. . . . . Nor does the U.S. seem all that badly off, comparatively speaking, when it comes to its ability to finance a bailout. Last month's $700 billion bailout package seems staggeringly large, but it amounts to a little more than 5% of U.S. gross domestic product. Compare that to Germany's $400 billion to $536 billion rescue package (between 12% and 16% of its GDP), or Britain's $835 billion plan (30%).

Of course it may require considerably more than $700 billion to clean out our Augean Stables. But here it helps that the ratio of government debt to GDP in the U.S. runs to about 62%. For the eurozone, it's 75%; for Japan, 180%.

But a system that demands timely and accurate financial dis...

. . . . . Nor does the U.S. seem all that badly off, comparatively speaking, when it comes to its ability to finance a bailout. Last month's $700 billion bailout package seems staggeringly large, but it amounts to a little more than 5% of U.S. gross domestic product. Compare that to Germany's $400 billion to $536 billion rescue package (between 12% and 16% of its GDP), or Britain's $835 billion plan (30%).

Of course it may require considerably more than $700 billion to clean out our Augean Stables. But here it helps that the ratio of government debt to GDP in the U.S. runs to about 62%. For the eurozone, it's 75%; for Japan, 180%.

But a system that demands timely and accurate financial disclosure and doesn't interfere with price discovery will invariably prove more resilient over time than a system that does not make such demands. If Fannie Mae and Freddie Mac were financial time bombs of one kind, then surely China's state-owned enterprises are time bombs of another. Can anyone determine with even approximate confidence the extent of their liabilities?

But one of the unremarked ironies of the present crisis is that America's financial vulnerabilities came fully into view months before Europe's (or the rest of the world's) did. That's one reason the dollar has rallied in recent months. It's also why the U.S. is likely to come through the crisis much more quickly than, say, Japan, which spent the better part of the 1990s hiding its own banking crisis from itself.

If the next administration is wise, it will do what it can to help the markets clear, let the recession take its course, and do what it can to preserve intact a financial system that has served us splendidly. If it is unwise, it will embark on several years of grandiose social experimentation. Either way, the United States will eventually regain its economic footing and maintain its place.

bstephens@wsj.com

Interesting considerations.

But many books have been written about, for comparison, "The Rise and Fall of the Roman Empire."

The reasons given were not just about the stock market although a good economy is considered key to having a strong and powerful nation.

But a nation can become corrupted. A nation can become divided. A nation can lose the good-will, belief or confidence of the people.

When you talked of 'petrodictatorships,' it made me think of two things, one of which is an essence of capitalism: A seller can set his own price; if you want to buy it, buy it; if you don't, go away.

Of course, there appears to be another trait of capitalism which is: that if you want something you...

Interesting considerations.

But many books have been written about, for comparison, "The Rise and Fall of the Roman Empire."

The reasons given were not just about the stock market although a good economy is considered key to having a strong and powerful nation.

But a nation can become corrupted. A nation can become divided. A nation can lose the good-will, belief or confidence of the people.

When you talked of 'petrodictatorships,' it made me think of two things, one of which is an essence of capitalism: A seller can set his own price; if you want to buy it, buy it; if you don't, go away.

Of course, there appears to be another trait of capitalism which is: that if you want something you can go and steal it.

By example, it was okay for example for the British industrialist Cecil Rhodes to cheat, steal and kill for diamonds and land in Africa...but if Africans use their diamond wealth to do anything close to that, they are called 'blood diamonds," and considered "bad."

It just depends who's side you're on, I suppose.

America USA could remain a Superpower, I think but it could also turn in the other direction.

Time and history show that all nations can rise and all empires can fall.