welcome back past the hour and here's a quick look out the top stories on our t.v. britain is on a full scale and word as scenes of violence and destruction flare 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 and below since the two thousand a national crisis despite a public message of defiance from president obama but as the u.s.

credit downgrade triggers freefall on global markets india claims its economy could actually benefit from the situation. plus as the eurozone tries to rather its economic storm poland's shelving no plans to adopt a single currency highlights a broader european desire to stay out of the euro crisis. over the u.s. stock markets dropping heavily and with debt crisis spreading over europe talk about a new global reserve currency is knowledge ng r.t. 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 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 under 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 with point raised was that the increase in the concentration of income and wealth in the united states has been enormous. happen in the last couple decades is almost a quarter of all the income goes to the upper one percent around forty percent you measure it all 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 think the old europe is awesome thought the data. 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 the 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 and everybody we're getting better off you can say well some are doing little bit better than the others but actually mooste americans are worse off than they were a decade ago. and that is if you include the sensitive security the loss of jobs that will it insecurity about health rights that most people in europe take for granted and united states people if they lose their job can lose all the access to

health care and one of things that i raised in my article was that the put not only the political consequences but the economic consequences that there are many things that any society has to do together. you have to. look at 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 if the rich can buy their own health care 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 in funding for and for structure or education or science and that 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 i mean that's simple economics and it's not a surprise in that context that today in those standardized scores that rate

education all over the world united states is really not doing very well so who's to blame here is it politicians asleep at the wheel or out of touch with reality or the greater flaws in the system it's both i mean there are some real. deep flaws in america's political system. our campaign contributions supreme court said the corporations are people i meet it philosophically i got difficult but they said because we can't restrain the rights of free speech corporations have unlimited 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're 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 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 other countries where they divide has grown and. it's meant that their economies have function and their societies have not function speaking of 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 but 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 when he first century it's an anachronism that a single currency would play the pivotal role that the dollar has played when i argue and argue in 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 a much higher interest rates an equitable increase it contributes to instability. and it actually contributes to a weakening of global aggregate demand a weak global economy because if countries are setting aside literally hundreds of billions of dollars saved the cautionary savings. that's money not spent so you're

saying offensively it hurts everybody to have the u.s. dollar is that was 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 in the u.k. being the reserve currency down and if we're going to have global economic stability we need to move off. of the. single currency country being the reserve currency. bretton woods failed from his perspective in this respect and didn't do us a hey we disagree we want to give them

a 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 here in bretton woods the world is markedly different china has close to three trillion dollars of reserves about a third of the. reserves about nine trillion dollars you don't need three trillion dollars you have some voice in what kind of reserve currency system you want to have and chinese been very clear that it worries about the current dollar based reserve system right after un commission came out and support china supported it france has supported russia supported it so there is a wide understanding nine animists but a wide understanding of the importance of this idea and i think if the economy global economy remains weak i do believe more in first as one of the

remedies to the current instability and 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 think anything they have a point so what is that really the point is the u.s. is creating with quiddity 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 wants where's it going not where we need it here in the united states it's going where it's not needed 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 clocked in and the federal reserve has not text you know they contribute the creation of prices they don't understand the basic economics and that's one of the purposes the meeting here in bretton woods

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.

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dollars on our team britain as our full scale work the scenes of violence and destruction the fear beyond london after three days of postures between the rioters and police the prime minister has cut short his holiday to hold emergency government talks about how to deal with the case. of wall street hits a new low since the two thousand eight hundred. a public message of defiance from president obama without the u.s. credit downgrade triggers a freefall on global markets and india claims its economy could actually benefit from this situation.

plus the eurozone crisis whether it's economic storm of poland's shelving of plans to adopt a single currency highlights a broader european desire to stay out of the euro crisis. and up next all the latest words of andrew you know there's always a healthy scattering of rumors when it comes to transfers and football makes it interesting and today's no exception i absolutely not so we've got on the dish of a knowing he's on his way out of our scene with angie being linked to the russian star who is in moscow for the friendly against serbia arrival on the sets. hello there welcome to the school where there is plenty of promise to coming up.

home at last for the stanley cup when i like secret value all visited by old russian side after and after nineteen successful gays in the n.h.l. . what primes their ass in star shot in the ninety's moving to russian side and she also asked the guy who has a village. and in the future of more glory martin karma arrives in georgia as he prepares to defend his p.g.a. championship time. let's start with the i saw him with a month to go until the start of the season last year's finalists atlanta have added three powerful reinforcements to the roster among them a value of the returns to russia after nineteen years in north america he was the first ever russian to be drafted in the first round of the n.h.l. a made more than one thousand three hundred differences in america's top story within the bounds and points however the thirty eight year old stanley cup winner

and a limpid champion wasn't offered more than a one year deal in the n.h.l. and decided to move to the most elite inside somalia will play alongside another russian return from the n.h.l. nicholai year death the twenty six year old forward returns to atlanta the third time in his career and there was another last minute surprise signing branca. also joins to take the same content he steals that moscow. people could as a business and. you have to accept him you'll get rid of me but. we shake hands after all and you know i think you recall me. like i told them good luck and i like and i can be happy that i can stay in the most cool and you know really find really quick deal with the land and i'm really happy to be there i just didn't want to wait until at training camp or you would maybe be doing the caesar paid wait for what's going to happen if i got to sign

a contract and i decided i'd start so i just decided you know this was really interesting to show they be interested to want to do want to have me on their team and you know to give it to me here is jim you know i just there was a no brainer for me. in other news russia's football stars have arrived in moscow ahead of their friendly with serbia with coach to caprica having a thirty fifth squad to choose from why would a crunch game against coming up in the euro qualifies tomorrow represents a good opportunity to find she and there's not much between russia and iran seventeenth and twenty fifth in the world respectively the last time they met was three years ago in a friendly when russia won she won the gold come from. change it were expected to feature again tomorrow however the visitors do have injury problems branislav vanity and asian stankovic should. be marking these friendly with the netherlands at wembley still set to go ahead on wednesday despite their rights in london the

english f.a. say they will take advice from police later today but for the moment expect the game to take place england will be without frank with drawn with a throat infection while arsenal's jack wilshere a man she knights and carried injured. and usa u.k. jurgen klinsmann is preparing for his first match in charge his side will play mexico in a friendly on wednesday and the german has held his first training session with the state he replaces coach bob bradley 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 you know or go overseas to europe and played a best you can in order to improve your program that's what you're trying to do. well back to domestic matters and sharon says talk of him being sold for mass and

angie is all speculation adding he has received an offer from the russian premier league club and he's thirty is only contracted to stay with the gun is for one more season but it's thought to be a target that angie has just signed with the zhirkov to chelsea the club are also being linked with any striker danke allows of each although he also says he knows nothing about a possible transfer angier owned by billionaire someone carrying will be signed presumably because at the beginning of the season. pelangi have a good season so far their fifth after getting a tuna win over tom at the weekend but still the ones to catch and in case he missed any of the action here's your chance to catch up it is go slow.

the moment. the u.s. open starting at the end of the month tennis players are using this week's masses event in montreal as ideal preparation and russia's nickel out of agenda as go after a good start at the rogers cup beating italian qualify flood each of poland in straight

sets there are also wins if you are free to song and one martin del potro song is the thirteenth see that is the only thing got passed italy's fabulous after winning the first set six ball you want to tie the second round it's by break for the match . and don't portray joins him yard in time missed last year's rogers cup after being sidelined with a wrist injury for most of the season he's coming back to form infinity arkan him in a six four six love. and the world number one novak djokovic is in action later this week to receive the number one trade for used to when we began his first since claiming top spot and is aiming to be the first player to win five passes titles in a single season. while 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 karma a masters champion child support full were out on the course at the atlanta country

club it is sweltering there at the moment so they were out early morning to avoid the worst of the heat many big names haven't arrived yet after taking part in last week's world golf championship but it will be a fierce and strong field although i says being the defending champion won't put any extra pressure on his shoulders. in the end 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 to to to do well again this week always is a new golf course if you're any tournament it. doesn't really matter if you're defending champion or not you know you just get the place but if you can you get the same same field unless you have to beat all those players. and i don't put any extra pressure on president 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 the twenty four year old dream has come true after being named in the south african squad and will run on his carbon fiber legs in the four hundred meters as well as the four by four hundred meter relay the story is the qualifying time last month was also his personal best time of forty five point zero seven seconds which is just over a second slower than the show merits winning time at the world championships in berlin two years and k. well to stories is also eligible to take the next on this month and then. good luck to matt is that the sport for the moment we've got more stuff.

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