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 also 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 trying 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 that so we are stepping on the gas pedal was one foot and on the brake was the other and that's the frederick 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 period 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 if 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 monetary union there's some proposals out there to really split the euro into a northern europe the salver neuro southern euro or. there are some proposals out there to really split the euro zone 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 subs and so on who's going to be the point around which they will rally so that the mind boggling the problems around negotiate such an arrangement getting countries on board so that 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 research 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 difficulties 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 great 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 project 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 bargaining chips it should use them to create a stronger europe but i doubt it by creating vs 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 interesting 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 sense of parliament and so on but 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 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 i.m.f. . and it should the money should flow to countries and problems and under certain conditions at this point how it's constructed we give ever more money to that as

a result saving solving their problems. and the money is just flowing and basically exacerbating and prolonged prolong 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 because looking ahead to the elections they'll be taking place here next year well mrs merkel in that 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 eurozone 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 a really dream of a united states of europe but then we have to start with

a parliament that it's worth it its 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 citizens europe so you 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 sarkozy and merkel have learnt to work together but martin has been to yield ing so i'm not sure how the french german tandem will work once romney becomes

a bit more sort of. 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 predicted doom and gloom for the eurozone 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 the letter 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 the age of

a yet. looking to the future their doctor or it's a pleasure to speak to you thank you very much margaret. in the glow of rushes not far away from civilization in a three hour helicopter treat from the nearest village. these children family have been living here for a long time in tents made of reindeer skins. so

. lodging runs in ada signal and then it's they also grew up in the to draw but left it at the age of six and never returned they now live in the city in apartment building that's tonight and their regions. china house want to know is a dancing teacher. was. next to his den says he tells the stories about his motherland. laws in europe to now has a one thousand strong rangy had when the enemy only saw the light can and most around it is gathered tens and moved to another post sure they travel hundreds of

kilometers in winter we men and children for them. but the two families have less of a chance to come across each other they belong to different worlds even though there's sometimes a similar. culture is the same much different each visit is shared power on the market would be in a tricky and dangerous neighborhood this is one big lesson on space the assassination of the country's top security official and the political. what lies ahead for occupy whom the movement mobilized calls for a new america who stands for the going to nine percent u.s.

election a close guy monday october twenty ninth on r.t.e. . mission free cretaceous free school or church is free. free. free. free. download free broadcast quality video for your media project a free media dog r.t. dot com.

and if. you live. in the. top stories this are not a foreign mercenaries fighting alongside libyan forces reportedly spotted join the ongoing assault on a formica taffy stronghold firsthand accounts from bani walid. at least five people are killed and dozens injured in a car bomb attack in the syrian capital damascus as part of a four day truce agreed between the government and some rebels for the muslim holiday of aid. and we look at how the upcoming presidential election in the u.s.

could determine an attack on iran action that america's ally israel is increasingly pressing for. about with more of their stories in full in less than fifteen minutes from now in the meantime sport is next with. thanks for joining us this is sports today plenty head over the next ten minutes including all this. marching. three for three in the euro league following yet another performance from the army man. california dreaming san francisco move halfway towards one of the biggest prizes in sports the world series following a second victory over detroit. red bull randall dr.

mark and free practice for this weekend. basketball is where we begin the news that's. defeated in new euro league the russian champions. gets here in the russian capital and yet again former n.b.a. star sonny weems was central to the cause more. bros buskins came into the game seeking memphis winning group d. but they faced an uphill battle to take you know c. is called we get to taste defeat bracelets on the board first but it is the home side that needs twenty five twenty at the end of the first quarter it was a tight game throughout the sick enough that it causes annoyance at points by tavi gibson allowed the german champs to take a fifty three fifty one edge at the end of the boards and then back to back bust gets bought cost and god that gave the braves a sixty three sixty one leaf grooviest in civil minutes remaining however it was she needs to see is paul buckle down and defense and punched and runs on

a thirteen to zero run that put the hosts in control and paved the way to seventy six sixty victory. not a good game yet what we're finding ourself you know we got the when i saw that everyone and that woman want to look at cereal ours of us that's the best thing right there you know wanting to learn to explore in the moment sonny weans point should be to seventy points to the game and believes the toughest games and yet to come right now we just get it off talent you know we can't get out of town that you know every game we have to think again and you know extra you know we've played all season like the boston on the best of times you know to be our goals those and we had to come together and you know i think we need to hurry up to do that so it's three outs and three for the russian champions so far as they look cheeky further ahead of their trip to istanbul to face group dr who's been shipped as a member of the second nickel archos altie most. all right let's head

across the francisco aren't tonguing around in the battle for baseball's biggest prize the giants are two zero up in games in their world series and conquer with the troika the opening clash between the sides of the californian squad. on the tigers defense winning eight three but thursday's game was all about defense a patient. this play by the host with the giants not getting on the scoresheet in the seventh inning with bases loaded to bunt was intended just to advance runners but instead became at base a one zero lead will be doubled in the very next inning some from getting on the board again through hunter pence is bases loaded sacrifice by giants how it ended play to detroit's first time for saturday's has struck him a good period when every game you do had to do it in right where you see where you have it when it's all over and don't get caught up them. to go out there

and play hard for non-earnings to tennis now in the season ending w.e.t.a. championships in istanbul where maria sharapova has made a clean sweep of wins in the group stages the russian was already into the semifinals of the winner of the white grouping but added to her ranking points against world number nine some still no messing around siberian native coasting to a six six three win earlier today those ranking points are important is aiming to end the year as world number want. to williams is also already through to the semi finals in turkey the american beating victoria azarenka just for good measure late on thursday evening six four six games to for the final score it is williams ninth straight win over the ballad russian. let's talk goal for sweden's petter henson has secured the halfway lead at the b.m.w. masters taking place in shanghai who are twenty five pulls it to shut it up to

firing a round of sixty four fourteen under par in total the swede didn't exactly start the day in the most blistering of fashions carting a bogey at the first before recovering to pick up a series of shots five birdies on the front nine and then four on the way and. also in the running for a sizeable slice of the seven million us dollars prize fund he could boast a bogey free round of sixty four to move to a nine under par total overall on third spot while i may as well in the long run defending champion remarkable roy who sits second after a solid draw and of sixty five on friday. the man to beat the world number one and you know his goal of course is it's very wide and it's very long and you know the way he hits the ball is he will be a tough guy to meet so i need to bring you know everything in the next couple of days to keep up with him over in malaysia it's robert us who holds a two stroke lead for two days of competition. and all of them are converting eight

efforts on a day to shoot a seven sixty four debate kruger all of south africa lie say twelve on our he'll be hoping to make up those couple of shots on the leader during saturday's run three while we're limber to tiger woods carded a four under sixty seven the nine on tour for the tournament enough for joint fifth place. brings us to motor sport where in formula one sebastian vettel was once again the man at the front this time in practice ahead of the indian grand prix the red bull run a driver setting the pace this time of the day on the buddh international circuit teammates australian mark webber will second quickest. title rival fernando alonso and his ferrari dropped almost six tenths of a second on the german to post the third fastest time head of soccer baseball for cation the indian grow. pree could well prove a pivotal weekend in the race to be crowned world champion this season with only four races to go fettle who has a slender six point lead over alonso. it's been another successful homecoming so

far for casey stoner on the moto g.p. circuit reaming champion fostering free practice of the australian grand prix it is stoner's last home race before retiring at the end of the season and he set the pace on the four point five kilometer for the island the twenty seven year old so rider to break a minute thirty seconds down under his repsol honda team in delhi produced was next p.c.'s but still lost almost nine tenths of a second to stoner while chip leader who was third fastest with a lot of time just outside one minute thirty one seconds it's story though who has the pedigree list really having one there for the past five years. so we still have those issues but nowhere near as bad a chatter in. you know we're able to to ride the bike reason a normal you know the circuit sort of deteriorating a little bit from last year and i'm sure causing issues for everybody but you know

in general we found a pretty good pace here and it's nice to ride around here with a thousand again you know just have that extra bit of horsepower in and you know some places to use it is. finally some sad news from the world of boxing world famous trainer emanuel steward has died in a chicago hospital at the age of sixty eight the cause of death has not yet been disclosed though stewart did on stomach surgery a few weeks back the international boxing hall of famer initially made his name training former heavyweight world champion thomas hearns the first man to win world titles in four divisions worked with numerous other legends of the sporting looting a founder holyfield oscar de la hoya lennox lewis and current heavyweight number one. will be remembered as one of boxing's greatest ever think. now. it's going to be sad news indeed all the sport for.

if. the kiddies carried the fifty p.c. . to meet. it's cost. to a friend decade up north almost terrorist attack. x. hostages blood listen to their lives and after the tragedy. still gags try to cross out the past. because their future. be written.

you know sometimes you see a story and it seems so. you think you understand it and then you glimpse something else and you hear or see some other part of it and realize that everything you thought. i'm tom harpur welcome to the big picture. wealthy british. holds. the title of. the. markets why not. find out what's really happening to the global economy because a report on. the the for

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firm stance on t.v. don't come. first. well done to the. british soldiers cowards this month is the center of our universe the tides are forever while the sun's rays can be fickle innovative construction

methods last cause as well as environmental damage while brand new turbines boost efficiency with a simplified design and who needs batteries lake's can store energy discover a new era of clean power driven by the moon technology update here on chief we've got the future cover. what will change when america picks its president amid muslim rage walking the iran tightrope pushing china and russia as occupy anger spreads to parties still dictate will their future this election up close guy every day to enter fifth artsy.