Europe vs USA

The recession/depression that has hit the US will be felt harder and longer in Europe, Asia and Latin America than it will here. America's problem is a liquidity freeze that is thawing. 

East Asia is bracing for the hit they've already begun to feel and the Chinese are concerned.

Ultimately it will mean a stronger dollar over the next couple of years.

But it doesn't end there since there is pressure coming primarily from Europe to promote an international body that will oversee US financial systems (quas-Brussles style) which would keep this sort of disaster from happening again.

The Europeans want to see a shift in the world of economic and financial trade from the current program to one where oversight by Europeans will guarantee that the current crisis is not repeated. How will the US respond? I don't think we'll know until the next president is elected and takes office. They're pinning their hopes on an Obama-nation because he's already sold the store.