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Bush End Game
George W. Bush's presidency since 2007

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George W. Bush's presidency from 2005-06

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George W. Bush's presidency, 2000-04

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The secret world of Defense Secretary Gates

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The Dark Side of Rev. Moon
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Contra Crack
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America's tainted historical record

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How Grim the Economic Downturn

February 7, 2009

Like the United States, the nations of Europe are suffering from the dramatic drop-off in economic activity.

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.

(The story summary continues below.)

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. is an independent news network that produces stories of global interest. 

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