In this first segment of the interview, Paul Jay discusses how
the global economic crisis will impact Europe with author and
political economist William Engdahl. Engdahl says Italy is
experiencing the worst economic crisis it has seen in 30 years, and
the British economy is “falling off a cliff.”
He says the European situation is “differentiated,” that “it’s a
little bit different from what’s going on in North America,
especially in the United States.” In Europe, he explains, “it is
more an indirect knock-on effect of the United States financial
meltdown.”
He says the question now is whether the European Union is going
to try and decouple its dependency on the US dollar and begin to
form regional currency blocks like many nations around the world
are starting to do...
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