italy and spain which are two of the economies that are very much of the biggest concern when you're talking about the eurozone debt crisis because they are much larger economies thing greece they're both dealing with problems of their debt and of the funding of their debt which we've seen a lot of discussion here at davos over what is the best way to deal with we know george soros has his own plan i don't know if european union leaders are calling him now to take another look at it after these downgrades that something will have to watch for today. famous mccrae chief economic correspondent of the u.k.'s independent newspaper believes that greece is effectively already in default that's a cascade is imminent i don't think you have to be a whiz at math to figure out that it's not just the indebtedness of some countries but also the euro the common currency is a single currency for an area where some countries need a devaluation i don't know whether technically greece is going to be in default or not but if you're repaying the thirty or forty cents in the euro your day and the

write down is going to something like that could be four to say forty if you're lucky thirty if you're unlucky to then be rational six b. is the country defaulting on its debts and whether technically that is or whether it take it seems to me to be not that relevant because once you deal with greece ok you try and have to put a far wall behind that but people may say look if i'm not going to get my money back on greece why should i learn to portugal why should i learn to spell why should i learn to italy. well still to come few in the program russia's future lympics host city plans to overshadow most famous you can ski resort competitors and ice advance of winter sports and. millions of shop owners in india are fighting for their survival as the threat of outside competition knocks at the door while the entry for international

supermarket johns has been shelved for now there are those who argue the move would be good for consumers in employment ati's preassure investigates. this dry food store has been set then they're saying chalons family for six generations it's one of the many small retail stores that have been operating in this market in old delhi for hundreds of years. six generations of our family grew financially and provided us with everything but now sing chalons way of life could be at risk after years of pressure the indian government decided to allow foreign multiband retailers the likes of tesco and wal-mart access to one of the fastest growing middle classes in the world until now india only allowed single brand foreign retailers like reebok to enter the country even though the indian economy opened up more than a decade ago economists here argue that the country needed at least five years to build up its domestic multi brand retail sector before allowing foreign competition

into the country but now politicians argue that it might be the perfect time for foreign companies to enter india's five hundred ninety billion dollar retail sector the politicians behind the push say that farmers can make more money and consumers will pay less for food if the stores are allowed into india these retailers could provide organization to india supply chain by cutting out unnecessary middlemen president obama and other western leaders have also been putting pressure on india to allow their stores to open in the country arguing that they could provide jobs to millions of indians but small business owners still argue that it's an idea that would jeopardize their way of life. once these big stores open up small businesses will not be able to compete with them and they will find it hard to survive so this is a conspiracy against us to shut us down and open big shops but we will not allow this to happen in india. the small business will be swallowed by will not like the way small fishes are written by the big fishes in the sea these small family run

businesses will be completely destroyed jeopardizing the financial situation of families and children for now however opposition within india has stalled the decision from. being finalized store owners like seeing chauhan are watching the debate closely wondering if his family's business and the old delhi that he's known his whole life will suddenly change. this is an attempt to destroy the livelihood of the businessmen in india but we will not allow this to happen in india resisting outsiders from potentially destroying his family's tradition preassure either r.t. delhi india or the neighboring pakistan now where more than one hundred thousand people took to the streets the pro it's not about protests within our country's business leaders and the supporters demanding the government continues its blockade on supplies crossing into gonna stop the demonstrators also condemned drone attacks for the us she is troubled what the west was provoked with that event twenty four

pakistani soldiers were killed by misguided u.s. airstrikes. at least seventeen people have died in about a dozen are missing after three buildings collapsed in rio de janeiro in brazil a twenty story block crumbled on wednesday bringing down two neighboring buildings police are investigating the tragedy while officials believe one or thrice construction work may have been responsible. for the testers have marched on the u.s. embassy in the capital the philippines against government plans to allow american troops into the country the deal between the two nations is part of washington's attempt to reinforce its presence in the region the move viewed by analysts as a strategy to counter the influence of china the philippines hosted major u.s. military facilities and to ninety ninety two. to russia now where the future winter olympics host city sochi is hoping to attract fans of adrenaline that winter activities are teased in these polaski reports on the modern resort now challenging

the traditional ski regions. it's no weekend called in the caucasus mountains but it's the hottest time for ski fair many like this couple even came promise for a say bierria for the season's grand opening in sochi it's neat to see mrs now that . it's thirty snowing a month ago so much snow who wanted to ride so badly and now had this. super this is also cool to a brand new resort just off the black sea coast but the numbers just plan to attract ski fans who might otherwise prefer a winter break in france or switzerland kilometers those tracks throws up but we'll be able to compete with many european resorts no means six to ten thousand tourists will be able to ski here to show your work and seasonal warm weather left a few foreign destinations a little high and dry but at the end steph here it was i who got to became snowed under with work as skiers sort of new resorts just a little while and you. believed and everyone enjoyed.

very positive feedback this morning yes that's true. but they're also cudos biggest test is yet to come in february and march which was just a bounce for the two thousand and fourteen winter olympics it will mean poorest will be strictly on this but for now they're making the most of the snow the freedom and even the romance and the russian winter it's great as there is snow is so much but you said it was supposed to kiss and that is my land down the hill so if you'll excuse me. but like you. are to sochi. the issue of global warming is still one that challenges and divides the international community as science struggles to find solutions to the problem but is there half a mist went onto the streets of the big apple to find out what we do americans are ready to give up to help out.

today legislators are introducing more and more bills to help curb the effects of global warming what are you willing to do to help out this week let's talk about that would you be willing to do not blow dry your hair anymore yes that i'd be willing to that would you be willing to dry your clothes on the line and never use or drag machine i don't know about that though it's about it depends would you be willing to change your behavior like say i walk into any destination that's under two miles instead of driving like what i'm doing today is a yes yeah yeah i absolutely absolutely is a busy this idea of virtual for well it's good what about showering for under a minute. i'm always skin and pretty much broke saw lots of electrical futile saves money don't become opposed to lose the clock on the market were going to do you think most people are willing to change their daily behavior even though i'm a little proud to call him selfish but you know they don't really care about the

planet until until it affects them personally unfortunately that's the world we live in whether or not you're willing to change your energy consumption habits now the bottom line is you might just have to in the future if global warming continues to progress. the latest cars a report is coming up shortly after that the headlines stay with us. all. the way.

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video on demand on tees mine gold coast's and r.s.s. feeds now in the palm of your. question on the dot com. latest headlines for you down here not syrian factions argue over who represents the will of the people but opinions crash at the un security council u.s. aleutian against syria joint harsh criticism from russia and. thousands of angry protesters in warsaw cry out against an international online piracy act training it targets the basic rights of internet users. plus the e.u. takes yet another pounding this time with

a credit rating which downgraded far more european nations as its leaders are trying to soothe concerns at the world economic forum in davos. but no beat the global financial headlines is up next in the kaiser report today show has a distinctly fruity favor. as of this is the kaiser report yes. obama we have no obama today stacey i guess you're talking about the state of the banana republic let's look at some artwork here from zero heads this is william bonzai seven and he's talking about the state of the union it's a state of the banana of course some more artwork speaking in front of a cash congress and world's highest standard of living billboard as we know

everybody keeps on talking about america as if it's the great hope you know that everything is going to recover there and we're all going to be saved and of course it doesn't recover. max. well we're going to move from bananas over on to apple live apple numbers are add and it's a blowout apple reported their first quarter earnings the very same day that obama was lying to the american public about the state of the economy and their revenue was forty six point three three billion versus thirty eight point seven six billion expected earnings per share was thirteen eighty seven versus ten dollars and seven cents expected i phone units sold thirty seven point zero four million versus the expected thirty point two million well yes this is amazing because they have one hundred ten one hundred billion dollars in cash they have more cash than a lot of countries have their total g.d.p. and over four hundred fifty of the s.

and p. five hundred have in total market capitalization but here's the thing they got rich by outsourcing jobs to china apple computer if they have those jobs onshore it would add something like sixty bucks per iphone to the current price of many hundreds of dollars it's almost insignificant but they refused to do it because they want to build this huge cash hoard for no apparent reason they don't pay a dividend they just sit on the cash so if they're going to just rip people off their jobs and they're not going to give them the means to buy the products that they themselves manufacture now most of the sales go outside of the u.s. then you have to give them something you just can't use the u.s. infrastructure greedily for your own purposes and give back nothing so the only thing they have a give back in my opinion would be shares in the company itself stock in the company in fact i phones sold for an average of six hundred sixty dollars which was higher than analysts had expected as well so people are already willing to spend more on it so if it were

a sixty five dollars more they're saying it would add cost of ten percent just a minor adjustment but if you calculate the new customers that would then be in a position of buy more i phones then it would be a creative they would actually make money. doing this would be a way for them to make money but they're so frickin stupid apple computer that they don't seem to think that it makes any difference whether they just enfranchise millions of americans now in the state of the banana republic speech barack obama also mentioned this new buffett law that he wants to bring in that warren buffett shouldn't be paying a lot less tax than his secretary and also on the very day before i guess it was mitt romney released his tax returns from the previous year and sure enough he paid thirteen point nine percent honest twenty five million dollars in income now that brings me to this headline further about apple most of apple's eighty two billion dollars cash stockpile is trapped overseas now of course this is only a few weeks ago and it was only eighty two billion dollars the cash pile now is

ninety seven billion but fifty four billion of apple's overall eighty two billion in cash is an offshore accounts and apple cannot repatriate that money to the states unless it wants to pay a huge thirty five percent corporate tax on it but it's another stab in the back to americans not even paying the tax on those short and letting the benefits accrue to people outside of the united states but also it is a banana republic and only certain sectors have huge privilege private equity who extract the capital the wealth hollows out an economy they get taxed only thirteen point nine percent of their income apple which could potentially create enormous wealth in the u.s. economy is taxed at thirty five percent and we all know when everybody says oh people are just jealous of the wealthy well they were throngs of people throwing

themselves at the various apple shops when steve jobs a multibillion are died his company is taxed at thirty five percent on their earnings mitt romney is taxed at thirteen point nine percent so. there is that element to the banana republic of course a turban of republican from the united fruit company which changed our name to chiquita after that such huge p.r. disaster of finding out that they were involved in the overthrow of governments in latin america and south america to further their ends and now you've got american oligarchs american banana republic leaders like barack obama or the leaders of apple computer doing the same thing that these other dictatorships are doing causing the same kind of economic distress and they seem to then themselves after fruits for some reason whether it's a banana republic or certain apple computer apple said they would return the money to the united states if they were taxed at nine percent but did they threaten the people in congress like the people like hank paulson did when he got the seven

hundred fifty billion tarp bailout threatening martial law no now let's turn from the state of the banana republic to the state of the stiff upper lip this is over in the united kingdom serving king no reason to despair so his report says britain is heading back into recession the governor of the bank of england urged against despair because all crises come to an end eventually he says he looks pretty miserable doesn't think he should talk like usually we're telling people don't despair you don't look like you're about to top yourself you tried to have a smile and put a white cloud nose on really like a burning look out the clown those always delivering that economic numbers of irving kangas got that british kind of in the bag have blitzed on gin luck which is not fooling anybody and of course the u.k. economy is contracting why because the debt in the banking sector continues to expand and nobody's doing anything about that mervyn king wake up as we compared

apple to the banana wielding bankers in america. where the bankers have so much more power over government officials via their debt that you see this playing out here with mervyn king he's also pleading because all he has is desperate pleas to the banking sector the tragedy of the financial crisis is that those who have suffered most have been those who bear no responsibility for it the legitimacy of a market economy will inevitably be challenged if we wards go disproportionately to a small elite especially one which benefited from the support of taxpayers so he then goes on to plead with them please don't give yourself massive bonuses and rub it in to make our jobs more difficult but he has the means to rectify this problem simply by raising interest rates instead of engaging in quantitative easing which is to lower interest rates you have in your ability to right this wrong mervyn king

why are you pretending as though you are powerless you're sitting on the bank of england the premotor primo of central banks the progenitor of all central banks if you don't know what to do then either resign or in fact top yourself as it looks like you want to do max more importantly he could just stop buying their debt he keeps on engaging and quantitative easing he's like a freaking madman why don't you just stop giving them the money and stop. stop lying the day that you yourself issue stop it. you know it's like exactly like that movie psycho when norman bates starring in the into the mirror and he's trying to you know attack what turns out to be mere reflection of himself just as his mother this is mervyn king he's looking into the mirror dressed up like a woman like most british men like to do most of it on and he's attacking himself. so you yourself are the psycho mervyn king well let's look at the state of the

actual british citizen u.k. family debts up by almost fifty percent in a year the typical debt owed by u.k. family has soared by forty eight percent since january two thousand and eleven as rising inflation has taken its toll on household incomes according to the latest of even a family finances report and max how is inflation caused. by printing money and buying your own debt mervyn king doing exactly what is doing. the only hope he gives to them with his gone faces don't despair one day i'll stop printing money i can't tell you when it's like spencer economics basically because he's trying to hold in the inflation but he can't seem to do a good job it is leaking out and stinking up the joint. that's just one step too far perhaps but it's a good analogy that most people can relate to so research by the insurance company found that the typical u.k.

family is seven thousand nine hundred forty four pounds and unsecured borrowing on credit cards loans overdraft and other forms of credit compared with just five thousand three hundred sixty pounds in january two thousand and eleven the figure represents thirty two percent of a typical net annual income and suggests families are falling further into debt as financial pressures grow because pam least people who work in these families can't get jobs why because all the jobs that are not in finance have been squeezed out of the system due to mervyn king's artificially low interest rates that are rewarded speculators and push legitimate jobs out of the way so this is exactly what you don't want to see an economy that builds itself as being competitive there should be a competitiveness in the u.k. economy where people who want to work and have jobs doing stuff should not be squeezed out by the central bank which is making it possible for the cancer of speculative bubble of comics to grow its way to the point of killing the host that

is to say the u.k. economy which is clearly shrinking lanced a boil of speculators worming and you will stimulate the economy unless you yourself are the pos in the boil which i suspect that you are well again you know perhaps the british population shouldn't despair too much because things could be worse they could be american the caging of america there are now more people under correctional supervision and america more than six million that were in the gulag archipelago under stalin at its height. they're rare here that american let them i don't want to but then you know monkey mind like americans don't care that they're in cages as long as they get cheap access to cable t.v. and a good rate on a mic not get. exactly if they're in a banana republic i mean many monkeys behind a cage as well and are fed bananas the accelerating rate of incarceration over the

past few decades is just a startling as the sheer number it tripled since one thousand nine hundred eighty to seven hundred thirty one per one hundred thousand no other country even approaches that in the past two decades the money that states spend on prisons has risen at six times the rate of spending on higher education ours is bottom to top a car several state and who want the republicans as their presidential nominee none other than chief warden himself mitt romney of a private equity background bain capital whose job it is is to destroy the manufacturing economy in the real economy in favor of a financial lies economy that crowds out all real jobs in favor of speculative bubbles and speculator gamble our kings that run the economy and as a result the incarceration population keeps going higher and higher and americans love to be incarcerated they hate their freedom they would prefer to be treated like dogs in a cage and have some warden like mitt romney in charge and that's why we're going

to vote for all right stacy ever don't go stay right there we'll be back right after this. well. this month like particles that make up the fabric of the universe find what you're looking for in the deep siberian forest revenge of fire with the help of lasers in fibers pull out your template of a new gaming region and let the teacher begin all of that here you know with severe specific knowledge here on. the future covered.

i'm x. times or this is the kaiser report we're back talking about bananas and banana republics stacey well max speaking of bananas in my first headline here in the second half we have can a monkey pick a hedge fund they may match a typical fund of hedge funds in their research paper from some academics at their brussels for university in belgium in the geneva school of business administration in switzerland called assessing the performance of funds of hedge funds they studied abroad sample of one thousand three hundred funds of funds from one thousand nine hundred four through two thousand and nine and analyze just how much value they actually created their core finding when you strip out the fees just twenty two percent deliver any alpha or risk adjusted and vestment gains at all you know and none with any consistency over time almost all completely worthless and a fund of funds particularly worthless because it's a consummation it's

a an aberration it's an abomination they're using people's money to invest in other people's money invested in tertiary money invested by some guy in greenwich connecticut is probably john gunner's desk wishing he were mervyn king and never even looked at the market except for paul tudor jones they're all worthless and nearly half of all fund of hedge fund managers the academics report delivered negative after fees alpha one benchmark against the hedge fund indices and other words they couldn't even keep up with the index so this is a new term negative alpha negative alpha otherwise known as losing money. they can say they lost money but no that's why community needs a way to say it that makes it sound like they're intelligent about the way they lose their money so they say negative alpha but they are empowered in ways that are quite detrimental to the overall economy because you know in the greek debt situation the hedge fund community and their use of naked credit default swaps are

forcing political change of austerity on a country using their incredible leverage because they have a trillion dollars in cash which they leverage up to fifty or sixty trillion dollars of poor greek greek economy is only a couple hundred billion so these headphones gang up they collude they talk to each other again more illegal activity to pick on a country like greece that has no representational government that is nobody defending the country and they sell the bonds down to zero and they force austerity measures on a country with huge assets of those assets off long in the hands of people friendly to the hedge funds well exactly and those hedge funds are taking their case to the human rights court which is why we should just hand over all of the hedge fund activity to monkeys well you know the technology is becoming very sophisticated and you know there are introducing technology that allow for people to use brain waves to manipulate cursors on screens to surf the web using your mind and i would imagine that monkeys will soon be able to do this hire lawyers and defend themselves in court against slander by having hedge fund managers compare themselves to monkeys includes the monkeys are a lot more intel.