[hedonistbot]

There was some noise about bringing about a world reserve currency in the years after 2008 but not much came of it. There was a big increase of the SDR allotments to handle the bailouts that were expected immediately after the crisis. And Chinese currency is now part of the SDR basket. But I don't think a world currency outside of US control will be allowed to exist.

Also Keynes' ideas on handling imbalances goes in the face of what politicians have been saying for decades: "Deficits are bad, and surpluses are good." So neither the public nor the politicians are ready to even acknowledge that there might be problems with this logic.

[atmosx]

In a closed system your surplus is someone else's deficit, that's not a hard concept. The problem is seems to be cultural (some cultures consider debt a sin or a divine punishment) and educational (even renowned economists trying to explain macro-economics to the layman resort to false analogies e.g. Comparing the economy of a country with a household economy, when in reality the way these work is the exact opposite).