"The conversation is missing some fundamental trends, the new paradigm. Larry talked about financial inclusion... about China. The New Paradigm is that it's the first time that a middle-income country is the second largest economy. We're asking it... from IMF, from international pressures for liberalization, exchange rate... flexibility. ...[W]e are not prepared for the volatility that China will bring to the world economy if it does open up. Micro-foundations of the financial infrastructure is very weak, ...dominated by speculators rather than s. So we need to think about this dilemma. We want it to open up. It has a massive amount of saving, connect with the rest of the world for investment, and yet it's going to introduce so much extra volatility typical of a developing country, and the world is not prepared for that yet... I think that is the number one challenge that we need to think about because that is the financial story written today. We also did not mention the dollar challenge, which is the confidence in the dollar. Now, we have s growing. There's a huge demand for dollars. That is rising, but on the other hand, what is backing the dollar or the liquidity is the . We just talked about the fiscal stimulus. ...The share of GDP of the US is going down. We have geopolitical issues, which is a very strong determinant to how much a country wants to hold US treasuries. All this push up to a... multipolar paradigm, and we're not discussing that either. The US maintains the status of the dollar predominantly because [of] a lack of present alternatives."