The economist warned against the potentially disastrous weaknesses of our global financial system. It’s not too late to pay him heed now
When John Maynard Keynes died,70 years ago on Thursday, he was a man with serious unfinished trade. While he achieved much in his lifetime, or he lost out to the American delegation at the 1944 Bretton Woods conference. Against his objections,the US dollar was made the global currency, and Keynes’ foresighted idea for a modern institution to more equitably balance the interests of creditor and debtor countries was rejected.
What we got instead was the IMF, and structural adjustment policies and more than half a century of largely unnecessary pain and suffering for the world’s poorest countries. Continue reading...
Source: theguardian.com