They discuss Europe’s attempt to redraft the market rules in the absence of a coordinating regulatory framework that can deal with a globalized economy. Haass explains that the current system — set forth after World War II — is inadequate in dealing with economic challenges in the era of globalization.

Robbins says that it’s unlikely for the U.S. to accept a global super-regulator. Haass asserts that no countries will emerge as “winners” in this global crisis.

The discussion turns to Iran, where there are considerations for developing U.S. interests. Robbins considers it a great opportunity to improve relations and gather intelligence, but doubts the American administration will follow through. Haass believes the Iranian government may become easier to deal with as the price of oil falls.

The prospect of Chinese land reforms could affect 800 million peasant farmers through the distribution of land. Haass sees the potential land reform policies as a step toward a more market-oriented, politically-oriented country.

They discuss the speculation swirling around the end of American financial domination. The current situation exposes the U.S.’s vulnerability to energy and international currency flows. Haass and Robbins insist the U.S. has lost its “street cred” — marking a new period of decline in America’s influence around the world.

The discussion turns to Afghanistan, where the U.S. is reviewing its current policy amid reports of a general downward spiral. According to the report, the Taliban and al-Qaeda are strong, more opium is being produced, the government is corrupt and cross-border violence with Pakistan has increased.

Finally, Haass and Robbins address North Korea’s aggressive posturing. The U.S. is expected to take North Korea off the list for state-sponsored terrorism, but the real question is: What happens after that? Unless China plays a role in helping to fight terrorism in the region, relations with North Korea may remain unresolved.