went to go pay for projects in southern europe and many germans decided it was probably being wasted. that man was martin luther who famously named his points rebelling against the pope. brought about reformation which shook not only germany to its foundations. whole of europe. he wanted to be part of the great european project in his head, he said it was a rip-off and the money was being wasted. when it came to economics and politics, economics one. does that remind you of anyone? the most powerful woman in the world, the first woman chancellor of germany, is a daughter of a lutheran pastor steeped in the virtues of thrift, hard work, and behaving responsibly. one of the reasons why angela merkel remains personally powerful, her image is like the house frau next door. sometimes this puts her at odds with her desire to be a good european. now, even if modern germany is divided between catholics, lutherans or other religions, it is a lutheran god they don't believe then. the influence of the way they think about the economy is everywhere. "luther's followers are the backbone of the ec

solution to growth. so my proposal is a very simple one which no one in europe wants to hear. and i'll tell you why they don't want to hear it in a minute. what i say is, keep the euro. divide it in two. take the southern countries and have a soft euro. float it against the hard euro. the hard euro can adopt the fiscal restraint. the soft euro will deflate, devalue against the hard euro. when it devalues to a new equilibrium, if they join the fiscal responsibility pact, they come back into the hard euro. that would do what the greeks, the italians, the spanish are used to. that is, you solve the problem by devaluing. and that will cut wages without having to go through the massive recession which is being imposed on greece and italy and the others. now, that would require to do -- to solve the problem that the germans and the french who after all run the eu don't want. and that is, they have to fix their banks, because their banks would be, many of them, under water. so they would have to, in my scheme of things, they'd have to lend the money to the banks to keep their capital up when

popularity of populist national and extremist voices and parties across europe. and what that means for your. what does that mean for the u.s. in the future of the transatlantic relationship? the larger question i hope we dig into is how do democracy's work through major society restructuring, painful reform, and long term deleveraging? another part of the question we need to dig into deeper is the unforgiving impact of europe's debt crisis on its use. we're seeing staggering levels of unemployment among european youth. the upcoming may 6 recollections will provide us with important knowledge about how societies, exhausted from austerity, are going to respond. joining me for this discussion, i am delighted to have four distinguished journalist and observers of european politics joining us today. with us, jim hogan for "the wa shington post," "chrstine zennick and christopher caldwell at "the weekly standard." we thought it might be a helpful to frame our discussion and we have a brief video clip we would like to assure you. i will have scott key that up and we will take a look. >> l

being looked at in the same way as europe and our companies are at a disadvantage, then something wrong is occurring, and i hope you'll look at that in a proactive way and try to help american companies, and i see my time has expired. i yield back. >> the chair recognizes the tez ig knee of the ranking my noertd member of the subcommittee. mr. carney is recognized for three minutes. >> thank you, mr. chairman. i'm down here, mr. secretary. thanks for coming today. i'm eager to hear your perspective on the situation in europe and in particular the threats that that situation poses for the recovery here in the u.s. i have really two main questions. first is can greece be put on a sustainable path forward? greece has had austerity measures imposed on to it to address its current crisis, and currently its current fiscal path is unsustainable. at best, the benefits of these structural reforms are long term. can greece get over it in the short term i think is the question. they have very incredibly difficult decision, political decision to be made as to whether or not they can and shoul

forth global economy it is a pivotal moment for europe and the world. in december efforts by the your pone central bank provided calm to financial markets. but after months of progress there have been setbacks, elevated barring cause for spain and other struggling nations have caused alarm. european union and the imf have composed separate rescue funds to ensure economic stability. today the imf announced that it secured more than 430 billion dollars. mi joined this afternoon by distinguished group christine la guard-- lagarde is a managing director of the imf. augustin carstens, anders borg is sweden's minister of finance and christina romer on president obama's panel of economic advisors now teaching in california. i'm pleased to have all of them here and i begin with this question. how hard was it to do and how significant was it to put together this $430 billion fund? >> charlie t was hard going to begin with because when you see that mountain to climb, you're not too sure their's going to get to the top. but i must say that in the last few days, there have been willingness of the

>> tom: stocks see their biggest one-day drop this year. fresh worries about europe fuel the fall. >> in recent weeks, the data suggest that the recession in europe may be a little bit longer and a little bit stronger than previously the europeans had thought. >> susie: but europe didn't hurt alcoa's earnings. the aluminum giant kicked off earnings season with much stronger than expected results. we'll talk exclusively with c.e.o. klaus kleinfeld. it's "nightly business report" for tuesday, april 10. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: captioning sponsored by wpbt >> tom: good evening. u.s. stocks continued falling today, marking their biggest point and percentage losses this year. susie, today's decline also marks the longest losing streak this year, down five straight sessions >> susie: tom, fear was back in the market today on fresh worries about the global economy, europe's financial problems, and concerns about slowing growth in china. the dow fell almost 214 points, the nasdaq lost 55, the s&p dow

spent a considerable amount of time in dialogue with our counterparts in europe on these issues. i think that what we've learned is that we actually have quite a bit of commonality on the broad privacy principles that we all share. the differences come in the regulatory enforcement style and in the fact that we do still have a gap here in the protection of consumer privacy rights under law. that's a gap that we very much hope to fill. we think that as soon as that's filled, there would be the basis for entering a conversation with the europeans about really significantly lowering the barriers to the cross border flow of personal information between the u.s. and europe. but even in advance of that, we have been working very hard to explain to our european counterparts that once a company makes a commitment or an industry makes a commitment to one of these enforceable codes of conduct, that in the united states, that has the force of law. it is an agreement that's binding on the companies. it is an agreement that is enforceable by the federal trade commission under the statute we pro

towards the arctic as the country's prime minister tools europe seeking support for beijing's membership in the council but china's bid to enter the fight for the energy resources has a member nations. that's it for me in the news team for the moment more news stories in half an hour from now in the meantime the trial of norwegian mass killer and his brave it currently underway in oslo has inevitably brought back memories of last year's shocking attack but have any lessons been learned. asks this question both crosstalk. can. start. to. flow in welcome across the concrete a little insane or a murderous frightening fanatic this is what a norwegian court must determine in the wake of last year's massacre of seventy seven people and his bravery clearly holds extremist ideas and is a narcissist but when one strips away his extremism much of what he has to say can be found in conservative media all through the western world when it comes to multiculturalism what is really on trial here. the case. to cross out the case in norway i'm joined by rachel martin in paris she's a political

country's prime minister tours europe seeking support for beijing's membership in the arctic council but china's bid to enter the fight for the past energy resources has alarmed that member nation. my colleague bill daughters here in half an hour's time before now crosstalk focuses on mass murderer. can. follow in welcome to cross talk on futile about insane or murderous rightly fanatic this is what a norwegian court must determine in the wake of last year's massacre of seventy seven people and his bravery clearly holds extremist ideas and is a narcissist but when one strips away his extremism much of what he has to say can be found in conservative media all through the western world when it comes to multiculturalism what is really on trial here. can start. to cross talk the case in norway i'm joined by rachel martin in paris she is a political communications strategist and syndicated columnist in oxford we go to roger griffin he is a professor of political affairs that oxford brookes university and in manchester we have mohammed saffi key is the chief executive in founding member of the

way in just a. protection of the world from europe what's the latest task of such. for itself by the i.m.f. plans to erect a four hundred billion dollars financial wall all around the uk it's intended to prevent the euro crisis from spreading further due to its serious threat to the global economic recovery but in europe those financial woes are reshaping the political landscape we report on fronts where today is the last day of campaigning before presidential elections on sunday. it hasn't been the perfect marriage that they agreed where it mattered most of the time. a tandem seen as key in the e.u. decision making. that france's relationships with berlin and brussels have hit a rough patch the french election if you look at the campaign in france i think because on the right side there is mrs lippett which is the plan was to reintroduce her for the french franc the french currency christmas all one story negotiate the of the treaty on the fiscal compact incumbent nicolas sarkozy is no exception pledging to freeze france's e.u. funding and bringing back border controls over in the l

back border controls over in the left corner. roundly rejects europe's budget belt tightening pact people are uneasy with the fact that they or contributing to the failed policies in other parts of the u. then people don't really understand why is it there's more and more legislation coming from the european level in member states have to adjust it for the mostly pro europe french public it's about jobs and social security just as brussels and berlin want tough cutbacks. and that doesn't rest easy with voters who gave a resounding no to giving the e.u. machine even more power seven years ago even though it's been a perfect tool to offload a questionable policies. criticizing europe can be a convenient scapegoat because it appeals to people who do not like the functioning of europe and it can divert responsibility if something goes wrong it's not the fault of the government or nicolas sarkozy it's the fault of europe it's easy to lay into this place where e.u. plans are half a billion spent a final before that's really gotten on the scale of french voters as part another what's more

. but next we talk to the deputy secretary general of the council of europe discusses the painful issue of children's rights abuses in the row the state in protecting youngsters that's in spotlight coming up next. well that is true science technology innovation all the news developments from around russia we've got the future covered. hello again the war from to the ends of the shelves on. today my guest on the program is more verbal taking. in the modern concept of human rights children held a very special place it is still unclear how the rights of the little while should be protected and if the states or whatever institution can't interfere in family relationships but most people look at currently doing kids have a right to a child even this understand it right is our friend so is it possible to secure a calm and saying childhood if not mostly for most children how can we protect them from being used as a bargaining chip and adult and think we'll discuss it with deputy secretary general of the council of europe more thinking. when it comes to children's rights violence is one o

are in other quarters of europe all over the place in the united states q i mean this is what really bothers me about this trial is that he's not alone wolfy he's a lone wolf and what he did but he's not a lone wolf and what he thinks. well he shares the same ideology that the far right do share here in europe and cost the united states which is inherent hatred put islam and muslims which i believe is misplaced this is a vile mine and he took inspiration from the far right fascist ideology and he has killed many people in an indiscriminate way and he can sit in court and try to justify his actions as if he's on his one man crusade to force muslims out of europe like i said before muslims are part of the d.n.a. of european society we are passionate europeans we want to live in this continent in peace full coexistence but we must be allowed to carry out our faith according to our own scriptures and i live in peaceful coexistence and what this demonstrates to you very clearly is that there is a rise of the far right across europe and that's deeply what informally people and sudde

russia's border. protecting the world from europe that's the latest task set for itself by the i.m.f. which plans to record a four hundred billion dollars financial wall around the block it's intended to prevent the euro crisis from spreading further which banks fear will be a serious threats of global canonical coverage as pressure mounts on the outside and side either tensions are at a peak artes to source you're in for. it hasn't been the perfect marriage but they agreed where it mattered most of the time. a tandem seen as key in easy decision making. but france's relationships with her lynn in brussels have hit a rough patch the french election if you look at the campaign in france i think because on the right side there is mrs le pen which was the plan once to reintroduce her for the french franc the french currency christmas all on one story negotiate with the of the treaty on the fiscal compact incumbent nicolas sarkozy is no exception pledging to freeze france's e.u. funding and bringing back border controls over in the left corner. around the rejects europe's budget belt tig

fire with europe threatening to adopt fresh sanctions against the market. are raincoats the controversial formula one grand prix motor race sparking anyway with public protests against the regime in clashes between demonstrators and security forces continued through the week with a virtual prime's down by police and leaving bombs but. i am certain that if that group global attention julian our sound from here his only interview show analogy this week giving voice to those distress sides by the mainstream media the show has had a range of reaction from praise is to read. ahead of the french presidential vote also you spoke to one of the hopefuls in the race to call on young explained what he thinks needed to be done to find income employment and problems in his country. thank you very much and sort of while you're for joining us today the first question would be when you talk about french sovereignty what exactly do you mean in the context of today's globalized world friends is not free anymore because we whole leaders. are a limited by brazil's european union which is the no

fifth session in a row. continued fears about europe's debt crisis even ratcheted up today. this would be the longest losing streak this year. the dow and s&p's worst percentage day since last november. set to close below 3,000 for the first time since march 12th. earning season set to kick off any moment now. chairman and ceo will breakdown the numbers for us. dow jones down 12,716. nasdaq down but up 16% year to date. and the s&p is down 1.75%. here's what i'm watching in the market. it's set off today in europe. another day, another stock swoon. dow jones industrial making it five for five with the first five day losing streak since august of last year. worries about the earning season. the volatility index up for an eighth straight day. apple, meanwhile, making history. the technology hitting be a all-time high today. $640 a share, and it has since pulled back by the clothes. the only other company to achieve that milestone was microsoft back in december of 1999. courtney reagan is on the nyse right now. over to you. >> good afternoon, maria. who came first, us or europe, who start

council of europe more thinking. when it comes to children's rights violence is one of the most pressing issues of europe says about a hundred and fifty million european kids face some form of violence from simple smacking at home to sexual harassment children born across border marriages or adopted to foreign homes often become victims too they might know if they smile and say but if something goes wrong with the parents the kids become involved in judicial or even political intrigues protecting. children's rights are something the council of europe has concentrated on lately its deputy secretary general has just started a rights protection program in russia. hello and welcome to the show thank you very much for being with us i want to start with the question about russia russia has recently created the position of a child rights ombudsman of the house here in the studio couple of months ago how. do you think the creation of such a position is the step in the right direction did you think do you think this was the right thing to do is absolutely the right thing to do but it's o

crisis from spreading further serious threat to the global economic recovery but in europe those financial woes are reshaping the political landscape and we report on france work today's our last day of campaigning before presidential elections on sunday. it hasn't been the perfect marriage but they agreed where it mattered most of the time. a tandem seen as key in the e.u. decision making. but france's relationships with berlin and brussels have hit a rough patch the french election for a look at the campaign in france i think because on the right side there is mrs le pen this is the plan once reintroduce her for the french franc the french currency christmas all on once during a go should the for the of the treaty on the fiscal compact incumbent nicolas sarkozy is no exception pledging to freeze france's e.u. funding and bringing back border controls over in the left corner. who roundly rejects europe's budget belt tightening pact people are an easy with the fact that they or contributing to the failed policies in other parts of the then people don't really understand why is it

skeptical of the ten day old thesis by the europe threatening to adopt fresh sanctions against a master. bahrain host be controversial formula one grand prix motor greystone be a new wave of public projects beginning regime in clashes between demonstrators and security forces continues through the week with a brutal crackdown by police leaving one out there. says minutes the global attention juliana sunshine premiered his own interview on r.t. this week giving voice to those trends. as to size rather by the mainstream media they show up as part of a range of reaction from praise to history we. had all the french presidential vote as he spoke to one of the hopefuls in the race so unequal out to paul and young explained what things needs to be done to find high unemployment and immigration problems in his country. thank you very much and sort of one of including a survey of the first question would be when you talk about french sovereignty what exactly do you mean in the context of today's globalised world france is not free anymore because we whole leaders. are a community by. european u

, not because of europe, but due to allegations of a mexican bribery scandal. >> walmart purports to be an honest good citizen, ethical with a code of ethics. but, see it doesn't live up to those promises and it won't live up to them now. that's a problem for them. >> tom: it's "nightly business report" for monday, april 23. this is "nightly business report" with susie gharib and tom hudson. "nightly business report" is made possible by: captioning sponsored by wpbt >> susie: good evening, everyone. stocks fell sharply today on wall street and in markets around the world. tom, it was an edgy day for investors with new worries about europe and political uncertainty after the first-round of the french presidential election. >> tom: the worry is what the french election means for the future of solving europe's debt crisis. the stock selling started in europe, where the major averages fell by 2% or more. here in the u.s. the stock indexes were also in the red. the dow tumbled 102 points. the blue chips had been down as much as 184 points. the nasdaq lost 30 and the s&p fell 11. >> susie:

becoming a crisis for the entire eurozone. the biggest opposition parties in europe's fifth largest economy, the netherlands, have come out against budget cuts just days after it lost the support of its main ally and collapsed. >> a key part of keeping the euro stable, the netherlands must show it can meet deficit limits. if not, a key risks creating new turmoil in and into markets. elections are expected to be held in the autumn. >> the freedom party backed the dutch minority government for a year-and-a-half. yet, builders and other opposition parties now reject the deep spending cuts that the premier wanted to present in brussels next week to show the country is on track to meet budget limits. the dutch had been one of germany's chief partners in the push to cut budget deficits in the eurozone. now, dutch papers are writing that chancellor merkel is losing an ally. lee told parliament that the netherlands was also losing an opportunity. >> a deadlock is not good for the netherlands. our economy wil improve only if we stop taking on new debt. he still needs opposition support for s

chinese currency have on europe's ability, italy and greece, to be competitive internationally with respect to exports. >> excellent question. greece itself is not large enough to have -- to cause a lot of damage to the united states. greece matters a lot, though, because greece's crisis hurt confidence across europe and tauzed the rest of the continent to fall into recession. if europe can contain the risk of the greek crisis spreading, they have the ability to do that, on the chinese question, chinese currency is up about 14% in real terms since the summer twof 010. about 40% up against dollar in the last five years but this they have some ways to go. the chinese currency is still undervalued and you are right to rye mind people that by holding their currency too low they are making it harder for other trading partners to grow. >> time of the gentleman has expired. the chairing recognizes the gentleman from new mexico. >> thank you. as i listen to the language, the lingo being used today it sounds vaguely familiar to the time in 2008 when we were moving down the road to bail out f

broke free from europe for a session after being tethered to the hideous action across the atlantic for the whole month of april. in fact, many stocks that have been held hostage by europe took off today. even as the stocks that seemed to be immune from the european contagion got walloped including many of the nasdaq's biggest stars like apple and google, down an astounding $25 and $18 respectively. all right. fist let's set the table. we have a ton of bogus linkages in this market right now, linkages that have little to no basis in reality but cannot be dismissed or ignored because they play out every single day whether we think it's right or not. as long as europe was strong as it had been for much of the first quarter and certainly for the latter part of the fourth quarter, the dow and the s&p were free to roam higher and they traded pretty much in sync. but after last week's miserable action, we've now recorded five straight weeks of sickening european declines. after a sell-off that long, you begin to believe that europe can't have a rally and it will take international companies w

jiabao embarks on a tour of europe. as a trial of norwegian mass killer anders breivik currently underway das law has an admittedly bra bad grade mammaries from last year shocking attack but how the crucial lessons been learned ask your labelling has crossed up that's up next on our team. kicking. the can. blow in welcome across town futile adult insane or murderous right wing fanatics this is what a norwegian court must determine in the wake of last year's massacre of seventy seven people and his bravery clearly holds extremist ideas and is a narcissist but when one strips away his extremism much of what he has to say can be found in conservative media all through the western world when it comes to multiculturalism what is really on trial here. can. start. to cross out the case in norway i'm joined by rachel martin in paris she's a political communications strategist and sydney catered columnist in oxford we go to roger griffin he is a professor of political theories that oxford brookes university and in manchester we have mohammed sadiq he is the chief executive in founding mem

24 behind. europe's economic recovery may be stumbling, and that prospect is felt on this side of the atlantic. fox business network peter barnes has details. good evening. >> good evening. one of europe's biggest economy spain appears to be in more trouble. slipping in to a recession. its bank is low on cash despite nearly $300 billion in emergency loans. italy is shakier, too. adding to europe's economic woes and worries here its problems could spread to the u.s. >> let's say europe blows up again on us. you're correct. you could go back in the suit. so far, even on the european front, i'm seeing reasons to be cautious, but i don't believe we're going back in the battle days of august, september, october. >> spain is no greece, which is good and bad. it's the fourth largest economy in europe. and the 12th largeest in the world. that means it's probably too big to fail. and would get a bail-out from europe and the imf. but if it could not be saved, the global economy could get hammered. the ifm is getting ready in case. it's holding the annual spring meeting in washington and is

the latest victim of cold blooded austerity in europe isn't working people in athens young people in london or labor unions in madrid know the latest victim is the dutch government the coalition government in power in the netherlands was split apart over the weekend as lawmakers failed to find consensus over an austerity budget just as an anti austerity fury sweeps across the european continent it's the same theory that dealt french president nicolas sarkozy in early defeat the socialist candidate francoise hollande in the first round of presidential elections in france over the weekend and also the same theory that turned out tens of thousands of protesters into the streets of prague over the weekend calling for an end to austerity in the czech republic and on the heels of a new report out of the u.k. showing that conservative government austerity policies are a complete failure other populations languishing under austerity like in spain italy and greece are growing more and more discontent two things are happening here one austerity is being proven to not work it's a complete failu

you consider what is going on in europe. over the last several weeks given where yields are in spain, given the verge of going socialist, we have changes that will accelerate the decision in europe. it's clear that we're going to see recessionary numbers out of portugal, spain, and that may be the wild card. >> i have to counter, if the market is now building in renewed qe 3 exhibit peck tagss as a result of that press conference, i understand that one comment about jobs suggesting that if the unemployment rate goes up but i just don't hair it. we're in neutral for a while and the bar is high for coming back in. that's the message. if the market is going to build in these expectations, i think they are going to be disappointed again. >> i don't think the press conference did anything to put qe 3 back on the table. is that what you said, bob? >> i think the problem is, the market is looking for every little sign. that comment that you can't draw too many conclusions from the march job's report, it's a sign that they would do something if the job situation did something to deteriorate.