As a foundation for this new world order, Mr Priestland is hoping for a new Bretton Woods-style agreement one that would regulate international capital movements and thus tame the power of the bond markets.
Is there indication for some new round of Bretton Woods, Dumbarton Oaks revisited, some rethinking of how the nation, of how the great economies of the world inter react?
Its work reached an inflection point last weekend when hundreds of the economic policy elite gathered in Bretton Woods, New Hampshire.
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Nor did delegates even think of trying to create a new gold-based, Bretton Woods-like monetary system that would keep currency exchange rates of trading nations strong and stable.
At Bretton Woods in New Hampshire, spokesman Craig Clemmer said the season's final ticket sales figures are still being tallied, but it looks like the season will stand as one of the top five ever.
The World Bank was established in 1944, at a conference on postwar reconstruction in Bretton Woods, New Hampshire, where representatives of more than forty nations agreed to create two new institutions: the International Monetary Fund, which was charged with guaranteeing stability in global currency markets, and the International Bank for Reconstruction and Development, which was charged with raising money for the rebuilding of Europe.
Look for the money printing to cease by year-end, says Paul Hoffmeister, chief economist at boutique investment research firm Bretton Woods Research in New Jersey.
Vlad Signorelli, chief investment strategist at Bretton Woods Research in New Jersey thinks President Barack Obama would come out looking like a winner if he had to make such a decision.
European leaders say they are ready for serious talks on a new world financial architecture to replace the Bretton Woods system.
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Vlad Signorelli is the Director of Global Research at Bretton Woods Research, LLC in New Jersey, a boutique investment research firm.
Eventually such an arrangement must surely break down, bringing a new currency system into being, just as Bretton Woods emerged in the 1940s.
Some leaders have urged the meeting to begin the process of launching a new global agreement to stimulate prosperity, similar to the Bretton Woods agreement in 1944 that created the post-war system of fixed exchange rates and established the IMF and the World Bank.
Paul Hoffmeister, chief economist at Bretton Woods Research, a boutique investment research firm in New Jersey, gives a shut down a 30% probability of occurring.
The meeting might also seek to redesign those Bretton Woods institutions - but it is unclear what role the new institutions would undertake.
Such a scenario could usher in the end of the mortgage interest deduction, deductions for retirement savings and deep cuts to the social safety net with little Congressional debate, says Vlad Signorelli, director of global research at Bretton Woods Research LLC, a boutique investment research firm in New Jersey.
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