this is r.t. international it's kevin zero in here this hour in moscow thanks for being with us yourself these are the top stories thousands of police move on to the streets of london to prevent any violence or looting after three days of disorder over five hundred people have been arrested after the riots. u.s. stocks called by the aussies following the biggest slump in years but plunge was caused by fears that downgrade of america's credit rating could worsen the slowdown of the world's biggest economy. and europe's top banker says the confidence going through the worst financial crisis since world war two european markets had an

uncertain day despite the central bank's move to buy bonds in the region's crippled economies. but with the current financial turmoil in the us and europe the small talk about the need for a new more liable global reserve currency spoke to nobel prize winning economist joseph stiglitz on the eve of the bretton woods conference last april and his words are seen more relevant than ever. 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 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 rest 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. 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 you measure it by the wealth goes to the 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 the old europe is 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 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 if everybody we're getting better off you can say well some are doing little bit 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 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 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.

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 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 infrastructure or education or science and said we're think quite the opposite side 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 happening 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 in that simple economics and it's not a surprise in that context that the 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 that politicians are free to are out of touch with reality or their greater flaws and if it's not exposed 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 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 but 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 in other countries where they divide has grown and.

it's meant that their economies have function and the societies picking up functions speaking of not functioning well what about the u.s. dollar because you're someone who's 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. 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 or you know our performance was not a stellar. but the fact that in a modern globalized economy twenty first century exit in naturalism that a single currency. would play the pivotal role that the dollar has played

but i argue and i've argued my point they can globalisation 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 the 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 u.s. dollars that are their 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 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 us say hey we disagree we want to eat 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 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 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 our un commission came out in support china supported it france has supported russia supported it so there is a wide understanding not unanimous but a wide understanding of the importance of of this idea and i think if the economy global economy remains weak i think will be more in for us 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 saying they have a point there what is that 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 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 taxed it you know they they contribute the creation of prices they didn't understand the basic economics and that's one of the purposes 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 from surveyor.

this is a table from the u.s. embassy in colombo to this talk about here it apparent june seventh incident of extrajudicial executions the military according to the press on that they've killed

nine or religion from that it just isn't right and strips you including you know that and they're going to be strongly suggest however that the nine were executed by the army and then dressed in military fatigues. explain how 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 talk he's actually encouraged paramilitary collaboration this is a cia document central intelligence agency they knew about his activities they knew they were happening they knew about links to paramilitary groups and yet u.s. aid continued to flow. i.

wealthy british.

market. to the global economy with. no holds barred look at the global headlines. this is our team these are all top stories thousands of police move on to the streets of london to prevent violence. three days of over five hundred people have been arrested the right. of america's credit rating and the slowdown of the world's biggest economy. and europe's top bankers says the continent is going through the worst financial crisis since world war two the european markets certain day despite the central banks moved from the. time well the riots in london

have also not of course an effect on the number of sporting fixtures most of them on about one big match in particular case called details about the. but. i don't want to disclose the headlines. first eleven russia got the gulf picked his strongest cycle wednesday friendly against serbia here in the last day. while the admiral style also catches up with inform spartak moscow is aiden mcgeady has the island to make it feel that because this one things are a. council of england's friendly with another grab the stadium is called off because of the riots in london. russia says he will pick his best eleven for wednesday's friendly against moscow adding there's no time to experiment ahead of the fast approaching european qualifiers however the dutchman will have to do that

as any midfielder eager for the nice of the twenty seven year old picked up an injury during saturday's to know when a tabletop was discussed the last survey of the missing top players but is that a valid it from chelsea and into milan's day and stunk of it but despite that of the console richard found these serbia still a strong team russia will need to play well to prepare for september's european qualifiers against macedonia and be jointly island below the tells in the proposal because there's only three whole weeks to go before the phantom reaches. the players there's a showdown. capable to produce and we will also be up with you i will go to the people serbian national team to play i mean a very similar macedonian over a very good defensively. we're well over that we are still not in the seed was or grew larger playing linda davis said the sos serve you gave them a good look we have a good relationship with them so it doesn't really because you go to europe little

players and it's not a good time for experimentation is it really just trying to solidify your stance you never get into playing together. if there is a loop tried to play risk for the best. and engineers are going to do so for. i believe and we don't want to take a new is now not for a school of but also for the games who are coming up so send them back to us they still must be feeling very confident something so in a very good position millions we saw last fall games we have you know well we all we have everything and so we've got now three home games as well so we have to do it because the fact that i have the feeling that an older qualification game we were the better side so now we have to continue in the fun for both the question. of immigration for anyone just recently cuts or something you'd be able to provide knowledge and how do you explain russia's inability to win for the russians or the last year or so i was happy to be honest it was a last minute game against the come over and i was through i think it was

a very good game with the players who are not normally regulars but they did really well and now the start of this is show that they can do it as well. and while russia plan ahead of next month's european qualifier against ireland it's been a tough couple of months for the republic's midfielder aiden mcgeady the twenty five year old has missed almost a whole spot at moscow's clashes this year she's an ankle injury after being widely regarded as the club's player of the season and he spoke to our own irishman you know neil i'm joined here today by republic of ireland and sports like moscow winger aiden mcgeady even thanks so much for taking the time to speak to us first things first how is your injury progressing especially with of it's about history and it was a bunch of a boy hope it would have been better for it name one simple and was not the coach without a home study course but most of the screenplay oh. i'm just i'm haunted by playing with another few weeks now you've been in russia just about a year now i believe the start of august you came last last year how is your russian experience been so far well but always been good i've enjoyed. have enjoyed

this or the forward way forward here obviously picks a lot but getting your start but. i've enjoyed this will fall and obviously the football was the main thing the football was really good reason we were. see i was a bit of corvallis so i figured for the way for here in the language you know i'm getting a little bit about as well not so that's going to say are you taking lessons oh i had one my sin code is going off that my brain this wasn't what i want on the half but i was just as good because i'm alone every single day what's your typical day here or like my school quesada you may think they want to see. you come in for ten o'clock in the morning normally and then you she bought it with a coldness for treason are you not always an huo what is it you know of and. after you die or. the best or so they may even go. yes it was

a good life obviously you believe it team can finally fulfil what they have been trying to do for years now and when the championship going to start this is not as everyone seemed. to know that the way we started with it before spot the championship was really doing well but i mean who's to say no because not only of one big games you know of us spotted some shopping classless and then be certain you know second talk or second place is good now i think there's always this a very very young squad we have. going off and over all of we are the poster boy for it and 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. they don't play in a bit of a. ploy to get all the cheering for tom bowman to say no or stay certain floyd i think it's time for the show move on it's best for everyone but do you miss the old firm you the thrill of the huge game in glasgow course sometimes i watch the game

you know what i see on t.v. and when i'm part call me oh you're the best thing in football for no for me it was probably you know a sunny afternoon at parkhead so i'll be off in a pocket. not as in here much better or not but i just finally. on a lighter note is there anything you miss about separate scotland and home you know they're the deep fried mars bars are they i am the pride. of roger other big five miles well yeah of course of those those home comforts you musharraf. i think i mean for him even ice is going to be just i'm not going this year period show for. us though it's always a part of life. we must in order to freshen ships and stuff or go watch over here and russia grizzlie those are great for me thanks so much for your time preaching about racial origins staying with football as the england squad held a training session on tuesday only to find out later that their friendly with the netherlands was called off because of the riots and london it seems would use

a play each other at wembley stadium on wednesday the football association says the decision is regrettable but has to be made after taking advice from the police as the f.a. transparency the safety of either the fans or the players striker wayne rooney has even appealed for calm on twitter saying this is embarrassing for our country stop please and his fellow players and officials also joined the chorus of support. on behalf of the squad we want to say that we're disappointed that tomorrow's game has been called off. but obviously we understand the reasons behind this decision and support it. we've all seen the terrible pictures on the television and the most important thing at this time is the safety of the phones and the general public but this time the whole squad would like to appeal for calm and an end to this that is older but it's an ongoing. back to domestic matters and reports have resurfaced that strike us some you also could be on his way to angie in the russian probably

late into have confirmed they are in korean air it talks about the possible transfer that's thirteen the cameron striker would become the world's highest earning player taking home a reported fee of seventeen million euros a year while on monday two more experienced stars were also linked with moves to the dockers down side arsenal ringer andrei arshavin is also thirty pounds twenty eight year olds a need for what's done for last a bit closer since as the transfer talk is nothing but speculation however he did sign a brazil world cup legends about the columns in february and eurasia pull from chelsea last week and these that are that qualified support from his russian teammates. doesn't from the international presence of this is football and any clear could find himself in a situation like this when he joins another club on very good terms the all of us are very happy for your is your call and it's not a likely that some of his nearest friends will also end up which searches will be revealed conditions go through a bit a little everybody choose their own way and that's why there is nothing left for us

out of them to be happy to with other players from the after new clubs and try to earn money to support their families and that's what we play for little minor. and finally let's take a look back it's all we can offer on the russian premier league tesco also still lead the way despite a two mill home defeat to title rivals in it but it was a drama when the dog or spots like at the rec which stole the spotlight is goals go lower.

the be . the be. the be. the be. the be.

come and. come and. and that's all i think. i'm gonna. get.

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and. also. the bring you the latest in science conflict going from the ground forces. going to the future of coverage.