more news today violence is once again flared up. these are the images the world has been seeing from the streets of canada. giant corporations are today. there are twelve cities in the united states in which half of the people with hiv aids lives within a year. this is a problem that frankly is substantially preventable it was like the big elephant in the room and nobody wanted to talk about they were really good public health campaigns people were really focused on this problem you certainly should be able to. be a lot less human suffering. the

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a business lots going on in the business world so let's get right to it in fact the world's financial and political elite will head this week to the alps for two thousand and thirteen gathering of the world economic forum in davos switzerland with the global economy far less plagued by fear than it was last year resilient dynamism is the theme for this year's event yet the global economy is expected to remain sluggish in two thousand and thirteen with the euro alliance and japan in recession and the u.s. debt ceiling looming katie building pilbeam brings us a preview on the road to davos. so here i am right now traveling deep into the sweet found two dollars off us the ski resort get set to the wall of economic forums and you know a sane topic on a mess thank his politicians and celebrities will head here this week to discuss global financial topics and perhaps even steal a multi billion dollar deal behind a private road to south over forty years now the world economic forum has set the

agenda for shaping the global economy and this is the reason resilient dynamism in the words of the founder of the forum all of the schmucks the future great in this you can take your minds dynamism bold vision and bold the. european debt crisis center beat dominating the once again along with this spiraling. down of course china is very strong as well so while i'm stunned take in the economy the laugh i'm still the devil's lisa flying above me by now in private jets mr b. just really doesn't present the difference between them. as we mentioned to the forums theme is resilient dynamism the world's brightest minds expect the world leaders to say how exactly they will be achieving it let's listen to professor jack goldstone from george mason university on his thoughts on the subject. calling for resilient dynamism is a good idea but it's not a strategy that doesn't tell you what to do and so i think there is going to have

to be a lot of work on global institutions those european governance within the eurozone and global governance the g twenty to strengthen economic coordination without that you won't get the dynamism we made. and but the underlying theme at davos is that the disparity between rich and poor in a study published by oxfam of the one hundred richest people in the world earns two hundred forty billion dollars enough to feed the world's hungry about four times over according to the group the head of advocacy at fox from max lawson says extremely rich people should give their money away voluntarily or through higher taxation. for profit and you'd be right. they were guy we want you to know the great need to get. both the world. through lungs what they want with it all the news is

that the rich got louder and louder so all we really calling for was never around stating that what we have and don't want mean the richest people in america or tax close so they get money away. we go to where they're at so that we can see that money. where you have however klaus schwab founder and executive chairman of the world economic forum says business will drive economic growth. so for will or way that hurts or for those who are free . it is all to point to a ship which triumphs economy and social progress economy development and social progress so i don't see in korea have to change drastically is a model for economy course we have to import food and we have to put back it's

a cent off the printer. let's take a look at the markets to see how they finished this week over in europe equities ended friday's session mixed to see gained a third of a percent thanks mainly to the metals sector that reacted to two upbeat news from china the dax ended below the line and then here in moscow take a look an impressive day for the equities both of the our t.x. and r.t.s. excuse me and the my six posted very strong gains about one percent each the r.t.s. closed above the psychologically important level of sixteen hundred points for the first time since april now on the currency markets to the dollar was strengthening to the euro and as you're seeing here the russian ruble closed mixed to the major currencies. now business r.t. will continue to bring you the latest from davos all week long for more coverage

you can check out our website r.t. dot com slash business up next the troubles plaguing the european economy and the continent's single currency the man known as the father of the euro talks about his creation eleven years after its coins and banknotes replaced local money in european wallets that's coming right up. there are twelve cities in the united states in which half of the people with hiv aids lives with. this with this is a problem that frankly is substantially preventable it was like the big elephant in the room and nobody wanted to talk about it they were really good public health campaigns that people were really focused on this problem you certainly should be able to have a lot less

a lot less human suffering. please . choose your language. with. some other. treatments that the consensus to. choose the opinions that you could.

choose to stories could in your life choose. to. wealthy british style. markets why not come to. find out what's really happening to the global economy with max kaiser for a no holds barred look at the global financial headlines tune into kinds a report on our.

what mystery is hidden deep beneath. this it is welcome here. for intruders. and the supernatural cannot rise from nowhere. by the spirit. mistress of the cave. more news today violence is once again flared up. these are the images the world

has been seeing from the streets of canada. operations are all. about mandela nobel prize winner and as many call you they've got father of the year oh it's great to have you with us today nice to be here you know at the time of its inception here where i was hailed to be the catalyst for growth and employment in europe. as of today the unemployment rate in here is only twelve percent and also the economic progress us are looking pretty bad this year in terms of growth what went wrong. wrong is the current problem

of very high debt and combined with high deficits. do there's a large part to the great shock of that recession the. global slowdown starting in two thousand and eight and they became the victims of it now. it isn't the creation of the euro that caused the problem so much because before the euro came into being countries they could lee had a hundred twenty percent. g.d.p. ratios and greece greece had two hundred ten percent belgium had. one time in one thousand nine hundred forty five percent so they let there's a lack of fiscal discipline all and a movement to the left in europe big spending and on. and social projects that couldn't keep going it's no longer now europe also has

a static population in some cases declining population and so you have more aged people more pension and bills to pay and fewer people to work to pay them. it created a big problem when the shot came but when you talk about dadt i mean there are i think two points to make because first of all has always been plagued with debt. reg its budget deficit in order to qualify so maybe it's not the death but what was it maybe that hero was too good on maybe you topping for europe then. the euro probably had some. what it did with the creation of the year when the countries came in when it really came in they had before the euro. industry to run twelve percent fourteen percent that had a devaluation premium in and when they joined the or suddenly they were all the.

you know four percent four percent or below and this encouraged countries now with no dead it can add more to. give the wrong message because what they should have realized is that this these debts now are so euro debt no longer drachmas are clear that it can't devalued them away you're stuck with this and maybe in retrospect it might have been wise for countries of the high debt not to lock themselves into that fixed at her to have a devaluation in inflation before but nobody wanted to do that and if they. murdered risk not being able to make that deadline of nine hundred ninety nine of getting all those countries into the euro zone and and because. you know a moment the political moment may have been missed and may not have come up ever

again yet because when you think about it on the other hand europe steps to g.d.p. rates were always lower than let's say compared to the united states or japan maybe what let to the crisis is not in the depths but it's to fact that so many. different completely different. greatly divergent economies were put together. you know you stitched up a frankenstein in a way and then injected blood into its main grease entered the monetary union its g.d.p. per capita it was about a third of germany's. but then greece started to increase the level of spending and it increased a great deal now if they had stayed out of the eurozone if they were in this position now with the drachma of course they could devalue that devaluation would cut their debt down but in the process right now if people thought that was going to happen interest rates would soar and they wouldn't be able to do it but like you

said countries like greece and spain portugal they kept losing competitiveness one stage joined the european union and that's because they had nothing to devalue to in order to make up for their losses and that of course is also because of the euro i mean they really had their hands tied with the euro they couldn't really stimulate their economies domestic economies i made a plan for the year i think it was the first plan for the euro and one nine hundred sixty nine i did it wasn't called the year i called it in one thousand nine hundred ninety ropa the rope was the currency and in that place. it was different from the door plan in one nine hundred eighty nine twenty years later my plan kept the european currencies in until gradually they moved into and replace the current he's not on it once and countries would do it one by one they do. when they when the situation was right the first step would be to move when the time is appropriate to

uproot keyboard system but they still keep their currencies if you can't do a currency board you can't do monetary union well that's got a lesson for countries that have been doing the euro area. because it's a good countries czech republic and poland and those countries that they should be really be for going into that you need to see if they can get into it and test it out with kurt. and just to be what it means automatic gives you the monetary policy of being in the union but it doesn't give up the currency that you still have now in that case so you could you could think that is the way the european system worked and so they locked into that and they got got all those difficulties now how to get out of it is through they've got to get growth korea could to get recovery back and i think it's going to depend on

a much more aggressive policy on the part of the european central bank as well is more distribution because it's good to be is going to be redistribution in some ways to help with the deficit a pooling pooling of debts and. that will involve some implicit turns for years from the northern countries to the southern countries but it would save the union i think i read one of your interests have actually argued that if greece were to leave here as though it would be better for you are right now but ok a part of the fact that it would be disastrous for greece and it's on the brink of collapse one that trigger i don't know if after aggressively probably spain italy ireland and then you know what's the whole point of the european union that there's a risk of you could say contagion. that if if the one country left there might be the expectation the other countries might might leave also should greece leave or what do you think but the fact is if one country leaves

. that country is going to then have to do just in on its own it's going to be much more it's more difficult then to do it under the auspices of the eurozone or the e.u. so this will be a big. penalty if a country leaves supposing a come to it it could happen if a country the population gets fed up with the eurozone they don't trust it they don't like it they don't want it on until they get the government to leave then they're on their own who's going to be going to bounce a budget they have to have to default and then their banks might collapse and and whoever else has. holds their debt is going to be penalized by that this is going to be a terrible penalty much more austerity in a very unfortunate way but it will be maybe the burden will be pushed more on the people who do hold assets richer people so the people who have these

assets so you don't think greece should leave the euro zone i was in greece in july the end of july and i had a large person conference and with a lot of people come three hundred people around it and they were asking me they said they said well citibank this said there's a ninety percent can't see greece will have to leave the euro zone and i'm a day what do you think of that and i said i think it's a ridiculous percentage maybe there's some chance but if not more than twenty five percent anyway but later on i think citibank change their indeed they really do reduce their risk of it there was some bad things looked as if they're going to happen and they didn't happen but the but for greece to leave the want to want to leave would be ridiculous and i don't think any anyone in greece really wants to leave now that they've been talked out of that that's not

a good maybe sixty five percent at least modest say anyway so i think that that's going to happen that's been if you go if greece has to the fall and. i think people you know greece is already in fact defaulted some states already taken partial partial before and they're going to solve the problem with the huge debt level they have now. so they're going to do for much better the fall under the auspices of the of the troika. otherwise i want to talk about to you about a broader picture that people outside of european union get and everyone knows that q so and european union they go hand in hand i mean that's the whole idea of the strong bloc strong union from what it seems from the outside because of the sort of the economic crises there have been so many social problems that arose when

example nationalisms on the rise in almost every single country of europe right now and then people say that with the hero. it has brought euro for europe farther apart northern part and southern part and you know it only made rich countries richer like germany and you know the countries that are on the periphery as they they made it made them even more incapable do you think taken into consideration everything we've said that you were a peon union has a future. oh i think it does because. i think first of all that the euro i agree with you the euro is a key part of the of the european union now and if the euro zone really broke up it would might be the end of that but i don't believe that's going to happen because they've got to move more rapidly and they've got to that's the best way to to do it to do rather than. me not to bring the crisis drag out you got to get out of the

recession he won't he won't get the countries solvent with respect to their deficits until you do all you have to do is get back to budget balance for these countries and you have to do that through raising revenues but not sue raising taxes but by getting the economies back to full employment get your back to full employment and all those numbers are going to change about the euro zone i think manchin solve it but in the process you want to you want to make use of the pressure here to make the political changes that are not going to prevent it from happening again there's if you just get back to form you're going to go back you're going to have those problems again in the next recession and you're sure there's going to be a recession and it will come in the future so you have to solve the problem of the centralization factor you've got to do that you've just got to do it quickly

because even the quicker you do it the crookedly central bank and other forces can get to put the economy back to work to be a need tax cut need tax cut not increase it i think berlusconi is right robert mandela thank you very much for your time and your insight on this and change him. what mystery is hidden deep the nice. visitors the north welcome here. traps are laid for intruders. and the

supernatural cannot arise from nowhere. can a human be possessed by the underwater spirit. mistress of the cave on aunty. me it is easy. if. you. hold it. hold it hold.

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