Apparently Niall Ferguson wrote this just before Congress passed the bailout bill, but it seems to me to be one of the clearest pieces I have read on the international economy and how the crisis may have been averted. I think it includes a pretty good explanation of the cause of the Great Depression and how our situation may differ.
Also note this morning’s news that Europe’s four largest economies have rejected a joint strategy on their bank crisis. The Germans and the Brits insisted on going it alone. Note that the other EU members were not included in the discussions.