The Keynes Solution

When Treasury Secretary Timothy Geithner traveled to Gyeongju,South Korea,for a late October meeting of the G-20 nations' finance ministers and central bank

When Treasury Secretary Timothy Geithner traveled to Gyeongju, South Korea, for a late October meeting of the G-20 nations＇ finance ministers and central bank governors, he had history on his mind. The twin threats of deflation and beggar-thy-neighbor currency devaluation have been on the global agenda this year in a way perhaps not seen since 1944, when world leaders met in Bretton Woods, N.H., to build the postwar, post-Depression financial architecture that included the International Monetary Fund. Now as then, the issue is what to do about chronic trade imbalances that threaten global economic stability.