Many world leaders who gathered for the Asia-Pacific Economic Conference meetings in Bali, Indonesia, had hoped to sign the Trans-Pacific Partnership Agreement. The pact would have brought together key Pacific Rim countries into a trading bloc that the United States hopes could counter China's growing influence in the region.

But the talks remain stalled. Among the sticking points is the US' insistence on TPP trading partners dismantling regulations for cross-border finance. But many TPP countries will have none of it, and for good reason.

Not only does the US stand on the wrong side of experience and economic theory, it is also pursuing a policy that runs counter to International Monetary Fund guidelines. This is especially noteworthy, because the IMF was considered the handmaiden of the US government in such matters until recent years. Unfortunately, the IMF's newfound independence and insight have not yet rubbed off on the US government.