the unified institutional framework for banking and financial decision making but have has the problems with the euro now magnified the cultural differences and the problems in countries cultural differences as well unfortunately when you have an economic crisis and national politicians try and find a solution it's always tempting to try and find a solution that respects the cultural differences because those are often the strongest feelings that people have in a crisis there are two ways to go with regard to the current euro crisis one is to build institutions for a european banking supervisor and a european financial ministration and european leaders are working on these the other direction to go is to emphasize the differences among european countries and try and tailor the way the euro functions to respond to those differences. there will be some of that because we're seeing deals with spain and with greece we

saw deals with ireland and portugal all of that does respond to those feelings of cultural difference but i think in the long run the whole goal of the euro is to minimize the impact of those cultural differences on people's standard of living and on their financial environment a couple of cut questions arise right away talking a little bit more on cultural differences yes we see different european leaders work on a common solution to save the year or to save the unity of the european union but still it seems so heart to find an agreement is specially if we see how germany is reacting to greece and how the u.k. is opposing the financial policies for example so is it lack of trust or is it yet once again the cultural differences that really come in the way of their finding the common solution there are cultural difference. this but they're not

just european national differences if that was the only issue then the united states as one nation would be able to solve its policy problems by agreeing on a solution as you know the united states right now is very divided between republicans and democrats who have different ideas about how to solve our economic problems and so very little is getting done in europe germans have a belief that the way to solve the problems is by more saving and more fiscal discipline the southern european countries believe the way to go forward is to promote economic growth and not worry so much at this moment about the debt those differences are very similar to those between american democrats and american republicans well from the latest of french president francois hollande has sat that europe must advance at several speeches so some believe that we would be seeing the united about the emergence of the two tarik europe i think there is

a possibility i've written about that myself at the moment the levels of productivity in different european countries are large one can compensate for that with a unified set of financial structures but then that will take time for those structures to overcome the differences the instant way to say ok we have differences in productivity let's have a marked difference in the financial system for different countries and that would require splitting the euro whether it's a two tier system or a different access system or even perhaps in some extreme cases a return to national currencies and you've been bringing up the united states a lot we are going to have presidential well we are going to have presidential election in the us and yes we are. domestic economy very much in focus at this point and although the united states economy is exposed to europe when you look. it

willie hasn't taken a toll on it as much as one would expect why is that did oprah obama just get plain lucky well i don't want to argue about whether obama is lucky or not there's a lot of evidence that he is unlucky and there is a lot of evidence that he has good luck we'll find out which is true when the election actually occurs but as regards the american economy the obama administration spent a lot of money on stimulus indeed if you look at net spending in the united states it has been much stronger since the onset of the recession in two thousand and seven than in most european countries european countries have been living according to their belief in austerity so they have reduced government spending and they have raised taxes the united states was not able to raise taxes and did increase government spending now there's an argument about which is the best approach to restore growth i really believe what the american experience shows is that you

shouldn't raise taxes during a recession you should increase government spending and the reason european countries have had greater trouble is they have done what i think shouldn't be done they followed a austerity policy before the recession was over i remember president obama got a great deal of criticism in the very beginning when he actually went for the stimulus packages and for the injection of stimulus and to the american economy but then again and it worked out like you said it worked out better than it did in europe but then again can the measures that are taken to. fix the american economy be taken into europe going to say measures to fix europe as well or you do you do need to have different approaches because it is two different things still there are different things europe essentially has a double problem they have how do we get southern european and northern european economies to move in the same direction. and for that i think the answer is don't

pursue austerity pursue growth and then there's a second problem of once countries are all moving in the same direction can you fix the european financial system and create united structures so that this problem doesn't appear again as it may appear in the next economic difficulty if the current division among national financial systems isn't isn't fixed as the author of the over book on global population trends you have argued that the most important thing is really the distribution of population now that the rich economies are really out of steam and the global economic crisis god knows how long it will stay around will these sick on the sexual be capable of absorbing. even the scores of immigrants as they were for the last century well i think there's a third adjustment that europe has to make aside from responding to the existing

crisis and improving the unity of financial structure and that is europe has to adjust to the reality of zero population growth. europe after all was the fastest growing part of the world for much of the nineteenth century and even into the twentieth century and yet we're looking at a twenty first century in which most european countries will have very little or no population growth that means the structure of welfare health care pensions housing all is going to have to change now i am seeing very hopeful signs in many european countries that they recognize becoming more open to immigration and doing a better job of integrating the recent immigrants that they already have are going to be very important for restoring economic growth so i don't think there's a choice there i just think it's a question of how soon does europe accept the reality that its population needs to

be supported by immigration and that that's going to provide more of a benefit not a threat keeping in mind everything that you've sat and if everything goes by your scenario. and america's still today being the best places on earth to leave according to living standards. will they be america and europe be able to sustain their living standards like they are today i think they'll be able to sustain them to a good degree because they have the technology and the capital but it will take sensible economic policies if europe and the us continue to spend way too much on public benefits like pensions and don't pay enough attention to research and education to raise the productivity of future workers then things will decline so there is the risk that we got it wrong on the other hand there's no reason that european and american people and companies won't profit from the growth that takes

place in places like china and india it's already a global economy so i think the prospects are good but let me also. say even though places like shanghai are moment by may not be as rich as london or paris they have their own attractions being at the center of something new and exciting and growing fast can be just as attractive as being in a place like zurich that has a lot of old but stable well jack goldstone thank you very much for this interview a pleasure to be here thank you very much. it's perched atop a jar and the view from the kremlin stretches as far as the eye can see. for a city to all of siberia for centuries. it lost its economic importance even before

it was bypassed but a chance a barren railway but the a spiritual center. things like these are a yearly occurrence thousands of orthodox worshippers dip themselves in blessid of water to commemorate the baptism of jesus. or the matter with it doesn't matter if it's minus thirty it's a siberian tradition i do it myself every year for everyone to overcome their worst fears it is desirable to take the plunge. but that's picture postcard church is the story of a city built by opportunist explorers political exiles and crafty fur traders. in the fifteen eighties the russians had only just conquered siberia taking it from

the muslim. surrounded by enemies to be their stronghold constructed on top of the city but soon enough it became an economic hub siberian for the oil of its time bringing in a third of all russia's state revenue but the location had of the uses for the russians. to moscow's one of the most popular places to send political dissent is not any people were exiled that once a giant bell that was used to incite riots was supposed to set a three hundred ten. the russian arris a crowd. a revolt against the eight hundred twenty five known as the decembrists. they created a replica high society adopting the latest fashions as soon as they came out or at least once they made it from paris to siberia but the city also served up some bitter irony for the russian royal family after the bolshevik revolution. this is

the office was nicholas the second spend most of the last year of his life his whole family had been exiled here they were the fairly comfortable existence this was a big house but they weren't allowed to see visitors or gartside themselves. ordinary normal countryside life style they even had thoughts of escape but within the year bizarre and his family would be dead. never again its political significance but the streets will always echo with a glorious past and will likely provide the livelihood for some habitants in the future.

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betting on growth in a true horse race wall street picks up the bill as obama and romney burned through hundreds of millions of dollars probably to buy a friend of the president. the never ending violence in syria more challenges for special envoy brahimi is in moscow for talks after the holiday truce he proposed immediately collapsed. project in london sees even some muslims in opposition thanks hear the real goal of the behind it is to incite radical ideas in the community. but it's time now to check in with the latest sport and. very eventful weekend of football to talk about it in russia which will change at the

top of the league while in england there's still fallout over chelsea's controversial defeat to manchester united last night i've got the details just after this. hello there welcome to the sports lead coming up over the next few minutes knowledge to the top two scart lead the way in the russian prime illegal after the army man when it tagged to leapfrog and joining clubs come on chelsea lodge an official complaint about referee mark clattenburg essential to their place in their three d. defeat to manchester united on the giant leap for joy san francisco when baseball's world series with a whole gang swathe of the detroit tigers started in football i want to scar the new they did in the russian prime a league coach praising his team second half performance and their two one win over

terror brazilian all tom had put the checks inside the head after beating people equal back in fear in your post to see the honda level things midway through the first half with a neat volley. and then we just two minutes to go pointis bloom headed home the winner finishing off a free kick by fellow swede. the man a point play at the top terek stay for. pelangi straight to say a seven game winning streak ending with a two one defeat rubin the home side taking the who's been there seen it through i did bring angie level with the seventh goal of the campaign. but cracka from because i have after twenty minutes proved to be rubin's winner because downside. to seven. i found often appalling start the normal moscow have hit form one know when i was

pleased to get their fourth in five games rusher strikeouts and according to score early in the first half haven't caught on yet the provider. so the side of the team stuck up after thirteen games ganji into first spot sinitta three points behind the army man last year's winners up spot. well in england chelsea have launched an official complaint against referee mark clattenburg who sent off to that plays in the three to defeat to manchester united chelsea claiming the ref had used inappropriate language towards two that it was a game full of instances of old stand off from mandatory to the diving as well as from his not advantage for bringing down ashley young chelsea has come back from tino down through before the dismissals and javier hernandez schools the winner for united in the dying minutes old i am pleased to be offside with me if united up to second in the table one point behind chelsea. prophecy says last minute strike gave

newcastle a two one win over west brom tottenham goforth off the beaten second board in southampton two one and everton came back from two down through two teams with liverpool in the minutes the side darby with the red striker luis suarez having a last minute. sign. this wonderful finish and should have had hoped. we should have as you should use. and it was really deserved to be in a brilliant one for us and stood. for streets at the same time i'm very proud to look at my young team today in a real cauldron of an atmosphere who stood up to everything you're going to very very experienced team and it was an illusion terrific straight forward from. the top end of being english premier league looks both manchester city and united are just one point behind leaders chelsea tottenham are four followed by everton and aston respectively. in the williams has powered past maria maria sharapova to win the season ending w t

a championship it is the third time the american has claimed the title and she did it without dropping a single set in the stamboul williams who's the world number three didn't face a single breakpoint against the russian and hit a lemon aces on her way to a six four six three victory sharapova never really in this one often overpowered by william c. smacked forty when. it includes an incredible second half of the season for the american after losing the first round of the french open she's gone on to win wimbledon the limpid gold medal and the u.s. open but she was being pretty modest after her latest crash. there wasn't no it's just another step in my career yet another saw just like this is what i wanted to do and it was just my main goal. here was to reno you know some playing really great tennis second half of the year and you know she certainly played a really consistent today and served really well it in get a chance to see a breakpoint today but yeah i mean overall if there's

a few you know little moments where i could have you know found myself back in the match and and then she served extremely well and took those opportunities away but overall it's been a great week for me. by martin del potro was the man of the moment on the men's tour he beat world number one more to federer to claim the swiss indoors title federer was hoping to win his home event for a sixth. i mean seven years but he looked out of sorts at times losing on a tie break off the going long on match point help also one in vienna locks work. on the k h l thomas aboard the school for an oven gods five to victory have you got to go second in the eastern conference the side walk forward was on fire from the off bundling the puck into his first day in the period the second was less crappy the full alexander paul paul added a however thirty in the second frying but not in it but i came off got one back to make it three one and in the middle of the event that one set ninety three saying

that any hope of a comeback was quickly extinguished thirty seconds late as a ball should be completed great wrap things up with an end to last year's runners up and i won eleven that. plavix on the last to hear it go. to when i should be public that's also how the press the film sinks into the gangs but they go into a system that brings to an end we continue to take shell same since that time not to look back at the existing action.

the better.

thank you. right goals now another new sebastian vettel has strengthened his grip on the formula one championship the red bull man winning the india graham pray for his fourth victory in a row he led from the start to the finish and took the checkered flag almost ten

seconds ahead of nearest rival fernando alonso i respond it is also i like being behind in the driver's championship and is now thirteen points off better with three races that and seventy five points available credible teammate mark webber completed the pride of india. the san francisco giants have won the second by spall world. series title in three years completing a four game sweep of the detroit tigers the teams were tied it three a pace at the end of the night innings but it was the giants who got the winning score in the ten frind thirty are getting a single to right field there advancing to second base on branding crawford sacrifice and writing home on a two x. single by marco scutaro giants closer sergio romo then took to the mind and struck adds legal fees but added to see all the way it is the club's seven all time well series crowns. belong to them that saw sports more later.

voles fifteen goats two counts. forty kilograms of rice one thousand flatbreads. but why is the bride in a bad mood. now to tell the groom he's not the one. to rule it is a done deal. wealthy british style. sometimes. markets why not come to. find out what's really happening to the global economy

with max cons or for a no holds barred look at the global financial headlines tune in to cause a report on our. download the official ati application to cell phone choose your language stream quality and enjoy your favorites from matsushita t.v. is not required to watch on t.v. all you need is your mobile device watch ati any time. 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 everything you thought you knew you don't know i'm tom hartman welcome to the big picture.

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