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. but iran is due to resume talks with un nuclear inspectors in tehran this week and in the first discussions of their kind in more than three years the country is also allowing the senior u.n. weapons expert to be part of the mission iran's nuclear program is the main reason behind rising tension with the west the most recent moves have seen the e.u. adopt a complete ban on the reigning oil imports from july by tehran's considering heading off the sanctions by cutting supplies to europe as early as next week policy consultant son gary mani told r.t. that by threatening to turn off the tap iran's hoping hoping to fall from the

impact of the sanctions the calculus from iran's perspective is going to be if a preamp by cutting exports the forward to july first date the e.u. has set for cutting the exports and iraq preemptively cuts its three four hundred thousand barrels with the exports to the e.u. will it be able to drive prices up enough by doing that to offset for that you know right now what is going on with iran is that they there is an existential threat to the government there and quite frankly from the u.s. perspective i don't think there's a lot of hope that these sanctions will actually get you want to stop its nuclear program think the real unwritten objective here is quite frankly and call it by different name but it's regime change ultimately they want to put as much pressure that as they can on this government. well look now at some other news from around the world this hour the supposed leader of the violent nigerian islamist sect boko haram is threatening to kill more security personnel and kidnapped their family in

an audio recording he also accuses president barack obama of waging war on islam and we could go the group killed more than one hundred eighty people you've gone and bomb attack in the northern town. once more widely enforced throughout my. police in senegal have fired tear gas at demonstrators rallying against a court decision to allow their president to run for third term protesters then threw rocks broke barricades and started fires the president's candidacy was in question because the constitution changed in two thousand just after he took office to impose a true term limit abdulai wade believes the law doesn't apply to him because he was elected before it came into effect. the ski slopes of tsotsi are in place for the next winter olympics now comes the task to make sure they meet world class standards but the russian resorts facilities are hosting their first skiers and

organizers hope it's all downhill from here as that is blots he explains. it's the weekend schooled in the caucasus mile but it's the hardest time for. movies like this. promos for a superior for the season's grand opening in sochi and you can see mrs now that. it's thirty it's moving in moments ago so much snow we wanted to write still better to know we had this. super this is the rosa khutor 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 that will be able to compete with many european resorts means six to them 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 then stuff here it was i who got to became snowed under with work as skiers sold out new resorts just to look around you we got the for

beautiful. believed and everyone enjoyed. very positive feedback this morning and that's throughout you know for us but there also kudos biggest test is yet to come in february and march was just about two thousand and fourteen winter olympics it will mean two or just 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 if there is snow is still right said it was supposed to kiss my window so if you'll excuse me. like you. are sochi. while the snow is slopes may bring skiers together but our fluctuating weather continues to divide others in the international community lorie hartson has now asked people in new york how far they're willing to go to cool down global warming . 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 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 the drying machine i don't know about that so it's about it depends would you be willing to change your behavior like say walking into any destination that's under two miles instead of driving like what i'm doing today is a yes yeah yeah absolutely absolutely beside your virtual for well it's good what about showering for under a minute. i'm always. pretty much broke. not that there was money but because the postal is the clock on the mark who are going to do you think most people are willing to change their daily behavior even though i'm a little proud nicole and selfish 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 march of the multinationals in india is threatening to wipe out millions of smaller grocery stores while it's likely to mean cheaper foods and jobs boost the pre-packed true future will and generations of local market traditions has discovered. this dry food store has been insecure and they're seeing 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 and want to help six generations of our family grew financially and provided us with everything but now seeing child one's way of life could be at risk after years of pressure the indian

government decided to allow foreign multibillion 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 but one of the 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 but more to 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 for. being finalized store owners like seeing challen 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 how modern this is an attempt to destroy 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 party delhi india. well on line that are to dot com we've got the world covered for you in there right now but toronto saurus terrorizing the province this is what's creating visitors at an australian natural history museum but the kids clearly want their history a little less vivid we've got the prius start kind of for you online also. blocked off and over look the american arrested for drink driving but then held in solitary confinement and did not doctors for two years about trial this story is that our team dot com. we're going to take a short break here on our two in a reminder of our top stories coming right up. well

. science technology innovation all the mr bellamy from around russia we've dumped a few jerks covered. on the money with the business over russia this.

wealthy british style. writers. market why not. come to. find out what's really happening to the global economy with mike's cars or for a no holds barred look at the global financial headlines tune in to kaiser report on our.

news today violence is once again flared up. from these are the images the world has been seeing from the streets of canada. shining corporations to rule the day. there they are to live from moscow this saturday our top stories russia slams the new u.n. draft resolution on syria as unacceptable saying it's targeting regime change and paves the way to possible foreign intervention. protesters in poland vow to continue fighting the international anti web piracy act they say brings internet censorship onto the guise of protecting copyright. and yet another blow to the struggling euro zone has the credit ratings of five nations are cut despite the

crisis tackling optimism at the world economic forum. next here on our t.v. max and stacey are going to analyze for you in the kaiser report. this is the kaiser report yes. we have no obama today stacy 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 seven 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 phone 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. a minor

adjustment but if you calculate the new customers that would then be in a position to buy more i phones net 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 the 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 and 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 republic comes from the united fruit company which change their 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 it like cloud nose on really like a burning he's usually got the clown those and he's delivering that economic numbers mervyn gang has 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 rewards 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 on the day that you yourself issue stuff 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 those on and he's attacking themselves. 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 family finances report and max how is inflation caused. by printing money and buying your own debt mervyn king doing exactly who's doing. king the only hope he gives them with his glowing face is don't despair one day i'll stop printing money i can't tell you when it's like a sprinter 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 twenty seventh 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 lees can't people 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 mervyn king 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. their america their third of american american want to know what about now look. 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 went 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 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 game religion and let the future begin all of that here you know with shift gears technology on stage here on along we go to the future covered.

an exposure this is a cause or a point we're back talking about bananas and banana republics they see 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 free university in belgium and 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 vestment gains at all yeah and none with any consistency over time and almost all completely worthless and a fund of funds is 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 dast wishing he were mervyn king and never even looked at the market except for paul tudor jones they're all worth less 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 is negative alpha otherwise known as losing money. and you 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 and 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 along in the hands of people friendly to the headphones well exactly in 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 intelligent well remember in the first half of the show we were talking about mervyn king and he's so on.