we were comforted by the imf study on the matter. the imf did produce a steady, did restrict the scope of the bases on -- from which the contribution could be made because it is easier to identify the clearing points. but yes, we believe very strongly that it is one of the innovative financing topics that needs to be explored. >> de think perhaps too much is being expected of the g-20, that is being perhaps over burton, given its relatively recent founding -- that it is being perhaps overburdened. in that sense, realistically, what contribution kennedy 20 make -- what contribution candied g-20 make toward realigning exchange rates? is already heavily burdened, it seems. >> i would contend that if is not an obstacle to efficiency. both you and i have gray hair, even white hair, actually, we should not lead us to assume that young institutions or young people cannot actually deliver and contribute to proposing ideas and improving the way in which we operate together. the issue of secretaries is a real one because of the rotating presid

body of the imf.ou probably have the communique in your hands. we discussed a number of issues. chief among them, the global economy and the global recovery. we analyzed a number of dimensions in that. we came to the conclusion that the global recovery is happening, but it is fragile. it is uneven and around the world. it is still threatened by a number of elements that push on the downside. some elements related to a sovereign risk, others related to a financial sector that is still recovering, not fully recovered. we also examined the continuing work on financial sector reform done by the fsb and other bodies. we welcome basel iii reforms, and we are keeping coordinated with the regulatory reforms so that we keep up with the policy and structural reforms in the cut -- economy. local economists are recovered but never the less poverty rates are a concern among the membership and we are making sure that what we established within the imf are able to help these countries when they need assistance. we h

the imf says the global growth will slow next year after expanding at a rate of 4.8% this year. they are forecasting 2% growth worldwide next year. they expect a margin economies to grow three times as fast as industrialized nations. they have raised their forecasts for germany to 3.3% this year and 2% next year. stock prices continued to advance on european exchanges on better than expected german factory orders in the hopes that further economic stimulus package is in richer countries. -- packages in richer countries. we're joined from the frankfurt stock exchange. >> normally this would weigh on currency and shares when a rating agencies downgrades ireland but nothing like that happened. the euro started to rally. also, the share markets in germany continued their rally. they began yesterday mainly driven by new economic german data. industrial numbers went up by 3.5%. if you compare this to last year so that they went up more than 20%, this shows that the german economy is in an excellent position at the moment which give a boost to shares. >> looking at several market index

the annual meeting of the imf closed at 18th and 19th streets.taste of georgetown festival closed wisconsin to m streets. friday, the susan g. komen of walk close a number of roads. also friday, traffic was reduced to a single lane on fourth and fifth streets northeast. it is hard to get around. the gates here will roll up at 5:00 a.m. tuesday morning. that is when metro expects everything to return to normal. >>> besides all of the events in d.c., there was a big conference in virginia, the tea party convention. it wrapped up in richmond. several keynote speakers, including ron paul. about two dozen people attended. -- about 2000 people attended. >>> a major breakthrough for the trapped chilean miners. earlier today, a drilling rig punched through the mine. >> a bell told the good news. 33 miners could not hear a half a mile below the earth. more than two months ago, a mine collapse turned their workplace into a dungeon. that now escape is at hand. from anxious relatives waiting faithfully at the site, called camp hope, join us notice of impendi

until now, warnings of the currency war have overshadow the the imf meeting. france though, rejects talk of a currency war. >> agreeing and i'm not at all in the mind or in the mood for war >> i think this is unnecessary. we don't need that. >> the china trading partner said u n is fairly undervalued. the imf president is calling for calm. >> yes, the recover is here. we know it's coming back. we know it's uneven and fragile because uneven. >> this country will cooperate more in monetary matters showing a currency war is not the solution. >> two years ago. the global finance crisis shook the world and still causing ripples. the growing temptation to prop up exports is not new at all. historians see close parallels with other financial crisis. >> two years after wall street crashed on october 1929, the world was in the grip of depression. banks faild and many countries devalued their currency. the allowed the bond to tumble 30%. other countries followed suit and de-valuing their currencies. by the time of world war ii, the gold was a history. german chancellor

the imf has repeatedly recommended developed nations to reduce their fiscal deficits. the latest report is seen as an attempt to show the effects of fiscal reconstruction and possible measures to deal with now to south korea's. the market has been expending fast, posting an average 10% growth since 2004. it shows how the population has used e-learning. >> a government sponsored exhibition called e-learning week was held last week. nearly 100 businesses participate in this. 30% of the participants were foreign companies. it was showcasing a wild range of tools using state of the art e-learning technologies. in the spotlight was called e-training. a system that provides a futuristic virtual classroom experience. this government-led project represents various cutting edge technologies. so the whole content of this magazine is right here inside this smart phone. you can click on one of those menus and read it through. elearning applications for smart phones were introduced. they are working to develop handsets in the increasingly popular field. >> translator: i thought e-l

in its latest forecast the imf lowered this year's u.s. economic growth from the 3.3% estimated in july to 2.6%. for next year u.s. growth has been marked down from 2.9% to 2.3%, or 0.6 percentage points down. imc cites the lack of improvement in the employment situation and the stagnant u.s. housing market for its decision. the fund also lowered the forecast for japan's growth next year from the previous 1.8% to 1.5% as export growth is expected to be restricted. but the forecast for the european economy this year and next have been revised up due to an expected increase in german and other exports helped by a weaker euro. the imf says strong growth will continue in emerging economies such as china, india, and brazil. the forecast for this year's growth of the world economy on the whole was raised by 0.2 percentage points to 4.8%. >>> japan is planning to use $1.2 billion of this year's supplementary budget to stabilize supplies of rare earth minerals that are vital in high-tech manufacturing. the move is part of government efforts to wea

these days, brazil does not borrow money from the imf. it lends money to the imf.hat is a huge source of pride. the carnival mood has reached the for the stock exchange where, last week, president lula donned the jumpsuit of the national oil company to announce a world record share issue. >> it did not happen in london or new york, but right here in sao paulo. >> internationally, this former metalworker has moved his country center stage. the most popular politician on earth, said barack obama, one of many admirers. >> he became this leader who really led his country through this remarkable economic and social progress and really got brazil to this day stay where you can say that brazil is one of the major players on the world stage. olympic triumph was his crowning achievement. his successor is an economist and technocrat who left the crowd underwhelmed. butlacks la's star power, she promises continuity. >> there is renewed hope for the 33 chilean miners who are stuck underground. >> this is the news that families here at camp hope and the 33 men trapped undergrou

it brought little movement on currency disputes, trade gaps, or imf reform. >> world trade is booming. exports are on the rise. economists are concerned. especially for countries that export more than they import. germany's foreign trade surplus last year reached 120 billion euros, 5% of the country's gdp. u.s. treasury secretary timothy geithner is calling for a ceiling of 4%. demand is targeted at export power presses like germany, china and japan. response was swift and negative. >> we need to talk about it first. numerical targets are not realistic. >> currency values are no other source of tension on the agenda at the summit. china has been criticized -- currency values are another source of tension on the agenda at the summit. china has been criticized for keeping its currency artificially low. lee myung-bak wants everyone to work together to avoid currency war. >> i would like to say that we must find win-win ways for the implementation of the agreed framework. >> he also said that reforms of the imf should go ahead. last year's g-20 summit decided to give emerging economies mo

the other is a rule of the imf. proud that everybody is saying the right way to do things is in the imf. >> thank you very much. i know there are more questions, but there will be another press briefing later on after the development committee. thank you very much. >> we taken out to a park in north west philadelphia kicking off a rally where president obama and vice president biden will be campaigning. they will be joined by the senate candidate and the candid for the democratic gov. seat. he is running against the state attorney general. the president has made a number of visits to philadelphia. you can see the senator now speaking to the crowd. the race for the u.s. senate here is being rated a toss up by seeking politics. while we wait for some of the speakers to appear, we will take a look at this morning's "washington journal" on the political environment before the 2010 elections. we want to welcome sherry, a blogger for the hill newspaper, republican stratjidge, and maria, democratic strategist. thank you fo

. >> the draft 2011 budget delivered those assigned eu and the imf. pledging to support the euro and government bonds. despite the crisis and the promise for the bond the next time. reigning in the activities. a government commission proposing the two banks. that move goes much further. let's talk about some fast quotes. giving the global steal industry a big boost. according to the world's steal association growing by 5.3%. this year, demand will jump to levels higher than that before the crisis. >> you think that helped the market, you bet your bottom dollar. a lot of speculation that growth will bolster growth around the world. originally, it was suggested that they may not be rescued until december but hopes are high they will be rescued far earlier. >> a real sense of confidence here at the copper and gold mine that we could be seeing significant breakthrough. let me explain why. the one in the foreground is going really well. the smaller white drill tucked behind that crane. that had under 200 meters it go. it is drilling a 28 inch boor looking

they marched from the imf to the white house. >> we are gathered here at the imf. >> they were not exactly protesters, but thousands are walking for a cure. >> i lost my baby sister to breast cancer. >> back to metro construction, it has angered some passengers. >> you do not need to close on a holiday weekend. >> metro says that the job is too big for one night. metro center will be open for the bread line, but closed for the orange and blue. >> another thing that the metro spokesman said for orange and blue line passengers is that if you are moving around downtown, you might save a lot of time by just walking, particularly on monday morning when workers will be back and the metro will not be. for more information on just what is and is not open, go to our web site at tbd.com. reporting live, sam ford, abc 7 news. >> coming up, they appear to be good samaritans helping an elderly woman find her way home, but they turned out to be thieves. she was the voice of dora the explore, but now she is suing the collodion. a number of americans with of ladas are on the rise and it could be due to wa

today the managing director of the imf used language that's quite motivate. he said some companies, namely china view currency as a weapon. they do. we're in a trade war. but china's firing the missiles and we're not shooting back. we're essentially folding our arms. while they truck all of our america industries. caterpillar and general motors are very happy to play the game -- >> hold on, jim. >> caterpillar, china doesn't need an embassy in america, it has caterpillar. i confronted the chairman of general motors now gone, he just blew me off, jack wagner. who know why? he has plants in china. they're frankly foot soldiers to haul off american industries and take them to china. >> i think that's changing. i think more multinational -- let me finish. >> exchanging. >> more multinationals are tiring of the rules being put on china. as i was mentioning. these market rules where they're forcing to relocate r and d to china. the traditional sort of free trade lobby which is republicans and these multinationals. that's breaking down. multinationals areless enthus

. >> what is the state from the imf? >> they issued a global stability report, and they said confidence in the financial sector has not completely returned. banks remain to be the achilles heel, and financial institutions have to improve their capital requirements. they have concluded that the global financial crisis was more or less over but this optimistic outlook was given beyond the debt crisis. i spoke with our correspondent in washington, regarding this, with most of the analysts. they say the global economy is not out of the woods. i was asking him what the final verdict really was on this, and the stability of the global banking system. >> the main message was that we are not out of the woods yet. they have said that the economic recovery that we are witnessing is very fragile. they are asking the government to keep up the stimulus programs, or not be terminating them completely encased bailing out the banks is needed, or putting more money into the economy. they say that debt is a huge problem. in the midterm, y

the imf warns that the investment needs to grow at a sustainable pace. take the marathon approach, rather than a sprint. the other main factor is south american exports to emerging economies. chile's exports huge amounts of copper to china. commodity prices are relatively high and predicted to remain so. meaning the south american economies are less dependent on the united states. the same cannot be said for the economies of countries in the caribbean, which are highly dependent on tourism from the united states in europe. their growth is slow. in central america of the growth is faster. once again, central america is struggling because of its strong link to write about -- relatively sluggish u.s. economy. >> do you still have time for an afternoon nap? in spain it has long been a part of daily life, now at risk in an increasingly healthy -- hectic world. >> in the middle of a madrid shopping mall, something strange is going on. it is the first ever contest to find the best siesta sleeper. every hopeful gets one of these to measure their heart rate. desp

there will also be several street closings related to the imf board for the cure. >> still to come, the comment that triggered an apology. >> first in the nation, maryland becomes the first state to make voting easier for absentee voters. >> a former president's men morris -- memoirs. >> i think you're too like the weather. >> i think you're too like the weather. we will have bureau two governors, two different approaches. even in good times bob ehrlich didn't make education a priority. he increased college tuition by 40%, cut school construction by $200 million, and ehrlich voted to eliminate the department of education while serving in congress. but in the toughest of times, martin o'malley has made record investments in public schools, new school construction, and o'malley froze college tuition four years in a row. with martin o'malley, our children always come first. woman 1 sync: i knew what bob ehrlich did as governor. man 1 sync: raised my property taxes 60 percent. woman 2 sync: let utilities hike our rates 72 percent. woman 1 sync: but i didn't know what he's done since he got

it lends money to the imf. >> the carnival mood has even reached the floor of the stock exchange wheresident lula donned a jumpsuit of the national while company to announce a world record share issue appeared >. it did not happen in london nor new york, he boasts, but here in sao paulo. he has moved this country center stage. the most popular politician honors, said barack obama, one of many admirers. -- on earth, said barack obama, one of many admirers. he got brazil to the stage today where you can say that brazil is one of the major players on the world stage. was his olympic triumph -- rio's olympic triumph was his crowning achievement. she lacks law's star power, but is promising continuity and, -- she lacks lula's star power, but is promising continuity. >> there is renewed hope for the 33 july and miners trapped underground since august. they may be out sooner than expected. in mid october, they expect to be freed. >> of this is the news of the families waiting at camp hope and the 33 man trapped underground since august 5 -- the chilean mining minister has said that they shoul

they lend money to the imf.hat is a huge source of pride. >> the carnival mood has even reached the floor of the stock exchange where last week president lula donned the jumpsuit of the national oil company to launch a domestic stock issuance. internationally, this former metalworker has moved his company sent -- country center stage. the most popular politician on earth, said barack obama, one of many admirers. >> this is a leader who really led his country through social progress. he really brought brazil to the states today where brazil was one of the major players on the world stage. >> rio's olympic triumph was his crowning achievement. his successor is an economist and a technocrat who left the crowd underwhelmed. she lacks lula's star power. however, she should have enough to be president. >> it is the west and's -- running musical. this has been seen by nearly 60 million people around the world. it is the west end's longest- running musical. "les miserables." has been going for 25 years. >> this is one o

the imf supports our land in its stance progress so -- supportsn its stance. dublin has until november to present a rescue package for the next four years, detailing how it plans to reduce its debts. >> european stocks dropped on thursday as investors lost profits. it was the last tradin day and it wrapped up the best quarter for equities in a year. we have wrapped up from the frankfurt stock exchange occurred >> the european debt crisis is worsening, but then traders have been torn between positive and negative news. the bailout of irish banks is a big problem. some companies have been very optimistic. they expect higher demand, and a deutsche bank's investment is lightening up. >> let's take a quick look at the market numbers and see how the thursday session ended. in frankfurt, it finished the session lower by .2%. in new york, let's take a look at those numbers. the dow jones down by .5%. on all lackluster jobs report that came out during the session. the euro is going for a $335. it is a labor market that knows no downturn. i am talking about germany. ger

at the top of the region are a reform of the imf and policies to strengthen trade. talks will focus on new ways to boost global economic growth. >> the 46 european and asian nations gathered at the belgian king's palace expect more than pretty pictures from their meeting. together, they represent more than 60% of world trade. they want to expand that trade and learn from the mistakes of the economic crisis. >> we have the asian economic upturn to thank for our own positive economic development. we have largely overcome the economic crisis, and i expect to focus on how we can generate lasting growth and job creation. >> while many european governments are focused on getting budgets under control, asian countries want to give their economies more stimuli. china will also have to fend off charges that it deliberately keeps its currency undervalued to give its exporters competitive advantages. >> we must also resolve issues regarding currency reserves and exchange rates. but above all it is important that we preserve economic stability. >> it remains to be seen whether

. >> the imf has trimmed from $3.30 trillion to $3.20 trillion, making note that more bank debt needs to be rolled over to keep banks financed. the issue of debts was foremost on the line to ben bernanke. this week he told a group of students that something needs to be done to reduce the deficit. >> the threat to our economy is real and growing, which should be sufficient reason for fiscal policy makers to put in place a credible plan for bringing down deficits to sustainable levels. >> with america's top banker worried about the national debt, the international monetary fund has published its latest outlook. one of the things that we will be looking at is whether growth has been sacrificed as governments rushed to slash spending. >> let's talk about the big football, soccer story of the day. the liverpool team is set to be sold to the owner of the boston red sox. the deal is subject to approval and a dispute between board members has yet to be resolved. liverpool was taken over in 2007, put up for sale this year with debts mounting to the tune of $550 million. the owners will be keen

the imf supports our land in its stance progress so -- supportsn its stance. dublin has until november to present a rescue package for the next four years, detailing how it plans to reduce its debts. >> european stocks dropped on thursday as investors lost profits. it was the last trading day and it wrapped up the best quarter for equities in a year. we have wrapped up from the frankfurt stock exchange occurred >> the european debt crisis is worsening, but then traders have been torn between positive and negative news. the bailout of irish banks is a big problem. some companies have been very optimistic. they expect higher demand, and a deutsche bank's investment is lightening up. >> let's take a quick look at the market numbers and see how the thursday session ended. in frankfurt, it finished the session lower by .2%. in new york, let's take a look at those numbers. the dow jones down by .5%. on all lackluster jobs report that came out during the session. the euro is going for a $31.35. it is a labor market that knows no downturn. i am talking about germany.

police are preparing for the meetings of the world bank and imf. hundreds of protesters are expected to demonstrate started to read it 7:00. you want to avoid 80, 19, and 20th street from g to pennsylvania avenue. stay away from g and h street. those roads should open by 5:00 on sunday. it will be a good weekend to be out and about for everyone. get ready for a nice warmup. doug hill is here with our >>> forecast> you have tost go along way to find any clouds this weekend. let's go to the rooftop camera. absolutely beautiful with a live look across the river into the city. temperatures are fairly comfortable in the low 70's and we will go to the upper 70's later today. for today, lots of sunshine and pleasant conditions with ties between 74 and 80 degrees. more on the forecast and i ♪ a few minutes. >>> thousands of people are walking the streets of dc to help find a cure for breast cancer. is the biggest press cancer event in history. early this morning walkers left national stadium for the susan g. komen three-day walk for the cure. they will wal

it said we will, we will imf embrace them. >> it was nonviolent. >> it continued through the vietnam> whatever happened to the notion of love in our public discourse, because if you -- if you -- in the peter, paul and mary tradition or the dr. king tradition, try to talk about and utter the word love in public discourse today, you're laughed off the stage. yet when you think about bobby kennedy and you think about dr. king and peter paul and mary what happened to love in public discourse. >> i want to answer this musically. ♪ i'm a little boy with glasses ♪ ♪ the one they call a geek ♪ ♪ a little girl who never smiled ♪ ♪ because i got braces on my teeth ♪ ♪ i know how it feels to cry my self to sleep ♪ ♪ i'm the kid on every play ground ♪ ♪ the i'm the one that is chose last ♪ ♪ i'm a teenage mother trying to overcome my past ♪ ♪ you don't have to be my friend but is it too much to ask ♪ ♪ here he comes now ♪ ♪ don't call me names ♪ ♪ don't get your pleasure ♪ ♪ from my pain ♪ snothse ♪ we're all the same ♪ ♪ someday we'll long past ♪ ♪ don't laugh at me snods ♪ ♪ we're talking abou

he said that he took the threat very seriously and the imf would put forward proposals to avoid such a conflict. the united states has said the yuan is undervalued. it has been nine years to the day since the u.s.-led invasion of afghanistan. since then, there have been promises of better government, more security, and improved lives for the people of afghanistan. have any of those promises come true? ian is leaving kabul after reporting from all over the country. this is his final report on the lives of afghans living in this area. >> in the country plagued by war, life is a daily struggle. afghans are tough, self- sufficient, but they need two things most of us take for granted, peace and prosperity. one last journey to the north to seek what is happening to the country and the people who live there. this is the city's main bus station. it has long been one of the safest parts of afghanistan, immune to the violence elsewhere. even here, things are changing. the drivers complain the words the north are not safe. >> we decided to come to this bus station because this is how most afgh

. >> there is also the imf world bank meetings.e at rfk in the redskins' game on sunday -- you get the idea. metro says it is taking advantage of the holiday weekend to make repairs and fulfill recommendations. >> metro is tried to get the stations in order. i think now is just as good a time as any. >> you can see the metro will be offering free shuttle buses over the holiday weekend. if you do choose to ride metro, officials say you should add on an additional 40 minutes to your trip. tamil brown, abc 7 news. >>> it is going to be a perfect weekend to be outside and enjoy the weather. bob ryan is here with the weather outlook. >> we cannot give it all away. that is what i do. not a cloud that we have seen today. on live doppler, there is nothing to be seen. here is what is going on around our region. there is really dry air. it is a wonderful time of the year. we have 1 days. the high temperature at children's hospital was 75 degrees. right now 65 degrees. that is after a morning low in the 40's and 50's. it will be in the 70's.

the imbalances were discussed at every imf meeting. events that constitute the crisis are unpredictable. i cannot predict the events, all you know is that it cannot go on forever. we are now dealing with a series of events that did occur, that we are responding to come out and whether there will be more is of course impossible to say. we have shifted the unsustainable positions on the balance sheets of the financial sector to the public and we're seeing difficulties in many countries and positions that results from that. one hopes we can adjust in a relatively orderly way. this will be a long adjustment and that's something that can be done quickly. there's always the risk that an expected defense should occur that gives us headaches of a kind of have seen over the last few years. >> i will follow-up. a question for the panel. the models that central banks use, the macro-economic models, seemed to assume a normal distribution of rest. and we haven't -- of risk. these are fat-tailed risks. what could be made -- what changes could be mad

over the weekend in washington by men -- imf did little to relieve the pressure and now there is concern worldwide the country's army laminating -- countries are manipulating their currencies for an unfair advantage. >> the fact that the markets are anticipating a fed flooding the market with dollars is obviously pushing the currency down. i think the question we really need to have answered is just how much liquidity is the fed going to pump into the market. i think until we have some idea of that particular figure, the dollar will continue to slide. admittedly, the pace of appreciation seems to have tailed off, which is a positive. but it does not appear to be an immediate turnaround inside. >> if you like technology gadgets, listen to this on because later on in new york microsoft is expected to unveil a range of handsets that uses the windows 7 operating system. it marks their first full care -- full-scale response to the touch screen revolution sparked by the iphone more than three years ago. >> the smartphone industry is big business. the rapid pace of change -- if you are not quic

they said it was a weak fiscal position and the imf said it wasn't good enough so we have a choice. should we keep what we were left or should we take bold action to get britain out of the danger zone? that is what we have done and what today is all about. >> he began saying it was a good question and answer was irrelevant. which is it, mr. speaker? let me give him another -- [talking over each other] >> he didn't answer that one. the energy secretary says -- he is there, excellent. the energy sector -- secretary says the government should not be latched to the chancellor at spending numbers were economic circumstances to change. does the prime minister agree and particularly at the end of november with the forecast for unemployment next year does the prime minister think suspending judgment of the government should change? >> to respond to what he said, is a normal concept but in this government the prime minister has the chance to speak to each other. it comes as unemployment. the independent office of budget responsibility we have established as fully independent is forecasting t

so there is a lot of-- in there imf just came out yesterday with their worldwide as well as regional growth numbers. and they upped the number for europe to 1.7% growth this year ruz. >> susie: but that still very slow, what does that mean for alcoa's growth? >> sass as i said, for us the most important number you have to keep in mind is what is the reflection of all of that that is happening on the aluminum side. and aluminum as we said we ended-- upped demand expectation 30% this year. we actually do see that there is quite a bit of tightness going on in the market. prices have in the last two, three weeks come up. in our industry it is typical that we don't get the profit from the higher prices right away. we typically have a lag time above 2 weeks so you can expect that to be running into the next quarter. >> beth: we just have 30 seconds left and i want to talk to you about alcoa stock t did rise in after-hours trading and it was alcoa stock was one of the best dow component performers for the month of september. but it is still a far way off from $40 a share from a few years ag

the declined was becauslingering imf safety recalls. >> a shot of your morning commute starting to buildany on the span fault check coming up with weather an update on bay area weather dark skies over san francisco and moonlight as well. skies are beginning to clear out. 7 in. of rain fell over the weekend. sunny skies today and tomorrow. wednesday rain comes back all day thursday. we could be talking about a world series rainout for game 2 which is thursday night. but it looks like it is clearing out for halloween sunday. storm tracker for lingering showers around sacramento. snow showers on 80 and 50 right now. this snow still falling around north star. the next door comes in wednesday night in the meantime it looks nice. i from 61 at half moon bay, 65 hayward, 67 san jose. wednesday we will plowed up wednesday night there is a chance of rain. but it looks like it will be in the north bay we should getting game one. we will look at the timing. heavy rain all day thursday into the thursday 98 could be a rain out threat for game 2 of the world series. heavy rains saturday, the only dry d

pushes for imf involvement for dispute with china. sobering look at the structure of the u.s. treasury debt. all of these stories, this is one day. this is this morning behind my desk i'm reading the business insider. you just look at that chart and the business insider, you understand that chart and you will understand what we're up against. we need a solution. what is the solution? to devalue our currency. if you thought that $5 a gallon gasoline would have been bad a couple of summers ago, here is another headline. "main street will figure out policy of inflation when gas hits $5 a gallon." why? why would it hit $5 a gallon again? progressives are doing what they always do. they try to equal everything out. they're running up debt. the best way to pay off the debt is their latest idea. to simply value all the world's currencies equally. one world currency. but by a different name, so nobody freaks out. bernanke said he would never monotize the debt. we showed his testimony to congress under oath. then months later we showed you how they were doing that through a third party

starting tonight, crews will shut down severa streets around the imf and world bank buildings. it coincides with meetings this weekend. the street closings beg 7:00 don't and will reopen sunday night at 5:30. >>> police leaders a defending dozens of cadets accused of cheating on their academy tests. a review showed one instructor incorrectly recorded perfect scores forhe cadets. there were no signs of cheating by the 32 cadets. another audit will bconducted to make sure no cheating occurred. >>> newly released e-mail show agriculture secretary tom vilsack did not listen to warnings before he fired shirley sherrod. associated press obtained 800 pages of e-mails. in them top agriculture department officials warned vilsack that aideo posted online deipicting sherrod abouta racist was onla clip. it turned out her speech was actually about overcoming racism. her resignation letter said she was being forced to resign as a usda employee for a misrepresentation of her words. sherrod later got several apologies, inclung one from the president himself and a job offer from vilsack, which

now, he is dismissing, despite the fact that he said, he dismisses the verdict of the imf, the ecd, thebi and ambers of commerce the european commission. i don't know whether he saw the 35 leading employers in this country, people like the leaders of asda and microsoft and totallyirrelevant that the business in this country. the person they used to be a supporter. all these people wrote to the national newspaper saying addressing the debt problem in a decisive way wou improve business and consumer confidence and if he actually wants to ignore all of those people, what about tony blair? i got total silence n the benches from the man who wants three general elections. tony blair said this and i think he was in the cainet when tony blair was prime minister come the danger now is this. if government doesn't tackle deficits, it means big taxes in the future. the prospect which reduces confidence investment and purchasing power and this then increases the risk o a prolonged slump. he used to be a blairite. at least they members have been fighting tony blair all of his career. but he used to b

go to look at the imf recommendations for greece. i hope that the white house read them.hen the imf went in they said you must do more to make this conducive for the private sector, to encourage growth and development, and you cannot have a health care system so expansive. when the white house is watching those images on television with rights in greece, and not signaling that there calibrating policies here at home, that is concerning. the second thing, the situation france faces today -- it is ridiculous that their reason retirement age two years and people are striking, but it is an entitlement issue. we have not effectively dealt with the issue here. democrats and republicans alike have not dealt with it. no one wants to talk about it two weeks before an election. but we will be in serious trouble if we don't find a way to deal with the fact we have significant numbers of baby boomers who will be near retirement age, look at the social security and medicaid systems -- those cannot be here for them. we cannot afford what we have had in the past. frankly, i hope we will

crews are going toshut down several streets around the imf and world are bank buildings this evening. they coincide with meetingsthis weekend. the street closings begin at 7:00 and reopen sunday afternoon at 5:30. >>> this morning it looks like fairfax coun police may have a murder investigation on their hands in an upscale neighborhood. a 61-year-old man was discovered in the house of 6100 block of ladues end court. people are stopping short of callinat it homicide but say there's evidence of foul play. they also say the man's lexus suv is missing from house to. police are looking for that vehicle. here's a picture of what it looks like. it's got virginia plates that read xyw-8197. >>> commerce department employees who work down have an unscheduled day out of the office because of a fire. firefighters evacuated the building on 14th street in northwest d.c. a fire started on the third floor with asbestos abatement had been going on. that made itdifficult for firefighters to convenient ti late that part of the building because of asbestos particles. they wore full hazmat suits and got

bad news for us here in the u.s., and this election season is all about the economy here at home, the imf, international monetary fund, moments ago saying the u.s. economy is gaining strength, in fact it concludes we are slowing down, politics and money, they are connected as much as ever today, 27 days from an election, it is news just crossing now. more on that when we get it here in "america's newsroom" >>> but first, there is a big story shaping up involving an issue facing millions of americans. did big banks knowingly engage in foreclosure fraud? there's an investigation underway into whether or not lenders used false documents and false signatures to justify hundreds of thousands of foreclosures. it's a story we're looking into right now. good morning, i'm bill hemmer, welcome to america us announce room. good morning -- newsroom. martha: good morning, bill. three big lenders have investigating foreclosures. this is getting the attention of house speaker and attorneys general as well, calling for a nationwide halt to all foreclosures and evictions. bill: if that is the case the tax

trade unions last year negotiated on average 9% wage increases for their members, according to the imfage public sector wage increase was 11%. these are unheard of railses in much of the world particularly in these tough times. the private sector couldn't pass these costs on to the consumer and the costs were making south african products less competitive on the global market so factories and stores and offices were shut, adding to the country's already disastrous unemployment rate. but wages and strikes are only a part of what's bringing south africa down. observers say what's probably worse are the draconian regulations unions have on hiring and more importantly firing. it's essentially impossible to fire a unionized worker in south africa so companies are unscared to hire anybody because they're scared of bringing on a bad employee who they can't fire. executives make do with fewer workers or outsource the work to asia or elsewhere. here is the crucial bit to understand, unionized workers are a my north of the south african workforce, and they are the ones with jobs that pay decentl