Of parliament for terror on city out of the list the 1500 candidates that were being approved by the Guardian Council and then once they pick their 30 m. P. s they cast their ballots here at these 2 boxes this is a process that is. Cross the country at over 55000. 00 polling stations now its something youve got the iranian Supreme Leader and the president have urged people to do millions of people being urged to stay indoors to south korea becomes the country with the highest number of corona virus infections outside of China Health Authorities say one person has died and there are 204 cases nationwide around half of them reported on friday alone most of those victims are linked to a religious group in the Southern City of daegu in the capital seoul basque gatherings and rallies have been banned rob mcbride is indigo and says her fear of the virus has spread to other cities. The way it has suddenly spiked in the past a couple of days it has Health Officials here putting into place various measures setting up special Testing Centers to try to give a quick test for the coronavirus theyre opening up a special ward which are designed for Infectious Disease treatment and all of the attention at the moment is centered on a particular church here because most of the new cases do appear to have been church go as attending recent Church Services and gatherings there seem to have been mass infections between the church goer some of those churchgoers are not from daegu theyre from other cities and towns it seems that they went back to those cities and towns may have infected other people also visited other branches of this same church may have passed on infections to those people to a lot of the concern here is with one particular church goer from this church a 61 year old woman who apparently was showing symptoms for several days refused to take a test for the coronavirus she was one of the earliest members of the congregation to fall sick and its known that she was going about her daily business in daegu so a lot of people here were extremely worried about just the kinds of what places she was visiting who were she was interacting with as people really sort of are in lockdown here as well as a neighboring city waiting to see exactly what happens next and in china several health and communist Party Officials have been fired after more than 200 people were infected by coronavirus inside prisons cases were reported in 2 jails and the chandon engine jang provinces and mates and Prison Guards made up most of the 258 new cases appointed outside the epicenter on thursday Authorities SayEpidemic Prevention measures were carried out poorly the citys Prime Minister has failed to show up at court where he was expected to be charged in connection with the murder of his 2nd wife thomas 20 secretary says he is in south africa attending a doctors appointment to follow and to body was shot dead near her home in 2017. Thailands Constitutional Court has dissolved a Parliament Opposition party and banned its leaders from politics for 10 years the court ruled the future Forward Party violated the election finance laws the party says it wants to moccasin the removal of the army from politics and business and saudi arabia says its intercepted and destroyed several Ballistic Missiles fired from yemens capital saana towards the kingdom on verified videos on social media appear to show those interceptions actually taking place saudi arabia is blaming iranian backed the rebels. So the headlines keep it here on aljazeera more news to come in the meantime were going to hand it over to the debt machine. Debt it drives markets creates profit and generates an endless cycle of production and consumption. We live on credit our homes cars schools and government expenditures are financed by borrowing. Data has become the engine of our growth the lifeblood of our Global Economy. Its an economic machine impacting the Global Economy with more and more date being produced day in and day out. This debt machine has grown to Epic Proportions and now seems to have spiraled out of control public debt the debt held by governments is soaring. The eurozone is having a much harder time than 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 get off lets if i must use them to look good also good news from the public but on that lets start over and create a system of credit which would actually be sustainable which wouldnt destroy the planet as the current machines to a. Diminishing or higher up idea can that can exist to a piece on duty do tests on come on that and across us economy. As you came out there 2nd here. Impose paramedics on it a producer live where problem sick over to that somebody to see that. Then you guna miters a power 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 debts 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 it is 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 order government of portugal i know there are a german taxpayers there a french taxpayers there all of whom are effectively backing up this debt so i fear of taking risks. 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 he joins us from get us what he can ask about it some more now would not be 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 were to move on but in that lesson i guess youll yet divvy almost have a dead to cvs everybodys word. Or junkie was up i think they sell out their coverage i dont know but a lot of that sean paul is exam proof for saying of all. Says that they did to cause like the butler what no shame it on bossy when i drove spur years should i think its. The property to go neighbor kid physical about little to quit their battle. Off you did get you up at it. Has always existed it dates back to the origins of civilization it even predates the invention of money. The very earliest mesopotamian scriptures that we have are actually debts and credits calculating who owes what to whom when temples and other large bureaucratic systems. So what you have actually are Credit Systems and in mesopotamia they dont have cash. Private data has always existed but Government Data 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 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 political news unit on gore has basically put it about their School August recess im suited for humanly move to a bill to slug subi and cause so much drama she you know if we wanted to or figured on compile your film and or goes to show it doc opportunity would be filming on in bungay are saved it was it i wanted probably was at our cinema in the closets only there on time the b. B. Was an image will be a few miles of 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 called lows thanks to the 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 a gold reserves by the vietnam war announced a staggering measure that would drastically change the world economy. And the dollar against the speculators. I read that secretary 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 monetarist ability and in the best interests of the United States. But it was not a temporary measure at all the us 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 971. 00 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. 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. Normal necessity due to going to meet. The dude it could be carter went to dinner some counseling to do so says on this subject dont include the option of the fed the minute he go to miter and sing like democracy it would set up a 40 minute no one knows a month that the knowledge will not suddenly produce be colored boozer. Comedy block no country exactly 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 governments inflation became a new enemy to be defeated at all cost. After removal cannot would have wrestled brutha ever sat at all those are the 5 always easy there is to slow yeah follow easy late class will this no see you for valley going to me community really out there see going to the andris around 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 3rd credit during the debate you feel silly it put you to such an icon by the convo but like you the idea to dish walmart the other fast your much of the money for today are see. Politike that do all the kills you simply did before and welcome don it can go use it it is on point only because no matter if there are so many to not exhaust you before or is it an economy to defeat it on a cyclical season was going to go to make it up it will moan it it is on was under the economy all i wanted to fault was this additional lies of trying to buy them for that to develop is too good i did continue pretty good continue on will say that. Nobody but. I dont know not honestly yelling. Lets not. Be so hard now that it be weeks on a back to the out of pocket 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 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 that for us you know during the soil working hard and at the end of the month i earn some money. A lot wrong a body bomb get rid of it so the it that a 1000000 people or so the renewable. Become left on his deal is going to bury the view of an awful. Void that would be in people really i believe it lives a little malones only of me to do it because there are no border little locket to divert new york city lit up usually lectures on with their yard of a new orleans. Clear body gong to say about the present on the go on pieces of the known dollars and cents on this persona for example if there is another name to tell and its only going to make a lovely pop go to to put to the put it document utility economy manassas on if you know going to tell really going to the Central Banks produce 5 percent of the credit in the world the private banks produce or create out 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 1071. 00 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 to 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