The author asserts that the immense pyramids of debt built up by the Anglo-Saxon half of the world, and the equally massive mountains of savings created in the other was the CORE PROBLEM of the past 10 years.
Almost everything that occurred in the past couple of years was, directly or indirectly, a consequence of this.
No one should have let the USA or the UK run such large deficits, and the Chinese such vast surpluses, over such a long period. And yet both got away with it, in what must count as the most momentous economic policy failure in modern history.
Those imbalances created the mountain of money that fed the frenzy of mortgage lending and eventually caused a financial crisis.
The only real change would be to get the regulaters out of the hands of those that they are supposed to be regulating.
see ‘regulatory capture’