A View of the Future of US Financial Markets from Europe

The following view from the German Finance Minister of where the US is headed is worth a read. I don't believe most people appreciate the irreparable harm that that was done to international markets by the US. Only time will tell for sure. Text in bold is my emphasis. From Market Watch:

Germany's finance minister on Thursday laid the blame for the global banking crisis on the Anglo-American free-market model's quest for ever-higher near-term profits, predicting the United States would soon lose its role as the world's dominant financial power.
"The U.S. will lose its status as the superpower of the global financial system, not abruptly but it will erode," Finance Minister Peer Steinbrueck told the lower house of Germany's parliament in Berlin, according to published reports. "The global financial system will become more multi-polar." (Let me add that this was going to happen anyway.)

Steinbrueck criticized the United States for failing to adequately regulate investment banks and said free-market policies embraced by the United States and Great Britain that emphasized a short-term "insane drive for higher and higher profits" were partly to blame for the crisis.

"Wall Street will never be what it was," he said.

The finance minister said he would push for a global ban on speculative short selling and would use next month's meeting of the Group of Seven finance ministers and central bankers in Washington to press for new rules that would prevent banks from fully securitizing loans and selling them to third parties.

Steinbrueck said U.S. authorities were late in undertaking rescue efforts, but said he welcomed the decision to attempt to bail out only organizations whose collapse would threaten the world financial system.

He repeated that he felt there was no need for Germany or Europe to echo the U.S. Treasury's proposal to spend around $700 billion to buy up toxic assets from distressed banks' balance sheets, saying the financial crisis is largely an "American problem." The minister warned, however, that the fallout from the crisis would make for lower growth in the near future and eventually impact the labor market.