Listening to the lip-service given global warming at the recent global-warming summit of the UN, I realized what a farce it was. Anti-global warming measures have to start locally. In the US, it’s the duty of state and county government’s to set and enforce emission limits in companies. This is where it begins. The rest is macroeconomics. Except from a genuine plea for action from the Maldives (which is about to cease to exist from global warming) , the rest was nothing more than slightly stirring rhetoric. You can’t hash-out a treaty for behavior. But you can make a treaty for something even just as timely and important: the global ECONOMIC crisis that the U.S. created.

Imagine a new “International Financial Services” treaty going something like this…

1. A Glass-Steagall-like directive separating investment banks from consumer banks. We used to have this in the US. Not anymore.

2. A directive prohibiting Credit Default Swap‘s and bucket shop financial gaming. We used to have this law too, but we ignored it.

3. Requirement that all signing countries pass and enforce laws in their respective countries that meet these requirements, not just to “work-towards” enactment.

4. Whatever the hell else you think might help.

If we are going to finally scrap all the west’s last isolationist notions and truly embrace a ‘global’ economy, global economic treaties keeping one nation from destroying the rest are a necessity. Everyone now knows that this isn’t just a college economics-class theoretical problem. It’s very real, and so is the need for a treaty like this.