All Intensive Purposes

This is really depressing and important:

As TWN readers know, I have been on a lot of international travel lately—to Beijing, Mumbain, Tokyo, Berlin, London, Brussels, and Tel Aviv. In all of these places, I met angry and frustrated finance ministry bureaucrats, central bankers, retail bankers, investment bankers, and other fund managers. All of them had a single message that rang a bit like the US accusing China of shipping out poisoned pet food and lead-paint covered toys. They said American regulators failed. “You exported poisoned financial products.” Most Americans have no idea how low American prestige had fallen in the world before the financial crisis—but for the mother ship of modern day capitalism to fail so badly in managing the social contract between economic stakeholders and the finance industry is yet another enormous blow to America’s ability to compel other nations to do as we do, or as we want.

Steve Clemons, via Henry at Crooked Timber, who has more thoughts on this.