European Side of the U.S. Financial Meltdown

Political economist William Engdahl talks about the European side of the U.S. financial meltdown.

Apparently, the "toxic waste" financial paper that was sold to European banks was rated AAA. Thus, it wasn't wild speculation that shafted these banks but just misrepresentation by Wall Street. He goes on to explain how this, more than anything else, will encourage other countries to look to things other than the U.S. dollar for investment. This sounds like the political equivalent of what the IMF did to the third world countries which has resulted in the current backlash in South America.