at six thirty pm moscow time these other top stories from the archie outnumbered and beleaguered police struggle to restore order in major british cities locked in a spiral of violence and looting over five hundred people have been arrested after riots the british prime minister called pure criminality. the continent is going through the worst financial crisis since world war two european markets remain uncertain despite the central bank's move to buy bonds from the

region's crippled economies. u.s. stocks are rising following their biggest slump in years the plunge was caused by fears the downgrade of america's credit rating could worsen the slowdown of the world's biggest economy. and with the current financial turmoil in the us and europe talking about a new global reserve currency is now nothing or she spoke to nobel prize winning economist joseph stiglitz on the eve of the bretton woods conference in april but his remedy seems to have gained currency since that. 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 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 can compare these conditions to what led to the iraq's 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 would be with putting a raised was that the increase in the concentration of income and wealth in the united states has been enormous. would happen in the last couple decades is almost a quarter of all the income goes to the opera one percent around forty percent depending how you measure it or the wealth goes to zero or one percent of americans used to think of themselves as a land of opportunity that everybody else thinks of themselves as a land of opportunity and they think the old europe is ossified the

data. show that new while 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 little better than the others but actually noosed americans are worse off than they were a decade ago and that is if you include the sense of insecurity the loss of jobs that will it insecurity but health rights that most people in europe take for granted and united states people with they lose their job can lose all the access to health care one of things that i was 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. 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 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 n.p.r. structure 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 the what was going to happen in wisconsin here you have people saying over the country we need to improve education. 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 the context that it's a day in those standardized scores that rate education all over the world united states is really not doing very well so who threw grain here is it politicians asleep at the real 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 mean it philosophically i find that difficult but they say because we can't restrain the rights of free speech corporations have limited the ability to contribute and that means they can use their money to get laws that of them to escape taxation and to shape a political process they really we work 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 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 would have argued for is a creation of a global or. sort of 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 but i would argue and i've argued my bookmaking go position work is that the dollar reserve currency system contributes to the 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 will 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 commission that i carry

a commission and reform 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 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 in da terrible way so with 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 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's support it russia supported it so there is a wide understanding now you know analysts put a wide 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 and weakness in the global economy and is 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 saying they have a point so what is that the point is the u.s. is treating 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 and where is 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 cotton and the federal reserve has not text that you know they they contribute the creation of prices they didn't understand the basic economics and that's one of the purposes of 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 this interview. the latest in substance are some of. the future. lists.

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outnumbered and beleaguered police struggle to restore order in the major british cities walked in a spiral of violence and then moving over five hundred people have been arrested after riots the british prime minister called cure criminality. europe's top bankers says the continent and going through the worst financial crisis since world war two markets remain uncertain despite the central bank's move to buy bonds from the region's crippled economies. and u.s. stocks are rising following their biggest slumping years caused by fears the downgrade of america's credit rating could pour central spode out of the world's

biggest economy and more details on all those stories in less than fifteen minutes next it's the sports news with kate she has more on how the riots are also a fact thanks. hello welcome the sports headlines. first eleven russia close together call it this is a cipher wednesday's friendly against serbia in the last. while it will start off he catches up with in-form spacek musters aiden mcgeady as the hill to retrieve points from her until injury. and sold england's friendly with the netherlands at wembley stadium is called off because of the wyatts in london. but first russia coach take out says he will pick his best eleven for wednesday's friendly. adding there's no

time to experiment ahead of the fast approaching european qualifiers however the dutchman will have to do with that said it would feel that it would be nice off the twenty seven year old picked up an injury during saturday's to win it table toppers taste up on me while serbia obviously top gun is that run of it from chelsea and runs a day and strength of it that's despite that advocaat told richard bancorp serbia are a strong team and russia will need to play well to have the september's european qualifiers against macedonia in joint leaders' island. the other tells them your proposal because those you know wish to go for the final matches with the players as a show the. world to do something the world will serve you know what you are going to do people said your national team to play i mean amazing results are macedonian a very very good sign defensibly was always one serbia the old we are still not in the larger plane landed service said sos serve again if there are good we have

a good relationship is there new so it doesn't mean that believe that if you load a little it will play because there is now the time for experimentation is it really just trying to solidify your starting eleven and getting the playing together. in brazil required to play risk. the baseline of engineers has undergone diesel for some progress and regularly and we don't want to take any risks now in the first book but also for the games that are coming up so some going back to the most beginning very conferences in seoul in a very good position in the international stuff old games yeah yeah well we all we have everything about the owner and so we're we've got now three home games as well so we have to do that because the faded i have the feeling that an older qualification we were the better side so now we have to continue in a fun for good for the question of interest. rates and friend of mine just recently concerts in a new political rights march and how do you explain russia's inability to win for the russians are going off for a year or so i was happy to be on as was the last wonder again because the come

over and i was dropping there was a very good game with the players who are not going to go normally the regulars did really well. for starters there's a show that they can do it as well. and while russia plan ahead of next month's european qualifier against island it's been a tough couple of months for the republic smith feel that he's imitating the twenty five year old has missed almost hot spots at moscow's clashes this year to frankly injury being widely regarded as the club's player of the season and you know nail. i'm joined here today by republic of arlington spartak moscow winger aiden mcgeady eden thanks so much for taking the time to speak to us first things first how is your injury progressing this cancel it would be of it's about history and it was a bunch of a boy who people who were not for it name once and i was in. touch with out of a home study course but now it's just this can. be just appointed by playing with another two or three weeks now you've been in russia just about a year now i believe the start of august you came last last year how's your russian

experience been so far well but always been good i've enjoyed. i've enjoyed the sort of weird wafl here obviously picks a lot but then your stuff but. i've enjoyed it so fall and obviously the football was the main thing the football was really going reasonably well. what's the also the good part is this so i think it unfair the way for here in the language well you know i'm getting a little bit about as well but i was going to say are you taking lessons oh i had one worse and a couple days ago and after that not but in a surprising one and a half but i was just as good because i'm out of it every single day so what's your typical day here at florida law school quesadillas you may think they want to see. you come in for ten o'clock in the morning normally i mean you should have gotten it with you for probably sports season or your show and all our wise imho what is true in all of them. after all you know you will still be

a star so you might even go. so it was a good life obviously you believe in team can finally fulfil what they've been trying to do for years now and win the championship going to start the season that was everyone's in. the way we started with the four spot the championship was really really i mean it was to see a movie could go on our own and of unbeaten games you know of a spot which i'm sure up to christmas and then be something you know second top or second place. think it's always that's already been scored we have. you know i think overall with we have the proof that the system put into practice you could have really gone to your pick of clubs why did you cheese russia in the first place for me it was it was a challenge to go. to complain about all the. ploy to get all the chicken put on the sea of space so people you because often keep staying for the storm of one is best for everyone out but do you miss the old firm you're the thrill of the game in

glasgow or some things are a must the game you know when i see on t.v. and when i got home you know you best thing a football through for no for me it was probably you know a sunny afternoon at parkhead sawgrass in a pocket we know don't know doesn't care much better or not but i just finally. on a lighter note is there anything you missed the bites about scotland and home you know their eighty fried mars bars are they i am three people right. it was about watch other people. yeah of course as well as those home comforts you must share just i think the main thing we need most is really we just are not going to see appearance of friends but. that's always a part of life we must you know they are so fresh and ships and stuff as we go much over here and the russian cuisine is a great for me didn't thanks so much for your time all right so all it's yours. staying with football and the england squad held a training session this tuesday only to later find out that their friendly with the

netherlands was called off because of the riots in london the teams would you to play tell when the stadium on wednesday the football association says the decision is regrettable but had to be taking advice from the police as the f.a. promised guarantee safety neither for the fans or the players strike up wayne rooney has even appealed for calm on twitter saying this is embarrassing for our country stop. meanwhile the usa is new procure convinced me is preparing for his first match in charge since side take on mexico in a friendly in philadelphia on wednesday the german replaced coach bob bradley on july the twenty ninth us held his first training session after mexico the usa would play costa rica and belgium in two more friendliest for qualifying for the twenty fourteen world cup gets underway. back to domestic matters and reports have resurfaced that interland star striker samuel that's a could be on his way to and in the russian probably the cameron striker has

emerged as a top target for the cash rich club at thirteen he would become the world's highest earning player taken from a reported fate of twenty million euros a year while on monday two more experienced as also linked with moves to the biggest and so i asked a winger and they are shopping who's also thirty and twenty eight year old paul would bankroll was a bitch but since the transfer talk was nothing speculation however and he did sign brazil world cup legend for both the palace in february and judicious thought from chelsea last point a move that put that course on support for this russian team mates. caution for the dismissal of dozens of this is football and any player could find himself in a situation like this when he joins another club on very good terms with all of us are very happy for your original call and it's not a likely that some of his nearest friends will also end up with such conditions though that. everybody choose their own way that's why there is nothing left for us i didn't to be happy for the players who moved to new clubs and try to earn money

to support their families and that's what a playful manner. finally let's take a look back at all the weekend's football from the russian premier league still lead the way despite sunil and defeats to title rivals and it's but it was a drama in the dark at the back which stole a spotlight is goals goal. i

think. for the full story we've got it first hand the biggest issues get a human voice face to face with the news makers on the t.v.

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