market. why not what's really happening to the global economy with much stronger or no holds barred look at the global financial headlines tune into cars report. the doctors are in hawaii that is trying to figure out a way to resuscitate the global economy so will they be able to find a cure and at the age of america of course be coming to a close will there be a new global pecking order. child abuse on almost every dimension she this is no longer a time for us this is the back and say we're going to let them steal our jobs as politicians are huffing and puffing negative rhetoric against china so as american leaders take up some cheap shots at the so-called new red thread we look at who else is afraid of the big bad china. the old and they've lost their minds and they've lost limbs they've lost their time and they took the risks and they deserve

it but somehow it's just you know generation after generation america keeps screwing up fighting to survive as the us honors that veteran's day america's heroes are returning from the front lines to a non so happy homecoming crippling unemployment homelessness and high suicide rates so what ever happened to no man left behind. plus in the center of the fashion world so the center of the euro crisis italy drove headfirst into economic hardship so with berlusconi gone will the country be able to set itself straight or is it just the next domino to topple over prices. today is friday nov eleventh at seven piano washington d.c. i'm christine for zero and you are watching our team. i want to talk today about the economy and what seems to be a changing tide in the economy on

a global scale only that old piece of advice go west young man it seems that if you want to go where the growth is happening you should instead instead they go east young man as countries like china and india are growing rapidly as the rest of the world and especially the u.s. seems to be slowing this is all being discussed this weekend at the asia pacific economic cooperation forum a pac and honolulu hawaii where leaders from twenty one countries will discuss things like free trade and green technology as well as the crisis in the eurozone but it appears another crisis is brewing and seems the u.s. is global dominance could be coming to an end i want sooner than expected i want to show you something the i.m.f. posted earlier on its website something that sort of fell under the radar of most seems to be out of a big deal and this graph shows forecasts rather that when it comes to purchasing power parity in china essentially will catch up to the u.s. and the next five years by two thousand and sixteen so will the winner of the

twenty twelve election be the last u.s. president to preside over the world's largest economy earlier i posed that question to dr caroline hellman professor of politics at occidental college to tell us who actually thinks this is similar to some earlier red scares of this country has faced. i think about superpower dominance in terms of economics military and favor ability and according to a few study americans are still the highest when and when it comes to figure ability of superpowers our military spending is many times over any other countries including china and it when it comes to economics sheer size and nuff is not going to be enough to supplant us dominance in this area so for example china's g.d.p. their gross domestic product is expected to match the u.s. in the eurozone which would be about fifteen trillion dollars a year it's currently about seven trillion that that's anticipated to happen around two thousand and twenty but even then it doesn't mean that the yuan will be

a player along with the euro and the u.s. dollar because china's markets are not open enough for that to be a stable place to elevate that currency so again i think it's overstated this notion of the decline in the west and the rise of china but at the same time i think it's good for the u.s. to have competitors it's never good for a global superpower to be the only one at the top are perceived because then they act with impunity and i believe that various points in u.s. history we have seen the evidence of that i think having china in the mix will be very positive for social political relations but heroin use a thumb of these numbers these ideas are overstated but you know and when you talk about years like twenty sixteen twenty twenty five ten years off but looking at the rate how rapidly countries like china and india are growing isn't it feasible to think that if they continue to double and triple and quadruple inside in strength of things could be reached

a lot sooner than expected. well i think that that's actually very quick and when it comes to a time clock we're talking five years out ten years out but even when sheer size is achieved i guess my argument is that it is not enough to supplant existing superpowers it might be enough to eventually be competitive but right now the yuan and the china would have to have much more open markets they would have to have a primary major shift in their political system in order for their economic system in order for that you want to be valued in the same way as the euro and the u.s. dollar but with that said certainly in terms of purchasing power as you've noted we're going to achieve that well before china matches the size in terms of actual economic sector in terms of g.d.p. that's going to happen first but there are some restrictions on this right there population restrictions unfettered growth can't last forever so even sheer size will be checked at some point but if china really wants to supplant the u.s. or the euro zone china will actually have to have to shift its political position

quite a bit and open up not only its government its gone markets but but open up as a country open up its markets much more widely you know in the u.s. we've been the senate trying to pass something chastising china for fixing its currency that would be one example of why the yuan will not be the stable currency that it needs to be in order to truly be a global economic competitor go about what is going on here in washington and elsewhere in the u.s. i mean do you think there are some crucial decisions that have yet to be made that could really typical scaled down where the other. well in terms of economic policy i think quantitative easing and we've seen. we want to have flooded more u.s. money into the market which is benefited china but i'd like to also challenge this notion that china owns the united states are they own about eight percent of our debt japan i was about six percent of our debt so again overblown so do position do political decisions now have this you know this affects of leading to to economic

decline and the demise of the west again i think this is these are are more romantic narratives about the west in the minds of americans and this concern that we won't be on top and i'll complicate that a little further that our expansion our imperialism started with the founding with the notion that anglo-saxon whites male protestants in particular were the less it kind and this led to us you know the genocide of the native americans as we expanded westward it led to atrocities in hawaii and the philippines and beyond so i think it is good that america will have competitors because unchecked imperialism leads to all sorts of of colonial issues and even genocide i think have an important point and when you talk about competitors sometimes it's a little difficult for people to see these new competitors coming on and we want to look a little deeper into the you know what sort of a tug of war that's already happening between the u.s. and china and shifted attitudes about china both in perception and action and i

think you mention this but you don't really have to look much further than the pentagon budget to see that but we wanted to see how the attitudes were manifesting there among regular people so we sent our correspondent who set out to the streets to talk to people to get a sense of their attitudes about china so we want to play this and caroline if you don't mind sticking around we'll talk to you right after. maybe what. you have to. say let's just get right down to it shall we should we be afraid of china. well what other place in washington d.c. is chinatown to find out i don't think we have to be

a fraid of china but i do think that we should be concerned well concerned might be the right word for it and angelina isn't the only one a much twenty eleven b.b.c. poll shows that many in the west aren't exactly thrilled about china gaining more economic steam in the span of just five years negative attitudes towards china have skyrocketed with france germany italy the u.k. and the u.s. on happy at the thought of china nipping at their heels and for the u.s. nowhere is that clear but in the race to the white house china is on almost every dimension civi this is no longer a time for us to sit back and say we're going to let them steal our jobs we need to do is start in reaching china with our model i want to be china i want to go to war with china and make america the most attractive place in the world to do business. does it have to be us or them and is anyone buying it the world

changing you know so like the fact that like china's economy is modernizing. isn't the reason why our economy is doing poorly right now. and so it's maybe just the straw man. presidential candidates bring out but again in a business sense. countries just as any other country. i don't know whether it comes from the us about china well there you have it it seems china is the new kid on the economic block and it's up to the u.s. and the west to see how they deal with. washington and i can throw our feet. as a parallel let me get your take just in terms of attitudes do you think people have a reason to be concerned well no i think that it is positive when we have another global competitor as they talked about before about you know

the united states basically having to play nice with others because more people are in the game i think that's positive but on an individual level no actually americans are betting benefiting tremendously from the cheap labor sometimes child labor and lower labor standards in china where wal-mart is basically walking into a retail chain for china so the notion that somehow this would be bad at the individual level seems a little absurd i mean you say caroline that americans are benefiting and i'm pretty sure you mean americans are benefiting because they can get goods for so cheap because of how cheap they cost to produce these goods walmart a great example i think but look around the country look at these abandoned factories and warehouses and you know manufacturing that used to exist here that doesn't anymore i mean that is you know people who produce these goods they simply say it's just much cheaper and much easier to produce in china how can we as a country reconcile that. well i think there's

a conflation of two things happening one is certainly the outsourcing which is happening all over the globe not just in china any place where there are more relaxed labor standards relaxed environmental standards which is an issue that we as a country need to deal with because we do we are going to fitting on the pain of of the less developed countries china included in that equation but beyond that we've also seen a shift from a manufacturing sector to a service sector economy so a lot of that loss came prior to china getting in the ring so i think some of that blame is misplaced but i think china becomes this very convenient target we need an enemy right the cold war is over terrorism doesn't provide a concrete enemy for the united states to confront so when we hear these republican competitors talking about china as an enemy i do think that it fills that notion of having something to oppose in order to buoy the resilience of nationalism and again i find i take issue with that nationalism and i don't think that china's growth

unfettered growth centrally at this point is all positive i'm concerned about the environmental i have it that is being read by the manufacturing standards i'm concerned about the quality of life of those living and producing those goods that people are growing so cheaply and all mart and i do believe that we as a country could do united states could make a major shift and how we treat other countries and outsourcing but that would require that the u.s. government step in and tell american corporations that they're going to have to put people over profits and i think that's a really hard thing for anyone at this point to say given how much we've elevated the corporation in the minds of americans i think that ties back to what you were saying in terms of the transfer over from a manufacturing economy to a service economy we talk about these big corporations it's not just that shift from manufacturing to service economy i think to and i think that is what you're getting at is people have been putting profits over people corporations have been rather and it's about doing the. most for the cheapest which i mean as

a business person i would say those people probably would think that's best but it really really has shifted what's going on here in america in terms of the middle class in terms of the inequality gap is getting wider and wider i mean how do you do you do you think this will change in terms of policy or future laws for these big corporations to say you know what we're only going to make a few billion dollars instead of twenty billion dollars you know every month how do you do that how do you say that to these big corporations you know and that's the million dollar question you've hit the nail on the head there in terms of we have actually i don't think it will shift that's the short answer because we actually have made it illegal for a publicly traded corporations to put anything above profit and we gave them person hood and then we said that money is free speech and so now they have unfettered access to the political arena i think what would have to happen is we would have to

take back corporate personhood and we would have to make corporations what they were prior to the mid eighty's hundreds where they can only exist if they serve the public interest now that would be a radical shift in our and our political economic system in the united states and one that right now benefits you know politicians get elected because of their corporate ties so i don't actually see the shifting anytime soon it is certainly a reality here in washington carolyn hellman professor of politics at occidental college in our los angeles studio well among those feeling the strain of those jobs being sent overseas for veterans men and women who have served their country and upon getting out find that instead of being met with open arms they're faced with unemployment and a whole new set of battles well today is veterans day and as we remember those who gave their lives in service to this country we want to remember also those who made it home still need support our correspondent honest takes a deeper look. well. their job is to defend their country's interests

but once that jobs act fast their country has no interest in them any longer tens of thousands of american war veterans are simply being discarded the coming home to a different fortunate rate of homelessness the foreclosures an addiction and she doesn't and a whopping seventy five thousand iraqi. state were homeless people on the street were veterans like fifty five year old jomon joe after sixteen years of military duty he's homeless on the streets of new york with health problems he can't afford to take care of and no job just to sit here like this is not easy you know it's it's a great you know it's going. to demoralize and i have no resources you know i can't collect unemployment as i was hurt i was working fast. and. then unemployment runs out anyhow do says all the u.s. military machine cares about is money well the people who risk their life and limb

are disposed when it serves their purposes the titian it's just a bunch of deceptions it's about numbers you know the streets and numbers as well as they keep numbers out recruited gets his money he gets his his promotions his bonus and they care for themselves. about us they care about their own banknotes the u.s. is winding down its operations in iraq and afghanistan but the damage to the people who fought in those wars really we have it is unable to provide us with the services that we need the services that we're entitled to as a result of you know signing a contract and putting our lives on the line for our country unemployment rates among war veterans are staggering coming home to an unemployment rate that thirty percent for iraqi and pensions you know triple the national average joining the military used to be considered a great career steps that lead to a life of our. honor these days this couldn't be further from the truth joining the

u.s. military is probably one of the stupidest retirement or career moves you can make as a human being and it's a real columnist ted rall says military service is one of the biggest hoaxes in american history they're defending the borders they're expanding the empire the we owe them they've lost their minds and they've lost limbs and they've lost their time and they took the risks and they deserve it but somehow it's just you know generation after generation america keeps screwing it's that there are said to be eighteen suicide attempts today among veterans in america hundreds each month handling the realities of being forgotten it is tough when you come home you use your for clothes on the jobs gone and then they want to go to shelters and shoulders pretty much housing criminals drug addicts and a lot of us can't tolerate that lifestyle the hardest truth is that many believe forgotten that back at home is

a permanent state on america's image this reality you're going to continue indefinitely with no end in sight despite the iraq war i'm supposedly ending of course but yet many scenes the realities are soldiers and the constant deployment towards me don't want to play that's not going to after almost nine years of war in iraq the u.s. government plans to bring american soldiers back home by the winter holidays but with joblessness homelessness and official neglect and undeniable reality for america's veterans after the cruelty of war thousands more may be faced with the cruelty of life after it and thank you tryna r.t. your. so i do want to expand on this from for these veterans from their injuries to their bodies or to injuries and other hard things to overcome inside their minds many of these veterans return for one or two or five tours as changed men and women and they often have a tough time connecting with their families their friends with anyone who hasn't been through what they have so many have trouble finding jobs or holding down jobs

when they do find them as you just saw but to talk more about this earlier i spoke to matthew hoh senior fellow at the center for international policy now despite many pointing out soon really and less opportunities for advancement available for vets like the g.i. bill i asked matthew in his view why it's so hard for veterans to compete with the rest of americans in the job market. thank you have from me on this is a very very thought about it it's something i think we should talk about much more not just on veterans there but it's i wish it was that simple you know you come home from war and you can't warm a changed man were changed woman so into us it was really guys back take him out of uniform put it into college and also not to be a normal citizen like everyone else we're looking at right now regrets coming home from iraq and afghanistan it's about a fifteen to thirty five percent rate of post-traumatic stress disorder we don't know what the rates of traumatic brain injury are right now but we believe they're

high so it's not a simple certainly guys to college and it will be just like you know your neighbors next door and just it doesn't work that way certainly even the small things you know having trouble sleeping or showing up to work on time i mean these are things that a lot of people don't take into account you talk about post-traumatic stress disorder i think it's really important to say these numbers and they're kind of staggering actually according to the department of veterans affairs every single eighteen minutes a veteran in this country commit suicide that's about eighteen that's friends a day that make it home and take their own lives when they get here to talk about this and why it's really important for those who are not associated with military to understand how this happened it's so troubling because we don't even know if that number is right so many of our brats from iraq and afghanistan are not even registered with the big eight and i think only sixteen states require that you say cause of death suicide in terms of reference exactly so that's an estimate that's

we think is happening we don't know the scary thing about it is that the war still going on the war is current if you look at the research done world war two korea vietnam vets you see onset for post-traumatic stress for those veterans oftentimes occurred up to eight ten twelve years after they returned home so the onset of. this has that is same thing to we believe with traumatic brain injury which is basically the amount of hits our guys are taking that they're protected in armored vehicles thank god they're coming home from stuff that their predecessors who fought in previous wars would not have survived but what happens is it take a tremendous shock to the head in those attacks which can be very late in terms of the onset of the injury so traumatic brain injury may be something that we see five ten fifteen years from now that we're not recording right now so it's very scary the scope of this and what it means you can't and it's so interesting i'm from san diego which arguably has you know some of the best weather in the country so

a lot of veterans are there socially homeless veterans the knowledge that trends are everywhere there are thousands of them so it's not just the two wars going on right now it's previous wars as well let's talk a little bit about the future policy i mean here we are in washington and we think about congress just about every lawmaker always wants to talk about how much the troops are supported but the reality is very few of these lawmakers actually are related to anyone who's ever served actually understand it talk about this and how that affects policies that are made yes you know there was a story usa today said that twenty two percent of members of congress have served in the military which is the lowest level since world war two i think to that level is needed here you go down with iraq and afghan wars less than one percent of america has served in those wars and so what you see in congress is a reflection of what the reality is in america i travel i visit universities in

much or just stop in holy cross the other night up in massachusetts in a room full of students only kids who were or you see knew anybody who had served in iraq or afghanistan so you're talking about their peers their peers are fighting in iraq and afghanistan while most of america is not participating if they're not affected by it so we see that reflected in congress so i think a lot of us would like to see more. let's be involved all reasons you've got to senate arms services committee hearing or house armed services committee hearing. what you see are just heads bobbing in agreement with the generals so if you have more vets and there are believed you have more guys willing to work you know raise the b.s. flag generals when they go in there and tell them how well the war is going out how well things are occurring either in iraq or afghanistan it's been an ongoing problem for years just continual good news coming out of iraq and afghanistan when the reality is the alternative or the opposite in the other side of this is that

who's going to protect these benefits a former marine of mine was to both his legs in iraq and we were there a very good for him taking care of him he gets excellent care right now you know he be free to score so he can drive with his hands in ten fifteen years from now is that program still going to be there or that your big budget cuts just real quick now i know that yesterday i believe a small portion of president obama's top spells out this was the part of the i don't like it's about trends that it's will this change anything you know who knows who knows how much that actually works in terms of extending tax credits. but i think what will work is for the american public to realize that if we do all we get frustrated let's get frustrated because in the run up to the iraq war what eighty some odd percent of america was for the war how many americans opposed the escalation of the war in afghanistan very few so if you things have changed all of that now sorry we're out of time matthew how senior fellow with the center for international policy and i want to thank you so much for sharing your insight.

so i have here on r t i'm going to start they'll be able berlusconi may be stepping down but italy is not out of the woods yet so will an economist replacing him because he's three. to the counseling out. what drives the world of fear mongering used by politicians who makes decisions great. who can you trust no one. issue. with the global regime where we had

a state controlled capitalism it's called fashion so when nobody dares to ask we do our tea question more. on shaky ground today italy where the sun of their push through the country's harshest austerity package yet and prime minister silvio berlusconi will be stepping down correspondent sara firth is in rome right now and brings us a snapshot of some of those significant changes and how people there are handling. the italian bread has always seemed to be going strong. divest business press. it's in fashion it's a country that economy wise it's nice to take thing is best foot forward. but recently its least seen its economy stagnating has now become the latest country to be dragged into the center of the eurozone crisis. italy has

a strong economy. it is now its lead now face a similar fate these countries having to seek and latency despite being one of the year is its largest economy we're not greece we're not greece because we have a lot of savings we are not greece because we have been very prudent in this recession we haven't done in this recession might not be greece but with. soaring pouring costs just how did italy and in this situation right now nobody. nobody spending all all of europe consumers are not spending they are saving they're scared to death of what's going to happen meeting here is a. tough reforms to the last part was made with the team growth in the country so difficult. government being able to bring about positive change we have

had too many years. that was not credible outside and very deep inside i don't think it's only. i think the squire. was not able to deliver what he promised i think there might be a transfer of year old. that's not going to be enough we need support from europe otherwise everybody and that's the scariest part of the situation in italy right now the euro you think bass its biggest challenge yet it's unclear whether those ideals of a peaceful and culturally united europe can survive the failure to adapt and to find decisive leadership at this point and they do. in ruins. and that's going to do it for now but for more on the stories we covered go to r.t. dot com slash.