tv [untitled] October 13, 2010 6:30am-7:00am EDT
euro it will stay at least for a couple of years the german economy is still very strong so i think as long as germany has the political will to stand behind it which i which i question we should not do that but as long as we do it it will probably can go on for another four five six years and what about the german people and what is their political well in the german population to carry on supporting. so so not really but the political class almost unanimously it wants to support it so there are some dissidents but it's part of the german reason of state that we're good europeans that we are good citizens of the world but. for this we've forgotten and that was my what my dissertation was all about fifteen years back but we forgot that germany also has interests national interests of its own which of course we should cooperate and of course we should be good partners but we don't have to do everything and so but the political class is firmly behind the euro so in this case it doesn't matter what the population is thinking are you one who believes that as
a concepts the euro is fundamentally flawed basically within a currency area have to have flexible factors of production capital labor goods industry and we don't have that in continental europe labor is not moving freely capital is moving freely goods are moving freely but as long as you don't have fully flexible markets you don't have an optimum currency area and also between germany austria the netherlands the benelux states we did have a defacto union currency union for decades they just did and they just followed the bundesbank and nobody talked about it worked perfectly but within that region you basically had an integrated market but to throw together greece and spain and italy and portugal and ireland and germany is sheer lunacy i mean sheer lunacy and they said we throw together so it will grow together but that is not promoting
growing together the other way around would have been better to liberalize markets to keep national currencies to be able to adjust to shocks like this so what should we do you know that should be you're using be slowly but steadily dismantled should we wait for the u.s. to collapse and it's a ideally i would go back to a core europe and i would let the drachma return and the pursuit or return of the lira return and we still would have a european union it's not like it would be the collapse of the european union quite to the contrary if we allow those. countries to set their own economic policy again and to be sovereign in their currencies we would do europe a service we're doing europe a disservice by having this artificial currency imposed on it it can only lead to political tensions like in greece where the greek population now has to suffer taxpayers germany has to suffer the only ones that didn't suffer in greece were the
banks because they were fully rescued so that's to me is a deal that is not quite equitable the european central bank or recently said that countries leaving the euro is a would essentially be committing political and economic suicide what's your no not at all i mean it's of course very difficult to leave because you would have to do a lot of administrative measures you would have to prepared very well and of course international capital may be shocked for a moment but in the end was the right supporting measures it would need some preparation it would need careful planning it would need careful execution but of course you could return greek to the drachma and you could support it you still could support it with credits i mean the european union could step in with credit for a traditionally period but we just would not underwrite the euro we would underwrite the greek economy as a sovereign but integrated nation are you a fan of the choice mark for the torch marks sake no i'm a fan of the deutsche mark because it was a good currency in the bundesbank was
a good institution and i think the rules that we had then were good rules for germany and also for europe i mean what what happens if you have a strong economy like germany's of course the dodge market would appreciate over time which again would help the neighboring economies to export more so it would give purchasing power to the germans and so it would by itself be in neck mechanism of adjustment in the end a market mechanism that would help if you have a crawling peg or something it would help adjustments to come more easily and adjustments that would be good for everybody but hasn't the european. more stable than the deutsche mark was in the ten and twenty years leading up to your race introduction and lower inflation right as well isn't that a measure of the european crisis successful currency well we have to talk about that inflation if it's really low if the official inflation rate measures all that is to measure but in the end you had wage inflation you had goods inflation in spain in italy in greece that leads us to the current problems if we had to trust
them in between meaning revaluation of the market devaluation of the present which we didn't have so what we did was postponed adjustments. and create unhealthy structures and i'm healthy development saw as long as we don't have total economic union which we won't have for a long time we should not have one currency as an investor what would you rather put your money behind to which michael year and. i am an investor and i'm not putting my money behind any paper currency i buy stocks which is real assets stocks are tied to the economy they're not dependent on the currency per se i buy gold or buy sell via buy agricultural land i don't buy bonds bonds or paper money and we have a highly inflationary and unstable and solid monetary policy as a reaction to the crisis i mean i think as an emergency measure it was ok to print all that money because otherwise we would have had a real collapse so it's time to move back to normal and we don't do that we
continue printing money and the economies are growing at an endemic pace the most so i'm not putting my money behind any state behind any band behind any paper currency i'm buying real assets or they germany's economy is doing much better than was expected following that the crisis is and it's i think just at the best second quarter grace rates that it had for twenty years is a question of how you measure those things because we fell down quite a bit but that's because of our export dependency so the economy went down a lot because exports basically implode. i know they're coming back so we have this swing but yes in the end we have a strong economy we have lots of market leaders we still have the middle stunned the family on middle stump companies so i actually am investing quite a lot in those middle stump companies but also in some of our blue chip companies what do you think the effect of a collapse in the year is i would be on the regional and global financial market some are saying that it would be
a disaster on the scale if the collapse of lehman brothers yes it could be drastic but again i'm not expecting it any time soon because i think germany for the wrong reasons will subscribe to the euro but it will underwrite it in the continued to underwrite it so we won't have that but in case it happened it depends on whether it will hit us prepared or non prepared and right now we're doing everything to prevent it but we're not preparing for the case that it might happen that that's the fallacy in my we should have a plan b. and if we don't have a plan b. it could indeed be drastic and what would your plan b. be well of course a plan b. is to think about return to national currencies or to return to the markle are korea southern bloc or whatever to have currency union some on economic regions that are more similar that are more homogenous and we don't have that we should at least start to think about it because it's not going to be the end of the world i think even it's it's preferable but you don't have to go as far as you just have to admit that it's not going to be the end of the world and that we have to think
about those things and policymakers and officials should think about it so they have plan b. more countries are joining the euro zone all the time the next one is going to be a stone year which will take up its place on the first of january next year how does more diverse economies joining affect the stability of the year i don't think much because the euro is already unsustainable unsustainable in the very long run it's already to. the diversified to many different countries so if we add the two or three more from from the free. it's not going to be more different but of course i'm in favor of strengthening europe the european union but in my part of you again the euro has nothing to do was a european union rightly could see. us also thank you very much thank you.
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to join us for technology update on r g. forty two thousand americans die each year from car accidents only a thousand police seven hundred thousand people. and thirty two thousand will kill themselves cancer in all its forms kills five hundred sixty thousand of us here part disease is even more devastating it shows over eight hundred seventy thousand americans every year. first. first. they faced this is not a provocation but a warning. before it and we should see several what are you sure the
supreme retreat speaks of they have no idea about the hardships to face. one it's businesses are open to new citizens for any army the life of the usaf is the most precious thing in the world. use of self-sacrifice and heroism with those who understand it fully but you have to live and real life stories from world war two. to three thousand nine hundred forty five don't comb. morning news today in harlem says once again fled up the film these are the images go for it has been seeing from the streets of canada. china operations are today.
almost seventy years of the red machine would show we had people who wanted to leave in the. future to make changes you should certainly do was you need to. leave. but it wasn't possible to change the country's regime simply to leave. them with their own. form of clothes or leave fundamental changes in the state in the people's minds. for the. we've got. the biggest issues get the cuban voice face to face with the
news makers. have behinds from our team the head of a russian anti-narcotics foundation has been jailed for using tough treatment and techniques but as many supporters say he's achieved where the authorities have failed but that has nothing will solve. after years of frosty anglo russian relations britain's foreign secretary comes to moscow as both sides bid to build bridges relations between the two countries have been especially strained since the murder of a former k.g.b. officer in london three years ago. and after the media panic over kuantan a mock trials being held in manhattan the first detainee is appearing in court about the hype over security and policing trouble has failed to materialize as mainstream news outlets put the story on the back burner. also one in eight
british households has no one in work making the u.k. the worst among the major nations a generous welfare system is being blamed for keeping the unemployed better off on benefits. will have many more details on all those stories that three pm moscow time up next though it's the sport with you know. if your company this is force today i'm you know me and these are some of the stories we're covering this hour top of the table rushes footballers rise to the summit in european qualifying who would be following one nil in a way to macedonia. best of the rest we've got highlights from other games across europe including in glasgow where reigning champions spain were given a scare by scotland. earn strength and brotherhood that's the motto
fully in the first ever caucuses games are reported in a few moments time. it's been a holy successful week for the russian national football team dick advocaat and coast scooping up all six points on offer from there to away games a win against ardent followed up by another over muscle donia on tuesday richard on portrayed he was in skopje for us. rochelle enterprise entitled to be home for a tough one no victory in macedonia a russian shot nowhere near the same kind of pride football be managed to show in on in just a few days ago but the most important thing is that the cat added later on his behalf i should come away from too tough away trips with my excellent points. are heard of the way. from the dirt side but if you have six points and so devoted to her work. there were the socks off. a five story from an exam to catch
a cough after only eight minutes was enough to give the russians victory in the endemic and about it more as they were dominant in the first half of the game slipped ten to second period and macedonia could about a share of the spoils pops deservedly how do you know i can fear not save a second home penalty i think i later went on to say it was difficult for russia to cope and lots of money are playing so many long bowls. better to tell the world before the game does go we'll be more do go because deserve to go. because of the pressure to get some opportunities out of the roll out of football but once again alexander excellence has been in great form for his club sides needs over the last month or so trying to carve out form over its of a national side but a high praise from his manager dick of the cats because you're obviously himself is very delighted but he said the pitch certainly didn't help russia. much i'd say that the pitch conditions were a little bit more difficult tonight too then they would niall and the bounce of the
ball was very unpredictable which added to the challenge however we control the tempo with macedonia using the long ball against us because we could have school. three points is a good result of. russia came into these two tough away matches on the great depression following september's defeat to survive here but a combination of a bit of log. results going by way of sunny painted a rosy picture and dick advocaat is confident going into the second half of the qualification campaign well. we want to. improve doing that. it is improving every go in. this. so russia top group b. on mine points off the four games and pick up a camera have plenty of time to prepare his side of the next away trip to the not so dark horses of the group so far i mean yeah i'm not much will get all the way in march. sculpey macedonia. also on the night in the same group
slovakia and the republic of ireland shared in. defenders and ledger open the scoring sixteen minutes in before you headed in an equaliser twenty minutes after the mr kane penalty then cost the visitors leaving the final one one meanwhile surprise package armenia followed up last week's win over the slovaks with another one against under a. tree keeping the highlanders well in the polls. but it is russia who will close out the year looking down on the rest of the euro two thousand and eight semifinalists leading by two points from the trio of armenia and slovakia remember only table toppers on high placed second seeded teams qualify automatically for ukraine and poland still a lot of football to be played with half a dozen games to go wild though. plenty of action elsewhere on the night in glasgow spain managed to keep their one hundred percent record intact but only just against
a buckling scottish side after first half david vs penalty world cup winners that to be cruising by the time and yes to have fired home number two on fifty five minutes but helped on by the famous. the scots promptly have the deficit through the head of steven naismith. and then on sixty six minutes the. three homesite how did another great build up leading to p.k. nudging the ball into his fourth. but then all the hard work was fernando llorente only in the park for two minutes left all alone to finish seventy six minutes three chief spain and heartbreak for the scots. in the team to win the world cup this summer the netherlands faced little resistance in their clash with sweden the spine losing the influential coit to an ankle injury early on that stage made it on thirty six minutes after he fell
a finishing off the first of two for him the same and then showed some steel footwork to set up huntelaar second. after that the dutch took their foot off the pedal somewhat allowing sweden to nab a consolation goal through drunkest but by then the hard work for. two thousand and four european champions greece in the driving seat in group f. after itself are in a huff i can't. integrate thanks do they tell me she's dimitrius this is really better than the results this year it must be said and were fully deserving of their equaliser. getting the final touch here moments later the deciding moment celtic didas up ended in the israel penalty area leading to this cool finish. to increase. those some
of the night's highlights. genoa italy serbia much was abundant after seven minutes. fireworks constantly being thrown on to the pitch towards. the game. italy more than. three four fifth's. victory the shock of the evening wasn't but. turkey belgium and austria share the spoils and then a cool epic in the same group a for a while and how to fully memorable night at the expense of northern ireland one one the strong group c. england montenegro are still on beat in group g. wheels this campaign looks all but over a following a full one beating by switzerland their third defeat in three. moving on if you're in moscow next weekend fancy having to watch a little tennis in the kremlin cup is just the ticket. will headline the men's draw while francesca schiavone will be joined by cried favorites. in the women's
tournament. the kremlin cup is the oldest competition around here in russia we've been here since the day our state was founded no other sport has a similar event so we're very proud of the cup being the backbone for russian tennis which has been pretty successful on its own we can't believe of two hundred five countries all around achievements over the last ten years. finally one of the proudest moments inside sporting her has come to a close they were goal caucuses games holy memorable event for the region our correspondent robert for done in reports on the tournament which aimed to discover just who is the toughest of them all. because. once upon
a time in manton's brawl worse came together to test their strength against each other sounds like a fairy tale but it wasn't the first ever caucuses games. to sell the russian republic. to host teams from neighboring areas including the. making of the field over two hundred athletes were on hand to compete in locally they were demands such as double war and power lifting and also more specialized areas like stilt walking. the main goal of this festival is to bring the people of the caucasus together let them meet communicate and make friends it's like a cultural exchange and all of us should unite for the sake of peace throughout russia and indeed globally the region is renowned as a restraint both house and the inaugural caucuses games brought back to life and
mention way of settling scores built wrestling as sport which was woman welcomed by fans and like. i've already primed to struggle for ten years while beltran has a completely new experience for me but i liked it very much as a truly man's sport where you should be strong smart and persistent that was. one of the simplest ways to find out who stronger aiming to go. is in the sesame here just. the two thousand and nine european fifty five glory went into the event as one of the favorites despite being against men if heaven. the pocket rocket over the top against all challengers. it was tough against the big guys i was ready for that in any sport and in particular if you've
got the will. you can beat anyone. claimed victory at the games meaning next year that held at the same location the organizers already promising that in twenty. at the games crease. r t russia. well. in the world weather is coming up in just a moment. for the. biggest issues. face to face with the.
taking the drug fight too far as the head of an anti narcotics foundation accused of using tough treatment techniques is jailed but his supporters say he got results plus. unconditional friendship russia says it will not place conditions on improving its relationship with britain both sides agreeing to disagree on many troubling aspects. you know there are terrorist suspects being tried in the sport announcer. you know does it bother you does it concern you that this is going on right here you know. after the media panic over one tunnel trials being held in manhattan the first detainee gets more funding is deafening. than the britons better off on benefits we look into why the u.k. has more people sitting idle than any other major in new country.
it's three pm in moscow and this is r t coming to you live with me and use the now way first this hour there is long been tough rehab for drug addicts but kidnapping them and forcing them into extreme treatment is a step too far for the russian courts or when the euro zone area which is plagued with a severe narcotics problem waged its own war on drugs but spite enjoying widespread public support three people have been convicted of abduction and torture are two star furthur explains. a drugs raid gets underway and after hours of waiting for contact to give the signal suddenly everybody is up and running the police are involved not only.
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