paul it was it was the euro crisis then it was the high high commodity rise in commodity prices and so they claim that the policy of a staring should bring about the recovery but that it's been derailed by these unfortunate acts shocks but the policy of a sterile. is basically wrong when there is a lack of private sector demand when banks aren't lending when businesses don't want to borrow when people are cutting down their spending because they want to reduce their debt when the government then adds to that sort of downward pressure on spending then it's no surprise that the economy isn't growing is does that come from an inherent misunderstanding of how economies actually work on the government's part so i do think it comes from a misunderstanding of how economies work you see i think the coalition came into office with a belief which was often expressed by george osborne that as soon as

a sterile was seen to be working as soon as the government committed itself to a credible plan of deficit reduction everything else would perk up there'd be so much confidence that the economy would start growing again but that was wrong because it's real factors not just psychological factors psychological factors are very important but it's the real factors the real market that is available to businessmen that cause them to want to increase. their business and the government was shrinking the market by its policy so it could talk up the economy all it wanted but the policies were pointing in a different direction austerity we now know hits the poor significantly harder than ever it's the rates presumably that means that during this recess the gap between the rich and. paul well why didn't even. that's that's already happening

a real real incomes have been going down. because prices have been going up a bit and of course welfare benefits are being slashed. a lot of a lot there are lots of cuts in the public services and the rich are better able to insulate themselves against some of these effects for example house prices in london haven't gone down at all especially in the wealthy areas in fact they may be going up a bit so the world of the wealthy has been well maintained but people who have relied on incomes from wages have been hit and of course there has been since the beginning of the. recession a very big rise in unemployment even more significant perhaps a very big rise in part time employment is happening jay graphically as well where which regions get richer and poorer regions get poorer do you see

a strategy by the governments in which areas that do economically well will apparently be rewarded well areas that do economically badly will be left to kind of fester in to generate what's the economic justification for that well i think the government wants to back winners. and. and it believes that the winners come about through self. through through act the private private initiative. and so it wants to back back for strong and hope that that will encourage the weak but of course this gap between the regions has been longstanding and recently most of the world that's been generated in the last ten twenty years has been in southern england and so the gap between the north and the south which had been actually getting less in the mid medias of the century as

a last century started to grow again and economists seem to almost universally to reject austerity and embrace advocate borrowing and spending instead why isn't the government doing that well i don't think you're right i don't think the majority of economists do i mean the majority of economists say that the government is right to in its in its budget a budget deficit in its deficit reduction programs but it needs to do something else but what they don't explain is how doing something else can we make consistent with a reduction in government borrowing. you know government produces borrowing they say must reduce its borrowing then it's hard to know how it's going to do something else because unless the knesset raises taxes for example that may be an alternative but very few people are advocating that taxes should go up so they're in this sort

of halfway position a more or less there's no alternative to a stereotype but hysterically isn't a growth policy therefore the government should do something else but when it when you actually asked them what should it do they get. i think they should cancel a lot of the. sterrett it policy i think they should cancel the cuts in capital spending particularly and because of that that those schemes were ready to run when the coalition took office and they have been put into cold storage they could be this is buildings building schools building and building houses hospitals all these projects that were canceled because the government was cutting down its spending i think should be un cancelled i think they should be revived so you're saying you've got to speculate to accumulate in a way not speculate spend you've got to spend because you see at the moment they're not meeting their deficit reduction targets they're not reducing the national debt

in fact it's going up the whole time. and it and it's going up because the economy is going down the economy is what provides the government with its income and if the economy is shrinking the income of the government shrinks of the same type and therefore the deficit rises and something like that has been going on so the policy can't even succeed in its own terms one of your colleagues an economist called james keane has suggested a scheme that he calls quantities of easing for the public saying that the debt that private individuals have needs to be reduced under the scheme he says that cash should be issued to individuals and those with debt would have to use it to pay that debt down and those without it would have a cas injection it sounds like a great school wouldn't you think it would work but well i've suggested this as well in an article in the new statesman last week yeah that's fine i mean if you put money in that into the hands of the people. and make sure they as you say

spend it in one way or another. then i think that gives a boost to the economy because they can increase their spending and therefore set up a demand for shoes and clothes and. food and all the things that people spend money on and so that'll be good for business that's i think that's a good idea i actually suggested that the government give every household one hundred pound christmas present time limited so they need to do something with it can't just put it under the bed would that kind of policy be popular people were constantly hearing that there is no money now i think it would be popular i think everyone enjoys getting christmas presents and people really expect them from the government we've seen a europe wide backlash against austerity what do you think prime minister david cameron's chances are being reelected if he continues if this territory continues if there's no change of policy if the measures that are now being proposed small or

is ineffective as one thinks they may be then i think his chances of winning the next election a very very small. because i think that there won't be a recovery his best chance of winning an election in two years' time is if there are proper green shoots of recovery and people can see them and they feel they're feeling better about the economy they're feeling better about their prospects they're feeling better god about getting jobs and feeling better about getting more income then i think he'll benefit from that and have a good chance of winning but i don't think anything like that is going to happen under present policy so i think their chances of losing must be very high it's a keynesian idea that capitalism is a way towards working less and having enough is the current economic crisis is a result of that so it's time that we fall off the rails well that was

a very long run i mean that was a long run idea that keynes had that in the end a successful capitalism should enable people to work less. and enjoy life more and he thought hours of work over time. would shrink as we got richer but that assume that we wouldn't fall into these holes that you know that progress would be steady and you wouldn't have any more slumps but we're in we're in a slump we had the big collapse and at this point the priority is to get as many people back to work as possible and get as much production as you can because that full speed things along speed the road to utopia. so i think you mustn't confuse the short what needs to be done in the short run and our long run prospects one of the things that is the railed against this theory is this consumerism that

we've all fallen under the spell of where we have to work more to buy more to have more are you worried that more crises will follow because of the way we work and because of what we're working for it's a very good question i think we are consumption mad society and in order to go on consuming we have to go on earning money by working and working harder than most people want to and getting into debt and then the whole machine is driven by advertising and that does create a problem it means that as technology reduces the number of jobs and yet we all under this impulsion to consume more and what how do we see things developing what should happen is that on the whole we should give up growth as the top priority. and make sure we have enough work sharing so that people can get work but not most people working forty or forty five or fifty hours

a week and then another fifteen or twenty percent not working at all or only working very part time we need to sort of distribute work better among among among people. who want to work and also make sure there's more leisure so people can pursue you know pursue things for their own sake do things that interest them. and that's the way forward otherwise we're all sort of treadmill and i think. you're right they'll be more and more crises as a result of it you know robert skidelsky thankful. for the mighty volga it runs deep through the russian soul it has provided

inspiration for songs and poems and is the country's main north south artery and decades ago schumann ingenuity connected it to the dawn river to the west the volga dong canal is an engineering marvel within a day a vessel can pass the canals thirteen blocks ten million tons of shipping does so every year. another concrete giant is this finished fifty years ago it's the biggest hydroelectric plant in europe it powers the local city of volgograd and sends lots more electricity to moscow hydroelectric plant behind me is a potent example of how much the volga can provide but harnessing the revelent this isn't without its cost. fishermen have been watching fish stocks for years they see the slow damage the downing of the river has done especially to russia's prized sturgeon the source of caviar put in the president of the high joining plant has done significant damage because it stocked fish swimming up river to the spawning

grounds. within a year all these houses would have gone fallen into the river depending on how many of the hydroelectric plants turbines are on the water level can change suddenly and dramatically too suddenly for the banks to absorb. control of the river flow by the plant has made building on the shoulders front pain more attractive serious floods are less likely but the water that is put into the drains is taken away from the fish that need it now but lost the voice of the vote. as a culture he might stop being good. the first time in fifty years the rules will contain a point on maintaining biodiversity in the river we still have a chance to bring the volga back to life. meaning that the mighty vogue is treated with the respect it deserves.

wealthy british style. markets. find out what's really happening to the global economy with. no holds barred global financial headlines to report. to the. science technology innovation hall the list of elements from around russia .

turkish military have carried out new artillery attacks against syria. from damascus. earlier fired on the volatile state in retaliation to selling from syria which the. this building its own car is now considering whether to authorize haul supporter of military operations in the area. the f.b.i. has charged eleven people for acting out secret agents from also allegedly selling millions worth of restricted technology to the us military. and the e.u. power center plans an increase to its own budget in the midst of a crisis despite all standard member states calling for brussels to control it's

not a tight. now i'm just here to bring us the latest sports news. hello there thanks for joining me and these are the headlines big test and warns against complacency is switzerland's young boys arrive in moscow tonight she wrote police clash. plus a cruel defeats in the least great so you to milan in st petersburg after a no goal condemns them for their second champions league loss in a row. and the use of the rink almost go down rivals that was your second time in a week to go make a child's western conference. but before all that for the one seven time world champion michael schumacher has confirmed he will retire for good at the end of the season the sadie's had already announced last week that schumacher would be replaced by lewis hamilton next season and while there had been speculation the

forty three year old german could move he's now announced he is to retire no one has won more championship titles than schumacher who initially retired in two thousand and six but came back to race with mr adie's in twenty. now after spending millions of pounds on new plays angie continued their european adventure in the europa league tonight they qualified with ease for the group stage and take on switzerland young boys determined to keep their unbeaten run going with more. six wins one draw and no losses that's how on european track record read so far this season the d'agostini side have scored twelve goals and conceded only once late on it would in is it in their made in group game domestically energy have also won the last six games to put them top of the russian premier league for the first time but guus hiddink is not underestimating his next opponents we started reasonable well again is difficult. but at home it will be

maybe even more difficult to get the results not be an easy an easy game against a team with experience they have the experience in the past also in europe. teams are changing. but. they have they have some experienced players so we have a very difficult match tomorrow. the dutchman will have most of his players available with some who will it. likely to spearhead their attack despite this threat table side young boys will hope to get something out of the game they started their campaign with a five three hundred feet to a youthful liverpool side and know another loss would leave their european dreams in tatters. if we don't get a result it will of course be bad in the scenario of zero points from two games is something we want to avoid at all costs we're here to get something at least

a point so it's paramount that we learn from the defensive mistakes we made against liverpool. young boys will go into the time having posted their highest domestic league win of the season on sunday a six two home win over set of f.c. which should do no harm to their confidence and although their captain said his side were all too aware of the danger posed by angie's star studded team he's really looking forward to the challenge. it is good to be able to square up to such quality players to see how we fit i personally am also really up for it is the most of challenge and i wouldn't say no to go home with a new mule draw. so young boy's dream of reaching the knockout stages of the europa league could effectively end with defeat to angie on tuesday evening was sitting side on the other hand are top of their domestic league and want to continue their good form hitting has hinted that he won't make many changes to the game against young boys but he may well be tempted to because following that game starts

a long run of games which begins with on sunday michael r.t. moscow but at the moment it's liverpool who really group a and they entertain the lazy and feel the saving the english premier league side feel it under strength for their victory over young boys last time manager brendan rodgers says star striker luis suarez would feel the staving are likely to play some part. you know i always look to each. and pick a group in a team to win the game i'm sure. it in asia will be a very strong team because players. and it's a they've had some excellent results this season so far obviously beaten ac milan and unbeaten in the last five games so we need to ensure we have a group strong enough to look to win the game. but those players will be involved.

hundred being are the other russian team in action this evening they host part of belgrade in group h. rubin three two to the last time out against inter we take on their chief from has a big. bowl last night and it suffered a cruel free to defeat at the hands of ac milan in the champions league an own goal from thomas hooper chan handing the italians picturing in sim pages burge senate had battled back from two goals down early strike to be among third and stephanie put the visitors two up at the petrovsky stadium however record signing hope pulled the girl back and shot a call then levelled soon after the break but with a quarter of an hour left thomas who beat them put three with a net so three two to milan is how it finished and that result leaves any bottom of group c. without a win after two games malaga after their reign or demolition of. elsewhere christiana are now the hattrick help real madrid trans i.x. for one in amsterdam it's his second hattrick in a week and his first in this competition and warm them up nicely for the classico

clash with barcelona at the weekend it also puts reale top a great day with two wins from to a dorm and are next after conceding a last minute penalty to manage the city to draw one one in england city boss roberta mann cine not overly impressed with his size performance. in the champions league is totally different from every championship. when you play play the best player. and. when you have a chance you need to score if you don't score and after you concede that like we can see the disease is difficult and we. tasseled i have two wins from tell you they got a three one home victory over n.p.r. cos of grease given your outlook has put all three and ramsey scoring to the gun as it could pay off the shelf three one one i'm ready for three points at the emirates but well there's a. new game it's a great result for us we made it they were. very good i thought their organization

was excellent and they made it so far is. i think we improve satloff we do poorly we looked a little bit nervous have to say times but overall listen with the lawyer he's. however big spending tally sanjay man came unstuck of. minutes. by. three points today. i have a denominator grass. plot on the ice storm a moscow have extended their winning streak to four matches with a two no victory. that means the third in the western conference in the k h l t and swatch that latest success in the russian capital the third. was a highly anticipated fixture do now in other words he won three of the last in cups in the cage and sit on top of the western eastern conference's respectively for

boss it was also a chance for revenge a solution to the most divides just last week in the rebuild charges completely dominated the first period done is becoming a major threat for the opposition but these efforts once enough to break the deadlock rather unfortunately for a force as it was denied managed to produce the opening goal soon after the break he really cares if beaten keep your constantine barry lynn from close range from this point fence at the mega support their inner enjoyed an open game with most of the school but unity is. well xander read america to the mark to say the least and there was little surprised in both goalies will name the team's best players at the end of the night but before that the mostly white who are able to find the net for a second time defender yana yellow swara gets into the school shit after a decent effort from relics under of. n.h.l. star coming away with one assist although he says his personal statistics and over

two important business his team keeps winning. i have been given a lot of support from players and coaching staff and that really helps me to get back into europe as from my personal gift. i'm quite satisfied with it as long as dinner when the game is if you score a lot but your team loses you can be really happy. on that basis he is a happy man at the moment since his return to deny they won five of their last six games and with the majority of the season still to fully. expect to move h.q. in company. thirty. now let's move to tennis where maria sharapova has easily made it through to the quarter finals of the china in beijing the world number two thrashing slovenian qualifier six love six two. straight sets win the tournament though she will face stiff test next day when she will play either. former number one world number one caroline wozniacki.

another russian. and she lost the world number one victoria azarenka will face easily now pushing play next. fly the russian flag in the quarter finals of the men's store after beating from south africa kevin anderson. free to song after his russian opponent chantelle retired so that's all we've got time for for the moment . line. would be soon which brightened the moon about the sun from the finest

impression. please please don't talk t.v. dot com. the world. science technology innovation all the latest developments from around russia we've got the huge earth covered. overcoming a barrier like this seems possible. but

then you create something higher. and when you reach the peak. you'll do whatever it takes to get all the talk of the world on our t.v. my parents really truly honestly believe that what had happened was as a result of my father's exposure to agent orange i was born with multiple problems . i was missing my leg. and my fingers and my big toe on my right foot i use my hands a lot in my artwork i find myself drawing my hands quite a bit to me. for my hands you know just as if anyone would but they do tell a story they tell a story of. the oxen.