there is skepticism is in fashion these days but are today's guest was against europe's common currency before it even came into being professor real king hank aaron a prominent german economist is joining us now on r.t. thank you very much for your time sir you were among those who launched a legal action against the euro all those years ago you must feel vindicated now i think an economist like me is like a doctor a social

a doctor he feeds was sponsored for the society and so this is the reason why i want like a good fossil is wanting his child. the child has to look to the traffic on the street and my job is to warm up to consequences of see you or not see governments are sinking so very very. complicated because your is not a nation like united states and all the a nation can have a national currency but as long as you will be is not a nation and vince that will never be a nation it cannot have a common currency economic disparities notwithstanding do you think the euro was a good idea at least in the theoretical sense not currency behind the idea of to

your is the wrong idea namely said we can form united states if you or your. with a currency. if we want to if united states of you or if we need a political union we need to come in constitution we need common referenda of sue people we need what we do not have in your op a common common people come in their most united states is a nation but you will be is not a nation your visit diversity of nations and diversity of states and any state is responsible for the valve of its own citizens of its own people and therefore it cannot be bought together a common currency and the sponsibility of the states for their own people you make a point that the stereotype program said damaging not only for europe's financial health but also for its democratic institutions could you elaborate on that look

democracy begins at all begins in russia begins in germany begins in italy and spain we have a national parliaments and this is the highest servitude. and if there's a common currency is taking. decisions in terms of money in terms of budget it's a violation of democracy. it was. your historical mission to bring democracy in the world and now and i am very certain about now. is destroying democracy now how big of a role does culture play in fiscal affairs was it an important factor in the euro being not asked successful as initially in visits by person view from the very

beginning and is in order for common currency in interact economic terms you need an optimal currency area but europe is not an optimal currency area and since introduction of the euro or behaved no unified interest rates unified foreign exchange rate among the usual paean economies but. greek you are it's not equal to a job and your common interest rate for spain let's say and there's a lens or greek is. wrong because it's case of spins it was so it must be higher in case of there's a lens or germany must be law so it's a complete mismanagement even in monetary financial terms what we have now in your mess western europe has long been held as an example of well functioning capitalist system and now we are talking about socializing huge debt how do you square free

market principles and bail out proposals this isn't very interesting point to the your idea of the common market started as a very liberal or maybe a neo liberal project of freedom freedom freedom free vestments and free twenty eight. and now says liberal project is becoming a very socialistic. portrait like say former soviet union common currency means there is no competition between currencies. common debts means says no no responsibility for your own debts so this is not a liberal project so there you were has changed so your whole i journaled t. of of your peon integration from a liberal concept into

a stick one which is quite interesting so in russia for instance a listing of faded away but in new hope it's coming under the auspices of so your crisis but i think we would have seen the same destiny as i'm soviet union there's also a list of concept cannot survive what kind of actions european leaders could take to prevent the sort of collapse if we were to go back for every nation for france for germany as a lens it is spain two zero zero zero national currencies so what would have two advantages first of all if you could serve every nation could could serve its local car as the local means then we've developed nation of currency his own interest rate to visit on budget of the policies and secondly we could from a european unity not a base of a common common currency but of. the union of.

currencies where before foreign exchange rate union before. we had an european monetary egremont. common. policy in terms of foreign exchange rates but not internally in. terms of interest rates and i think we have to come back to the time before nine hundred ninety nine where we had foreign exchange rate unions instead of money unions you just mentioned there are a challenge national currencies and the latest poll i've seen shows that the number of germans who are in favor of reintroducing the dorchin mark is steadily on the increase the majority of germans are also strongly against the idea of euro bonds but german authorities keep pushing the your agenda and bailout proposals who do you think should have the final say on this issue is the people on

the power its article call it. what is the learning capacity of governments. i fear not as early as students learn at school but long long monetary story shows the one lesson is no substitute for own currencies or listed foreign exchange rates if you have own currencies and realistically change rates then you have a very unpalatable pressure for to any government to make serious policy so the fear of developing nation blinks the government back to the high pass of serious policy and those think this is a lesson we have to learn. i was a long time more than forty years professor of economics so i started if i calculated quietly seventy seventy's ball monetary union and past

now we are confronted with seventy one so it's the old piece was new to us but this is allusion of the seventy's before was. come back to own currency make see why the value of his currencies are right into us when it's zero at foreign exchange rate and you exported things and says we'll be solution in the beginning of the twentieth century germany had some of the highest inflation rates and many historians agree that it was one of the factors that brought hitler into power if you are indeed collapse s. what kind of social and political implications it could have for europe and the rest of the world love r.c. . consequence of a social crisis so we had to avoid any of this in order to do to fight against

a company because of a dictator like hitler or us us now the countries and south of your makes the same experience so they had to avoid a social crisis and the real problem you see you all is to your is changing from a monetary crisis into social crisis and in order to avoid to social crisis resources political implications we had to stop so you had to come to a national regime in democratic terms in economic terms. in monetary terms and then we can make combined and united your. association of independent nations and i fight for says you because this would be open for other non. you nations like switzerland or even like asha in such

a open. your peon society his own currency of his own democracy his own nations we could form a new force in the vatican army namely a sort of alliance of nations the european alliance of nations so this is my hope for the future thank you very much for your time. wealthy british style stock. market. can. find out what's really happening to the global economy.

for a no holds barred look at the global financial headlines to report. in full started here before going global that's now pulling wire. choose your place take your stuff. that. makes your statement. spread the word. coupon through the long. secret laboratory was able to build the world's most sophisticated robots which

fortunately dorna found anything tim's mission to teach me. to care about humans and. this is why you should care only dot com. welcome to the future of science technology innovation all the as developments from around russia. the future covered.

thank you very much for a while come along to the sports headlines here is what's coming out european to prepare for their first ever competitive europa league match put away from dr stone after you i thought declared the region too dangerous. on his way after a rapid rise to fame jeremy lin leads the new york knicks and signed for a houston rockets in a deal worth twenty five million dollars. and on top of the world england and south africa begin their three match test series in the world's number one ranking is at stake. but first the football where russian club. by their first ever match in the europa league later on thursday they take on hungary inside one vet in the second

qualifying round and he had been banned from hosting european matches in dagestan after you wait for the the region to dangerous so the first leg of the time is being held in an unused arena in the moscow region the big spending club are appealing to europe's governing body in the hope they'll overturn that decision a giant screen is being wrecked at angie's home ground in moscow our supporters can watch the game having believes the visitors will come into the tie better prepared with two competitive matches under their belts already this season elsewhere sweden zlatan abraham of it chad signed a three year deal with big spending power sanjay man reports claim the french club paid around around twenty five million dollars for the thirty year old sweden's captain apparently taking her record seventeen million dollars a season after tax the transfer fee taking illegal and club spending to some one hundred thirty seven million dollars this summer to him of it she is excited about

where the club is heading. i've come to a dream team and did read dream team will be continued to growing and. i mean they will do everything to win and i want to be part of that this is the future and i want to be part of this future now in basketball and be a phenomenon jeremy lin is expected to be unveiled the houston rockets play later on thursday this after the new york knicks failed to match a three year twenty five million dollars offer for the point guard lynn passed a medical in houston ahead of completing the switch he shot to fame last season despite making only twenty five starts for the next after making his debut in december linsanity swept across america and his native taiwan the new york franchise working to keep hold of their star man but ultimately failed to match the rockets offer his form and figures were beginning to drop before his season was prematurely ended by an operation on his knee but the knicks fans believe they'll be better off with or without the twenty three year old i can't make that call

because i mean he came out of nowhere is it somebody coming out of the ivy league didn't get the kind of attention or was he always been evaluated based on his ballplayer i don't really know and so the question is was he going to come back and injury and do the same things again it makes no sense he started to. go a bit over he got to me man new york in order to sign gets me even begin trading began traded to the rockies. it's a terrible mistake well we've got a pretty big aging population here in new york a big mix made a big mistake not capitalizing. now in cricket to rein in briefly delayed the start of the first test between england and south africa at the oval the house won the toss and decided to bottom a short while ago they were twenty one four one captain andrew strauss the man out in the first over the build up to the series has been dominated by talk about their respective bowling attacks two of the best in the world according to many. i think

it's a phase but the records of what the the two bali attacks have achieved. but you know we move forward and. we're hoping that they can carry on with that lift off in the past and this new new hires for them to create hopefully you know i'm certainly very excited about i think it will be a good gauge for us is where we are actually the rankings say we're number one but we've got to go out there and prove that now now to boxing where former w.p.a. light welterweight champion i'm a card says he's confident he will return to form after suffering his second straight defeat at the weekend the twenty five year old lost his unification world title fight to danny garcia but it's a quick return to the ring possibly as early as december but his future could be without training freddie roach i don't really i mean at the moment at the moment. i don't like email you know exactly what's going up and. like that things can change in. well when we sit down with a team and begin to for

a few names to me and we're going to make it is asian next week or two. meanwhile carney has been honored by the u.s. olympic boxing squad they've been using his gloves a community gym in bolton to train ahead of the games which begin next week team usa show their gratitude by handing the twenty five year old one of the olympic tracksuits can himself was an olympic silver medalist in athens in two thousand and four but now to formula one where seven time former world champion michael schumacher is aiming to win his home a german grand prix this weekend the forty three year old is yet to reach the checkered flag for his coming out of retirement two years ago where he secured a place on the podium in the recent european round miss a day's meanwhile are looking for their first win on home soil since one manuel fangio want to bring in one thousand nine hundred fifty four schumacher says he and the table are closing in on that elusive victory. this is the truth it does i hope

soon but it's what drives me on and what of course has given me great pleasure as we have already shown this year we're capable and i hope will be able to win a race hopefully in hockenheim and it will be a great challenge to stand on the podium as one of the best is no two on realistic it would be a great result for us. now continuing the countdown to the london olympics which begin next friday and are taking to news its look at russia's medal hopefuls one sport in which the country has dominated in recent years is synchronized swimming michael crafts and go now reports on two athletes hoping to continue that success. russia's synchronized swimming team and do it have won all six possible gold medals in the last three olympic games in addition they have also contributed heavily to russia's overall gold medal tally in both the world and european aquatic championships but whether

or not the challenges have dropped the standards in recent times it's clear the current batch of russian athletes being trained hard. will really work a lot as never one of the training facility nails this they're all shocked that we train daily for ten hours overhauling and polishing the routine is very difficult and to remember it is even harder. although it was removed in favor of the team competition for the one nine hundred ninety six games the jewett is now considered to be the most prestigious event of all russians. and honest to see a year mark over with a country happy last two weeks but a couple of new starlets in the form of natalee and said. have since emerged shining at least in the world and european championships so. it's much tougher physically this time around because in the last olympics i only participated in the team competition and now i will also be performing in the duets completion it's

a more individual event and it's of course very prestigious and because of that it's more than double the work the discipline requires great strength in june flexibility and of course precise timing as well as exceptional birth control when upside down underwater so training is tough and constant and lengthy the bills can train for literally half a day in order to ensure they maintain the proper level of fitness. without a doubt the most difficult aspect is dealing with the physical demands we've got to do at repetitions in the morning and to team repetitions in the evening so it's quite difficult to keep yourself in shape mentally it's also tough yes the olympics are the goal. but you try not to think about that because it just becomes that much harder to russia's synchronize with that passion and so. of course i have to spend a lot of time in the water but surprisingly spending the amount of the ten hour

training sessions here in the gym practicing record graffiti. it's a long and at times lonely task with a rigid regime that leaves little room for anything else let alone time but insists there's enough time for friends and family says there is we have one free day a week so we try to get everything done then play good to the movies and meet with friends i have a husband at home so i like spending time with him of course but this is part of our work and i just have to get used to it and of course there wouldn't be much of a do it if the two girls couldn't get along with each other. natasha and i get along very well even beyond the training facility but it can be difficult especially when we come back after our day off and have to resume training when all we really want to do is share the latest parts of. each encounter mushy enough feeling big shoes and expectations will be sky high when they dive in the olympic pool in london in august but it seems they're already well prepared to carry the torch in russia's bid to win gold for consecutive time michael janko. moscow.

or from the world of sport for now but here with plenty more in a little under two hours time here on r.t. join and then the world weather is next. well for. science technology innovation all the least a moments from around russia we've got the huge earth covered.

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