I’m reminded of that scene in Godfather III, for which I can’t seem to find a YouTube, in which Michael learns that Old Yurp ain’t so askeerd of his new world tough guy shit after all. I don’t know jack about econ, but this seems important to me:

IHT - Politicians, regulators and financial specialists outside the United States are seeking a role in oversight of American markets, banks and rating agencies in the wake of recent problems related to subprime mortgages.

Their argument is simple: The United States is exporting financial products, but losses to investors in other countries suggest that American regulators are not properly monitoring the products or alerting investors to the risks.
“We need an international approach, and the United States needs to be part of it,” said Peter Bofinger, a member of the German government’s economics advisory board and a professor at the University of Würzburg.  Read more