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ABSTRACT

After the outbreak of the 2008 crisis, several international summits addressed the global imbalances issue, without the arisen of an effective solution. This result is due to the way in which capital has been accumulating worldwide in the recent decades, with a growing gap between the level of production and the consumption capacity. This gap can only be closed through the massive issuance of national but mainly international credit. Following this, the crisis, far from being solved, is close to burst open.

KEYWORDS: Exchange rate war; Credit; Overproduction crisis

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