tv Venture Capital RT January 19, 2014 3:29am-3:45am EST
opinions on a year there were plenty of international politicians in most cases which because it was the economic forum which i went a little too i caught up with the world renowned economist jeffrey sachs on tax evasion and they gave in still being played on a wall street that's all but let's start with mr dawoud all's well because he ruffled. feathers this week by warning that the u.k. could be forced to quit if the organization does not reform and here is what the chancellor exactly the main points now he has been frustrated by what he sees as the storming of the free trade deal between the e.u. and the us by e.u. lawmakers themselves and the germans being shown up by economies like china and india now the british public will get to decide in twenty seventeen in a referendum if they want to continue as a member of the e.u. now the main sticking points for the british people are immigration social security
and interference from brussels in british law especially when it comes to human rights now the czech republic is in a similar situation to britain in the fact that it's in the e.u. but it doesn't have the euro as its national currency so it also for the president of the country applecart a forum what he makes of osborne's warning. moralists grevious such a statement the issue is there is a bill to make a change not just cross my think changes but the fundamental transformation of the economic social political system i am rather skeptical in this respect so so i think that to create to leave the e.u. is definitely gonna lead you to make possibility for countries like great britain or czech republic or. any other that's my position.
another question would be were there i believe. that the british conservative politicians i mean it seriously. i'm afraid knowledge so that's another story well if indeed they all say air is certainly a film town and crime is so merriam on say who is also here most keen supporter of both the e.u. and the yarra he said that britain leaving would effect the progress of the reforms which he also thinks all necessary. what deicing europe does leave these lower economic reforms. agreed to lower the role for markets for competition in markets more market built in the square and the borrowed overseas the e.c.u. the sleaze for me and of for you this week a little bit sort of the office in europe sold. as an italian is
a european i do we should do your piece days the night in gone. but that if it does not alter the whole reform process you know rope will be less we girls. mystic coles who is a self-confessed geary skeptic has a very different attitude to mr monti and doesn't the same too couldn't sons about brits and even or indeed any other nation for that muscle. i'm absolutely sure that it's your existence your existing six countries that it is mine the countries that is the arab countries then fifteen and twenty five twenty seven. all the time the idea of all is that that's ok so why in order to have instead those twenty eight thirty six countries that are possible now while we had mr osborne grumbling about the e.u. hilmer downplays smiling at total to totally transform the u.k.
fracking industry and other front oil company will become the first international heavyweight to invest in the. basin injecting forty seven billion dollars bob environmentalists will that fracking is dangerous polluting advocates say it makes energy more affordable creates jobs and cuts consumption of coal this could have a look at how it started so we can see how the environmental issues come into drilling. deep deep into these gas rocks that she more than a kilometer down into the grounds then we have the chemicals that come into it what is mixed with sand and water as well as intense rays into these show gas intense pressure is what this does is it opens up these fishes and this is where the contamination comes into and how the water can be affected just so. the pollution is well concerns too that's why now i spoke to from the world bank group
she was here in moscow as well she was for a month she has had to discuss climate change in the environment so i also talk about the potential dangers. there's a lot that we don't know about the methane impacts of fracking and so on has to be properly understood and properly accounted for because resign is a forcing emission that makes it makes global warming can foster. but i think the issue really is depending on the geometry for some countries to have the water necessary to the fracking for the others they don't so for countries this in some countries this is an option for other countries it's more difficult i think the big question for the industry of rule is is this a short term or long term phenomenon already you're beginning to see the productivity of the fracking start to reduce which would indicate that perhaps the reserves aren't quite as large as everybody wants thought they were going to stay with all of
a gas and russian corporate news because it seems that russia is the latest come true to be jumping on the vanderwagen yes because so i guess from that south of testing the shelf it's had sort of a formation in russia is what's inside the area above all it's believed to have the largest shale formation anywhere in the world successful because the shareholders will make a decision about moving to a large scale development in the region. the russian financial the tb group has severed ties with a credit rating agency fitch ratings it accuses agency of a lack of professionalism of using the ratings without access to internal documents all financial reports bts rating was recently downgraded to a triple the i'm talking of russian banks in vest a bank was put into almost sort of capital when i had its license revoked a month ago that i report of they already have all as much capital as it has it's.
now what has unified the global leaders is tax evasion for decades the rich has been storing that millions and billions in tax havens to avoid huge tax. up until the financial crisis erupted publishes competitions up well they didn't seem to bullet actually about false forward five years with the recession battered national coffers in desperate need of a fed up types of asian is now a top priority for the entire world. economy jeffrey sachs on the problem of tax havens which he says is a scam to the system but we start to talk about the lessons that haven't been learned from the financial crash. even wall street the same games are being played as before the same financial speculation of the political power of these for arms remains intact which is amazing because even you take a forum like j.p. morgan almost every week it pays you fines on. actions of financial fraud
illegality but this is week after week after week it shows that it was. often are under it wasn't doing anything illegal because it's paid so many fines it's done so much work hard and yet it's still so politically influential and not just that one but wall street as a whole so i'm not at all satisfied our system in the united states is a quite corrupted political system corrupted because our politicians we're getting spammed are even total billions of dollars on their campaigns every two years cycles now would major and two year cycle at the federal level of the united states and maybe six or seven or eight billion dollars well where the politicians getting that money they're getting it from rich people and from big companies and they're not getting it for free oh they're getting it because they're
listening to the rich and to the corporations not to the needs of the average person of the population let's talk about tax evasion because the global community has come together and money. of various regulations to clamp down on net specific cam talking about swings then the same they're going to be giving information finance banking information to us or. to his own citizens that way the sound of that is enough being done then to clamp down on tax havens i think that did the world is waking up to the scandal of the international tax situation in these tax islands or to. treasure islands as they're called the british virgin islands the cayman islands bermuda this is a shocking abuse of the quo bill trust why are there trillions of dollars in these little islands well of course this is to evade taxes but this is to evade
responsibility this is to evade legality and who creates this not those little islands but to the u.s. government by your proving these arrangements the u.k. government because after all these are british territories and i believe that these are abuses that need to stop them not only exchange of information that's not enough but stopping the abuse itself of letting a very very breach people from the united states or europe or mega companies like apple like apple or google take their profits and instead of paying the taxes that they should pay as decent citizens put their backs free in these tax havens with the approval of the politicians of course who get the tax who would use this to generate campaign contributions so this is a scandal a system that really needs to stop not just some exchange of information there's been a little progress but we have
a long way to go because it's estimated that there are maybe twenty trillion dollars of assets booked in these tax havens around the world that's an abuse of the public trust now that's a wrap for today's frenzy capital and i'm going to be heading to switzerland for the davos economic forum and next week i'm going to be covering the event live all the nice for you i'm also going to be tweeting about it we love all that like to have us i sense a joint me on that one but meantime have a great break if i. because he doubted states is the big dog the only hyper power and the cultural driving force of globalization it takes a lot of flak i mean a globalization means the whole world gets hollywood and hot dogs and not the other way around so let's take
a break from the negativity and talk about something truly amazing about america and as a guy who lives in moscow i could say that the constitution of the united states is something truly amazing in russia there is constant talk about needing a new national idea a new ideology or political theory or big changes to the russian constitution and so on and it's hard for people in america understand this but twice in the twentieth century the system that russians gave their lives for collapsed and the current constitution was written quickly after a period of violence and said collapse not after a glorious victory now you see why people here aren't exactly memorizing amendments and founding fathers quotes here in america there are debates between liberals and conservatives but almost everyone believes the constitution and it is america's greatest strength there is a national idea there is a sacred document with a list of rules as almost universally agreed upon everyone with half a brain on the street but sadly not in congress knows when something is against the constitution or should i say against america near universal belief in the constitution is actually something truly exceptional about america but that's just
thanks for joining us here on r.t. international law. as the arctic ice slowly melts more nations are calling did on its natural resources with massive oil and gas reserves hidden under the polar sea bed it might be rather tricky to agree on how to divide them. examines this rather frigid issue. melting ice caps in the arctic have ignited a military build up over the world's smallest ocean and the riches buried beneath it the arctic circle is believed to contain thirty percent of the world's undiscovered natural gas and fifteen percent of its oil the future of the world economy to some extent is dependent on the arctic and i think you know russia and canada the united states and norway and denmark are very interested in exploiting these resources last month canada abruptly claims that it owned the north pole while the united states with its alaskan outpost has plans to boost its military
there claiming it lacks operational experience and needs to police the thinning ice as it's replaced by fuel filled maritime traffic but that's not all. actually u.s. submarines are deployed not too far away but off the norwegian coast it would take us missiles sixteen to seventeen minutes to get from there to moscow so we really hope that with all the things that have been happening in the world over the past few decades we put the cold war confrontation behind us in all five countries bordering the arctic sovereignty rights to resources within two hundred nautical miles of their territorial waterways but a growing op a type for a bigger slice of the pie is what many fear can inevitably spark a twenty first century cold war in the frozen waters there are also unexplored resources that we don't know yet to which country belongs which could be open.