U.S. President Barack Obama's first visit to China this week will get people talking about how what the world really needs is a Group of Two. Sure, the Group of 20 was only anointed the world's pre-eminent economic policy group in September. But nothing of consequence will get done at the G20 unless the United States and China go along, so why not put them in a room and let them sort out their differences? The problem with this argument is that the Americans tried that approach and it didn't work so well. Before the financial crisis took over his life,...
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