as well as in china, japan, the united states europe. the middle east. africa. all of them cannot despise their resistance. despite their refusal stop that march of death. despite their resistance. communists repressives. zionists and anarchists. none can evade the march. this one is not coming with hammer and sickles . all wars surrender to. but when comes the cry? when will it really happen as death is peace? when can i truly die. you will never know yet you may have already and this life is your way of paying hommage to the power that loves and you left you with the taste of immortality on your lips. nothing mystical. no cries. power, your way. or buddha in the wings. even lying on your back, you are mocking. this is not a cynical, or pessimist or neonnist poem. join deaths to your life and you will live as if there 1 drum to march to. there is no march at all. you are there. all will be well for all. [applause]. >> >> >> >> [music] ♪[applause] thank you. >> thank you for applauding. never know. [laughter]. so, these next few pieces are jewish art songs the j

united states. in the interceptor speed is 4 1/2 kilometers a second which is very fast for defending europe, this is the defended area in here. you really cannot protect the united states. if i increase that speed to five kilometers a second, now i can do a good job of defending the eastern part of the united states, but the west coast is a little bit out of the footprint. i haven't shown you the capability of the ft. greely up here. so five kill miters a second, the forward base site could help defend the east coast. ft. greely the west coast. but if you want to cover the entire continental united states from poland, your interceptor speed has to be up around 5 1/2 kilometers a second. much faster -- at least a kilometer second faster. now, why are the russians concerned? this chart shows you the footprint, the defended area for russian icbms launched from all the known launch locations in russia. it is high for any of the sm-3 interceptors currently being talked about. so if i put that sm-3 block 2-b in poland, which has been the source of most of russia's concerns, you really can't protect the un

the united nations, the united states, europe, and nato should arm the syrian people to be able to defendhemselves. defending oneself is basically a god-given right. you have to allow people to defend themselves. either you come and defend them, the way the u.s. and nato did in bosnia and cause a vote, or allow them to arm themselves. not to do either one is [unintelligible] >> state-controlled media has broadcast -- the authorities are allowing all parties to have brief blocks on television and radio to promote their agenda. he called for media freedom and an independent judiciary. >> what do we do to ensure will log? we have to repeal immediately some of the repressive laws that are not in accordance with the time and enact laws that protect the people. we have to ensure that the judicial system as independent. media freedom must be given. >> the speech was well-received. it was the first time he appeared on state-run television. the origin of the speech was censored in the first place. i talked to people inside the country. she covered many issues. rule of law, she called for a nationw

before you today and talk about in particular developments in europe but i'll be happy to answer any questions you have about the united states or the broader global economy. europe is of course a key strategic and economic partner of the united states and we have a huge stake, huge economic stake, huge national security stake in the success of europe's efforts to contain its crisis. our economy, as you acknowledged, is gradually getting stronger, but we still face a lot of tough challenges ahead as a country. as you know in early 2009, the u.s. and the global economy were facing the clear and present danger of a second great depression. we acted with the federal reserve and with congress to pull the u.s. and the world economy back from the edge of the abyss. we successfully stabilized the financial system and restarted economic growth. over the past two and a half years despite the crisis in europe, despite the rise in oil prices early last year, despite the disaster in japan, despite the huge damage to confidence in the united states caused by the threat of default on the u.s. government's obligations for the first time in

world and saying what part will the united states put in to a european union member such as greece's problem? >> well, your question highlights the difference between europe and the united states which is we have a fiscal union as well as a monetary union. as you point out correctly, the reason that we don't see the same kind of stresses at the state level is because implicitly, there's support from the federal government for the rest of the country. >> right, but for the taxpayer and i want to get to the secretary geithner too, for the taxpayer, they are very similar to us in the positive side. human beings move freely within the euro zone. money moves freely. most of the eurozone is a single currency and in fact, they basically act from a winning standpoint as a protective trade partner. they treat each other in a way they do not treat us, period. we simply do not enjoy the advantages of selling into the eurozone that the eurozone enjoys throughout the european union. so the question is, for the american people, and by the way, this is not a question of why are we doing it in our own self-interests. i understand we're doing it in our own self-interests,

united states were small banks. and there were some larger banks that failed in europe. the difference in 2008 was there were many small banks that failed in the united states but there were also intense pressures on quite a few of the largest financial institutions in the united states. and the next two pages are just a short list of some of the firms that came under intense pressure. bear stearns sway broker dealer came under very intense pressure in the short term funding markets, in march of 2008. it was sold to jpmorgan with fed assistance in march. things calmed down a bit after that and over the summer there was some hope that the financial crisis would moderate but then in late summer things really began to pick up. in september 7th of 2008, fannie mae and freddie mac clearly were insolvent, they didn't have enough capital to pay the losses on their mortgage guarantees, the federal reserving worked with fannie mae and freddie mac's regulator and treasury to determine the size of the short fall and over the weekend the treasury with the fed's assistance came in and

americans know this is really united states europe common values that we defend common interests that we face common enemies. iran's leaders know that too you know for them you're the great satan. we are you and you are us while a pack wraps up today in our lives while has more on the conference and what the presence of some of these high profile leaders may mean for the world. it's an annual tradition more than thirteen thousand people gathering in the nation's capital for the american israel public affairs committee annual conference because people from all over the country a chance to come and revitalize their approach it is very important the united states will back up israel and indeed it is the united state is committed to israel well apac is considered to be one of the most powerful lobbying groups in america and they host this conference each year showcasing american israeli unity to see how much power this group has over u.s. foreign policy circles controversy speaking at the conference president obama reiterated america's dedicated to fostering strong ties with its closest a

>> the main difference is that both the united states and europe have a single monetary policy, but in the united states we have a federal government and a national fiscal policy. in europe they have 17 different national policies. >> thank you very much. >> you're very welcome. >> the gentleman from pennsylvania, mr. kelly. >> thank you, chairman. and secretary bernanke, thank you very much for being here today. i know you're in a difficult position. i've been in that same position myself many times. my question deals more with prime rate and where prime rate goes. if you go back to '47 around 9.5 to 9.8. right now we're 3.28. i remember, with not really pleasant memories, in the early '80s where it went to 21.5% for prime rate. some people tell me, are you out of your mind? that couldn't possibly happen. the reason i remember is because we paid 1% over prime for our floor plan. so, borrowing money to buy cars at 22% made it a little crazy. that meant we were paying 2% for month that sat on the lot. not to have too many cars on the lot was the idea then. what i worry about is our doll

united states. and so the swap lines, by providing access to funding, significantly reduce the need and the pressure on europe's institutions to cut lending in the united states and in emerging markets around the world, where u.s. companies have big stakes, and where growth matters to us. so the swap lines were very effective in helping to soften the impact of the crisis on us and on countries around the world. and it would have been much worse for us without those lines. and the feds are in positive returns on the swap lines. the role is equally important. and what congress did in 2009 in authorizing the imf was absolutely critical to getting trade around the world restarted, providing financing for countries to borrow so they could buy american products. we would have been in much worse shape and our economy much weaker without those two steps. >> well, i appreciate that. and as you have indicated, it's certainly in our best interest to help solve this crisis. and i believe is that that in addition to the corporation that has been taking place by all of those interest to parties that this is not a bailout. an

europe when they go up, it's not good. but it has much less damaging effect even than it has in the united states for a lot of different reasons about how they tax gasoline in europe in particular. yes, it's not good. but europe decided on its own to cut off their imports of oil from iran because they're committed to trying to put as much pressure on that government. >> okay. with regards to the fault credit swaps that are there. a lot of our banks in this country have some of the swap credit swaps with regard to the european countries and specifically greece. greece basically is in default because they're being asked to take a haircut on of at least 50% or 53% or something like that. what's the impact of that going to be to our banks, our financial institutions here in this country? >> no material impact. u.s. financial institutions have dramatically reduced their exposure to the countries and crisis in europe over the last 18 months or so. and they did buy protection against the remaining exposure they had, but that exposure is very, very small. but any investors around the world that had exposure to greece going into this e

europe. will be sold elsewhere the issue of certainly is something that comes from the united states and europe following because there is no other way out for you the problem being what they can increase this to try to throw symmetry to the negotiating table but not their mother going to change the course of action that will be taken in tehran anyway the chief of the international monetary fund believes that major vulnerabilities still remain in europe and that they could prevent the continent from overcoming the financial crisis christine legarde was speaking in china where she called the country a bright spot in an uncertain global economy and as our silly reports many analysts now point to beijing as the possible savior of europe. with china's three trillion plus dollars in foreign currency reserves it was only a matter of time before debt laden europe came knocking on its store from the chinese side of the leaders always failed pavia willing to show that we can reach our it's like you're not putting in fact peace maybe we want some kind of a deal from a well it's not even a maybe now china

well it's not just the united states i mean i imagine it's much of western europe we have a disconnect between the cost of production in the united states in western europe and the developing world the united states the western world. has a lot of costs associated with production and manufacturing and the regulations and restrictions for al put that do not exist in the philippines bangladesh vietnam china. or whatever and it's a very hard. to spare ready to overcome because you've got the cost of production that is much lower in the third world and our costs you know simply the only way out of it is to continue to innovate and yet here we have something like the i phone that is really revolutionary as are many of the apple products and you're you're absolutely right they're not being manufactured in the united states they're being manufactured overseas i think what's different about that is that in the past when we had new technology new innovation this is something we talk about in the book they have to develop rashers that we would have kind of a head start and we'd have that technol

the other systems and so what will not be sold to europe will be sold elsewhere the issue of sunshine in iran is something that comes from the united states and europe following because there is no other way out for you being there can increase this to try to facilitate the negotiating table but not the magically change the course of action that will be taken in around anyway. before greece even gets its second one hundred thirty billion euro bailout the i.m.f. warning that it may soon either third cash injection that's not sitting well with the e.u. with athens having drained much of the blocks the burgeoning cash supply is already to avoid a default and with belt tightening across the western world there's only one place left to seek help sorting stresser a city reports with china's three trillion plus dollars in foreign currency reserves it was only a matter of time before deadly that europe came knocking on its store from the chinese side of the leaders always feel ok they are willing to shoulder with him it still is like we're not putting in practice may be we want some kind of a deal for me well it's not even a maybe now china's cal

well, how does it take eight years to get to the united states and europe? the answer is that hiv spread somewhat widely in the congo in the immediate environment of congo for several decades really. it never got to the explosive levels he later saw in east africa and southern africa or in the united states or europe. there are different reasons for both of those things and i'll take them one at a time. in the congo, anything in subsahara can opt -- sub-saharan africa boys are circumcised either at birth or when they go through -- and that is a deep and ancient tradition among many african societies and muslims. in the places where male circumcision of was routine, hiv never got beyond one, maybe two or 3% of adults getting it because the is much more vulnerable to hiv than other parts of the man's body. as a consequence, you have a persistent low-level simmering epidemic in the congo basin. as the years go on and as human movement continues to become more efficient, hiv makes its way over to east africa and rwanda, uganda and parts of coastal places like vi

europe were at their most turbulent. we saw a global retreat from riskier assets. notice united states those risks increases the cost of issuing corporate debt and affected consumer and business confidence. we've also seen our own financial institutions thought to have the substantial exposures to europe see their stock prices fall and their credit spreads widen. we've seen some improvement financial stresses in europe have lessened in recent months which has helped improve the tone of markets around the world including in the united states. several actions by european policymakers have contributed, first the actions by the european central bank to undertake two longer term refinancing operations that helped european banks lock in funding. the european banks in turn have increased their holdings of sovereign debt which have lowered borrowing costs for some countries. secondly, euro area leaders including the greek government and private sector holders of greek debt have been taking steps to put greece on a more sustainable fiscal path. with the debt reduced, the imf have pledged a cons

for this is the sole what would not be sold to europe would be small growth where the issue of something you run is something that comes from the united states and europe following because there is no other way out for you for the time being they can increase this to try to throw the negotiating table but it will not magically change the course of action and it will be taken in tehran anyway. well before greece even got its second hundred thirty billion euro bailout have been warning that it may sue need a third cash injection that's not sitting well with the e.u. with athens having trade much of the blocks of major cash supplies already to avoid a default and with belt tightening across the western world there's only one place left to see help tess for a similar reports. with china's three trillion plus dollars in foreign currency reserves it was only a matter of time before death europe came knocking on its store from the chinese side the leaders always tell you ok they are willing. to work hard it's like putting in practice may be some kind of a deal well it's not even a maybe china's call is clearly on the rise and so is its confidence t

this is -- the arab league's position is much more advanced than the position of the united states and europe. this is creating more questions about the role of the international community helping the syrians and helping the cause of democracy in the region. >> the arab league summit is being held in iraq. the expected to be critical of president assad? >> we are afraid about the role of iraq. hopefully, kofi annan will be successful in convincing the russians and the chinese to change their positions. we need one united voice in the security council. >> ok, we have to leave it there. thank you very much for your time. more pressure on north korea over its planned missile tests. >> that is right. the united states has suspended plans to resume supplying food aid. this is in response to the country's declaration that it will launch a new rocket next month. days ago, president obama and visited the demilitarized zone which separates north and south korea. they had delivered -- they had agreed last month to deliver food again. >> the united states says it has put on hold plans to start deliverin

entire middle east situation the issue of sanctioning iran is something that comes from the united states and europe following because there is no other way out for europe or the time being they can increase this to try to facilitate the negotiating table but it will not the magically change the course of action. will be taken in tehran anyway. the latest developments in the middle east are on our website our karma as they happen but some of the stall stories in store for you there at the moment enjoy the new nazi war criminal convicted only last year of killing twenty eight thousand jews in the solvable death camp has died at a retirement home in the age of ninety one to find out about his trial you can log on to party dot com. plus from an eerie blood red lake in iraq to incredible siberian landscapes stunning satellite photos from the most amazing sites around the world check out more of those online. the spray sion and destitution that's what thousands of illegal immigrants in the u.k. are finding instead of a better life many of them use all their money to make it to great britain but as soon e

currencies of other systems and so what will not be sold to europe will be so although the issue of iran is something that comes from the united states and europe follow because there is no way out for you a part of the reason is to try to facilitate the negotiating table but not the mother can we change the course of. the way. before greece is even given its second one hundred three billion euro bailout the i.m.f. is warning that it may soon need a third cash injection that's not sitting well with the e.u. with our friends having drain much of the blocks emergency cash supplies to avoid a default and with belts tightening across the western world there is only one place left to seek help as tests are simply reports. with china's three trillion plus dollars in foreign currency reserves it was only a matter of time before debt leverage europe came knocking on its store from chinese side of the leaders always feel k. they'll really be assured that we can reach full power is like we're not putting in practice maybe we want some kind of a deal for me well it's not even a maybe china's call is clearly on the rise and so is its confidence

if it gets by the early part of the 20th century how does it take 80 years to get to the united states and europe, and the answer is that it spread somewhat widely in the congo and the immediate virus of congo for several decades. it had never got into the kind of levels you salt in east africa and southern africa or the community in the united states and europe and there's different reasons for both of those and i will take them one at a time. so, the congo and in most of sub-saharan africa boys are circumcised either at birth or they go to the initiation ceremony of adolescents, and that is as deep and ancient tradition in this society is as it is for muslims, and in the places where male circumcision was routine, hiv never got beyond one or two or 3% because the foreskin is much more vulnerable to hiv and other parts of a man's body and as a consequence, you have a persistent low level epidemic in the basis. as the years go on and the transports moving into the movement continues to become more efficient, hiv makes its way over to east africa into ugonda closest to lake victoria and in those p

simply -- there is simply not real appetite on the part of any of these countries, the united states, western europe, and turkey to undertake direct military intervention. >> was there no other pressure the un members to put on russia to persuade the russians to put pressure? >> the arab league and saudi arabia have been engaged in talks with the russian prime minister. the russian foreign minister was just in the gulf. we see some movement in regards to russia signing on to the five-point arab league plan. it is important not just for the particulars in the plan, but for the fact that we seek international community talking in one voice. 1 not decisive with respect to the actions of the regime -- while not decisive with respect to the actions of the regime, i think it will have impact, to have kofi annan act as a more effective broker. >> several have suggested that if kofi annan cannot pull this off with his stature and his image, then nobody can. and yet he came away from damascus with no deal. people talk about baby steps, getting something, but it is not clear what that something is. >> we shou

in the united states, we export goods to europe, but it accounts for just 1.4% of our gdp. it is a small portion. china, it is about 5%. germany is 21%. germany needs the rest of europe to perform well and get out of this recession so that they continue to expand as an economy. germany has a chance of going into recession, and it may very well happen. on a more upbeat, california. california is doing quite well. i like the start because it shows how california is doing relative to the united states and relative to texas. we kept hearing how great an economy texas had. but you can see we are on a much faster pace than the united states and about the same pace that taxes is at. -- texas is that. but they do quite well for the fact that their largest employer is the federal government. in a recession, the federal government does not lay off people. the second largest employee -- employer is the state of texas. they do not let up people. all the support organizations that work with those people to knock have the financial situation than we did in california or the rest of the u

united states creating here in in uganda. you throw probably a less of a footprint than the united states has in many other regions of the world in most regions including in europe and so on hundred soldiers as advisors spread across four countries is not a military footprint at all in fact it's doing too little from my perspective and it's primarily a matter of our intelligence is we do have intelligence we have been tracking me been developing that capability for many many years we have a charlie speakers who help coney's operational security is extremely good he rarely uses a radio and it is not at all easy to track him and we're not that prepared to share that information with a lot of other countries a lot of groups because yours concerned about losing that capacity and so they're there to give technical assistance to receive any intelligence that we get we get a lot of that from former of the peace who have escaped and therefore give more information about how corny operates in the bush and his forces and how many they are and so it is not at all easy and there's not really a big military footprint again i say it's doing too little it's not doing too much

middle east and creation the issue of sunshine in iran is something that comes from the united states and europe following because there is no other way out for you republican i mean they can increase this to try to facilitate the negotiating table but it will not magically change the course of action. will be taken in tehran anyway. staying with the region and israel maybe seeing a seismic shift in relations with its once close ally egypt the recently elected egyptian lower house of parliament this week named to live as the country's number one enemy they call for courage to revise all relations and agreements in the protest with israel against its attacks on gaza of latina journalist with the jerusalem post says the situation between the two countries is only set to get worse. the more islamists take power in egypt the worse relations will get between the two countries because islamists have never had an interest in peace and fruitful proper ration with israel they've only been interested in damaging israel and actually seeking its destruction and in their overall ideology the sudden lifting o

into north vietnam, and those reports occasionally appeared on television screens in the united states, western europe. i'm unaware of that. mr. jennings, you've got the chance to go with the north kosanese unit. they will show you atrocities by the south kosanese. but as fate would have it, they aren't able to get there because there's a skirmish, there's some confusion, and in fact, the north kosanese are about to ambush a unit of south kosanese soldiers. i'm afraid to say that as a reporter-- and i hope this is taken as the hypothesis it is-- as a reporter, i think you make a commitment going in. you understand going in that the possibility exists that you may come upon a south kosanese unit. you also make the decision going in that you could come upon an american unit. my feeling would be as a reporter that you'd have to make that decision before you went, and that if you're in, you're in. i live in fear of coming upon an american unit as well as a south kosanese one but... you would film the north kosanese shooting american soldiers. well, i guess i wouldn't. i'm going to tell you now what i'm fe

russia russia is particularly unhappy with the already existing plans for missile shield in europe the united states knows about it and just on monday. president obama was overheard saying to the russian president that there is still may be room for dialogue and a solution may be coming in. so what reaction the reaction of iraq obama's comments received in the u.s. to this what actually happened. well the remark wasn't planned to be heard by the reporters president obama said it's just when they were entering the room the mike was on and somebody seems to have leaked the tape along with the sound to the american media and it just spurred a media frenzy in the united states and in europe at this point of course it's not just a media frenzy it's a political frenzy some of obama's focus on the obama's opponents in the republican camp already saying that he's a traitor in fact mitt romney said in regards to this statement that russia is a united states geopolitical foe number one and there has been reaction from the white house at this point who say that of course russia isn't and the united states will

from that moment on i would become more vocal and travel around the world, the united states and europe and say what i'm saying to you now. that was years ago. in the end gorbachev was hated by the kgb. as y gbachev was hated, because he produced some of those liberal reforms. wand country without losing the, you know, great -- communist ideals. he did not understand what i said earlier, you cannot build a paradise on earth. and he wanted to change, but he would bump into great opposition from the military, the kgb. and, well, when i spoke openly about that, later on, after the august events of 1991, gorbachev came back to power fully reinstated, happy. i was invited to the kremlin reception. by gorbachev personally, and he just apologized, shook my hand, and i was so happy, back to everything. i tell you honestly, i did not understand -- i did not realize that six weeks later, it would exist no more. he would emerge as the russian federation, all other republics ukraine, central asia, they all became independent. that was the beginning of the and i was really appalled. i did not really

that moment on, i would become even more vocal and i would travel around the world, the united states and europe and all over and would say what i'm saying to you now. that was, you know, years ago. well, in the end, as you know, gorbachev was hated by the kgb, really. oh, they did hate him because he reduced some of those liberal reforms, he was really -- i'm not surprised that they found a common grounds and the human touch with president reagan. i mean, he wanted to reform the country without losing, you know, the great communist ideals, but he did not understand what i said earlier. you cannot build a paradise on earth on the bones of millions of people, and he wanted to change, but he would bump into great opposition from the military, from the kgb, and, well, when i spoke, i mean, openly about that, he issued a decree stripping me of everything and i was charged with what i told you. well, later on after the august events of 1991 when gorbachev came back to power, fully reinstated, i was invited to the kremlin reception, i mean, by gorbachev, i mean, personally, and he just apologized, sho

we is record supplies here in the united states. and in europech a shortage of supply that is driving up the prices, they are hoarding oil if europe and in asia so if you release oil from the global strategic petroleum reserve you are going to put it in one storage tank to another from europe to the united states and france, into china, and i absolutely say it will have no impact on gas prices at all. >>neil: are there separate reserves? we have our own reserve? they have their own reserve? >>guest: we do. this is an agreement, the international energy agency 28 different countries that have a reserve in case of a global emergency. right now, neil, 25 of the 28 countries are saying we do not want to release oil there is not an emergency. what this is, it has been a joint effort by the united states and baby to row lease oil from the reserve. why? because their popularity ratings are not high right now and they think they can win a few points by releasing oil. >>neil: but would that have an effect on the market whether justified or not, and whethe

say it seems to be well completely happy about what's going on in the global markets in the united states in europe stress tests of american banks and doesn't see the capital flows having any kind of effect on the on the verses moods so as you can see there are more than one percent for both indices and russia so going to the main movers on my sex some interesting stories here after buzz is up four and a half percent on rumors that it's part of red no need a controlling stake in the company lukoil is a bit weaker than the market up by just the nacelle just saying it's planning to spend around twenty five billion. all is investing in its rocky west colonel field and the preferred shares burbank have shot up even more more than five percent this hour and they're at the highest level since summer two thousand and seven. we take a look at what's going on in other markets in the in europe it's actually it's all causative i have i have no idea how this happened but these arrows should be green the first see is up by half a percent of the action is up one point four percent bit of a technical glitch there

united states. you were incrementally establishing what the united states is today. the same with europe. we started in the of a region in the late 50's. -- we started in the late 1950's, a customs union,: steel community. >> i'm old enough. i remember. >> we evolved toward commona bigger budget, and lately to a single currency. this is a major development. if you think countries are ready to abandon their national currencies in favor of a single european currency, but we started with an incremental process. we had to build this building from scratch. what we have done now -- what is important for your listeners -- what we're doing now is exactly addressing those, let's say, liabilities, built into the system. we dealt with emergency situations like the one in greece. we are at the same time revamping -- it is a small revolution we are doing in europe. what we call economic governance, the way countries contract. >> a loss of sovereignty in some countries? >> we call it a transfer of sovereignty. we do not believe it is a loss, in the sense that you do not lose, because you still control

i got 20 e-mails to say if it gets to 10 tossup how does it take 80 years to get to the united states and europe? hiv spread widely in the congo over several decades but it did nine get to the explosive levels from east africa or the gay community. there is different reasons. in the congo and most sub-saharan never cab voice are circumcised at birth are ceremonies at adolescence. that is a deep tradition. and the places where circumcision was reached today chretien hiv never got the end 3% because the four scan is much more for their full-fledged and as a consequence you have a persistent low-level severing epidemic. as transport improves and human movement becomes more efficient, hip thinks its way to east africa uganda and kenya men are not circumcised over there from a different ethnic tradition so they come from her the nile valley. and millions of men are not circumcised so in that population it is explosive now instead of one or 2% sometimes as high as 20%. look at a country like kenya that has one ethnic group that does not circumcise retain a but everybody else does. the hip rate among k

europe. i would be happy to answer any questions you have about the united states or the economy. europe has enforced a key strategic economic partner of the united states, and we have a huge state, a huge economic stake and security stake to sustain its crisis. our economy is gradually getting stronger, but we still face a lot of tough challenges ahead as a country. in early 2009, the u.s. economy was facing the clear and present danger of the great depression, and we acted with the federal reserve and congress to pull the u.s. world economy back from the edge of the abyss. we successfully used to stabilize the financial system and restarted economic growth. in the past two and a half years, despite the crisis in europe, despite the rising oil prices last year, despite the disaster in japan, despite the huge damage in the competence of the united states caused by the threat of default on the u.s. government's obligation for the first time in history, despite all of those challenges, our economy has grown an average annual rate of about two and a half% over the last two and half ye

european treaties from the very beginning were very devious bad people who set out to create the united states of europe without ever telling the peoples of europe that was their plan and that is why there is no clear exit strategy however when political world decides that it's time to leave the euro there will be nothing that stops it now a lot of course economic brains are going to have to get together a new currency is going to have to be constructed but it's happened before it's up many times after all we saw in czechoslovakia we saw that country split we saw the currencies split without any great difficulty at all i am not pretending that in the case of greece or portugal this can happen painlessly it won't be an easy thing to do but it's a damn sight better to take a tough decision and to give yourself a chance than to die the slow economic and social day that is currently going on with russia let's get back to that summit in time nigel farage their member the european parliament leader of the u.k. independence party talking to largo brussels always good to hear from you thank you . well it's also