First proposed 10 years ago in John Eatwell & Lance Taylor, Global Finance at Risk: The Case For International Regulation (New Press, New York 2000), the time has come for the establishment of a global body to regulate cross-border finance. In fact it is long overdue. This is precisely what the G20 should be discussing now. The fact that it isn’t or won’t squanders a critical opportunity in world history. It is also a measure of the enduring power of private commercial interests and nineteenth century zeitgeists (neo-liberalism), despite the enormous hole they have dug us into. A key solution to this and future financial crises exists, but is not being taken. We will all continue to pay a heavy price until it is.