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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.”