lester brown uses scientific and economic studies together with data from the world bank united states government and the united nations to draft a global budget for restoring the earth we look at the two sort of major components of what we think it's going to take to create a sustainable future one is poverty eradication and population stabilization and then we treat those as one because we think they're closely related when we put the budgets together for eradicating poverty stabilizing population plus what we call the earth restoration budget it comes to a total of one hundred sixty one billion dollars now that's a lot of money it's a third of the u.s. military budget. it's a third of the u.s. military budget and the u.s. military budget is half of the global military budget which is now without a trillion dollars and if you asked the question could we reduce the u.s. military budget by a third. and shift those expenditures into poverty eradication population stabilization earth restoration i think it's clear that we would do far more to insure our future than if we just stay with a

are other countries gonna salute and say, yes sir, when the united states, when the world bank tells them how to do something with their economy? have we lost credibility in that area? >> i think the jury's still out on one of the important issues in, in the old washington consensus which is the, the question of the role of the state and, and size of government. and, uh, i, you know, i don't think the u.s. can, can claim to have all the answers on that or, or anything else. the one area in which china has not copied the u.s. in which we, we really need to, for the sake of the global economy and that is, domestic consumer consumption. we have a major imbalance in terms of, and it has everything to do with why there is so much debt in the u.s. with a very consumer demand oriented economy in the u.s. and, uh, you know, a totally export oriented economy in not only china, but other countries such as germany, and that's why you get, so much debt on one side of the equation and so much savings on the other. so the, the u.s. isn't the only one responsible for the, for keeping a healthy glob

world. we decided not to ever duplicate what the united states was doing or the united nations or the world bank or harvard university or anywhere else but just do things that nobody else wanted to do. and that got us more and more deeply involved in health care in africa. so now 75% of our total budget and personnel and our total cash budget each year is now about $100 million, is devoted to health care in africa and, to some degree, in the latin america. so we address diseases that are not any longer known anywhere in the rich world, diseases like lymphatic -- [inaudible] and to some degree lately, malaria. .. so that is how we got started in the outside world. as we went into those countries and became involved and the village level of eradicating diseases, teaching them how to do better in agriculture, if they have a conflict like a civil war, they would ask the carter center to help them resolve it. if they had made be the first election for a democratic election, last one they want is for the united states or united nations to come in and since we are already there and we knew the leaders

but banks were failing in the united states and all over the world, and the world was headed to a potential crisis. and that's when the policy came to an end with the inflation rate of 3-4%. but with the unemployment rate up above 10%, above where it is now but without the benefits that we're having. >> so, chairman volcker, did your wife -- did your life read easier than it lived? what was it like over the time allan's talking about? >> well, you asked whether we were surprised at the cost. i wasn't surprised there would be a cost. but the cost has to be interpreted correctly. i was convinced, and you had to be convinced of this or you probably couldn't carry the process through, that if you didn't act, the ultimate cost was going to be greater than if you did act. and i must say the recession that ensued was longer, i don't know whether it was deeper, but it was longer than one would have wished. but you could see your way through it, and what made it possible, frankly, in my opinion, was that there was enough feeling of concern on the part of the public about inflation that they were wil

stability, but that is the kind of role that's become central to central banks pretty much around the world, even the united states, although they don't state it quite that way. i'd rather just say we, price stability ought to be the rule. i'll leave off the 2%. >> in defense of the fomc minutes as someone who had to draft them for six years, i would say mission accomplished if you found them pretty boring. >> wait a minute, wait a minute. you said you drafted them, those are verbatim minutes. >> oh, the transcripts. okay. [laughter] sometimes some participants of the fomc were unintelligible. >> that's right. [laughter] i hope you're excluding the chairman. [laughter] >> always. so let's turn to the decades covered by the history of the federal reserve starting with the 1950s. in the 1950s after the accord, inflation was low, the fed was in the background. there were recessions about every four years on average though. was that the right mix of policy regarding limited responsibility for the federal reserve and short-term stabilization and a certain opaqueness in the conduct of policy, professor meltzer? >> the 1

we worked together with the united states government as well as governments all over the world just as we went with large banks or large telecommunications companies. these companies oftentimes are the ones that are taxed the most. and in mcafee's case being a dedicated security company we want to protect the ones who are attacked the most. in this case we are good partners, good customers and hopefully those agencies would say the same thing. we try to collaboratively partner with them to create solutions for the security industry. >> guest: you know dave relating to that, there has been taught by talk by the defense department has actually agencies about

we work together with the united states governments as well as governments all over the world just as we would with large banks or large telecommunications companies. these companies oftentimes are the ones that are attacked the most, and in mcafee's case being a dedicated security company, we want to protect the ones who are attacked the most. and in this case we are good partners, good customers and, hopefully, those agencies would say the same thing. we try to collaboratively partner with them to create solutions for the security industry. >> host: you know, dave, relating to that there's been talk by the defense department as, actually, as well as civilian agencies about incorporating security requirements into the procurement stage where they'll say to industry here's what we want to purchase, you need to get certain security standards met before we'll even consider your proposal. there's some in industry that don't like that. they feel it's government dictating too much in terms of development and what they need to do with their own product. how do you feel about that? should security be rolled into the

>> union bank has put its global expertise to work for a wide range of companies. what can we do for you? >> and now, "bbc world news." >> the united states announces sanctions on colonel gaddafi as libya's leader says he will armed supporters to defend the country. protesters gathered on the outskirts of tripoli and are fired on by government forces. >> i intend to live and die here. we will live and die for libya. we will live and die. >> welcome to "bbc world news," broadcast to our viewers on pbs in america, also around the globe. coming up later for you -- more footage of the terrifying massive earthquake that hit christ church in new zealand. 200 remain unaccounted for. and back where they met, britain's royal couple returned to university where their relationship began. the anti-government demonstrations in libya are getting closer to the capital. protesters took the streets of tripoli but were fired on by a government militia. one eyewitness described the scene as a massacre with the sky raining bullets. earlier, colonel gaddafi's son went on tv to say he and his father would never leave libya alive. we have this from the border.

. >> union bank has put its global expertise to work for a wide range of companies. what can we do for you? >> and now, "bbc world news." >> the united states imposes financial sanctions on libya. while the u.n. security council considers further measures. armed yourselves and fight for me, muammar qaddafi's message in tripoli. but qaddafi's opponents face protest until they're stopped in a hail of bullets. welcome to "bbc world news," broadcast to our viewers on pbs in america and also around the globe. coming up later for you, on the coast of civil war, thousands of clashes between rival forces. as the recovery operation continues in new zealand, that submerged people from more than 20 countries died in the earthquake. in the past few hours the united states has imposed sanctions on libya, while the united nations is considering further action in response to the bloodshed in the country. president obama said the sanctions would target the assets of colonel qaddafi, members of his family and the libyan government while at the same time protect the interest of the libyan people. britain and france have drafted the u.n. security council reso

inflation all over the world well as you point out the federal reserve bank is owned by banks and corporations it's a private corporation it's not a function of the united states government anyway it's there as a lobbying group for corporations the number two you mentioned near zero percent interest rates this is really the killer because in the united states and around the world interest rates are not allowed to trade per the. market they're kept artificially low to give free money to the speculators whenever they make a losing bet then the government bails them out and to pay for the government's bailout they put a go to the people through austerity measures are saying and greece are saying in ireland they put a gun to the people side with austerity measures to bail out the banks who were holding the government hostage so this is just easy money fueling worldwide inflation yes they're getting greedy they're forcing prices to go up to astronomical price levels i read a statistic somewhere of the number of people actually forced into poverty but that's a matter is really fantastic so continue on to get into the nitty gritty world bank warns of soaring food pri

bank is able to reflate. the great flaw in the world monetary system is that the united states, the main reserve currency countryf the world, runs unlimited deficits that inflate foreign economies while at the same time progressively undermining confidence in the dollar's future value. it is a system that is unsustainable and dangerous. if not reformed, it will ultimately end in a very big crisis that the united states and the rest of the world may not be able to reflate their way out of." i'm just going to skip to the next page. one more paragraph: "it feels like we are travelling down a narrowing road, with inflation on one side and deflation on the other. we keep bouncing from one side to the other with increasing force. the implication is that eventually we will get to an endpoint, and experience both inflation and deflation together. the monetary and fiscal levers won't be able to pull us out. at that point, some prices may be going up, but living standards and wealth will be falling." so, a sobering message, but what interested me here was, for instance, understanding inflation in a different way. we think

what kind of help does tunisia need if any from the e.u., united states, i.m.f., and world bank? >> three weeks ago, three weeks ago i asked this question and i said at that time, that point in time, please do not do any harm at this stage. the first thing. don't do harm. i thought there were some things on the international community were doing harm at that point in time. they think agencies will downgrade your debt just the next day. everybody was looking for is not helpful. it does not -- it's not good. it increases not only the cost of your debt but increase also the cost of your even trade finance. the second -- so i want and i still want to make sure that investment -- international bank and international institutions and trade keep funding and financing trade in usual way. so the first thing just do no harm. >> just continue. >> in the next phase as we were discussing earlier, we are going to have a phase next few months, where probably our financing needs are going to be higher. both for the external financing as well as the budget financing. so we are going to need finan

the united states has combined federal and state corporate tax rate of around 39%, the actual burden that falls on corporations is substantially lower. united states actually according to the world bankd 124 healthdyne of the for tax burden. what are the loopholes that reduces burdens and our inability to pay off the deficit? >> that's a good question, and frankly, we still -- all these other nations have tax expend cheers and -- expenditures. they have tax credits we don't. we can't giver our companies the -- give our countries the consistency to rely on being treated fairly. we're still, next to japan, the highest corporate taxing nation in the world, and we need to bring those down so that we can give the incentives to hire more people, create more jobs, and keep us going, and we can do that. it's a difference in philosophy. my friends on the other side believe, and they sincerely believe, the federal government is the last answer to solving these problems. i think it's an impediment to solving these problems. we have too much determination coming from washington and too late allowing the free market systems to expand and grow and do what it should. >> you know, it's a classic com

american bank rolling which helped him in power critics are questioning how much of egypt's new democracy will have to answer to u.s. demand also. united states is becoming the laughing stock of the world. as election season kicks off and the united states potential republican candidates reveal their big plans for the country as opposed to conference in long term and. there's ukraine and poland provides a house with twenty twelve european championships look at how a very national instrument and make a similar is more squeaky in parts of the bazelon last year's soccer world cup. into russia and around the world this is actually with me our thanks for joining us there gyptian military house pro promise to uphold the country's international obligations as it takes control of following the resignation of president hosni mubarak after eighteen days a widespread and sometimes violent unrest forced him out the armed forces assume power transitional period until a new leader is elected crowds continue to gather in cairo's tahrir square on saturday in celebration of his removal world leaders including the u.s. president praising virus decision to stand down saying he'd finally given in to the v

world freed a half billion dollars it's the first big sale and russia's ambitious privatization program the roadshow is organized by merrill lynch deutsche bank and b.c.b. capital will be held in the united states britain scandinavian states germany and moscow and named middle eastern sovereign wealth funds among the potential buyers for the stake with mr daly also reports that about half of the ten percent stake may be acquired by italian insurance group generally. the price for brant crude oil went beyond the hundred dollars the one hundred dollars mark this month this latest wise was reportedly due to the tensions in egypt over christophe chief economist vice president of b.p. says the overall price growth was due to tightening oil markets. what has happened already over the last few months because stable supply and growing demand the majority. but it was invisible the reason for this is we had so much floating storage oil stored over the sea that us disappeared didn't show up in official statistics no it was just some of the official statistics you see the interview was going down at the end of that and that is the summary of that is that by the beginning of this year we will have to see wi

later we adopted a policy -- we decided not to ever duplicate what the united states was doing or the united nations or the world bank or harvard university, but just to do things that nobody else wanted to do. that got us more and more involved in health care in africa. senate by% of our total budget and personnel -- 75% are budget is devoted to health care in africa and to some degree in latin america. we have addressed diseases that are not any longer known anywhere in the rich world. to some degree, malaria. that is what we do in countries all over africa. we also had a major agriculture program for about 15 years where we would go into small farmers operations with an average of only 2 acres of land, and we would teach them how to increase their production of basic food grains, corn, wheat, grain, rice, and we educated 8 million farm families on how to double or triple their production. we looked on that as part of health care, like it would increase nutrition, because everything they grew they could eat or sell the surplus. that is how we got started in the outside world. as we win in those countries and became

world leaders about the situation, not just what the united states, but what other countries can do that are closer in the region to help the process of business and commerce. obviously, you got bankshat are opening back up again and such. >> question, on the chamber, if i may. a lot of people from the chamber were hoping or expecting that the president today what outline some kind of specific way forward for the panama and colombia trade pacts. why did he not do that? >> we -- be patient. that is all i would say. let me expand on that a little bit. we picked up an agreement with south korea that had not made any progress. we spent a lot of time working on that agreement to insure that all of the stakeholders felt like it represented the best interests of this country. we walked away from what would have been a nice pr hit in seoul because we did not think the agreement did what is needed to do for us. only to come back and get an agreement that we thought was even better. which then god stakeholders from the left and right, liberals and conservatives, business and labor to support the agreement that we did come up with. i think the president believes that is a model for moving tha

world leaders about the situation. it is not just with the united states but what other countries can do that are closer in the region to help the process of business and commerce. you have bankst are opening up again and such. >> many people saw the chamber of commerce and were hoping the president would outline a specific way forward for the panama and colombia trade. why did he not do that? >> the patient is all i would say. -- be patient is all i would say. we picked up an agreement with south korea that had not made any progress. we spent a lot of time working on that agreement to insure that all the stakeholders felt it represented the best interests of this country. we walked away from what would have been a nice pr hit in seoul because we did not think the agreement would do anything for us only to come back and get an agreement we thought was even better. that got stakeholders' from the left and right, letters and conservatives, business and labour, to support the agreement we did come up with. the president believes that as a model for moving forward on other trade pacts like colombia and panama. as for that, i would stay tune to them what is there a timetable? >> we