just once i see i reckon john is putting his foot down and saying that's not going to be able to continue without some kind of first fart that's only reasonable since the d.p. r. k. asked the world to treat with dignity in order to have peace with dignity. this is all tapes to have with me kevin zero in china russia is in a new generation of communist party leaders as it opens its annual national people's congress in beijing flexing its military muscles and rattling the cage in a washington report on sobering thoughts on the attacks complainers in the u.k. are calling for an end to constant rises warning that they're putting the future of hundreds of pubs in the u.k. at risk all report on that after this break. they've been living this way since the seventeenth century.

strict. their communities on the selling. the clearly distinguish between their own. and guard their family and things in the treasure. nation free accreditation free. for judges free. arrangement free. free. to tide free. download free books clothing videos for your media projects for free media r t v dot com.

this week china opened its annual national people's congress. she is gathering is seen as more important most as it will see the ushering in of the country's leaders for the next five years on the list of priorities economic growth along with the pushing through of a large increase in defense spending china expert steve sang from nottingham university told us the new leaders focus on the military that was because of washington's policy in the region the new chinese president xi jinping is a much more self-confident confident assertive and nationalistic person that therefore we are likely to see a china much more assertive in the next ten years in terms of what is described as the american pivot back to asia the chinese see this is as a major change in american policy that is directed against china as

a less than friendly act and therefore the chinese are trying to. undermine american rebalancing and it is also the reasons for the double digit increase in china recently to re suspending u.s. rubbish claims this last week it was behind the february drone strikes in pakistan the killed up to nine people it comes as no other tally a pilot reported on choose day that he'd spotted quote a mysterious unmanned aircraft was flying towards new york's j.f.k. airport globalization experts mark mason thinks the increasing availability of drones will make the misuse even greater. the report was made displays the information is not available as to it was it a model airplane was it a surveillance drone it was reported to be relatively small three four five six feet didn't really talk we small in terms of drones so this point we don't have the

information but what we do know with certainty is that drugs to cure it's going to be billable not only to governments but to individuals and they will diversify in terms of their miss in size are going to be made us air forces already knows there's going to be making drones that are the size of an insect can assassinate people so these technology is here the next crying into a bear it seems the great british pint struggling to survive it seemed danger of running dry because of rising taxes the judy on pay is going up by two percent above inflation every year forcing brits to pay up to ten times more than some europeans campaigners say freezing the tax would say thousands of jobs and help preserve beloved boozes sara first reports next on why the affairs that calls for last orders consider be permanent. something is brewing in britain

we need budgets around the corner beer is set to rise again a third of the cost of the point where he goes to the tax man campaign is have said enough is enough and are calling for a freeze. hang around ten times as much as drinkers in germany so. just the rights to hold. a hold on the increase of. pubs are a time old tradition in person but fully understand their appeal we have to go three hundred miles from london here to hesketh a new market a village in the heart of england's countryside and steeped in history ten years ago when the only pub in this but it was put up for sale the people who lifted a rather than risk saying it fall into the hands of a big chain and if you need character cite it's this something a little bit different take matters into their own hands. together and pull the pub

turning it into a co-operative believed to be the first of its kind in the way the pub wasn't about money but it does turn a profit but even here the big d.t. hikes are felt every time. around the corner and the micro supplies the pub is all. that is doing well in the u.k. small approved pay hard the tax at the major companies has kidney markets been lucky a mixture of good business sense and strong community spirit and the brewery and the pub have avoided the slide caused by the big g.t. escalator across the u.k. they and many others have to say lucky big businesses can afford to pick up the tab it's small. independent of that stuff in the last four years thirty six thousand

pups the place is zero thing is tens of thousands of those are in their email section because the only woman to sleep during most of the moments notice the steam going against the trend of not falling sales will be gradually it will be an increase in size as we've seen really gets many times the prices the service will tend to be a proper focus. for all of their school was a big screen saving so for me to still love the united states an individual basis in an environment where you can reach up with some good and good will towards your . unfeeling profits it's the risk of losing a put this institution this pretty things that just say poring through it can seem so for this work it's a community it brings people together. it's more of a difference between social networking and meeting something real life there is no substitute for this kind of trivia that's the old crowd might be unique in britain

these days talking back to a time of community that many of us have now the gulf but is a reminder to be a voice some traditions up that's. sarah. has got me market in cumbria in a few minutes a former u.s. treasury inspector general tells us about washington's crucial mistakes at the height of the credit crunch in two thousand and eight so after the break. the month before the oscars and what annoys you with their predictions and the most after everyone complains about the results but it is a big talked about much as the few hundred people who gathered to protest the glamour filled award show but what protests the asker's you ask. well although the film life of pi won the oscar for best visual effects effects to you that made the

movie look so amazing were the men hughes has filed for bankruptcy quickly after the film's release you know that seems like a bit of a discrepancy i mean the group that made the best visual effects in the world in two thousand and thirteen is flat broke how can that be this reminds me of how the lead creators of call of duty modern warfare two were let go directly after the release of the game which to date is the eighth highest grossing video game of all time this was done supposedly to dodge paying them the royalties that they you know earned through hard work the problem is that we live in a world where only the bottom line count making as much profit as you possibly can damn the consequences it's just good business practice they say well it might be profitable but it's bad for society and it's very bad for visual effects and videogame artists but that's just my opinion. download the official publication yourself choose your language stream quality and

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to you. can use a little tonnage of angles kidneys stories. for you to. visit. to see a story. you think you understand it and then something else you hear or see some other part of it and realize that everything is. welcome to the big picture. he was the special inspector general in charge of overseeing the troubled assets

relief program otherwise known as tarp and his three year experience as outlined in his book bailout how washington abandoned main street to rescue wall street r.t. is happy to be joined by neil barofsky for a one on one interview thank you very much for sitting down with me today it's my pleasure you refer to washington as an alley in world a culture more concerned with looking out for themselves or the next headline or what happened with the tarp program that led you to say something like that well you know was a remarkable thing coming in i was i was a lifelong democrat i even contributed to then senator obama's presidential campaign but i was actually appointed by president bush republican and it was sort of striking to me as a you know as a lifelong democrat of how little things have changed and everything i think over time it became increasingly so was very much politicized decisions were made with an eye towards the the press cycle what's what headlines are going to get generated

and sometimes it just resulted in remarkably head scratching counterfactual arguments that had very little to do with what tarp was supposed to do so the official story line official narrative which survives to this day is that tarp worked tarp was incredibly successful because it helped preserve the financial system but that's not what tarp was supposed to do history was a vote was eventually rewritten by the treasury department to make it seem like tarp all was ever supposed to do was put this band-aid over a broken financial system and all those other things for which there would never have been a bank bailout all those things are supposed to help people other than the executives at the giant by the national solutions well that just got ignored and sort of brushed away you've said that the largest banks in the u.s. did and still do hold a gun to the head of america's financial system why essential in the most recent stuff that we've seen coming out. department of justice and they have done some big settlements they did was h.s.b.c.

over sort of a breathtaking amount of money laundering they've done some of the library cases on interest rate rigging with some of the big european banks and one of things that big questions has been raised well why are you not requiring guilty pleas from these these institutions with a response apartment of justice was well if we charge these institutions it could potentially destabilize the entire economic system of the world the global economic system and this is a i mean it's a stunning admission and look i give them an a for honesty this means that in essence there's two sets of rules and now the special subset of too big to fail slash too big to jail corporations and that of course creates a tremendous incentive to do what to commit more fraud to break the laws so who is managing the u.s. economy the government or the banks you know look at it as a fair question a lot of the management of the government of the government in the economy is sort of outsourced in a way towards the banks you know that's how tarp was originally run it was it

wasn't that ok here we are u.s. government we have this these hundreds of billions of dollars we're going to save these banks we're going to save these banks for the purpose of we want the banks to put this money back into the economy to increase lending to businesses homeowners to get the economy rolling again but when they did it they didn't do it the way that you would think that you would if that was your goal would say ok banks j.p. morgan chase you know here's your twenty five billion dollars but when you use this you know you're going to agree that you're going to use it to increase lending and we're going to measure that or we're going to incentivize that or at least require it if not incentivize it and keep track of it like that's how you would think would be if the government was running the program but that's not what they did they gave us the facts no shrinks attached no conditions no requirements no incentives no transparency when i said hey hey guys why don't we make the banks tell us what they're doing with the money so we can own report. have a says whether following these goals you know i was told that i was stupid that i was playing politics that

if i did it myself i was going to destroy the banking system this led to tim geithner himself cursing me out of the meeting when i suggest that he was a thing less than the most transparent secretary of the treasury in the country's history and this is all part of that incredible deference that they show to the bank so it was give the money to the bags and trust them and of course what happened the banks in use the money from and they make they hoarded it they lied to back to the government they invested it they did whatever they could to maximize their profits they did almost everything other than increase lending and lending actually contract it so that certain example of where the government had incredible amount of control and leverage and chose not to use it is that because the banks have so much power and influence in washington and that number is number one reason why the banks. trumped the homeowners when it came to time it was a remarkable thing so it's a yes but it's not like sort of just the traditional way we think of the way that

any corp arch corporations or powerful corporations have influence in washington where we typically say that we think about all of the money in the campaign contributions and the lobbying and all that it's totally valid but what i saw was far different frankly far more insidious and to me much more damaging and dangerous it was more of the complete ideological capture of these individuals and by that i mean these are people who fought and believed they were doing the right thing but so would then a fired with the interest of wall street in the largest banks that that became the only the only thing that mattered but even those who didn't come from washington tim geitner secretary of the treasury was present in the new york fed. who never worked at a wall street bank but still was so surrounded by it and so had adopted this worldview that you know i don't think he was lying when he thought that oh i'm doing what's best for the country the problem. is that he was so blinded by this

prejudice in favor of the wall street banks that that's all that mattered overall how much have the ballots cost the american economy what's your figure whatever i have a number of always just recounting whatever the officials are so treasury's official number now i think is in the new order of fifty to sixty billion dollar losses on the tarp program. i think that the see below is a lower number maybe about twenty four billion dollars of losses so i'm not i'm not sure of that but i think that there's this tendency to minimize the cost of the bailout to make it seem that oh it wasn't all that bad look at these numbers are low here where we made money on this part of the program that it glosses over really the incredible amount of damage i mean we're talking about in the tire years worth of g.d.p. or the entire production of the entire american economy wiped out because of this financial crisis and one of the biggest costs which we've not yet realized in the way the ballots were conducted is that we put essentially

a bad date over again chest wound and we have the same type of broken financial system that we did in two thousand and eight only with banks that are more concentrated more powerful and more dangerous and all the bad incentives that led to crisis in zero eight in many ways are still in place thus leading to why believe as the next financial crisis there's still chance to do the types of things to keep that from happening which i hope will happen but if left undisturbed whether it's two years four years or eight years it's going to happen again it's just sort of naive to look at all the incentives and all the things that are still in the system that caused crisis before and reserve that for some magical reason they won't happen again what are the biggest challenges for the u.s. economy at this stage is it still little or weak regulation is it the power of the banks or is it other issues like get unemployment whether. the number one challenge

let's also the short term medium term long term it's all is sort of depending on what and what you do but right now we have an unemployment crisis in this country long term unemployed it's just been devastating our unemployment rate is too high it's been too high for too long we're going to have people who are out of work for so many years it's going to increase markedly difficult for them to to get back to work this fuels income inequality which is a very very significant problem in this country and is going to be a long term structural issue that somehow we're going to need to contend with you know a recent study came out that of the for the so-called financial recovery that the top one percent basically gobbled up all of the recovery mouth and then some while everyone else's guy actually gotten poor little the rich got richer the poor have gotten poorer these are sort of unsustainable long term trends that are really problematic for the economy as far as what i think is the biggest threat of a giant shock it is still the fragile nature of the banks and the amount of money that this will cost if we don't arrest it before another crisis strikes is

staggering the last crisis cost thirteen trillion dollars one can only imagine what will happen next time because last time a least we had a lot of room fiscally we were our debt you know the debts in the deficits that we've been running since then have given us a lot less less flexibility to deal with the crisis the idea of getting an eight hundred billion dollars stimulus through congress and then in the face of the next crisis may be politically much more difficult getting a seven hundred billion dollar balance like we had because in part because of the terrible way the bailout was run and minister is going to be a problem next time you know we could be looking at a crisis that will make the last one look almost pedestrian you know so that i think is really one of the sort of potentially medium to long term dangers to the economy that if we don't fix you know could prove very very devastating do you think the eurozone should and bark on something similar to tarp you know i think that europe's problem with its banks is probably even worse than our. here in the country with our backs they're about european banks or even larger as far as

percentage of the g.d.p. of the various countries i think they probably enjoyed even more support through the implicit guarantee which is all but explicitly the difference between you know deutsche bank in the german government is almost it's almost impossible to discern in a large of a lot of large european banks are are simply are beyond too big to fail so you have a situation there where these banks get into crisis the european governments are going to have to bail them out but my advice is don't do what we did which is just preserve that status quo and then move on which is what we've done here and leave that broken side of school in place europe should do exactly what the united states needs to do break up these institutions what do you think it will take for u.s. banks to face true justice or for the government to actually put the citizens for tax nothing's going to happen in the near term i think that's pretty clear the only way i think to break through and get the types of reform that we need will be one

in the aftermath of another crisis which is you know which is which i think will be devastating and let's hope that that doesn't happen but most realistically that's probably the way we're secondly i think if there's another good big enough significant enough scandal in the one reliable things about the largest banks is that they are scandal producing machines it's again it's not surprising it's because of the incentives it's because of the lack of accountability or lack of punishment it's profitable to commit fraud or bend the rules or break the rules or take huge risks the differences between our two thousand and eight is that there are a lot more people out there now politicians academics journalists who recognize that we have a broken system who recognize that the only path towards a stable economic system that will benefit everyone is by breaking up the large financial institutions it's not enough and not enough. little power to get it done now but i think if when the time is right there is enough support that i that i

hope that this can get move forward and finally get the protections that we should have had back in two thousand and ten but don't have yet it's pretty bad right now how much worse would it have to get you know i don't know and you know we saw glimpses of the occupy wall street movement we saw glimpses in the tea party movement you know which was originally about the unfairness of the bailouts is what triggered a lot of the tea party anger but we also saw those movements you know are they've transformed so i think there's a lot of anger out there still but it hasn't found a place to be channeled and but look i think we can see you go down this path it's almost inevitable that it will start once again erupt and the question is what is that trigger going to be a can it turn to something more than a bunch of angry people yelling into a significant political movement. didn't happen with the presidential race of twenty twelve but you know again i think it's going to be take some additional

extra oil shock to get people into into this game but it is a problem and it is you know some of this stuff is difficult to to understand actually i don't think it's that difficult to understand i think it's actually made complex by the banks and the politicians in order to make people think that it's more complicated than it actually is and look one of things i try to do in this book is try to explain even ways that people can understand and realize that you know what you don't need a doctorate in finance to understand that our system is broken and that you know so much of the banks lobbying power and the politicians power is try to confuse people with concepts that are under true i mean just simple distortions of basic economic truths in order to carry their agenda and try to you know educate and bring people up to speed on this stuff is probably part of that process now for oscar thank you very much for your time my pleasure.

it's. my juggling job. to do hack work and get caught when lobbyists money and lawmakers are combined together that's where the problem of corruption comes from. i don't know the document's. keep up a smart look. there is also. another word behind that which is how to influence the citizens to steer clear of provocations don't answer any question. came into the office

and found banners hanging around the office and lots of strange faces around so i said what's what's happening will somebody please tell me what's going on and they said oh we've come to occupy your building. possibly they want to do a confrontation possibly they wanted me to ring up the police and have the police come in through the mount but it didn't seem to be a good idea to learn the european way with brussels business. in the uk risky it's one person one fault but in the brussels business it's one euro one fault.

kaiser report.

mission to teach. and. you know. the. system. should. still look. you know he was killed it.