The exact role of the United Kingdom in the European Union remains a subject of significant debate, as while the island nation has played a central role in shaping policy and legislation, it has also refused to adopt the euro as its primarycurrency.
For U.S. policymakers to single out currency manipulation as a primary concern for remediation (as the Peterson paper does), the United States should have clean hands.
While most logically identify global currency debasement as a primary cause, others say that gold is driven by: fear of economic uncertainty, central bank gold hording, international political conflict, or the ebb and flow of the Indian wedding season.
What Bernanke made clear now that he launched his own reality TV show is that his primary mission is no longer ensuring a stable currency, or even pursuing the illusory goal of full employment.
The summit largely focused on one of the primary causes of the global economy's lethargic recovery -- the threat of a European currency collapse that would roil the already fragile economies of most of the 17 countries that use the euro.