nine thirty am the nostalgia easier archie headlines new york police get heavy handed with crowds of angry protesters demanding social and economic reform in the u.s. thousands gathered for the biggest rally of a three week long demonstration dubbed occupy wall street. back from the dead the syrian woman reported as the first female victim of the government's pro-democracy crackdown turns up alive and well of course in several media into backtracking after giving her supposed death saturation coverage. violence flares up during

a twenty four hour nationwide strike in greece with police resorting to tear gas to disperse crowds in athens the latest protests come as workers grow increasingly angry with the tight enough stereotypes. of american citizens are increasingly seething at the power of the big banks have over that big banks have over them are keys spotlight thanks look at who's to blame for the global instability that's reaching critical levels stay with us.

hello again the welcome to spotlight the interview show and i see time i'll do nothing today my guests on the program william patey the. markets are depressed by the fear of recession which but very weak and economists proud of angry americans are protesting against the policies of the was three trucks and while some economists are looking for a financial painful others are digging deeper into the reasons of the fever so who is to blame and eventually what's there to do to get back on track to service eternal rushnell christian his political analyst and author of

a book called clouds of money a. bunch of economists see the reason of the current crisis is purely financial but really and also as people's lives deeper he argues the global the school system based on the influence of the dollar is to blame on the dollar he says his power concentrated in the hands of a tiny elite. this power is told to overthrow the jews were captured by american. and welcome to the show everybody thank you thank you very much for being with us first of all the world financial center wall street is in the grips of projects which are called occupy wall street i mean this is the motto of the protesters do you think they will they will influence. financial policy or american

government can afford to to ignore these so i don't think they'll influence the obama financial policy if you bomb a financial policy has been drafted by wall street. his cabinet has all those key financial advisors or handpicked by citi group or called and sachs more so even in the bush administration so it's a wall street president so you could start to finish. after the collapse of the soviet union which we both witnessed the us conservative strategists and they they dreamed of the twenty first century being the century of american dominance of the american century but a your recent book is titled the hours of money wall street and the death of the american century so can we say that the dream didn't come true and it's not coming true well it's. the world is still out when i say the death of the american century i refer to the phrase used by henry luce in one nine hundred forty one. in an editorial and life magazine where he proclaimed the american century the time it

was proclaiming the german thousand year reich. they were a little bit more modest perhaps but the idea of this system that was set up a nine hundred forty four would bretton woods the i.m.f. the world bank and so forth as the projection of american power that is what we can to come to an end in two thousand and seven two thousand and eight with the financial crisis and you say in the book that we are in the midst. of tectonic shift meaning the shift of power from from from the west to the east. am i right there are people right to tell interpreted as china do you mean china no no i said this earlier today in a presentation at moscow state university the shift is toward the east but you raise it as a totality china alone is not capable of being

a counterweight to american superpower and germany would on its. russia alone is not capable certainly economically and otherwise. the combination of all your asian nations working in cooperation economically and otherwise is the one possibility that could be it was already here including the e.u. perhaps country by country i think you as an entity is a dysfunctional. country by country certainly germany italy perhaps france or so easily it means the whole world against america is that what you're really talking about the well america's capability to preserve its leading role in the global economy has recently been questioned and one of the questioning was you know the media spotlight. it generates a quarter of the world's to to be and is home to one third of the world's millionaires for decades the united states has enjoyed the status of the largest economy in the world the image of the superpower has been marred by this year's the

ceiling crisis the danger with technical the food and the country's economy having been downgraded by a ratings agency meanwhile the world's manufacturer and the u.s. says biggest creditor could. can only call their chain a super sized chip pan to become the second largest economy this year and chase in the u.s. fast a few analysts predict the ulong could overtake the dollar as the principal reserve currency and china could become the world's largest economy with the decade others say it would take my child while the u.s. criticizes china for keeping its currency artificially low to make its cheap goods more competitive in world markets the state control works in china's economy has been growing at nine percent a year and satisfied by the status of the world's manufacturer china has been

developing its in the vein of capability throughout the last decade after it has already borne fruit. in a year when the u.s. has wound down its space shuttle fleet china has put its first research more into orbit and plans to eventually construct for aged platform the launch has been described this chain is a new milestone on its road to want superpower status. our reporter seems to be more impressed by the chinese miracle than you are so there's it makes sense what we've just heard now the chinese economy is a highly impressive thing i've been there five times in the last three years and travel extensively across trying to. it's astonishing what they've accomplished it's incapable of challenging the u.s. might well simply because its military capacity isn't capable of challenging it was right that's the key economically quite strong the vulnerability the achilles heel

of. energy import to penetrate on oil and natural games that the u.s. knows why do you need military capacity to challenge countries. canonically well because they're up against the superpower which is spending more on its annual military of laze than the next fifteen nations in the world combined and there's a reason that all these american bases are being set up in afghanistan and iraq in the country said throughout the middle east and. now we're probably a little you're still you think that the transition out of power i think power from the united states to what we call the rest of the world has started how long will it take. no one can say whether the american elite will or will stop their denial of verbal also erosion of their power and british only two world wars two admitted finally between nineteen fourteen and forty five zero is the first step to

acceptance i totally accept fairly soon because it's it's bad for the united states and it's certainly bad for the rest of the world the policy of full spectrum dominance and. and you know being the sole superpower it's just disproportionate but maybe this shift of power what what what what suppose it happens to be the shift of power through the east led by. your asian and chinese economies does it mean there's that mean. threats to the marker sees worldwide because when we say democracy when people of the state say democracies they meet america and the anglo-saxon oriented countries. you know this word democracy is a word we consider on very lightly by people governments who. don't really have much concern for. i think it's a loaded word out i would rather. directed toward a concept of representative government with some kind of checks and balances on power and the influence of private lobby groups in the united states congress and

the election of presidents and such today that you can speak of a democracy you can speak of. such a concentration of private power that the president is what i was actually a special interest with. eastern germany it's a world east and the world economy. would be less comfortable for europeans for people used to the order that we have now i don't really i don't think you need less comfortable it could even be much more comfortable simply because. china india russia and eastern europe and central asia require the kinds of goods and manufacturing products that the european union countries especially germany still manufacture the united states doesn't manufacture anymore . we've outsourced everything over the past thirty years and now it's being manufactured in another person's we have been reading in the news their leaders are

considering legislation that would that would threaten sanctions against china. if it does. the currency manipulation do you think this is a measure that may help revive u.s. economy that will hold well. you know the the u.s. economy is a basket case economy right now the official government data that's released every three months by the labor department the commerce department has been faked essentially so systematically and so long that the real economy is running at a level of best estimates of economists friends of mine who monitor this of twenty to twenty three percent of the employable labor force so a twenty three percent unemployment is as levels of the great depression of the thirty's so so. the language it's sanctions. isn't isn't language understood by countries like china here you know it's saber

rattling by washington and they're dependent on china by and. more than two trillion dollars of u.s. government debt the debt situation of the federal government this is different from the great depression because today the debt of the federal government is simply growing exponentially it's out of control. this is what makes me wonder by the way u.s. and chinese economies i was so interdependent they have become so interdependent over the last decades so how can they fight at all i mean they should be good for all the chinese i think are proceeding extremely cautiously they're not dumping their treasuries but what they are doing is diversifying they're focusing more on the regional asian markets currency stability with between its major asian trading partners i think we showing how cooperation organization is c.e.o. with russia as it is a key member of that is going to become more important in the future for china as a diversify their markets also in the last three years the chinese have gone more

and more toward the european market and less. the u.s. says williams and our political analyst and author of the goods spotlight will be true to me right off to stay with the fact. that. it was created to serve public interests.

and to entertain. these days there's nothing easier than opening up the new media outlets but there is nothing harder than revoking its license in case of corruption . the. same. problem you can involve in a community where you have one large corporation controlling the daily newspaper radio stations television stations the cable outlet you told me that that sounds like the microsoft public opinion versus f.c.c. broadcast blues and the marching. welcome back to the spotlight. just a reminder that my guest on the show today is really an angle political analyst and author of a book called gods of money. you mentioned just

a couple of minutes ago the first part of sensibility the united states keeping the you are pretty low to make a price competitive do you think that the u.s. as one of the measures may may devalue the dollar and make its products more competitive and thus some people say it may be it may be at a measure never of the dollar if you look at it over the last several years has devalued quite dramatically. and what they're trying to do i think in washington is do a slow motion devaluation to make the repayment of american forget holders like china or japan to make it much more powerful for the worse. but the problem is a lower dollar for american exports nobody wants to buy detroit automobiles anymore if they're german or even chinese cars are a better manufacturer than the american car america doesn't produce things that the

world wants to buy anymore they've outsourced that they've done that they've left by and large left industry behind me the silicon valley is an exception hollywood hollywood is hollywood is a huge export after that ok so they can export many hollywood films ok but. you see the process is the devaluing of the of this going on and it's done purposely said slowly and what can it mean for the future of the dollar as the world's. reserve currency well this i think is the background to the situation between the euro in the dollar and the last two half years the in my view the greek crisis was. a ticking time bomb that was detonated. so i say at the time of trying his government spoke of diversifying out of the dollar into the euro the euro right now is the only potential contender for reserve currency status for the rest of the

us dollar and were that to happen that the u.s. loses reserve currency status that would mean that the u.s. would lose one of the major pillars of wall street financial power worldwide and they want to leverage that here are the major levers and also they wouldn't be able to finance their wars given the budget deficits are running. ironically the chinese with their investment in u.s. treasury debt and the japanese are financing wars against chinese national interest in afghanistan and iraq and now in libya so it's a it's a very diabolical situation that for street and the treasury of manufactured if they lose their pay lose a huge one of the to major pillars of american cause more power when you mentioned challenges the u.s. will dominance you said it may be china only together with other countries and together with russia when you mentioned i mean you mentioned that china is

very. it has the pendent. natural gas from russia so do you mean that in this new construction this new situation where russia will still be. a raw material producer and provide it either for europe for china for whoever rules the world well i think for the near term there's nothing wrong with that and that's a very constructive thing that russia can use and the putin diplomacy in the past decade has used that quite skillfully to build economic bridges to germany and other european countries and it was sensible for russia i think russia has something far greater to export once once its infrastructure is up to western european so. and it's real and. other infrastructure and that is the export of its intellectual powers and it has intellectual capital that's barely been tapped on

the internet in the world in terms of science and engineering capabilities of the education system that is above world class that is beyond what american universities are turning up but many people which many critics inside inside russia say that russia's intellectual powers is is rather russian but the heritage we got from the soviet union and i think it goes further back from a i think the heritage goes back to the german classical education system of the nineteenth century in the late nineteenth century which was very much a model that was used in czarist russia so but they've held on to it and during the soviet era. i know from russian friends of mine who are academics so that was the one area where you could excel is an academic way and not in a moneyed way the american system you excel in money and that defines your value but i prefer the russian system frankly. you see the revolutions in north africa in

your book as i quote careful strategy of controlling one of china's most strategically important oil and raw material sources and you just here you just said mention an interesting thing that china has actually been financing this thing but this sounds like another conspiracy theory is it possible to control such massive protests that we've been seeing. over the arab spring it's well documented that this was coordinated and organized by human rights n.g.o.s who are working very closely with u.s. state department hillary clinton hosted some of the leaders of the egyptian. protest movement really put a fork and so forth they were trained by old poor which was financed by the u.s. in belgrade and then sent back to to egypt. to these other countries in the case of libya it was a pure military operation. u.s.

intelligence pumped arms with the help of the french into the new syrian opposition or transitional national council the french brought them up to paris and offer them huge deal only on the oil revenues of if they work with the french so it was just across intervention from outside a lot of the youthful protesters may have been my even after i think that this was real democracy that they were risking their lives for but it was really appealing thing egypt was a good example nothing actually happened in the future just a group of generals moved on and then the other group moved some of the flee the country but nothing changed. ok now. you mentioned the problems in the in europe you mentioned the european the e.u. no actually being an entity these problems inherent problems with the euro as it has a meaning currency do you think it's also conspiracy is this also also

a result of a war of the us against the euro what with oh i think they want to fight sure i think there's a huge tug of war going on behind the scenes it's not a conspiracy theory it's an actual coordinated action between the federal reserve credit rating agencies moody's standard and poor's the treasury treasury secretary tim geithner was very close to wall street. and they were the ones who in two thousand and two actually showed the previous greek government how to hide their actual debt in order to get into the euro and have a bonanza in terms of your euro membership for greece and the greek economy. and they were the ones who pulled the plug on some of the group came into office just applying the dollar was under threat. the rating agencies downgraded the debt standard and poor's on the day that the european. union heads of state agreed in principle to

a greek bailout they downgraded greece three notches which is unprecedented for sovereign debt. down to a level of junk and that meant that all pension funds around the world had to dump greek government sovereign debt immediately. by the rules and regulations and that triggered the crisis into a whole not just as a crisis was nearing a solution. but rating agency. people who are conservative bankers who never think in terms of conspiracy told me. in europe that this if there ever was doubt before they didn't have any doubt so interesting interview we're having here . as you're answering my question i think about what you said previously been coming here with new questions about about china financing war against itself well we remember that i war against afghanistan was actually the beginning of the end of the british empire once it was the beginning of the end of the rise of soviet

empire and now america recently said we'll be there and so victory so do you think this may be the beginning of the end do you think the american budget will withstand this war for a long time. well china i can tell you realizes that the presence in afghanistan has nothing to do with combat in the taliban or certainly not with al-qaeda which some of us military officials questioned whether it even exists anymore. so the question is what does it have to do and and my view it has to do with a permanent us military basing directed at two major powers potential opponents one is china and the other is russia and for the first time the pentagon is able to position itself directly in the heart of central. asia against those two potential opponents in the future so i think that's what we're looking at and a victory in this process no absolutely not. do you welcome china's china's

intention to bail out the e.u. travel problem economies. i think the chinese are talking about helping somebody you basket case economies like greece and portugal but how far they're willing to go and on what terms i think the chinese are very shrewd bargains when it comes to that and there will be remains to be seen how far that will go what about africa do you think the africans will welcome china replacing the anglo saxons as the patrons of the continent up until now it's been mixed but the chinese have done the one thing that it's extremely clever in terms of their african diplomacy since about two thousand and four two thousand and six and that is they've come in they've ignored the international monetary fund they've come in with soft loans they've built schools hospitals highways dams and so forth across africa and they said our interest is quite simple we want long term secure raw materials oil gas and

minerals and the africans are quite happy to have that kind of arrangement the american approach was similar to the british kind of colonial looting of africa which the africans certainly are not wanting to continue so this offers an entire new kind of bit economic diplomacy for for africa thank you thank you very much for being with us and just to remind you to have my guest on the show today was william hague political analyst and author of a book called gods of money that's worth an hour from all of us here if you want to have your sales spotlight grab someone in mind you think i mean in my actual job spotlight will be back with more first time comments on the other going on outside russia until then stay on r.t. and take care thank you.

if. i'm. going home. from. it.