"The Congress has had an uneasy relationship with banks and bankers since Alexander Hamilton. It took..." — Robert Zoellick

Japan rose from the ashes of World War II as a 'trading state,' the model for export-led growth. It is not clear that the old export model of growth will be sustainable in a more 'balanced' global economy that does not rely so heavily on the U.S. consumer.

When I consider a problem, it is now instinctive for me to think about the institutions involved, the authorizing environment, possible coalitions, likely opposition, implementation, legal issues, resource dimensions, communications - and how the problem fits into a stream of other issues.

When I work with countries struggling to pay for budgets or finance trade deficits, I reflect on how Americans do not spend a moment considering the unique advantages of being able to issue bonds and print money freely.