Engdahl: Obama must confront the oligarchical power of Wall Street to solve crisis
G20 – Make or Break?
G20- Make or break?
Engdahl: The question in the EU is – will they go down with the dollar system or find their own way?
In a recent TV interview, George Soros, international currency trader and investor, called the upcoming G-20 Summit in London “a make or break” for the world economy and suggested that a failure by the participating countries in reaching a policy consensus could lead to a world economic depression. Paul Jay of The Real News Network sat down today with William Engdahl, the German-based author, political economist, and risk consultant, to discuss the significance of the G-20 Summit and the chances of forging a united stance in confronting the current economic crisis.
Calling the G-20 an arbitrary construct trying vainly to keep the global economy intact with the same old rules, Engdahl states that major participants such as China, Russia, and Europe have different interests right now with little appetite for bailing out the U.S. dollar.
Engdahl draws particular attention to efforts over the past 10 to 15 years by the European economies, in upgrading infrastructure such as advanced high-speed railway systems, highway networks and transportation grids that today cover eastern European economies. These are critical infrastructure that the U.S. economy has neglected over the past three decades that could have contributed to sustained economic growth. Other topics covered in this interview include the U.S. debt and European stimulus plans.