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tv   Debt Machine  Al Jazeera  December 13, 2017 9:00am-10:01am +03

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al-jazeera. wherever you are. and new perspectives can change a wild. for one chin is he and one began as a home he has grown into a passion a way of life. teaching the next generation to strive for a higher level. and in so installing in his country a sense of freedom and strength. new heights my chin is here and this time on al-jazeera. you're watching i'll just so rob and these are all top stories democrats have pulled off a dramatic upset by winning the senate race in the u.s.
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state of alabama. took just a few to avoid more a controversial republican candidate who's accused of child sexual abuse but was openly endorsed by president trump and it's a major setback for the republican party who have held the seat for twenty five years. i have always believed that the people of alabama have more in common than the divide thank you we have a way have to show not just around the state of alabama though we have shown the contrary the right there with thank republican come to the royal spoke to support in the short time ago he so far refusing to concede. part of the problem with this campaign is we've been painted in an unfavorable and.
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faithful light that's what we've got to do is wait on god and let this process play out i know it's late we can't wait to have everybody wait to have to live in a clock. but the votes are still coming in and we're looking at that may god bless you as you go home may give me safe journey and thank you for coming tonight we're not over it's going to take some time. now the u.s. secretary of state says washington is ready to hold talks with north korea without preconditions rex tillerson made the comments despite the u.s. president recently voicing an opposing view to listen also said that the u.s. has been in talks with china nuclear program kathy novak has the latest from seoul . south korea's unification ministry says south korea and the united states are on the same page when it comes to finding a peaceful resolution to the north korean nuclear situation and that south korea believes if dialogue will help towards reaching that common goal then this country
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would like to see talks going ahead as soon as possible south korea's broad position is that it would like to see more dialogue and engagement with north korea under the right circumstances now the u.s. special envoy on north korea joseph ewen recently suggested that north korea's a stopping its missile and nuclear weapons tests would be a good first step towards talks the south korean news agency yonhap is reporting that joseph and north korean officials are expected to attend a security conference in thailand raising the possibility that they are may be a venue for talks there also on thursday south korea's president. is meeting with the chinese leader xi jinping in beijing and north korea will no doubt feature high on the agenda in those discussions china of course has a big role to play when it comes to the north korean crisis the united states and
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south korea want to see china imposing further sanctions against north korea even cutting off the oil supply to that country china though prefers a solution that would see north korea agreeing to freeze its nuclear development in exchange for south korea and the united states agreeing to scale back military exercises that anger the government in north korea now whether north korea is ultimately open to these talks remains unclear the u.n. political affairs chief jeffrey feltman it was the most senior u.n. official to visit pyongyang recently for the first time in six years and he came back saying that the officials he met did not give any specific commish commitment to being open to talks. the organization of islamic cooperation is sent to me today in istanbul to discuss donald trump's decision to recognize jerusalem as israel's capital leaders of saudi arabia and jordan have already met in riyadh on the issue
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. and on the ground it's been almost a week of demonstrations in the occupied palestinian territories israeli forces fired tear gas and stun grenades at protesters who pelted stones. and bethlehem those were the news headlines be back with more in thirty minutes next on al-jazeera dect machine to stay with us. date 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.
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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 once you're on it very hard to kill let's see if i must use them to look good also barbara but on that let's start over and create
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a system of credit and which would actually be sustainable which wouldn't destroy the planet as the current machines do a. diminishing oprah by ducking that creaks is one of them to me peace on duty do test on come on that good across south economy. as you came out there. second it puts paramedics on it the producer live where problem sick over to that somebody to say that. and 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
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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 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.
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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 to 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 in. 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
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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 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 read you did 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 data be repaid how can we ever get out of the spiral. if you put two on both in that as you know i guess you're yet divvy almost of a dead to cvs everybody. was wrong he was operating the cellar they're covered with i don't know but almost over that sean paul is exam proof for saying of all. says
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that they did to cause like the value of what horse which i meet on bossy when i drive spoil you if there is talk of property to go neighbor kid physically but usually quite their battle schweizer is also off is it what you have 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
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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.
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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 quit the polytunnel news unit on the his basically put it to school august recess and certificate you molly moved to
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a bill to slug subi and cause so much from your machine and if we were to die off or figured on by your film end of august to show it would be filming on in bungay us you didn't resign i wanted barry was at our world cinema in the closet saw you there on time the b.b. was an image will be a few miles of iraq good will be buried. 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 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 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 monetarist ability 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 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 cleared the
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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 about my. normal necessity to be going to meet. the dude you could be color or to dinner sometimes i could use it on this subject don't include the absolute perfect the minute you go to miter and say look democracy it would set up
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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 monem shoes but it was. the sudden increase in the price of oil weighed heavily on the world economy. they put the brakes on growth. production costs went up prices went up to. inflation 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 rescued a brief federal sat at all those are the five always elitists low yeah fellow easy late possible this no see you for valley going to me community she really got out
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there see going to the obvious around you cause i said i used to are classic you just don't call me a serial if what i was eagleman known gone by gar on to her 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 mature the money for today r c is a privilege dictatorial the kills you simply did before are welcome don it can go to your nose it is on the born early because if there are so many to not exist before or is it an economy to the finish on a cyclical season was when it got to make it up it will moan that it is on was under an economy all amounted to fault with this additional lies and try to buy them for that to develop is too good i did continue pretty good continue on will say that. nobody but. i don't not
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honestly yelling. please you. have no. time now when we let it be weeks on the back to concede they are a basket 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 in 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
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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
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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. or on the bali bomb get rid of it so the it that i'm going to be also the renewably a lot of them become left on his deal is going to bury the view of
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a little. void that would be in people really i believe it lives that i'm a lawyer for me to do to please do no border little locket did the new york city lit up usually like there's some of it there the order of a new orleans. clear body belongs to a body present on the go on pieces of it and on the all is a name on this persona for example a few is that all done in detail and it's only going to make a lovely pop skirted to put to the put it document utility economy manassas on if you lost it going to do to look good on 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 thirty s.
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was. we must manage this process it can create vast bubbles of debt it can go out 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 and one 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 fall 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. one of the largest u.s. investment banks collapsed because that in one was. a phenomena speculative surfin must begin to. present itself so that your couscous
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a posse of honestly the mongols or so give you the prison p.d.p. you don't see. them continue so that if a few more on to see lead that good the presumption the currency get on play. is good. for they could have done it. because it is good with poppy it is surprise to us that in a while the reason. we don't have it the coming every other time is develop. 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 early months of. after the fall of lehman brothers european banks with close links to american banks
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risked bankruptcy in turn. governments only just managed to save them in order to avoid the collapse of the whole system. and on and off a separate issue one 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 or food near proven food in a prison guards in prison going to prison on a system hostile if itis 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. in a big don't need to back order to de-code media differently and the rest buy new market
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is a or both back to on your longer. than yours morgan old labour's why not speak you live on our own nuffin to do blair in gabby douglas the shift to new york on the one dot. com you're allowed like we're going to you guardedly book me going to write an orderly book where bad not bad why are. it in sybil eight let the ski said country back they bet your salad bar. the movie yet you see it live it up. i want to go in front of the support the also called it a sector if you know you don't do you want to lost the more you can audit the drum or gas i get home and think how to play better c.b. but maybe. if you also can face a cost fifty been did indeed p.v. equal the only eva due victimise that you can often get people.
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the obstacles to being a female photographer in kenya simply made the challenge law appealing to bob but i'm the niche. now with a single red dress countless volunteers and the power of her lens she is exploring the lives of women from all kenyan walks of life the unique tales that sets them apart and they shared experiences that bind them together. they knew after the gunfire telegraphy at this time on al-jazeera.
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al-jazeera. and. every. if you were in beijing looking out the pacific ocean you'd see american warships one mess somehow time is aiming to replace america and around the world well the chinese are not that stupid thanks 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 the coming war on china at this time just see it. you're watching i'll just say i'm still rob and paul these are all top stories democrats have pulled off a dramatic upset by winning the senate race in the u.s.
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state of alabama i've. talked to peter doyle moon a controversial republican candidate to use accused of child sex abuse but was openly and don't want president trump it's a major setback for the republican party out the seat for twenty five years. i have always believed that the people of alabama have more in common than the device three have we have shall not just go around the state of alabama though we have shown the contrary though right now with you thought republican candidate roy bowles spoke to supporters on this so far refusing to concede part of the problem with this campaign is we've been painted in unfavorable and on.
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faith for life that's what we've got to do is wait on god and let this process play out i know it's late we can't wait never bodyweight after eleven o'clock. but the votes are still coming in and we're looking at that but god bless you as you go all may get the slave going and thank you for coming tonight with snow all over this is going to take some time. the u.s. secretary of state says washington is ready to hold talks with north korea without preconditions rex tillerson comments despite the u.s. president recently voicing an opposing view. tweeted in october that negotiating was a waste of time. the organization of islamic cooperation is that to be to stumble to discuss doll tribes decision to recognize jerusalem as israel's capital leaders of saudi arabia jordan have already batted re out of the issue. but on the ground it's been almost a week of demonstrations of the occupied palestinian territories israeli forces
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fired tear gas and stun grenades at protesters who pelted. in ramallah and bethlehem you can follow all of those stories on our web site of course at al-jazeera dot com the news continues at half staff as we continue with that machine to stay with us. the two thousand and eight financial crisis threaten to completely disrupt the global financial system governments made the choice to bail out big banks and to rescue troubled economies do you move. the so that the only bark posse be somalis trucking be pascoe see is all pinned on of. them only going to. extraordinary extraordinary even
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simple seabrooke do feel. if you all see the proof to the petty and ample to the drama. talks are about. a last good sign up of a. bet lead. back as you know extraordinary computer guy faster. to the media. she's be a. little she's 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
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a new will function and will bless the top post should be 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 deck 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's cittie. he asked for help from year. now you didn't make your p.c. most. of the dead mice in a room. in there will be easy to make and is most exes well you know in reason. that announcement was like a bolt of lightning striking. the german chancellor weighed in on the question didn't. they all three did so good and obama is not an ignorant sort of those are my words and so i will need to get in line for some long view of the good songs and for tots not the common theme is not with the mothers of the movies i loved all of them are on their list even being only one fizzy emote in
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love you don't need gun most commonly used as a model. 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 pull back from spain from italy from la belle frost and might not europe bring upon itself the catastrophe that it so wished to avoid
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and therefore the argument was it is far better to give greece all the money it needs to repay its indebted notes then 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 small on up whenever it has you broke a new look go up now sit there and you can see like i said a baton logged as one zero zero zero overpass unclear cement and as i fell on i could problem in europe i would be close to rub it off because it you know put it in a by you comment unless it be your bell on this you did with this looking as you know we do listen as we know it would dislocate if not it is that accurate last year in
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a pretty hot baggy atlanta call me you know number one our own there are two all of us cool who want. to do or dip in and immediately. said brought it out i guess off it gets closer so this is about oprah keep the soup's the attic yasi p.v. . 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 owed 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 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 countries. debt and. kind of double jeopardy. or did you sell 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 of 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
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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. 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 he says they cannot be many up she may be years. to program others will be violent there's the lover but i love that other stuff we give is it that i asked them oh yeah it could it because i'm sure that there's the decrease. yet if you ask the gamut of these theories a bit better frona yum of the two stars though the troika is the lover there make the human more p.c. caring for. yet the method. valid only
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we have what i hear pundits who stop probably my two heroes here to promote the president i want to make go. and import a parliament in spanish and parliament in evolution parliament even though it's not so and above i don't want to go for one man and democratic surely you too much your own guns need. the program of the vatican carbon and all of the guns under the fire. that's vastly decent program in courts was the language the valan. given to us for. 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 these expressions are trying to put on sense no we cease to sense what. it means
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look stuff up reasons that the 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 arrived. back. 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 do their own of their asking for i'll be very happy. if they are gone after you are going liberate europe from the monster of russell's new long 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 debt machine what mechanisms canada uses . could it play on inflation as other countries do. little as you know jamie almost without it jimmy are probably almost out of it somehow always has little war on the for one of us here at a investor that out for me said without it don't go best is cool with it was obvious that 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 the number two place and
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a 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 the delmarva little girl openly party jobless a cause do system the key until this was all that it was just in them and then it would be pretty good eliminate unique was when your lawyers who know. don't know the war but harmony come on the first and the first i don't is it would. you put on more issue to so little to lima. as your strawman twenty seconds were polluting. your dogs in the school
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madonna hardware on their voyage in mark so experts here know we homeschool 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 and how to organize does the s. bahn is a dimension of word he has sinned does and in via touch on the here guilt we had in oil by the mouse in riyadh there must be mention arm this condition of coverage of politics and mention on some. tilt to the bank named to see the hologram and emerald gnome. 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 and
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reverse the trend. is for it hook i've heard at least two kwara go. video that you format the police officers that downloaded off it to get across also again says quote f 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 out the bruce don't see maggi name go i think i cross off of our head you elected office and expo are across all of us on the docket don't so much but i must pause because if you know suppose go on. ski fulfill all of us if you feel mrs give full when you want within the sleeze up to do because you just did but i don't suppose we did go over nailed it in that sleazy focus. this was on paul saul so as to do it all more and to live in gritty. but do gay bawly gleg siebold is
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a moment to skew that as was on bill's own sil book obama said dude little hope gandhi said the new food lepage if you need is a woman. 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 end 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 are 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 grants. and then the old days they had the big gossip area metro draw the funds 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 mustardy treaty stipulates that each country must manage its debt. europe is far from being a king he said. 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 live in 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 eula. i don't indeed need to lose or as you know who niggas get he will prove it and i have the new plan lebanese you eva dia equity in exist apart the push to be did dissociate with the gift khamenei libby lesser know more but torn that box of high up in gesture they actually be do as you know as well as situational lucian or small maxima pocky 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 on holiday in a span left one man to move i'd walk home and do not deny it when it bad really matters if you know the dentist in atlanta if you're more on talk about some follow 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 hands of me happy 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 are this was about one global act really though so i thought maybe i will do my go to again is obvious what i see but he did i say go up a thought as a hobby or said vance i both saw this and i go deeper thought as a hobby and it will be rich said swamp us on this and i it as we will check any gas have at it established ascii art it look it was well look it is having a dog who did it go look at it he lost it so i vaguely ugh apples get was like it was on people it like they'd be so higley bad apples are about he wants a memory for me get rid. of it not succeed you still have to search for the put you be put on a good leg i suppose when the models or the leg is due to be bruised don't do as he could have a truly good can but he is going to use them physically like me but i have
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a you can travel to new list if you want to be public you know and support him six from all that i guess to third effects are. eleven good men best cure is you she. is wrong you don't fall over years from part of illusion as you need to be in wont for certain not to move along the exist as a legalist incirlik is either one system he used if he just any i want passed on about on and don't encode initial fiscal cliff out and they get the constants you know dimity the. damage done is what he put it quote. only supposed to know. 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 i thought of it you know. as well in that it's not a thumb with
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a nipple objective. to form the well what is a good is going to work and they don't report it on t.v. to get all of this she did love an illness your son is not for me domicile took on and i don't know it more popular. on all the little that mischa all of newmont but it is the longer they are going to cause we mara with all the economy getting more extreme nor. do i do the democrates you see the view that he a good you're not a little bitter is it clip of you nope and she said bouncing off on it when elam is a real good on clip ons for his property there's no need to do up to do what you keep ability to unite that you don't do well such as you going to music increases city decided. today date the economy and finance an ever present global reality we are all caught in the debt machine the debt its
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grip and its dictator 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 today. hello again the weather has all turned quite quiet across the middle east at the moment we do have this little area of town that's just drifting its way southwards but all it's really doing is bringing some slightly fresh air so back who will see the temperatures no higher than eleven on wednesday and on thursday no high than around ten towards the west we have a little bit more cloud that we working its way across parts of turkey so i'm korea will see eleven degrees as a maximum and it will be quite a grey and damp day even further towards the south of the winds finally left us
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here in doha so twenty four degrees will be the maximum we're going to see but it will cloud their way over the next few days that could squeeze out the odd shower but i think most likely we'll see some wet weather on saturday and into sunday and some of that could be quite heavy towards the southern parts of africa and tear it's been rather wests over the past few days the showers that we've seen around been in jo'burg are gradually moving their way towards the north now so forth in mozambique we'll see the wet weather and that will also be spreading across into madagascar as well so heavy downpours are expected here until the north of that there will be some sunshine but also some very lively shouted lots of rumbles of thunder as well towards the west and generally quite a forest here in talks of thirty two degrees the maximum on thursday and for cape town all temperature no higher than twenty. 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
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criminalize or if you join us on sex you know you will first just wakes up of it in the morning and says i want to color the world in darkness and this is a dialogue and that could be what leading to some of the confusion about people saying they don't actually know what's going on join the colobus conversation at this time on al-jazeera. al-jazeera where ever you are. the world's largest humanitarian crisis millions caught off in civil war all jazeera world examines the roots of the conflict in yemen and the complex history that drew a country into perpetual time of. separation on.
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the north and the so these dualisms are off part of history. yemen the north south divide this toy. soldiers of this. unspeakable man compiled testimonies of victims of congolese mustn't. as this intimate evidence finds its way to international courts the central african republic is a plunged into further. detail of people and a nation crippled by recent history. alfred come to africa to talk solutions of his time on al-jazeera. charge of the response and leaders of muslim countries meeting this bumbled to discuss the.

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