Rebalancing the Global Economy: China Must Allow Currency to Rise, US Must Boost Savings

Thanks to the draining effects of the Iraq war and the financial meltdown emanating from Wall Street, a powershift away from American dominance is taking place. Caught between a rising China and an America in relative decline, the new leadership in Japan is recalibrating its post-World War II relationships. The G-20 has usurped the role once played by the G-8 as the governing committee of globalization. And the symbiotic coupling of "Chimerica", born out of the credit bubble built up over the past two decades, is being put to the test.
In this section, the new prime minister of Japan, the president of the European Union, the president of Brazil and a leading economic historian assess these shifts.