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To understand the significance of this moment to the U.S. and European economy, Paul Jay continues this discussion with F. William Engdahl, political economist and author. Putting the conversation in context, Engdahl explains that, “the deindustrialization of America in the 1970s and 1980s was replaced by the growth of Wall Street and the major banks.” He continues in England, the entire industrial economy, with the exception of a few tiny pockets of the defense industry, has really become “a hollowed out wreck. It’s really a service economy now.” As far as the emerging demand by protesters in Europe for the nationalization of banks, Engdahl says, “it’s a very real possibility.”

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F 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. His newest book is called "Gods of Money: Wall Street and the Death of the American Century". He is based in Germany.