A New Financial Ethos Needed

The financial crisis evinces the exigent need for a “Global Monetary Authority.” ++ No international framework exists for dealing with such crises; the vacuum is perilous. ++ Financial wealth is shifting to the East; the result will be a “clash of philosophies,” in which the American financial system will be contested. ++ The GMA would “set the tone for capital markets” using diverse oversight and punitive mechanisms. ++ More importantly, the current ethos of trading for the sake of profit would shift to one of economic growth and development.