The Economic Recovery Versus Economic Nationalism
Robert J. Samuelson, The Washington Post | April 7, 2009
Despite the agreement at last week's G20 meeting, concerns exist that protectionism will come to the fore. ++ The Chinese proposal to replace the US dollar as the international currency is emblematic of this. ++ For decades the dollar has "lubricated global prosperity" but overreliance can also backfire. ++ There is no obvious replacement for the dollar as the euro and the yen are not suitable alternatives. ++ The "world economy is suspended between the lofty rhetoric of last week's summit and the gritty realities of national politics."
