It used to be that just 7 countries would be making the decisions for almost the whole world financially. Now they have grown to 20 countries.
I don't mean to disrupt the positive tone, but all the decisions that led to the financial crisis were made in the United States. The rest of the world is just doing what it can to minimize damage.
The idea that mortgage defaults are the root cause of the problem is misleading. The problem was caused by American-made financial instruments that greatly magnified (and continue to magnify) losses due to mortgage defaults.
I've heard the excuse that this is happening all over the world. I think I once heard Alan Greenspan say that. But in my opinion, it is just a flimsy excuse. The crisis began in the United States, and it was created by rampant greed in the American financial sector.
It is ironic that American capitalists have done to America what foreign terrorists could not do.