why don't was really happening to the global economy with mike stronger for a no holds barred look at the global financial headlines tune in to the report. at eight thirty pm moscow time these are the top stories on our t.v. u.s. interest in julian us songs takes a sinister turn as his contacts are rants and interrogated in an apparent attempt to fish out information about the wiki leaks founder. moscow and beijing continue to cement their strong ties as day one since visits china reaffirms their shared stance on a number of international issues. and as thousands gather in egypt's tahrir square live pictures here for what's promised

to turn out to be a million man protest calling for mubarak's execution the muslim brotherhoods accused of capitalizing on people's anger to sweep aside their presidential election rival. coming up former key economist at the i.m.f. gives his prediction about who will be holding the reins of world power in the not too distant future stay with us. i'm sitting down with our been sober mannion leading economist fellow at the peterson institute for international economics and the center for global development his book is called eclipse living in the shadow of china's economic dominance and here you see president obama babbling to the chinese leader. it's a really dominating i mean many in the u.s. would say that the u.s.

is still the richest country in all that is the most powerful economy at the moment china's g.d.p. for example is smaller than that of the united states that's true but if you measure it in terms of purchasing power it's as big as the united states one second china is already the world's largest trader. three china is a big net creditor to the world it finances the u.s. and the u.s. is a debtor so it's this combination of the size of the economy the fact the big trader and the fact that it's a creditor confers on it a lot of power that's today and over the next ten fifteen years all these numbers are going to go in china's favor so the china's going to become an even bigger economy than the u.s. and even bigger treated in the u.s. and continue to be you know financing the u.s. so that combination is what is making china very dominant let me give you one

example one example so take the fact that china you know finances the u.s. right or to so much cash three point three trillion dollars worth of cash if europe gets into trouble well you know it which would slap and which country in the world has the ability to be allowed to your the united states china because this three trillion dollars and when it has that power or that ability it can always exercise power what could be political ramifications for that as far as crucial foreign policy issues for example over syria will the u.s. pay more attention to what china thinks about certain issues well if you take you down for example i think that you know the u.s. wants china to be on its site and you know if china were to sit take north korea for example you know it's a great example you know if china were on the side of the u.s. . things would be so much easier but but the fact that china has no independent

view on north korea makes chinese american dealings with north korea that much more difficult in fact in my book i begin my book with a kind of fantasy scenario where i say that you know ten years from now if the united states gets into so much economic trouble right that it will have to borrow money and if only china has the money to provide the u.s. china might say well we don't like your military presence in the pacific you're naval presence and you have to you know get rid of that sort economic power can always be leveraged for political and foreign policy objectives the good things that one of the reasons not to get all four kind of anxious about this is that it is a mutually dependent relationship you know so one country doesn't want to inflict too much damage on the other because it backfires on yourself but that being said there are areas where you know some countries in the china has more power and it could use that too and i mean like for example as i said you're on north korea or iran or

you know the fact it's just so much financial power and economic power can always be used for political ends but isn't that a good thing in a sense that there it restores some kind of balance when there is not just one kid on the block ruling everything but there is they cared consulting with everyone else because it is dependent on another and that's a good point but but there are you know they can be two views on this right one view is that after world war two the u.s. was able to determine how the global economic system would function right and broadly it had a liberal view you know there should be more free flow of goods and services and so on which everyone benefited from and the country that benefited most from that was china you know the fact that markets were open so some would say that if you have one big good. maybe it's better than having multiple guys who kind of kind of

relating to you know what you can do two thousand of a very you know a lot of the world i guess that one good guy can actually turn into a bad guy at some point that's a risk and that's exactly but but the flip side of having multiple you know sources of power is that you can also get paralysis in decision making so whether cooperation is easier with you know one was brought to you or with multiple. sources of power multiple veto points making cooperation more difficult more easy is an open question you can argue it both ways but i would argue for multiple powers because when we're talking about a unilateral approach we have an example of that iraq. absolutely that's a very good point that nobody was there to stop it exactly so i think the point you know it's a very good point that you make is that you know if you have you know a one one hour you know even if they can sometimes you know do things unilaterally

which are bad objectives because they want to check that the u.s. is the world's biggest debtor and it seems the main way they address the gigantic that problem is the money printing machine. has money printing become america's main business. well i think yes and no i think it's on the one hand you know to have printed a lot of money in the last let's say three four years you know but i think they would argue with some i think fairness that that's what you needed to get this economy back. when it went into you know the kind of great recession after the crisis you wrote a lot about china keeping their currency deliberately undervalued to preserve their competitive advantage the u.s. is terribly unhappy about that yeah but the us on the other hand is also playing

with their currency constantly printing money that they don't have to pay off their debt and all die but don't you see a hint of hypocrisy when when the u.s. is bashing china over their currency policy but at the same time playing with their own currency in a way that is not necessarily fair well i would say that you know i think there is a pattern a little but i think the past is over done the funny thing is the following that even though the u.s. has been printing a lot of money in the last two trios off the crisis the dollar has been weakened it has become stronger. you print a lot of money if you really want to make your currency cheap and competitive you know you would print a lot of money but because the rest of the world still has so much confidence in the dollar when there's a crisis the oil come to dollars and the dollar becomes strong so the effect of all this printing money has not been to make the currency cheaper you know we have to

china's policies has made the chinese currency cheaper what you've been talking about is basically the world confidence in u.s. dollar and dollar dominance allows the u.s. to live beyond its means essentially to some extent yet so how long can it last well the thing is that it cannot last indefinitely because. in my book i argue that because of this the devise of china and the fact that the chinese economy is becoming so strong it's a credit to big trade or gradually over time the chinese currency would start to become like you know kind of displace the dollar because people will have more confidence in the chinese currency than in the american goods that's going to be a gradual process and you know but at some point it could start to happen gradually and that that point you know the u.s.

no longer has the ability to live beyond its means like you said because the dollar's dominant but but that's going to happen over the next ten fifteen years the i.m.f.'s traditionally been dominated by europe and the united states it was set up that way and he here you have this mess if that crisis in years on countries and you have the euro zone countries asking nine years on countries to contribute more resources to the i.m.f. to help them out do you think this current crisis could change the way the i.m.f. works to sort of shift the centers of power it's a very good question i think to some extent it's happening already it's happening already because you know the formal voting is still very much biased as you said in favor of europe and united states but the more the more europe gets into trouble the more it will need money from the outside you know. frankly there's no border was. don't have power creditors call the shots and at that stage we know europe

starts weakening and it needs money from the outside and if china and russia and brazil have the money to provide it they will ask for you know changing the system they will have more power we'll say well if you don't do these things we don't give you the money so when you become weak you know it's inevitable that power shifts away from you and that's what the european crisis is actually galvanizing changes in the international institutions thank you rock i'm hot. there hasn't been a thing good on t.v. . it is to get the maximum political impact. before source material is what helps keep journalism honest we.

we wanted to present. something else. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else and you hear or see some other part of it and realized everything you thought you knew you don't know i'm tom harpur welcome to the big picture. mission free accreditation free zones for charges free. range month free. three stooges free. download free blow against cloning video for your media projects and free media oh

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hard to top stories you are interested in julian a song takes a sinister turn as this contacts are perhaps an interrogator in an apparent attempt to fish out information about the wiki leaks founder. moscow and beijing continue to cement their strong ties as damed want to putin's visit to china reaffirms their shared stance on a number of international issues. and some live pictures here as egypt braces for a million strong pro task calling for mubarak's execution the muslim brotherhoods accused of capitalizing on people's anger sweep aside their presidential election rival tens of thousands now on top of their square. we'll have more details of the

top of the hour andrus here next with the latest sports. thanks for watching the sports and these are the headlines joker that you said are a to reach the last four of the french open off the studies under on the semifinal places in the women's drool. plus injuries russia's first choice goalie acking feared and defend a new call for in a race to be fit for the start of the european championships. and shouldering hope we catch up with one of russia's youngest olympians who has a dream of winning the country's first ever fifteen go. but first now about djokovic and roger federer to make the semifinals at roland garros djokovic the world number one is to set one down against local favorite joel free disowned the frenchman had levelled the match off the losing the first set and won the last set

seventy five to two in the fourth while roger federer is boxing to stay in the tournament he has just pulled a set back against argentina as one ought to know port's right to travel to one. and he's winning the fourth set there by games to love. well earlier on a stroll in some studies became the first woman to reach the semifinals a straight sets win for the u.s. open champion over slovak is the many to support stories of will play italian side it early in the last four after she got past the germany. russian pair maria kirilenko and that is the trayvon after the semi and the women's doubles the straight sets win for them against fanny king in. iran and also good news for russian billionaire investing our she and partner the and the players from india in the mixed doubles semifinals. max merely on a deciding tie break ten five. has been an injury scare for russia ahead of the european championships first choice keeper he got back in fear has developed a knee problem and is training on his own at the moment russia coach take out the

car saying new to scar stopper has fluid on his knee and will be monitored before russia's opening game against the czech republic and what's allowed in poland on friday defender alexander a new cover it's also recovering from a knock but better news for midfield that matter is model of who has started training again with the squad he believes their group which also contains greece and poland will be a tough challenge and says russia's players also have additional motivation. all of our guys play for european clubs and to people all over the world move them they know russian players therefore of course if anyone gives even a better performance here a good school room they get a better chance to go to a good club everyone knows it's the best market place the ruse one of the pre-tournament favorite of the netherlands and they held their first training session at their base in the polish city of crack of and have kept the bulk of the squad reach the world cup final in twenty ten but while they believe that will put them in good stead they are also in the so-called group of death with germany

portugal and denmark. yeah. i think we have got the toughest group of this europe obviously germany is one of the favorites portugal as well and we are not to underestimate denmark too but we played well in the last two matches and there is a lot of self-confidence but it's a long way to go. in a green that are germany they held their first training session at their base and get danskin poland a kind of ten thousand turn up to what turned up to watch that recent injury worry bastian schweinsteiger took part germany faced portugal in the open on saturday and it meant they will have to work hard if they are to qualify for the great big. it's a very tough group. strong teams like the netherlands and portugal we also among the favorites markets not very comfortable to play but. the best may win them we have to start well against portugal in other footballing use manchester united

have agreed to sign japan midfielder shinji kagawa from the german side the eighteen million dollars the twenty three year old scored thirteen goals in thirty one blunders league games for dortmund he won the league and cup double last season he's currently with his national squad ahead of a world cup qualifier with jordan and told reporters the deal with united is nearing completion. i just saw the reports myself i would just like to say that i haven't signed anything as of yet but it is true that we are working on the terms of agreement we still have two more games ahead of us so my team mates are currently looking to concentrate on the upcoming qualifying games i will talk about it after the games so i'd appreciate your cooperation first as a member of the national team i would want to bring good results to the games on the eighth and the twelfth so i ask for your help and support to let me concentrate on that elsewhere twice for the world player of the year has signed for a new side in his native brazil the thirty two year old joins athletico many

a day at least until the end of the year. the move comes less than a week after the forward left flamengo and sued his former club over unpaid wages the former barcelona a man star claims he is owed up to twenty million u.s. dollars. living on the basketball and the n.b.a. well oklahoma have taken a three two lead in the western conference final series against san antonio that courtesy of one hundred eight hundred three road win last night instrumental for the homework kevin durant's with twenty seven points russell westbrook with twenty three and james harden with twenty seats returns to oklahoma on wednesday for game six which is play harder play more together. twenty two says you know russell was great i controlled the whole game both as a floor. you know and we got to follow his lead you knowing which is probably your plan or you know what should we were doing on the floor you know you saw some which

is going to. have boxing great manny pacquiao has held his last training session before defending his welterweight title against american timothy bradley and last fake is this coming weekend the pair go head to head at the m.g.m. grand on saturday night pacquiao has won fifty four of his fifty eight fights while bradley hasn't lost any of his twenty eight professional bands elsewhere britain's i'm in a car has announced his next fight he will take on the w.b.c. super lightweight champion danny garcia from america that he showed you all to take place on july the fourteenth in las vegas but before then karen says he will sit down to watch the upcoming paki i fight and predicts the filipino will stop his opponent. it is going to be i submit same for the post a poem to support the. punches in. some good clean shops i get the. money. looking strong in the gym looking you know hits hard

so easy and give me a very tough test on a big very very hard. and lastly the london olympics is just around the corner and one of russia's youngest stars in weight lifting tatiana cashier anna aims to clinch the country's maiden gold our correspondent constantine pathak caught up with one of the strongest women in the world. weightlifting used to be very popular in the soviet union and the names of olympic and world champions were well known around the country those hell soon days are over not only because the sport is no longer so popular but also because of the many myths prejudices and negative publicity surrounding weightlifting range. now television broadcasts weightlifting only rarely people don't know about the sport and believe false stories once a mother brought her some to me and said she wanted him to start weightlifting so he wouldn't grow very tall it doesn't work like that luckily one of russia's

brightest stars in women's weightlifting that jameka shooting or didn't listen to all the stories and put the burden of proof storing the country to its place among the sports heavyweights on her own shoulders it's hard to imagine that the woman who can leave to more than twice her own body weight get involved in this board by accident as she once knocked on the wrong door in the gym and instead of going to a dance quest she went into the weightlifting room and we'll take that into the sport by accident but i have never regretted it girls will be girls even if our sport is weightlifting with i think that weight lifters have strong characters that's what can scare me and that women have a much stronger personality who wouldn't it wasn't hard to discover her talent when she first arrived in the gym you could clearly see how potential at the age of twelve she could lift the weights of amateur athlete i've never heard of young weightlifters who could do that anywhere in the world russia has never won the

olympic gold in women's weightlifting since this board was introduced in two thousand while for. wartime european champion and to win it and world champion cashier in the is just twenty one years old and it seems they're from the moscow region has plenty of time to claim the world's strongest woman title i give lots of respect to all my opponents there are always many good competitors you know and i don't compete with them i don't really care who they are my main rival is a barbell in my aim is to beat it because the results have become much heavier over the past two years and she holds the world record of one hundred forty eight kilograms in the snatch however due to the strength of the chinese and south korean rivals even this weight might not be enough for the gold in london though the russian will be going all out to claim a personal best and a maiden medal constantine but out of our team. good luck too that's all the sports

bison. secret laboratory to mccurdy was able to build most sophisticated robots which will unfortunately doesn't give a dollar amount anything tim's mission to teach creation why it should care about humans and world this is why you should care only on the dot com.

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

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