released a report yesterday saying that it's considering switching out the dollar as the world's reserve currency but if the dollars on the outs what's going to replace it well as business insiders joe weisenthal then we'll ask you if college is for everybody think about it times are tough unemployment is out of control and that's including those who have college degrees so could it be better for some to just bypass the college years and save a whole lot of money are going to speak to one person who is getting death threats for his supposedly controversial suggestion that everyone should go to college and it's friday which means that we're going to celebrate with a little happy hour i'll be joined by lucy catherine of and jenny churchill to talk about the hottest conference in town see pack but we're saving that fun for the end of the show right now let's move on to our top story. after eighteen days of protests egypt's president hosni mubarak has finally. step down as morning reports are coming out the mubarak had left cairo for sharm el sheikh a seaside resort where his family has a re

and the stability of the dollar internationally. and all kinds of initiatives were taken to that end without fundamentally changing either the price of the dollar, certainly, or full conduct of monetary policy in that respect. and there were conflicts between the treasury and the federal reserve with the treasury being more hawkish on tightening money than the federal reserve was in defense of the dollar. of these were -- these were not, they didn't come to blows, but there was a definite different in interest at times. in the course of time, these actions seemed less and less sustainable against the forces of difference in the world economy. but the magnitudes were so different then. we were disturbed by balance of payments deficit of two or three billion dollars. we were running a trade surplus all during this period. and yet the small deficits we had on an overall basis were very disturbing, and finally the dollar was undercut. but i just want to emphasize the effort was very -- in a very wholesome way to maintain the dollar, reco

taking a look at the tokyo foreign exchange, the dollar is trading lower against the yen for the first time in four trinda. on tuesday the greenback ently anging hands at 82.29-32 yen. and for you're /dla 3607-3611. but the dollar's down side is capped. sources say some investors are buying the dollar on hopes for a covery of the u.s. economy while export-related firms are selling the dollar against the yen. >>> egypt's new prime misr ldis fst cabinet meeting while anti-government demonstrators are still demanding president hosni mubarak's immediate resignation. ahmed shafiq convened the meetg monday. the former aviation minister was appointed as pri misr mubarak on january 29th. the cabinet approved a 15% salary increase for civil servants and military personnel arngn april. the move suggests mubarak is trying to solidify his base in order to stay in power until autumn, when his term expire meanwhile, thousands of demonstrators still occupy tahrir square in central cairo. they're calling for mubarak to step downimmediately. on sunday the government opposition groups began talks on a p

a barrel and the canada tar sands which is about twenty eight dollars a barrel the price of oil today is not in any way. in any way affected by its supply there's just no connection it is a monopoly we've allowed this to continue on we've allowed basically our oil companies to wink and nod and take part in a cartel which is holding oil off the market i can tell you for example you know you have massive massive find in the caspian sea where i just was yet when the soviet union pulled out and the wall fell and there by zhang became an independent nation and it's there by john by the way used to provide fifty percent of the world's oil and it can again the thing is that production actually dropped like a bomb even though it was being run by british petroleum the reason was that when oil was cheap they simply shut off the spigots that's very important and let's not forget that we also lost a lot of oil because we bombed the hell out of the iraqi fields that cut off the price of oil so we have whatever mother nature is doing or not however much there is on the ground we are pe

it's a it's a cult worshipping the dollar as if the dollar was somehow more valuable than gold or silver that's a cult i mean this guy is like that help comment cult guy who got everybody to get into a knapsack and drink the whatever from all the higher kool-aid and blow out to a common orbiting he's a psychopath but you can see across the board that most human beings most citizens who watch the news that listen to their leaders believe that only the dollar is good and strong and you see that we've covered this before we've looked at comments and progressive blogs for example who like mock and laugh at people who talk about the goaltenders anything to protect you. oh my me have you just been reincarnated as a flea or something that should not be allowed to be reincarnated that's just luck my first coma is i let's get the chinese going to the fundamentals dr green corner because you've been going no good so as we see the libyan central government building was on fire on monday and this follows the rambling crazy speech by saif gadhafi the son of moammar gadhafi a year that i was watching

cents on the dollar or 20 cents on the dollar. we would like to do this for every year a child is in the san francisco public school district. for any of the child is not enrolled in the san francisco public school system, all of the money is still there. it is all still growing. a letter, they would not be eligible for any of the incentives eligible for the enrolled students at that year at that time. they would not be eligible for those. if they were ever to come back into the school district, they would join the class that they were with and receive whatever incentives were made available then. commissioner maufas: and if they left, can they make deposits? treasurer cisneros: yes, we will always have the money there for them. the only thing that would change is the incentives, which are only available for those enrolled in the san francisco's system. president mendoza: thank you, treasurer cisneros. www.k2sf -- if you indulge me, i want to read the list that appear on the website. carmichael, dr. george carter, george chaves, d

because we were able to augment the program with these dollars, we will be able to continue our summer youth employment program this coming summer. we were able to start a summer youth employment program with the stimulus dollars a came into our office originally two years ago. those dollars are now expiring. but we will be able to carry forward formula dollars and run another program this summer, which we are happy about. we know there are a lot of young people who need those opportunities to stay off the streets in the summer. we want to make sure we can give as many of them opportunities as possible. we were also able to use this change to give specialized hazmat and abatement training for another 85 out of work construction workers that we would not otherwise have been able to serve with these dollars. the additional item on the agenda, the federal training grant is part of the work force investment act funding that was received by our office. these are discretionary dollars that were granted to us in a special grant. we will use these to provide staffing and cdo support really to

. >> susie: let me talk to you a little about the american dollar. in times of crisis the american dollar has been a safe haven, but not this time. it's the swiss frank. why is that and should we be worried? >> first the facts, and we talk about this a lot in our investment committee. if you look at the value of the dollar on january 24, which is before the egypt turmoil really started, and then compared it a month later, the dollar is one percent weaker. and that's not what one should expect. as you just said, you would expect the dollar to be stronger. you would expect the dollar to benefit from all this political uncertainty. why has that not happened? there's a good reason and a bad reason. the good reason has to do with interest rate differentials, markets are expecting interest rates to go up faster outside the u.s.. but the bad reason is that this is a warning shot. this is a warning shot that the u.s. has to get its act together and that the u.s. can't take for granted that it will be the recipient of a flight to quality and a -- so it's an im

would be another layer on the inverted pyramid of currency nonsense the u.s. dollar was the top layer of the currency pyramid of ponzi economics but now that it's going under due to the real estate collapse which is ongoing and the societal collapse in america which is just getting going they have to bring in a new layer of turn see a global layer that they're going to roll the dollar into yes but he refers to it as a new class of reserve assets this is the problem with all of the stories we've been talking about matter is neither created nor destroyed this man thinks he's going to create matter out of thin air and he selling it to the public as if a new matter is existing that we can sell to it's going to have value well he's this make oil salesman he knows he's selling nothing by referring to it as having some value as an asset as collateral for some kind of transaction going forward gives permission for banks to make a market once again a virtual market dollar base or euro base or yen or or r. and b. based in the new s.t.r. global currency. dollar unit of exchange

a year the biggest recipient of u.s. tax dollars in the largest weapons contractor in the history of military complex right now these numbers are not included in the official pentagon budget right i mean that's that's a separate line item and so this is just gravy on top of the large debts of the taxpayer to lard the coffers of these defense contractors it's just more money for them right a lot of the military aid is funneled through the pentagon in the sense the pentagon serves almost as an arms broker they've got a whole separate department called the defense security cooperation agency. it sounds sort of benign but it's really kind of an in-house weapons trafficking operation and so you've got that in the pentagon rubric but you've also got things like nuclear weapons design which happens through the department of energy you've got a whole range of biometric and surveillance technology through the homeland security department and the f.b.i. so you've got a whole range of agencies of spy satellites for national security agency out

value of their currencies in a way that countries don't want to benefit them meanwhile driving the dollar down it's been a criticism that has been thrown against bernanke since last year twenty and we've seen even recently with the egypt uprising being blamed on higher food prices and pundits conservative commentators saying that that was all related to quantitative easing driving up the prices of food so i think amidst all of this criticism this was him coming out saying hey you know not directly addressing that criticism but saying countries have plenty tools of their own to deal with these inflationary pressures to deal with the rise in asset prices and saying you know hey countries that are not you know that are pegging their money maybe to the dollar which he didn't say all right but when he's talking about adjusting exchange rates that's what he's referring to such as has been the case in china so without directly addressing these issues you seem to be indirectly casting blame on countries like china and deflecting them from the united states and his policies did you find it kind of

terms of the dollar remains a currency that we're using in europe that a lot of must much of the world uses the reserve will see the dollar price of oil go crazy. whether or not if they they start tapping offshore offshore brazilian oil fields ok i'm well you know you think about that i mean we again i mean i guess we're going in different directions here i still think we will have these exporting countries and the middle east because that's in the news right now they're still going to want to get their oil to market aren't going to want to have even the same customers they don't really care they want the money and russia is an energy exporter it just wants the money doesn't play politics with it. i was told by someone in washington about twelve years ago who's highly informed i won't give details that there's enough you have enough. oriel u.s. intelligence satellite reconnaissance and other physical tests in the disputed territory between yemen and saudi arabia to feed the entire world economy for the n

i mean again the fact that there's so many countries around the world that have to maintain their dollar peg in order to maintain their role in the global monetary system that allows this place and that we're creating here united states to take root around the world and by by ending that dollar subsidy by allowing american america to create its own inflation have that inflation be able to remain at home that will lessen the burden that we're seeing and a lot of these places and that what i mean is taken in the summer where all the reserve currency if i understand you correctly you're saying that we're all or no longer be a reserve currency that ends the american hegemony in the world. i think i'd like to go down that path a little bit later here michael fine go to you you know i started the program with geopolitics in our other two guests have gone to finance very quickly and in there that's an element of it but let's continue with the geopolitics of it all i mean when we see the spread of protests in the arab middle east we have to think of other cut the other producers that have been r

and the ruble has climbed five percent against the dollar over the past three months the best performer among twenty five emerging market currencies join me for that and more in our business news in twenty minutes. ten am here in moscow this is our into the program now violence and intimidation have forced hundreds of thousands of iraqi christians to flee their homeland experts view them as one of the biggest victims of the two thousand and three u.s. led invasion with a minority group they continue to target extremists in my reports. every night miriam gets ready for bed with her family but it's not her bed it's not even her house miriam and her family are christian iraqis who have been forced to flee from baghdad to the semi autonomous kurdish region because they become targets of extremist groups in the country. in two thousand and seven miriam was hit by a bomb that was planted outside her house black i went out with my arm just to buy some chocolate and come back i went out and didn't see anything i just had the bomb and i fell to the ground miriam was lying in the street with her

other than the dollar dropping what's happening to the u.s. economy i made this unrest in the middle east. well you see in madison wisconsin that they are seeking a regime change in madison wisconsin to get rid of the dictator in madison wisconsin who's been in charge of transforming that economy in ways that are completely outside the scope of what americans are used to in terms of a fair wage for a job well done they want to bring in the same kind of reforms that america is famous for and doing in foreign countries to gallagher's those economies and to bring in the neo liberal model that has been privatization and banking banking cartel running while they want to do this in america so the people in madison wisconsin are revolting tens of thousands are in the street to join in this global insurrection against banker occupation so the americans are now joining with tunisia and egypt and the people in athens of people in dublin and of course the big winner the only country that's proven to be strong enough to stand up to the banking terrorist c

the barrel of oil going to one hundred thirty or one hundred forty dollars it's already one fourteen today so yes it's absolutely essential so i would say that the rationale for a possible western intervention in libya would be used to oil production in the lead to any no man would seize complete. other angle to this money condemning of course the libyan regime's hard line actions against protesters what what is the likelihood though do you think of us ever seeing trials over human rights abuses. what this is it's in many novels hypocritical conundrum isn't it because the us they don't support the hig because they are cherry flight of having u.s. politicians like former presidents who are the pentagon pentacle generals brought to the i.c.c. . and the acquisition of crimes against humanity ranging from every scene from iraq to the asked stockist own tribal areas but on the other hand they once because that's the clan to be brought to the i.c.c. and as one of your your reporters were saying can imagine if god that he will tell us on a twenty four seventh's basis because the aberration o

the country. of forty billion dollars that lived in afghanistan for disobedience. only eight of these forty went through they are forever there is the international the production of national newspapers particularly western news being it was never speak about it and use big piece of a key phrase because the time about after the production which is there of course but this is most likely. the biggest corruption. or the steel of african people eighty percent there with international aid. and you can watch that interview or this hour it's coming away shortly right here on r.t. but for now let's get the business news with dimitri. thanks very much rory gas promise to join the elephant oil field and libya and in assets what do you with them do you company any the one hundred sixty three million dollar deals expected to be signed during an official visit of russian president dmitry medvedev to italy on wednesday he points of the economic agenda to be discussed during the visit also include a number of other energy issues among them to continue discussion of the south stre

the dollar trading slightly higher against the yen on wednesday morning. greenback currently changing bands at 83.76-81. euro/dollar 1.3533 to 35. euro/yen, 113.33 yen-37 yen. sources say the dollar buying is limited as investors stay on the sidelines. they had a u.s. housing in production data due out later in the day. >>> bigger countries are not always better off when it comes to communicating across a vast land area. until recently, russia used to have 11 time zones. so when it was 8:00 a.m. in moscow, it was already 5:00 p.m. at the eastern border, a nine-hour difference. now to make the country run smoother, the government has started cutting the number of time zones, but in at least one region the locals aren't happen. >> reporter: over 1,000 people protested against russia's government last december in a region in the far east. last spring the government reduced the nine-hour time difference between there and moscow by one hour and plans to subtract another. the locals are angry with the government's decision. >> translator: it's a human rights vio

it's a basket. >> exactly. >> tom: you also like the canadian dollar. commodity play, inflation play. are you bearish on the u.s. dollar? yes, having been from canada, i think canada has it going. it's another commodity. again, for the course of the next six months to a year or so. >> tom: by the way, what kind of holding timeframe do you think for these? >> i would say into the end of this year. after that, i think next year will be material changes from that but i think you'll see almost a parabolic with respect to these ggz going into december. >> tom: summer you're expecting retracement from the big move that we've seen lately, longer term. all right, your previous picks. let's take a look at these. you were very bearish in june when you were here last night. >> correct. >> tom: you were long r.w.m., which shorts the russell 2000, down by more than 20%. you're long in e.t.f. that shorted the s&p 500 down by 20%. do you still like any of these, even after these losses? >> yes. in terms of then i said 70%, 80% money market, t-bills, that type of thing.