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While the grim effects of the 2008 financial crisis still resonate across the globe, the recession wasn't all bad: it triggered fundamental economic restructuring, and the result is a U.S. economy poised to emerge stronger than it was before. Although it's too soon to say with certainty, even Europe may come out ahead.
The U.S. government is incurring debt at an unprecedented rate. If U.S. leaders do not act to curb their debt addiction, then the global capital markets will do so for them, forcing a sharp and punitive adjustment in fiscal policy. The result will be an age of American austerity.
The popularity of the U.S. economic model is waning. To put globalization back on track, President Barack Obama must articulate the benefits of open markets and free trade.
The financial crisis has called into serious question the credibility of western governments and may precipitate an eastward shift of power.
Watch experts debate causes of the financial crisis and what needs to happen for the global financial markets to recover.