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The severity of global financial criis has highlighted major weaknesses in the international architecture for financial regulation.

Alongside a tendency for globalization of production through foreign direct investment, we have witnessed a parallel tendency towards globalization of foreign capital and a period of revolutionary innovations of foregin the likes of Greenspan to question the coherence of conceptual framework is really unprecedented in systemic gravity. Also global imbalances had an important role, not at the internatinal level in the form of vurrency recycling but the domestic level in the form of credit recycling.

The aim of this work is to provide indepth analysis of several controversial issues bothering thinkers and policy makers world over e.g. global capital flows, financial globalization and sustainability, international liquidity and systemic crises, JM Keynes and recessions, the unconventional US monetary policy, the US financial turmoil of 2007-09, housing meltdown and the US monetary policy, US fiscal Stimulus, the Great crash of 2008-09 and central bank policies, international lender of last resort, international currrncy of new century-dollar, euro or Renminbi, reforming global financial governance etc.