Transcripts For ALJAZ Debt Machine 20240713

Kill 3 networks in the a. P. We have now won the battle looked at by rob ronalds has more from las vegas. The supporters and volunteers for senator Bernie Sanders are partying here in the streets of las vegas they are very enthusiastic celebrating what was indeed a very formidable victory by sanders who racked up twice as many votes as 2nd place finisher joe biden he did so by well the together a coalition of young people lachie knows and liberals who responded to his platform of universal Health Care Immigration reform and forgive this of all student debts now the army of sanders volunteers many of whom you see enjoying the night behind me knocked on doors thousands of them spent weeks or months working on the campaign pounding the pavement and now they are enjoying their the fruits of their victory the attention will now shift to the South Carolina primary which takes place in a week and but more importantly to the super tuesday on march the 3rd thats when big diverse delegate rich states like texas california thats the choose it should bridge and you all vote on the same day and there is no question but that ads of this moment Bernie Sanders has the momentum moving into super tuesday italy has seen a surge in corona virus cases in the north of the country 79. 00 people are confirmed to be infected and 2 people have died most cases are in the lombardy and vendetta regions the government says it will forcibly in lockdown affected areas meanwhile china has reported an increase in new infections of the epicenter of the outbreak in who province 630 more cases were confirmed on saturday up from almost 370 the previous day 96 more deaths were also reported. React machar has been sworn in as south sudans Vice President since he forms a new Coalition Government with former rival president salva kiir theyre aiming to end years of conflict ahead of elections to be held within 3 years we so mentally so mentally where that we would Work Together to put as. People in but as. Their unity it will be as going to be. Peoples diets and to buy them once again to believe. That if i would be done dozens of Opposition Party supporters have been detained in kazakhstan during a crackdown on antigovernment demonstrations there is a there are over restrictions on the creation of Political Parties thousands of antigovernment protesters ever our lead in algeria is capital it comes on the 1st anniversary of the start of the demonstrations that forced longtime president optimizes beautifully cut to step down protest or still want his allies removed from power. The chief executive of europes Largest Airline ryanair is facing backlash over comments he made about Muslim Travelers Michael Oleary told a british newspaper he thought muslim men should be profiled at airports because in his words that is where the threat is coming from those are the headlines our knowledge is 0 the debt machine is coming up next thanks for watching. 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 feel like that if i must use them to look good also some public put on that 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 or high low up idea can that can exist to a piece on duty do test on come on adequate off economy. As you came out as 2nd here. Impose paramedics on it to produce a live wire problem sick over to that somebody to see that. And 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 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 i know there are a german taxpayers there a french taxpayers there all of whom are affectively 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 100000000 copies are wrong he 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 of his says that they did to cause like the balliol were tossed him it on bossy when i drove spur years should i think its. The property to go neighbor kid physick. 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. She declined the polytunnel news unit on the his basically put it to School August recess im suited for humanly move to a bill to slug subi and cause so much wrong machinery if we wanted to our or figured on compile your film and the whole goes to show the doc opportunity would be filming on in bungay arse you did was it i wanted but he was a guy world cinema in the closets only there on time the b. B. Was an image will be a few miles of iraq good. In cost asked. 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 president of the United States his coffers had been emptied of the 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 interest 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 begin 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 that the knowledge will not suddenly produce be taller boozer. Comedy block no im pretty exact amount to him sure but it was. The sudden increase in the price of oil weighed heavily on the world economy. Put the brakes on growth. Production costs went up prices went up 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 Federal Reserve there is just no yeah fellow easy late plus will this no see you for valley going to me community you really are out there see going to be on the side out you cause i said i used to are classic you just dont call me a serial if what i was eagleman know in gone by gar on credit during the debate you feel silly it put you to such an icon by the convo but like you the idea to dish well much other friends your much of the money for today are see. But really dig that do all the kills you simply did before a welcome knowledge on global use it is on point only because if there are so many to not a clearance you get one or is it an economy to the finish on a cyclical season was wondering ago to make it up it will moan that 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 good i did continue pretty good continue on will say that. Nobody but. I dont not only see yelling for what you. Please you. Have no. Time now when you let it be weeks on a back to the hard basket 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 borrowers. 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 am money we are all wrong the 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 in people raleigh i believe it lives a little more loans only of me to do the please do no border little locket did the new york city lit up usually like says oh it will be a whole lot of a new orleans. Clear about it gong to say about the piece also to know the gone piece also done on dollars and cents on this persona for example is another name to tell a soul economical love about as good as it is put to the put it document utility economy manassas on if you nasi going to tell you going to the Central Banks produced 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 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. Confidence 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 elected in. A phenomenal speculative surfin mess because the. Present so that your couscous a posse of honestly didnt so give you the prison p. D. P. You dont. Continue to look good if a few more on to. Lead it good with the presumptive the currency get on play. Good hockey live for it could have done it. Because it is good with poppy it is surprise to us that in a while the reason. We dont is all we want to have in the coming over all the time is develop but. Ok probably also on our ration the sequel is commercial good i took up so i did a fade to disagree 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. And on and off a separate issue one that are keeping obama to god you have to prove the devil that is actually take you on to the proof if you know if your proof dog proof was 300 proof or food near proven food in a Prison Guards in prison going to prison on a system fragile if itis was. 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 media danny and the rest buy new market is a or both back to on your longer. Than yours morgan old labors why not speak you live on our own offended you blair in Gabby Douglas cause you shift to new york on one dot. Com you loudly grandma you guardedly booklet with the might an orderly book. About who our guest is the rabbit in blue sybil letty ski said country back they bet your salad bar get a live cd movie steve if lisita. Nor you daughters want to go on famous for disability or circle that of sector if you know you dont do you want on that last program i applauded the drum or jazz i got hard if i had to get home or to play better at subi but maybe on bach if you know he also can face a cost that hed been did you believe in that p. V. Equals don and eva do conventional mass that you can often do that that people. In 2009 a torture victim of the brutal arjen time the deller regime confronted his interrogator who tortured no no no. I was in turkey has justice now been served for the atrocious crimes committed decades alyea i do talk to you were telling lies and investigation into the dark history of argentina why didnt they tell me in the end 3 wind interrogating it. On aljazeera. The usa is always of interest to people all right well this is been going on for a number of the tear gas being used pushed. Up through the report story from an International Perspective we try to explain for mobile audience why its important how this could impact be allowed at the high fiftys storm the water was so high that we didnt buy hey this is an important part of the world people Pay Attention to what were going here now to do is very good at bringing the news to the world from here 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 it the tendency we have a mismatch between the way we. Work to be and the reality of the 21st century enough for 10 years in a bathing pool for 11 now to how many of the persons that youre sending out to should be child soldiers not. Child soldiers reloaded on aljazeera. This is al jazeera im dating you navigate with a check on your world headlines u. S. Senator Bernie Sanders is projected to win the nevada caucuses the latest stage in the race for the democratic president ial nomination resulting victory would confirm his status as the front runner to take on President Donald Trump in november now delighted to bring you pretty good. The popular vote in iowa. We won the New Hampshire primary. Cloete 3 networks 38. 00 heat we have now won. Look at. Italy has seen a surge in coronavirus cases in the north of the country 79. 00 people are confirmed to be infected and 2 people have died most cases are in the lumbar he invents a regions the government says it will forcibly in lockdown affected areas meanwhile china has reported an increase in new infections of the epicenter of the outbreak in hoop a province 630. 00 more cases were confirmed on saturday up from almost 370 the previous day 96 more deaths were also reported react much are has been sworn in a south sudans Vice President says he forms a new Coalition Government with his former rival president salva kiir theyre aiming to end years of conflict ahead of elections to be held within 3 years its the 3rd time theyre trying to form a coalition. Thousands of antigovernment protesters have rallied in algeria Capital Times on the a 1st anniversary of the start of demonstrations that forced longtime president of the laws these beautifully to step down protests are still what his allies removed from power in the entire political system to be overhauled. The chief executive of europes Largest Airline ryanair is facing a backlash over comments he made about Muslim Travelers Michael Oleary told a british newspaper he thought muslim men should be profiled that airports because in his words that is where the threat is coming from comments have been condemned by charities who accuse oleary of fusing islamophobia and racism to seek publicity you have to dates with the headlines on aljazeera its back to debt machine next thanks for watching. 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. In our home. The so that the only borg to possibly go back some at least talking a bit past go see and safe it was all planned out of little im only going to me. Its a club law doesnt put extraordinary extraordinary even simple seabrooke do fairly. Anybody feel see the proof with the pity and empathy do you. Have a good talks about. A last good sign up of the. School after the bet lit up dont sit back as you know excelled in a basket be forgotten faster want to be our baby to the media. Shes be a. Little. It. Pascagoula tresses do p. C. Signals c c c that is milby really label q. Q. Pretty. Lawyer because if you do see if you can roll a new valve fix human will close to the donkey proper which 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 of did in my. Day off we did so called and the end. Of this i work on so i will miss the additional unfortunately one long view of the good songs and for tots that the common theme isnt that we do mothers of a movie is a lot of them are on their list even being online for to see him arent in love you dont hes never done 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 bailing 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 frosts and might not europe bring upon itself the catastrophe that it so wished to avoid and therefore the argument was it is far better to give greece all the money it needs to repay its and deaded notice then to run the risk that the market would perceive a sovereign restructuring in europe. As. Is 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 worn out whenever it has broke 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 unless it be your bell on this you did with this looking as you know we do 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 dip in it immediately. Said product is off it gets closer so they sit up o. B. Or keep the soups they do at a kiosk the p. V. Booth. As you say if you ask about it not one euro of debt has been written 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 the 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 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 just sick of itself to decrease your. Oh not days to finish joe just. 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 but 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 you ask the gamut of these theories of the past that are frona yum of the 2 stars though the troika is the lover there may be more kind of human more p. C. Caring for. Yet the method. Valid only we have by upon this you stop probably my 2 heroes here to promote the president i want to make go. Parliament in portuguese Asian Parliament in spanish and parliament in evolution Parliament Even if its not so and above i dont want to go for one model and democratic surely you 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 programming course 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 follow since no we cease to sense what. It mean look stuff up reasons that the us yes could get a limited susan place names that have been used to deficits over the years 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 out of your obit 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 you have been willing to bear on a fair offer for all the happy back if they are gone and 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 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 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 jamie are probably almost all that someone always has written or on the for one of us here by day investor that out for me said out it dont go best is cool with it we obviously they saw it with us by god missile and im sure as best goddaughter they are now at the base here in waiting she gonna get your misandry programs likely to make a fortune for the price coffee yet as you know that a book a minute there 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 delmarva little girl openly people i cause do system keep 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 when they come on the 1st and the 1st i dont own a set would. You put on more do so little to lima. As your straw which 20 seconds were polluted. To be adored since it is given medina hearten where only a dog unmarked so expertly and on the arms go soft as ice under linux. On this we need to politic daryn leaving it in order to understand were only. 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 at least 2 from kuala go. If youre ready and go study for med the Police Officers the download it off it will get across also when its going off it said on the nanny who are in class ask him why and sit on it if 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 doctors dont so much that im response because if you know suppose go on as opposed to assess assembly fulfill all of us q. Phone says give up for when you want within us please up with dubious going to see this could be our support company did go over nailed it in that sleazy focus lead that this was on paul saul so as to do it all more until devean couldnt deal with. The 2 gay bully gleg siebold isnt nomen to secure their asses on balls on sil bookham know its a good little hope gandhi said the new food lepage if you need theres a limit. 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 always and theyve still doing it had to send money to the south regularly not lend money but give grants. And then the old days they had the big gossipy metal door the funds for southern italy which paid out tens of billions of dollars over a century i mean of endless payments that have been needed the wealthier provinces have to send money to the poor provinces not lend money send it. 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 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 because you know pretty well and i had on you polly lab and this you eva dia equity in exist about the push to be did this was she with a Good Community libby less or no more back toward the banks and high up in gesture to actually be there as you know as well as situational lucian or small maxima pocky precisely what i dont know even exist about ms you dont talk about one amongst one high up in the details on her litany left one man to move on i dont want men to not hear it when it bad really matters if you know the dentist in atlanta if youre more on talk about sato up in jordan i think. 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 the finance any political one. Because if it landed it dead goodbye let a via a surrogate is ricky better you want that youre about he won all of you is obviously supposedly one global act truly though so i thought maybe i will 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 deep others will be added wolf i believe said. The surviving it as 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 at it he lost it so i vaguely og apples get was like it was on pubic like that b. B. So haley bad 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 me but i have a you can travel to nameless if you want to be public dont go to some point i am 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 for serves no youre not alone the exist is. See you there were a system she used if just any i want bastien about on and dont encode innocent hes guilty for it 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 thats. You know. Thats what im at. Someone. Who for the world is good is going to work on the dont disturb the body dont teach to get off this she did love an illness joycelyn enough for me domicile to go down and i dont know him or bottled. Alone all the little that mischa all of newmont but it will these do look good so youre going to cause we mana will do the economy getting more external. Will produce a democrates receipt of you have you dont look at p. Diddys it politically if you dont and she said bouncing off on it going to loomis a real good on click on between theres not a to do are to do what you want to keep ability to learn i did you dont do well so i said youre going to be sick increases you to do so should. 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 get welcome back to International Weather forecast with this i want to start here across the eastern part of the mediterranean we do have one storm system that is pulling out but still would be seeing some snow in turkey were going to be seeing some rain across parts of syria as well as into lebanon by the time we get to sunday also some rain here across the northern part of egypt summer rain will push inland as well so for cairo. So you could be seeing a range or 2 as we go towards sunday night now that system starts to weaken we still have some clouds left over across much of the levant pushing into saudi arabia as well over here towards iran youll start to see some rain over the next few days particularly on monday baghdad though youll be right in between the rain seeing some sun with a temperature of about 27. 00 degrees doha though a nice day for us on monday with a temperature of 27 as well well here across the southern part of africa very heavy rain is expected as we go into the southern portion area of mozambique some of those showers could be quite heavy and could lead to some localized flooding as well johannesburg it is going to be a rainy day here on sunday with a temperature of 23 we are going to be seeing some much Better Weather that front makes its way a little bit more towards the north drier across south Africa Cape Town it is going to be a sunny day for you at about 28. 00 degrees in johannesburg a little bit cooler at 23 degrees for you. Frank assessments the one good thing about these bushfires usage really wiping out the politics of Climate Change informed opinions economy i think is actually whats keeping dhamma truck afloat right now critical debate cyclone goes through school youve been told what the law is on a bogus argument is astonishingly patronising indepth analysis of the days headlines this is the beginning for a new iraq of a new conscious and aware youth about struggle against an ethnic sectarian kotor inside story on aljazeera. Aljazeera where every. Another surgeon coronavirus cases in south korea the Prime Minister calls it a grave stage. Its really puts 50000 people under lockdown following 2 deaths and 18 cases in the countrys north. Hello and welcome to our 0 live from doha im Martine Dennis also coming out we have now won the battle clark and. Bernie sanders takes nevada in the race to become the democratic president ial candidate. Tell us 13 year