Author and trade expert Clyde Prestowitz warns that it would take up to a 50 percent devaluation of the dollar against the Chinese yuan and an end to the greenback as the global reserve currency to truly right the global trade economy.
Prestowitz is founder and president of the Economic Strategy Institute and formerly a counselor to the Secretary of Commerce during the Reagan Administration.
In a post at the website of Foreign Policy magazine, Prestowitz details a list of scheduled global banking and trade discussions. Then he dismisses them all, saying that the real problems facing the U.S. economy relate to...
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