tv Debt Machine Al Jazeera December 12, 2017 4:00am-5:00am +03
still feel battered or even those who managed to escape their country have been truly unable to escape the war. if you were in beijing looking out the pacific ocean you'd see american warships. somehow time is aiming to replace america and around the world well 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 at this time and i just see it.
i'm richelle carey and these are the top stories on al-jazeera from the jerusalem crisis to the war in syria russia's president vladimir putin has been staking his claim in the middle east on a roll mentor of the reach of that first stop was a surprise visit to syria hominids our reports a warm welcome for russian president vladimir putin in the talk his cup it's all on . its final destination in these whistle stop two he has been to syria and egypt to all in one day. the kremlin says the trip is meant to strengthen russian ties with these nations in ankara president putin an ado on what you get to showcase improving relations between their countries they both criticized president all trumps decision on jerusalem but you weren't media sure you. should both russia and turkey think that the decision of the us to recognize jerusalem as the capital of israel is not helping to solve the situation in the middle east it is destabilizing it and it can wipe out the prospect of peace or maybe kirby this utilitarian to
tune in could. the u.s. decision to recognize jerusalem as the capital of israel has caused outrage in the whole world it has caused disappointment and it is an irresponsible step to take it as a result the heightened tensions are obvious putting an ad on also discussed bilateral issues including trade tourism and joint energy projects relations between uncrowned will score have come a long way since november two thousand and fifteen when turkey doand a russian fighter jet the two didn't see eye to eye on most issues regarding syria but still have differences on the future role of president bashar assad and the issue of syrian kurdish fighters the wife e.g. put in began his wall when chip in syria the first time the russian president was that the country since the start of the war the illest seven years ago he was greeted by senior officers and warmly embraced by president. potence forces have
been helping his troops is two thousand and fifteen when the syrian government was on the brink of collapse in a speech put in declared victory over what he described as terrorists amounts to a partial pullout of his soldiers from city. to the general command i give this order russia's military presence in syria has come to an end the motherland awaits you friends safe journey i thank you for your service put in also pledged to continue to support syria militarily by keeping some of these forces on the ground here then departed for the egyptian capital there he met president of the fatah. the leaders have been strengthening ties in recent years putting on sisi also signed a deal on nuclear power the growing ties between russia and the second largest recipient of u.s. military aid after israel egypt could potentially strained relations between cairo and washington and yet another sign of put in attempts to expand russia's influence
across the middle east how it all just unka thousands of protesters have rallied in lebanon against the west decision under islam basta ministrations for a call for by hezbollah's leader hassan nasrallah twenty seven year old bangladeshi national was arrested after a pipe bomb misfired in the subway in your times square acquirable was injured in that blast which happened at the height of morning rush hour the other people suffered minor injuries president onil trump reiterated his call for urgent immigration reform. let's be clear as new yorkers our lives revolved around the subways when we hear of an attack on the subway is incredibly unsettling. and let's be also clear this was an attempted terrorist attack thank god the perpetrator did not achieve is ultimate goals. thank god our first responders were
there so quickly to address the situation to make sure people were safe ukrainian opposition politician a cow saakashvili was for laced from jail after a judge protected prosecutor's request to put him under house arrest the former torch and president was arrested on friday accused of conspiring to topple ukraine's leader petro poroshenko those are the headlines keep it here more news after tat 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 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 then other economies emerging from the crisis of spiraling debt why and what are the solutions. to debt machine on sheer on it very hard to get off let's if i must use them to look good also good. but on
that let's start over and create a system of credit and which would actually be sustainable which wouldn't destroy the planet because the curve machine has to a. diminishing high no idea can that can exist to any piece on duty do test foam come off economy. as you came out there. second it appears paramedics on the to produce our live web sick over to 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 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 its 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 government of spain or to the government of italy or to 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 and. the 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. yet debt represents fifty percent and here one hundred percent of g.d.p. . in one nine hundred ninety 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. but that critical threshold has been largely exceeded by most european countries joins us from get us what he asked about it so more now we have a 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 put two on both in that lesson i guess you'll yet divvy up all most of the dead to cvs everybody. was wrong he was operating the seller there which i don't
know but of us over that sean hoare and his exam proof are saying of all of his says that they did to cause like the balliol were tossed him it on 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 credits calculating who owes what to whom when temples and other large bureaucratic systems. so what you have actually are credit systems and 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 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.
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. she declined the polytunnel use you didn't go has basically put it to school august
i'm statistic you molly moved to a bill to slug subiaco so much your merry go round machine if we were to die off or figured on by your film and or goes to show it would really phenomenal in bungay us you didn't resign i wanted but he was a guy was phenomenal cause it's all in there on film the b.b. was an image will be a few miles that iraq will be vivid. in croissants. 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
a gold reserves by the vietnam war announced a staggering measure that would drastically change the world economy. and the dollar against the speculators. i read that secretary calmly 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 monitor instability and in the best interest of the united states. but it was not a temporary measure at all the u.s. president definitively kept the fixed relationship between the dollar and gold. the donor became a floating currency like every other currency a round the world. all the currencies of the world that were either tied to the u.s. dollar of the british pound by 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 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 a barrel. i've. just normal necessity today going to meet. jude it could be carter or towards innocent jones i could use a swiss on this subject don't include this obsession of the felt
a minute ago dimitri and seems like democracy it would set up a forty minute no one knows a month that the knowledge will not suddenly produce be colored boozer. comedy block no i'm pretty exact amount to him sure but it was. the 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 to. 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 going on would have wrestled a brief every stop at all those are the five always elitists low yeah fellow easy
late plus will this no see you for valley going to me community she really got out there see going on to be sorry cause i said i used to our classic huge chunk of israel if i was eagleman known gone by gar on third credit during a debate you feel silly it put you to such an icon by the convo but like you the idea to dish while much other fast 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 top on early because if there are some and an early christmas eve one 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 always under an economy with a monitor fault which is additional lies or try to put in for us show us good luck about that to develop these two good i did continue pretty good continue on will
say that. noble. i don't not only see yelling for what you. please you. have no. time now when you let it be weeks on the back to consider how to ask it will 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 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 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 id 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 bali bomb proof of it so the it that
a million people or so the renewable. become leftovers dear is going to bury the view of an awful. void that would be in people really i believe it lives that i'm a lawyer for me to do to please do nope wardle little loss rocky did the new york city lit up usually some of it well the order of a new orleans with the clear about it wanted to say about the piece also to know the gone piece also done on dollars and cents on this persona for example is another name to tell a soul economical lover but his goals are to produce the product document utility economy and also when if you nasi going to get a little going to the central banks 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 eighty s. . when we managed the financial system between one thousand nine hundred five and one nine hundred seventy one there was not a single financial crisis anywhere in the world and then in one thousand seventy one the bank has lobbied and they said no no no we don't. controls you know the market will discipline us we will blah blah and we began to lift all these regulations and crises began one after the other first at the periphery and then in a coup. one 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 at very low interest rates close to those available to germany. that low cost financial windfall was an economic boost all was well.
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 look is that iran was us a piece. of an immense bigoted surfin must begin to misunderstand the bone disease or good god present so that your couscous a pricey i've honestly didn't want was there so give fairly good the presumption to be wrong don't assume the deceased them continue i quite see that if if you know on t.v. a home will see lay dead good give it a present predicament seek it on play. is as good as going to hockey live for it
could be done you can't use fondly the nickels it is good with puppy it is surprise to us that in a while there was young gabe obama said on his all we ought to have in the common every other time is over going to develop of what potential model of all illnesses give us e ok about bills on our ration the bonzi sequel is commercial good shouted gotta say did a fade to disagree go on to choose what is on it would suggest that the early months of. 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 avoid the collapse of the whole system. not on and off a separate issue one that are keeping on no bond to god you have to prove the devil rip it is actually take you on to the proof. if proof dog proof is three
hundred proof from food near proven food in a prison guards in prison going to prison on a system if itis was. 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 bit will need to back order to de-code media differently and the rest by now are costly to say or bought back to on the can on. their nose morgan old labors while. speaking live on our own nuffin to do blair in gabby douglas the shift in new york on one dot. com you loudly grandma you guardedly booklet with the might and order the book. the battle i guess is the rabbit in blue sybil
a plenty ski said country back they bet your salad bar so shitty movie yet you see it lit it up. nor you don't want to go on fellows for disability or so-called out of sector if you don't do you want on our last program i when i did the drill more gas i got harder and think it had more 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 did p.v. equal dollar diva do conventional mass that you want often did i did people.
witness documentaries that open your eyes at this time on al-jazeera. with a big breaking news story it can be chaotic frantic behind the scenes. people shouting instructions in your ear you're trying to provide the best most accurate up to date information as quickly as you can. it's when you come off air and being seen pinned realized in witness history in the making. singapore is being accused of expanding its coastline of illegally dredged satins of some of the islands off the coast of indonesia and literally valid it's a big business boggling usera when they go take the say on their own thought the
sand is are fair game to save this beautiful beach but behind it is something that not so pleasant the tragedy is that people are just not aware and ecological investigation into a global emergency sand walls at this time on al-jazeera. i'm richelle carey in doha these are the top stories on al-jazeera russia's president vladimir putin has ordered the withdrawal of some troops from syria after two years of fighting there he made the announcement during a surprise visit to a syrian air base who also visited egypt and turkey where he joined us turkish counterpart and condemning the u.s. for its jerusalem declaration and thousands of protesters have rallied in lebanon against the u.s. decision on jerusalem mass demonstrations were called for by hezbollah's leader
hassan nasrallah at the beginning. we are all in this war we have all experiences our brothers in gaza any demonstrations no matter how big or small only give more resistance and will make us feel that we are not alone the american is really resolution which is supported by some arab countries the aim of it to clear the palestinian cause that's the danger that the palestinian people face we should confront the nation as a whole should confront this dangerous american project and try to impose a solution for the palestinian people president donald trump has reiterated his call for urgent immigration reform after an attack on one of new york's busiest commuter hubs misfired a man was arrested with the pipe bomb strapped to him which went off in the subway near times square and bangladeshi national national who's been identified as twenty seven. was injured in that blast three other people suffered minor injuries. let's
be clear as new yorkers our lives revolved around the subways when we hear of an attack on the subway is incredibly unsettling. and let's be also clear this was an attempted terrorist attack. thank god the perpetrator did not achieve is ultimate goals. thank god our first responders were there so quickly to address the situation to make sure people are safe the pentagon says transgenders will be allowed to enlist in the u.s. military despite president declaring a ban on twitter trumps announcement on twitter in july contradicted recommendations made by a department of defense review and october a legal challenge by transcript forty serving in the military wanted a partial block of trust proposed ban on transferable have been told they will be able to sign up starting january first two thousand and eighteen as are the headlines in his continues an al-jazeera after machine keep it or.
financial crisis threaten to completely disrupt the global financial system governments made the choice to be big banks and. bossy. in. the face. if you all see the proof to the petty and ample to the drama to some very good talks are about. a last good sign up of a. bet lead. back as you know excelled in their past to be
forgotten faster. to the media. she's be a. little. bit communal don't. ask you call it a sis do p.c. signals c c c that is milby really label q.q. pretty. close if you pretty see if you can roll a new will function and will. oppose 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 iraq 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 pop and dale revealed the real figures that have been hidden by the previous governments greek public debt had reached one 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 and. now you do. that terrorism as. in any other will be easy to make and is most exes.
you know reason. that announcement was like a bolt of lightning strike in europe. the german chancellor weighed in on the question they didn't. did they often did so called and obama is not an ignorant sort of those are my words and so i've learned to get in line for a long long last year and for tots not to comment on the him isn't always the mothers of the movies i loved all of them are on their list even the normal length to see him and him of you don't he. was commonly used as an r.v. . 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 confidence collapse the fear was that if greece restructured its debt. might the markets pullback from spain from italy from la belle frosts and might not europe bring upon itself the catastrophe that it so wished to 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 did europe finally decide its bite
resistance from germany to lend greece enough to pay its creditors. a small on up whenever it has you broke a new dog sit on duty like i said a baton a lot less honorable. overpass unclear cement in his eye fell on i could problem in europe i would eclipse drop it off because it you know pretty near 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 in a pretty hot baggy atlanta call me you know number one our own data to all of us can one copy just a glare to do or. said brought it out or get it off it just go say so they did that or bia keep the supes
the attic yasi p.v. booth. as you say if you ask 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 a 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 is the financial data but also 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 does economy so 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 pick through garbage and not have anything to eat it's 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 people.
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 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 exactions national and european m.p.'s questioned european leaders he says they cannot be many up she may be years. to program others will be violent as the lover broke out of that other stuff we give a shit that asked them oh yeah it could it because i'm sure there's the decrease. yet if we asked again i think stary said that their side are stronger than of the troika is the lover then. you know hope you see care for. yet the message. valid only mazzy we have by the abundance you stop probably my two heroes here to promote the cause then i want to go. parliament in portuguese in parliament in spanish in parliament in evolution parliament even it's not so and above i don't
want to go for one model and democratic shall you do about your own guns the needs . of the program of the vatican carbon and all of the guns under fire go. up that's a decent program in quotes was the language the valan. that's a low but i am absolutely confident sure that if greek did not implement the program the situation will be much worse today i am convinced of that these experiments are trying to follow since no we cease to sense what. it means look stuff up reasons that the us yes could put them into susan place names that have been used to deficits over the years the. governor contrails. seeing that you got it was a lot but if area. nor. north i want to go mia. your
obit up to predict which arrived. back. to 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 anti finance and euro skeptic parties were gaining ground in reality asking relative to their own of their asking for i'll be very happy back to back the very fabric of our elegant liberated europe from the monster of brussels nuno and connect we should. we can see reaction to the liberalization 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 weren't 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 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 curb the debt machine what mechanisms can it use.
could it play on inflation as other countries do. little as you know jamie almost without it jamie agree almost out that someone always has written war on the for one of us here is covered up i think it better that out for me said without it don't go best is cool with it was obvious that they saw it with his best thank 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 past coffee yet as we know that a book a minute then i guess that your duty as it were to charge the poor of our boom for the number two place and it capacity you know 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 to their normal lives who can only hope and the people at the job of a cause do system. until this was all that it was just in them and they could be. eliminated week almost one year old as you know and that are. the wa the but harmonic amount is the first and the first i want to know is that would. you put on more do so legally ma. this is your strawman twenty seconds from polluting. your dogs in the school madonna hardware on the dogs in mark two experts here known soft as ice under linux . on this week committee politicked are in league and in order to understand we are only. needed someone so on the server i'm sure and so into naman i meant to have streets to sign with an outdoor high's does the s.
bahn is a dimension of going to his gate sint does it end in via tug on the he had built we had an oil vice must all be mousing react there must be mention arm this condition of cover to politics and mention on some. tilt to the bank named to see the hologram and emerald number. blessedness a 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 reverse the trend. is for it hook i heard issue from chua go look at who hardly walk. video that you format the police officers the dead download it off it to get across also when it's going off it said on the nanny who
are in class ask them why and sit on it if i had to do pull saw or that you saw that it looked at the preuss don't see maggi name go i think i cross off i had to let it off and said i've explored all across all of us on the docket don't so much about a response because if you know it's puns go on. ski fulfill all of us q. phone says give for when you want within a sleeze up with dubious going to his duty but i don't suppose he did go over an illiterate in that sleazy focus. this was on paul saul so as to do it all more and to live in quality so you could put the two gay bullied gleg siebold isn't nomen to skew their asses on both sides sill book will know it's a dude little hope gandhi said the new food lepage if you need me. purely 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 still doing it had to send money to the south regularly not lend money but give grants. and in 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 the 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 a case of union. 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 it takes we live in our mandate within our mandate to have a single monetary policy in your area in two mundane praised a million euro area and to preserve the. i don't tend to need to lose or i don't know who niggas because you know pretty when i had on you lab and this you eva dia
equity in exist about the push to be did this was she who did this community libby less or no more back toward the banks and high up in gesture to actually be there 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 what i most want hi all been did you feel lost on her litany left one way to move that i don't want men to not hear it when it bad really matters if you know the dentist in atlanta if you're more on talk about sato up in 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 downs 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 that for 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 a dead girl by let a heckuva a surrogate is ricky better you will say that you're about to be one or will be is what we had this was about one global act truly does not mean million of all they do my go to again is obvious what i said but he did i say go up assad as a hobby or said vance i post on this and i go divorce others will be added wolf i
believe it was said this wasn't possible so mike it as we will check any gas have at it established ascii art it look it was well look it is having a dog lose a good a good republican that i did he last year so i vaguely audibles good was likeable people eat like they beat so heavily bad apples are about he was a member of let me get rid. of it not succeed you still have to search for the pussy be a leg i suppose we do not use all the legs it is due to be bruised don't do as it would have fortunate to get him but he is going to use them he's going to let anybody have a you ill yet he can travel to new list if you want to be double noble and support him six wrong leg is two thirds of us are. good men best cure is usually. don't fall over years from bottom fishing those used to be in vogue for certain not among well known do exist as a legalist and surly see there were
a system he used if just any i'll pass on about on and don't include innocent he's guilty fucked and they've been sued dimity the western beaucaire damage done is what he put it quote. the list personally 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 a seven you know. that's what i'm at a few also someone young. will form the world of the good is going to dominic welcome to don't disturb out about it on t.v. all failing this you did love an illness your son is not for me domicile took on an i don't know it off the till the. law and all the little that mischa all of newmont
but it all does do no good so you're going to cause we mara with all that economy getting more external. to do the democrates receipt of you levy a cliff you don't look at p. diddy's it politically going on and she said balls also go off on it when elam is a real good on clip ons for his puppet to her it is all to to do are to do what you are contributing to you know that you don't do well such as you going to mr conclusion is it to do so should. today date the economy and finance an ever present global reality we are all caught in the debt machine the debt 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. hello
there we're seeing yet more snow over parts of north america this latest batch of wintery weather though is where it should be and that's in the northern parts of our map it's been gradually working its way eastwards and for some of us around the great lakes we see some fairly heavy snow and that's now edging its way towards the eastern parts of canada and the eastern parts of the u.s. as well that system will then continue its journey northwards there as we head through wednesday so so some of us in the eastern parts of canada are likely to see some heavy snow elsewhere they're staying fine and dry the air for many of us very
dry and of course that's not going to help in the fight against the wildfires a bit further towards the south and here we do have this dude larry of town that stretches all the way down towards costa rica that's where we're seeing some of the heaviest of the downpours and further north we're up we're also seeing some showers but generally they're a little bit more scattered and we all seeing some sunshine in between the downpours a bit further towards the south and most of the showers here are across brazil very heavy showers his still stretching all the way across the east coast salvador so catching quite a few further south where the temperatures have been you know yelling for someone as ari's we were up to around thirty three degrees now twenty eight degrees will be our maximum but we're back up again as we head into wednesday this time two thirty to. the in. you are making very pointed remarks where on line the main u.s. response to drug use and the drug trade over the last fifty years has been to
criminalize or if you join us on say no evil person just wakes up of in the morning and say i want to color the world in darkness and this is a dialogue and that could be what leading to some of the confusion the lie was about people saying they don't actually know what's going on join the colobus conversation at this time on al-jazeera. this is zero.