and enjoy your favorite from arts now t.v. is not required to watch our team all you need is your mobile device more charting any time and. i'm joined today by dr max also a professor of political administration and author of the books investing rather than saving and the delightfully optimistically titled the crisis is coming to talk to us a thanks very much for speaking to me my journey currently finds itself in a relatively decent position economically can it keep that up germany is not at all in the driving seat germany's economy is functioning but germany is driven rather than driving by the process of going on unfortunately i think the current system will last for

a while because the european political elite really has sworn to defend it whatever the costs and the car sign norma's so or really the current system is hurting europe we have to make some changes but i do think that the current rather detrimental state of affairs is going to continue for quite a while where you see germany isn't in the driving seat what can change that well what we do right now is we have the fiscal union which is austerity which means we save on the back of people of taxpayers in the south and in the north the euro has created the problems because the euro and that's what i predicted in one nine hundred ninety eight in a lecture at boston university the euro will create artificial blooms in some areas and artificial busts in others because we don't have an after them currency area and that's exactly what happened of seoul it created a competitiveness problem for the south because wages went up and so on but they couldn't devalue any more and that's the root cause of the problem and we're try.

to mistakenly correct that and rectify that by. by saving by a public by by cutting down public deficit which will not work in the situation and at the same time we're saving on the one hand on the other hand we're having a hugely expansionary monetary policy of so we are stepping on the gas pedal was one foot and on the brake was the other and that's the frightening and so one would have to ask. who benefits from that kind of policy they said that it could in deficits wouldn't work perhaps would getting rid of the euro. getting rid of the euro would be very painful it would work in the long run because we had a perfect system before the european monetary system which was just the right mix of flexibility and stability it was a stable system but you could just that if things went out of hand so that was a good system going back there theoretically would be great in practicality it

would not be great because it would be extremely painful but. what i envision is that some p. some countries leave the euro like greece and maybe later spain and portugal italy not so a flexible union countries that are not ready to stay in should leave and that's not the end of the eurozone quite to the contrary it would strengthen the euro zone but the european political elite is basically upholding a dogma if greece fails meaning greece leaves the euro greece has failed horribly greece is basically a failed state but they say of greece fails the euro will fail and europe will fail all of this by itself is wrong and in this connection is also wrong so we have to ask again who benefits from that state of affairs is there a chance though that we could see a champions league monetary union created with the likes of germany austria the netherlands and other countries with underneath that a second tier of money there's some proposals out there to really split the euro

into a northern europe the salvage southern euro or. there are some proposals out there to really split the eurozone into another and so on and the southern so on but that's not really working that will not work for political reasons you cannot split france and germany then france will be really let's say insulted that's just not politically feasible if you do that then you might as well get rid of the euro completely so france would have to stay in the champions league and so that by definition would be very difficult in that sense. and also who's going to lead the size and who's going to be the point around which they will rally so the mind boggling the problems around negotiate such an arrangement getting countries on board so they're much more flexible and also i think sufficient approach at this time is to have individual countries opt out if they just cannot comply was current

policies and of course greece should leave rather today. and not tomorrow because it's really clear the policies are not working we're really having an austerity program which puts the country deeper into difficulty as the g.d.p. is shrinking people are suffering the only people we are saving is the financial elite is the oligarchy that has been ruling greece for about two centuries because we save the banks so we save the banks and the creditors at the cost of the people and that's not right so you saying that it would be better for greece to leave the euro take extreme hardship for say a generation and then benefit in the long term it would be extreme hardship but we do have extreme hardship right now also i'm not sure how much more extreme it can get and would not be a generational in my in my projection would be about five years three to five years and of course if they leave the euro zone. the european countries should stay

solidary they should give. measured aid they should give support projects the. should supports a bang so we're it's not the end of european solidarity but it would just be a healthy arrangement now looking at some of your work you seem to suggest that there's a problem with the german mentality when it comes to taking things forward economically . yes i mean some of the factors in europe are still the same france is pretty much behaving like it behaved one hundred fifty years ago england is behaving that way. russia will see but one country that has really changed and they mean there is a skilled complex we can say it openly still from world war two and we believe if we just give our sovereignty and german interests we will have europe but that is a little the jump is a little short so to say i mean less germany doesn't mean more europe. if germany has by getting chips it should use them to create

a stronger europe but i doubt that we do it by creating the by supporting an unsustainable arrangement was the euro as it is by doing a fiscal pact which is basically strangulating european economy so in that sense germany should indeed assert european interests i would say more strongly that it's interest you what are these bargaining chips the bargaining chips are not many anymore and we gave one way again which is the yes and which is i mean still european increase in the capital of the years still requires. a scent of parliament and so on the parliament really is lame parliament a sense because the major parties in coalition government and outside always agree to stock up the capital so there's an encroachment upon sovereign budgetary rights and the parliament is not defending those but basically that's the last bargaining

chip our sovereign budgetary rights and i just clarify there by e.s.m. you mean the european stability mechanism not say a pox whereby all the countries put money in and it's given out to those countries that need it most will not work in your opinion yes that years and missed the big part european money will be distributed somewhat like the eye. i.m.f. and it should the money should flow to countries and problems against certain under certain conditions at this point how it's constructed we give ever more money to that result saving solving their problems. and the money is just flowing and basically exacerbating and prolonged poor along the current unsustainable situation now german chancellor angela merkel's always been a big supporter of the eurozone saying it must stick together is there a chance that german fiscal decisions are being made based on political decisions of course looking ahead to the elections will be taking place here next year well

marked with the case is very much listening to the other countries at some point in december two thousand and three and sarkozy is said after the consummate response to leave it can leave we're prepared but there was a short sharp blink of truth but the dharma is europe has to stay together and it's basically a dogma based on wrong premises to blackmail germany to blackmail the novena countries for the benefit of large financial institutions for the benefit of what i call financial oligarchy for the benefit also of course of the southern countries and the elites in the countries but wouldn't a greek exit from the eurozone be devastating for germany economically germany would be heavily affected if it left the euro zone that's why almost nobody is for it in germany it would be extremely costly once again but so far in history every monetary union at some point has come to an end if there was no political union so

this union will come to an end but it will be way in the future so the pain is not big enough so you suggesting that a political union could be what's needed to save the monetary union. i'm a firm believer in the fact that germany should play its strength more actively should have a more active stance in the negotiations but also as most germans are really dream of a united states of europe but then we have to start with a parliament that it's worth it it's name a government that is elected by the parliament not a commission we have to start putting together the true parts of high politics like defense security those things have to be integrated and we can have principle of subsidiarity for economic policy so right now we're building a technocratic euro for the benefit of certainly leads for the benefit of the political elite for the benefit of the financial elite which is not really

a citizen to europe so you're suggesting that germany should lead the way in convincing countries that would be in this united states of europe to essentially give a sovereign rights germany cannot lead by itself this german french tunde has to work it's a difficult time them and i'm not sure we can really make it work but even so i can see that merkel have learnt to work together but martin has been to yield ng so i'm not sure how the french german tandem will work once romney becomes a bit more assertive. points to basic things that have to be done but without french german cooperation on this it will not happen just one last question in the past you've predicted doom and gloom for the eurozone how to predict its future right now right now i'm predicting that this unsustainable and to some extent pretty bad set of just going to continue nobody has the power in the world to

really solve it. but everybody is of course concerned not to read let it disintegrate so i predict more bickering more economic hardship more muddling through for at least another two years because the e.c.b. is printing money like crazy so we're going to sustain an unsustainable state of affairs for another two or three years you make it sound like a failing marriage it's certainly a quiet failing marriage were partners have not given up on each other yet. looking to the future their dr of the pleasure to speak to thank you very much my great.

richest law often enough knows that to ride a horse you've got to catch it first. for him it's a daily routine that you're soft as a horse breeder on the island of a horn at the heart of. his life on an isolated farm is about blue sky green grass and his horses were there sometimes it gets lonely here but horses have become part of me now i've fallen off so many times sometimes they'd bite as well it's part of my everyday life. i holmes been home to it rats locally just laugh for centuries most still live off the land of cattle and fish every evening local villagers place their nets and in the morning the catch is always good. we always have enough here.

if by call is often called the pearl of siberia and horn is said to be the pearl of by. it's all end of fake forests. and vast staps. it's also a place of traditions respected by locals and travelers alike. an economist turned adventurer has crisscrossed by call shores and learned its customs well. you see pillars like this and thought to have supernatural powers every traveler who comes here asks. spirits to make their journey easier give them strength and fulfill their dearest wishes virtually undiscovered by tourists until some twenty years ago i was cornish quickly become

a magnet for nature lovers and few real cigars but those used to five star pampering may be in for a surprise the island's infrastructure has yet to catch up with the growing demand here quite some way from civilization here accommodation on the island is very basic so you can forget about a t.v. or even running water for most people a tent is the on the eruption but for those who come here it's exactly what they're looking for. you believe you and your need to buy coal can be unique trip of a lifetime and the locals say once you've seen it you'll be coming back again and again.

witnesses in libya say the situation in bani walid is getting more dangerous with foreign sniper spotted on rooftops and allegations of chemical weapons being used in the besieged town. the i.m.f. trashes greece's plans to deal with its massive deficit as they use the last line of economic defense celebrates one year and servants. and the two main runners in the u.s. presidential race are facing a tough choice whether to back israel's urge to bomb iran or lose the jewish lobby support. up next that man brings you the latest sports. hello and welcome to this sport of artsy with me were among cos for a better let's get to our top stories right away. and those three crushes on g.

go down one military pull after an eight game run without defeat in the europa league. two are through their reassure drop along and serena williams awaits their semifinal opponents this season ending w.c. championships in this sample. and march in on the army men are three for three in the euro league following says scots dominance against brawls a bamberg in moscow. to start with football and the consonance second most significant club event the europa league where two russian teams were an actual match week three of the group stage on thursday former back to back national champions rubin open the day with an early match in cazan against nifty from the neighboring republic of by john the very side was not that softest of opponents on paper but the visitors that still managed mutual eyes rubin's multiple charges on their goal however one slipped through early in the match when turkish

international given the current the knees set up so i have made no mistake from outside the box in the sixteenth minute and that's how that want to go then and the same scoreline in the other tie in that group were inserted melanic. belgrade and into the russian and italian sides now have dominated leads in this group with seven points each while the serbians and there's areas have just a point. let's move on up to group a now where the current or russian premier league leaders were in action at liverpool and suffered their first defeat of the current europa league campaign stewards downing broke the deadlock fifty three minutes into the match and that was the final score guus hiddink side had conceded just one goal for. eight games before kick off at anfield and have mail drop to second place in this group but liverpool the. side into first switzerland's a young boy's feet with it is a home which was

a very first win but still not enough to rise from the last position. now former french international player maher say this i has said football chiefs don't do enough in terms of fighting racism in this sport the one nine hundred ninety eight world cup winner stating that three well known footballing bodies know what they have to do but it's up to now haven't taken the necessary steps. but i wonder if the new way. they can be a bit more strongly against known anything happened and anything that these people be a risk is a. real threat to me as well meaning that maybe do you think i'm going to make more my admission most of them don't. we are not on top of that they know what they have to eat and we just hope that they're going to find the right solution. to tennis now and the season ending w t a championship in surrey where syriana williams won her third and final match of the round robin sort of ends in the red group cementing her place in the semifinal

world number one victoria azarenka fell in straight sets to the american serino williams continued her dominance over the belorussian with the latest in cancer becoming her ninth straight win over azhar in ca six four six four was the final score and the second semifinalist will now be decided between china's lena and bill of russian victoria azarenka. li not became an other contender for the semi's answer beating angelica herbert six four six three the german who made her first appearance at the season finale believe after losing all three of her matches china's now has to win her last group match against world number one victoria azarenka in order. to progress. and over in the whites group it's a race irani beat samantha stosur in three sets six three two six six it was the first match for the straight in who was placed defending champion petra in istanbul

with the group with illness after just one. meanwhile maria sharapova is getting ready for her final round robin match against sam stosur the russian will be looking to maintain her one hundred percent record following wins over solar irani obits at the end. of poland's the match against the australian opponents is scheduled for later this friday. and in other tennis these rafael nadal will not be taken for in the men's world tour finals in london in november and that's because of a lingering left knee injury the eleven time grand slam champion has set his sights on certain the boards and stifle there is a straight and open the spaniard hasn't played since june. basketball now where it says remain undefeated in group d.

of the euro league after downing brawls a basket seven to six six to seven at mega sport arena in the russian capital with sonny weems seventeen points spacing the home sites a victory as it may collide charles reports. bros boss kids came into the game seeking their first winning group d. but they faced an uphill battle take you know see is called who we get to taste defeat braze got on the board first but it was the home side that made twenty five twenty at the end of the first quarter it was a tight game throughout the second and third quarter as five points by teddy gives and allowed the german champs to take a fifty three fifty one edge at the end of the third quarter then back to back cause than the game bros a sixty three sixty one lead good less than seven minutes remaining however it was short lived a serious car buckle down in defense in crunch time and went on a thirteen to zero run that put the hosts in can show them pave the way to

a seventy six sixty nine victory not a good game we're finding ourselves you know we got the win. everyone and woman want to look at her best the best thing right there you know wanting to learn a top scorer on the night sunny williams contributed seventeen points to the win and believes the toughest games to come right now we just get enough talent you know we can't get out you know every game we have to think the you know. we played like the boston on the better time you know going to be argos goes and we had to come together and you know i think we need to hurry up to do that so three out of three for the russian champion so far as they look to improve further ahead of their trip to istanbul to face group rivals on november the second. most go. over to go fail and to china where jamie donaldson has sped out of the

block said the b.m.w. masters that walsh in securing a four shot lead following the opening round in shanghai thirty six year old shooting a course record sixty two at the plate miler and keeping up the chase are their ryder cup winning pair all swedes peter hansen and italian francesco molinari six under while the top ranked aurora mcelroy is right on their heels after posting a five under sixty seven alongside the defending champion is another northern irishman michael holmes and spaniard jose maria olazabal. played really well from start to finish hardly missed it and i missed one show a little day which is great and it's you know. the law puts today which showed finished off well you know you can play well to the post don't go in the nit you know it's not as good as school but we put it really well and had a lot put some line in and then they will just seem to go in and let's head to

malaysia now where american crew and that's a sin has nabbed one shot in the following the c.i. a and b. class a kick off in kuala lumpur world number two tiger woods meanwhile wired to five hundred sixty six to sit three shots behind the current leader enjoying seventh place alongside a slew of other players bull are of india who carded the six under six to six its joint fifth with americans on. the lars fabulous equal parts on the seventeenth hole keeping the twenty four year olds very much in the hands and there it is. i. believe him also will continue to fly the ferrari flag next season the formula one team deciding this week to extend the brazilians contract for another year at least masa has been with the scuderia for the past six years with his best result coming in two thousand and eight when he finished second overall now i'm not

so young anymore but really looking to carry carry on with ferrari and especially now concentrate in the last four race good to visit but also concentrate. good temperature if it doesn't there. but if from the beginning to the end and really looking for what that i had purchased david. i will be back in about three hours time but you can get more at any time on our you tube channel r.t. sport hughes thanks for watching and i'll see you very soon. magine assets that the phone watches show every single month. and waiting for you to stumble. i saw a man with

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