From: Patrick Bond (pbond@MAIL.NGO.ZA)
Date: Sat Mar 18 2006 - 01:21:26 EST
----- Original Message ----- From: "Rakesh Bhandari" <bhandari@BERKELEY.EDU> > The CAD may be a bigger problem for US's creditors than it is > for the US! As Susan Strange long ago pointed out in Mad Money > (1998): the US can use "its bargaining power as military protector, or as > interventionist meddler, or as major trading partner to get its own way > and to > make others undergo the painful adjustments." Is there merit to re-examining the 1970s when the US transferred its wreckage of the Bretton Woods currency system to Europe via exported inflation, a lower dollar, the gold price explosion (and the $80 bn US default on the $35/oz commitment) - before Volcker's 1979 shock? (And that shock of course kicked off the Third World debt crisis and serious austerity across the world.)
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