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tv   [untitled]    May 17, 2012 1:00pm-1:30pm EDT

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you know it's an art to make up or break up britain's problems to issues a stark warning to the eurozone to take a deduction in the face collapse. david cameron thousand keep the u.k. safe whatever happens but insists it in britain's best interest for the common currency countries this thought that problems out. also syria releases the names of alleged foreign terrorists in its custody as the rebellion gets boosted by arms from abroad while suffering a little report but. it's all the ignites the palestinian conflict by selling gaza as it pushes ahead with efforts to barricade itself from its increasingly frustrated i would need as.
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hello nine pm right now you are moscow welcome wherever you're watching us around the world if you just shoot in this hour you're watching r.t. with me kevin owen and first britain's prime minister says the eurozone is running out of time to solve its crisis david cameron told business leaders that the beleaguered single currency countries are at a crossroads right now which demands urgent action to avoid sparking a global depression is our london correspondent laura smith. he used these words that the eurozone has to make up or break up essentially what he's saying is support greece or see the euro zone fail he's calling for years and states and institutions to step in and help greece to support these require me to not just greece spain and italy as well as i say these are stronger words than he's ever used before he explicitly said that germany must do more and he talked about the remorseless logic of the euro which is according to him
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a sort of rigid system that looks in any. in terms of what a country like would normally do if it had that same currency would be to value it but inside the realms of the euro that's just not a possible option for them so cameron is saying that stronger states must be help help the weaker ones and he also said that the logic of a monetary union urges more political cooperation so that it takes an electorate responsibility from all the countries to help out the weaker ones that this sort of fiscal burden sharing that he's talking about and also a supportive monetary policy amongst all the countries in this people are very quick to say that of course the u.k. is not a member of the euro zone in syria no been a sense what business is cameron have particularly to criticize countries like germany and france when when the u.k.'s economy isn't necessarily involved but cameron's message today was that that he wants to see the euro zone succeed because it's in every country's financial interests to have strong economic neighbors but
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david cameron sees really his job in all this to keep britain safe is he says he says it's in the u.k. interest to have these stable neighbors david cameron's message really is that he doesn't want greece to drop out of the euro zone experts are now saying that if it does happen then it could cause ten years of global depression this sort of turmoil in the financial markets that will be got over quickly also of course he won't be able to forget that the very austerity as it is at the moment failing in europe is the same. he is pushing in britain and also trying to push to other european countries as well so it's a politically very difficult position for him to be and what we're seeing in greece at the moment is a new prime minister who's of course the kate's caretaker prime minister up until a new election can be held on the seventeenth of june and there are huge fear is that the greek people will ultimately lead to. a government and if that happens it means that they won't have access to any more bailouts from euro zone countries
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we're seeing panic withdrawing from banks in greece and that's not just happening in greece we're hearing reports that it's happening in spain too and it could possibly spread to italy there's been the recent nationalization of one of spain's biggest banks banks here and reports that spanish people have also withdrawn a total of around a billion euros just in the past few days from those banks so the fear isn't that without the without greece the euro zone would collapse the various that greece is leaving would create a sort of house of cards effect whereby everything else would fall down after that and of course this is against a backdrop of huge political differences between the main players in this new french president francois loans is very anti austerity in fact he's going to it says he's going to increase spending in france who doesn't see it like that at all so we've got a lot of political wrangling from these major players who according to what david cameron said today are the only ones who could potentially sort this out. laura smith
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a london correspondent let's get some thoughts now from economic activist warren pollack is on the line from new york or thanks a big party tonight good to see you david cameron's make up or break up sounds straightforward enough on the surface but how realistic is it in practice a cause given those dire warnings we've heard if the break up were to happen it's not realistic at all because the politician will tell you that a way out of this crisis is growth and it's structurally impossible for the eurozone or the u.s. to grow at this point in time we're looking at a system that has been based on fraud fraud and drew loose fraud in the euro zone expansion. mortgage backed securities and it's a festering chronic condition so this is really a structural problem both to europe in the u.s. the end point is of course depression which cameron realizes what a sterile only speaks to depression growth can offer a way out of this crisis while europe's now facing
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a month of uncertainty that ahead of a greece is next poll that's going to be held on june the seventeenth that's a long time in this climate that seems to go from bad to worse what might happen before greece decides its next government do you think. oh and i think we've lost you there think warren can you hear me no indeed the best laid plans and all that. ok we'll try and catch up with the middle bit later he can . i know has got a thing to say but at the to checkerboard he spoke to us earlier on that greece cutting itself loose from the euro won't be easy and athens may yet be in for worse let's hear some of what he had to say and we'll hear the full version of it next hour this is a clip. people have been modeling what a greek exit from the euro zone would look like for the best part of a year politically and economically politically even those who are in favor of greece leaving so. they would accept that it would involve beyond being states
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people that it would mean the banks would. be the akins would not be working it would mean that people be stopped from leaving the country especially with this forms of euros in their back pocket because the country the they need to stop all capital from the country and to maintain a high level move so it would feel affected like a country in the martial of all. the question all in the saudis really for the rest of the euro zone if the euro zone can say to threaten to financial markets look greece is leaving but we all know it greece is a special case you know behind our hands will say it's a bit of a basket case and actually its problems are not the rest of the euro zone that's what they really mean by an orderly exit if they can convince everyone that he greece is leaving because of greece not because of the euro i don't think now the markets would buy that. even though it
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surely city to chakraborty there and i'm very pleased so got we're in the back on the line now again in new york technology had the better of us there for a second war and what i was asking too much of you heard it where you first answer but europe is facing now a month of uncertainty ahead of greece go to the poll again of course on the seventeenth as a long time in this climate it seems to go from bad to worse what might happen before greece decides its next government over the next month but you could see that individuals are the most affected by this crisis so it obviously want to push back on what the politicians and the bankers want to do so you're seeing in greece an act of protest against what is a sort of a street a complete we're going to see this crisis sort of restaurant. and degrade as time progresses we're really in uncharted territory and it brings to mind ideas such as bank holidays are really if we're looking at from an activist point of view a proactive point of view we would have to start to address some of the fraud in
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the system but here's the catch if the fraud is addressed our economy would collapse so that's what the politician realizes the politician realizes that if they were to address some of the built in systemic frauds in our economy the economy would collapse and if they let it fester there looking to buy for time and what we're seeing is the pain of people in greece you saw the same thing in the middle east in north africa and people know that something is wrong the politicians know that something is wrong this is a long cycle of and it just didn't occur overnight it has to do with how countries are have relations with each other it has to do with the fact that we're now in a globalized empire with five hundred million jobs and two point five billion participants in that labor pool this is a structural condition and for the people closest to the road that retires meet the road they're having problems forcing life support and when you look at the events
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worldwide we're seeing the just potential destruction in the eurozone we are watching fukushima when you think about it all these events have to do with how we count for value in our in our society and how good services are allocated more or less that's said let's take a bit more of a look at that global issue that we've heard the reaction from from britain today and some thoughts from britain and we should think decision be made for greece to exit the euro zone one of the implications then fold the block in the way you i'm thinking because president obama's already sounding a lot as well as the of what you've been saying how it how it could impact the u.s. while we're looking at greece which is a small percentage of the eurozone now. germany and france benefit from having greece introduced into the eurozone because it allowed them to extend credit and have a higher standard of living in germany and greece it allowed them to be the export engines which they were and this is the same thing that's going on right now with
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j.p. morgan chase in the united states these are both allegedly so many percentage problems when you look at rhesus g.d.p. relation to the eurozone when you look at the j.p. morgan through the blow up in relation to the total amount of assets in the u.s. economy and the total size of the j.p. morgan bank all of these things are small percentages so why is it so important if a small percentage fails and that's because a small percentage will trigger a cascade of larger failure and this is the overview of the situation and no one wants to address this fraud head on its future its actual structural let's just focus bucket on europe again jevon china struggle i'm convinced of a stereo to show a way out of this crisis as best you can be but there's also a core so wide that he cut sentiment now across europe the witnessing france's new president things there's a different way what you think you address that question if the single currency is to be say how can it be done at this late stage or is it too late when i think it's
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i think it's too late i mean they may be able to save a currency a currency is an artificial thing will they be able to save the purchasing power of their currency will they be able to have jobs in the economy so those points because the world points are more important than the currency itself currency sort of an esoteric thing man is used different currencies throughout its history really has man set up the conditions of success for itself and what we're watching is a condition of festering failure both in the europe and the united states and that the politicians have nowhere to turn the first thing you say let's have growth now we know that's an impossible. in the context of the system and they say let's have austerity and we know that if they have austerity it spirals down into what is called a keynesian liquidity trap and we would have a depression as a function of critic contraction so it's a two edged sword and neither neither approach from politicians is correct they
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want to really try to forestall doing really have you know people an a.t.m. machines pulling their money out we should do it right now in some parts of europe yet they want to have control so the amount that you pull out of your bank you can put the next step to this crisis is what happened in the u.s. with m.f. global or you have money in a bank account and then the next day it's not there and that's because there is so much credit in our economy there is not enough capital to cover the credit collapse and that's that's the issue at hand and that's why the euro euro might implode that's the whole thing the whole problem of europe it's a credit problem a liquidity crisis war and we've got to stop you know there's a lot we can say about this you know a lot about it and it's very good to get your expert opinion so we're out of time for now such an economic activist warren pollack on the line from new york much appreciated thanks thank you very much. now coming up on the program still giving up on going after the good life explain why mexican immigrants are choosing to
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leave america these days and what it could mean for the country's economy. take a look at some more the big world news stories right now this hour the syrian government's released the names of alleged foreign terrorists it claims to have captured on its soil twenty is said to be arabs have confessed to working for al qaeda the list also includes french and british citizens meantime washington denies being in directly involved in smuggling arms to the syrian rebels media sources said the u.s. is coordinating support from qatar and saudi arabia the rebels admit receiving more weapons but also the leadership crisis to contend with the country's opposition cord nation committees have slammed the exiles syrian national council as a failure the s.n.c.f. chief says he's stepping down british based journalist neil clark thinks the opposition's lost credibility. the syrian national council we knew before this week that they were a fraction in divided opposition anything that unites these people is their hatred of the regime and these are the very people of course that the west wants us to
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believe are a government in waiting and it's quite clear that these bunch of jokers couldn't run the corner shop i mean if they were put in charge of one shot they'd be arguing about the price of coffee and the idea that the s.n.c. can actually replace is everything in the press and if they really have the level of support they claim to have that they claim that they've got over sixty percent support then why did they put their names for the elections of us we can see here we've got a democratic framework so the domestic problems through elections president assad and said that the elections last week so why aren't the s.n.c. temple part of those elections if they really didn't represent the majority of syrian opinion usa and saudi arabia tough how has been involved in trying to destabilize the damascus regime and bring about regime change and they're doing everything they possibly can destroy the peaceful millions of dollars of weaponry going into syria and backing terrorists u.s. forces british forces and french forces were training terrorists and a sad course is in turkey to fight the regime is all about regime change and of course the plan needs to topple assad and get in
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a more progress to the regime in syria israel's nine reports that its army shelled parts of gaza wounding several civilians the claims come from palestinian doctors who say they're treating the casualties the latest from our middle east correspondent paula. here we're being told that anything between four and seven gazans have been hurt in this latest israeli artillery fire in northern and eastern gaza two people have been taken to hospital but we've been told that ambulances as well as emergency vehicles are still in the area now according to palestinian sources there was somewhere between six to eight israeli tanks and bulldozers that entered gaza and according to eyewitnesses the soldiers started firing indiscriminately on farmers who were working their land were also being told that the borders was started bulldozing those very same plots of land speaking to the israeli army of they say that they had not heard of any injuries they say that the israeli army is nearly conducting routine operations inside gaza but certainly we
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do understand that the israeli army is still inside gaza where we speak now tensions in the area have been running high for several weeks now every few days one hears about rockets that are fired from gaza into southern israeli communities and every so often there is a flare up in rhetoric from the israeli signed in terms of warning the gazans that any israeli operation in the gaza strip might not be that far off in addition is all is building walls along its borders with its arab neighbors it's essentially barricading itself in according to what many critics say it's been building a wall along its southern border with the sinai and with egypt it's also recently began building a wall in the north along the israeli lebanese border and this is in addition to the wall it's building in the palestinian west bank. a lonely house on a hilltop tells the whole story of palestinian plots of land passed down through the generations now under threat i don't know the number i don't want. i want my
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gran and for his insistence almost paying the price is small papa she is on the wrong side of the wall tel aviv is building between israel and the palestinians and what was once omar was part of a larger village he'll soon be cut off from it and alone on the other side from this i fear for me the. israeli tractors have already for eight months been building the prison or refers to digging up the ground around his house the plan will see his home cut off by a five meter high electrified fence and a tunnel monitored by security cameras will connect him with a larger village after. the experience for the around. this this this road and go for in the tunnel and go the rest of the tunnel and go the village the side she's got this tunnel two hundred fifty meter. this just very very big ball for this five million on hundred thousand
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jekyl one million dollars just to build this down for just only one family. for a decade already it's always been building a wall that cuts through the west bank these rabies states for security but palestinians complain it saves them from their land and communities the leadership of israel is going crazy and they have no real plan their have no really vision no real vision of a very long term answer because walls will not and will never ever provide security for this one is a good neighbor is actually provide security and we do not have good neighbors eventually the village of larger will also be completely closed in by the wall the only way in and out will be through this entrance that the israelis will control here too the israelis are building another tunnel. this one is so that omar's neighbors can reach a small family cemetery they'll be electrified fence and the local joke is that not only are the israelis separating palestinians from their land they're separating
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the living from the dead but with each tilt of the soil most families connection to the land is threatened to be even more polluted for emergency. what they can do just id term future in. this and this for you and this for my father. my grandfather. don't live in the future it's. like a future times against him and with every new brick it goes up the family's isolation is cemented policy r.t. the larger village thousand mexicans are packing up for home after finding less opportunity in the united states and with hope discovering a fragile economy a weak job market when illegal immigrants are heading back south of the border reversing a decades old trend within a culture that reports. three inhospitable terrain to trigger happy border guards
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crossing illegally from mexico into the united states is a pearl is journey which for many desperate for a new life was always thought to be worth the risk but times and more importantly khana means have certainly changed if what i was so i was working even through jobs what do you have to that it's and someday i mean it was easy but now it's sort of so that if you go you can leave it you're going to spend the money to find a good job ten years ago gustavo like many other mexicans came to california illegally to earn money provide for his family and enjoy a harsh standard of living than at home but now he has joined the rapidly swelling ranks of those thinking it's time to pack their bags and have back south because of the poverty that was in the united states even people before maybe even middle class mexicans now they're falling into the lower class and now even. so a lot of people are saying well i want to be poured here i might as well go back
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home and be or at least with my family of mexico whether wanted or not in the past mexico has provided the largest wave of immigration from a single country into the united states but now that figure just like america's economy has come to a grinding halt crippling unemployment and housing construction market lying idle and a sharp rise in depredations are all combining to put people off seeking the good life in america during the five year period from two thousand and five to twenty ten a total net of one point four million mexicans immigrated to the united states down by more than half from the three million who had done so and the five year period nine hundred ninety five to two thousand mexicans that come here to the u.s. to take jobs as farmers and labor it is a widespread belief that ranks because of the jobs that. you receive still so this trusted name in
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a way raises the question just who will sell and for that ron gotcha's a teacher and a community organizer believes this sharp don't worry trend can lead to more drastic consequences if they leave they crisis in the united states and be far greater than it is now because you know mexican have to go to the grocery store they have to buy the bike like anybody else so that's a lot of buying power talking about billions of dollars of buying power that the american economy cannot afford to lose americans have complained for decades that they want lots immigration from mexico but if chores started going on done and prices started rising they may soon start complaining that they won more my dinner which now are t.v. reporting from los angeles california. my gay pride parade in georgia has ended in clashes between activists and members of the country's church based union of off the docks parents around twenty people rallied through one of the main streets in tbilisi marking the international day against homophobia but then trouble flared
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when a few dozen members of a local church group crossed the path as you can see in these pictures although there's no report of any casualties authorities say they've made a number of arrests on both sides there's a much much more world news around the world now a group of suicide bombers of attack to government compound of western afghanistan killing at least seven and wounding twelve others one of the militants bloom self up at the gate of the governor's complex in the province and three others pushed inside a two hour gun battle with police then broke out killing the other attackers six officers and one civilian elsewhere in the country taliban forces attacked nato supply convoy overnight killing for. america's ambassador to israel says plans for a possible military strike on iran are ready and fully available the statement comes just days before two rounds to resume talks with world powers over its nuclear program the west and its allies have been using sanctions to encourage around to curb its uranium enrichment which they believe is being used to make an atomic bomb dratted says it's only developing a nuclear energy grade. trial of former bosnian serb military commander rocco
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blooded she's been suspended indefinitely because of significant disclosure as prosecutors failed to share all their evidence and sings with the defense team which is demanding now a six month delay that it faces multiple charges from the one nine hundred ninety s. yugoslavia war including the srebrenica massacre of over seven thousand muslim men and boys and also the siege of sarajevo which killed ten thousand civilians twenty five minutes past not at night here in moscow thanks for being with us of you keep abreast of all our news online as well at r.t. dot com let's get across the a business now katie katie a pretty dismal wake them out i look at it and really even worse today take us through the numbers exactly it is even last a day we're now looking at him you know. a year low for the russian bosses so greece is really having its effect here in moscow why because investors are choosing to play it safe they're pulling their money out of
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a risky assets here and as you can see the my six has dropped below the all important thirteen hundred a level now find out to the been some of the mail is they got spat bank if we look at a snapshot of the biggest companies here we can see this is over seven percent down in today's trading session gas problem lou call big energy majors here now to explain this in more detail maxime head of its national actually. he's got more details for us have a listen to that. first and foremost russia is a so-called high above the market puzzle was to know when things. go to russia it was a main thing on top of that we're seeing a number of margin calls today and basically substantial serving coming from western france the possible he was thrown one thousand two hundred four there are two years in this currently worth one thousand three hundred something so perhaps like ten percent but you know if greg's its so-called gregg's that there exist of
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greece from the european union the euro so euro is going to be found all badly then because we might see even for the decline in the are two years the index. ok let's get over to the u.s. so try to get my medicine how they're performing and ok greece is having its effect here moscow but as you can see over stateside is also playing its part we got the dow jones four tenths of a percent down the last back around nine tenths of a percent in negative territory and that's a spike corporate figures coming out today that rationally encouraging wal-mart particularly the biggest chain of shops iran the u.s. they were up over five percent j.p. morgan though that's something we've been following all week with the trade. a loss of two billion then all down almost three per cent of those also some labor figures that came out today they were worse than anticipate is that may show that the labor market is not quite as good as one had hoped and as we can see europe though got
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a foot see this is how it closed up shop today and not only greece but spain was also in the spotlight leaders were saying they may even downgrade twenty one banks now that is a concern given to the common currency and see how that is performing today but what's happening is actually gaining ever such a slight fracture but it's still below one third say on the u.s. dollar that's where traders are going that's where their power is known as the ultimate safe havens if you look at the rubles today you can see it's down against the euro and the u.s. dollar i just want to play it safe and let's go to see the oil prices and see that they are indeed the climbing that is because global dumond's is being affected by the greek sovereign debt crisis as you can see those prices are very low indeed earlier just two days ago we were looking at much higher prices that really is taking its toll we've also got u.s. stockpiles increasing as well kevin that the markets are now going to be more of
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them also out leaving little bit later things creative but within about an hour and a half there's more of the finance rules ups and downs in artie's capital account shortly as well here are two we had to our studios in d.c. for the headline the rest in a minute from now. sigrid laboratory. was to believe we need more sophisticated with john ridley doesn't do that during about anything. to teach me reason why you should care about human. this is why you should. only. i don't.


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