Ignoring the Storm
There is an urgent need for a global conference – a Bretton Woods II – to adopt strict rules to contain today’s wayward financial markets. Unfortunately, as the most recent G7 meeting showed, the world’s major governments are not yet ready to act.
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The most recent G7 finance ministers’ meeting in October was an utter failure. The only thing that they agreed on was to admonish China to revalue its currency. The yuan’s value, while important, is not the central question facing the world economy today. The real immediate problem concerns what is happening and what will happen to the dollar. But the real issue for prosperity concerns the foundations of the global financial system.