While that certainly is true, American wealth and political power has sometimes played an oversized role in influencing the economics of sovereign nations. By destabilizing entire nations, it is not the politicians in power — the individuals who made the deals — who suffer the consequences. It is the average citizens who don’t have a job, or can’t afford food or a home due to the financial turmoil. In the case of dictatorships, the people also have no way to influence their government to make better decisions. So, while the United States continues to engage in “self-criticism,” the world waits to see if any of that will be directed at defining a better system to handle defaults by sovereign nations.
Again, the profits of a few hedge funds became more important than the wellbeing of a country’s people.