We have little concrete indication what this summit will be about other than some themes that include: America-bashing, more regulation, and insulating countries from American influence. Will the summit be about creating a world central bank? No, although anything is possible. No, because States like their independence and because getting to that requires a lot of groundwork that hasn’t been laid. (It’s hard to imagine a new central bank currency that replaces the Yen, the Euro, the dollar, and the renmimbi.) At best, and I don’t foresee even that, they would commission studies of such a thing. Instead, the push is for less U.S. influence and more global governance, which is a combined Asian-European (mainly Chinese-French) bloc. That globalizing can be done within existing institutions like the IMF without a world central bank.

Meanwhile the soak-the-rich, world government, political forces are taking the opportunity to boom their politics. The push for carbon taxes is on. The push for taxes on stock and derivative trading is on (Tobin taxes.) D’Escoto (the U.N. Secretary-General) appointed Joseph Stiglitz to study the global financial system. The push for preventing international flows of speculative capital is on. Damn the speculators!

Another push is for the U.S. to increase its foreign aid giveaways drastically. Obama supports that.

The summit will make zero positive contributions to true world law and economic functioning. Its sole purpose is political. The contributions there will be negative to law and economics.