Seeking a global response to the crisis, the U.S. assigns priority to coordinated stimulus. Germany, France and some other European nations emphasize better global financial regulation - perhaps partly to punish Wall Street but also to prevent a recurrence of abuses. Leadership now by Obama is needed on both issues because the world's confidence and trust in U.S.-style capitalism has been shaken.
Germans have developed a new mindset, especially about military force, and they are offended, not swayed, by attempts to play on their nation's guilt for World War II. How badly Bush and Blair blundered in misunderstanding this new Germany is described by Serfaty in this excerpt from his new book, Architects of Delusion.