this is r.t. russia these are our top stories forty eight a rainy and pilgrims have been kidnapped in damascus while bloodshed is reported both in the capital and in syria's key northern city that's as moscow slams the u.n. vote which soley pressures the regime on the fight. thousands of israelis march across tel aviv demanding social justice from a government that keeps cutting at home but splashing out to score political points to. popularity has dropped massively is people's outrage grows. and sectarian violence is escalating in the gulf states of teenage protesters been shot dead in saudi arabia dozens injured in bahrain strangers and both nations have been campaigning for an end to discrimination by the sunni rulers for some eighteen months now and kevin owen here in moscow thanks for being with us tonight spain has

given the strongest indication yet that it might finally need to lean on europe's bailout fund next that nobel economics laureate edward prescott explains what he thinks has gone so wrong for the region what needs to be done to put it right. noble 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. poor children and give more credit cards. but tell me that they have to behave responsibly and one of them does. it. there's going to be 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 and pretty much set up a bad system the problem is that the germans and the french lent to somebody they should not run to. and somebody who should not be borrowing them was not as 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 of bankrupt and the old people vote. the old people want the place to say so the french and german governments. said lend to the banks in the banks or do them do with all this money and they said well you know what has greece gone. i think there's a good chance of the paulding i do not think there will be. an economically

. major event. the disruption will be very short but 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 sates. and there is not a major disruption in real output and employment they may go by in the fall and stay in yours but the euro may just completely. collapse or not the advantage to having it seems to be symbolic it's true that it's convenient for the poorest women who've 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 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 with. promises of. 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 there's very little discussion of how you actually 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 they'll be a lot of legal actions. to settle their one of the countries to fall i suspect the greek businesses. garden's the money a lot of it out of greece and europe or. more stable countries both was using this crisis to grab more powers from national governments how does that make things even worse dangerous centralization. chinaman. and from. thousand to thirteen hundred it was the richest

country the most advanced they had gone. they had done much better than europe and they were by far the leader but then they under the main dynasty they had centralized and then they started preserving the status quo and it was not the provinces lost power they organized the sensor that was the oppressive were an institution set up to criticize the government within the government which is an unusual arrangement that worked the main down so you got rid of that and then technologically aggression said it there few people from the other end of the euro asia land mass came and humbled that 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 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 kind of price called the bank i get scared with the washington new york connection sort of government likes to scare 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 among the deposit insurance

corporation going bankrupt and the government had to step in and take the assets of these companies and the passengers. and then they sold these assets and make it was the problem was eight percent of g.n.p. eight percent of current g.n.p. is a big number it's the trillion dollars that's over and then they sold that off there when it got six percent of g.n.p. back in the taxpayers made up the other two percent there was some hidden tax fact of tax increases. at that time no bailing out the big banks or 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. and one theme i believe was sixty we did not have credit cards they had to pass some special legislation and that and then the water and then over time they've become quite bored if 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 reals that was financed way as long as the price of real say was going up these people do great. but things can't keep going up and that'll. really how much all western banks to blame for the mess the world economy is in on natural law even we even need banks with enough fractional reserve sounds why we need institutions borrow from one group of people with very short term demand and who 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 for storing 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. world. science technology innovation all the latest developments around russia we've got the future covered. i'm

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the headlines tonight forty eight iranian pilgrims have been kidnapped in damascus bloodshed reported both in the capital and in syria's northern city that's as moscow slams the un's vote soli pressures the regime on the fighting. thousands of israelis march across television demanding social justice from a government that keeps cutting at home but splashes out to score political points probably some netanyahu is popularity has dropped massively to people's outrage grows. and sectarian violence is escalating in the gulf states a teenage protesters being shot dead in saudi arabia and dozens injured in bahrain demonstrators in both nations have been campaigning for an end to discrimination by their sunni rulers for some eighteen months now. over the sport import.

hello and welcome along the to the sports headlines here is what we've got for you blown away maria sharapova wins an olympic silver medal for russia in the women's singles tennis however gold goes to serena williams in a totally one sided final at wimbledon. strong full of sure merits hopes of retaining his four hundred meter olympic title as he suffers a recurrence of injury during his heat in london. and the saints and sinners maintain their perfect start of the season with an impressive three one away weigh in over fellow title hopefuls moscow. but starting at the london olympics where russia's maria sharapova has won silver

in the women's singles tennis however she was comprehensively beaten six six one by a totally dominant serena williams in the final a display of sheer power and athleticism were simply too much pressure up over who had no answer to the world in champion the match lasted just sixty three minutes as the american adds the olympic title to her fourteen grand slam victories she's now the only female in history to have won all four grand slams and then in pick singles and doubles titles. meanwhile there was also disappointment for sure up of as compared to your maria kirilenko she lost her bronze medal match with fellow russian victoria azarenka the australian open champion just two strong winning six three six four innings in russia finished the women's singles with just a silver having won gold silver and bronze in beijing four years ago. meanwhile the world record holder you saying bolt was not at his imperious best as

he qualified for the one hundred meters men's semifinals the defending champion clocking a by his standards sluggish time of ten point zero nine seconds american ryan bailey sending out a signal of intent after running the fastest ever time in an olympic heat he came through in a blistering nine point eight eight seconds the fast track in east london allowing his compatriot justin gatlin to also run sub ten seconds and nine point nine seven all the way in chambers he was only competing for great britain after a ruling from the court of arbitration for sport overturned i'd be. also qualified for sunday series running ten point zero two. while the men's reigning four hundred meter champion list sure merits title defense is over the american pulled up injured in his heat with a recurrence of one hundred eight to twenty six year old suffered a similar problem in the diamond league meeting in monaco three weeks before the game but even i quote. countless hours of treatment one able to prevent the problem

from flaring up once again. staying with the four hundred meters an oscar pistorius has created history he's become the first amputee to compete in the olympic games the south african reached the semifinals after clocking a time of forty five point four four seconds to finish second in his hate the four time paralympic champion no doubt boyd by marriage withdrawal on the day swells his family with pride. to. an equal. when you. you know you can be as big as emotional before. you. question. the pride. for russia did a bronze to that tally in badminton nina his low over. the keno beating the canadian counterparts two sets to love to secure third place in the women's doubles

the joy of a medal not ten but by the fact it's a somewhat weakened told went off the four leaving takings were suspended following match fixing allegations. for russia's men's basketball team have guaranteeing top spot in green bay this after a tense victory over spain david plotz men were seventeen points behind after the first quarter but managed to find their way back into the game a three pointer from victor dong from timothy most golf secured rush hour last minute seventy seven points to seventy four with. potentially one of the biggest stars of the games has arrived in london with question marks hanging over his fitness for my one hundred ten me to hold a world record holder usually one pulled out of a diamond league meeting three weeks ago with a back injury his coach says there are now concerns over a foot problem two thousand and four champions young missed the very games with a similar complaint. before our departure from germany you had an examination of

his food by a german doctor who told us that the injuries are not a big problem however he cannot tell us how serious the problem is i think we'll have some medical experts to have a check will use food in the olympic village also will try to judge the situation through training so the next couple of days charters now fans of the winter edition of the mpeg games can get a glimpse of things to come in twenty fourteen sochi park in the heart of london bringing together athletics and tricks to showcase what awaits spectators in russia in eighteen months time constantly to top off as more. while 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 build this sort you pork in the 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 sort to port is a nice way that house 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 the play on the ice feature a 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 like if. you feel olympic. emotions you know you're around you and this is great that we are here we're

standing 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 bought up of our t. . now away from the olympics into football where russian premier league champions and they send pages. dealt an early blow to title rival sasco moscow they secured a three one away win in the russian capital then he finished fifteen points ahead of sas car last season and have already perfectly daylight between themselves and the army men in this campaign this match was as good as over after just half an hour or so i say mark tapping home and alexander courage of cross on the ten minute mark three minutes later and it was to nail this time samak was brought down in the

box allow encourage off the charts to hit home his fourth goal in three top flight matches so far this season. confusion in excess carports than allowed to see all the points on thirty two minutes. strike before half time was academic no more than a consolation three wins from three for the reigning champions now the two defeat on the spin flannel suit city's match. meanwhile alarm you have secured their first win since returning to the top flight had been some style they thrashed nine mantell across me five nailed the way aided by the dismissal of terry goalkeeper anton i'm a chunk of after just two minutes of first heartbreak from brazilian neko plus strikes from thomas christian and bloody in their cause in the house for the last time the visitors then had another man sent off before are sent to full of completed the scoring in injury time. on friday more picked up their first points

of this isn't just patching the last of three now we're going to get a sense car i'm g. and any coming up this month more davey i knew a result was paramount and thanks to you have gainey. they got off to a superb start after just ten minutes the last of the toss becoming even more difficult early on in the second period. to cough shining into his net after more dovi effort on goal was parry by the goalkeeper then deep into stoppage time the home side wrapped up a comprehensive victory. in the man blasted. off the mark with the three no when they moved up to eleven frost of forty three. one point from three. unfunny christiane of an elder who says he hasn't ruled out the possibility of playing in america the portuguese star is currently in the usa with the galactica is on a pre-season campaign on the twenty seven year old so he could follow in the footsteps of david beckham madrid the m.l.s. and i think. you know they do it's the best i think is good but they can they can

be better so if if i can help to be a better soccer here i can help but i think it's. great they are in the good and the good way and. it's a play one day. while that is all from the world of sport and there's plenty more light ahead on the world whether it's next. mission. could you take three. three. three. free. download free broadcast video for your media projects free media. dot com.

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more news today violence is once again flared up. these are the images the world has been seeing from the streets of canada. china operation to rule the day.