G20 perspective from William Engdahl, German Economist
Click to viewEngdahl is a risk consultant for financial institutions in Europe. He is astute. In this program he talks about where the G20 came from, the motivations of the members, ands LOTS more. This program was recorded BEFORE the meeting and so we already know that outcome. Still, this information is highly educational and relevant. There is talk of the need to support the third world to prevent utter depression there. Another central question is whether the dollar will soon be replaced by another currency.
According to Engdahl in this program, and Chomsky in another we just watched, AIG and the other failing banks should be broken into smaller entities, some of which have to go through Chapter 11 (bankruptcy) before being sold off. Only by a true federal takeover--of the books and the decisionmaking--of these banks will be sufficient to set the financial "system" back on its feet again. Thanks again to The Real News Network.
quotes:
"There is no basis for agreement among the members of the G20."
"The dollar system has taken a fall" compared to humpty dumpty: "we can't put it together again."
Europeans skeptical of Washington.
Greenspan, somers, liberalization of finance
Europe not going to "stimulate" American economy.
European economy has a relatively advanced infrastructure.
Huge internal market.