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FOSTER: -- when they're announced. |
SCOTT: -- it's possible. But even if one of these countries left, I mean the competition would still be going ahead and I think the conclusions would be -- would be -- would be valid. But I mean the way this crisis has gone, you've -- you get to over a cliff edge and then things pause a little bit. I think ultimately, ... |
FOSTER: What do you think the most likely configuration, at least, will be? |
SCOTT: I suppose the most likely, at the end of the day, frankly, although I think the best would actually be for the Germans to leave, but that strikes me as really pretty improbable. I think the peripheral countries, as they're termed, will ultimately have to leave. I think both Greece, Portugal, Spain and Italy, pos... |
But there is a big problem there, because the French are increasingly uncompetitive with Germany. So it's not impossible that we ended up with 17 countries with their own currencies. |
But I think it's most likely that some form of euro based on Germany will end up as one of the features, anyway. |
FOSTER: An immediate situation is this -- this talk that the markets a sort of riddle with, at the moment, the role of the ECB and turning it into a lender of last resort, which the Germans obviously object to, at the moment... |
SCOTT: Yes, I think the... |
FOSTER: But that could be an immediate solution, couldn't it? |
SCOTT: Well, no, it couldn't, really. I mean the lenders of last resorts are supposed to deal with liquidity problems. This is a solvency problem of nation states. And the only way in which the ECB purchasing bonds, if they wanted to get the Spanish or Italian bonds down to a level that might make it appear sustainable... |
FOSTER: That's a possibility, isn't it? |
SCOTT: Well, but it would only work -- it would only work if the euro depicted sufficiently to help some of these countries, particularly Italy, and, frankly, it's impossible to see the euro getting to a level that would help Spain and the others. But that, of course, would set inflation rising in Germany. So I don't t... |
The real problem about this is it's not about debts and deficits, although they're dire. It's what happens when countries lose competitiveness in a monetary union on the scale that one of these countries have. And in those circumstances, they are being forced to do two thirds of an IMF package -- cut spending, raise yo... |
FOSTER: Coming up next, they were all out, but now they're back in -- can the Occupy Wall Street protesters still make a stand? |
FOSTER: Well, over in the U.S., the number of protesters still occupying Wall Street has dwindled to around 75 people. A New York court sided with the city, saying demonstrators can return, but aren't allowed to camp. |
Police cleared the area overnight on Tuesday. |
Maggie Lake is in New York -- and, Maggie, they've taken away the tents, but they can't take away the protesters. |
MAGGIE LAKE, CNN BUSINESS CORRESPONDENT: That's -- that's right, Max. They are still here, although the rain, you can see the terrible weather here in New York keeping some away, as well as the fact that their -- their movements within the park very restricted -- barriers all around. They can't bring in instruments, wh... |
Now, some of the people who have been down here for the last two months are still meeting in their working groups, they're just doing it elsewhere. Some of them are holding vigils outside of the jail where some of those that have been arrested, including one man this morning, are still making their way through the lega... |
One person who is out of jail, though, is New York City Councilman Ydanis Rodriguez. |
And we saw them just a short time ago, along with a New York State senator, about the economic issues underpinning this protest. |
Have a listen. |
YDANIS RODRIGUEZ, NEW YORK CITY COUNCILMAN: This movement is about jobs. It's about education. It's about housing. It's about the frustration of the working class and the middle class community, especially the ones that we represent, that feel that we have been left out on -- on lack of investment to create jobs for th... |
LAKE: Are politicians doing enough? |
Are they paying enough attention to these issues that are being voiced here? |
ADRIAN ESPAILLAT, NEW YORK STATE SENATE: Much more needs to be done. You know, Wall Street has been bailed out. Detroit was bailed out. Everybody but Main Street and the communities that have -- many communities that have been double digit unemployment levels for decades, you know, in a permanent recession, now see tha... |
We must do more. There -- there's a jobs bill in Congress that's got to be passed. They are -- there's a millionaires tax in New York State that must be renewed. |
These are the kinds of issues that will bring some relief to Main Street, a community to have been in a permanent recession. |
LAKE: Now, Max, we understand there's going to be a press conference taking place a little later this afternoon, early evening, by religious leaders in the area who we believe are -- are suggesting that they'll open their doors and allow people to either meet and perhaps stay in their facilities. And, of course, a lot ... |
FOSTER: Yes, tell us what we can expect from that Maggie, because things are being organized, right? |
LAKE: That's right. And that's what a lot of people are doing. They say the numbers are going to be much greater. |
The thing to pay attention to, we are told, 7:00 in the morning they plan a march on Wall Street. They want to take the message of economic frustration right to the bankers' doorsteps. |
3:00 p.m. Demonstrations around subway stops all around the city, with people talking about their economic woes. And then a march at 5:00 over the Brooklyn Bridge. |
We believe there's a permit for that. I think it's being organized by a union in conjunction or sympathy with the Occupy movement. |
Max, important to point out, the Wall Street area and the Brooklyn Bridge area have been two sort of igniting points. There were -- that has been a no-go zone down by that stock exchange. They know that. And the Brooklyn Bridge, of course, the area where there were large scale arrests sort of in the beginning of the mo... |
So they're being a bit confrontational. They say they want to keep it peaceful, but there's sort of a new relationship with police. And it's a tense one. We'll see how they make out. |
FOSTER: OK, Maggie. |
Thank you. |
Back with you tomorrow. |
And now a long stretch of calm weather expected for most of Europe. |
But a meteor shower, no less, to -- to peak later in the week. |
And Pedram has details of that -- hi, Pedram. |
Yes, very cold conditions across Western Europe the past couple of days. And as you said here, with a look at clear skies. That's really the optimum setup up here to allow for some radiational cooling with the clear skies. So any little warming you've got on this Wednesday going to escape into the upper atmosphere here... |
But just a few storms around portions of, say, Dublin, on into the northern edge of the U.K., there are some storms. And around Puerto, into Portugal there, some storms. |
But besides that, generally clear skies across Central Europe. We do have some activity across areas of Turkey. But travel plans really going to be a -- a problem around Dublin again. |
Gusty conditions with this feature coming in, up to 90 minutes of delay possible on into Thursday. Glasgow, a similar story, with the winds going to be a problem out there. |
But with this high pressure in place -- and, again, what about areas of high pressure really causing the air to stabilize, the air to calm a little bit, but also deflecting the storm track. It's a blocking pattern. |
Some storms around portions of Western Europe again. Some storms around the Europe-Asia border on into Eurasia there, some activity. |
But besides that, enjoy it. A long stretch around portions of London. We're seeing partly cloudy to mostly sunny skies. Temperatures going to be around seasonal, perhaps a degree or so below average. But still looking at enjoyable conditions out there. And again, work your way around Istanbul on into Moscow. That's whe... |
All right, we promised you a meteor shower forecast. Well, with the clear skies, if you have the opportunity, the Leonid Meteor Showers, annually picking -- peaking in the month of November. And it gets its name because it seems to radiate from the Leo constellation. So if you're looking out toward the eastern sky earl... |
But with that said, try to look out there and you'll have a possibility of seeing a few meteor streaks across the sky on Friday morning. |
Lastly, take a look at this. The Democratic Republic of the Congo, the U.N. has said it's one of the least developed nations in the world. Some video here, if we have it, to share with you out of this area, coming out of this area. This is one of the most active volcanoes in the world spewing some lava up to 300 meters... |
But Hawaii's Kilauea, Max, spews lava up to about 20 meters high and this goes up several hundred meters high. So it really puts it in perspective that if you get a -- a chance to make it out there to the Republic of the Congo there, a good possibility you'll see that. |
FOSTER: Yes, spectacular. Great to hear tourists are going there. |
Thank you very much, Pedram. |
Using celebrities to sell clothes is nothing new. |
But we talk about an advertising campaign showing presidents and even the pope in shocking embraces? |
That's the tactic of one fashion label. And we'll let you be the judge, next. |
FOSTER: Now, the Italian fashion label, Benetton, is reportedly pulling a controversial advert featuring a faked image of the -- the pope kissing an imam. It is one of several shocking images of world leaders like we've never seen them before, let's say. |
Benetton launched its new series of adverts today. It's named the campaign Unhate and says it promotes love, but stirring up controversy seems to be the more likely outcome. |
The images, if you hadn't realized, are fake. One ad shows U.S. President Barack Obama kissing his Chinese counterpart, Hu Jintao. |
Another, North Korea's Kim Jong-Il locks lips with the president of South Korea. |
The images were used and doctored without the subjects' permission. |
They are certainly provocative ads, but will they actually help the labe -- the label sell more clothes? |
Well, earlier, the deputy chairman, Alessandro Benetton, spoke to CNN's Juliet Mann about the controversial campaign. |
ALESSANDRO BENETTON, EXECUTIVE DEPUTY CHAIRMAN, BENETTON GROUP: After a year of emergencies in the financial world, let's think just about Wall Street, the economies in Europe in general, problems like the north of Africa, think about Tunisia, Libya, Egypt, then after a year of a lot of hate atmosphere, let's try diver... |
JULIET MANN, CNN CORRESPONDENT: But what do photos of Obama kissing his adversaries really have to do with -- with selling more sweaters? |
MANN: None of them are wearing Benetton in the campaign. |
BENETTON: One of the important social elements in the next few years is going to be this dialogue between the two very important economies in the world, which is China and the United States, where, culturally, the Americans are saying that everybody is invited and welcome to be American. And the Chinese, on the other s... |
These are two very difficult points of view, which should find common ground. |
Today, with this campaign, we want to create a new energy toward tolerance, respecting the others and finding the elements in common rather than the elements that separate you from the others. |
MANN: You're talking about tolerance, but looking at your campaign, you -- you've got people on the streets, you've got riots. |
Are you saying that you anticipate there is to be more civil unrest around Europe and the world? |
BENETTON: No. I -- I don't think that we are definitely -- we are encouraging the opposite of that. I think the campaign will just be images where we have an iconic element. So we have people that run countries. And, of course, you know, these artificial campaigns, they come back from the famous case of Brezhnev (ph), ... |
And so this is the iconic element there, which is a kiss, which in all cultures, for everybody, means they bring the barriers down. |
FOSTER: Well, being an Italian businessman, Alessandro Benetton has been watching every twist and turn of the economic roller coaster his country is in -- on, even. He says the new government should bring some stability. |
You can see the full interview with Alessandro Benetton on "MARKETPLACE EUROPE." That is on every Thursday at 7:30 p.m. London time. |
UNIDENTIFIED MALE: I think that there is a technical government, there is some sort of shipping us from where we are to a safe zone, if you like, where we will be able to address the issue. |
I think that in reality, it's not just the previous government that was not able to do this structural reform of the income statement and was just working off the balance sheet of the country. I think this technical government can take us to the other side of the shore. And after that, I'm hoping very strongly for a Eu... |
FOSTER: Well, coming up on QUEST MEANS BUSINESS, a look at the markets. |
FOSTER: Businesses have been popping up across Havana over the past 12 months, as some Cubans try their hand as small business owners. This comes thanks to free market reforms put in place by President Raoul Castro. |
Shasta Darlington gives us a look. |
SHASTA DARLINGTON, CNN INTERNATIONAL CORRESPONDENT (voice-over): It's the chaotic sound of commerce. |
DARLINGTON: "We have herbs, roots, branches," this man shouts. "Remember, ours is the same, but cheaper," something not heard in Cuba for decades. |
Here at Havana's Cuatro Caminos Market, shoppers can find everything they need for a spiritual cleansing or to ward off an evil eye. |
"I can use this in the bath to protect me against the shadows," says a client buying bunches of salvadera and basil. |
Dozens of shops catering to the afro-Caribbean Santeria religion have opened here since last November. That's when President Raoul Castro announced reforms to allow more private enterprise. There are plenty of rules and restrictions, but more than 300,000 Cubans have now bought licenses to operate small businesses, mos... |
(on camera): These businesses are actually changing the urban landscape. Cubans are using their living rooms, their driveways, even front stoops. Right here, in fact, we have one man fixing watches and right next door, people are selling arts and crafts, everything from little wooden cars and dolls to statues. |
(voice-over): Castro has slowly adapted a number of free market reforms, handing idle land to private farmers and, most recently, allowing Cubans to buy and sell their homes. |
The measures have injected a bit of capitalism in the heavily state- run economy. |
The newly self-employed pay taxes. They also provide jobs at a time when the government has begun massive layoffs. |
"This has been a big opportunity for a lot of Cubans who didn't have work," says the owner of a snack stand. The Mango Milkshake gets a thumbs- up. Clients like the variety and the prices. But it's not at all clear how much prosperity these limited reforms can bring for Cubans and the economy as a whole. And no figures... |
Shasta Darlington, CNN, Havana. |
FOSTER: And as that report was playing, we had some news in from the AP news agency, suggesting that the International Monetary Fund's Europe chief, Antonio Borges, is to -- to quit. We have no more information apart from that, but not a great time for more unsettling news in the Eurozone. |
I'm Max Foster in London. |
The news continues here on CNN. |
Sedan Chair |
Contributed by Museum of Edinburgh |
Sedan chairs carried wealthy people around Edinburgh, particularly in the City's Old Town, where the tightly packed houses made some of the streets too narrow to allow a carriage to pass along them. |
Sedan chairs permitted passengers to be carried from door to door, and even from inside one building to another, avoiding the need to walk along the filthy streets, where their expensive clothes and footwear could get dirty. |
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