Globalization is bigger than us

OP-ED: Paulson's Moment Of Truth, By Sebastian Mallaby, Washington Post, September 16, 2008; Page A21

Great piece by Mallaby (whom I've admired and cited) re: the Lehman non-bailout.

The right lessons (or new rules) delivered at the right time can make our evolution from sole trusted financial backer of globalization's advance to one of several far less tumultuous.

This journey is both necessary and good. Globalization has grown too successful to be limited to just our financial say-so. Our progeny must continue to evolve beyond our control--for its own potential to be realized and our own financial discipline to be found..

(Thanks: Jarrod Myrick)

Comments

[Michael]

A lot of things are bigger than us:

http://www.nytimes.com/2008/09/18/us/18legal.html

Our progeny is evolving legally as well as financially.

[Louis Heberlein]

It's quite possible that when the dust settles on the financial 'storm' that domestic and global investors will focus more on tangible ventures like energy technology modernization, nano-technology, global micro production manufacturing networks etc. and away from the phantom financial products of the last several years. Real modernization does not offer 'guaranteed' quick returns of income and capital like the financial geniuses seemed to offer. Now the gas price 'crisis' and apparent evaporation of the financial phantoms may put capital to practical uses.