it's young as seven year old children being correct or at least sixty so it's it's an uneasy relationship. these signals between the people. at least in this case people say they might have states you know.

london is definitely a city on the earth right now if there's one group that has an extreme solutions to its troubles as we report dot com hardline listens and laid down the sharia law or the british capital and it's not going down well with london this find out more on their plans to get strict civets. flying high no holds another group hug competition for honors aviation is to least try to meet the sky what's their attacks that took on. all saudi arabia has pulled its sound back there from syria adding weight to the international condemnation of president assad's crackdown on protesters more than

fifty people were reported killed as violence continued across the country on sunday syrian forces stormed the eastern city of dallas to crush as you government proteins cheering the muslim holy month of ramadan heavy shelling was reported after black clouds of smoke was seen rising from buildings in the sea more than seventeen hundred people have been killed since the uprisings began in march international relations i expect plus a mark almond says syrian policy it's all riddled with intrigue. and. ship but there's a lot of weapons have come over so they're interesting some of iraq from all it's a disorder some include some of the cells the american was nearly two years off your patient of your friends are going to walk the americans don't rise up and since a criminal wrong so we have also layers of our something like intrigue going on behind the rhetoric on both sides not about where who represent themselves i think

the real danger is in fact we conceal very large scale civil war in syria. polenta on our team more on the situation in syria and the arab world when we talk to iraq's foreign minister next hour before they are brief look at some other news in the u.s. is doing some investigation stuff helicopter crash in afghanistan that killed thirty american servicemen seven afghan soldiers a civilian and is the greatest single loss of american life since the beginning of the conflict twenty two of those who died along with the unit that killed osama bin laden in may the best way to say the aircraft was hit was the passing of former helping the u.s. ranger unit that was under fire. but as well its president is awaiting a second round of chemotherapy hugh if your child has her pelvic schumer renewed. that nature of his counsel how's it been disclosed his illness has been called in

doubts over his fitness to stand for reelection next year but president chavez insists he's responding well to his treatment and plans to go ahead with the campaign. will still a decade is heading towards some sign a. move for high winds ounce wrenching rain causing huge destruction over the weekend more than three hundred thousand people evacuated to safety of around shanghai thousands of homes were left without power in south korea as the storm brought down power lines and trees well it's rated to reach west impossible by monday evening. and morning impact that america's credit rating drug is having on stock markets worldwide the business news now. hello and welcome to business here on r.t. global markets have been under pressure for weeks and at the opening there was

a little off selling and asian stock markets slave deep into the red but tokyo and hong kong managed to claw back a little bit of both closing down about super cents russian markets are also trading in negative territory and for more on that let's also live to sara firth who is at the headquarters of the r.t.s. stock exchange hello to sarah no sell us what's the sense are it in the market right now. well we've seen increased volatility in a lot of kids today yes and my sex starting trading in negative territory what we see a head stay is positive thing up and down in not negative territory others are managing to close the gap fell a little bit but they've been dipping down again they were some of these to buy what was happening in the european markets we saw the fitzy begin trading negatively to then able to pull it up into the black it's now gone back into the

red again but we've heard statements from the european central bank saying that they'll be willing to prop up italy and spain if necessary the case someone needs confidence to the market and we saw. that that had a very positive impact here for a short time i just as he said a lot of uncertainty at the moment this really is a very new situation the standard opposed would be saying the u.s. his credit rating from the aaa status and even the weekend the first time in history that's ever happened in the u.s. and we've had a lot of people saying that that's really a great a symbolic gesture it's certainly going to affect the u.s. reputation and here in russia we've seen the biggest losses being incurred in the oil and energy mages of ross that look well gazprom the invested jets is about the economic situation has driven down the crude oil prices there are still some stocks trading in the black we seem to go prices continuing to rise investors are looking

for a safe place to put that money in the deputy finance minister here he said the russia doesn't plan to change its investment policies for the u.s. downgrade other certainly this is being described as a wake up call to the u.s. he said very symbolic python didn't post the downgrading them for not cheerful a status is still the markets will be able to take that in their stride but a lot of people saying this is a new financial landscape now and say certainly over the course of today and the next week we could be saying this increase productivity continuing. thank you very much for that. that downgrade may undermine the dollar's position that as a global reserve currency some countries are considering reducing their reserves and other less risky currencies bucks in a bank sees it as a great chance to hedge against a falling oil price. in europe canada ninety three correlated with oil price near.

even the last three years rain every time one who praised. the price of american the rice burst. in the. east will create water this is why russian have been american dad to some. price and good on. a let's take a look at the markets now gold has such a fresh record today as investors turn to assets which offer less rest gold is adding over forty dollars per ounce well silver is gaining but a dollar fifty. in crude prices are lower following the downgrade of the world's largest oil consumer there's no confidence in the market and prices are concerns over future of america for crude both light sweet and brands are losing over two dollars this hour. in asian markets have closed the negative territory of banks

were mostly lower and exporters were also on the pressure amid the worries about future demand then all this was of course the result of what's been happening in the u.s. and europe problems and market jitters. and european markets have gone back into the red this by a pledge from the european central bank supplies software and bones the footsies down point eight percent of all the tracks is losing almost one and a half percent let's take a look at what's happening here in russia markets are now slipping back into heavy losses after getting a slog through stronger pm markets the r.t.s. is losing through and a half percent while my cites as down one point eight percent so. there was some formats and says with a downgrade monday isn't harris in last week's fears. this week we're back in just a sedan and people will be looking at the news the news flow of the day to fill its stream to closely because the markets are extremely volatile and there's no

conviction for any sort of strong recovery in my view the situation that were problematic last week or so problematic this week so any improvement in data will you know support the markets but it could also give a short term i've been to looks like we're going to have the dollar falling to love one hundred i think without any problems. that's all the business is for now the headlines are next to the.

wealthy british style it's not like. markets why not. come to. find out what's really happening to the global economy with much stronger for a no holds barred look at the global financial headlines tune into cars report on our. world. bringing you the latest in science and technology from the realms. we've got the future of coverage.