it's two thirty pm in moscow the headlines on r.t. britain is on a full scale alert as scenes of violence and destruction flare beyond them after three days of clashes between rioters and the police the prime minister has cut short his holiday to hold emergency government talks on how to deal with the make out. european stock markets are diving after wall street hits a low not seen since two thousand and eight as panicked investor of abandoned global stocks the euro crisis is fueling and time to move on towards the single

currency. america's latest economic slump comes despite a public message of defiance from president obama but if the u.s. credit downgrade triggers a freefall on global markets india claims its economy could actually benefit from the situation. now with stocks the u.s. stock markets dropping heavily and with that the debt crisis spreading over europe talk about a new global reserve currency is announcing 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. joseph stiglitz is a nobel prize winning economist think limby a university professor and he's pushing for a rethinking of the global economic framework in the wake of the natural 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 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 the point raised was that the increase in the concentration of income in wealth in the united states has been enormous. would happen in the last couple decades is almost a quarter of older income goes to the upper one percent around forty percent and you measure it all the wealth goes to the upper one percent americans used to think

of themselves as a land of opportunity that everybody else thinks of themselves as a land of opportunity and that you can old europe is isotropic 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 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 everybody we're getting better off you can say well some are doing little better than the others but actually most americans are worse off than they were a decade ago and that is if you include the sense of insecurity the loss of jobs the it in security but health rights that most people in europe take for granted in the united states people think lose their jobs can lose all the access to health

care one of things that i raised in my article was that the political the 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. have 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 and 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 infrastructure or education or science and said we're think quite the opposite so if you think this country is headed in the wrong direction that's right and that was what was brought home so forcefully by 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 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's to blame here is it politicians asleep at the wheel or out of touch with reality or are there 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 that corporations are people i mean it full sophocles i find that difficult but they say because you 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 that really we were 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 in 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 in other countries where they divide has grown and. it's meant that their economies have function and the societies have not function it's getting enough 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 my 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 would argue and i've argued my book making globalization work is that the dollar reserve currency system contributes to any quality. 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 lobel economy because if countries are setting aside literally hundreds of billions of dollars you might save the cautionary savings. that's money not spent

so you're saying essentially it hurts everybody to have the u.s. dollar is the reserve currency that's right and what we describe what i've described in the un a 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. and 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 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 it would be us still have that same power if world leaders got together again today for another bretton woods conference i think that same medium or ulterior 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'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 a supporter russia supported it so there is a wide understanding ninety nine animists but a wide understanding of the importance of this idea and i think if the economy global economy remains weak and there 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 cried your writings correctly you seem to be saying they have a point for what is that right the point is the u.s. 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 it can 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 eat 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 and medium sized enterprises is caught and the federal reserve has not fixed that you know they they contribute the creation of prices they get 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 interview.

see this is a cable from the u.s. embassy in colombo this talk back here in an apparent june seventh incident of extrajudicial executions the military order to suppress it and that they killed nine your religion come back desiccation right instructs me now and. strongly suggests i would or at the night were executed by the army and then dressed in military. slave oh you know this kind of phenomenon where bodies are dressed up as guerrillas and presented as killed in action and this and this idea that you need to produce these actually encouraged paramilitary collaboration this is a cia document social intelligence agency they knew about these activities they knew they were happening knew about links to paramilitary groups and yet. u.s.

aid continued to flow. the. party's top stories britain is on full scale of lurd and scenes of violence and destruction flare beyond london after three days of clashes between rioters and police the prime minister or his holiday to hold them urgently government talks on how to deal with them a. european stock markets are driving after wall street hits a low not seen since two thousand and eight as the panicking grafter of abandoned global deepening euro crisis is fueling antagonism towards the single currency. and america's latest economic slump comes despite a public message of defiance from president obama but a new u.s. credit downgrade triggers

a freefall on global markets india claims its economy could actually benefit from the situation. at the latest from the world of sports and performer joins us now i understand the london riots are having quite an impact on football fixtures. seeing which used to play the netherlands at wembley in the capital tomorrow but is being called off of that long up plus the build up to russia's friendly against. hello there you're watching the sport and this is what is coming up over the next few minutes. no time to experiment russia coach take out the car will pick his strongest side for the friendly against. us counsel england's friendly with the netherlands at wembley stadium is called off because of the london riots. and how

you might last for a stanley cup when the electrical value of joins russian side after two decades in the n.h.l. . but first russia coach take out the car says he will pick his best eleven for tomorrow's friendly against adding there's no time to experiment with crucial euro qualifies fast approaching however he will have to do without his elite midfielder igor denise he picked up an injury during their win over to skaar at the weekend serbia will miss a couple of plays themselves branislav evaluations a chance thank you but the spite that applecart told r.t. there's still a tough saying on russia need to play well at the september's euro qualifies against macedonia and. no other tells in the proposal because there's only three whole weeks to go before the final matches. the players are showed. capable to do something well also if you are what you are going to be people serve you

national teams play i mean a very similar very very good side principly more point one so. we are still. playing the sos serve you gave they were good we have a good relationship is there. really going to be a little players of reasonable time for experimentation is it really just trying to solidify your stance and eleven and get playing together. to play. the best. and i can introduce some of these filth. and we don't believe they can do is now not for school but also for the games that are coming up so send them back to us they still must be feeling very confident something stolen a very good position in the international school for games you know well we all we have and so we've got three home games as well so we have to do that plus the fact that i have a feeling that an old qualification we were the better side so now we have to

continue in the in the fun for both for the question of interest. rates and pretty much just recently conference we need to provide tonight and how do you explain russia's inability to win very much as the last year or so i was happy to be on as was the last for a new game against the move and i was dropping that was a very good game with the players who are not normally the regulars but they did really well now the stars as he showed that they can do it as well. richard byrne paul feig putting the questions now elsewhere england's friendly with the netherlands has been called off because of the riots in london the teams were due to play each other at wembley stadium in the capital on wednesday the f.a. says the decision is regretful what was made after taking advice from police striker wayne rooney has even appealed for calm on twitter he wrote this is embarrassing for our country stop please. email us a new coach jurgen klinsmann is apparently his first match in charge his side play mexico in a friendly with german replaces coach bob bradley and has held its first training

session after mexico the usa will play costa rica and belgium seem more friendly before qualifying 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 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 and played a best you can in order to improve your program that's what you're trying to do back to domestic matters and sharon says talk of him being sold from arsenal to angie is just speculation and he hasn't received an offer from the russian premier league club arshavin who's thirty is only contracted to stay with the gun is for one more season but is thought to be a target ranji also after as any striker as a big one man they have just i know you're here call from chelsea as billionaire owner someone carry more continues to splash the cash he also brought in brazil because of the start of the season. ranji have had

a good season so far their fifth after getting a two no win over time at the weekend but scar still the ones to catch and in case you missed any of the action here is your chance to catch up it is cool off. it's.

coming.

up. i. know there is only a month to go until the start of the new k h l season and last year's finalist atlanta about a three powerful place to their roster among them alex a couple year old who 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 the limp a champion wasn't offered more than a one year deal in the n.h.l. and decided to move to the mosque a region side to value overall play alongside another russian returning from the n.h.l. and he can get the twenty six year old order to atlanta for the third time in his

career and there was another last minute surprise signing frank rich also joins that say after failing to extend his deal with spartak moscow. because of business and. i have to accept the rules over the get rid of me but. we we shake hands after all and the you know i think. they call me good luck i call them good luck and. i can be happy that i can stay in the most and you know really find a really quick to deal with and i'm really happy to be i just didn't want to read it your way to training here for you would maybe be getting c's or big weight for what's going to be for going to sidecar shark not going to start so i just decided it was really interested to be interested you want to do want to have me on their team and you know bigger three years and you know just there was no brainer for me . 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 juncker has got off to a good start at the rogers cup beating italian qualifier for poland in straight sets the rules so wins visual free to tsonga and martin del potro just longer is the thirteenth seed at this tournament and got obviously nini after winning the first set six four he won a tie second honest eyebright for the match. portrayed joins him in the origin time its last year's rogers cup after being sidelined with a wrist injury for most of this season but is coming back to full base in can if you are six four six lucky. and the world number one novak djokovic is in action rated this week it will be his first tournament since claiming topps was given a trophy to mark his new status djokovic is aiming to be the first to win five mass to start the season. in while the world's best golfers are also getting ready for their last major of the year at the p.g.a.

championship starts on thursday in georgia in the united states defending champion martin kaymer a masters champion charles small school have been out on the course of the atlantic country club it is sweltering there at the moment so they were really mourning to avoid the worst of the eight many big names though haven't arrived yet after taking part in last year's world golf championship but it will be a fierce and strong field although coleman says being the defending champion won't put any extra pressure on his shoulders. better you 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. so i would expect myself to to to do well again this week always is a new golf course i haven't played here any tournament yet. and i think it doesn't really matter if you're defending champion or not you know you just have to play it if you can you you have the same same field unless you have to feed all those players. and i don't put any extra pressure on my stuff and that is the sport for

the moment so we've got more later on. we'll. read you the latest in science technology from the realms where. we've got the future coverage.