A global Weimar?

Yet it’s quite obvious what should be done: Merge the G-8 with the U.N. Security Council, allowing the chief Southern powers, such as India, Brazil or Nigeria, to join in. Place international financial institutions under the protection of this restructured Security Council, and put it in charge of setting up real global regulation, to control financial institutions; to modify the Basel Accords, by suppressing “mark to market” models; and to organize the revival of the production of public goods (water, clean air, freedom) world-wide.

In the long run, the world will be organized around a new coalition of nations, sharing the burden of these challenges, not around a single country, as is the case today.