Reform, Stimulate, Repeat (Well hopefully that last part won't be necessary)

I'm more optimistic about the US stimulus package than the banking bailout plan, but hopefully it will all work. I've been reading about European foot-dragging on stimulus and while I hope they do what's necessary, Europe already has a cushier safety net than the US. So, while stimulus is important, what I really hope the G20 gets right next month is financial system reform. This article, Obama Urges G20 Leaders to Act Fast to Boost Growth, seems to emphasize the stimulus over the reform. 

The world learned important lessons after the Great Depression; lessons we have forgotten or dismissed. If you let people do what they want to do (create crazy financial instruments and make unwise loans) people are going to do what they want to do. Regulate, please. Then don't forget why you did it.

It's one world economy now. 

Super sovereign reserve currency

Sounds impressive. I'm intrigued. Now I must learn more.

I read The End of National Currency (log in req'd) in Foreign Affairs in 2007. I thought the argument was compelling. Now, the Chinese are moving the argument forward (article here)with a call to reform global monetary markets by making an IMF monetary instrument the new international reserve. 

Now, I need to find a clearer, deeper explanation of  how this works. Initially, I like the general concept. The current world economic slowdown might be an opportune time, if this turns out to be a worthy idea.