What’s Wrong with the World     Being a liberal means never
having to say you're sorry  One of the remarkable features of
the Crisis of Usury is how thoroughly it has exposed the flaws
of our reigning public orthodoxies; and yet how invincible they
remain in many particulars touching on those flaws.  To me this
peculiar quality of the times is most prominent when it comes to
the orthodoxy of globalization. For our purposes globalization
may be defined as simply the integration of world capital
markets. Globalization allows an investor in Asia or Europe,
working through credit intermediaries — banks, funds, shadow
banks — to deploy his capital in, say, the US housing sector by
a few strokes of a keyboard. For decades this development was
praised by almost everyone, Right or Left, as a manifest advance
for human prosperity; more importantly, it was commended
particularly for the stability it would secure for all of us.
The Great Recession has blown that theory to pieces. In the
event, what globalization achiev