dollar should be the reserve currency by both the western academics people like joseph stiglitz george soros and also from countries like china i want to ask you what role you think the brics getting together making deals to trade and invest in their own currencies circumventing the dollar has on that issue well i think that has it impaired more building trade and investment between these countries. and that's very important because it's another form of economic integration of that isn't depended on the u.s. and europe and so great trade. in their own currencies they're promoting their in terms of replacing their dollars reserve currency i think that's still got a long way to go you know sixty one percent of reserves in two thousand and ten were in dollars and it was the same as the year before it's you know it's not going to change anytime soon but do more and more of these agreements push that issue more in the direction away from the dollar yeah there's definitely a move but so it's a long term thing. it's certainly possible but there are a lot of reasons why nobody ever return to t

joseph stiglitz is a nobel prize winning economist in columbia university professor and he's pushing for a rethinking of the global economic framework in the wake of a financial crisis i want to thank you so much for joining us professor now you've written recently about the increasing disparity between rich and poor in the united states and you've even compared these conditions to what led to the other us we've seen in the middle east so what do you think are the factors that led to this and what do you think the consequences will be the point i raised was that the increase in the concentration of the income in wealth in the united states has been enormous . would happen in the last couple of decades is almost a quarter of all the income goes to the upper one percent. around forty percent but now you measure it in the wealth goes to the upper one percent of americans used to think of themselves as a land of opportunity that everybody else thinks of themselves as a land of opportunity and they think of old europe is ossified the data. show that meanwhile we see protests taking to the

i did watch the full interview with economist joseph stiglitz here on r.t. throat thursday now as the world marks russia's achievement of sending the first value of space fifty years ago we look back at how it all became possible soviet volunteers rest their lives to gauge what humans might experience from space back then artist area pushed over one such person who lived to tell the tale. he went through hell on earth to put the first man in space john an unusual name for a russian was a volunteer who trusted the equipment needed to reach all beat any two came to the limits of human insurance but no one in the world has ever experienced what i did nineteen g. on the centrifuge that means my weight increased nineteen fold blood was using through my paws later i was forbidden to even mention it back then everything was a secret in one nine hundred fifty nine when the little became a test volunteer no one knew just how humans would be affected by zero gravity extreme stress or even the sense of endlessness space was the great unknown and many questions needed a

dollar if it was a currency now even joseph stiglitz was saying that george soros one of the organizers agreed with and you also had several other members. and speakers at this conference including gordon brown the former british prime minister and others who have said that we need a new political currency we need a new global central bank. to run this new global currency this is the general ideas that are coming out of this conference and it's a wonder considering that not only is the institute for new economic thinking organizing this but also a lesser known organization in canada called the center for international governance innovation which is basically i think and dedicated to global governance and so these are them this is the premise of the ideas i mean at its meeting whether or not institutions result is another matter and that sense it hasn't had as much influence but this is a continuation of processes that have been going on for a few years and are let's talk about the timing on this you know why now certainly george soros has been talking about changes needed at least for t

of the global financial system shows no sign of that discipline nobel prize winning economist joseph stiglitz says it's time to replace the once invincible dollar with a new reserve currency china has close to three trillion dollars of reserves. reserves about nine trillion dollars trillion dollars you have some voice and what kind of reserve currency system you want to have and chinese been very clear that it worries about the. reserve system just last week the dollar fell to nearly a fifteen month low against the euro yet day after day the nation's debt continues to climb higher u.s. congress has increased the national debt ceiling a reported seventy four times since one thousand nine hundred sixty two and it will most likely happen again in the coming weeks but as america continues a growing trillions of dollars in debt question is how much global economic influence does this so-called superpower stand to lose. are to new york we're going to answer that question as you can see president obama trying to make the case for restoring u.s. credibility at a time when the u.s. budget deficit has

nobel prize winning economist joseph stiglitz believes it's all sending the country in the wrong direction that's right and that was what was brought home so forcefully by what was happening wisconsin he has high hopes the mix of thinkers and policymakers here will lead to new priorities all others are experiencing their own crisis of confidence that new economic thinking will turn into direct action anytime soon the more things change the more they stay the same the one mr r.t. new hampshire. and i want to bring lauren lyster into this discussion she just got back from that conference lauren really interesting ideas here really an interesting concept about what was happening but what i found interesting in the piece we hear this talk by these definitely huge elites in the financial world in the policy world about the deterioration of the middle class and this is something that we often hear from you know work from activists and from people who are struggling why do you think of this is a focus for these people it's something that really stood out to me because as we cover on our shows all

tank backed by george soros has brought together big names like nobel prize winning economist joseph stiglitz and former u.s. federal reserve chair paul of ochre to quote remake the financial order well joining us now live from bretton woods is artie financial correspondent for leicester lauren thank you so much for being here now tell us what is the signal the historical significance of this gathering and what are they really trying to achieve here. well it's typical of significance as you mentioned this was back in one thousand forty four where united nations the allies in world war two gathered to try and did put together an international global framework for the economy and that was a time when countries and hit very badly with the great depression they were practicing beggar thy neighbor policies and this was the first time that he got a to establish kind of a global order when it comes to the economy into finance and this little order came at a time when the united states was a great war when the united states had the most power you could argue and therefore they became the reserve curr

more now about the fed's policy and presentation, from joseph stiglitz is a nobel-prize winning economist professor at columbia university business school. and matthew slaughter, who served on the council of economic advisors under george w. bush. he's now associate dean at the tuck school of business at dartmouth. matthew slaughter, since this was so unusual i'll reverse the normal newshour approach and reduce appearances first. why is bernanke doing a press conference and who do you see him speaking to? >> i think the chairman connected to the press conference for two reasons. one is historically if you look at his academic work a lot of research had shown the value of transparency for central banks and the second is in the wake of the financial crisis and the ongoing sluggish recovery, i think he feel it is need to try to speak to different audiences that are concerned about how u.s. monetary policy is being conducted so today he was speak to business and finance leaders. he was speaking to policymakers, but at least as importantly, i think the third group he was speaking to american w

health care and social programs obama says it would massively harm the poor and elderly professor joseph stiglitz nobel prize winning economist told r.t. the problem with the u.s. economy lies with those who gets the most money. go. increasing the concentration of income and wealth in the united states has been enormous which happen in the last couple decades is almost a quarter of older income goes to the upper one percent most americans are worse off than they were say a decade ago there are many things that any society has to do together education investments in technology. infrastructure roads there has to be certain degree of consensus for a society to function even economically these are things the government has to do and that's where we're winding up today so the people at the top that one percent are using their political power to try to preserve their wealth and meanwhile making sure that the government doesn't do what is necessary for the prosperity the functioning of our entire society. and you can watch the full interview in ten minutes time here on our team now more than a half of c

we speak to nobel prize winning economist joseph stiglitz says the program problem rather the u.s. economy lies with the fact that money is in the hands of too few. increasing the concentration of income in wealth in the united states there's been enormous would happen in the last couple decades is almost a quarter of all of the income of the one percent most americans are worse off than they were say a decade ago there are many things that any society has to do together education investments in technology. infrastructure roads the race to be certain degree of consensus for a society to function even economically these are things the government has to do and they actually were running up today so the people at the top that one percent are using their political power to try to preserve their wealth and meanwhile making sure that the government doesn't do what is necessary for the prosperity the functioning of urns our society. that's a quarter past the hour now here in moscow c.c.t.v. footage of suspected terrorists responsible for monday's bombing of a russian metro has now been re

tank backed by george soros gathers lots of intellectuals such as nobel prize winning economist joseph stiglitz former us federal reserve chair paul volcker to in the words of critics remake the financial order and knock america down a peg or two but we will give you the real truth so be sure to tune in i'm lauren lyster and i will see you right back and a half hour for more news more interviews and more of the stories that you want to hear also check out our was that we have lots of interesting new videos that we're constantly posting viral videos that we're posting and we don't want to miss a thing back in half hour what drives the world the fear mongering used by politicians who makes decisions.

nobel prize winning economist joseph stiglitz believes it's all sending the country in the wrong direction that's right and that was what has brought him so forcefully by what was grappling wisconsin he has high hopes the mix of thinkers and policy makers here will lead to new priorities while others are experiencing their own crisis of confidence that new economic thinking will turn into direct action anytime soon the more things change the more they stay the same. more and mr r.t. new hampshire. joining me for more details from the conference is our tease lauren lester and lauren should really a little surprised her i don't know maybe a little skeptical that suddenly all these financial elites are worried about a dying middle class and an increasing wealth line that maybe some of them helped create. i don't know to divide but i don't think it's a very skeptical i do think that what we're seeing is a little bit from that because i because we're used to hearing activists on our shows talk about this people that are suffering as a result of the rising inequality in this country you don't of

it's time for the good the bad and the insanely ugly the good economist joseph stiglitz in a vanity fair article entitled the one percent by the one percent and bore the one percent stimulus spoke the truth about wealth inequality in america and its corrosive influence and government by writing virtually all u.s. senators and most of the representatives in the house are members of the top one percent when they arrive are kept in office by money from the top one percent and know that if they serve the top one percent they will be rewarded by the top one percent when they leave office. he's right we all know the truth about wealth inequality in america and now it's time to do something about the bad trans ocean company that owned the oil rig that exploded last year in the gulf killing eleven million men and spewing crude oil into the gulf for months leading to the world's worst ecological disaster in our nation's history it is pain up bonuses to their executives is twenty ten was as the company says the best year in safety performance in our company but it is history but if that were the c

summers who up until recently was the president's top economic aid nobel prize winning economist joseph stiglitz also paul volcker is. here he's a former federal reserve chairman that's just a short list of some of the names economists fergus and harvard professor kenneth rogoff so all very highly fluent schol names in terms of the economy and even politics definitely a lot of big names there now as i said the theme is crisis and renewal but i'm just wondering what that really means you know a lot of people are pointing back to an interview that george soros did back in two thousand and nine where he essentially said that he wants to rearrange the entire financial order is that is that a big conspiratorial the now people are saying this is where he's going to do it. because i thought with some of the fear mongering coming out of conservative blogs leading up to this conference that people are concerned from that political persuasion that soros is essentially trying to rework the global economy and to undermine america and take on a notch what soros is doing for him perspective according to the o

going -- disagreeing with treasury statement early on redefining the goals of tarp i'll point to joseph stiglitz he's a nobel laureate and i'm not. he describes t.a.r.p. is not an end but a means to the end in the recovery. t.a.r.p. has not been a dismal failure but the way the program was managed he believes have contributed to the country's programs. these main street goals were part and parcel of the t.a.r.p. let's talk about preserving homeownership. now, this was not a throw-in. this was not a political bone from some progressives. this was part of the bargain that was -- that was made to get t.a.r.p. passed. if you remember back in late 2008 when the first t.a.r.p. legislation was proposed it was a three-page bill that secretary paulson sent up to the hill. it was widely rejected and there was a second bill which got voted down triggering the single biggest decline dow jones averaged in a day. what happened in order to get those votes the progressives democrats, the house and to a less extent the senate demanded something about homeownership. 'cause remember what t.a.r.p. was supposed to b