>>devi: we are all affected, women and children too. when our land is taken from us, how will we farmers feed our families? and the compensation was too little. >>reporter: there may be resentment and legal wrangling and bureaucracy might hold up the development of roads, where the country's great rival china can move much faster. but it is also a signal of one of india's great strengths... and notably lacking in its main competitor. >>mccartney: in the long run in order to sustain growth one needs an independent judiciary, one needs protection of private property rights, one needs a vibrant civil society and india already has those things. you know, very difficult to create however creakily functioning they are india has them but china hasthe daunting task of trying to create those institutions. removing the legal system, property rights from its communist legacy, the communist party. and so even if china has raced ahead in the lastthirty years, many would argue and agree in the next fifty years perhaps india is going to overtakechina

back a one hundred nine billion euro deal patrick young executive director of the investment firm devi advisors told r.t. that rich e.u. nations make it almost impossible to reach meaningful solution to the crisis. this is a fascinating meeting because actually it demonstrates that within the e.u. itself there is a very very significant struggle and argument over what is the process by which the eurozone needs to be see if the difficulty is that a lot of the politicians and and bureaucrats. simply have been too slow to realize the extent of the problem because they managed to pin to put the cracks for the past five or six years we thought we could keep doing so we keep having these for small strug remans that signed wonderful everybody says the euro zone crisis is solved and there's within a matter of a few meek's we have a further crisis in another economy and more money so there's a very very fundamental argument going on within the european union the euro zone needs to come together with sensible lose because of the law and they've been throwing money at any possible problems and al

an associate director at the tycoon in warsaw we have patrick young he's the executive director at devi advisors an editor of the gathering storm and in washington we cross to daniel mitchell he's a senior fellow at the cattle institute hi gentlemen this is crosstalk i mean you can jump in anytime you want to very much encourage it but first let's look at the fed's recent meeting at jackson hole. in the end ben bernanke his lack of an announcement that there would be further quantitative easing was so cloak and caviar it's that there was something in it for almost everyone they can't tell us specifically what it's going to do because it doesn't know specifically what's going to happen so the more specific the fed makes a promise and the libel the feds have to go they have to go back later and to change it because it promised us something that it kept the lever on the questions behind any further action by the world's most important central bank remain and will dominate economic discussion for months to come and to do more will it and what happens if it doesn't and most of the economic p

waiting for the outcome i'm now joined by patrick young executive director of the investment firm devi advisors for more on this developing story mr young why does this meeting being called what's going to be on the table as you see it well this is a fascinating meeting because actually it demonstrates that within the e.u. itself there is a very very significant struggle and argument over what is the process by which the eurozone needs to be saved there is a lady called sharon bowles she's the chairman of a committee called he called which deals with economics she's been very very on the happy with the activity and in recent months coming from the european union itself the european commission and the euro zone finance ministers and she's been increasingly critical of the fact that there is basically new leadership in the euro zone we keep having these false agreements that signed wonderful everybody says the euro zone crisis is solved and there's within a matter of a few weeks we have a further crisis in another economy is going need more money so there's other very very fundamental ar

host: devi joins us from the democrats' line. you are on the air. caller: the first thing they got in there, put that bush tax cuts in there, and that was money was borrowed, and we are paying the interest on it. and yet they want to reduce the budget. why would they want to do that? guest: the bush tax cuts were extended during the last congress, with president obama and the democratic-controlled house and senate. it was not the tea party movement or the tea party freshman that pushed for that. but i do not think that we can bring in enough revenue by doing a tax increase. that is not our problem. the problem is spending. host: from the "atlanta journal- constitution." let me ask you about that tea party in all of this. speaker boehner, does he have control of his caucus and what role does the tea party have on the series of votes and the laying of votes that we saw last weekend the house -- last week in the house? guest: it is the tea party movement that is driving this debate. if it were not for this movement, that would have already handed presi

an interesting political devied. >>clayton: especially given what we know on the withdrawal.andard & poor's has downgraded the united states debt from aaa rating for the first time ever under president obama's administration. not a good thing. and this raises questions whether treasury secretary geithner should resign. >>clayton: republican senator from south carolina, senator demint, says, yes, and joins on the phone. nice to have you this morning, senator. >>guest: thank you, i'm afraid it is a sad day for a lot of reasons particularly losing our troops in afghanistan. secretary geithner has assured us the last few months our credit rating was not in danger and he recommended we raise the debt ceiling and increase our debt with no cuts and he has been irresponsible. >>dave: the administration will say if we would have passed the package the white house did approve it would be north of the $4 trillion mark and the s&p hoped for that. what do you say to that criticism? they wanted bigger cuts that would help us avoid a downgrade? >>guest: the only package that did that was cu