the ason 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 twenty 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 mr monti ahluwalia 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 the slightly moderate growth prospects for the card in the u.s. and maybe in europe but i don't see this 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 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 microeconomics 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 projection suggests that japan will go a relatively slowly europe may grew a little bit foster good and the us has traditionally been viewed as a very dynamic economy it's like do the grew 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 are thinking of a world in which there would be a large number of relatively equal economic pings 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 thought wishing 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.m.f. is working collaboratively with the european central bank so on the whole i think stability is very important for all of us and so far. the 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 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 a single policy 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 but moving ahead how do you stop the same 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 opposed to 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. get holder i believe they have around. three trillion dollars that you asked that

in your opinion could 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 the korean 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 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 method rather than in a highly disruptive method 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 certainly remain the largest economy certainly for another ten years the fact that the u.s. has free 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 in dollars now as a general rule if you've got four major currencies it doesn't actually make said store all your lives in one car 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. 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 global economy 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 forum and obviously you know there is reshaping of the world economy as we've discussed 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 critical decision making now feeling part of the critical decision making i mean that's 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 unaccountable despite their political influence where 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 done and the track record is the only really 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'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 india 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 he has affected by all of this i want to thank you so much for taking the time to talk to me thank you . for the full story we've gone to. the biggest issues get

a human voice face to face with the news makers. a mission. critical you should treat. for chargers free. arrangement free. free studio time free. download free blog plug in video for your media project a free media oh god r t dot com. is eve.

syrian activists report near death and the head of the red cross make some humanitarian visit to the country meanwhile the russians are urging the u.n. to get the warring sides into towards building

a repeat of libya's jumping that. israel for rises aide says special forces to shoot it in protest isn't they prepared to march in support of a un bid for independence was already on the jewish settlers in the west bank claims the fall of the prevent bloodshed. same passing ukraine a bad peddles they threatened taking russia to court to force prices down they said little time it's ground zero in the already falling deal he is continuing to insist on a maestro down but is so far refusing to make any concessions. ok time now for those in sports with the task.

but in the final traps ahead of tomorrow's. game. in the winter. makes the call to the second seed is still aiming. with. the hall. to take a massive step towards. the group leaders take on the second see the republic of violence here in moscow victory is crucial for both the way in slovakia and armenia also very much in their running.

and to the high spirits having beaten the irish. defeats. conference in moscow. you know we have conceded too many. games. you know in order to be taken. i think. expected of what is going to to bring. england are also busy getting ready to the next school to fly against wales at wembley fabio capello's men top group g. standings without a lot so ball while wales are all bottom angle and were easy three no winners over a ball gary in their previous match last friday but that doesn't mean the hosts are in a noncompetitive mood. to mother would be a tough game because it was playing everyone who watches the game to play against

montenegro you create a lot of chances to score goals to be played. with. back at the top of the fall and will be done just that. now tennis on the u.s. open where battles will not always set to face a mountain stalls or in the quarterfinals the second seed beatings have been seeking to set up that meeting whilst also held off another russian mighty. but over a model of efficiency with sixteen when as and just eleven unfolds arrows the c.q. struggled to match that pace moving for a sat similar story of the second wave and i don't want to losing all six two six three victory she now mates australian style so who is beating her in seven of the nine previous meetings. where i was able to raise the level of my game compared to my three previous matches and i'm really happy about that. started off well i. didn't let her find her in the first set then she started playing

a bit more consistent in the second round then too cruelly you know and i was. able to hold myself and break her virtually win the match and just. on the men's side of things russian involvement is now over the last of fall going down to joe miller in round three defending champ and off on the bellman while had an eventful day at flushing meadows on sunday itself to our foes in minutes encounter in the may day heat seeing the world number two take care of the of argentina seven six six one seven five how it ended up not dahl now through to the fourth stage where he made similar for a place in the last eight. and the new york song though taking its toll on the doll in the interview room off the words journalist watching on as ralf i grabbed his leg with cramps loney stretching out before collapsing on the floor nidal said after was it was quote really hot and it was

just bad luck that the plane sprang up in front of the cameras instead of in the changing rooms. a much more straightforward afternoon for fellow title hopeful andy mari the school valet for putting a foot wrong in the six one six four six to victory over but it sounds a lot as a clash in last sixteen against surprise package american wildcard donald young now awaits. the very top condition the stars was one of the let's get going over. them and. you know when you can get an early bird. i mean it kind of told us. it was. the case. and it was important to go along with the don't want to sort of especially playing you don't want to be you don't. you know three four because it's not easy to recover. most successful professional

golf i is on a roll off to taking the european ball suicidal told us bjorn winning his second straight on the mend while calling a final round of sixty two to match the lowest total of his european korea and amazing day is seeing the. deficit being to victory approach on the fifteenth just part of a song nine. you're including towns and overcoming the obstacles when it's while you were going title in size former world number one launching carmel was next closest with a sixteen. but not even this eagle on the fifth wasn't awful the german bjorn closed out the eighteenth hole with the baby disappearing title this that this year he also called back from three down in the final round to win the johnny walker championship last week well i think when you get into contention and you get that high you know you just keep going and with that leaderboard today you

never know what's going to happen you know have some of the best players in the wall that leaderboard and then you never know what who's going to come at you from so you just gotta keep going and stay it stay with your golf and i've done that for two weeks now i stay very much within myself and played my golf and it's getting to . the deutsche bank championship five people know chasing the the bubba watson with a round to go the american had four birdies over day but still led by one thanks in part to this birdie on the seventeenth once eleven waltzes when the child starts is with a share of the lead but lost ground to south africa now two strokes back at them score showing some great range on the set up for the eighteenth and he's joined by jerry kelly brandon steele charles reby and fellow australian jason day all won back meanwhile phil mickelson is only four strokes off the pace held by this eagle only its wealth that was the shot of the day probably.

now there still in rugby school that often neighbors new zealand with four days left before the world cup kicks off on the ninth of september the wallabies hoping to add to their previous titles which they backed in one thousand nine hundred one and one thousand nine hundred nine they get things started against easily on sunday hundreds of fans gathered in downtown sydney and on monday to say goodbye to the two time world champions a special moment for coach robbie deans with the kiwi aiming to bring the world go back to australia so we understand will be a challenge. but we're up for that very ready for the boys are in ready for. for a few days i think. training's been going to the club and i think their minds are in new zealand already. and finally twelve year old might be young and the one of us soon hopes to find herself in the guinness book of records as she's become the first girl under fifteen to bench press an incredible seventy kilograms which is

one pool for it has the story she hasn't even entered her teens yet money on a moment is already a sensation run the russian powerlifting scene the fifth grade school kid has a research almost a dozen world records and a sport but she took up completely by accident. i have already been bench pressing since i was ten i went with my dad to competition and during a break i decided to try and the the bar weights twenty kilos and i managed to lifted four times an expert saw this and said i should train as this is a rare feat. the striking thing about mariana who hits the scales herself at forty eight kilos but no one would ever of guessed that someone so slight in build will be able to lift one and a half times her own body weight however size isn't everything and she's able to outlive girls who are much heavier while she's been recognized as a world leader in the fifteen and under age group. there is no secret behind my

success my father trains me which i really like the coaches are really good and some of the best around they have trained a number of champions i'm one of them and i think they have played a big part in my development. bench pressing is not an olympic discipline at the moment so money earner doesn't receive any state funding one of her options is to lead to change to weightlifting however such a young age no more is content to keep her options open and a farmer alexander who is also a professional branch presser his weight lifting has its pitfalls. which are more than. weightlifting there's a lot of stress on the spine and on the knees a weight lifter can only really compete in till they are twenty five to thirty because injuries will take their toll we don't have these problems with bench pressing money on his extremely confident for a twelve year old still leads

a relatively normal life hughton school for she says the boys do pick on her mainly out of jealousy but she takes all this in her stride and she believes her amazing feats can be a message to everyone that anything is possible if one puts their mind to it. i would like to be an example for both adults and kids that if they see means a gym they will want to follow suit money on has made some amazing achievements in her career so far our aims over the next year also are to try and bench price in excess of eighty kilos and given her rapid success and dedication one wouldn't bet against her achieving this feats and setting yet more records richard boldly dancey moscow. that was a sport coming up shortly as the weather. issues that so much that there is nothing for me to do what i see here but we'll take some

rain during the great financial contraction millions lost their jobs and all but the rich i've only gotten richer should the rich pay more.

the official. on the phone the i pod touch from the. video on demand. and omissions feeds now in the palm of your. machine on the. syrian activists reporting more protesters deaths as russia edges the un to get those signs and to avoid a repeat of libya's chaos to set its. days rattle theorizes its special forces to

shoot it constantly in protest as as they profess a march in support of a un bid for independence claiming it's to prevent bloodshed. i think gas impasse between ukraine and russia with price talks and prospects but time to time its. key it has backpedaled on its decision just to rush out you know order to have the two thousand and nine tracks revised while most school says that in any case it is ready to battle it out report join me for all the fresh details from ukraine's capital kiev. call of the most who could still agree on lower gas prices the crane agrees to march a state run enough to go with russia's gas problem more in twenty minutes in business.