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Will the Bretton Woods 2 Regime Unravel Soon? The Risk of a Hard Landing in 2005-2006
By Nouriel Roubini and Brad Setser
The defining feature of the global economy right now is the $660 billion U.S. current account deficit. The world's largest economy - and the world's preeminent military and geo-strategic power - is also the world's largest debtor. The current account surpluses of most other regions of the world are[...]