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tv   [untitled]    October 21, 2012 10:30am-11:00am EDT

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people of taxpayers in the south and in the north the euro has created the problems because the euro and that's what i predicted in one nine hundred ninety eight in a lecture at boston university the euro will create artificial blooms in some areas and artificial busts another stickles we don't have an after them currency area and that's exactly what happened also it created a competitiveness problem for the south because wages went up and so on but they couldn't devalue any more and that's the root cause of the problem and we're trying to mistakenly correct that and rectify that by. by saving by public by by cutting down public deficits which will not work in the situation and at the same time we're saving on the one hand on the other hand we're having a hugely expansionary monetary policy so we are stepping on the gas pedal was one foot and on the brake was the other and that's the frightening and so one would have to ask. who benefits from that kind of policy and they said that it could in
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deficits wouldn't work perhaps would getting rid of the euro getting rid of the euro would be very painful it would work in the long run because we had a perfect system before the european monetary system which was just the right mix of flexibility and stability it was a stable system but you couldn't just if things went out of hand so that was a good system going back there theoretically would be great in practicality it would not be great because it would be extremely painful but. what i envision is that some some countries leave the euro like greece and maybe later spain or portugal italy not so a flexible union countries that are not ready to stay in should leave and that's not the end of the eurozone quite to the contrary it would strengthen the euro zone but the european political elite. it's basically upholding
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a dogma if greece fails meaning greece leaves the euro greece has failed horribly greece is basically a failed state but they say of greece fails the euro will fail and europe will fail all of this by itself is wrong and in this connection is also wrong so we have to ask again who benefits from that state of affairs is there a chance though that we could see a champions league monetary union created with the likes of germany austria the netherlands and other countries with underneath that a second tier of monetary union there are some proposals out there to really split the euro into a northern europe the southern europe southern europe or. there are some proposals out there to really split the eurozone into another and so on in the southernmost zone but that's not really working that will not work for political reasons you cannot split france and germany then france will be really let's say insulted and that's just not politically feasible if you do that then you might as well get rid
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of the euro completely so france would have to stay in the champions league and so that by definition would be very difficult in that sense. and also who's going to lead the size and who's going to be the point around which they will rally so the mind boggling the problems around negotiate such an arrangement getting countries on board so they're much more flexible and also i think sufficient approach at this time mr have individual countries opt out if they just cannot comply was current policies and of course research should leave rather today. and not tomorrow because it's really clear the policies are not working we're really having the austerity program which puts the country deeper into difficulty is the g.d.p. is shrinking people are suffering the only people who are saving is the financial elite is the oligarchy that has been ruling greece for about two centuries because we save the banks so we save the banks and the creditors at the cost of the people
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and that's not right so you saying that it would be better for greece to leave the euro take extreme hardship for say a generation and then benefit in the long term it would be extreme hardship but we do have extreme hardship right now also i'm not sure how much more extreme it can get and would not be a generational in my in my projection would be about five years three to five years and of course if they leave the euro zone. the european countries should stay solidary they should give. measured aid they should give support project the. should supports a bank so we're it's not the end of european solidarity but it would just be a healthy arrangement now looking at some of your work you seem to suggest that there's a problem with the german mentality when it comes to taking things forward economically . yes i mean some of the factors in europe are still the same france is pretty much behaving like it behaved one hundred fifty years ago england is behaving that way.
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russia we'll see but one country that has really changed is germany i mean there is a skilled complex we can say it openly still from world war two and we believe if we just give up sovereignty and german interests we will have europe but that is a little the jumpers a little softer so to say i mean less germany doesn't mean more europe. if germany has viking ships it should be used to create a stronger europe but i doubt that we do it by creating the by supporting an unsustainable arrangement was the euro as it is by doing a fiscal pact which is basically strangulating european economy so in that sense germany should indeed assert european interests i would say more strongly that it's interest you what are these bargaining chips the bargaining chips are not many
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anymore and we gave one way again which is the yes and which is i mean still european increase in the capital of the years still requires. a scent of parliament and so on but parliament really is lame parliament a sense because the major parties in coalition government and outside always agree to stock up the capital so there's an increment upon sovereign budgetary rights and the parliament is not defending those but basically that's the last bargaining chip our sovereign budgetary rights and i just clarify there by e.s.m. you mean the european stability mechanism not say a pox whereby all the countries put money in and it's given out to those countries that need it most will not work in your opinion yes that years and missed the big part european money will be distributed somewhat like the. i.m.f. and it should the money should flow to countries and problems. under certain
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conditions at this point how it's constructed we give ever more money to that as a result saving solving their problems. and the money flowing in basically exacerbating and prolonged prolong the current unsustainable situation now german chancellor angela merkel's always been a big supporter of the eurozone saying it must stick together is there a chance that german fiscal decisions are being made based on political decisions because looking ahead to the elections they'll be taking place here next year well marked with the case is very much listening to the other countries at some point in december two thousand and three and sarkozy's said after the consummate if we response to leave it can leave we're prepared but there was a short sharp blink of truth but the dark my is europe has to stay together and it's basically a dogma based on wrong premises to blackmail germany to blackmail the novena
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countries for the benefit of large financial institutions for the benefit of what i call financial oligarchy for the benefit also of course of the southern countries and the elites in the countries but wouldn't a greek exit from the eurozone be devastating for germany economically germany would be heavily affected if it left the eurozone that's why almost nobody is for it in germany it would be extremely costly once again but so far in history every monetary union at some point has come to an end if there was no political union so this union will come to an end but it will be way in the future so the pain is not big enough so you suggesting that a political union could be what's needed to save the monetary union. i'm a firm believer in the fact that germany should play its strength more actively should have a more active stance in the negotiations but also as most germans are really dream of a united states of europe but then we have to start with
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a parliament that it's worth its name a government that is elected by the parliament not a commission we have to start putting together the true parts of high politics like defense security those things have to be integrated and we can have principle of subsidiarity for economic policy so right now we're building a technocratic euro for the benefit of certainly leads for the benefit of the political elite for the benefit of a financial elite which is not really a citizen to europe so you're suggesting that germany should lead the way in convincing countries that would be in this united states of europe to essentially give a sovereign rights germany cannot lead by itself this german french tunde has to work it's a difficult time them and i'm not sure we can really make it work but even sarkozy and merkel have learnt to work together but martin has been to yield ing so i'm not
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sure how the french german tandem will work once romney becomes a bit more sort of. points to basic things have to be done but without french german cooperation on this it will not happen just one last question in the past you predicted doom and gloom for the eurozone how do you predict its future right now right now i'm predicting that this unsustainable and to some extent pretty bad set of just going to continue nobody has the power in the world to really solve it . but everybody is of course to read let it disintegrate i predict more bickering more economic hardship more muddling through for at least another two years because the e.c.b. is printing money like crazy so we're going to sustain an unsustainable state of affairs for another two or three years you make it sound like a failing marriage it's certainly
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a quiet failing marriage were partners have not given up on each other yet. looking to the future their doctor or it's a pleasure to speak to you thank you very much my great that. gold fever. turned into slaves. but also my brother are involved and since i started working on them when i stayed here a look at it. to nationals. this is a cash cow to be milked dry i think that in this country gold medal logie as an environmental cost which is an acceptable meal to business was labeled illegal and controlled by criminals in order to protect our lives our families and
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to work in peace. we are forced to pay protection to illegal groups what price is colombia going to pay. for modest effect on our t.v. .
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british. let's. find out what's really happening to the global economy. do. well with her colleagues technology innovation all the moves developments around russia. today. flared up the full these are the images the world has been seeing from the
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streets of canada. today. look.
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breaking news on the arctic sea machine gun and rifle warning shots are fired in beirut as a supposedly peaceful protest against the syrian leader turned sour with opposition flags seen in the crowds and that's after thousands gathered for the funerals of victims from friday's bombing which was blamed on syria before any investigation was launched. a deadly blast rocks damascus says the u.n. peace envoy meets the syrian president to try and broker a truce in the conflict torn country. but another story is that shape the week dozens are killed as the under siege former stronghold of moammar gadhafi sees another assault by pro-government militias the year after the western back to libya
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or pulped. skirmishes between police and protesters in london where more than a hundred thousand marched in anger and deep social punts being imposed by leaders . and now sports is next with kate. thank you for joining me for the latest vote on this busy sunday and these other top story is big battles discovery ten mongar being to be getting a second spot off the terror act when it's on call and stay for good as the top sides keep up the pressure our need is on g.'s in the russian crimea league. while moscow epic caroline wozniacki triumphs in another three set marathon drive the comp some studies and when the crimean cup. knock down a guitar is always a rain shortened malaysian moto g.p.
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to cut the whole day lorenzo's over a lead to twenty three points with just two races to go. but first let's kick off with football where tesco are back to within just two points of leaders and after winning two nil a time to ten man rubin to leapfrog correct back into second place in the russian premier league. discount mistry can't say do do react and akhmed musette made up for his absence out front though chances came and went begging for the nigeria forward in the first half then with twenty minutes to go the feet footed twenty year old to scrap the penalty carlo was the guilty man in sweden midfielder rasmus l.v.a. no fuss do not drop his first goal for the army men and soon saw a straight red after high challenge on keisuke honda. finally got on the scoresheet after latching on to alexander it sounds pos to complete the two no scoring eight minutes from time. one of the early kick off you go lower then go volunteer in jos a modest cross midway through the second half to end my flying to read
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a one no when i'm gone is the chechen side picked up their second straight victory and finished the day thirty four points adrift of angie. and later locomotive go to third bottom rostov all the while second bottom mordovia currently hosting struggling the number who took the lead after six minutes to alexander a couple in. stand on saturday leaders and he came back to win two want to ten to ten months apart sacked after the visitors conceded a stoppage time goal when sparta took the lead ten minutes before half time through midfielder be at the end of but a yellow card either side at the end to vote for kill come back off the visitors with ten men and the senior try always equalized way through the second half but to the draw looking imminent and injury time free kick resulted in finance of all the heading into his own net to ensure one two one and remain unbeaten in six regained . one hundred if this second straight to state. what else where double defending champions the need to pull following
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a one no win at home to cuba on alexander goes it off netted from the penalty spot on the stroke of time to play the sevens goal the campaign moves in the quest for more in the second half of fifty million dollar man all powerful food. from long range just wide well below record signing absolutely right so the bar as in each way five point interest if you just angie. present are up two places the ninth after two goals in the last eighteen minutes gave the home side a two no victory over a long year if kenny should beats and nodded in the first off the ball rebounded off the post. because it didn't pitch blasted home following a corner to ensure the home side to all three points the line you're relating to a point clear of the drop zone. and in england the sun by our own goal from denver vall with four minutes to go ensured sunderland's snatched a one one draw at home to tend my new castle in the northeast darby hunk of all i
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had open for the magpies in the third minute before they had checked to actually sent off twenty minutes later while just about to get all of our rock bottom q.p.r. looking for their first win of the season but that hosting fourth place at the tent was not a very substitute edin jacko scored a late races ten man managed to city snatch a two one win at west brom why really yes he did our own goal but that also struck twice as manchester united beat stoke all to norwich standoffs no one knows the best first win of the season for him sterling's maiden liverpool goal against reading gave the reds their first home when problem grabbed a late victory over aston villa so once he held up we're going to watch west ham thrash southampton for want and chelsea say i want to be at the top afterburn not a second half double helped them win a thrilling lot of the darby four to a top notch. in their early goal in the second half gave them i always feel a lot of confidence and momentum which we knew we had to ride out a little bit better you know the first time in fifteen minutes split the pot from
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that i think for the rest of the being very much you have to finish the if we wanted to impose a no show some women should do so for the majority of to go. now moving on to tennis and former world number one caroline wozniacki triumphed in yet another gruelling three setter to beat sam stosur at lift the crowd. then cup the dane cruised through the first set six two but the australian top seed for back in the second to take that six four and it was a close affair in the decider before wozniacki edges that seventy five to lift the cup for her second title of the season while stars hasn't won a tournament since her victory at the us open last year while it was and i set the withstood thirteen aces to come from a second down and beat thomas bellucci of brazil in the men's final set piece a cure in his second crown of the year. now to motor sport dani pedrosa has won a rain shortened malaysian grand prix to cut the gap to motor g.p. holgate the renzo to twenty three points with just two races to go down full force the organizers to red flag the race after thirteen full laps but not before six
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riders including italy's and read of his ego so and crutchlow great britain had crashed out and that what you renzo who started on pole now really avoided a crash in a tricky turn when already behind pedrosa so the race was called off and good road was awarded all twenty five points behind the rider now trails lorenzo by twenty three with a total of fifty available in the two remaining out and while outgoing champion casey stone i completed the podium at the supreme circuit to my left to go to but anyway i'm really really happy today it's my first day. in with. four meanwhile russian that he has an outside chance of being crowned the formula red no two champion in boston this sunday as he goes into the final race of the season fourteen points behind rival stoffel van dorn from belgium as a team but after reports. for the whole season rushes when you should offer the
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world or have been in a league of their own as these rules have won eleven out of the twelve races so for eighteen year old we are all in this season with the moves to beat two is seven but despite one door and winning just four he has been more consistent finishing on the podium. in twelve outings and headed into the final weekend at the catalonia circuit within the eleven point cushion instead of these race the belgian started from second sport while korea was feet from qualification however the russian produced in the lead to extort overtaking two opponents to get close to his title rival but incidents slowed the red bull junior team driver down as a safety car appeared on the trek and as a result the twenty five web race was shortened to just twelve in columbus crew to hold who started from pole clinched his first victory of the season leaving bondurant to we had got into second in a battle behind him well it was a very short phrase
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a long safety car period in the beginning. but yet for me it didn't play it so much because i was anyway in front of daniel one door and increased his lead to fourteen points ahead of the decisive race however that says it's not the end of the battle and the crucial day will be on sunday. today but not to say that anything everything you can still happening tomorrow. rain for justin i just need to in there is no pressure. despite the fact that failed to cut the point deficit in the first race with twenty five still up for grabs at american olesen store on sunday where the winner not only being thrown champion but also bucketing half a million euros and a chance for the big time on sunday by that of r t barcelona spain. and finally to golf where americans davis love the certain jim ferric took control of the mike lateral classic after the third round in georgia the pat tops the
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leaderboard by two strokes then into the final round u.s. ryder cup captain love but here on the eighteenth stick on the foreign pop round of sixty six fresh out of the late and fellow ryder cup team member a few rick much that school it was his second bogey free round on the seaside. course. well meanwhile india's arjun atwal also remains in contention he's tied in second place with d.j. try hard at all needs a victory in this tournament to help his cause of keeping his p.g.a. tour card for next season. meanwhile in australia american bove van pelt's claimed his first time of the season after holding off to patrick jason dufner with a nervous final day of the little group international bang felt ends of the fourth round with just a one stroke lead and the thirty seven year old didn't drop a single shot on the front nine but he broke at the fourteenth hole where dufner came up just short of an eagle. but van pelt birdied the next one before again
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bogeying the seventeenth so the pressure was on him to keep his cool on the final hole which he paused to win by two shots and the world number twenty four dedicated his victory to caddie scott steele died on friday following a heart attack. and that's all the sports news life. nuclear fallible side. radioactive fallout of government betrayal of the government. and lauded and lauded and claude how can the truth be revealed if there's no official evidence there was
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indeed a very bright day to the servicemen concert who was given no problem protection and to the people of this country generally because of radio like the full. the secrets of the u.k.'s nuclear tests exclaims. download the official publication to choose your language stream quality and enjoy your favorites. t.v. is not required to watch on t.v. all you need is your mobile device to watch r.t. any time. there's more on the rise. friends formed from its missile defense offensive.
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u.s. election. on june twenty second one arts. the
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