Economic Overhaul?

In light of the volatility in the world financial markets and with various institutions and practices being placed into question, how would you overhaul the present economic system?

Do you suggest more thorough regulation of lending practices? deregulation? a return to specie backed currency? higher fractional reserve ratios? changing the duel mandate of the federal reserve bank to one of price stability rather than growth and price stability?

By the way, this is a thread for anyone regardless of political persuasion, feel free to state what you would change, although be prepared to have the realistic nature of your suggestions questioned.

Greater state control of the dominant heights of the economy.

We don't have a federal reserve bank btw, Rival. Getting a bit excited?

Can you elaborate on this? Do you imply stronger regulation over the largest companies, or those who hold larger market share and profits? How would this suggestion translate into policy?



I know this, it was no accidental mistake, I was thinking of America when I typed it and used its duel mandate as an example of something we could focus on as being regulated. Substitute 'federal reserve' with 'central bank', my query remains.

Maximal state regulation of large industries - banking, insurance, power, mining.
Rest can flow.