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tv   [untitled]    May 10, 2012 10:31am-11:01am EDT

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join the g. eight next week hosted by the u.s. all of this you do is demanding. now here on out so your retort to the winner of the nobel prize for economics kenneth joseph roe he gives his view now on how the eurozone debt crisis should really be tackled. kenneth arrow professor outspoken omics america is at stanford university you're also the youngest nobel laureates to have been deported and awarded the prize in economics in ninety seven it's really great to have you with us today i'm driving 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
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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 and that's. the european debt crisis is not thoroughly results but. all the media fires have been there but i was there not put out with their reduced. i am disturbed about the tendency which is partly true the united states are much more true in some parts of europe of torture 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
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is pretty clear we could be recovering faster from our problems the united states but we are we do and we've made it we haven't gone to extremes of say great britain or. france or germany that has maintained a good economy. 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 creates 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 once they have the fault again. you have there's not much evidence that countries default or than we go ahead to a quite a nice recovery the best. people will be difficult for greece to borrow money
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but maybe that's a good thing that will maintain discipline no i think they've made a mistake by not the forty year earlier. i said that they have to think that would have saved them it would have the look they got themselves into a bit trouble but by the by 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 could not sustainable. goes back to the olympics of what is a tool for which they probably should never have undertaken it was too much too much too costly for 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
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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. prove the euro is that it's very difficult to break away from it it can be done but the big price to pay is going to be paid to be deeply. like all these things benefits make her the long run sort of greece if. 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 they had demanded a high interest rate so they would have been much worse off while we were better
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off actually because they've been disciplined i think he's been allowed to run down badly there were some periods but that twenty or thirty years ago when it looked like it was going out 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 have privileges of poor people don't do you think they maybe don't know a fact can we say it's 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 a for school at all they have been very prudent they're not running their problems entirely different they have very rigid labor laws and these labor laws make it. i've lived through high unemployment during periods of prosperity so i think we
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businessmen really have a hurdle to do with these euro bond problems that i don't use their credit rating for the sake of just because of the economy was hobbled by a bad labor laws but you are still under question because of countries like italy spain portugal greece where do you see time well i think there is an argument that you are a big mistake to begin with what do you think is it a because i think it was probably premature. having a currency without being of a single state it's got a lot of problems the if if you are a united states. essentially there is a 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 with languages are much much harder to move in. europe than does the
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united states even apart from oh you've said in the beginning of the interview that the united states is getting itself out of a mess slowly but securely from what we know u.s. step now stands at almost sixteen trillion u.s. dollars succeeding 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 we have apparently a big debt problem course of the moment that the interest rates the way they are and how this is easily. not a great strain of course we suited for the sort of at some point rise and that return over that it's going to be going to has the what your bar at one percent to have attempting to. look. the basic problem is medical costs our medical care system is extremely inefficient
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very expensive we have pretty well most twenty percent if the 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. i think they're being 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. his riches right now because of 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 you know
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oh there's no comparison you do but you know this was at the i mean this is this is the worst thing since the great depression oak western 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 all of those a certain amount of sense of how the problem is true that the we have an economic system a financial system to be more precise which has led to and i think. the food rather directly led to a 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 pre the. recession levels. there is a there is a sense in which the inequality of income has this focus the inequality comes got a lot worse probably that is not to do the recession that was going on well before
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the recession and people were noticing that the inequality of income and 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 a great many industries our exports are manufacturers are rising today but the manufacturing was that was the way by which you have high growth of high income jobs i mean middle middling but middling can jobs for people who've got very successful education. and that this has gone down greatly what do you make of. what do you think it fits elf 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 big company quality has become a political agenda and i do that i think very well about professor ara thank you
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very much for this interview frederick. wealthy british style. 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. well. science technology innovation all the as developments
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around russia we've got the huge earth covered.
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more news today is once again flared up. saying these are the images the world has been seeing from the streets of canada. giant corporations are the day. just.
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the headlines on r.t. dozens are killed hundreds injured in the syrian capital by a pair of massive bomb blasts going down as the deadliest attack since the conflict began in the country more than a year ago a rusher was rule out of the bombings will by foreign forces in order to d.c. stabilize syria and in the end of the day undermine the entire u.n. observer mission. now just a few hundred meters separated rescue teams from the crash site of a russian airliner in indonesia as authorities say it is unlikely that any survivors will be found the plane smashed into the side of a mountain on wednesday with forty five people on board. sorry barac i'm just too busy a lot of me putin says he can join the g eight party next week hosted by the us this due to his demanding workload. are those of my headlines now it's time for unions
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headlines here comes the sport. thanks for joining us this is sports and a plenty ahead over the next ten minutes including all the. history in the making can read becomes the first american skipper to lead his boat into a home port the volvo ocean race. greens for a go the country's oldest golf course the moscow city club yourself to host the season's biggest tournaments the russian open. getting the high sponsored louis fernandez set a new sky running record reaching the peak of europe's highest mountain month. let's kick off with football where i'd like to call madrid hopping celebrating their second europa league title in three years diego see no nice chartist signing
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fellow sponsor side. in truth it was a one sided contest from start to finish in the romanian helpful colombian hot shot . scoring twice in the first time to put his side firmly in control the striker becoming the first player in history to win the competition with two different clubs in two years and having tasted victory with porto eleven diego julie completing the scoring with five minutes to go three nil athletico the final score . need to pick themselves up to head off their cup a final against barcelona later this month. it was here because it's come 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 personal.
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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. unfortunately action on the field was marred by trouble all faiths in madrid is breaking out between police and fans celebrating today because when several thousand people poured into a city center square where police had put fences up in a field attempt to revenge the crowds from blocking traffic the violence started when a small group of fans started to throw bottles and other objects on police several people were arrested. disappointment in the boxing world meanwhile because the light welterweight world title rematch between lamont peterson and a mere count has been called off the schedule for may nineteenth cancelled after world champion pietersen field are random drug test the twenty eight year old i.b.m. w b a bell told are testing positive for synthetic testosterone although his be
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simple came back all clear he now can't get a decisive hearing on for four days before the fights forcing its consolation will not fight for the vacant belts against the unnamed opponent on june thirtieth. setting sail now we're racing helping making waves at the volvo ocean race the crew winning their second straight leg beating our camper to enter their miami destination first following round six coming out victorious following a grueling eighteen de mar a time bottle spawning almost five thousand nautical miles from brazil to miami camper gliding into the lead on two occasions but were unable to maintain the position for more than forty eight hours american skipper. eventually becoming the first american to lead his ship into a home port to winning by five nautical mile margin his crew life you have the standings behind the telefonica group of proteins it's across the atlantic next
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with lisbon ports. the next port stop one made. golf season is just starting up here in russia the sport not quite as popular yet in other parts of the world but there's a dedicated bunch of people to change all votes including those who continue to make the moscow city club the country's most prestigious course ramon cos or if he's got more. this club located a short ride from the country's kremlin and red square launch to russia's first attempt at finding a place on the international golf map twenty five years ago back then only a chosen few could appreciate this game which was recently welcome to the olympic family the history of golf in russia began as any other conference did so it was the private expansive clubs for very wealthy people bought now we are in the moment when i expect that number of golfers will grow dramatically in the
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nearest future quarter of a century on and gold still large there remains beyond reach for everyday amateurs here in moscow this long russia where there is one obvious but certain amount of obstacle while the lack of necessary infrastructure which would make goal for the vailable for the masses is hampering the sports and visions to stake a claim to the market of the biggest country on earth that sometimes people say ok the climate in russia too cold to build their goal failed but you see finland and they were using winter and they play bingo and i am sure that we just have to change the mind of people to that it's not just. it's have to be sport for people and it's very healthy what i can see more healthy than many not a sports the capitals inner city golf course pioneered the sport for muscovites it's a private club but opens its doors to the public and the media once
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a year to stage the opening tournaments that will set that they say for the remainder of a short russian season unfortunately in moscow and if i want season which is maybe short as in the world. you see the weather is nice big golf course is in the buffet is buffet conditional you see the greens up to fine the the grass is finally caught so everything is fine so we're having russian professional golfers give the. contestants on any of the globe significant tours for now that is however the country is making small steps towards wider acceptance into the goldfinger reno and the russian open which will be held in june is a small testament to that room on cost of artsy moscow basketball to the n.b.a. playoffs where favorites they miami heat reach the second round at the expense of the new york knicks their twelve point win and whedon stay ensuring a four one victory in their best of seven series no five for guessing the star man
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in game five le bron james finishing with twenty nine points eight rebounds seven assists but he faced indiana in the eastern conference semifinals meanwhile the memphis grizzlies are still alive in their series with the los angeles clippers after winning game five ninety two eighty for the heat well their attention now turns to run to. every time you advance in the 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 the olympic flame hows meanwhile begun its seventy day journey from the birthplace of the modern games in greece to london twenty twelve traditional ceremony and olympia seeing. many ghastly act as high priest this grabbing the flame near the two and a half millennia old temple. liverpool born greek olympic swimmer. the first man to take over the field and before passing it to british greek teenager
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alexander lucas the torch is now set to travel almost thirteen thousand kilometers around the u.k. in just over two months the opening ceremony for the games in london kicks off on july twenty seventh. and finally let's finish on a high very high a new sky running record has been set in russia sponsored hernandez reaching the peak of mt elbrus in the fastest ever time at the red fox race event our correspondent constantine to top off wrapped up and went for a climb in self. montell 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 metres above sea level human simply couldn't absorb oxygen properly
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that means breathing is hard work in itself but this guy runners get in their way they're just a nation the summit of mount. the more experienced runners started from two thousand three hundred meters with this summit touching the sky at five thousand six hundred and forty two they quibble and off fifty football fields italy's market i guess perry won the first race 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 there are now and 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 abreu strange 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 sixto and world mountain running champion the guest barry was
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second to the top a minute behind the thirty five year old spirit. fantastic for me is a great experience to day and you know happy because when i left. my town you know and. we could 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 serious but those who did will surely do member their missing year for it's leaving the event to become a significant stop on this guy running mare because they buy the above r t bruce. and that is all your sports right weather is next.
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to it. because.
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well with the. technology innovation called the least developed from around russia. the future. sigrid lumber tour. was to build a new. doesn't sound anything. to teach music creation why it should care about humans and. this is why you should care only.
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dozens are killed and hundreds injured in the syrian capital by a pair of massive bomb blasts the deadliest attack since the conflict began more than a year ago. only a few hundred metres now separating rescue teams from the crash site of a russian airliner in indonesia as authorities say it is unlikely that any survivors will be found. i'm just too busy. enjoying the next week hosted by the us all of this studio is demanding. victory. royal. tumble the business news.

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