Beyond these borders

Today's WSJ contains this interesting piece about a hut glut in Guinea.

There are business cycles everywhere and we cannot imagine a world without them. Not all plans are fulfilled in this world. This is nothing new. What is new is the question over whether the cycles that result can be managed or ameliorated via politics. This is also where the arguments begin.

There is now a mountain of commentary on the recent housing boom, the ensuing hard landing and how that spread via the impact on credit markets. And much of this commentary is decidedly U.S.-centric. But there was a housing boom in many countries. I can imagine that U.S. policies and cycles have international impacts. But the most useful "unscrambling of the eggs" will be the one that looks at concurrent developments here and abroad.