Commentary: Rubin's Tinkering May Avert Future Meltdowns

Last fall, when the world economy seemed ready to implode, desperate cries went up for a new international "financial architecture." Tear down the old system, critics demanded. Replace it with a global central bank, controls on the flow of private capital, and Chapter 11 protection for troubled nations. Amid this near-panic, U.S. Treasury Secretary Robert E. Rubin remained unflappable. All the system needed, he insisted, was modest reform.

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