in the united states and the government raised the rates which is how fiscal stimulus in the united kingdom- the governor of the bank of england said president obama's proposal is much more serious than the prime minister's. he couldn't think of anyone internationally who was enthusiastic about the prime minister's ideas. the third aspect of banking reform, a growing content that the only sensible banks have the ability and know-how to maintain proper supervision of the banks. the prime minister took that power from the bank of england in 1997 and created a system that failed. given countries like the united states and germany who want their banks to have more responsibility for banking supervision will the government change that policy and adopt that approach as well? >> what america has been doing is dealing with a very fragmented situation of regulation which has no fewer than eight regulators. we have rationalized the system of regulation. the organizations have the right powers within the right framework and that is what the financial services bill and other measures to determine to in

we are committed to doing what is right for the united kingdom. lves a close relationship with the united states, but that does not mean we always agree with the united states. i am pleased to say we agree with the current administration more than other administrations, but not on everything, and that is the right way on which to proceed. >> will this case speed up the release and the return of the person detained? is there any intelligence material about the torture of him in our possession, and could this be a reason behind the reluctant of the u.s. to agree to his return to our country? >> i don't think this has any bearing on that case. we continue to press the case for the release of him and will continue to do so. >> this past thursday alabama senator jeff fashions took to the senate floor to talk about terrorist trials and military tribunals. here's a portion of what he had to say. b a military -- a person apprehended on the battlefield, a prisoner of war who is a lawful combatant, wearing a uniform, fighting against the the united states in

the most recent thing happen in this area is that the united kingdom has just announced an indictmente of the military leaders from israel that was involved in operation past led in gaza. and so that individual has that i'm not going to travel anywhere because i'm scared i might get executed to the united kingdom. i will not comment on whether that individual has violated the law but i certainly think that we've seen that henry kissinger doesn't travel anymore ever since chris hitchens wrote his book the indictment of henry kissinger. many countries have considered or are actually implemented complaints against him. i don't think john yoo is doing a lot of traveling these days other than his american book tour. >> other questions? back far corner. >> we only have two minutes of this may be our last question. >> you mentioned the legal advisers and none of them seriously considered resigning when their legal advice was not taken into account or considered. why do you think these political advisers didn't resign and did they make the correct choice? >> they talked a lot in the book abou

as you are aware, our committee expressed some skepticism flashier about what the united kingdom had. and we have been in correspondence with you since then when he wrote to us in january. can i ask you, arising from the current situation in the more recent information, according to the united nations office on drugs and crime, there's been a 22% fall in opium poppies cultivation in 2009. including and 33% reduction in helmand. but at the same time, we understand from sco information centers, that the price of legal crops, including wheat having visited foray. and now fallen back. it appears that farmers were likely turning to poppies cultivation. can you explain that, which would seem to be a counter to the economic interest come and given that they're in the past we thought the price of legal production is up. and it was in the economic sense to move to wheat, where they now move back to poppy. >> i think there are two reasons behind the fall in poppy production and relevant to the position in 2010. the 2008 figures were similar. their two factors factors driving the decline in popp

it's going to fall on the public sector, both in the united states and the united kingdom. it's going to fall in the household sector in those two territories, as well. so no surprise that those downgrades across the united states and the united kingdom. >> andy, until we get some clarity on how the picture is looking, how will it impact foreign investor foreu.s. treasury? >> that's the thing. they're going to look carefully at the u.s. fed and what is being done at the u.s. fed. they're looking at the timing of the qe program. don't look at the interest rate policy. look at the qe program. as long as that stays in place, bond yields will be pretty much dpresd as no big shocks coming down the surprise for investors. the moment the qe program gets pulled, that's the opportunity again for downside risk on bonds. so yeah, that is a very cautious counter i think looking at the back end of this year. >> okay. andy, you're going to stick around. we'll delve into the u.s. bond markets coming out later on today. still to come, let's remind you of some of the other stories we're foll

are not allies to pursue the goal so we are absolutely committed to doing what is right for the united kingdom and that involves a close relationship with the united states but that doesn't mean we always agree with the united states and i am pleased to say we agree with the current administration more than other administrations but that doesn't amine we agree on everything and that is the right way which to proceed. >> will this case speed up the release and the return of mr. [inaudible] -- the foreign secretary referred? is there any intelligence material about torture in the position and could this be a reason behind the reluctance of u.s. government to agree to the return to the country? >> mr. speaker, i don't believe this case has any bearing. we continue to press the case for the release of him and we will continue to do so. we know he was a very strong man.

more than 800,000 people in the united kingdom suffer from dementia. it's twice the number of people with cancer. the amount of money spent on alzheimers research is far less. >> reporter: ellen johnson was diagnosed with dementia, drugs helped him, but he still needs con tant care. he has to lay out his shaving gear. he can only eat with a spoon and needs her help to get out of the house. she says too little money is being spent on research s i think it's because they look at somebody with dementia and say he or she looks all right to me. but, the fact is, they are not all right. they seem to forget that they are suffering a long term illness, the way as somebody with a cancer. >> reporter: today's report warns that by 2020 there will be over 1 million people with dementia. the amount spent on research is for every hundred pounds spend on caring for cancer patients, 10 pounds goes to research. research gets a measly 50 p. the head of one dementia charity says research has a lot to offer. >> it can last a long time. average eight years. some last longe

concern you that we still don't have a figure on the number of colleges and there are in the united kingdom? >> since march 2009, any institution that was to bring students must to go undergo -- must undergo a coordination. those were the lessons are regularly visited and monitors. those who do not meet the high standards will have their licenses suspended or revoked. we have already suspended the licenses of more than 150 colleges. we will continue to bear down on those institutions that do not play by rules. i understand that students coming to our country to city is an important part of our international links to other countries and our education system in britain can we do not want to discourage -- in britain. we do not want to discourage students from other countries. we have one of the largest groups of students sitting in our country. but we must take care that this route is not being abused. that is why we're not just beating up on that system, but on the colleges were entitled to bring people to this country. >> you have received information that the system is being used by those w

japan, the united kingdom, ireland, and spain have fiscal a judgment.e conclusions? >> i think you need to except what was said by president obama last night. i they is essential for us to have the recovery necessary for the economy. but the results of that in the face of the biggest crisis we have seen for 70-80 years, maintain higher levels of employment then we would be able to do otherwise comes save businesses. >> is it factually accurate? >> will also give people from having their work homes repossessed. yes, it is a high level of deficit. we have the example of having to start from a low level of debt. >> let's look at the deficit. it is not just about recession deficit but structural deficit. your own treasury chief economic advisor says it is 70%. the imf said that ireland, spain, and the u.k. have -- have the underlying structural problems. >> i do not believe in the structural problem. the reason we are confident that our deficit reduction plan will deal with problems dealing with the recession is because we entered the recession with a very

under global settlement, bae systems is also paying a record fine in the united kingdom. the church of england has sold more than $5 million worth of shares in a mining company because of the way the country treats indigenous people in parts of india. the church is not satisfied based show respect for human rights and local communities. the company says they do respect the environment and human rights. prosecutors in britain have taken the highly unusual step of bringing criminal charges against four parliamentarians, accusing them of fraud in claiming expenses. all four deny any offense. the route over these expenses has already provoked huge public anchor in britain. we have this from westminster. >> even at those from the house of parliament and the house of commons have been dragged into the scandal. but there were some cases where police thought mort serious investigation was required to see if any laws had been broken. they handed six files to prosecutors who have now announced their decision. >> these files been reviewed very carefully by senior prosecuting lawyers

so we are absolutely committed to doing what's right for the united kingdom. y close relationship to the united states. but that does not mean that we always agree with the united states. i'm pleased to say we agree with the current administration more than some other administrations. but that doesn't meanÑi we agre on everything. i think that's the right way in which to proceed. >> will this case speed up the release and return of mr. sheik which the foreign secretary refers which he is part of my constituency? is there any allegation of torture of mr.Ñi armor? could this be the reason of why the u.s. is reluctant to return him to our country? >> mr. speaker, i don't believe that this case has any baring on theñr chaka armor case. we continue to press the case for the release of mr. armor and continue to do so with all due effort. i know he supports us very strongly in that effort. [captioning performed by natonal captioning institute] [captions copyright national cable satellite corp. 2010] >> the senate is live 2:350er7b on c-span 2. they may be talking abou

we've heard a lot about some of the asymmetries and size between the united states and united kingdom, but also the very different structures of government. was your natural interlock toward in the united states? >> well, the head of usaid was andrew. so that was the obvious link. and we always had state department. i mean, over afghanistan, i met colin powell and rich armitage? yes, state department and usaid. and you probably know, they did masses of planning. and that is just a couple of months before that was all thrown away and everything was moved into and it was the most -- so we worked with them quietly and i remember andrew, who fought in the first gulf war and was a republican and head of usaid and he said, the most dangerous possibility and is that they get -- that we get chaos and sectarian divisions, and what he must do is to chop the top off the system but not everyone, but every teacher has to be a member. i remember him saying that in terms and how right he was. >> when was that conversations? >> i'd have to look it up to check, but i would think a late 2000 to. >> lat

>> i am sure that the prime minister is aware that in percentage terms the population of the united kingdom and ireland are the biggest reservoir of the prion that causes the fatal and incurable human brain disease variant vcjd. one of the means of transmission is blood transfusion. in october last year, the government's scientific committee that is examining this issue recommended the use of a filter for blood for transfusion for children initially. when is the government going to react to that recommendation? >> this is a very serious matter that he raises in great detail. that recommendation is obviously very important for the future of the blood transfusion service. i shall look at it very carefully and get back to him. >> tony lloyd. >> can the prime minister confirm that inheritance tax cuts of 200,000 pounds for the richest 3,000 families could be achieved only at the expense of spending on schools and hospitals throughout the nation? if he rejects that policy, can he guarantee that there will be no cameronian wobble on this side of the house? >> the one thing that the conservatives

speaker, i'm sure the prime minister is aware that a percentage terms, the population of the united kingdom and ireland are the biggest reservoir of the pre-owned courses fail an incurable human plague disease. one of the transmissions as blood transfusion. in october last year, the government's scientific committee looking at is recommended to use of a photo for blood transfusion, for children initially. when is the government going to react on that recommendation? >> this is a very serious issue that he raises, and great detail. that recommendation is very important for the future of the blood transfusion service. i will look at it and get back to them shortly. >> can the prime minister confirm that in the cuts for the richest families can actually be adjourned until achieving spending of cool schools and hospitals around the nation. and if he rejects, if he rejects that policy, can he guarantee the be no bob rae on this i? >> mr. speaker, the one thing they have stopped through the month of model and division is their policy for an herz's past that and like the policy for hereditary peer

we're reassured that the indian deficit is lower than the united states, lower than the unites kingdom -- united kingdom, so really all the fears that might have existed about the macroeconomics shouldn't exist today. but the signal we're clearly giving is we need to get back in a medium term to a more reasonable fiscal deficit position. it's not our view that the present fiscal deficit, which would probably be about 10% of gdp taking both the center and the stage together, it's not our view that this is the normal thing. but we want to bring it down gradually, and that's what policy will be aimed at. meanwhile, we hope we can see a continuing rebound in investment. now, the good news, i think, is that the successful performance of the economy in the short run has, in fact, created a lot of confidence in the private sector. in fact, there's a marked difference in mood in asia and the mood, let's say, in the industrialized world. maybe we ought to be more worried about things, but the fact is that investors are really quite upbeat. and i think on the supply side, i mean, these are econo

the secure situation in iraq, the levels of secretary of violence in 2006 and 2007 and how the united kingdom responded to this and followed lastly by how the british government provided strategic direction. i say as i do on every occasion we recognize this to lead to witnesses are giving evidence based on their part of the recollection of events and we can cross check what we hear against the papers to which we have evidence to lead to access. i remind every witness that he will later be asked to sign a transcript of the evidence to the effect that the evidence of it is truthful, fair and accurate. i would like to begin the proceedings by excerpting the broad question by many people who've spoken and written to us so far is why did we invade iraq kuhl y saddam hussein and why march 2003. there's been any public speeches, steegmans, interviews and parliamentary committee hearings about iraq but in fairness to everyone concerned and to the witness we want to today to promote this question that lies behind many of the specific issues which shall be examining in the course of today's hearing and

you were not part of government at the time, but it defined the united states and the united kingdom as joint operating powers, thereby giving the united kingdom equal responsibility and accountability, everything that happened across all of iraq. was that a sensible decision? >> it probably made blair feel important. it is just a very sad story. the important thing is we usually have the un special representative, and in the case of afghanistan, he led the consultations and all that. that was the thing with me in 1483. the americans and -- kept asking for sergio, and sergio became the viewing human rights representative but also was in a weak position, that normally the special representative was in a much stronger position. it was all pretty insulting and hopeless, but the americans were gung-ho at that time. they thought they had done well. >> i have got one last question before you leave the government. wasn't becoming apparent as the likely outcome to the invasion would be a resolution without a viewer in the? was this something to be planned for as a real estate instance of wha

later on, from the united kingdom, this is her first album called "traveling like the light."etwork television bay due in the u.s., vv brown. from the bud light golden wheat stage. tomorrow, dana delany, music from daniel merriweather and scotty lago. scotty lago is the american snowboarders who for whatever mysterious reason had to leave vancouver when pictures of a woman french kissing his bronze medal were online. he's going to have to miss the closing ceremonies, but he'll be here with us, which i think is even better then the olympics. right? all right, our first guest's incendiary temper has been known to terrify aspiring chefs and curdle bechamel sauces in kitchens around the world. he's an award-winning chef andleand le restaurateur. watch him scare failing restaurants back to life on "kitchen nightmares" thursday and friday nights at nine on fox. please welcome chef gordon ramsay. [ cheers and applause ] >> jimmy: thanks for coming. great to see you. these are truffles that you brought me. >> yes. >> jimmy: these came out of you? incredible. i wish i could smell them.

since, march 2009, any institution that wishes to bring foreign students into the united kingdom news undergo a two-stage process of accreditation and licensing. we've reduced number of institutions able to bring students to the u.k. from 4,000 to approximately 2,000. those with a license are regularly visited and monitored. those who do not meet the high standards will have their license suspended or revoked. we've already revoked or suspended of, licenses of more than 160 colleges. so we will continue to bear down on those institutions that do not play by the rules set. i think you've got to understand that, students coming to our country to study is an important part of the both of our international links with other countries and our education system in britain. and we do not want to discourage bonifieds students coming to study in our students. 20,000 from india, 60,000 from china. we have one of the biggest groups of people studying in our country simply because our universities and colleges are very, very good indeed but we must take care to make sure that route is not being abu

i've served with people from australia, canada and the united kingdom, i've been deployed with them inent city and it was a nonissue for them. if we need a year to talk about the issues we do need to tackle. and there are important issues we'll need to look at. they talked about housing and others, all we need to do is look at the models of our 25 allies, they've tackled these issues and come up with solutions. i don't think that takes a year, i think we can make a couple phone calls and get this done in 30 or 60 days. >> how important do you think it is for leaders like admiral mullen to show personal leadership on this, to say he's personally committed to repealing this and doing it right? do you think that's significant? >> absolutely. i think this was a hopeful, promising historic day. this is the first time we've seen military leaders, the very top of the military make these kinds of statements, and i want to say i was overwhelmed by admiral mullen's statements, his commitment. it sounded personal, it sounded from the heart that this wasn't something he was told to do, this was so

united kingdom.t looks like an ordinary house on the outside but inside, chris weller of ken unusual house mates. they include lizard, iguana and crocodile. he has a dangerous wild animals license but he says feeding the guys can be tricky. >> he will eat anything you put in front of him. you have got to be careful not to overfeed him. >> shepard: good luck with that and that's a wrap on this fox trip around the world in 0 seconds. >> shepard: in less than 10 minutes catch bill o'reilly with jon stewart on the factor, the host of comedy central's daily show. here is a quick preview. >> bill: when you deliver your stuff, are you cognizant of the fact that your audience are primarily stone slackers who love obama and when you criticize obama, you may be turning on them. >> we don't think about who is receiving it. we think about how it feels to us. we have an internal barometer. or if it feels like a valid peetion of absurd at this to put out there, we vet things internally. >> bill: part one, jon stew

at cabinet level, what discussions are there about how we would cope as the united kingdom if we had another crisis elsewhere in the world, not just talking about the deployment of armed forces, significant armed forces, deployment, but, that, and also, the capacity of the machinery, your department and others, to cope. it does seem to me were in a very precarious situation, if something unexpected blows up in the world we would not be able to rapidly respond either in terms of military deployment or the resources of the foreign commonwealth on this, and, is there discussions at government level, cabinet level, as to, you know, what we are -- the capacity to respond to the unexpected. >> i think it is a good question. i think that the emphasis on flexible skills, which is a -- emphasis not just in the military but the deep employeematics service means if there was something that suddenly became and over arching priority, there could be redeployment and new resources, and new efforts and i think that the flexibility, the adaptability of the system is actually quite high, but, obviousl

ireland has problems and the united kingdom also has problems with its budget and with investor confidence. the situation right now in europe is really quite fragile. >> brown: take us back a little bit to the original idea of the single currency. it was to do what? this sort of thing was not supposed to happen. >> this is a political project from the very beginning. it obviously has enormous economic benefits since 65% of all trade inside of europe is intraeurope trade. a single currency makes it much more efficient. the idea was only five or six countries were originally supposed to join, countries that look alike that can withstand a shock. there is no asymmetric shock in one country. in the end the political ball got moving. now there are 16 countries, slovenia, slovakia which perhaps don't have any business being in a union with germany and france because the real front line in a regional8p block like this don't come when times are good but when times are bad. we're facing the worst crisis in 60 years, financial crisis and the fault lines are showing clearly. >> brown: what would you

both in the united kingdom and gordon brown and in the united states under barack obama there has been an explosion of what i would call boulder canesat ia s iani and this will delay fully fledged economic expansion. in that respect, the lesson has been misinterpreted and if canes were alive today i think he would take the lead in criticizing these huge government deficits which are going to be a burden to our children and grandchildren. i think he would be extremely critical of the spending policies of barack obama and gordon brown. >> portland oregon, you are on with paul johnson. >> caller: thank you for your time. regarding the current economic crisis which our leaders could draw upon. >> caller: >> guest: do have economic insights which will give me an idea what ought to be done? this is rather an old-fashioned view, running an economy is not all that different to running a family's finances. because the government can print money people think it can operate in quite a different world but the same laws apply to a country as a family. if you spend too much and continue to spend too

a citizen of the united kingdom, he holds america in special regard. reation of our nation the greatest of all human adventures. the united states honors paul johnson for his landmark contributions to sharing the lessons of the past so that they may inform the present and shape the future. [applause] >> where do you write? >> guest: i write mainly in my study in london which overlooks my garden. it's quite a small room. and i have a desk with two electronic typewriters at it. in an l shaped formation. and with a swing chair. now, on the first of those, on the left, i write the main text of the book. on the second i write the source notes so that i can do them at the same time just by swinging the chair. now, that saves an enormous amount of time. if you write your text and you then come back to it and start doing the source notes, it's a nightmare and a lot of writers do that, i'm afraid. it's a very serious error. and that's what leads to a lot of mistakes. but if you do them my way, at the same time, and incidentally you can do this on a word processo

i want to follow up on the point that it is my understanding canada and the united kingdom have allowed gays and lesbians to serve openly since the 90s in great britain, since the early 2000s. they're fighting side by side with us today in afghanistan. what i would like to see more of, does that suggest there combat effectiveness -- we have had the opportunity to work with them in joint operations? does that add credibility to what you are undertaking? >> it is clearly something we need to address. we need to talk to those countries's military's in formal and in-depth way about their experience. their experience is a factor but i also would say that each country has its own culture and its own society and has to be evaluated in those terms as well. >> one of the aspects in your prepared remarks is the presumptive difference in terms of the attitude, differing ranks within the military. is that something you can comment upon now? have you done a search for the attitudes based on age or other factors? >> that really goes to the point of what we need to do in the months ahead. i think admi

asymmetry -- we have heard not only about the asymmetries in size between the united states and the united kingdom, but also the very different structures of government. >> well, the head of usaid was andrew natsios, so that was the obvious link. he fought in the first gulf war and was a republican, the head of usaid, and he said the most dangerous possibility is that we get chaos and sectarian divisions, and what we must do is talk the top off the baathists system -- what we must do is chop the top off the baathist system. >> when was that? >> i think it was late 2002, but i could check. >> you have anticipated my next question, which was about the ship from the state department to the pentagon. when did you become aware of the shifting the focus of the postwar planning -- when did you become aware of the shift in focus? >> i think was fairly said. we all knew it happened. to throw away all of the postwar planning, it takes a bit of time to absorb the information you are getting. it is hard to believe that they would do that. >> i want to come back to tim cross in a moment. had you seen any of th

for five countries with systemic financial crises, which includes the united states and united kingdomverage debt levels are up by about 75%. this is even in countries that have not had a major financial crisis, that rose an average of 20% in real terms between 2007 and 2009. our main focus is on the longer term macroeconomic implications of much higher public and external debt. we examined in this work, the experience of 44 countries, spending up to two centuries of data on central government debt, inflation, and growth. ain findings is that across advanced countries and emerging markets, high debt to gdp levels, debt levels, gross debt about 90% are associated with notably lower growth outcomes. above 90%, median growth rates fall by 1%. average growth rates fall considerably more. in addition, for emerging markets, there appears to be a tighter threshold for external debt, a lower threshold so that when external debt reaches 60% of gdp and the growth decline by the about two% and for higher levels of debt, growth is cut about in half. our international and historical experience show

so according to documents obtained by my office, toyota recalled a lexus in the united kingdom in 2000cause of floor mats were entrapping the accelerator pedal and the exact same problem that has caused fatalities in this country. why didn't toyota take immediate action to prevent the much later accidents that toyota clearly knew the problem existed as far back as 2000? >> specifically on those two incidenc incidences, i can't tell you the specifics of those. i do not know. but i can tell you that a weakness in our system has been within this company we didn't do a very good job of sharing information across the globe. most of the information was one way. it would flow from the regional markets like the united states, canada, or europe back to japan. >> okay. so what you're saying is that ultimately the decisions are made in japan? >> in the case of -- >> and notwithstanding problems that are identified in the united kingdom, in canada, the information goes back to toyota headquarters in tokyo and whether or not you in america are given orders to correct the problem, identify it in oth

the prince of wales.com the prime minister of united kingdom, prime minister of canada all went to amosque and when they got there and it had died down you couldn't help feeling this was strike almost any previous generation as entirely bazaar. fdr, his pearl harbor being attacked and he says can you get me into a decent sushi restaurant or madame butterfly? [laughter] seeking to end reassure the cover religion, those who murder you, that you not regard them all is the enemy, it may be a worthy aim but it is a very curious and revealing first priority. and let me give it three more examples of a nation under attack feeling obliged to demonstrate its evenhandedness to an absurd degree. a couple years back i visited guantanamo and had a to summon up in a single image to be the brand new car ran into each and occupied south. to reassure incoming inmates at the wealthy infidels have attached the sacred book with their unclean hands, but iran is an from the wall in pristina surgical masks to tell the incoming detainee is that there uncontaminated. now it's one thing for muslims to regard

so according to documents obtained by my office, toyota recalled a lexus in the united kingdom in 2000and a sellica in canada in 2003 because of floor mats were entrapping the accelerator pedal and the exact same problem that has caused fatalities in this country. why didn't toyota take immediate action to prevent the much later accidents that toyota clearly knew the problem existed as far back as 2000? >> specifically on those two incidenc incidences, i can't tell you the specifics of those. i do not know. but i can tell you that a weakness in our system has been within this company we didn't do a very good job of sharing information across the globe. most of the information was one way. it would flow from the regional markets like the united states, canada, or europe back to japan. >> okay. so what you're saying is that ultimately the decisions are made in japan? >> in the case of -- >> and notwithstanding problems that are identified in the united kingdom, in canada, the information goes back to toyota headquarters in tokyo and whether or not you in america are given orders to corre

hundreds of children in the united kingdom and ireland were hospitalized.ould have been safely and easily prevented by this vaccination. hopefully it will change other people from succumbing to this preventible infection. >> you have gone as far as saying that the editors of the lancet should be held responsible for the deaths of those children that weren't vaccinated. >> i think there are a lot of people who should be held responsible here. those obviously who the authors of the paper were shown by the general medical council to have acted unethically and the journal withdrew the paper because they thought it was misrepresented. the editors should be held accountable. four of the six people who reviewed that paper recommended it be rejected. still it was published. media jumped on the paper as if it was fake but extraordinary claims should be backed by extraordinary evidence. this was an extraordinary claim that was backed by virtually no evidence and obviously has never been reproduced. >> it's hard to argue with parents who are so convinced that their ch

. >> finally in 2002, did you feel this terror wmd link was also a potential threat to the united kingdom? >> yes, for the reasons i've given. i think these as that happened before, as the dumb freed from sanctions was ableéyéyéyéyéyéyéy when you get to the nuclear issue -- iran, north career -- it is put far ahead of iraq, so given what you are saying about the iran issue, i wonder why iraq was chosen president iran. -- chosen rather then iran. éyéyéyéyéyéyéyéyéyéyéyéyéyéyéyéy >> you start with the one in breach of resolution. we started back then, and as a result, countries could alter their behavior for a time. iran did change its behavior to begin with research -- with respect to its nuclear program. libya gave up its nuclear wmd program >> they have been wrong on the network. >> they have been wrong, but it is interesting when they finally gave it up. we actually discovered they had a more extensive program than we saw. éyéyéyéyéyéyéyéyéyéyéyéyéyéyéyéy one thing is difficult is people say it is iraq or pakistan, or yesterday we had a conference on yemen. i am afraid my view is that -

but the other thing that is talked about here in europe is what is happening in the united kingdom.he bank paused qe, pimco said that market is sitting on a bed of nitroglycerin. could the uk be next? that's the real threat. >> that is what they're focusing on here as well, guy. ty? >>> let's bring in stew schweitzer in new york. good to have you with us. >> tough day. >> how or whiched should we be about the credit default swap spreads, as it pertains to part geez, span irk, greek debt? what is it telling us? >> i think it's telling us that we've swapped a private debt problem for a public debt problem, and not just in america but around the world. and what investors are really concerned about is that it's going to take a long time and a lot of austerity to bring the deficits and the debts back into line. >> i wonder if, what we're seeing in europe, is the beginning of bond vigilanteism. investors saying we're done footing the bill and what happens in the united states you wonder, does this happen here at some point? >> well, you know, i think you're exactly right. this is a differ

the european union, the united kingdom, japan, the candidate and u.s. financial economy, working together. i think this has been very helpful and tougher regulation is coming and can be done thoughtfully, and it will be done in a way-- there is no overall sovereignty nobody to impose a bank tax. you don't need to have all and all one because there's no sovereignty to impose it from above but it will be done in a coordinated manner so that you won't have this regulatory arbitrage of people in our country saying we are being put at a disadvantage so i'm not encouraged on that one and i said on that one, for me, the interest of my local constituents and the tough regulations, sufficiently coordinated so it doesn't create those regulatory arbitrage is. >> before we move into this issue senator graham, senator collins this is a republican view that will become an important factor in this? >> i introduced regulatory reform bill a year ago. i spent five years in state government overseeing their regulation of banks, insurance, securities, licensing boards, a w

the world we've been saying interestingly different laws and regulations in countries like the united kingdom and france, and elsewhere, that deal with final technical measure which would be suspension of internet service. and from the perspective of the congressional advisory committee talking, back in 1996, internet, the internet caucus committee has long promoted the internet as an incredible, powerful committee patients tool. that is obvious to us today. i don't think that was the case back in 1986 with jerry and congressman rick white at the time are running around capitol hill trying to get members of congress to use e-mail and put up webpages. but today, the internet has woven itself into the fabric of our daily lives. a panel discussion this afternoon about free expression, dealing with china and some of those issues, and secretary clinton's speech last week have highlighted that. so when someone talks about suspension of internet service, especially today, i think it's something the internet caucus advisory committee wanted to look at, and unpack. so we assume the title that they are

they are used in a universal coverage systems of canada and the united kingdom., every hospital must work on a budget and physicians are limited as to their gross income. the rationing methods that go with a fixed budgets are anything but transparent. a different approach to a fixed budget would be to use of vouchers system to provide medicare. the voucher would be used by the elderly and disabled to buy insurance, and it -- its value would vary inversely with income. medicaid -- medicaid could be put on a fixed budget. the low-spending option also implies severely constraining all other spending as well. a defense pact would allow the pentagon to maintain the current personnel policies, but would allow very little investment in new weapons systems. although, it would allow small foreign interventions, nothing as large as that current efforts in iraq or afghanistan would be possible. all other non-defense spending would have to be lowered considerably, below today's share of gdp in the package that attempts to maintain current law benefits, that is the high-spend

correspondingly, )@@@ @ u@ rr'Áz financial crises, which includes the united states and united kingdome average debt levels are up by about 75%. this is even in countries that have not had a major financial crisis, that rose an average of 20% in real terms between 2007 and 2009. our main focus is on the longer term macroeconomic implications of much higher public and external debt. we examined in this work, the experience of 44 countries, spending up to two centuries of data on central government debt, inflation, and growth. ain findings is that across advanced countries and emerging markets, high debt to gdp levels, debt levels, gross debt about 90% are associated with notably lower growth outcomes. above 90%, median growth rates fall by 1%. average growth rates fall considerably more. in addition, for emerging markets, there appears to be a tighter threshold for external debt, a lower threshold so that when external debt reaches 60% of gdp and the growth decline by the about two% and for higher levels of debt, growth is cut about in half. our international and historical experience s

now those in the united kingdom under gordon brown and the united states under barack obama, there has been an explosion of what i would call will occur keynesian is some two say the misinterpretation of keynesian is them in the huge deficit spending i think in both cases it has gone too far and i think this will delay the resumption of a fully fledged economic expansion. in that respect mccain slauson has been misinterpreted and if keynes were alive today i think he would take the lead in criticizing these huge government deficits which will be a burden to our children and great-grandchildren. i think he would be extremely critical of the spending policies both the barack obama and of course, gordon brown. >> host: you are on with paul johnson please go ahead >> thank you mr. johnson and four years' time to have any insights regarding the current economic crisis which are of the jurors could drop on? >> do i have any economic insights to give me an idea as to what ought to to be done? i take the view and in a way it is rather old-fashioned i suppose that running an economy is not to a

among them, the various organing of the european union and the united kingdom, the bank of england.ng a template for reporting of information of the large internationally active financial firms. now, this is of course not an easy undertaking for any one nation much less for the world as a whole. but it is something which the financial stability board has taken on as a task. there have been some preliminary discussions on how to organize the work of seeing if we can come to an agreement on a template for reporting of the largest, most active, globally active, financial institutions. it is far too early to report progress there, senator but i can say that theç effort has bn launched. down a legislative path which we hope will incorporate this systemic collection of information. i have brought legislation in a want to thank dr. mendell and others for their help. this will have to be an effort that goes beyond to understand this. it is important we begin here. there is the issue of sovereign behavior. the greek government is now in a very serious crisis which is rattlingÑi the markets.

up on the point that senator collins made, because it is my understanding that canada and the united kingdom have allowed gays and lesbians to serve openly in the case of canada since the early '90s and in great britain 2000, and they are fighting side-by-side with us in afghanistan and in fact, i would think that we would like to see more of their regimens and brigades there. does that, i think suggest as admiral mullen mentioned before that the combat effectiveness is not m pai m impair and we hav opportunity to work with them in joint operations, and does that add credibility or weight to the discussions that you are undertaking? >> well, it is clearly something that we need to address. with knee to we need to talk to those countries in the military formal and in depth way about their experience. i believe that their experience is a factor, but i also would say that each country has its own culture and its own society, and it has to be evaluated in those terms as well. >> i think that one of the aspects that you refer to in your prepared remarks is the at least presumptive difference in t

now, both in the united kingdom under gordon brown, and in the united states under barack obama, there has been an explosion of what i would call vulgar canessannism, that is to say, the misinterpretation of him in this spending. i think in both cases it's gone too far, and i think this will delay the resumption of a fully-fledged economic expansion. so i think in that respect, canes' less john has been misinterpreted. and i think if he were alive we would take the lead criticizing the huge deficits which are going to be a burden to our children, grandchildren, and great-grandparent. think he would be extremely critical of the spending policies both of barack obama and gordon brown. >> host: brent in portland, oregon, your on will paul johnson. >> caller: thank you for your time. do you have any insight regarding our current economic crisis with which our leaders could draw upon for inspirational guidance? >> guest: do i have any economic insights which would give me an idea as to what ought to be done? well, i take the view -- and in a way this is rather an old-fashioned view, i suppo

for five countries with systemic financial crises, which includes the united states and united kingdom the average debt levels are up by about 75%. this is even in countries that have not had a major financial crisis, that rose an average of 20% in real terms between 2007 and 2009. our main focus is on the longer term macroeconomic implications of much higher public and external debt. we examined in this work, the experience of 44 countries, spending up to two centuries of data on central government debt, inflation, and growth. ain findings is that across advanced countries and emerging markets, high debt to gdp levels, debt levels, gross debt about 90% are associated with notably lower growth outcomes. above 90%, median growth rates fall by 1%. average growth rates fall considerably more. in addition, for emerging markets, there appears to be a tighter threshold for external debt, a lower threshold so that when external debt reaches 60% of gdp and the growth decline by the about two% and for higher levels of debt, growth is cut about in half. our international and historical experienc

the united kingdom has just, you know, abrogated its own program yesterday in terms of $200 billion in government is withdrawing because citizens and politicians are basically saying, enough is enough. >> you know, bill, we had paulson on earlier, jim paulson, who said every other recovery the government has been heavy-handed in, involved with either the fed or with stimulus, he also says we never know where the jobs are going to come from. but, you know, i always think about the guy that said we can abolish the patent office in the 19th century because we've already discovered everything that we've discovered. jobs always come from somewhere. are you sure it's different this time? that seems to be what you and mohammed are saying. >> we're never sure, joe, but we think that it's substantially different this time. based upon the fact that instead of levering, we're delevering, and instead of deregulating, we're regulating. both of those conditions, in combination, produce a very weak economy, very slow growth, and ultimately, you know, have effects on asset markets that depend upon ass

address the issue of information among them the various organs of the european unions and the united kingdom, the bank of england. the g20 itself has issued a couple of recommendations that are particularly salient to this question on developing a template for reporting of information of the large internationally active financial firms. now this is of course not an easy undertaking for any one nation, much less for the world as a whole. but it is something which the financial stability board has taken on as a task here there have been some preliminary discussions on how to organize the work of trying to see if we can come to agreement on a template for reporting of the largest most act as globally active financial institutions. it's far too early to report progress there, senator, i can't say that the effort has been lodged. >> well, thank you governor. as you know we're proceeding down and i think appropriately so legislative that which we hope will incorporate the systemic collection of information. i've got legislation in and in fact i want to err mendelowitz and professor liechty for the