the government says the agreement is not a threat to freedom but maintains the internet should not be a space of legal. but protesters say they will bring even more people to war so central square on friday to stop it becoming law in the space of just three days protests unfold have managed to gather tens of thousands of people and while this is still little chance that this bill would not make it through parliament the rallies unlikely to die down lets you assess the artsy reports you from poland. still had on r t pornography is a multibillion dollar a year business but are the porn police allowed to run porn producers out of los angeles county more on the crackdown over condoms in just a moment. to the. people calling like you said for free and fair elections. and they're still

reporting from the clintons as you can hear behind me loud explosions. they gave. a.

welcome to the capital account i'm lauren lyster. well whole lot of people around the world enjoy watching adult films and most porn movies are filmed in the los angeles area but now the government there is cracking down on the pornography industry and how the performers have sex many in l.a. i wonder why the city is even creating unusual laws like these that a time when tens of thousands are living in the streets and many other basic needs are not being met as our teams are among the lindo shows us the political mess over condoms could be a costly one. it's a very dangerous issue. not only is it unconstitutional but it's kind of against our human rights at a time of growing concern about government in people's liberties the porn industry is fighting for rights they say is under attack so i prefer not to use condoms you want to see like the nasty stuff you know and i think some of the city

of los angeles has approved a new ordinance which mandates performers like aaliyah janine and domino presley must use condoms well having sex on set the unique law has people worried about a nanny state criminalizing consensual acts between adults so no on wearing condoms in porn yeah i mean had sex with weiner a place where from the point of having sex on film anyway i think they're wasting their time that's like asking everybody to wear condoms in their home and i don't think the government should be interrelated regulating sex many also wonder if this is really the most serious and pressing issue facing this city and priorities are always kind of how do you know when you're going to say we want twenty four hours so yeah it would be nice if they would allocate funds for something more productive to the people while china and other countries build high speed rail and modernize their infrastructure here it can take years just to get approval to make

improvements to the transit system but while the city struggles to settle these issues it will be in the business of enforcing who puts on one of these. the condom requirement could also push out the multibillion dollar porn industry a source of major economic stimulus in the area if this is put in place it's quite possible and probable that the producers will move out of the area and that will be a significant loss of revenue for the city. the adult film industry is estimated to generate fourteen billion dollars a year and most of it is made in the los angeles area i know that probably every day there's you know fifty to one hundred scenes being filmed in park. or renting a house for. so i mean it's definitely a huge you know. it's tough when they too are coming in l.a. an inflow of money l.a. sorely needs as it struggles with

a massive budget crisis we should be more concerned with legitimate issues whether than others like porn actors actually using condoms and there are plenty of issues there have been nearly four hundred thousand foreclosures in l.a. county since two thousand and eight and today more than fifty thousand people are homeless official unemployment hovers at twelve percent the real rate likely much higher census numbers show that nearly one in five in los angeles are living below the poverty line and close to a million people receive food stamps something for the city to think about well it plays condom police in los angeles ramon glynn though r.t. . so i want to talk about this what does this mean when law enforcement comes into your bedroom well for more on this the man who brought you the story artie's own ramon glendower he's in our l.a. studios and ramona i talk a little bit about i mean i think it was really important that you showed yes this is going on look at what else is going on in the city of los angeles poverty

foreclosures homelessness at a ridiculous story what is the city's reasoning for this especially given how much money how many billions of dollars this industry brings into the area. no that's absolutely no group which brought about this law as the aids healthcare foundation and from there and they say that this is aimed at making performers in this industry safer and hoping to perhaps slow down the spread of hiv within the community not just in the poor community be but also in the community of los angeles all together now they would gather seventy thousand signatures to put it on the ballot but instead of going through. an election which would have cost the city four million dollars the city council said just chose to enact the law to avoid that cost in their eyes to make things safer but unfortunately for the porn for a lot of the people that we talk to in the porn industry they say that this is

going to really have through their ability to make money in this business talk a little bit about from what i understand i mean there was there were some former adult film actors and actresses who you know did everything right figured that the porn industry was regulating itself that there that they were taking precautions to make sure this didn't happen and some of these actors actresses actually contracted hiv contracted as t.d.'s. how loud is their voice being heard you know people who were victims of this problem. well that's right now several high profile names have come out. very clearly stated that they think that industry does have some dangers and that they felt terrorists know the industry itself has pointed out that many of these performers did not contract the hiv virus here in los angeles while filming the or did it in other states or in another country so in their eyes their self policing their self regulation which requires performers to show that

they've been tested in the last thirty days to them it has been effective since two thousand and four they claim that there's only been one hiv infection which to them is a pretty solid record and they don't really see the need to put more city resources into policing the tree certainly a good point ramon it's very hard to tell exactly where these people are contracting the virus is really quick where will the producers take this industry if it's not l.a. . i mean ninety percent of all porn is created here in l.a. is that really a big. big contributor to the economy here now they can go to florida nevada and even new hampshire where is one of the few states that actually protects pornography as an art form so i mean they're definitely threatening to leave the area so far that no instructions have been given as far as how this is going to be policed so once those regulations do come down and we hear about fines and things of that sort there's a good chance that they'll be leaving not just the state of or not just the city of

los angeles but the state of california all together certainly a lot of people think you know people who watch pornography thing a they wouldn't want to watch it if the actors were actually wearing condoms but it could be one of those things that if it did happen and i just used it hard to tell really. thanks so much for bringing that to our thanks for saying story. all right well that is going to do it for now but for more on the stories we covered go to our team dot com slash usa also check out our you tube page it's youtube dot com slash r t america you can also follow me on twitter i'm christine frizz out thanks for watching we'll be back at five o'clock.

culture is that so much a given to you each musician or a parent finding a pat on the mark when libya intervention like in the specter of civil war libya's transitional way from the khadafi regime is proving far more problematic. you know how sometimes you see a story and it seems so horror lengthly you think you understand it and then you glimpse something else you hear or see some other part of it and realize everything you thought you knew you don't know i'm tom harvey welcome to the big picture.

welcome to the. this month chunks by particles that make up the fabric of the universe find what you're looking for in the deep siberian forest prevent a fire with the help of lasers in fibers pull out your tablet of a new gaming religion and let the inventor begin all of that here in novosibirsk technology i'm danged here on r.g.p. we've got the future covered.

with. good evening and welcome to capital account i'm lauren lyster here in beautiful snowy davos switzerland timothy geitner here today representing for the usa that day euro zone is one of the biggest threats to the u.s. economy is it or is it the distraction that is saving the u.s. right now i'll tell you all about it coming up but first here's dimitri in washington. thanks lauren and staying with europe for a moment the negotiation between greece and its creditors seems to finally be on the verge of a resolution at least that's what you finance commissioner olli rehn thinks beyond

just about to pull should you deal or not for a week six or involvement between the greek government and the private critter community. a deal the kind of deal greece is a deep depression consumers aren't spending and businesses aren't investing and that's not going to change the most this bad debt underwritten by greedy banks and taken on by generations of top the crowds and politicians and taken off the backs of the greek people why should they continue to suffer while bankers like jamie dimon claim as you did in a recent interview from davos that a greek default would have zero impact on the banking system and getting back to the u.s. g.d.p. numbers for the fourth quarter out of the mainstream financial press is reporting that two point eight percent growth rate shows that we finally may be on the road towards recovery really if you take into account consumer price inflation and the fact that more than two thirds of the g.d.p. numbers reflects companies restocking their inventories the pictures look so rosy

in fact it looks like a country on the verge of another recession misspeaking with prominent financial blogger mike shad lock to get his take on this and other economic hocus pocus in a moment but for now it's good that he's got a lookout. well it's day three of davos and there are lots of headlines out about what officials are and aren't saying regarding the eurozone and the global economic outlook but how many people there actually care about the agenda and what's missing from it while the host of capital account the lovely lauren lister is there to tell us all about. so lauren i want to i want to start off right away let's start off with davos you've said that not many people really care about the agenda there it sounds like a typical convention atmosphere do you still feel that way. i feel that way more

today because today was where we saw the big headlines come out about some of the remarks that were said that you already talked about your headlines about the euro zone about some of the solutions that are coming. so called optimism from some of these finance ministers and from all the i thought that this would be kind of a dominant agenda day based on what was on it and you know timothy geithner too spoke about the u.s. outlook but going around the conference center the congress center is what it's really called that's where you kind of you know see the forum that isn't on stage that isn't in these sessions and that's where i talk to people and say you know what is the value of davos you know what do you think about the thing that happened today what's your take on the eurozone and the responses i get to meet three are about the euro zone. i don't know you know whatever and as far as why people are davos the same thing you know today i tracked down larry summers who did not want to talk to me and was looking over my shoulder and trying desperately to like talk

to other people but he said he's never networking that you get to see all the people you want to in one day you would in one year and that is the value of davos is the same thing i heard from a u.s. congressman who i asked about that he did say that this isn't a good thing i don't think he said that also it's one stop shopping for you know finding out where the global economy is going you know if you want to figure what's going on with greece you just hear what the people up there are saying which i think dimitri speaks a little to that a herd mentality we talk about because everybody out there is having a debate but they're debating from what then what feels like that same range of a stablish many viewpoints not a lot of contrarians that i've heard at least and the way that a lot of our guests are so that's the concerning but it's the same thing c.e.o.'s saying they're here and the benefit is is the business you know i spoke to bill gross who has a new not the pimco bill gross but the c.e.o. of idea labs bill gross who has a new company said it's amazing you know he's telling pre-fab houses in india and he comes and he talks about it he has all of a sudden book buyers and hooks up with you know the u.n.

and that is the dominant agenda from the perspective of all. i have on the sidelines warming asking people what they care about and sounds like me at a convention i don't go to any of the events but are but there are there are fish or agenda item was watching on t.v. dimitri what are but there's one official agenda item that they do want to bring it up it was in the briefing papers you had and it shows what the top concerns are for the people at the conference this year is this the ones who tell you the events and top on the list is income inequality now this to me spells social unrest and i would i would say venture to guess is that is that is a possible greece say that social unrest is now a tail risk for the davos. i like that and maybe that is why it's on the agenda because they've seen the actual change that this kind of income inequality has created in some of these countries and they are of spring for example and there's protests in western democracies so maybe they're concerned but do you have that chart that you showed me for viewers because read the title it says something

like the risks and their likeliness and income inequality is top for two thousand and twelve is another already here isn't don't we already have income inequality and i want to back up a little bit because you said that this reflects what everybody at the forum believes is the biggest risk but i'm not sure it does this is something that the world economic forum which is the organization that puts this on puts out with kind of their small group that's their risk assessment group of yes some risk us s. r. is that do this for their lives and their business. but that's just the world economic forum that reflects what they've come out with is the rest and what i found is the world economic forum may have its agenda but so do all of the twenty six hundred other people that are here and those twenty six hundred other people their agendas aren't necessarily aligned with the world economic forum's agenda well i think it's also telling that they call it a risk it's not a concern like we need to help help solve the equality issues more of a risk and it's also funny that before the and before that with the exception of

the of the right before it was asset price the leveraging and i don't know if they if that if that the social inequality just yet but but we'll see but when we spoke yesterday you told me that you spotted j.p. morgan c.e.o. jamie diamond with mysteriously walking around with a pair of running shoes he may have actually used those shoes to run to an interview with c. and b. c. that he did later and i want to play part of that interview for you right now and the e.c.b. this. is it was a significant thing which took in my opinion to the major risk off the table which is that a big global liquidity problem. now lauren you not talk talk about this before and you and i both know that the l.t.r. was presented as a plan that would help governments by giving banks cheap loans so they could buy higher yielding government debt all right but that money was just hoarded by the banks and went right back to the deposit facility so i'm shocked that jamie dimon is openly admitting that this plan was never to fund government to begin with it

sounds a lot like like the way they used tarp they said we're going to buy liquid assets but they did a buying bank equity what do you think of this. why are you shocked dimitri you can lead a horse to water but you can't make him drink we see not time and time again with bad policies we know the drill jamie dimon has very much the banker perspective and i knew you were interested in this because you sent me this interview earlier and were really excited about it so i did a little bit more due diligence and i actually stumbled upon the chairman of society generale the french bank and so i was asking him about l.t.r. and he had a very similar response he said hey this of verted a credit crisis and a liquidity crisis for banks and that's great so i doesn't sound like he was concerned at all about the countries and the funding of sovereign debt you know just because that was the intention of the people that created l.t.r. o. does that mean that that's in reality what banks are going to do or what they can force banks to do or even expect them to do so you know i'm hearing that same viewpoint from from other bankers about how that's very funny you know these guys always call it a liquidity crisis and you can have

a liquidity crisis to last for years liquidity crises are supposed to be short term if it's years it's a solvency credit. there's no point but look at that in that same interview the other thing i want to bring up was that jamie dimon talked about zero risk to the banking system if a greek default were to happen now you said people aren't that concerned of these outside of the conference the agenda yeah but the people outside the conference aren't that concerned about the europe of the euro zone but the people that you've spoken to or people that are interested in the official agenda are they concerned at all about about europe and the risks that are going on there in the fact that countries like greece are in a depression. ok let me touch on all the things that you just talked about are they concerned that greece is in a depression not that people i've spoken to people are optimistic and kind of excited that there were there was a run up there today saying that greece is probably going to reach an agreement with its bondholders this week and you know that was a big headline we saw in the financial papers and that's also what the chairman of society general said you know there is some optimism as far as the depression

scenario which is brought to brought on because of austerity and part no people are concerned about that we've heard people reiterate again and again in this conference that austerity is necessary for these countries in the euro zone and i think it's really interesting to hear how to make the play that one because he was asked about it today about the debate between stimulus and austerity and he was very careful in his answers because of course there's a little bit of a different perspective when he's talking about europe where he says austerity has to be part of the solution for some of these countries which is obviously not something that i don't think timothy geithner necessarily champion for the u.s. where in the u.s. you see a lot of politicians calling for stimulus even though it's you know they're still talking about a problem with the economy so it's you know different medicine for different people so he was careful about it so i think that content design gathering is austerity for greece good thing deal bondholders good thing also really interesting the vibe i'm getting from the people that i'm talking to is that people aren't as concerned about the euro zone because it's a lowering of the bar people are comparing this to normal times or to good times

they're comparing it to the disaster of two thousand and eight and say compared to that you know this looks better this isn't so bad the chairman of the society general again to talk about that conversation he said you know things aren't as bad as they were looking two months ago so i think that's good you know people are looking at the short term and they're looking at it in comparison to two thousand and eight when things were horrible and it was the biggest disaster ever so that's against that backdrop it looks better so it's. pretty gross was this the new normal and jamie actually we're going to have actively models. through and actually going to cover that later with i guess my catalog but sticking with him because he is an american. azhar whatever you want to call these guys now is a cabinet member isn't a politician though and last time we had the g.o.p. debates another one and i know you couldn't see it but are people talking about politics there are they interested at all about american politics and what's going on to have opinions and they think. you know i think that people

are quite happy that the eurozone crisis i mean i bear it from the american perspective are quite happy that the euro zone crisis is such a big headache because it distracts from the problems of the united states i haven't had the political discussion about the elections with a lot of people but i did talk to a couple of u.s. senators and i was asking them about ben bernanke is zero percent interest rates and why we have them if the economy is quote unquote improving which is something we've talked a lot about and you know what they said they said you know we haven't because things aren't good you know they're they need to get better and they agreed that will corker agreed that i don't think chambliss really knew what i was talking about i don't want to presume but that was the oppression i got borger on the other hand he said that yeah the fact that interest rates are zero he doesn't think the fed is putting in there to incentivize congress to not cut back on spending or to attack the debt but he said that he thinks that that is one of the reasons why he basically set interest rates were higher congress would be more serious about

tackling the problems because that would amount to a lot more money paid in interest on the u.s. debt so that was interesting and then i said well what about when that you know runs out or what about when something happens you know what he said he said the eurozone i think is saving the u.s. right now because the u.s. is not as bad so there is a demand for u.s. treasuries which is something that we've talked about he agreed and he admitted that so the eurozone crisis is the headache that you know is maybe saving the u.s. right now but it's interesting not the threat that timothy geithner says is the biggest threat to the u.s. economy that's funny well it's not surprising so they're not really concerned about the economy anymore they're looking at or more from a perspective of financial markets what's happening euro u.s. dollar what's happening views of the credit markets the markets and things like that so lauren on a lighter note is there anything anything fun that you've been up to the you've been doing every spoken to go part of the sean parker news he's the facebook one of the facebook founders are profound it ever. to raise your body to ask this question

is this fair to ask me about my after hours. activities at davos know i've been working very hard around the clock but people do know that part of that is you know going out to network and that sort of thing and no i wasn't shown parker's party but i did you know have some sightings last nights and jamie diamond schmoozing with chelsea clinton kind of stuff where you're better you're better person than me and i think i think i would have been our partner and i but thank you so much that was host of capital account the lovely laura listserver was most profusely a couple of as i've said before you're going to great job dimitri. go ahead we'll speak with popular blog or investment visor mike so i'd like to get his take on on the recent g.d.p. numbers of the u.s. as well as what he thinks of the muddle through scenario that we'll be hearing about. lately but first for closing markets.

see. people calling like you said for free and fair elections. and we're still reporting from the land where you can hear behind me loud explosions. i mean. a.

pepper spray that just burns your eyes right right i mean it's like a derivative of actual pepper it's a food product essentially. this is much stronger than anything you buy. thousands of times was stronger than any one of the you ever put you know. what drives the world the fear mongering used by politicians who makes decisions to break through it's already been made who can you trust no one who is human view and with the global machinery see where we had a state controlled capitalism is called sasha's when nobody dares to

ask we do our t. question morning. welcome back we spent the first half of the show speaking with lauren about davos on what the people there are saying about the problems in europe but what about the united states well joining me to discuss this is mike locke investment advisor for sic a pacific capital and popular financial blogger otherwise known as mish so much let's get started right at the top with the recent g.d.p. numbers i want to bring up a chart for you that you had for your for your audience on your blog this morning you made the point that the g.d.p. number of two point eight is grossly misleading and that if you look at it in terms of.