They came. They met. They dined. They whined. And then the finance ministers, gathered for the meetings of the International Monetary Fund and the World Bank, representing some of the most indebted countries in the world, flew out of Washington, filling the first class sections of most of the international flights leaving Dulles airport. There was some sound, a bit of fury, and nothing of significance done about the huge trade imbalances threatening long-run global prosperity. Add policy paralysis to the decision by the Federal Reserve Board to print more dollars, and the result is a rapid and significant collapse of the dollar, accelerated by two bits of news.
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