Consensus needed to tackle crisis

The hottest topic today is the financial crisis while the United States and Europe are the focus of attention, but I am more concerned about developing nations.

The economic crisis of 1929 caused the US unemployment rate to soar while the economy went into recession, with many negative impacts on the country. However, because there was no globalization at that time, the crisis did not affect other countries significantly.

This time around, the main cause of the problems is that financial innovations went too far, with insufficient supervision to rein it in before they developed into a full-blown financial crisis. And, because it is in the era of globalization and many European and Asian financial institutions also hold American bonds, the scope of damage is much wider.