David Leonhardt attributes the following thought to Larry Summers: "any system that created the Mexican peso crisis, the Asian financial crisis and the current troubles needs to be changed." I couldn't agree more. But I also cannot help but recall that at the time of the Mexican and Asian crises, it was far more common to attribute those mishaps to the misbehavior of the governments involved.
When developing countries get into a financial crisis, the problem must lie with their venal politicians and lack of financial discipline. When it is U.S. that is in trouble, the fault must lie with the system. Of course.