On global fraud and terrible error:
The world was told that putting its money in the US was a low-risk, high-return investment. But like the victims of the Wall Street trader, now we are all learning the truth.
What comes next? The fallacy is punctured.
Globalization will be seen as what it is — a game with risks that can’t be wished away. And U.S. prosperity will depend on the success or failure of its ability to innovate — not its ability to tell an implausible story to foreign investors…