Another way of saying "governed by all" is "governed by none".
Would you want Coffee Annon to run your root servers?  He
can be bought by the Tyrant Du Jour, after all.

As opposed to the US Govt which is bought by the MPAA and RIAA, and any corporation who feels their trademark is infringed upon by fair use ?

No.  We need something better than anything that's come before.
However, we could do a whole lot worse than it is now, IMHO.

And how would the Internet governed by a world body be worse than it governed by a single country be worse ? I'd prefer specifics, not just any old anti-UN rant. Becoz if all I'm going to get in response is "the UN is the devil" ....

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