There is something troubling about the fact that failures originating out of cities like New York and London have an impact which is felt much harder in other places. In the U.S., it creates divisions that were highlighted by the recent election, and are still being felt as Congress tries to strike a deal to avoid pushing the country over the fiscal cliff. Around the world, it accentuates poverty and lawlessness in places that have had more than their share as New York continues to prosper.
Much of the discussion of haves and have nots in the wake of the crisis has focused on income brackets and professions, but there are geographic and cultural implications as well which are still playing out.
-- Written by Dan Freed in New York.