One of the interesting side effects of this whole subprime financial crisis has been the growing assertiveness of Asian economies, particularly Japan (and I don't care what you say, Japan is an Asian economy!) It's not that the Japanese economy is doing particularly well right now. However, Japanese banks are apparently fair stable and flush with cash in comparison to their American counterpoints. After the Mitsubishi deal, some people have started talking about Japan as a "white knight" nation, one who rescues South Korea and some Wall Street titans. If this comes about to pass it will be very fitting, given that Japan went through a similar problem in the 1990's. Fareed Zakaria will prarticularly love this tidbit:
Mr. Shiozaki and others are careful to point out that no one is talking about replacing Washington as guardian of the global economy. Rather, what they envision is a world where America shares oversight of the global economy with emerging powers like China and India, as well as Europe and Japan.
With all this buzz about "pro-American" and "anti-American" we would do well to remember that the buzzword for the next few decades is likely to be "post-American."