Global Currency-Trade Battles Prompt Fears of New Depression – CNBC

4:43 pm in Economy by admin

This is a scary thought. I hope saner minds prevail, and the world leaders do better than our political leaders who cannot think beyond whether they get to save their ‘seat’ in the Congress. It is time that politicians showed some statesmanship,, both, locally as well as world leaders.

World leaders must defuse currency tensions before they worsen to avoid repeating the mistakes of the Great Depression, the head of the World Bank said Thursday.The spirit of global economic cooperation, first forged in 2008 during the darkest days of the financial crisis, was weakening as the recession gives way to an uneven and shaky recovery, the head of the International Monetary Fund said separately.Fears of global currency and trade wars, which were key factors in the Great Depression, have jumped to the top of the agenda at IMF and World Bank meetings this weekend, and are also expected to be a primary topic of discussion when Group of Seven finance leaders gather Friday.

via Global Currency-Trade Battles Prompt Fears of New Depression – CNBC.

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