Transcripts For ALJAZ Debt Machine 20240713

Involved in this stoppage as it were the United States the taliban or the Afghan Military to say that someone is complying with the terms of this 7 day pause and so there should be no signing of an agreement and doha come february 29th its a real question because this is perhaps the 1st real test of trust between the parties in this case the u. S. And the taliban with out that trust it is of fair to say that trying to get the taliban to then sit down with representatives of the Afghan Government or of the Afghan People as they would prefer its going to be very difficult to have those discussions actually take place so that an eventual peace accord can be reached within the afghan body politic. Italy has confirmed as furth death from the corona virus are 3 number of cases were quadrupled in one day 15 new infections have been reported in the wealthy Lombardy Region many of them were presented to the 1st cases of secondary infection meaning none of them had traveled to china where the outbreak began well as the number of deaths outside china continues to rise the World Health Organization chief has issued this warning although that window of opportunity is not only to contain the outbreak we still have a chance to contain it but while doing that we have to prepare at the same time for any eventuality because this outbreak could go any direction it could even be messy. But what im doing is its in our hands now if we do well within the not only will overboard unity we can reverse any order we can average any. Serious cases democratic president ial hopeful Bernie Sanders as war russias president to stay out of the us elections it follows reports that american intelligence as teligent agencies have briefed congress that the kremlin was meddling to boost both sanders and trumps campaigns. Well it was likely a what role theyre going to play we were told it was should they be other countries are going to get involved in this campaign. Look here is the message to russia stay out of american elections and what they are doing by the way the ugly thing that they are doing. And ive seen some of their you know stuff is they try to divide us up thats what they did in 2016 that is the ugliest little it is they are trying to cause chaos trying to cause a truth in america its an ugly business and all of us are have got to say sorry youre not going to do this in this election and again is president of the United States. You will not interfere in our lives iranians have been electing a new parliament that said to become more conservative the result is expected to change the face of the countrys largest jurors thousands of moderate and reformist candidates were barred from running voting hours work standard several times because of long lines at polling stations. And the u. N. Says violence bikini fan so is forcing more than 4000 people to flee their homes every day and it says raids by armed groups are becoming more frequent 700000 people have been displaced in the last 12 months nearly a quarter of whom have left in just the past 3 weeks. Jurors in the trial of discrete hollywood mogul Harvey Weinstein appear deadlocked after a 4th day of deliberations theyve been unable to reach a verdict on the 2 most serious charges of predatory Sexual Assault which carry a possible life sentence weinstein faces 5 charges including break up those were the headlines here are back with more in half an hour we continue now with debt to 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. To debt machine once youre on it very hard to kill lets see if i must use them to look good also going to some public but only to lets start over and create a system of credit which would actually be sustainable which wouldnt destroy the planet because the current machines to a. Diminishing high no idea can that can exist to any piece on duty do tests on come on that did across us economy. Check any opus bama dishonesty to produce a really sick. What would that somebody to say that. Then who. Is a pow and i deny me. Said that then on any. When its 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 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 or to government of portugal and 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 so more now we have a 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 put 2 on both in that as you know i guess youre yet divvy almost of a dead to cvs everybodys word. Or junkie was up i think they sell out their coverage i dont know but almost ever that sean hoare and his exam proof are saying of all of his says that they did to contact the balliol were tossed knows emmett on bossy when it drops below years should i think its. The property to go neighbor kid physical about little to quit their battle choice you know sort. Of use it to 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 law has basically put it to their School August recess im suited for humanly move to a bill to slug subiaco so much. You know if we wanted to or figured on compile your film and the whole goes to show it would be filming on in bungay arse you did was it i wanted but he was a guy was phenomenal cause its all in there on time the b. B. Was an image will be a few miles in iraq good. In contrast. By the end of the postwar boom in the early 1970 s. Government debt in europe was a great called low is thanks to growth and inflation but the economic machine would soon be upset by 2 major events. Good evening on august 15th 1971 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 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 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. Yet. 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 to be 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 say look democracy would set up a 40 minute no one knows a month at the knowledge will not suddenly produce be taller boozer. Comedy block no appreciable exact amount to im sure but it was. A 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 going on would have rescued a brief federal sop at all those are the 5 always elitists low yeah fellow easy late plus 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 they are year to dish while much other fests your much of the money for today are see. Polluted diktat do all the kills you simply did before and welcome knowledge on global use it is on point only because if there are so many to not exist before or is it an economy to the finish on a cyclical season was when 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 a sop to credit continue pretty good continue on will say that. Nobody but. I dont know not honestly yelling. Lets not. Be so hard now when we let 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 for as you know during the soil working hard and at the end of the month i am money we are all wrong bali 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 empty really i believe it lives a little malones only of me to do the players do know bortoli to the last rock it did divert new york city lit up usually like session with their yard of a new orleans. Clear body gong to say about the present on the go on pieces of the no dollars and cents on this persona for example if he is another name to tell a soul economical lover bought his goods or to produce the product document utility economy manassas on if you know hes going to tell you going to the Central Banks produce 5 percent of the credit in the world the private banks produce or create art 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 1905 and 971 there was not a single financial crisis anywhere in the world and then in 1971 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 prison p. T. P. Dont. Continue to look good if if youre more on. Debt good with the presumption the get on place. Is good. For it could have done it. And you can sisters keeper properly 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. Some of us are ok probably also on our ration the sequel is commercial good. So i did i failed to disagree go on to just what is on it would suggest that the other in amongst us. 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 switcher that are keeping no bond to god you have to prove the devil up it is actually take you on to the proof. If proof dog proof was 300 proof from food new proven food in a Prison Guards in prison going to prison on a system hostile if this 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 cause you shift to new york on one dot. Com you loudly grandma you guardedly buckley going to write an orderly book. About why our guest is the rabbit in blue sybil lettie ski said cadre back they bet your salad bar. Steve if lisita. I want to go in front of do support the also cool that im sick of you know. Last time i acknowledge it. I get home at the helm or to play picked up my home gong to be out of here also confers a cost that he did indeed p. V. If we dont need you what do most of you can offer do not get people. London is one of the most important cities in the world and decisions made here have an impact right around the globe and so here at out just right we will show you the true impact of those decisions on people then how it affects their every day that. We are told that what they are into reading this is because we know that all audience is interested not just the mainstream news but also the more stories from parts of the world that often go under reported. I can i lost my phone with my face you can access your bank account with your voice unique algorithmic measurements of us that are revolutionizing the process of identification but biometrics are far from perfect convenience and seeming infallibility comes at a cops most crucially our privacy. On the 4th of a far far series i dont rate addresses the appropriation of our most personal characteristics all hail the algorithm on a 0 we will maintain the finest fighting force the world has ever known United States army was so reliant on the private sector i would call the dependency we have a mismatch between the way we. Work to be here and the reality of the 21st century in africa here. For you and i want to show you how many of the persons that youre sending out you should be chancellor is not. Child soldiers reloaded on aljazeera. A diverse range of stories from across the globe from the perspective of the networks journalists on aljazeera. Your child is there with me so robin and these are all top news stories an agreement aimed at bringing peace to afghanistan has come into effect the taliban and the u. S. Will begin what theyre calling a reduction of violence if the 7 day deal is successful both sides will sign an accord next week. Italy has confirmed its births deaths in the corona virus after the number of cases were quadrupled in one day 15 new infections have been reported in the wealthy Lombardy Region many of the cases were secondary infections meaning that none of them to travel to china where the outbreak began. As the number of deaths outside china continues to rise the head of the World Health Organization is issuing this warning although that window of opportunity is not only to contain the outbreak we still have a chance to contain it but while doing that we have to prepare at the same time politically eventualities because this outbreak could go any direction it could even be messy. But what im doing is its in our hands now if we do where or who is in there not only will overboard judy we can reverse any order we can average any. Serious closes democratic president ial hopeful Bernie Sanders has warned russia to stay out of the us elections it follows reports that american intelligence agencies warned congress that the kremlin was meddling to boost both sanders and Donald Trumps campaigns iranians have been electing a new parliament that set to become more conservative the result is expected to change the face of the countrys legislature as thousands of moderate and reformist candidates were barred from running. The u. N. Says violence in the kenya thurso is forcing more than 4000 people to flee their homes every day it says raids by groups are becoming more frequent 700000 people have been displaced in the last 12 months nearly a quarter of whom left in just the past 3 weeks saying in africa or in south sudan president salva kiir dissolved his cabinet in preparation for a new unity government here has also appointed the rebel leader as 1st Vice President the 24 were rivals will be the new government from saturday in the attempt to end years of conflict which is left more than 400000 people. Those were the headlines and back with the news in 30 minutes to stay with us here on aljazeera. 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. Hong. Kong bossy girl. Entered from. Im only going to. Extraordinary extraordinary if you. Do fairly. Pretty and ample to do you. Have a good box apple apple. Somehow. Lead. No thanks how do you get. To the media. Could you build a communal dont. Ask you call it a says do p. C. Signals c c c that email be real label q. Q. Pretty. Lawyer because if you do see if you will a new will function and will bless the debunker top post you couldnt. 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 treaty. He asked for help from europe. Now you do some a good to see most. Of the dead mice in a room. In n. It will be easy to miss and his most exes well 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 oh by the end. Of this i was going 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 need a gun most 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 dead and 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 to spike resistance from germany to lend greece enough to pay its creditors. A small or not so whenever it has you broke a new on 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 do this looking 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 or 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. Absolutely if you ask me 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 countries. Debt and. Kind of double jeopardy. Or did you it by sake of insult to decrease. It could be oh not days to finish joe bust. 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 he says 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 theres the decrease. Yet if we asked to get out of these theories a bit better frona young have got to start doing the right guys the lover then make the human more p. C. Caring for. Yet the method. Valid only we have here upon this you stop probably my 2 heroes here to promote the president i want to make go. And import a parliament in spanish and parliament in evolution Parliament Even though its not so and above i dont want to go for one man and democratic colleague too much your own guns the needs. Of the program the d. V. R. And all of the guns under fire go. Up thats a decent program in courts with 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 that these experiments are trying to follow since no we cease to sense what. It means look stuff up reasons that the us yes could put a limited susan place names that have been used to deficit because well it is the. Gov contrails. Single you not only that you die if theres a god but if area nor. North i want to go mia youll go but not. 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 anti finance and euro skeptic parties were gaining ground in melbourne if youre happy. Today are there for all the happy back to that event you are going after are going liberate europe from the monster of brussels and connect we should. We can see reaction to the liberalisation 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 we are heading and i dont think our leaders have the vision to understand thats the threat that we face. What are the solutions have. Could erupt curb the debt machine what mechanisms canada use. Could it play on inflation as other countries do. Little as you know jamie almost without it jimmy are probably almost out of it somehow always her on the for want of us here squeeze up at a investor that out for me said without it dont go best is cool with it was obvious that they saw it would years back thank god may said and im sure as best daughter 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 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 delmarva little girl openly people jobless a cause do system the key until this was all that it was just in them and then it would be. Eliminated week was when your lawyers who know. About dont know the war but from a nickel more than the 1st and the 1st i dont own a set would. You put on more it should do so little to lima. As your straw which 20 seconds were polluted. To be adored since in this case madonna hearten where only a boy john mark so expertly and on the arms go soft as eyes under linux. On this we need to politic daryn live in it in order to understand we dont need. So on the server im sure and so into naman i meant to have streets to sign with an outdoor highs span is a dimension of going to his gate sint does and in via touch on the he had built we had annoyed over 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 ive heard issue from kwara go. A ghost at you for me to bruise on proves that download it off it will get across also when its going off it said on the nanny who are in close contact with i had to do pull 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 ive explored all across all of us on the docket dont so much response because if you know suppose go on. The fulfill all of us q. Phones is give for when you want within the sleaze put dubious going to get it but i dont suppose company did go over an illiterate in that sleazy focus. Was on paul saul so as to do it all more and to live in gritty. But do gay bully gleg siebold isnt nomen to skew their asses on votes on simple camilla its a good 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 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 are beneath the wealthier provinces have to send money to the poor provinces not lend money send it. But there is a catch the mustard 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 live in our mandate 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 eula. I dont indeed need to lose or you know who niggas get he will prove it when i am here paulie lab and this you even equity in exist about the push to be did dissociate with a Good Community libby less or no more back toward the banks and high up in gesture to actually be direct you know as well as situational lucian or small maxima pocky precisely what i dont know even exist about me as you all talk about what i most want high up in the details on her litany left asked me to move on and what men do not write 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 of 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 let it via a surrogate is ricky better you want that youre about anyone or nobody is of yeah this was about one global act cruelly those are all they do my go to again is obvious what i said but he did i say good apples not as a hobby or said vance i post on this and i go to divorce not as a hobby added british but said it wasnt possible to survive it as we will check any good acid at it establishes ascii art it was well look it is having a dog who did it go look at that he lost it so i vaguely audio gap was good was like it was on people it like that b. B. So haley bad apples are about he wants a member of familiarity. To be 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 me but i have a you can travel to nameless if you want to be public dont go to some point im sick from all that i guess to serve defense are. Good men best cure is you she. Is wrong you dont fall over years from top to finish knows you need to be gone all in wont force her to know youre not alone the exist as a legalist to see if there were a system she used if just any i want bastien about on and dont encode initial fiscal cliff out and make the constants you know dimity the. Damage done is what he put it quote on the list personally as 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 if you also come with. Joel for the well water youre going to is going to walk on the dont disturb the body dont teach to get off this you did love an illness joycelyn enough for me domicile to go on and i dont know it more bottles. On the monitor that mischa all of newmont but it is the longer they are going to cause we mandala with all that economy getting more extreme nor. Do i do the democrates you see of you levy a cliff you dont look at p. Diddys it played live you dont and she said bouncing off on it when elam is a real good on clip ons for hospital theres not a to do are to do what you want to keep ability to learn i that you dont do well such as you going to music im crazy 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 7th relationship to date. Hello again welcome back to International Weather forecast well here across the southern United States the big story over the last week has been the flooding we have been talking about mostly along much of the rivers down here a lot of the rivers are at flood stage the good news is here on saturday we do have a break in the rain but it takes more than just one day to let all of that water begin to recede out here towards the west though were going to be watching some rain pushing through los angeles and Southern California into parts of new mexico as well arizonas going to be seeing some rain thats going to continue to make its way a little bit more towards the east becoming snow into those Higher Elevations but sunday is also going to be to see a day of more rain across much of the Central Plains as well not a lot of rain but this is going to instigate the flooding situation across much of the area over the next few days the eastern part of the caribbean looks quite nice but it is over here towards mexico southern mexico that we are going to be scenes of very heavy rain and that is going to be making its way more towards the south into guatemala so for Guatemala City it is going to be possibly a rainy day if you where the temp to there of 26. 00 degrees and then here in brazil we are watching one front making its way towards the north towards Rio De Janeiro and with that we could be seeing some Severe Weather 24 degrees here on saturday but down here towards point as out as a little chilly with a temperature of 24. 00. The latest news as it breaks the syrian army seems determined to defeat the rebels and continue its advance was the city of at lip thats a red line for turkey with detailed coverage of the National Policy defense of Wild Elephants is yet to be fully implemented 14 years after it was introduced from around the world will this fight will be completely transformed over the next 6 years this will be the northern terminus for phase one of the project. Australias on prosenjit fire season has killed more than a 1000000000 animals. 101 aced investigates a wild one from urgency. On aljazeera in 2009 a torture victim of the brutal arjen time the dela regime confronted his interrogator who tortured is now no no no no i wasnt oratory i was in target has justice now been served for the atrocious crimes committed decades earlier i do the truth you are telling lies and investigation into the dark history of argentina why didnt they kill me in the end rewind interrogating a torture on aljazeera. Aljazeera where every. This is aljazeera. Hello im still robin youre watching me on. News our live from our headquarters here in doha coming up in the next 60 minutes italy reports its 1st coronavirus death and shut public spaces in several towns the World Health Organization walls the window for containing the virus is closing also they are trying to cause chaos the trying of course the truth in america u. S. Democratic president ial hopeful Bernie Sanders tell the russia to stay out of americas elections after reports that moscow