with much stronger for a no holds barred look at the global financial headlines in two counties a report. alone welcome tartini it's half past the hour these are the top stories for bloodshed outside damascus while the rebels and the regime absolutely violence and syria's the northern city of aleppo that's as moscow slams the u.n. which soley pressures the regime on the fighting. thousands of israelis gear up to march across tel aviv the mounting social justice from a government that keeps crowding at home but splashing around to score political points prime minister netanyahu popularity is dropping massively as people's outrage grows. and forty people are reported injured and

brain police fired tear gas and stun grenades at protesters demanding political reforms while a leak to video allegedly shows government mercenaries driving cars at demonstrators . spain's given the strongest indication yet that it might finally mean to lean on europe's a bailout fund next nobel economics laureate and word prescott explains what he thinks has gone so wrong in the region and what needs to be done to put it right. noble economics laureate edward prasco says the euro is doomed old boy in the schools of america will have a joint collapse much bigger than in two thousand and eight mr prescott let's start with the euro was it dead in the water and if you have. for children and give more credit cards. but tell me that they have to behave responsibly and one

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

with all this money and they said well you know why has greece gone. i think there's a good chance of the paulding i do not think there will be an economically. in a major event. the disruption will be very short you know some of the states in the united states one. in eight hundred forty the federal government did not bail out the sates. 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 or 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 euro. have done as well or better. than 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 in 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. it a little bit slower phasing some of this in there's very little discussion of how you achieve leave the euro as the economist are you saying it's could you could you lay out the steps to issue some of your own currency. there will be debts determined in europe and that will in the euro's to people in other countries and there'll be a lot of legal actions. to settle there one of the countries to fall i suspect the greek businesses. the money a lot of it out of greece and then do your accounts and more stable

countries brussels is using this crisis to grab more powers from national governments how does that make things even worse dangerous centralisation. china. and. from thousand thirteen hundred was the richest country in 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 centralised and then they started preserving the status quo is not the provinces lost power they organized the sensor that was like the press there were an institution set up to criticize the government within the government which is an unusual arrangement that worked to make them see got rid of that and then technologically gresham's that there are few people from the other end of the euro asia landmass came in humble their 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. they get real big. people not 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 sort of just 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 the calm bank run systemic risk everybody wants 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 going bankrupt in the government had to step in and take the assets of these companies and the depositors'. and then they sold these assets and make it was brought in was eight percent of g.n.p. a percent of current g.n.p. a big number it's a 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 that the tax increases. at that time no bailing out the big banks are 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 bored you can get about six or ten of the things that the introductory offers that very low interest rates and people just pull them over some of the real say was finance way as long as the price of real state was going up these people do great. but things can't keep going up and that'll. like how much. to blame for the mess the world economy is in on not sure why even we even need banks with enough fractional reserve why we need institutions

borrow from one group of people in a very short term demand and lend a little bit longer. or 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 interest and who ends up subsidizing them taxpayers.

i'm a former soviet soldier. war prisoner. her. husband . a father. and alien in again is still. a son. a brother. an alien in ukraine. craving for my only. one. hundred. years.

in forty acres and nineteen ninety three and decided it would be a great place to find myself a home and retire. there she is. we call it our new neighbor neighbor i know seven. we have seventy acres here and i can't convince them that they need to drill somewhere besides two hundred feet from our house. keeping the needs of our growing economy also means expanding our domestic production of oil and natural gas which are vital fuel for transportation electricity and manufacturing this is before problems before with the demand for and then change. our flows are not toxic and we did a lot of there's a lot of mis understanding of what act exactly in these loads. time that said you

can load here unless you come out here and live in my house for a week. i have no rights. if they shoot something inappropriate for public they can easily be shown to. have his war ok. i wish he would have never happened but it has sat. in a war a t.v. camera becomes an unnecessary what destroys their own safety all foreign nationals including journalists and inspectors should leave. and this clear what happens with such witnesses i got a bone boys i. was very. close

to her says shooting on our. technology innovation all the ins developments around russia we've gone through huge earth covered. is it a few. more

bloodshed outside damascus walled rebels or shimon ask. the northern city of aleppo that's how small scale slabs of the un so vote which soley pressures of the regime all the fighting. thousands of israelis gear up to march across tell of the social justice from the government that keeps cutting at home but splashing out to score political points prime minister netanyahu is popularity is dropping massively people's outrage grows. on forty five people are reported injured in bomb brain police fired tear gas and stun grenades at protesters demanding political reforms video allegedly shows government arson areas and driving cars at

demonstrators. it's a big day for maria sharapova who could claim olympic. but her compatriot is an action right now isn't that right paul yes it is a big day for sure out of as you say gunning for gold at wimbledon at the london two thousand and twelve olympics a daunting prospect again serina williams that's a little bit later on but as you say maria kirilenko going for broke and she's in action right now we'll tell you how she's getting on plus the rest of the top olympic stories. yes welcome along with to the world of sport haze was coming up. going for gold maria sharapova takes on wimbledon champion serena williams on saturday with the limping gold medal at stake. armstrong in the short merits hopes of retaining his

four hundred meter olympic title or over as he suffers a recurrence of this hamstring injury during his heat in london. all from all new boys mordovia make light walk of last off to pick up their first points of the russian a premier league football season. but starting at the london olympics on maria sharapova i'm serina williams go head to head later on saturday to determine the olympic tennis champion were already in action at wimbledon is another russian maria kirilenko she can claim a bronze medal in her clash against victoria azarenka. kirilenko was beaten in the semifinals by her. but has the chance to claim drones with victory over this year's australian open champion as you can see as a banker took the first set six three. kirilenko was also playing the game there for three in the second set. while russia

already claimed their first medal of the day it came in the women's doubles badminton tournament. valery of sort of tina have won bronze off thanks to such tough love win over the canadian opponents the tournament somewhat weakened by the disqualification of full teams off the match fixing allegations. in the meantime russia's men's basketball team have taught me a tense victory over spain david plotz men. seventeen points behind after the first quarter but managed to find their way back into the game a three pointer from victoria down from ten of the most gold secured russia a last minute win the seventy seven seventy four. meanwhile the reigning men's four hundred meter champion will surely merits title defenses over the american pulled up injured in his hate with a recurrence of one hundred strong injury the twenty six year old suffered a similar problem in the diamond league meeting in monaco three weeks before the games but even countless hours of treatment were unable to prevent the problem

flaring up once again. while staying with the four hundred metres and oscar pistorius has created history he's become the first amputee to compete in the olympic games in south africa and reached the semifinals after clocking a time of forty five point four four seconds to finish second in his hate the four times paralympic champion no doubt boyd by merits with drool. well let's see what saturday morning's action has done to the medals table the usa still lead the way out there adding to that tally china are in second but the host great britain has moved into third place of the republic of korea russia's solitary ground so far today leaves them in ten places. now fans of the winter edition of the olympic games can get a glimpse of things to come in twenty fourteen sochi park in the heart of london bringing together athletics. to showcase what awaits spectators in russia in one thousand month's time constantly to top off as more. well the summer games are at

full throttle in great britain's capital russia and forgetting the next winter games at the black sea resort of sochi in two years' time and has built this such a pork in a luxury neighborhood of london next to the famed royal albert hall in the pavilion visitors can get a taste of what the games will be like however probably the biggest attraction of the sochi port is a nice ring that hosts big tekoa figure skating shows where the olympic champions taking part this event will surely become a must see venue at this summer games. russia's famous former figure skater who created the show that brings together sports and theater to play on the ice future six olympic and eighteen world champions and there are formal londoners to take into winter sports. the people who come to see our

show we'll understand russian. russian heart. russian emotion. that's what leadership here for all the world really why do. you feel olympic. emotions you know you're around you and this is great that we are here we're skating here and this is like small exerting exotic in the summer olympic games one of the biggest ice events to be shown outside russia is surely to become a success in great britain and hopefully it can become a good chance for spectators to experience a piece of the we're a games in the middle of the summer consenting but up of our to london. now to football where champions and he simply have dealt on blood. the title rival

sas car moscow they've just secured a three one away win in the russian capital. now have a three wins from three this season process cast off their second consecutive three one loss after going down to an car last weekend the match was effectively over just half an hour in with the visitors storming into a three nil laid a brace from side by some arcane either side of an alexander country called penalty goal of the season later a locomotive can move level with an eight with a win across the wall alinea static grozny. on friday more dover picked up their first points of the season dispatching rostov three nil with games against us. coming out this month dovi a new a result was paramount and thanks to you have gainey supports free kick they got off to a super start after just ten minutes crossed off start becoming even more difficult early in the second period tali their car shining into his own net after a more effort on goal was parry by the goalkeeper then deep into stoppage time the

home side are wrapped up a comprehensive victory. blasting home. off the mark with the three nil when they moved up to eleventh now fourteen with one point from three games. and finally russia's junior ice hockey team are preparing to host canada next week the forgoing tournament will celebrate the fortieth anniversary of the legendary summit series as michael craft chunkier explains. two of the world's dominant forces in ice hockey managed to pull of the series of games back in one thousand nine hundred eighty two that changed the face of the sport since then russian candidates have been neck and neck in trying to reach the summit these commemorative events have been just that commemorative it for the play is there is important as the original. live from london this tournament is

extremely important for me. for the team and for russia it's two of the best ice hockey teams in the world going head to head with each other so of course it'll mean something plus it's the forty year anniversary of the original series that. the russian team will have a decidedly and i shall feel when they take on their canadian counterparts defend our children said give has been drafted into the tampa bay lightning as has goalkeeper on the bus live skit where the buffalo sabers have snapped up forward mickael grigori and but one of the most promising newcomers to the n.h.l. has to be eighteen year old now you'll see a clip of drafted first overall by the edmonton oilers so i'm pretty excited being here with national team and i think we have three. shoulder a hockey games all the way hard play good then we have a system so in that we know how we going to play against again i guess that's about what's low i.q. germany game like you know just well with him while the kind of the russian

challenge is obviously out of march to the legendary super series from like in seventy two there's also a point you know reason why the russian leg of the series will be held in the other slough it's of course to commemorate the tragedy of the two thousand revenue disaster with claimed the lives of the entire we had a slot for. of course such a tragedy can never be forgotten and through it the international hockey community has become closer it also shows the will of a city that's keen to put the past behind them overall there hasn't been much between russia and canada in from members of summit series match ups of the past and that's exactly the kind of rivalry the players will no doubt thrive on when they clash in yaroslavl on the eighth and ninth of august and then again in halifax canada on the thirteenth and fourteenth of august michael janko. moscow region.

now that is all from the world of sport but before we go of course got just got time to tell you that maria kirilenko is hopes of winning bronze at the london two thousand and twelve olympics are over she's just lost the bronze medal match to victoria azarenka going down in straight sets six three six four so the bronze medal goes to victoria azarenka disappointing then for maria kirilenko that is all from the world of sports now be back in around four hours time here and i'll say with plenty more to join me that. wealthy british.

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 report.

nuclear fashionables side. radioactive fallout all government betrayal of the government. and law how can the truth be revealed if there's no official evidence there was a very bright day to the servicemen concerned who was given no problem protection and to the people of this country generally because of radio like the full. the secrets of the.