The article I read this week was an editorial from the Washington Post titled "Not Out of the Woods". It talked about the need for improvement but nothing radical, as many European leaders such as the Prime Minister of England, Gordon Brown, as well as French President, Nicolas Sarkozy. Leaders blame the free-market system of the United States and demand some changes.
The Bretton Woods meeting of 44 Allied nations took place in Bretton Woods, New Hampshire about 64 years ago to come up with some sort of plan that would prevent a second Great Depression. Institutions like the International Monetary Fun, the Bank for Reconstruction and Development (before the World Bank), and the General Agreement on Tariffs and Trade (before the World Trade Organization) still exist today and prove useful. One example is the IMP that has negotiated bailouts for countries like Iceland, Ukraine, Hungary, and Pakistan, possibly also being favorable to Russia or China. Another thing that is playing a major factor in the global economy is America itself: it’s not done being the political and economic power of the world, which is true. American markets may be doing badly, but European markets are falling as well, marking the dollar’s two-year high against the euro; and until the euro takes the place of the global reserve currency, the United States will remain in leadership.
I found the opinion article really interesting, especially regarding the American leadership over the global economy. It wasn’t as pessimistic and gloomy as most people are viewing the country’s financial state nowadays. I didn’t know that the dollar was at a high against the euro, but I had known about the fact that economics overseas were plummeting thanks to the US’s position as a primary leader and superpower. It seems to me that replace America is pretty hard and would take quite some time to achieve the authority and influence our nation possesses.
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