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You're reading: Economic malaise fuels global monetary
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A flurry of proposals from economists, coinciding with a semi-annual IMF gathering in Washington, reflects more than a passing loss of confidence in policymakers’ ability to get to grips with the intractable financial crisis that began in 2007.

It also speaks to a growing sense, among politicians as well as market practitioners, of the limits of central banks’ power and a belief in some quarters that the very foundations of the global monetary order need to be rebuilt.

The crunch with its roots in a U.S. housing bubble is the latest in a depressingly regular succession of crises since the severing of the dollar’s link to gold in 1971 doomed the Bretton Woods regime of fixed-but-adjustable exchange rates.

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