"No doubt there will be those who see in this crisis further proof of the inevitable decline of the United States as a world economic power. In fact, it may be just the opposite. The wild swings over the past week in financial markets from Moscow to Mumbai, were only the most recent reminder of the increasingly global nature of capital flows and the risks of financial contagion. They also were a reminder that, in times of stress, global investors still seek refuge in the safety of the U.S. dollar, U.S. Treasuries and the skillful crisis management of U.S. policy makers.

Now U.S. taxpayers have been asked to come to the aid of banks and financial institutions that, while nominally American, have long since become global players. Meanwhile, foreign banks and investors are also benefiting significantly from the U.S. government initiatives. While that is the burden that comes with being the world's leading economic power, it raises the question of whether some of the costs and risks of our trillion-dollar rescue should be shared with other countries, through the International Monetary Fund."