the violin store and country it once again sparked concern the so-called battle for democracy was a war for black gold all along. those were the top stories next r.t. looks at what impact the financial difficulties of you are of an america will have on the developing economies that's now interview that's coming up next. the aston p. downgrade of the united states economy has raised many questions about whether or not america will continue to be the powerhouse in the global economy and now the international monetary fund predicts that china will actually outpace the united states economy by two thousand and sixteen so how is all of this going to affect the traditional players and what is the impact going to be on the so-called developing world well joining me to help get some answers on all of this is oxford educated economist and the youngest to me an advert to had a world bank department he's now the chairman of india's planning commission mr

monti saying ahluwalia i want to thank you so much for joining me so first of all i want to ask you is the second wave of the global financial crisis upon us i think what will happen is markets would be disrupted slightly moderate growth prospects for the carbon in the u.s. and maybe in europe but i don't see this as going back to two thousand and eight and so where do we go from here who's going to fix what's going on in the world right now the world needs to. get together to work out what's the transition what's a reasonable transition in a world in which there would be more than one currency and where the traditional reserve currency. of the moment is in the country which doesn't have a very well balanced mark rubio makes attrition and is there a sense in india do you think that perhaps there could be

a shift in the world order and. india could be somehow gaining from what's going on in washington there is certainly a shift going on in the world there's no doubt about that i mean any medium term or long term project from suggests that. the pound will go relatively slowly europe may grow a little bit faster than. the us has traditionally been viewed as a very dynamic economy is likely to grow faster than europe but the growth rate in these economies will be much less than the growth rate in the emerging market countries i mean china india brazil so i think over time there is a shift in economic power taking place one is to asia and another way of looking at it is really the rising rate of emerging market countries but i think you're thinking of a world in which there would be a large number of relatively equal economic groupings and you want to global system

that can accommodate that it it can't be a global system which is run only by saying well look this is the center of power and everybody else must adjust and it's been said that europe has dominated the air national monetary fund in your opinion is that part of the problem or the solution i do think that the dominance of the industrialized countries of these two institutions has to change remember that as long as europe and the united states are together they account for almost half the votes in the army or from the world bank so even if you made a voting system they would be able to get their candidates in providing they collaborate with each other but you don't want to system where it's assumed that one organization will be run by one country and the other will always have european and how do you think all of that has affected the euro zone and personally i think

the world is going through some very important structural changes and if europe is showing signs of strain i think it's appropriate that the fund should do what is necessary but it's also appropriate that europe should bear a very large part of the burden. the cost and that's what's happening because the i.m.f. is working collaboratively with the european central bank on the whole i think stability is very important for all of us and so far what they've done i think is the right thing but looking ahead as new sets of problems arise i mean there's always an issue that the fund must be not dominated by the concerns of any one part of the world it should be should be seen to be reflecting global interests and do you personally think that the euro is going to survive the creation of a single currency for europe was a pretty major and a bold and ambitious step i think is generally recognize that if you want to have

a single currency it needs to be backed by a single fiscal authority now since euro zone is different countries they obviously don't have a single fiscal policy but to back a single currency they must have a very shared understanding of who's going to pay the bills if a problem arises that will become a substitute for the single i don't think that's been sufficiently clear i think in the first flush of you know a good feeling about the euro there was an assumption that a lot of benefits that come to european countries from having the same currency but not enough appreciation that there are costs and i think that's now evident so it's a challenge for europe how they're going to handle this trade in future i do feel that they need to be if you like bailed out right now because i don't think it's in anybody's interest to see a major financial collapse but moving ahead how do you stop the same four problem

arising ten years from now it is very important for europe to have very clear rules of behavior how are they going to deal with fiscal crises. i mean what's going to be the role of the european central bank in bailing out governments as. the role of the i.m.f. so i think these are issues that the global community will have to look at and i want to ask you about china obviously china is the number one u.s. to get holder i believe they have around three trillion dollars that you asked that in your opinion did they make the right decision and doing that it is true that the chinese have a very large holding to some extent if the chinese wanted to retain. parity with the dollar which was part of their strategy they would end up holding dollar debt because if they didn't hold dollar debt then essentially the dollar would depreciate. the renminbi would have appreciated so to some extent the chinese

holding dollar debt is the other side of a quarter of running surpluses but not actually appreciating against the car and see that you're running a surplus which now you know that that period gave the word a lot of stability a lot of growth the chinese benefited i guess whether they made the right choice or not depends on whether we now addressed in a soft landing mefford rather than in the highly disruptive and it's in everybody's interests including the chinese of course the adjustment should be a soft landing do you think that dollars and i survive as a global reserve currency as a major currency absolutely i mean look the united states is going to remain. the dominant country globally it won't be as overwhelmingly dominant as it used to be but it's certainly remain the largest economy certainly for another ten years the fact that the us has three movements in and out of capital will still make it the

trendsetter rather than the trying these economies the real issue is in future would people be willing to hold all their reserves of dollars now as a general rule if you've got four major currencies it doesn't actually make said story of one. i think the in the past there's always been the assumption that other countries may address but that the u.s. currency become the sort of. stability that i don't think can remain true once you get a lot of other countries which have moralist similar size as the u.s. and in your ideal world who should referee the club or a commie i think there is a lot of consensus around the world that the fund is the international institution that should be looking at these things and if there are governance problems or inadequacies. known representation in adequate amount of the newly

emerging countries than those should be corrected and we should actually use this as the for and obviously you know there is reshaping of the world economy actually if that's happening that's probably going to also cause fundamental political shift as well what do you expect to be from our point of view the rise of a number of emerging market countries will create a much more balanced sense of the world economy amongst countries that were earlier seen to be dominant it might create a greater awareness that you know they can't unilaterally decide the future of the world and certainly countries that earlier felt that they were not part of the political decision making now feeling part of the political decision making i mean the third democratize asian of the globe which should have positive effects because it will make these countries behave in a more responsible manner and there's been a lot of talk about rating agencies being on accountable despite their political

influence when you make these agencies more accountable if you could one of the fundamental areas of conflict are the rating agencies rate companies that pay them to rate them so you can generally assume that a company that pays a. rating agency to rate it is hoping to get a good rating so there's a there's an element of conflict of interest if you're getting your money. from the people to whom you're giving a rating. i don't find an easy way of solving this problem but i think transparency transparency in how the ratings are down and the track record is the only way that you're going to be able to solve the problem and the last question i want to ask is you know a lot of people are saying that investors are going to perhaps invest more in these emerging market if they start to look away from u.s. treasury bonds i mean what's the planning commission it's short term predictions

for india in relation to everything that's going on right now the big message coming out of how the global economy is moving is that the industrialized countries are going to grow more grew more slowly whereas the emerging market countries are going to grow faster india's been growing for the last five years that about eight point two percent anybody who's investing and looking around the world if they find one market is growing a little somewhere between eight and a half or nine percent another market is going to grow two and a half percent i mean they would be very well advised to invest in the markets that are growing so we expect on a medium term basis that there will be it already is and will remain preferred destination for foreign investment people look at the global portfolio traditionally they've invested too much money in the industrialized world not having anticipated what the consequences of globalization are going to be so over

time i think they should be rebalancing a little more towards the emerging markets and within that i think india would be a very good bet. well it will certainly be interesting to see how india is affected by all of this i want to thank you so much for taking the time to talk to me thank you. as you know song was sixteen years old when he committed these marmes that's not inside that song so it should not be punished for his crimes song is being no rational person can deny that song has been honest is being honest and will be honest. the sellers must be executed for the brutal crime committed this is a punishment this is not. to mention.

that soon. because you've been immersed know you want to have. no i didn't come here justice. and heard the rumors. start really small. minority. and my thought is not. hungry for the full story we've got it first hand the biggest issues get the human voice face to face with the news makers.

one of gadhafi sons considered by many as his father successor appears in tripoli in front of supporters of the spider rebel flames have been detained when they stormed a city a day ago information about his arrest was also confirmed by the international criminal court this has added to the confusion over who is in control of the capital has both government and insurgent forces in. they have the upper hand. also doubts were cast over whether a rebel victory would actually leave the libyan people in control of their death as experts point to eject where those who fought for the revolution and it up with a government they didn't choose and it's finding in b.b.'s still rages on a western oil companies have already started circling around the violent storm country that once again sparked concern the so-called battle for democracy was a war or gold all along. one more days of leaving conflict in about fifteen minutes before that we've got and with all the latest sports news and another big

name on his way to play football and russia yeah that's right some arena quite possibly will know for sure by the end of the day with the cameroon striker on the brink of signing for angie for a staggering salary details in a much. hello there you're watching the sport and these are the headlines money talks and g. are on the verge of signing clamoring striker samuel l. to him to make him the highest paid in the world. class start mine united make it so you win shouldn't be with the green when i respond in the english premier league . and on top of the world trying to blast russia rise to big tree to climb you know broadly well. the first russian premier league club angy are expected to

complete the signing of cameroon striker samuel at sea from into milan today and in the process make him the highest paid player in the world the clubs have finally agreed to favor around forty million dollars for the forward that is according to faith agent peppino teta who was helped broker the deal with into a getting another six million successful the russian club at sea will become the world's highest paid footballer netting after tax over half a million dollars a week that's nearly thirty million dollars a year or nearly a billion rubles lose expected to sign a three year contract later today and g were bought by multi billionaire three man cleared him of in january it's already brought in to see roberto carlos on more recently the russian international you have. won another transfer news athletic and retreated have bought striker but are there male falcao from porto fifty seven million dollars the colombian a direct replacement for surgery where they do as i think he sold to manage the city scored forty one goals in fifty one games for porto including seventeen in the

europa league last season. well they were in england managed united have kept up their perfect start with the three nil flashing of tottenham last night spurs were missing lee commodious who was in the squad as he continues to be linked to a move to chelsea despite his absence the visitors did hold united until the hour mark then danny welbeck broke the deadlock and he set up anderson for the second and wayne rooney got the third united now have a maximum of six points from two games along with the bulls and leaders of the city in the meantime more pressure has been heaped on arsenal manager aston vendor he's received a further two game touchline ban for you a fixtures after breaching a previous band and that will mean he'll not be in the dugout for the second leg of the going to champions league qualifier naisi tomorrow although arsenal say they will appeal while the second leg over the champions league qualifiers take place tonight at stake a place in the group stages of the tournament cypriot side of her well enough to

overturn a one mil deficit against. munich looked to be almost there with a two goal advantage from the first leg ensuring the nominee grabbed a full one up from their first leg against malmo must travel to gain spanish side but the reality could miss out on champions league football if they don't beat are doing so well it looks like evidence here won't be in domestic action this weekend plays in spain's top two leagues are set to strike for a second week in a row it's over a pay dispute around two hundred players have not been paid fully by their cash strapped clubs and are demanding a wage guarantee and the right to break their contracts if they are not paid for three consecutive months of proposal that has been rejected by the league both parties will hold further meetings today though to try to resolve the stalemate. i can understand that people want to see football have been employer until recently and i want to see football to bottom i have to think about the food brewers that

are having come out time and they don't have their salaries guaranteed that is where the problem is it is a serious situation that has not been solved i would like to be more optimistic but i am not. now in other news the father of chelsea midfielder john obi mikel has been freed after being kidnapped in nigeria michael o'berry was rescued by police those respective of the abducting him were paraded in front of the media at a police station in the central nigerian city of jos mr obi reflected on his ordeal . on the ground. when they. should just. soldier that he's well anyway and

have a new say england cricket captain andrew strauss says his side will continue to work hard after completing a four no series whitewash over india after the final test the skipper was all smart as you would expect he just seen a side beat india by an innings and eight runs during the season during the series england so the world number one ranking from their opponents and strauss said the feeling was different to the emotion felt when england won the ashes two years ago . well i think i think in two thousand not maybe as if there was a bit more motion because we went into a game one all in no one knew how the series going to end up so coming to the series this came through in the law abiding we were very motivated by the idea of making it for no you know we were confident we we felt that we had the ability to to win this final game but we had to dig deeply again and as i said that's what i'm most proud about is the guys were prepared to do that even when they didn't really have to. i think that bodes well for future and finally cyclists pablo lustrous has

taken the overall aid at the tour of spain after winning the third stage at the welter of the spanish cheered on by the home crowd broke away from the rest with about thirteen kilometers to go that was just before the summit of the altai dollar santa and he was chased hard by a trio of riders which included frenchman silva and sheva now he's just twenty seconds behind last first in the overall standings but it was the spaniard who held on for the win to take the red jersey wednesday will see riders tackle the first mountain stage of this year's race a challenging route from the sierra nevada over a hundred and seventy kilometers. and we have got time to end with football and all the goals from the russian premier league last weekend twenty five net busters in total it is that was goal.

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stuff. soon which brightened. from funds to impression. from stunts on t.v. don't come. last time the close up team was a moon beach where the gold rush still gets people hiked up. this time margi goes to cure old region. where the local government is giving power back to the people. where everyone will be a dump. where locals turn their land into

a tourist paradox well come. close up on our t.v. .

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of the sons considered by many as his father successor appears in tripoli in front of supporters the spider had been detained when they stormed the city a day ago it's added to the confusion over who is in control of the capital as both government and insurgent forces insist they have the upper hand. also doubts are cast over a whether a rebel victory would actually leave the libyan people in control their destiny as experts point to were those who fought for the revolution ended up with a government they didn't choose. and. even before the fate of tripoli is sealed great grab is already beginning. to while companies start circling around the violence torn country concerns resurface the so-called battle for democracy was a war for gold all along.