THE QUESTION

Global financial markets are falling sharply because of America's subprime loan problem. Does this prove that the world remains tied to the fortunes of the United States, or will these jitters soon pass and emerging markets will continue to boom?

Posted by David Ignatius & Fareed Zakaria on August 13, 2007 11:19 AM

FROM THE PANEL

Dr. Ali Ettefagh serves as a director of Highmore Global Corporation, an investment company in emerging markets of Eastern Europe, CIS, and the Middle East. He is the co-author of several books on trade conflict, resolution of international trade disputes, conflicts in letters of credit, trade-related banking transactions, sovereign debt, arbitration and dispute resolutions and publications specific to the oil and gas, communication, aviation and finance sectors. Dr. Ettefagh is a member of the executive committee and the board of directors of The Development Foundation, an advisor to the United Nations High Commission for Refugees, and an advisor to a number of European companies. Dr. Ettefagh speaks Persian (Farsi), English, German, French, Spanish, Italian, Arabic and Turkish.

The Tip of A Familiar Iceberg

Some say the latest financial crisis is a small or manageable "deflation" of the U.S. economy. But when a boom cycle inevitably ends, the aftershocks are sure to reveal far greater ills within the economy -- such as the way bankers package and repackage risk into hyped-up piles of indistinguishable paper.

Ali Ettefagh Tehran, Iran | 29 COMMENTS
Aug 13, 2007 at 1:34 PM
William M. Gumede is a former deputy editor of The Sowetan, Johannesburg. He is the author of the bestselling Thabo Mbeki and the Battle for the Soul of the ANC. His new book, The Democracy Gap: Africaʼs Wasted Years, will be released in the U.S. in May, 2009.

Regulate Irresponsible Banks, Funds

William M. Gumede South Africa | 23 COMMENTS
Miklós Vámos is a Hungarian novelist, screenwriter and talk show host. He is one of the most read and respected writers in his native Hungary. He has taught at Yale University on a Fulbright fellowship, served as The Nation’s East European correspondent, worked as consultant on the Oscar-winning film Mephisto, and presented Hungary’s most-watched cultural television show. Vámos has received numerous awards for his plays, screenplays, novels and short stories, including the Hungarian Merit Award for lifetime achievement. The Book of Fathers is considered his most accomplished novel and has sold 200,000 copies in Hungary.

Why Should Stocks Matter To Me?

Miklos Vamos Budapest, Hungary | 5 COMMENTS
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READER RESPONSE

» mohammad allam | In a fast emrging global economy where the every unit of production is interrelated to each other such phenomena is not beyond expectation.in present ...
» Anju Chandel, New Delhi, India | Whatever is my understanding of markets and the various forces impacting them, in this case, I don’t think that global markets are going to get advers...
» Lisa | I think the US fortunes are tied to China ...let's just pray they act responsibly... The real problem here is that many hedge funds leveraged their ...
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PostGlobal is an interactive conversation on global issues moderated by Newsweek International Editor Fareed Zakaria and David Ignatius of The Washington Post. It is produced jointly by Newsweek and washingtonpost.com, as is On Faith, a conversation on religion. Please send us your comments, questions and suggestions.