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“The US economy will not recover for at least another decade” – Engdahl
Published: 05 April, 2010, 12:45
Edited: 06 April, 2010, 13:33
TAGS: Crisis, Crisis Chronicle, USA, Economy
American bankers see themselves as the gods of money, a class above mere mortals, and they can do what they wish, said renowned economic researcher and historian William Engdahl in an interview with RT.
“The center of gravity of the global crisis is New York, the United States, the US financial system, the dollar system and to a secondary extent the pound and the City of London. That is where all the toxic waste was created to be sold on the world market,” explained Engdahl, saying that the economic crisis in Greece and the Eurozone was “politically activated by the same gods of money.”
“At the time the crisis [in Greece] broke out last November, Goldman Sachs was the prime financial advisor to the new Greek government of [George] Papandreou, so Goldman Sachs and Wall Street played an insider role in this Greek crisis from the very beginning.”
At the same time, William Engdahl believes that “the Eurozone is a concept based on a false foundation,” but he does not believe in the end of the EU in the nearest future.
“This is a classic case of covert economic warfare of the dollar system against the euro in order to take pressure off the dollar at the time when it is very vulnerable. The US economic crisis is [not] over. There is no US recovery, it is all government propaganda mills that are turning on to fraudulent statistics and false expectations of recovery, but there is no basis for recovery in the US economy and will not be for at least another decade or 15 years as I calculate,” Engdahl shared.
The economist said that bringing the IMF into the Eurozone is like “setting a fox among the chickens.”
“It’s a reminder to financial markets that the IMF has the potential to destabilize any kind of European-created stabilities, so it is very bad move in my mind,” Mr. Engdahl noted.
As for the future of the Eurozone and the EU, the economist said that “the elites that have been determining policies in Europe up too now in Europe are schizophrenic,” because after the collapse of the Soviet Union they chose to lock their future on NATO and “the sinking Titanic called the dollar system” instead of taking into account the new geopolitical reality and paying more attention to Eurasia and its emerging economies – countries like China and Russia. These countries have “the only potential in the world overshadowed by the economic domination of the US.”
“[The European elites] are paralyzed on which way to go. If they go with Eurasia – then they get hit over the head from Washington, very hard. If they go with Washington – they are gone.”
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Engahl forgets that the Eurozone has 20% of voting rights and quotas in the I.M.F. while the U.S. has 17%....so if Eurozone nations pay so much money every year to the I.M.F. bieng the President of IMF (Strauss-Kahn) a former Eurozone minister, then it is not a bad idea to get back part of those $billions we have payed instead of investing the money in a Third World nation. If we add the E.U. Cohesion and Structural Funds, it is evident a huge quantity of money will go to Greece, and on exchange Greece has to learn to manage better its budgets. Less corruption and better management is something their Greek-American President (Papandreu) should learn to do. The sooner, the better. During the last decade Greece received $billions and management from the Greek Government made a lot of mistakes without creating the value added their nation needed. It was an act of treason from Greek politicians against their electorate. They should be ashamed for the way they spent $billions in Structural and Cohesion Funds. Now they will have a last opportunity.
I think the thoughts of Mr Emgdahl are basically correct. I would say that what has just happenned with Greece is nothing but that "bit over the EU head" that came from Washington as a response to (non)declared intentions of major EU powers (Germany, before all) to make a distance from the sick dollar zone and to turn more to the East (China, Russia, India...). The "Greece blow" is actually aimed to weaken Germany's position: If it gives billions to Greece to cover depth it will lose its potential, but if Germany does not do so the essence of the EU concept will appear damaged. Given the ongoing dispute between Germany and Greece it turns out that the whole mess is a brilliant strategic move that came from Wall Street.
...explained Engdahl, saying that the economic crisis in Greece and the Eurozone was “politically activated by the same gods of money.” true, indeed--check the article below! http://www.rollingstone.com/politics/story/32906678/looting_main_street/1