Downgrade recommendation by the department of justice prosecutors and as you pointed out that downgrading of the recommendation came after the u. S. President weighed in on twitter calling the recommendations a miscarriage of justice in the end the judge said that she took a look at both recommendations and felt that this should be proportional but at the same time noted that there were very few precedents for such a case involving the very close ally of the u. S. President roger stone in the end she did say that she took into account the requests for levy and see by his friends and family and she also said that she did not in any way pass judgment on roger stone as a person she said shed leave that up to a Higher Authority pretty remarkable given the fact that stone himself took aim at this judge quite literally even posting early on when he had been charged a picture of the judge would be campbell handling the case next to her image in a rifle crosshairs so this is been a remarkable case from start to finish as you point out the sentence now in some 40 months as well as a hefty 20000. 00 fine but certainly a downgrade is set. From what was initially proposed a vigil has been held in the german city of how now after a suspected far right attack left 9 people dead or 30 say theyre treating wednesdays shooting as terrorism after a 43 year old man opened fire inside 2 shisha bars before fleeing the scene and killing himself german chancellor Angela Merkel says there are signs the man acted out of racism the youth are going to do that everything is being done to clarify up to the last detail the background of these horrific killings there are many indications at the moment that the perpetrator acted on right wing extremist rices mars of out of hatred towards people of other origins religion or parents turkey says 2 of its soldiers have been killed and 5 injured in ass trucks near syrias adlib province its military has been shelling Syrian Government positions in the northwestern city of sara keep the government captured the city for rebels 2 weeks ago as part of its push to retake the last rebel held area turkish president richard tire about one is issued an ultimatum the syrian troops to pull out or face retaliation. Israels Prime Minister has approved more than 2000 new settler homes in occupied East Jerusalem and community who says he also intends to approve a further 4000. 00 residential units in another settlement in the same area a spokesperson for the palestinian president has condemned the decision or netanyahu is move a systematic destruction of plans for a 2 state solution the settlements are built in violation of international law. South korea has reported its 1st death from corona virus as the number of cases globally reaches 75000 theres been a downward trend in the number of new cases but the World Health Organization says now is not the time for complacency china insists its containment measures are working. 2 elderly passengers have become the 1st people from aboard a cruise ship in japan to die of the corona virus the 2 japanese victims who were both in the eightys died in hospital hundreds more passengers are now disembarked the diamond princess after 2 weeks stuck in you can harm a port of japans government has defended its decision to quarantine the ship which some have called the perfect incubator. Those are the top stories to stay with us debt machine is next looking at how debt in europe has impacted its citizens more news after that thanks for watching. Debt it drives markets creates profit and generates an endless cycle of production and consumption. We live on credit our homes cars schools and government expenditures are financed by borrowing. Data has become the engine of our growth the lifeblood of our Global Economy. Its an economic machine impacting the Global Economy with more and more date being produced day in and day out. This debt machine has grown to Epic Proportions and now seems to have spiraled out of control public debt the debt held by governments is soaring. The eurozone is having a much harder time 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 feel like that if i must use them to look good. But on that lets start over and create a system of credit which would actually be sustainable which wouldnt destroy the planet because the current machine just a way. Diminishing i look up of my desk and that Community Says to me peace on duty do test on come on and did across us economy. As you came out. 2nd it puts paramedics on it the producer live where problem sick over to that somebody to see that. Then who. Is a pow and i deny me. Said that then on any. When its debt reaches a certain level the government gets caught in a spiral to repay its debt and the interest on it the government has to borrow more money year after year. Most eurozone countries are now in that situation they borrow heavily on the Financial Markets and from large private banks that fight fiercely to keep them as clients. Banks love to make loans to sovereigns why because behind the sovereign are millions of taxpayers and theyre not like the shoppers or its not like the consumers in a business because those tax payers never go away theres a new one born every single day and theyre going to pay taxes for the next 150 yes unless the country collapses so why wouldnt you lend to them because you know youre going to get your money back you know theres no Bankruptcy Law you know that you can always make a profit on its safe lending whereas if i go to a firm that wants to innovate and produce a new asset you know firm that maybe once decided they want to build steam engines and 1700 or something i dont have to risk assess the risk. Well thats too risky why should i invest in that why dont i lend to the government of spain or to the government of italy or to government of portugal 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. 1992 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 your yet divvy almost have a dead cvs everybody. Or junkie was up i think they sell out theyre covered with i dont know but almost over 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 physical about little to quit their battle choice you know what hope is also obviously 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 genoa 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 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 grow his basically put it to school against reason and suited for humanly move. The bill to slug subi and cause so much. You know if we were to die or figured on compile your film and the whole goes to show it would be financial in bungay us you didnt resign i wanted but he was i was phenomenal cause its all in there on time the b. B. Was an image will be a few miles in iraq good. In cost. By the end of the postwar 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 the 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 a 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 kid the way for significant currency market speculation. The free circulation of capital on International Markets intensified it was the beginning of a period of great financial instability. Yet. 2 years later in 1973 another major event occurred the 1st oil crisis. In one year the price of crude oil soared going from 2. 00 to 6. 00 a barrel. Ive. Just normal necessity today going to meet. The dude who could be carter went to dinner some counseling to do so says on this subject dont include the option of befehl the minute you go to miter and say look democracy it would set up a 40 minute no one knows on one that the knowledge will not suddenly produce be color blue. Comedy block no im pretty exact amount of shoes but it was. A 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. Inflation is skyrocketing. High inflation has a major drawback it impoverishes savers and investors since their money depreciates. For governments inflation became a new enemy to be defeated at all cost. After removal going on would have rescued a brief federal sa i thought those are the 5 always easy ways to slow yeah follow easy lay plus will this no see you for valley going to me community you really are out there see going to be on the side out you cause i said i used to are classic you just dont call me a serial if what i was eagleman know in gone by gar on credit during a debate you feel see it put to such an icon by the convo oppa like you the idea to dish well much other friends your much of the money for today are see. Predicted do the kills you simply did before are 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 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 of trying to put in france as good that the developer is good at it can do pretty good continue said it. But nobody but. I dont not understand yelling or what you. Please 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 bali bomb get rid of it so the it that a 1000000 people or so the renewable. Become leftovers d. L. Says can bury the view of a national. Divide that with a 1000000000 people in raleigh i believe it lives a little malones i would love me to do it because there are no border little locket did the new york city lit up usually like chess or material the order of a new england play with the clay about it long to say about the pieces that are known to go on pieces that are no dollars and source on this was an affix some feel its another name to tell a soul economical love about as good as it to put to the Public Document utility economy manassas on if you know going to tell you going to the Central Banks 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 thought 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