that works out to more than $3.5 trillion, more than the g.d.p. of germany, and more than half the g.d.p.'s of china and japan. so the promise is clear. what then is the problem? if women are already making such contributions to economic growth, why do we need a major realignment in our thinking, our markets and our policies? why do we need to issue a decoration from this summit? well because evidence of progress is not evidence of success. and to be sure, the rate of progress for women in the economies of our region varies widely. laws, customs and the values that fuel them provide road blocks to full inclusion. in the united states and in every economy in apeck, millions of women are still sidelined, unable to find a meaningful place for themselves in the work force. some of those though get to enter the work force are really confined by very clear signals to a lower rung on the job ladder, and there is a web of legal and social restrictions that limit their potential. or they are confronted with a glass ceiling that keeps them from the most senior

it's fifty four percent of the canadian g.d.p. it's over half of the g.d.p. of every other cut developed country in the world through these programs and it's not big given we say it's arguably has the smallest government of the world but it's through these government programs that the american dream was possible and as these government programs are slashed by people like paul ryan's republicans here in dream is fading in nothingness if you want the american dream back go to cut to go to college or those that have a good job reliable health care live knowing that an accident or sickness won't wipe you out and work to keep these radical reactionary republicans out of government. coming up after the break today was the second day of arguments before the supreme court over the constitutionality of obamacare and things aren't looking too good for the right wing radicals the supreme court willing to put politics ahead of the best interests of the nation and strip americans of what should be a fundamental right. we just put a picture of me when i was like nine years

it's fifty four percent of the canadian g.d.p. it's over half of the g.d.p. of every other cut developed country in the world through these programs and it's not a government we united states arguably has the smallest government the developed world but it's through these government programs that the american dream was possible and as these government programs are slashed by people like paul ryan's republicans the american dream is fading and nothingness if you want the american dream back voted to go to college about that have a good job a reliable health care live knowing that inaction or sickness won't like you out and work to keep these radical reactionary republicans out of government. after the break all across america thousands of recent college graduates are eager to start their careers only to find themselves forced to take dead end jobs just to get by is there any relief in sight for these graduates or is the idea of having a promising career slipping farther and farther away. i. feel. for. me is he. says. in screwed news all across the nation a new g

is balance equals as far as portion of g.d.p. it's quite staggering it's a third of g.d.p. compared to the federal reserve's balance sheet which is nineteen percent of u.s. g.d.p. the bank of england which is twenty one percent and the bank of japan's which is thirty percent but moving on from that i want to look at the greek deal because in a report from the think open europe in europe they said that at the start of this year thirty six percent of greece's debt was held by taxpayer backed institution it's by two thousand and fifteen after this deal has gone through that circuit increased to as much as eighty five per cent so let's go through the scenarios does this mean that this is going to amount to a lot more political and economic strife in the eurozone as we see taxpayers responsible for all of this debt and greece could have a situation that interior it's even further is greece will need more but it won't. be losses and these losses are. mostly. this was on the five year two to move a little bit was the illusion that. the losses but there would be and this will. be nu

right now it's not even ninety percent of g.d.p. we have time we get out of our debt we you know we have we have an easy we have now the chevy volt to show for it instead of a national interstate highway this is my whole point we have to do is try to shawnee our infrastructure and and we need to be spending more money and with that actually we have the way w. owning a majority got in there are we got used to coming up the american people know the nation can't afford another war see why republican chicken hawks so it will succeed the why don't republicans you go explore rumble after the break. we just put a picture of me when i was like nine years old to tell the truth. i confess and i am in total get a sense that i was crap because he is second and pretty. he was kind of yesterday. i'm very proud of the world without you it's a place. you know sometimes you see a story and it seems so poorly you think you understand it and then you glimpse something else and you hear or see some other part of it and realize everything you thought you

whereas the rest of europe is running deficits of about formal six percent of g.d.p. so russia has a cushion which means it is more protected his problem is of course it's called ability if the oil price should fall sharply at the moment we don't think that's very likely the saudis have said a hundred dollars looks like a good points to us so it would not put a floor under the extent to which all prices will fall in the next year or two but into the medium term the big challenge for the russian government is going to be sure to juice the kinds of oil and increase revenues they get from the side of the car or else one day or small from it will have begun to make you realize that i never introduced to it all i keep using with return of course the danger you know my morgan stanley russell thanks very now thanks frank so civil should be with us is a very chilly night mother's home and then we're into ok well i think they come by you know who is the editor in chief of a russian foreign news website and was also an observer for yesterday's election says these are russian dem

because the fall they are the largest economic group on the planet the united states economy the g.d.p. of their states last year was of course many fifteen one trillion dollars the equivalent for europe saddam was about sixteen troia the brics that is was a russia india china south africa account for over eighteen trillion dollars last year that's the size of their g.d.p. from now their interest rate is prorated about thirty percent per year that's the trade within those five countries so this is very important this is a key group that the mainstream media is not paying attention to but progeny paying attention to because you know it's the biggest economy in the world now if these five countries start to implement a a close trading system among themselves and exclude europe and united states well then we're going to see some serious serious shifts in the global economy and i think one of these leaders also sort of feel that power not only with trade but with the economy especially as a lot of them are you know what we call emerging markets and there's been a lot of talk probably as a resu

india china south africa account for over eighteen trillion dollars last year that's the size of their g.d.p. combined now they're in for trade is growing at a rate of about thirty percent per year that's that's trade within those confines so this is very important this is a key group that the mainstream media is not paying attention to but it ought to be paying attention to because you know it's the biggest economy in the world now if you use five countries starts to implement a close trading system among themselves and exclude europe and united states well then we're going to see some serious serious shifts in the world economy and i think some of these leaders are also sort of feel that power not only with trade but with the economy especially as a lot of them are you know what we call emerging markets and there's been a lot of talk probably as a result of on the so-called south south development fund the formation in the future possibly of a joint development bank but what what's it you know what are the possibilities that this could actually happen that those five countries forming a ba

than the government's initial target the plan is now to cut the deficit to four and a half percent of g.d.p. for two thousand and twelve all right let's take a look at the international markets will stop of the year banks are in the gains there with added over one percent resource firms are also doing quite well and that's on the back of rising commodity prices footsie as we can see there is up a third of a percent small the dax is gaining three quarters of a percent so right let's move on to russia a similar picture here as well both the markets are in the black the artsy as is almost two percent this hour it's definitely head in there now this quarter has been quite successful for the russian voices the r.t.s. is out at seventeen percent since the beginning of the year when it comes to my six it out at seven percent now analysts do say that strong oil and gains in wall street have to help achieve that result but we also know that they expect to see its twenty percent increase by the end of the year ok let's take a look at some individual share moves on them why sex most of the blue chips

ahead of the g.d.p. of say seventy or eighty countries controls land about half the size of belgium or better. has intervened in corporate politics around the world in a way that you might only expect the state to do and it's one of the small ones that you've never heard of and it allows me to illustrate the point that global affairs today is not just between countries it's between public actors and private actors and our system isn't really designed to deal with between government actors and corporate actors to kind of dumb down the language a little because i think it's astounding the number of i do a radio talk show as well a number of people who call in and don't want to use a private they don't know if you're talking about corporate you know or you say public you don't know you're talking about government and and well with one exception i think you're absolutely right but the with the one exception is when we talk about the public sector we talk about the government our assumption is because this is wh

their holdings now this is all to cut greece's public debt to around one hundred sixty percent of g.d.p. of the two hundred six billion euros of greek debt it will relieve one hundred five billion euros of them now the benefit for investors is they don't lose all of their money they use a port lose a portion of it the necessity for greece is that they promise to get this debt swap done to reduce the country's debt so they could meet the terms agreed upon with the e.u. and i.m.f. to get more debt more loans in the form of the next one hundred thirty billion euro bailout so that the government doesn't default on you guessed it its remaining debt now the debt i'm with today it was at three o'clock so the numbers are rolling in and we don't know exactly how it went we won't until one am our time a.t.m. and greece but the reports we're seeing so far is that ninety five percent of private creditors have signed on some reports put that number a little bit more modestly and again as i said we don't know exactly now this is a technical technically this is a voluntary deal but here's the hitch accord

for sort of four and eight accounts about ninety percent ninety five percent of the afghan g.d.p. we all know that two thousand and fourteen is to deadline for both doors drawl of the international forces plus the reduction of aid money how will love can stand sustain its economy after two thousand and fourteen we do after all do not want the international forces to be in afghanistan fighting for us. even in our longer the indian leader from the video out said we have to believe the prime responsibility of taking on security should be. there's a possibility of afghans and you think they will be ready by two thousand and four we are already if you if you go into afghanistan and. many of the operations in different parts of the countries are carried out by afghan forces and our forces. because they are culturally sensitive because they are part of the afghan mission. there. the rule will be much more effectively and much more positive than the role of an international force that with its economic thought this there is no doubt. it will have some impact on our economy but there is no

that he means in afghanistan so it hundred million dollars as part of sixteen billion dollars worth of g.d.p. this past year or could be seventeen years is a small percentage. is not a big percentage there is about two to two point five billion dollars that goes to the middle some of them act and some of them are non afghan's that money does not stray into afghanistan that money goes into regional countries to regional haves and destinations so the actual figure that remains in afghanistan is quite not ok but here is my question as this financial aid money to clients do you think you can assume more and more of your people rely on helping the economy there is certainly a possibility but the thing is this if you look into of honest money it is closely correlated with insecurity places that are secure that are within our hands we don't see the production of walking that is only in india where we do not have control of our saw so that if we fork us again on helping us constitution to secure our country and if we help us in put pressure. on our said elements that come increases in security in af

and economic growth is back on the positive side if you see from the point of view. g.d.p. decrease of forty per cent. presidencies the first when you reach forty percent ok you were. no your balanced or positive you are bankruptcy. no. it was a good group however the country still faced some short term challenges rose was a prolonged recession which could trigger a global slowdown and that could lead to another commodity price russia's economy fails. but given the six year term ahead of him and halting state banks three hundred and twenty five dollars oil. ample time to implement the reforms and on the money. ok gentlemen start hashing out the next six years in russia itself is going to be a walk in the park for the returning president because let's. look at it this way let's compare the last four years when putin was president and his next six weeks the similarities one of the differences. yeah well clearly the biggest differences the external environment i mean the last four years of putin's presidency socially preceded the crisis in russia and were actually at times were

this capital is wealth that's what the country needs or wants big numbers of g.d.p. people want to have biggest seller is so he's the right guy to manage this process of looking. at the fucking december and they were developing their election. things this time on the approaches that a lot try and make elections kind of marriage it will be a county down we're hearing a cause great again you think this is just great that's a great. i don't think so because all what has been done is good and eternal gives there may be a very new standard for very many countries in the west however our real political campaign might look. how it happened see that's. a lot to do for rush. because. you can't just consume to spend another how a billion dollars to put more web cameras on sites where people vote but when you have no political competition when your public politics is being dominated by one candidate and his supporters is the dominant theme on television have you have only forty five days campaigning you have a very small budget just band. play where you are below or not same num

two percent of g.d.p. in terms of budget allocation should be rebalanced within the budget meaning there is no. additional boren no additional excitation on all accounts so so or for me this nation is minutes of bill. by my colleagues. does. russian financial system is it is it influence is it harmed by the general problem is that the troubles that we have in the us do you feel this is in a negative impulse where not really you see. to have been in mind that our european partners are big in biggest markets for russian products it's absolutely clear that we cannot. stay side from the problems which is. developing in inside the european zone so we already. come to believe that our colleagues with the. right professional i will have a professional outcome of the talks with greece the public will. stay dead. do you know the reactions of the markets tend to be opposed even many experts are still quite skeptical about what the future of your. but it's clear that step by step europeans found mystery means and ways

french president has announced that the country's budget deficit equal to five point two percent of g.d.p. in two thousand and eleven and that was lower than the government's initial target the plan is to cut the deficit to four and a half percent of g.d.p. ensue thousand and twelve. now moving on let's take a look at what's happening with the russian markets we can see there that they are in the black with the arts yes in fact out in over one and a half percent of my sex is just slightly behind that also it's important to mention that it's been quite a successful quarter for the russian border since the r.t.s. is out it's seventy percent since the beginning of the year and for them my sex trafficker is seven percent and that was because of high oil prices as well as gains on wall street but analysts say we could see that figure i see it's when some percent by the end of the year let's take a look at some individual share moves on the my sax here we go this hour we have the correct figures you can see that energy stocks are among the main gainers and that's because of higher crude prices

out with it with a degree in her hand looking for a job but hired system it's almost four percent of g.d.p. is a drain on the rest of the economy one of the major problems now is that possible well i think there's a lot of the four percent of g.d.p. it's a business but if it's if it's you know. my head is exploding i mean every other country in the world every other developed country in the world says we're going to invest in our intellectual infrastructure what's wrong with doing that well i think one problem is that when you have high school graduates who lack the basic skills to succeed in college or basis someone are going to mandate to that's not what we're talking about that's the result of thirty years of attacking our public school system for them to are going to bow out is the attack on our college system i mean let's why don't want to go back to the university of california where it was before reagan took a meat axe to it where you go to college for free where is the transparency and accountability bad behavior for origin for the state of california you know the whole silicon val

french president has just announced that the country's largest deficit equaled five point two percent of g.d.p. in two thousand and eleven and that was lower than the government's initial target the plan now is to cut that deficit to four and a half percent of g.d.p. in two thousand and twelve but let's take a look at the end to national markets or go to europe banks are leading the gains that would be empty prior basically added over one place satisfied said bank there now research firms are also adding and as i said that's coming off rising commodity prices we can see. now the dax is over one the percent in the black and as i mentioned earlier greece is bucking the trend and that's falling and the announcement from the greek prime minister that a third bailout is no rule that out yet we're moving on to russia a similar picture the voices here are looking at most it's of numbers the arts yes is out in over one and a half percent and so is the my success has been a good quarter for the russian market so far the r.t.s. has added seventeen percent since the beginning of the year while the my cig

we cannot remain competitive if this debt bomb continues to build or if we keep a debt to g.d.p. of 100% for five years. we won't be competitive and you cannot be strong politically, diplomatically or militarily if you're not strong economically. ultimately if you're going to diminish the standard of living of the american people so ultimately i hope and believe we will get a handle on it. how you get a handle on it, the only way you can do it is to get the two parties together and reach some sort of accord or accommodation on spending restraint revenue increase. ronald reagan did this. ronald reagan did this in 1983 for social security. it's the only solution. it's going to have to happen again and it will happen again the fight is going to come on how much for spending restraint and how much for revenue increases. and one other thing president reagan was right about when he said the american people are not undertaxed, we overspend and that's true. and i think there's been some recognition, i hope there's been, in this current administration that the spending cuts are going to have

billion euro need to be cut from the budget to meet that requirement of five point three percent of g.d.p. to some say not enough has been done so far what they are doing is stashing same team sent from all budgets from all the ministries so that throughout the whole of the ministries in spain that i'll include some of those people think should be bring famous allies of education and health care as well they want to bring in some of the protesters and unions in order for development in the future that hasn't occurred in this case now what may allay some fear is it seems that tensions have been kept as has. salaries in some areas civil servants salaries have been kept as well now this isn't just a problem to do with play when it comes to their deficits and speech stressed quite a lot recently by the italian prime minister that you were taught is that this is something that could spread and infect other countries in the euro zone as well we see that sense of fear today in denmark pass where all the european finance ministers have met and they've agreed to fly will an eight hundred billion e

government's initial target and the plan that is to cut this deficit to four in the half percent of g.d.p. in two thousand and twelve all right now let's take a look at international markets we'll start with europe of course banks are leading the gains there with b.m.p. part by gaining over a one and a half percent this hour and also resource for such a thought well and that's on the back on rising commodity prices the footsie as we can see there is a point almost seven percent in the black wall of the vax is adding over one percent this hour as i mentioned greece is a bucking that trend and of course that's not really a surprise but another factor is that the greek prime minister has announced that a third bailout may be avoidable all right let's move on to russia a similar picture here at seoul in the black with the arts yes in fact adding over two percent us have this happen last hour in the my sense is slowly ahead in there as well and this has been quite a good quarter for russian forces the i.d.f. has added seventeen percent since the beginning of the year and while the mice and scr

in timmins in afghanistan so it hundred million dollars as part of sixteen billion dollars worth of g.d.p. this past year or could be seventeen years is a small percentage. is not represented there is about twenty two for two point five billion dollars that goes to the middle men some of them are afghan some of them are non afghan good money does not strange not understand the money goes into regional countries to regional hubs and with the nations so the actual struggle that remains in afghanistan is quite smart ok but here is my question as this financial aid money the kinds do you think you're going to see more and more of your people rely on help in qana me there is certainly a possibility but the thing is that if you look into afghanistan it is closely correlated with insecurity places that are secure that are within our hands you don't see the production of them that is only in where we do not have control over so so that if we focus again on helping us can institution to secure our country and if we held in and put pressure. on the outside elements that come in create insecurity in

the yellow bar is a one standard deviation band, a measure of the average volatility of g.d.p. growth quarter to quarter between the period of 1950 and 1986 -- or 1985, i guess. and you can see that g.d.p. growth was pretty variable throughout the period. there's a lot of volatility in recessions including the severe about 1986, look at what happens to g.d.p. variability between 1986 and 2007 or so. the variety is much less and it 's shows a standard deviation band for this latter period and is very striking how much more stable the economy was over this 20 or so year period. this was true not only for real g.d.p. growth but also true for inflation. so, again, the same picture basically, the line, the vertical line in the middle of the graph splits the time period from pre-1986 and post- 1986. the graph shows inflation quarter by quarter as measured by the consumer price index. again, the tan bar shows one standard deviation average volatility of inflation in the pre-1986 period. you see the huge spikes in inflation in the 1970's. and then in the post-1986, you see much more sta