The end of the American order
OTTAWA — Before U.S. Treasury Secretary Henry
Paulson was pressed into becoming the fire chief of the financial
crisis, he had a good thing going as an economic missionary.
Basking in what he liked to call “the strongest global economy” of his
business lifetime, Mr. Paulson, who joined President George W. Bush’s
administration in June, 2006, embraced with zeal an aspect of his new
job with roots in Cold War diplomacy.
In his two years as Treasury Secretary before financial markets came
totally unhinged this summer, Mr. Paulson conducted more official
business in China than he did in New York. He has visited as many
cities in Latin America as he has cities in the United States of
America. He rolled through Calcutta, New Delhi and Mumbai in three days
in October, 2007; two weeks later, he spent five days in Africa.
The places changed, but the message stayed the same: American-style
banking, unencumbered by regulation and open to U.S. financial
institutions, is the surest way to create wealth.
“An open, competitive and liberalized financial market can effectively
allocate scarce resources in a manner that promotes stability and
prosperity far better than government intervention,” Mr. Paulson told
an auditorium full of officials in Shanghai in March, 2007.
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