Drezner delivers a reality check:
I think there is a desire for one leader to knock some global skulls together and get Germany to start consuming more and the ECB to print more money and China to stop saving and any other action that would jumpstart the global economy. Again, fine, but in the history of the global economy there has only been one instance in which one country had sufficient economic power to exercise this kind of leadership—the United States of the late 1940s. Truman’s leadership was important—but the U.S. being responsible for close to half of the world’s economic output was even more important. Even if Barack Obama had an iron grip over all of America’s policy levers, he couldn’t do what Truman did with the Marshall Plan and the Dodge Line. Leadership without power is simply someone ranting on a street corner.