It is very clear that a struggle for the future of control of the world's financial system is developing. The bankers think it is the state's job to give them any cash they need to maintain them in their irresponsibility. Some states do not see it that way. As was reported from yesterday's EU summit:
Turning to the international scene, Sarkozy said that had been "unanimous support" for a "a re-making of the international financial system" which he called a "new Bretton Woods", referring to the 1944 meeting that created the international institutions to supervise financial flows, such as the World Bank and the International Monetary Fund. "Europe doesn't want the same causes and effects in future", he said. "We don't plan to start all over again."
Most important it is reported that:
He said that he would raise the problem of tax havens. "If we provide banks with loans, can we have them working with tax havens?" he said. Sarkozy said he would discuss it with US President George W. Bush when he met him at Camp David on Saturday. "We will take message with us," he said. "It's a subject we're going to put on the table."
It needs to be there. Nothing will happen if it is not. As I have described it, unless tax havens are basically abolished bankers have a 'get out of regulation free card' they can play whenever they like. That is no longer possible.