i know what's really happening to the global economy with much stronger no holds barred look at the global financial headlines tune in to cars report on. the real power in the united nations' resides in the security council and it requires a consensus among the five permanent members power and persuasion a look at where it really lies at the united nations general assembly there may be more than two hundred world leaders at the table but only a handful of countries can steal the show so what exactly is the point. palestinian movement the united nations is not going to create a state not in reality not not even in fact in effect and in theory but so is this because the reality is lawmakers in washington have too much outside influence as politicians call for president obama to stand by israel and powerful

lobbies tighten their grip should palestinians give up all hope of getting a sovereign state. and same economy a different day this as the international monetary fund releases a new report claiming the global economy is entering a quote dangerous new phase so with italy's downgrade and economic woes in the u.s. and europe is the world headed back to recession. it's tuesday september twentieth five pm in washington d.c. i'm christine friends out there watching our team. well there is very little sunshine in the forecast when it comes to global growth in the year ahead this is according to the international monetary fund who also says if major changes are not made soon the united states and the eurozone will plummet back into recession there

are quite a few dark clouds hanging over the economics of the of us and europe in fact and i want to begin today if i didn't a little deeper into all of this and what it means michel pencil is the president of pencil portfolio strategies and is in our new york studio. hey like let's start with this i am for you who are you going to see. is a scathing as some economists are saying this report from the i.m.f. that says you know something big has to happen and it has to happen soon. something big has to happen soon and what does that really mean how could they possibly be surprised that global g.d.p. growth is going to be subpar both this year and next year and indeed as far as the eye can see japan is in a recession europe the salling apart the us g.d.p. has less than one percent annual growth and it's only because we miscalculate the rate of inflation so even emerging markets are going to suffer because their export

driven economy and who they sell to well they sell to europe japan and the united states so it's no surprise to me you know we really never came out of the first recession the great recession that started in december of two thousand and seven and you know we like to ask this question all the time who is to blame i know that some people you know say that of course we were in a bad situation but the tsunami in japan you know the unrest in the middle east in north africa and the rise in oil prices as a result there was interest japan was in a recession before the tsunami hit so i don't know how you can blame the tsunami and you can't blame mother nature for the fact that greece is an insolvent country and you can't blame mother nature for the fact that it's hellion ten year yields are suddenly suddenly close to six percent even though e.c.v. is counterfeiting money just the same rate as ben bernanke you mention and only of course it has had its credit rating dropped by standard and poor's to an a from an a plus i do want to talk about the global impact and i know back in two thousand

and ten when it was very clear that greece was in trouble and investors were starting to get out the federal reserve kind of looked deep into this and they looked to see what would happen if they were to banks in the u.s. if for example portugal and spain were hit hard as well from what i understand from the reports that i read they came to the conclusion that it would not be too detrimental in last in italy i want to get your take on whether this downgrade is really really bad news. well first of all i mean a plus day i mean is anybody really believe that italy and on italians it hurts me to say does anyone really believe anybody really believing that italy deserves an a rating their debt to g.d.p. is one hundred twenty percent and rising their interest rates are and their bond market is in full revolt they're relying upon john claud three say and his printing press and his inflation to keep interest rates low this is a very bad scenario not only for greece but for italians and all and

a significant all but a significant number of european banks are insolvent the e.c.b. has to buy all of that sovereign debt and take it off their balance sheet that is the final answer the final solution is that europe is heading towards a sort of lie more germany type of situation and the u.s. is prancing along just a few years behind that that's the sad truth found out of words there's a downgrade in italy sort of just a slap on the rest of having on how you look at it. let the downgrade in italy zero doubt that we we shouldn't worry about moody's fitch and standard and poor's so much here in the united states or in europe the real downgrade comes on the part of the international dawn market vigilantes when they say it's over it is over and interest rates rise g.d.p. falls debt to g.d.p. ratio skyrocket and it's over the point here is that you cannot get to that point

that straw that breaks the camel's back i hate platitudes but that's true once you cross the rubicon there is no answer but default greece will default that means somebody has to take the pain and it's going to be either the banks or it's going to be this central bank creating inflation and then everybody suffers why do you think gold is up hell most every day up over eighteen dollars an ounce and gold stars are starting to rise and. that we have a nice allocations of gold stocks because it is no secret anymore we're going to monetize or at least attempt to monetize the situation in a way which has never worked in the history of planet earth you mentioned greece and everybody expecting it to default on that doesn't seem unlikely or out of the ground for most people but you know whether or not it will lead to euro zone is certainly up for debate talk to me about what you expect to see next if anything

can be kind of fixed or you know salvage their well ok so the greek greek two year yields are at sixty five percent so. it shouldn't be a question as to whether greece will default they cannot service their debt their hundred fifty percent that the g.d.p. at sixty five percent to theories yields that should be a prima fascia example of insolvency so i'm telling you the final answer here it's not the. nothing of the kind the final answer here is for the e.c.b. to come and monetize all of this bank that take it off of the bank's balance sheet the sovereign debt off of the bank's balance sheet and give some semblance of somebody of solidarity for the european nation i am telling you get ready for a protracted and significant increase in inflation both in europe in japan in the

united states well let's look to the leaders of the united states one of them of course ben bernanke the federal reserve it's really interesting of course now that it's campaign season has begun and all the presidential candidates have sort of different takes on what should become of the federal reserve what the federal reserve should be doing let me get your take i'm not resigning i have i think that should resign as you all step down or resign how's that what you know you have to limit the you have this is all we need to do in this country this is a this is a market based economy ok this country is based on the principles of free markets so why do we allow twelve members of the f.o. and c. committee to dictate the cost of money inside an economy what a crazy idea that was to begin with so now we have you know yoyo interest rates where they're one percent or five and a quarter now there's zero for four years plus we create all kinds of bubbles all kinds of imbalances in the economy how everybody step down and we make the supply

of money in credit commensurate with the increase in labor force growth plus productivity and we'll never have a problem with inflation ever again i would never it will never have to suffer through another one of ben bernanke these press conferences where he doesn't understand that gold is nonie below the gold is money it's been money for five thousand years and it will continue to be so long after the united states ceases to exist and certainly long after you step down michael plans are calling for an arcane at the federal reserve thanks and i don't think spreads are running as a. free markets is not anarchy but i like thank you for having me and thank you so much. my. let's continue now our coverage of the sixty sixth annual united nations general assembly happening now in new york city r.t.

of course has several crews on the ground there monitoring the various aspects of the meeting there perhaps the issue with the heaviest of global implications is of course president hellcity and president mahmoud abbas's plans to formally request membership at the general assembly a move is expected on friday and has already been strongly opposed by the u.s. and israel both claiming it would undermine chances to return to peace talks however the majority of the general assembly supports it so we wanted to take a look at the breakdown of the united nations its structure its goals it's symbolic power and its actual power arcee correspond of more important i am of this report. if global politics were a sport. the united nations would be the brand arena. and september would be opening season only two hundred of the world's most powerful and not so powerful players descend on new york city gathering in one room for

a week's worth of speeches and a chance to grandstand on the international stage that's nearly ten thousand delegates and two thousand journalists are in town for the general assembly debate but in reality five countries are the ones who really matters russia china france the us and britain the permanent security council members with veto power the real power in the united nations resides in the security council and it requires a consensus among the five permanent members and as long as the want one or one or more of the permanent members won't go along with something the un's ability to act is limited no resolutions can succeed if opposed by any of the big five case in point the current palestinian campaign the u.n. membership and statehood and initiative the u.s. publicly supported last year we come back here next year we can have an agreement that will lead to a new member of the united nations an independent sovereign state of palestine

living in peace with israel but this year it's the opposite with washington saying it will veto the palestinian un membership bid warning of additional collateral damage one of the things that i that i hope the palestinian leadership is consider considering is the day after what will happen when after whatever. show we have in the united nations is done. what will change in the real world for the palestinian people. the answer is nothing that sadly ironically the majority of the general assembly supports palestinian un membership the assembly along with two thirds majority in a word nonmember observer status to the palestinians like the vatican injuries and doesn't need security council approval to do so so no one can veto this decision some believe however the un is the wrong forum for resolving major international disputes it's a very dysfunctional situation and actually the un really isn't one isn't really

the venue even for this the un only gets the sort of hype aspects of these rights and and deals with them pretty badly to the israeli palestinian problem at the un is mostly theater and this is just one one particularly for a freakish example of this global gathering attracts the security crowds and media madness of a sports championship when it comes to practical outcomes scoring more than a symbolic victory could be unlikely even if there is a permanent member or two or three who believe that. palestine should not be a member of the us. they want it on record that the vast majority of the people the world do believe that it's time the i want you n.g.a. gathering all we have was i like. that many wonder if his super bowl of diplomatic strategy leads to anything more than the about itself.

artsy in new york and you know maria makes an interesting comparison major sporting events in a larger arena new york city but who are the winners and losers and for that matter who are the referees well earlier i spoke to radio host alex jones in austin texas he told me why he thinks the general assembly is more or less than a rino for what he calls fixed abates. more and more the un has become a more than a debating club and it's become a place where opinions not popular with the ruling elite get voiced by the majority of other nations and see israel as an apartheid state regardless of which side of that debate you're on and so now more and more the un is being shown to be ceremonial and to be basically nothing but a arena for these fake debates so that's why the west mainly the u.s. and israel and england are now moving to try to even reduce the power of the un

more because more and more it's not going along with their different directive so that's basically my view on the united nations it was set up to help establish a private corporate global government through the big banks that are going into the other nations and try to take them over via subterfuge and economic hitman operations so ships are now they're just moving to a pure global government run by finance all the guards that we see swallowing europe they don't really even need the un anymore for that they have economic warfare so you're saying al is that this is nothing new of the corruption that we saw the fact that this is actually controlled by a very small group that you're saying this is nothing new that it was actually set up that way and they were actually starting to see a little bit of change some as you call them the fake debate i guess though what's your suggestion how would you turn this around i mean would you dismantle and build a new united nations would you maybe move it out of new york city which has got to

be by the way some of the most expensive real estate in the world i mean what's the answer here well i believe in what george washington and thomas jefferson stood for not being untangled with other countries not being involved in other people's wars but wanting to trade with people and friends and i'm all for. if nations want to contribute a small amount to a meeting place or several meeting places and call it something like the. free republics council or free sovereign nations council and then have true true discussions where where countries can altogether vote away the rights of other day shouldn't as the un has basically attempted to do through the security council dictatorship but instead have non-binding resolutions and agreements and that if separate nations want to form alliances or agreements that are more binding they can do that we can do to place to have the world talk but it doesn't need to be

paid for by the robber barons david rockefeller the british royalty and others as a way to put a bill that glove on the iron fist of colonialism of the didn't look too good after world war two and so that's really what the un is and it's hopeful hopelessly corrupt i want it to go away and then nations could start basically talking to each other on a nation to nation basis and when i say it's fake there are real debates and real countries there that are fighting with each other and having discussions but the end of the day doesn't matter because the security council holds all the cards but i got to say i mean lately so often i have been hearing people you know say as you've said you know talk about these ideals thomas jefferson and george washington about the united states sort of existing much more independently the fact is times are a lot different back then things have changed it's easy to say we don't like how far we've come and the direction in which we've come but the fact is we have so i mean

how do you still you know argue that with the fact that we are this is a globalized world and countries do need to do more than just get together and talk . switzerland is the wealthiest country per capita in the world they their currency is rising in value not falling and they're completely neutral neutral is the way to go but alice get her and she is riding the credit ratings that someone is rising mostly because in the wealthiest people in europe in the united states are spending all their money there and the hell you have it is i think you fast let us push and i mean i mean look i'm going to currency debates but it's mainly rising because the dollar snarling america is the bully engine the powerslave of mega offshore banks that's on record establishing a global corporate fascist government and the un is just one of their creations and if it gets out of control they'll just discredit it shut it down so show what i'm saying is i'm all globalism was set up to get everybody basically dependent on

the banks toure's and this is not countries working together this is countries being basically enslaved and played off against each other and america is not an empire it is a republic and so i would like to get back to our bill of rights a constitution and it is globalism of the new world order that has taken us from the most loved creditor nation with the highest cared of living to being now and many of the statistics dead last of industrialized countries by a bunch of third world nations empire has not been good for america the us taking the british empire but on hundreds of years ago especially the last hundred and becoming this in pyar has not been good i don't want to pay for it. now is ready to host alex jones in austin. well the conversation over the size strength and power of a future palestinian state is one that we realize has dominated the global stage for

decades it is no doubt a conversation that most people tend to have very strong opinions on regardless of what side they're coming from and those opinions often translates into influence which in turn can translate into action i want to take a look now at the major influence coming out of washington one that is artie's kalen ford found out may have played a significant role in president obama's changing his tune and pledging to stand by israel and veto palestinian statehood same floor same nations same debate when we come back here next year we can have an agreement that will lead to a new member of the united nations an independent sovereign state of palestine living in peace with israel but one year later a different american position the palestinian move at the united nations is not going to create a state not in reality. not even in fact in effect in theory because the fundamental issues that divide the parties will remain to be resolved as

palestinian leaders push to become a full member state at the united nations pro israel groups have been pushing to influence leaders in washington by congressman tim scott i would not kill it all days ago. and i have the greatest spiritual and political fireball are. long time documents filed with the house ethics committee show that scott and his nephew took a twenty one thousand dollar trip to israel in august scott wasn't alone in total eighty one congressman one fifth of the entire house of representatives made a trip courtesy of the american israel education foundation the charitable arm of the american israel public affairs committee a powerful lobby a powerful opportunity for the israeli government to push its agenda it's a distorted view of what's happening it is real and what's up with palestinians but i think that's so look at of course unfortunately it in the way that the source for policy runs get your. facts but very

rational journey apac and other pro israel groups contribute the most of anybody to federal candidates in the united states with eleven point seven million dollars in donations in two thousand and ten alone it is the responsibility of every pro israel activists to increase the number of individuals making their own direct financial contributions to the campaigns of pro israel members and candidates for congress a pac is increasingly joined by pro israel eventually christian groups when you take the combined forces of this lobbying effort and the christian science organizations is quite substantial influential conservative pundit glenn beck brought hundreds of christians to israel for his rally in the newsroom there is more courage in one soldier then in the combined and so that every bureaucrat ok united nations the u.s.

house of representatives voted four hundred seven to six to cut all aid to the palestinian authority should it seek statehood a position supported by chairwoman ileana roslin and it was traveled or sent her staff to to israel. six times with lobbyist dollars the palestinian scheme is not the right way to get peace with the with israel how will the recognition of the palestinians the bring israel and the palestinians closer to peace but critics say blocking palestinian statehood is not a position that makes sense for the united states is not going to help our position of the world we are basic support of israel to such a way that i think it actually destructive that is jewish destroyed but certainly it's us it's largely just national security interests with elections just around the corner the ability of lobbying groups to shape u.s. foreign policy remains formidable here in fort artsy washington d.c. and i think it's important also when discussing president obama's position on the middle east to bring up that speech he gave back in may of this year now looking

back it was shortly after the height of the arab spring just weeks after the killing of osama bin ladin and in the midst of the u.s. involvement in the war in libya but the speech was also a day before his meeting with israeli prime minister benjamin netanyahu we believe the borders of israel and palestine should be based on the nine hundred sixty seven lines with mutually agreed swaps. so that secure and recognized borders are established for both states so you remain remember that comments drew sharp criticism from many u.s. lawmakers pro israel supporters and of course the prime minister of israel himself has a yahoo responded immediately by saying if israel did return to the pre nine hundred sixty seven borders it would be left quote indefensible but fast forward to today and the u.s. and israel seem to be back on the same page as president obama at least at this point abandoning the notion that this would be the year that there would in fact be

a new member of the united nations an independent sovereign state of palestine kalen pointed out some of what's behind those changes in her report but i wanted to talk more about this part of the story and for that earlier i spoke to the editor of counterpunch alexander kopp coburn and to start off i asked him to give me his take on the u.s. ambassador susan rice his claim that we saw that recent bid for palestinians statehood that we plan to do plan to stay on friday would quote not create a state and that fundamental issues that divide the parties still remain here is what he had to say what is the issue really is the. the fact that for twenty long years the united states has been total support of israel and the palestinians have gotten nowhere and it's very comical and disgusting to hear the united states well please know now we can really do a deal obviously no one believes a word of this what the palestinians might get out of this maneuver is open to

discussion but something is better than nothing they had absolutely nothing the credibility of israel in the world at large is zero and with it the credibility of the united states is near zero as well so why do you think that president obama has said these things he certainly come out a little stronger at least in his language with several different mentioned the desire for a palestinian state with the desire of not printing fifty seven borders why do you think if as you say nothing's going to change because it hasn't changed in twenty years why even bring it up to a point i guess he was trying to hold the credibility that he thought was the one with the current speech that the u.s. could be an honest broker but whatever it is three years of obama it's clear that he's not an honest broker i mean that's the whole thing is clearly a farce and everybody knows it and it's also become clearly a political issue in the united states so i guess it's no surprise that the republican presidential candidates are coming out and slamming president obama on

his previous positions this morning taxes governor rick perry talked about what he called president obama's middle east policy of appeasement and i want to play a little bit about what he had to say and then get your reaction. we would not be here today at this very precipice of such a dangerous move. if you obama policy in the middle east wasn't naive and arrogant misguided and dangerous i guess i think this is a good opportunity alexander for us to talk about the different notions that people on namely u.s. politicians have you know calling obama's policy naive arrogant misguided and dangerous that seems to be what a lot of people outside of this country think about president obama's policy when he stands by israel so i guess talk a little bit about that the past because someone when you look at someone like governor perry you know whose experience of international affairs is near zero and

obviously his advisers say we need the jewish money we need the jewish vote in florida we need the jewish vote in california we need that and if we can detach some of the like to look at the recent congressional election in new york where they abandoned lot of seats in the been held by the democrats since nineteen twenty three and they say the reason is that the jews are trying to tell that you know he doesn't get with the program otherwise they'll recognize republicans when when rick perry says that i mean my eyes will hold out a huge begging bowl of say put your jewish money in here for this you know on the other side saudi arabia has pledged to end its special relationship with washington if the u.s. goes forward with its veto so talk a little bit about kind of what's at stake here and you know the different countries that the u.s. is friends with and their different reactions that will come down as a result of this bit. but i think first saudi arabia to say because the special

relationship the united states has is kind of ridiculous i mean saudi arabia is the thirty second state merely with some of them to make a statement like that is clearly absurd that they're trying to maintain a little bit of credibility here because they're under pressure from the initiatives a country like turkey is they're under pressure from the possible positions that might be involved in egypt and so they're near clearly trying to maintain a little detachment that was alexander coburn editor of counterpunch and that is going to do it for now but for more on the stories we covered and r.t. got usa or take our you tube page you tube got homs last r.t. america you should also follow me on twitter i'm out. thanks for watching we will be back here at seven and christine for.