Bretton Woods II Could Mark Shift Away From American Dominance

Posted on October 24, 2008 by WashingtonsBlog

You know that upcoming meeting of the G-7, dubbed “Bretton Woods II”?

Well, it turns out it will actually involve some 20 countries and regions, including those with emerging markets. As US News and World Report puts it:

“President Bush will meet not just with the traditional Group of Seven (G-7) cluster of industrialized countries but rather with the Group of 20. That larger forum brings in the major emerging-market nations. They include such rising powers and emerging economies as Brazil, India, China, Russia, South Africa, Mexico, and Turkey, among others.”

Specifically, the G-20 includes:

1. Argentina

2. Australia

3. Brazil

4. Canada

5. China

6. France

7. Germany

8. India

9. Indonesia

10. Italy

11. Japan

12. Mexico

13. Russia

14. Saudi Arabia

15. South Africa

16. South Korea

17. Turkey

18. United Kingdom

19. United States

20. European Union

The G-7 is made up solely of Western countries and Japan (one of America’s closest allies). On the other hand, the G-20 includes China, India, Russia and Brazil – countries that are not so closely aligned with America – as well as Saudi Arabia, one of America’s largest creditors.

China and others have been making noises for a while about the need to shift away from a U.S. and dollar-centered financial system. For example, one of China’s largest newspapers wrote today that the US has plundered global wealth by exploiting the dollar’s dominance, and the world urgently needs other currencies to take its place.

Something might really happen at the G-20 meeting, scheduled to occur around November 15th. Especially since many of America’s largest creditors will attend, it may truly mark a shift away from not only America’s economic dominance but also its spendthrift behavior.

This entry was posted in General. Bookmark the permalink.
  • http://www.blogger.com/profile/17497535830962810665 game gold

    On account of I have fiesta Gold , I am not afraid of the lonely. At that time I do not know the meaning of it. Later I buy fiesta money . And every time, I have no fiesta online gold , I will feel very anxious. Why I buy fiesta Gold , please it gives me such a warm place. At the moment, I have fiesta online money .

  • http://www.blogger.com/profile/08301006584020890656 cheng

    Do want to know the magic of online games, and here you can get more maple mesos. Do you want to have a try? Come on and mesos can make you happy.You can change a lot cheap mesos for play games. Playing online games can make much maplestory mesos. If you want your game level to up highly, you can come here. And you can use the maple story mesos do what you want to do in the online game.

 

 

Twitter