it's a global gloom as world markets react to a dark and cloudy forecast so when will there be protection from the economic storm . the way they get. it they're really gonna go and that pretty much sums it up with things this bad americans are going to extremes to beg for scraps will take you to detroit for precious metals are becoming a precious lifeline. that so fine line between a campaign contribution and a bribe and water meters which gets you out of jail a legal line a sure but don't political kickbacks cross the ethical line well we'll speak to one man who is a floridian with either when it comes to his bid for the white house g.o.p.

presidential candidate buddy roemer. it's tuesday september sixth four pm in washington d.c. and christine for is out and you are watching our team and we are just back from the labor day holiday welcome back everyone labor day for so many marks the end of summer and clearly that is the case for the financial markets where the sun just doesn't seem to be shining one bit i don't get me wrong it has already been a very gloomy summer unemployment is still above at nine percent and on friday we got some depressing jobs numbers that essentially there were no new jobs created in august that growth was flat that may have been assigned to the rest of the world especially in europe and asia that things are not looking good markets they're open of course yesterday and here today. looking bad there was also today some big

economic news out of switzerland where the swiss national bank basically says they're sick of it they set a limit on how far it will let the swiss franc rise against the euro this is the latest attempt to get a handle on the out of control currency they're out of control and overvalued in part because of the influx of euros and dollars that have been streaming into swiss banks you know who's putting them there and i'll think right well that's been a trying to specially in the last few years that greatly appreciating the swiss franc i want to talk about all these issues with paul craig roberts he served as assistant secretary of the treasury under president reagan and is in atlanta georgia hey there dr robert robert let's start with something that you wrote that caught my eye you said launching tin is threatening the world not merely with war but also with inflation a talk about this and what you think the implications are regarding some of those decisions that we've been hearing coming out of switzerland and also with what

we're seeing on a global scale. yes christine washington having wars and large tax cuts and having are sure a large part of the american economy is now forced to print large sums of money in order to stay in operation and this is the raised the lots of concerns about that about the dollar and people have been sharing dollars and rushing into swiss francs and in europe the cerne about sorry there is concerning is happening the same thing is happening europeans are rushing out of euro's and this was francs and some swiss currency is was bid so high that the country. is exports were threatened and exports are about half of the swiss kind of so what is happening between the united states and europe is viewed now forced switzerland to print money.

so it prints the money from it's the prince was francs to prevent as he writes value from the flows of the bottles and euros so any time they euro's for example or are coming into switzerland they don't change them for the this things was for x. they simply print more francs yeah it was forced to inflate its currency a thousand of like a familiar tune that we are hearing on and i know certainly with this story and with the many others that we've seen in recent days they thought to bring that that debate between the need to spend and the need to cut spending you know the austerity versus q e three and of the bait do you think october's if this is a black and white debate or is this the right answer in terms of you know spending more or cutting spending. well printing money is somewhat different from

from spending more and the fact that they're printing money in the united states and apparently are going to be in the european central this is also forcing japan to have to print its currency forcing brazil. to have to print its currency in order to stop these exchange rate rises now what what the problem is for the united states is they have all short so many middle class jobs that the economy is is permanently damaged is just not here it's like a whole piece of the economy it's been picked up and spread among china in the near india taiwan south korea or he's to europe where they can find lower labor costs will that economy is gone and so you you can't use stimulus to recreate neutron it has grown and stimulus is only good if the jobs are still there and it needs the additional money to pull people back into employment but if jobs are. there

additional and it can't but it worked and instantly it just drives up prices and so the whole world is facing eventually worse inflation due to all this money printing i'm wondering to what extent you think that these factors kind of came into play in terms of what we saw with this report that came out on friday that there were no new jobs that the jobs report was essentially flat when it came to growth i mean is it fair to say that that some of those markets that were open yesterday were reacting to that report out of the united states if they expected recovery this sort of shutdown recovery and you see the job report is worse than that because it was actually negative because already the estimate from over estimates new job creation in a recession so probably we rip down fifty thousand jobs and they haven't been in the job they haven't been enough jobs created to reduce the employment rate for

several years now. and the only jobs that have been created in the last decade or in what's called on tradable domestic services these are waitresses bartenders health care social assistance they're not jobs that produce exports they're not how to look to jobs they don't produce high incomes and so the consumer demand sector to con is just not there and this is the reason there's no character i'm wondering if you saw i know u.b.s. came out with a pretty interesting report that basically you know called into question the existence or the need the desire that this world needs for the euro want to get your take on bad as it relates to kind of everything we've been talking about. well . the the euro is under threat now because of sovereign debt crisis and the european central bank breaking its own charter its own rules to print money to

buy up the debt sovereign debt so that the banks. don't have to bear lot. i don't really think this point the role is to do out of euro because it is one of the alternatives to the dollar they're worried about the dollar is without this is the real dilemma isn't it christine we have two main reserve currency in the euro and both are in a situation where the world is losing. and so if nobody has come in and the reserve churns what happens to them it has a lot of very system and this is sort of threat it's a new over i know a lot of people now more than ever looking at gold especially you know earlier we were talking about the fourth frank with that announcement a lot of expectations about would you good things for that country that's not

exactly what happened i guess finally my last question for you is what you see in terms of gold i know we talk back and with this question almost on a weekly basis important i think to start out by asking about once again well with the swiss try and eliminate it as a safe haven because the government's not going to prevent that only leaves go gold silver they would be the only safe haven when the two reserve currencies themselves are in question so if people see people keep looking for a safe haven then gold surprises have to continue to rise sometimes it's interesting how much things always return to those basics of ringgold former reagan ministration official and columnist paul craig roberts thanks so much. well precious metals are in demand as we've seen with gold and metals are about the only thing in demand in the d. came city of detroit michigan now this is a very city where we just saw president barack obama spend his labor day speaking

to thousands of auto workers and union members some good news out of there where some of those automakers are actually reporting profits one of the major companies there of course ford motor company and guess what ford just announced it will invest around one billion dollars to build new vehicle manufacturing plants and engine plants and but there is one catch the new plant which will create about five thousand jobs is in india largely correspondent was recently in detroit and he's a look at this this surge in the demand for scraps take a look. this was once a city that symbolized america's innovation and manufacturing might. but today detroit is the third most violent city in the u.s. with unemployment estimated at up to fifty percent according to officials but once

glamorous motor city now has more people living in poverty than cars on the streets home foreclosures continue flights in the suburbs which takes the tax base away from the city and there's more and more of that the decline in the school system. is making people leave the city and so there's no money really in and there are no jobs here and as the u.s. census points out a quarter of a million people have left detroit in the past ten years the economic scars of this once vibrant city are impossible to escape roughly sixty thousand vacant buildings and thirty five thousand abandoned homes lined the streets of detroit hollow shells of america's former middle class which have ignited an industry of scrappers people who stir these properties of copper wire and steel pipes as a means of income. scrap or swap ruins for profit yards like this

just five miles out of detroit scrap yard owner albert talat says he sees new faces every day or deliberately they get the kaiser by peter bergen in this case making everything going to hell even more hellish is the sight of a city looting itself landmark buildings and foreclosed homes are good for survival don't go around and wait up a little scale for us we're all in addition to scrappers an increasing number of cash working americans. are treated in goods. greenbacks the guy in the lexus and like a civil suit and tie and low brass lamp and you know he's not into the like the recycling kind of guy who wrote short of money the u.s. president promised things would be better for america's car making capital after the two thousand and nine fifty billion dollar bailout general motors and chrysler

automakers are in the midst of their strongest period of job growth in more than a decade. since g.m. and chrysler emerged from bankruptcy the industry has created more than seventy five thousand new jobs for the first time in six years ford g.m. and chrysler are all operating at a profit g.m. has reported six straight orderly profit chrysler's revenue is said to be up by thirty percent nearly fourteen billion dollars from last year what about bill in the people out you bell about the corporations and they are about the banks and doesn't mean a whole lot because the people who are in the city still don't get those jobs those jobs are still being outsourced so that could nobody in the community they're not getting loans they're not benefiting from them so you still have a large percentage of people who are jobless in this once great industrial beacon of american ideal work and bring forward pioneered the famous model t. production schools police and fire state now stand a bandit as many americans are reduced to dealing and scrap your guilt trip long

just to make ends meet in a fortnight r.t. it short. and still ahead here on r t with the economy bringing it main street to its knees so may think it's a great time to take back congress but with a price tag of fourteen billion bucks it may be easier said than done. puzzle big one man who says he's free to lead former congressman and louisiana governor buddy roemer tells us what his campaign for president is based on and no it's not running. just put a picture of me when i was like nine years old and just you know good fruit. i confess and i am a total get of friends that i was so proud because he is that you prefer.

i discovered yesterday. i'm very aware of the world with its people.

let's talk now about politics and power and about one candidate for president who says money talks unless we take advice the way his name is buddy roemer and if you're not familiar with him that could be because mainstream media doesn't send a camera crew every time he makes a speech or releases a report it could be because his fund raising efforts are coming along a little slower than others or it could be because he's one candidate some of the most powerful entities in this country hope you never hear about or vote for buddy roemer is a fourth term congressman former governor of louisiana and joined me earlier from our new york studio he told me why campaign finance reform is so important to him. well i'm the only person running for president of the united states who's been both

a congressman and the governor so i've seen politics at the bottom and at the top and there's the one thing that ties it together in this country in the twenty first century and that's the power of checks the power of special interest money the every citizen doesn't give money to campaigns in this country in fact ninety eight percent of the people don't give a penny it's the top one or two percent they had of corporations they have pacs they have super pacs they give all the money and i think they call the strains they pull the strings they call the shots and to me when you talk about jobs when you talk about a budget that's clean and fair when you talk about a tax code that someone can read you have to first start with the money follow the money and see who's pulling the strings i decided to run for president with my experience a growing jobs but refuse the special interest money i have

a hundred dollar limit and no pacs no super pacs and full disclosure free to lead i mean i think it's a very interesting idea one hundred dollars cap on campaign contributions but you are competing with some other people including candidates who have as you mentioned political action campaign political action committees super pacs and think about this you know in two thousand and eight president obama raised seven hundred fifty million dollars that's more than all the candidates combined in two thousand and four so i mean it's a cool idea for sure but if you want to compete you need to raise the money right if you can't govern if you know where us that's you making a very good point let me come in a different way. i'm not against money for campaigning or for advertising or stating what you believe in fire i think that's part of our political system what i am against is the money that's not disclosed for its origins money

from our corporate giant that doesn't want to pay taxes and they're the largest giver to politicians i don't oppose the money i just think income each needs to come from everett citizens plain people small business people in small amounts here's my goal i'm going to try to get a million people to stand with me in the primaries one hundred dollars each a million that's one hundred million dollars that's more money than anybody else will spend in the primaries i just do it a different way i don't get it from five big corporations are six super pacs i get it from every each people it wouldn't be possible in the twentieth century but in the twenty first century with internet i am reaching out every day across america to everett citizens our already have contributions from all fifty states from grom

from puerto rico not many other candidates can say that we are coming it just takes a lot to do it this way and look what happens when i do it this way a million people what an army that would be for the troops but still you know a lot fairplay one hundred million dollars is still a fraction of you know as i mentioned last time around seven this is gerson are now not this is just in the primary. when i win the primary when i win the primary out challenge the president to fire of nationally televised debates will do it across the country and i last five million americans to join with me in this campaign to stop unfair trade with china. to make our country break its addiction to middle eastern oil five million americans at one hundred dollars that will be a half a billion and the president will have

a billion and you say well he'll outspend you when i ran for governor of louisiana the governor that i whipped spent sixteen million dollars i only spent one million if the money small it comes from real people we can win already i want to talk about some of your ideas you talked a little bit about kind of doing away with large oil subsidies from these oil companies you're a republican i know you weren't always a republican you were a democrat back before the ninety's but you've also said you know as a republican you like the idea of a large military and on the other hand that in your opinion excessive debt shrinks and nation so i'm wondering how you can justify you know let's talk right now about the wars in iraq and afghanistan sure sure difficult america was attacked are being president i think made a correct decision to respond in kind. is it turned out was

a mistake because weapons of mass destruction were not they are present and did not know that and when we enter the country and liberated it we felt a responsibility to stay as long as it took to rebuild a healthy democratic society i have no problem with that it cannot go on forever afghanistan is different the country seems to be corrupt at the top and would make him very little progress at the bottom here's my belief. i believe that we need to be militarily strong to maintain the peace and our security but you can all over do anything and with eleven hundred military bases around the world maybe we should begin to cut back there and my belief in foreign policy is there ought to be economically centered not militarily centered we are for example we are to use our economic power to not allow easy goods into this country that were made with

the same goal drop over rainy and oil as long as they pursue nuclear weapons i would be tough i would be strong i would be clear and that's not using the military that's using our economic might but i wanted to talk about something you just said regarding afghanistan you said that you agree with the decision you says that as a country that is corrupt at the top if this country got involved with every other country that's called corrupt at the top there's definitely going to be no money left at the end of the day. it's true i mean you have to you have to call your shots you have to leverage your position to make your point and get assistance now the country that i referred to was iraq in terms of the weapons of mass destruction i said afghanistan was different because it was corrupt at the top and i'm not nearly as confident well with

a peaceful and successful in there as i was with iraq iraq afghanistan is more difficult more dangerous more corrupt at the top and you're right your point is well made i mean our our job as americans is to keep our country free and healthy and to help others as we can it's not our job to make every country look like us i would like to help every country work with us from russia to argentina from iraq to kenya that's my goal to reach out work together and build a world of peace but it does take i believe in a dangerous world or a military that is ready to defend this country and a president willing to use our economic power to pull things together. and that was part of my interview with buddy roemer former governor of louisiana who is running for president g.o.p.

side. well he certainly had some interesting ideas but not the way we often see how things work where if you really want something done well you have to pay for it perhaps that is true nowhere more than here in washington d.c. where lobbyist spend lots of money to get what their clients want and give you an idea by the end of two thousand and ten lobbyists have given three and a half billion dollars to members of congress as well as federal agencies they got in return we may never know the full extent of all regardless it's important to keep our eye on the practice and the process and artie's killing for it has done just that has her story. why should my bank or morgan stanley have fewer rights than my barber stanley morgan is the subject of jokes now they'll be able to spend hundreds of millions of dollars. attacking banking regulations and the big bucks spent on k. street journal the little guy and main street. but many say the money is no

laughing matter it's a fine line between a campaign contribution and a bribe and mine is what keeps you out of jail in order to run for office in america we've got a system set up for private funds account for the bulk of the money so what would it take for americans to buy back congress let's take a look at one group's estimate all of the big lobbying interests in corporate donations included that's fifty million dollars per us senator five billion to buy back the senate and another twenty million per congressman that's eight point seven billion to buy back the house of representatives put it all together and fourteen billion dollars is what it would take to buy back an entire branch of the u.s. government big dollar donations are nothing new congress passed its first campaign contribution limits in early one nine hundred seventy we held one presidential election campaign under those limits in one nine hundred seventy six and immediately thereafter candidates began finding ways around those contributions the

amount of money spent by lobbyist has more than doubled over the last decade to a record three point five billion dollars in two thousand and ten this presents a threat of corruption thanks to a two thousand and ten supreme court decision that fund raising can now include unlimited corporate donations and my candidacy will be officially known as the hail to the cheese being told they are not to choose to leave the. course not all flotations have the same price tag california's barbara boxer is the priciest senator at two point three million dollars followed by harry reid john mccain and tea party darling marco rubio i come from a hardworking and humble family. one that was neither wealthy nor connected who's raked in twenty one point seven million as a freshman senator. thank you you know house michele bachmann leads with thirteen point five million dollars budget which comes from big oil which may explain her stance and drilling whether that is if they ever do so whether that is the support

for the whether there is a noise to call back to you to go over the ocean lives and when corporations pay big but those of us who can afford to write a twenty thousand dollars check were left out in the cold kitchen out to buy a congressman full time why not rent him for hearing when american investors shelled out twenty four hundred dollars deli angles. twenty four hundred dollars to get in bergen county mack at five hundred dollars a mr oscar mr asker cerner. sorana and made his cement company the center of a human rights hearing i'm one hundred s. both cheap and expensive but out of reach for the average american the public needs to know their decisions are being made are they being made because of the merits of the proposal at hand or is it a perk that is due to some sort of backroom deal but with plenty on the budgetary chopping block of the debt super committee many expect lobbying dollars will once again set the agenda human ford artsy washington d.c.

. and coming up in the next thirty minutes right here on our t.v. it's more than just a fashion statement they might have a say but everything is kosher is a part of. every movement making a statement across the country we'll give you the lowdown on why these young men and women have their pants on the ground plus see how far some u.s. lawmakers are going to silence these youth from freedom of expression and the global economy needs a wake up call but those in charge of the money seem to be asleep at the wheel i'll take you back to basics in our next half hour some lessons and macro economics one one hundred. and for now that's going to do it but for one of the stories we covered go to our team don't com slash usa or check out our youtube page youtube dot com slash r t america you can also follow me on twitter can find me at franzi we'll be back here at five.