are now given the ongoing mysteries about the state of china. >> the u.s. managing editor of 'financial times'.
pleasure to see you. >> that's our show for today, i'm ali velshi, thank you for joining us. joining us. market turan might. the end of a bruising week on wall street. a global sell off pushes u.s. stocks down to their biggest drop in four years. taken out. isil's second in command and logistics masterminds is killed in a u.s. air strike in iraq. the white house calls it a blow to the group's operations. train take down. >> i came to see my friends on my first trip in europe and we stop a terrorist.
>> american passengers overtake a gunman foiling an attack on a packed high-speed train headed to paris. on the brink. escalating tension on the korean peninsula,
the north issues threats and prepares for war as the south rejects an ultimate i have risking military action. and state of emergency. >> this is an unprecedented cataclysm in our state. >> at wild fires devour large parts of the west. the president answers the call for federal assistants while local officials ask for any and all volunteers to help beat back the flames. notes notes. good he can, i am antonio mora, this is al jazerra america. we have begin tonight with a major market sell-off on wall street. this would not be a good day to look at your 401 k or other investments. the dow jones industrial average closed down 530 points, that's the sharpest one-day drop in almost four years. ali velshi has more on what's
behind the turmoil. >> antonio, today's losses were bad. this week's losses were bad but let's put it in perspective. the bad news first and then some perspective the dow and the s & p500 posted their biggest one day percentage drop since november of 2011. percentage drops are more important to look at than point drops. the dow did fall 531-point that's alarming because there is a big board that shows you those points, but the decline was 3.1% for the day. the s & p500 which is a better reflection of what people invested. it's 500 stocks more diversified than the dow which is 30 stocks. the s & p lost more, three pot 2%, it's down 5.8% for the week. the nasdaq which has moved this week more than the other indexes. lot three and a half percent for the day. 6.8% for the week. the dow is down from it's 10-day high of may 19th this year
that's a decline of 10%, 10% is a definition i've correct in a market. markets neat direction this one hasn't had a one for a long time. some people say this is not terrible. bear market is when it drops 20% that generally really has people worrying. the dow lost a thousand points this week. if you are in to points. that's 5.8%. same as the "america tonight" & p500. this is all because china did h devalued its currency. china lakes to control its economy. this is a sign china hasn't been able to. devaluing a little current is a means they export more things, gets the victories moving and more people employed. the fed reserv federal verve hae when had it will raise interest rates, now we are not sure. it's not a terrible thing except investors don't lion certainty and oil prices continue their
plunge dropping now to below $40 a barrel today. it came back a little bit after that. it's signaling a slowing global economy and has investors worried. between. >> thank you ali velshi. the white house says it has struck a major blow to aisles by killing its second in commands. the air strike against him was carried out on tuesday in iraq. tonight terrett joins us now with more on the significance that have attack. john, the attack, this killing comes at the same time as isil is continuing its campaign of behead goes and destroying antiquities. the destruction of antiquities is beginning to resonates in the west. the fight against isil we are toiled is constantly being fought behind the scenes and today came a rare indication
that that is true. a deputy leader of isil dead in a military strike in northern iraq. he was killed from an attack on tuesday. one former white house insider calls it a major blow. >> it shows the strategy that the u.s. and his 57 partners in working and strategically not only is he the number two person, but he was in charge of the war in iraq. >> he specialize ed in dealing with the group's logistic, he was said to be a key coordinate fore moving large amounts of weapons, explosiveses vehicles and people. the announcement of his death comes as isil continues to destroy tangible symbols of syria's heritage, it has did he knowledge i should an ancient monastery in the central syrian province of homs. still photographs released on a social media website report to show the damage to the monetary. isil fighters are seen using
bulldozers to raise the monetary which they captured in early august, early they beheaded a prominent archeologist. apparently for refuse to go tell isil where priceless movable objects were being stored. >> translator: we lost an exceptional figure at a time when we wajahatter in need of such figures in order to serve syrian cultural heritage that is sunk now from damage because of the war and antiquities being stolen. >> reporter: anger about isil targeting ancient ruins is growing in the west. can & calls for security to be boosted. >> i think it's huge. we haven't seen something similar since the second world war. i think this is the biggest and the most brutal systematic destruction of world heritage. >> reporter: the head of the u.n. organization charged with protecting antiquities, unesco,s ruins like palmyra are far more
than a pile of bricks and stones. >> heritage is not just bricks and stoned, heritage is not just an old building, an ancient building, it's about history of the people. >> antonio despite thousands of death that we have seen in iraq and syria it seems as if it's take the destructions of antiquities that are thousands of years old a greater desire to root out this group. >> that's just all thank you, john. europe's restless gee crisis got everybody worse tonight with chaos. macedonian police fired stun grenades at thousands of refugees on his the greek side of the border as they rushed to try to cross it. the violence comes a day after macedonia declared a state of emergency because of the influx of refugees. most of the refugees hope to settle in northern european countries. more than 40,000 refugees have reportedly passed through macedonia just over the past two
months. tensions are rising on the korean peninsula where it is already midday saturday. north korea says its troops are ready for war with the south. it is also issued an ultimatum to seoul saying its military will have a very strong response if the south does not dismantle loud speakers that are blasting propaganda across is border by 5:00 p.m. local time saturday. harry fawcett is in seoul with the latest. >> reporter: .news agency here in south korea is reporting on saturday as is their tradition siting an unnamed government source saying that there has been detention of 76.2-millimeter artillery guns being moved on the northern side of the military demarcation line. they judge, according to this report, that north korea is preparing to target these loud speakers which have been broadcasting propaganda across the border from the southern side north korea says that it wants these speakers to seize action and be dismantled by
5:00 p.m. we are not sure if that's that's 5:00 p.m. local tile in south korea or 5:00 p.m. in the newly-established time zone in north korea would [cheering] would be 5:30 p.m. here in the south. but it does jibe with a flurry of messaging coming from north korea in the last few hours, the u.n. ambassador, deputy am boss touring to the u.n. saying that these loud spikers were within the weapons sites of the north koreans and the upon anyone industry saying north korea would not be afraid to go to all out war if that's what it take. a speech from the south korean minister of defense saying he would place the highest prore or at thipriorityon sylven requestt wanted to seven the north korean provocations the south said it will count we are a strong counterattack if in died there is military strike from the north when the deadline expires. >> harry fawcett in seoul. tonight fringe were officials are thanking two
americans for foiling an attack on a high-speed train. they helped tackle and subdue a heavily-armed gunmen who opened fire. the train was going from amsterdam to paris. the attacker was overpowered when the train stopped in the french city. the passengers who are being praised for preventing the massacre are a u.s. army soldier and a college student on his first trip to europe. paul has more. >> i am just a college student. it's my last year in college. i came to see my friends and my first trip in europe. and we stopped a terrorist. it's kind of crazy. >> reporter: the shooting started as the high-speed train made its way from amsterdam to paris with 554 people on board. the gunman was subdued by two american passengers. >> these two guys plus spencer, spencer is the guy that got injured, was -- were sitting on the same seat, zero at the back of the train. back of the carriage, rather. i was sitting at the front of the carriage.
i looked up, i saw a guy carrying an a k 47, or at least i assumed it was some kind of machine gun anyway. i ducked down in my seat, alex got up -- alex actually looked at what was happening, spencer looked at what was happening, and alex said to spencer, go get him. >> i am really proud of my friend that he -- >> yeah. >> just reacted so quickly. and so bravely. he was really the first one over there. everybody after being injured himself he went to go help the other man who was bleeding also. without his help, he would have died. >> reporter: the french terrorism prosecutor is investigating the case. and france's interior minister praised the two americans for stopping a potential massacre. >> translator: it's important for me together with the president of the republic and the prime minister to express to these two american passengers who have been particularly brave who acted during a very
difficult situation, all our gratitude, our appreciation and admiration. >> reporter: a third passenger, french actor apparently injured his hand breaking glass to pull an alarm. this photo taken by a passenger shows a man lying on the floor of the train. his identity is unclear. the train stopped in the northern french town of ar r.a. s where a local reporter say an injured man being taken off a the train in a wheelchair, reportedly speaking english with an american accents. video from the station cheese another imagine being led off the train in handcuffs by the french police, the suspect? custody and said to be known by french intel generally, he's 26 from morocco and his bag contained an a k-47, nine clips and a pistol. ball, al jazerra, new york. across the west millions of acres up in flames and thousands
we now know the names of the three firefighters who died battling the wildfires in washington state this week. the forest service identifies them as tom, andrew zajac, and richard wheeler. the men died on wednesday after the fire over took their crashed vehicle. they were part i've specialized team that assessed fire scenes and reported back to commanders. across western states, wild fires have consumed millions of acres. federal officials are keeping a close eye on the northwest, where volunteers are already beginning to respond to the call for help. they are also watching northern california one fire there has been burning for weeks and it still is only 3% contained. lisa bernard joins us from grant grove, california. lisa, you were on the fire line,
what are the conditions like there now? >> reporter: well, antonio, the burned part of the forest that we saw really looks like a moon escape. and the firefighters on the line were impressive. in the way that they springed the fire from racing up the hill across the road and preventing even more damage that could have occurred. in the past hour, officials here have announced that large portions of this national park will be closed to visitors indefinitely because of the fire and the smoke. and also now the first structure has been lost. a tourist lodge is now gone. the fire in washington state that killed three firefighters and injured four others has exploded in size. burning more than 100 square miles in one day with little relief in sight. >> we should have more rate of spread and more acreage burned than we did yesterday. and we are expecting wind in the
afternoon, it's going to come in through the fire area at approximately 35 to 45 miles an hour stead foy most of the afternoon. >> reporter: thousands of residents are being forced to evacuate and fire officials in the state of taking the unprecedented step of calling for volunteers to join in the effort. >> this is an unprecedented cataclysm in our state. there are 390,000 acres burning. >> reporter: president obama has signed a declaration of emergency for washington state. allowing fema to take over coordinator relief efforts. in 11 counties and several native american communities, affected by the fires, officials say the situation is so fluid, it's hard to even track exactly how many homes have been destroyed. more fires are racing through bone dry states across the west, evacuations have been order ed in idaho. new bases are threatening dozens of homes in orr and montana. flames are approaching a town near glacier national park. in california, more than 12,000 firefighters are battling 17
wild fires a is who the state and one is bearing down on one of the nation's treasurers, sequoia national park. even though the fire has mostly been put out here in this location, crews repeatedly come back again and go back over their work to prevent flare ups. a lightning strike that set this forest a blaze has been burning out of control for weeks. storch being 35,000 acres devouring mitch of the scanned scale. 1600 firefighters are battling the fire and it's still only 3% contained at the visiting center at sequoia park tourists are not sure what to do. this couple is here it celebrate they met right here half a century ago and won't let the fire ruin their visits. >> the air is not very pleasant to breathe, but that doesn't mean we turn around and going to connecticut, why would they do that? it's our 50th anniversary. >> reporter: the u.s. agricultural secretary said it
cost the nation $150 million a week in fire suppression. crews are coming from new zealand and australia to help on some of these largest western fires. antonio. >> thank you, lisa. a tough week on wall street ended everybody worse. trading closed with the dow down 10%, the s & p100 lot more than a trillion dollars of its value this week, trading was high with more than 10 billion shares moving well above the 6 billion share average. joining us now from weston, connecticut is economist pete are ship of c open. of euro pacific capital. good to have you with us, conventional wisdom says this is mostly about china. its stock markets have been plummet, it's devalued it's currency, weak manufacturing numbers today indicate further slowing in the he chinese economy, do you agree that worries about china are mostly driving this? >> no, not at all.
i mean, this stock market correction, unlike most things in america, is not actually made in china. you know, the chinese market is still pods tiff on the year. there has been some volatility in chinese stocks in year, but what is really going on the in united states is the federal reserve is they want to go remove the punch bowl. get been artificially propping up the u.s. stock market for years with a combination of quantitative easing and 0% interest rates. now it's already ended quantitate i ever easing which is why the stock market has been going sideways ever since, it's they want to go take away the other prop of 0% interest rates and without the fed there is nothing beneath the market and it's going to collapsar lose all the gains i think from 2009. i don't think the fed will let it happen. i don't think they will do what they have been pretending to do, i don't think they'll raise
rates. they wail save the market with another round of quantitative eadsing. >> you think they'll aggressively go back in to the market and start putting more money in not market. if does raise rates that should slow the economy further and further hurt the stock market and that could create a vicious cycle of lowering consumer confidence and spending. that would hurt the economy. but you are a little farther ahead than most people in saying that not only will it not raise rates it will go back to quantitate i ever easing. >> yes. of course that was a mistake from the beginning because the fed has got the economy may and the markets hooked on that drug and they can't take it away without withdrawal. now that's exactly what they should do. the feds should take this quantitate i ever easing and 0% interesting. [speaking at the same time] >> how soon under these circumstances -- >> talk. >> you ever this now and the issues in the markets could create more problems if it does take a tougher monetary stance. >> well, that's what it should
have done a long time ago and it needs to do it now. there are a lot of structural problems from the economy that the fed has prevented the market from resolving. we are in much worse shape than we were before the 2008 financial crisis. all of the problems that led to that crisis have been exacerbating by the federal reserve. we are in worse shape now the fed has to back away and let the market firn the job. the federa federal reserve has d the economy with the monetary policy. it's the reason we had the housing bubble, it's the reason bed the 2008 financial crisis and it's the reason we are poised on the precipice of an everybody greater crisis now. but the fed will not admit its in he stakes it will just double down and do them again. so it is going to do another round of. [speaking at the same time] >> quick question now. what about the role of oil prices you would think lower prices are great for the economy because it leaves more money in consumers' pockets to spends.
>> well, consumers are broke, they have lousy low-paying parts-time jobs, cheap are gas line prices will not be enough. but the only reason oil prices have come down is because the dollar has gone up and the only reason that's happened is because people actually believe the federal reserve can raise interest rates when they can't. because if they do, they will trick their own -- prick their own bubble and create a worse financial crisis than '08. when everybody figures out the feds have been bluffing for years they are in a monetary roach motel there is no way of checking out we'll have qe4, qe5. the interest rates will stay at zero until the dollar collapses and forces the fed to ultimately raise interest rates. then i'll prices are going to go back up. that's going to hurt the consumer who is already suffering in a phoney recovery. >> all right, peter, interesting points, i wish we had more time. thanks for joining us. the leaders of cuba's revolution promised equality. but more than a half a century after that revolution, the goal remains illusive.
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the one goal. cuban revolution was to establish social equality between people of all races andd sexes melissa chan visited a neighbor where that dream is far from reality. this is the havana most visitors do not see. people here tell us that for years the government promise today improve the neighborhood but help never came and one thing you notice here is how predominantly after row cuban it is. >> translator: just because we live here a mar jill alliesed area doesn't mean we are cram knowledges we are normal folk but forgot bean the government. but human beings nonetheless. >> reporter: one of the things the cuban revolution thought thought to do is establish social equality. this is evidence that it has been a difficult task with cuba's economic reforms there will be more people getting rich and others poor. eights socialist society and all cubans are equal, but some appear more equal than others.
economy is now split in to two parts. one for private enterprise, such as the restaurant business. and the other economy is still dependent on the state. white cubans with the miami connection, people who referee mit'ses have become the main beneficiaries of this new economy. >> translator: in the united states, racism is obvious. it's out there. white and black. but here, it's not. here it's not white and black, it's hidden, do you know what i mean? it's in people's attitudes and prejudice. it's hidden. that's the truth. that's how it is. >> reporter: in cuba, one of the places where after row cubans see better represent tryings is in music performance. but he believes not only is their inequality afro cuban culture reigns. >> you have to look for black
cubans. here thank you don't hale from the congo you hail from the caribbean. >> reporter: he just doesn't see a problem. >> translator: for example, i am a good mechanic and if someone needs a mechanic i'm a mechanic. there isn't a white mechanic, there is just a mechanic. >> reporter: but others still worry that as cuba sees its biggest changes since the 1960s, the benefits of economic liberal ionization currently concentrated in the tourism industry will those without connections behind. he doesn't see how his job as a fishman could possibly benefit in this brave new world. a supposedly classless society already producing winners and losers. melissa chan, al jazerra, hava havana. >> i am antonio mora thanks for joining us. tune in on sunday for our special report u.s. and cuba a new era. for the latest news any time you can head over to aljazerra.com.
raw suarez is up next with "inside story." have a great weekend. ♪ ♪ for weeks one of the republican candidates for president was dismissed as unelectable, a side show act. a nonfactor in the race likely to be gone before the first votes were cast. now that guy is leading in primary, state and nationwide polls and all those electable candidates are far behind. many in single digits. but what is really interesting is donald trump's impact on the issues side. the huge republican field has no choice but to respond to issues