The Sixty-Year Storm

Today’s financial crisis, triggered by the collapse of the housing bubble in the US, also marks the end of a 60-year era of credit expansion based on the dollar as the international reserve currency. But the current crisis is less likely to cause a global recession than a radical realignment of the global economy, with the US declining relative to China and other developing countries.

Today’s financial crisis, triggered by the collapse of the housing bubble in the United States, also marks the end of an era of credit expansion based on the dollar as the international reserve currency. It is a much bigger storm than any that has occurred since the end of World War II.

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