a city in northern spain in the basque country just below the pyrenees mountains that separate spainrom france, in 1956 as one of the legacies of the spanish civil war with franco and all that, some of you know about, terrible poverty, terrible suffering in that part of spain. terrible unemployment. it's a little bit unique because it's a separate language group, it's a different ethnicity than spanish people in general and so forth. a catholic priest in that part decided to do something for the terrible problem of unemployment. by the way, the catholic priest's name -- to help you understand something -- was arris menty. they chose the name in honor of what i'm about to tell you. the priest in northern spain in a little town, which like all towns in that part of spain has two names, a spanish name and a basque name. so if you go there, you'll see the town, name of the town as you enter the town, and all towns are like that. okay. he took six workers, and he started a cooperative enterprise. 1956 this began. very clever. he did it in these mountainous areas where the spanish governme

here comes [inaudible] it was a name of a city in northern spain in the vast country, just below the pyrenees mountains. that separate spain from france. in 1956, as one of the legacies of the spanish civil war the franco and all of that that you know about, terrible poverty, terrible suffering in that part of spain. terrible unemployment, it's a little bit unique because it's a separate language group. it's a different ethnicity than spanish people in general and so forth. a catholic priest in that part decided to do something for a terrible problem of unemployment. by the way, the catholics priest name is -- i hope you understand was. [inaudible] that's why they have that name. they choose the name in honor of about what i'm to tell you. father -- a little town which like all towns has two names. a spanish name, and a bath name which in that came is [inaudible] so if you go there, you'll see the town name of the town as you enter the town [inaudible] -- [inaudible] all towns are ke that. okay. he took six workers and started a cooperative enterprise. 1956 is when he began. and very

. >> for millions of years, this little fishing village on the northern coast of spain has been sittingn a very treasure. while kohl lies underground inpe sitting on something much more valuable -- gold. even more valuable in times of crisis like the one spain is experiencing. a canadian firm plans to invest 150 million euros to mine for gold year. >> this project changes everything. it will become an industrial region. lots of suppliers will settle here and create lots of jobs. >> but not everyone here is buying that. everywhere, there are signs saying "note to gold, no to the mine." these people want to work, too, but not at any price. they say in a decade, when the gold reserves have been depleted, the jobs will vanish, too. >> they have their shareholders, their investors. that is who they work for. if they succeed, which we hope they will not, they will come here, take everything they can, and then move on. we will be left with slag heaps, traders, dust, environmental pollution, and devastation. >> farmers fear that as a byproduct of the mining, toxic chemicals will be released int

the day after an avalanche in northern the paul with france, germany, and spain, at least one persond. they were engulfed by snow. one catholic in germany has opted out of paying a religious tax and has been denied religious burial. endorsed by the fact that it comes into effect today, this sharp increase for the number of germans who have decided not to pay. those are civilian casualties mounting in the conflict in syria. the syrian army is also seeing an increasing number of soldiers. many of them are in the western coastal region. a stronghold of the minority sect. the chief correspondent of the bbc is amongst one of the first western teams they're reporting from the village. >> she is burying her husband today. she wails that the light from her eyes is gone. the 26-year-old flight lieutenant died when his helicopter crashed. the entire village turned out. many fired guns. it is the 17th time that the village has lost one of its own. here, far from the front lines, there is space enough to mourn the troops. many syrians do not get that chance. his final journey was up the steps of

northern ireland entertain luxembourg. elsewhere defending world champions spain begin their qualifying campaign with a trip to georgia and believe it is a tricky away fixture. someone has done it before it's clear that nothing is guaranteed even be the world of european champions does not guarantee anything these are difficult trips we've been analyzing the georgian team they have high quality players and will make it very difficult for us this is a world cup qualifying game and nothing will be easy but. in england i've also been training ahead of tuesday's match against ukraine at wembley the three lines are without veteran defender john terry he was out with an ankle injury the chelsea man picked up or not during their five year drubbing in their qualifier when your theory walcott is also ruled out due to a virus and england long injury list and to fill the gaps manager roy hodgson has called upon seventeen year old liverpool winger a him sterling may just buy first thing the parent says for the reds. we were the limit when we lost the call but you know the theo walcott's had to go home and just to be monitored althoug

to the davis cup semifinals to be played over the weekend spain prepared to host the usa on their. play in the northern city of the home side without their front man rafael nadal who also missed the u.s. i've been through a knee injury so they're now being led by. the semifinals at flushing meadows join his name is spearheading the american squad to the u.s. open champions. to see that. both teams. make a very good team in clay court in. a couple of. number one of the whole there was. a complete game it's certainly going to be a tough one we're playing against the. you know the champions what does it. mean if . spain is the best country in the world and they're so so deep. you know i don't think we're the favorites but. we're not scared and lashes runners up argentina welcome the czech republic and when is there is the other last four clash u.s. open semifinalist thomas burdick is the biggest name on the european team while one martin del potro missed argentina's latest training session and remains of the left wrist problem both countries are vying for maiden davis cup glory as nivea defunct czechoslov

northern ireland entertain that somebody. else where defending world and european champions spain begin their qualifying campaign with a trip to georgia in group by the way on upset. someone has done it it's clear that nothing is guaranteed even be the world of european champions does not guarantee anything these are difficult trips we've been analyzing the georgian team they have high quality players and will make it very difficult for us this is a world cup qualifying game and nothing will be easy. well meanwhile england have also been training ahead of tuesday's match against ukraine at wembley the three lions are without veteran defender john terry who has a mantle injury the chelsea man picked up a knock during their final drubbing of moldova in their opening qualifier while theo walcott is also ruled out with a virus having to england's long injury list which also includes ashley cole and wayne rooney but waiting manager roy hodgson to call up three youngsters such as seventeen year old liveable wink iraqi sterling he's made just fine first team appearances for the reds. we were at the limit when we lost john terry and i

the davis cup semifinals to be played over the weekend as holder spain prepare to host the usa on my favorite surface of play in the northern city of playing all the home side all without their front man rafael the doll who also missed the u.s. i've been through a knee injury so they are now being led by dad did you reach the semifinals at flushing meadows john is not is spearheading the american squad to us i can champions the bryan brothers to see to the doubles and both teams were full of perspective of their opponents. and they can pray they would be in clay court. in dollars. a couple of million on their one of the all there was today it's only a complete game it's certainly going to be a tough one we're playing against the you know the champions what is it to the last three years when it's i mean they've won you know spain is the best in this country in the world and they're so deep so. you know i don't think we're the favorites but we're definitely are we're not scared. i mean what last year's runners up argentina welcome the czech republic in one as ari's in the other last four clash u.s. open semifinalist amash ver

northern european countries. we have a real problem if we start to find ourselves below those nations. lou: italy and spainyou're in real trouble. meanwhile, the swiss who did the world economic forum report for some reason decided they would be the leader. >> they have become a safe haven to the extent that is on the checklist, they certainly did that. lou: it seems some sense what the fed will do, what do you think it will be? >> i think they're certainly on the fence. maybe moved a little toward the third round of quantitative easing. ben bernanke realizes inflation risk, we have diminishing returns from the various quantitative easing, increase since it is almost providing this artificial pressure down not letting market forces come into play. they may extend a tightening timeframe out. lou: what is your outlook, should there be quantitative easing? any more stimulus and monetary policy. what happens? >> i would cheer no additional stimulus from the fed. my view is irrelevant. i do not think that is what ails us. what they have done so far appropriate with qb one, i think that was necessary. qe2 was li

. >> today the narrative is that spain unveiled a budget and it was a lot more amenable to what they thought northern europe would approve. there's pent up money. that gave them a reason to buy their favorites. they came in and did just that. it's another situation where flows are trumping fundamentals because if you looked at any of the economic data this morning, there was nothing to like. literally nothing to like starting from durable goods, gdp. i think people have money to put to work. today they said, spain's good, let's buy. >> i agree with that. people are looking to jump in on any positive news out of europe. i think underneath that are the technicals that you have to pay attention to here. the market's giving you these strong levels of support. today it was right around the 1425, 1428, 1430 level. we hit a low of 1433. when we held that level i think that coupled with spain had a lot of people coming into the market so, again, to the up side we went to 1450 on the s&p. i think the market wants to tried to 1500. >> in terms of the technical support, is that backed up in the options markets?

in northern italy they want to break away from southern italy and in belgium the no. ones to separate from the south. spain going on hasn't done any press. we are tired of paying all the taxes for welfare state and want our own country. stuart: you come back home for a second and in parts of america weather is but directly to the vote people have gone against public sector unions. san diego, california, wisconsin, two votes limited public sector unions. when given a chance people often to express an unwillingness to keep paying the premium. stuart: no doubt it is bubbling but i thought of the cascade. an avalanche. chicagos teachers' strike. parents for down signs and said get back in school and teach my kids. you make twice as much money as i do. i you kidding? in chicago, kids on the street and teachers demanding more money and there wasn't more public outrage. it has to happen. how can the overall equation in november be fairness and this is the sign of unfairness. paying taxes to someone making more money than i am and i have no upside potential. pension under fire and not guaranteed and i could be fir

recommendations that are easy enough for spain to swallow, but stiff enough for the others to feel they're getting something in return. >> well, i presume even the political wins in northern europe, those countries will be asking for more. so, you know, there is a technical opinion expressed by the commission and by the council of finance ministers, but then heads of state will have to go ahead to this program. so they made demand a bit more. >> it does make you want to sigh, doesn't it? it's tough. other stories we're watching today, manufacturing sector slowed to a worse than expected rate as global downturn took the wind out of consumption. hsbc's private survey showed they dropped to a nine-month low. indonesia bucked the trend. southeast asia's biggest economy logged its biggest output in china thanks to strong domestic demand. >>> state media says li johnchu has been appointed to run the day-to-day affairs. >>> still to come on the program, september kicks off a busy month for eurozone debt meetings. can leaders finally put the debt crisis behind them? we'll discuss that, after the break. [ male announcer ] while many automakers are just beginning to dabble with the