Mr Kohler, are you advocating first steps towards a form of true world government? Clearly you would see from the EU’s current ‘fend for yourself’ response, NATO, etc that loose federations of nations are impotent in times of crisis. Which leads me to believe your call to political arms is suggesting a progressive and focused solution designed to cut through cross border trust issues in a timely fashion, not rehash past failures.

Then again, maybe your not. Maybe we should all stay resigned to idoling visionless mediocrity within our political leadership groups. That way at least we could maintain (once this nasty little credit bump sorts itself out) our illusions of endless consumption and being able to buy a higher quality of life with more money.

I suspect there is still a whole world of pain to come, and not just in Iceland, if nations do actually get to the point of wanting to start setting up international regulators with real power to act, political or economic. It would have to be perceived as more in a nation’s interests than not to submit to such an arrangement.