History repeats -

I admit that the parallel of the current financial crisis with the 1929 crash was too strong for me to ignore.

Thanks (once again) to my friends at ALD, this has turned out . Scott Reynolds Nelson concludes -

In the end, the Panic of 1873 demonstrated that the center of gravity for the world's credit had shifted west — from Central Europe toward the United States. The current panic suggests a further shift — from the United States to China and India.

An idea that I suggested to Dave the Just Us a whiles back.