Robert D. Muldoon

Just as farmers might react to the end of a long drought, I and presumably every other Minister of Finance have been heard to issue a collective sigh of relief at the first clear signs of a U.S. recovery. This incipient recovery and the successful rescheduling of the largest debtor countries seem to have averted, for the time being at least, the very real danger of a collapse into global depression, financial crises and wholesale disruption of world trade flows. I understand "implosion" of the world economy is the current favored term to describe that particular chain of events.