in india aussies available in the move go and join the hotels the on the villas the greeks we go to the grand imperial truly the taj was the coolest coromandel you can oh well it's a little close mosquito civility to go. round as the colonel was a child as a retreat. global markets favor u.s. stocks for the first trading session after america's credit downgrade. it's no fun to be an investor anymore i mean investor faces not be red like the markets that down everywhere a volatile day of trading elsewhere as well thanks to the spreading european debt crisis. also anneke in the u.k. another round of rioting in london tonight after a weekend which so angry use of looters respond violently to a fatal police shooting. and war stories three years after georgia's attack on

south of setia we talk to those who bear the scars of the conflict while they're still trying to rebuild and i. welcome this is r.t. it's eleven pm monday evening here in moscow my name is kevin now and first president barack obama has defended the american economy claiming the u.s. is still a aaa country but markets there don't seem to be in full agreement though they followed the rest of the global economy following friday's downgrade of american credit jones in fact has lost more than four percent artie's right to port mark joins us live from new york with the late as well good to see you so president obama then not expected be our guest offended the u.s. economy but the big question is it too late to restore confidence what's the mood.

well the mood right now is still very in secure after president obama u.s. president barack obama addressed the nation and the market continued going down as you mentioned the dow is down more than five hundred points since the markets opened down below eleven thousand is the first time it's gone that low in ten months but regarding what the u.s. president did say he said he didn't need a credit agency to indicate that the u.s. needs a balanced long term approach to deficit to cut its deficit nor did he need a credit agency to indicate that the political gridlock in washington is damaging the u.s. president went on to say that washington is not lacking policy or plans what it's lacking is political will he said to many lawmakers elected officials are insistent on drawing lines in the sand bumping heads we saw this play out for weeks and weeks

before there was a deal of surrounding the debt that was reached in the last hour the whole world was watching as this political partisan. grandstanding was taking place in washington and this is something that has caught the attention of the credit agencies that are now trying to gauge how much of a confident and secure investment the united states is the dollar is how we do know that s. and p. downgraded the u.s. is credit score from aaa to double a on friday that was the first time ever in history that the this country the world's largest economy was downgraded and we did hear the head of moody's say on monday that there is a chance that moody's a second credit agency there's a chance they may downgrade the u.s. this credit from aaa to a.a. if the deal that was reached to reduce the u.s. is deficit does not prove to be very reliable because at this. points we see the

u.s. the world's largest economy with fourteen point three trillion in debt and growing and there is many plans that are put in place on how to reduce the deficit but the reality is the u.s. has a pattern of borrowing and spending borrowing and spending the bubble is growing bigger and the world is growing concern not to mention all the millions of americans that are still waiting for jobs to come about or waiting for their kind of me to become more secure so at this point yes we did hear the u.s. president speak and address the nation and say that no matter what a credit agency says the u.s. will always be triple a those are just words and i think that people that live in the u.s. and those that invest in the u.s. are waiting for action for tangible results report bring you some live from new york get some more thought should be joining us live now from new jersey not too far away to discuss the financial slump is michael penn so senior economist at the

euro pacific capital which plans a very good evening to with my correspondent you know president obama saying america is still worthy of a top credit rating sounds lovely but it's not just confidence building rhetoric what do you think but what do you think the markets through on what the president had to say mr geithner going to say i'm mostly the market believes in what works is done and the u.s. is no longer fortunately a triple a credit country. so is there any other time republicans would agree to the initiatives that is being proposed is there enough confidence the left to get anything more done does he have the political authority they did during a time of crisis or is this time just run out because a. lot of people want to blame obama for everything even here it is a lousy economy under george w. bush the bottom line is a lot of these expenditures since the budget or the man in weeks what i'm an

extension. well under one insurance and well fear of food stamps right now our deficits annually are ten percent or g our g.d.p. is growing sub one percent so there's a matter what obama says i don't want to blame republicans or blame democrats but i will congratulate the tea party for making this a salient discussion but the fact is that american debt is intractable america is becoming insolvent and the senior is getting out and once the chinese fully understand it and watch the japanese and the europeans and or foreign creditors all the sense of the idea that we cannot pay back our debt without inflation and monetizing and counterfeiting there will be a. shrubbery option which will send interest rates to the moon or at least to the same high single digits and then it will be clear as day that the u.s. is insolvent and that's what the s. and p.

is trying to looking it should be you look at it and you can graduate to the fire the way they're being in the mainstream media mike has a grim picture you're painting of. it what possibly could happen in the future let's look at the immediate future there the dow jones is down around four percent right now will we see yet another selloff in asia and europe in reaction when's it going to stop you think the immediate future listen i actually think that is a buying opportunity and you know on disposal or some kind of like herman baron i'm not actually when one starts in the december january of two thousand and nine much disagreement most people who follow me but i think it's would be a market opportunity now because in the terms of the rally is going to start tomorrow when ben bernanke he gets up and he exclaims the beginning of q e three. ok so. we're going to put into words like confetti and we have the counterfeiter

and she ben bernanke you joy. to that so what concerns do you have which is will go up and people will say well gee what are we here still remember nationally is the car of course your money's not going to tell you much but he's a paid let's look at it put a reality a lot of turmoil over recent years where's it going to go in the coming years we heard everything you've got to say about walking in the u.s. economy or about the world's financial landscape how it's going to change get a crystal ball out we'll. get you to the wilson you know the gold is dominated by central bankers that those are people who run the globe and so look in japan they have in g.d.p. ratio of two hundred percent what do you think the bank of japan did when they saw the yen starting to rise well the rest of the least thought to destroy the currency and people like you to go so. it was on record saying we will never agree to this european debt ever ever ever this is not you know the memories of world war one and

why more generally still fresh in the minds of europeans we will never again size down to the next day and how equals went from three percent to six percent and the printing presses and europeans ran to go and for the markets down five hundred points today what do you think bernanke is going to say tomorrow we're going to come to the rescue and no one thousand nine hundred thirty seven type of situation and we're going to create the printing presses up and fifty dollars a day. so i complained so good of your viewers of the program cigna economist at euro pacific capital is you order a veil tomorrow of course thank you thank you. well europe's top markets also in the red the footsie in london closing down three percent a brief rally after the european central bank said it was started by a spanish and italian government bonds to restore confidence prove to be very short lived up you don't have bushels been following the situation from brussels. greece is in big trouble it's full and so full team year low because if the euro falls as

increasing numbers here believe it could do greece will be first in the firing line if it is no fun to be an investor any more an investor faces must be read like the markets that down everywhere and what's being dubbed black monday spain's become the latest states pledge that it will change the reform and will get its house in order is that it will slash billions more of public spending but that doesn't help the mood in the european central bank by that it will buy up spanish and italian debt something that the hormones to buy at the moment that hasn't helped either now the g seven g twenty group of leading economies say that they are working together to control the situation but investors are voting with their feet that's why markets are down investors just don't believe the politicians that if you're a correspondent in brussels or bushel there you can check out our website of course to get an in-depth look at what's going on in the markets around the world.

the. other big story developing tonight london is the blaze again after all the troubles of the weekend the groups of youth are clashing with police in several parts of the city tonight and more buildings are on fire it follows unrest after the weekend when a man who was shot dead by police let's get the latest cross to r.t. the planet is in the british capital live or even again now i spoke to last hour we were talking about what was happening in peckham in south london because that seems to be a new development first of all we've seen the trouble in the northeast earlier on then it went out alone we should know it's gone certainly of aipac and what can you tell us. well as you say another night of violence seems to be a rub thing here in london just since we last spoke just in the last hour another area peckham that was previously unscathed and has now been swept up in all of this

and in effect in what is now widespread looting rioting and violence in both north and south london the latest there if it is peckham that's in south london the latest pictures showed a building that's been set on fire on the main high street they're huge flames coming out the side of it the police there and also in lewisham which was another area south on has been affected tonight with cars being set on fire there in both areas riot police are trying to secure the area so fire engines in the fire services can go in to try and put out these flames they haven't been able to until now because it simply isn't safe for them to go into what the police are doing actually it seems to be a game of cat and mouse where they're playing with rioters helicopter pictures show them charging down the main thoroughfare both illusion man. and the rioters actually scattering through the side streets they then regroup and charge

themselves at the police this time hurling missiles at them and the latest pictures in lewisham actually show the latest ground that the rioters and the use gains that contain the part of car that was left there by a man with seeing member of the public clearly they smash their windows unceremoniously set it on fire just like that and so it is people's livelihoods and possessions just going up in in flames really in what is indiscriminate violence really earlier today another area previously untouched area of london in these riots was saw a lot of violence last in the northeast called hackney police vans have been attacked that's pretty recently and that's been going on hours all day really all afternoon and police the police are trying to control the area without having a lot. trouble as the writers try and coordinate their efforts using mobile phones and just today alone actually the police have made over two hundred fifteen

arrests and have had to bring in over three hundred more police officers from external units from outside of the capital city that is just how serious this situation is and i've just wind this by the beginning of the week and it all started when a peaceful protest got out of hand the peaceful protest was over the fatal shooting by police of a gentleman called mark duggan a twenty nine year old but is what's being blamed for this ongoing trouble. the general consensus now from police chiefs and community leaders who are. condemning it actually and even the family of mark duggan they're saying that what we're seeing now and in the last sort of two days since the top and some saturday night is a different level of violence and unrest this is just kind of copycat violence is being done by the police chiefs from from users who are just jumping on the bandwagon and using this as an excuse to go about looting and

causing as much damage as possible is really indiscriminate violence and. just people causing as much havoc as they can and they don't seem to care for people's property that is setting up setting buildings and houses on fire so on saturday night it was a peaceful process that got out of hand and escalated into violence over the. shooting of mark duggan this is a different different ballgame altogether because it was happening then the last two nights people were the violence is really happening night time only this afternoon it's been very severe violence and writing has been taking place in broad daylight people in full knowledge that it's being covered by they're being told by media helicopters television helicopters and police helicopters that are doing in broad daylight with this regard for being identified and that they just want to cause as much violence as possible so it's not really on the same scale as you're

saying over religious fervor you read to see the pictures of the shoulder the as you were describing and. you know there from the. well bit earlier on i spoke to nathan johnnie's from the young person's charity youth and like not limited he had another idea of what this is about he said these riots represent the level of public discontent that the government's policies in britain right now. these riots are really. coming off the back of years of communities being ignored communities being handled incorrectly by the police you know them are there for them are the gun was for me point it was you know the icing on the cake and we've seen so many different examples like this over the last three months over the last few years and i think people have had enough now to take to the streets the police wasn't prepared for this whatsoever similar incidents of happened where other people were being murdered in suspicious circumstances and nothing happened and i

think latest expected this to be another time where nothing was going to happen but unfortunately something has happened and it's spreading for our capital and it's going to continue to spread because there's a lot of hatred there's a lot of tension that's been building up but of course bombs of course not in keeping up to date with the latest laura emmett is one of those correspondents she's dating the twitter feed you can follow everything that she's saying going around r.t. underscore com a little later comment she reveals the more disturbing side of the riot she says she's just seen three ten year old boys committing vandalism kicking in a shop window apparently just for fun we've been here a lot of young people are involved in what's been happening across the weekend if you want to catch up today with the latest from our team of correspondents in london log on to our city underscore to find the latest on this a little better thing stories as well we're covering here on. it's eleven seventeen

pm moscow time let's bring up to date on some other news now in syria there's been fresh attacks on anti-government protesters across the country gunfire and explosions have been reported in the cities of. more than three hundred people have been killed in the past week it's been the bloodiest in the five month uprising against president the group now but hey wait and saudi arabia pulled their ambassadors from syria adding to the international condemnation of the crackdown on protesters let's go to patrick hasan from the online political magazine spiked in london he told me push charlotte south is apparently at a loss as to how to deal with the situation. assad is serious about promising democracy and sweeping constitutional reforms they had promised thank lumping down on freedom of speech and freedom of expression which is the cornerstone of any democracy is not sending out a message to the syrian people that he can be taken seriously or trusted in his promise is a tool there is

a sense from assad's really the ease by which he started to say this is the end of the single party rule and he will start to think about elections and the way in which he previously portrayed himself and his party as the only guarantee karan taus of the syrian stability but is now talking about major constitutional reforms means that really there's a real uncertainty about what he's trying to do there very isolated they don't really know where they're going they don't know what's really the position of the u.s. is on this which i think is making them very uncomfortable and i think as a result of stuck between a rock and a hard place and this is i guess messiah to say seems very tired that she almost willing to relinquish power at the moment because i suspect he is very worried you'll meet the same treatment that smell barack is now seeing. for sarah patrick a small my political magazine spiked in london to talk to the little bit earlier on of course off a lot more coverage full coverage on our website our team dot com of everything

that's going on across the middle east all the discontent there for the past six months or so if you want to avail yourself with all the details. three years ago georgia launched an attack on the people of the small republic of south of the five day war in which georgia tried to reclaim its old territories claimed hundreds of innocent lives next artie's medina cochon of in the south a certain capital a city still struggling to come to terms with the losses. attacks suddenly around midnight and the first trikes happen here the russian piss keeping base and now what you can see behind me and i was slumped over the base there were around two hundred fifty soldiers here and they fooled all knowledge waiting for the russian troops to iraq russia sent in troops to protect little public citizens many of which were russian passport holders and many older were hiding in basements and blown out buildings overhand twenty three soldiers were killed and many injured and some 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 will be held to throughout the day of the sermon he started a level thirty five pm that's exactly the time when george opened fire over the search hundreds of people again last night to light candles and to pray for those who were killed three years ago in a brief but this struct of conflict many came with a small children people were listening to the rag and they also released white balloons into the sky and the memory of what happened here three years ago the wall lost its will follow but hundreds were killed and many injured it was mostly destroyed after bolling's as all of the face of the city has changed within these years still the locals are trying to restore their lives and we managed to speak to some of them who are still struggling to bring their lives back to normal. i come

here almost every day i sit and talk to my son so i know i will lie next to my dear boy. for the last three years they say sidney has come to this cemetery and self-assertive where her son is birds five days in august two thousand and eight split her life into a before and after. her sound you order a medical college graduate i heard they were publics capital to involve was under attack from georgia he rushed home to help the injured he died in her arms as they lay trapped for days under the rubble of their apartment block that was in the georgian alterian is firing line. kay says 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 surrounded by families with similar tragic stories. of this

area where we're live with specially built to those families who lost their loved ones and were left with nothing in that house across the street lives of women who lost their children and in the house opposite there was a man who was his wife and his child. all these people are victims of georgia's military aggression in august two thousand and eight when we try to retake control of the ground breakaway republic of south ossetia a russian peacekeeping mission in the region also came under fire nursed my abuse diable was on duty with them and witnessed after thing that happened that night god forgives i saw him fall on fire when you know it was going to be our last night which was still carried out peacekeeping mission and try to become. more school sound trained force and to protect its citizens and prevent more civilian deaths within five days georgian troops had been recount three weeks later so russia

recognized senselessly dependence. the last three years have changed the face of this thirty a new residential air where new roads sharp and have been burst a new strategy and have been built but signs of the conflict remain behind my back are all that's left the good russian impulse for those who lived through the horrors of the brief but deadly conflict the memories are still very raw. but in the question all i see reporting from involves self-assertive. but we work with a recovery of our top stories very shortly on our team of maywood of course tonight the world market may hear them with a report on a volatile day for global finance caused by the drugs in america and europe all right thank you kevin sorry for no graphics or no but in my section of the rundown russian markets took an enormous hit on monday the r.t.s.

was down on the state for sent to my six hundred five and a half the biggest one day fall in three years the reverses have been near and in markets around the world traders have been reacting to the downgrade of american there on friday and concerns over europe's ability to get out of its debt mess. the situation is clearing nothing short of a panic we have seen a somewhat panicky mood in the market last week and luckily we had forty eight hours suggest the s. and p. downgrade over the weekend we've seen quite volatile session this morning expectedly the market opened quite sharply down that recuperated parts part of the losses and clearly closing still lower and especially this is a big plus the blue chip universe which is the easiest to get rid of and we have so we have what we have serve at the moment in terms of trying to see it see is that we see hedge funds trying to get in the chip names and along with these situations trying to pick up some value plays in the second tier universe. to go to the

markets now in moscow they did this very deep into the red as we mentioned seven point eight percent on the r.t.s. my six five and a half percent below the fifteen hundred point level on the noise six while marriages were losing as long well as telecom stocks along with them they were down more than ten percent is where you as liquid stock on the market was down six point three percent and among the few gauges was. just the last point four percent on high and gold prices were down in the second. noun to the mayhem in the u.s. markets with the dow jones down for the whole percent nasdaq for the hof this is as president obama expresses hope that the credit downgrade will give urgency to solving debt problems traders are looking ahead to ben bernanke and speech on tuesday closing pitcher in europe the food so you down three point four percent dax five percent not even held by the pledge the european central bank will be buying

this over indefinitely ended spring. and gold has been surging record highs on monday as seventeen hundred and ten dollars but surely ounce this now is still there also one point three percent pretty logical was a business run to the safe stocks with less risk. such as precious metals. and crude prices are showing record drops to light sweet down almost six dollars their brands more than six dollars this is one of the worries about the future of demand for crude oil as the main consumer of crude has had its rating downgraded. russian markets indeed nosedive on monday jacob knell for morgan stanley says the country's economy will not be hurt or most oil prices go below eighty dollars a barrel the key thing to watch for russia is the oil price if it all price goes below about eighty dollars a barrel then russia's in trouble and if it stays above eighty dollars

a barrel russia's from going because the oil is so crucial for both the current balance of payments and exports and for the budgets. we don't expect a repeat of two thousand and eight when you had a funding crisis in developed markets which hit growth and then hit commodity prices and then hit russia at the moment we still see the support for commodity prices is still there so although we see expect some volatility some choppiness. looking ahead it looks like russia is reasonably well supported with oil at around one hundred dollars a barrel at the moment all right kevin is next with the headlines you can join my colleague mary nichols or she'll be here in the studio a.t.m. a moscow time joiner if you.

wealthy british style. sometimes it's right on. target. markets finance scandal find out what's really happening to the global economy for a no holds barred look at the global financial headline used to mean to cause a report on our chief.