of great britain it's not better than the let's say consolidated position off of the european monetary union obviously not. the difference is of course that there you have a state with a central bank that is a lender of last resort and that makes the difference look at what the situation of of the dog. i mean and look at the debt situation in the united states it's also certainly not better than the european one nevertheless they don't have problems to borrow money on the international financial markets for exactly the same reason you know and i think we should learn from that and go in the direction of. mutual izing did that then you will see the interest rates going down to see the european central bank should also intervene vigorously and make it clear to the financial markets that the only speculation it's also fear that banks that is in the markets there is no reason for that. ten billion dollars through the i.m.f. to help the e.u. with its debt crisis what will play in the e.u. to me this fears that everybody so old states have an interest that. nothing dramatic happens with the euro.

european monetary union the other nations money now these countries of course run austerity and they want to receive every penny of the money but the doubt but the problem is that these countries are broke and that what the. the baker or the debt burden comes because of course if you shrink your economy if you get means saying that debt basically is eating and we're bigger and bigger chunk of your g.d.p. and that is what we're saying in the european monetary union and and in serious and in revolution eventually it sounds like those in charge are are certainly benefiting from. i really like how the horn put it she writes for the atlantic and she said it's a case of two dualities democracy versus bureaucracy or democracy versus capitalism is such an interesting way of thinking about it and i do want to say looking at greece because so long for months in fact we saw thousands of people in greece on the streets protesting against what nothing really changed their intel the markets had a little slip and i you know i'm wondering do the markets really play as powerful role as it seems i mea

this is the very day where 20 years ago we created the european monetary union with the treaty. we are opening today a new path. the european monetary union will be strengthened by this treaty. the basis of this treaty should be ready in march. it will be ratified by the different member states of parliament. the institutions of the european union will have a stronger role, especially the european commission and the european court of justice. this will allow us to have a tighter operation with all 27 member states. 28 with a new one. the european parliament will also be participating from the very beginning by sending observers during the process that will create this new treaty. every european member state who wishes can join this new treaty. we want to make sure that as soon as possible, this new treaty will be translated in government rules. we will have a new treaty. i really regret that great britain decided not to join us. i also regret that great britain 20 years ago decided not to join the euro. for me, it is absolutely true that great britain in the future will remain an

with this black friday they're not solving the problems over in europe the european union is collapsing the european monetary union what did they do they just came out with credit ratings that showing fifteen of the banks have lowered their credit ratings they've been degraded the same day they come out and the central banks around the world are pumping trillions of dollars into them to keep it afloat when the new year comes the winter of discontent is going to set in and reality is going to bite wow jerald pleasure to have you on the show as always that was publisher of the trends journal and director of the trends research institute. well wall street has faced the ire of protesters across the country for a couple of months members of the movement are calling out the wall street fat cats for contributing to the economic decline by being greedy and corrupt their. also angry that the same people seemingly get rewarded with big bonuses and while the movement has brought some attention to the issue of income inequality and corporate corruption there may be much more wall street doesn't want you to know about on

with this black friday they're not solving the problems over in europe the european union is collapsing the european monetary union what did they do they just came out we credit ratings it showing fifteen of the banks have lowered their credit ratings they've been degraded the same day they come out and the central banks around the world are pumping trillions of dollars into them to keep it afloat when the new year comes the winter of discontent is going to set in and reality is going to buy wow jerald pleasure to have you on the show as always that was publisher of the trends journal and director of the trends research institute carrots lunch date. and with unemployment numbers so high and many americans giving up looking for work tis the season to be saving or so you might think turns out holiday sales are actually up this year by about one point nine percent but is it really time to be loading up that credit card with all those expensive gifts laurie harkness of the resident dot net took that question to the streets of the big apple . tis the season once again will this lousy economy affect your how it is

that would cascades of the global markets and would push a teetering and very vulnerable european monetary union into true crisis as well as sending very damaging shock waves to the go global economy and global financial markets virtually instantaneously and smashing asset prices all over the world well you know certainly that sounds awful but we all knew that things were bad in the euro zone doesn't this just verify what we what we already know about the region. well yeah i mean it verifies that we know there's a true there's a sort of seriously impaired situation that europe is kind of teetered buying small amounts of time at the crossroads between a different future which is quite highly viable and a real disastrous disorderly wind down of the european union experiment but we've teetered there for way too long there's been a sort of sense that the e.c.b. the i.m.f. the sovereign policymakers in many of the european countries believed and conducted themselves as though they had more time than they did while the financial markets screamed out as did critics you don't have more time you don't ha

that would cascade to the global markets that would push it teetering and very vulnerable european monetary union into true crisis as well as sending a very damaging shockwave global economy and global financial markets the e.c.b. the i.m.f. sovereign policymakers and many of european countries believed and conducted themselves as though they had more time than they did while the financial markets screamed out as did critics if you don't have more time you don't have more time and they kind of leisurely look at their watches and tried to do what was good for them domestically politically and acted like they had time that there was every indication did not actually exist. the new libya in the government has vowed to see all the militias out of the capital by the end of the month aaa has been flooded with former rebels ever since they stormed into a can gadhafi in august so since the dictator is killing libyans are rebuilding their lives but on the boycott reports challenges still lie ahead. after months of waking up to gunfire residents of tripoli now have to get used to a new alarm till the city

that would cascade to the global markets that would push it teetering and very vulnerable european monetary union into true crisis as well as sending very damaging shock waves of the global economy and global financial markets the e.c.b. the i.m.f. sovereign policymakers and many of the european countries believed and conducted themselves as though they had more time than they did while the financial markets screamed out as did critics if you don't have more time you don't have more time and they kind of leisurely looked at their watches and tried to do what was good for them domestically politically and acted like they had time that there was every indication did not actually exist. well more updates and analysis online at www dot com has some of what we're covering through there today mission failed american attempts to snoop on iran from the skies on dashed after a cia spy drone was down potential delivering some top secret information to turn around in the process. also online the toxic terror reportedly in the king from japan's stricken nuclear reactor twenty five tons of radioactive water m

and that is what we're seeing in the european monetary union and to end in tears and in recognition eventually it sounds like those in charge are are certainly benefiting from. i really like how the horn put it she writes for the atlantic and she said it's a case of two dualities democracy versus bureaucracy or democracy versus capitalism such an interesting way of thinking about it and i do want to say looking at greece because so so long for months in fact we saw thousands of people in greece on the streets protesting against what nothing really changed their intel the markets had a little slip and i you know i'm wondering do the markets really play as powerful of a role as it seems i mean are they the driver in the seat here. sure they are very simple research say when a nation goes out to sell debt but it goes out into the markets to sell its it's bought sovereign problems he needs the markets and buy those problems in order to finance ok so i'm a country i'm greece and i go out into the market solve problems because i need x. number of year olds to pay for my services. you know bureaucrac

. >> rose: suppose there was a european political union and a european monetary union and european fiscal union. would you say, by god, this is a dream since world war ii and thank god is happened? >> m not hostile to the idea of the united states and europe as long as britain isn't part of it. i think that is not compatib with british traditions but political and for that matter economic. and the impcations of creating a united states of europe today-- which is what is being discussed as we speak, this is the question. are you going to have a united states of europe? and if so, who will run it? it is very clear that the conversation today i esseially abou fiscal constraints. rules about budgets that cannot be breached. who is dictating those terms? who is insisting that there should be a balanced budget rule, a limit on how much government borrowing can be? the answer is the german government. those of us who always worried about european iegration worried for historical reasons. the natural tendency for germany, the biggest economy, to dominate any federal europe has manifested itself i

brothers that would cascade to the global markets and would push a teetering and very vulnerable european monetary union into true crisis there's been a sort of sense that the e.c.b. the i.m.f. sovereign policymakers in many of the european countries believed and conducted themselves as though they had more time than they did while the financial markets screamed out as did critics you don't have more time you don't have more time and they kind of leisurely looked at their watches and tried to do what was good for them domestically politically and acted like they had time that there was every indication did not actually exist and can we talk about in the event that this this does happen and it looks like a very likely that it will happen and how the situation in the e.u. can affect confidence and global economies and even here in the u.s. i don't think we're in a near term fifteen country downgrade what we are going to see is a smaller more unified european union probably with some of the marginal states that were struggling here which have the highest debt burdens no longer part of the mechanism the que

ladies and gents demand, this is the very day we created the european monetary union with the treaty. we are opening today a new path. the european monetary union will be strength and by this new treaty on the basis for the treaty should be ready in march and then it should be ratified at the different member state parliaments. the institutions of the european union will have a stronger role, especially the european commission and the european court of justice. this will allow us to have a much tighter cooperation with all 27 member states. the european parliament, also will be participating from the very beginning, for instance, from sending observers during the process that will create this new treaty. every european member states who wishes can join this new treaty. we want to make sure that as soon as possible at this new treaty will be translated in new government rules and therefore we will have a new treaty with stronger -- and saying it. i regret it great britain decided not to join us. i regret all said that great britain 20 years ago chose not to join the euro. but for me, i

ladies and gentlemen, this is the very day where 20 years ago we created the european monetary union with the mastery's treaty. we are opening today a new path. the european monetary union will be strengthened by this new treaty, and the benefit of treaty should be ready in march and should be ratified by the different member states of parliament. the institutions of the european union will have a stronger role, especially the european commission and the european court of justice. this will allow us to have a much tighter collaboration with all 27 member states. 28 with the new one. the european parliament also will br participating from the very beginning for sending observers during the process that will create this new treaty . every european member state who wishes can join this new treaty. we want to make sure that as soon as possible this new treaty will be translated in new government rule, and therefore, we'll have a new treaty with stronger -- i really regreat that great brain tat decided not to -- britain decided not to join us, and i regret also great britain 20 years ago d

european union for britain. >> thank you so much. a strong britain inside of the european union. that is what the european monetary affairs commissioner wants to see. he says that it is unfortunate that britain has found itself in a position where it is not involved in the european union's economic decisions. >> for the sake of europe and its crisis, and for the sake of the british citizens and their perspectives, we want to swing at a constructive britain and europe. we want britain to be at the center of europe, not on the sidelines. >> well, the european union has certainly not seen the post- summit signals that they certainly wanted to see from the markets. that is an understatement. >> investors want so desperately to believe in the solution, but there is still way too much doubt out there. shares in europe and the united states tumbled amidst growing investor doubt that not enough has been done to bring the debt crisis in europe under control. the sharp retreat follows a strong rally from the end of ast week and an initialnd of reaction to the inter- governmental treaty agreed upon to create fiscal unity and

its governmethe scale has been n by its founding partners in the central bank, european union, and international monetary fund. that warning from standard and poor's overnight has had an impact on european markets. down or covering just below the average mark today. >> thank you very much. the american space agency, nasa, has confirmed a new planet in the havels vote -- habitable zone. meaning that it could contain water on the surface. twice the size of earth, similar to earth's orbit, but 600 light years away. nasa says that they do not yet know if it is made up of rock, gas, or liquid. a quick reminder of our top story here on "gmt," attacks in afghanistan have killed dozens and injured hundreds more in the deadliest incident at a holy day celebration in kabul. police say that 48 people died in the blast. we will have plenty more on that and other news here on "gmt." do stay with us. ma>en s> se of international news at bbc.com/news. >> funding was made possible by the freeman foundation of new york, stowe, vermont, and honolulu. newman's own foundation. and union bank. >> union bank has put its globa