Interesting piece by Gideon Rachman in today’s Financial Times regarding the upcoming meeting of the G20, dubbed Bretton Woods 2. Given the shambles of world finance, established and emerging economies are given a chance to sort of remake the world financial system.

Rachtman makes a good point that in 1944, the destruction of the world let us start with a clean slate. This time, we seem much less willing to upset the established order. Really, bankers aren’t even willing to give up their bonuses in the face of disaster, so completely overturning the power structure seems unlikely.

It seems that a whole host of institutions are going to receive makeovers. Will they be superficial or substantive?