It is the crisis of negative Keynesianism that is at the heart of the current critical point, and which is leaving its global institutions - the World Trade Organisation, the International Monetary Fund and the World Bank - with no solution other than transferring the costs to the South (and to the South within the North). By adopting this logic, the United Nations climate summit in Copenhagen followed exactly in the footsteps of these institutions. The failure of the Copenhagen climate talks is indicative of the depth of the crisis of "long Keynesianism" that has exhausted its positive and negative ways of dealing with the "unsustainability" of global capitalism.