starts on t.v. don't come. here with r t why from moscow top stories in his first major interview since he was forced from office power was deposed leader fernando lugo real soon was ousted under threat of widespread violence by the opposition country's been isolated by other south american nations since from the preachment in june. a motivator grows in saudi arabia with more protests planned after two activists were killed at a rally over the arrest of a shia minority cleric intention comes amid accusations of discrimination on the shia population by the ruling will charge sunni regime. peace

envoy to syria kofi annan wants curity council to take a tougher stance and mourns both the government position of consequences if there's no ceasefire the calls bring no relief to the common people who continue suffering from relentless war. next nobel economics laureate edward prescott explains why the banks are getting more and more irresponsible and the single currency days are numbered. nobel economics laureate. america will have a joint collapse much bigger than in two thousand and eight mr prescott let's start with. the water if you have. four children and give more credit cards. but tell me that they have to behave responsibly and one of

them does. what. it's. because of the problems and that we have to sort of cut out that it's analogous to the subprime mortgages which made it was not beneficial to either side but the government wanted to foster home ownership pretty much set of a bad system the problem is that the germans and the french went to somebody they should not run to. and somebody who should not be borrowing. matters should not of the borrowing should when people monitoring the market should let their corporation in the usa have some big ones and then many of bankrupt and the old people vote. all people want the place to say so the. french and german governments said to the banks and then the bank saw them do with all

this money and they said well you know what has greece gone wrong i think there's a good chance. i do not think there will be. and economically. in a major event. the disruption will be very short you know some of the states in the united states one bank one in eight hundred forty the federal government did not bail out the states. and there is not a major disruption in real in the output and employment they may go by in the fall and stay in the euro zone but the euro may just completely. collapse so it's not the advantage to having it seems to be more of a symbolic it's true that it's convenient for poorest women who for tween the states and but countries that did not enter the euro. have done as well or better.

and those that. did it didn't seem to be a big. positive benefit to. the members the ones that didn't join you know are sweden. denmark and the united kingdom one of the reasons why the euro has failed they're just retired such a young age they're just not. and make promises to the citizens which you can honor that's bad in the course people get upset when. promises are not on the western europe has no choice except to reform and they have started to reform. the swedes effectively cut their tax rates they've privatizers saving system along the lines. of australia and this is an effective tax reduction. the about the the europeans

are working has gone up a little but they've raised the retirement age. at a little bit slower phasing some of this in this very little discussion of how you achieve leave the euro as the economist are you saying. could you could you lay out the steps to issue some of your. own currency. there will be debts determined in europe and now well in the euro's to people in other countries and they'll be. a lot of little actions. to settle their one of the countries to fall i suspect the greek businesses. garden's their money a lot of it out of greece and europe. more stable countries was using this crisis to grab more powers from national governments how

does that make things even worse dangerous centralization. china. and from. one thousand thirteen hundred was the richest country the most advanced they're gone and. they have done much better than europe and they were by far the leader but then they are under the main dynasty they had centralized and then they started preserving the status quo. the provinces lost power they organized the censor that was the press the were an institution set up to criticize the government within the government which is an unusual range but that worked to make them see got rid of that and then technologically gratian said it there are few people from the other end of the euro asia landmass came and humbled by a great empire was the us economy doomed to fail and what will happen they haven't

got rid of the too big to. fail problem. we get real big people know who lend to these. financial institutions know that they will be bailed out. or expected and therefore the institution can borrow at a lower rate so they get the these institutions and the banks together groups of people that have this operate this this is a prize called the bank i get scared with the washington new york connection so the government likes to sketch favors out to certain people and then get big contributions there will be some bankruptcy be some major intervention by the fed. to avoid. i think they call him bank one systemic risk everybody wants to get their money out they come close to having that problem now in greece but it may be the rational thing to do how would this collapse compare to two thousand and eight

subprime crash i don't think the two thousand and eight was that big not as big as the savings and loan crisis there are these the federal savings and loan deposit insurance corporation went bankrupt in the government had to step in and take the assets of these companies and the deposit. in and sold these assets and make it was brought in was eight percent of g.n.p. a percent of current g.n.p. is a big number it's the trillion dollars that's over and then they sold that off they're only got six percent of g.n.p. back in the taxpayers made up the other two percent there was some hidden tax effect of tax increases. at that time no bailing out they were the big banks that hidden ways. that we always have when you get there's should be a good separation between the state doing its job and the various agencies the fed should be independent statistical collection agency should be independent and i

would say the finance and business sector should be. separated so america hasn't actually two thousand and eight bank and credit issues. in one thousand i believe was sixty we did not have a credit card they had to pass some special legislation and that and then the water and then over time they become quite important you can get about six or ten of the introductory offers that very low interest rates and people just pull them over some of the real say was finance way was long as the price of real state was going up these people did great. but things can't keep going up and that. only how much. to blame for the world economy is in on not sure why even we even need banks with enough fractional reserves why we need institutions that borrow from one

group of people in very short term demand and lend a little bit longer. much longer. working on the problem of financial reform the us is going to have a financial crisis in the not too distant future the dodd frank bill was poorly designed but i want to be ready when the next crisis comes with a good system i've been fostering people to work on this problem of designing a better financial system that doesn't have this risk and they get too big to fail that's. and who ends up subsidizing taxpayers.

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question on the dot com. it is first made. your interview since he was four small faces paraguay's deposed leader ferdinando lugo revealed he was ousted under threat of widespread violence by the opposition country's been isolated by other south american nations movement pietschmann in june. the mood of anger grows in saudi arabia with more protests planned after two activists were killed at a rally over the arrests from minority activists clerics the rising tension consummate accusations of discrimination by the building received. un peace envoy to syria kofi annan wants the security council to take a tougher stance the more pro-government opposition of consequences if there is no ceasefire but the call to bring no relief to the common people who continue

suffering from fear that this war. no it isn't you know neal from the sports stats the new activity on court in the n.b.a. this week plenty off it indeed and they say and you know the miami heat as if they didn't have a good enough team the champions of course have just gone out and bought two big name signings more not coming up interest to. be with us this is a sport that we've got plenty ahead few over the next ten eleven minutes or so including. corruption a swiss court says football's governing body of knowledge of potential bribes accepted by former president joe palca lunch. legend legendary of the next great michael johnson gets all curly to the man is no less with the olympic flame.

spring time r t cultures all but rush is a limping metal poles in diving with a twenty twelve games knowledge just over a fortnight away. yeah lympics getting at. closer but we start with the news that football's world governing body is embroiled in yet more claims of corruption according to a swiss court for murphy for president joe havelange experts in football boss ricardo to share or receive payments from i sell the organizations former marketing partner a swiss prosecutor's report published by feet first shows the perp could have received up to twenty two million dollars before i a cell went bankrupt in two thousand and one the swiss based company were repeatedly offered lucrative world cup parking rights by the game's governing body ninety six year old have lunch with fifty present for twenty four years before queen nine hundred seventy four nineteen ninety eight. new top the monitor under the last boss has been speaking about his hopes for the new season the portuguese

who replaced the sakari read up at white hart lane stating a premier league title is very much the aim but he also admitted the north london club could lose influential midfielder look i'm not rich the willingness is there from. from the players but you know it's. a plea of this importance is not easy to part company with but you know. i think the chairman is a person that respects the values of the book. and only with the right offer we will take that step. to boxing on the most eagerly anticipated non title fight of the year expect fireworks on saturday night when former heavyweight world champion david haye goes head to head with fellow briton derek just sora in london the per hit the headlines earlier this year following just hours world title loss the vitaly klitschko a proceeding to storm the post fight press conference leading to a brawl between the two the british boxing board of control withdrew just or his

license for his part in the truck while the world boxing consul handed him suspension he's able to fight at the weekend though the contest has been licensed by the looks of boxing federation while hay has come out of retirement for the clash on the rivalry between the jew looks as bad blooded as ever. who would. look at. you looking at you looking down my face look at me usually. just the look i look at the little embassy is a little bit me. a little bit of everything i know i see a certain pieces you know. they love each other i really don't care now americanas been reinstated as w b a light welterweight world champion the englishman lost the title in a controversial points this isn't to lamont peterson in the same for however after the w.p.a. ordered a rematch peterson field

a drugs test on the part was cancelled it means comes five and sundry in las vegas against w.b.c. champion dunning is now world title unification by. former one where russian team have issued a statement saying test driver maria davey alter is making remarkable progress as she recovers from last week's crush the spaniard losing her right eye getting a support truck in preparation for the british grand prix she's since been taken out of the neurological unit hospital in cambridge and is freely communicating with family members who remain by her bedside the thirty two year old also no longer receiving sedation medical assessments whoever are ongoing to monitor her condition . basketball and to be n.b.a. were recently crying champions miami are not resting on their laurels the heat and big name veterans reale and rashard lewis to the ranks for next season the florida franchise claimed their second n.b.a. championship last month with

a final victory over the oklahoma city thunder on the pier determined to keep hold of the title allen arrives as the n.b.a. record holder for the most part to jois his former seattle teammate lewis is a two time all star and according to the team's president third transfers don't necessarily mean more money for the star jewel. if we could you know in the ability to you know pay all the players you know really what they're what maybe they could get on the open market we would we don't have that capability so you know show our you know ray people that are interested in interning here and they know coming in what the situation is and so they want to be here because. i really believe because of the organization as much as anything they're sincere in how they've set this whole thing up and and they see a team that has an opportunity to be a winner and in this stage of their career this is you know this is what it's about . they hate aren't the only n.b.a. franchise that have been busy the l.a.

lakers also adding experience to their roster stepping up to time and they pay steve nash from the phoenix suns the thirty eight year old point guard the climbing summer offers from new york on toronto the opportunity to play from one of the greatest franchises in professional sports how the most decorated franchises. you know most wonderful cities in the. us to get an opportunity for me to pass. while summer is high time to reflect on the best basketball achievements stateside the world of sports colliding with hollywood glitz and glamour for the annual e.s.p.y.'s ward's newly signed lakers guard national quickly delving into the red carpet world of los angeles point guard jeremy lin though the center of attention receiving that breakthrough lead toward the new york knicks buckling the houston rockets to resign the twenty three year old after he went from the end of the bench the playing all star level basketball while newly minted n.b.a.

champion lebron james one of the your honour's. well a pick torch relay is nearing its conclusion ahead of the games kick off american sprinter michael johnson no stranger to taking the bottle and running with it as he got the chance to take the flame around a very notable landmark morning jog around stonehenge for the forty four year old who still holds world records in the four hundred meters on the four by four hundred meter relay the four time olympic gold medalist warming up before having an official run though near salzburg a little her the torch winding down history of near thirteenth always in combination with the games coming up on july twenty seventh the organizers plan to have the flame come within sixteen kilometers of ninety five percent of the local populace. to serve great moment. going clear. running with the torch which is a credible anywhere but of course running with it around stonehenge credible moment so with those games just around the corner we continue our look now at some of the

rush not cleats gearing up for success in london this time around diving archon reports. the last decade in diving so cheney's athletes go from strength to strength both in men's and women's compete to their home olympic games in beijing two years ago they clinched gold and seven kids who. very seldom possible ate the rest of the world led by a russian divers thus left to wonder just how they could break the monopoly last year swimmin world championships further evidence of the eastern dominance changes within the opposition winning gold in every single discipline on the first day we try to be objective we should admit that to match china in a sport in the near future is virtually impossible our athletes can beat them in this or that discipline because they're still human and they can also make a mistake but in general i don't think anybody can challenge china. but support an

olympic sport in particular is where the unexpected does happen and of course russia's diving team will be just tourists in their upcoming trip to london two time olympic bronze medalist carrying a lot of the victory many by will compete in the individual platform well the country's rising young talents he has a hero and again it was the tour will take the floor and the springboard events. i think that both myself and sergei have to get our hair the right first and foremost as mental toughness can become the most important aspect at such a big event like there lympics in the women's program russia will be represented by three earth lates begun silver medalist in this this year was nicole over in the olympics debutant the dish that are individuals in both hopes well of the ten me to discipline. will be seeking nothing short of bald despite being only twenty three fulton over won silver at the two thousand and four olympics and is experience way

beyond her years. but i think i can make the top three in london the competition will be excellent and set chiva precinct i'll have to carry out my program playlist . all in all russia will have divers competing in six categories out of the eight on offer and with such a force to beat as china even one london medal of the highest value will be considered a successful team. party. and a credible what it can do is not a lot it's all your sport for whether it's next year and twenty four hour r.t. . well. science technology innovation all the latest developments from around russia we've got the future covered.

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