Russian President Vladimir Putin strutted into this week’s Shanghai Cooperation Organization (SCO) summit vowing to free the world from “financial neo-colonialism.” His remedy? Joint SCO bonds and shiny new institutions to rival the IMF and World Bank. The problem with this is not the ambition. It is the absence of trust. On the eve of his meetings with Chinese Premier Xi Jinping, Indian Prime Minister Narendra Modi and other SCO leaders in the Chinese coastal city Tianjin, Putin declared that the bloc should issue joint debt and build its own financial infrastructure such as a joint payments system for trade settlements. A new financial order would provide “equal and non-discriminatory access to its tools for all countrie
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