I will come back to this point later. 2. How to respond to a malign bubble  Let me now turn to the second issue, which is how we should respond to a malign bubble. Fundamentally, we should distinguish two stages in the history of a malign bubble.
In general, I would suggest that strengthening the IMF with some enforcement mechanism, such as Keynes original idea of a global clearing bank, would restore to the international monetary system some needed ownership and credibility. I believe it was the late Charles Kindleberger 8 who said that the international financial system will not work unless somebody should take responsibility for it.