“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 Volcker5

American economist 1927–2019

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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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