> Rakesh mentioned in a recent post a >recent article of mine on this subject on the Monthly Review website. I >was hoping that others might want to discuss points in this article and >especially the conclusion that the recession is not over and the worst is >yet to come. Perhaps I will come back to this article in a subsequent >post and see if there is more interest. Fred, In terms of your prediction about a flight from the dollar, I would put the same three questions to you: 1. What is your general theory for the determinants of exchange rates? Do you rely on Shaikh for example? 2. Does the dollar play a unique role in the world economy, e.g., in terms of meeting liquidity requirements? 3. Can single country or even coordinated political actions affect exchange rates? All the best, Rakesh
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