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tv   Debt Machine  Al Jazeera  May 25, 2018 11:00pm-12:01am +03

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professional player. beautiful goes to the players to give them housing rolex watches or a book to britain for my children. al-jazeera investigations cricket match fixes. hello i'm maryanne demasi in london his around up of the top stories on al-jazeera the u.s. president donald trump says it's possible a planned summit with north korea could still go ahead on june twelfth despite sending a letter a day earlier canceling it welcomed a conciliatory statement from pyongyang saying it remains open to having told. the b.b.c. what happened we're talking to them down. there was a very nice statement that put out you know we'll see what happens to the degree that we're talking to them now they very much want to do it we'd like to do it we're going to see what happens for now though it looks like still off south
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korea's president has described the cancellation as shocking and regrettable robin wright has the reaction from seoul. an intended gesture of peace in a process that may be going nowhere. the demolition of tunnels at north korea's underground nuclear testing site. it was meant to be a further step on the path to a historic summit but by the time these pictures were reaching the outside world it was already reeling from the shock of the summit's cancellation. from north korea's foreign ministry a measured response calling the decision not consistent with the desire of humankind for peace and stability adding that north korea remained willing to sit down with the u.s. side to solve problems at any time from south korea disappointment verging on the
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will demand. ask for vice foreign minister kim statement we see no change of a sincere will by the relevant countries when it comes to resolving the current situation through dialogue the government will continue our diplomatic efforts to further extend this momentum for the talks as part of that effort south korea's foreign minister spoke with her u.s. counterpart mike pompei or by phone she emphasized the need to build on the goodwill of the landmark into korean summit at panmunjom in april fearing months of painstaking diplomacy could now be wasted. south korean president meeting with north korean leader kim jong un had laid the groundwork for the summit well i think jane is. feel fairly indignant about this whole business because he has been a leader in working with kim jong un to develop an understanding and
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a way forward. in place of improving ties could there be a return to the hard line dictated by the u.s. and demanded the station. to go to home in order for north korea to change their policies it is necessary for japan and the u.s. and south korea to apply pressure including the united nations sanctions. with the united states' call to stand firm against north korea south korea in hopes of mediating a historic breakthrough shouted as the tunnels of. robert broad al-jazeera so well in other of the top stories disgraced hollywood film producer harvey weinstein is appeared in court in new york on sexual abuse charges the sixty six year old was released on a million dollar bail bond faces rape criminal sex act and abuse charges stemming from encounters with two women dozens of hollywood stars came forward with accusations against weinstein last year sparking the me to movement his lawyer says
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he'll plead not guilty australia and the netherlands are holding russia legally responsible for the downing of malaysian airlines flight m h seventeen of ukraine on thursday international investigators said the missile used to shoot it down came from a russian military unit russian president vladimir putin has dismissed the allegations and initial reports out of ireland show voter turnout in the referendum on abortion is higher than the last election and the two thousand and fifteen referendum that backed gay marriage loaches of being asked whether they want to repeal a law which gives fetuses the same right to life as the mother affectively banning them from terminating the pregnancy i have money is a shawn now it's debt machine. debt
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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
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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 see 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 as the current machinist to a. diminishing up of my desk and that can exist to any piece on duty do test on come on that did across off economy. as you came out at. second it appears paramedics on it to produce a live web sick over to that somebody to say that. then who.
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is a pow and i deny me. that she only said that then you and 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 euro zone 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
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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 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
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a country its gross domestic product or g.d.p. . the country's debt is measured as a percentage of g.d.p. here debt represents fifty percent and here one hundred percent of g.d.p. . in one thousand nine hundred two maastricht treaty laid down the terms for an integrated europe. in order to keep debt from getting out of control experts agree that a country's debt should not exceed sixty percent of its g.d.p. but that critical threshold has been largely exceeded by most european countries joins us from get us what he can ask about it some more now would not be pretty up with the beauty of rio might have a pretty rigid there. when debt exceeds a certain level tax revenues start going up to pay interest on the debt instead of
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funding government expenses hospitals schools teaches. how can that dates be repaid how can we ever get out of the spiral. if you were to move on both in that as in i guess your yes view divvy almost of a dead to cvs everybody's word. or junkie was up i think they sell out they're covered with i don't know but almost over that sean paul is exam proof for saying of all. says that they did to cause like the balliol were tossed him it on bossie on a drug spore years to queue at the. property to get a berkut physical but usually quite their battle. 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.
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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 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
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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
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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 news unit on go has basically put it about their school august recess i'm suited for a few more limo be doable dyslexia will be on call so much from your machine if we were today off or figured on by your film and or goes to show it would really phenomenal in bungay us you did resign i wanted barry was a guy was phenomenal was a goal in there on time the b.b. was an image will be a few more that iraq will be vivid. in croissants. by the end of the post-war boom in the early one nine hundred seventy s.
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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 connally to suspend temporarily the combat ability of the dollar into gold or other reserve assets except in amounts and conditions determined to be in the interest of monetarist ability and in the best interests of the united states. but it was not
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a temporary measure at all the us president definitively kept the fixed relationship between the dollar and gold. the donor became a floating currency like every other currency a 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. but. yet. two years later in one nine hundred seventy three another major event occurred
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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 some towns i could use it on this subject don't include the absolute perfect the minute you go to miter and select a mockery of it to set up a forty minute no one knows on one that the knowledge will not suddenly produce be colored boozer. comedy block no i'm pretty exact amount to i'm 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. inflation is skyrocketing.
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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 really out there see going to the obvious start out you 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 walmart the other fast your much of the money for the dar says . politike that do all the kills you simply did before iraq i'm done it
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can go your nose it is on the bone only because i'm not there 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 it it is on was under the economy all i wanted to felt was this additional lies of trying to put in for a job as good that to develop is good i did continue pretty good continue on will see that. noble. i don't not only see yelling. please you. have no. time now when we let it be weeks on the back to the out of pocket will be the kimosabe on the day. if you do digital bit starting in the one nine hundred eighty s. the industrialized countries began to borrow heavily on the international market after
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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.
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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 borrowed. 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
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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 things that money comes from me working hard if you know for as you know during the soil working hard and at the end of the month i earn some money. a lot wrong the bali bomb of it so the it that a million people or so the renewably a lot of them become leftovers d.l. says can bury the viva awful. void that would be in people raleigh i believe it lives that i'm a lawyer for me to do it because there are no border little laws rocky did the new york city lit up usually some of it well the order of a new orleans with the clear body belongs to a body presented to know to go on pieces of the known dollars source on this
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persona for example if it's another name to tell it's only going to make another pot he's good to put to the put it document utility economy manassas on if you know she's 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. 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.
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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 bank has 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 cool. 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.
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confidence 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 fall out. 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
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homes they had taken out loans with interest rates that rose sharply and they found themselves unable to make their mortgage payments. many banks were in danger. on september fifteenth two thousand and eight lehman brothers one of the largest u.s. investment banks collapsed because that iran was our supply. of an immense because it is serving much bigger to misunderstand the bonzi present so that your couscous a posse of honestly didn't mongols or so give you the presumption to be wrong don't join the focus use them continue across the uk if if you know on t.v. a humble city lay dead good give it a prison prove the currency get on play. good hockey live for it could be done you can see it on play the nickel sisters keep up the it is surprising us that in a while there was young ok bob almost on his own may only have it the coming every
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other time is over develop of wa but anselmo all in almost as good a busy ok about your zorra russian the bronze is equal is commercial good shotgun so i did a fade to disagree go on to choose what is on its agenda that the other animals. 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. and on and off a separate issue one a suture that are keeping no bond to god you have to prove the devil rip it is actually take you on to the proof. if proof dog preaches three hundred preforms with new proven food in a prison guards in prison going to prison on a system hostile if this was just.
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in spain and in ireland after the advent of the euro and thanks to loans from german french and british private banks developers invested heavily in real estate . and a big don't need to back order to the good media define the interest on your coffee to say or both back to on your lawn. then or small be an old labor why not speak you live on our own nuffin did you blair in gabby douglas cause you shift to new york on one dot. com you loudly grandma you guardedly bocanegra might have an orderly book. in the bath why are. sybil let the ski said cadre back they bet your salad bar so she d.
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movie yet you see it live it up. well i want to go in front of. the also called i'm sick of you know you don't do you want to. be home are you and i did the drama i got at the helm to play picked me to hong kong to be out of here also confers a cost that he did in that p.v. equals don and eva do you know most of you can often do not get people.
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fired. we have a newsgathering team here that is second to none and they're all over the world and they do a fantastic job the information is coming in very quickly all of the ones we've got to be able to react to all of the changes and al-jazeera we adapt to them. my job is is to break it all down and we held the view on the stand and make sense of it. discover the world of outages the era. of the best films from across on the network of. the money you know to be good but them about the need for each perspective and new insights. to challenge and change the way we look. how does your work at this
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time on a g.'s. o. in london here's a quick look at the headlines u.s. president donald trump says it's possible a plan summit with north korea could still go ahead. canceled the june twelfth meeting in singapore with kim jong un citing anger and hostility from the north the state department said pyongyang and failed to reply to u.s. requests to help plan the summit jiang responded by saying it remains willing to sit down for talks to resolve the nuclear issue and trump is now saying the door is still open. we're going to see what happens or talk to them down. there was a very nice statement that put out we'll see what happens. now we'll see
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what happens if that is it while we're talking to them now they very much want to do it we'd like to do it we're going to see what happens disgraced hollywood film producer harvey weinstein is appearing in court in new york on sexual abuse charges the sixty six year old was released on a million dollar bail bond he faces right criminal sex act in abuse charges stemming from encounters with two women a number of hollywood stars came forward with accusations against weinstein last year sparking the me too movement is a lawyer says he'll plead not guilty. we intend to move very quickly to dismiss these charges we believe that they are constitutionally flawed we believe that they are not factually supported by the evidence and we believe that at the end of the process mr weinstein they will be exonerated. australia and the netherlands a holding russian legally responsible for the downing of malaysian airlines flight
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m h seventeen of ukraine in two thousand and fourteen on thursday international investigators said the missile used to shoot it down came from a russian military unit all two hundred ninety eight people on board died the russian president vladimir putin has dismissed the allegations and denied all involvement. and initial reports out of ireland show voter turnout in the referendum on abortion is higher than the last election and the two thousand and fifteen referendum that backed gay marriage voters are being asked whether they want to repeal a law which gives fetuses the same right to life as the mother affectively banning them from terminating the pregnancy we're going to bring you more on that story and everything else in about twenty five minutes i will have the news hour for you so do join me then i found out.
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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 after you move in are they get on. the so that you play borg posse go back some release talking a bit past go see and safe and well it was all planned on a little i'm only going to have fit but it's a club law doesn't put extra leaning extraordinary. the fairly back. if you all see the proof would a pretty an opportunity do you. have a good counsellor about. a last good sum up of a. bet lead. back as you know excelled in their past abuse again first. to the media.
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she's be a. little. a communal. dusk you call it a sis do p.c. signals c c c that is milby real label kick you put it. in goes if you pretty see if we can all and you will function and will bless the debunker tapos you couldn't get. 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.
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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 hundred twenty nine percent of g.d.p. well above the sixty percent threshold set by the master cittie. he asked for help from europe and. now you do. that there is most. in there will be easy to make and is most exes. you know reason. that announcement was like
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a bolt of lightning strike in europe. the german chancellor weighed in on the question didn't mind. the day off we did so called and oh by the end. of those are hard work 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 a movie is a lot of them are on their list even the normal length is the emotional interview done and i'm done most commonly used to one another. in one thousand nine hundred two the master treaty set out the terms for e.u. integration it forbade the european central bank from bailing out indebted countries would european governments respect these terms would they guarantee greece's debt should part of it be restructured or cancelled or should they help
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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 europe finally decide its bite resistance from germany to lend greece enough to pay its creditors. a
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smaller one of it has you broke a new dog out today on duty like i said a baton logged as one zero zero zero vapor overpass and 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 do listen as i know it would dislocate if not it is at the last year it appeared hope or beg your point of warming you know number one our own table to all basket and one copy just a glare to do or dip in it immediately. said brought it out i get it off it does go say so they did that or bia keep the soups they do at a kiosk the p.v. booth. as you say if you ask about it not one euro of debt has been written
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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 the debt crisis simply by changing the identity of the creditor and then this one is solved. being in debt isn't only about owing money it's also about being in the wrong 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 sell to decrease your. oh not distant
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finis joe bus. says if one day i suddenly want to keep ability economy. just because i happen to live in greece somehow i'm a sinner i'm a bad person because of some political acts done by political representatives of one kind or another. therefore it's ok for people to have their lives destroyed it's ok for people to have to tax through garbage and not have anything to eat it's 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.
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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. 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
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questioned european leaders he says they cannot be many of soon maybe years. to program others will be violent there's the lover but i love that other stuff we give a shit that i asked them oh yeah it could it because i'm sure there's the degrees. yet if you asked again i got this theory said the bestseller stronger than i've got the stars though the troika is the lover then. you know me hope you see care for. yet the message. valid only we have by upon this you stop probably my two heroes here to promote the president i want to go. parliament in portuguese in parliament in spanish in parliament in evolution parliament even though it's not so and above i don't want to form a model and democratic colleague too much your own guns the needs. of
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the program are d.v.r. . and all of the guns under fire go. up that's a decent programme in quotes was the language the valan. that's a lobed i am absolutely confident sure that if greek did not implement the program the situation will be much worse today i am convinced that you have these experiences to try to put on sense no we cease to sense what. it means look stuff from our prisons it has yes quite a limited susan place names that have been used to deficits over the years the. governor contrails. it was a lot but if area you know sunita not so well mia. you open it up to predict which of.
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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 finance and euro skeptic parties were gaining ground in melbourne as you have been willing to do their own of their asking for i'll be very happy. if they are going after are going liberate europe from the monster of brussels nuno and connect we should. we can see reaction to the liberalisation of fright finance just as we saw it in the one nine hundred twenty s. and it's going to be ugly it will ready is ugly it's ugly in greece it's ugly in
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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 people i will vote for him i think that's where we are heading and i don't think our leaders have the vision to understand that the threat that we face. what are the solutions have. curd europe curve the death machine what mechanisms canada uses . could it play on inflation as other countries do. little as you know jamie almost without it jimmy are probably almost out of it
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somehow always has little war on the for want of us here i think you better that out before me said out 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 our boom for the number two place and a capacity o. the horses that it. following world war two french and german debt was two to three times higher than it is today but inflation literally absorbed it. only but the don't want a little girl openly party job of a cause do system the key until this is all that it is just in them and they will
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be. eliminated week when your lies will know. the war but when they come on the first the first abandon is that would. you put on more issue to so little to lima. as your straw which twenty seconds will pollute. your dogs in the school madonna hardware on the doj and mark to export to your not be home school soft as ice under linux runs off 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 assigned where and how to organize span is a dimension of word you has sinned does it end in via touch on the alkie a guilt ridden oil vice must all be mousing react there must be mention arm this
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condition of governor 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 in reverse the trend. is for it hook i heard issue from kwara go. really it was that you format the police officers the downloaded 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 out the bruce don't see maggi name i think across off of our head
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you elected office and expo are across all of us on the docket don't so much but most was because if you know suppose go on. the fulfill all of us q. phones is give for when you want within a sleeze up with dubious going to see this could be our super company did go over nailed it in that sleazy focus. this was on paul saul so as to do it all more until devean gritty. the two gay bully gleg siebold isn't nomen to skew the answers on bill's own syl book obama says dude little hope gandhi said the new food lepage if you need me. peeling to have a monetary union work effectively. what happens is that the more efficient regions or in the case of the eurozone countries become even more efficient and wealthier the poorer regions or less efficient regions become
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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 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 then the old days they had the big gossipy metal door 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.
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but there is a catch the mustardy 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 lean our monday night 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 when i hear the new plan lebanese you even hear equity in exist apart the push to be did dissociate with
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a good community libby lesser know more but torn the banks out higher up in gesture they act to maybe do as you know as well as situational lucian or small maxima to keep precisely what i don't know even exist about me as you all talk about what i most want hi all been do dishes on her litany left led me to move i don't walk men do not hit 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 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
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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 their hands any political one. because if it landed it dead goodbye let the air via a surrogate is ricky better you want that you're about the one all of you is what we are this was about one global act truly does not mean million of all they do you might go to war again as a hobby as well betty 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 fly british said. the survivor it has free will check any gas have at it established ascii art it look it was wow look it is having
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a dog who did it go look at if you asked it so i vaguely of gap was good was like it was on people it like they'd be so heavily bad and i posted 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 and do models or do you like this do therapy bruce don't do as a good one for truly good you but he was going to use them physically like me but i have a you can travel to new list if you want to be bob noble to support him six from all that i guess two thirds effects are. eleven good men best cure is you she. is wrong you don't fall over years from part of illusionist you need to be in vogue for serves no you're not alone do exist is legalist incirlik is either one system she's just any i'll pass on about on and don't encode initial fiscal cliff vote and they get the constants you know dimity defamation beaucaire damage on is what he
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put it quote move the list person is one of. the e.u. has long been powerless against tax evasion switzerland austria and luxemburg have always championed bank secrecy the e.u. has taken action requiring increased transparency. if you know. what that. you know you are. as well in that that's not a come with a nipple objective. jill for the well water the good is going to go and garlic welcome they don't disturb out about it on t.v. to get off this she did love an illness joyce on his own for me domicile took on an i don't know it more bottled. water and all the little of that misha all of newmont but it was his deal longer so you're going to cause we mara with all that economy get demodex to nor. do. i do it democrates receipt of you
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levy a cliff you don't look at peter does it plenty of you don't and she said pals also go off on it when ylem is a real good on put bunch of cars profiteer there is all to do are to do what you are competitive do you want to do it you don't do well so as it is you going to miss a conclusion suited to society. 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 today. how
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overseas a rather blustery weather battering the southwestern corner of australia some very heavy rain and damaging winds rolling in hey can see this nasty circulation that's been producing some rather lively scenes in across much of perth for example the clouds and the rain that will not just wait for the race was high pressure ahead of that keeps it settled and sunny for melbourne lovely day on saturday here eighteen degrees celsius but the travel just not it's way to the western side of victoria as we go on into sunday support friday for example tending to cloud over wanted to share was around the eastern side of queensland but they should retreat away as we go on into sunday still quite a few showers just to the south of w.a.
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perth winding down there temperatures here at around twenty degrees celsius that we got things getting a little lively into new zealand presents blustery showers are rolling through here and from time to time those showers never really too far away eleven celsius bits of cloud and rain coming into south all of this we go on through sas day forty degrees therefore with a little more sunshine here cool enough in christchurch just knowing degrees celsius as we go into the second half of the weekend's attending to feel a little more like winter warming off in japan zero temperatures here at twenty three degrees. on counting the cost look at how investors are reacting to the collapse of the trump kim singapore summit. why it's really has fallen out of a more date with the rest of europe on the rise you look at some of the pressures
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pushing up the price of oil. counting the cost. this is al-jazeera. hello i'm maryam namazie this is the news hour live from london coming up in the next sixty minutes we'll see what happens with the world would go in there they want to do it we'd like to do with you what. donald trump says his june summit with north korea's leader could be back all in just a day off to canceling it. handcuffed and charged with rape disgraced hollywood
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mogul harvey weinstein is released on a one million dollars bail bond. cyclon make kunu closes in on the death of a twelve year.


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