by Carlhole » Wed 11 Feb 2009, 11:50:05
Engdahl: Two years recession, or ten years of hell?$this->bbcode_second_pass_quote('F William Engdahl', 'I')n 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.
BioF William Engdahl is an economist and author and the writer of the best selling book "
A Century of War: Anglo-American Oil Politics and the New World Order." Mr Engdhahl has written on issues of energy, politics and economics for more than 30 years, beginning with the first oil shock in the early 1970s. Mr. Engdahl contributes regularly to a number of publications including Asia Times Online, Asia, Inc, Japan's Nihon Keizai Shimbun, Foresight magazine; Freitag and ZeitFragen newspapers in Germany and Switzerland respectively. He is based in Germany.
Engdahl says the US economy is in for a 10-year period of "economic pure hell" in this video interview. Oh hell.
He says he's finishing up a book on the subject called "
The Power Of Money: The Rise and Decline Of The American Century".
Engdahl, if you recall, had been an advocate of the Peak Oil Theory, but then suddenly changed his mind. He published an article called "
Confessions Of An Ex-Peak Oil Believer" a couple of years ago, disappointing some people and trashing his own credibility with his willingness to admit the Abiotic Oil Theory as a real possibility. However, his article on the 2008 run-up in oil prices entitled, "
Probably 60% Of The Price Of Oil IS Pure Speculation", pretty much coincided with the top of the market. People roundly ridiculed him for thinking that the price of oil could dive down as low as $60 again.
Let's all hope he's wrong as hell this time about the American economy.
Engdahl's site