Most world leaders are agreeing that some new way of managing the global financial system is needed. For online stock trading that can only be a boon. With the markets in turmoil, and more and more reports of effects in the real economy, something needs to be done.

I’ve been involved in online stock trading for years. The technology just keeps getting better, and the near real time and real time reporting is a wonder.

However, not matter how good the technology, it’s not going to tell you how and what to sell in today’s confused and volitale markets. I don’t think there are any economic models prepared to deal with all this.

Many world leaders want to have another summet, like what was done in 1944, in Bretten Woods, New Hampshire.

At that time, as World War II was winding down, 44 western countries got together to try to map out a sensible and workable financial system. Out of the meeting was formed the basics of the world financial system we have today, including the International Monetary Fund, the International Trade Organization, and the World Bank.

All of those institutions have served fairly well over the decades, but the new and electronic global economy has proven faster and more nimble — and more deadly– than the over 60 year-old organizations.

Something new is needed — and fast!

There is the feeling that the western nations are headed for a disaster and the emerging nations, such as China and India, are in very real danger of following down that same road.

Much of the current financial meltdown has to do with the unknown and unknowable “bad paper” that is floating around out there.

So far, the United States hasn’t wholly endorsed such an idea, but with situations becoming unglued in the financial markets, most think it will only be a matter of time before the US sits down again with some of the same participants who met in that little New Hampshire town of Bretton Woods some 64 years ago.

In a short time the US presidential election will be over, and there will be a period of inaction and uncertaintity. That will not help the markets. There is nothing that can be done about that, unless the incumbant administration sits down with the newly elected administration and they both a agree on a course of action.

So if there is a new Bretton Woods, a Bretton Woods II, it will come fairly soon or not at all.