Im Richelle Carey and these are the top stories on aljazeera from the jerusalem crisis to the war in syria russias president Vladimir Putin has been staking his claim in the middle east on a roll mentor of the reach of that first stop was a surprise visit to syria hominids our reports a warm welcome for russian president Vladimir Putin in the talk his cup its all on. Its final destination in these whistle stop two he has been to syria and egypt to all in one day. The kremlin says the trip is meant to strengthen russian ties with these nations in ankara president putin an ado on what you get to showcase improving relations between their countries they both criticized president all trumps decision on jerusalem but you werent media sure you. Should both russia and turkey think that the decision of the us to recognize jerusalem as the capital of israel is not helping to solve the situation in the middle east it is destabilizing it and it can wipe out the prospect of peace or maybe kirby this utilitarian to tune in could. The u. S. Decision to recognize jerusalem as the capital of israel has caused outrage in the whole world it has caused disappointment and it is an irresponsible step to take it as a result the heightened tensions are obvious putting an ad on also discussed bilateral issues including trade tourism and joint Energy Projects relations between uncrowned will score have come a long way since november two thousand and fifteen when turkey doand a russian fighter jet the two didnt see eye to eye on most issues regarding syria but still have differences on the future role of president bashar assad and the issue of Syrian Kurdish fighters the wife e. G. Put in began his wall when chip in syria the first time the russian president was that the country since the start of the war the illest seven years ago he was greeted by Senior Officers and warmly embraced by president. Potence forces have been helping his troops is two thousand and fifteen when the Syrian Government was on the brink of collapse in a speech put in declared victory over what he described as terrorists amounts to a partial pullout of his soldiers from city. To the general command i give this order russias military presence in syria has come to an end the motherland awaits you friends safe journey i thank you for your service put in also pledged to continue to support syria militarily by keeping some of these forces on the ground here then departed for the egyptian capital there he met president of the fatah. The leaders have been strengthening ties in recent years putting on sisi also signed a deal on Nuclear Power the growing ties between russia and the second largest recipient of u. S. Military aid after israel egypt could potentially strained relations between cairo and washington and yet another sign of put in attempts to expand russias influence across the middle east how it all just unka thousands of protesters have rallied in lebanon against the west decision under islam basta ministrations for a call for by hezbollahs leader Hassan Nasrallah twenty seven year old Bangladeshi National was arrested after a pipe bomb misfired in the subway in your times square acquirable was injured in that blast which happened at the height of morning rush hour the other people suffered minor injuries president onil trump reiterated his call for urgent Immigration Reform. Lets be clear as new yorkers our lives revolved around the subways when we hear of an attack on the subway is incredibly unsettling. And lets be also clear this was an attempted terrorist attack thank god the perpetrator did not achieve is ultimate goals. Thank god our First Responders were there so quickly to address the situation to make sure people were safe ukrainian opposition politician a cow saakashvili was for laced from jail after a judge protected prosecutors request to put him under house arrest the former torch and president was arrested on friday accused of conspiring to topple ukraines leader Petro Poroshenko those are the headlines keep it here more news after tat 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 then other economies emerging from the crisis of spiraling debt why and what are the solutions. To debt machine on sheer on it very hard to get off lets if i must use them to look good also good. But on that lets start over and create a system of credit and which would actually be sustainable which wouldnt destroy the planet because the curve machine has to a. Diminishing high no idea can that can exist to any piece on duty do test foam come off economy. As you came out there. Second it appears paramedics on the to produce our live web sick over to 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 one hundred fifty 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 seventeen hundred 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 effectively backing up this debt so i fear of taking risks and. The 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. Yet debt represents fifty percent and here one hundred percent of g. D. P. In one nine hundred ninety two 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 sixty percent of its g. D. P. But that critical threshold has been largely exceeded by most European Countries joins us from get us what he asked 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 dates be repaid how can we ever get out of the spiral. If you put two on both in that lesson i guess youll yet divvy up all most of the dead to cvs everybody. Was wrong he was operating the seller there which i dont know but of us over that sean hoare and his exam proof are 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 to queue at the. Property to get a perk it physically but little to quit their battle schweizer. 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 first 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 wars sovereigns borrowed from prominent family first government bonds were traded paying interest. Those prominence creditor families founded the first 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 Second World War in one nine hundred forty five americas Marshall Plan granted thirteen billion u. S. Dollars in aid to europes industrialized countries exceptional growth followed and the thirty years after the war were good. So good that they were known as the economic miracle in germany and the glorious thirty and France Business was brisk industry was in full swing and the growth of consumption was spectacular. She declined the polytunnel use you didnt go has basically put it to School August im statistic you molly moved to a bill to slug subiaco so much your merry go round machine if we were to die off or figured on by your film and or goes to show it would really phenomenal in bungay us you didnt resign i wanted but he was a guy was phenomenal cause its all in there on film the b. B. Was an image will be a few miles that iraq will be vivid. In croissants. By the end of the postwar boom in the early one nine hundred seventy s. Government debt in europe was a great called lows thanks to growth and inflation but the economic machine would soon be upset by two major events. Good evening on august fifteenth one thousand nine hundred seventy one 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 calmly 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 monitor instability and in the best interest of the United States. But it was not a temporary measure at all the u. S. President definitively kept the fixed relationship between the dollar and gold. The donor became a floating currency like every other currency a round the world. All the currencies of the world that were either tied to the u. S. Dollar of the british pound by nine hundred seventy one 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. Two years later in one nine hundred seventy three another major event occurred the first oil crisis. In one year the price of crude oil soared going from two to six dollars a barrel. Ive. Just normal necessity today going to meet. Jude it could be carter or towards innocent jones i could use a swiss on this subject dont include this obsession of the felt a minute ago dimitri and seems like democracy it would set up a forty minute no one knows a month that the knowledge will not suddenly produce be colored 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 government inflation became a new enemy to be defeated at all cost. After removal going on would have wrestled a brief every stop at all those are the five always elitists low yeah fellow easy late plus will this no see you for valley going to me community she really got out there see going on to be sorry cause i said i used to our classic huge chunk of israel if i was eagleman known gone by gar on third credit during a debate you feel silly it put you to such an icon by the convo but like you the idea to dish while much other fast your much of the money for today are see. Politike that do all the kills you simply did before a welcome knowledge on global use it is on top on early because if there are some and an early Christmas Eve one or is it an economy to defeat it on a cyclical season was when to go to make it up it will moan that it is always under an economy with a monitor fault which is additional lies or try to put in for us show us good luck about that to develop these two good i did continue pretty good continue on will say that. Noble. I dont not only see yelling for what you. Please you. Have no. Time now when you let it be weeks on the back to consider how to ask it will be the kimosabe on the day. If you didnt know but starting in the one nine hundred eighty 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 for as you know day in the soil working hard and at the end of the month i earn some money. A lot wrong bali bomb proof of it so the it that a Million People or so the renewable. Become leftovers dear is going to bury the view of an awful. Void that would be in people really i believe it lives that im a lawyer for me to do to please do nope wardle little loss rocky did the new york city lit up usually some of it well the order of a new orleans with the clear about it wanted 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 lover but his goals are to produce the product document utility economy and also when if you nasi going to get a little going to the Central Banks produce five percent of the credit in the world the private banks produce or create out of the net ninety five percent of the credit in the world and they have no virtually no regulation over that now what kay has argued in the one nine hundred eighty s. When we managed the Financial System between one thousand nine hundred five and one nine hundred seventy one there was not a single financial crisis anywhere in the world and then in one thousand seventy one the bank has lobbied and they said no no no we dont. Controls you know the market will discipline us we will blah blah and we began to lift all these regulations and crises began one after the other first at the periphery and then in a coup. One thousand nine hundred nine saw the birth of the euro and the European Central bank had been created to ensure its stability. At the time Global Growth