market. come to. find out what's really happening to the global economy with mike stronger for a no holds barred look at the global financial headlines kaiser reports. the multinationals in india are struggling to wipe out millions of small grocery stores no one is likely to mean cheaper food and jobs boost the pre-packed food future well in generations of local market traditions too was not his prius free to discover it. this dry food store has been set the end there 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 one of the 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 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 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 what more does it do 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

chauhan are watching to be closely wondering if his family's business and the all delhi that he's known his whole life will suddenly change how much. 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 pre-history there are tea delhi india take you through some world news brief the nigerian army showed eleven suspected by insurgents during a gun fight in the country's east it follows a warning from the supposed leader of the violent islamist sect that they will kill more security personnel and kidnap their families and we could go back or killed more than one hundred eighty people during a gun and bomb attack in the northern city of colonel walk around one sharia law enforce the nigeria. at least twenty six people have been killed and ten injured in a fire that swept through a drug and alcohol rehab center in lima peru local media reports say more people

died because patients were locked in their rooms unable to escape the court is being investigated. divers have found the body of a woman aboard the sunken cost concordia cruise liner bringing the death toll to seventeen sixteen people remain missing meanwhile operations to pump fuel from the tanks of the red ship have been delayed because of bad weather luxury cruise boat with over four thousand on board run aground two weeks ago on reefs off the italian coast but the captain later arrested. the ski slopes of sochi are in place for the next winter olympics now comes the test of course to make sure they are standards the russian resorts facilities are hosting their first ski years in organizers hope will be all downhill from here is there is a lot explained. it's no weekend called in the caucasus mountains but it's the hottest time for ski fans many like this couple even keen promus far as say bierria for the season's grand opening in sochi now that. it's thirty snowing

a month ago so much snow who wanted to ride so badly and now we had this chance. 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 that will be able to compete with many european resorts 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 staff here it was a hoot 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 just events for the two thousand and

fourteen winter olympics it will mean two or just will be strictly our best but for now they're making the most of the snow the freedom and even the romance and the russian winter it's great to have their snow is soft and it was supposed to kiss and that's why i went down the hill so if you'll excuse me. like. sochi. bring scares together but our fluctuating weather around the world continues to divide others in the international community lorie how often is that i asked people in new york how far they wanted to go to cool down. 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 this idea of virtual for well it's good what about showering for under a minute. i'm always skin and they were pretty much broke saw lots of the electrical futilely a lot that there was money don't become the postal is the clock on the market were going to do you think most people are willing to change their daily behavior even though a little proud to call them 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.

because reports come up just a couple of minutes time the stock market and stacy delve into the u.k. economy and take a close look at its troubled banks before bad open but with a recap of our top stories.

if. we have seen the damage it has done to our environment more chemicals what the poor props we do not want any more new dmoz. our core system is just so there was a dozen more experience and i'm just just appalled but that's allowed to go on in america. eating this unfortunately because we don't know what's in it there's no labeling there for it being used like oratory experiment could be used as guinea pig. will now we have more questions than we have actors guards. like.

you know sometimes you see a story and it seems so for lengthly you think you understand it and then you glimpse something else you hear or see some other part of it and realize that everything you thought you knew you don't know i'm tom harpur welcome to the big picture. soulless substance. in a touch like a well trained army. villages in ruins. thailand where time stands still. all becomes

a sea of nothing. the mysterious sounds of russia. archie. hello this is r t the top stories for us tonight russia slams a new u.n. draft resolution on syria as an acceptable safe targeting regime change and paving the way for possible for the bench of the arab league's also hoping it seems that the mission in syria the upsurge of violence that. protest is in poland vowed to continue fighting the international on the web piracy and the politicians who support in the tourist trade agreement activists say it allows governments to police the internet in the guise of protecting copyright. and yet another blow to

the struggling eurozone is five nations credit scores get cut including spade in italy e.u. leaders and key finance experts are struggling to try to find a solution to the deepening debt crisis at the world economic forum. next the cause report takes a swipe at the politicians and the bankers are all doing enough to reassure the markets and the people that recovery is just around the corner. bash has or 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 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 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 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 net net it would be a creative they would actually make money. doing this it 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 disenfranchise 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 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 right of course a turban of republicans from the united fruit company would 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 victim 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 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 this is 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 on 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 a 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 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 glowing faces don't despair one day i'll stop printing money i can't tell you when there'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 but. 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 pallies can't people who work in these families can't have jobs why because all the jobs that are not in finance been squeezed out of the system due to mervyn king's artificially low. the straits that have 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 lance the 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. there america there you go

a little american american one of 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 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 life 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 we go to the future covered.

an exposure this is because a report we're back talking about the net 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 a research paper from some academics at the 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 of value they actually created their

core finding when you strip out the fees just twenty two percent deliver any alpha or risk adjusted investment gains at all you know and none with any consistency over time and 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 because

they then lost money. no that's my 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 hadrons 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 that hedge fund activity to monkeys well you know the technology is becoming very sophisticated and you know there are in.