this is our duty to show you here are your headlines now russia's president vladimir putin informs his u.s. counterpart that he's pulling out of the g eight summit in the state of maryland next week coming just days after putin returned to the top job and instead he'll be sending a prime minister into retreat. rescue teams are struggling to reach the wreckage of a doomed russian airliner on a steep mountainside in indonesia it crashed on wednesday rescuers say at this point there are no survivors. and two strong explosions rocked damascus with

dozens reported dead and injured the capital has recently been struck by a number of blasts mainly targeted military installations the u.n. warns the spate of violence could put its observer mission in jeopardy. but the headlines are next that we talk to the winner of the nobel prize for economics kenneth joseph here at r.t. how he thinks the eurozone debt crisis should be truthfully. kenneth arrow professor of folk nomics americas at stanford university you're also the youngest nobel laureates to have been deported and awarded to price in economics in ninety seven and two it's really great to have you with us today great hope enjoy 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. the european debt crisis is not been thoroughly results but at the moment all the media fires have been did damp and i was there not put out with their reduced. i am disturbed about the tendency which is partly true in united states but much more true in some parts of europe of too much austerity when we have. a condition of the

fish and demand massive unemployment i think rio 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 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 create it has defaulted here weeks ago it really that bad and it was so scared of it that really that bad obviously creates problems for greece and that lenders may say well if they default that what's the default again. you have there's not much evidence that countries

default and then we go ahead to a quite a nice recovery the best. people will 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 the look they got of cells a little bit trouble but. overspending it was no i think is any conceivable course they ran up with a deficit that was. during times of prosperity that was not. not good not sustainable. they read that 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 have rigidities in these are but these are real

problems not financial problems but they have. 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 that you have a problem with recent tax. recoveries going to collect it's taxes it's good 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. throw the euro is that it's very difficult to break away from it can be done but the big price to pay is going to be paid media only. like all these things benefits make her the long run so to greece. well you see it was interesting of greece had had not been in the euro it probably would have been able to borrow the money that it. was going to lead to

drachmas because they were the nobody but the demand on my 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 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 know a fact can we see is hilly in spain default right after greece i really think it 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 are for school at all they've been very prudent they're not running b.b.s.'s their problems entirely different they

have very rigid labor laws. and these labor laws making me lead to higher unemployment during periods of prosperity so i think we this is mainly a hurdle to do with these euro bond problems but i think it's a credit rating for the sake interest that they have an economy which is hobbled 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 big mystery look i think it was probably premature. having a currency without being of a single state it's got a lot of problems the. united states. essentially the central government giving out money to the poor part of the there's

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 u.s. dollars exceeding its d.d.p. . will that continue to create instability for the global financial system and how will the u.s. exactly cope well that well of course i think of it greatly exaggerated for political reasons we have you know we have apparently a big debt problem of the moment that the interest rates the way they are and how this is easily better for. not a great strain of course we sued face off at some point rise and that as you turn over that it's going to be going to has the what your bar at one percent of

attempting to. look. the basic problem is medical costs our medical care system is extremely inefficient very expensive we have pretty well most twenty percent it's seventeen or eighteen percent of national income goes to a medicare number half that's private by the way but half of that is 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 could be cut in a very unfortunate way because many of them were point factors for example our education systems is under attack financially we can california we have a we have been cutting. education is right now i think it's a it'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 sentimentality but it is true that the we have an economic system a financial system to be more precise which has led and i think. through the rather directly lead to to be a very large negative value for the american people these people in the incomes of these people are now getting back to the. recession levels.

there is there is a sense in which the inequality of income has this focus the inequality has got lot worse weather that is not to do the recession that was going on well before the recession and people were noticing that the inequality of income the inequality of income do you think it will grow in the united states will last i don't know very 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 growing 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 without very successful education. and that has gone down greatly what do you make of occupy wall street what do you think it feel self well first i thought it was ridiculous that seem to have no they have no proposals no but it has changed the national

attitude you have you become any quality has become on the political agenda and i do that i think very well about professor ara thank you very much for this interview frederick. wealthy british style sun. market why not. 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.

two meters. away more than a thousand tons of. skin thickness thirty centimeters the guinness record. commemorating the battle of stalingrad. the mother than called. on our teeth. more news today violence is once again flared up. these are the images the world

has been seeing from the streets of canada. corporations are today. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and realize. i'm tom welcome to the big picture. the official. from the. video. and. the palm of your.

question. the headlines on our t.v. russia's president vladimir putin informs us. that he is pulling out of the g eight summit in the state of maryland next week. instead though he will be sending prime minister. rescue teams are struggling to reach the wreckage of a russian airliner on a steep mountainside in indonesia it crashed on wednesday. there are no civil. too strong explosions have rocked damascus dozens are reported dead many more injured the capital has recently been struck by a number of mainly targeting military installations the u.n. . could put its observer mission in. head first into it the world of

sports all the action with paul. thank you very much rory welcome to the sports had what headlines here's what we've got for you. european masters athletico madrid great athletic bilbao three nil in bucharest when their second europa league title in three years. it is all from on peterson's world title rematch with i'm a card is cancelled after the like welterweight champion of the random drugs test. the sky's the limit louis sets a new record as he reaches the peak of mt elbrus in just three hours and forty one minutes. the first officer came with dread to have won their second three years they beat fellow spanish side i thought it bilbao three nil in bucharest it was all

a one sided confidence from start to finish the striker falcao scored twice in the first half to put his side family in control he became the first player in history to win the competition at two different clubs in two years the colombian also now has twenty nine goals in the tournament and twenty nine appearances he a goal completed the scoring with five minutes to go now need to pick themselves up out of the coverdell or a final later this month. it was here to. express the joy that i feel now after everything that was said when i arrived at athletico madrid some people say to that it was a mistake just sign me and i would like to say now publicly that those who criticize me they made a mistake we've had ups and downs and difficult moments but i think we really deserve to finish the season like this and let me say this i feel personally responsible for this result the difference between the two teams is not as great at what we've seen tonight on the pitch so as i say i feel totally responsible for

this result but well the action on the pitch was marred by trouble off it in the spanish kaput. clashes broke out between police and fire breaking after us because when several thousand people poured into a city center square the police had put benches up in an 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 arrests were made. meanwhile of there is a brand new name of the russian couple because on celebrating their first ever win in the competition following victory over the now moscow it was a cagey catalyst bergen was looking like extra time people will be sure a man eremenko found the winner twelve minutes from time one nil the final score as their armors wait for a cup conquest now stretches to eighteen years now canada moved top of group a at the ice hockey world championship after

a narrow three two victory over switzerland in helsinki the reigning olympic champions came from behind captain ron gets left school the winner in the third period the other group a game slovakia because it's down four thirty. in the meantime in stockholm cause we didn't get there one hundred percent record for the fourth straight victory this week to beat germany five two while norway were too good for italy russia play their next game in replay later on thursday against denmark. now to the news that boxing fans had feared the light welterweight world title rematch between lamont peterson and i'm a card has been called off the bow scheduled for may the nineteenth has been cancelled after the world champion fell to random drug test pages and tested positive for synthetic testosterone in march although he was negative in a follow up test last month the twenty year old. holder can get a hearing to four days before the fight forcing it cancellation card will now fight for the vacant belts against an unnamed opponent on june the thirtieth. now in the

n.b.a. playoffs miami hated reach 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 the best of seven series. game five bron james finished with twenty nine points eight rebounds and seven assists they now face indiana pacers in the eastern conference semifinals begins on sunday while the memphis grizzlies are still alive in their series with the los angeles clippers they won again five ninety two eighty six in that series is on friday has made their attention now turns to round two. every time you advance and in a series you grow because you go through adversity you go through some tough times and you have to learn how to make adjustments but stay true to your identity the whole time and learn how to put a team away now to tennis and both roger federer and rafael nadal through to the third round of the madrid masters who are the world number three federer was given

a scare along the way he lost the first set six four games canadian. had to use all his experience to avoid his earliest tournament exit into here is the sixteen time grand slam winner when she climbed the second set seven five before winning tiebreaker. yeah i knew it was going to be extremely difficult match me already played plenty of clay court tennis tell to do is really quick and it really you know is a great serve 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 look at time served well the times and i did up a really good break and in the third i'm extremely happy well there were no such problems for clay court specialist rafael nadal however he came through his second round match with a russian. straight say six two six two just by the comfortable nature of his victory the spaniard echoed concerns from novak djokovic about the slippery cool

i always did my best to be to be ready to play. good conditions when i'm playing in madrid when the thurmond was in in the in the tournament is now we now do so. right here. knowing that this is the only it will be difficult so you never arrive thursday before you know when tournament well in the women's event number four seed at nascar advance going into just an hour and five minutes to dispatch star ronnie of italy six six one dominant schooling to any italian sixteen match winning streak but advance guy who won in miami earlier this year looking in on us for once again. not sky running where a new record has been set here in russia that we have not met is reaching the pink of mt albert in just three hours and forty one minutes our own mountain air concert him to top off was that. 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 their belts around the world and the inaugural sky race where their fleets ran not walked to speak turned out to be a great spectacle. starting from thirty five hundred meters 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 barry won the forest waste of the season at the vertical kilometer event and was eager to repeat his success but it was his fellow reigning skier 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 gas perry was second to the top a minute behind the thirty five year olds been. fantastic for me you know 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 them is a year for it's leaving the event to become

a significant stop on the sky running map because they about. bruce now finally international road cyclist mark victory day in style here in the russian capital the last one hundred thirty kilometer stage of the five rings of moscow right stop traffic on the usually gridlocked garden run russia's igor power first team cartouche it was the overall meter after four days of competition with tere naam advantage on the final day claiming victory as even finished second while germany rounded off the podium in third place. with a second place because today boyle was stronger than me he showed that at the first hint for the bonus. i do lose because i made mistakes just because he was stronger he had fresh legs at the end like you do i won once.

which was really important for me that. i go home happy. is all the sport for now you know it will be here and a little under two hours time to join in that.

good news if she could leverage surely to mccurry was able to build a new most sophisticated robot which will unfortunately doesn't give

a darn about anything tim's mission to teach the creation why it should care about humans and. this is why you should care only on the dog call. you know how sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and realize everything you thought you knew you don't know i'm tom harpur welcome to the big picture.