Economic Indicators 

Deficit dilemmas are nothing new for the US

Deficit dilemmas are nothing new for the US

Arguably, America’s apex was at the end of the second world war. The 'Make America Great Again' slogan that adorned posters and baseball caps during Donald Trump’s 2016 presidential election campaign was in no small part a reference to that time. Even before Germany and Japan surrendered, America had crystallised the post-war economic world order in the Bretton-Woods agreement of 1944. This was the first attempt to formalise a framework for international trade and currency exchange and the financial might of the foremost industrial superpower was at its heart. American power was to effectively underwrite the western economic system to avoid the closed markets and trade warfare that had plunged it into a downward spiral in the 1930s and led to the rise of dictatorships and militarism.

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