When, in a few years from now, political analysts will look back on November 2010, they will likely see it as the moment when the debate over a new multipolar world monetary system became really serious. On Nov. 2, President Obama and Democratic Party suffered severe losses in the US mid-term elections – mainly due to the protracted economic malaise in America. On Nov. 3, the Federal Reserve decided to buy US treasury bonds (and state and municipal bonds) worth $600 billion (a lot more will likely follow). The international answer was unprecedented – in the negative. Then, on Nov. 8, Robert Zoellick, the head of the World Bank and a key figure of the US establishment, suddenly proposed the creation of a “new monetary system”.
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