Trapped by the international dollar standard

In 2004 the world economy showed robust economic growth. Among the industrial countries, the United States led the way with annual growth of about 3.7%. Among developing countries, China's enormous growth of 9.5% stimulated economic activity throughout East Asia. India grew about 6.6% - well above population growth and its own past history. More astonishingly, after languishing for more than two decades, Latin America's growth averaged 5-6%. True, the euro area and Japan are lagging, with annual

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