Simon Johnson, a former economist at the International Monetary Fund, argues that Wall Street holds the Western and particularly American political class captive. If this were in the so called Third World, the IMF would know exactly how to break up this cozy relationship. In other words, how would an American structural adjustment [...]
The Chinese Dollar Trap
The Chinese call for the creation of a new global reserve currency is a sign of weakness and not strength - according to the man with the op-ed momentum: Paul Krugman (link)
By the way, does anyone know what Samir Amin of ‘delinking’ fame is writing about the present crisis? I have not read much [...]
The Dollar fends off blows from the Chinese and the Russians
Just the other day China’s central bank governor, Zhou Xiaochuan, was calling for the creation of an alternate global reserve currency. Now the Russians are suggesting a partial return to the gold standard. In practical terms, this is all a stretch but it reflects the jockeying for position that will be with us [...]