Today, information technology innovations have created a global
financial casino where as much as $4 trillion of “virtual securities”
(derivatives of stocks, bonds, commodities, and currencies)
are traded each day-creating new uncertainties such
as raids on the dollar, sterling, and other major currencies, as
we]I as scenarios of financial collapse. Worried central bankers
and national politicians attempt to stave off such scenaiios by
resorting to failing economic remedies (such as raising interest
rates or buying efforts) to support their domestic economies and
currencie:-;. These national players, handicapped by eroding national
sovereignty, grope painfully toward the social innovation
needed to match the advance of the global casino’s computer
and satellite-based technological innovation.