Behind the currency wars and the worsening global economic crisis lies a largely unquestioned free trade model that both contributed to the crisis and, without radical reform, is a major obstacle to overcoming it.
“The financial and economic crisis has revealed the fundamental problems of the free trade paradigm: free trade can lead to huge trade surpluses and deficits among countries with unequal trade capacity and unequal trade, economic and social policies. These trade imbalances and resulting current account deficits were first blamed to have contributed to the crisis and are now considered to be an obstacle to recovery of those countries with a trade deficit, such as the US, and create foreign exchange problems for some countries face.”
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