America's New Place in the World
Treasury Secretary Henry Paulson, center, listens as President Bush, not pictured, makes a statement after meeting with G7 finance ministers about the financial crisis, Saturday, Oct. 11, 2008, in Washington. Pictured from left to right: Italy's central bank governor Mario Draghi; Eurogroup's Chairman Jean-Claude Juncker; Japan's Finance Minister Shoichi Nakagawa; Secretary of State Condoleezza Rice; Paulson; France Finance Minister Christine Lagarde; Canada Finance Minister James M. Flaherty, Britain's Chancellor of the Exchequer Alastair Darling, and Italy Finance Minister Giulio Tremonti. (AP Photo/Charles Dharapak)

Treasury Secretary Henry Paulson, center, listens as President Bush (not pictured) makes a statement after meeting with G7 finance ministers about the financial crisis on Saturday, Oct. 11, 2008, in Washington, DC. (AP)

Global giddiness to start this week, as stock markets right around the world bounced big steps back after days of paralyzing fear and panic — and global moves to coordinate massive measures to shore up beaten-down banks and finance.

The U.S. is right in the middle of the rescue moves. But is it in the lead anymore?

Loud voices from abroad have angrily blamed American-style economics for the crash of ’08, and promised the American era in world finance is over. That things will be different now.

What would that mean?

This hour, On Point: global financial crisis — and where Americans will stand when the dust settles.

You can join the conversation. When the great meltdown of ’08 is over, will America still be the “indispensible nation”? And will the U.S. be the one to set this right, or does tomorrow belong to Asia and Europe? Share your thoughts.


Joining us from London is Daniel Hertzberg, deputy managing editor at The Wall Street Journal. He oversees the Journal’s Europe and Asia editions. In 1987, he shared both a Pulitzer Prize and the George Polk Award for coverage of the 1987 stock market crash.

Joining us from New York is Frederic Mishkin, a professor at Columbia University’s Graduate School of Business and an expert in economic crashes. Until August he was a member of the Board of Governors of the Federal Reserve. His most recent book is “The Next Great Globalization: How Disadvantaged Nations Can Harness Their Financial Systems to Get Rich” (2006).

And from Washington we’re joined by Eswar Prasad, professor of trade policy at Cornell University, research associate at the National Bureau of Economic Research, and a senior fellow for global economy and development at the Brookings Institution. He worked for 16 years at the International Monetary Fund, serving part of that time as head of the Financial Studies Division and the China Division.

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