I think we won't be getting a full fledged World Central bank nor a full fledged world currency just yet. For that you would need global tax powers.

The IMF has already secured for itself the right to issue its own debt. IMF bonds. This raises money for it and gives it a degree of autonomy. The reserve currency is still the dollar. But in recent years the Euro has been encroaching. Some oil contracts are now in Euros. Of course what the euro has just had done to its credibility will not help it.

Then there is the suggestion of another reserve currency based around the Yuan.

I think, if the euro is not permanently harmed by this last bail-out, will join a new quasi recognised tripartite system of dollar, euro and Yuan.

I think the IMF will continue to jockey for power. Trying to be a Global force for its ideology of free-market brutalism. Modern day Jesuits – 'soldiers of God' in their case Milton Freidman.

I think further ahead events are too unstable to make sensible predictions.

I'd be interested to hear your opinion on this.

No need to feel too dismayed. I greatly respect your honesty and humility, which contrasts so starkly with the attitudes of the political and financial elite. I'm tired of being fed more lies and empty rhetoric. No doubt there are many unhappy cows and the herd will grow.

As for the ECB bail out, this can only be another (perhaps final?) attempt to save the banks and to keep the show on the road. How long this will last is anyone's guess is suppose. But surely they cannot delay the reckoning with all those losses/debt/angry people forever?