Transcripts For ALJAZ Debt Machine 20240713

Of parliament for terror on city out of the list the 1500 candidates that were being approved by the Guardian Council and then once they pick their 30 m. P. s they cast their ballots here at these 2 boxes this is a process that is. Cross the country at over 55000. 00 polling stations now its something youve got the iranian Supreme Leader and the president have urged people to do millions of people being urged to stay indoors to south korea becomes the country with the highest number of corona virus infections outside of China Health Authorities say one person has died and there are 204 cases nationwide around half of them reported on friday alone most of those victims are linked to a religious group in the Southern City of daegu in the capital seoul basque gatherings and rallies have been banned rob mcbride is indigo and says her fear of the virus has spread to other cities. The way it has suddenly spiked in the past a couple of days it has Health Officials here putting into place various measures setting up special Testing Centers to try to give a quick test for the coronavirus theyre opening up a special ward which are designed for Infectious Disease treatment and all of the attention at the moment is centered on a particular church here because most of the new cases do appear to have been church go as attending recent Church Services and gatherings there seem to have been mass infections between the church goer some of those churchgoers are not from daegu theyre from other cities and towns it seems that they went back to those cities and towns may have infected other people also visited other branches of this same church may have passed on infections to those people to a lot of the concern here is with one particular church goer from this church a 61 year old woman who apparently was showing symptoms for several days refused to take a test for the coronavirus she was one of the earliest members of the congregation to fall sick and its known that she was going about her daily business in daegu so a lot of people here were extremely worried about just the kinds of what places she was visiting who were she was interacting with as people really sort of are in lockdown here as well as a neighboring city waiting to see exactly what happens next and in china several health and communist Party Officials have been fired after more than 200 people were infected by coronavirus inside prisons cases were reported in 2 jails and the chandon engine jang provinces and mates and Prison Guards made up most of the 258 new cases appointed outside the epicenter on thursday Authorities Say Epidemic Prevention measures were carried out poorly the citys Prime Minister has failed to show up at court where he was expected to be charged in connection with the murder of his 2nd wife thomas 20 secretary says he is in south africa attending a doctors appointment to follow and to body was shot dead near her home in 2017. Thailands Constitutional Court has dissolved a Parliament Opposition party and banned its leaders from politics for 10 years the court ruled the future Forward Party violated the election finance laws the party says it wants to moccasin the removal of the army from politics and business and saudi arabia says its intercepted and destroyed several Ballistic Missiles fired from yemens capital saana towards the kingdom on verified videos on social media appear to show those interceptions actually taking place saudi arabia is blaming iranian backed the rebels. So the headlines keep it here on aljazeera more news to come in the meantime were going to hand it over to the debt machine. Debt 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. Its an economic machine impacting the Global Economy with more and more date being produced day in and day out. This debt machine has grown to Epic Proportions and now seems to have spiraled out of control public debt the debt held by governments is soaring. The eurozone is having a much harder time than other economies emerging from the crisis of spiraling debt why and what are the solutions. Its a debt machine once youre on it very hard to get off lets if i must use them to look good also good news from the public but on that lets start over and create a system of credit which would actually be sustainable which wouldnt destroy the planet as the current machines to a. Diminishing or higher up idea can that can exist to a piece on duty do tests on come on that and across us economy. As you came out there 2nd here. Impose paramedics on it a producer live where problem sick over to that somebody to see that. Then you guna miters a power and i deny me. Said that then on any. When its debt reaches a certain level the government gets caught in a spiral to repay its debts and the interest on it the government has to borrow more money year after year. Most eurozone 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 theyre not like the shoppers or its not like the consumers in a business because those tax payers never go away theres a new one born every single day and theyre going to pay taxes for the next 150 yes unless the country collapses so why wouldnt you lend to them because you know youre going to get your money back you know theres 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 1700 or something i dont have to risk assess the risk. Well thats too risky why should i invest in that why dont i lend to the government of spain or to the government of italy order 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. Government data has soared into the trillions of dollars in euro zone countries but those figures dont really mean much if you dont compare them to the wealth of a country its Gross Domestic Product or g. D. P. The countrys debt is measured as a percentage of g. D. P. Here debt represents 50 percent and here 100 percent of g. D. P. In 1902 maastricht treaty laid down the terms for an integrated europe. In order to keep debt from getting out of control experts agree that a countrys debt should not exceed 60 percent of its g. D. P. But that critical threshold has been largely exceeded by most European Countries he joins us from get us what he can ask about it some more now 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 funding government expenses hospitals schools teaches. How can that data be repaid how can we ever get out of the spiral. If you were to move on but in that lesson i guess youll yet divvy almost have a dead to cvs everybodys word. Or junkie was up i think they sell out their coverage i dont know but a lot of that sean paul is exam proof for saying of all. Says that they did to cause like the butler what no shame it on bossy when i drove spur years should i think its. The property to go neighbor kid physical about little to quit their battle. Off you did get you up at it. Has always existed it dates back to the origins of civilization it even predates the invention of money. The very earliest mesopotamian scriptures that we have are actually debts and credits calculating who owes what to whom when temples and other large bureaucratic systems. So what you have actually are Credit Systems and in mesopotamia they dont have cash. Private data has always existed but Government Data 1st 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 sovereigns borrowed from prominent family 1st government bonds were traded paying interest. Those prominence creditor families founded the 1st 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 2nd world war in 1945 americas Marshall Plan granted 13000000000. 00 u. S. Dollars in aid to europes industrialized countries exceptional growth followed and the 30 years after the war were good. So good that they were known as the economic miracle in germany and the glorious 30 and France Business was brisk industry was in full swing and the growth of consumption was spectacular. The political news unit on gore has basically put it about their School August recess im suited for humanly move to a bill to slug subi and cause so much drama she you know if we wanted to or figured on compile your film and or goes to show it doc opportunity would be filming on in bungay are saved it was it i wanted probably was at our cinema in the closets only there on time the b. B. Was an image will be a few miles of iraq good will be buried. In croissants. By the end of the postwar boom in the early 1970 s. Government debt in europe was a great called lows thanks to the growth and inflation but the economic machine would soon be upset by 2 major events. Good evening on august 15th 1971 Richard Nixon 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 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 of around the world. All the currencies of the world that were either tied to the u. S. Dollar of the british pound by 971. 00 were now pure fee at currencies theyre not backed by anything theyre 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. 2 years later in 1973 another major event occurred the 1st oil crisis. In one year the price of crude oil soared going from 2. 00 to 6. 00 about. Normal necessity due to going to meet. The dude it could be carter went to dinner some counseling to do so says on this subject dont include the option of the fed the minute he go to miter and sing like democracy it would set up a 40 minute no one knows a month that the knowledge will not suddenly produce be colored boozer. Comedy block no country exactly monem shoes but it was. The sudden increase in the price of oil weighed heavily on the world economy. They put the brakes on growth. Production costs went up prices went up to. Inflation is skyrocketing. High inflation has a major drawback it impoverishes savers and investors since their money depreciates. For governments inflation became a new enemy to be defeated at all cost. After removal cannot would have wrestled brutha ever sat at all those are the 5 always easy there is to slow yeah follow easy late class will this no see you for valley going to me community really out there see going to the andris around you cause i said i used to are classic you just dont call me a serial if i was eagleman known gone by gar on 3rd credit during the 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 today are see. Politike that do all the kills you simply did before and welcome don it can go use it it is on point only because no matter if there are so many to not exhaust you before or is it an economy to defeat it on a cyclical season was going to go to make it up it will moan it it is on was under the economy all i wanted to fault was this additional lies of trying to buy them for that to develop is too good i did continue pretty good continue on will say that. Nobody but. I dont know not honestly yelling. Lets not. Be so hard now that it be weeks on a back to the out of pocket will be the kimosabe on the day. If you didnt know but starting in the 1980 s. The industrialized countries began to borrow heavily on the International Market after which their public debt would never stop increasing. Margaret thatcher became Prime Minister in the u. K. And Ronald Reagan president 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. 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 its. How weve always created money from the beginning and its a wonderful thing if you have a Banking System that can create credit like that is a very good thing. Because it means you can create finance in a crisis you can bail out a id you could finance Climate Change you could you can finance a war and thats how weve always done this the public hasnt understood that the public thinks that money comes from me working hard if you know that for us you know during the soil working hard and at the end of the month i earn some money. A lot wrong a body bomb get rid of it so the it that a 1000000 people or so the renewable. Become left on his deal is going to bury the view of an awful. Void that would be in people really i believe it lives a little malones only of me to do it because there are no border little locket to divert new york city lit up usually lectures on with their yard of a new orleans. Clear body gong to say about the present on the go on pieces of the known dollars and cents on this persona for example if there is another name to tell and its only going to make a lovely pop go to to put to the put it document utility economy manassas on if you know going to tell really going to the Central Banks produce 5 percent of the credit in the world the private banks produce or create out of the net 95 percent of the credit in the world and they have no virtually no regulation over that now what kay has argued in the 1930 s. Was. We must manage this process it can create vast bubbles of debt it can go out of control. The 929 wall street crash in the United States prompted the british economist John Maynard Keynes to warn politicians the credit machine needs to be controlled to benefit all of society not just speculators. When we managed the Financial System between 19051971 there was not a single financial crisis anywhere in the world and then in 1071. 00 the bankers lobbied and they said no no no we dont 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 1st to the periphery and then in a coup. 1909 saw the birth of the euro and the European Central bank had been created to ensure its stability. At the time Global Growth was strong the level of public debt was starting to decline europe was breathing easy. Confident Financial Markets lent generously to governments and the weakest economies spain greece italy portugal suddenly had access to loans a very low Interest Rates close to those available to germany. That low cost financial windfall was an economic boost all was well fall out. Meanwhile in the United States americas housing bubble was expanding and in 2007 the subprime crisis struck thousands of homeowners lost their homes they had taken out loans with Interest Rates that rose sharply and they found themselves unable to make their mortgage payments many banks were in danger. On september 15th 2008 Lehman Brothers one of the largest u. S. Investment banks collapsed because that in. A phenomena speculative surfin must begin to. Present itself so that your couscous a pricey ive honestly didnt so give you the presumptive dont. Continue to look good if if youre more on. The debt good with the presumption the currency get on play. Is good clearly for it could have done it. And you can sisters keep up the it is a process that in a while the reason. You dont is all going to have it the coming every other time is developed but on. Ok probably also on our ration the sequel is commercial could show took up so i did a fade to distribute the go on to just what is on it would suggest that the other element was. 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. Not on and off a separate issue one suture that are keeping no bond to god you have to prove the devil up it is actually take you on to the proof. If your proof dog proof was 300 proof from food near proven food in a Prison Guards in prison going to prison on a system hostile if itis was just. In spain and in ireland after the advent of the euro and thanks to loans from german french and british private Banks Developers invested heavily in real estate. And a big dont need to back order to the good meaty danny and the rest buy new market is a or both back to on your longer. Than yours morgan old labours why not speak you live on our own nuffin to do blair in Gabby Douglas the shift to new york on the one dot. Com you loudly grandma you guardedly buckley going to write an orderly book. About who are. It in blue sybil let the ski said country back they bet your saddle bark so shitty movie yet you see it lit it up. I want to go and. Do support the socalled im sick of you know. Last minute all the drama i get on t. V. And think how to play picked up my home pong if you know he also came 1st of course if he did indeed p. V. If we dont need you to do that you can often do not. We will maintain the finest fighting force the world has ever known United States army was so reliant upon the private sector i would call that the tendency we have a mismatch between the way we. Work to be and the reality of the 21st century another 10 years in a body you know for you and i want to show you how many of the persons that youre sending out you should be child soldiers not. Child soldiers reloaded on aljazeera. The latest news as it breaks the syrian army seems determined to defeat the rebels and continue its advance was the city of idlib thats a red line for turkey with detailed coverage that National Policy to serve Wild Elephants is yet to be fully if it meant to 14 years after it was introduced from there around the world well this fight will be completely transformed over the next 6 years this will be the northern terminus the face one of the project. Progress. For a serious mistake. Intelligence is slowly invading every aspect of our love. But very few of us really understand its capabilities for better or worse. In a new documentary aljazeera explores the impact of they are accessing vast amounts of our personal data thats data land on aljazeera. And we shall carry until halas take a look at the top stories on aljazeera voting is under way in irans parliamentary elections thousands of candidates mostly reformists and moderates have been barred from running around slaters are calling for a high turnout dorsetshire baria sent tehran. People have been lining up since about 8 am local time and what they process is here that they register elektra on a cli and then they move over to the opposite side where they cast their votes now these people are choosing 30 members of parliament for terror on city out of the list the 1500 candidates that would be approved by the Guardian Council and then once they pick their 30 m. P. s they cast their ballots here at these 2 boxes millions of people are being urged to stay indoors as south korea becomes the country with the highest number of chrono virus infections outside of China Health Authorities say one person has died and there are 204. 00 cases nationwide around half of them reported on friday alone most of those victims are linked to a religious group in the Southern City of daegu and in china several health and communist Party Officials have been fired after more than 200 people were infected by corona virus inside prisons cases were reported in 2 jails in the chandon engines and provinces inmates and Prison Guards made up most of the 258 new cases reported outside the epicenter on thursday. Prime minister has failed to show up to court where he was expected to be charged in connection with the murder of his 2nd wife thomas vonnie secretary says he isnt south africa attending a doctors appointment the follow up to bonnie was shot dead near her home and 2017. Thailands Constitutional Court has dissolved a prominent Opposition Party and banned its leaders from politics for 10 years the court ruled the future Forward Party violated election finance laws the party says it wants to mock received in the removal of the army and Politics Army from politics and business saudi arabia says it has intercepted and destroyed several Ballistic Missiles fired from yemens capital sana towards the kingdom verified videos on social media appear to show the interceptions actually taking place saudi arabia is blaming iranian backed rebels. So the headlines keep it here on aljazeera we have a news hour at the top of the hour in the meantime lets turn it back over to the tech machine. The 2008 financial crisis threaten to completely disrupt the global Financial System governments made the choice to bail out big banks and to rescue troubled economies property removal hopin are cool to get home not cool to go on boxes to me can be said that the only bark posse go up based on a stocking would be basket or seat and safety and well as all brand owners. Im only going to mean you know who fred but its a club law doesnt put extraordinary extraordinary even. Though fairly bad. Anybody feel see the proof with the pity and empathy do you. Have a good talks about some who are both a last good stand up of the. Law school feel the best little dogs attack as you know ex how the neighbors computer guy faster want to be our baby to the media. Shes be a. Little shes a little. It. We dont. Busk you call it a says do p. C. Signals c c c that it will be real label q. Q. Pretty. Lawyer because if you do see if you can roll a new will fix human will close to the bone compatible with you couldnt you. If governments had to bail out the banks it was because they could not be allowed to fail since those banks are us they are the accounts of millions of citizens we are caught in the debt machine. The economic crisis and the government bailouts of the banks led to a spectacular increase in public debt in iraq the deck machine spiraled out of control. The 1st country to declare bankruptcy was greece in november 2009 the newly elected Prime Minister George Papandreou revealed the real figures that had been hidden by the previous governments greek public debt had reached 129 percent of g. D. P. Well above the 60 percent threshold set by the master cittie. He asked for help from europe. Now you didnt make your p. C. Most. Of the dead mice in a room. In n. It will be easy to make and is most exes. You know in reason. That announcement was like a bolt of lightning striking. The german chancellor weighed in on the question didnt. They all 3 did so good and obama is not an ignorant sort of those are hard work and so i learned the additional unfortunately some long last year they did so called and for tots not the common theme is a note with the mothers of a movie is a lot of them are on their list even being online for the see him and him of you dont he. Was commonly used as a model. In 1902 the master treaty set out the terms for e. U. Integration it forbade the European Central bank from dating out indebted countries would european governments respect these terms would they guarantee greeces debt should part of it be restructured or cancelled or should they help greece pay its creditors the heads of state could not reach an agreement as europe hesitated and markets speculated on the greek debt confidence collapse the fear was that if greece restructured its debt might the markets pull back from spain from italy from la belle frost and might not europe bring upon itself the catastrophe that it so wished to avoid and therefore the argument was it is far better to give greece all the money it needs to repay its and deaded notice then to run the risk that the market would perceive a sovereign restructuring in europe. Infectious as contagious. Only after 6 long months of crisis europe finally decide its bite resistance from germany to lend greece enough to pay its creditors. A small on up whenever it has you broke a new look go up well sit there and you can see like i said we batted a lot less 1000 overpass unclear cement in his eye fell on i could problem in europe i would eclipse drop it off because it you know put it in a buy you comment in this it be your bell on this you did with this looky as you know we dont listen as we know it would dislocate if not it is that accurate last year in a pretty hot baggy accountable me you know number one our own territory all of us cool you want. To do are deep in it immediately. Said product is off it gets closer so they sit up o. B. Or keep the suits 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 down in these years what has changed is the identity of the creditor so money was owed to bondholders in 2010 its now on to the i. M. F. In the e. U. If you can solve a debt crisis simply by changing the identity of the creditor and then this one is solved. Being in debt isnt only about owing money its also about being in the wrong there 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 it by say consult a decrease your if you did you know not days to finish job us. Says if one day i want to keep ability economy. Just because i happen to live in greece somehow im a sinner im a bad person because of some political acts done by political representatives of one kind or another. Therefore its ok for people to have their lives destroyed its ok for people to have to tax through garbage and not have anything to eat its ok for Cancer Patients to be denied medicine if were ever going to have morality in the world we need to absolutely reject that logic if theres individuals responsible hold them responsible but dont hold a college to very responsible for the deeds of. To resolve the greek debt crisis the e. U. Granted Financial Assistance in exchange it imposed a draconian Austerity Program the country was placed under stewardship and lost part of its sovereignty it was placed under surveillance by the troika the 3 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 35. 00 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 troikas actions national and european m. P. s questioned european leaders besides they cannot be many up she may be years. To Program Others will be violent as the lover broke out of that other stuff we give a shit that asked them oh yeah it could it because im sure that theres the decrease. Yet if you asked to get out of these theories a bit better frona yum of the 2 stars though the troika is the lover then make the human more p. C. Caring for. Yet the method. Valid only we have what i hear pundits who stop probably my 2 heroes here to promote the president i want to go. Home and import a parliament in spanish and parliament in evolution Parliament Even though its not so and above i dont want to go for my going and democratic colleague too much your own guns the needs. Of the program or develop. All of the guns under fire. Thats about to be a decent programme in quotes was the language the valan. Given to us for. Thats a low but i am absolutely confident sure that if greek did not implement the program the situation will be much worse today i am convinced of that these expressions are trying to put on sense no we cease to sense what. It means look stuff up reasons that the us yes quite alarming to susan. Is the deficit because well it is the. Gov contrails. It was a lot but if area nor. North i want to go mia. You open it up to predict which of. 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 if you have been willing to bear on a fair offer for all the happy back to back event you are going after you are going liberate europe from the monster of brussels nuno and connect we should. We can see reaction to the liberalization of fright finance just as we saw it in the 1920 s. And its going to be ugly it will ready is ugly its ugly in greece its ugly in france its 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 dont care what sort of strong manatees if hes a fascist i dont care if he promises to secure the stability of my life and my people i will vote for him i think thats where were heading and i dont think our leaders have the vision to understand thats the threat that we face. What are the solutions have. Curd europe curb the debt machine what mechanisms canada uses. Could it play on inflation as other countries do. Little as you know jamie almost without it germany are probably almost out of it somehow always has room on the for one of us here i think investor that out for me said without it dont go best is cool with it we obviously they saw it with. God missile and im sure as best goddaughter they are now at the base here in waiting should i get your misandry programs likely they make a fortune for the price coffee yet as you know that a book a minute then i guess that your duty as it were to charge the poor of alberta for the number 2 place and a capacity o. The horses that it. Following world war 2 french and german debt was 2. 00 to 3. 00 times higher than it is today but inflation literally absorbed it. Only but the dont want a little girl openly party job of a cause do system the key until this was all that it is just in them and they could be. Eliminated week was when your lawyers who know. About dont know the war but harmony come on 1st and the 1st i dont is it would. You put on more do so legally ma. This is your straw which 20 seconds from polluting. Your dogs in the School Medina hearten where only a dog unmarked so expertly are known we homeschool soft as ice under linux. On this Week Committee politicked are in league and in order to understand we dont need. Needed someone so on the server im sure and so into naman i meant to have streets to sign with and how to organize spawn isnt there mention of going to his gate sint does it i mean via touch on the archaea guilt ridden oil by the mouse in riyadh there must be mention arm this condition of coverage of politics and mention on some. Tilt to the bank named to see the hologram and emerald number. Less a closer look at the euro money. The strong euro benefits the countries of Northern Europe but penalizes those of the south. Is the European Union going to fall apart would gross return and reverse the trend. Is for it hook i heard east to kuala go. Really i guess that you for made the Police Officers the did download it off it will get across also when its going off it said on the nanny who are in class ask them why and sit on it and if i had a duple saw or that you saw that it looked at the preuss dont see maggi name i think across off of our head you elected office and expo are across all of us on the docket dont so much but i must pause because if you know suppose go on. Skis fulfill all of us the phone says give for when you want with the nestles up with dubious going to get it i dont suppose company did go over an illiterate in that sleazy focus. Was on paul saul so as to do it all more until devean gritty. The 2 gay bully gleg siebold isnt nomen to skew their asses on bills own sil book obama says dude little hope gandhi said the new food lepage if you need as a woman. To have a Monetary Union work effectively. What happens is that the more efficient regions or in the case of the eurozone countries become even more efficient and wealthier the poorer regions or less efficient regions become poorer and less efficient. Italy south was industrializing until the country unified and in the in the 860. 00 s. And seventys and once that happened if you are an italian investor in the south why would you invest money in the south when you can earn more money by putting your savings in milan. Or investing it in the north of italy so the south became steadily poorer so what are the italians have to do they had to get always and they still doing it had to send money to the south regularly not lend money but give grants. And then the old days they had the big gossip area metro draw the funds for southern italy which paid out tens of billions of dollars over a century i mean of endless payments that have been needed the wealthier provinces have to send money to the poor provinces not lend money send it. But there is a catch the master treaty stipulates that each country must manage its debt. Europe is far from being a case of union. And yet in 2012 for the 1st 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 within our mandate to have a single Monetary Policy in your area and to maintain price the 1000000. 00 euro area and to preserve the euro. I dont indeed need to lose or let you know who niggas get he will prove it and i have the new plan lebanese you even here it would be in exist apart the push to be did dissociate with the gifts khamenei libby lesser know more but on the banks of high up in gesture they actually be directional because what are situational lucian or small maxima pocky precisely what i dont know even exist about ms you dont talk about her legs on high or been did you feel lost on her litany left last night man to move the men do not deny it when it bad really matters if you know the dentist in atlanta if youre 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 dont transform it most revolutions involve cancellation of dance ironically german prosperity now is based on the cancellation of german thats after world war 2 it seems very ironic that the german public is absolutely unwilling to even renegotiate debts of countries like greece calling them that centers when in fact all thats were cancelled after world war 2 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 letter head via a surrogate is ricky bet as you will that youre about the one all of us of yeah this was about one global act really though so i thought maybe out of all they do my go to again is obvious what i said but he did i say go up a thought as a hobby or said vance i post on this and i go deep others will be added because i preach said. The survivor it has we will check any gas have at it established ascii art it look it was well look it is having a dog who did it go look in the ad if you asked it so i vaguely og apples get was like it was on people eat like they be so heavily bad and apples are about he was a member of let me get rid. Of a known 6 and you still have to search for the prince you be a leg i suppose we do not a rodeo like this do for the president who has a good home for truly good can but he is going to use them physically like never have a you can travel to name list if you want to be public dont go to some point i am sick from all that i guess to serve to fix our. 11 good man best cure is you she. Is wrong you dont fall over years from top to finish and hostility be gone all in wont force is not among well known do exist unless. There were a system he used if he just any i want bastien about on and dont include initial fiscal cliff vote and they get the consequence you know dimity the. Damage done is what he put it quote. The least personally as we know. The e. U. Has long been powerless against tax evasion switzerland austria and luxemburg have always championed bank secrecy the e. U. Has taken action requiring increased transparency. If you know. What i thought of it you know. As well in that. Someone. Will form the well water youre going to walk on the dont disturb the body dont teach to get off ala this she did love an illness your son is not for me domicile took on and i dont know him or bottle there are a lot on the monitor that mischa all of newmont but it is the longer so youre going to cause we mana with all that economy getting more extreme nor. Do i do the democrates receipt of you levy a dr you dont look at p. Diddys it played live you know and she said bouncing off on it when elam is a real good on clip ons for hospital theres not a to do up to do what you want to keep ability to learn i that you dont of well such as you going to me sick im crazy city decided. 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 servant relationship to date. Has a good cause. Suddenly wind running up the coast to south america it can make some difference maybe not as what you think from the point of view of clouds where theyve been moving slowly north with the sun of course so its drawing most in argentina now theres the breeze 23 in buenos aires probably feels a little chilly and particularly on the coast here insists 34 in rio and this line of thunderstorms will probably develop into something quite substantial with a 10 degree drop come saturday near the showers further north moving right up into columbia happening now to the north of the constant in the caribbean very few light showers around for the most part we got something done coming down to the bahamas and the when that comes across the gulf of mexico again is making some use of itself building big thunderstorms in southern mexico i think cross in honduras as well for a similar reason conversion winds otherwise its mostly dry but his the enhanced in the showers which in effect haiti and cuba the next few hours will see the end of the winter storm which is on the warning conditions just as bit of the u. S. That sticks out so were talking south of washington really thats going out of the way by the end of friday then but if its sunshine and that shes slowly warming conditions its hardly warm those cows it was by a long way. From. Motorists is big news in libya but staging current bike drags it comes with its own particular risks our club could take part in the 26th rally because we were fighting a war inside. Aljazeera world travels to the Libyan Desert to see how sport on feel we can be a Unifying Force in a war chill country video a rally for hold on aljazeera. Zira. Im Richelle Carey this is the news hour live from doha coming up in the next 60 minutes. Sanctions iranians vote in a parliamentary election where many moderate and reformist candidates are blocked from running. A weeklong reduction of violence is said to beget in afghanistan but will it pave the way for a peace deal between the taliban and the u. S. Merchant the measures in south korea as the number of grown a virus infections doubles. As Prime Minister heads to south africa hours before he was to to be