three blog video for your media project free media r t dot com. welcome back you're watching r.t. going to live from moscow and here's a look at the top stories the wreckage of a state of the art russian airliner which went missing on wednesday in indonesia has been spotted on the side of a dormant volcano the state of all those on board is. continued bombings in syria are undermining the united nations peace plan the u.n. envoy warns of blaster putting the entire observers mission in jeopardy the roadside bomb blast left several soldiers injured. and greece is left hanging as politicians failed to form a coalition government with a far left leader giving him resigning no e.u. bailout for the german chancellor demands a stare it is up to help. also the top stories next we talk to the winner of the

nobel prize for economics kenneth joseph who tells r.t. how he thinks the eurozone debt crisis should be tackled. kenneth arrow professor outspoken omics america's at stanford university you're also the youngest nobel laureates to have been deported awarded to price in economics in ninety seven or two it's really great to have you with us today great hope and joy being here the global economy is still not fully recovered from the recent financial crisis so now we have an economy saying that we're going to go to another global recession another round or we're going to have another way for of crisis hit us what's your take on that i think the answer is we don't know. it

leave it at that the american economy seems to be recovering on a fairly solid basis slow but i don't see any any particular obvious instability you know that's. the european debt crisis is not been thoroughly results but at the moment all the media fires have been did they have put i would say they're not put out with their reduced. i am disturbed about the tendency which is partly true the united states but much more true in some parts of europe have too much austerity when we have. a condition of deep deficient demand massive unemployment i think the idea that you want to stimulate the economy. through government spending or some other good way tax decreases is pretty clear we could be recovering faster from our problems the united states

but we are we do and we haven't gone to the extremes of say great britain or. france or germany that has maintained a good economy so i'd move word of the recovery will be slower than need be here absolutely right the recession fears are actually the highest among the european union countries what. future do you see for greece it has defaulted here weeks ago it really that bad ever was so scared of it that really that bad obviously creates problems for greece and that lenders may say well they defaulted what's the fault again. you know there's not much evidence that countries default and then we go ahead to quite a nice recovery the best. people be difficult for greece to borrow money but maybe that's a good thing that will maintain discipline now i think i think they made

a mistake by not the forty year earlier. said that they have to think that would have saved them it would have that look like they got themselves into a bit trouble but by overspending it was no i think as any conceivable course they ran up with a deficit that was. during times of prosperity that was. not good not sustainable. they read. goes back to the olympics as a tool for which they probably should never have undertaken it was too much too much too costly for coverage for greece now there are fundamental there are also fundamental long run problems with the greece as a result with a couple of other economies there they have rigidities in these are but these are real problems not financial problems but they are. it into the financial problems they have rigid labor laws we have for greece has what seemed to be extraordinarily

generous social security system in far more generous the united states which could afford it a lot better. there are people retiring very early then of course they have a problem with recent tax. recoveries going to collect its taxes it's called being big problems but you don't think that greece will leave the euro i don't think so maybe they should by the way but i don't think they. prove the euro is that it's very difficult to break away from it it can be done but the big price to pay it is going to pay to be dealing. like all these things benefits make her the long run so to greece. well it was interesting of greece had had not been in the euro they probably would have been able to borrow the money they did. that was going to lead to drachmas because they were the nobody but they demanded i interest rate so they would have been much worse off well we are better off actually because they have been disciplined i think he's been allowed to run down badly there were some

periods but like twenty or thirty years ago it looked like it was going off but in the short term political advantage led to conceding this one and see that one and then of course the corruption and the lack of have to have adequate tax collection which is my impression is enormous and i'm not at all sure it's been thirty rectified by the current reforms painful as they are because rich people the privileges of poor people don't do you think they maybe don't you know the fact that we see is hilly and spain default right after greece i would think of leaking it but i don't see the it's it is much better control over its economy. and spain not only the problems of spain really for school at all they've been very prudent they're not running b.b.s.'s they're problems entirely different they have very rigid labor laws. and these labor laws make it being lead to high unemployment during periods of prosperity so i think we this is really a hurdle to do with these rural problems that i think the other is the credit

rating for the sake of just because of the economy which is how. they have labor laws but you are still under question because of countries like italy spain portugal greece where do you see the time well i think you know there is an argument that you were a big mistake to begin with what do you think is it a bigger stomach i think is probably premature. there is. having a currency without being of a single state it's got a lot of problems the realise that it's. essentially the central government giving out money to the poor part of this is a problem if you have money for poor parts people can move one place to another of course they can move in the european union but language is a problem of languages are much much harder to move in europe that is the united states even apart more now you've said in the beginning of the interview that the

united states is getting itself out of the mess slowly but securely from what we know u.s. step now stands at almost sixteen trillion us dollars exceeding d.d.p. . will that continue to create instability for the global financial system and how will the us exactly cope well that well of course i think of it greatly exaggerated for political reasons we have got we have apparently a big debt problem of the moment that the interest rates the way they are and how this is easily peril for. not a great strain of course we assume good faith sort of at some point rise and that as you turn over that it's going to be going to have to what your part one percent of attempting to. look at the basic problem is medical costs our medical care system is extremely inefficient very expensive we have pretty well most twenty percent if the seventeen or eighteen

percent of national income goes to america and have a half that's private by the way but half of that's public and this is squeezing everything. social security is a bit of a problem i think as such here is a minor issue. the things that are not health and not. social security first thing i think they're being cut in a very unfortunate way because many of them are point factors for example our education systems is under attack financially we can california we have a we have been cutting. his grace which right now i think is a that's a recipe for disaster in mind but i know that you were in your teens when the great depression happened in the state of member very vividly love each other but you don't feel like anything like that is to is happening right now in america no no no there's no comparison this is the i mean this is this is the worst thing since the

great depression ok question people feel like the government has preferred banks to them at this point and they're asking where where where is my bailout do you think they have a point where all this is of although there's a certain amount of sense of how did this true that the we have an economic system a financial system to be more precise which has led to and i think. through the rather directly lead to the big very large negative value of the american people these people in the incomes of these people are now getting back to the. recession levels. there is a there is a sense in which the inequality of income has this focus the inequality has gotten a lot worse whether that is not to do the recession that was going on well before the recession and people were noticing that the inequality of income inequality of

income you know do you think it will grow in the united states will last i don't know. part of it is a question of taxation course that's not the only reason there is also a problem of foreign trade a manufacturing jobs have gone overseas china now we still strong and great many industries our exports are going to manufacturing jobs are rising today but the manufacturing was that was the way by which you have high growth of high income jobs i mean you know middle middling but middle income jobs for people who are very successful educationally. and that this is has gone down greatly what do you make of occupy wall street what do you think it feeds off well first i thought it was ridiculous they seem to have no they have no proposals no but it has changed the national attitude you have you big company quality has become on the political agenda and i must do that i think very well of that professor ara thank you very much for this interview pleasure.

wealthy british style. sometimes.

markets why not come to. find out what's really happening to the global economy with max cons or for a no holds barred look at the global financial headlines tune into kinds a report on our. download the official aunty how placation your i phone on pod touch from the i choose ops to. watch on t.v. life on the go. video on demand parties live broadcasts and already says feeds now in the palm of your. question on the dot com.

latest reports say there are no survivors from the crash of a russian savoy super jet airliner the wreckage of the state of the our jet was found on the side of a volcano in indonesia after it went missing on wednesday. continuing bombings in syria are undermining the united nations peace plan the u.n. envoy warns the blasts are putting the entire observers mission in jeopardy the roadside bomb blast left several soldiers injured. and greece is left hanging as politicians failed to form a coalition government with the far left leader giving a resoundingly no to a bailout but the german chancellor demands to stare at ease of help. as we had lunch here in r.t.e. abhi back at the top of the hour with more updates in the meantime let's take a look what's happening in sports with paul.

thank you very much marina welcome to the world of sports here is what's coming out . european of masters athletic and madrid beat athletic bilbao three nil in bucharest to win the second europa league title in three years. world number three roger federer is given a scan by miller's run it on his way to the round of the madrid masters. the sky's the limit in sky running spaniard louis hyundai's sets a new record as he reaches the peak of mt albert in just three hours and forty one minute. but first athletic or madrid have won their second europa league title in three years they beat fellow spanish side athletic bilbao three mail in bucharest it was a rather one sided contest from start to finish with striker falcao scoring twice

in the first half to put his side in control he became the first player in history to win the competition with two different clubs in two years people are being also now twenty nine goals in the tournament in twenty nine a period appearances diego completed the scoring with five minutes to go i now need to pick themselves up ahead of the cup at the right final later this month. while action on the pitch was marred by trouble off it in the spanish capital clashes broke out between police celebrating athletic eyes when several thousand people poured into a city center square where police had put benches up in a failed attempt to prevent the crowds from blocking traffic the violence started when a small group of fans started to throw bottles and other objects out police reinforcements entered the square to try and push the crowd back several people were arrested. meanwhile dobro new name on the russian cup proving his than celebrating their first ever win in the competition following victory over deny moscow it was

a cage you farai. katherine burke and was increasingly looking like extra time before rubin's rahman elementary found the winner a dozen minutes from time one male the final score to life in the tar sand outfit while the now most wait for a cup conquest now stretches ten years. spain meanwhile will be without their talismanic to find the colors puyo when they defend their european title next month the thirty four year old will be alpha around six weeks after surgery on his right knee the barcelona captain has ninety nine caps featuring in every major tournament since the two thousand and two world cup. and he has but we have to wait and see how the surgery goes and what the doctors say afterwards however it will be virtually impossible for me to take part and euro two thousand and twelve i'll need to take some time to recover from the operation meeting someone else who is in better shape will take my spot. because the health canada move top of group a is the ice hockey world championship in helsinki after a narrow three two victory over switzerland the reigning olympic champions had to

come back from a goal down that the tehran gets last called the win in the third period in the other group a game slovakia because it's down to forty two. in the meantime in stockholm sweden have got their one hundred percent record following their fourth straight victory germany five two while norway was to. russia play their next game in group a late on thursday against denmark. to tennis and both roger federer and rafael nadal were through to the third round of the madrid masters although the world number three federer was given a scare along the way he lost the first six four games canadian miller brian h. and how to use his spirit to avoid his early twenty's exit into the sixteen time grand slam winner eventually climbing the second set seven five four winning time. yeah you know i knew it was going to be extremely difficult match for me is already played thank you clay court tennis it's out to do it's really quick any really you

know it's a great serve so it worked well for me here and for a long time it looked like i was going to come out of it and i just hung in there got a little lucky at times search well it times and i did it but a really good break and in the third which you may have been well there were no such problems for clay course specialist rafael nadal however he came through his second round match with russian nikolai diver denko in straight sets six two six two despite the comfortable nature of his victory the spaniard echoed concerns from novak djokovic about the slippery surface. i always did my best to be to be ready to play. good conditions when i am playing in my day that when the term and was in the when the tournament is now in now do so. knowing the conditions will be difficult so you never arrive before you know one

tournament but in the women's event number four seed agnes go to advance good needed just an hour and five minutes to dispatch sound out army of italy six six one dominant italians sixteen match winning streak he won in miami earlier this year looking in on this once again. now in the n.b.a. playoffs miami heat have reached the second round at the expense of the new york knicks their one hundred six ninety four when on wednesday ensuring a four one victory in their best of seven series the star man in game five was lebron james who finished with twenty nine points eight rebounds and seven assists they now face indiana pacers in the eastern conference semifinals series begins on sunday while the memphis grizzlies are still alive in their series with the los angeles clippers they've just one game five by ninety two points to eighty. now the sky running where a new record has been set here in russia where we have nine days reaching the peak of mt albert in just three hours and forty one minutes already mounted

a constable tough was there. montiel bruce is playing host of the sky running world series for the first time europe's highest mountain has always been one of the most sought after climbs for dead air belts around the world and they norville sky race where their fleets ran not walked to speak turned out to be a great spectacle. starting from thirty five hundred metres above sea level human simply couldn't absorb oxygen properly that means breathing is hard work in itself but this guy runners and letting that get in their way they're just a nation the summit of mt all bruce the more experienced runners started from two thousand three hundred meters with this summit touching the sky at five thousand six carnew it and forty two they quibble and off fifty football fields italy's market i guess perry won the forest race of the season at the vertical kilometer

event and was eager to repeat his success but it was his fellow reigning sky run a world series champion luis i'll bet their demand outsider who braved the snow and moved mountains to stop the clock at three hours and forty one minutes. the race was a little longer than i'm used to and the altitude makes the something special it was very hard to get to the finish line but it's really great we had a chance to compete at such a great course. while six time world mountain running champion the guest barry was second to the top a minute behind the thirty five year olds been. fantastic for me is a great experience today and you know happy because when i left from my town you know and. we get to the. to go to the top of the europe you know and i did it not too many runners dared to challenge

russia's call that their opening stage of the world series but those who did will surely remember their missing year for its leaving the event to become a significant stop on the sky running map because they about the already bruce. now international road cyclist mark victory day in style in the russian capital the last one hundred thirty kilometer stage of the five rings of moscow race stopped traffic on the usually gridlocked garden ring. for team car to show was the overall leader after four days of the competition and retain that advantage on the final day claiming overall victory even stevic finish second. round it off the podium in third place. i'm happy with the second place because today. you showed that at the first hint. i do you lose because i made mistakes just

because you were stronger he had fresh legs at the end. but if you do i want one. which was really important for me that. i go home happy. finally in baseball josh hamilton is no doubt still celebrating after joining an exclusive list of bats is the thirty year old leading his texas rangers to victory over baltimore by hitting an incredible four home runs in a single game in the league's one hundred forty three year history only think the players have money such a feat the achievement has sparked talks about his future hamilton himself says he has no clue what will transpire between himself and the rangers before he can become a free agent in november rangers general manager john di neil says he wants him to remain as a rangers player for and i quote a long time the talk is still ongoing texas occurring top of the am i'll be standing this.

well at all the sport for now i'll be back and a little under two hours time to join me that. wealthy british style.

markets why not come to. find out what's really happening to the global economy with mikes concert for a no holds barred look at the global financial headlines tune into kinds a report on our.

it is easy peasy.