and the truth is that while the european central bank is run by an italian it's run by an italian mario draghi who's very skilled in such things and he understands the fact that look central banks usually don't have that much of an amount of reserves the money they can play with that they can support a currency singlehandedly it's very easy to understand out there there's a whole economy commercial banks investors all manner of normal people going about their daily business they have more money than the central bank the idea is mr hollande wants to turn around and use the money that's in the central bank and he thinks somehow rather they can use all of the money that's in the central bank can take on the economy which is hundreds of times larger than the reserves of the central bank it simply isn't going to work and it's not going to pass muster in either virgin or indeed in frankfurt the headquarters of the european central bank . this signal is breaking out there a little bit but i do want to ask you another question the euro has been gaining value over the past several months i

we've been mentioning rebuild everything and create jobs that way we have the rocky at the european central bank he gives is basically zero percent credit but only if you're a zombie bank how about if you're going to build some bridges and some housing let's get zero percent credit for those people and then you make sure that you don't get these these characters like coming definitely a conversation that needs to be had. you know it's a context that we don't hear much on the corporate media thank you so much thank you a story investigative journalist webster tarpley appreciate it it's. looking like we see so far go to our facebook page at facebook dot com slash breaking the set sure to do it thousands of already down can give us a like that in our status daily there with links to past segments as well as reaching out to you for ideas of what you want to see covered on breaking the set and also check out behind the scenes photos when we're on the road or ones taken right here at our studios like this one where manny was guest hosting said to our facebook page and check out all that and more i lea

it's very good for the european central bank. it looks like pretty bad news for the irish people for long- term. >> thank you for that report from london. japan opposes military is scrambling its fighter planes after russian jets briefly entered its airspace. the japanese media says tokyo formally has complained to the russian embassy in japan. people are marching on thursday -- people in japan are marching on thursday to return to some islands claimed by russia around world war ii. >> hardly anybody lives here, but in japan and russia both claim these islands. the japanese call them the northern territories. flag has been debated. the soviet union control of them and under an agreement signed by japan in 1951. but tokyo wants a for your of the islands back -- wants 4 of the islands back. the country is marking northern territory day. >> we are continuing negotiations with the fundamental goal of completing a peace treaty with russia. >> although, he says he wants a peaceful resolution to the dispute, not all japanese feel the sa

and the truth is that while the european central bank is run by an italian it's run by an italian mario draghi who's very skilled in such things and he understands the fact that look central banks usually don't have that much of an amount of reserves the money they can play with that they can support a currency singlehandedly it's very easy to understand over there there's a whole economy commercial banks investors all manner of normal people going about their daily business they have more money than the central bank the idea is mr hollande wants to turn round and use the money that's in the central bank and he thinks somehow rather they can use all of the money that's in the central bank can tick on the economy which is hundreds of times larger than the reserves of the central bank it simply isn't going to work and it's not going to pass muster in either virgin or indeed in frankfurt the headquarters of the european central bank . the signal is breaking out there a little bit but i do want to ask you another question the euro has been gaining value over the past several months in

the members of the central bank decided the rate should be maintained at 0.75% for a seventh month in a row. european central bank president draghi said the decision is essential to support the region's economic activity which remains weak. >> the economic weakness in the euro area is expected to prevail in the early part of 2013. later, in 2013, economic activity should gradually recover, supported by our monetary policy stance. >> draghi said he'll continue monetary easing measures while carefully watching how foreign exchange rates impact the eurozone's economy and prices. he added a positive sign. he said commercial banks paid back over $180 billion of funds the central bank has provided. he said this reflects improvement in the financial market. >>> and now let's get a check on the markets. first, looking at stocks, tokyo share prices are trading lower as investors are taking profits. market sources say the yen's weakness is showing a pause and that the recent stock rally is supported by the slide in the yen. also, thursday's decline in new york is weighing on market sentiment. the nikkei curren

european central bank has put in the ltros, three-year loans at 1%. they did that a year ago. now they've done the only him key. it lessened the amount of collateral messenger to borrow the european central bank, but, the banking system has been shedding assets because it has to raise additional capital. and they have been concentrating on more than lending out forcefully. and a lot of you in this room are aware of that, and some of the benefactors, beneficiaries of this, japanese banks have been buying portfolios and investors on the market. but we've got to get the european bank back to lending. that is ke the key to all of whi said here. then i would just say a few words about, and again, firm timelines to do this. because if you don't have firm timelines it won't happen, and the markets won't believe. i would just throw in another thing. i, frankly, think that the euro is kind of strong if everyone it to improve your export base. everything at some point in time you've got to get the euro down to vis-À-vis the dollar, today are euro, mainly to help spur exports which will

they have lessened the amount of collateral necessary to borrow the european central bank. but the banking system has been shedding assets because they have had to raise additional capital. they have been concentrating more on that and lending, unfortunately. and a lot of you in this room are aware of that. some of the benefactors of the beneficiaries, japanese banks to have been buying for -- portfolios and investors on the market. but we have to get the european banks back to london. that is key to all of what i said here. then i would just say a few words about -- and again, a firm time lines to do this because if you don't have firm time lines it won't happen, and the markets will believe. i would throw in another thing. frankly, i think that the euro is kind of strong if you really want to improve your export base, and i think at some point in time you have to get the euro down visa the the dollar to a weaker euro, mainly to help spur exports which will help spur growth, which is exactly what a new prime minister is trying to do in japan. and i think that one of the th

worthless monuments that has a little hologram in one corner that is backed up by the value of the european central bank but their pain central bank itself is imploding in terms of its let's say base money to debt ratio is imploding it's exact it's expanding alarmingly at an alarmingly fast rate that they they're not growing there's no savings it's become a whole gram well there's been no deal leveraging in europe yet none of the banks of the lever and that's a massive problem because you don't know what kind of toxic assets are on the books of the banks i mean look at m.p.'s and m.p.'s scandal all the emails disappeared are you shocked i mean mario draggy was the head of the bank of italy at the time and all these e-mails have disappeared there's an investigation quite mortgage backed security so he went down to have a hole right that's that's it. be right but you know that's monte de passé ok we've got a minute or so left but i just want to talk about the strategy here to the exit strategy the unwinding strategy because they got all these banks they got all this incredible killings of dollars of bad d

. >> reporter: the debt crisis has subsided since last september when the european central bank detection. ecb officials decide they would buy an unlimited number of government bonds from companies in serious financial trouble. however, investors are growing concerned in wake of italian election. they fear the european debt crisis may be reignited. no party has won a majority in the upper house and that political parties may try to form a grand coalition, but the differences among them, especially over austerity measures are great. and they may not be able to form a government that strongly enough to implement reforms. this could trigger another election. debt-ridden nations must carry out financial reconstruction and structure reform if they want the ecb to buy their bonds. if italian leaders fail to meet these requirements, they risk losing the confidence of the ecb and the markets. following the election, the euro fell sharply against the dollar and the yen. some economists say this trend may be short-lived. investors believe the euro is likely to rebound while the yen will continue to

kitty pilgrim here with us and to move it on and a widely anticipated move the set of the european central bank i should say on thursday left the interest rates unchanged they are at a record low of zero point seven five percent on the one hand the recent data shows that europe is on its way to economic recovery which is of course easing the need for more rate cuts but on the other hand the rise in euro hurts european exports that makes the region's economy a less competitive so for the c.b.s. been resisting the pressure to bring down the value of the euro earlier on thursday i asked stephen jacobson chief economist at sachs a banker in copenhagen what he thinks of the e.c.b. policies. for europe is up three and a half percent that will cost europe in growth terms point three percent of growth in an economy which is already almost tail spinning the actual underlying economy as represented by german g.d.p. was more negative than expected the spanish one was minus point seven so i think we are back with the same picture again that you know the market is having your party but the real economy is s

in europe, the european central bank chief mario draghi says the recent rise in the value of the european currency, the euro, shows markets are indeed confident in the currency's stability. he pledged to keep a close eye on the economic impact of a strong euro. that pushed the currency slightly lower in trading. >> but he also said he expects the eurozone to return to growth later in 2013 after a weak start to the year. ecb has left eurozone interest rates unchanged at 0.75%. any decision by the ecb, even when to hold interest rates steady, is a sure-fire market mover. here is a report from the frankfurt stock exchange. >> the euro dollar exchange rates declined significantly while and after the ecb president spoke at his press conference here in frankfurt. draghi said that the key interest rate for the eurozone remains stable at 0.75%, but he also said one risk for the economy in the eurozone was the appreciation of the euro/dollar exchange rate, meaning it is getting tougher to export goods and services out of the eurozone if the euro gets too expensive. that is why he underlined severa

but the european central bank president has said he sees a light at the end of the tunnel. >> mario draghi told the spanish parliament that he thought their economy was now on the right track and the credit would start becoming available soon. lawmakers have put spaniards on a starvation dieieieieieieieieie qualify for eurozone bailouts. barclays bank says it will scrap some 3700 jobs as part of a major restructuring drive. half of the cuts are planned in the investment banking sector. >> that has been the british bank was the major earner in recent years but also the source of a scandal of interest- rate manipulation, which has shaken confidence in barclays. several top executives were forced to resign and the company had to pay hundreds of millions of fines. the bank has promised to win back customers trust by making ethics count more in the future. >> let's get a check now on how the markets reacted to all of that news. our correspondence sent us this report from frankfurt. >> more and more signs show that the worst may lie behind german companies. although profits broke down, the incom

the euro is lower against the yen the european central bank's president mario draghi expressed caution. the euro yen is squatted at 123.99-02. currently trading -- the dollar is losing ground against the japanese currency currently trading at the he 92 yen level. tokyoo stock prices were lower. the nikkei shed 1.8%. it prompted investors to take profits. leading japanese automakers have raised their annual profit forecast. the yen's fall is helping them to do better in overseas markets. toyota motors, suzuki, mazda and fuji heavy industries revised their estimates up for fiscal 2012 that ends in march. the yen's fall is expected to push up toyota's profit by $1.5 billion. and fuji heavy industries to $252 million. makers of the heavy reliance on exports are benefiting more from the japanese currencies weakness. sales of nissan and honda levelled off but the companies have kept their earlier profit projections due to better export margins. mitsubishi lowered their profit expectations. >>> struggling semiconductor maker renesas is expected to slide into the red. it says it's likely to re

and european central bank to help it meet the requirements of trying to beat its debt and emerge from the financial crisis. so live pictures there from athens. and researchers in brazil have for the first time managed to document the birth of a rare giant arm dillo. take a look at these pictures. at the right of your screen. after five months trained on a burrough, a remote camera managed to capture the baby and mother on film. organizations from around the world provided cameras for the project and the footage reveals clues about the lives of this mysterious mammal which can be used to aid conservation efforts in the future. so that is the arm dillo there. it seems to be reaching out for something, i think. staying with the animal kingdom, a young royal penguin is receiving treatment after washing up on a beach more than 2,000 kilometers from its home. the penguin was found starving and dehydrated east of wellington. giving you another story on hacking. china says there's no proof its military is behind an international campaign of computer hacking. it follows a report by an american

awaiting policy decision by the european central bank, which is due out later today. a bit of a mixed picture. london is up by about .2 of a percent. gains for the frankfurt market about a half percent higher. see how asia did today. stock prices here were mostly lower. that's just before the markets closed for the lunar new year holidays. it declined just about a percent today as the yen was just a bit stronger. the sheng high composite also down almost .7 of a percent. that snapped an eight-day winning streak on uncertainties about european debt. also a drag on the hze. let's see what's going on in currencies now. we've got the dollar trading slightly higher against the yen after falling to the lower 93 yen level. analyst says the yen is buying back the zlar before the ecb meeting. yen right now at 93.87. euro is also a bit higher against the yen. euro/yen at 127.36. >>> well, on the economic front today, japan's manufacturing activity increased in december. orders for machinery rose for a third straight month. that's because of a weaker yen and also signs of a glob

also the european central bank saying risks for the region are to the downside. investors reacted to disappointing productivity data as well. today we'll get more data on the economic front on the trade deficit and wholesale trade. the dow losing 42 points to 13,944. looks to be down for the week. nasdaq slipped to 3165. the irs is cracking down on criminals who use stolen identities to seek thousands of dollars in tax refunds. the agency says a january sweep of 32 states and puerto rico found nearly 400 identity theft suspects including more than 100 that were arrested. the number of investigations tripled last year centering on high-risk cities such as san francisco, l.a., new york and miami. the irs says it is investigating in-house filters that were what helped prevent $20 billion in would-be fraudulent tax refunds last year. big problem these days. big problem for health care. some people use your number to go get health care and then you're stuck with the bill. you have to be very careful about your data. back to you. >> big problem and big dollars. 20 bill

fruit like stabilizing economic growth certainly in the euro zone that's according to the european central bank had mario drawing it as usual he was scarce on the details but here's what he said during a press conference in the central bank headquarters here in moscow you see uniformly signs of instability zeeshan of increasing confidence we see spreads going down we see volatility going down we've seen by a large stock markets going up early on friday i had an opportunity to speak with our kid cudi oh he's the head of the organization for economic cooperation and development he was enthusiastically sharing the o.e.c.d. his latest work called going for growth and sensually it's a very detailed country by country a rule him out for how to get the global economy out of its current stagnation know what we're seeing as a lot of the side of the old diploma in topics that really dominate the agenda that's exactly what's happening right now with the so-called currency wars and the over of central banks from china to japan and the us federal service while our massaging their currency rates to give thei

. >>> well asian markets retreated from yesterday's highs ahead of the meeting by european central bank. tokyo's nikkei dropped half a percent. on wall street, fourth quarter earnings reports did not impress investors, the dow gained just over 7 points to close at 13,986. the nasdaq dropped 3 points. >>> a third bank has been hit with a huge fine for manipulating global interest rates. the royal bank of scotland has agreed to pay $610 million, and the bankers will pay it back because the royal bank was bailed out by british taxpayers in 2008. this is the third international bank to be fined in the so-called libelous scandal. the ntsb will update the investigation into the battery fire of the boeing dreamliner today. chairman deborah says the board is still weeks away from determining a cause. the dreamliner is still grounded but the faa gave boeing permission to relocate a single plane from texas to washington state. >>> and the loss of saturday's mail could be netflix's gain. experts estimate the postal service plan to deliver mail only five days a week could save netflix as much as $1

worthless monuments that has a little hologram in one corner that is backed up by the value of the european central bank but their pain central bank itself is imploding in terms of its let's say base money to debt ratio is imploding it's exact it's expanding alarmingly at an alarmingly fast rate they're not growing there's no savings it's become a whole gram well there's been no deal leveraging in europe yet none of the banks of the lever and that's a massive problem because you don't know what kind of toxic assets are on the books of the banks i mean look at m.p.'s and m.p.'s scandal all the emails disappeared are you shocked i mean mario draggy was the head of the bank of italy at the time and all these e-mails have disappeared there's an investigation going mortgage backed security so he went down i have read all right that's that's exactly right but you know that's monte de passion ok we've got a minute or so left but i just want to talk about the strategy here to the exit strategy the unwinding strategy because they got all these banks they got us incredible killings of dollars of bad debt they say

worthless monuments that has a little hologram in one corner that is backed up by the value of the european central bank but their pain central bank itself is imploding in terms of its let's say base money to debt ratio is imploding it's exact it's expanding alarmingly at an alarmingly fast rate they're they they're not growing there's no savings it's become a whole gram well there's been no deal leveraging in europe yet none of the banks of the lever and that's a massive problem because you don't know what kind of toxic assets are on the books of the banks i mean look at m.p.'s and m.p.'s scandal all the emails disappeared are you shocked i mean mario draggy was the head of the bank of italy at the time and all these e-mails have disappeared there's an investigation quite mortgage backed security so they went down having all right that's that's exactly right but you know that's monte de passion ok we've got a minute or so left but i just want to talk about the strategy here to the exit strategy the unwinding strategy because they got all these banks they got us incredible killings of dollars of bad tha

worthless monuments that has a little hologram in one corner that is backed up by the value of the european central bank but their pay and central bank itself is imploding in terms of its let's say base money to debt ratio is imploding it's exact it's expanding alarmingly at an alarmingly fast rate that they they're not growing there's no savings it's become a whole gram well there's been no deal leveraging in europe yet none of the banks of the lever and that's a massive problem because you don't know what kind of toxic assets are on the books of the banks i mean look at m.p.'s and m.p.'s scandal all the emails disappeared are you shocked i mean mario draggy was the head of the bank of italy at the time and all these e-mails have disappeared there's an investigation quite mortgage backed security so he went down having all right that's that's exactly right but you know that's monte de passion ok we've got a minute or so left and i just want to talk about the strategy here to the exit strategy the unwinding strategy because they've got all these banks they've got all this incredible killings of dollars

worthless monuments that has a little hologram in one corner that is backed up by the value of the european central bank but their pain central bank itself is imploding in terms of its let's say base money to debt ratio is imploding it's exact it's expanding alarmingly at an alarmingly fast rate there they're not growing there's no savings it's become a whole gram well there's been no deal leveraging in europe yet none of the banks have the leverage and that's a massive problem because you don't know what kind of toxic assets are on the books of the banks i mean look at m.p.'s and m.p.'s scandal all the e-mails disappeared are you shocked i mean mario draggy was the head of the bank of italy at the time and all these e-mails have disappeared there's an investigation great mortgage backed security so he went down every hole right that's that's exactly right but you know that's money to passion ok we've got a minute or so left and i just want to talk about the strategy here to the exit strategy the unwinding strategy because they've got all these banks they got us incredible killings of dollars of bad deb

by a financial advisor marco fro beliefs or just this week ireland security deal with the european central bank that's expected to reduce its debt load these protesters frankly seem unconvinced why is that. i think it's going to be difficult but beyond that you get the review from where they're going to campaign for it. if it will be good very cool public come. from really. from the. from the europeans. if you go there. then you've got to give relief where a cool p.r. you. have ended up with a far bigger bill that most countries for the band and then. they're suffering a great deal more. for suffering a great deal more as you mentioned everyone a lot of piece of the pie if there is more relief for them but if we look at the trade unions in the country i mean they say that they're going to continue their protests until the government separates bank debt from sovereign debt do you think that that's a realistic demand. well. for you we. are not there their job to do i really don't think they're going to. be. removing. some of. the. i think we can and we have another crisis. bring. another car to w

protest despite a recent decision of the european central banks to ease the country's debt burden. and broadcasting live direct from our studios in moscow this is our thomas let's get right to our top stories and egyptian court has ruled to ban of the video sharing web site you tube for a month for hosting a controversial and islam film this comes as violence returned to the streets of egyptian cities on friday as protesters vent their anger against president mohamed morsi are true reports from cairo. at the moment there's been a lot of condemnation of the by protest movement we see you keep it as a vital resource for disseminating information about human rights abuses by the security forces it's also an indication of an islam mind zation all egypt has been a number of quite controversial statements made by these hardline muslim clerics in the last few weeks including a religious edict calling opposition forces to be killed and a muslim cleric speaking to the section. justifying sex more attacks on egyptian protesters in tahrir square what we really face here in egypt if this were

irish streets for a countrywide anti austerity protest this despite a recent decision of the european central bank to ease the country's debt burden. and broadcasting it live from our studios in moscow this is r t i'm sean thomas let's get right to your top stories and egyptian court has ruled it to ban the video sharing web site you tube for a month for hosting a controversial anti islam film is comes as violence returned to the streets of egyptian cities on friday as protesters vented their anger against president mohamed morsi are true reports from cairo. at the moment there's been a lot of condemnation of the by protest movement we see you keep it as a vital resource for disseminating information about human rights abuses by the security forces it's also an indication of an islam mind zation all egypt has been a number of quite controversial statements made by these hardline muslim clerics in the last few weeks including a religious edict calling proposition forces to be killed and a muslim cleric speaking to the ships in china justifying sex mob attacks on egyptian protesters in tahrir square

and the european central bank has been pro-active in promoting growth and assuring the survival of thetill remain. ewald nowotny is governor of the austrian central bank. he's also a member of the governing council of the european central bank, and he joins us this morning. and governor, thank you very much for being here. >> good morning. thank you. >> we have been trying to get a feel for it ourselves, but where do you think things stand right now in terms of the european crisis? >> well, i have been with you a year ago, and there is improvement in the economic situation. i think both the governments, and also the central bank have done their homework. so from a financial side, we are clearly in a much more positive situation. where we do have a problem, the real economy, the growth rates are not adequate, still. also, one has to see that there is quite a great amount of differentiation. there are some countries like my own country, austria, germany, outside the euro, poland, sweden, that have positive growth rates. but the southern countries, many of them, most of them, are still in

financial advisor marco pierre probably sir just this week ireland security deal with the european central bank that's expected to reduce its debt a lot of these protesters frankly seem unconvinced why is that. i think you're going to be the obvious. get don't get me wrong or they're going to come. for. the country. from italy. from the. from the europeans. never going to. where ever you go to give relief where recalled the irish catholic . country to the back and there will be. a great deal more. for suffering a great deal more as you mentioned everyone will want to piece of the pie if there is more relief for them but if we look at the trade unions in the country i mean they say that they're going to continue their protests until the government separates bank debt from sovereign debt do you think that that's a realistic demand. well. we. gave i really don't think they're going to. run. from a. you know like you are going to me one of a probably. being. i don't know of a cartoon where we were half an hour from. the reality you are and you know what you mean like many in fact the very. governme