I listen to George Friedman of Stratfor claiming that the world's leaders aren't panicked, because they haven't done anything yet in concert with or without the U.S. What kind of reasoning is that? It took years to develop Bretton Woods. More importantly though are three things.
First, the damage the leaders can keep from happening requires solutions they aren't prepared (yet) to undertake, ever.
Second, the U.S. is where the problems started, it still represents a huge percentage of the world's total economy, and what's the point in trying to set up an international system with George W. Bush in position. Barack Obama is about to ascend to the thrown. Even if George were staying on for another term, he's demonstrated zero acumen.
Third, those other leaders have been talking and planning without consulting George for the first time in a big way. George is finished except for being held up for appearances sake.
Not only that, many people, George Friedman included, seem to think that because there are not soaring inflation and interest rates that there won't be any. The U.S. must pay its bills. It cannot tap into the savings of U.S. citizens, because the consumers are tapped out (up to their eyeballs in debt already and facing layoffs). All it can do is print money and owe more into the future to be paid off by future labor. That's inflationary even though consumer demand has lessened and prices have fallen. The big printing is yet to come. Once inflation hits, the system as it stands (needs to be changed), will revert to higher interest rates to squeeze out inflation.
George Friedman and libertarian capitalists write about allowing the system to correct inefficiencies, meaning no bailouts, no rescues, no welfare state, no entitlements (at least not via the government — plenty of entitlements of the so-called private type), etc. What about implementing the truly most efficient system ever conceived that is the political-economy of Jesus Christ? Why do we have to muck about with capitalism when we have Heaven on Earth in the offering?
The pain of Capitalism according to the attitude of libertarians is to be viewed with utter detachment. Don't let your emotions get in the way. Don't feel the other person's pain or people's pain.
Just wait until you have your own before you wake up to how wrong the system is.