became
became frequent
US
The FI rst condition 2007 and, with a probable slowing down was met or even recession in US, which knew second condition 2008 are met. Duncan concentrated on US Geschäftsdefi compressor entrance air temp advice for two reasons. First its extraordinary size and second, because US were the only country, capable of its FI the nance increasing level from indebtedness is payable to the remainder of the world by the expenditure of the proofs of indebtedness in its own national currency. The following lines Florida esh out the basis of its forecast for an inevitable world-wide recession: When US rejected to remain by the guidelines of Bretton Woods by shifting the commutability the dollar in gold, the adjustment mechanism, that had before prevented persistent inequalities stopped, in order to work. As if by magic the delimitations seemed, which had held before the Geschäftsdefi cits for US in the examination to disappear straight. In the three decades, since the collapse of Bretton notices Woods Duncan: `US took cumulative present defi compressor entrance air temp advice of a more than $3 quintillion on itself (as at 2005). The effect of a $3 quintillion the bank systems of the countries with a balance of payments on current account surplus against US inheriting stopped in motion a process of the credit note creation, straight as if the world an enormous supply material new gold had discovered. ' The fluctuation of the credit note produced a world-wide credit note bubble,
only by paper was supported for reserves and by the economic overheating and real estate price characterized infl ation. Because much can be the credit note not returned Duncan argues the credit note bubble is precarious near to ating defl and `, who established the economic house of the maps with paper dollar, has to wobble'. begun. Its case, he closed `informs the world, why again gold - not paper - of the preferential memory of the value for thousands years' .11 was Duncan prognosticated after the era of the export-led growth ends and the economic growth, which is inland created on the demand, follows a global recession, which affects itself world trade, prices of raw materials, stock exchanges and government FI of nances - a summary in agreement with the French the veranschlagenen note economist Jacques Rueffs that, which asks US to agree upon its defi cits became frequent like a giving a bald man of a comb and asking it, its hair to be combed to have. It cannot. But you hold in the understanding, which could be wrong the traditional opinion over defi cits and inequalities. Jacques Rueff fenced on before lastingness of the dollar hegemony forty years. Since US and the global economic systems extended at that time. Let us so the new paradigm concept to regard to the global current account inequalities and see, if we find an acceptable explanation can. A new paradigm: The theory board on Woodsii investor only some years ago, the new paradigm exaggeration pumped hot-air to the Nasdaq Börseluftblase are again sceptically 84 D e m y s t I f y I n g t h experienced e.g. O L D p r I C e paradigms. But it is stupid to ignore the theory board on Woodsii on global current account inequalities straight because it a new paradigm is. It is complicated, Contrarian and disputed, but the theory board on Woodsii was supported by three positive factors of the peoples: 1 has it present funds Florida ows and interest rates with reference to explains international trade copies past and present; 2 forecasts on the consequences of the commercial samples past formed the authors were looking; and 3 the authors is reliable and infl uential economists. Bretton Woods II is the spirit product of Michael Dooley, an older advisor to Deutsche Bank, David Folkerts Landauer, an acting managing director and global head of research for Deutsche Bank and Peter Garber, a global strategist with the bank. For comfort they become frequent as D, F & quoted; G. Since 1992 Dooley is an economy professor at the university of California sank Cruz.12 in view of from general interest in its work and in the frequent New editions D, F & been; G compiled a compilation with 140 sides of its research and it accessible on line.13 for comfort formed, which I refer to the posts world war board on Woodsvereinbarungen me as Bretton Woods identification, F & G argue that 1944, if the Bretton Woods I of contracts became, were closed the priority to repair the physical devastation which by the war and the economic systems was caused to encourage by war violent Europe and by Japan again. At the time as US, which were possessed over 70% of the gold of the world,
it had the wealth to sign for of postwar reconstruction and from economic revival to and was in a position to guarantee to that it would be reached. In this relationship US were the center or heartland and the war violent countries of Europe including Germany, France and Italy and Japan were the periphery.14 A similar structure, that in colonial conditions by that 19. were used and early twentieth centuries, as the Colonialmeister were centralchange and the colonies were the periphery. Formally countries required and maintain the board on Woodsvorbereitungen 1944 to peg the indirect taxes of their currencies to the dollar FI xed rates of exchange. The periphery countries accepted a export-led resumption strategy, held their labor costs low, imported currency controls and kept their currencies underestimated. Avoid far domestic, infl ation to refuel, if payments for their exports became, as far as that it was possible, the capital became accumulated as dollar reserves received. In the years during the economic systems the old periphery recovered, liberalized them their monetary policy and connected finally and compete with the wealthy heartlands and, when this stage was reached, the posts world war board on Woodsvorbereitungen broke above. If we the question now place whether hardnesses experienced after the Second World War if countries in the old periphery FI rst took a export-led Wachstumstrategie were worth bearing on
