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Plus, after Bretton Woods the US engaged in a massive programme of industrialization of Germany, the Marshall plan. They could just as well have said "we'll keep our surplus and you pull yourself up by your bootstraps". Or, even better, they could have implemented the Morgenthau Plan and actively deindustrialised Germany to turn it into an agrarian backwater.

Of all the ways of organizing banking, the worst is the one we have today — Mervyn King, 25 October 2010
by Migeru (migeru at eurotrib dot com) on Fri Dec 24th, 2010 at 07:03:22 AM EST
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