On trade, Romney promises to launch a trade war with China, and to declare it a currency manipulator on Day One a promise that gives him little wiggle room.

Conversely, US President Barack Obama promises to get tough on China s currency, and America s Congress is considering a move to force the US Treasury to label China a currency manipulator, paving the way for retaliatory tariffs.

That means that the system s focus must shift from speculative and proprietary trading to lending and job creation, which implies reforms of financial sector regulation, and of anti trust and corporate governance laws, together with adequate enforcement to ensure that markets do not become rigged casinos.