Billionaire financier George Soros has warned that the lack of a global agreement on how to address the crisis could lead to a worldwide depression, but economist William Engdahl says the problem may be even deeper, reaching to the fragile framework of the financial system.
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"The problem is that the G20 is an arbitrary construct that was hammered together largely by Washington in a vain attempt to keep the globalized system that they had created ... to keep the rules of the game intact," Engdahl said. "The basis of consensus doesn't exist among the G20," because China, Russia and Europe have different interests right now than to bail out the U.S. dollar.
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