welcome back now here's a recap of the main stories we're covering today on our t.v. britain is on a full scale of the scenes of violence and destruction a flare beyond run that after three days of clashes between rioters and police the prime minister has cut short his holiday to me to hold emergency government talks on how to deal with the may have. the wall street hits a new low says the two thousand and eight financial crisis despite a public message of defiance from president obama but as the u.s.

credit downgrade triggers freefall of global markets india claims its economy could actually benefit from the situation. plus the eurozone tries to whether its economic storm pull its shelving of plans to adopt the 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 mounting a large he spoke to a nobel prize winning economist joseph stiglitz on the eve of bretton woods conference in april but his revenue seems to have only gained currency since that. joseph stiglitz is a nobel prize winning economist in 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 frighten 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 our 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 for the point raised was that the increase in the concentration of the income and wealth in the united states has been enormous. what's happened in the last couple decades is almost a quarter of older income goes to the upper one percent around forty percent but now you measure it by 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 that the old europe is ossified the data to show that new while we see protests taking to the capitals of states like wisconsin so is this 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 and everybody we're getting better off you can say well some are doing little bit better than the others but actually noosed americans are worse off than they were a decade ago. and that doesn't even include the sense of insecurity the loss of jobs or 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 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. education and that's mix 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 an increase in funding for m. for 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 was 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 that simple economics and it's not a surprise in that context that to day in those standard ice cores the rate education over the world united states is really not doing very well so who's the blame here

is it politicians asleep at the wheel or out of touch with reality or their 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 full sophocles i find that difficult but they say 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 there 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 an 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 luncheon and the societies have nothing 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 would have argued for is a creation of a global we. surfer n.c. . 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 but i argue and i've argued my prepaid 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 local economy because if countries are setting aside. literally hundreds of billions of dollars saved 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 u.n. commission that i chair 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 the of the great depression he understood. the links between you case problem the u.k. being the reserve currency then and then if we're going to have a little 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 us say hey we disagree we want to do it in a reserve currency and got their way so it would be us still have that same power

if world leaders got together again today for another bretton woods conference i think at that same meeting we're here in bretton 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 already 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 our un commission came out in support china's supported it france has supported russia supported it so there is a wide understanding not you know animists but a wide understanding of the importance of of this idea and i think if the economy global economy remains weak i will be more interest as one of the remedies to the current instability weakness in the global economy china's 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 fine they have a point there what is that money the point is the us is creating liquidity us work very hard to open up 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 meters 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 united states our system of getting money. into small medium sized enterprises is clocked in and the federal reserve has not fixed it you know they 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 for the center. lifts .

us. led. us live says wealthy

british. muslim. market. why no one's really happening to the global economy with much stronger or no holds barred look at the global financial headlines cause report on our.

stories in our t.v. britain is on full scale alert a scenes of violence and destruction a 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 that mayhem. wall street hits a new low since the two thousand and eight financial crisis and that's despite a public message of defiance from president obama but as the u.s. credit downgrade triggers freefall in global markets india claims that the economy could actually benefit from the situation. plus as the eurozone tries to whether its economic storm of poland shelving

a plan to adopt the single currency highlights a broader european desire to stay out of the euro crisis. more news for you in about fifteen minutes time but first let's check all the latest in sports now with andrew andrew the riots going on in london is having an impact on their football fixtures what could happen. to play the netherlands at wembley in the capital tomorrow but that is now in doubt a decision will be made later today i've got more on that in a moment plus the build up to russia's friendly against. hello there thanks for watching the sport and these are the headlines no time to experiment russia. will take his strongest side for the friendly against. plus home at last stanley cup winner alexia value of joins russian side atlanta

after nineteen years in the n.h.l. . and in this series of more glory martin arrives in georgia as he prepares to defend his p.g.a. championship title. but russia says he will pick his best eleven for tomorrow's friendly against serbia adding there's no time to experiment with crucial euro qualifies fast approaching however he will have to deal with that. he picked up an injury during their win over the weekend serve we will miss a couple of plays and branislav advantage. but despite that applecart told r.t. there are a tough team and russia need to play well to the september's euro qualifies against macedonia and. well that tells them the proposal goes to those three goals to go for the final matches. the pros are sold. to do something well for city of what you're going to serve the national teams play in

a very similar to go your mother a very good side defensively was going to. be oh well we are still. playing linda to see if you gave. because you are going to play because it's a misnomer time for experimentation is it really just trying to solidify your stance and eleven and you're going to get. to play was. introduced something. useful. we don't know who they're going to the first global so for the games who are coming up. the storm is going to go to conference i'm still in a very good position billions of these last four games. we have everything. we've got three home games as well so we have to do with those afraid of the feeling and . we were the better side so we have to continue farming for goods bought

a question of russian immigrants and pretty much just recently something you'd be able to watch margin how do you explain russia's suitability to win pretty much as it was last year or so i was happy to be the last run against a guy who. was a very good. players who are normally normally direct with. the stars there's a show that they can do does well. but you put in the questions then i'll swear england's friendly with the netherlands. because of the riots in london being a stable they say they would take advice from police later today before making a decision about tomorrow's game striker wayne rooney incidentally is even appeal for calm on twitter he wrote this is embarrassing for our country stop please if you're going goes ahead england will be without frank he's got a throat infection wilshere a manchester united parikh enjoy it. while usa klinsmann is preparing to his first

match in charge his side playing mexico in a friendly german replaces coach bob bradley and has held his first training session after mexico the usa play costa rica and belgium more friendly before qualifying for the two thousand and fourteen world cup gets under way. 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 overseas to europe and. universe you can in order to improve your program that's what you're trying to do now back to domestic matters in under your sharon says talk of him being sold from arsenal to angie is just speculation that he hasn't received an offer from the russian premier league club and he's thirty he's only contracted to stay with the gun is for one more season but it is thought to be he is thought to be a target for angie we've just signed u.d.t. a call from chelsea a club of also being linked is any strike a gang colors of each although he also says he knows nothing about

a possible transfer owned by billionaire some of the sign brazilian rapira carlos at the beginning of the season when i have had a good season so far their fifth after getting it soon a win over tom at the weekend but tears i still the ones to catch and in case you missed any of the action here is your chance to catch up it is gold.

coming.

up up. coming . i know there is only a month to go until the start of a new page l season and last year's finalists after and have already three powerful plays to their roster among them i don't think i've alue off he returns to russia after nineteen years in north america he was the first ever russian to be drafted in the first round of d.n.a. chela 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 limp a champion wasn't offered more than a one year deal in the n.h.l. and decided to move to the more scaled region side value of will play alongside

another russian returning from the n.h.l. we have a twenty six year old forward returns to atlanta for the third time in his career and there was another last minute surprise signing to branco of each also joins the same after failing to extend his deal with spartak moscow. people could as a business and. i have to accept that you know it's all the get rid of me but. we shake hands after all and the you know i think. you call me good luck and all them good luck and. i can be happy that i can stay in the most game you know really find a really quick deal with the atlanta and i'm really happy to be i just didn't want to original a training camp or you would really be getting cs are great for what's good for going to succumb sharknado side of the church or i just decided i was really interested in you just if you want to do want to have me on the team are you going

to give me two years and you know there was a no brainer for me. we create a watch now with the u.s. open starting at the end of the month tennis players are using this week's masters event in montreal as preparation and russia's nicoletta jenga has got off to a good start at the rogers cup beating italian qualifier pola in straight sets there were also wins for joel free to song by martin del potro to song is the thirteenth seed of this film and i got past the. beginning of this city school when i tie second on a tie break for the match martin del potro joins him the argentine miss last year's rogers cup after being sidelined with a wrist injury for most of the season but his form is coming back from finn in g.r. can women in six four six love. the new world number one never joke about his in action later this week it will be his first tournament since claiming top spot and was given a trophy to mark his new status djokovic is aimed to be the first play to win five

masters titles in a single season game are the world's best golfers are also getting ready for their last major of the year the p.g.a. championship starts on thursday in georgia in the united states pending champion martin climat a masters champion charles walsall has been out on the course at the atlantic country club it's twelve thirteen there at the moment so they were out morning to avoid the worst of the heat many big names haven't arrived yet so after taking part in last week's world golf championship it will be a fiercely strong field although i must say as being the defending champion when put any extra pressure on the shoulder it's. in the end of the day you know 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 always use new golf balls are. doing it it doesn't really matter if you're defending you know you

just have to. if you can you you have the same same feel good where you have to beat all those players. and i don't put any extra pressure over it so that's the sport for me for the moment so i've got more feel in. live. bringing you the latest in science and technology from around. the future coverage. for the full story we've got it's. the biggest issues get a human voice face to face with the news makers.

in india all she's afraid of the.