One can question whether this is indeed the turning point for the US. I do. Money flows to profitable ventures but is a double edged sword. We'll fix the lack of oversight wrt Wall Street. You would be a fool to count out the US and its ability to recover.

Frank, Detroit, MI, USA

My sentiments exactly Kevin from Nottingham. I believe the US should just withdraw every single soldier from every foreign base and just come home. Let the Europeans deal with the Russians and the Japanese and S. Korens deal with the Chinese. I, for one and just tired of it all.

Ted Graham, Baton Rouge, USA

Bush's hasty actions are creating the USSA. That's right, the United States of Socialist America! Only for the rich however. The poor can keep trudging on under capitalism.

Lester, Benalla, Australia

Sure, capitalism isn't perfect. Show me one economy that is.

While the world denounces greed and extravagances of a few in the US, they should remember that our class system is severely divided. Cheering our (USA's) demise will not improve the lots of others. We are interconnected; we can't go back

Jesse, Billings, USA

What we are currently watching is not the failure of capitalism and free markets, but the result of gov't meddling in them.

The US economy will not crash. The US dollar will remain the world's reserve currency. We will have a recession which is dues anyway, as is every 6-8 years.

Miguel, Dallas, USA

Whatever happens, the U.S. and Western Europe will recover and remain strong. It might take a few years, but we have stable constitutional governments, and educated and hard-working citizens. The same cannot be said for most of these critics' countries.

Alvin York, Pall Mall, USA

Sorry, Mr. McCullough, but your fist-pumping "USA #1" kind of stuff rings even more hollow than usual at the moment.

Now is the time for thought and hard work, not empty jingoism.

Glenn, Arlington, MA, USA

It is vitally important that the US econony collapses, so we can continue on with civil war until we are separated into sovereign nation states, according to race, political beliefs, and religion. Only homogeneous nations are successful. Historically, diversity has failed repeatedly.

Dewayne Calhoun, ocala, usa

Communism didn't work. Capitalism works just fine, but it needs to ditch the greedy selfishness of the few who, with their unpriceable derivative products have caused so much damage. A return to the original and simpler methodology of capitalism will work wonders.

Steve, Winnipeg , Canada

I wonder what is untruth in most of the statements that the above Prez. have made. If US have fever, every country suffers from headache. Toby Dallas, I remind you our own history, from Pericles and Alexander the Great, now we are a small country following your pace. So, be cool and enjoy the rest..

Gerasimos, Thespies, Greece

Neither Al Quaida, Bin Laden, or the former Soviet Union could do to the US what the US has done to itself.
Hows that for a bit of irony.

brian bunting, Chorley Lancashire, United Kingdom

For the president of the UN General Assembly to speak of the “unbridled greed and irresponsibility of the powerful.” in this context is hardly gloating, it is merely speaking the truth.

Henry Laycock, kingston, canada

Pure capitalism does not exist in the US as government does control some parts of the economy. A perfectly competitive market is ideal with shared information for all- but this is practically impossible.
Humans are selfish and desire power- why true perfect markets can never exist and communism too

Polly, London, UK

For the president of the UN General Assembly to speak of the “unbridled greed and irresponsibility of the powerful.” in this context is hardly gloating, it is merely speaking the truth.

Henry Laycock, kingston, canada

"More than half the world’s people languish in hunger and poverty while more and more money is spent on weapons, war, luxuries and totally superfluous and unnecessary things,” he said.

I have to agree

ayla, london,

Why don't we realise that normal everyday people all over the world have so much in common, the ones that create these situations are political, financial & religious leaders.
We need to live simpler lives, crave for less material goods & take power away from those that seek it.

J Whiteside, Lytham,Lancashire, England

Show me someone willing to bet his money on the downfall of America, and i will show you a fool and his money easily parted.

Like every country, the USA has its faults, but if we wake up one day and find a dictatorship like China as the top dog, you'll miss America very quickly

Mac, Nottingham, UK

It's ironic that the US governments socialist experiments in the mortgage industry are giving capitalism a black eye.

Brent, Tom Bean, Tx, USA

Ok, communism is a proven failure that didn't deliver anything but misery, capitalism is terribly vulnerable to greed and delivers what we see happening today, and socialism cannot possibly work without the productive capacity of capitalism. So you Third Worlders suggest a barter economy?

Malbork, Truth or Consequences, NM, USA

Yes, everyone is correct, the USA is about to collapse.
Sure. Study some history before you start jumping up and down with glee...

Gus Chyba, Newport Beach, California, USA

This is what happens when politics messes up the mortgage industry by forcing lenders to give loans to people who can't pay and then bailing out these people for poor judgment. If it was their own money on the line, then the sub-prime market would have died on it's own.

Eric M, Pittsburgh, USA

For all of you critics of the United States of America. How much has your country given to stop the millions of deaths from malaria? Check what President Bush has provided. When there's an earth quake what countries provide more disaster relief than the good ole USA?

Huston Smith, Denver, USA

I suppose that these so called critics believe that the already failed Communism is the answer. You just have to look at the failed ecomomies of former communist states to see that it is not an alternative.

John Laurence Christopher White, Huntingdon, UK

Ummm, anybody remember the $500 billion Savings and Loan "bailout" of the 1980s?? The US gov't sold off those assets and ended up with a profit. That will likely happen in this case also. I'll take the creative dynamics of the US economy over the stifled Euro system any day.

Paul X, California, USA

Toby, Dallas... Think yourself lucky not entitled.

Mount J, dorset, gb

I am 60 and I guess I've seen the best that will ever come out of USA

ben trovato , cape town ,

Who allowed that bunch of spivs to play leveraged casino with our money ? God ??? His Wall Street priests ?

Michel, Aix en Provence, France

These stupid people will be laughing on the other sides of their fces soon enough. The US has seen through crises like this before, and bailed out the est of the world to boot. Capitalism is not perfect but delivers, its alternative socialism is a porven permanent failure.

Neil Murphy, cromer,

Very hard not to have sympathy for those who condemn the dreadful greed and mishandling of the US finances when apparently the only answer is to tax the ordinary people more to pay for it. The US may not be the Great Satan, but it may be a medium sized one right now.

David, St Albans, ENGLAND

'Cristina Kirchner, Argentina’s Pernonist president, said the world could no longer talk of the “Tequila Effect” or “Caipirinha Effect”'
Is this typo the Pernot effect?

They shouldn't be so gleeful, the world is a grim place when empires fall.

JonB, Manchester, UK

Toby, from Dallas.

Further ahead - of what? Your country, like mine, isn't full of happy people dancing in the streets: it's full of greedy, selfish people who believe, as you obviously do, that grab, grab, is the only way. Please realise this. The party is over and it wasn't much fun anyway.

Alan Davidson, Bournemouth,

Capitalism? The phrase “unbridled greed and irresponsibility of the powerful” describes just about any political system that has ever been tried.

As the old chestnut goes: "Capitalism is where one man exploits the other; Communism is the exact opposite."

Ian Kemmish, Biggleswade, UK

It's nice to poke fun at the USA, but as always we expect them to get us out of trouble.

Frank Upton, Solihull,

Well said Toby. Most of these critics are hiding behind fake organisations pretending to speak for "the people" while all the while they are robbing their own countries, and their people blind, feathering their own nests, and salting the money away in banks outside their own countries.

albert hall, hove , england

The Mother Earth self-sufficiency crowd are having the last laugh. Do it yourself debt free-straw bale houses, vegetables from the garden, solar power, rejection of the materialistic society, reading books, playing games with the kids, all of which means that the credit crunch is irrelevant to them,

Davod, Birchip, Australia

History repeats itself. George Bush senior bailed out the banks once in 1989 under the "Resolution Trust Corporation" scheme. However that did not prevent banks to restart their gambling activities, and hence the current situation. Can capitalism be ever regulated by their government servants??

Farid, Bournemouth, UK

America is politically and morally bankrupt! it should cut its spending on armaments and its imperialistic aggression! After preaching free trade (on its terms only!) it now tears upits own rules to save itself! G Brown is there to offer his wee sound byte.

John Edgar, Cupar, Fife, Scotland

Not too sure who these 'critics' are coming out with such statements. The US may have serious problems but has the inovation and leaders to come back. The is no other country in the world that can reinvent itself faster. NOT ONE!

Fixed, London,

With you on that, Toby from Dallas. The truth is, stuff like that happens, but can't halt the forward thrust of the US, UK and the other market economies. How exactly is giving more power to govt bureaucrats going to make the world a better place?

Pavel, London,

True enough, Mr Brockman. But many of your fellow-bigwigs at the UN meeting - particularly Mr Mugabe - cannot grab enough of those "luxuries and totally unnecessary things". People in glass houses???

John, Canterbury, UK

These, some very perceptive, statements are from officials, so imagine what the people of the world are seeing and saying about the gap between capitalist posturing and capitalist reality. Vast numbers of us are going to suffer because of the shambles that irresponsible fools have brought about.

Pete, London, United Kingdom

They have plundered Wall St., So who's going to stop them plundering the good old Tax payer???????????

C Smith, Burlington, Canada

All these critics make me laugh, their jealousy is so transparent. They know that even if the U.S. financial system collapses and we have another great depression, in a few years we will be even further ahead of their sorry corrupt countries.

Toby, Dallas, USA

The world's leaders - except, predictably, for the Iranian Prez - have been rather restrained. Most people would like to call a spade a spade. And, of course, the Americans are the biggest despots - the ruthless Cheney, and Bush who lost the election and became Prez thanks to his brother.

Rakesh Krishnan, Auckland, New Zealand

jealousy and gloating go hand in hand

Jason, birmingham, UK

Oh come on guys, your superannuation accounts, land values and share portfolios are dipping you are so scared, that's why you hold on to the sinking ship - because you have no other choice! The new center of the world is going to be Asia, this economic "correction" is just part of the cycle

Mark, Melbourne, Australia

To locate as US and non-US is to miss the point completely. This is about the collapse of the free market as we know it. As the Berlin Wall announced the end of communism, so to the Wall-Street nightmare. Yet this time it is innocent people who have to pay - US Taxpayers & the world's poor suffer

Pete, Canberra, Australia

Is it greed they object to, or is it just that they aren't getting their 10%? The USA was ranked #18 in Transparency International's index (low is clean, high is corrupt). And the critics?
France 23
South Korea 40
Argentina 109
Guyana 126
Nicaragua 134
Iran 141
Philippines 141

Mitch, Boston, Massachusetts, USA

hahahahaa the American electorate would cream those little despots if they were politicians in the USA. They can't take the fire of dissent as America's elected servants do. Did I just say something nice about my polticians?

Jill , Cleveland, GA, USA

President Kirchner should shut up and focus in solving our country's numerous problems, which her husband's and her own mediocre administration have brought upon the Argentine people. While at NY, her Vicepresident talks to the opposition leaders she refuses to talk to. Stop this nonsense now!

Gonzalo, Buenos Aires, Argentina

It was NOT capitalism that caused this - it was government intervention via the Community Reinvestment Act, forcing lenders (under penalty of law) to lend to those without the means to repay. But, capitalism will correct this mess if allowed to.

Mike, Dallas, USA

Don't worry, eventually, the eagle will be back. We recovered from the Great Depression, we can do it again, we are the United States of America!

Those critics can go f themselves.

James McCullough, Queens, New York, USA

“More than half the world’s people languish in hunger and poverty while more and more money is spent on weapons, war, luxuries and totally superfluous and unnecessary things,”

How is that gloating? More of a statement of fact! America spends trillions on war.

Owen, London, UK

Ahmadinejad might like to look at the crumbling economic infrastructure in his own country. Like his associate in Venezuela, ridiculous short-sighted policies have left his country's chief economic engine - energy industry - existing on borrowed-time.

The bailout is dumb but America will prevail.

John Louis Swaine, Colchester, United Kingdom

Tedious. People will now suddently seek to emigrate to Nicaragua, Brasil, Guyana or the Phillipines vs. US? Amusiing thought. The debt being taken on will raise US debt as % of GDP to no more than half that of several Eurozone countries. Sarkozy would love to have the US debt problems vs. French

Rod , Woodstock, UK

Corruption, greed, and stupid gambles will cause dire consequences in any system. Just look at the history of communism and socialism. At least capitalism is self correcting, with a mechanisms to eliminate the weak and corrupt. It's not perfect, it's just more realistic about human nature.

Mark, Auckland, New Zealand

The Americans have kept the UN going with it's money for years. The world is so selfish and ungreatful. Maybe the USA should just isolate iteself completely, including leaving the UN, and let the rest of the world get on with destroying itself.

Kevin Alcock, Nottingham,

Great to hear everyone having a dig. However, Michael Douglas is an actor and those words were his character's lines. How does that put him in an awkward spot??? I'm clearly missing something.

Jamie, London, UK

All these critics and superior intellects? May I suggest "There for the grace of my God go I"

Chris, Aberdeen, Scotland