Similarly, at a global level, radical reforms must be made in the financial and monetary systems. To put it bluntly, the banking system has been gaming the taxpayer on an intolerable scale. This must end, in one of two ways: the sector must be made subject to the market or become a heavily regulated ward of the state. Again, the curbing of huge credit bubbles must be an integral element in the formation of regulatory and monetary policies. Finally, the dependence of the global monetary system on the currency of an over-indebted superpower is neither desirable nor sustainable.
Powerful words, that barely need translation. The basis is
1- The banking system HAS BECOME PARASITIC
2- They must be nationalized or allowed to fail. "Free Market" is an illusion.
3- The world reserve currency cannot be only the dollar since the FED will print away its over indebtedness.
I would go one step further, the FED may have stabilized the current mess but truth be told, the more I learn about "money" the more disturbed I am by what the FED is. A cartel of private interest with unlimited access to the public purse by way of controlling the printing presses. It is an alien scenario.