Unfavorable History Since Floating, 1973-2006

• Oil price revolutions in 1974, 1979, 1985, 2006 (Compare with Bretton Woods period, 1950-1973).

• US two-digit inflation in 1979-81 (peacetime!)

• Bashing and the Plaza and Louvre Accords

• Transition fiasco after the end of the Cold War

• Mexico crisis, 1995; Asian crisis, 1997-8; Russian crisis, 1999, Argentine crises, 1995 and 2002; gyrations of dollar-euro rate; soaring US deficit.