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bretton woods
’From imbalances to imploding banks
Here’s a chart to ponder as regulators continue their forensics of the financial crisis:
It’s countries’ current account balances in 2007 against the change in the non-performing loan ratios of their banking systems between 2007 and 2009.
Whose fault was it?
So whose fault was this crisis? China’s or America’s?
Standard Chartered poses the question and comes to the enlightened conclusion that it was probably a crisis largely of the USA’s making, most likely due to the overextended period of low interest rates between 2002-2006.
A ‘paper-gold’ reserve system?
With the elections out of the way, attention is now re-focusing on the global financial crisis and the upcoming G20 meeting in Washington on November 15th. In that context much has been written about the need for a “new Bretton Woods”