the azen 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 man 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 to 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 is 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 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 mix attrition and is there a sense in india do you think that perhaps there could be a shift in the world order and that 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 suggests that japan boogaloo relatively slowly. europe may grow

a little bit faster than japan 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 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 and 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 fed 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 and the costs and that's what's happening because the i. i mean if 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 authority 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 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 about moving ahead how do you stop the same for problem arising ten years from now it is very important for europe to have a 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 opposed to the role of the i.m.f. so i. 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. 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 dollars 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 currency that you're running a surplus which now you know that that period gave the world 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 adjust 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 the dollar is going to 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 then suddenly 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 there was of dollars as a general rule if you've got four major currencies it doesn't actually make said story of one. so i think the in the past. there's always been the

assumption that other countries may addressed but that the u.s. currency become the sort of span of stability that i don't think can remain true once you get a lot of other countries which have more or less 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 then those should be corrected should actually use this as the forum and obviously you know there is a reshaping of the world economy as we've discussed that 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 just good democratize asian of the globe which should have positive effects because it'll make these countries behave in a more responsible manner and there's been a lot of talk about rating agencies being unaccountable despite their political influence will 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. 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 done 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 the is 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 has been growing for the last five years at about eight point two percent anybody who's investing and looking around the world if they find

one market is growing at you know somewhere between eight and hard for nine percent and another market is going to grow or 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 would 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'll certainly be interesting to see how it is affected by all of that i want to thank you so much for taking the time to talk to me thank you .

hungry for the full story we've got it first hand the biggest issues get a human voice face to face with the news makers. soon which brightened. the balance from funds to. screw stunts on t.v. don't come. worldwide manhunt for him lasted for fifteen year which. one million year old ward was promised for is come true. political minus murder for the west. material for minions of.

general of the serbian army. problem luggage here are criminal. download the official anti up location on the phone on pod touch from the i choose ops to. life on the go. video on demand ati's my old costs and already says feeds now in the palm of your. question on the dot com. even rebels are preparing to attack one of these last desert strongholds the town of bani walid that's after afeard negotiate the surrender of the leaders remaining supporters breakdown. russia says the u.n.

must immediately call for all sides in the syrian conflict to stop the violence and start talking to the police came after moscow can dam the recent sanctions which threatened to hurt the people more than the regime. and crowded u.k. prisons are breaking point for almost maximum operational capacity this as the government hands out top jail sentences in a hardline approach to street riders and looters. so they have lines on the back of the top of the hour sports next with. the have you with us this is sports today this monday morning here in central moscow plenty ahead including. silver lining russia finished second in the medals table of the world athletics championships a brace of goals on some of this final. is on the ball russia's highest ranked

tennis. qualifies for the quarterfinals of the u.s. open last year's finalists in new york aiming for a first ever grand slam title. behind the headlines yet. again the only offers his thoughts. on how the sport of ice hockey is really. interesting stuff that's coming up soon but let's get going with where the world championships are wrapped up russia claiming two more goals on the closing day to consolidate their second place position in the overall standings marina savina set the odds by beating world champion south african cup. for so many in the women's hundred meters the russian clocking a time of one minute fifty five point eight seven seconds so many are forced to sell for so over a half a second behind with kenyan younis saga dickie. kesha

i have an incredible feeling inside me i can't find any words to express them i'm not tired though my result was fantastic i have three more competitions this season but i won the most important one the world championships. tatiana also topped the podium in the women's hummer through her mark of seventy seven meters thirteen centimeters beating of germany by more than a metre chinese when june i'm completing the podium finish. so that's for another two years until moscow hosts the fourteenth i world athletics championships in august twenty third the united states topping this year's event though with twelve goals twenty five medals in total next three goals behind world can you will be happy with the seventh place finishes which puts them third. let's talk tennis on the u.s. open where. over is set to face her kryptonite some month or so those are in the

quarter finals the second seed beating sabine lisicki to set up a clash while still held off another russian reoccur lanka in the longest tie break rally in grand slam history now is very real but she was a model of efficiency with sixteen winners just eleven unforced errors the sixty struggling to match the pace losing the first set six two similar story in the second with is the real closing of the six two six three when she. beat in the russian in seven of their ninety three. elsewhere flavia pennetta missed an early chance to close i japanese peng sure why but managed to take the win anyway a long row in the second set going the way of the twenty nine year old. tell you in six four seven six the final score world number ninety two julie kerber all next the german a first time for her finalist. in the men's side of things russian involvement is now over in the las the fold going down to run three the fending champion rafael

nadal meanwhile had an eventful day at flushing meadows a tough two hour forty minutes in country in the searing midday heat seeing the world number two take care of david nalbandian seven six six one seven five how it ended up in the down through to the fourth stage where he meets looks and mueller for a place in the last eight. the new york sun though taking its toll on the doll in the interview room afterwards journalists watching on the twenty five year old grabbed his leg with crump slowly stretching out before collapsing on the floor but dahl stating afterwards it was quote really hot just looked at the pain occurred in front of the cameras instead of in the changing rooms. how much more straightforward afternoon for a fellow title hopeful undie murray the scalloped burly putting a foot wrong in the six one six four six two win over the sea on the roof

a flush in the last sixteen with american wild card young it's. ok let's leave tennis behind and talk football where russia gearing up to take a must step towards euro two thousand and twelve qualification on choose they the group b. leaders take on the second placed republic of ireland in moscow to help charges with the should enter the time high spirits having beaten the irish mike comprehensively three two and dublin in october victory essentially critical for both sides slovakia on armenia remain in the running for the ukraine and poland finals the hosts well they've got a fully fit squad to choose from although the self is all through suspension. denmark's most successful prefer. well goal for is on a roll after taking the european masters title thomas bjorn winning his second straight tournaments while carving a final round of sixty two to match the lowest total of his european career amazing day seeing the forty year old turn a three stroke deficit into a four shot victory

a great approach on the fifteenth just part of a stunning run of nine on your own fully intent on overcoming the obstacles with a twelve and a title in sight former world number one martin kaymer was next closest at sixteen on the overall but not even this eagle on the fifth was enough for the german bjorn closing out the team to with a birdie to secure the title his third this year he also came back from three done in the final run to win the johnnie walker championship last month. it's getting tighter at the top of the leaderboard championship five people are chasing leader bubba watson with a run to go the american one for bogeys on the day but still led by one find support to this effort for birdie in the seven. twenty eleven masters winner charl swartz still started with a share of the lead but lost ground the south african two strokes behind adam scott showing great range on this set off for birdie on the day he is joined by jerry

kelly brendon steele chad. fellow australians jason they're all one by one ten. or sport we go to know where jorge lorenzo is victory at the sun rain or moto g.p. keeps the spaniard in contention for this year's title it is casey stoner whoever who retains the overall lead despite finishing third on sunday the renzo on his. passing pull siddur stoner in the first turn the twenty four year old would hold on to the top spot for the remainder of the event finishing had a country. stoner on the rim hit maisano track so the range of customers advantage to thirty five points five races to go in twenty eleven oregon the new. stop on the moto g.p. search. finally there have been films made even songs sung by the fabled professional sports agent but the majority of them prefer to let their clients do the talking that's why when you. said he'd speak to us we jumped at the chance even

sikorsky takes up the story. huge contracts global brand indorsements and thousands of screaming fans the ice hockey all stars of the world really do have it all but despite being phenomenally talented individuals they would have a hard time making such an impact on the biggest stage without someone pulling the strings behind the scenes you know the osha course never expected to become a sports agent but now he's become one of russia's trailblazers in the business he manages such mega stars as you get a market in sergei gonchar are. jamie i became an agent by accident i lost my job in one thousand nine hundred nine and was struggling to make ends meet a friend of mine called me one day and said he got word from the new york rangers that's a sports agency is pursuing me i didn't jump the gun and let those guys pursue my services eventually the company's representatives met with me and i took up the job

. we shut off is well aware of the trials and tribulations his clients these days he himself had a twenty three year playing career in cold spartak moscow after that. i've got some colleagues who never played and they think a hockey background is not necessary to do their job i tend to disagree as one must be able to evaluate an athlete's current level of performance and his potential that's what ultimately determines a player's price and while managing moloch in gone char and other big names would be the top and she's a shut off resume no agent would want to miss a transcendent up and coming challenge ready to blossom into a star bush and i was as it was that i would say i represent between forty to fifty players in total including those born in one thousand nine hundred four and one thousand nine hundred five i try to keep in touch with all my clients and go to their matches if possible obviously there's a conflict of interest frequently because i can't attend all my players games at

the same time. the competitive big money business can bring out the worst in so major. it would sound going as far as to steal the diamond in the rough that others that found it was shut off says he experienced those shady dealings first hand and believes a lack of sporting knowledge is driving his colleagues through underhanded tactics . one agent police employee told me he would take players from me once his current crop of stars retire this practice is widespread in russia while the united states for instance has a code of conduct which limits such action if an athlete is already represented by one inch and no other agent can recruit him. however it was shock of claims he knows a few american agents who find ways to cheat players out of their hard earned money and i mean that he sees that which is i've never heard of agents taking money from players in russia but it's happened in the states before i knew that andre kostitsyn was a victim of such a scam and they also tried to trick alexander ovechkin and that xander i don't know

but since parents are the ones who often choose their child's agents for the future he should make inquiries about it every agent of the players themselves though are much tighter knit group and help each other out when the going gets tough molecule along those benefiting from the smooth n.h.l. transition by teaming up with going char. malkin has an easier time adjusting because gone charm was already on the team max talbot's and sidney crosby were also our clients playing in pittsburgh at the time marquis moved into sergei's how use and stayed there for three and a half years so gone char was like a big brother to you've been there for a while he paid the bills helped him set up a bank account among other things. seeing your favorite athlete on the list of the richest people in their sport the cover of a new magazine or endorsing a product is the result of a good agent's work but those men like cough also clearly have the ability to

become greeted by this to their clients while allowing the players to blossom in their respective leaves. vans gorski arty. fascinating stuff that is all your support for world weather is coming up just around the corner ca shortly.

the official. from the. video. omissions feeds the palm of your. machine. the one must immediately urge talks in the syrian conflict says russia after condemning the sanctions which threaten to hurt the people not the regime.

levy and rebels prepare to attack one of colonel gaddafi is the last desperate strongholds after afterwards to negotiate the surrender of his remaining supporters breakdown. and overcrowded u.k. prisons are breaking point as the government hands out jail sentences and a hardline approach to street riders and looters. also russian. percent at the opening as investors are worried over the stability of the global economic growth more of that in twenty minutes time than business. you're watching r.t. live from moscow i'm marina joshie russia says the u.n. should immediately call on all sides in the syrian conflict to stop violence and start talking russia's foreign minister says president bashar asad has already implemented reforms aimed at solving the.