What’s worse than having Wall Street kingpins like Bernanke and Geithner in charge of America’s economic future? China taking the reins, that’s what.

While Washington’s all-powerful ego may have our leaders believe they still control our fiscal fate, they lost that power long ago. Now, the Fed and the Treasury may dictate who gets what, but China decides how much and when.

David Stevenson, Associate Editor at MoneyWeek, UK, offers his analysis of the current state of British Banks and the implications for the global economy for the next few years.

Will November’s emergency global financial summit result in a “new global financial order”? European leaders are pressing for a fundamental change in the US-centric monetary system. Jason Simpkins says a similar crisis meeting in 1944 gave birth to the Bretton Woods gold standard. But there are reasons to doubt such a major reform this time around.

On the supply front, Nigeria’s president said the country’s state-owned oil company will take over operations in the Ogoni district of southern Nigeria from a Royal Dutch Shell joint venture. President Umaru Yar’Adua made the announcement after talks with French President Nicolas Sarkozy, saying that the move will “calm down” unrest among local residents.

Inflation is global and it has prompted French president Nicolas Sarkozy to seek a cap on sales taxes on fuel products if oil prices continue to rise. This from Thomson Reuters:

French President Nicolas Sarkozy said on Tuesday the European Union should consider capping sales taxes on fuel products if oil prices rose further but his proposal got short shrift from Brussels.