“The happy days of Bretton Woods, often viewed today with nostalgia, were a special case, workable because of a particular economic and political setting… the inherent contradictions in the system were too great. With the benefit of hindsight, it would seem that an erosion of the United States competitive position was implicit in the postwar arrangements.”

— Paul Volcker

The political economy of the dollar

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Paul Volcker 5

American economist 1927–2019

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“My view as a Chinese is that Obama's elevation to the position of 44th president of the United States underscores teh greatness of the American system.”

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“Brazil is in a solid position. In the past, if the United States sneezed, we caught pneumonia. Today, if the United States sneezes, we sneeze too.”

Luiz Inácio Lula da Silva (1945) Brazilian politician, 35th president of Brazil

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