welcome back here's a recap of the main stories we're covering here on our t.v. britain is on a full scale alert scenes of violence and destruction and later beyond london after three days of clashes between rioters and police the prime minister has cut short his holiday to hold emergency government talks on how to deal with the mayhem. wall street hits new lows since the two thousand and eight financial crisis despite a public message of defiance from president obama but as fearful investors withdraw

from the u.s. sending shock waves across the world markets india claims its economy could actually benefit from this situation. plus as the eurozone tries to blither its economic storm one learns shelving of plans to adopt a single currency sends a signal to other union members that you don't need the euro to be european. the u.s. stock markets dropping heavily and with debt crisis spreading over europe talk about a new global reserve currency is mounting a large he spoke to a nobel prize winning economist joseph stiglitz on the eve of bretton woods conference in april but his remedy seems to have only gained currency since that. joseph stiglitz is a nobel prize winning economist and columbia university professor and he's pushing for a rethinking of the global economic framework in the wake of a financial crisis now he's come with other economic and policy leaders to the

historic bretton woods where decades ago a conference here led to the formation of the international monetary fund and named the u.s. dollar as the reserve currency and they've gathered to rethink some of those very policies he joins us now to tell us more about it i want to thank you so much for joining us professor now you've written recently about the increasing disparity between rich and poor in the united states and you've even compared these conditions to what led to the other us we've seen in the middle east so what do you think are the factors that led to this and what do you think the consequences will be. raised was that the increase in the concentration of income and wealth in the united states has been enormous. which happened in the last couple decades is almost a quarter of all the income goes to the upper one percent around forty percent depending on your measure of the wealth goes to the one percent americans used to think of themselves as a land of opportunity everybody else thinks of themselves as

a land of opportunity and they see the old europe as ossified which data will show that meanwhile we see protests taking to the capitals of states like wisconsin so it's reaching a tipping point i think they're beginning to realize that. most americans are worse off than they were say a decade ago. so it's not just that all this wealth is going to the top if everybody we're getting better off you can say well some are doing a little bit better than the others but actually moost americans are worse off than they were a decade ago. and that doesn't even include the sense of insecurity the loss of jobs that will it insecurity about health rights that most people in your case for granted and united states people with they lose their jobs can lose all the access to health care one of things that i raised in my article was that the put not

only the political consequences but the economic consequences then that there are many things that any society has to do together. you have to. put education investments in technology. infrastructure roads. that means there has to be certain degree of consensus for a society to function even economically these are things the government has to do but if you have a very split society there are going to be very different views about what's important if the rich can buy their own parks they don't need to have public parks if the rich can buy their own education we don't have to have public education and the rich can buy their own health care or we don't have to have good health care for most americans and that's where we're winding up today so the people at the top

that one percent. are using their political power to try to preserve their wealth and meanwhile making sure that the government doesn't do what is necessary for the prosperity the functioning of our entire society we're not seeing increase and funding for m. for a structure or education or science and said we're think quite the opposite said you think this country is headed in the wrong direction that's right and that was what has brought home so forcefully by the what was going to happen in wisconsin and here you have people saying over the country we need to improve education. but what are they doing cutting teacher salaries now you're not going to attract the best people into education if you don't pay them and that simple economics and it's not a surprise in that context that to day in those standardized scores that rate education all over the world united states is really not doing very well so who the grain

here is the politicians asleep at the wheel or out of touch with reality or the greater flaws in the system it's both you know are some really. deep flaws in america's political system. our campaign contributions supreme court said that corporations are people i mean it philosophically i find that difficult but they said because we can't restrain the rights of free speech corporations have unlimited the ability to contribute and that means they can use their money to get laws that allow them to escape taxation and to shape a political process they really works for them but not for the rest of the country and what i argued in my paper in my article was this was shortsighted if you don't make these investments we're going to wind up in a divided society and in unproductive economy and even that one percent.

will suffer and that is the link between what happened in tunisia and mexico and in egypt and in other countries where they divide has grown and. it's meant that their economies have function and the societies have not function speaking or not functioning well what about the u.s. dollar because you're someone who is calling for a new global reserve currency but why because some say what's the alternative really what i've argued for is a creation of a global reserve currency. reserve currencies are you might think of a store of value. and the dollar has been very unstable. understandable given the difficulties you might say of american economy you know our performance was not a stellar. but the fact that in

a modern globalized economy twenty first century it's an anachronism that a single currency would play the pivotal role that the dollar has played what i argue and i've argued my book they can globalization work is that the dollar reserve currency system contributes to inequality. that poor countries are lending to the united states or close to zero interest rate and then borrowing back in much higher interest rates an equitable increase it contributes to instability. and it actually contributes to a weakening of global aggregate demand a weak will boycott to me because it countries are setting aside literally hundreds of billions of dollars and that's a cautionary savings. that's money not spent so you're saying essentially it hurts everybody to have the u.s. dollar is that our currency that's right and what we describe what i've described

in the un commission that i share your commission on reforming the global financial monetary system. explains how we can create a global reserve currency as really interesting to be here at bretton woods talking about that because keynes argued for this seventy five years ago. in the aftermath of that of the great depression he understood. the links between you case problem the u.k. being the reserve currency down and then if we're going to have global economic stability we needed to move off of the. single currency country being the reserve currency. bretton woods failed from his perspective in this respect and didn't the us say hey we disagree we want to be the main reserve currency and got their way so the us still have that same power if world leaders

got together again today for another bretton woods conference i think that same meeting were in britain woods the world is markedly different china has close to three trillion dollars of reserves about a third of the global reserves about nine trillion dollars you're holding three trillion dollars you have some voice in what kind of reserve currency system you want to have and china has been very clear that it worries about the current dollar based reserve system right after un commission came out in support china's supported it france's supporter russia supported it so there is a wide understanding not unanimous but a wider understanding of the importance of this idea and i think if the economy global economy remains weak i think will be more interest as one of the remedies to the current instability weakness in the global economy has also been

critical of the united states for its policy of quantitative easing and if i've read your writings correctly you seem to be thing they have a point so what is that really the point is the u.s. is creating liquidity us work very hard to open up the global financial markets and one of the implications of that is when you create with quiddity if you go anywhere in the world it was where's it going not where we need it here in the united states it's going where it's not need it in china and brazil and other countries that don't want it so it's not only they don't need it they don't want it. we have to fix the banking system the united states our system of getting money. into small medium sized enterprises is cotton and the federal reserve has not techs that you know they contribute the creation of prices they didn't understand the basic economics and that's one of the purposes the meeting here in britain works but because they didn't understand the problems that they were creating they didn't

really understand how to fix it and yes they brought us back from the brink they saved the big banks but they have not really gotten our economy going again i want to thank you so much for the country again. just simply. say.

the the. wealthy british. market. find out what's really happening to the global economy with much stronger no holds barred look at the global financial headlines tune in to the reports on our cheek. the book.

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the top stories on our t.v. britain is on a full scale war and scenes of violence and destruction of beyond london after three days of clashes between writers and police the prime minister has cut short his holiday to hold her can see government talks and how to deal with them may have . lost radio it's new lows since the year two thousand a financial crisis and that's the spite a public message of defiance from president obama but is fearful investors withdraw from the u.s. stock market sending shock waves across the world it here claims its economy could actually benefit from the situation. plus as the eurozone crisis whether it's

economic storm or a whole lot of shelving of clients to put off the single currency highlights a broader european desire to stay out of the euro crisis. and now it's time for the sports news with andrew. hello there you're watching the sports and these are the headlines. at last call the stanley cup winner and lexical value of his unveiled a russian side outland after nineteen successful gays in the n.h.l. . plus what trance or arsenal star sharyn denies he's moving to russian side angie you were also asked to down caroline's a beach. and after all glory martin can arise in georgia as he prepares to defend his p.g.a. championship title. but let's start with the ice hockey and with a month to go until the start of the new k h l season last year is fine this

atlanta valley three powerful reinforcements to their roster among them value of the returns to russia after nineteen years in north america he was the first ever russian to be drafted into the first round of the n.h.l. made more than one thousand three hundred appearances in america's top league scoring more than a thousand points however the thirty eight year old stanley cup winner and olympic champion wasn't offered more than a one year deal in the n.h.l. and decided to move to the most region sites the value of will play alongside another russian returning from the n.h.l. because. the twenty six year old forwards returns to atlanta for the third time in his career and there was another last minute surprise signing as former spartak moscow. boy also joined the blue and yellow the failing to extend his deal with. the pillars of business and. i have to accept you will still be me but the. we will

reshape after all and the more i think you can call me the good luck and all them good luck and you. can be happy that i can stay in the most. ok and you know really find really quick to deal with the blonde and i'm really happy to be i just didn't want to wait until all the training camp or even maybe beginning the season they'd wait for what's going to happen in this game if we're going to sign a contract i'm not going to sign a contract so i just decided i just still wasn't really interested the shoulder be interested you want to they want to have me on their team and you know to give me two years and you know i just there was no brainer for me. now russia's football was full stars have arrived in moscow ahead of their friendly with serbia with coach to africa having a fully fit squad to choose from with a crunch game with ireland coming up in the qualifiers tomorrow's match represents a good opportunity to find and there's not much between russia and syria who ranked seventeenth and twenty fifth in the world respectively the last time they met was

three years ago in a friendly when roughly one to one goal from public would get at me ak and roman pavlyuchenko were expected to feature again tomorrow however the visitors do have injury problems. stank of each and it. meanwhile england's friendly with the netherlands at wembley is still set to go ahead on wednesday despite the riots in london being as your face say they will take advice from police later today but for the moment expect the game to take place england will be without frank lampard who is withdrawn with a throat infection while arsenal's jack wilshere united's jamie carragher also injured. mario station you know if you can klinsmann is pairing to his first match in charge his side play mexico in a friendly on wednesday and the german is held his first training session with him he replaces coach bob bradley and after mexico the usa will play costa rica and belgium in two more friendly before qualifying for the twenty fourteen world cup

gets underway. it's never too soon to play a really good team you know that's what you want to do in order to grow in order to improve your team and give them the best experience possible you know if you could play mexico brazil argentina those are the games you want to play in or go overseas to europe included best you can in order to improve your program that's what you're trying to do now back to domestic matters and sharon says talk of him being so absolute angie's all speculation adding hasn't even received an offer from the russian premier league club. thirty's or any contract to disdain with a gun is one more season but is thought to be a target for angie juice. call from chelsea the club have also been linked with any strike of thank you. he also says he knows nothing about a possible transfer. owned by billionaires to mark kimmitt off the sound of a call off the beginning of the season. and you've had a good season so far getting it to know when the weekend is still the ones to catch

any case he missed any of the action here's your chance to catch up it is.

i. know with the u.s. open starting at the end of the month tennis players are using this week's masters events in montreal is an ideal preparation and russia's nickel out of a james has got off to a good start he beat italian qualifier. six three six three sixteen c one martin del potro and joe were free to song go also progress to the next round beating your opinion in five years and the respectively also getting past the first round with stanislav the swiss he's ranked fourteen in this tournament having a little trouble against arjun signed david nalbandian six one six for the final score on the day. to be crane's alexander vocal full of had a harder time of it he was pushed to three and says why can't it is headed to vodka who's two hundred sixty nine places below him in the world rankings the local favorite winning the second set seventy five to level the match but gopal of have

the measure of him in the decider winning that six for. the world's best golfers are preparing for their last major of the year the p.g.a. championship starts on thursday in georgia in the united states defending champion martin kaymer a masters champion chance will also have been out on the course at the atlantic country club it's sweltering at the moment so they arrive early to avoid the worst of the hate many big names haven't yet arrived after taking part in last week's world golf championship but it will be a face and strong field although karma says being the defending champion won't put any extra pressure on his shoulders. in the end of the day doesn't really make a difference you know we're playing a different golf course if we play the same golf course then of course. i would see myself. or i would expect you to do well again this week i always knew golf played here any tournaments. but it doesn't really matter if you're depending

champion or not you know you just have to be if you can you you have the same same field unless you have to beat all those players. and i don't put any extra pressure of course looked and finally history will be made at the fast approaching world athletics championships in south korea with blade runner oscar pistorius set to become the first ever amputee to compete at the top of vents the twenty four year old's dream has come true after being named in the south african squad on the run on his carbon fiber legs in the four hundred meters as well as the four by four hundred meter relay stories clocking qualifying time last month it was also his personal best time of forty five point zero seven seconds which is just over a second slower than the full merits winning time at the world championships in berlin cheney years ago well the story is also eligible to be paid for next summer's olympics. and that is the sport for the moment more a bit later on whether he's next. bringing

you the latest in. the future.

live see the british. market. find out what's really happening to the global economy. the no holds barred look at the global financial headlines kaiser reports.

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india all she's afraid of being.