Political economist William Engdahl says Italy is experiencing the worst economic crisis it has seen in 30 years, and the British economy is “falling off a cliff.” But the European situation is “differentiated,” depending on the exposure to the American toxic assets.
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In Europe, he says, “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 U.S. dollar and begin to form regional currency blocks like many nations around the world are starting to do.
Engdahl is author of A Century of War: Anglo-American Oil Politics and the New World Order.
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