Stephen Roach, chief economist at Morgan Stanley, said: "The Fed funds rate at this point is not going to temper global contagion.

Now that the world's eighth largest economy has begun to right itself, for example, all the talk about "global contagion" seems particularly exaggerated.

He said the American proposal would "provide contingent finance to help countries ward off global financial contagion."

The most immediate of those strategies, described by the President on Friday, would permit the fund to use its finances to help fundamentally healthy economies ward off global economic contagion.

Stop the Mapris, or at least make efforts to contain them before they become a global contagion.

While the European Central Bank delivered a rate increase in July 2008, Carney anticipated the leveraged-loan crisis would trigger global contagion.

If Indonesia ignored the world's advice about how to reform its economy, he suggested, it's possible there would be no global contagion.

At the time, Mr. Clinton argued the fund should "provide contingent finance to help countries ward off global financial contagion" rather than wait for disaster to strike.

Another example of global economic contagion?

The main question his site tries to answer: "What caused Asia's economic and currency crisis and its global contagion?"