time to figure out a a to us bank collapsed over the weekend. the new york stock exchange holds trading in a handful of bank stock that are crashing while president biden tries to calm the waters, assuring americans that their money is safe. russia agreed to extend the black, the reindeer over 60 days, which was set to expire this saturday, but says the west needs to approve is ready to hold up this end of the agreement with you 8, tells the u. k to tone down is complaints about human rights abuses if london wants

to make big money deals in the region. a coming to you live from the russian capital. this is r t international. i'm rachel blevins here with the top stories of the our welcome to the program. trading has been halted for multiple banks on the new york stock exchange. it all comes in the wake of the collapse of silicon valley bank as fears of contagion spread. those affect it include charles schwab, western alliance, and 1st alliance with reports of 1st republic, bank has been stopped as well. after losing 60 percent of its market cap. today, the crashes occurred while president biden sought to reassure americans that their money is safe. although he refused to engage with journalists after delivering his statement, all customers who had deposits and these banks can rest assured,

i want to rest assured they'll be protected and they'll have access to their money . as of today, that includes small businesses across the country. the bank there and need to make payroll pay their bills and stay open for business. no losses, and i want this is important point. no losses will be borne by the taxpayers. let me repeat that. no losses will be borne by the taxpayers. mister president, what do you know right now about why it does happen? and can you assure americans that there won't be a ripple a past? due balance of evidence should all the positives be protected at all bank or the top 4 largest us banks have lost more than $52000000000.00 and market value. since the news of us b. b 's collapse that california base wonder was highly involved with tech companies around the world. that's all problem to former president donald trump, to blame joe biden, for leading the u. s. and economic turmoil worse than the great depression.

with what is happening to our economy and with the proposals being made on the largest and dumbest tax increase in the history of the usa times 5 joe biden will go down. as the herbert hoover of the modern age, we will have a great depression far bigger and more powerful than that of 1929. as proof, the banks are already starting to collapse. when the news of s, v, bees failure broke jasper client lined up to withdraw their funds, images circulated on social media over the weekend, show cues of people. some never got the chance to get their money out. financial markets around the world have felt the ripples to as concerns of a global domino effect continue to grow, to go further in depth on this cross live now to richard wolf, professor emeritus of economics at the university of massachusetts, am hers. professor wolf is great to have you on the program today. now, keeping up with the headlines here, i see the signature bank have failed. trading has been halted at the new york stock

exchange. where exactly would you say that we're headed at this point? at this point, what you have is a mixture of fear and panic, panic for those who have long histories of knowing that the government always assures us in the middle, middle of the crisis, that all will be well. and many times that turns out to be bad advice, dangerous to follow if you are someone involved in finance and for the rest of us, we're waiting to see whether the proverbial other show will all how far this will spread out deep the roots are, is this a problem of a few banks. is this the problem of the entire financial and banking sector? we don't know, but i can assure you of at least 2 or 3 things. number one,

the most dynamic sector of the us economy is high technology. and that is this sector most damaged by the lay offs of the last 6 months, over half a 1000000. and now this collapse in their credit and banking system, it's going to be very hard for start ups to get the kind of financing they have become used to. and that's going to be very bad for the larger american economy. and the other one is that people and businesses looking at the united states for a haven or a place to put government money, private corporation, money, individual money that is being reduced by many phenomena. but now this one will add and that will see foreign people pulling money out of the united states because it is increasingly less safe to keep it here than to move it elsewhere. so

that the ripple effect of the ramifications of this. we are just at the beginning of figuring out where this is going to go. wow. unlikely just the beginning of many conversations on this situation as a whole. now there are reports that the world's most powerful central banks may stop raising interest rates after the s b b crisis. so what does that mean for the average person on the street and how are they likely to be affected? especially if central banks do decide to make them move in response. well, here is one of the ironies of all of this. yes, it is correct that the majority opinion was that the federal reserve adage, next meeting would raise interest rates by another half percent. and yes, it is correct that with this blow to the american economy, it is now the consensus opinion that they will neither raise nor lower interest

rates at their next meeting. but let me explain to you. if it's not clear, the united states crashed its economy in 2020, not the pandemic. our class system broke down. as it does every 47 years. then we had an inflation. then we had an interest rate, right. we have been very, very herky jerky in our economic policy because we're literally going from one crisis to another. if you don't raise interest rates, then the inflation who is reduction was intended by doing that will now not be reduced. in fact, the federal reserve has said it is giving limitless cash. that's a quotation, limitless cash to any bank that needs or wants it to protect the depositors. well,

if you give limited cash, you do so at the risk of an inflation. but if you already have an inflation, then you have the bizarre spectacle that what is being done by the fed to contain the banking crisis will actually worse and the inflation prices. and this kind of dead end situation is increasingly the reality of the american economic system. yeah, dad and situation seems like the best way to describe that. now we did hear from the president joe biden, dave speech earlier, but he notably refused to respond to questions from journalists to legitimately they're asking about the situation and bite and just turn around and left. walked right out the door. do you think he's afraid to face the reality of the dire situation of the economy or do you think he just genuinely didn't want to say anything that within me quote it again and again after that i think it's

a little bit of both. rachel, i think that what you're seeing is that the truth is too difficult. the truth is, this is a major ball and we don't know how bad it will get and we don't know how long it will last. adding the president of the united states insurance, truthfully a reporter's question, in the way i just did, will deepen the anxiety and deepening the problem. i'm sure he was told that and likewise to give an answer. when in fact he cannot know. no one does. i certainly don't, given the answer that then turns out to be wrong, opens him up to being, you know, out of touch with the situation. this is a lose lose situation. i'm not surprised that he made this statement which he could control and then left the room as quickly as possible. now also, not surprising here would be the fact that donald trump immediately jumped and made

a statement. of course, we know that there's a lot of politics that play, but when trump is saying that a great depression is looming over the us and what do you make of a statement like that? did he get it right this time? well, you know, the broken clock is correct twice a day. ah, donald trump is just doing what he always does are sadly many other republicans. and for that matter, many democrats are busy doing the only thing. they seem to know how to do, which is to play the blame game so that the bible people will blame trumps. and he's certainly responsible for many things. just to give you one example. trump systematically in the 4 years that he was president, reduced or eliminated regulations on banks that had been put into effect after the crash of 28th and 29. and so, yeah, he made it easier for this to happen. but at the same token,

mr. buying in his presidency has done very little to change all of that. so yeah, they can each find something to blame in each other. and then we watch our leaders blaming each other. and at the same time, let's remember, neither of them solve the problem in the past. and as we say here, don't hold your breath about this being solved at this situation either. absolutely, everyone wants to point the finger and blame someone else, but they aren't as quick to take responsibility for what they did when they were in power. it's great to have you on as always, professor richard, well, thank you so much for your time and insight on this one. my pleasure. thank you. moscow has agreed to extend the black sea grain agreement, but only for 60 days in order to assess whether the west will prove it's ready to fulfill both parts of the package versus deputy foreign minister,

highlighted that its commodities entering the market are supposed to be part of the deal as well. the comprehensive and frank conversation has once again confirmed that while the commercial exported ukrainian products is carried out at a steady pace, bringing considerable profits to kiev restrictions on the russian agricultural exports as the stunning place. how far the stones were, we determined upon tangible progress on the normalization of our agricultural exports, not in woods, but in deeds. so this deal is supposed to allow grain from both russia and ukraine to get out of the conflict zone and over to countries in need, notably in africa and asia, but russian for a mr. sergei love rav explain just a few days ago, and you might be shocked to learn this, that only half of that bargain has been upheld, and that's the half the covers ukraine shipments. you do that the, the 1st part of the green dio package is the safe export of ukrainian grading from the ports of ukraine via the black sea. and the 2nd is the need to remove all

obstacles to the export of russian grain and fertilizers. the 1st part is being executed, but the 2nd part is not executed at all. in fact, sanctions prohibit russian ships carrying green and fertilizers from entering relevant ports as well as prohibiting foreign vessels from entering rushing ports to pick up these cargoes. also, sanctions prohibit our russian agricultural bank from using the swift system if we're talking about a deal that it is a package deal. and if a package is half completed than the issue of renewal becomes quite complicated. so level again, evoke the double standard earlier this month that the g, 20 foreign ministers meeting in new delhi pointing out that quote, russian agricultural exports are being blatantly hindered. no matter how much the europeans and americans who are used to telling lies, try to convince everyone otherwise, it turns out that the western sanctions are blocking the ships carrying, rushing grains and fertilizer used to grow food from going to russia to pick up that cargo and also from entering the ports of delivery. so just how much you

raining during is getting to the countries that actually need it most well elected leave are getting about 15 percent of the total export volume, which works out to about one percent each. that's according to the latest data from the black sea green initiative joint coordination center. the top 3 destinations for the grain are china, spain and turkey, representing 46 percent of all exports, involving hundreds of shipments. china, of course, axles, the gateway to asia and turkey. the gateway to africa, but what's the deal with spain? spain domestically produces more than enough of the grain that it needs to feed its own people and europeans with people's grain. these accounting for just a quarter of all the countries domestic consumption, the rest of that grain that the country produces goes to feed its livestock, notably pigs. spain is routinely ranked as one of the top, if not the top port, producing country in the entire world. so that's great news for spain and europe.

pork industry to get ukrainian brain, but it's not exactly how this whole deal was sold to the world as an absolute necessity. it's kind of like starting up a food bank and demanding donations and all this food. and then going home and shoving in your fridge, it smells like a total bait and switch. russia agreed to the deal because there was so much hanging over the people starving if they didn't. and now the data suggests that a huge chunk of the ukrainian food is just being sold to europe to fatten it's livestock, and also it's coffers united nations secretary general antonio gutierrez, last october express quote. deep concern when initiative stalled. and he had earlier warned of unprecedented global hunger if it didn't get off the ground. and now they apparently can't be bothered to ensure that it's being honored by all parties. the deals set to expire on march 18th in moscow is said that it's ready to extend it, but not for more than 60 days under these conditions. wherever that last october,

the russian defense ministry also pointed out that russian military and commercial ships used to secure the green corridor retarded in a massive ukrainian draw strike in the crimean port city of sebastopol. the scheme seems to follow the same pattern of other western truce initiatives around the ukraine. conflicts like the minsk accords, which as former german chancellor angela merkel and former french president francois long have admitted were just used to buy time to give ukraine a distinct advantage. while at the same time trying to stick it to russia. toned on your complaints about human rights abuses if you want to make big money deals. d that's the message being spelled out clearly to the u. k by the trade minister to the u. h. e. the u. k. and other western countries must separate politics from trade in the economy. the u. k. must tone down standard human and workers rights provisions in trade deals. if they want more market access and more business opportunities. the minute we bring politics into discussions,

we are deluding from the main objective of the agreements. the statement comes as the u. k. has been testing the waters in the region in a search for new trade partners and his post brack said existence. british officials are seeking to strike a deal with the u. h. e and other middle eastern countries from the gulf cooperation council trade block. the push, however, is said to have been hindered by critical reporting on human rights records during december's world cup and guitar. the chairman of the middle east center for strategic and political consulting believes the gulf states won't give it to western and pros. values. political oppression has been used to get benefit because normally and we learn the lesson, we knew about that the under secretary of the minister of foreign affairs a month ago, he said, we are not. we are not the obligatory obligated to to follow the

state department of u. s. a for the beta the notes on human rights in coin. we are sick and bored from this file that they always complaining and accused our countries. but we are happy with what we have now. we are not ready to adopt something i guess, a fix and religion and polish when it comes to those western values. i mean, the west has a history of being able to say, hey, this is how we believe that you should live your life. is, is how we believe that your government should act? do you think this is one of those cases where the u. e, at least with the official said, but do you think that this is one of those cases where there is some pushback we understand the game we are ready to to play the game. but we are not accepting any kind of pretending human rights issues. we as a society, as a citizen, as a family man,

i cannot accept that. and i think the gcc government and mostly slim government is not accepting that issues. washington has harshly criticized. i propose new bosnian serb law calling it russian influence, and a danger to democracy and human rights. that's despite, it's us inspiration in boston, had to covina the president of republic a sharp. scott is following others in the region down a dangerous anti democratic path and trying to pass crandon inspired draft laws, the rub, residents of their basic rights silence descent, and allow corruption to flourish unchecked. the republican epsco authorities announced plans for 2 pieces of repressive anti democratic legislation that would benefit only the ruling coalition in its effort to consolidate power and hurt every one else. we are copying the american model, the made usa,

one of the world superpowers. it is interesting that the director of usaid is reacting knowing that many projects in bosnia and herzegovina, a financed through usaid. the head of the bosnian serb republic says he modeled the new regulation on washington's foreign agents registration act. the so called far a law requires public disclosure of any one representing foreign interests or receiving finances from abroad. washington's complaints about the law come falling mass protest in the country of georgia over plans for similar legislation there. ah ah, to go further in depth on this. let's cross live now to serbian american journalist and historian abortion mileage. no,

that's great to have you on the program today. now officials have been pretty clear that this foreign agent law would be based on the far a legislation that has been in the you asked for a number of years. so why are we suddenly saying all of this backlash from washington? well, the answer is obvious. the sort of steering everybody in the faith requesting foreign agents in bosnia, specifically for the search go to register, would basically create transparency for all of the so called independent and jose better quite literally finance from abroad, mainly through either through the u. s. government directly or through, cut out such as george sources, open open society. the buckets are president. mr. dick literally said, i'm going to copy far. i'm not going to, it's not just inspired by it. i'm going to copy it word for word and to swap united states verbal because they're just the name of the bosnian serb republicans. i

bought it and this is what would triggered the entire avalanche of screeching. well, one wonders if tara is such a horrific and democratic law, then why is it still in effect in the us? and it has been 38. but, you know, the american embassy is like, well, no, he, when we do it, it's completely different. and when, when you do it, it's an attack when democracy that's literally what they said in their statement is literally is the double standards. and we know not only has that law existed in the us bought at the same time, the g o j has also put it into practice. when it comes to r t c, d chan, i'll just 0. i mean, they are really turned to the far legislation and used it in recent years. and yet you have the u. s embassy labeling this law here as pro kremlin. but at the same time they failed to objectively explain in what way. so for the average person who sees a treat like that, what do you think that would take away from it when?

if it happens in one country is completely ok. but if it happens in another country, all of a sudden is pro russian. well, so what they're banking on is complete ignorance about how far works in the us. they're saying, oh, well, far i merely red requires foreign agents to register so americans can be aware of them. but it's not used to, oh, you know, oppress independent media or excuse me, are you expecting people to not have paid attention to the past 6 years? when you know, trump's campaign manager was hauled off into prison on the ledge, far a violations you had, you know, you literally had for a while. violations alleged weaponized against the political party throughout the wilder presidency as part of the whole, russia, gate, conspiracy theory. and then used against media outlets ranging from yes r t and chart chinese media and al jazeera. and then the american embassy turns around and says, we don't use it against media. well, i'm sorry,

but the factual record prove you wrong. and then on top of it, all this entire group level comes on the heels of a senate counter correctional hearing in which the twitter files journalists literally expose this whole censorship. industrial complex and the government officials were neg, deepen. russia gate were saying, no, that's not true. we're merely defending democracy against this information. and so you have to ask yourself, who's the idiot here? you know, the people who fall for this stuff, or people who believe that they can pedal it with impunity. right. and that also goes to, that's the question over do they expect the average person to be the idiot and did not do their research unfortunately, and too many cases, they probably hope that that is the case. now when it comes to the u. s. reaction to this proposal that mirrored it's opposition to our foreign agents registration bill in georgia just days ago. are we seeing a pattern here? and if so, why is there now such a focus? does it really just go to the heart of the matter that the u. s knows that they are

pouring millions if not even billions of dollars into media and then joe's and other countries and they just don't want that information to be fully public. well obviously here's the thing 20 some years ago when they stage the color of illusion . and serbia, they a u. s. officials and their media aids here. your times, washington post, literally bragged about using a network of n g o z, the suitcases of cash to win other people's elections. but then other countries started getting skeptical of this kind of, you know, n g o insurrection, and started passing these laws, you know, or bon, his past lawyer, hungary, against sources influence. and you had, you have all these other countries literally now taking americans own laws thinking okay, well, they can't possibly object to their own legislature. and then we see the american embassy and the you and the western media going, oh no, this is a russian

a lot. it's not. i mean, russia passed the law pattern after farrah in, in, i believe, 2012 and expanded it in 2020. and this is know, getting to know the censorship, but it's, it's quite literally the same law. and so, but it's, it's another one of those. oh, it's completely different when we do it because we're different and we're better that simply doesn't convince anybody any more. and unfortunately, this type of american exceptionalism is so ingrained in washington that they're not aware, they don't have any self awareness of how this appears elsewhere. the georgia protest, i mean, the law that they were protesting and calling russia was actually milder than flora . but they, the, the embassy and the n g o is funded from the united states, denounced it as russian. and it's quite clearly there labeling as russian, anything that they want to be perceived as negative. it's just become a universal. you know, this is russian in american speak means this is bad. and even when you have

a literal carbon copy of an american law that's being used by somebody to curb, the influence of american n jose, the embassy says this is a russian law and expects this nonsense to be believed. 0 self awareness. i have and it seems like the double standards truly are endless. serbian american journalists and historian, voice mail it. thank you so much for your time and insight on this one. aiming to provide a shot in the arm to trade and investment with russia or ron is hosting a key economic forum and a major focus. the talking shop is one of brushes, muslim regions are contributor, use of drill all the reports on an ambitious business plan. being drawn up when there is mutual trust, ideal is ideal. it's this simple to clench a business agreement when the 2 sides of the bargain are from russia and iraq. these b to b meetings came as part of a business forum held in to one on monday,

between iraq and the russian republic of brush, kurdistan, headed by president of the boss here stage raw, the hobby rove. the business delegation comprises top ration firms active in oil and gas, agriculture i t transport and mining. among other industries, they say they're here to clinch major deals with the wrong, despite crippling economic crushers from the wise. you can still, we see there were lots of companies in factories in iran manufacture equipment. we on behalf of russian companies and ready to bring new technologies here for the manufacturer of high tech equipment. right here in a rob bush kurdistan is one of the 9 most them republics. and russia and recent years to one has lived up both cultural and economic ties with their muslim states and russia. now we see the iran is going to be very important. and smitty productive, effective partner for us, why no one has anonymous and experience to leave and to develop it's economic

on discussions. and it is really admired about it for a minute. and now we see that some developments, some products of economic iran is interesting for us and for the addition of and for muskets. at the same time, we see that bhaskar son produce a lot of things which is very important and in which it needed to economy and to people in europe to run, and moscow's, and trust and concerns coincide on many france, both facing western sanctions. they have for their turn to each other or to neutralize the impacts of the bands and western measures have complicated. the russo iranian tre, ties when it comes to money, trans her and banking transactions. this has led the 2 sides to devise new channels to shield their business dealings from the sanctions. back in february, the central bank of iran announced that to juan and moscow have connected iran, sir, palm national financial messaging service to russia's financial messaging system of

the bank, off russia, or shortly as p fs as p f. s. is the russian version of the global financial messaging and transfer system, known as swift s p f, as seeks to replace where to link the countries banking system with other major powers, like china and india, you know, several months of russia. what are the working here and they're looking for the most convenient for financial instrument to organize normal financial work between the companies around the russia ukraine war brings in your total ban on you import self, russian, oil and gas among gets other commodities. russia is now looking eastward to trade is good. and again, it's ron can help situated on the strategic north south corridor. the wrong plays, the role of equip shortcuts, connects russia to india, and the persian gulf middle states.