joseph stiglitz on the eve of the bretton woods conference in april but his remedy seems to have gained currency sense 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 the 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 unrest 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 the point i 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 older income goes to the upper one percent around forty percent but now you measure it all the wealth goes to the upper 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 of old europe as ossified. the data. show that meanwhile 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 if

everybody we're getting better off you can say well some are doing little better than the others but actually mooste americans are worse off than they were a decade ago. and that is it if you include the sense of insecurity the loss of jobs that will it insecurity but health reich's that most people in europe take for granted in the united states people with 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. get 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 an increase in funding for empress 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 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 the 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 meet a philosophical i find that 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 that 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 and other countries where they divide has grown and. it's meant that their economies have function and the societies have not functioned 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 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. but i argue and i've argued my book making 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 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 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 chair the river commission on the 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 great depression he understood. the links

between you case problem in 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 do us a hey we disagree we want to be the main reserve currency and got their way so it would the u.s. still have that same power if world leaders got together again today for another bretton woods conference i think at that same meeting where l.t. are 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 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 and support china supported it france's support or russia supported it so there is a wide understanding now you know animists but a wide understanding of the importance of this idea and i think if the economy global economy remains weak i think they'll be more interest 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 seem to be saying they have a point so what is that point 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 liquidity it can 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 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 and medium sized enterprises is cocked and the federal reserve has not fixed it you know they they contribute the creation of a crisis they didn't understand the basic economics and that's one of the purposes of 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.

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hold her toe ridges cement hotel. photo. on the radio and leave them to join the hotel's church in new delhi who to. be her to marry connection ramona pulls a. maiden's photo. was a movie done medicine ship and it was punished but they promised. outnumbered and beleaguered police struggled to restore order in the major british

cities locked in a spiral of violence and moving over five hundred people have been arrested after riots the british prime minister called pure criminality. here at the top bankers says the continental 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. and u.s. stocks are blinding following their biggest slump in years the plunge was caused by fears the downgrade of america's credit rating could force and the slowdown of the world's biggest economy. 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 affecting football.

hello welcome to this post headlines. first eleven russia can stick out the color pick the strongest stifle wednesday's friendly against serbia in the last. while the old style on t.v. catches up with in-form spot at last as aiden mcgeady as the odd midfielder with triploid struggling to injury. and sold england's friendly with the netherlands at wembley stadium is called off because of the wyatts in london. but first russia couch to couch because says he will pick his best eleven for wednesday's friendly against. adding there's no time to experiment ahead of the foster approaching european qualifiers however the dutchman will have to do with that said it would feel that he got the nice off the twenty seven year old picked up an injury during saturday's two know when a tabletop was to scuff all meanwhile serbia of missing top players promise that we've got of it from chelsea into monday and spank of it butts despite that advocaat told richard battle the serbia are a strong team and russia will need to play well to have

a september's european qualifiers against macedonia and joint leaders island. the other tells in the proposal goes to those three dollars to go for the final matches with the players as a show to. create the world to do something well also if you know what you're going to do people say the national teams play i mean in a similar macedonian over a very good sign defensively going one serbia to the old world we are still modern as you do is go allowed to play england to serve your game if they are good look we have a good relationship was there and so it doesn't mean that we will be able to relate everything until it will play because of them is now the time for experimentation is it really just trying to solidify your stance and eleven and get into playing together we improve your blue tried to play risk. the best one another and engineers something to do so for some promises i believe and we don't want to take any risk now not for his club but also for the games who are coming up so i send

them back to say that they still must be feeling very confident something stolen a very good position going into the small stuff old games yeah yeah well we all we have everything about it all and so we get now three home games as well so we have to do that plus the fact that i have the feeling that in all the qualification we were the better side so now we have to continue in a fun for god's sake not a question of. the great some friend of mine just recently transferred something you'd be able to provide tonight and how do you explain russia's inability to win for you much as it was last year or so i was happy to be on as was the last run again against a come over and i was dropping that was a very good game with the players who are not normally the regulars but they do really well now the stars as 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's midfielder aiden mcgeady the twenty five year old has missed almost half spot at moscow's clashes this year due to an

ankle injury being widely regarded as the top player of the season and you know nail. i'm joined here today by republic of ireland sports like moscow winger aiden mcgeady aiden thanks so much for taking the time to speak to us first things first how is your injury progressing this can slave labor of just about history and obviously branch of the boy who people for it nine months of broken legs and. push with whatever happens to me of course but not just the skin. and just importantly 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 has your russian experience been so far they're all but always been good overjoyed. i've enjoyed the the way of life for your obviously pixel but getting used to but. i've enjoyed this will fall and obviously the football was the main thing the football was really going reasonably well with. and i say also the difficult part is so i figure and

a way for here in the language what i'm getting slightly better about is well that's it is going to say are you taking lessons or had one western code is going off that my brain is for us and what i want and a half but i was just as good because i'm a mother and every single day what's your typical day here at four o'clock school quesadillas you went into bonuses you come in for ten o'clock in the morning normally and then you see the doctor you get with can you check all these boxes in her your shoe and not always in how your body is that you know of and. after you know your state the best or so you know you can go. for both a good life obviously you believe a teen can finally fulfill what they've been trying to do for years now and when the championship going to start the season that was of the ones in. you know that the baby started to pop the chairmanship was really really probe i mean it was to see a movie could go not only of unbeaten games you know the spot which i'm sure up to

class means and then be certain you know second top or second place was getting away with princess and so i think there's always there's a very very young squad we have. you know often over all of we have the proof that the just to put into practice you could have really gone to your pick of clubs why did you choose russia in the first place for me it was the chance to go. to complain about. troy took it all changed it to tom bowman to see off the circuit for you because i think it was painful so i moved one is best for everyone but do you miss the old firm you the thrill of the the huge game in glasgow of course some things are a must the game you know want to see on t.v. and when i call me you know you the best thing in football. to know for me was probably you know a sunny afternoon at parkhead sabi off in a pocket. no it doesn't get much better i just finally. on a lighter note is there anything you miss the bites about scotland and home you

know they're the deep fried mars bars are they i am paree the pride or state of play bars of the watch other people five miles well. of course as well as those home conflicts. i think the main thing that you'd nice is has been there we just are not going this year period show friends but. that's always a part of life they must you know they are it's a fashion show up since the four hours will go much over here and the russian cuisine is a great for me thanks so much for your time all pretty well that when i saw it all right yes. 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 each other at wembley stadium on wednesday the football association says the decision is regrettable but had to be mailed after taking advice from the police as the f.a. cannot guarantee safety neither for the fans of the players' strike up wayne rooney has even appealed for calm on twitter saying this is embarrassing for our country

stop please. meanwhile the usa is new coach here can transmute is preparing for his first match in charge as his side take on mexico in a friendly in philadelphia on wednesday the german replaced coach bob bradley on july the twenty ninth and has held his first training session after mexico the usa will 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 eto could be on his way to angie in the russian premier li but our own striker has emerged as a top target for the passion which club at thirteen he would become the world's highest earning player taking cover reported fee of twenty million euros a year while on monday two more experienced stars were also linked with moves to the dagestan side asked a winger andrea shopping who is also thirty and twenty eight year old forward danko lots of it both recent said the transfer talk is nothing speculation however and he

did sign brazil world cup legends about the palace in february and coffee from chelsea last point a move that provoked qualified support for this russian team mates. coaching for what is most a cousin to this is football and any player could find himself in a situation like this when he joins another club very good terms all of us are very happy for your is your call and it's not unlikely that some of his nearest friends will also end up with such a favorable conditions. everybody choose their own way that's why there is nothing left for us other than to be happy for the players who moved to new clubs and try to earn money to support their families and that's what we play for. and finally let's take a look back at all the weekend's football from the russian premier league take on moscow still lead the way despite a to nail him defeats to title rivals in eight but it was a drama in the top four spots which stole spotlight is goals a little. that's

almost 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 our t.v. .

in india oh geez availability in the movie the joint the hotel rooms a movie that's a great way to go to the grand imperial truly told us to. you can a letter to. see don't need to go on a clear run to the colonel was photo as used to retreat. chaos reigns outnumbered and beleaguered police struggle to restore order in major

major british cities locked in a spiral of violence and the looting. here in south west london to clear up operation begins as police prepare for other nights of violence. in other news u.s. stocks qual back losses following their biggest slump in years amid fears the downgrade of america's credit rating could worsen the slowdown of the world's biggest economy. and europe's top banker says the continent is going through the worst financial crisis since the second world war as the central bank buys bonds from the region's crippled economies. live from our headquarters in central moscow you're watching our team with me and you so now a seven pm here in the russian capital four pm in london where the right.