the world bank is kind of. merging the next empire on how to conduct its business or possibly sort of teach it how to not make the same mistakes so so as one leading empire is going down it's mouthing off to the one that's emerging and that's one way to put it i know what about the the true global implications you mentioned greece a moment ago but can you bring us on a broader scale well i think in order for china really to go belly up everybody else has to go belly up a bit as well so what's happening in europe in the u.s. possibly get worse or get more deep recession spending becomes even less we boys less of you know russia's flat screen t.v.'s with russia. and fridges and what have you so they start exporting this they're also got the problem of the massive amounts of u.s. debt toward the whole this could be valued if. the u.s. hospitals money so you can see this dates and not just the currency implications as well with china being the biggest holder of american debt as you say if people are buying less the

score is slashed despite the government's race to approve even more all stare of the cuts for the world bank warns the next financial fallout could actually be based in beijing and far worse. than home and away britain's criticised for cutting spending a home and sending billions of broad in foreign aid to countries who say they don't even want their cash. out business desk we're watching equity markets they hold on to gains but s. and p. downgrade to greece to selective default. deficit concerns are keeping investors on guard hoping the figure twenty minutes. just after five pm on tuesday here in moscow that this is our life with me will receive shame damascus has condemned the latest set of edu sanctions against the syrian government the country's foreign minister says economic pressure is only leading to greater suffering for the already beleaguered people of syria dozens of reportedly being killed across the country just on tuesday while officials hailed the success of a referendum on a new constitution in damascus. so as new constitution is now waiting to be implemented the majority of

twenty bric nations now for the world by and they want the world bank to go through some major reform they're making some rather large calls what are they asking for will china will be the biggest economy in the world in between five and fifteen years depending on who you believe now it's very very under represented in the major global financial bodies such as the i.m.f. and the world bank which are traditionally always been european and u.s. led so really it's just saying we want a bit of seat at the table a seat at the top table. they are actually was a quote the other idea about having their own. development bank just with bric countries brazil russia india china and south africa. because it's demolishing are they saying ultimately that they reject the tradition that an american is automatically selected to head the world bank or should they do the entirely so you say they want to get in this life they would rather see one of their own representatives sit in the big chair but of course. they were the reps as do all these things but as i say they will soon be the biggest economy it

also this hour the world bank warns china the world's second largest economy that without reform it faces a financial slowdown that could take the global system with. home and away britain's criticize the cutting spending at home and sending billions of brought in foreign aid to countries who say they don't even want to cash our top stories. international news and comment live from moscow this is r.t. with you twenty four hours a day washington says the syrian president could be classified as a war criminal but secretary of state hillary clinton stopped short of calling for bashar al assad to be prosecuted saying that would leave him with no incentive to step down let's get the latest from our in the u.s. capital so we know that most reports coming out of syria cannot be verified independently so what makes washington so sure that assad is guilty of war crimes. well that's really the question that a lot of critics have been asking here we have to keep in mind that this administration the obama administration has increasingly ramped up its rhetoric as it pertains to syria calling for the p

deputy editorial director of the institute of economic affairs who joins me now in london while the world bank has warned in its new report that china's economy is facing a major slowdown kind of effect might this have on the rest of the world if it did indeed happen. well potential serious effect on some of the hugely indebted western governments who rely on the chinese to buy their bonds so there's a big danger there if there's some sort of selloff if u.s. treasuries for example that could be lead to some sort of crisis in america clearly china is now a major engine of growth another example would be germany that's where we're lying to a large extent on exports of manufactured goods to china so it would have an impact there as well so it would be bad news but i think probably right and it could even come sooner than. the world bank of course calling for reforms saying that china really should reduce its dominance of state companies and stop privatizing state enterprises encouraging private investment what are the chances of china actually taking this advice though in the short. well it's imp

the world bank wants china the world's second largest economy that without reform it faces a financial slowdown that could take the global system with it live analysis on that development shortly here on r.t. . home and the way britain was criticized for cutting spending at home and sending billions of brought in foreign aid to countries who say they don't even want the cash. international news in comment live from moscow this is r.t. with you twenty four hours a day syria has condemned the latest set of sanctions it's facing the country's foreign minister says economic pressures only leading to greater suffering for the already beleaguered population officials are hailing the success of a referendum on a new constitution over the weekend but on choose day alone dozens have been reported killed across the country the u.n. says more than seven and a half thousand civilians have died since march. is in damascus for. french foreign minister in a speech to the un human rights council on monday in geneva where syria is dominating the agenda has said that the time is common for president bas

news today about a change at the world bank. some speculating hillary clinton would be interested in the position. robe robert zell leg announcing he is stepping down. is hillary clinton interested in going to the world bank in the drudge report posting a story saying she is interested. this announcement from the state department. >> i was hoping you could give an updated answer to a question you've been asked about of and that is whether secretary clinton has any interest in the position of world bank president. >> the secretary has addressed this issue many times since last year. she has said this is not happening. her view has not changed. >> and can you say with certainty whether any discussions have taken place between secretary clinton and the white house, specifically president obama, about this position over the course of the past year? >> i can't speak to that but i think the secretary's been very clear about her view with regard to this and that hasn't changed. >> have you checked with her today? >> i have. >> and that

the world bank loans china the world's second largest economy that without reform it faces a financial slowdown that could take the global system with it. at home and away britain's criticised for cutting spending at home and sending billions of broad in foreign aid to countries who say they don't even want the cash on top stories this hour. international news incoming live from moscow this is with twenty four hours a day washington says the syrian president could be classified as a war criminal but secretary of state hillary clinton stopped short of calling for bashar assad to be prosecuted saying that would leave him with no incentive to step down. has the latest for us now from the u.s. capital. the obama administration has increasingly ramped up its rhetoric as it pertains to syria calling for the president bashar al assad to step down saying that a solution is not possible unless he leaves power these are really immense charges that could mean some significant repr questions for syria a lot of critics have said that this sets the international precedent for interventionism this is

zoellick will leave the world bank when his five-year term expires in june. he oversaw its response to the global financial crisis. last year, the bank adopted new guidelines for choosing its leader, calling for an "open, merit-based" process. an american has traditionally led the world bank since it was created 68 years ago. >> tom: at one point today, the market was at its highest point since july. we didn't finish the day there, though. if you last check on the s&p 500 at noon eastern time, it looked pretty bullish. but after the federal reserve released its meeting minutes, sellers pushed the index into negative territory. pulling out to a one-year chart, you can see the market has had trouble around these prices. last april, and twice last july, the index was turned back from these levels. the bulk of the weakness today was concentrated in the industrial sector, led lower by deere. the farm and construction equipment maker reported earnings six cents ahead of estimates. it also bumped up its outlook for the rest of the year. still, there was some cause f

bob sellig have been a very good leader for the world bank both for the world and the u.s. and i think congress just voted in december in a by partisan basis to recapitalize the world bank to fund its lending and grant making to the poorest. i think that was a strong show of support for continued u.s. engagement in that institution. there is a process to put forward a candidate for the leadership. >> rose: and your judgment should be for an american. >> no. what we have said is that the institution's important to us. that our leadership in the institution has served the world well. has served america well and we're going to 35089 forward a candidate in the next short period. the nomination period is scheduled to end on march. >> rose: you're smiling because you know in certain quarters of the world they're saying it doesn't necessarily have to be an american. they would like to see other candidates from other parts of the world considered. emerging nations are saying that especially. >> we're going to make sure that the institution is, continues to be led well led because a

credit score is slashed despite the government's race to approve even more austerity cuts but the world bank warns the next financial fallout could actually be from beijing and far worse. under way britain's criticised for cutting spending at home and sending billions of brought in foreign aid to countries that say they don't even want the cash. and not a good day for the western markets both the us yes and my eyes it's vanished and the red with banking and energy star names take a look at the figures and at this point. it is good to have you with us this is r.t. live from moscow with me rule received shy damascus has condemned the latest set of e.u. sanctions against the syrian government the country's foreign minister says economic pressure is only leading to greatest suffering for the already beleaguered people of syria dozens have reportedly been killed across the country just this on choose day while officials hailed the success of a referendum on a new constitution in damascus is ati's wary function. french foreign minister in a speech to the un human rights council on monday in geneva

our top story today, the world bank plus a chinese think tank issuing a stern warning to the chinese government. in a report entitled china 2030, the two institutions say china has to move to a freer, more commercially driven economy if it wants to sustain its rapid growth path. estimates suggest that state-owned enterprises, the soes like an oil giant, account for some 40% of china's total economic output, total gdp. the new report recommends an overhaul of the powerful state-owned companies, turning them into commercial enterprises. growth is largely govern driven. it calls for greateren innovation and greater competition. china's economy is the world's second biggest and growing at a rate of 10% a year and it's been doing that for the past three decades. certainly enormous growth in china. the critics do question whether such a high rate of growth can be sustained under the current economic model. already we've seen signs a slowdown. the report says china can maintain its strong growth but there are some risks. stan grant joins us now with more on that. you've been looking at this

>> if you look at what the world bank's done, it's not too prescriptive.hey admit that themselves. they are looking at great gains. when i look at their key six recommendations, i felt it was hard to disagree with any of them but they are vague to that extent as well. china ends up in some crisis, over 20 years this report is about, sure, but most economies actually can. i think one of the key challenges will remain whereas five to ten years ago covering china you could see china broadens all the world to listen to them and best practice. i'm afraid that china itself and key policymakers have become more disillusioned with the rest of the world and that marries communistic ideas with a very capitalistic idea is perhaps the way to go forward. less willing to adapt and take onboard what bodies like the world bank are recommending and i think longer term that may hurt china. it's more philosophical but that is my key concern on china. >> an interesting take there. in the short term a lot of concerns about china's banking system. i mean, the government has bee

he built the royal bank of scotland into one of the world's largest banks. all of that changed when the bank crashed and he was forced out in october, 2008. >> i give an apology for all of the distrust that had been caused. >> the apology was not enough for those who demanded he should pay a higher price. >> fred goodwin will get a 650,000 pound pension for life. >> he had to make do with a reward for vila of just 340,000 pounds per year. >> we need to change the bonus culture. we need responsibility across the board. >> he will sympathize with him. there are some who worry he is being made a scapegoat. >> fred goodwin has not committed a crime of any kind. no single person or any single bank created the biggest financial recession in modern times. does this mean that any person who has received an honor can be if theyd of that on honor fail? >> he left his edinburgh home for the last time. his place olson be taken here -- place will soon be taken here by mr. fred goodwin. >> you have been watching at newsday from bbc. >> a reminder, in the latest dates to f

when the world bank has been set up, all of the presidents have been americans.his is a sign of the disapproval about this u.s. centered custom as the person in this key position can exert influence on the global economy. >>> china's deficit grew six-fold over the previous year. this was due to the natural disasters in eastern japan and the high yen, which pushed down exports from japan while imports from china soared. the japan external trade organization said that last year's trade deficit with china stood at $22 billion. that is almost six times larger than 2010. exports to china rose 8.3% to $161 billion. however, the pace of growth slowed sharply when compared with an increase of 36% in 2010. the march 11th disaster and strong yen caused a fa in exports of vehicles, foods and semiconductors. impa amports from china increas 20% to $183 billion. smartphones produced in china are growing in popularity in japan. another factor is the surge in the import of dry batteries and fans and other efficient products. it is highly likely that the trade deficit with china

. >>> a change is in the wind tonight down at the world bank. today robert zellic announced he'll step down at end of june. the world bank says it's provided $247 billion to developing nations since his term started five years ago. >>> at 6:00 tonight new figures out about how much we could soon be paying to drive the dulles toll road. new projections released today show that by 2018 one-way tolls on that road can go up to $6.75. right now drivers pay about $2.25. the toll hikes will help pay for the extension to dulles airport. the 23-mile silver line will cost an estimated $6.8 billion. >>> a lot of people are asking if the d.c. council is just out of control, the contempt displayed during a confrontation between two members yesterday is but the latest embarrassing incident. today the chairman of the d.c. council kwame brown tells our bruce johnson he's going to start tossing members out of meetings. >> this legislation paves the way for equal access to gay marriage. >> reporter: david chata'an, why an openly gay council -- tetania, an openly

finally, at the world bank may soon find a new leader. hillary clinton will formwill format with larry summers. he departs in june. could your new car be bad for your help? this will be back. live from bloomberg headquarters, i am reporting from abc 7 news. >> we will see you in a little bit. >> we are looking at 42 degrees. >> still to come, a health alert in george washington university. and how many students have been affected by a norovirus outbreak. >> how fans of whitney houston will be able to watch her funeral even though the services private. >> perce another check on traffic and weather every 10 minutes. there is a look at the beltway. ♪ ♪ [ female announcer ] gross -- i'll tell you what's really gross: used dishcloths. they can have a history that they drag aroura with them. for a cleaner way to clean try bounty extra soft. in this lab demo, one sheet of bounty extra soft leaves this surface 3 times cleaner than a dishcloth. it's super durable too. it's the cleaner way to clean. bring it with bounty extra soft. in the pink pack

that banking has destroyed the world. i look at the -- this is such an important entity. just such a sad to see such an important cause work like a treaty did not work. my dream is, how do you take on women's initiative creating opportunities for women and let women talk about the issue, if it's not passed so the environment or global warming issue is not happening. how do we especially power using it -- >> we are short on time. >> can we last comment. >> we want to give several people a chance -- >> can i? could you? i'm am ambitious here? >> ten seconds. >> in thailand, 1/4th of the men are traveling to thailand for human trafficking. >> i'll be fast. you know, so i think your question on ambition to lead and ambition based on vision are not exclusively mutual at all. those that want to change the world understand they need a leadership role, but we need women to have impact and it has to be okay for them to have the ambition to lead as well. without it, we will stay in a world that is completely run by men. >> i just, i want to add little thing to that question. i thin

other as the world bank wants the beijing for a slowdown. spending at home and sending billions of dollars in foreign aid that's a country they don't even want the cash the decision to give an ongoing stream of money to india. throughout the country. now after the latest visit by the un's nuclear inspectors to iran the i.a.e.a. said the country wasn't fully cooperating and the agency has been trying to establish whether to iran's atomic program is indeed peaceful. iran's envoy to the u.n. nuclear watchdog a nuclear watchdog gives his perspective on developments exclusively to us here. i want to first with your permission to explain that the report is not really having anything apart from before what they have said it namely referring to corporation is in fact the reference to the additional reporter call or some others or suspension which we are not of course going to follow because of the resolutions which we do not have any legal basis but since last time according to d.c. poured you can see clearly that all nuclear activities including en

the home of one of the world's largest banks. if there had been a spill over into our financial system, it wouldn't have just been britain that would have suffered. the whole world would have suffered. so i don't think -- i think it is necessary but i don't think it's sufficient. i don't think i've ever argued that the only thing you should try to do is reduce your deficit. >> the fact that britain was consuming 50% of its national income in terms of expenditure. i've always believed that you have to take structural reform, make the business and tax system competitive like reforms to education and the like. i never thought it was sufficient. it is necessary. as a result, i think we have had frankly a rather painful experiment with some of my neighbors of what happens if you are not confident in your ability to pay your debts. >> christine lagarde, you've spoke about countries that do and countries that don't have room for maneuver. how do you define maneuver in that con netext in. >> first of all, in terms of general principle, wh

last month the world bank, the i many. f, the world trade organization called on european governments to stimulate growth. their appeal lacked precise suggestions. it said momentum could be regained by increasing spending on infrastructure. labor market reforms can both raise employment levels and ease fiscal adjustment. one solution, according to a broker is for countries to cut minimum wage. it's one measure greece agreed to this weekend. >> you can do policies at minimal cost. things like slashing the minimum wage, reducing regulation and bureaucracy, things like that. that's the standards or the measures you see in eastern european imf packages in the beginning of the crisis in 2008-2009. whereas they're only really coming up in greece a year or two years into it. >> reporter: changing tax regimes can also promote growth. in 2008, hungary cut labor taxes for corporations but hiked profit tax. keeping the tax burden the same but promoting employment growth. some say slashing wages can hurt consumption and, therefore, gro

is is if you were going to accept the premise that these banks were too big to fail if they went down to be a global catastrophe in the entire world there would already be a foreclosure crisis and the banks be done so really it was a bigger concern than the foreclosure crisis and i agree it's a problem ok but the best way to get these homes out of foreclosure is get people jobs and that's what it's about it's not about the banks the banks are nuts and they're saying we're just going to take your home i mean that's not what they want to do the banks though are sitting there sitting on also money they can borrow money is euro interest rate there they don't want to first of all because they want to start with they will give them access to credit they're saying well we're going to hoard all the money and everybody else and stuff while we've poured the money we live a bar that i have no reason bonuses i don't see what's happening to anyone that's now it's headed what's happening boehner is raising our ease while the economy is hurting hundred forty one billion dollars and banks are compensation last year they have to have some money to

before the world bank he served as the u.s. deputy secretary of state and trade representative. >>> and need to be reviewed. reviewed. made a comment dealing with the fukushima daiichi accident. >> translator: the guidelines to do not lay out effective measures against the tsunami. we also apologize for inappropriate wording saying it is not necessary to prepare for long-term power loss. >> also spoke about the handling of data from a computer forecasting system called speedy. the system is designed to predict the speed -- spread of radioactive substances. he said it is a misunderstanding to say that a faster evacuation would have been possible.heatshd ve bn sclosed ier. >>> investats e ntg here's more. ctorseuer us ve abou it'sheve t. d rg apegwaedye . . holdn the higled workers. the experienced workers they said treins t t o the pay scale as opposed to ne ursndld banvera of 65% it created another problem, ho to keep the older worker motivated while paying the res so the company introducese y st f ver employee if the performan

. >> the world bank? >> yeah. and it's from em in china, too, that this new group of young leaders coming along, they're going to need to reboot the way things work there. my favorite line was the government, and they're talking about the chinese government, needs to decide whether it wants state led capitalism or free market entrepreneurialship and i said, wait a minute, is that our election that we're having in november trying to decide whether there's state led capitalism or free market? and then i realized they were talking china. even china is deciding, you know, this state run stuff, this big government, it doesn't work as well as we had -- it's funny almost every country, europe's coming back. they're doing market reforms. they're doing structural reforms. everybody else is doing it. we hurtle head long in what got them in the struggle. >> to me capitalism is very different, though. >> state capitalism? >> state run capitalism. the debate is over. >> picking winners and losers like yesterday with the tax pl

have resistee. >> smith: .living, living within the uh sort of audio book and e-book or ibook world. >> banks you, do you consume any of that stuff yourself? >> banks: yeah, i consume it. ú have a kindle. >> smith: yeah? >> banks: i just spent five weeks on the road and you don't think i wanttd to carry all those books around with me >> smith: i'm sure you did. well, well, right. >> banks: [chuckles] yeah. >> smith: yeah sure.& and you found that to be a pleasurable experience as a reader? fine. it's, it's -- it's as i say just a delivery system. i don't have a problem with you know, i meen, like the physicality of books, i'm& very sentimental about books, i still write in long hand -- >> smith: but of course the úconomics of it is the.is really the thing we're all. >> banks: exactll. >> smith: .wondering about. >> banks: yeah. well that's gonna change. i'm glad i don't run a don't run a publishing company 'cauue that's gonna change. >> smith: right. >> banks: .and, and but from the point of view of the storyteller it's not a >> smith: well, that's a very positive way to think of it, yeah. >>

the world bank warns china the world's second largest economy that without reform it faces a financial slowdown that could take the global system with it the warning comes despite china's steady growth over the past few years. and home and away britain's criticize for cutting spending at home and sending billions of brought in foreign aid to countries who say they don't even want the cash. back with more on those stories in full for us and half an hour from now the meantime a special report blue ghosts looks a towel women's lives have been changed by the u.s. military presence in afghanistan that's our special report next on r.t. . churchmen dollars. and coffee as shallow as they get that you know i should look out now and involve them in joey jackson michigan rather than me about. my love for you have already other places make it in your city i'm sorry that was not me peaches are coming and it does that out of. love to get it. done on a young man. who schools they have that i too would works with and the minister is one that woman is asian enjoys and so on and civil to say there were

>>> andrew, the world bank president says he is resigning. he will be stepping down when his current term ends on june 30th. in his five years in charge he's focused heavily on tackling high food prices and spent records amount of money on infrastructure. some is of the names tipped to replace bzdelik are larry summers and secretary of state, hillary clinton. according to reuters, clinton has ruled herself out of the running. it is worth noting that the imf has always had a european in charge as well. the jury is out on who could replace him, certainly an interesting development. >> could be a seismic shift if it's not a u.s. replacement there. you're watching "world business today." >>> still ahead, tensions between iran and west are rising. we take you on board a u.s. aircraft carrier stationed in the persian gulf where the crew are keeping a watchful eye on the oil-rich country. stay with us. [clucking] [clucking] [ding] [clucking] announcer: separate raw meats from other foods by using different cutting boards. 3,000 americans will die fr

. >> i predict that the new president of the world bank will be secretary of state hillary clinton. bye-bye.

. >> reporter: jerome says it all started back this 2004 when he took out a mortgage from world savings bank. >> we told them we needed a 30- year fixed mortgage including our property tax and our insurance. >> reporter: and that's what he thought he got but after making his first payment he realized something was wrong. >> i saw that there was no principal reduction. >> reporter: and that's when he contacted his loan officer, who refused to help. within five years, their monthly mortgage payment jumped from $1,800 to $4,200. >> we knew that this was not what we asked for. >> reporter: like thousands of homeowners, the family was given a pick a pay loan from world savings bank now known as predatory lending. >> they targeted these loans at elderly people, on fixed incomes and people who didn't really understand what was going on. >> reporter: this housing advocate says banks like world savings and wachovia often took advantage of these loans by offering homeowners the option of making low monthly payments. but in reality the payments eventually skyrocketed. >> they thought the initial paymen

here on c-span3. >> tonight on c-span, from this year's world economic forum, see the heads of the world bank and international monetary fund along with other global leaders as they talk about the future of the world economy. >> no one is immune in the current situation. it's not just a eurozone crisis. it's a crisis that could have collateral effects, spillover effects around the world. and you know, we'll hear from others, but what i have seen and what we have seen in numbers and in forecasts is that no country is immune and everybody has an interest in making sure that this crisis is resolved adequately. >> i have been in public service most of it involved in public finance for over four decades. let me share with you, i've never been as scared