Bretton Woods II Could Mark Shift Away From American Dominance

You know that upcoming meeting of the G-7, dubbed "Bretton Woods II"?

Well, it turns out it will actually involve some 20 countries and regions, including those with emerging markets. As US News and World Report puts it:

"President Bush will meet not just with the traditional Group of Seven (G-7) cluster of industrialized countries but rather with the Group of 20. That larger forum brings in the major emerging-market nations. They include such rising powers and emerging economies as Brazil, India, China, Russia, South Africa, Mexico, and Turkey, among others."

Specifically, the G-20 includes:

1. Argentina

2. Australia

3. Brazil

4. Canada

5. China

6. France

7. Germany

8. India

9. Indonesia

10. Italy

11. Japan

12. Mexico

13. Russia

14. Saudi Arabia

15. South Africa

16. South Korea

17. Turkey

18. United Kingdom

19. United States

20. European Union

The G-7 is made up solely of Western countries and Japan (one of America"s closest allies). On the other hand, the G-20 includes China, India, Russia and Brazil - countries that are not so closely aligned with America - as well as Saudi Arabia, one of America"s largest creditors.

China and others have been making noises for a while about the need to shift away from a U.S. and dollar-centered financial system. For example, one of China"s largest newspapers wrote today that the US has plundered global wealth by exploiting the dollar"s dominance, and the world urgently needs other currencies to take its place.

Something might really happen at the G-20 meeting, scheduled to occur around November 15th. Especially since many of America"s largest creditors will attend, it may truly mark a shift away from not only America"s economic dominance but also its spendthrift behavior.