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5 Apr, 2010 08:45

“The US economy will not recover for at least another decade” – Engdahl

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.”