Congress has no say in an amendment proposed in this fashion, so technically, such a convention could propose radical amendments abolishing the federal government, which then would come into effect if passed by three-quarters of the states.
The IMF currently has the ability to issue reports. If they were given the ability to regulate, the banks would lobby them energetically. I see no reason to believe that they wouldn’t be immune from financial interests.
No, if you want to neutralize a domestic interest group that ossifies the economy, you have to take them on directly. If the country is Indonesia, the IMF can do by putting conditions on a rescue plan that they organize. In the US, you have to start with the political party whose ideology stops them from supporting reasonable regulation of the financial sector as a matter of principle. Either from the inside or outside. Seriously: what’s the alternative?
Exactly. THe states have the means to do whatever they want to the federal government. They hold the reins.
The power has never been used because the federal government has mostly respected the states sovereignty. Should it forget that, as many of our fellow Americans have, then the states would act with dispatch to put the federal government in its place.