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Who Lost Greece? The Geopolitical Consequences of the Greek Crisis

In the maelstrom of the European economic crisis, the geopolitical consequences of Greece‘s weakening and [at least theoretically] possible collapse have been largely ignored by analysts and decision-makers. This paper is making no effort to absolve Greece of its substantial responsibility. It will argue that Greece‘s (and Europe‘s) crisis is mainly –but not exclusively- economic…

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The fatal flaw: the revived Bretton-Woods system, liquidity creation, and commodity-price bubbles

Dooley, Folkerts-Landau and Garber (DFG) argue that the present constellation of global exchange-rate arrangements constitutes a revived Bretton-Woods system. DFG ALSO argue that the revived system will be sustainable, despite its large global imbalances. We argue that, to the extent that the present system constitutes a revived Bretton-Woods system, it is vulnerable to the same…

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