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pollution metrics are lower. it incentivizes no derivatives in certain countries, no swaps in certain countries because they re illegal in certain countries so you bring all the swaps to this country. how do you suggest we even begin to try to create uniformity in some of those global standards? well, there is a range of things you can do. you can create global agreements among nations to set standards and enforce standards or actually create mechanisms, institutions that set those standards and enforce them. i think ultimately it s the latter. that s what we had within nation states but if you were a politician and running for office and you said, i want to see the little sovereignty to a global s.e.c. you d be done. that s the third rail in politics. we ve got to move beyond that. we ve got to say the only way to actually preserve national sovereignty is to see the little bit cede a little bit upwards. if we don t we have no control over what is going on. so you have the illusi

Pollution metricsNation statesGlobal secThird rail