To Form Reginal Currency Blocks

In this first part of the Q&A, a certain Paul Jay discusses how the worldwide economic mess will impact old Europe with author & political economist William Engdahl.
Engdahl points out that Italy is experiencing the worst "Wirtschaftskrise" it has seen in 30 years, and Great Britain is “falling off a cliff” but the European situation is supposedly “differentiated,” that “it’s a little bit different from what’s going on in North America, especially in the US of A.”
In Europe, he explains, “it is more an indirect knock-on effect of the United States financial meltdown.” And the question now is whether the EU is going to try and decouple its dependency on the US dollar and begin to form regional currency blocks like many nations around the world are starting to do.

Two years recession, or ten years of hell?

Certainly looks like Obama chose the latter outcome: At least 10 years of Japanese-style fake hell.