What will ultimately replace today’s dollar-centric international monetary and financial system is a tripolar system organized around the dollar, the euro, and the Chinese renminbi.
Chinese officials warn that their economy is poised to slow. In late February, Premier Wen Jiabao announced that the target for annual GDP growth over the next five years is 7%.
Readers' Comments: What about inflation?
What once could be dismissed as simply a Greek crisis, or simply a Greek and Irish crisis, is now clearly a eurozone crisis.
Doomed to slow growth, the US of today, like the exhausted Britain that emerged from World War II, will be forced to curtail its international commitments.
The competition for reserve-currency status is conventionally portrayed as a winner-take-all game.
Three years into the financial crisis, one might think that the world could put Great Depression analogies behind it.
China will have to move away from a strategy in which manufactures are the engine of growth toward the model of a more mature economy, in which employment is increasingly concentrated in the service sector.
The relationship between the International Monetary Fund and the G-20 is symbiotic but conflicted. Like a long-married couple who habitually bicker and fight, the two can't seem to live together -- but they can't live apart, either.
China was right to wait in adjusting its exchange rate, and it is now right to move gradually rather than discontinuously.
Today's world is more multi-polar. The Atlantic economies should no longer dictate who holds the top jobs at the two Bretton Woods institutions -- the World Bank and the International Monetary Fund.
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