liz. live. we started working on the question of the euro before the euro was alive and we had such concerns about what you were preparing to do and you all know is back to some guy of the laws the days of the old regime.

a. criticism chris thank you all very much. an hour for me to be here to. pay tribute to a hero of freedom. milton freidman. i arrived in italy in november two thousand and eleven to shoot a documentary the nation was a risk of default to come under pressure of the european institutions the berlusconi government had just resigned in favor of mario monti a technician who would have avoided the forthcoming catastrophe it was the first time in a decade that i came back to the land where i was born he has used a brilliant mind. to advance a moral vision. a vision of

a society. where men and women are free. free to choose italy had been downgraded by the regime agencies and they'd lost credibility in the eyes of international markets there was everywhere a climate of fear and uncertainty about the future. freeman is shown as that when government attempts to substitute its own. it's. for the judgments of free people. the results are usually disastrous. the italian case with the debt out of control could have even caused a domino effect on the whole european economy not only to pigs. what was going on in europe in contrast to the free markets invisible hand. which improves the lives of people big governments invisible foot. tramples on people's hopes and destroy.

the word spread and austerity had entered into everyday speech but no one knew what consequences the economic crisis would tell you take to the streets across spain to join the general strike that's stretching throughout europe still european politicians was shared with the crisis would be resolved soon applying effective economic recipes and structural reforms. after four years of austerity the economic conditions of the pigs are even worse but the european press continues to believe that corruption and indolence are the sources of our problems and at this point we deserve this crisis.

chris for. the. last sort of and. with the cause a kid. sees the. world. that is sound the big kid enough to buy into my new ship if you. live in that she country is the week which the weaker economies are the pew the working hard being spendthrift and so that's mostly complete nonsense for example greeks work on june more hours per week than germans do.

in one thousand nine hundred two the my strict treaty was signed and the european union was formally born. but let's take a break because this story also talks about. that in that very same year founded the social cooperatives. me of which he is now president in twenty four years proudly in their colleagues and given back dignity to those who are just been released from mental hospitals schools prisons or simply from their homes they left with the fam a few up to colorado full of crazy people they drove around month to a small town in north of from under the eyes of the outraged locals and they got to change the face of their city a cooperative has dealt with more than five hundred people with disabilities and more than five thousand people took advantage of it serves a tenth of the population of mt to baton today the likely base is that it would be shut down triggering a real social bomb in the event and legally one hundred.

percent say. with macroeconomics you can understand the limits and then with microeconomic you understand everything that happens inside of those let's go back our economic might put you in this role and then micro would be everything that happens inside the world playing on total bill. i think. that. if you send one hundred dogs to the room to get some bones there's always ninety five there you've got a macro problem a structural problem five of those dogs are going to get anybody. now the micro. psychologists will take those five guys out and they'll be examined then they'll say ok they need more training we need structural reforms they need

exercise exercise them in training or teach you how to fight hard case bones and then they run the experiment again they send those guard to get in sure enough the next time those dogs get. what they forget this is going to be just five other dogs that don't get bones because there's a macro problem it's good to have better dogs stronger darts faster darts but if the problem is to short guys bones short five bucks is nothing the micro can do about. you is it really cost. between the upper floors of economic power small everyday problems is it true that we are one hundred dogs in a room with only ninety five bones and who decides when the bones must be ninety five or one hundred.

maybe they keep a z. u . a. he. told me oh i blame me. for the little. don't. give a shit on. you first i would be so deep that i really missed. the. feel

. ill is that it started a little street shaken to its very foundation t.j. you had a hundred fifty billion bombs killed today. i want to ask you. also the other big question tonight the fate of the balance of employees who work in a building. in the u.s. financial crisis spread to europe in the form of sovereign debt crisis and quickly turned into an economic crisis. so there's a lot of the starts about what's going to come out of.

it was never the strongest suit or european union. the only way of imposing such highly. toxic policies of its shifting losses from the banks onto the shoulders of the weakest taxpayers of europe. whatever the next. to.

be. treated we need. massive government intervention roosevelt launched a new. yes economy creating jobs balance and social conflicts in protecting the weakest segments of the population this was called the new deal found. that if there were a family again the yes and they're going to vote if they come over the new

deal was inspired by the father of macro economics john maynard keynes argued the need for public intervention in the economy of the nation on the opposite side milton friedman yes that treatment of freedom and economic consumption of the bloodthirsty dictator pinochet just theories remain the source of current economic policies of the past and anything we can do to keep down government spending is a good thing we should restrict it to those activities like defense which we really need to do thank you because it's a political decision that's why in the past i've called it a crime against humanity because it's an act of decision a kind of walk they have run out of money the central bank discredits the cost there's no limit to the amount they credit accounts so let's see how money is created in the united states.

seemed wrong but all just don't call. me. yet to stamp out just to become educated and gain from it equals betrayal. when so many find themselves worlds apart. just to look for common ground. thank you for new to the game this is how it works now the economy is built around corporations corporations run washington washington controls the media the media over the voters elected the businessman to run this country business equals power you must it's not business as usual it's business like it's never been done before

. about your sudden passing i've only just learned. taken your last bang turned. up to you as we all knew it would i tell you i'm sorry if only i could so i write these last words in hopes to put to rest these things that i never got off my chest . i remember when we first met my life turned on each breath. but then my feeling started to change you talked about war like it was again still some are fond of you those that didn't like to question our ark and i secretly promised to never again like it said one does not leave a funeral the same as one enters the mind it's consumed with death this one quite different here's a speak to now because there were no other takers i am to blame that mainstream media has met its maker. it is. the

brother reserve is not spending doc's mana the. columns with the federal reserve much the same word that you haven't worked in a commercial but. ben bernanke he was the president of the world's most powerful central bank the u.s. federal reserve troops to learn for a bird we simply use the computer to mark up the shards of your column in the federal reserve we need to print morning because all more economists believe and then free from the spare room. in the us the creation of money can be focused on public spending especially when the economy is in trouble september make it a good second if you must. wish the sickly features. in the eurozone instead during hard times even this could happen in english in an odd g.

c b. please seek it yet because. she meant sacrifice. and sacrifice today or stair it is. the. economy of. free about the big you know green by me to defend it because it will says. the boy. was the same. according to census the research institute in italy

national funding to the regions linked to social policies was reduced by approximately eighty percent from two thousand and seven to two thousand and fourteen. and. you're a member of the matter of the bones if we got it right it is the austerity that decides how many pounds should be placed in a room of four hundred dogs. is the. total. listen i want to say. that. it's. ten. to. ten.

minute. don't. you know i get it going to. normal. trying to set some limits so it is not all just saw him into inclusion of the audience. and it's only going to be used as a check or. daily to stay here to live you found your answer kind of to herself. some want to be one of them on his old son mean to knit gentlemens into n.z. you need to punish and continue to want an enormous. damage control chunk you will fall out of this. shell somebody.

into studies on. what we have learned is that if you are in a situation of low growth even the recession austerity is a very bad idea it doesn't work and it makes millions of people very unhappy those who are unemployed see their wages decline it has been misery and as a result in the eurozone the countries of the eurozone have been doing much less well in terms of mark wikinomics developments of growth and employment in the countries outside to us on sinatra's the term. dismantled. beliefs documents which are highly misleading collapse assumes butyl who can give you the steak or know any joy. i mean the least that is some of the yes

a lot of the economy still get. mangal not going to be a little d.c. only i. don't believe that you'll blow up if he's going to dog me. down you could have. their dinner say they. said to new york city's welcome by the people. who are all good people to see what you are doing a choice. he did believe the plumbers i mean. the school pretty clearly going to me about they. don't mean it can be beautiful going. on when. i want to live. but is it true that the national debt is

a problem. you know make a move to throw them at you not to get the money is that you need to mention is that you don't have those already known yet they were in that period that impressive out of phase with the. problem or that. they sold the carry out the the mood of the immediate. with the would go america. course. put a sovereign currency is a currency that is under the control of its issuer so there is an important relationship that exists in any sovereign country that has a sovereign currency the relationship is that the government collects taxes in that currency spends in that currency and has a monopoly over the ability to create that currency so in. canada and in the

us and australia and britain the governments are the only ones who can create their own currency here in the euro zone government spending euro's and taxing arrows but cannot create a currency. the idea. that all of america cation the dollar put in the un approval number need to do without that put into it that it was there was no. movie a problem with the bit with movie. these are the countries of the world whose public debt can be a problem because they are on a bill to create their own. when you buy u.k. government bonds you know that you will always be in pounds sterling at the moment of maturity because the bank of england will make sure that

the cash will now take the italian government is issuing debt on this not in lira anymore but in new ghosts and you also are in fact like foreign currencies and as a result if markets distrust italian government can be massively silverball knowing that the government may not have the cash you will cash to pay out to both told us and therefore precipitating a crisis in a self-fulfilling way pushing it doesn't government into illiquidity it cannot find the cash and possibly default to your magical political to feed your. dog the senior. in the last.

thousand a day with a woman a robot. it's a. big. crowd we'll. tell you how an academic paper by a harvard economist wrote often rinehart which conservatives would wide are using to argue for austerity was recently refuted by grad students just because it had a few simple spreadsheet errors and a couple of little staggering omissions that made it slightly fundamentally wrong please welcome thomas herndon mr arnold thinks it was one of the most important american companies realize that you have upset some people in the austerity crowd who have someone starting your car for you right now. when the public exceeds ninety percent of g.d.p. it becomes an obstacle to growth. the two great economists had committed. in the

columns of their ex bridge time as i've been talking to a lot of the media across the world they've given you some pretty heartbreaking stories about what's going on in europe and you know i've also seen the effects of it in this country as well why we have to keep cutting the government budget and laying off people until those people get jobs that's right you got it the austerity policies are based on a full blown discount. you know but they see their already using it all over europe and they love it so much that they have celebrations in the street sometimes with. sometimes a fire in every. despite seven years having the absence the beginning of the crisis the economic studies continue to support the danger of public debts which are too high and the need to cut public spending and the deficit. back. to. two percent.

the least. daddy equally month immediately meted in to that but a gentle we respect the person she said. as for them in full to put it to me that i would while it present. decree that it needs more. for example is just something that is the scientific it's like the trinity or something to no scientific basis for imposing the number of countries intelligent people will reject this it doesn't make sense if you do death to spending your god adding your fear you know what you are giving the economy drugs are you doing is you're removing a restriction so you want to think of the economy like we do as i don't pick run it that's all that the run it's it's educating it's got good capital good behind it's

got. lots of always lots of food what you know everything you need in your economy housing clothing music production ok but then all of a sudden you put a plastic bag over the head of this athlete and he can't breathe right and so now we can't run anymore so what we're saying is first remove the restriction. see these dollars as a bianca event that busy day in day jannat you did with me then all they've done the piano do this to mean people that it is that you need the federal reserve money . when they can last decades defeats you will be called they can all get you know. good from. both division who will but who decided and why the sprinter had to run with a plastic bag over his head. last

time we chased. each one of them carrying twenty kilos of drugs. they just stepped right. into the main thing. they have. it with. i don't know maybe. i will break right. now well.

here's what people have been saying about rejected in the us it is full on. the only show i go out of my way to find you know what really packs a punch. is the john oliver of r t america. apparently better than. you see people you've never heard of. jack tonight president of the world bank so they. sent us an e-mail bosler the dubrovnik in venice are all fixed travel destinations so it must be nice to live or is it. crowds of tourists disrupt the city's economic and social life in them hopefully

before the sun the summer. but i don't need to also show the traditional story son nas comes by him sometime this evening as we know as my money into a school my days are done that the city's tried desperately not to collapse. collect the profit of what will put the couple in probably the globe on the dole coffee cup at home in the bushes up little on saabs knock up the suppose it's in the in a. lot of times. but. as a tourist phobia will fail phone tone identity. what politicians do you can. put themselves on the line they get accepted or rejected. so when you want to be president. or somehow want to.

have to go right to be press this is like the before three in the morning can't be good. i'm interested always in the waters in the house. there should be more. headlines on aussie international north korea couldn't say successful hydrogen bomb test. poised to protect it in the country's northeast. us security services russia's diplomatic outpost in san francisco and washington after they were shot down on the state department autos russia has slammed the inspections as a clear violation of international level. where we could sing an example you need to match relations it's an illegal takeover of crushing throughput syndrome we haven't been expecting such an unwanted guests come.