Rethinking Bretton Woods | Mon, Nov 19, 2012
Pre-agreed spending cuts of USD 1 trillion would take place beginning in January 2013. The beginning of next year is also the time when large tax cuts passed during the Bush Administration are scheduled to expire. The possibility of these simultaneous events in early 2013 is what the media calls the “fiscal cliff.”
This article appeared in Center Focus argues that the "fiscal cliff" might actually be the least worse scenario among those politically feasible for the US economy.