The bankruptcy of Lehman Brothers, the sale of Merrill Lynch, and worries about the fate of AIG and other financial institutions have thrown the world markets into disarray, and raised serious questions about the health of the American economy. As the Federal Reserve uses monetary policy to prop up the financial system rather than to protect value of the currency, the dollar's viability as the global reserve currency is also being called into doubt. What are the ramifications of the central bank response, and are there any lessons to be learned from central bank response to past crises? Are more stringent financial regulations inevitable? How will this most recent crisis affect the global position of the U.S. economy? Join renowned CFR experts Sebastian Mallaby and Roger Kubarych in discussing these issues.
Henry Kaufman Adjunct Senior Fellow for International Economics and Finance, Council on Foreign Relations
Director of the Maurice R. Greenberg Center for Geoeconomic Studies; Paul A. Volcker Senior Fellow for International Economics; Deputy Director of Studies, Council on Foreign Relations