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Will Calls for a “New Global Financial Order” Result in a Second Bretton Woods and the End of U.S. Dominance?
The leaders of 20 of the world’s most developed nations, the G20, will convene in Washington D.C. on Nov. 15 for an emergency financial summit considered by many to be the 21st century version of the Bretton Woods initiative of 1944. This will be the first chance for European leaders – many of whom blame the current financial contagion on U.S. free market capitalism run – to press for an overhaul of a global financial system the United States has dominated for more than 60 years.
The summit will “seek agreement on principles of reform needed to avoid a repetition of…
24Oct2008 | Money Morning | Comments Off | Continued
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