I will be the first to admit that I do NOT understand economics beyond my own personal finances. But I do know that the worlds economies, especially those of the more economicaly robust nations are connected to each other. The current economic "crisis" is a worldwide one. With the U.S. economy having an effect on the rest of the world as well as other larger economies effecting the U.S. If I understand correctly, the G20 summit is an economic summit of the 20 largest economies of the world which just ended in Seoul, South Korea.
Until the formation of the European Union, who would have imagined that the European nations would form something like of that nature. As I understand it, the European Union has its own legislature, Court system, and can make treaties with foreign countries. There is no passport requirement for travel within the Union, and there is limited power for military defense or the European Union. I do admit that the European members of this Forum are far more able to comment on this than I am.
There is talk of a "regional currency" similar to the Euro, for North and South America but a unified economy would have to come first, and following that would there be a "Pan American Union"?
What does this mean? In my opinion, the world is moving towards that one single economy and by necessity, a single government. It would mean the effective end of national soverignty.
Whether you believe this is a good thing or a bad thing, and I think its bad, I believe that we will see at least the beginnings of it in our lifetime, if not the actual thing itself.