it's from the phone just see david i want to know when your eye was first introduced it was supposed to rival the u.s. dollar as the global reserve we've now got the taking the year i said you think that that dream is well and truly dead. what a wonderful question i think as far as the euro's turn so i mean the euro's probably shot itself in the foot because the countries within the euro zone when they are dealing in international trade that perhaps you know weren't as strong in deciding that the rest of the world should use the euro as the base currency in other words where they want to buy goods from china they were quite happy to actually buy goods place they knew were stolen so really i think i think the euro the euro zone hasn't been as forceful as they could have been at the dawn so there may be you know the euro would have been more freely traded but at the moment i mean the euro is still still quite freely traded in comparison to the u.n. which is not as freely traded because there are still some countries in the world

that might say if i want to do business with china i would much rather deal with them using either the u.s. dollar or some other kind of currency so in answer to your question what is going to happen to the euro that really depends on what the eurozone decides itself but they want to be more forceful or not and david we know the whole reason we discuss money is because it's all about power isn't it and what does this transition mean in terms of power for china as we know they are in a transition period at the moment as an economy. that is a wonderful question and this is really the crux of the matter because at the moment china is sitting on around three and a half trillion u.s. dollars worth of foreign reserves now china doesn't really want to increase that amount of foreign reserves which is why it is trying to make the u.n. more tradeable in other words when you buy goods from china china is saying we're going to pack in chinese u.n. so. we don't have to sort of keep on taking in all these foreign reserves now

eventually china as you quite rightly say is going to move from being export led to becoming more consumer led in other words they will have to spend some of those foreign reserves in order to buy foreign goods but i suspect you know china did really doesn't want to run down its foreign reserves too much but they would much prefer to use the chinese yuan which you can control it so you can print as much chinese yuan as it wants to so if it wants to start buying goods from the outside world it may may decide you know that they want to use the chinese yuan to buy that but in order to do that the chinese yuan has to be more freely traded and this is really the first time in which we we're seeing now that the chinese yuan has overtaken the euro in terms of trade finance the next step will of course you know be the chinese yuan being more freely traded around the world and that is also happening because i mean we have all these deals now between the people's bank of china and the bank of england and the european central bank and of course many banks out here in southeast asia yeah times are changing their day varied quo that

thank you ever so much for talking to us always appreciate you coming on the show david have a great day. ukraine is still enjoying the biggest political crisis in nearly a decade as the fallout over not join the e.u. free trade zone continues meanwhile the economic state of the country faces collapse if the situation does not stabilize sued with ukrainian born yields soaring the price of insuring against a default on government debt surging there's also the threat of strikes which could further. tell a con of a so let's speak to david brunei from first national innovation because i knew what i want to know ways how bad is ukraine's financial situation right now is the economy we be heading for a d felt. well this situation is really is serious ukraine is running a current account deficit of eight percent of g.d.p.

. and its june twenty fourth thousand dollar bonds are paying nineteen percent interest and what that means is that the markets are expecting and dissipating a devolved ukraine so it is a very serious situation the ukrainian central bank. is almost broke and doesn't have any money and won't be able to support the ukrainian currency going forward unless you brain gets credits immediately why it's you kind of right to not join the legions with the bad and how has that economy benefited by choosing not to do that. the problem with the e.u. agreement was who were the strings all of the strings and conditions that were attached this is why the president could not sign the deal. there were

conditions that the subsidies. subsidies stop for the consumption of gas in the ukraine that would have been political suicide for the president and that will be sent to germany to one of the goals of the european union is to bring back the revolution and to add the current government leave power that's why they couldn't sign a deal why do you think we all seeing signs many people on the street right now in ukraine. protesting the protesters have a lot of blames they want the rule of law they want to see their country become a prosperous country they look longingly to the west and they they say why can't we be like that to some extent you're naive the looking at europe through rose colored glasses europe is sick the european union is sick it's falling

apart it's twenty five percent unemployment in spain i don't need to talk about greece i don't need to talk about cyprus the european union has serious financial problems that it cannot resolve the european union is not a panacea but what this really is katie it's a referendum on not not so much the association agreement with the e.u. but a referendum on ukraine itself and the government people are not happy with their lives the economy is shrinking and stagnating and no matter who's in where the economy is not doing well the people are not going to be happy that's why the on the streets they want to change thank you daniel thank you so much indeed for your time we were to appreciate the bric countries yes the famous acronym coined by the former goldman sachs economist tim i know well he's now created another group of imagine a economy is that a set to take the can i but economy by storm the mint now the break which you know

is where of course brazil russia india and china and then later joined by south africa the dream team to make it the breaks but embracing it is all of a conscious have experience disappointing growth in these countries now have some serious competition for all mexico indonesia nigeria and yes the mint now i also break ex-pats by guilds if he thinks the meant is the new brick. no i mean the brics were a category that was created. by someone in the financial system because they had in common that they have high growth rates post breaks or the stock market's dynamism . but you can extend the category of the admin it's just actually adding on another group that have a similar characteristic at this particular time but that doesn't mean that the greeks lost their. trajectory in the world economy

although they have all been showing signs of some weakness. in recent months because the global situation is not good and the crisis in the global system is continuing to work itself out over many years and that affects everyone including the british now let's get a call and talk about the father this week so little and across his. small school the phone now is a jewel screen with a traditional l.c.d. color display alongside paper display on the system and so you. can do device on the inside itself a little in russia and several other european countries is right up prices around six hundred seventy five dollars a year up to six hundred dollars in russia which is why she saw it cheaper than competitors like i phone five in the summer galaxy s poll. shows a lot just employ russian broadway's has put a third of its employees about three hundred thousand on stilts and walking al is

the head of them and. says that the part time show is necessary given the current economic climate on the decline in israel the ace. russia central bank wants masa bank declares bankruptcy is saucy proceedings at the supreme court the regulator revoked mall supply and slices two weeks ago seven. licenses revoked since this sum up when the central bank appointed a new. all right let's get i have to show and tell my he's poised at the basis desk as always to tell us all about what you've been up to so i was just telling everybody about these small find out to us here in russia has been a real calmed down a lot of them getting out of business what does that mean for you. indeed i did i went fifty percent in spirit and fifty percent in gas prom and i'll tell you what this is good news for me from the spinning side of things because there's more than a thousand banks in russia and of course the government kind of doing their

clampdown means that the bigger banks. they are guaranteeing that the assets of the smaller banks which are being shut down in fact i was part of one of those smaller banks and this is about all that my card is good for. to know all of that as well but that means they're going to be going to the big banks which is done good for me in fact speer bank is up one percent this week that did well for me however gazprom down that a three percent. total one hundred fifty four dollars bringing my overall total to twelve thousand four hundred sixty one still up but i lost this week for the first time in a couple of weeks running so some good news and some bad yeah yeah yeah i see lots out this week but it's still up. so we need to really kick start this once again because bitcoin was a real when actually it was and is now you going to diversify now you can stick with the financials it was either i'm going to stick with the financials i'm going to go one hundred percent all in because if for a couple reasons

a with this movement towards the bigger banks that means there's going to be a push for spear banks i think that's going to be good for me plus if you remember everything kind of slows down and there's not much business happening in the new year so i'm hoping that staying with the financials will be a good decision for me as we push into the new year so that's what i'm going to do sensible show and we like it very much so i will sit up with all on financials and we see how you get on next week tom s. and soon to be back next week as well live in. to be seeing even all the brush and banks what is the crisis in ukraine will really k.p. and i and that one and seeing how the situation progress is. not small surprises of course and i will indeed be back to see you as well have a fantastic we can enjoy the rest of you we can give us now.

quite often countries rich in natural resources are the poorest africa's a colony it's a colony of the big corporations it's a colony of someone's home leaders who are under the thumbs of the big corporations so they have to beg from the world bank's development of social programs goes to pay back debts country is drowning under the amount of debt that they had and so every year they would borrow money. and they would use that same amount of money to pay back their. money. the wages of debt. washington so-called peace process to resolve the israel palestine conflict has produced little if any results in fact the palestinians are experiencing excel in way to be legal and seizures is it time to accept a one state solution and or look to global institutions like the un to replace the

current negotiating framework. one of. these. people. a pleasure to have you with us here on t.v. today. again watching out for the continuation of the weekly a round of the big stories the loss of. now someone hailing it as a financial. well phenomenon while others have their doubts iceland's economy is showing cautious growth though after being thrown into the economic turmoil back in

two thousand and eight and it follows measures that europe's financial chief at the time condemned as suicidal instead of trying to bail out its banks then iceland says government let them collapse it also refused to provide any compensation for foreign savers after iceland does deliver that resoundingly no vote you may recall to the proposal at the time the government did barely a quarter of the population though by waving unpayable debt sit also pursued the banking executives that were guilty of causing the financial crisis in the first place professor of buying or economics rodney shakespeare believes iceland setting a remarkable example in fact you must rely on your own national bank for your own uses for your own real economy and for the spreading and if you don't do that you'll be trapped into debt in the same way that where you got greece you've got iceland but you've got every country in the world is being tracked into

increasing debt and all that happens is that they increase the levels of the debt and smash the populations down we need a revolt against this global financial system and in its own way iceland is setting a reasonable example thank you iceland well in its latest move iceland says it's prepared now to right up to twenty four thousand euros from every households mortgage the international monetary fund is unhappy saying it leaves little space and for additional debt relief measures but what other european citizens be happy for their tax money to be spent the same way good question we went to gauge opinion than in u.k. and germany. great yeah. well just to get rid of your debt was perfect because then obviously you can spend that money on something else i think said he would help us families just get over that hurdle that that sort of chunk of money that could really make a difference to people but i think would be better for the country one for the

economy. because the public that just goes up and i don't think the country can afford it it will be very great to you everyone could buy a house. which think about us i think it's a good thing we used to have laws in germany where you could get subsidies as a home owner you know but that's a thing of a past this is ok he didn't get it i think for individual people it would be good news but not for the country you never know where the money comes from for such gifts i says crisis plan though controversial help many there stave off financial disaster then but here's what happens when government measures don't go so well almost a quarter of people in the e.u. live under the threat of poverty that's more than one hundred twenty million people too are the latest additions to the block ball gary and romania of course topping the list here of europe's poorest countries in a single piskun off reported in the week even the founding eight states like italy and i was struggling more than ever to marco used to work as a pizza your many italians used to call it the golden skill which would always get

you work in rome but it didn't hold true for marco one day he was sacked and has not been fired since he's been living on the street for about four years now and says at forty six he sees little chance of fixing his life he asked us not to reveal his identity. when you live on the street survival is what takes up most of your time simply getting a shower is a challenge it takes so much time to take care of yourself like a normal person you reach the end of the day and you're exhausted and depressed. with economy going through its longest recession since the second world war over twelve percent of adults are unemployed while four out of ten young people don't have a job there are no official figures on the homeless we have any type of food that we can get for free from somewhere more italians are beginning to turn to charity and humanitarian aid for help two years ago we had about fifty five percent were

foreign minister and the forty five percent today we have about sixty five percent valient thirty five percent for us complete theory of. everything on the shelves is free given in exchange for points allocated to low income families by the global charity network. most of the food is near its expiration date except for specially labeled aid it's really similar to an ordinary supermarket you've got bread pasta dairy products vegetables and sort of the one thing which really stands out are these packages with signs saying not for sale and this is humanitarian aid from the european union and altogether these products make up around a third of all the stuff here. kerry does is now raising the alarm saying around one third of all italian children are at risk of poverty and are lacking basic essential such as protein rich foods heating and clothes you got the skin off our t.

rom huge energy price rises have left many households in britain wondering how they'll come by the coldest winter a new government plan aims to reduce the extra cost but even still thousands of u.k. families will struggle to heat their homes as tests are said a report. it's that time of year again when temperatures drop and a bill sore as a heating comma zon. oh. oh oh. here we are protesting saying that it was out of the can to the choice between eating or heating they're angry at the price increases of the energy companies and the government's lack of action to helping those who are most vulnerable not to mention the comment from downing street the producer can't afford to pay the bills they just simply put on an extra job well. this really saved me gently as you can let me say in the winter isn't the associated me area killing of his wife frieda keep the heating on for only two hours during the day and five hours at

night i do worry. particularly to me. obviously. frieda will have to meet all the costs on our own it's affecting every family in this country and this is britain two thousand and thirteen sterile depending on the provider the hike said to take effect this winter could be as high as ten percent with access winter deaths in england and wales rising by a third to thirty one thousand compared with the previous year utility companies are controlling the market and not deciding when to put up prices whether that's above the rate of inflation or not is another question the big six blamed a rise in wholesale costs but industry regulator off jam said costs rose by less than two percent profits meanwhile have gone up by seventy five percent in the last year alone but it is going to see if you any go to the twenty sixth you know to

play our part in creating. the pressure the fund you bill. and there's a double whammy of national grid war that energy reserves are dangerously low the risk of blackouts this winter will be higher than it's been for almost a decade but a more pressing problem for many remains simply getting through this winter how many of the. cabinet really live on the sort of money that the week at doesn't make any difference to david cameron or anyone else it doesn't test our cilia r.t.e. london science was supposed to provide us with abundant resilient crops these days but few have ever found the word genetically modified food that are patatas in so much so that american supermarkets now are expanding lines of g.m. free products while restaurant down is a big draw on the dishes that pass through the lab but important looks at whether

the shift is giving biotech firms a big headache that. in a city with thousands of restaurants yoko kind of maury has lunch at the same place nearly every day oh right yeah yeah every day everybody knows me every day and i love it. here at four foods the ingredients are natural g m o's are limited as much as possible and the menu caters to an exploding dietary necessity in the us we probably in the past year if we see more people coming directly for us because we do have gluten free options listed among the top food trends by time magazine the gluten free lifestyle has boomed into a billion dollar american industry foods books and even boot camps cater to a g. free clientele doctors are now paying attention to a new phenomenon called sensitivity and what about this gluten free diet has great

is great no gluten high protein on natural bar the blue is a protein found in wheat and other green products eighteen million americans reportedly suffer from gluten related disorders while medical experts have dubbed it the next big u.s. epidemic a new report finds genetically modified foods such as soy and corn may be an environmental trigger for the growing health crisis if you look at the nature of the primary toxins crowd in most you can predispose physiology. to symptoms related to sensitivity in fat bees in. immune system bravo. the multinational billion dollar company monsanto happens to be a leading producer of g.m. the seeds are to be reached out to the company a spokesperson said that monsanto is not aware of credible evidence that supports allegations of their products being

harmful but the report released by the institute for responsible technology finds that the weed killer known. as roundup used on g m o's also has a negative effect on gut bacteria saxony is insidious because you don't have an immediate acute reaction but it evokes your health slowly over time our chosen outsiders disease. kidney failure that are a cancer these have all been shown to be very strongly correlated with the use around our corn and so on in the meantime monsanto has reportedly spent billions on lobbying to keep g.m.o. foods from being labeled in the u.s. sales in the gluten free food market have reached new heights due to a dangerous health epidemic this comes as monsanto grossed more than thirteen billion dollars in revenue last year selling products many believe to be responsible for that epidemic in the first place. r.t.

new york i'm kevin i would thanks for being with us rev you're watching around the world over but with more international news now rather of the week's top stories in just a few minutes from now this is our two international. do you think that you as a representative of the. gazan government and government in general could achieve that easing off live for the palestinian people through the way they communicate through the way the present themselves to do want to communicate we need we need respect to live from own kind of governments good and to recognize this government which recollected a from the people actually. presented it from the palestinian people themselves respect of what china says respect i what i would believe someone needs someone writes.

we are the problem we are the worst of the problem especially the united states government so it really is quite ridiculous that we get manipulated into saying oh we have to take care of this problem over there the problem is in our own backyard and we know a bit. more it's probably the most complex and difficult to. hold. on. to the phenomenon of friendly fire probably extends back to the invention of gunpowder. the fuel but the people don't know

what the trouble is they're reviewing people. that are already killed with. this sort of shoot my brother in the leg not intentional. because again because it was night time or in the morning even the best even the belch shoulders. are going to make mistakes and this is this whole idea of brotherhood and author and camaraderie and in this sense it was in this context that has absolutely no place. you have to remember that israel if there were in the cabin the award for best dramatic performance by a country israel would win every year it's a real it's a theater. not to know who was the star of the theater so i would serve the few moments ago now we have to distinguish between israel's

a rhetorical position and its actual position israel wouldn't be investing billions and billions of dollars into building this wall if it wanted territory beyond the wall if we go back to our lines of you know i mean if i had a hard time doing this not this guy had to have got out of sight if it's if it's not just the the wall and the west bank and gaza they're in lebanon now or at sea actually because it's syria poland there and they're drilling gassed or they're taking somebody else's gas and oil. please please. please

. the olympic torch is on its epic journey to such a. one hundred twenty three days. through to pursue my mother tongue two cities of russia. relayed by fourteen thousand people for sixty five thousand killings. in a record setting trip by land air sea and others face. a limp a torch relay. on r t r g dot com. and i play this street cleaner who's in love with

a waitress i go on stage managing that there's an audience i used to take drugs and drink like a fish called the police told me about the circus but i was such a punk i was like what circus. circus of clinton's benefit and would break down stereotypes about kids from disadvantaged backgrounds.

this is our t. this morning also made some for ukraine's president's voice for the massive protest in the capital where the opposition hope to gather a million man march and lay siege to the government quarter. and fanning the flames of foreign politicians with obvious statement supporting the opposition some even coming to kiev to spur the anti-government movement. more than big headlines u.s. all joined chevron resumes really near a village in romania where furious locals have been engaged in fighting against the fracking site that they say destroyed their livelihoods. the day of prayer for south africans for their former leader an international symbol of peace nelson mandela we look at how he overcame britain the region.