Transcripts For ALJAZ Debt Machine 20240713

Pundit meek potential absolutely it has and we vary it from our assessment not yet Irans Health Ministry has pledged to be transparent about the outbreak but it has been heavily criticized by one m. P. In qualm who says the number of dead could actually be as high as 50 i said vague has more now from tehran. Theres been an extraordinary exchange in clash a war of words between a member of Parliament Ahmed a meter above the hes a member of parliament for the city of qom the epicenter of this virus here in iran and the Health Ministry now he said he puts the number of dead from the virus at 50 now he acknowledges not with the maybe from the krona virus but he says that the governments performance on the issue has been 0 he says that nurses dont have the correct uniforms on are scared of treating patients he says that the government isnt really concerned and the virus has been present in iran for 3 weeks but their names meant was delayed by the government he also said that he knows of 2 children that have been infected by the virus and has called upon the Health Ministry to impose a curfew on the city of call now the Deputy Health minister has come out and as has denied the figure of 50 and said that even if it was half that number he would submit his resignation about the responded to that and he said he sent the names of those that have died from the virus to the Health Ministry and he expects a resignation now the Health Minister has come out in response to all of this and he said that the government is dealing with the situation meanwhile the northern italian regions of long body and then itll have closed schools universities museums and cinemas for at least a week as well as quarantining 11 towns Italian Police have been manning checkpoints around the isolated towns and residents have been stockpiling food croatia hungry and the island of all advised against travel to the affected areas. Hollywood Film Producer Harvey Weinstein is in custody after being found guilty of 2 counts in his new york Sexual Assault trial he was cleared of the 2 most serious charges hell be sentenced in march that manhattan street District Attorney praised the women who brought the complaint against feinstein. Harvey weinstein has finally been held accountable for crimes he committed the women who came forward courageously and at great risk that have. Once the is a vicious serial sexual predator who used his power to threaten rape assault trip humiliate and silence is victims india has rolled out the red carpet for u. S. President donald trump with more than 100000 people turning out to greet him hes in india on a 2 day state visit focusing on trade defense and security but he also hopes the trip will boost his reelection chances by appealing to the 4 and a half 1000000 Indian American voters well meanwhile violence has once again broken out in delhi over indias controversial citizenship law which opponents say discriminates against muslims a policeman and civilian were killed the supporters and opponents of the law clashed. The Palestinian Armed Group Islamic jihad says it has completed its military response to israel but will continue to fire rockets as long as israeli air strikes continue inside gaza theres been 2 days of fighting along the gaza strip those are the top stories that stay with us that machine is coming up next that im going to have more news for you in half an hour i hope youll join me then thanks for watching. Debt it drives markets creates profits 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 once youre on it very hard to kill lets see if i must use them to look good. The public put on the lets start over and create a system of credit which would actually be sustainable which wouldnt destroy the planet because the curve machine has to a. Diminishing up idea that can exist to any piece on duty do test on come on that did across off economy. Check any opus paramedics on it said producer. 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 euro zone 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 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 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 data be repaid how can we ever get out of the spiral. If you put 2 on both in that as in i guess youre yet divvy almost of a dead to cvs everybodys word. Or junkie was up i think they sell out theyre covered with i dont know but most of that sean hoare and his exam proof are saying of all of his says that they did to contact about what horse knows emmett on bossy when it drops below years to q i think its. The property to go neighbor kid physick. 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. 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 but 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. So he can the polytunnel use it on go his basically put it to School August im suited for humanly move to a bill to slug subiaco so much. You know if we were today or figured on compile your film and or goes to show it doc opportunity would be phenomenon in bungay are saved it was in 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 post war boom in the early 1970 s. Government debt in europe was a great called lows 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 their gold reserves by the vietnam war announced a staggering measure that would drastically change the world economy. And the dollar against the speculators. I directed 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 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 of around the world. All the currencies of the world that were either tied to the u. S. Dollar of the british pound by 1971 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 cleared 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. But. 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. Us and im under 62. 00 to going to meet. The dude you could be carter or to dinner some counseling to do so says on this subject dont include the absolute perfect demanded a good imagery and saying that democracy would sit up of boredom and no one knows them and that their knowledge will not suddenly produce be color loser. Comedy block no im pretty exact monem shoes but it was. The sudden increase in the price of oil weighed heavily on the world economy. They put the brakes on growth. Production costs went up prices went up to. Inflation is skyrocketing. High inflation has a major drawback it impoverishes savers and investors since their money depreciates. For government inflation became a new enemy to be defeated at all cost. After removal to would have rescued a brave federal sa i thought those are the 5 always elitists know 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 i was eagleman known gone by gar on credit or a 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 our cities. Polluted diktat do all the kills you simply did before i welcome knowledge on global use it is on top on only because if there are so many to not exist before or is it an economy to defeat it on a cyclical season was an economy keep up it will moan that it is on was under an 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. But nobody but. I dont know dont usually yelling. Lets not. Be so hard now when we let it be weeks on a back to the hard basket will be the kimosabe condi 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 debts 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 earn some money. A lot wrong bali bomb get rid of it so the it that im going to be also the renewable. Become less going to be are just going to bury the view of an awful. Void that with a 1000000000 people really i believe it lives a little more lawyers and we are for me to do it because there are no border little locket did the new york city lit up usually like session with their yard of a new orleans. Clear about it wanted to say about the present or to know the gone piece also done on dollars and cents on this persona for example is another name to tell and its only going to make a lover but hes going to to put to the put it document utility going to manassas on if you nasi going to tell you going to the central bank 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 19051971 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 at 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 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. Dont let. Them continue to do the uk good if a few more on the city lead it good with the present predicament seek it on play. Hockey live for it could have done it. Because it is good with puppy it is surprise to us that in a while the reason. We dont is all we want to have it all the time is develop for. Us it ok probably also on our ration the sequel is commission i took up so i did a fade to distribute the go on to just what is on it would suggest that the early months of. 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 a suture that are keeping no bond to god you have to prove the devil look at this 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 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 media to have an interest by new markets which is a or both back to on your longer. Than yours morgan old labors why not speak you live on our own nuffin did you blair in Gabby Douglas cause you shift to new york on one dot. Com you loudly grandma you guardedly booklet victimized and ordered a book. Battle are. It in blue sybil letty ski said country back they bet your salad bar. The movie yet youre obviously it lit it up. I want to go and find of do sympathy also cool that im sick of you know you dont usually want to last minute nodded from a gas i get home and think how to play big c b but maybe on paul if you know he also can face a cost that he did indeed p. V. If we dont need you what do most of you can offer do not that people. Are counting the cost a tale of 2. 00 nations the strain is unrelenting charges of cold and germanys plan to get out of Coal Powered Energy plus the unseen polluter we find out what the shipping industry is doing to end soaring emissions. Counting the cost on aljazeera. Step into the unknown with central americas 1st ever theatrical production by actors with down syndrome. A life journey illuminated on stage each performer transformed with the rays of a curtain. Witness tying to love a backstage tale. On a. March on aljazeera. Up to theyre also going on the nation witness brings a new film this time from africa for International Womens day a crucial day in the race to challenge donald trump where live across key u. S. States for a super tuesday studio b. Unscripted brings a fresh approach to discussing contentious issues and finding Common Solutions as Benjamin Netanyahu prepares to go on trial for corruption israel heads into its 3rd election in less than a yeah the listening post dissects the worlds media how they operate and the way they cover stories much on aljazeera. Hello im Barbara Starr in london with the top stories on aljazeera the World Health Organization says the sudden increase in corona virus cases outside of china is the plea the starving Irans Health Ministry says 12 people have now died there while a 6th that has been confirmed in more than a silly meanwhile china says its postponing its annual National Peoples congress do you see the outbreak the w h o s praised china for acting fast and says the epidemic there has been steadily declining the key message that should give all countries hope courage and confidence is that this virus can be contained indeed there are many countries that have done exactly that for the moment we have not witnessing the uncontained globally spread of this bias and we are not witnessing largest gives severe disease or does does this virus have pundit meek potential absolutely it has and we vary it from our assessment not yet. Hollywood Film Producer Harvey Weinstein is in custody after being found guilty of 2 counts in his new york Sexual Assault trial he was cleared of the 2 most serious charges hell be sentenced in march the manhattan District Attorney has praised the women who brought the complaints against him india has rolled out the red carpet for u. S. President donald trump with more than 100000 people turning out to greet him hes in india on a 2 day state visit focusing on trade the fence and security but he also hopes the trip will boost his reelection chances by appealing to the 4 and a half 1000000 Indian American voters meanwhile violence is once again broken out in delhi over indias controversial citizenship law which opponents say discriminates against muslims a policeman and 3 civilians were killed the Palestinian Armed Group Islamic jihad says it has completed its military response to israel but will continue to fire rockets as long as israeli air strikes continue inside gaza theres been 2 days of fighting along the gaza strip well those are the top stories that stay with us that machine it continues next then im going to have the aljazeera news hour for you in just under half an hour i hope youll join me then thanks for watching about. 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 after you move. Home. So that you may bark. See so many stocking be basque your seat and safety is all planned on us yeah im only going to. Explode in. If you all see the proof to the petty and ample to the drama. Of talks apple aapl a lost girl some hope of a. Better litter box attack as you know extraordinary back appears again 1st. To the media. Shes be a. Little shes a little. Icky dont. Ask you call it a sis do p. C. Signals c c c that it will be real label q. Q. Pretty. Close if you pretty see if you can pull a nouvelle finks human will plus the debunk a couple should be 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 pop and the rail 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 your. Now you do from a good to see most obvious addendum as in every bank you. Can enter will be easy to miss and his most ethics is one 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 god and obama is not an ignorant sort of those are hard work and so i learned the additional unfortunately some long view of a good song 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 doing only one fizzy emote in love you dont have ever done was commonly used to one another. 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 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 indebted notes 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 on up whenever it has you broke new on brooke dog sitter and you could see that ice everybody logged as 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 by you comment unless it be your bell on this you did with this loki as you know we do listen as we know it would dislocate if not it is it actually 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 visit our o. B. Or keep the soups they do at a kiosk the pv. 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 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 country. Debt and. Kind of double jeopardy. Or did you it by sake of insult to decrease your. Oh not days to finish job us. Says if one day i want to keep ability economy. Just because i happen to live in greece somehow im a sinner im a bad person because of some political acts done by political representatives of one kind or another. Therefore its ok for people to have their lives destroyed its ok for people to have to tax through garbage and not have anything to eat its ok for Cancer Patients to be denied medicine if were ever going to have morality in the world we need to absolutely reject that logic if theres individuals responsible hold them responsible but dont hold a college to very responsible for the deeds of. To resolve the greek debt crisis the e. U. Granted Financial Assistance in exchange it imposed a draconian Austerity Program the country was placed under stewardship and lost part of its sovereignty it was placed under surveillance by the troika the 3 delegates of the European Commission the European Central bank and the International Monetary fund. Other over indebted countries in the euro zone will be controlled by the troika in turn and subjected to similar was 35. 00 which. Was. The sound of those protests reached all the way to brussels the troika had become a thorn so much so that the European Parliament held a special session about the troikas actions national and european m. P. s questioned european leaders besides they cannot be many up she may be years to Program Others will be violent as the lover broke out of that other stuff we give a shit that asked them oh yeah it could it because im sure theres the decrease. Yet if you asked again i thought these theories are the best that are frona yum of the 2 stars though the troika is the lover there may be more kind of human more beauty caring for. Yet the message. On are valid only we have by 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 surely you too much your own guns the needs. Of the program the d. V. R. And all of the guns under fire. 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 means look stuff up reasons that the us yes could get a limited seasonal 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 by the north of iraq 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 you have been willing to bear on a fair offer for all give up be back if they are gone after you are going liberate europe from the monster of brussels nuno and comment 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 how. Could europe curve the debt machine what mechanisms can it use. 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 has covered up i think investor that out for me said out it dont go best is cool with it we obviously they saw it would years back thank god we said and im sure as best adora do now at the base here. Should i get your misandry programs likely to make a fortune if i pass coffee yet as we 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 you know 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 tell me a little girl openly people accuse deceased. Until this was all that it was just in them and then it would be a pretty good eliminate unique was when your lawyers who know. About dont know the war but hominick more than the 1st and the 1st i want to know is that would. You put on more if you do so legally ma. This is your strawman 20 seconds for polluting. To be adored since it is given medina hardware on that origin mark so experts here know the hams go soft as ice under linux. On this week politicked are in league and in order to undermine we dont. Needed someone 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 one mention on some. Tilt to the bank named to see the hologram and emerald number. To the left a closer look at the euro money. The strong euro benefits the countries of Northern Europe that 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. If youre ready and go study for med the Police Officers the did download it off it was also v. N. Cisco f. 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 go i think i cross off i had to let it off and said ive explored all across all of us on the docket dont so much that im response because if you know its puns go on. Fulfill all of the phone says give for when you want it in the sleaze up with dubious going to get the book i dont suppose company did go over an illiterate in that sleazy focus lead that this was on paul saul so as to do it all more on Television Critic david so you could put the 2 gay bullied gleg siebold isnt nomen to secure their asses on bills own sill book oh no its a dude little hope gandhi said the new food lepage so 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 get always and they still doing it had to send money to the south regularly not lend money but give grants. And in the old days they had the big gossipy metal door the fund for southern italy which paid out tens of billions of dollars over a century i mean of the 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. 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 night 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 tend to need to lose or let you know who niggas get he will prove it when i had an e. U. Policy lab and this you event yeah it would be even exist apart the push to be did dissociate we did get community libby less or no more back toward the box on high up in gesture they actually be there as 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 was one way to move that i dont want men to not have i see when it bad really matters if you know the dentist in atlanta if youre more on talk about sato up in jordan i said. What about simply writing off the debt. Cancellation can be done to preserve the social order because we dont transform it most revolutions involve cancellation of dance ironically german prosperity now is based on the cancellation of german thats after world war 2 it seems very ironic that the german public is absolutely unwilling to even renegotiate debts of countries like greece calling them that centers when in fact all thats were cancelled after world war 2 and it was that freedom. Which actually made the german economic boom. The recovery that it said on the net any political one. Because if it landed it dead goodbye let it via a surrogate is ricky better you will see that youre about to be one or will be is what we had this was about one global act truly those are all they do my go to again is obvious what i said but he did i say grow up assad is or be our boss said vance i post on this and i go deep others will be added wolf i believe it was said it wasnt possible to survive it as we will check any good acid at it establishes ascii art that look it was well look it is having a dog the good of it go look at it he lost it so i vaguely og up as good as i could was on people it like that be so haley bad apples are about he wants a memory for me get rid. Of a known 6 and you still have to search for the put you be a leg i spy we do not a rodeo like this do for the president to as he called him fortunate to get him but he was going to use them physically like anybody have a you can travel to name list if you want to be public you know who support him 6 wrong leg is 2 thirds of his 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 you know well known do exist unless. There were a system he used if just any i want bastien about on and dont include innocent hes guilty fucked and they get the consequence you know dimity the western beaucaire damage done is what he put it quote. The least personally as we know. The e. U. Has long been powerless against tax evasion switzerland austria and luxemburg have always championed bank secrecy the e. U. Has taken action requiring increased transparency. If you know. What i thought of it you know what. Thats what im at. Joe for the well theyre going to dominic welcome to dont disturb the party dont tease to get off ala this she did love an illness joyce on his own for me domicile to go on and i dont know it all. Alone on the monitor that mischa all of newmont but it is the longer so youre going to cause we mara with all that economy getting more external. To do the democrates you see the view that he had to have you dont look at p. Diddys that clip of you know him and he said bouncing off on it when elam is a real good on clip bunch of his perpetrator is offered to do are to do what you want to keep ability to dont i that you dont do well such as you going to music increases city just as you do. Today date the economy and finance an ever present Global Reality we are all caught in the debt machine the debt its grip and its dictates have insinuated themselves into our work our relationships and our lives. Only time will tell if we can actually afford this must a servant relationship to date. Hello that trouble fica. Aster has now made landfall across northern sections of all straight and say spending very clearly here on the satellite it really came on shore rainy just between the Northern Territory and queensland and this is where we will see most of the rain over the next couple of days now certainly where the system continues to spin as it works its way very steadily south was a further inland we could be seeing as much as 400 millimeters of rain accumulating over the next 2 or 3 days why spread showers some of it heavy at times throughout much of queens on again hey maybe 2250. 00 millimeters of rain and then some scattered showers across areas of New South Wales theres also some rain on the calls for you into perth 33. 00 celsius on choose to add a bit cooler on wednesday but these temperatures are above the average and said does come with a chance of even some scattered thunderstorms and still staying very unsettled through the Northern Territory and as you can see widely unsettled across much of queensland and again down into coastal areas of New South Wales very heavy rain in the 4 cars for the next couple of days working its way quite swiftly but across the Korean Peninsula and on towards japan thankfully it is moving quickly but even so about 50 millimeters will be accumulating into as the south korea mean lot across into china still very warm temperatures above the average dry and sunny in shanghai and warm in hong kong. 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To tell them whats happening in their communities in kiev and im biased and as an african i couldnt be more proud to be part of. The on the a. 0. Hello im barbara sara this is the aljazeera news hour live from london thank you for joining us coming up in the next 60 minutes coronavirus kills 7 in italy and at least 12 in iran spreading to other several other middle east countries and sending markets into a tailspin. Harvey weinstein is found guilty of Sexual Assault and 3rd degree rape but cleared of the most serious charges against him plus. Your nation is doing so well