The Dudes from Davos and the Eurameriyen

Walker, Lewis J.
May 1999
Journal of Financial Planning;May99, Vol. 12 Issue 5, p40
Academic Journal
This article focuses on the economic issues discussed in the annual World Economic Forum in Davos, Switzerland in January 1999. The ideas floated at the annual World Economic Forum provide thought-provoking clues to global economic policy in the early 21st century. For financial planners and investment management consultants, the solutions to global problems in an era of increasingly seamless markets will have a powerful impact on tbe U.S. dollar and other currencies, and on global bourses, including the U.S. bond and equity markets. There was much concern at Davos over Brazil's collapsing currency, the real. Thomas Friedman, writing in The New York Times, reported that U.S. Deputy Treasury Secretary Lawrence Summers had proposed a brilliant plan to bolster the value of the embattled Brazilian currency unit. Rename tbe currency "real.com," he said, and "it would double in value every 90 days." Some attendees worried about post-Cold War competition for financial resources, a new-era brand of cowboy capitalism. Quoted by Daniel Henninger in The Wall Street ]ournal, Indian finance minister Yashwant Sinha complained of "one person putting one finger on their computer that makes billions of dollars move around the world." Singapore's Senior Minister Lee Kuan Yew suggested that unless there was some reform of international currency movements, emerging nations might have to opt out of the global economy.


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