China's Stimulus and the Fall of the Dollar |
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| Authors: | JACQUES ATTALI |
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| Affiliation: | Founding president of the European Bank for Reconstruction and Development (EBRD), has been an economic adviser to French President Nicolas Sarkozy. His latest book is A Brief History of the Future;. |
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| Abstract: | As British Prime Minister Gordon Brown notes in this section, we are witnessing the birth pangs of a new global order in this deepest financial and economic crash since the Great Depression. There will be plenty of pain all around for a while. And when the quarter-century leveraged-debt bubble of the United States—the explosion of which detonated the crash—is finally unwound, the new global balance will favor an Asia flush with cash. The G-20 will replace the G-7 as the executive committee of globalization. And, if wise leadership stays the course, there will be a "green lining" to the recovery as the fiscal stimulus is imbued with an environmental sensibility. |
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