The Fragility of Public Budgets The signals we are seeing today paradoxically echo those that preceded past major crises. Public debt levels in industrialized countries are alarming: United States: $36 trillion (Debt/GDP ratio...

Over the past fifty years the world has weathered epoch‑making crises, from oil shocks to financial disruptions, culminating in the current BRICS+ challenge to the dominance of the dollar. The New Development Bank and plans for alternative currencies signal a structural shift in global capital flows.