in today's economic crisis bill it's could ask you first would you explain to me in layman's terms what the government is doing to mend the economy and why you think it's not working well i don't think they're doing very much to mend the economy i think their policies of made things worse. the sad fact is that the british economy has been shrinking slowly almost for a year now rather like a very slowly leaking balloon and the government of been trying in one or two small ways to give it a bit of a stimulus but i think they're quite new initiatives and it's too early to say how much effect they'll have but in general i don't think they will have very much effect and so i don't think at the moment they're doing anything very much to help because there's an awful lot of talk about prioritizing the economy and it's the main thing that we have to work on but then on the same time you say that not very much is being done at all one thing is that they're blaming everyone but

themselves first of all 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 stereo 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's 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 were. you see i think the coalition came into

office with a belief which was often expressed by george osborne that as soon as asperity 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 it hits the rates presumably that means that during this recess and the gap between

the rich and the poor well why didn't even fire yeah 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 and 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

rich regions get richer and poorer regions get poorer due to a strategy by the governments in which areas that do economically well will apparently be rewarded while areas that do economically badly will be left to kind of fester and degenerate 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 sensually 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 maybe years 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 reduces borrowing they say must reduce its borrowing then it's hard to know how it's going to do something else because unless it 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 a stair it 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 all vague. 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 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 tired 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 scheme he says that cash would 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 cash injection and it sounds like a great scheme and do you think it would work 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 and 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 as 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 go about getting jobs and feeling better about getting more income then i think he'll benefit from that and they're 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 than 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 the 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 an hour long run

prospects one of the things that 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 interests 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. thank you. 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 realize everything you thought you knew you don't know i'm tom hardy welcome to the big picture.

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judge. the latest news on the week's top stories venezuela's presidential votes set for a close finish with conflicting exit poll results coming in the national electoral commission will announce the official winner shortly. border shelling between syria and turkey as fresh violence hits damascus with a car bomb exploding outside police headquarters. italians ferry over mounting cuts descends into clashes while civil servants are marching for their jobs in spain. sports news up next stay with us.

well i walk i'm a long way to the sports headlines here is what's coming up title because hitting sanjay remain on top of the russian premier league table with a two no way in that cinema. moving on up reigning world champion sebastian vettel wins the japanese romper a move within a four point six championship leader number one. on the china crisis world number one victoria azarenka big smile reassure in the china open final in straight sets to claim her fifth title of the season. for first football and angie remain on top of the russian a premier league following a two no way in. because sitting side how to do it the hard way that they were down to ten men. shall call off sent off after ninety minutes for this power match of the box second half goals from eurasia often samuel eto secured. the baddest

outfit now on the plane thousand and twelve competition. meanwhile one of the biggest games in the calendar when the way access cars they think city rival spots up to now in the news making to stay within two points of the lead is in second place moved to open the score in the fifteenth minute after being set up by consume can honda the japanese international then turn score and double says carson in fifty two minutes in sealing the two nil victory their seventh win a night we were happy about to come out today's game especially because the spark gets the biggest day really in russia winning this game is always very important for us. as a team and for supporters too so hopefully we can keep doing a good job in trying to to find the first places. elsewhere and design former champions. last time call one colleague not to be school the game's going to go in

just the for a minute with the when they come side up tonight in current standings. elsewhere in russia today the defending champions in a run out through no winners are present all thanks to goals from constantine's and defies our. over in england manchester united won three zero at newcastle thanks to the old from patrick several jonny evans and tom cleverley tottenham secured their full of league win in a row beating aston villa to strike from steven caulker and aaron lennon full of the points at southampton following a dramatic two mature draw europol and study. i mean field. to formula one our reigning champion sebastian vettel has moved to within just four points to fernando alonso in the overall standings after victory at the japanese grand prix the german starting position and his red bull was dominant throughout coming hundred twenty seconds ahead a few hours from the paymaster. be ashy of south. jenson button lewis

hamilton rattles teammate mark webber. after he lost control of his the start of the race however things were much worse be overall leader fernando alonso i had to retire after this crash on the first lot. of this is how the overall standings look now the reigning champion vettel is within striking distance of a long as i was the. driver's title in a row has not let the standings sorry for this season but is now just full points behind the spaniard with five races left. now to tennessee maria sharapova has been beaten in the final of the china ripen the russian was outclassed by world number one victoria azarenka going down in straight sets it was a poor start for sure up over as a rank a storm before lovely in the first set to eventually take it six three russian title dominant dominant in the second issue dropped just one game into half to win of two thousand and. well. in

a men's competition well number two novak djokovic was victorious in had to fight hard to take the first set against frenchman tsonga on a tie break but found the guard much easier in the second taking six two to claim his fourth title of this is a. title is very special and. i haven't lost many matches in visit actually lose a match since i've been coming in beijing. meanwhile at the olympics and three titles. i love this for the conditions here. to rugby where new zealand have finished the inaugural rugby championship with six wins from six matches starts after they concluded their campaign with a thirty two sixteen win over south africa having wrapped up the title of the game to spare blacks were looking to complete the series with a one hundred percent record but they actually fell behind in. pace and brian had scored for us try after thirty minutes as the host took a. half time dressing down from coach steve hansen changed the complection of the

match as the visitors went through the gays in the second period securing the sixteenth in a row now just one victory away from sesame a new record among player nation. now boxing great mike tyson has defended the current heavyweight division and in particular the klitschko brothers the ukrainian jew have dominated the category for the best part of a decade but often criticised for their unspectacular style with some labeling the pair boring i think it's good it's probably are not big ferryman we people used to you throughout frame you two are drawn it's almost like a soap opera you know we were fighting but it's very very serene because the champions are that way because it's good to refight you can't get away from you know you can't blame be everybody in the vision. now if the ice were in the kontinental hockey league spot moscow thrashed an amen school one on home ice your

mikhailov open for the muscovites in the opening period the game's effectively done and dusted in the second where the host added three more goals the third period was merely a formality as the main so i pulled one but a consolation before one was the final school. and the other games. needed a shootout to beat out for three spots at moscow i had no problems against unarmed men scares the red and white in victory for ones you see in sevastopol was one of the winners are now more rigorous ukrainian side on the x. last instance is well in the late game of the day than the moscow peace love and three experience with the hockey. so it has been three weeks since the n.h.l. lockout was announced since then the continental hockey league has gone from strength to strength with the world's brightest stars moving across the ocean and here are some of the most spectacular moments of the k h l has produced in the last ten days.

live. live live. live

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that is all from the world of sport for now but there's plenty more later here on alt. eve's. elite. while. culling. offers an air show and an on a mission museum was a matter you. most of the residents never

profited from the performances you'll see of coming our signature trip there when you look up and there's one captain on you he's the alpha beta gamma he was always the final turn to try and he's let me know what's going on so i can pinpoint you. right now. doug shells become income mortal danger and a piece of art it's still a campaign based structure in making from some very. old bombs and. on our team wealthy british style. spot on. the. market why not. find out what's really happening to the global economy with much stronger

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