OP-ED: "The Great Iceland Meltdown," by Thomas L. Friedman, New York Times, 19 October 2008. ARTICLE: "Mideast and China Return to Scene With Investments in Financial Firms," by Chip Cummins and Peter Lattman, Wall Street Journal, 17 October 2008.

Friedman, when he's not getting too freaky-deaky over the seemingly damaged prospects for his Green Revolution (fret not, old boy!), is sounding a lot of realism on the future of globalization given this crisis—as in, not less globalization connectivity but one helluva more of it and damn fast. Ah, for the clueless whiners who constantly bitch about Friedman (and sometimes me) and our "panglossian" view of globalization, as if a quarter century global boom hasn't been enough and we should all lose our minds because globalization, in its modern form, actually has the temerity to experience a downturn. "My God man! I thought your entire vision was predicated on the notion that globalization would never hiccup whatsoever and all violence would be eliminated over night!" Put down the bottle before you make an ass of yourself, young soul dripping with hubris. My notion is that globalization's spread drives mass violence in a geographically predictable pattern, so I actually argue that globalization causes violence. Moreover, a key concept of mine is that tumult and network instability actually rises with globalization's spread, with each System Perturbation causing an influx of new rules. So please, somebody point out where I predicted nothing but rising incomes all the time and no violence attached to that process. Friedman, while more bullish, actually makes the same argument. Remember, this is the guy who coined the whole super-empowered individual concept. In sum, the globalization is dead argument is only slightly more nonsensical than the capitalism is dead argument, but—by all means—run with it if it makes you happy in your willful ignorance. And if caricaturing the pro-globalization arguments gives you repose, then now's the time to indulge, because Friedman will be right on the super-globalization connectivity coming—faster than you think. Less belligerently, I like to note how the Mideast and Chinese SWFs are returning to the action. Remember how much money the Arab ones in particular poured into Wall Street last year. Burned they were by the crash, so they've stayed on the sidelines while it's unfolded. Not because they no longer believe in globalization or capitalism or Western markets, but because they're looking for truly bargain-basement prices. For now, the funds seem to be bottom-feeding along the margins—especially in Europe. But again, Friedman's point is well taken, by those paying attention amid the glut and gloat of lesser analysis.