, and the dollar is going down. >> for corporate japan who still lives on the dollar, the falling dollarts. the yen is at fresh four-month highs versus the dollar as investors flock to the safety of the japanese currency and away from the u.s. dollar. analysts expect within the last six weeks or so corporate profits may have fallen by as much as 4% to 5% and can continue to fall until there's a deal. kyung lah, cnn, tokyo. >>> as we told you before, hedge funds are some of the biggest stakeholders. after 40 years, the hedge fund run by bill soros is closing its doors to foreign investors. it will instead what's called a family office. in a letter to investors, his own sons wrote this, new regulations will require certain private investment advisors to register with the securities and exchange commission by march 2012. an exception to this requirement is available if an organization operates instead as a family office. the change has been in the offing for more than a decade according to that very letter. it was exactly a year ago that president barack obama did exactly this, he signed th

i'm lauren lyster and your watching r t well the big question the million dollar question is the united states three weeks away from financial collapse well we don't know but that's what some argue the u.s. is getting closer to with its failure to raise the country's fourteen point three trillion dollars debt ceiling now despite another week of failed debt talks between lawmakers president obama had a press conference today and he is still pushing for a big long term solution here's what he said. i'm happy to consider all options all alternatives that they're looking at the things that i will not consider. are a thirty day or a sixty day or a ninety day four hundred eighty day. temporary stopgap resolution to this problem this is the united states of america and we don't manage our affairs here in three month increments. year we don't risk u.s. default. on our obligations. because we can't put politics aside this coming from officials who haven't been able to put politics aside in missing past deadlines and who are trying to agree on all of this a big plan to tackle the deficit just thr

earlier in london, the dollar dipped below the 80 yen level. the dollar is currently being traded at 79.45-50 yen, whereas the euro is currently fetching 111.22-24 yen. yen buying further intensified in new york after moody's downgraded ireland sovereign debt tuesday, rated below investment grade following greece and portugal. major u.s. credit rating agency moody's downgraded irish government a notch from baa3 to ba1. the debt strapped country received a bailout package from eurozone nation. after that expires moody's said ireland will likely require additional financial aid to stay afloat. the agency added if further support becomes necessary, private investors may be asked to share the burden. >>> now let's take a look at tokyo stocks. in new york overnight the dow was lower for a third straight day as eurozone debt problems continue to worry investors. to see how markets are trading in japan this wednesday morning we cross over to ramin mellegard at the tokyo stock exchange. ramin, how are the markets looking to far? >> good morning to you,

well the u.s. dollar doesn't have many competitors the euro is intrinsically weak the one is not a competitor for the dollar the ruble stands to be fairly stable given russia standing as a major energy producer a natural resource giant on the world scene so the ruble should. i mean relatively stable the dollar however has nothing to go down against except the frank and if you look at the dollar and the fire and the monetary relationship of the all time low and that portends trouble for the future the best two currencies probably other norwegian krone and the swiss franc at this point gold is over traded and as we saw in two thousand and eight there can be a paradoxical drop in the price of gold during a market market crisis so breaking on gold is a highly risky proposition really interesting here we have to say thank you so much dr roger. economic and political analyst joining us live from new york thank you. rupert murdoch has reportedly personally apologized to the family of a murdered schoolgirl whose

insert after the dollar amount the following. reduce by $475 million, page 161, line 12, insert after the dollar amount, increase by $475 million. the chair: the gentleman is recognized for five minutes. mr. cicilline: i join the efforts of my colleagues to in a variety of amendment designed to ac st. sell rate the end of the war in afghanistan -- designed to accelerate the end of the war in afghanistan. we have been executing the american mission in afghanistan with bravely, dedication and extraordinary confidence. but what started out as a quick war in 2001 to bring osama bin laden to justice and dismantle al qaeda in afghanistan has turned into the longest war in the united states' history. the original mission has now been largely accomplished. and with bin laden's death in pakistan this provides an opportunity to re-examine our ongoing mission in afghanistan which some estimates indicate is costing us in excess of $8 billion per month. we should no longer be sending billions of american taxpayer dollars to the afghan people

this trend carried over to new york where the dollar traded at the lower 78 yen level. sources say the market players are expected to keep selling the dollar unless they see some development in negotiations on raising the u.s. debt ceiling. >>> gold futures are climbing in new york. u.s. lawmakers failing to reach an agreement on raising the federal debt ceiling is boosting demand for gold, which is considered a safe haven investment. >>> taking a look, gold futures are currently trading at $1,613.50 an ounce. last week in new york, gold futures exceeded $1600 an ounce for the first time. then in after hours trading on sunday night, the price of gold went as high as $1,624.30 an ounce. a record high. the high level trading continued into monday. >>> now let's check on the markets. the dow ended lower for a second day in a row weighed down by continued concerns about the u.s. debt ceiling issue. to see how stocks are trading here in japan this tuesday morning, we cross over to rahim mellegard at the tokyo stock exchange. ramin, how are stock markets reacting this morning

not in the near term high actually on the u.s. dollar because it is being beaten down because people are a little bit person to person mistake at the moment but longer term arena something is going to replace the u.s. dollar more and more countries including russia and china many countries are starting to move south korea american allies are starting to move away from the u.s. dollar everybody sees that washington is not going to solve this problem and more and more people are looking for something to replace the u.s. dollar whether it's going to be a combination of currencies or something else i don't know yet but some people are moving away from the u.s. dollar i know that russia's and i hope that you two are verena. years time will tell thanks very much indeed for for this injury and for sharing your thoughts with us here in the program now is jim rogers author investor kathy. choir fine thank you very much indeed for being with us here in our. well it was a turbulent session in the israeli parliament as the prime minister himself had

silver does he know what the world would look like in five hundred dollars silver world you know there's a number of really good points there in other words first of all the five hundred dollars silver can be obtained if people want it because the silver market is so tiny that if millions of people around the world that are getting victimized by banks for corruption they simply bought one or two ounces of silver there's very little of it around the price would go to five hundred dollars your silver would be worth a lot more but more importantly the banks or it would be put out of business that's the point number one point number two what would a world of five hundred dollars over mean it would mean that the peasants in america and around the world who are being disenfranchised and haven't seen wage growth in decades and are being treated like by a bomb a would suddenly a lot of money in which to restart the country and seek regime change and start a new republic you know that in france they're on their fifth republic america they need to get on to their seco

of the u.s. dollar and of the u.s. debt market it's a unique situation it's really seem good in its in its uniqueness and its depth and its liquidity and that's why there's still an appetite for us that you've been reading from the department again it's because markets are happy to lend to the united states it's that politics one of the united states to. the right and danielle say that agreement is no reached so how will that damage the u.s. refutation well light i think it would be a very significant prayer. mainly because again not because there would be you know a week or two debate of interest payments to countries that want us dead now but obviously that would obviously be something these countries with the right the biggest are going to be this concert reputation in the back of the united states has never defaulted on its debt is something that it's something that is the reason people are attracted to buy u.s. debt in the first place and it's what's enabled to the united states to deficit spend good decades now b

debt is baked into the cake to use another cooking metaphor and that yes the u.s. dollarsits predominance on the global economy and anyone who's not a you know u.s. citizen the other ninety five percent of the world's population. course we benefit from that now finally let me just return argentina first second how did argentina deal with its banker infestation problem how did it get rid of the banking scam well we didn't it's still here one of the as a key example which is even worse in america during our two thousand and one two thousand and two systemic banking financial and current signals down as i said the people suffer huge amounts of hardship they want went out into the street they banged on the doors of the banks which were very very hermetically shut close and yet when the whole crisis was over not one single bank max not one single bank although millions of argentinians lost their homes lost their savings that lost their pensions and so forth so in a way they use psychological warfare because they know that people end up getting used to whatever comes to them its

you can pledge at any dollar level that is comfortable for you. at the 50 dollar level, you will receive the kcsm polo shirt. whenever you wear it, you'll show your support of kcsm, the bay area's independent public tv station. this 100 percent cotton shirt features the kcsm logo on the front. it's a great way to show your appreciation for your local independent public tv station. also to say thank you we'll include a dvd copy of one of the many kcsm produced documentaries.

over if the dollar significantly loses value when the u.s. is unable to help europe that will in turn take the u.s. down the japanese no more have do not have sufficient liquidity to help this time around as they did in two thousand and eight the euro is intrinsically weak one is not a competitor for the dollar the ruble stands to be fairly stable given russia standing as a major energy producer a natural resource giant on the world scene so the ruble should remain relatively stable the dollar however has nothing to go down against except the prank and if you look at the dollar and the franc that monetary relationship is an all time low and that portends trouble for the future the best two currencies probably other norwegian krone in the swiss franc at this point gold is over traded and as we saw in two thousand and eight there can be a paradoxical drop in the price of gold during a market market crisis so banking on go is a highly risky proposition. you without a lot from moscow it's a good to have you with us to tell you so if you give us o

staff and the commission to better align the arts dollars. as a staff, we've been working for the past several months to develop guiding principles that would realize how the arts and richmond dollars get better spent. the criteria and principals are listed on this slide. the artwork, would have a nexus to the p.u.c. functions. the second principle is around making in alignment with our community benefits policy. that policy looks for us to be a good neighbor in places. we would love to see the arts in richmond dollars be aligned with that. the third area is we're able to focus in geographic areas where we're having impact. whether it is the southeast waste water treatment facility, or the work happening in alameda, there's a lot of areas we are having an impact. the last two principles -- leveraging and developing partnerships with other city agencies. we've been in conversation with efforts in district 10 around the mayor's office of housing, or the redevelopment agency, to look for opportunities to put arts enrichment dollars in place with

it has been a similar story with the aussie dollar as well. in the past month, it's strengthened about 4.5% against the green back. there you go right there. last october it did reach a one-to-one parody and it hasn't looked back ever since. just yesterday we saw it near that 30-year high on fears about the u.s. debt ceiling. we've seen the same strengthening over in the singapore dollar. it has strengthened by about 3% against the greenback in the past month as well. so what does this all mean for all of us? well, for exporters, it reduces their profits when they repatriate earnings back home. for travelers, basically 50 you're carrying u.s. dollars it reduces your buying power in the countries you're traveling in and for retailers, it's not necessarily a bad thing. it's good if you're in the domestic markets because your buying power is increased and consumers get more bang for their buck. >> we'll have to keep an eye on this situation, ramy. apart from the debt situation, there are big earnings numbers out, nina. >> there are indeed. let's t

has been enjoyed since world war two is that at risk as the u.s. dollar loses its world reserve currency so the world is adjusting the dollar will lose its status as a world reserve currency u.s. debt will lose the aaa rating and it's a completely different configuration and washington is not the biggest player in this the global bankers are the biggest players the global hedge fund managers and that's where the action that is determining the outcome of this not not the players in washington they have already ceded control to the global banking industry but i'm going to get you to react to this just today there is a report that the c.e.o.'s of the nation's leading banks including surprise surprise that goldman sachs and j.p. morgan all ended up sending a letter to the white house and congress urging them pleading with them to please hurry up please hurry up and reach that debt ceiling agreement. right why do that if you're if you're saying here that they stand to profit from this whole mess. well live life i have goldman sachs jamie diamond and j.p. morga

after the dollar amount reduce -- mr. garrett: i ask unanimous consent that the amendment is considered as read. the chair: the gentleman is recognized for five minutes on his amendment. mr. garrett: i thank the chairman and i ask my colleagues to rise with me in support of my amendment which will save americans over $500 million. my amendment before us makes targeted spending reductions in order to do what? achieve significant savings that will contribute to our nation's fiscal wealth. we must take bold steps to reduce spending and i do commend my colleague from the state of new jersey for the hard work he has put in and i appreciate the comments he has already said on the floor, pointing out to the other side that in so many cases there is money in in these accounts and the money hasn't been spent and they have tried to rein in spending. they realize that our nation is on a path to bankruptcy and we have maxed out our nation's credit card. and while the committee did an great job in significant cuts, i stand here myself

getting shot all the trillions of dollars getting shoveled out of the fed and everybody in the fed is interconnected with people anyway i mean that's that's probably inescapable at some level given the nature of regulators in their business but it's almost as if the mainstream media just looks at the and goes yeah big surprise the fed is sort of incest to us with the financial with the financial markets i'm concerned with is why is it paid rating of a couple trillion dollars is a huge story lawmakers use that as a pint would have been a huge issue but fifteen trillion dollars in loans is a non-issue because one is super scary is i think if you look at it from the me i'm not saying this is right i'm just saying from from the media's perspective they're looking at one which they which there isn't new basically they can say that anybody can think what they want you can think we don't have our debt ceiling you know the whole world's going and what does that look like we don't even we don't even really know what you know what if we do default we actually don't honestly know with

however has nothing to go down against except the prank and if you look at the dollar and the franc the monetary relationship is an all time low and that portends trouble for the future the best two currencies probably are the region grown and the swiss franc at this point gold is over traded and as we saw in two thousand and eight there could be a paradoxical drop in the price of gold during a micro market crisis so backing on gold is a highly risky proposition. it's good to have you with us on this saturday watching art and i still ahead for you this hour the love of labor in hard work i think is the driving force behind the country's economic success it's leading western countries the latin behind. and from a russian orphanage to a golfing a prodigy report on his latest challenge of trying to trace down the city. rupert murdoch has made a public apology for what he called serious wrong doing by the news of the world on the pages of several british newspapers he's got to be losing allies on both sides of the atlantic with his media empire crumbling on all sides but it's all to use

the clerk: after the dollar amount insert reduced by $10 million. page 32, line 3, insert reduced by $10 million. mr. frelinghuysen: i reserve a point of order on the gentlewoman from's amendment. the chair: a point of order is reserved and the gentlelady from ohio is recognized for five minutes. ms. kaptur: yes. madam chair, i made a statement a little bit earlier regarding this amendment which aims to help restore energy security, economic security and environmental security of our nation by focusing on the future, and it essentially shifts a very modest amount of funds, $10 million, from the administrative costs within the department of energy to help restore funds to solar energy research and development within the energy efficiency and renewable energy program. sadly, the bill overall moves backward in terms of helping america in helping the energy future because it cuts by more than one-third from last year and 60% from the president's request. it provides $166 million in the base bill for solar research which is a $97 million reduction below t

gold price of generally outperform the dollar affects. partly i think there is a reflection of the economy credit crunch from people like on a psychological shifting gold so we do think that kind of makes sense in hawaii but there is this the sign of a disconnect between having said that we think you know prices can continue to rally on a kind of year by year perspective over the next three years we think so. perhaps we are not too far off in the end but we still think we've got a long way to go in this in this bull run and house expects supply to react to the rally. here we put out. just about a month or so ago from aren't the same so they look to all the gold projects that are coming through in the world and they found that they would actually be steady

around the 1,200 levels, and with the dollar yen in the upper 78 levels. we will see how that plays into exporters, and let's not forget that is the closest we have come to the dollar yen levels since the post march 11th earthquake when it hit the lower 76 yen levels. later today the operator of a fast retailing store is going to come out with earning results, and we're yet to hear from google and jp morgan chase, and both are due out later today in the u.s. key sectors there for the market to focus on. and let's not forget economic data, as well as the weekly jobless claims and that follows the jobs numbers that came out last friday. a lot of intense focus on that. domestically, of course, also some focus on the nuclear energy sector and the energy sector following prime minister kan's speech yesterday, stating the intention to phase out nuclear power in japan. we will have more on that later in the news program. back to you. >> thank you for that. that was our market reporter from the tokyo stock exchange. >>> toyota motor is finding it difficult to impr

with anything that was lost today in the market the markets were down there was a flight out of the dollar to the swiss franc although that's been trending for a long time now so whether or not there has to do with this somewhat of a question what i think mostly i think it does i want to i think today that the bigger takeaway than the market's not plunging is that once again we saw gold rally we rank increase relative was dollar and the reason why i don't know if any of everybody for you know the average person watching let's clarify is that perceived as a flight to quality that's less frank being a flight to safety and a flight to quality definitely but you can also look at the u.s. dollar against say the pound which is meant traditionally seen as something more stable we actually gained against that today we're relatively stable against the yeah and there's there's some question is that how much of this which is already been actually a trend over the past several weeks and years have been i mean the the franc a couple years ago was i mean to have a life worth one hundred percent less tha

three has already hyper inflated the dollar and we know a lot about hyperinflation ours dina because we went through it in one thousand nine hundred ninety one as the way to break up the euro when the right time comes is just breaking it up because it is not hyper inflated however it is politically weak because if greece were to pull out and spain were to pull out and portugal or to pull out maybe even the germans might decide to go back to the old go to market was it would make might be to make life easier for them but their governments are so online to this global agenda that they wouldn't dare do that on the say they are told by their bosses. all right carly what we're hearing out of brussels and the confound made up of the leaders of various countries and these international organizations as that they want to expand the concept of a european credit facility they want to create a new lending facility which would be let's say ten to twenty trillion euros in size and going back to the davus conference of the past year it was discussed that to solve the global financial crisis a new

germany you know as this very workers are part of the gain will require trolled the minds of both the dollarnd the euro so the dollar's demise will come through hyperinflation quantitative easing one two and coming three has already hyper inflated the dollar and we know a lot about hyperinflation in argentina because we went through it in one thousand nine hundred ninety was the way to break up the euro when the right time comes he's just breaking it up because it is not hyper inflated however it is politically weak because if recent to pull out and spain were to pull out and portugal article out even the germans might decide to go back to the old go to market as it would make maybe even make life easier for them but their governments are so aligned to this global agenda but they wouldn't there do that under so you're told by their rosters . all right currently what we're hearing out of brussels and the confound made out of the leaders of various countries and international organizations is that they want to expand the concept of a european credit facility they want to create a new lending f