I was just reading about how Russia lent 4 billion euros to Iceland to shore up its financial system. I was very surprised that the EU or USA had not helped out. The Iceland bailout may be the beginning of bailouts of small countries by larger countries. A global financial crisis, such as the one we are going through right now, shows the benefits of being part of a larger country or belonging to a country association such as the EU. The little country that must be most worried now is Switzerland. With its federal system, how are the small cantons going to be able to help out if one of the Swiss giants needs $100?
What the world now needs is a well functioning global financial institution. An IMF that is not neoliberal but who understands that what works around the world is sociocapitalism not pure capitalism and stands ready to help.
Update: Since I wrote this article I see that something close to what I was proposing is happening.
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