New World Order Chronicles, Boiling Frogs Edition CCXXV111
LARRY SUMMERS: The US may have lost its role as the world's economic leader
The Washington Post
LAWRENCE SUMMERS, THE WASHINGTON POST
APR. 6, 2015, 8:37 AM
obamaREUTERS/Jonathan Ernst
U.S. President Barack Obama delivers remarks on the economy at software development company InDatus in Louisville, Kentucky April 2, 2015. Obama is making the stop at Indatus to highlight his TechHire jobs initiative.
This past month may be remembered as the moment the United States lost its role as the underwriter of the global economic system.
True, there have been any number of periods of frustration for the United States before and multiple times when U.S. behavior was hardly multilateralist, such as the 1971 Nixon shock ending the convertibility of the dollar into gold.
But I can think of no event since Bretton Woods comparable to the combination of China's effort to establish a major new institution and the failure of the United States to persuade dozens of its traditional allies, starting with Britain, to stay out.
Read more: http://www.businessinsider.com/larry...#ixzz3WZmRf62l
LARRY SUMMERS: The US may have lost its role as the world's economic leader
The Washington Post
LAWRENCE SUMMERS, THE WASHINGTON POST
APR. 6, 2015, 8:37 AM
obamaREUTERS/Jonathan Ernst
U.S. President Barack Obama delivers remarks on the economy at software development company InDatus in Louisville, Kentucky April 2, 2015. Obama is making the stop at Indatus to highlight his TechHire jobs initiative.
This past month may be remembered as the moment the United States lost its role as the underwriter of the global economic system.
True, there have been any number of periods of frustration for the United States before and multiple times when U.S. behavior was hardly multilateralist, such as the 1971 Nixon shock ending the convertibility of the dollar into gold.
But I can think of no event since Bretton Woods comparable to the combination of China's effort to establish a major new institution and the failure of the United States to persuade dozens of its traditional allies, starting with Britain, to stay out.
Read more: http://www.businessinsider.com/larry...#ixzz3WZmRf62l
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