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Since the end of World War II, the U.S. dollar has enjoyed a unique and powerful position in international trade. But perhaps no more...
Though it came on the heels of the Great Depression and the beginning of the end of World War II, the Bretton Woods system addressed global ills that began as early as the first World War, when governments (including the U.S.) began controlling imports and exports to offset wartime blockades. This, in turn, led to the manipulation of currencies to shape foreign trade. Currency warfare and restrictive market practices helped spark the devaluation, deflation and depression that defined the economy of the 1930s...
Trickle-Down Gluttony Kudos to Nancy Gibbs on her essay [Oct. 13]. As an early baby boomer, I was raised on the stories of thrift and sacrifice that came from my parents, who had grown up during the Depression and World War II. When George W. Bush suggested that the way to be patriotic after 9/11 was to go shopping, I was appalled. We have seen that message repeated over and over - including two incentive checks from our government so we could spend even more money we didn't really have. So excuse me if I have a hard time...
...federal deficit to record heights. For the fiscal year ending Sept. 30, the gap between revenue collected by the government vs. what it spent was already lofty at $455 billion - an amount equal to nearly 7% of GDP, making it the largest deficit since the end of World War II...
...Still, the latest allegations against Kundera, which have spurred discussion across Europe, are a reminder of the moral ambiguities and compromises that haunt the generations that lived through World War II and the Cold War - exactly the stuff of the novels that made Kundera famous...