Ryan Avent on why "the world’s monetary system is breaking down"
Ryan Avent's latest for the print edition of the
Economist.
❝ "There is no longer any need for the United States to compete with one hand tied behind her back,” Richard Nixon, then America’s president, told his countrymen in August 1971. With that speech, he heralded the end of the post-war economic order, suspending the convertibility of the dollar into gold and putting up tariffs on imports. The survival of today’s order, which emerged from the chaos that followed, now also looks in doubt. In other circumstances, its demise might not have been mourned. But with each passing August day, the prospects for a happy shift from one global monetary regime to another look ever grimmer … [Economist.com]
| RYAN AVENT is senior editor and economics columnist at The Economist and author of The Wealth of Humans. Watch him talk about his book below, and learn more about booking Bob for your next event today. |
