The global finance system can be regulated to prevent massive credit fraud, tame capitalism, confront the sovereign debt crisis, and move towards investing in the real economy and full employment. -Obamanomics-, and American reinvention can lead to a sustained economic recovery but only together with major domestic, European, and global monetary reforms in cooperation with emerging nations.

For decades, the U.S. dollar has served as the world's reserve currency. But after the global market meltdown and the...