Currency Wars

The Breton Woods consensus has failed, and the currency value have turned since Nixon time into something which is more or lessfreely projected.It was somehow working at the time of bipolar world. But in today's would it doesn't work any longer.There were some crises (including the Tiger crises in late '990s) which shaken the consensus and trust in the Bretton Woods institutions.(IMF and WB). It's like a marriage, first partners started betraying each other, and then some decades later they started wondering why the marriage is collapsing.So, as the replica to the Bretton Woods institutions, a spooky mechanism of G-20 is tried to be created.The big G-7 are trying to dominate it by getting the approval of G-20, but the rest in G-20 is resisting.We are witnessing a painful accommodation of the OECD world (western Europe and the US) to the new Asian century.Western world has lost it, but the painful struggle will keep happening throughout most of our lives.Informal sturctures of the western world (G-7, WEF, Paris and London Clubs) and surely a dominance in the formal (IMF and WB group) arenot sufficient enough to keep the western supremacy.
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