The global financial architecture is broken
Andrew Sheng says the world is breaking up into national currency blocks
The international financial system as designed in 1944 is broken. The present system is a non-system, because the world has shifted to a multi-polar power structure, rather than a unipolar system where the Group of Seven (G-7) can dictate standards and structures. In 1944, the US achieved total dominance in the military, economic and monetary fields, and the Bretton Woods Conference that year confirmed the US dollar's status as the pre-eminent reserve currency. At that time, the US accounted for
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