welcome back you're watching r.t. with me lucy let's get back to our headlines. forty eight iranian pilgrims kidnapped in damascus amid reports of bloodshed in the capital as well as in serious northern city. thousands of protesters demand social justice from a government that keeps on cutting at home but shelling out to score points. and sectarian violence escalates in the gulf states dozens of demonstrators have been injured in bahrain and protesters shot dead in saudi arabia. spain has given the strongest indication yet that it might finally need to lean on europe's bailout fund next economics at words prescott explains what he thinks has

gone so wrong in the region and what needs to be done to put things right. america will have a joint. 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. 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 in pretty much set of 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 have been people monitoring the market should let their own like a corporation in the usa have some big ones and they've got many have gone bankrupt and the old people vote. the old people want the place to say so the french and german governments said to the banks in the bank so what we're going to do with all this money and they said well you lend what has greece. i think there's a good chance of the faltering 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. 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 it's not the advantages to having it seem very symbolic it's true that it's convenient for the poorest women who for tween the states and but countries that did not and we are old. have done as well or better. than those that. did it didn't seem to be a big. positive benefit. 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 quest 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 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 there one of the countries for i suspect the greek businesses. garden's the money a lot of it out of greece and in your accounts. 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 much better than europe

and they were by far the leader but then they under the main dynasty they got centralized and then they started preserving the status quo. the provinces lost their power they organized the censor that was the press there were an institution set up to criticize the government within the government which is an unusual range with that worked for me to see got rid of that and then technologically aggression said it there few people from the other end of the euro asia landmass 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 a prize called the bank i get scared with the washington new york connection sort of government likes a skeptic of yours 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 have to step in and take the assets of

these companies and the depositors'. in and sold these assets and make it was brought in was eight percent of g.n.p. eight percent of current g.n.p. user a big number it's a trillion dollars that's over and then they sold that off they were 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 and 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 if you can get about six or ten of the things that the introductory offers the 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 did great. but things can't keep going up and that'll. how much worse than bugs to blame for the miss the world economy is it all natural why even we even need banks with enough fractional reserve sounds why we need institutions a model 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 the goods 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 in place and who ends up subsidizing them taxpayers. if they shoot something inappropriate for a public they can easily be. casualties of war. i wish she would have never happened but it has. been a war a t.v. camera becomes an unnecessary what destroys their own safety all foreign nationals

including journalists and inspectors should leave around. and it's clear for thousands with such witnesses they got it right. one where there are many. merciless shooting. you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and realized everything you thought you know. i'm tom harpur welcome to the big picture.

new paedophile. radioactive fallout over government betrayal of the government. and lauded and lauded and clawed how can the truth be revealed if there's no official evidence there was a very great danger to the servicemen concerned who were given no problem protection and to the people of this country generally because of radio like the full. the secrets of the tests exposed. in school started here. for going global. cooling.

choose your place take your stand. make your statement. spread the word. it's true. oh i'm.

the lead. is easy to. the. problem. well i'm. sorry it's technology innovation all the it's developments

around russia we've got the huge earth covered. forty eight are rainy and pilgrims are kidnapped in damascus amid reports of bloodshed in the capital as well as in serious key northern city. outrage in israel thousands of protesters demand social justice from a government that keeps coming at home but shelling out to support. political points. beyond six terry and six carry on violence escalates in the gulf states and dozens of demonstrators have been injured in bahrain after a teenage protester was shot dead in saudi arabia and arabia. has been a super saturday at the olympics polls that the next details on sports.

hello and welcome along with to the sports headlines hey it is what we've got for you blow it 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 the pollution on merit charge of retaining his four hundred meter i mean pick toys a lot are involved as he suffers a recurrence of base hundred injury during his heat in london. on the saints and sinners endings and maintain that perfect start to the season with an impressive three one away weighed over fellow title hopefuls. 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 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 at 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 allowed 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. also qualified for sunday series running ten point zero to. win while the men's reigning four hundred meter champion le sean merrick titled friends is over the american pulled up injured in this heat with a recurrence of one hundred injury the 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 were unable 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 miss you who you dream to be as is emotional for you. you. should. know their pride. well russia did a bronze to their tally in badminton nino his low over. the keno beating their canadian counterparts two sets to love to secure third place in the women's doubles the joy of a medal not tempered by the fact it's a somewhat we can talk of and of the four leading teams were suspended for the

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 could manage to find their way back into the game a three pointer from victor and dunk 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 chuckle used in the olympic village also will try to adjust the situation through training so the next couple of days. now fans of the winter edition of the mpeg games can get a glimpse of things to come in twenty fourteen sochi park and the heart of london bringing together athletics anthy are tricks to showcase what awaits spectators in russia and eighteen months time consuming 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 ring that hosts big tackle of 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 future six olympic and eighteen world champions and there are from all londoners to take into winter sports. people 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 around you and this is great that we are here we're standing here and this is like small exerting exotic in this 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.v. . now away from the olympics into football where russian premier league champions and they sent painters. 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 topping home and alexander curry cough drops on the ten minute mark three minutes later and it was to nail this time samak was brought down in the box allow encourage recall the chance to hit his fourth goal in three top

flight matches so far this season. confusion in excess carports then allowed to see all the points on thirty two minutes honda strike before half time was academic no more than a consolation three wins from three for the reigning champions now but to defeat on the spin for when it suits these men. meanwhile alarm you have secured their first win says returning to the top flight hand in some style they thrashed nine mantell it closely five nailed the way aided by the dismissal of terry goalkeeper anton m a chance after just two minutes of first heartbreak from brazilian damilola neko plus strikes from thomas prisca and i'm delighted in their cause in the house for the last time the visitors then had another man sent off before us and two full of completed the scoring in injury time. on friday more picked up their first points of the season just matching the last of three now with games against ask any coming up this month more davie 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 tali di di a cough chinning into his own net after more 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 fourteen. one point from three games. and finally christiane of an elder says he hasn't ruled out the possibility of playing in america the portuguese star is currently in the usa with the galactic eyes on a pre-season campaign and the twenty seven year old says he could follow in the footsteps of david beckham madrid the m.l.s. . and i think the. you know they do it the best i can i think is good but they can they can be better so if i if i can help to be

a better soccer here i can help but i think it's. great they are in a good good way and coming here to play one day well that is all from the world of sports now but there's plenty more later here on r.t. the world whether it's next.

if they shoot something inappropriate from the public they can easily be shown to accept casualties of war ok. i wish he would have never happened but it has happened. in a war a t.v. camera becomes an unnecessary witness in their own safety all foreign nationals including journalists and inspectors should leave. and it's clear what happens with such witnesses i got among my site. many was. pushing merciless shooting on our t.v. .

in his secret laboratory tim kirby was able to build the most sophisticated robot which on fortunately doesn't give a darn about anything tim's mission to teach creationism.