The rot in US version of financial capitalism

The world's financial markets face an uncertain and possibly volatile week as investors await details about how the Treasury will implement the government's financial rescue package - and watch for any further fallout from the credit crisis around the globe.

Even though the perfect storm on the New York financial market has come down for the moment, the fact that Washington took such heavy-handed measures regardless of how the market would take it signals the US version of "financial capitalism" is entering an era of undoing its mistakes.

The US has always prided itself as a cowboy who has lived on financial horsebacks, especially since World War II. It has long been in control of the international monetary and financial system, which has helped it rake in enormous riches, indulge in hegemony and maintain economic prosperity.