germany pays the least. so far, not even 2%. if the trend continues, france risks a downgrade in its credit rating. two agencies have already stated that france's aaa status is under review. a dangerous phe eurozone's second largest economy. >> with investors suddenly showing little desire to buy german bonds, we asked the chief economist at the premier bank how he was interpreting the situation. >> first of all, we only could sell a little bit less than 4 billion euros. the target was 6 billion. it does definitely mean the european crisis is approaching germany. with all the other countries -- countries around germany, with others regard the stable, being greeted down by capital markets, that happens now through germany and it does mean the german policy has to move into a direction where they support fencing of the eurozone, whether it is the ecb bazooka or the eurobonds, it remains to be seen. but i expect it in the next few weeks. >> meanwhile, the lack of interest in the bond auction triggered a further sell-off in frankfur

these are parts of a scandal here in germany. it appears that a terrorist cell was able to carry out numerous crimes, all i -- all while being intelligence agency. angela merkel called it a disgrace for the whole country. >> forensic teams searched the burnt out remains of the apartment where the suspected cell was based. each nuclear opens up more questions than it answers. -- new kluclue opens up more questions than it answers. guns and a suitcase bomb were found. police identified three suspects. to they are suspected of carrying out a set 8 -- they are suspected of carrying out a spate of racially motivated murders. >> we need to examine the intelligence services whole way of working the extreme right wing sane -- scene. there is a fundamental flaw. the of the means to be changed. >> politicians have had difficulty getting any answers to their questions on this issue. no one from the intelligence service appear before the parliamentary committee on tuesday. many are asking what role informant's played. the intelligence servic

regulator evolution is not the issue which germany and the rest of the e.u. nations need gas to sensibly reform their energy policy will russia on the other hand has to sell gas to keep its budget in order so there's a. co-dependency which is a good thing i would be happy to see european companies invest into russia and european markets open up to russian companies it's a good free market economy that isn't good for the marc rich what do you think of the recent raids on gazprom and its partners in europe if you think about the or p.r. guys i think europeans need gas field as has many uses with the political uncertainty in north africa it's good to have a stable partner that you can rely on and russia is what would be you know better than anyone else for instance the bit written recently switched from export to imperial europe needs a gas supply to maintain a stable mix of energy sources and it's climatic conditions require him to get it needs norway to go outside but also russia's gas and therefore i think opening the market up to mission companies would be a

suez and germany's on and b.s.f. windowsill on the other if investors decide to build a third and fourth pipeline privately financed mind you we're not talking about think financing then it could be done i do not know whether they will make such a decision as it was not part of my work line of. brussels wants all russian energy companies not just gazprom to be allowed to export gas to europe what are the implications of that for gas problem and europe. regulator reprovision is not the issue the e.u. or germany and the rest of the nations need gas to sensibly reform their energy policy russia on the other hand has to sell gas to keep its budget in order so there's a. co-dependency which is a good thing now to be happy to see european companies invest into russia and european markets open up to russian companies it's a good free market economy that is good for the market truck what do you think of the recent in your raids on gazprom and its partners in europe think about the or p.r. guys i think europeans need gas fiel

at their most import trading partner is germany. the company is growing, even during the current euro crisis. her term as head of the employers' association and is this coming spring. she denies that she plans to go into politics. >> people repeatedly hit that i could become the leader of a new middle of the road party. but i have always denied it. i do not want it. >> at the youth conference in milan, she promotes a new, young economy. >> one of the most important prerequisites for more growth and confidence is the participation of the young generation. young people have to have a bigger voice. about unemployment among young italians is about 20%. that and expect hard times, but she gives them hope. >> this woman knows what she wants. she is remarkable. >> emma marcegaglia has a much cleaner image than the current politicians in italy. i like that. >> in italy, unfortunately, we already dead end. many young people are emigrating. >> italian politicians should all be traded in, from a to z. >> emma marcegaglia is italy's most powerf

. >> germany has very low interest rates. germany would be the backstop. germany is adamant pit is so against these euro eu [inaudible] -- germany is adamant. it is against these euro bonds. they say, let alone the introduction, you may see a lessening of -- >> with that, if germany is not for this, this thing is not going to fly. >> it is not going to fly as it stands now. what germany wants to see and the only reason germany would accept a euro bond is if these countries, the members of the eurozone, basically give up sovereign control of their finances. they let a central group in brussels collect the taxes from greece, control the budget in spain, italy, greece, and things like that. it is a tough task indeed. with europe, this is not good news to the gloomy news from europe. figures showed the region could be headed back into recession. it's called the purchasing managers' index. it's a key barometer watched very closely by europe's central bank. manufacturing output at the lowest level since june of 2009 in the region's largest economy, germany. fact

germany's interior minister has pointed to obstacles. ban would have to come from the court, and in communications with informants on the inside. >> as more evidence of the activities comes to light, there is mounting criticism of germany's domestic intelligence services. >> there were some question marks indicating that once again, a public institution was blind to what was happening on the four why french -- far right fringe. >> 22 people were wounded in that blast. >> we will have more on this story coming up in our report after the news. the chancellor has told her party delegates that a closer union with in europe is the only way out of the euro zone debt crisis. speaking at a party conference, she said that a strong europe is essential for the futures prosperity of germany. angela merkel has been facing some criticism from her own party over her handling of the debt crisis. >> she received broad party support for her policies. that followed an emotional appeal to the conference earlier in the day. >> europe has a common destiny and

in germany and the s.f. winter certainly like the investors decide to build a third and fourth pipeline through a privately finals might we're not talking about things like there's a m b then it could be done i do not know whether they will make such a decision as it was not part of my will and mine of. brussels wants all russian energy companies not just gazprom to be allowed to export gas to europe what are the implications of that for gas problem and europe as. regulator repetition is not the issue. and the rest of the nations need gas to sensibly reform that and. russia on the other hand has to sell gas to keep its budget and so there's a. culture is a good thing for jay how to be happy to see european companies invest into russia and european markets open up there wasn't a company that it's a good free market economy does is good for the market truck what do you think of the recent you raids on gazprom and its partners in europe think about just the all appear gasp i think europeans need gas to feel as

germany struggled to sell government debt and borrowing costs rose. bill blaine is a senior director at a financial trading company and he explained the significance of events on the financial markets. >> yesterday we got a clear demonstration that it does not take a euro events like a greek the ball to kick off contagions. you know what? the virus is already spreading. a normal market, we would not particularly mind if the german market had not -- often than not on particularly well. it might have told us interest rates were so low that it might not be worth buying bunds and maybe you want to have risks somewhere else. but yesterday clearly demonstrated the global marketplace is walking away from the bureau. what is most interesting is the amount of volume and selling seen in places like asia, places like the u.s., where investors are bailing out of europe completely. a couple of months ago we were all talking about china may be coming in and buying euro government bonds. we are not hearing anything like that anymore. >> certainly not. correct me if

gerhard schroder was charles love germany from nineteen ninety eight to two thousand and five he's now chairman of the board at nordstrom's russia's new gas pipeline under the baltic sea and europe is to further why should the e.u. increase its dependence on gazprom its good name i know i end up in a crowd with one son we're not talking about russia's dependence we're talking about cooperation between russia on the one side and the european union on the other in the energy sector theme of your screen is viewed as a priority project both by russia and the because it's been part of europe's energy networks since two thousand and six recognized by the european parliament and the e.u. council of energy ministers which was and former patient problem meant. that the energy minister to nordstrom pipelines have already been laid what top of the third one will be added and what will be its capacity we haven't yet that we currently have at least two pipelines with a total capacity of fifty five billion cubic meters would be a question of whether a third or even further pipeline will be living th

artie's financial gurus discuss the draw of italian gold and look at another failed debt auction in germany that's coming up. hi i'm max kaiser this is the kaiser report there's another big battle going on between academics and economists versus people who really know something about the economy and the way markets work stacy herbert tell us more max well we just came off thanksgiving that's my first headline thanksgiving tally lunatics and hacks win as gold up nineteen point three percent year today s. and p. down seven point five percent so this is from zero hedge and they're referring to nouriel roubini who called those who believe in gold as lunatics and hacks of course they show this chart where you see the s. and p. is down seven and a half percent gold is up nineteen point three percent and yet from the propaganda pushed by the media you would think it was the opposite right well roubini is an academic who has models that he believes the economy should fit into but it never works out the way his models suggest and as a result he gives horrible advice in terms of what the policy maker

take over the economies of struggling bureaus own countries now this document also reveals that germany's preparing for the defaults of large eurozone nations will bring in all the details meanwhile in the u.s. we know regulators have been trying to figure out what happened to this six hundred million bucks missing from customers of global and now they suspect at least some of that cash may not be missing it may be gone and used to cover trading losses at the firm that of course has declared bankruptcy now the question remains as to whether more customers affected will react like gerald celente did earlier this week on our show. maybe then they know and as i'm thinking the first word of the m.f. is mother and we could put the all the word in there if you use your imagination i you're going to go and from working on wall street occupying wall street we'll talk to max kaiser first host of the popular kaiser report on his evolution from broker to leader of the so-called global insurrection against banker occupation and was seventy five thousand layoffs expected on wall street will we see mor

of germany and the rest of the questions that need gas to sensibly reform that and. russia on the other hand has to sell gas to keep its budget in world war three so there's a. coded and getting a culture is a good thing for jay how to be happy to see european companies invest into russia and european markets open up the washing company that is a good free market economy does is good for the market truck what do you think of the recently you raids on gazprom and its partners in europe they think about just the or p i gasped i think europeans need gas to feel last as many years it's a dog with a political uncertainty in north africa but also good to have a stable partner that you can rely on for russia is one of the you know better than anyone else for insulation of it written recently switched from export to your old partner europe needs a gas supply to maintain a stable mix of energy sources and it's climatic conditions but more for him to get it's norway's going to survive but also russia's give us and therefore i think opening the market up on companies would be w

>> germany's one of our most important parts, how we see for policy and now we see germany's role in world, that we stand united with israel. that means for the future that by the situation of america and of the american president that germany's days closer with israel than it was before. and we would have to take more responsibility on the issues of israel. that means that we are no longer neutral or a moderator in this situation. we stand clear on the side of israel. >> we will also be taking an in- depth look at the palestinian statehood later in the program. german authorities are investigating suspicions that right wing extremists may be responsible for the murders of 10 people over a seven-year time span. from 2000 to 2006. prosecutors say they're looking into the killings of eight people of turkish origin and one ethnic greek. last week, police found a pistol and a burned out apartment. it is believed to be the murder weapon. at another location, they also discovered a service revolver belonging to a police woman murdered in 2007. ceremonies taking place around the world to ma

and european leaders open a new gas pipeline, leaking germany and russia. -- linking germany and russia. captioned by the national captioning institute --www.ncicap.org-- >> italian prime minister silvio berlusconi has announced he will step down after 17 years at the top of political life in his country. he leaves as italy faces a debt crisis that is forcing cutbacks in all sectors. his resignation comes after opposition lawmakers abstained from voting on what would have been a routine measure, the approval of the budget. the plan was not supported by conservative coalition partners, handing him a humiliating defeat. >> only 308 mps in the lower house of parliament voted to ratify the report on the country's finances for 2010. after the result was announced, the opposition urged berlusconi to resign. >> this result clearly shows the government no longer has a majority in parliament. >> leftist opposition parties and defectors from the center- right coalition boycotted the vote. as a result, berlusconi lost his majority. under increasing pressure to step down, the prime minister met wit

germany and france have decided the e a's treaties need to be changed. changed. >> the german chancellor is sticking to her guns. she is opposed to pulling the debts of the zero countries. the leaders of europe's three biggest economies presented a unified front. supporting her vision of giving the eu greater powers to control national budgets and times of crisis. the three leaders have agreed on changes in the eu treaties. >> it is about overcoming step- by-step design flaws in the euro zone debt to rise from the fact that we do not have the political union. that is why my position has not changed at all since yesterday. >> italy's new prime minister promised to pursue a strict austerity cause. nicolas sarkozy, appeared to distance himself from earlier french demands for the european central bank to continue buying up sovereign debt. >> we all stated our confidence in the ecb and its leaders. we must refrain from making demands, whether positive or negative. >> leaders must convince the rest of the euro zone to accept stricter in debt policies. >> no ag

at the expense of everyone else now it's germany is out of control so german yields are higher than the u.k. which is just unprecedented and of course if you know they just even a cursory glance of their economies the u.k. has no economy literally it's just financial fraud and that's it germany has an economy that actually builds wealth and creates wealth and yet there yields are higher then the you case this could be part of the financial war we know merkel and cameron are in a little bit of a tit for tat you know that in the currency wars the object of for every country is to drive their currency cheaper down lower beggar thy neighbor so the fact of the u.k. is trading above germany shows they're losing the currency wars the idea is to get it cheaper so they're losing on the surface it looks like that's a good thing but actually the currency wars in this particular phase it's a bad thing well speaking of currency wars a lot of them we are to as monopoly money correct that's correct well as investors flee group on outlook for i.p.o.'s darkens so according to data from renaissance c

zone crisis deepening, all eyes turn to germany. these german mps know they will determine the future of a single currency. today, the german chancellor said she still believes the euro zone can survive in its present form. >> since the beginning of the debt crisis, and germany has presuming one single goal. stabilizing the euro zone in its current form. >> the euro zone badly needs fixing and germany has been the main country applying the sticking plaster. it has been the largest contributor to two greek bailouts. the question is whether germany will step in to help italy. it has contributed to under 11 billion euros to the main euro zone bailout fund. but says that is the limit. it is unwilling to allow the european central bank to become a lender of last resort. this is why. the memory of inflation in the '20s. truckloads of money were needed to pay basic wages on a daily basis. germany will not agree to the ecb printing money. it is the weight of history that makes germans hypersensitive to the idea that the european central ban

ork you know if they go after italy's gold to buttress to euro bond this will trigger germany's panic of their own gold which is held in new york and that we're going to see even more tension between germany the u.s. and the u.k. the animosities in world war two of course are still festering and the other thing is you said that if a gold backed euro bond i think that's a way to steal the gold of europe instead a better method for italy would be to drop out of the euro and have a gold backed currency and gold backed lira that would be a way better a strategic move on their part for in the currency wars of course that's why they very quickly put in this guy monti to run italy big instead of having somebody who is a sub who is representative of the people's interest remember his nickname is three card monte he likes to shuffle the cards around and high the money and steal all the money because he's a charlatan and of course i mean the f.t. does know that this plan of backing the euro bonds with the nation's gold it might even backfire as investors wonder if the losses could exceed the tw

was born out of that was of course to contain germany after the devastation it caused in world war two you say that mature democracies don't go to war but you as an opponent of federalism are you afraid of germany and when i say that i don't mean literally germany perhaps i need the reemergence of a player like that who tries to use force for control on a continent. there has not been since nine hundred forty five any public up outside or any public figure in germany that has suggested that they should invade other states that has been keen on remove it tries it but actually i think much of this is actually rather insulting to germany yes they did some ghastly things i don't think since not in forty five there's been a more peace loving country in the world than germany ironically what has happened through the euro project because the germans are really rather efficient very good at industry and manufacturing ironically economically they are now taking over the whole of the eurozone and i think mrs merkel finds herself reluctant the old boss in europe today those are is just i didn't m

no gold for you buddy ok well at least max germany is not a serious debtor like italy. crisis italian borrowing costs soar to bailout territory so we know italian debt is that two point six trillion dollars was dwarfs that of greece. and the yield on the italian ten year bonds went up to six point six six percent as you can see from the start spike right now on good to take the hot seat away from grace who took the hot seat away from ireland but the whole crisis will revisit ireland again they just found an incredible new realize liability and their banks' balance sheet that will require another bailout in ireland and more austerity measures speaking of arlen stacey i was just in limerick at limerick university they gave me this award the limerick university debating team this is for contributions to financial journalism one of the say stacey says honorary life membership according to max keiser for his contribution to debate and discourse they must have seen your discourse at the dispatch box with david cameron yes well the contributions i've made apparently to the art

s who is in germany on and through the s.f. winter selling only. investors decide to build a third and fourth quite close to a privately final smiley i think i we're not talking about states like there's a and b. then it could be done i do not know whether they will make such a decision as it was not part of my work and i know of. brussels wants all russian energy companies not just gazprom to be allowed to export gas to europe what are the implications of that for gas probably and europe skater new york. regulator international is not the issue but you are not germany and the rest of the nations need gas to sensibly reform that and. russia on the other hand has to sell of gas to keep its budget and so there's a. code and a culture is a good thing of rigi how to be happy to see european companies invest into russia and european markets open up their wasn't company good it's a good free market economy is good for them mark picture what do you think of the recent new raids on gazprom and its partners in europe think about your p.r. guys i think europ

germany's options are limited. >> with the euro zone crisis deepening, all eyes turn to germany. notableerman mp's determine the future of the single currency. the german chancellor said she still believes the euro zone can survive in its present form. >> since the beginning of the debt crisis, germany has pursuing one simple goal. to stabilize the euro zone and its current form. each individual country is in a situation to regain credibility. >> the euro zone badly needs fixing and germany has been the main country applying the sticking plaster. the big question is whether germany would step in to help italy. so far, it has contributed 211 billion euros to the main euro zone bailout fund, but says that is the limit. it is unwilling to allow the european central bank to become a lender of last resort. this is why. the memory of inflation in the '20s. truckloads of money were needed to pay basic wages on a daily basis. germany will not agree to the ecb printing money. it is -- the germans are hypersensitive to the idea that the ecb could be used to help countries in difficulty. wh