Transcripts For ALJAZ Debt Machine 20240713

President donald trump made a rare appearance in the White House Briefing room to downplay the threat of coronavirus the risk to the American People remains very low trump the klein told point to socalled corona virus czar as some lawmakers in the u. S. Have urged instead naming Vice President mike pence as the point person to lead the u. S. Response to the growing outbreak were doing really well and mike is going to be in georgia and mike will report back to me Top Public Health officials are warning americans to prepare for more corona virus infections in the United States the degree of risk has the potential to change quickly and we can expect to see more cases in the United States the trajectory of what were looking at over the weeks and months ahead is very uncertain but even with those warnings trump continued to contradict the message of Career Health professionals with his all i dont think its inevitable probably will it possibly will it could be at a very small level or could be at a larger level whatever happens with totally prepared the contradictions have left americans looking to local officials for guy gets across the country state and local leaders are seeking to calm fears in atlanta well be ready for whatever comes in iowa things have been changing and even in americas most populated city new york in the case of hong kong iran italy japan singapore south korea taiwan thailand it just stands to reason that anyone coming in needs to be screened and they have symptoms they need to be quarantined in 2018 the Trump White House shut down the office previously dedicated to preparing for global epidemics trump claims thats had no impact on response but critics in congress disagree this is shameful what hes doing is late. To late on a mic hopefully we can make up for the loss of time trumps also defending the 2500000000 request from congress to fight coronavirus even as some members of congress say its not nearly enough and were getting far more than what we asked for and i guess the best thing to do is take it well take it President Trump also told reporters the United States is rapidly developing a Coronavirus Vaccine but Top Public Health Officials Say such a vaccine is still more than a year away can really help get aljazeera the white house all countries in the middle east are bringing in strict new measures to combat the spread of coronavirus saudi arabia has temporarily halting visas for the pilgrimage known as the and for tourists coming in from affected places. Turkeys Defense Ministry says 2 if its troops have been killed in syrias in the province and Turkish Backed Syrian Rebels say theyve regained control of the strategic town of after it was seized by the syrian army earlier turkeys president said his forces were preparing to push back Government Troops in it live the Indian Government has replaced a judge who was hearing cases related to violence in new Delhi High Court justice s. Morley dar had ordered police to investigate leaders from Prime Minister Narendra Modis into nationalist party b j p for inciting attacks against muslims at least 31 people have been killed and 5 people have been killed in a mass shooting in the us that in milwaukee the attack took place at the headquarters of the most and corps Brewing Company police are saying that the shooter is now dead now today with the headlines on aljazeera will have more news for you right after death machine. 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. Its a debt machine once youre on it very hard to feel like that 5th i must use them to look good also good news from the public but on the 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 higher up idea can that can exist without holding them to a piece on duty do test on come on adequate off equanimity fidel castro as you came out there 2nd here. Impose paramedics on it to produce a live wire problem 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 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 and why dont i lend to the government of spain or to the government of italy order 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 dont 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. Get 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 some more now you know were pretty up with the beauty of we had 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 teachers. 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 your view divvy or most of a dead cvs everybodys well. I think they sell out theyre covered with have no no but almost over that sean hoare only 6. Of course says that they did to contact about what cost which i may tell bossy when it drops below you should i think its. A property to get a perk at physic but little to quite their bad horse why its not one of his horses off is it what 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 products calculating who owes what to whom within temples and other large bureaucratic systems. So what you have actually your Credit Systems are 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. 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 and by the warlike rule is an easy way of getting rid of debt when that would be used for centuries. At the time governments had power over creditors only much later would that balance of power be reversed. Leland attack was resumed after the 2nd world war in 1945 americas Marshall Plan granted 13000000000. 00 u. S. Dollars in aid to europes industrialized countries exceptional growth followed and the 30 years after the war were good so good that they were known as the economic miracle in germany and the glorious 30 and France Business was brisk industry was in full swing and the growth of consumption was spectacular. The polytunnel use it on going has basically put a deposit there. And certificate you molly moved to a bill to slug seal bianco so much i mean. If we wanted to our. Value of film in the whole goes to show it would really phenomenal in bungay us you did was it i wanted probably was that i was phenomenal cause its all in there on time the b. B. Was an image will be a few miles that iraq good will be buried. In croissants. By the end of the postwar boom in the early 1970 s. Government debt in europe was a great cordless thanks to growth and inflation but the economic machine would soon be upset by 2 major events. Good evening on august 15th 1971 Richard Nixon the president of the United States his coffers had been emptied of a gold reserves by the vietnam war announced a staggering measure that would drastically change the world economy. Would have been the dollar against the speculative. 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 a 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. 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. Ive. Just normal necessity today going to meek. To jude it could be carter innocent jones i could use a switch on this subject. Nope and that includes the im sure of the feel of the middle you go immediately and select a mockery of it you sit up and claim shows for a minute now on assignment that the knowledge will not suddenly produce be calling bush a comedy block long and pretty exact amount to im sure but it will. Be a sudden increase in the price of oil weighed heavily on the world economy. They put the brakes on great. Production costs went up prices went up. 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 brave federal sa i thought those are the 5 always elitists know yeah fellow easy late class 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 and gone by gar on credit or a debate you feel silly it put you to such an icon by the convo but like you the idea to show our much other friends 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 point only because if there are so many to not exhaust if one or is it an economy to defeat it on a cyclical season was when in a going to make it up it will moan that it is always under an economy with a monitor fault which is additional lies and try to buy them for us good luck or be that the developer is good at it can do pretty good continue said it. But nobody but. I dont not only c. L. A big. Privilege you. Have no order to sort out now that 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 in 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 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 of it so the let that a 1000000 people off of the renewable. Become leftovers d. L. Says can bury the view of a national. Divide 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 body gong to say about the present on the go on pieces of the known dollars a name was on this persona for example is another name to tell a soul economical love about his good city to the Public Document utility economy manassas on if you lost it 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 kays argued in the 1930 s. Was. We must manage this process it can create vast bubbles of debt it can go out of control. The 929 wall street crash in the United States prompted the british economist John Maynard Keynes to warn politicians the credit machine needs to be controlled to benefit all of society not just speculators. When we managed the Financial System between 1905 and 971 there was not a single financial crisis anywhere in the world and then in 1971 the bankers lobbied and they said no no no we dont need controls you know the market will discipline us we will blah blah blah and we began to lift all these regulations and crises began one after the other 1st 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 7 months 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. Debt good with the present predicament seek it on play. 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. They dont is all they want to have it the coming every other time is developed for the. Ok probably also on our ration the sequel is commercial good 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 no one in Office Secretaries you want to switch on that are keeping obama to god you have to prove the devil look it is actually take you on to the proof your priest guess what if you are god proof dog preachers 300 preform food near proven food in a prison for god you prefer going to prison on a system hostile 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 meaty 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 nuffin to do blair in Gabby Douglas the shift to new york on the one dot. Com you loudly grandma you guardedly booklet with might and order the book. In the battle are. It in blue sybil letty ski said country back they bet your salad bar. The movie accuracy if lisita. Well. Also called it a sector if you know you dont. Mind halted. At the hall. If you dont know if you also can face a caution he did indeed p. V. Equals. What do you think you can offer do not get people. Whether online like father got to get one of the worst grafter Mainstream Media about. Or if you join a sun sank tears a different diversity and inclusion and they were sometimes isnt always sincere this is a dialogue sanctions and the ways in which theyre got tied to iran are and im a wife that everyone has a voice we as a society that is so quick to. Sit down and join the conversation on aljazeera. The u. S. Is always of interest to people all right well this is been going on for a number of tear gas being used. By others to report stories from an International Perspective we try to explain to our mobile audience why its important how this could impact the life at the height of the storm the water was so high that you know this is an important part of the world people Pay Attention to what going here now to do is very good to bring the news to the world from here. The 70 years after one tribes epic journey from palestine to the nile delta 0 well to me its the largest concentration of 948 refugees in egypt. The socially isolated community with your rights fighting to survive and keep the palestinian heritage alive in a world where that was and is increasingly marginalized egypts while the island on aljazeera. Featured over here in doha the top stories from aljazeera turkeys Defense Ministry says 2 of its troops are being killed in syrias province and Turkish Backed Syrian Rebels say theyve regained control of the strategic town of sirte a cab after it was seized by the syrian army earlier turkeys president searches forces were preparing to push back Government Troops in italy the United States and south korea perspire and joint military exercises as a result of the corona Virus Outbreak south korea has recorded its highest number of cases in a single day pushing the number of people infected to almost 1600 rope a bride has more now from the south korean capital seoul theres been growing expectations here that these exercises would have to be postponed and now weve had confirmation of it if anything it would have been strange if they had gone ahead hosted by a government which is telling its own people to avoid crowds to stage exercises that bring thousands of soldiers together so they have been postponed we had yesterday the 1st confirmed case of a u. S. Service personnel getting the coronavirus and we have various quarantine provisions in place of the number of bases military bases in south korea u. S. President donald trump says his country is ready for any outbreak of coronavirus he added that the u. S. Would spend whatever is appropriate to combat the illness strumpet also appointed his Vice President mike pence to manage the countrys Response Missions in the middle east bring in strict new measures to combat the spread of coronavirus saudi arabia is temporarily halting visas for the pilgrimage known as the and for tourists coming in from affected nations. The Indian Government has replaced a judge she was hearing cases related to violence in new delhi the High Court Justice a small utah has ordered police to investigate leaders from Prime Minister Narendra Modis Hindu Nationalist Party the b j p for inciting attacks against muslims at least 31 people have been killed and more than 200 are being treated in hospitals following the violence over a controversial citizenship will. 5 bodies have been recovered after flooding drenched central columbia 4 men and a woman were killed when a landslide hit their camp is built on steep slopes are particularly at risk but those are the headlines up next that machine also used in. 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 to move along. They dont like or they get on boxes to make a movie so that the l. A. Bog posse go pick so Melissa Huckaby pascoe see and say phoned her as all 10. 00 leftover model economy looks good fit but its a club law doesnt put extraordinary extraordinary even a placebo the fairly back. Lay back if you all see the proof with a pretty ample to keep do box and help us to save a good box up of some who are both a last good stand up of the. Law school feel the best lit up several outgoing sit back as you know excelled in a basket pizza guy fast want to be our baby to the media. Shes be a. Little visitor you could see people a communal we dont. Busk you call it a says 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 will fix human will bless 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 from a good to see most obvious addendum as in every break you. Can enter will be easy to miss and his most exes well you know. That announcement was like a bolt of lightning striking. The german chancellor weighed in on the question didnt mind. The day off we did so called the end. Of this i was going so ive learned the additional unfortunately long long view of the socalled end for tots not the common theme is not with the mothers of the movie is a lot of them all on their list even. Imagined him of you dont he. 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 of confidence collapse the fear was that if greece restructured its debt. Might the markets pullback 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 indebtedness than to run the risk that the market would perceive a sovereign restructuring in europe as 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 a new dog bell today and you could see that ice everybody logged less than 0000 overpass unclear cement in his affair you know i could problem in europe i would eclipse to rub it off because it you know put it in a buy you comment unless it be your bell did a disk looking as you know we dont listen as we know it would dislocate if not it is that last year it appeared up on peggy accountable me you know number one our own taylor to all basket and want their book to do or. Say brought it out or get it off it discuss it so they said that or via 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 into the i. M. F. In the e. U. If you can solve a 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 there 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 nah distant finis joe bus. Says if one day i want to capability 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 pick 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 eurozone look be controlled by the troika in turn and subjected to similar was 35. 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 use us they cannot be many ups you maybe years. To Program Others will be violent as the lover but i know that the other stuff we give us is that i asked them oh yeah theyre going to guess im sure theres the decrease. Yet if we asked again i think terry said that theyre sort of throwing the young of the troika in a lather then. You know more p. C. Care for. Yet the message. Valid only we have here upon this you stop probably my 2 heroes here to promote the clothes then i want to make go. Parliament in portuguese Asian Parliament in spanish in 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 need. The program a d. V. R. And all of the guns under fire go. Up thats a decent program and courts for. Valan. Thats a lot 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 woman to susan. Is the deficit because well it is the. Gov contrails. Singo you not only that you die its a center but if area nor. North i want to go mia you 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 your back if they are gone and 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 have. Could europe curb 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 are huge for me send out it dont go best hes cool with it we obviously they saw it with. God missile and im sure as best daughter theyre now at the base here in waiting should i get your misandry programs likely to make a fortune if i pass coffee yet as you know that a book a minute there i guess that you have. It 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 at the job. Do system. Until this was all that it was just in them and they would be. Eliminated week of was when your lawyers who know. About dont know the war but harmony come on 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 from polluting. Your doj ans in this case medina hardware on the doj mark so experts here know the hams go soft as ice under linux. On this Week Committee politicked are in league and in order to understand we are only. Needed someone so on the server im sure and so into naman i meant to have 3 to sign with an outdoor highs span is a dimension of going to his gate sint does and in via touch on the 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 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 these 2 chua go. A ghost asked you for made to Police Officers that downloaded off it was 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 all day bruce dont see maggi name go i think across off of our head you elected office and ive explored all across all of us on the docket dont so much that im response because if you know suppose go on. Ski fulfill all of the phone says give up for when you wanted to nestles up with dubious going to get the book i dont suppose company did go over an illiterate in that sleazy focus. This was on paul saul so as to do it all more and to live in gritty. But do gay bully gleg siebold isnt nomen to secure their asses on balls on silk bookham no its a dude 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 are 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 gossip area metal door the funds for southern italy which paid out tens of billions of dollars over a century i mean if the endless payments that are beneath the wealthier provinces have to send money to the poor provinces not lend money send it. But there is a catch the master treaty stipulates that each country must manage its debt. Europe is far from being a case of union. And yet in 2012 for the 1st time the president of the European Central bank the e. C. B. Took action. The euro is irreversible. We will do whatever it takes we live in our mandate within our mandate to have a single Monetary Policy in your area and to maintain price the 1000000. 00 euro area and to preserve the youth. I dont indeed need to lose or let you know who niggas get he will prove it when i am here polly lab and this you even dia equity in exist about the push to be did this was Just 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 maximum pocky precisely what i dont know even exist about me as you all talk about on high or b. N. Did you feel lost on her little any left was one way to move on i dont remember to not 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 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 gaffes 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 debts 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 their head via a surrogate is ricky bet as you will that youre about to be one or will be is what we had this was about 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 go up the saudis or be our boss said vance i post on this and i go deep others will be added wolf i believe it was said this wasnt possible so i it as we will check any gas have at it established backyard look it was well look it is having a dog the good of a good republican that i did he last year so i vaguely audibles good was likeable people eat 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 pussy be a leg i suppose and do not of all the legs it is due to be president who as you called him fortunate to get in but he is going to use them physically like me but i have a you can travel to name list if you want to be double noble to support him 6 wrong leg is 2 thirds of us 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 do exist unless. There were a system he used if he just any ill pass on about on and dont include initial fiscal cliff vote 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 i thought of it you know what. Thats what im at thats not a thumb with a nipple objective. To form the well water you can use on the ground dharmic welcome they dont disturb the body dont teach to get off this you did love me or not show isnt enough for me domicile to go on and i dont know it more. And all the little that mischa all of newmont but it will this is the longer they are going to cause we mara what will the economy getting more external. Do produce it to market if you see it of you levy a grave you dont look at p. Diddys it clip of your own and she said bouncing off on it when ylem is a real good on clip ons of his property is offered to do are to do what you want to keep ability to learn i bet you dont do well such as you going to mr concrete is it 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 dictator 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. Welcome back weve got quite unsettled weather across the levant on the Arabian Peninsula the moment now the west weather system moving through skimmers really quite nasty conditions into ron has been very cold temperatures just the north of freezing and winds blowing quite considerably weve still got some snow around as well further south weve had strong winds here in tow visibilities not being very good and certainly not seeing much the way of sunshine the winds blow in the flanks quite strongly and see this frontal system continue move its way through the rest of the peninsula so we got a strong wind blowing through the course of thursday may well on the other side of the peninsula weve got red sea light winds down through the red sea so fine in mecca highs of 33 and then as i move the forecast through to friday we should find that the wind just easing down a little bit still not particularly warm sunny 23 is a mix wind as long as the wind drops it shouldnt feel too bad q. H. You look at my some of 22 moving into eastern parts of africa unsettled here weve got trough of low pressure bringing showers in here so expect further heavy downpours over the next 24 hours and that continues then through into friday heading into more southern parts of africa are looking more unsettled here now with some heavy rain expected particular across the eastern cape. March on aljazeera. After 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 year the listening post dissects the worlds media how they operate and the way they cover stories march on aljazeera. The. Rebels backed by turkey to celebrate their 1st victory since losing swathes of syrian territory to the army and its russian allies. A welcome im peter w. Watching aljazeera live from our headquarters here and also coming up with the coronavirus now reaching around the world nations react with tougher restrictions on travel and trained. Anger at the Current Situation economy and a bit of a stray shes being held here lebanons protests may have windell but the governments being war