if you would be in europe but if you. never the less than run buoyant as your friends and some elected leaders are trying to hold the currency union together as support fractures around them they're trying to hold it together despite protests bailouts the election of neo nazis the deflationary spiral down of the qana means entered up of bond yields in places like spain and italy and nigel farage who you just heard from has been very frank about the possible consequences he fears take a listen this project could even cool the rebirth of national socialism in europe we'll start prediction more on that later first does the leader of the u.k. and pendants party member of european parliament actually expect any earth shattering decisions to be taken during this summit does he expect anything of substance to come from it that can change the current dynamics in europe a rising borrowing costs for the periphery and the possible disintegration of the union well let's see. let me tell you what will happen tonight tonight later on a

growing i don't want to live in a europe of bureaucracy i want to live in a europe of democracy while said real quick before we go in may addressing european parliament you said you feared this project could cause the rise of national socialism in europe now after two rounds of great elections we have. neo nazis in parliament how much worse do you fear this could get politically in terms of fracturing and the division into extreme politics. if you take away from people their right to determine their own future is to live under their own rules to take away from them that i should say. that you risk doing something that we stupidly did back in nineteen twenty with yugoslavia where we took diverse different balkan states we forced them together against their will under a new identity and you and i both know since ninety ninety the awful things that have happened as those countries afford to go back their independence so of determination democracy and freedom we mustn't allow the european union to make those same mistakes. you heard of mr nigel farage later of u.k. independence party. let

europe's paymasters dash greece's hopes for more lenient austerity while athens lashes out at germany demanding it stop spreading rumors of its imminent you are exit. and the un's new global shock when news talks with iran over the atomic program the islamic state claim disputed piece or i made doubts over the agency's impartiality. this is all see coming to you live from moscow hello and welcome to the program and norway court has found a mass murderer under is very big sane and he now faces at least twenty one years in prison during previous hearings the killer said he was not going to appeal such a decision he insisted he was mentally sound and had august traded last year's massacre to show his rejection of government policies of immigrants and in july twenty eleven he slaughtered dozens of people in a double attack and during the whole trial never showed any remorse for his actions and europe saw a spike in far right activities after the tragedy and as silly reports the hearing has highlighted the fact that europe's multicultural policy is fairly speedy misson that bilious. there

europe, northern europe, southern europe i always try to pick germany and france as the neutral territory in between. i think france is essentially flat during that period. down for 5% in japan and japan is way down like 10 to 15% and total hours worked and it's not from a lack of people if you will. we have 25 to 30, 35% more hours per working age adult than they do and it's not that oh gee they wanted to go out and take vacation. you can take vacation ever you want to. i think they are using restriction on the number of hours worked and spread the work over more people. if it was just a matter vacation, if in 2007 when employment -- unemployment was zero they still had high unemployment of their young people. you would think the one place where you would want low unemployment would be on people entering into your economy that will take over the next 50 years. you have to look and say something bad was going on here. if you had your druthers he wouldn't have picked out. >> host: japan, actually there i would point at something cultural which his women not working in japan. i think i woul

or any part of europe i'm thinking obviously there's a two tier element to europe at the moment whenthe south part of europe the ones which are really in trouble there you remembers their benefit. yeah that's a good question and i think that's the sort of general question about the special relationship that as your reporter suggested is to developing between china and germany the extent to which this is in germany's economic interests and essentially this is in the interests of europe as a whole in the case of a bus obviously this is a european company and so it would benefit not just germany but also fronts. and other countries in europe but lots of the deals that have been signed. off the german companies rolled into european companies and so in that sense there is a competition going on between germany and other european countries generally seems to be winning that competition and just how helpful though all of these contracts for for the economy are obviously we talk about germany but for europe i mean short of these investments they seem pretty big these contracts will they actu

fails to europe. this is the political threat and in the end it is a means. to get people and political parties and their turnover of. the public to agree to their kind of policy but. one has to ask what that means. to what is europe. so europe is first and foremost. a continent which stretches from. to be part of try to work hard it. is a much more than a union. in addition. to europe is a cultural idea and it kids as far as their european union is consarned it. it is the economic union and nothing of this does fail. to take your fields because. of the success story of your peen community was a written between nineteen forty five and nine hundred ninety nine this. i thought half a century of piece of gross of the going employment of the social security and so on. the nothing which. which was created in the necessitated common single. and. in or to. try to preserve these the values these achievers. the common currency is not necessarily. can have it gives me it is maybe some seeing the nice to have bu

europe, france because northern europe, southern europe, the left always wants to pick the north, the right wants to pick the south. i always try to pick germany and france as the neutral territory in between. i think france is, essentially, flat during that period, germany's down 4, 5%, japan's way down like 10-15% in total hours worked. and it's not from a lack of people, if you will. we have, you know, 25-30, 35% more hours per working age adult than they do. and it's not that, oh, jeez, they just all wanted to go off and take vacation, because you can take vacation here if you wanted to. i think their using restrictions on the number hours of work to spread the work over more people. if it was just a matter of vacations, you wouldn't see -- in 2007 when u.s. unemployment was essentially zero, they still had very high unemployment of their young people. you'd think the one place where you'd want low unemployment is young people who are entering into your economy, are going to take it on for the next -- take over over the next 50 years. so i think you have to look and say something

to what is europe. to europe is first and foremost. the continent which stretches from the be part to the who are in europe is much more than the currency union. and in addition. the euro is a cultural idea and it kills as far as the european union is concerned. it is the economic union. and nothing of this does. so you have all fields because. the success story of your pin community was written between nineteen forty five and nineteen ninety nine this. i don't have a century of peace of grows of going employment of social security and so on. to nothing which which was created in the necessitated common single. and. in or to. try to preserve these values and these achievements. are common currency it is not necessary it. can have it may have it is maybe some seeing the nice to have but it is definitely not the must have one of the reasons why your book became such a controversy is because you're invoking the holocaust which you believe is behind germany's guilt complex that also one of the reasons why it's so dedicated to the unificati

is a very clear distinction twenty eight members willingly got together agreed and keep peace in europe and your atlantic area that's for one and the. joan in washington two guys the price you say that nato did not have success is us look at us look at the peace in europe balkans they don't kill each other for pete's sake how can you say that there are problems in kosovo or those instability there's instability in the area but there is peace in europe and nato outmost to keep it that way there is no one else who will do that when afghanistan is going this is incredibly challenging situation ethnically religiously whatever but the girls go to schools you know and people die they died as a result of the civil war which took place remember the name taliban we do remember we lost our boys fighting them i can't say it is a success may. it will be a losing battle with i don't know but we have to remember that gun is done is not about a gun he studies about pakistan with a nuclear weapon it's about india and china are challenging each other in the area this is a key to this access of stability

this hour europe's a paid masters dodge greece's hopes for more lenient austerity while arsons lashes out at germany demanding its top thirty rumors of its imminent here exit. the nuclear watchdog or news talks with iran over the atomic program the islamic state claims is purely peaceful i may doubt over the agencies in charge of. news from russia and around the world this is the with me thanks for joining us norway's about to close the final chapter of the case that's been haunting it for more than a game now fast a mass murder and as brave it has arrived in court so here they judges a verdict during the trial he never showed remorse for slaughtering dozens of people in july twenty levon and as his tests are seen there now reports the hearing has highlighted the fact europe's multicultural policies failing. there's no doubt about his guilt far right militant unders brave massacre of seventy seven people in norway thirteen months ago to show his rejection of government policies and immigrants and is long. but the question at the heart of this trial is ian same brave because along assi

europe, france -- because northern europe, southern europe, the left always wants to pick the north, the right picks the south. i pick germany and france. i think france is essentially flat during that period. germany is down four or five percent. japan is way down, 10-15 percent, in total hours worked and it's not from a lack of people. we have 25 to 30-35% more hours per working age adult than they do. and it's not that, oh, gees, they all wanted to go out and take vacation. you can take vacation here if you want to there are usually restrictions on the number of hours work, appealed the work over more people, and if it was just a matter of vacations you wouldn't see in 2007 when u.s. unemployment was essentially zero they still had very high up employment of their young people. you'd think one place where you want low unemployment is young people entering into your economy are go to take it on -- take [overlapping speakers] the next 50 years. so they got to look and say something bad was going on there something that, if you had your druthers, i don't think you would pick that. >>

europe's paymasters dash greece's hopes for more lenient all sturdy while athens lashes out at germany demanding it stop spreading rumors of its imminent euro exit. and the un's nuclear watchdog renews talks with iran over the atomic program the as lawmakers state claims it is purely peaceful amid doubts over the agency's impartiality. hello and welcome to our team this friday on charon terra with you it's three o'clock here in moscow and we go now to our latest story a norway court has found mass murder on their spread makes a man and sentenced him to at least twenty one years in prison the killers lawyer said his client will not appeal the decision he insisted he was mentally sound and had orchestrated last year's massacre to show his rejection of government policies on immigrants and islam in july two thousand and eleven he slaughtered dozens of people in a double attack showing no remorse for his actions throughout his trial and as artie's tests are silly reports the case became a catalyst for a more far right activity across europe. there's no doubt about his guilt far right milit

i fink that we have three different trades today in europe. the biggest one clearly is and still is time east terry smith. why it is the biggest because most we have a large number of people those on the people involved in not special interest action but in extremist action and able to be terrorist in the in the future if. we don't have those and people on the the right wing for instance. so we have dozens of people we have a very clear political and religious agenda we have radicalization process which is some going for us no so i think clearly islamist terrorism is the biggest threat in europe after this we have two different traits the first one is the right wing there is more like gravy but if we accept the british. we didn't have really big scale acts of heroism from the right wing for twenty years and the last would be. the left wing. which for the moment. doesn't exist in europe but it existed twenty years ago we have clear signs that in italy in greece we have some. marxist groups. but very small and on a very. scary how different are

europe stoxx 50 -- euro stoxx 50 slightly higher.he dow jones in new york in negative territory but just slightly. the euro trading at $1.3231. the world's leading luxury-car maker, bmw, says it expects record earnings this year, despite a 20% slump in second quarter profits. >> the munich-based company said net profits dropped to just under 1.3 billion euros, compared to almost 1.8 billion at the same time last year, but bmw said that revenue rose to over 19 billion euros. the company saying strong demand in asia and the u.s. are compensating for losses in europe due to bad debt crisis. business is also going well for the german consumer goods group henkel. the company reported strong second quarter results despite falling sales -- you guessed it -- in southern europe. >> the company says the greatest growth of this came from the emerging markets. the result was also boosted by price rises. the company increased its outlook for earnings per share in 2012. >> all right, in a moment, we will be taking a look at germany's efforts to re

europe like in the u.s. the automakers needed a bailout, huge restructuring, triggered by the u.s. financial crisis. >> the problem is, you know, who's going to take the pain? in america, workers got laid off and lost job. executives got fired. plants got closed. dealers lost their franchises. taxpayers paid money. bondholders took a haircut. shareholders got wiped out at chrysler and gm. there was a lot of pain. i'm not sure the will exists in uk. >> the government has already -- >> it's unacceptable. come on, they have no choice. >> we had a guest on the program earlier saying he thinks there's 25% overcapacity in the european carmaker segment still. >> that's about right. the problem is, of course, what they really do when that happens is they're running factors far below capacity, which increases cost, reduces profits. this is a bleak outlook for this industry, especially because of the eurozone crisis continuing. >> it's different to the car manufacturing sector, which -- because the uk car industry got

europe will collapse. what shape do you think these collapse may take are we talking about a full blown catastrophe or just some sort of political divorce she said. while cord and or will power so best translation of the. would be is to feed it so she says if the europe fails to europe we have failed and this is the political threat and the entities of means. to get people and political parties and their turnover of. the public to agree to their kind of policy but. one has to ask what that means. to what is europe. to europe is first and foremost. a continent which the thread should from. to who caught the rule is much more of a currency union. and in addition. to europe is a cultural idea and it kids as far as their european union is concerned on it. it is the economic union and nothing of this does fail. to take your fields because. of the success story of your peen community was written between nineteen forty five and nine hundred ninety nine this. but i don't have a century of piece of gross of the goi

welcome back before the break we were talking about europe let's talk about responses to europe from u.s. presidential candidates or their proxies mitt romney's economic adviser recently wrote an op ed in a german newspaper applauding germany's austerity measures advising germany not to bail out greece and on the other side larry summers who worked for the obama administration was one of obama's advisors in that his presidency early on in response are not exactly a response but in similar timing in the washington post wrote his own op ed proposing of course the opposite a bailout and massive spending plan for europe so is this at the end of the day just political election year strategy disguised as economic analysis and economic advice and what does that do for the presidential hopefuls we're going to talk about it also while we're on them we know that mitt romney is a little weird we know that maybe americans have a hard time relating to him for evidence just look at his saturday night live version of his sons let's watch that. well we connect with the younger voters are over thirty

are problems in kosovo or those instability there's instability in the area but there is peace in europe and nato out and wants to keep it that way there is no one else who will do that when afghanistan is going this is incredibly challenging situation ethnically religiously or whatever but the girls go to schools you know and people die they died as a result of the civil war which took place remember the name taliban we do remember we lost our boys fighting them i can't say it is a success maybe it will be. losing battle with the taliban i don't know but we have to remember that gun is done is not about our gun he studies about budgets done with a nuclear weapon it's about india and china challenging each other in the area this is a key to this success of stability in the whole region and of course i don't know what you mean i'm going to go to jeremy in london i guess that's cold comfort for the afghans so we just heard from warsaw where it's very cold comfort the afghans i get afghan refugees arriving in my constituency desperate to get out of afghanistan and try and survive this is a

in europe in terms of opportunity.ot of these drugs are used in combination. the prospects are very positive. >> let's talk about that withdrawal of the eu application. a lot of people feel that's the end. these things happen. we saw from biogen a couple of times. we're disappointed and disappointed for newly diagnosed patients in europe, they'll have delayed access to a perfect, great drug for newly diagnosed high loma patients. we've got to make sure we accelerate, that get it resubmitted as soon as possible. it's important to patients, it's a nice growth driver for us also. >> people are talking about it's going to be 2013 sometime? >> i think by the end of the year, we'll have more clarity on the timing of that. >> you're building a lot of cash, $2.5 billion in cash. obviously you have the faith, you baug the stock when the stock got hammered. that's too much cash versus what you can do with it, isn't it? >> we've been aggressively buying stock back at the right times to make sure we manage -- >> at the right times

europe's debt crisis. she met with the chinese premier to discuss the economic relationship between europe and china. he reassured merkel but stopped short of making concrete promises. he said china will buy european bonds as long as it can can evaluate the risks. merkel said the there's strong political well to make the euro a stable currency again. ceos of major german companies joined merkel in beijing and signed business deals over $6 billion. >>> japan's struggling electronics maker sharp will keep negotiating firms with its taiwanese partner hon hai industry. they hoped to include the deal on thursday, but the two sides failed to reach an agreement. the firm canceled a meeting scheduled for friday, but sharp and hon hai executives plan to continue with the talks into the weekend. hon hai wants to reduce the contribution because of a plunge in stock price and it includes the sales of plants in china and mexico in hon hai. >>> let's get a check on the markets overnight in new york. u.s. stock prices en

when we look across eastern europe, we've seen some vulnerability there as europe's own economy has taken a hit. where do you see the most opportunity? >> that's a good point. unfortunately at the moment, whole senior region are intertwined with what's going on in the eurozone. we have small economies and technical recession like hungary, czech republic. now we're seeing larger economies gaining speed. what's happening in the eurozone is impacting the region through deleveraging and export trade channel. that impact is still very much relative. we haven't yet seen major turn-around. obviously, you know, there are big expectations from policymakers in eurozone to stabilize the situation. if that happens, hopefully we'll see a stabilization on downward m momentum. >> it seems destabilization is huge. are we through the worst of it? >> it's difficult to say. it is dweblg not happen as we originally feared. western institution -- clearly hsbc's has smoothed out this deleveraging process. it all depends on how the eurozone financial situation and economic situation stabilizes. i think that imp

you know what we can get through he doesn't need europe it's europe we need security and if you use you see that why turks are turning their backs on the e.u. and heading home despite their country's long running push for membership. chii. wealthy british style it's time to. go to. market why not. find out what's really happening to the global economy is a report on our g. four i thank you for joining r.t. it's time now for some other world news and brief for you this hour hospitals and iran's northwest star struggling to cope with the influx of thousands of people in the wake of saturday's earthquakes which killed more than three hundred entire villages were leveled in the quakes and thousands of people are sleeping outside fearing for their aftershocks rescue workers had battled through the night to recover survivors from the rubble but their efforts are now in helping the estimated sixteen thousand who are left home looks like. jury a says it's killed at least twenty suspected members of the islamist militant group boko who are all the military raid reportedly targeted one of the gro

we look at europe and the us exclusively. these are these were the powers that emerged in the second world war and there they emerged and strengthened throughout the ensuing decades because they were relatively free market societies and the us has been a free market society for a long time. so as those economies have progressed they have become a less free market oriented to the extent that the zero eight crisis opens the door to government manipulation on a monumental scale so instead of doing what a healthy organism would do which is to say ok i got i took a trauma blow or i got sick i'm going to just heal instead of keep in dosing ourselves the governments have been involved in in sending bailouts to every possible place they could send a bailout running up that's in the process they have been manipulating almost every single credit market whether it's sovereign debt whether it's the debt financial institutions whether it is. mortgage debt now student loan debt and the list goes on and on and on let is the best absolutely

artie's tests are so he reports the case became a catalyst for more far right activity all across europe. there's no doubt about his guilt far right militant unders brave massacre of seventy seven people in norway thirteen months ago to show his rejection of government policies and immigrants and is long over this case once again highlighted europe's deepening divide over immigration had integration and the subsequent radicalization of ideas . would come and see the people more racist certainly not to but there has been some sort of. for people to express their hate and to indulge into violent behavior. it's a bit of so physical violence including murders last week a twenty nine year old suspected brave it simplifies or was charged in the czech republic officers found weapons and police uniforms it is flat and they believe he was planning a brave slaughter. while in norway police are investigating a threatening email sent to newspapers and politicians from a person who claims to be brave and in command i would my soldiers to give all due respect to our people our culture and our ethnicit

going back to europe for a second. and also, japan. you know, i look at this -- there were other things going on. japan and europe were going through the debt crisis. in terms of aggregate growth differential -- >> we did a much better job of it recently, but keep going. [laughter] >> now i understand what you're saying. in terms of the aggregate growth numbers, it seems that it's more complicated story than we had more incentives and lower taxes and less regulation. >> guest: we knew since 1990, we need to increase the total hours of work, about 12%. europe and france -- left always wants to take the north over or big german in between. i think france is essentially flat. germany is down for 5%. japan is way down, like 10 to 15%. in the total hours worked. it is not due to a lack of people. we have 25 to 30, 35% more hours per working age adult. then they do. it's not that they want to take vacation. you can take vacation if you want to. i think they are using the description on the number of hours worked. look, if it was a matter of

bad pretty much that i've seen coming out of europe indicating that the. solution or at least the pretending that there was a sustainable solution has once again run out as we knew would happen we see spanish yield spiking we see the i.m.f. saying hey maybe we want out a greece is in is you europeans have your other funds all set up and ready to go and those are just a few of the headlines but what about the ones that you haven't seen widely reported might shed lock has been diving into those he's investment advisor for sick of pacific capital and he is going to tell us all of this really good dirt that you need to know that that somehow is escaped the headlines because probably there's just so many already thanks so much mike said locke mishra being on the show today. oh pleasure to be back on the show lauren how are you i'm doing really well it's nice to see you you look very happy given how much bad news is coming out of your ass but maybe that's because you've largely been right about europe all along and here are some indications that are kind of on t

you look at the could get turkey doesn't need europe it's europe needs turkey in a few years you see that. white said turning their back on the yuan adding just that countries a lot wanting push for membership that's right. it also gives you a story and it seems so. and then. you hear or see some other part of it and realized. welcome to the big picture. the admission of free credit a should free zones for charges free arrangement free. three stooges free. the old free blog. and free media. tom. bodett. a. all right some other world news in brief figure this out. you know brands in the west are struggling to cope with the influx of thousands of injured people in the wake up saturday's earthquake which killed more than three hundred people entire villages were leveled in the quakes and thousands of people are sleeping outside fearing further aftershocks rescue workers have battled through the night to recover survivors from the rubble but their efforts are now helping the estimated sixteen thousand left homeless. nigeria's says it's killed at least twenty suspected members of the isla

it could get tricky doesn't need you or it's europe needs turkey and if you use you would see that why turks are turning their back on the u.s. housing home despite the country's long running push for bush. if you. and as a mother world news and briefly this hour hospitals in the north west struggling to cope with the influx of thousands of injured people in the wake of some today's earthquake which killed more than three hundred people entire villages are leveled and the quake sent thousands of people are sleeping outside fearing that aftershocks rescue workers had baikal through the night to recover survivors from the rubble of their foots an hour in helping the estimated sixteen thousand left homeless. nigeria's says it's killed at least twenty suspected members of the islamist militant group boko hard run the military raid reportedly targeted one of the group's hideouts in the northeast boko haram denies any losses accusing the military of killing civilians instead scores of people have died in the group's attacks in the area in recent months. tens of thousands of marched in the ca

europe will collapse. what shape do you think these collapse may take are we talking about a full blown catastrophe or just some sort of political divorce she said. while cord and or will power so best translation of their child would be i think is to fail so she says if the europe fades to europe faded and. the political right and in and it is a means. to get people and political parties and their turnover of. the public to agree to their kind of policy but. one has to ask what that means that what is europe or europe is first and foremost. continent which stretches from the be part to the. rule is much more than the currency union. and the addition. of the euro is a cultural idea and it kills as far as european union is concerned. it is the economic union. and nothing of this does. so you will feel this because. the success story of your pin community was written between nineteen forty five and nineteen ninety nine. but i don't have a century of piece of grows of the going employment of social security a

it runs through western europe.ou will have to take the ship to cross the channel of course, but other than that, it is pretty much a straight tarmac line from scotland high up in the north via london and paris along the mediterranean coast down to the southernmost tip of spain. more than 3,600 kilometers overall. down in the far south, it becomes a place of encounter between europe and africa. >> it is an arduous journey south. the heat melts the asphalt on the highway between valencia and gibraltar. at the age of two, this young traveller is enjoying it hit stop along the way. he and his grandparents are on their way from barcelona to visit relatives. >> in some families his behalf, siblings do not see each other for 20 or 30 years. they do not want to. but you can always visit. we are going to my sisters. she is a lot older than me. knows? it could be the last time i get to see her. >> the family takes the road toward a popular destination for vacationers. but many of the fullest cars are carrying moroccan immigr

look at europe. take the american bank 1.4 trillion dollars.number is with europe it is 6 trillion. that mes is t hhose but have commercial paper merisel the one in europe but that means it europe is top heavy with the ar bank.e that wha you don't have the been sure capital history. so it is part of a bigmpa. company year have beenge microsoft and apple. ok a look what was emerging er charles schwab and fedex anddexd others capital system could c nurture them. largest europe grows at 2% we grow a at 3.5 because we have the ability of capital markets to adjust. then may get the new instruments that come in and that tried to make money off of it it is not needed anymore. >> host: is it time to endmon the post office monopoly?head o >> and there have been ahead of us.fice. fedex symbolizes the creativity of delivering neweffg ways to be efficient.rvice the post office of symbolizes sluggish dosservice and we should privatize s in a way peoplehe still get a magazine but with technology take a hand-held. the is something government cannot do. having about 40 minutes of battery life the.

>> watch the progress in europe, and are they moving forward. it's august, not that many people work that hard in august in europe. it used to be that way. things slow down in the world in august. i think we have to keep it around. china has been sort of the wild card in here. i think it's important that we see the growth isn't slowing down too much and they can manage their economy. maybe not forever, but for the time being, i think that's important, and we also want to keep a look at the u.s. consumer? >> suze: we'll be watching both. john manley, chief equity strategist at wells fargo advantage funds. >> reporter: i'm suzanne pratt in east hampton, new york. still ahead, we'll update you on one summer business that's still warming up. >> tom: the wall street firm at the center of the latest electronic trading problem has lost more of its market value than what it lost due to the glitch. adding to the pressure, knight capital group also may be losing business. >> tom: knight shares are down 70% since it's technology break- down yesterday morni

turkey doesn't need europe it's europe needs turkey in a few years you would see that i mean against turkey becoming part of the e.u. and right now turkey doesn't seem to be in much of a hurry either does or sylvia r.t. brussels. next the sport the grand finale the twenty twelve london olympics conclude with a massive show as russia manages to snatch three rolled gold medals before the game's a wind. from sport to business and the tough but still discussing the olympics so the winners are rubbing hands into submission of the prize money but how big. will it really depends on the countries some pay millions of all others just say thank you and to warrant you on or to have represented your motherland we'll have more on the story in just a couple of minutes but first let's check out the equity markets where the action is right now and europe started the day flat to negative with the footsie hovering just below the line in germany the dax is losing just a notch in the first twenty minutes of trade hearing russia equities are looking pretty good both of my sex and the r.t.s. are showing s

and europe have been approaching this crisis europe obviously politically fractured has a much tougher political road to hoe but they've been largely feasting on the savings of northern europe principally germany in order to continue funding the special vehicles that they're using to prop up some of the debt markets and they're just about out of the territory there so to your point you know where intell merkel is now saying things that we're trying to parse and slice the summary is this europe is out of savings to consume they're at that portion of the credit crisis where they either have to print their way out of this or accept a very very punishing deflationary impulse that will possibly take down not just the european monetary union not the euro itself but maybe the european banking system by extension the world banking system does your crystal ball have any read on which way you think it's going to tip. but you know history is pretty clear on this one or very clearly illustrated for us that over eight hundred years given the choice we always print whether europe can provide us with