»This crisis has a wider ‘wash’ across the world. It’s happening within the ostensible centre of neo-liberal western financial and economic strategies, so it’s closer to the heart of things, whereas the reaction to 1973 and to the Asian crisis was to reinforce predominant perceptions. It’s much harder for this crisis to reinforce the predominant conception because the crisis is emanating and experienced from the US«.

Translation: "This crisis is happening to white people who speak English. When bad things happen only to brown people who speak funny, it's easy for the Wall Street Journal and their fellow travellers to hand-wave away the systemic problems and pretend that it's the result of lazy, corrupt and incompetent furriners. When it happens to their own golf buddies, they obviously can't use that excuse."