We are all Japanese now

Good post. It is also the end of the anglo-saxon "know it all" diktat over finance. It was unthinkable a couple of months ago that New York and London would suddenly disappear from the map of global finance, bringing down with them the whole world of investment banking and its rules. It'll eventually come back, but it'll never be the same.

Still, it is puzzling why the United States are keeping the people who led them into this mess in position. Historically wise, there is absolutely no reason to expect them making good decisions of all the sudden. On the contrary, it fuels an aura of suspicion (biaised interests, corruption, lack of competence, ...) that is prejuciable when you need the other countries to trust you. Isn't it time to make room for the people who got it right and have the kind of global vision necessary to lead during such a crisis ?

needs much more on the parallels between Japan's economic bubble of the 80's and the current US bubble - been looking for some commentary on this. Still, good post.

Great post, Sridhar.