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tv   Debt Machine  Al Jazeera  December 11, 2017 3:00pm-4:01pm +03

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to replace america and around the world all the chinese are not that stupid these guys want to dominate a huge chunk of the planet this sounds like a preparation for our first president george washington said if you want peace prepare for war the coming war on china this time. zero. and. i'm come all santa maria here in doha with the headlines on al-jazeera the russian president vladimir putin has ordered
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a partial withdrawal of his troops from syria he made an unannounced stop in latakia province before heading to egypt spoke to his allies the syrian president bashar al assad air base russian forces have played an important role in supporting me now in kabul and so it was early director of policy analysis at our institute and he explained why putin decided to start pulling out troops. i think he's trying actually especially after he announced fifty against isis a few weeks ago he made it clear that he was actually and will be withdrawing will be partially with doing prompts syria and by visiting them now i think he's trying to secure to secure the agreement of both egypt and turkey he's visiting them actually today and tomorrow i think he's trying to build them into building something like peace keeping force in syria as he's planning to withdraw from syria i think he doesn't want on the one hand to leave see the to be taken over by the
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iranians the old door i mean. he's his all eyes right now and and the war in syria but he and on the other hand he doesn't want actually to get the iranians to take over the city as they did in iraq when the americans withdraw in late two thousand and eleven but on the other hand he wants other parties to help them secure and impose the ceasefire and the deescalation zones particularly on damascus and also in the north and bought off of homeless. person has just met the egyptian president sisi they are expected to hold talks focused on the resumption of russian commercial flights into egypt and the strengthening of bilateral ties to leaders will also discuss russia's agreement to build and finance egypt's first nuclear power plant and also sign an agreement to allow the use of each other's military bases. confrontations resume between palestinian protesters and israeli forces in the occupied west bank that follows days of demonstrations in the palestinian territory and abroad after the trumpet ministration recognize jerusalem as israel's
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capital those protests ongoing right now in ramallah in the west bank israel's prime minister meanwhile is urged europe to follow washington's lead over jerusalem benjamin netanyahu is speaking your head of a meeting with e.u. foreign ministers where he's facing pressure to restart middle east peace efforts don't it came with more from brussels. it would appear to be trying to square a circle that the the view from the israeli government from listening your promise and you're netanyahu here for the first time for twenty two years received in the capital of the e.u. as it were with a cold real reception but with short shrift from federica madine and indeed from the representation of the e.u. here that know the e.u. position very clearly it's a two state solution and now is not the time to be talking about it and to seize and capitals being moved to jerusalem where as we just heard mr netanyahu believes this is the way ahead he thinks that this is the way that peace can be arrived at
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in the middle east so as you say very clear differences of opinions at least in so far as heads of government and heads of representation is a concern the one thought to point out here is that there are sun e.u. countries have already said that they are predisposed towards moving their embassies to jerusalem to what they would consider to be the israeli capital following on the example of the united states notably the czech republic saying they'll do it and indeed hungary as well so there are some e.u. voices saying the sorts of things that mr netanyahu wants to hear but definitely not from voices here specifically in brussels thousands of people marched in the ukrainian capital kiev to protest against the detention of former georgian president mikheil saakashvili he became an opposition leader in ukraine and has been calling for the impeachment of president petro poroshenko he was arrested on friday following a dramatic standoff where he climbed onto a roof to avoid police and was then freed from
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a police man by his supporters and more evacuation orders have been issued in southern california as wind gusts continue to spread a huge wildfire which is threatening the coastline firefighters are warning the blaze near santa barbara could become the worst in the state's history we'll update the headlines for you in about half an hour right now on al-jazeera debts machine. debt it drives markets creates profit and generates an endless cycle of production and consumption. we live on credit our homes cars schools and government expenditures are financed by borrowing. data has become the engine of our growth the lifeblood of our global economy. it's
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an economic machine impacting the global economy with more and more date being produced day in and day out. this debt machine has grown to epic proportions and now seems to have spiraled out of control public debt the debt held by governments is soaring. the eurozone is having a much harder time than other economies emerging from the crisis of spiraling debt why and what are the solutions. to debt machine once you're on it very hard to feel like that fifty i must use them to look good on song. but on that let's start over and create a system of credit which would actually be sustainable which wouldn't destroy the planet as the current machine has to
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a. diminishing up of my desk and that creaks is one of them to me based on duty do tests on come on that do not cross off economy. check any opus paramedics on it to produce a. sick. what would that somebody to say that. then who. is a pow and i deny me. said that then on any. when it's date reaches a certain level the government gets caught in a spiral to repay its debt and the interest on it the government has to borrow more money year after year. most eurozone countries are now in that situation they borrow heavily on the financial markets and from large private
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banks that fight fiercely to keep them as clients. banks love to make loans to sovereigns why because behind the sovereign are millions of taxpayers and they're not like the shoppers or it's not like the consumers in a business because those tax payers never go away there's a new one born every single day and they're going to pay taxes for the next one hundred fifty yes unless the country collapses so why wouldn't you lend to them because you know you're going to get your money back you know there's no bankruptcy law you know that you can always make a profit on it's safe lending whereas if i go to a firm that wants to innovate and produce a new asset you know firm that maybe once it is decided they want to build steam engines and seventeen hundred or something i don't have to risk assess the risk. well that's too risky why should i invest in that why don't i lend to the
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government of spain or to the government of italy order government of portugal i know there are a german taxpayers there a french taxpayers there all of whom are effectively backing up this debt so i fear of taking risks. government data has soared into the trillions of dollars in euro zone countries but those figures don't really mean much if you don't compare them to the wealth of a country its gross domestic product or g.d.p. . the country's debt is measured as a percentage of g.d.p. here debt represents fifty percent and here one hundred percent of g.d.p. . in one thousand nine hundred two maastricht treaty laid down the terms for an integrated europe. in order to keep debt from getting out of control experts agree that a country's debt should not exceed sixty percent of its g.d.p.
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but that critical threshold has been largely exceeded by most european countries he joins us from get us what he can ask about it some more now we know be pretty up with the beauty of rio might have a pretty rigid there. when debt exceeds a certain level tax revenues start going up to pay interest on the debt instead of funding government expenses hospitals schools teaches. how can that dates be repaid how can we ever get out of the spiral. if you were to move on but in that lesson i guess you'll yet divvy almost have a dead to cvs everybody's word. or junkie was up i think they sell out they're covered with i don't know but almost over that sean paul is exam proof for saying of all of his says that they did to cause like the balliol were tossed which amidon
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bossy when i drove spur years to queue at the. property to get a perk it physically but little to quit their battle schweizer. off you did get you up at it. has always existed it dates back to the origins of civilization it even predates the invention of money. the very earliest mesopotamian scriptures that we have are actually debts and products calculating who owes what to whom when temples and other large bureaucratic systems. so what you have actually are credit systems in mesopotamia they don't have cash. private data has always existed but government data first emerged in italy in the major trading cities during the
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late middle ages. florence jenner and venice were constantly at war which cost them dearly. to pay for those wars sovereigns borrowed from prominent family first government bonds were traded paying interest. those prominence creditor families founded the first italian banks that started lending a lot of money to european markets who were caught up in endless wars. most often the bankers were worried by the warlike rulers an easy way of getting rid of debt one that would be used for centuries. at the time governments had power over creditors only much later would that balance of power be reversed.
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after the second world war in one nine hundred forty five america's marshall plan granted thirteen billion u.s. dollars in aid to europe's industrialized countries exceptional growth followed and the thirty years after the war were good. so good that they were known as the economic miracle in germany and the glorious thirty and france business was brisk industry was in full swing and the growth of consumption was spectacular. so he can the polytunnel use it on grow his basically put it to school august recess and city for a few more limo be doable to slug subi and cause so much your merry go round
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machine if we were to die off or figured on by your film and or goes to show the doc opportunity would be philomena in bungay us you didn't resign i wanted but he was i was phenomenal cause it's all in there on time the b.b. was an image will be a few more that iraq will be vivid. in cost ass. by the end of the post-war boom in the early one nine hundred seventy s. government debt in europe was a great called lows thanks to growth and inflation but the economic machine would soon be upset by two major events. good evening on august fifteenth one thousand nine hundred seventy one richard nixon the president of the united states his coffers had been emptied of their gold reserves by the vietnam war announced a staggering measure that would drastically change the world economy. and the
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dollar against the speculators. i read that secretary connally to suspend temporarily the combat ability of the dollar into gold or other reserve assets except in amounts and conditions determined to be in the interest of monitoring ability and in the best interest of the united states. but it was not a temporary measure at all the us president definitively kept the fixed relationship between the dollar and gold. the donor became a floating currency like every other currency a around the world. all the currencies of the world that were either tied to the u.s. dollar of the british pound by one nine hundred seventy one we're now pure fee at currencies they're not backed by anything they're just backed by the confidence that people have in those currencies. abandonment of the gold standard kid the way for significant currency market speculation. the free circulation of capital on
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international markets intensified it was the beginning of a period of great financial instability. yet. two years later in one nine hundred seventy three another major event occurred the first oil crisis. in one year the price of crude oil soared going from two to six dollars about my. normal necessity to be going to meet. the dude who could be carter or to dinner some counseling to do so says on this subject don't include the absolute perfect the minute you go to miter and see like democracy it would set up a forty minute no one knows on one that the knowledge will not suddenly produce be
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colored boozer. gov we blocked no appreciable exact amount to i'm sure but it was. a sudden increase in the price of oil weighed heavily on the world economy. put the brakes on growth. production costs went up prices went up. inflation is skyrocketing. high inflation has a major drawback it impoverishes savers and investors since their money depreciates . for government inflation became a new enemy to be defeated at all cost. after removal kernels on would have wrestled a brief federal sop at all those are the five always elitists low yeah fellow easy late possible this no see you for valley going to me community really out there see going to the obvious around you cause i said i used to are classic you just don't
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call me a serial if what i was eagleman known gone by gar on third credit during a debate you feel see it put to such an icon by the convo like you they are year to dish while much other fests your much of the money for today are see. politike that do all the kills you simply did before a welcome knowledge on global use it is on the born early because if there are so many to not exist before or is it an economy to defeat it on a cyclical season was when to go to make it up it will moan that it is on was under an economy all i wanted to fault was this additional lies of trying to put in for a job as good that to develop is a sop to credit continue pretty good continue on will see that. noble. i don't know not honestly yelling. completely
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ga. let's not. be so hard now when we let it be weeks on a back to the out of pocket would be the kimosabe on the day. if you didn't know but starting in the one nine hundred eighty s. the industrialized countries began to borrow heavily on the international market after which their public debt would never stop increasing. margaret thatcher became prime minister in the u.k. and ronald reagan president and the united states it was the advent of neo liberalism and economic doctrine that also spread throughout europe. governments everywhere were lowering taxes privatizing public assets these would be the years of easy money. stock markets expanded wall street in new york
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the city in london. on both sides of the atlantic governments deregulated bank credit unchecked capital flows moved through markets worldwide. by deregulating and liberalizing those governments became dependent on financial markets which by then were an inescapable part of the economic system. the debt machine was taking shape nearly everyone went into debt governments businesses and individuals. the economic system had turned into a machine for creating debt. and the banks got rich on the interest paid by borrowers. credits became the primary fuel for growth but how does created work. banks possess only a small amount of the money they lend money is created by private banks on
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a simple request for credit and a promise of repayment. the sum is raised as soon as the loan is repaid that is a huge thing and it's. how we've always created money from the beginning and it's a wonderful thing if you have a banking system that can create credit like that is a very good thing. because it means you can create finance in a crisis you can bail out a.i.g. you could finance climate change you could you can finance a war and that's how we've always done this the public hasn't understood that the public thinks that money comes from me working hard if you know for as you know day in the soil working hard and at the end of the month i earn some money. a lot wrong the bali bomb the bridge all of it so the it that a million people or so the renewable. become left on his deal is going to bury the view of an awful. void that would be empty bleak rollie i believe it
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lives that i'm a lawyer for me to do it because there are no border little locket did the new york city lit up usually like there's some of it there they're all of a new orleans. clear about it gong to say about the piece also to know the gone piece also done on dollars and cents on this persona for example of you is another name to tell and it's only going to make a lovely pop go to to put to the put it document utility economy manassas on if you know he's going to get a little going to the central bank produce five percent of the credit in the world the private banks produce or create out of the net ninety five percent of the credit in the world and they have no virtually no regulation over that now what kay has argued in the one nine hundred thirty s. was. we must manage this process it can create vast bubbles of debt it can go out
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of control. the nine hundred twenty nine wall street crash in the united states prompted the british economist john maynard keynes to warn politicians the credit machine needs to be controlled to benefit all of society not just speculators. when we managed the financial system between one thousand nine hundred five one thousand nine hundred seventy one there was not a single financial crisis anywhere in the world and then in one nine hundred seventy one the bankers lobbied and they said no no no we don't need controls you know the market will discipline us we will blah blah blah and we began to lift all these regulations and crises began one after the other first to the periphery and then in a coup. one
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thousand nine hundred nine saw the birth of the euro and the european central bank had been created to ensure its stability. at the time global growth was strong the level of public debt was starting to decline europe was breathing easy. confident financial markets lent generously to governments and the weakest economies spain greece italy portugal suddenly had access to loans a very low interest rates close to those available to germany. that low cost financial windfall was an economic boost all was well well out.
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meanwhile in the united states america's housing bubble was expanding and in two thousand and seven the subprime crisis struck thousands of homeowners lost their homes they had taken out loans with interest rates that rose sharply and they found themselves unable to make their mortgage payments many banks were in danger. on september fifteenth two thousand and eight lehman brothers one of the largest u.s. investment banks collapsed because they live on. a phenomenal speculative surfin most because the. present so that your couscous a posse of honestly didn't want was there so give you the presumptive don't let.
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them continue. if if you move on to see debt good with the presumption the place. is good. for they could have done it. all sisters keep up the it is surprising us that in a while the reason. we don't have it the coming every other time is developed. ok about the russian the sequel is commercial good. so did i fail to disagree go on this is what is on it would suggest that the dealer in amongst us. after the fall of lehman brothers european banks with close links to american banks risked bankruptcy in turn. governments only just managed to save them in order to
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avoid the collapse of the whole system. and on and off a separate issue one a suture that are keeping no bond to god you have to prove the devil rip it is actually take you on to the proof. if proof dog proof was three hundred proof from food new proven food in a prison guards in prison going to prison on a system puzzle if this was just. in spain and in ireland after the advent of the euro and thanks to loans from german french and british private banks developers invested heavily in real estate . and a big don't need to back order to the good media define the interest on your coffee to say or book back to on your longer. then or small be an old labors why not speak
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you live on our own nuffin to do blair in gabby douglas the shift to new york on one dot. com you loudly grandma you guardedly booklet when i noted a book. about who are. it in blue sybil a plenty ski said country back they bet your saddle bark. if lisita. nor you daughters well want to go on fellows for disability or circle that up sector if you know you don't usually want on their last program i added the drum our jazz i get hard at the hallmark to play better at subi but maybe on bach if you know he also can face a cost that he'd been did you believe in that p.v. equals don and eva do conventional mass that you want offered i did people.
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the world's largest humanitarian crisis millions caught up in civil war colleges the real world examines the roots of the conflict in yemen and the complex history that through a country into perpetual time. separation of. the north and the so these dualisms are off part of history. yemen the north south divide this time. the. graduate from iraq is also a part time going to pergamon museum which includes a reconstruction of the famous ishtar gate in most of the people he's showing around came to germany as refugees this is just one of several billion museums taking part in the project all meeting point and as well as bringing people together one of its aims is to emphasize the contribution of migrants right up to the present day to western culture. because i've been here for some time i can help
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them with lots of things that mrs ford to me the great thing is it's not just about museums about forming a new life is a part of life it's culture. does it. unspeakable matter compiled testimonies of victims of congolese musson. as the intimate evidence finds its way to international courts the central african republic is plunged into the. hands of the people and a nation critical of recent history. a few can talk to africa to talk seems to be time out. with another look at the headlines on al-jazeera russia's president vladimir putin
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has ordered a partial withdrawal of his troops from syria he made an. visit to latakia province where he spoke to his ally the syrian president bashar al assad russian forces have played an important role in supporting romney who is also meeting the egyptian president at the federal city in cairo today the two leaders are expected to discuss russia's agreement to build and finance egypt's first nuclear power plant and to sign an agreement to allow the use of each other's military bases. live pictures here from ramallah as confrontations resume between palestinian protesters and israeli forces in the occupied west bank this is over the u.s. recognition of jerusalem as israel's capital israel's prime minister is facing pressure to restart peace efforts as he meets e.u. foreign ministers in brussels. i believe all or most of the rupee countries will move around issues to jerusalem recognize crucial images rules work up little. robustly with us for security
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prosperity. and peace. we believe. that the only realistic solution to the conflicts between israel and palestine is based on two states which are as the capital of both the state of israel and the state of palestine along the sixty seven line this is our considered position and we will continue to respect international consensus on jerusalem until the final status of the oldest city is resolved to die that's a negotiation between the parties and we hope that the part is kind of gauge in many for direct negotiations with the support of the international community. thousands of people have marched in ukraine's capital kiev to protest against the detention of former georgian president mikhail saakashvili saakashvili became an opposition leader in ukraine and has been calling for the impeachment of president petro poroshenko he was arrested on friday following a dramatic standoff. onto a roof to avoid police and was then freed from
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a police van by his own supporters. and more evacuation orders have been issued in southern california as wind gusts continue to spread a huge wildfire threatening the coastline firefighters are warning the blaze near santa barbara could become the worst in the state's history. coming for you in about twenty five minutes also waiting for a news conference from the egyptian and russian presidents will happen live. two thousand and eight financial crisis threaten to disrupt the global financial system governments made the choice to big banks and to rescue troubled economies. you don't. see. a model economy. if you.
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do feel it. be an apple to do. something. good somehow. lead so. fast. to the media. could you build a communal don't she. ask you call it a says do p.c. signals c c c that is milby really label q.q. pretty. lawyer because if you do see if you can roll
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a new will function and will close the debunker populace you couldn't. if governments had to bail out the banks it was because they could not be allowed to fail since those banks are us they are the accounts of millions of citizens we are caught in the debt machine. the economic crisis and the government bailouts of the banks led to a spectacular increase in public debt in europe the debt machine spiraled out of control. the first country to declare bankruptcy was greece in november two thousand and nine the newly elected prime minister george papandreou revealed the real figures that had been hidden by the previous governments greek public debt had reached one
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hundred twenty nine percent of g.d.p. well above the sixty percent threshold set by the master treaty. he asked for help from europe. now you do from a good to see most obvious addendum as. in that it will be easy to make and is most in excess well you know in reason. that announcement was like a bolt of lightning striking. the german chancellor weighed in on the question of did in my. day off we did so called and the end. of this i was going so i will get in line for a long long view of songs and for tots not the common theme is not with the mothers of a movie is a lot of them are on their list even to see him and him of you don't he.
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was commonly used to one another. in one thousand nine hundred two the master treaty set out the terms for e.u. integration it forbade the european central bank from bailing out indebted countries would european governments respect these terms with a guaranteed leases debt should part of it be restructured or cancelled or should they help greece pay its creditors the heads of state could not reach an agreement as europe hesitated and markets speculated on the greek debt of confidence collapse the fear was that if greece restructured its debt. might the markets pullback from spain from italy from la belle frost and might not europe bring upon itself the catastrophe that it so wished to
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avoid and therefore the argument was it is far better to give greece all the money it needs to repay its indebtedness than to run the risk that the market would perceive a sovereign restructuring in europe. as infectious as contagious . only after six long months of crisis europe finally decide its bite resistance from germany to lend greece enough to pay its creditors. a smaller one of it has broke a new dog today on duty like i said a baton logged as one zero zero zero overpass unclear cement in his eye fell on i could problem in europe i would eclipse drop it off because it you know put it in the by you comment unless it be your bell on this you did this looking as you know we don't listen as we know it would dislocate if not it is that last year it
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appeared up and beg your point for kwame you know number one our own data to all of us can one of their books do or dip in it immediately. said brought it out i get it off it just go say so they did that or via keep the soups they do at a kiosk the p.v. booth. absolutely if you ask me about it not one euro of debt has been written down in these years what has changed is the identity of the creditor so money was owed to bondholders in two thousand and ten it's now on to the i.m.f. in the e.u. . if you can solve the debt crisis simply by changing the identity of the creditor and then this one is solved. being in debt isn't only about owing money it's also about being in the wrong there is the financial data but also
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a psychological debt that weighs just as heavily on the inhabitants of the indebted country. debt and. kind of double jeopardy. or did you it by sick of itself to decrease your. oh not days to finish joe bus. says if one day i want to keep ability economy. just because i happen to live in greece somehow i'm a sinner i'm a bad person because of some political acts done by political representatives of one kind or another. therefore it's ok for people to have their lives destroyed it's ok for people to have to tax through garbage and not have anything to eat it's
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ok for cancer patients to be denied medicine if we're ever going to have morality in the world we need to absolutely reject that logic if there's individuals responsible hold them responsible but don't hold a college to very responsible for the deeds of. to resolve the greek debt crisis the e.u. granted financial assistance in exchange it imposed a draconian austerity program the country was placed under stewardship and lost part of its sovereignty it was placed under surveillance by the troika the three delegates of the european commission the european central bank and the international monetary fund. other over indebted countries in the euro zone will be controlled by the troika in turn and subjected to similar was thirty
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five. which. was. the sound of those protests reached all the way to brussels the troika had become a thorn so much so that the european parliament held a special session about the troika's actions national and european m.p.'s questioned european leaders use us they cannot be men we have seen maybe years. to program others will be violent there's the lover but all of that other stuff we give a shit that asked them oh yeah it could it because i'm sure that there's the decrease . yet if you asked again i got the stair you said that there said arthur oh yeah yeah i've got the stars though the troika is still a lover there matey you know me hope you see care for. yet the message.
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valid only we have here upon this you stop probably my to when i was here to promote the president i want to go beneath the sea parliament in portuguese in parliament in spanish in parliament in evolution parliament even its not so and above our time would start before mine and democratic shall you too much your own guns the need. of the program a d.v.r. . and all of the guns under fire. that's about to be decent program in courts for. valan. that's a lobed i am absolutely confident sure that if greek did not implement the program the situation will be much worse today i am convinced that you have used this experience to try to put on sense no we cease to sense what. it means
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look stuff up reasons that us yes could put a woman to susan. is the deficit because well it is the. gov contrails. it was a lot but if area nor. north i want to go mia. you open it up to predict which of. you is a disappointment the austerity programs were poorly implemented and poorly explained people came to resent you would start to look like an uncompassionate taskmaster all over the continent there was increasing support for nationalist parties and the
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finance and euro skeptic parties were gaining ground in melbourne if you have been willing to bear on of their asking for i'll be very happy to back you back if they are already gone ellen liberated europe from the monster of brussels nuno and connect we should. we can see reaction to the liberalisation of fright finance just as we saw it in the one nine hundred twenty s. and it's going to be ugly it will ready is ugly it's ugly in greece it's ugly in france it's ugly you know in many parts of the world where people are saying if my government went look after my interests if my government will not arrange for my young people to have employment then i will look for a strong man who will do that for me who will give me security and give my children employment security and i don't care what sort of strong manatees if he's a fascist i don't care if he promises to secure the stability of my life and my
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people i will vote for him i think that's where we are heading and i don't think our leaders have the vision to understand that the threat that we face. what are the solutions have. curd europe curve the death machine what mechanisms canada uses . could it play on inflation as other countries do. little as you know jamie almost without it germany are probably almost out of it somehow as her role on the for want of us here by day investor that out for me said without it don't go best is cool with it we obviously they saw it with. god missile and i'm sure as best goddaughter they are now at the base here in waiting should i get your misandry programs likely to make a fortune for the price coffee yet as you know that a book a minute then i guess that your duty as it were to charge the poor of alberta for
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the number two place and a capacity o. the horses that it. following world war two french and german debt was two to three times higher than it is today but inflation literally absorbed it. only but the delmarva little girl openly people i calls do system. until this was all that it was just in them and then it would be pretty good eliminate unique when your as you know. the wa the but harmony come on the first and the first i don't own a set would. you put on more it should do so legally ma. is your song which twenty seconds were polluting. your dogs in the school madonna heart and where only
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a boy john mark two experts here not be homeschooled shaft his eyes under linux runs off on this we need to politic daryn livin in order to understand we're only. needed someone so on the server i'm sure and so into naman i meant to have streets assigned where and how to organize span is a dimension of going to his gate sint does it end in via touch on the he had built we had an oil vice must all be mousing react there must be mention arm this condition of coverage of politics and mention on some. tilts the bank need to see the hologram and emerald number. less a closer look at the euro money. the strong euro benefits the countries of northern europe but penalizes those of the south. is the european union going to fall apart would gross return in
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reverse the trend. is for it her how are her duties to kwara girl. who. really a ghost as you format the prison proves the dead don't know dirt off it will get across also when it's going off it said on the nanny who are in class ask him why and sit on it if i had to do pull saw or that you saw that it looked up the bruce don't see maggi name i think across off of our head you elected office and expo are across all of us on the docket don't so much but most was because if you know suppose go on. ski fulfill all of us q. phone says give up for when you want within a sleeze up with dubious going to see this could be our super company did go over nailed it in a sleazy focused lead that this was on paul saul so as to do it all more and to live in gritty. but do gay bawly gleg siebold isn't nomen
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to skew the answers on bill's own syl book obama says dude little hope gandhi said the new food lepage if you need me. peeling to have a monetary union work effectively. what happens is that the more efficient regions or in the case of the eurozone countries become even more efficient and wealthier the poorer regions or less efficient regions become poorer and less efficient. italy south was industrializing until the country unified and in the in the eight hundred sixty s. and seventy's and once that happened if you are an italian investor in the south why would you invest money in the south when you can earn more money by putting your savings in milan. or investing it in the north of italy so the south became steadily poorer so what did the italians have to do they had to get always and they
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still doing it had to send money to the south regularly not lend money but give gramps. and then the old days they had the big gossipy metal door the fund for southern italy which paid out tens of billions of dollars over a century i mean of endless payments that have been needed the wealthier provinces have to send money to the poor provinces not lend money send it. but there is a catch the mustard treaty stipulates that each country must manage its debt. europe is far from being nice of you. and yet in two thousand and twelve for the first time the president of the european central bank the e.c.b. took action. the euro is irreversible we will do whatever
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it takes we lean our mandate within our mandate to have a single monetary policy in your area into the prize the million euro area and to preserve the. i don't indeed need to lose or i don't know who niggas get he will prove it when i hear the new plan lebanese you eva dia equity in exist apart the push to be did dissociate with a good community libby leisure no more back toward the banks and high up in gesture they act to maybe do as you know as well as situational lucian or small maxima to keep precisely what i don't know even exist about me as you all talk about one amongst one hi all been do dishes on her litany in a span left one way to move i do what men do not have it when it bad really matters if you know the dentist in atlanta if you're more on talk about sato up in
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jordan i said. what about simply writing off the debt. cancellation can be done to preserve the social order because we don't transform it most revolutions involve cancellation of dance ironically german prosperity now is based on the cancellation of german that's after world war two it seems very ironic that the german public is absolutely unwilling to even renegotiate debts of countries like greece calling them that centers when in fact all debts were cancelled after world war two and it was that freedom. which actually made the german economic boom. the recovery let it sit on the finance any political one. because if it landed it dead goodbye let the air via a surrogate is ricky better you want that you're about the one all of you is what
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we had this was about one global act truly those are all they do my go to again as a hobby as well betty but he did i say good apples not as a hobby or said vance i both saw this and i go deepest others will be added wolf i believe it was said swamp us on this and i it as we will check any grass out at it establishes ascii art that look it was wow look at it as having a dog lucy good it go look at it he lost it so i vaguely audio gap was good was like it was on people it like that beat so heavily back and i posted about he was a member of familiarity. of a known six and you still have to search out a couple he puts to be put on a good leg i suppose when the models or the like it is due to be president who as he called him for truly good can but he was going to use them physically like me
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but i have a you can travel to new list if you want to be public don't go to some point i am sick from all that i guess two thirds effects are. eleven good men best cure is you she. is wrong you don't fall over years from but a vision knows you need to be in vogue for certain not among a long look see as eleven eyes to see there was a system she used if just any i want bastien about on and don't encode initial fiscal cliff out and they carry the constants you know dimity the. damage done is what he put it quote. the least person is one of. the e.u. has long been powerless against tax evasion switzerland austria and luxemburg have always championed bank secrecy the e.u. has taken action requiring increased transparency. if you know. what that's. you know. that's what i'm at. someone young and.
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joel for the world is going to is going to go and garlic welcome to don't disturb out about it on t.v. to get off this she did love an illness joycelyn enough for me domicile to go on and i don't know it more bottled. water and all the little that mischa all of newmont but it is the longer they are going to cause we mara will do all that economy to demodex to nor. will i do it democrates receipt of you levy a claim you're not good little peter is it politically going on and she said balls was a golf ball only when elam is a real good on the bunch of cars but between there's all to do are to do what you are competitive do you know that you don't do well such as you're going to miss a concrete city just as you do. today date the economy and finance an ever present global reality we are all caught in the debt machine the debt
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its grip and its dictates have insinuated themselves into our work our relationships and our lives. only time will tell if we can actually afford this must a seventh relationship to date. from a fresh coastal breeze. to watching the sunset on the australian outback. welcome to look at weather conditions across the americas snow starts in south america we've got plenty of showers across the amazon basin some fairly decent
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rainfall totals being recorded across the region further south are looking generally a draw and fine without a pretty warm weather than ascension and paraguayan mid thirty's further south in a southerly flow in a particular warm footprints aries but as we had on through into cheese it will see it warming up here quite considerably rio should be dry about state santiago should be fine still rosco some showers for pass and bolivia and also in lima in peru as they head up into the caribbean region across the on instance a swathe of client across central areas showers associated with that we've also seen some heavy rain a fight in parts of costa rica and here we've got a convergence coming off the caribbean side so we're going to see further heavy showers affecting the region northward so it's looking cherry not too bad a few showers run but weather conditions on the how ok so move up into north america and here was still dominated by high pressure across western parts of the u.s. so that's going to result in the continuance of the santa ana winds so very dry here
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gusty conditions across towards the eastern seaboard looking decidedly chilly with a temperature of minus two expected in toronto the weather sponsored by god time. he was born in ireland seventeen found himself in the middle of a political revolution in egypt i went on stage and i spoke about democracy in a cell if you talk it over with sixty people we'll put a hundred and twenty people in the so after four years imprisoned in cairo. at this time.
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singapore is being accused of expanding its coastline with illegally dredged satins some of the islands off the coast of indonesia literally vanished it's a big business boggling when they go take this very the sand is are there you see this beautiful beach but behind it is something that's not so tragedy is that people are just not aware and ecological investigation into a global emergency sound walls at this time on al jazeera. this is al-jazeera.

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