financial world order and some are very specific proposals to set up new conventionally speaking bretton woods institutions although that's a large area on its own there are also some quite specific initiatives which are still very important i'll give you an example. the louisiana oil spill incident raised the following concern to what extent are the world community's interests protected in cases like this one considering this i came up with the idea of global protection and risk insurance system for such incidents at sea because this particular issue was not addressed by any international conventions there is the safety of life at sea convention a convention on environmental protection and on how to fight oil spills but there is no system which would reimburse the damage it's a good thing at least partially that has happened to a large oil producer capable of paying off its debts and staying afloat despite this although there are different opinions on this and there was a risk but what if it were a smaller business what if it was a situation where the state was claiming reimbursement and the

one, you abide by bretton woods committee make the dollar and not the pound but preference. basically the american said to the british you can have the money but you cannot have your empire. that indicates a cascade of dominoes that fall rather quickly, such that within a few years britain empire is ended and enters decades of children. there were things, a lot funded in london in the '50s and '60s. it's a lovely country but there are better things as well. we are nowhere near in the china-u.s. relationship given china is holding u.s. debt to a 1946 moment. the problem is we don't know how far along that path not only won't do how far we are until it's too late to get off of it. the issue as far as i'm concerned is not how does china evolves. china's going to do with chinese going to do and is largely going to do what is going to do regardless of whether we like about and whether we try to contest it or not. it is the first time in the past 50 years there's been an economic force in the world that is significant enough that it is neither coerce will or changeable by the desi