The world is changing into a world economy instead of a series of local ones. For example, the distinct European currencies have been replaced by the euro, and while there were good, sound reasons for doing so, the financial impact of economic fluctuations can spread from country to country far more easily than it could when the various countries had their own distinct currencies. The switch to the euro also has resulted in exporting unsound fiscal practices, spreading more easily from country to country. We're seeing this now in destabilization in countries including Greece, Portugal, Italy, and Spain. Some European banks were adversely affected by investing in US securities backed by "securitized" subprime real estate mortgages. When that market collapsed in the United States, some of the havoc the collapse created in the United States was spread abroad. Yet it's clear that we haven't learned the lessons because years later, we're still looking for financial derivatives of one...

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