HOW THE UNITED STATES MESSED UP THE GLOBAL ECONOMY, AND WHY IT WILL PROBABLY GET WORSE:
STRUCTURAL ADJUSTMENT, OVER-CONSUMPTION, AND THE DEMISE OF THE DOLLAR
by Mitch McEwen

This paper looks at the current global downturn as the transition out of an era of U.S.-centered global capitalism. Describing the current global economy as in the process of major crisis, causes of the ensuing crisis are considered and connected to the economic position and policies of post-World War II U.S. The paper ties the U.S. position of big spender mac daddy nation of the world to the currency relationships and international financial institutions established with the Bretton Woods accords. The unsustainability of these currency relationships and the mismanagement of the international financial institutions are blamed for the current global crisis. See, it all comes full circle, like a Greek tragedy.