In The Decline and Fall of Bretton Woods?, Ernie Preeg assesses the serious decline of the rules-based multilateral economic system during the first decade of the new millennium, and presents two alternative policy courses ahead. The first is the current course, described as “mercantilist realpolitik,” of discriminatory trade agreements and manipulated currencies to gain an unfair competitive advantage in trade, which is headed for a definitive systemic fall. The adverse impact for the United States is the projected loss of 700,000 to 1.4 million manufacturing jobs, from 2009 to 2012, from the increase in the global trade deficit. The second alternative is a proposed U.S.-led action plan to restore the rules-based multilateral system through enforcement of the IMF obligation not to manipulate currencies and a two-stage negotiation of a plurilateral free trade agreement within the WTO.