and world bank i think that's a natural course of development of this new system that we just talked about i mean so part of this is you're moving from a g seven g eight world to a g twenty world which has those countries at the table another part is that over the past couple years we've been able to shift some of the voting shares so the developing in transition countries at the world bank now represent about forty seven point two percent of the vote we added another chair on our board. for sub-saharan africa just as important and that is the staffing so for the first time in the bank's history the level right below mine the three managing directors are all from developing countries our chief economist is from china so i think these are part of the evolution at the same time is developing countries play a larger role they also have to assume responsibilities and that's part of the tension you see whether it be climate change trade growth currencies do you think you'll be the last american to lead the world bank first off those are questions obviously for the shareholders to decide i

the world bank planes more crisis a contribution to. climate. exclusive interview coming up in our business because in around ten minutes. standstill. supplication this issue paralyzed with the traffic find out if there's a solution to the capitol daily grief. and now for a look at some other stories making headlines around the world the pill in young has accused south korea of using civilians as human shields in their confrontation this week it's just after eight sounds. clashed with police during a rally in seoul to show their anger at the country's response to its confrontation with the north tensions between the careers is running high as the u.s. and the south pass a large scale military drills that began on sunday. new warnings against the war games calling them. the provocation. police in the u.s. state of oregon have arrested a teenager to explode a car bomb the somali born american the alleged target was a crowded christmas tree lighting ceremony in the city of portland he was detained after making a phone call which he believed would d

world bank will elect explain a crisis that countries should do to the bible home she can omit climate our exclusive interview is in the business bulletin in around ten minutes time. and now a look for some other stories making headlines around the world and that pyongyang has accused career of using civilians as human shields in their confrontation earlier this week it comes just after xmas south korean military personnel clashed with police during a rally in to show their anger at the country's response to its confrontation with the north tension between the family is this one a high as the u.s. and the south prepare for a large scale military drills that began on sunday pyongyang has this new new warnings against the war games calling them on our part noble provocation. authorities in baghdad of arrested twelve militants in connection with last month's deadly siege the iraqi interior minister described the arrests as a blow to the al qaeda network insurgence took more than one hundred people hostage in the church and demanding the release of al qaeda prisoners the siege ended with m

bank chief heirs disquiet with the system of course max we've been warning about this for quite a while here that the gold standard would be imposed upon the world trading system and sure enough robert zoellick on the eve of the g. twenty meeting and seoul says that a cooperative money system including the dollar the and the pound and and they remain. were needed and that quote consider employing gold as an international reference point of market expectations about inflation deflation and future currency values although textbooks may view gold as the old money markets are using

according to the president of the world bank it's a view that appears shoplifts odds with the austerity measures being brought in across europe correspondent pool caught up with robert zoellick in st petersburg this week to discuss the recovery trade. much of the debate is talked about the current account imbalances and sort of rebalancing aggregate demand that has a worthwhile role but i think it needs to be combined with a growth agenda so not only talking about shifting the existing growth but how do you build future growth this is a lot of focus is on infrastructure development where we saw with china in the ninety's ever seen in other developing countries investment infrastructure today can create jobs but also bottlenecks for future productivity growth but this is going to be true for the developed countries too they're also going to have to have their structural reforms in the in the currency area i think you're moving towards a system where the dollar dominance which are going to have the role of. the euro sterling and over time the chinese currency agreement be that isn't ready

bank the world bank of the i.m.f. will become the new global central bank to work with the bank of international settlements and then to work with all the various central banks the fed the bank of the the bank of japan accent or so there's another layer of bureaucracy of what bob zoellick is a bureaucracy monkey he will be part of the new bureaucracy and paul krugman and and nouriel roubini and other academics will be on the board of directors and these are all paper bugs but they can't escape the fact that without a gold component there is no hope and medvedev of course is in a fabulous mosque gallagher stanzas do you understand the truth well the other reason why this is being announced of course is that america i guess everybody's been noticing since two thousand and eight that essentially the u.s. empire is over and we see this like who we see this in the headline america's economic suez so this is the moment when the u.s. introduced quantitative easing without coordinating with any other nation south africa germa

bank first off. those are questions obviously for the shareholders to decide i'm just trying to do the best in my term second it was very interesting how you stated it if you open it up to broader process i hope you're not precluding but if you say i'm the last american that would preclude it but i think that's an important point because just from my own perspective you know while i've served the u.s. government at the state department treasury i personally believe the united states needs to engage in the international community to engage in multilateral institutions my worry is more sometimes the trends towards isolationism so i think it's healthy when the united states has a role in these institutions now their tradition she would never find us head of the secretary general of the u.n. other institutions are safe for regional authorities so this is what international politics will be about i do believe from my point of view i've tried to strengthen the role of the emerging countries both in senior

the world bank released its latest china quarterly update on wednesday. its beijing branch says the country's domestic economy cooled and its monetary stance stands as being normalized. the bank says urban consumption has slowed. the slowdown was within range of expectations and with strong exports china's economic prospects remain sound. the bank estimates that in 2011 china's gross domestic product growth will stand at 8.7%. it says china's growth may slow a bit further as global expansion winds down and the government tightens its monetary policy. >>> next is our report, one day packages to give city dwellers a chance to immerse themselves in nature gaining in popularity. with the economy remaining stagnant people are attracted to tours which are fun but not costly. >> reporter: this is mount fuji, japan's highest peak. nestled in the foothills is alkigahara, surrounded by virgin forests that span 30 kilometers, dotted with the remains of lava flows, it's a scenic wonder. every weekend visitors from metropolitan areas flock here. from tokyo it only tak

to find out why the president of the world bank is urging leading economies to re adopt a modified global gold standard and what's the chance of a new international reserve currency to overtake the dollar this and lots more in the kind of report up next. for the full story we've got. the biggest issues get a human voice face to face with the news makers. and this is the report i'm max kaiser this is stacy ever.

the world bank has cut its forecast to russia's g.d.p. growth for the next three years the banks say russia has achieved a modest recovery there are fears of a further slowdown my colleague charlotte last fall i asked the world bank's chief economist for russia shall get it apart the key drivers for the country's economy. i think what is actually happening in the past few months is that investment has been back and much of the growth was actually led more by investments in the kind of a cyclical rebound of restocking of inventory but that's going to cyclical part i think the good news is that we also see consumption gathering steam and. reflects basically fundamental factors driving consumption such is the fact that. real incomes are growing again for the crisis and employment is lower than. they feared certainly and then in many other western countries and remember russian consumer is not particularly indebted compared to many western countries so there is a lot more credit rating that can be taken on by the russian consumer i think that

and i believe it was the head of the world bank who tried to put in the conversation that we should be going back to a gold standard. >> i couldn't believe that, to be honest i mean it's interesting to throw out in a harvard seminar, but for the head of the world bank, why he would be saying that, i don't know. >> yeah. meanwhile, how about warren buffett? he wrote a letter to the government this week. it appeared in "the new york times," essentially thanking uncle sam for the bailout during the financial crisis. do you agree? do you think the government did the right thing? >> well, they did the right thing for warren buffett. i don't want to live it again. i don't want to go through it. we didn't have a second grade depression. people write that off, oh, it's going to be fine. they're wrong. it was a big risk. the government had to take strong action. they did some things i would have done differently, particularly bailing out the banks so completely, not taking any blood for it really. but, you know, i think we should be happy that we have lived through it. although, maria, i think

by robert zoellick the president of the of the world bank is or was the exact. reference to what the president medvedev said two years ago one of the summits one of the strength that we are advocating expanding the basket of reserve currencies. and we should also think about are all walter's one of the stimulated the fact that we should means russia is a supporter of the russian russia is a supporter of the sadia it's still to be discussed what exactly their old world could be. we are far from the. suggestion that the world should become a new standard country should move again to the gold standard. risks involved in such a scenario. could be even greater than than the current station but we could see a greater role of new regional leader of choruses in gold in the new mine three system and this subject is going to be called by both experts finance ministers central bank governance and leaders eventually and i during the french presidency a conference french presidency in two thousand to have an says aide to the russian president at one point the spotlight would

of the world bank they have no money all they're doing is they're taking control of this count. these debts and they're repackaging these debts as more debts except that the interest will be due to a world organization instead of a sovereign country this is how they're going to destroy the sovereignty of ireland greece all these european countries they crash their economies they come in they roll over all the debt refinance all the debt in terms of world bank and i.m.f. debt facility and now all that debt is owed to these global institutions so arland loses its sovereignty and but they're not they're not being given some kind of relief or cash because the i.m.f. is broke the i.m.f. doesn't have a penny as you say it's mostly the u.s. and the u.s. is sixty trillion dollars in debt they have no money it's just an accounting fraud it's i.m.f. accounting fraud versus allied irish bank or anglo irish bank fraud they're swapping one fraud for a new frock there's another headline on this as you mentioned now irish bank. there was an interesting little note here is that while the uk the

bank and i.m.f. debt facility and now all that debt is own to these global institutions so ireland loses its sovereignty and but they're not they're not being given some kind of relief or cash because the i.m.f. is broke the i.m.f. doesn't have a penny as you say it's mostly the u.s. and the u.s. is sixty trillion dollars in debt they have no money it's just an accounting fraud it's i remember accounting fraud versus allied irish bank or anglo irish bank fraud they're swapping one fraud for a new fraud there's another headline on this as you mentioned our irish bank. there was an interesting little note here is that while the uk the words are reluctant to fully nationalize a i b it will need significant new funds one option is that the state will be left with a ninety nine point nine percent stake in the bank this point one percent that's not. that's private and that of course max is where all of the good stuff stays right well it reminds me of the mortgage backed securities markets where they saw al

the world bank has lowered its outlook for russia's growth but it says domestic consumer will likely come to me helping to offset a global slowdown we expect a four point two growth rate this year and a slight improvement for next year at around four point five as domestic demand in credit recovers. so the second message is that this growth in russia in particular is driven mainly now by domestic demand which is produced it's locally driven right so you're less vulnerable perhaps there aren't any pretention deceleration in outside markets. well samas heatwave has left one point four million russians blow the poor to line the drought killed up to forty percent of crops in some areas and pushed prices to their highest for years that hit the pockets of the retired and those living off alone says the world bank says they must change so the population is now in coverage it says rising incomes trigger sure but the point spike is temporary. a look at the markets now u.s. stocks are up as investors await the results of meet term elections and traders are also waiting for the federal reserve

are three years of a further slowdown the world bank's chief economist for russia to joke about get it spoke to business r.t. about the key drivers for the country's economy i think what is actually happening in the past few months is that investment has been back and much of the growth was actually led more about investments in the kind of a cyclical rebound of restocking of inventories but that's going to cyclical part but i think the good news is that we also see. gathering steam and. reflects basically fundamental factors driving course ocean searches the fact that. growing again.

of the world bank and he wrote in financial times recently. this system should also consider employing gold as the national reference point of market expectations about inflation deflation and future currency values and quote is russia supporting this idea of increasing the role of gold well. this. phrase. by robert zoellick the president of the of the world bank is always the exact. reference to what the present video said two years ago one of the summits one of the twenty summits that we are advocating expanding the basket of for reserve currencies. and we should also think about the role of walt as one of the ways in. fact that we should means russia is a supporter of the russia russia is a supporter of the sadia it's still to be discussed what exactly their old world could be. we are far from the. suggestion that the goal should become a new standard to move again to the gold standard. risks involved in such a scenario. even greater than than the current station but we could see a greater role of new regional here of course is in gold in t

the head of the world bank robert zoellick suggest bringing back the gold standard to reduce currency volatility rather than a form of tie to gold he says major currencies will be linked to a range of assets through what he calls an open cap or count it comes as leading countries from the us to china are depreciating their currencies to make their exports cheaper however that makes money worth less and it could even lead to hyperinflation. now let's take a quick look at how the markets are performing this hour wall street is following any more monday morning trading commodity prices and natural resources stocks under pressure from a rising us dollar the dow jones is selling point seven percent and the nasdaq is down point three percent last week u.s. stocks were at their highest level since lehman brothers collapsed in september two thousand eight thousand euro markets are also lower after a strong performance in the previous week banking stocks and dragging the european in this is lower and world bank of scotland moving over three percent on the footsie followed by lloyds banking gro

hello welcome to business for graham hay on our team with michelle i was folly the world bank has cut its forecast of russia's g.d.p. growth the next three years thanks analysts say russia has achieved a modest recovery there are fears of a further slowdown for more on this i'm now joined by the world bank's chief economist for russia is thank you very much for joining us this hour so i won't bug report says that the construction consumer is now driving the domestic economy is that because consumption is stronger now other support for the economy have fallen away well i think what is actually happening in the past few months is that investment has been back and much of the growth was actually led more by investments and a kind of a cyclical rebound of restocking of inventories but that's going to cyclical part i think the good news is that we also see consumption gathering steam and this reflects basically fundamental factors driving consumption search is the fact that . really incomes are growing again for the crisis and employment is lower. in many feared certainly. many other weste